Orpea: net loss of E4bn in 2022
(CercleFinance.com) - Orpea's share price fell on Friday in Paris after the retirement home operator reported a loss of four billion euros for FY 2022.
The group explained that its annual accounts take into account a "significant" decline in the value of the assets on its balance sheet, a reduction that led to impairments of up to E3.8bn, i.e. almost the entire loss.
Orpea, which has had to launch a major financial restructuring plan following accusations of resident abuse, says the impairments are the result of value tests carried out on each of its facilities as part of a strategic review that began last year.
At 31 December 2022, its real estate assets were valued at E8.4bn at end-2021.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The group explained that its annual accounts take into account a "significant" decline in the value of the assets on its balance sheet, a reduction that led to impairments of up to E3.8bn, i.e. almost the entire loss.
Orpea, which has had to launch a major financial restructuring plan following accusations of resident abuse, says the impairments are the result of value tests carried out on each of its facilities as part of a strategic review that began last year.
At 31 December 2022, its real estate assets were valued at E8.4bn at end-2021.
Copyright (c) 2023 CercleFinance.com. All rights reserved.