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Report #2 2019 REPORT #2 2019 In caring hands On the front cover: “I had the honor of being chosen to create a work of art for the 15th anniversary of Korian. When I have met the teams last September, I discovered the Group through them, by spending time with them and the elders in the Korian homes, and by taking knowledge of the books “Tous Positive Care” and “Vivre”. I appreciated the tone and the perception of the elderly This is a subject that touches me and it is for me a major issue of our modern society: to take a close and careful look on aging and its difficulties. It has inspired me so much, that it has become not a work of art but three immersive spaces and a participatory work that have been created and realized to celebrate 15 years of experience and human adventures around Positive Care.” Véronique Le Mouël, visuel artist http://veroniquelemouel.com/?actions=oeuvres-nouvelles 2 KORIAN • REPORT #2 2019 REPORT #2 2019 Contents P5 INTRODUCTION BY SOPHIE BOISSARD P7 ABOUT US P19 THE ISSUES WE FACE P27 OUR STRATEGY P53 OUR GOALS FOR THE FUTURE www.korian.com KORIAN • REPORT #2 2019 3 Our mission is to be a trusted partner for elderly and vulnerable people and their families by providing personalised care and a better quality of life each day. 4 KORIAN • RAPPORT #2 2019 KORIAN: DRIVEN BY DEDICATION Sophie Boissard or the second year in a row, we are publishing an “integrated” report, Korian group Chief which provides a broader perspective of our strategy, our social Executive Office mission and the issues we face, and outlines our model for balanced Chairperson of growth and shared value creation. the Korian Foundation As Europe’s leading integrated operator of health and care services for Ageing Well Fcatering to the elderly and promoting independent living, with a long and healthy track record since 2003, Korian’s action is based on an inclusive and sustainable vision that is closer to communities. Faced with the challenges of old age and related issues, such as chronic disease and the need for long-term care, Korian develops innovative solutions and diverse services for the 300 000 persons placing their trust in us, in order to adapt to the needs and expectations of vulnerable individuals and their loved ones. To lead this transformation, we apply a balanced growth model that relies on the creation of shared value. This model is driven first and foremost by Korian employees. I would like to thank them for their unfailing commitment to their work. It is also driven by our shareholders, who provide us with the resources to invest and expand, and our partners in the public, non-profit, and private sectors, as well as our suppliers and investors who work with us on a daily basis; without them, none of this would be possible. One of the main forces driving our efforts to build a balanced growth model is our commitment to an open and inclusive society. All our facilities are instrumental in helping us promote social inclusion each and every day, and are directly involved in the social and economic fabric of their respective communities. Thank you all for your commitment! Without your daily commitment, we would not be able to meet the challenges of the very old age and autonomy. Let us continue on the path together, resolutely looking to the future. www.korian.com KORIAN • REPORT #2 2019 5 ABOUT US Korian has been consolidating and diversifying its interests for the last 15 years, locking in its position as the European leader of services for elderly and vulnerable people. www.korian.com KORIAN • REPORT #2 2019 7 ABOUT US • OUR STORY Korian has been consolidating and diversifying its operations for the last 15 years, shoring up our position as Europe’s leading provider of services for the elderly and vulnerable. 2003 2010 2011 • Korian was founded • Introduction of the • Montessori method in France by the merger Best training program and non-drug of four companies (Finagest, (Good treatment, therapies (NDT) Sérience, Réacti-malt and Ethics, Care for All) introduced in Medidep). in France. France for the first time. • Creation of the first training centre at Medica, now 2014 known as Korian Academy. • Korian’s employees define the Group’s values: Benevolence, Responsibility, Initiative and Transparency 2013 • Creation of the Korian Institute for Ageing Well. • Korian acquires Curanum and becomes the leader in the German market. 2006 2007 • The Group is listed • The Group acquires on the stock market Phönix in Germany with the aim and Segesta in Italy. of expanding across 2014 - 2015 Europe. • Korian’s merger with Medica and acquisition of the Senior Living Group in Belgium, allowed the creation of the Korian group, European leader of ageing well. 8 KORIAN • REPORT #2 2019 ABOUT US 2018 2016 • Korian creates the “Passeport Gériatrique” • The Korian Academy is spread across (Geriatric Care Passport), the first certified Europe. training course in France. • Korian signs a nationwide partnership with the Union Nationale des Missions Locales in France. • The “Positive Care” approach is • Equity investment in Âges & Vie in France. officially embedded in the Group. • Korian Korian steps up its development • New operators are integrated in in home care and hospital home care Germany (Casa Reha) and Belgium services by acquiring Petits-Fils and (Foyer de Lork, OTV, Senior Assist). CliniDom. Consolidation of the Group’s health services in Italy. • Korian Solutions is created, the first in-house digital agency. SOLUTIONS • More acquisitions are made in France (Fondivina) and Belgium (Senior Assist). 