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ORPEA has announced the postponement of its audited annual accounts publication to May 13, 2022, due to exceptional circumstances involving public authority investigations and preparations for a Senate hearing. The company plans to request an extension from the Commercial Court for its annual general meeting deadline until the end of July 2022. Additionally, the first quarter 2022 revenue will also be reported on May 13, 2022. ORPEA emphasizes its commitment to maintaining open communication with shareholders and investors during this period.
Orpea has acknowledged the decision by Minister Brigitte Bourguignon to forward a report from the General Inspectorate of Social Affairs to the public prosecutor. The company expresses regret over the preliminary report's negative framing and insists that their comprehensive responses were not made public. While acknowledging dysfunctions, Orpea refutes claims of a systematic abuse, stating inspections have shown no organized mistreatment. To address identified issues, they plan improvements in staffing autonomy, quality processes, stakeholder communication, and tackling staff shortages.
ORPEA (Euronext: ORP) has expressed concern over the premature disclosure of parts of a report by the Inspection Générale des Affaires Sociales (IGAS) and Inspection Générale des Finances (IGF) by Le Monde. The company states that the deadline for submitting its observations has not yet passed, emphasizing that the published sections do not influence the final report's conclusions. ORPEA plans to submit detailed observations to the inspectors and reiterates its commitment to learn from current external evaluations.
ORPEA reports its 2021 results amid ongoing scrutiny regarding care quality. The company achieved a revenue of €4,285 million, reflecting a 9.2% increase from 2020, driven by new facilities and acquisitions. EBITDAR stood at €1,068 million, with a margin of 24.9%. The total net debt rose to €7,767 million, attributed to investments. However, the planned acquisition of Hestia Alliance was not completed due to unmet conditions. ORPEA is committed to addressing care quality and transparency following administrative inspections affecting around 150 facilities.
On February 23, 2022, ORPEA's Board of Directors approved the remuneration of CEO Philippe Charrier, setting a fixed annual salary of 760,000 euros for the period from January 30, 2022, to December 31, 2022. This amount remains unchanged from the previous year. The decision regarding annual variable compensation and performance share grants for 2022 has been postponed. ORPEA operates a network of 1,156 facilities with 116,514 beds across 23 countries, emphasizing its strong position in the long-term care sector.
ORPEA announces a delay in publishing its financial statements for the year ending December 31, 2021, now expected by April 30, 2022. This postponement is due to awaiting reports from external inspections by IGAS and IGF, as well as independent assessments by Grant Thornton and Alvarez & Marsal. A preliminary press release detailing key financial metrics will be issued on March 11, 2022. The company will later confirm the final dates for financial statements publication and the analyst meeting originally set for mid-March.
ORPEA, represented by Chairman Philippe Charrier, acknowledges Mirova's concerns about end-of-life care. The company expresses commitment to proper care for residents and families, emphasizing the importance of collaboration between private and public sectors. ORPEA plans to address the suggestions made in Mirova's letter to the Board of Directors. Two independent firms have been engaged to investigate allegations against the Group, with findings to be shared with the market and stakeholders.
The ORPEA Group reported a revenue of €4,285 million for FY2021, a 9.2% increase compared to 2020. In Q4 2021, revenues reached €1,105 million, reflecting an 8.8% rise. The group is undergoing administrative inspections and independent evaluations in response to recent allegations, with reports expected by mid-March 2022. CEO Philippe Charrier reassured stakeholders of the company's commitment to quality care and transparency. Despite challenges, early 2022 shows promising recovery in occupancy rates.
Orpea's Board of Directors has appointed Grant Thornton and Alvarez & Marsal to perform an independent audit in response to allegations detailed in Mr. Castanet's book. These reputable firms will examine all necessary information and present findings to the Board and relevant authorities. Orpea is committed to collaborating with public authorities and addressing their requests. Founded in 1989, Orpea operates 1,156 facilities across 23 countries, providing long-term care to over 116,000 beds.
ORPEA announced the remuneration details for former CEO
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