Healius Limited · ASX:HLS
Healius — Primary Health Care — H1 FY2011 Earnings Presentation
15 slides from Healius's earnings presentation, Feb 15, 2011
Slide 1: Interim FY2011 Results
Interim FY2011 Results Six Months Ended 31 December 2010 Investor Presentation 15 February 2011
Slide 2: Income statement
Income statement Six months Six months Six months $m 31 Dec 2010 31 Dec 2009 30 June 2010 Trading revenue 655.7 655.9 640.9 EBITDA 152.4 175.0 156.0 Depreciation & Amortisation (40.3) (35.2) (37.7) Finance costs (47.6) (37.2) (40.6) Income tax (8.5) (24.9) (21.2) One off non-recurring items and mino
Slide 3: Dividend
Dividend Six months ended 31 December 2010 2009 Interim dividend (cps) 3.0 15.0 ■ Record Date - 25 March 2011 ■ Payable - 11 April 2011 ■ Dividend Reinvestment Plan in place - 1% discount ■ Reduced dividend reflects reduced EPS as a result of non-recurring items expense in period 3
Slide 4: Segment analysis
Segment analysis Six months Six months Six months $m 31 Dec 2010 31 Dec 2009 30 June 2010 Revenue Medical Centres 137.5 131.8 127.2 Pathology 364.0 363.5 357.2 Imaging 145.1 147.1 142.0 Health Technology 24.5 24.1 22.3 Corporate 3.0 3.2 6.6 Intersegment (18.4) (13.8) (14.4) Total 655.7 655.9 640.9 E
Slide 5: Medical Centres
Medical Centres Six months Six months Six months 31 Dec 2010 31 Dec 2009 30 June 2010 Trading Revenue 137.5 131.8 127.2 EBITDA 74.4 73.8 68.6 EBITDA Margin (%) 54.2 56.0 53.9 ■ GP Patient attendances showed improvement from August – November 2010 after a subdued FY2010 experience ■ December 2010 bel
Slide 6: Pathology
Pathology Six months Six months Six months 31 Dec 2010 31 Dec 2009 30 June 2010 Trading Revenue 364.0 363.5 357.2 EBITDA 55.3 73.4 61.9 EBITDA Margin (%) 15.2 20.2 17.3 ■ Referrals – 4.7% episode growth over prior corresponding period – Second quarter showing accelerated growth – Market share volume
Slide 7: Imaging
Imaging Six months Six months Six months 31 Dec 2010 31 Dec 2009 30 June 2010 Trading Revenue 145.1 147.1 142.0 EBITDA 21.1 23.0 19.6 EBITDA Margin (%) 14.5 15.6 13.8 ■ EBITDA and EBITDA margin have shown improvements over six month period ended 30 June 2010 ■ Growth has resumed with 5.5% billings g
Slide 8: Health Technology
Health Technology Six months Six months 31 Dec 2010 31 Dec 2009 Trading Revenue 24.5 24.1 EBITDA 9.7 9.7 EBITDA Margin (%) 39.6 40.2 ■ Software products renewal rates remain high amongst major products, Medical Director, Pracsoft and Blue Chip ■ Good performance of software products countered somewh
Slide 9: Corporate
Corporate Six months Six months Six months 31 Dec 2010 31 Dec 2009 30 June 2010 Revenue 3.0 3.2 6.6 Expenses (11.2) (8.1) (11.0) EBITDA (8.2) (4.9) (4.4) ■ Costs in line with expectations and six months to 30 June 2010 ■ Revenues comprise – Profit on sale of investments – Interest received – Dividen
Slide 10: Non-recurring items
Non–recurring items Six months $m 31 Dec 2010 Lease commitments and make good of sites 14.7 Redundancies 9.4 Legal and other costs 3.9 Non-recurring cash items 28.0 Assets written off at closed sites 6.7 Total non-recurring items 34.7 ■ Reduction of 290 full-time equivalent positions has occurred ■
Slide 11: Operating cash flow
Operating cash flow ■ Conversion of EBITDA into cash flow Gross operating cash to EBITDA $m Cash flow from Operating Activities 89.1 Add back: - Interest paid 41.8 - Net Income Tax paid 3.8 - Employee provisions previously provided for now paid 5.0 - Non-recurring items provisions paid 10.6 Gross Op
Slide 12: Balance Sheet
Balance Sheet As at 31 Dec 2010 30 June 2010 31 Dec 2009 Current Assets (excluding Cash) 163 181 190 Goodwill & Intangibles 3,112 3,075 3,001 Non-Current Assets 438 414 413 Total Assets 3,713 3,670 3,604 Net Debt (Debt less Cash) 1,036 979 969 Other Current Liabilities 178 171 151 Non-Current Liabil
Slide 13: Debt Position
Debt Position $m 31 Dec 2010 Secured Syndicated Facility 824 Retail Bond 153 Secured Working Capital Facility 100 Bi-lateral Facilities 95 Total Facilities available 1,172 Net Debt at 31 December 2010 1,036 ■ Syndicated, working capital and bi-lateral facility matures December 2012 ■ Retail Bond mat
Slide 14: Outlook
Outlook ■ Improving revenue profile across the group – GP Patient attendance trends have reverted to more normal trends post July 2010 – Volume growth has returned to Pathology operations post July 2010 – Imaging operations are now improving ■ Cost reduction program has been implemented and full ben
Slide 15: Important Notice
Important Notice The information provided in this presentation is based on the ordinary earnings of Primary Health Care Limited (the Company) as disclosed in the Appendix 4D released to the ASX on 15 February 2011. It contains certain forward-looking statements. The words “expect”, “forecast”, “esti
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