ROME (AP) — Hungary and Italy are vowing to work together for an "historic change" in the way Europe deals with migration, security and other issues.Hungarian Prime Minister Viktor Orban met Tuesday with Italian Interior Minister... Reported by New Zealand Herald 4 hours ago.

Reported by RIA Nov. 3 hours ago.

Italy's Interior Minister Matteo Salvini and Hungary’s Prime Minister Viktor Orban, two of Europe's most vocal anti-migrant politicians, have vowed to work together to change the continent’s approach to migration. Reported by France 24 3 hours ago.

MEDICC Welcomes U.S. State Department’s “Upgrading” of Cuba as a Travel Destination — “Although overdue, certainly a move in the right direction,” said MEDICC Board Chair Dr. Peter G. Bourne, referring to the August 23 announcement by the U.S. Department of State reclassifying the Cuba travel advisory.

OAKLAND, Calif. (PRWEB) August 28, 2018

"Although overdue, certainly a move in the right direction,” said MEDICC Board Chair Dr. Peter G. Bourne, referring to the August 23 announcement by the U.S. Department of State reclassifying the Cuba travel advisory. The decision no longer recommends U.S. citizens “reconsider travel” (reserved for level 3 countries), but instead that travelers “exercise increased caution” (for level 2 countries).

This places Cuba in the same category as Denmark, the UK, Italy, South Africa, France, Spain and the Bahamas…among dozens of other level-2 countries.

The earlier level 3 category was determined solely on the basis of health symptoms reported by a group of Havana-based U.S. diplomats some time ago. The source has yet to be determined, according to both Cuban medical experts and the FBI investigators who visited Havana on multiple occasions.

At the same time, in 2018, Cuba was awarded the title of “safest country” at Madrid’s International Tourism Fair. And no U.S. travelers have reported symptoms similar to those of diplomats in 2016-2017, according to CREST, the Center for Responsible Travel.

The State Department’s inter-agency Crime and Safety Report for Cuba in 2017 notes that crimes against tourists are few and nonviolent, mainly limited to “pickpocketing, purse snatching, fraud schemes, and thefts from unoccupied [premises]…”. The same report, which criticizes aspects such as road safety in Cuba and slow police response, also calls Havana a “low-threat location for terrorist activity” and for “political violence”. Its overall “Embassy Guidance” notes that “Cuba welcomes American travelers, and Americans are generally well received by Cubans.”

“Not only are Americans welcome,” noted MEDICC Executive Director Dr. C. William Keck, “but in MEDICC’s experience, people in both countries have much in common, much to share and to learn from each other. This, we find, is always the best route to explore.”

MEDICC recently announced its second annual conference, A Healthy Cuba, Healthy World: Celebrating History, Community and Culture, slated for December 5 to 9/10 in Santiago de Cuba, a professional meeting authorized under general license from the U.S. Department of the Treasury. Navigate to http://medicc.org/ns/healthycubahealthyworld/ for more, including discounted early bird registration through September 24.

For more on legal, safe travel to Cuba, see also Center for Responsible Travel. Reported by PRWeb 3 hours ago.

· *EUR/USD's rally has been capped in the 1.1730's as the greenback battles for lost ground on the day, currently testing through 94.70 **off** the 94.43 lows.  *
· *EUR/USD is currently trading at 1.1698 and testing the rising 21-hr SMA having been marked by hourly momentum oscillators as oversold for the best part of the day. *

EUR/USD has been paring back shorts, fulled by Trump's dissatisfaction with the Fed's rate hike policy and Powell's speech that was arguably sending a dovish message to markets. However, there is little fundamentally supportive of a long euro position given the political instability in the eurozone and fragility of the economy.

*EUR/USD carry favours the left-hand-side of the quote, long dollars*

At the same time, there is around a 0.25% monthly carry advantage on the short side of EUR/USD and given how speculative the long positions have been, should the dollar manage to attract positive flows again, a top around the 100-DMA and daily Ichimoku cloud in the July/August highs at 1.1740-60 is foreseeable and this move may well be the start of that as we move into end of month business. 

*Data dependent** Fed and ECB*

Data will be key on a data dependent Fed and ECB in the absence of political and trade risks. Given Turkey and Italy has been put on the back burner for the time being, (but will not be too long before those risks rear their ugly head again - the submission of the Italian budget approaches (end-September to parliament), and that is risk sensitive stuff (euro bearish), depending on how aggressive the 5Star/League coalition will approach their controversial spending plans). Also, given how trade risks are back in the limelight, (dollar positive), on strong US data such as today's Conference Board's August consumer confidence report that smashed expectations at an 18-year high, the pair may well struggle ahead of the FOMC September meeting where a rate hike will remind investors of the macroeconomic disparity between the eurozone and U.S. = yield spread negative, EUR/USD bearish. (Note: analysts at Nomura tell us that the bond market is already pricing the largest macroeconomic divergence between the U.S. and Europe since 1999). 

*EUR/USD levels*

However, *Valeria Bednarik*, chief analyst at FXStreet argued earlier that the short-term picture for the pair was bullish, although warning that a downward corrective movement can't be dismissed. Whether this is that start of that correction is yet to be seen, but as Valeria noted, in the 4 hours chart, the Momentum indicator started to retreat from overbought readings, while the RSI decelerated and that has now moved below overbought territory.

More downside needs to follow in order to convince the bulls it is time to throw in the towel and as Valeria explained, "in the mentioned chart, the 20 SMA maintains a strong bullish slope after crossing above the larger ones. The pair has now an immediate resistance around 1.1745, a level that failed to surpass multiple times during the past July, with only one peak beyond it at 1.1790, the next resistance. Gains beyond this last should indicate a more sustained EUR demand." Reported by FXstreet.com 3 hours ago.

