Earnings release
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PRESS RELEASE 29 July 2021 KORIAN Strong revenue growth of 16.5 % in Q2 and 12.3 % over the half year , driven by Korian's evolving business model Half year revenue € 2,107.5 million : + 12.3 % of which 6.4 % organic , benefiting from healthcare developments EBITDA margin up by 110 basis points to 13.2 % excl . IFRS 16 ( 22.6 % incl . IFRS 16 ) reflecting activity normalization in all geographies with an excellent vaccination rate Net profit ( Group share ) doubling compared to last year at € 45.3 million versus € 20.3 million in H1 2020 ( excl . IFRS 16 ) ESG roadmap ahead of objectives with 20 % of network certified ISO 9001 and more than 4,000 employees in qualifying training programmes Upgraded revenue guidance to reflect strong growth dynamics : ○ Full Year 2021 revenue growth guidance upgraded to > 10 % ( vs > 9 % previously ) , with EBITDA margin ( excl . IFRS 16 ) and free cash flow to be above 2020 о Maintained growth momentum in 2022 with annual growth above 10 % . Confirmation of EBITDA margin rate of 15.5 % ( excl . IFRS 16 ) and free cash flow of 300 million euros Sophie Boissard , CEO of Korian , commented as follows : " Korian's half year results show the acceleration of the development of the Group , accompanied by a rebound in our activity in the second quarter . This is , first of all , a reflection of the commitment and professionalism of our teams over the last 15 months , who have been fully mobilised to respond to the high level of needs for treatment and support in the context of Covid - 19 . It is important for me above all to warmly thank them . Our results reflect the relevance of our targeted growth strategy that we have been rolling out over the last 5 years . The continued reinforcement of our expertise in rehabilitation and post- acute care and the care of patients , notably through outpatient care , together with the development of our Community Care activities , has created a sustained growth momentum of 10 % with over half being organic . Our aim through providing a wide range of services in the communities where we are present is to respond to growing needs for quality , local care . Through our selective strategy that targets a limited number of geographies in Europe , we are building an integrated care platform based on our strong values , our Group culture and expertise , to respond to the needs of elderly and fragile people , alongside stakeholders in the communities in which we work . " 1 Levered free cash flow post taxes , financial interests , operating capex and before growth capex 1