Ramsay Health Care Limited · ASX:RHC
Ramsay Health Care — Merger or Acquisition (June 2014)
12 slides from Ramsay Health Care's merger presentation, Jun 11, 2014
Slide 1: Acquisition of Générale de Santé
For personal use only Acquisition of Générale de Santé Christopher Rex – CEO Bruce Soden – CFO 11 June 2014
Slide 2: Transaction Overview
TRANSACTION OVERVIEW For personal use only • Ramsay Health Care Limited (Ramsay) and Crédit Agricole Assurances (CAA) have signed a contract for the acquisition of 83% of the share capital of Générale de Santé (the Transaction) • Ramsay’s share of the Transaction is 57%, consistent with its current
Slide 3: Delivering on Growth Strategy
DELIVERING ON GROWTH STRATEGY For personal use only Sustainable growth enhanced by focusing on hospitals and taking a prudent approach to acquisitions Brownfield CREATION OF Public/Private Organic + Capacity + Collaborations + Acquisitions SHAREHOLDER Expansion VALUE • Underpinned by • Unmet demand
Slide 4: Key Macro Facts About France
KEY MACRO FACTS ABOUT FRANCE For personal use only vs. Population(1) 64m 23m Population growth(2) 0.6% 1.6% Population over 60(1) 15.2m 4.5m Growth of 3.0% 2.1% population over 60(2) Healthcare spending as % of GDP(1) 11.6% 9.1% Healthcare spending growth(2) 3.8% 4.8% Macro data for France is positi
Slide 5: Key Facts About the French Healthcare Market
KEY FACTS ABOUT THE FRENCH HEALTHCARE MARKET For personal use only FRENCH HEALTHCARE MARKET BY # OF CLINICS KEY FEATURES OF THE FRENCH HEALTHCARE MARKET Total: 2,710 Private for-profit hospitals have been increasing their share in the French healthcare market Public Private All French citizens are c
Slide 6: Key Features of Générale de Santé
KEY FEATURES OF GENERALE DE SANTE(1) For personal use only Market leader of the French private for profit clinics REVENUES 2013 $ 1 2 1010 50 50 2 #1 PRIVATE CLINIC EBITDA CY2013 €1.7bn OPERATOR 12% market share €204m (12% margin) ADMISSIONS EMPLOYEES c.19,000 (o/w 11,000 c.1m of admissions in 2013
Slide 7: Creating the Clear Market Leader in France
CREATING THE CLEAR MARKET LEADER IN FRANCE For personal use only Market share of for-profit private Medical, Surgical Hospitals Following merger of Ramsay Santé into Générale de Santé 16.0% 14.0% 14.7% 12.0% 12.2% 10.0% 8.0% 8.8% 8.6%(1) 6.0% 6.2% 5.5% 4.0% 2.0% 2.7% 2.5% 0.0% Source: DREES (1) Acqu
Slide 8: Key Benefits of the Transaction
KEY BENEFITS OF THE TRANSACTION For personal use only Acquisition consistent with Ramsay Health Care's growth strategy Unique actionable opportunity of size to acquire a leader Co-investment with major French institution CAA GdS is the leader in private hospitals in France with significant market sh
Slide 9: Overview of the Transaction
OVERVIEW OF THE TRANSACTION STRUCTURE • 83.43% block will be acquired directly by each of Ramsay (57%) and CAA (43%) For personal use only resulting in Ramsay effective economic ownership interest of 47.56% in Générale de Santé • Ramsay will control Générale de Santé through the right to appoint the
Slide 10: FY14 Pro Forma Financial Impact
FY14 PRO FORMA FINANCIAL IMPACT For personal use only Consolidated Ramsay Consolidated Ramsay Group Group (A$ million) (Pre Transaction)(1) Générale de Santé(2) (Post Transaction) Revenue 4,854.0 2,458.5 7,312.5 EBITDA 730.0 295.7 1,025.7 Consolidated Group Leverage Ratio 1.8x 2.9x – 3.0x(3) Revenue
Slide 11: Indicative Timing
INDICATIVE TIMING For personal use only JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY APRIL/MAY 11 June Early July Execution Anti-trust filing of the SPA Closing of the Mandatory tender Merger of Ramsay acquisition of the offer Santé SA and 83.43% block Générale de Santé Early Sep
Slide 12: Questions?
For personal use only Questions?
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