2011 full-year earnings

1

2011 full-year earnings22 March 2012

3

Speakers

Christian ChautardChairman of the Board of Directors

Louis GuyotVP Finance and International

Alexis JungelsInvestor Relations

4

Our Ambition

Strong European presence

Leading player for quality and innovation

Controlled development creating added value

Sound profitability, ensuring our sustainability

2011 full-year earnings 5

European leadership

Nursing homes 10,970

Rehab.clinics 2,874

Psych.clinics 686

14,530TOTAL

Beds

125

37

7

169

Facilities

SCOPE OF CONSOLIDATION as at 31 December 2011

23,882 beds spread over 243 facilities

FranceKorian no. 3

GermanyPhönix no.8

Nursing homes 4,929

Rehab.clinics 74

Beds

42

1

Facilities

5,003TOTAL 43

ItalySegesta no. 2

Nursing homes 2,726

Rehab.clinics 1,623

Beds

19

12

Facilities

4,349TOTAL 31

6

Results at 31 December 20112

Contents

KORIAN: 5 years on from the IPO1

Appendices4

Developments and outlook3

7

1 KORIAN: 5 years on from the IPO


Continued growth

3 development platforms with critical massAlmost 24,000 beds in operation at end-2011 in Europe

2006

1,015

�

X 2

Change in revenues

520

In €M

+14.3% / year on average

13,798Sales1,860

Acquis. Openings

France2,522

Germany

Italy

France

2006 2011

23,882

Segesta4,419

Phönix5,003

2011

+ 2,388 new beds / year on average

Change in number of beds


Sound balance sheet and high profitability maintained

Profitable and effectively managed growth

2006

248

�

X 2

Change in EBITDAR

123

In €M

EBITDAR: +14.7% / year on average

Other

Syndicated loan

281

2006

619

2011

Stable leverage

Change in debt

4.0x 3.9xMargin

rate

% of rev 23.7%24.4%

Debt ratio *

In €M

* (Net debt – Real estate debt) / (EBITDA - 7% * Real estate debt)

2011

2011 full-year earnings

Successful international development

Germany Italy

Experienced team (+20 years in the industry)

Ralf Stiller+ 6 key managers

Mariuccia Rossini + 4 key managers

Proven know-how Quality, filling, pricing negotiationAbility to adapt (restructuring,

management takeover, changes to offer, etc.)

Critical mass achieved + 5,000 beds, 8th-largest operator ~ 4,500 beds, 2nd-largest operator

Favourable local market Pflegekasse (5th branch) set up in 1996: stable regulations and funding

Patto di Salute: closure of 25 000 MSO beds and opening of

50,000 rehabilitation clinic and nursing home beds

Change in the business breakdown

20112006

10

France revenues

InternationalFrance revenues


2011: Korian, an established brand

In 2006, the group was made up of several brands: Hotelia, Ophéliades, Villandières, etc.

Today, all the facilities in France are grouped together under one single brand: Korian

Creation of the Korian brand2006

>Resident satisfaction rate: 94.8%

>Innovation: concept

>Responsible player: carbon footprint analysis carried out for 168 facilities in France

>Brand adapted to each country

Korian, a recognised international brand and respon sible player2011


2012: logical evolution for governance

Streamlined governance

> Transformation to a Board of Directors structure

Board of Directors

12 members, 4 of whom are independent

Chairman: Christian Chautard

Chief Executive Officer: Yann Coléou

François MercereauOperations

Philippe DenormandieDevelopment and Service Offering

Louis GuyotFinance and International

Investment Committee

Ethics and Risk Committee

Appointments and Compensation

Committee

Audit Committee

Realigned governance

Non-executive Chairman who defines the strategy

Chief Executive Officer in charge of management


Management

24 years with Sodexo, including 17 years in the Health division

1994 to 2002: CEO of Sodexo Santé

2003 to 2008: Chairman and CEO of Sodexo France (€1.6 bn, 30,000 staff)

2008 to Oct 2009: CEO of Sodexo UK & Ireland

Then, 2 and a half years as Chairman of ISS France (€1 bn, 35,000 staff)

Alongside this, from 2006 to 2009, Yann Coléou headed the national collective catering union (SNRC) and was Vice-Chairman of the European federation for contract catering organisations (FERCO), in charge of social dialogue.

