25,000+2M120 #1 private healthcare operator in France employees patients a year clinics Alexandre Motte: The opportunity to invest in Elsan AM: Covid has reinforced the importance of having alongside KKR, that we know well, was extremely strong hospitals, public and private. That created attractive. As a healthcare company it is naturally a more favorable regulatory environment, and very stable, but it is also growing because demand better cooperation between the public and private for healthcare is increasing and the population is sectors. Elsan is well-placed to grow – it has a aging. Elsan is one of the largest private companies great management team with the skills to improve in France, so there is a natural fit with us, as one efficiency, for example by leveraging digitalization of the country’s largest investors. This is our most to deliver better services to more patients. significant European investment, and we were welcome to play an important role because all TC: We plan to grow through further acquisitions of stakeholders recognized it was crucial to have a hospitals and by obtaining authorisations from the substantial French shareholder group in Elsan, given regulator to open new services in different cities. that hospitals are an essential and regulated sector. Then, the third route is to add new activities within our hospitals, for example radiology. One of our TC: The support we have had from our previous major areas for growth is home hospitalization, sponsors and now from Ardian through the Covid which brings the hospital to the patient’s home. This crisis has been amazing. We prepared for the first grew organically by 20% in 2020. wave in three days and tripled our capacity, which allowed our hospitals to treat 4,000 patients with AM: This was a large investment for us at Covid during 2020. Our medics went wherever €150 million, against a fund size of €2.1 billion, in the country they were needed – in our facilities but we had the possibility to invest more. It shows and in public hospitals. There was huge solidarity we have the potential to increase the size of our right across the system. By the time the second wave fund in the next generation so we can play an even started, we were well prepared. We treated twice bigger role in attractive companies like Elsan. as many Covid patients in the second wave and still performed almost all our normal activities as well. 2020 ACTIVITY REPORT 87