Primary Health Care — 1H2008 Earnings Presentation
12 slides from Primary Health Care's earnings presentation, Feb 11, 2008
Slide 1: Primary Health Care Ltd Half Year Results Presentation
Primary Health Care Ltd Half Year Ended 31 December 2007 Results Presentation 11 February 2008
Slide 2: Financial Results: Summary
Financial Results : Summary z EBITDA and EBITA up 24% and 26% over 1H2007 z EBITDA and EBITA (exc. investment income) both up 14% over 1H2007 ($ Million, except EPS) 1H2008 growth 1H2007 growth 1H2006 1 Sales revenue 155.0 15% 135.2 16% 116.8 EBITDA 65.8 24% 53.2 18% 44.9 EBITDA (excl. SYB dividend)
Slide 3: Financial Results: Income Statement
Financial Results : Income Statement z Segmental ($ 000s) 1H 2008 1H 2007 1H 2006 Medical centres 46,279 39,267 33,081 Pathology 7,231 7,042 6,993 - Medical centre Health Technology 5,705 5,414 4,697 organic revenue Investments/Other 6,562 1,488 142 - Pathology margin EBITDA 65,777 53,211 44,913 sta
Slide 4: Proposed dividend
Proposed dividend z Interim dividend of 22.0 c/share fully franked (21.0 c/share prior period) z Payable 17 March 2008. Record date 28 February 2008 z DRP/BSP to be at nil discount
Slide 5: Financial Results: Balance Sheet
Financial Results : Balance Sheet 31/12/07 30/06/07 31/12/06 Debt to Equity : $m $m $m 12/07 06/07 12/06 Receivables 69.5 40.5 42.7 100% 39% 59% Investments 516.9 2.4 100.6 8% 39% 35% (ex SYB inv) PP&E 171.3 151.4 149.9 Goodwill/Intangibles 448.5 412.2 384.7 Total Assets 1,206.2 606.5 677.9 Liabilit
Slide 6: Growth: Medical Centres
Growth : Medical Centres 40 Centre target by 31 December 2007 has been met 24 Centres opened prior to 30 June 2005 7 Centres opened FY06 4 Centres opened FY07 5 Centres opened in 1H2008 40 Centres now open 1 further centre to open FY08 5 further centres in progress/negotiation
Slide 7: Operations: Medical Centres
Operations : Medical Centres z GP patient attendances up 16% to 2,271,000 for the period z 12% GP patient attendances same centre growth z January 2008 GP patient attendances up 18% on prior year z Medical Centre revenues to PRY up $13.6m (17%) to $91.9m for the period z Total of 82 GP and other pra
Slide 8: Operations: Medical Centres
Operations : Medical Centres z Strength of core business – EBITDA across all centres up 18% – Margin improvement across all centres from 50.1% to 50.4% – 5 new centres opened successfully in 1H2008 – 16 new centres opened since 1 July 2005 provide platform for continuing growth – Maintenance capital
Slide 9: Operations: Pathology
Operations : Pathology z Current – Margins maintained – Change in collection centre licence allocation rules in July 2007 resulted in decision to cease performing certain low margin work outside core NSW business – Non-renewal of specific collection centre sites in NSW business due to pricing behavi
Slide 10: Operations: Health Technology
Operations : Health Technology z EBITDA contribution of $5.7m for the six months up on prior period z Each product continues to retain / grow market share z Focus as per normal – improving functionality and robustness of products – creating a flexible and modular development environment – creating p
Slide 11: Operations: Health Technology
Operations : Health Technology No. of Sites Subscribing to Medical Director z Subscription numbers and 6200 6100 revenue continue to grow 6000 5900 z A number of market growth 5800 opportunities now presenting 5700 5600 5500 z MD/PS 3.7 released - very 5400 positive 5300 5200 2002.01 2002.05 2002.09
Slide 12: Status of offer for Symbion Health
Status of offer for Symbion Health z $4.10 cash bid z Total interest as at 8 February 2008 of 49.70% z Deal compelling for SYB and PRY shareholders – Offer price above top end of Independent Expert’s valuation range – Anticipated annual synergies of $95 – $105 million (100% acquisition) and $82 – 92