Healius Limited · ASX:HLS
Healius — Primary Health Care — FY2005 Earnings Presentation
15 slides from Healius's earnings presentation, Aug 9, 2005
Slide 1: Primary Health Care Ltd Results Presentation
Primary Health Care Ltd Financial Year Ended 30 June 2005 Results Presentation 9 August 2005
Slide 2: Financial Results: Summary
Financial Results: Summary – EBITDA ( excl. investments ) up 36% and EBITA up 41% over prior period – Driven largely by organic revenue growth & improved margins ($ Million, except EPS) FY2005 growth FY2004 growth FY2003 Sales revenue (excl. investment/property) 190.9 26% 151.4 19% 127.0 EBITDA (exc
Slide 3: Financial Results: Income Statement
Financial Results: Income Statement ($ 000s) FY 2005 FY 2004 FY 2003 Medical centres 57,949 41,774 31,994 Pathology 13,144 12,421 9,655 EBITDA improvements - - Health Technology 2,597 being reflected at bottom Investments/Properties 2,515 - 3,190 line with NPAT increasing EBITDA 76,205 54,195 44,839
Slide 4: Financial Results: Balance Sheet
Financial Results: Balance Sheet 30/6/05 30/6/04 Debt to Equity $m $m 6/05 6/04 Receivables 35.1 20.5 27% 47% Investments 0.2 9.4 PP&E 107.0 94.0 EBITDA interest cover Goodwill 305.6 178.5 (assuming 6.5%) 6/05 6/04 Total Assets 447.9 302.4 13.7x 8.9x Liabilities 42.0 10.6 Net Assets 405.9 291.8 Addi
Slide 5: Financial Results: Per Share Results
Financial Results: Per Share Results Reported earnings per share up 42% on prior period to 25.13cps Normalised earnings per share up 35% on prior period to 37.92cps (Normalised to remove impact of amortisation of goodwill) Final dividend of 13.0c per share taking total FY05 dividend per share to 25.
Slide 6: Financial Results: Historical Trend
Financial Results: Historical Trend Growth at bottom line compounding PRY Normalised NPAT 45 Only 3 new 40 practices 35 opened in past 2 30 $ Million financial years 25 20 15 “Normalised” to 10 remove impact 5 of Goodwill 0 Amortisation FY00 FY01 FY02 FY03 FY04 FY05
Slide 7: International Accounting Standards
International Accounting Standards z Net profit after tax estimated at $38.7m under AIFRS for 2005 vs $27.9m z Amortisation of goodwill - prohibited from 1 July 2005 Annual impairment testing on cash generating units Anticipate write back of $51.8m to distributable reserves at 30 June 2005 z Busines
Slide 8: Future Growth – Funding Capacity
Future Growth – Funding Capacity z Current facility of $175m utilised to $87m z Capacity to fund planned roll-out z Investment for each new centre continues in line with historical z Strong cash flow with reported annual revenues again equaling cash
Slide 9: Medical Centres: Patient Attendance
Medical Centres: Patient Attendance GP patient attendances up 11.3% to 2.95m for the year “Same-centre” growth in patient attendances year on year at 7% 3 new medical centres opened successfully during year Major contribution has been from 21 centres established at 30 June 2003 Medical Centre revenu
Slide 10: Medical Centres: Operations
Medical Centres: Operations This year has highlighted strength of medical centre business across spectrum of practice maturity and location – EBITDA for all centres up $16.2m or 41% after head office costs – Significant margins improvements across centres – “Same-centre” EBITDA growth year on year a
Slide 11: Future Growth: Medical Centres
Future Growth: Medical Centres 21 Centres opened prior to 30 June 2003 3 Centres opened in FY05 3 Centres will open 1st Quarter FY06 4 Centres will open during balance of FY06 31 Estimated centres open at 30 June 2006
Slide 12: Pathology: Segment performance
Pathology: Segment performance ($ 000s) FY 2005 growth FY 2004 growth FY 2003 Revenue 68,280 8% 63,217 11% 56,526 EBITDA 13,144 6% 12,421 28% 9,655 Margin 19.3% 19.6% 17.1% EBITA 11,581 6% 10,921 31% 8,342 Margin 17.0% 17.3% 14.8% Pathology revenues up 8% with episodes up 2.5% over FY2004 EBITDA up
Slide 13: Health Technology: HCN Acquisition
Health Technology: HCN Acquisition z New Chief Executive Officer, John Frost z New Chief Technical Officer, Matthew Bardsley z Consolidation & upgrading of key functions z Organisation restructured to provide product ownership and focus z Current focus - ongoing development and delivery of Medical D
Slide 14: Key Indicators: Historical Trend
Key Indicators: Historical Trend GP Patient Numbers Sales Revenue 3,500 250 GP Pat. Numbers ('000s) investment/property) 3,000 200 Revenue $m (excl. 2,500 150 2,000 1,500 100 1,000 50 500 0 0 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 EBITDA EBITDA Margin EBITDA (excl. p&i)/Revenue 80 45% 70
Slide 15: Focus for FY 2006
Focus for FY 2006 Medical Centres Roll-out of new centres Continue to meet increasing demand for medical services Consolidate IT and management platform Pathology Implement pre analytical, analytical and post analytical automation Enhance inter-state operations Health Technology Cultural change / re