24 years with Sodexo, including 17 years in the Health division

1994 to 2002: CEO of Sodexo Santé

2003 to 2008: Chairman and CEO of Sodexo France (€1.6 bn, 30,000 staff)

2008 to Oct 2009: CEO of Sodexo UK & Ireland

Then, 2 and a half years as Chairman of ISS France (€1 bn, 35,000 staff)

Alongside this, from 2006 to 2009, Yann Coléou headed the national collective catering union (SNRC) and was Vice-Chairman of the European federation for contract catering organisations (FERCO), in charge of social dialogue.

YANN COLEOU50

15

Figures at 31 December 20112


Key figures

Operational indicators still showing a positive trendSound financial structure thanks to effectively-controlled leverage

* EBITDAR is the Korian Group's preferred interim balance for monitoring the operational performance of its establishments. It is based on gross operating income from operating segments before rental expenses.

** Current net income (group share) is defined as net income (group share) - (other operating income and expenses of the operating segments + income / acquisition and sale of consolidated equity interests) * (1 – normative income tax at 33.3%), representing net income (group share) restated for non-current items

*** (Net debt – Real estate debt) / (EBITDA - 7% * Real estate debt)

2010

1,014.8

223.2

247.9� �

+ 10.0% + 11.1%

Revenues EBITDAR *

2011

922.9

2010 2011

% of rev

Margin rate

24.2% 24.4%

In €M

Net income (group share)

122.7�

+ 12.6%

EBITDA

109.0

507

Net debt

463

619

11.8% 12.1%

In €M

4.2x 3.5x 3.9x

Restated leverage ***

2010 2011 2010 2011 2010 20112009

25.826.1

Current net income (group share) ** stable

21.724.7


Ramping up of facilities continuing:

Restated for the sale of the last clinic, organic growth represents 17.9%, primarily due to the openings carried out in 2010.

Average occupancy rate of 91% on the mature scope, representing 2/3 of total facilities.

Highly dynamic European subsidiaries

Strong organic growth + 4.0%

> 2/3 pricing effect, with Korian’s pricing power still intact.

> 1/3 volume effect, thanks to a still high occupancy rate for mature facilities with 96.3%.

FRANCE: + 7.1%

ITALY: + 17.8%

GERMANY: + 16.9%

Growth: + 10.0%Organic growth: + 5.7%

Very high average occupancy rate on the mature scope: 98%.

Strong capacity to generate projects, driving future growth.

In €M

922.9 1,014.8

2010 2011

GermanyItalyFrance

665.6

712.8

+ 4.5%

- 1.4%

+ 4.0%

26.030.6

(9.4)

56.2138.85.3

20.0163.5

+ 14.2%

+ 4.0%

118.5

19.69.4(9.0)

138.5

+ 6.6%

- 7.6%

+ 17.9%

Organic Sales External growth

(1)

- 0.4%


9.0Facilities sold 2009-2010

EBITDAR/revenues

4.1 23.05.0% 10.3%

0.9 1.5NA 4.1%

0.0NA 2.0%

3.2 12.615.8% 17.0%

Analysis of profitability

Very different margin rates depending on the platfo rm's level of maturity

Facilities that have reached maturity : similar and high levels of profitability across all regionsFacilities being ramped up : rapid growth aiming for maturity over short term

Facilities to be redeveloped : improvement programmes to be rolled out to bring them to maturity over the medium term

2011 20102011 20102011 2010 2011 2010

ItalyConsolidated France GermanyRevenues (€M)

836.7 759.326.0% 26.1%

125.5 111.025.5% 25.5%

Mature facilities

EBITDAR/revenues

110.5 92.527.5% 27.5%

600.7 555.825.8% 26.0%

Facilities being ramped up

EBITDAR/revenues

46.3 25.220.8% 5.3%

14.9 11.414.1% 6.7%

16.2 5.924.8% 3.9%

15.2 7.923.2% 18.9%

Facilities to be redeveloped

EBITDAR/revenues

127.7 115.316.4% 17.6%

22.3 14.911.7% 11.2%

11.8 11.114.8% 15.2%

93.7 89.317.7% 18.9%

TOTAL

EBITDAR/revenues

1014.8 922.924.4% 24.2%

163.5 138.822.2% 22.2%

138.5 118.526.1% 23.2%

712.8 665.624.6% 24.8%


Operating income

31 Dec 2011 31 Dec 2010 Change

% of rev (net of tax)

