Then comes the scene with a company that vampires a proposition about health, a cliché that is immediately passed on to other media, released duck, who edits on “Commodification of health and its financialization”. “Jackpot”, “Convenient financial benefits”, “The power of money », “Excessive privatization”, “Brazen prosperity”, “Great achievements”, “abuse”, “Gather a lot of wheat”, “great food” so many sensational qualifications are poured out, but never substantiated.
The fact is that, in fact, financial analysis and its causal causes, which underlie this bias, are in fact false.
The story suggests that in “2020, marked by the Covid-19 health crisis, makes the health sector more attractive than ever. The direct investment fund Mediterrania Capital Partners will even join the Akdital round table by paying an admission ticket of 310 million dirhams for a 20% stake. This causal link between the pandemic context and, consequently, the urgency of resolving the health emergency with the arrival of an institutional investor in Akdital’s funding round is doubly untrue: MCP Investment Fund joined the roundtable in November 2019. , ie before the Covid crisis, and it poured 250 million dirhams (MDH), not 310 MDH, as noted Table from publicly available corporate legal documents.
“For these new projects, the group has chosen an approach that is considered innovative. He decided to rely on specialists in land management and construction for future clinics around a new structure called Akdital Immo. He must own the walls of Accital clinics and receive a comfortable rent that can meet the profitability requirements of its shareholders. attached.
This reasoning suggests that the purpose of organizing this partnership in the form of a joint venture (explained in detail by a group in the press) is to obtain capital gains from leases equated to income. Here again, the statement is erroneous: the rental income applied to projects owned by Akdital Immo is 8% per year, which, as Table confirmed this from an analysis of the land market in Morocco and from public real estate documents Aradei related to Akdital Immo, corresponds to the average rate of return applicable to the national rental market in several sectors, including the hotel. an industry where the Opco-Propco model has been used by large hotel groups for decades. Moreover, in the field of private health, the Accital case is not and is no exception “experimental” against the global standard. This model, which allows companies to focus on their area of expertise to entrust the management of their real estate portfolio to professionals, is widely used internationally, particularly in the United States, Europe and Asia.
Another unsubstantiated conclusion is that Akdital’s tax contribution is erroneously equated to the minimum level payable of 700,000 dirhams under the following conditions: “It took several years of negotiations between the tax authorities and private clinics before agreeing with the Main Tax Office to resolve the tax situation by amending the declarations. Signed in December 2020, this amnesty provided for a minimum payment of 700,000 dirhams per year for clinics with a turnover of more than 50 million dirhams, as in the case of Akdital. Except that the financial statements of the subjects of the group to which they apply Table Institutional sources indicate that Akdital and its subsidiaries contributed a corporate tax (IS) of 12.8 MDH in 2020 and 30 MDH in 2021.
Contrary to claims, Akdital Holding’s social accounts are not logged out “Expect some financial vulnerability.” “In 2020, the holding barely reached break-even, and its turnover exceeds 16 MDH”, it is advanced. However, we are well aware, as when reading the company’s tax returns, that the profits of subsidiaries for one year are reflected as dividends and reflected in the accounts of the holding company in n + 1, so profits from 2020 (the first full year of the first five clinics ) will appear on Akdital accounts only in 2021. That is why the financial statements were submitted Table was able to investigate, showed a profit of 20.6 MDH, including 20 MDH on 2020 dividends.
This accounting discrepancy also leads to the misinterpretation expressed in “A sudden improvement in the average net margin (…), while a year earlier the rate of return was very mediocre, almost not exceeding 1.4%”. The reason for this is very simple: in 2019, the group owned three companies (Longchamps, Ain Sebaa and CIOC), which started operating this year. In addition, Akdital bought the Atfal clinic only in March 2021, and therefore logically should not be included in the financial results associated with the group, as it was lost.
Again, to emphasize the group’s perceived financial fragility, the link is mentioned “To the debt of the holding company, which reaches more than 90 million dirhams, and its financial costs are becoming increasingly burdensome.” And this is to bring it out “even a satisfactory level of cash had to be swallowed up by investments made over the last 15 months”. This argument, based on the final balance of cash with current investments, is equally misleading: the group companies’ financial statements actually show that Akdital projects are usually financed with a debt ratio that varies from 50% to 60% of the debt. total investment. The remaining (40%) is supported by own funds, which as of December 31, 2021 amounted to 382 MDH, and the total debt is approximately 400 MDH.
It will be recalled that the holding company’s activity consists in establishing management rules, supervising the activities of subsidiaries and establishing internal control mechanisms. To do this, the holding company “Accital” (like any other holding company) has as the main cost item human resources and the bulk of resources and turnover (except for dividends of subsidiaries), management fee paid by these subsidiaries precisely so that they can cover their operating costs and have a financial balance.
The cost of human resources and their distribution is argued that “Only the staff costs exceed 10 MDH, and in the caste of leaders we find the children of the Taliban couple and their cousins Akdim.” Akdital’s nominative HR organization chart, available on its website, actually shows that none of the Taliban couple’s children are on it.
The financial statements of the subsidiaries and the group’s press releases rather show a completely different order of magnitude: in terms of their social contribution to Akdital in 2021, together, 1,700 people (direct work) on salaries and social 185 MDH. In 2020, there were 1,200 employees with salaries and social benefits of 125 MDH.
In support of a biased idea “Dictation of marketing and profitability requirements” used for prophecy “danger” The expanding group was misdiagnosed with the Acdital model, based on a misinterpretation of its organizational and capitalist architecture, its management methods and standards, its development capabilities, and especially its misreading of its accounting and financial frameworks.