Healius Limited · ASX:HLS
Healius — Primary Health Care — H1 FY2012 Earnings Presentation
15 slides from Healius's earnings presentation, Feb 15, 2012
Slide 1: Interim FY2012 Results
Interim FY2012 Results Six Months Ended 31 December 2011 Investor Presentation 15 February 2012
Slide 2: Income statement
Income statement Six months Six months $m 31 Dec 2011 31 Dec 2010 Trading revenue 686.2 655.7 EBITDA 166.8 152.4 Depreciation & Amortisation (43.6) (40.3) Interest expense (43.6) (43.5) (1) Amortisation of borrowing costs (12.5) (4.1) Minorities and non-recurring items (1.0) (35.7) Taxation (19.8) (
Slide 3: Dividend
Dividend Six months ended 31 December 2011 2010 Interim dividend (cps) – fully franked 5.0 3.0 ■ Record Date - 30 March 2012 ■ Payable - 16 April 2012 ■ Dividend Reinvestment Plan in place - nil discount ■ Approximately 50% pay-out ratio for half year ■ Continued improving cash flow anticipated for
Slide 4: Segment analysis
Segment analysis Six months Six months $m 31 Dec 2011 31 Dec 2010 Revenue Medical Centres 144.7 137.5 Pathology 384.3 364.0 Imaging 153.1 145.1 Health Technology 24.6 24.5 Corporate 0.8 3.0 Intersegment (21.3) (18.4) Total 686.2 655.7 EBITDA Medical Centres 79.0 74.5 Pathology 61.3 55.3 Imaging 26.9
Slide 5: Medical Centres
Medical Centres Six months Six months 31 Dec 2011 31 Dec 2010 Trading Revenue $m 144.7 137.5 EBITDA 79.0 74.5 EBITDA Margin (%) 54.6 54.2 ■ GP Patient attendances have grown 13% for the six months to 31 December 2011 in the 56 larger scale medical centres ■ GP Patient attendances have grown 8% overa
Slide 6: Pathology
Pathology Six months Six months 31 Dec 2011 31 Dec 2010 Trading Revenue $m 384.3 364.0 EBITDA 61.3 55.3 EBITDA Margin (%) 16.0 15.2 ■ Organic revenue growth 5.6% for the six months to 31 December 2011 ■ EBITDA growth of 11% ■ EBITDA/Revenue margin gain of 80bps ■ Collection centre de-regulation has
Slide 7: Imaging
Imaging Six months Six months 31 Dec 2011 31 Dec 2010 Trading Revenue $m 153.1 145.1 EBITDA 26.9 21.1 EBITDA Margin (%) 17.6 14.5 ■ Both EBITDA/Revenue margin and EBITDA have shown significant improvements over prior corresponding period reflecting: ─ Gross ‘like-for-like” billings growth 8.2% over
Slide 8: Health Technology
Health Technology Six months Six months 31 Dec 2011 31 Dec 2010 Trading Revenue $m 24.6 24.5 EBITDA 9.5 9.7 EBITDA Margin (%) 38.6 39.6 ■ Software products renewal rates remain high amongst major products: Medical Director, Pracsoft and Blue Chip ■ Government progress on E-health records remains slo
Slide 9: Corporate
Corporate Six months Six months $m 31 Dec 2011 31 Dec 2010 Revenue 0.8 3.0 Expenses (10.7) (11.2) EBITDA (9.9) (8.2) ■ Revenue comprises: ─ Interest received $0.3m (2010: $0.5m) ─ Liquidator’s dividends $0.5m (2010: $1.7m) ─ Profit on sale of investments $nil (2010: $0.8m) ■ Expenses slightly down o
Slide 10: Operating cash flow
Operating cash flow ■ Conversion of EBITDA into cash flow Gross operating cash to EBITDA $m Cash flow from Operating Activities 89.3 Add back: - Interest paid 50.7 - Net Income Tax paid 11.1 - Non employee provisions paid 9.7 Gross Operating cash flow 160.8 EBITDA 166.8 Ratio of Gross Operating Cash
Slide 11: Balance Sheet
Balance Sheet $m 31 Dec 2011 30 June 2011 31 Dec 2010 Current Assets (excluding Cash) 193 183 163 Goodwill & Intangibles 3,192 3,164 3,112 Non-Current Assets 444 435 438 Total Assets 3,829 3,782 3,713 Net Debt (Debt less Cash) 1,095 1,074 1,036 Other Current Liabilities 176 174 178 Non-Current Liabi
Slide 12: Capital expenditure
Capital expenditure Six months Six months Six months $m 31 Dec 2011 30 June 2011 31 Dec 2010 Property, plant & equipment 39.1 45.1 54.0 Business acquisitions 39.0 42.8 42.1 Intangibles 5.0 11.2 9.2 TOTAL 83.1 99.1 105.3 ■ $83.1m capital expenditure in six months to 31 December 2011 (includes $5m def
Slide 13: Debt Position
Debt Position $m 31 Dec 2011 Secured Syndicated Facility 920 Retail Bond 152 Secured Working Capital Facility 100 Bi-lateral facilities 20 Total Facilities available 1,192 Net balance sheet debt at 31 December 2011 1,094 ■ The successful $1.02bn re-financing in October 2011 provides an extended bank
Slide 14: Summary
Summary Highlights 9.5% EBITDA growth to $166.8m (2010 $152.4m) EBITDA growth Medical Centres 6%, Pathology 11% and Imaging 27% increase on pcp Margin improvements Medical Centres 40bps, Pathology 80bps and Imaging 310bps on pcp Debt re-financing complete $1.02bn debt re-finance complete and
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 2012. It contains certain forward-looking statements. The words “expect”, “forecast”, “esti
Primary Health Care — H1 FY2012 Earnings Presentation on 6ix