Hungary's Viktor Orban and Italy's Matteo Salvini discussed creating a united front of Europe's anti-immigrant political forces ahead of EU elections in May. Reported by Brisbane Times 2 hours ago.

Authorities issue eviction notices for dozens of asylum seekers for being absent during police checks. Reported by Al Jazeera 2 hours ago.

Hungary and Italy have pledged to forge a new alliance to change the way the EU deals with migration. Orban and Salvini have repeatedly defied the European Union by refusing to take in any further asylum-seekers. Reported by Deutsche Welle 3 hours ago.

Italy and Hungary, two fierce critics of European immigration policy, vowed on Tuesday to work together to pursue a new hardline approach to migrants searching for a new life inside the European Union. Reported by Reuters India 2 hours ago.

First Dates Hotel: The popular series is returning to Channel 4 for a brand new series [Channel 4] Following the success of its previous seasons, First Dates Hotel is returning to Channel 4 for a brand new instalment. The series sees singletons travel abroad to a hotel where they share dates with potential romances, before deciding if they want to stay an extra night and share a second date, or call things a day. All the First Dates favourites, such as Fred ... Reported by OK! 43 minutes ago.

*PRESS RELEASE *

*Paris, 29 August 2018*

*Annual results at the end of June 2018*

*Resilient operating results in an unfavourable context *

· Annual published turnover rose 0.3% to EUR 2,241.5 million (a 0.7% increase on a like-for-like basis) despite two business days less;

· Slight decline in reported EBITDA to EUR 255.6 million i.e. -3.9% (down 2.1% at constant scope) and limited decrease in margin rate (11.4% vs. 11.9% the previous year);

· Net profit group share of EUR 7.3 million (versus a profit of €57 million in 2017) due to exceptional restructuring charges;

· Reduction in net financial debt, amounting to EUR 927.1 million at the end of June 2018 (compared with EUR 964 million at end June 2017).

             

· Concerning the public offer on Capio announced on 13 July 2018, the estimated date for publication of the offer document describing the Offer is 5 September 2018, and the estimated acceptance period is 6 September to 7 December 2018

*According to Pascal Roché, Group Chief Executive Officer : *

"Despite a continuing context of falling prices and a general slowdown in activity, the diversification of our businesses and the accelerated implementation of our strategy have enabled us to record satisfactory operating results. The decrease in net income is mainly due to exceptional restructuring charges, which will bear fruit in the future. Similarly, we continued to invest heavily in and strengthen our leadership in the digitization of the patient journey, quality enhancements and safety. After these years of price cuts, we expect that the hospital plan to be announced by the government will implement a multi-year approach, focusing on quality and additional resources."

The Board of Directors, meeting on 24 August, approved the consolidated financial statements for the year ended June 2018. The audit procedures have been completed and the audit report is being issued.

The financial statements and reports will be made available to the public upon publication of the Company's activity report at the end of October 2018.

*In € millions * *from 1 July 2017
 to 30 June 2018* *Change * *from 1 July 2016
 to 30 June 2017*
Turnover 2,241.5 +0.3% 2,234.4
Gross Operating Profit (EBITDA) 255.6 -3.9% 265.9
Current operating profit 125.7 -5.1% 132.5
As a % of turnover 5.6% -0.3 points 5.9%
Operating profit 65.8 -52.5% 138.6
Net income - Group share 7.3 -87.2% 57.0
Net earnings per share (in €) 0.10 -86.7% 0.75

*In € millions -* *from 1 July 2017
 to 30 June 2018* *from 1 July 2016
 to 30 June 2017* *Change*
Île-de-France 931.6 927.8 0.4%
Auvergne Rhône Alpes 362.9 328.0 10.6%
Nord - Pas de Calais - Picardie 358.7 358.9 -0.1%
Provence Alpes Côte d'Azur 163.6 165.0 -0.8%
Bourgogne Franche Comté 103.5 106.5 -2.8%
Other regions 316.7 311.0 1.8%
Other activities 4.5 37.2 -87.9%
*Published turnover* *2,241.5* *2,234.4* 0.3%
Of which: - Organic 2,215.4 2,201.0 0.7%
    Of which organic within France 2,191.2 2,177.5 0.6%
     Of which organic within Italy 24.2 23.5 3.0%
     - Changes in scope of consolidation 26.1 33.4 -21.9%

*Operations and turnover : *

The Group's consolidated turnover for the financial year ending in June 2018 was EUR 2,241.5 million, compared with EUR 2,234.4 million for the period 1 July 2016 to 30 June 2017. This increase in turnover is the result of the strategy of consolidating the clusters' medical projects, in particular with the acquisition in July 2017 of Hôpital Privé de l'Est Lyonnais, and the sale of non-strategic assets such as the Herbert clinic within the Pays de Savoie cluster.

On a like-for-like basis, turnover increased by 0.7% despite 2 working days less.

At the end of June 2018, total activity (excluding emergencies) increased by 0.9% in terms of hospital admission volume. The breakdown by business segment is as follows:

· +0.7% in Medicine-Surgery-Obstetrics
· +0.4% sub-acute care and rehabilitation
· +3.2% in mental health

With regard to the public service tasks managed by the group, the number of emergencies increased strongly, up 6.6% over the past year with more than 575,000 cases registered by the emergency services of our facilities.