2019 • Korian joins forces with 20 large groups to promote a more inclusive economy. • Creation in France of the first joint Apprenticeship Training Centre (CFA) 2017 for the cooking and catering trades alongside Accor, Adecco and Sodexo. • Korian introduces the Centenarian Celebration Day in France on 24 June. • Acquisition of Oméga in France and Schauinsland in Germany. • Korian is the first company in the sector to sign a Quality of Life at Work agreement (France). • Korian moves into Spain • The Korian Foundation for Ageing and the Netherlands by acquiring Well is launched. Seniors and Stepping Stones. www.korian.com KORIAN • REPORT #2 2019 9 ABOUT US • 2018 KEY FIGURES 53,000 843 OVER EMPLOYEES FACILITIES 80,000 BEDS Figures as of April 26, 2019 REVENUE 300,000 PATIENTS AND RESIDENTS €3.3 billion +6.4% vs 2017 20% 21% Clinics and home care services PATIENTS/ RESIDENTS REVENUE Nursing homes and assisted living facilities 79% 80% EBITDA (% of revenue)1 NET PROFIT, GROUP SHARE2 14.3% €123 million +30 pb vs 2017 +28.1% vs 2017 OPERATING RESTATED REAL ESTATE FREE CASH FLOW3 DEBT RATIO4 PORTFOLIO €204 million 3.0x €1.6 billion +19% vs 2017 Vs 3.2x in 2017 +33% vs 2017 1. EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization. Corresponds to EBITDAR excluding rents. 2. 2017 NET PROFIT/LOSS, GROUP SHARE, used to calculate the change is restated for the impact of deferred tax, resulting in a restated 2017 net profit Group share of €96 million compared with €163 million before restatement. 3. OPERATING FREE CASH FLOW restated for the VAT refund recognised in 2017. 4. RESTATED DEBT RATIO: (net debt - real estate debt) / (adjusted EBITDA - 6.5% real estate debt). 10 KORIAN • REPORT #2 2019 ABOUT US • KORIAN, A EUROPEAN CHAMPION OF SENIOR CARE AND ASSISTANCE SERVICES We now operate in six countries: France, Germany, Belgium, Italy, Spain and the Netherlands, representing more than 50% of Europe’s population over 75 years old: 12 260 350 123 12 709 9 127 #1 #1 51% 233 OF REVENUE 29 009 OUTSIDE FRANCE 20 043 #1 408 31 534 20 519 #2 9 58 1 334 6 146 518 2 265 843 facilities 80 992 beds 52 822 employees Figures at 24 April 2019. Position on the long-term care nursing homes market. www.korian.com KORIAN • REPORT #2 2019 11 ABOUT US ABOUT US • OUR SOLUTIONS Korian now covers the whole range of care and assistance services in Europe, catering to the needs of the elderly and promoting independent living: 2016 FRANCE GERMANY BELGIUM ITALY SPECIALISED CLINICS AT-HOME CARE AND SERVICES ASSISTED LIVING FACILITIES AND SHARED HOUSING FOR SENIORS NURSING HOMES 2019 FRANCE GERMANY BELGIUM ITALY SPAIN NETHERLANDS SPECIALISED CLINICS AT-HOME CARE AND SERVICES ASSISTED LIVING FACILITIES AND SHARED HOUSING FOR SENIORS NURSING HOMES Core business In the process of being developed 12 KORIAN • REPORT #2 2019 ABOUT US For the past three years, we have complemented our two core businesses – nursing homes and specialised clinics – by branching out into home care, out-patient care and assisted living facilities in order to offer a broad range of services and integrated care pathways to our patients and residents throughout Europe. Our 86 specialised clinics provide temporary care (about 30 days) for physically dependent patients after a hospital stay or illness, intended to lessen their physical impairment and help them get back on their feet before returning home. They specialise in 5 areas: musculoskeletal disorders; neurology; cardiovascular SPECIALISED diseases; oncology; addictions and psychiatric illnesses. The clinics are increasingly focused on day hospital care or out-patient care, enabling patients to return home CLINICS on the same day after being treated. Our 117 home care facilities provide ongoing care after a stay in hospital. This not only reduces hospital stays but also defers the patient’s institutionalisation. Home care is a way of offering patients overall and coordinated care provided by a multidisciplinary team in their everyday environment. These networks partner up with medical-social facilities (long-term care nursing homes) and post-acute and psychiatric care facilities (hospitals and specialised clinics), healthcare networks, AT-HOME CARE home-care organisations and various self-employed healthcare professionals to AND SERVICES offer hospital home care (HHC) services but also home nursing services (HNS) and independent living support such as assistance with meal preparation or with administrative procedures.
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