Rental income (125.2) (114.1) 9.7%24.4% 24.2%

EBITDAR 11.1%223.2247.9

% of rev (net of tax)

Depreciation and amortisation (37.1) (34.1) 8.9%

12.1% 11.8%

EBITDA 12.5%109.0122.7

Other operating income and expenses

of the operating segments(3.0) (1.1) NS

% of rev (net of tax) 8.4% 8.1%

Operating income 9.0%72.879.4

10.0%922.91,014.8Revenues

In €M

EBIT 14.2%75.085.6

Income from acquisition / disposal of consolidated equity interests

(3.2) (1.1) NS


Operating income growth

Rental income is up 9.7%, driven by development:

Like-for-like, limited indexation-related increase of 1.7%

Scope effect for 6.1% (openings in Germany and acquisitions in France, Italy and Germany)

Effect linked to sale and leaseback operations (including financing for extensions / redevelopments by our lessors) for 1.9%

€6.2 million increase in non-recurring items, prima rily due to:

Development projects (including acquisition costs) for €3.8 million

Redevelopment projects for €2.3 million

Change in rental income

2010 Change

in scope

Sale and

leaseback

Indexation/

renegotiation2011

114.1

6.9

2.22.0

125.2In €M

Breakdown of indexationNo indexation10%

CCI27%

Inflationor equiv.63%


Net income


Cost of net financial debt (31.9) (27.1) 17.7%

Operating income 9.0%72.879.4

Other financial income and expenses (1.3) (0.8) NS

Pre-tax income 2.8%44.946.2Income tax (20.5) (17.8) 15.4%

Share of minority interests and share of income from equity affiliates

(3.3) (2.5) 31.6%

Net income -8.2%27.225.0

Net income (group share) -12.2%24.721.7

In €M

% of pre-tax income -44.3% -39.5%

Current net income (group share) * -1.1%26.125.8

* Current net income (group share) is defined as net income (group share) - (other operating income and expenses of the operating segments + income / acquisition and sale of consolidated equity interests) * (1 – normative income tax at 33.3%), representing net income (group share) restated for non-current items

Income before tax from sold or discontinued operations

(0.8) NS


€4.8 million increase in financial expenses due to:

23

Financial expenses

The increase in debt linked to recent developments: €3.3 million

> Net debt up €112 million over the period

The impact of the new €500 million syndicated loan set up in 2010: €1.5 million

Change in the cost of debt

2010 Change

in debt

Increase

in margin

2011

3.3

1.531.9

27.1

In €M


Significant leeway

Stable leverage

€250 million in available lines

Relevant rate hedging> 75% of net debt hedged, with an

average maturity of 5 years

> Average cost of debt at end-2011: down to 4.6%

= 3.9xNet debt - Real estate debt

EBITDA - 7% real estate debt

> For a default covenant kept at 5.25xthrough to 2012

Change in net debt

December2009

December2010

In €M

463

390

Syndicated loan

Debt ratio

138

380

507

170

Other debt

4.2x

December2011

465

619

189

3.5x 3.9x

Cash in €M


No repayments over the short term700

600

500

400

300

200

100

0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Debt repayment schedule (€M)

Debt secured with €277 million of real estate assets

> €252 million of buildings in operation

> €25 million under construction

Major French regional cities* 45%

Paris Region6%

Italy18%

Other in France 31%

* Town or city with +100,000 residents

Breakdown of portfolio by region

Long maturity

> The syndicated loan is due to mature in July 2015

> Korian is able to count on a strong pool, made up of leading French banks

> 1/4 based on real estate lines (maturity > 10 years)


Pflegekasse in place since 1996

Health insurance system recorded a profit in 2011

No impacts linked to the crisis

Limited impacts of austerity measures adopted in Europe

Limited increase in VAT from 5.5% to 7%: no significant impact

5% increase in tax: ~€700 impact

Reduction of Censi Bouvard arrangements: rare product, so highly sought-after. In addition, Korian is diversifying its sources of financing (real estate operators, family offices, individuals, etc.)

