Acquisition of Casa Reha

Transcription

1 Major step in Korian s expansion in Germany PARIS 10 NOVEMBER

2 Disclaimer 2

3 Casa Reha: A strategic acquisition Major achievement in Germany Reinforced leadership in the most dynamic European market Global footprint with an increased institutional visibility Combination of two high-quality teams and assets Undisputed leadership A more than 27,500 beds (1) German network with c.7% market share (2) among the private operators An international revenue stream of close to 50% A pipeline to more than 9,800 beds A value creating combination Synergies identified and valued at 5m Accretive to earnings as from 2016 A major step to the 3bn sales target 3 Note: (1) Based on October 2015 figures ; (2) Based on 2014 figures

4 Casa Reha: The 3 rd largest operator in Germany 70 facilities as of end 2015 Hamburg Berlin c. 9,800 beds as of end 2014 c. 10,100 beds as of end 2015 c. 4,100 FTE as of end 2015 Frankfurt 2015 financials: c. 270m sales estimates Stuttgart Munich Casa Reha facility Casa Reha facility under construction Casa Reha head office 4

5 Casa Reha Curanum Casa Reha: A high quality operator High standards of care A modern portfolio of large homes (2) Highly professional and skilled teams A dedicated team of 16 regional quality managers Average age of facilities (year) A regular improvement of rating over the last 5 years Regular improvement of Acacia s MDK rating Avg. MDK rating # of facilities inspected 2015-YTD 1.3 (1) A 2013A # of facilities > 175 rooms 21% 7% # of facilities < 100 rooms 2012A 2011A 2010A rooms < # of facilities < 175 rooms 19% 53% 100 rooms < # of facilities < 150 rooms c.72% of single bed rooms Note: (1) MDK rating of 1.3 (as of Jul-2015) is only based on a smaller sample with 45 facilities inspected. On a like-for-like basis, the average MDK rating for these 45 facilities was 1.4 in 2014 (2) Based on Casa Reha and Korian Germany portfolio as of 31/12/2014 5

6 Korian strengthens its market leadership in Germany Top ten operators in Germany as of end 2014 German market breakdown Market share 2.6% 1.4% 1.1% 1.0% 0.8% 0.8% 0.7% 0.6% 0.6% 0.5% # of beds Other private operators Non-profit operators 28% 23,488 9,818 Top 10 private operators c.9% 6% Public 57% German private segment breakdown Korian 4% Casa reha 3% 13,670 12,540 9,818 8,889 7,534 7,398 6,401 5,898 5,508 4,690 Other private operators 76% 4% Pro Seniore 2% Silver Care 2% Kursana 2% 2% Alloheim 2% Vitanas 1% 2% Marseille-K Cura Azurit 6 Source: Company information

7 Korian achieves a global network in Germany 216 facilities as of end 2015 Lower Saxony Hamburg Berlin c. 23,500 beds as of end 2014 c. 27,500 beds as of end 2015 Berlin c. 12,400 FTE Hesse, Rhineland Palatinate and Saarland Frankfurt 2015 financials: c. 780m sales estimates Stuttgart Munich Curanum facilities Curanum head office Casa Reha facilities Casa Reha facilities under construction Casa Reha head office 7

8 Korian accelerates its expansion and geographical diversification + 19% 26% Sales (1) 13% 8% 60% 11% 8% 55% France Belgium EBITDAR (1) 21% 11% 61% 29% 55% Italy Germany 7% 9% 7% A European leader with 690 facilities and c.70,000 beds International business close to 50% of revenue 8 Source: Companies Note: (1) Based on 2014 pro forma figures

9 Korian strengthens its project portfolio and secures its German expansion Type of beds Number of beds France Germany Italy Belgium Beds to be created 5, , ,237 Beds to be restructured 4,399 2, ,154 0 Total 9,837 3,182 3,895 1,523 1,237 Casa Reha: a portfolio of c.800 beds to be created More than 50% of beds to be created in Germany 9

10 A value creative acquisition A good track record in business combination Successful Curanum s turnaround in Germany 5m synergies identified and to be delivered over 3 years Driven by cost reduction and purchasing synergies Financed by available cash and credit lines Accretive to earnings as from

11 : Accelerating development, strengthening business, creating value An acquisition in line with Korian s strategy to foster development Casa Reha: a strong network with high quality assets A value creative acquisition A major step to the 3bn sales target 11

12 10 NOVEMBER