Primary Health Care — Shareholder Meeting (November 2008)
10 slides from Primary Health Care's shareholder meeting presentation, Nov 28, 2008
Slide 1: Annual General Meeting
Annual General Meeting 28 November 2008
Slide 2: FY 2008 Highlights
FY 2008 Highlights ■ Symbion Health acquisition completed in March 2008 ■ Solid FY08 underlying operating performance – EBITDA of $175m (excluding Consumer & Pharmacy and one‐off items) ■ Like‐for‐like FY08 EBITDA growth of 15% (existing Primary business) ■ Significant one‐off costs relating to Symb
Slide 3: Symbion Integration Progressing to Plan
Symbion Integration Progressing to Plan ■ Sale of Symbion Consumer completed – Cash consideration of $560m applied to debt reduction – Completed on 31 August 2008 ■ Sale of Symbion Pharmacy completed – Net cash consideration of $203m applied to debt reduction – Off‐balance sheet $300m securitisation
Slide 4: FY08 Segmental Performance
FY08 Segmental Performance Year Ended 30 June FY08 FY07 Pry $m (exc ■ Revised segment Syb) disclosure Pry Syb 4 Total mth $m % Mvt $m $m ■ Primary Imaging Medical Centres 168.6 20.5 189.1 140.1 operations now Pathology 90.9 219.4 310.3 88.9 separated from Medical Imaging 26.3 102.5 128.8 22.0 Centre
Slide 5: Medical Centres
Medical Centres ■ 42 large scale Primary centres and 41 Symbion smaller sites at Nov ‘08 ■ 13 Symbion centres now merged into Primary sites ■ 70% of GP’s (FTE) retained into Primary sites from these merged centres ■ Significant increase in Symbion centre margin for first 4 months of FY2009 ■ Cost ef
Slide 6: Pathology
Pathology ■ All Primary operations in Queensland, Victoria and ACT successfully merged with Symbion counterparts ■ Revenue maintained since acquisition ■ Programme of upgrading laboratory instrumentation and platforms underway Australia wide ■ Merger of New South Wales SDS and Laverty laboratories o
Slide 7: Imaging
Imaging ■ Improving productivity with more work to the higher cost base centres ■ 6 Primary medical centre sites merged to Symbion sites ■ A number of non‐profitable Symbion sites have been closed ■ Some Symbion radiologists moving to Primary private practice model ■ New radiologists on this private
Slide 8: Debt Position
Debt Position Facilities Available Drawdown C&P Sale 30 June 2008 $m 30 June 2008 Impact Adjusted Loan $m $m Position $m Tranche A Syndicated 1,438 1,438 ‐ 1,438 Tranche B Syndicated 780 780 (780) ‐ Secured Working Capital 100 ‐ ‐ ‐ Total Balance Sheet Facilities 2,318 2,218 (780) 1,438 Off‐Balance
Slide 9: Current economic conditions/factors
Current economic conditions/factors ■ Economic conditions will encourage industry consolidation ■ GP Recruitment in FY2009 strong ■ Increased availability of management and technical staff ■ Some easing of wage cost pressures ■ Increase in medical centre sites available and we anticipate increasingl
Slide 10: Summary
Summary ■ FY08 a transformational year for Primary Health Care ■ On track to realise synergies of $95‐105m – 50% FY09, 100% FY10 ■ Satisfactory predicted conclusion of non‐core asset sales ■ Significant associated reduction in balance sheet debt levels ■ No equity raising being considered ■ Targetin
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