Healius Limited · ASX:HLS
Healius — Primary Health Care — H1 FY2013 Earnings Presentation
15 slides from Healius's earnings presentation, Feb 6, 2013
Slide 1: Interim FY2013 Results
Interim FY2013 Results Six Months Ended 31 December 2012 Investor Presentation 6 February 2013
Slide 2: Highlights
Highlights Strong first half result – all divisions performing to expectations First half result key highlights • M t i l margin Material i gains i iin M Medical di l Centres, C t P th l Pathology, and d IImaging i • EBITDA up 11.6% to $186.1m • NPAT up 50% to $69.5m • EPS up 48% to 13.8 cents per s
Slide 3: Financial Summary
Financial Summary Six months Si th Six months Si th $m 31 Dec 2012 31 Dec 2011 Revenue 720.7 686.2 EBITDA 186.1 166.8 EBITDA margin 25.8% 24.3% Depreciation & Amortisation (44.5) (43.6) Finance costs (1) (39.8) (56.1) Income tax (31.1) (19.8) Net profit before minorities 70.7 47.3 Minorities (1.2) (
Slide 4: Segment Analysis
Segment Analysis Six months Six months $m 31 Dec 2012 31 Dec 2011 Revenue Medical Centres 151.6 144.7 P th l Pathology 409 5 409.5 384 3 384.3 Imaging 154.9 153.1 Health Technology 18.8 17.2 Corporate 0.5 0.8 Intersegment (14.6) (13.9) TOTAL 720.7 686.2 EBITDA Medical Centres 84.0 79.0 Pathology 69.
Slide 5: Cash Flow
Cash Flow Continuing strong conversion of EBITDA into cash Six months Six months $m 31 Dec 2012 31 Dec 2011 C h flow Cash fl from f operating ti activities ti iti 130 3 130.3 89 3 89.3 Add back - Interest and other finance costs paid 35.6 50.7 - Net N iincome tax paid id 1 2 15.2 11 1 11.1 - Restruc
Slide 6: Medical Centres
Medical Centres Margin growth and non-gp service growth as centre profile matures Six months Six months 31 Dec 2012 31 Dec 2011 Revenue ($m) 151.6 144.7 EBITDA ($m) 84.0 79.0 EBITDA margin (%) 55 4% 55.4% 54 6% 54.6% • Revenue growth of 4.8% across all medical centres • Revenue growth of 8.7% in lar
Slide 7: Medical Centres
Medical Centres Large-scale medical centre model continues to deliver sustained growth Six months Six months $m 31 Dec 2012 31 Dec 2011 Revenue Large-scale centres 140.2 129.0 Small scale (ex-Symbion) centres 10.0 12.6 Cli i l T Clinical Trials i l /H Head d Offi Office 14 1.4 31 3.1 TOTAL 151.6 144
Slide 8: Pathology
Pathology Revenue growth and margin improvement Six months Six months 31 Dec 2012 31 Dec 2011 Revenue ($m) 409.5 384.3 EBITDA ($m) 69.5 61.3 EBITDA margin (%) 17 0% 17.0% 16 0% 16.0% • Revenue growth of 6.6% over 1H FY2012 with all States performing to expectation during 1H FY2013 • EBITDA growth of
Slide 9: Imaging
Imaging Imaging business improvement continues Six months Six months 31 Dec 2012 31 Dec 2011 Revenue ($m) 154.9 153.1 EBITDA ($m) 35.0 26.9 EBITDA margin (%) 22 6% 22.6% 17 6% 17.6% • Billings growth of 5% - reported revenue 1% up due to radiologists switching to fee-for-service model • EBITDA grew
Slide 10: Health Technology
Health Technology Primary committed to retain and invest in this business Six months Six months 31 Dec 2012 31 Dec 2011 Revenue ($m) 18.8 17.2 EBITDA ($m) 9.7 9.5 EBITDA margin (%) 51 6% 51.6% 55 2% 55.2% • All software products performing in line with expectations • Senior management changes enacte
Slide 11: Corporate
Corporate Corporate costs and infrastructure stable Six months Six months $m 31 Dec 2012 31 Dec 2011 Revenue 0.5 0.8 Expenses (12.6) (10.7) EBITDA (12 1) (12.1) (9 9) (9.9) • All Pan litigation legacy monies now received and accounted for • Increase in costs mainly salary expense related • Primary r
Slide 12: Capital Investment
Capital Investment PP&E expenditure moderating and practice acquisitions strong Six months Six months Six months $m 31 Dec 2012 30 June 2012 31 Dec 2011 Property plant & equipment 37.3 40.2 39.1 Business acquisitions 42.6 27.0 39.0 Intangibles 14.9 21.2 5.0 TOTAL 94.8 88.4 83.1 • PP&E decrease drive
Slide 13: Debt Position
Debt Position B l Balanced d debt d bt maturity t it profile fil and d reducing d i margins i $m 31 Dec 2012 Bank and finance debt 924 Cash (18) Retail Bonds 152 N td Net debt bt per balance b l sheet h t att 31 Dec D 2012 1 058 1,058 • $1.02bn bank debt facility out to February 2015 and October 201
Slide 14: Summary and Outlook
Summary and Outlook Strong half year result • 11.6% organic EBITDA growth • NPAT growth 50% • EPS g growth of 48% • Interim dividend up 30% to 6.5 cents per share FY 2013 guidance • 20%-25% EPS growth and EBITDA $370m-$380m • Continue focus on organic growth • Substantial footprint in place with no
Slide 15: Disclaimer
DISCLAIMER This presentation has been prepared by Primary Health Care Limited (ACN 064 530 516) (‘PRY’). Material in this presentation provides general background information about PRY which is current as at the date this presentation is made. Information in this presentation remains subject to
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