*Results : *

EBITDA for the year was EUR 255.6 million, down 3.9% on a reported basis. At constant scope and accounting methods, EBITDA declined 2.1% over the period. EBITDA margin as a percentage of sales was 11.4%, slightly reduced from the previous year (11.9%).

The published operating profit for the period 1 July 2017 to 30 June 2018 reached EUR 125.7 million (or 5.6% of sales), down 5.1% from EUR 132.5 million recorded for the period 1 July 2016 to 30 June 2017.

The amount of other non-recurring income and expenses represents net expense of 59.9 million for the year ended, mainly composed of costs related to restructuring - notably the relocation of the group's headquarters and the project to consolidate the accounting and personnel management activities of all the group's establishments on a single site in the Paris region for EUR 58 million, and the result of the management of the group's real estate and financial assets for an expense of EUR 1.9 million. From 1 July 2016 to 30 June 2017, the amount of other non-current income and expenses represented a net income of EUR 6.1 million.

At 30 June 2018, the net cost of borrowing amounted to EUR 39.1 million, compared with EUR 39.8 million the previous year. This consisted primarily of interest on senior debt.

In total, Ramsay Générale de Santé recorded a net profit group share of EUR 7.3 million at end June 2018, compared with EUR 57 million for the period from 1 July 2016 to 30 June 2017.

*Debts :*

Net financial debt at June 30, 2018 decreased by -3.8% to EUR 927.1 million compared with EUR 964 million at 30 June 2017.

At 30 June 2018, this debt included, in particular, EUR 1,195.6 million in non-current borrowings and financial debt, EUR 63.7 million in current financial debt while cash and cash equivalents amounted to 308 million.

The detail of total exposure to interest rate risk of the financial debt (excluding interest rate hedging instruments) is as follows:

· 21.5% of the financial debt is tied to fixed rates;
· 78.5% of the financial debt is tied to floating rates.

After hedging our interest rate risk through swaps, our position with regard to interest rate risk exposure is completely reversed, with:

· 82.0% of financial debt at a fixed rate; and
· 18.0% at a floating rate.

Ramsay Générale de Santé SA is listed on the Eurolist of Euronext Paris and is included in the Midcac index. Ramsay Générale de Santé is the leading Group in the private healthcare sector in France with 23,000 employees in 121 private clinics. The Group works with 6,000 practitioners, forming the leading independent medical community in France. A major player in hospitalization, Ramsay Générale de Santé provides a comprehensive range of patient care services in three business segments: Medicine-Surgery-Obstetrics, sub-acute care and rehabilitation, and mental health. Ramsay Générale de Santé has developed a unique healthcare service, built around the quality and security of patient care and organizational efficiency. The Group takes a comprehensive approach to patient care, including personalized assistance and support before, during and after hospitalization. Ramsay Générale de Santé also participates in public service missions in its sector and helps to strengthen France's mainland healthcare network.

*Code ISIN et Euronext Paris : FR0000044471*

*Site Internet : www.ramsaygds.com*

Relations Investisseurs/Analystes                                             Relations Presse
*Arnaud Jeudy                                                                         Caroline Desaegher*
Tél. + 33 (0)1 87 86 21 88                                                         Tél. +33 (0)1 87 86 22 11
a.jeudy@ramsaygds.fr                                                            c.desaegher@ramsaygds.fr

*a conference call in english will be held today *

*at 7.30 p.m. (Paris time) - Dial-in at the following numbers*

*From France:                          +33 (0)1 76 77 22 61*
*From Great Britain:                 +44 (0)330 336 6025*
*From Australia :                      +61 (0)2 8524 5352*

*Access code: 465602**Glossary*

* *

Constant scope of consolidation

* *

The restatement of the scope of consolidation for incoming entities is as follows:
  Entities entering the scope of consolidation in the current year must have the contribution from the acquired entity deducted from the performance indicators in the current year;
  Entities entering the scope of consolidation in the previous year must have the contribution from the acquired entity deducted from the performance indicators of the previous month in the month of the acquisition  

 

The restatement of the scope of consolidation for outgoing entities is as follows:
  For entities leaving the scope of consolidation in the current year, the contribution of the outgoing entity must be deducted in the previous year from the performance indicators as of the month that the entity leaves the scope of consolidation.
  For entities leaving the scope of consolidation in the previous year, the contribution of the ongoing entity must be deducted for the full previous period. * *

Current operating profit is the operating profit before other non-current income or expenses, consisting of restructuring costs (expenses and provisions), gains or losses from disposal, or significant and non-recurring depreciation or amortization of non-current assets, whether tangible or intangible; also, other operating expenses and income such as provisions relating to major litigation.

 

Gross operating surplus is the current operating profit before depreciation and amortisation (charges and provisions in the profit and loss account are grouped according to their nature).

 

Net financial debt consists of gross financial debt less financial assets. Gross financial debt consists of: bank loans, including incurred interest; loans relating to finance leases including incurred interest; current financial debt in relation to current financial accounts with minority investors; bank overdrafts. Financial assets consist of:
  fair value hedging instruments recognized in the balance sheet net of tax;

current financial payables in relation to current financial accounts with minority investors;

cash and cash equivalents including treasury shares treasury shares held by the Group (considered as marketable securities);
  financial assets directly related to loans recognized as gross financial debts.
* *