FRANCE

ITALY:

GERMANY

VAT raised from 21 to 23%: ~€0.5 million impact

Care prices frozen or even lowered for certain facilities, offset by cost structure adjustments

29

Developments and outlook3


2011: multi-country development

+ 590 beds

+ 697 beds

+ 1,067 beds

2,354 new beds in 2011and sale of 647 beds

FRANCE

Opening of 91 beds, including 1 new nursing home with 74 beds in Nîmes

Strengthening of clusters with the acquisition of 4 clinics and 2 nursing homes, representing 499 beds

GERMANY

1st acquisition in Germany: Weidlich group, with 7 facilities and a total of 697 beds

ITALY

Strengthening of existing clusters with 2 nursing homes and 2 clinics, representing 420 beds in the Bari region

Participation in a project to redevelop 647 beds in Sardinia


FRANCE

Ope

ning

Korian Mas de Lauze(74 beds) in Nîmes

Acq

uisi

tions

3 clinics in Bordeaux, Dax and Labenne

1 nursing home (88 beds) in Le Perreux

1 nursing home and 1 clinic in Talence(near Bordeaux)

Korian le Gentile (130 beds) in Nancy

Korian le Bastion (73 beds) in CarcassonneR

edev

elop

men

ts


GERMANY

GrünbachMitterteich Obertraubling Parsberg VilseckBreitenbrunnSeubersdorf

ITALY

Villa GiovannaP. FrangiVilla MaricaAcq

uisi

tions

Red

evel

opm

ents

Maria Ausiliatrice Sant’Elena Città di quartu San Salvatore

Acq

uisi

tions


Reminder: 4 areas for development in 3 countries

CreationsManagement takeovers

Level of investment

required excluding premises

Development speed

Return on investment

Quick ~ 3 years

Low

High

Redevelopments /Extensions

Acquisitions

Varying opportunities depending on the sector’s maturity in each country


Areas for development in France:opportunistic acquisitions and organic growth

Many opportunities for acquisitions, with over 700 independent operators in France

> Criteria for taking over a facility:

� Complementing an existing cluster

� Immediate synergies

� Return on investment requirements revised upwards

> Example in 2012: acquisition of a 70-bed nursing home in a region where Korian already has 2 nursing homes, 2 clinics and 1 combined nursing home/rehabilitation facility.

Korian has a major pipeline for organic growth> With over 1,000 new beds to be opened, including around 292 in 2012 and 1 facility in

Saverne, for which Korian has just had funding approved

> And the planned redevelopment of 2,143 beds

EXTERNAL GROWTH(strengthening of clusters)

ORGANIC GROWTH(creation of value on existing facilities)


France: upturn in healthcare margin underway

Facilities at end-2011

> 37 follow-up care and rehabilitation clinics and 7 psychiatric clinics, for a total of 3,560 beds

> 2011 revenues: €250 million

> Average full hospitalisation tariff: €156 / day

Paris Region 30%

Rhônes Alpes11%

West 15%

Southwest 27%

Centre7% South

9%

Breakdown of facilities(number of beds)

Rehab clinic specialisations at Korian

Number of facilities offering a recognised speciality

33%

21%

46%

Mixed Geriatrics Other spe.


France: upturn in healthcare margin underway

Major redevelopments are continuing to be rolled ou t

> By 2015: redevelopment finalised for 1,536 beds, representing 43% of existing facilities

> Creation of 128 new beds through extensions

> 344 new individual rooms (+18%)

Redevelopment rationale

> More consistent care: real estate quality, higher percentage of individual rooms, adapted technical platforms.

> Specialisation as soon as possible in order to integrate more effectively into the healthcare system.

> Return on investment > 12%. Few redevelopments in the Paris Region (30% of beds) due to high land costs.

> Real estate investments financed through real estate debt or by lessors.

