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Bastide Annual Results 2008/2009

ISIN code: FR0000035370
Symbol: BLC
extreme Courses 6-month: 7.34 / 10.56 EUR
Number of shares outstanding: 7,340,600
Market compartment: C

Shareholding reference (source Bloomberg)
SIB: 49.29%
Guy Bastide: 9.52%
Family Bastide: 5.61%
Lazard Frères Gestion: 8.19%
Palatine Asset Management: 1.55%
Sogeposte: 0.85%
SGAM: 0.54%
Degroof Management: 0.51%
AGF Asset Management: 0.23%
COVEA Finance: 0.23%
Aviva Asset Management: 0.18 Alcyone Finance
%: 0.16%
Chaussier Management: 014%

Bastide Le Confort Medical: annual results for FY 2008/2009 below expectations!

Presentation
Bastide Le Confort Medical was founded in 1977 by Guy Bastide, the current CEO. The company was a pioneer in France, in the development of care and home care. With his success and wishing to leave the regional framework, Bastide enters the stock market in 1997 on the secondary market and decided to combine external growth (11 buyouts in the sector since May 1997, including allowing Confortis Bastide become a true national player) and organic (developing own agency). The group now has about 80 branches in France.
Bastide is now 32 years after its creation, selling and leasing (services) of medical equipment for individuals (the elderly, disabled and sick) and professionals (nurses, doctors ...) and Community Health (EPHAD, retirement homes, nursing homes ...).
Sale:
At the retail segment (4 large families)
Products bedsore mattresses, mattress pads, pillows, bandages specific ...
Products Incontinence Products
support mobility: wheelchairs ...
-comfort products and hygienic products, toilet aids and mobility, relaxing armchairs ...
In terms of sales professionals and community health
Products for health professionals: sheets and Couches, gloves, small instruments, needles, cleaning and disinfection ...
Products for Community Health: Products disinfection and hygiene medical room facilities medicalized
...
Provision of services (rental):
level professionals and individuals
L-respiratory assistance: provision of a wide range of equipment and services tailored to the different respiratory diseases (including oxygen tanks, concentrators, and respirators ).
-Home care: provision of home care equipment (hospital beds, patient lifts, wheelchairs, support products to anyone ...) to improve daily life.
-Nutrition - Infusion: provision of infusion pumps mainly to nutrition and insulin to enable continuity of care at home.

At its financial communications company is advancing the 3 activities which include sales and services to individuals and professionals alike. They are:
-respiratory activity
-L activity Nutrition -
Perfusion-The activity Homecare

Latest News
Bastide le Confort Medical, a specialist in sales and rental of medical equipment issued on November 5 last year results 2009. They posted a net profit of 2.24 million euros for a turnover on the year of 96.8 million euros.

Analysis
level of turnover:
In the release half year results 2008-2009, the group gave Bastide organic annual growth target of between 5% and 10%. The annual turnover amounts well below this original goal. Sales growth was limited to 2% on the year. Thus, Bastide recorded on the financial year 2008/2009 activity 96.7 million euros against 94.84 million euros on a rolling year. Yet beyond this slight increase, it should be noted that the second half is negative. It shows a decline of 6.64%. S2's overall billing amounts to 45.43 million euros against 48.65 million euros on the S2 2007/2008.
The turnover is distributed to 30/06/2009 at 56.54% in sales material and 43.46% in benefits services.
As announced in the analysis of H1 2008/2009, the group has faced in Bastide legislative and regulatory change on EPHAD. This new legislative framework is now directly related to nursing homes and suppliers of equipment as medical Bastide. This change has impacted heavily engaged Keeping Home Business. The main activity of Bastide with 67.01% of sales has a negative trend on the S2. Indeed, the S1 2008/2009 had increased by 12% in the activity remain at home, while the whole of 2008/2009 ended with a 1% drop to 64.8 million euros! The company explains this contrast by the fact that the activity Maintain Restaurants in communities (affected by regulatory reform) has been affected by a significant decrease its sales volume by 11.4% to 26.7 million euros due to unfavorable comparison base. The S2 2007/2008 have benefited from the post reforms, had contributed to an important phase of equipment. This decrease is therefore a priori momentary!
In contrast, the activity Maintain Restaurants in stores recorded a robust growth with increased activity of +8% to 38.1 million euros over the past year. Bastide also highlights in this activity, the success of the exercise of its own brands. They account for 20.9 million euros Continued activity at home or 32.25% of business volume. Their progress is limited to +10.7% over the year, despite an increase of 18.5% in H1. The S2 has also been difficult for brands, a key strategy for future development of Bastide.
The other two group's activities have been relatively stable over the year 2008/2009. Thus, the respiratory division posted growth of 9% on year to 15.9 million for 16.4% of total turnover of Bastide, while activity Nutrition Infusion recorded an increase of 7.8% over the year 16 million EUR billing representative 16.5% of the company's business.
Thus, disregarding the poor performance of the business communities in Maintenance Restaurants, the company would have grown by 8.3%.

