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1
Acquisition of Casa Reha
PARIS – 10 NOVEMBER 2015
Major step in Korian’s expansion in Germany
2
Disclaimer
Acquisition of Casa Reha
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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
Acquisition of Casa Reha
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
Acquisition of Casa Reha
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. 10,100 beds as of end 2015
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
Acquisition of Casa Reha
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
Acquisition of Casa Reha
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Frankfurt
Hamburg
Berlin
Korian achieves a global network in Germany
216 facilities as of end 2015
c. 23,500 beds as of end 2014
c. 27,500 beds 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
Acquisition of Casa Reha
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Korian accelerates its expansion and geographical diversification
Acquisition of Casa Reha
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
Acquisition of Casa Reha
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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
Acquisition of Casa Reha
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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
Acquisition of Casa Reha
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Acquisition of Casa Reha
10 NOVEMBER 2015