— ORPEA

ORPEA is a European leader in dependency care operating nursing homes, post-acute and rehabilitation clinics, psychiatric care clinics and home care services (serviced residences, day care, home-based services and day-time and night-time hospital services). Founded by Dr Jean- Claude Marian in 1989, the company was floated in 2002.
ORPEA has 1,014 facilities and 104,234 beds (including 20,932 facilities under construction) in 22 countries, and it employs almost 60,000 people.

 https://www.orpea.com
 
As at Dec 31, 2019

Stake in ORPEA

5.0%

Investment date

2011

FFP's investment.

FFP invested in ORPEA in July 2011 buying some shares from the founder and others on the market. FFP raised its ORPEA investment in 2011 when the latter carried out a €203 million capital increase.
On 26 July 2018, after 11 years as a shareholder, FFP sold 550,000 ORPEA shares, representing around 0.85% of the company’s equity. The shares were placed exclusively with institutional investors following an accelerated bookbuilding process at €116 per share totalling €63.8 million.
At 31 December 2019, FFP (via wholly-owned subsidiary
FFP Invest) held 5.0% of ORPEA. The value of the shareholding for purposes of Net Asset Value and the consolidated financial statements is based on the 31 December 2019 share price.

FFP Invest, represented by Thierry Mabille de Poncheville, has a seat on ORPEA’s Board of Directors, is an Audit Committee member and chairs its Appointments and Remuneration Committee.

In 2019.

In 2019, ORPEA continued to expand abroad adding 7,657 beds across its network. The proportion of beds outside France increased from 41% in 2014 to 62% in 2019, by installing facilities both in all large metropolitan areas and also in new countries such as Colombia, Mexico, Slovenia and Latvia. The pipeline of beds under construction surged 20% in 2019 and 86% of them are outside France.
2019 revenue amounted to €3,740 million, up 9.4% and 4.7% reported and like for like respectively. EBITDAR came in at €983 million, 26.3% of revenue. ORPEA owns 49% of its buildings, which were valued at €6.0 billion at 31 December 2019, excluding held-for-sale buildings.
Early 2020, ORPEA moved into a new country, Ireland, by buying care home operator TLC (674 beds). In 2020, the company seeks to grow revenue by 8.0% to €4.04 billion.

Key figures.

2019 turnover

3.7bn

Number of beds under development in 2019

20,932

Revenue growth in 2019

+9.4%

2019 organic growth of revenues

+4.7%

Shareholding structure.