level of net income:
During the publication of annual results 2007/2008, the group gave Bastide is an ambitious target to achieve the 2008/2009 financial year, an operating margin between 10% and 11 %. This objective is already optimistic in the context of the end of 2008, was undermined from the start of 2009, to more appear in news group. Finally, bastide obtained in a morose economic context combined with regulatory upheaval around EPHAD activity with an operating margin of 4.93%, lower by 5 points near the target set a year ago. Operating income measures the intrinsic performance of the company amounted to 4.77 million as against EUR 9.85 million euros last year. The group's management explains the decrease of 51.58% of the ROP by the effect of lower gross margin and cost structure had become too important for the activity Housekeepers in Communities.
Thus, in 2008/2009, the group Bastide net income divided by 2.6, to 2.2 million euros, against 5.88 million euros for the 2007/2008 financial year. Representing a net margin of 2.31%, down nearly 4 percentage points compared to net margin for the year 2007/2008.

Outlook
For the new fiscal year 2009/2010, the Group's management considers positioned in growth markets that will enable the group to continue its positive growth throughout its business activity except maintenance home communities. Indeed, most activities are products of Bastide need for entitlement to reimbursement by social security agencies. These activities are inherently less sensitive to the economic environment. In addition, Bastide benefit account to expand its business volume of the growing power of agencies recently opened.
Queries for 2009/2010 therefore arise about comfort products, outstanding, to the extent that their purchase may be conditioned by the changing economic environment but also on the evolution of the activity Communities. Important problem for which emits a forecast Bastide fuzzy stability of its revenue on this activity, with negative growth in the first half due to unfavorable comparison base.
Beyond Bastide attaches priority to improve its overall economic fundamentals. The debt reduction (up important exercise) and decrease in working capital are on the menu of its objectives.
Bastide expected to start benefiting from measures taken since the beginning of S2 2008/2009, ie resizing activity Communities through the reduction of fixed costs related thereto, renegotiations with various news providers pricing conditions, the rise of its central purchasing, the continued growth of own-brand products in turnover and finally through better management of overhead costs for agencies started recently because of increased business volumes.
Regarding the evolution of its own sales network, it should not change, except in cases of major opportunities. The network expansion will be through the further development of the franchise (the results exceeded expectations without being encrypted) with a dozen projects scheduled opening for the year 2009/2010.
Otherwise, the group wants to maintain its dividend policy. So he will propose at the general meeting to distribute a dividend of 0.06 euro per share.

Fundamental
Bastide The group displays a stock market value at 12.10.2009 of 70.10 million euros. The capitalization of the company rose by 36.8% since the last review when publishing the results of S1 2008/2009.
Key points reveals that the release is as follows: The
-equity amounted Bastide 30/06/09 36,800,000 euros against 35.7 million euros at the close of fiscal year 2007/2008, an increase of 3.08%. They account for 05.01 euros per share.
-debt ratio stood at 63% equity to 23.18 million euros against 16.6 million euros during the half year results 2008/2009. A sharp increase of 39.6% over the last 6 months. The strong growth in debt over the last 6 months due to the increased need for working capital as a direct result of reduced delays by reason of the application of the LME and outstanding receivables recorded at 30/06/09.
-Closing Cash at 30/06/09, is not known, but it was a reminder of -3.13 million at 31/12/08. Presumably due to the increase in working capital it is unlikely to improve much!
-The EPS is $ 0.30 per share. The PER-
calculated relative to net 2008/2009 and based on the closing price stood at 31.23

Conclusion
The second part of the 2008/2009 financial year was tougher than expected. The initial objectives, and adjusted during the year have not been met. Thus, the group's prospects rather vague and non-encrypted group seem fairly convincing. Home Support Activity in Communities is an important issue to be followed for the year 2009/2010. A positive development of this activity would be a strong sign for the market, yet the first half should remain difficult. Concerning the activity of a global perspective, however, the group should continue its growth. Bastide markets have in fact a natural growth around 3% per year. Meanwhile, the trend of the first digit of the new fiscal year 2009/2010, our price target over the medium term will be reduced to 10.5 euros. In the short term the title appears correctly valued.