* *

* *

* *

* *
*Selected financial information *

*CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME*
*( in million euros )* *from 1 July 2015 to 30 June 2016* *from 1 July 2016 to 30 June 2017* *from 1 July 2017 to 30 June 2018*
*TURNOVER* *2,226.9* *2,234.4* *2,241.5*
Personnel expenses and profit sharing (959.3) (967.8) (971.5)
Purchased consumables (449.2) (445.0) (450.0)
Other operating income and expenses (280.3) (278.3) (280.7)
Taxes and duties (92.6) (95.0) (93.8)
Rents (175.7) (182.4) (189.9)
*EBITDA* *269.8* *265.9* *255.6*
Depreciation (130.8) (133.4) (129.9)
*Current operating profit* *139.0* *132.5* *125.7*
Restructuring costs (5.0) (1.7) (58.0)
Result of the management of real estate and financial assets 1.5 7.8 (1.9)
Impairment of goodwill (21.1) -- --
*Other non-current income and expenses* *(24.6)* *6.1* *(59.9)*
*Operating profit* *114.4* *138.6* *65.8*
Gross interest expenses (43.5) (40.4) (39.8)
Income from cash and cash equivalents 0.6 0.6 0.7
*Net interest expenses* *(42.9)* *(39.8)* *(39.1)*
Other financial income 0.1 0.4 1.2
Other financial expenses (4.5) (5.3) (4.4)
*Other financial income and expenses* *(4.4)* *(4.9)* *(3.2)*
Corporate income tax (24.9) (29.0) (8.5)
Amount attributable to associates -- -- 0.1
*NET PROFIT FOR THE PERIOD* *42.2* *64.9* *15.1*
Revenues and expenses recognized directly as equity      
- Retirement commitments (2.0) (2.0) (0.1)
- Change in fair value of hedging financial instruments (20.4) 8.8 --
- Translation differential -- --  
- Income tax on other comprehensive income 7.7 (3.2) 1.0
*Results recognized directly as equity* *(14.7)* *3.6* *0.9*
*TOTAL COMPREHENSIVE INCOME FOR THE PERIOD* *27.5* *68.5* *16.0*
*PROFIT ATTRIBUTABLE TO (in million euros)* *from 1 July 2015 to 30 June 2016* *from 1 July 2016 to 30 June 2017* *from 1 July 2017 to 30 June 2018*
Group's share of net earnings 36.9 57.0 7.3
Non-controlling interests 5.3 7.9 7.8
*NET PROFIT FOR THE PERIOD* *42.2* *64.9* *15.1*
NET EARNINGS PER SHARE (in euros) 0.49 0.75 0.10
NET DILUTED EARNINGS PER SHARE (in euros) 0.49 0.75 0.10
*TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO (in million euros)* *from 1 July 2015 to 30 June 2016* *from 1 July 2016 to 30 June 2017* *from 1 July 2017 to 30 June 2018*
Group's comprehensive income for the period 22.2 60.6 8.2
Non-controlling interests 5.3 7.9 7.8
*TOTAL COMPREHENSIVE INCOME FOR THE PERIOD* *27.5* *68.5* *16.0*

*CONSOLIDATED BALANCE SHEET *- *ASSETS*
*( in million euros )* *06-30-2016* *06-30-2017* *06-30-2018*  
Goodwill 741.2 727.1 754.4  
Other intangible fixed assets 27.3 23.1 23.8  
Tangible fixed assets 921.9 877.9 869.2  
Investments in associates 0.6 0.5 0.6  
Other long-term investments 50.7 49.6 69.1  
Deferred tax assets 46.5 33.3 45.2  
*NON CURRENT ASSETS* *1,788.2* *1,711.5* *1,762.3*  
Inventories 54.7 62.3 67.8  
Trade and other receivables 175.6 158.3 157.6  
Other current assets 206.8 224.8 190.6  
Tax assets 14.4 6.0 9.8  
Current financial assets 1.3 2.0 0.3  
Cash and cash equivalents 112.8 180.8 308.0  
Assets held for sale -- -- 5.6  
*CURRENT ASSETS* *565.6* *634.2* *739.7*  
*TOTAL ASSETS* *2,353.8* *2,345.7* *2,502.0*  

*CONSOLIDATED BALANCE SHEET - LIABILITIES AND EQUITY*
*(in million euros )* *06-30-2016* *06-30-2017* *06-30-2018*
Share capital 56.9 56.9 56.9
Additional paid-in capital 71.2 71.2 71.2
Consolidated reserves 236.4 276.9 334.8
Group's share of net profit 36.9 57.0 7.3
*Group's share of equity* *401.4* *462.0* *470.2*
Non-controlling interests 36.4 40.0 40.8
*TOTAL SHAREHOLDERS'* *EQUITY* *437.8* *502.0* *511.0*
Borrowings and financial debts 1,110.0 1,099.8 1,195.6
Provisions for retirement and other employee benefits 47.4 50.6 51.0
Non-current provisions 26.2 27.0 63.5
Other long term liabilities 23.2 13.4 12.2
Deferred tax liabilities 81.0 58.3 50.9
*NON CURRENT LIABILITIES* *1,287.8* *1,249.1* *1,373.2*
Current provisions 14.8 12.9 17.8
Accounts payable 200.7 186.4 191.9
Other current liabilities 340.0 327.0 329.5
Tax liabilities 17.9 14.9 13.3
Short-term borrowings 54.8 53.4 63.7
Bank overdraft --- --- ---
Liabilities related to assets held for sale --- --- 1.6
*CURRENT LIABILITIES* *628.2* *594.6* *617.8*
*TOTAL EQUITY AND LIABILITIES* *2,353.8* *2,345.7* *2,502.0*

