major step in korian’s expansion in germany · 2020. 7. 27. · korian strengthens its project...

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Acquisition of Casa Reha

PARIS – 10 NOVEMBER 2015

Major step in Korian’s expansion in Germany

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Disclaimer


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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


Note: (1) Based on October 2015 figures ; (2) Based on 2014 figures

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Frankfurt

Hamburg

Berlin

Casa Reha: The 3rd largest operator in Germany


Casa Reha facility

Casa Reha facility under construction

Casa Reha head office

70 facilities as of end 2015

c. 9,800 beds as of end 2014


c. 4,100 FTE as of end 2015

2015 financials:

c.€270m sales estimates

Stuttgart

Munich

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Casa Reha: A high quality operator

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

1.5

1.4

1.3

1.2

1.2

1.3

0 0.5 1 1.5 2 2.5

2010A

2011A

2012A

2013A

2014A

2015-YTD

Avg. MDK rating

45

61

51

58

50

25

# of facilities

inspected

(1)

Regular improvement of Acacia’s MDK rating

Highly professional and skilled teams

A dedicated team of 16 regional quality managers

A regular improvement of rating over the last 5 years

High standards of care A modern portfolio of large homes(2)

100 rooms <

# of facilities< 150 rooms

150 rooms

< # of facilities < 175 rooms

# of facilities > 175 rooms

# of facilities < 100 rooms

c.72% of single bed rooms


7%

53%19%

21%

Average age of facilities (year)

14

17

Cas

a R

eha

Cu

ran

um

6

4%

3%

4%2%2%2%2%2%

2%1%

76%

13,67012,540

9,818 8,8897,534 7,398 6,401 5,898 5,508 4,690

9,818

23,488

2.6% 1.4% 1.1% 1.0% 0.8% 0.8% 0.7% 0.6% 0.6% 0.5%

57%

6% c.9%

28%

Top ten operators in Germany as of end 2014 German market breakdown

Korian strengthens its market leadership in Germany

Source: Company information

# of beds

Market share

Non-profit operators

Other private operators

Public

Top 10 private

operators

German private segment breakdown

Korian

Other private operators

Casa reha

Silver CareKursanaAlloheimVitanasMarseille-K

Pro Seniore

CuraAzurit


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Frankfurt

Hamburg

Berlin

Korian achieves a global network in Germany

216 facilities as of end 2015



c. 12,400 FTE

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

Lower Saxony

Hesse,

Rhineland

Palatinate

and Saarland

Berlin


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Korian accelerates its expansion and geographical diversification


60%

8%

13%

19%

55%

8%

11%

26%

Sales(1)

61%

7%

11%

21%

55%

7%

9%

29%

EBITDAR(1)

+

A European leader with 690 facilities and c.70,000 beds

International business close to 50% of revenue

France

Belgium

Italy

Germany

Source: Companies

Note: (1) Based on 2014 pro forma figures

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Korian strengthens its project portfolio and secures its German expansion

Casa Reha: a portfolio of c.800 beds to be created

More than 50% of beds to be created in Germany

Type of bedsNumber of

bedsFrance Germany Italy Belgium

Beds to be created 5,438 806 3,026 369 1,237

Beds to be restructured

4,399 2,376 869 1,154 0

Total 9,837 3,182 3,895 1,523 1,237


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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 2016


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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

Acquisition of Casa Reha: Accelerating development, strengthening business, creating value


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10 NOVEMBER 2015

major step in korian’s expansion in germany · 2020. 7. 27. · korian strengthens its project...

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