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Quotes Adam Smith Quotes

compendium of quotes Adam Smith (1723-1790), Scottish philosopher and economist. It is famous for his treatise Economic Inquiry into the Nature and Causes of the Wealth of Nations also called Wealth of Nations. It is considered as one of the founding texts of the "classical school".

"A merchant is a citizen of the world because it is necessarily any particular country. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" What every thing really costs to those who want to get it is work and that the sentence he must win to get it. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The capital increase by the economy ; It decreases by prodigality and misconduct. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The wages of labor vary depending on whether the job is easy or hard, clean or dirty, honorable or despised. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The interest of the annuitant, like the employee who sees his pay rise when the national wealth is increasing inseparably linked to the general interest of society. Instead the interest of merchants and master manufacturers opposed the interests of society. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" This is not from the benevolence of the butcher, the brewer and the baker that we expect our dinner but the care they relate to their interests. We address ourselves not to their humanity but to their selfishness. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"Every individual is continually every effort to search for any capital at his disposal, the most advantageous employment: it is true that his own profit he had in mind, not the society, but the care he gives himself to find his personal benefit the lead naturally, or rather necessarily, specifically to prefer this type of work that stands to be most advantageous to society. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" An individual is enriched employ a multitude of workmen manufacturers, he lost at maintaining a multitude of servants. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" What is annually saved is as regularly consumed as what is annually spent, and he was also close in At the same time. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Salary, benefits, annuities are the three original sources of all income, as well as any exchangeable value. Any other income derived, ultimately one or other of these three sources. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The quantity and value of the land that a man possesses can never be a secret, and can still note with great precision. But the sum total of what he has capital is almost always a secret. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" No society can prosper and be happy, in which most members are poor and miserable. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The lack of economy in time of peace, imposes the need to incur debt in times of war. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" It is simply that what is usually the product of two days or hours of work, worth the double that usually requires one day or one hour of work. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"But the principle that impels us to save is the desire to improve our lot; desire that in general, indeed, is calm and dispassionate, but that comes with us and leaves us at the tomb. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The Birth and fortune are evidently the two circumstances which contribute most to put a man on top of a another. These are the two major sources of personal distinction, and it is therefore the main plateaux which naturally establish authority and subordination among men. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The authority given by the fortune is very great, even in a civilized and wealthy. In all periods of society, consistent with some significant wealth inequality, there is none in which we do is constantly complains that this sort of authority prevailed over that of age or merit staff ... "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"All for ourselves and nothing for others is the vile maxim seems to have been in all ages, the masters of mankind. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The great commerce of every civilized society is one that is between the townspeople and those from the countryside . "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The money loaned at interest are always regarded by the lender as a capital. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Great nations do not become poorer by prodigality and misconduct of individuals, but sometimes by those of many their government. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The capital increase by the economy, they diminish the prodigality and misconduct. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

"The immediate cause of the increase of capital, the economy, not the industry. In truth, the industry provides the raw savings that is the economy, but some gains that make the industry, without which the economy and raises savings, capital would never be greater. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Any part of a man uses his money as capital, he still expects it will return with him a profit. It therefore employs to keep employees productive and, having done to him, Office of capital, the same portion of funds as income to workers. Whenever he uses some of these funds to maintain non-productive workers of any kind whatever, from that moment that part is removed from its capital and paid into the fund reserved for immediate consumption . "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" When people of a country have enough confidence in the fortune, probity and wisdom of a banker to believe always ready to pay cash for their tickets and commitments and, in some quantity that it can have both, then those tickets end up having the same course as the currency of gold and silver, because of the certainty that ad'en make money at any time. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" Every fixed capital comes originally from a circulating capital, and needs to be continuously maintained at the expense of circulating capital. All useful machines and instruments of trade are, in principle, derived from a circulating capital, which provides the materials they are made and livelihoods of workers who make them. To keep constantly in good condition, he must still resort to a capital like that. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" No fixed capital can not provide income by means of a circulating capital. Machinery and instruments of trade the most valuable produce nothing without a circulating capital, which provide them the material they are clean to implement, and livelihoods of workers who use them. Some improvement may be the earth, it will not make revenue without a circulating capital which do survive the workers who grow and those that collect the product. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" The both fixed and circulating capital have no other purpose than to maintain and increase the funds consumption. It is the fund that feeds, clothes and houses the people. People are rich or poor, depending on whether the fund to be used immediately to their consumption is in the case of being supplied, with abundance or sparingly, in these two capitals. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

" In all countries where people and properties are somewhat protected, any man who is called the common sense, seek to use the accumulated fund is available to it whatsoever, so as to remove, or enjoyment at the moment, or a profit for the future. "
Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations, 1776

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