Full Year 2024 Emeis SA Earnings Call Transcript
Key Points
- Emeis (WBO:ORP2) reported an 8.3% organic top-line growth, with all locations and businesses, particularly nursing homes, showing strong performance.
- Occupancy rates improved to 86%, up 2.7% from the previous year, indicating better utilization of facilities.
- EBITDAR and EBITDA exceeded guidance for 2024, driven by a strong second half, suggesting a positive recovery trajectory.
- The company achieved significant asset disposals, securing over EUR900 million since mid-2022, which helped maintain a stable balance sheet.
- Emeis (WBO:ORP2) improved its recurring free cash flow significantly, reducing losses from EUR420 million in 2023 to almost break-even in the second half of 2024.
- Despite improvements, Emeis (WBO:ORP2) acknowledges that its performance is still below its potential and midterm ambitions.
- The company's net group share remains negative at minus EUR412 million, although it has improved compared to the previous year.
- France's operations showed slower recovery trends, with only 3.9% organic growth, impacting overall performance.
- Staff turnover remains high, indicating ongoing challenges in human resources management.
- Free cash flow is still negative, although it has improved by EUR448 million over the past year.
Hello and welcome to the Emeis full year 2024 results conference call. My name is Ben and I will be your proator for today's conference. On today's call, we have Mr. Laurent Guillot, CEO, and Mr. Jean-Marc Boursier, CFO. Please note this call is being recorded. (Operator Instructions)
I will now hand you over to your host, Mr. Laurent Guillot, CEO, to begin today's conference. Thank you.
Well, thank you. And good morning to all of you and thank you for attending this conference call. We are pleased to deliver today this set of figures and doing so to confirm what we said to you in February. The turnaround is now under way and in operating performance. In fact, the margins have now indeed entered with the second half '24 in a state of growth, bottoming out from transitory lows in H1 '24.
We believe our performance is still below our potential, but the turnaround trajectory is now becoming clearer, fueling our confidence for the year ahead. We are indeed following the right direction on the right path. With
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