Posted Sep 29, 2022, 7:23 PM
One train can hide another, especially when the two are linked. Orpea’s preliminary half-year publication had already given ample warning of the dependence of its operating performance on inflation.
Less than three weeks later, the final version warns that the gross operating margin rate (ebitdar) could decline further in the second half, given the cost of energy, “which would require a reconciliation with the creditors concerned to renegotiate the impacted financial covenants”.
The latter cap the net debt, by relating it classically to profit and equity indicators (“leverage” and “gearing”). Financial dependence is therefore once again being talked about, even though the subject of asset write-downs has not been exhausted, despite the net loss published in mid-year.
Review and tumble
We will have to wait for the accounts of the second half to see the accounting consequences of the strategic review of cash-generating units and real estate assets, knowing that the balance sheet includes 1.7 billion in “goodwill” and 3 billion in intangible assets, mainly authorizations operating income, faced with 3.7 billion in shareholders’ equity and 8.3 billion in net financial debt.
The tumble of the action has increased (-21% or -88% since the beginning of the year), financial investors crossing their fingers that the occupancy rate goes up.
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