*consolidated statement of changes in equity*
*(in million euros)* *SHARE CAPITAL* *ADDITIONAL PAID IN CAPITAL* *RESER-*
*VES* *RESULTS RECOGNISED DIRECTLY AS EQUITY* *TOTAL*
*COMPRE*
*HENSIVE*
*INCOME FOR*
*THE PERIOD* *GROUP'S SHARE*
*OF EQUITY* *NON CONTROLLING INTERESTS* *SHARE-HOLDERS'* *EQUITY*
*Shareholders'* *equity at June 30, 2015* *42.3* *4.2* *243.4* *(0.2)* *4.9* *294.6* *13.5* *308.1*
Capital increase (including net fees) 14.6 67.0 -- -- -- 81.6 -- 81.6
Treasury shares -- -- -- -- -- -- -- --
Stocks options and free share -- -- -- -- -- -- -- --
Prior year appropriation of earnings -- -- 4.9 -- (4.9) -- -- --
Distribution of dividends -- -- -- -- -- -- (2.9) (2.9)
Change in consolidation scope -- -- 3.0 -- -- 3.0 20.5 23.5
Total comprehensive income for the period -- -- -- (14.7) 36.9 22.2 5.3 27.5
*Shareholders'* *equity at June 30, 2016* *56.9* *71.2* *251.3* *(14.9)* *36.9* *401.4* *36.4* *437.8*
Capital increase (including net fees) -- -- -- -- -- -- -- --
Treasury shares -- -- -- -- -- -- -- --
Stocks options and free share -- -- -- -- -- -- -- --
Prior year appropriation of earnings -- -- 36.9 -- (36.9) -- -- --
Distribution of dividends -- -- -- -- -- -- (4.8) (4.8)
Change in consolidation scope -- --   -- -- -- 0.5 0.5
Total comprehensive income for the period -- -- -- 3.6 57.0 60.6 7.9 68.5
*Shareholders'* *equity at June 30, 2017* *56.9* *71.2* *288.2* *(11.3)* *57.0* *462.0* *40.0* *502.0*
Capital increase (including net fees) -- -- -- -- -- -- -- --
Treasury shares -- -- -- -- -- -- -- --
Stocks options and free share -- -- -- -- -- -- -- --
Prior year appropriation of earnings -- -- 57.0 -- (57.0) -- -- --
Distribution of dividends -- -- -- -- -- -- (7.0) (7.0)
Change in consolidation scope -- --   -- -- -- -- --
Total comprehensive income for the period -- -- -- 0.9 7.3 8.2 7.8 16.0
*Shareholders'* *equity at June 30, 2018* *56.9* *71.2* *345.2* *(10.4)* *7.3* *470.2* *40.8* *511.0*

*statement of income and expenses recognized directly in equity*
*(in million euros)* *06-30-2016* *Income and expenses July 1, 2016 to June 30, 2017* *06-30-2017* *Income and expenses July 1, 2017 to June 30, 2018* *06-30-2018*  
Translation differential *(0.3)* -- *(0.3)* -- *(0.3)*  
Retirement commitments *(3.7)* (1.2) *(4.9)* 0.5 *(4.4)*  
Fair value of hedging financial instruments *(10.9)* 4.8 *(6.1)* 0.4 *(5.7)*  
*Results recognized directly as equity (Group's share)* *(14.9)* *3.6* *(11.3)* *0.9* *(10.4)*  

*CONSOLIDATED STATEMENT OF CASH FLOWS*
*(in million euros)* *from 1 July 2015 to 30 June 2016* *from 1 July 2016 to 30 June 2017* *from 1 July 2017 to 30 June 2018*
Total net consolidated profit 42.2 64.9 15.1
Depreciation 130.8 133.4 129.9
Other non-current income and expenses 24.6 (6.1) 59.9
Amount attributable to associates associées --- --- (0.1)
Other financial income and expenses 4.4 4.9 3.2
Cost of net financial debt 42.9 39.8 39.1
Income tax 24.9 29.0 8.5
*Gross operating surplus* *269.8* *265.9* *255.6*
Non-cash items relating to recognition and reversal of provisions (transactions of a non-cash nature) (1.2) 0.3 (2.9)
Other non-current income and expenses paid (7.3) (9.8) (18.0)
Change in other non-current assets and liabilities 19.7 (2.0) (13.5)
*Cash flow from operations before cost of net financial debt and tax* *281.0* *254.4* *221.2*
Income tax paid (18.1) (23.5) (26.4)
Change in working capital requirement (66.9) (21.5) 19.1
*NET CASH FLOWS FROM OPERATING ACTIVITIES: (A)* *196.0* *209.4* *213.9*
Investments in tangible and intangible assets (109.0) (102.2) (62.6)
Disposals of tangible and intangible assets 1.0 27.9 7.2
Acquisition of entities (112.0) 0.3 (21.1)
Disposal of entities 1.6 14.8 0.5
Dividends received from non-consolidated companies 0.1 0.4 0.6
*NET CASH FLOWS FROM INVESTING ACTIVITIES:  (B)* *(218.3)* *(58.8)* *(75.4)*
Dividends paid to minority interests of consolidated companies: (a) (2.9) (4.8) (7.0)
Net interest expense paid: (b) (42.9) (39.8) (39.1)
Debt issue costs: (c) --- --- (4.9)
*Cash flow before change in borrowings: (d) =
(A+B + a + b + c)* *(68.1)* *106.0* *87.5*
Increase in borrowings: (e) 329.1 41.6 122.2
Repayment of borrowings: (f) (268.3) (79.6) (82.5)
*NET CASH USED FOR FINANCING ACTIVITIES: (C) = a + b + c +  e + f* *15.0* *(82.6)* *(11.3)*
*NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A + B + C )* *(7.3)* *68.0* *127.2*
Cash and cash equivalents at beginning of period 120.1 112.8 180.8
Cash and cash equivalents at end of period 112.8 180.8 308.0
*Net indebtedness at beginning of period* *729.3* *1,047.0* *964.0*
Cash flow before change in borrowings: (d) 68.1 (106.0) (87.5)
Capitalization of financial leases 16.9 34.7 68.7
Loan issue charges fixed assets 4.3 4.3 (1.4)
Assets held for sale (2.0) -- --
Fair value of financial hedging instruments 13.6 (5.0) (0.9)
Change in scope of consolidation and other 216.8 (11.0) (15.8)
*Net indebtedness at end of period* *1,047.0* *964.0* *927.1**Update on the public offer to the shareholders of Capio AB (publ.) ("Capio")*