* Excluding home hospitalisation and long-stay centres

Percentage of individual rooms*

Number of beds / facility

Number of beds redeveloped since IPO

Revenues / bed / day

EBITDAR margin

54%

IPO

78

169

18.6%

57%

2011

81

560

202

19.4%

64%

2015 target

92

1,694 (46% of beds in operation)

+10%

>2pts


France: examples of healthcare redevelopments

Project: Consolidation of two isolated facilities (61 and 46 beds) and creation of 33 beds in a multi-service rehabilitation clinic, focused on geriatrics, with 140 beds in Ifs

Result> Revenues + 30%: impact of individual room price

+ extension> Economies of scale> Margin: + 20 pts> Outstanding real estate operation: two old château

properties sold and one new clinic owned

Ifs

Les Damps

ProjectRelocation of a psychiatric clinic + 20 outpatient hospital places

Result> Revenues + 25%: volume and pricing effect> Rationalisation of costs and recruitment of a further 5 FTEs> EBITDAR margin + 7 pts> Korian owns a new clinic, with lease terminated on the former clinic


Germany: continuing to ramp up

Since joining the group, Phönix has opened 2,081 beds (275 in 2007, 744 in 2008, 461 in 2009, 581 in 2010).

The increase in the EBITDAR margin is correlated with the ramp-up.

2012 will see work to fill the facilities completed, reaching a standard margin.

Phönix’s management team has 3 areas of expertise to help it succeed in Germany

Proven quality approach

1Experienced marketing

team and tried-and-tested tools to ensure the facilities are filled

2Excellent knowledge of supervisory issues and

negotiation of tariffs

3

Occupancy rate/EBITDAR margin correlation

EBITDAR margin

Occupancy rate


Germany: strong added-value development

> Openings requiring low levels of investment (real estate held by a third-party developer): 592 beds to be opened, including 134 in 2012

> Phönix has strong visibility on the German market, enabling it to:

� Access the most interesting sites

� Reverse the balance of power when negotiating leases

� Design state-of-the-art facilities

Phönix is now going to focus its development on 2 m odels

CREATION(low investment levels)

ACQUISITION(attractive valuations)

> Acquisitions based on low multiples:

� With the acquisition of Weidlich, Phönix has proven its ability to integrate

� Phönix is effectively positioned to acquire facilities or small groups

� Since the start of 2012, Phönix has acquired 2 facilities, representing a total of 180 beds

Heroldsberg100 beds


> Numerous opportunities with the Patto di Salute (law introduced in 2010, organising the closure of 25,000 MSO beds and the opening of 50,000 rehabilitation clinic and nursing home beds)

> Conclusive developments

> Examples with the Azzura clinic: transformation of a 60-bed MSO clinic into a nursing home

> In 2012, Segesta will continue redeveloping Kinetika (647 beds in Sardinia). Segesta has signed a management mandate for €500,000 / year

41

Italy: opportunistic development

> With targeted acquisitions

> In regions with favourable regulations

> During the first half of the year, Segesta is going to acquire 2 residences:

� 1 psychiatric facility with 49 beds in Lombardy

� 1 nursing home with 95 beds in Piedmont

Segesta is further strengthening its regional prese nce

Unique know-how in Italy

ACQUISITION(strengthening of existing clusters)

REDEVELOPMENT


Italy: opportunistic development

> Segesta called on by the public authorities and charities to manage (i) complex cases or (ii) new facilities

> These operations require limited levels of capital because they involve no prior acquisitions

> Segesta is very selective: no operations in 2011

> Two examples:

DSP MANAGEMENT TAKEOVER

Development approach with low capital requirements

Management of a new 100-bed nursing home entrusted by the city

Melzo in 2008(Milan suburb)

Leased management entrusted by the city

Free provision of premises

Famagosta in 2009(Milan suburb)


Major potential for growthfollowing the 2,354 new beds integrated over 2011

To date, secure growth with over 6,000 beds

Type of beds No.of beds France Germany Italy Type of impacts

Beds to be builtand being acquired 2,451 1,247 772 432

Increase in revenues+ increase in total

facilities

Beds builtcurrently being filled 318* 53* 195* 70* Increase in revenues

Beds to be redeveloped 3,356 2,143 179 1,034 Primarily improvement

in margins

Total 6,125 3,443 1,146 1,535

* For facilities being ramped up: beds built * (regulated occupancy rate – average occupancy rate) per year

45

A leader in each of the countries

Our Ambition

Strong European presence

Leading player for quality and innovation

Controlled development creating strong value

Sound profitability, ensuring our sustainability

Outlook

Ongoing work to upgrade existing facilities

Strong EBITDAR margin maintained> 24%

Target for 2012: +10% growthbefore any change in scope

46

5 Appendices


Fragmented private sector

> The 10 leading operators = 26% of the private market, and less than 10% of the offer in Germany

