Presentation

HPA

AvH: 71.7%

(€ 1.000)  2017(1)  2016(1)
Turnover 114,114 105,578
EBITDA 21,471 20,169
EBIT 9,047 3,703
Net result 7,051 2,936
Shareholders' equity (group share) 80,076 61,062
Net financial position -193,314 -182,297
Balance sheet total 352,658 337,224
Personnel 1,608 1,547

(1) Including Patrimoine & Santé
(2) Excluding Patrimoine & Santé

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HPA

Beneficial interest AvH: 71.7%
AvH Contact: Jan Suykens
www.residalya.com

Through its subsidiaries Residalya (operation) and Patrimoine & Santé (real estate), HPA runs a network of 34 retirement homes in France, with a capacity of 2,597 beds and a day-care centre with 50 places.

Information from the 2017 annual report

For more than 10 years now, Residalya has developed a high-quality service based on a good relationship between staff, residents and the authorities that define residential senior care policy. Patrimoine & Santé owns a substantial part of the real estate operated by Residalya.

2017 saw the completion of the restructuring operation of HPA’s ownership. In early 2017, and in accordance with the agreements with Eric Duval, the tranche of 21.8% which AvH still held in Holding Groupe Duval was swapped against shares in Patrimoine & Santé. Those shares were then contributed into HPA. Consequently, at year-end 2017 HPA holds 100% of the shares in Residalya and Patrimoine & Santé.

HPA

 

Financial overview 2017

The occupancy rate decreased slightly in 2017 to 96.6% compared with 2016. The main cause was the seasonal flu early 2017, which badly affected HPA’s residents and the elderly population as a whole. This led to a slower influx of new residents.

Residalya realized a turnover of 114.1 million euros in 2017, an 8.1% increase compared with 2016, thanks to the inclusion of two new residences in the network and the further integration of the crèche and retirement home in Laval for the full year following the increase in the stake in mid-2016. The increased turnover is also the result of the constant commercial efforts that are made, despite a less favourable market context and a highly competitive environment.

The EBITDAR amounted to 25.4 million euros, a 9.0% increase compared with 2016. The EBITDA ended at 21.5 million euros. HPA owns nearly 80% of its real estate assets. The net profit of 2017 has been impacted for 4.2 million euros by a positive tax effect.

The net financial debt, which consists primarily of real estate debts, increased by 11.0 million euros as a result of acquisitions and extension works during the financial year.

 

Operational overview 2017

The network was extended in 2017 with the acquisition of two new residences (buildings and operation). ‘Résidence Pyla sur Mer’ (Gironde) has a capacity of 60 beds, which in the next two years will be increased to 83 beds. This will make it possible to modernize the present building and to make good use of the large piece of land that was acquired together with the residence. ‘Villa Thalia’ (Chalon-sur-Saône) has a capacity of 95 beds and strengthens HPA’s presence in Bourgogne-Franche-Comté. Renovation and extension works are also planned for this residence which should be finished by 2020. They should enable HPA to offer a differentiating and efficient range of accommodation and care services in an area with an elderly population.

At the same time, the extension and construction works on the existing real estate are on schedule. In Besançon, the current capacity is being expanded with 14 retirement home beds and 25 apartments for independent living. Completion is expected in the spring of 2018. The next step will be a partial refurbishment of the existing building.

Residalya and Patrimoine & Santé also have several new construction projects in the pipeline with a view to relocating existing operations to properties that are more in line with the high quality standard. In Taillan Médoc, two existing residences (‘Clos Caychac’ and ‘Aloha’) will be brought together in one location, which will have a capacity of 80 retirement home beds and 24 apartments for independent living. They will be ready by the spring of 2019. Work is also in progress to relocate ‘Villa Charlotte - Ain’ to Oyonnax and to move the residences ‘Le Rivage’ and ‘Ambroise Paré’ to a different location in Lyon. 

Outlook 2018

From an operational point of view, the 2018 financial year will be focused on optimizing the occupancy rate and the average day price, while at the same time remaining competitive.

The opening of a ‘Résidence Autonomie’ (apartments for independent living) in Besançon will confirm the positioning of this new type of residential facility in the immediate vicinity of the retirement homes operated by Residalya. 2018 will also see continuing renovation works on ‘Demeure du Bois Ardent’ (Manche) and the residences ‘Les Cinq Sens’ (Gard) and ‘La Lande Saint-Martin’ (Loire Atlantique). Work on the new buildings in Taillan (Gironde), Oyonnax (Ain) and Tour-de-Salvagny (Rhône) will be speeded up.

Residalya continues to examine new opportunities to expand its network, such as the integration of non-profit social residences through management mandates, and the acquisition/construction of operational real estate. The aim is to strengthen its image as a social operator and to develop further synergies.

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