· Ramsay Générale de Santé ("RGdS") announced on 13 July 2018 a public offer to acquire all shares in the Nasdaq Stockholm listed Capio AB (publ) ("Capio") for SEK 48.5 in cash per share (the "Offer").
· The estimated date for publication of the offer document describing the Offer (the "Offer Document") is 5 September 2018, and the estimated acceptance period is 6 September to 7 December 2018.
· The European Commission issued on 13 August 2018 a decision referring the entire case to the French Competition Authority.
· RGdS notes that Capio announced on 21 August 2018 the potential disposal of its French activities ("Capio France") to Vivalto Santé ("Vivalto") subject to a number of conditions (including regulatory approvals, approval of Capio's shareholders at an EGM and confirmatory due diligences by Vivalto).
· RGdS's Offer is, amongst other things, conditional upon Capio not disposing its non-Nordic operations.
· Based on information published by Capio, Vivalto's offer on Capio France values such assets at an EBITDA (RTM June 2018) multiple of 9.0 (excluding earn-out) to 9.6x (including maximum earn-out) and is still subject to contingencies despite access to due diligence on those assets, which RGdS did not have. Such multiples are below the one offered by RGdS on Capio as a whole through its 48.5SEK per share all cash offer, standing above 10x^(1) (RTM June 18).
· RGdS also notes that the offer received by Capio on Capio France is uncertain and remains subject to a number of contingencies including in particular Vivalto's satisfactory confirmatory due diligence.
· As part of its ongoing strategy to create a leading private health care operator in Europe, RGdS continuously reviews its options including organic and inorganic opportunities based on a rigorous investment approach, the potential acquisition Capio being one of them. Since the announcement of the public offer on Capio, RGdS did not hold any discussions with the Board of Directors of Capio about a potential increase of its offer. RGdS confirms however that, as customary in this type of situation, it had contacts since the announcement of the Offer with several investors to give them details on its Offer based on public information.

1. Based RTM EBITDA as of 30 June 2018. Entreprise Value of Capio based on 141.2M Capio shares valued at 48.5 SEK per share and customary debt and debt-like items as of 30 June 2018.

*Important reminder regarding the Offer*

An offer document will be approved and registered by the Swedish Financial Supervisory Authority, and made public by RGdS, prior to the commencement of the acceptance period of the Offer. It is reminded that the Offer, is not being made to, and acceptances will not be approved from, persons whose participation in the Offer requires that an additional offer document is prepared or registration effected or that any other measures are taken in addition to those required under Swedish law (including Nasdaq Stockholm's Takeover Rules), except where there is an applicable exemption.

Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and the other benefits of the Offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as "anticipate", "believe", "expect", "intend", "plan", "seek", "will", "would" or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside RGdS' control. Any such forward-looking statements speak only as of the date on which they are made and RGdS has no obligation (and undertakes no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

This press release has been published in French, English and, with respect to the section named "*Update on the public offer to the shareholders of Capio AB (publ)*", in Swedish. In the event of any discrepancy regarding this section between the three language versions, the English version shall prevail.

*Information for U.S. securityholders*

The Offer described in the Offer Document is made for the securities of Capio and is subject to the laws of Sweden. It is important that U.S. holders understand that the Offer and the Offer Document are subject to disclosure and takeover laws and regulations in Sweden that may be different from those in the United States. To the extent applicable, RGdS will comply with Regulation 14E under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). RGdS intends to treat the Offer as one to which the "Tier II" exemption mentioned in Rule 14d-1(d) under the Exchange Act applies.

Neither the U.S. Securities and Exchange Commission nor any securities commission of any state of the United States has (a) approved or disapproved the Offer, (b) passed upon the merits or fairness of the Offer, or (c) passed upon the adequacy or accuracy of the disclosure in the Offer Document. Any representation to the contrary is a criminal offence in the United States.

*Attachment*

· RGDS annual Results at the end of June 2018.pdf Reported by GlobeNewswire 7 hours ago.

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Paris, 29 August 2018 (6.00 p.m.)

*HIGHCO POSTS GROWTH IN HALF-YEAR 2018 RESULTS*

*Business growth continues to be driven by Digital*

· H1 2018 gross profit of €43.2 M, up 2.2% on a reported basis and LFL^1.
· Development of digital businesses: Growth of 5.1% LFL, and acquisition of the mobile-first agency Useradgents.

*Growth in profitability*

· Adjusted headline PBIT^2 of €11.32 M, up 4.1%.
· Adjusted operating margin^2 of 26.2%, up 50 basis points.
· Recurring operating income of €10.27 M, up 11.1%.
· Adjusted attributable net income^3 up 14.5% to €7.79 M.

