Healius Limited · ASX:HLS
Healius — Primary Health Care — FY2012 Earnings Presentation
18 slides from Healius's earnings presentation, Aug 15, 2012
Slide 1: Results for Year Ended 30 June 2012
Results for Year Ended 30 June 2012 Investor Presentation 15 August 2012
Slide 2: FY 2012 Highlights
FY 2012 Highlights FY 2012 strong result in line with earnings guidance Operating EBITDA up 10% to $351.1m from $318.6m(1) for FY 2011 NPAT $116.6m up 49% from $78.3m for FY 2011 EPS growth of 47% to 23.3 cents per share Revenue and margin gains in all divisions Overall group cash flows im
Slide 3: Financial Summary
Financial Summary Year ended Year ended $m 30 June 2012 30 June 2011 Revenue 1,392.1 1,322.3 Operating EBITDA (1) 351.1 318.6 Operating EBITDA margin 25.2% 24.1% Depreciation & amortisation (85.9) (82.2) Finance costs (2) (96.8) (97.1) Income tax (49.5) (34.2) Non-recurring items - (34.7) Net profit
Slide 4: Segment Analysis
Segment Analysis Year ended Year ended Six months $m 30 June 2012 30 June 2011 31 Dec 2011 Revenue Medical Centres 290.0 274.6 144.7 Pathology 785.4 740.1 384.3 Imaging 307.9 285.0 153.1 Health Technology 48.7 48.9 24.6 Corporate 1.2 3.0 0.8 Intersegment (41.1) (38.7) (21.3) TOTAL 1,392.1 1,312.9 68
Slide 5: Cash Flow
Cash Flow Strong conversion of EBITDA into cash flow Gross Operating cash to EBITDA $m Cash flow from operating activities 228.7 Add back - Interest and other finance costs paid 91.5 - Net income tax paid 26.1 - Restructure provisions paid 7.4 Gross Operating cash flow 353.7 EBITDA 351.1 Ratio of Gr
Slide 6: Capital Investment
Capital Investment Continued moderating capital expenditure $m FY 2012 FY 2011 Property plant & equipment 79.3 99.1 Business acquisitions 66.0 84.9 Intangibles 26.2 20.4 TOTAL 171.5 204.4 Capital expenditure decrease in FY 2012 driven by: - Medical Centres: reduced new medical centre openings - Pa
Slide 7: Medical Centres
Medical Centres Large-scale medical centre model continues to deliver sustained growth FY 2012 FY 2011 2H12 2H11 1H12 1H11 Revenue ($m) 290.0 274.6 145.3 137.1 144.7 137.5 EBITDA ($m) 160.0 150.3 81.0 75.9 79.0 74.4 EBITDA margin (%) 55.2% 54.7% 55.7% 55.3% 54.6% 54.1% Revenue growth of 5.6% acros
Slide 8: Medical Centre Revenue
Medical Centre Revenue Primary large-scale medical centre revenue has averaged 12% p.a compound growth over 4 years Revenue 280 $262m 260 X% p.a. 12% p.a $234m 240 $213m 220 200 $189m 180 $169m 160 $m 140 120 100 80 60 $46m 40 $34m $30m $24m $20m $16m 20 $12m $10m $4m 0 2008 2009 2010 2011 2012 Fina
Slide 9: Medical Centre EBITDA
Medical Centre EBITDA Primary large-scale medical centre EBITDA has averaged 12% p.a compound growth over 4 years 12%p.a (1) Symbion was acquired effective 1 March 2008. SYB 2008 EBITDA represents 4 months’ EBITDA from Symbion medical centres. (2) 2009 – Primary converted 3 small-scale Symbion medic
Slide 10: Medical Centres
Medical Centres Medical centre footprint One new medical centre opened in FY 2012 and one expected to open in FY 2013 76 medical centres now operating of which 57 large-scale model Practice acquisition and retention GPs continue to join the group with 105 GPs commencing during FY 2012 Acquis
Slide 11: Pathology
Pathology Pathology business performing well in an industry with attractive prospects FY 2012 FY 2011 2H12 2H11 1H12 1H11 Revenue ($m) 785.4 740.1 401.1 376.1 384.3 364.0 EBITDA ($m) 132.4 118.7 71.1 63.4 61.3 55.3 EBITDA margin (%) 16.9% 16.0% 17.7% 16.9% 16.0% 15.2% Organic revenue grew 6.1% ove
Slide 12: Pathology
Pathology Revenue and episode growth achieved across all business units in all States - Non-medicare sector also a contributor to revenue growth - Revenue growth all organic (no acquisitions) - Industry episode growth continuing to revert to long-term averages, reflecting increasing intensity of u
Slide 13: Imaging
Imaging Imaging business starting to deliver in line with Primary’s strategy FY 2012 FY 2011 2H12 2H11 1H12 1H11 Revenue ($m) 307.9 285.0 154.8 139.9 153.1 145.1 EBITDA ($m) 59.4 43.4 32.5 22.3 26.9 21.1 EBITDA margin (%) 19.3% 15.2% 21.0% 15.9% 17.6% 14.5% FY 2012 EBITDA and margin improvement re
Slide 14: Health Technology
Health Technology Good result from a stable business with market leading products FY 2012 FY 2011 2H12 2H11 1H12 1H11 Revenue ($m) 48.7 48.9 24.1 24.4 24.6 24.5 EBITDA ($m) 19.9 19.5 10.4 9.8 9.5 9.7 EBITDA margin (%) 40.9% 39.9% 43.2% 40.1% 38.6% 39.6% Software products renewal rates remain high
Slide 15: Corporate
Corporate Corporate costs and infrastructure well controlled $m FY 2012 FY 2011 2H12 2H11 1H12 1H11 Revenue 1.2 12.4 0.4 9.4 0.8 3.0 Expense (21.8) (16.3) (11.1) (5.1) (10.7) (11.2) EBITDA (20.6) (3.9) (10.7) 4.3 (9.9) (8.2) FY 2011 revenue included $9.4m net litigation and $1.7m liquidator’s divi
Slide 16: Debt Position
Debt Position Debt refinancing successfully completed in the year $m 30 June 2012 Bank and finance debt 924 Cash (10) Retail Bonds 152 Net Debt per balance sheet at 30 June 2012 1,066 $1.02bn bank debt refinanced to February 2015 and October 2016 on improved terms $100m working capital facility
Slide 17: Summary
Summary FY 2012 Result - Strong result in line with guidance - 10% organic operating EBITDA growth - Margin growth in all divisions - EPS growth of 47% FY 2013 Outlook - FY 2013 guidance of 20%-25% EPS growth and EBITDA $370m-$380m - Attendances/episodes and revenues across the group tracking we
Slide 18: 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