> The leading operator offers over 18,000 beds> Phönix: 8th-ranked operator offering 5,003 beds

Aging facilities

> 70% of facilities offer fewer than 80 beds(including 36% with less than 40 beds)

Attractive multiples (less than 8x EBITDA)

GermanyPhönix: unifying force in a consolidating market

Breakdown of nursing home beds

Top 10 private

operators

Other private

operators

CharitiesPublic

24%

59%7%

10%

Sources: Pflege statistik 2007

Sources: companies

Ranking Operator No. of beds

1 Pro Seniore 18,327

2 Kursana 12,600

3 Curanum 9,486

4 Cura/ Procurand/ Maternus 9,311

5 Marseille Kliniken 9,200

6 Casa Reha 7,973

7 Vitanas 7,786

8 Phönix 5,003

9 K&S Sottrum 3,500

10 DPUW 3,000


Breakdown of national marketsfor nursing homes

Italy (RSA)6 leading private

operators5 %

Other private

operators 13%

Charities35%

Public47%

France (EHPAD)

10 leading private operators

15% Other private operators

7%

Charities29%

Public49%

10 leading private operators

10%Other private

operators 24%

Charities59%

Public7%

Germany (Pflegeheime)

> The 10 leading operators represent two-thirds of the private sector

> The 6 main players still represent only 4.6% of the market and 26% of the private sector

> Between 1999 and 2007, 71% of beds were created by private operators. Their overall market share has therefore increased considerably

> The 10 leading operators represent 30% of private sector bedsSource: DREES, Istat, Pflegestatistik

Available beds 684,000 340,000 799,000

Beds / 1,000 peopled aged 75+ 127 64 114

Korian market share 1.5% 1% 0.5%


Phönix's positioning Systematic network in the wealthiest regions

Average annual income/inhabitant

Baden

Württemberg

Hessen

Bavaria

North-Rhine

Westphalia

Lower Saxony

Saxony

Thuringia

< €14,500 < €14,500 to €16,500

< €16,500 to €18,500 > €18,500

Beds available for 1,000 peopleaged >75

159

97

109

103

113

103

109114

109

133

113

106

121

117

136

131

Average in Germany = 114.5

Phönix facilities

> 100 beds< 100 beds


Typical structure of the daily tariff

50

Structure of the daily tarifffor the nursing home business

Source: Korian* Personalised Autonomy Allowance

Care: prices linked to the level of dependency

FRANCE

Residentsand APA*

Social Security

ResidentsFree tariffs

on entry

Accommodation

+ services

65%

Dependency10%

Care

25%

Average Korian tariff €129

ITALY


Regional Social Security

Care

50%

Accommodation

+ services

50%

€123

GERMANY

Accommodation15%

Residentsor Länder

Administered rates

Social Security

ResidentsSemi-free rates

Care

60%

Services

25%

€91


Typical financing of the daily rate in France

51

Solvent demand

Source: Korian* Personalised Autonomy Allowance** of which approximately 70% corresponds to the daily price

Nursing homes

Accommodation

+ services

65%

Dependency10%

Care

25%Residentsand APA*

Social Security


on entry

Average Korian tariff €129

Healthcare

Patients(supplements billed foroptional services- e.g. individual room)

Care

and

accommodation

80%

Social Security

Hotelsupplement

20%

**

€202


Shareholder base

32,718,761 shares

> Stock options for 0.4% of share capital

Capital dilution potential

FCPE KorianShareholders 0.3%

Batipart 24.1%

Float 10.6%

MACSF 10.1%

Malakoff Médéric 14.0%

ACM VIE 10.0%

Prédica 30.9%


Index trends

Confinimmo indexNursing home improvement indexCCI Inflation (excluding tobacco, rents)