*Strong cash generation*

· Operating cash flow of €10.29 M, an increase of €2.1 M (up 25.7%) compared with H1 2017.
· Net cash^4 of €51.44 M at 30 June 2018, rising €5.53 M compared with 31 December 2017; net cash excluding operating working capital of €2.54 M at 30 June 2018, for an increase of €2.11 M.

*2018 guidance confirmed*

 *(€ M)* *H1 2018* *H1 2017* *H1 2018/H1 2017**
**Change*
Gross profit 43.20 42.28  

+2.2%
(+2.2% LFL^1)
*Adjusted headline PBIT^2* *11.32* *10.88* *+4.1%*
Adjusted operating margin^2 (%) 26.2% 25.7% +50 bp
Recurring operating income 10.27 9.24 +11.1%
*Adjusted attributable net income^3* *7.79* *6.80* *+14.5%*
Net cash^4 51.44 45.91^5 +€5.53 M

^1 Like for like: Based on a comparable scope and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period).
^2 Adjusted headline profit before interest and tax: Recurring operating income before restructuring costs and excluding the cost of performance share plans (€0.81 M in H1 2018; €1.54 M in H1 2017). Adjusted operating margin: Adjusted headline PBIT/Gross profit.
^3 Adjusted attributable net income: Attributable net income excluding the after-tax cost of performance share plans (€0.59 M in H1 2018; €1.05 M in H1 2017) and excluding net income from assets held for sale and discontinued operations (expense of €0.77 M in H1 2018; income of €0.17 M in H1 2017).
^4 Net cash (or net cash surplus): Cash and cash equivalents less gross current and non-current financial debt.
^5 At 31 December 2017.

Cécile Collina-Hue, Chairman of the Management Board, stated: "HighCo is a leading phygital market player whose business grew 2.2% in the first half of 2018. This growth was mainly driven by digital business, thus confirming its 2018 growth and profitability targets. The Group, which acquired the mobile-first agency Useradgents in July 2018, is moving forward with its investment strategy in digital businesses, especially those specialised in data and mobile technologies."

*FINANCIAL PERFORMANCE IN H1 2018*

*Continued business growth*

Following the like-for-like growth in Q1 and Q2 of 1.7% and 2.6% respectively,* H1 2018 gross profit totalled €43.2 M, rising 2.2% on both a reported and a like-for-like basis*. As a result, the Group has begun its sixth consecutive year of organic growth, driven by digital businesses which grew 5.1% like for like over the first half of the year.

*In France, growth remained healthy in H1 2018:* *up 5% like for like to €31.49 M*, accounting for 72.9% of the Group's gross profit. With growth of 6.8% over the first half of the year, digital businesses in France represented 54.5% of total business in H1 2018.

*International business decreased 4.9% like for like in H1 2018 to €11.71 M*:

· Benelux showed a like-for-like drop in business of 4.8% (Q2 2018: down 1%);
· Southern Europe (Spain and Italy) fell 6.4% (Q2 2018: up 0.5%).

*Growth in profitability*

Business growth in France and sound cost control in Benelux enabled the Group to post *4.1% growth in adjusted headline PBIT to €11.32 M in H1 2018 *with:

· A further 2.8% rise in adjusted headline PBIT in France to €10.15 M (H1 2017: €9.87 M);
· A 16% increase in International adjusted headline PBIT to €1.17 M (H1 2017: €1.01 M).

*Adjusted operating margin *(adjusted headline PBIT/gross profit)* rose 50 basis points, coming out at 26.2% *(H1 2017: 25.7%).

Growth in adjusted headline PBIT and the lower cost of performance share plans (H1 2018: €0.81 M; H1 2017: €1.54 M) led to* an 11.1% rise in recurring operating income, *and operating income, *to €10.27 M *(H1 2017: €9.24 M).

The tax expense came out significantly lower, mainly resulting from a research tax credit, totalling €2.38 M in H1 2018 (expense of €3.49 M in H1 2017).

The loss from assets held for sale and discontinued operations amounted to €0.77 M in H1 2018 (income of €0.17 M in H1 2017) following the impairment recorded on the investment in the associate, Yuzu.

*Half-year adjusted attributable net income climbed 14.5% to €7.79 M*, with a reported figure of €6.43 M for H1 2018, an increase of 8.5% (H1 2017: €5.93 M).

The Group reported adjusted half-year EPS^6 of €0.37, up 13.9% (up 15.1% on a diluted basis) compared with the adjusted figure for H1 2017.

^6 EPS adjusted for the net after-tax cost of performance share plans and excluding net income from assets held for sale and discontinued operations (Yuzu).

*Strong cash generation*

Half-year cash flow rose 25.7% to €10.29 M. *As such, the net cash position climbed €5.53 M to €51.44 M* at 30 June 2018. Excluding operating working capital, which amounted to €48.9 M at 30 June 2018, net cash remained positive at €2.54 M, up by €2.21 M with respect to 31 December 2017.

*HIGHLIGHTS *

*Development in digital businesses*

*Continued digitisation*

Digital gross profit continued its growth trend in the first half of 2018 (up 5.1%). Digital businesses now represent 48.6% of the Group's gross profit as at end-June 2018, up from 47.8% in 2017. This digital transformation is integrated into all Group solutions.

All-digital DRIVE TO STORE solutions resumed growth, with a dramatic 121% increase in the *volume of push SMS and notifications* and volumes of *digital coupons issued* up 31%, including a sharp rise (up 54%) in Load to Card and Click & Collect digital coupons.

Digital services continue to grow in the area of IN-STORE solutions that are still predominantly "paper-based", increasing their share out of IN-STORE solutions from 33% in H1 2017 to 33.6% in H1 2018.

