Healius Limited · ASX:HLS
Healius — Primary Health Care — H1 2006 Earnings Presentation
14 slides from Healius's earnings presentation, Feb 7, 2006
Slide 1: Primary Health Care Ltd Half Year Results Presentation
Primary Health Care Ltd Half Year Ended 31 December 2005 Results Presentation 7 February 2006
Slide 2: Financial Results: Basis of preparation
Financial Results : Basis of preparation z AIFRS adopted effective 1 July 2004 z All comparatives adjusted to reflect this z All ratios, margins and earnings per share also adjusted and comparable
Slide 3: Financial Results: Summary
Financial Results : Summary z EBITDA and EBITA (exc investments) up 47% and 53% over 1H2005 - Driven largely by organic revenue growth, margin gains and contribution by Health Technology ($ Million, except EPS) 1H2006 growth 1H2005 Sales revenue (exc investments) 116.8 40% 83.3 EBITDA (exc investmen
Slide 4: Financial Results: Income Statement
Financial Results : Income Statement z Segmental ($ 000s) 1H 2006 1H 2005 Medical centres 33,223 24,368 Pathology 6,993 6,160 - All segments meeting Health Technology 4,697 - expectations Sale of investments - 2,515 EBITDA 44,913 33,043 - Medical centre results Depreciation 7,043 5,871 after head of
Slide 5: Financial Results: Per Share Results
Financial Results : Per Share Results – Reported earnings per share up 10% on prior period to 18.69cps – Adjusted earnings per share up 27% on prior period ( to remove investment profit 2005) – Adjusted earnings per share up 37% on prior period ( to remove investment profit 2005 and amortisation) –
Slide 6: Financial Results: Balance Sheet
Financial Results : Balance Sheet 31/12/05 30/06/05 $m $m Debt to Equity : Receivables 40.2 35.7 12/05 06/05 Investments 1.9 0.2 29% 24% PP&E 123.5 107.0 Goodwill/Intangibles 349.7 331.8 EBITDA interest cover: (assuming 6.75%) Total Assets 515.3 474.7 12/05 06/05 Liabilities 42.5 42.3 12. 4x 12.9x N
Slide 7: International Accounting Standards
International Accounting Standards z Amortisation of goodwill - prohibited effective 1 July 2004 – Annual impairment testing on cash generating units – Write back of $51.9m to distributable reserves at 30 June 2005 – These reserves are all fully franked – No amortisation of goodwill charge for the s
Slide 8: Operations: Medical Centres
Operations : Medical Centres – GP patient attendances up 16.2% to 1,661,000 for the period – January 2006 GP patient attendances up 17.0% on prior year – 3 centres opened in FY 2005 all increasing in line with expectations – 3 new medical centres opened successfully during period accounted for 3% gr
Slide 9: Operations: Medical Centres
Operations : Medical Centres z Strength of core business – EBITDA for all centres up 36% – Margins improvement across all centres from 45.5% to 49.0% – After charging share option expense of $1.03m (prior period $0.5m) – Same-centre EBITDA growth period on period for oldest 10 centres at 17% – Recur
Slide 10: Operations: Pathology
Operations : Pathology ($ 000s) 1H 2006 growth 1H 2005 growth 1H 2004 Revenue 38,658 15.7% 33,410 10.7% 30,172 EBITDA 6,993 13.5% 6,160 12.8% 5,463 Margin 18.1% 18.4% 18.1% EBITA 6,152 15.8% 5,314 13.2% 4,694 Margin 15.9% 15.9% 15.6% - Organic Growth component of Revenue encouraging - Interstate exp
Slide 11: Operations: Health Technology
Operations : Health Technology z EBITDA Contribution of $4.7m for the six months z Establishment of management team and internal structures – Building customer focus and communication – New consolidated premises (3 separate divisions now under one roof) – Software development discipline and z Improv
Slide 12: Operations: Health Technology Key Operational Achievements
Operations : Health Technology Key Operational Achievements z Subscriptions numbers to all core products up on prior corresponding period z MD3 “stable, fast, and functional” in >250 users; rollout to expedite in 3Q06 z Integration of doctors desktop radiology images into MD3 completed (an Australia
Slide 13: Future Growth: Medical Centres
Future Growth : Medical Centres 24 Centres opened prior to 30 June 2005 3 Centres opened first half FY06 4 Centres will open second half FY06 31 Estimated centres open at 30 June 2006 9 Further centres estimated to open by 31 December 2007 40 Centres open by 31 December 2007
Slide 14: Focus for FY 2006/07
Focus for FY 2006/07 z Medical Centres – Continued roll-out of new centres – Continue to meet increasing demand for medical services z Pathology – Consolidate pre analytical, analytical and post analytical automation – Inter-state operations z Health Technology – Roll out MD3 – Enhance all HCN softw