Healius Limited · ASX:HLS
Healius — Primary Health Care — H1 FY2014 Earnings Presentation
13 slides from Healius's earnings presentation, Feb 12, 2014
Slide 1: Interim FY2014 Results
Interim FY2014 Results Six Months Ended 31 December 2013 Investor Presentation 12 February 2014
Slide 2: Highlights
Highlights First half result in line with expectations and dividend increase First half result key highlights • EBITDA $192.1m up 4.4% on prior period • Incremental margin gains in all operating business units • NPAT up 8.6% to $75.5m (up 13.0% to $78.5m excluding refinancing charge of $3.0m) • EPS
Slide 3: Financial Summary
Financial Summary Six months Six months(1) $m 31 Dec 2013 31 Dec 2012 Revenue 751.0 712.5 EBITDA 192.1 184.0 Depreciation & Amortisation (46.6) (43.9) Finance costs (2) (38.7) (39.8) Income tax (31.2) (30.8) Net profit before minorities 75.6 69.6 Minorities (0.1) (0.1) Net profit after tax 75.5 69.5
Slide 4: Segment Analysis
Segment Analysis Six months Six months $m 31 Dec 2013 31 Dec 2012 Revenue Medical Centres 151.7 151.6 Pathology 436.2 409.5 Imaging 156.3 146.7 Health Technology 18.3 18.8 Corporate 3.7 0.5 Intersegment (15.2) (14.6) TOTAL 751.0 712.5 EBITDA Medical Centres 84.7 84.0 Pathology 74.9 69.5 Imaging 35.5
Slide 5: Medical Centres
Medical Centres Core Medical Centre business showing consistent growth Six months Six months 31 Dec 2013 31 Dec 2012 Revenue ($m) 151.7 151.6 EBITDA ($m) 84.7 84.0 EBITDA margin (%) 55.8% 55.4% • Revenue growth of 5.2% in Medical Centres, excluding dental revenues • Dental revenues decreased from $1
Slide 6: Pathology
Pathology Pathology business continues to perform strongly with stable market position Six months Six months 31 Dec 2013 31 Dec 2012 Revenue ($m) 436.2 409.5 EBITDA ($m) 74.9 69.5 EBITDA margin (%) 17.2% 17.0% • Revenue growth of $26.7m (6.5%) over 1H FY2013 • Market share stable • EBITDA growth of
Slide 7: Imaging
Imaging Imaging business improvement continues Six months Six months 31 Dec 2013 31 Dec 2012 Revenue ($m) 156.3 146.7 EBITDA ($m) 35.5 32.9 EBITDA margin (%) 22.7% 22.4% • Organic revenue growth of $9.6m (6.5%) over 1HFY2013 • Reported revenue growth now less impacted by move to fee for service mode
Slide 8: Health Technology
Health Technology Medical Director product improvements made Six months Six months 31 Dec 2013 31 Dec 2012 Revenue ($m) 18.3 18.8 EBITDA ($m) 9.8 9.7 EBITDA margin (%) 53.5% 51.6% • Software renewals and revenue have increased year on year for GPs and specialists • Lower margin hospital applications
Slide 9: Corporate
Corporate Net corporate EBITDA in line with expectations Six months Six months $m 31 Dec 2013 31 Dec 2012 Revenue 3.7 0.5 Expenses (16.5) (12.6) EBITDA (12.8) (12.1) • Revenue this period includes $3m profit on sale of Vision shares • Expenses this period includes $2m non-recurring settlement of leg
Slide 10: Capital Investment
Capital Investment PP&E expenditure moderate and practice acquisitions continuing Six months Six months $m 31 Dec 2013 31 Dec 2012 Property,Plant and Equipment 28.6 35.9 Warringah Medical Centre 14.1 1.0 Business acquisitions 34.8 42.6 Intangibles 19.2 14.9 TOTAL 96.7 94.4 • PP&E replacement expendi
Slide 11: Debt Position
Debt Position Bank refinance extends maturity profile and reduces margins payable $m 31 Dec 2013 Bank and finance debt 941 Cash (10) Retail Bonds 152 Net debt per balance sheet at 31 Dec 2013 1,083 • $1.25bn bank debt facility out to January 2017 ($625m) and November 2018 ($625m) • Margin improvemen
Slide 12: Summary and Outlook
Summary and Outlook First half result key highlights • EBITDA $192.1m up 4.4% on prior period • Incremental margin gains in operating business units • NPAT up 8.6% to $75.5m (up 13% to $78.5m excluding refinancing charge of $3.0m) • EPS up 8.7% to 15.0 cents per share (up 13% to 15.6 cps excluding r
Slide 13: Disclaimer
DISCLAIMER This presentation has been prepared by Primary Health Care Limited (ACN 064 530 516) (‘PRY’). Material in this presentation provides general background information about PRY which is current as at the date this presentation is made. Information in this presentation remains subject to
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