Income statementat 31 December 2011

FRANCEIn €M


51.3%51.9%% of rev

6.1%121.2128.6

Revenues 7.1%665.6712.8

Other external purchases & expenses

8.2%341.7369.9Personnel expenses

4.1%37.739.2Tax

EBITDAR 6.3%164.9175.324.8%24.6%% of rev

9.1%71.177.6External rents

EBITDA 4.2%93.897.714.1%13.7%% of rev


FRANCE

Income statement: nursing home contribution

TOTAL Nursing homes

31 Dec 11 31 Dec 1031 Dec 11 31 Dec 1031 Dec 11 31 Dec 10

EBITDARRevenues EBITDAR margin rate

Mature facilities 397.2 379.1 112.8 108.0 28.4% 28.5%

15.2 7.9 3.5 1.5 23.2% 18.9%

50.7 46.3 10.6 10.1 21.0% 21.8%

0.0 0.0 0.0 0.0 NS NS


Facilities being redeveloped

Facilities sold in 2010-2011

126.9 119.5 27.4% 27.6%

In €M

463.0 433.3


FRANCE

Income statement: Healthcare contribution

TOTAL Healthcare

Mature facilities 203.6 176.7 41.8 36.3 20.6% 20.6%

0.0 0.0 0.0 0.0 NS NS

43.0 42.9 6.1 6.9 14.3% 16.1%

3.2 12.6 0.5 2.1 15.8% 17.0%


Facilities being redeveloped

Facilities sold in 2010-2011

48.5 45.4 19.4% 19.5%

In €M

249.8 232.3

31 Dec 11 31 Dec 1031 Dec 11 31 Dec 1031 Dec 11 31 Dec 10

EBITDARRevenues EBITDAR margin rate


Income statementsat 31 December 2011

ITALYIn €M


21.1%23.4%% of rev

12.6%78.388.2

Revenues 138.8163.5Other external purchases and expenses


0.40.7Tax

EBITDAR 18.2%30.736.322.2%22.2%% of rev


EBITDA 34.8%12.416.78.9%10.2%% of rev

17.8%


Income statementsat 31 December 2011

GERMANYIn €M


54.2%52.2%% of rev

11.8%26.729.8

Revenues 118.5138.5Other external purchases and expenses


0.10.2Tax

EBITDAR 31.6%27.536.223.2%26.1%% of rev


EBITDA 188.6%2.98.32.4%6.0%% of rev

16.9%


Consolidated balance sheetat 31 December 2011

702.8Total shareholders' equity (Group share)

SHAREHOLDERS' EQUITY (Group share)

31 Dec 2011

31 Dec 2010

Share capital 163.6 161.0Premiums 277.1 271.5Consolidated earnings and reserves 262.1 268.9

Minority interests 20.0 16.9

16.6 13.2245.9 220.9

7.3 7.1622.6 532.4

2.1 1.7114.5 93.0272.1 247.937.4 25.744.8 31.5

2.9 3.3

701.4

722.8 718.3Total shareholders' equity

NON-CURRENT LIABILITIES

Pension provisionsDeferred taxOther provisionsBorrowings and financial debt

892.5 773.6Total non-current liabilities

CURRENT LIABILITIES

Provisions for less than one yearTrade payables and relatedOther liabilities and adjustment accountsBorrowings – of one year and bank overdraftsFinancial liability instruments

470.8 399.8Total current liabilities

2,089.0 1,894.9TOTAL LIABILITIES

31 Dec 2011

31 Dec 2010

INTANGIBLE FIXED ASSETS 1,371.6 1,268.1

Of which, goodwill 687.6 643.3Of which, other intangible fixed assets 684.0 624.4

TANGIBLE FIXED ASSETS 404.8 337.0

LONG-TERM FINANCIAL ASSETS 19.1 18.1

Deferred tax assets 35.3 28.7

Inventories 3.0 2.7

Trade receivables and related 91.5 86.1

Other receivables and current assets 118.8 97.7

Financial asset instruments 0.1 1.5

Cash and cash equivalents 41.2 50.7

Assets held for sale 3.5 4.4

NON-CURRENT ASSETS

Total non-current assets 1,830.8 1,651.8

CURRENT ASSETS

Total current assets 254.7 238.7

2,089.0 1,894.9TOTAL ASSETS

In €M

Liabilities held for sale


Cash-flow statementat 31 December 2011

31 Dec 2011 31 Dec 2010

Change in working capital requirement

Cash flow from operations before cost of net financial debt

Net cash from investment activities

Net cash from operating activities

Net cash from financing activities

Net cash flow

Cash

Change in cash flow

35.4 42.9

(7.5) (22.4)

1.9 (15.7)

(9.4) (6.7)

(113.0) (91.9)

103.5 85.2

9.6 1.7

94.0 83.5

In €M

2011 full-year earnings

Documents

Transcript of 2011 full-year earnings