Lastly, the percentage of digital DATA solutions increased from 38.2% in H1 2017 to 40.1% in H1 2018, mainly due to the higher share of *dematerialised coupon clearing*, rising from 18.1% in H1 2017 to 20.1% in H1 2018, and continued growth of *e-CBO* (cash back offer) campaigns (up 28% in H1 2018).

*Acquisition of Useradgents, a mobile-first agency*

Brands and retailers are aware of the need to adopt a strong mobile strategy, interconnect all channels to provide a smooth user experience, and interface with one another using targeting and personalisation solutions. That is why *HighCo decided to strengthen its offer with the acquisition of Useradgents, a mobile strategy consulting agency, on 5 July 2018*.

This acquisition is in keeping with our strategy of mutual reinforcement of each company's respective offering. HighCo contributes its advertising and promotional expertise, targeting and personalisation algorithms, and multi-channel interconnection, while Useradgents brings HighCo mobile strategy consulting, user experience expertise and app development. The complementary fit between these areas is reflected in the joint development of the app for the convenience store chain Franprix. The app is praised for its ergonomics and relevant content, especially its personalised, location-based offers.

*The Group now fully owns this French company* founded in 2008 by Renaud Ménérat, Vincent Pillet and Loïc Pailler, with the support of HighCo, which until the deal held a 49% interest. Today, Useradgents employs nearly 50 people. In 2017, the company generated revenue of €7.1 M, for gross profit of €5.6 M, and expects double-digit growth in 2018. It will be fully consolidated as of H2 2018. For information purposes, if Useradgents had been consolidated as of the beginning of the reporting year, the percentage of Digital in the Group's gross profit would have come to 52.2% for H1 2018.

*A constantly changing market*

Our businesses and the business sectors of our clients are undergoing profound changes, primarily as a result of *digitisation*, but also due to changes in retail formats, the expansion of GAFA, and consumers seeking a novel experience and a renewed customer relationship. As these changes are taking place, *data* is everywhere, impacting company structure, the retail industry and consumer habits. Lastly, *mobile *has become the top channel for going online, boosting *e-commerce* with strong growth in advertising expenditure.

*Solutions adapted to the market*

Building on this context, HighCo continues to develop its expertise in *personalisation* and *targeting* to bring advertisers the most relevant activation solutions. For example, Franprix's Tourist Tracker campaign presents foreign tourists visiting Paris with promotional offers, on their regular national media and in their language, that are redeemable at its stores.

HighCo also creates *phygital events*, combining Drive-to-store and In-store solutions that use different techniques for driving activation (games, discounts, goodies, etc.). One instance is the Coupe de Food campaign developed for the Intermarché chain during the Football World Cup.

To reach all targets, the Group also adapted its actions to different channels, especially *social media*. To bring in new users, formats were adapted to each social network for the launch of the Bescherelle educational French grammar app, including Instagram stories and Facebook Canvases.

*2018 GUIDANCE*

Based on the strong performance reported for H1 2018 and the acquisition of Useradgents, the Group has confirmed its guidance for 2018:

· Growth in 2018 gross profit higher than growth in 2017 on a like-for-like basis (2017 gross profit: up 1.4% LFL);
· Share of Digital in the Group's total business for 2018 higher than the share in 2017 (47.8% in 2017);
· Rise in adjusted operating margin (2017 adjusted operating margin: 18.1%).

The Group's financial resources will mainly be allocated to:

· Capital expenditure, for between €1.5 M and €2.5 M (€1.06 M in 2017, €1.02 M in H1 2018);
· Share buybacks totalling between €0.5 M and €1 M (€0.58 M in 2017, €0.33 M in H1 2018).

The Group is moving forward with its Digital investment strategy, especially businesses specialised in data and mobile technologies, such as the recent acquisition of Useradgents.

A conference call with analysts will take place on 30 August 2018 at 11 a.m. The presentation will be available at the beginning of the meeting on the Company's website (www.highco.com) under Finance/Legal>Regulated Information>Financial Analysts Meetings.

* ** *
*About HighCo*

*Since its creation, HighCo has placed innovation at the heart of its values, offering its clients - brands and retailers - Intelligent Marketing Solutions to influence shopper behaviour with the right deal, in the right place, at the right time and on the right channel. *
*Listed in compartment C of Euronext Paris, and eligible for the "long only" DSS, HighCo has more than 750 employees and since 2010 has been included in the Gaia Index, a selection of 70 responsible Small and Mid Caps.*

*Your contacts*

Cécile Collina-Hue                                            Cynthia Lerat
Chairman of the Management Board                    Press Relations
+33 1 77 75 65 06                                            +33 1 77 75 65 16
comfi@highco.com                                           c.lerat@highco.com

**Upcoming events**

Publications take place *after market close*.

Conference call on 2018 half-year earnings: Thursday, 30 August 2018 (11.00 a.m. CET)
Q3 and 9-month YTD 2018 Gross Profit: Wednesday, 17 October 2018
Q4 and FY 2018 Gross Profit: Wednesday, 23 January 2019

  
HighCo is a component stock of the indices CAC^® Small (CACS), CAC^® Mid&Small (CACMS) and CAC^® All-Tradable (CACT).
ISIN: FR0000054231
Reuters: HIGH.PA
Bloomberg: HCO FP
For further financial information and press releases, go to www.highco.com.

This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. HighCo expressly disclaims all liability for any inaccuracy herein.

*Attachment*

· Download the press release.pdf Reported by GlobeNewswire 7 hours ago.

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