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ASX ANNOUNCEMENT | |
2 March 2022 | |
SUPPLEMENTARY INVESTOR PRESENTATION |
Healthia Limited (Healthia or the Company) attaches a further Investor Presentation (Supplementary Investor Presentation) usewhich is supplementary to its Investor Presentation lodged with the ASX on 28 February 2022 and named, "H1 FY22 Investor
Pr sentation" (Earlier Investor Presentation).
The only variations between the Supplementary Investor Presentation and the Earlier Investor Presentation are the inclusion of two references on page 3 to support Healthia's stated position as being the number one physiotherapy group in Australia and New Zealand, and on page 20 regarding Healthia's analysis of total addressable revenue and market share.
CONTACT
personalFor | Company | Company | |||
Company | |||||
Wesley Coote | Chris Banks | Julia Murfitt | |||
Group CEO & Managing Director | CFO & Company Secretary | General Counsel & Company Secretary | |||
Tel: 07 3180 4900 | Tel: 07 3180 4900 | Tel: 07 3180 4900 | |||
E: wes.coote@healthia.com.au | E:chris.banks@healthia.com.au | E:julia.murfitt@healthia.com.au | |||
-END-
ersonal use only
H122 RESULTS PRESENTATION
28 FEBRUARY 2022
Healthia Limited ACN 626 087 223
GLOSSARY
Term | Definition | ||
Cash Conversion % | Calculated as EBITDA (pre-AASB16) divided by operating cash flow before finance, acquisition and tax costs. | ||
Clinic Class Shares | Clinic Class Shares are non-voting shares which entitle the holder to a share of any dividend declared, calculated on the performance of the clinic in which the Clinic Class Shares are | ||
issued. The Clinic Class Shares are designed to create alignment between the interests of clinicians and Healthia shareholders. | |||
EBIT(u) | Underlying EBIT reflects statutory EBIT as adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance with | ||
AICD/Finsia principles of recording underlying profit. EBIT(u) is presented on a pre-AASB16 basis. Underlying EBIT has not been audited. | |||
EBITDA(u) | Underlying EBITDA reflects statutory EBITDA as adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance | ||
with AICD/Finsia principles of recording underlying profit. EBITDA(u) is presented on a pre-AASB16 basis. Underlying EBITDA has not been audited. | |||
EBITDA(x) | Expectations for annualised portfolio run-rate at commencement of FY23. Presented pre-AASB16 and assuming no impacts from COVID. | ||
EPS(u) | Underlying basic earnings per shareas adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance with | ||
only | AICD/Finsia principles of recording underlying results. | ||
H121 | Half year period ended 31 December 2020. | ||
H122 | Half year period ended 31 December 2021. | ||
H222 | Half year period ended 30 June 2022. | ||
Leverage ratio | Calculated as (Debt:Adjusted EBITDA) in accordance with bank covenants. Note: | ||
- Adjusted EBITDA adjusts for the earnings contribution of recent acquisitions where the businesses have not been held for a 12-month period; and | |||
- AASB 16 'Leases' does not apply, and covenants are calculated as they were prior to the adoption of this accounting standard by the Consolidated Entity. | |||
NPAT - attributed to shareholders Net Profit After Tax attributable to shareholders (i.e after non-controlling interests). | |||
use | |||
NPATA(u) | Underlying NPATA is a non-IFRS measure and equals net profit after income tax expense plus amortisation of customer list intangibles. Underlying profit reflects statutory profit as | ||
adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance with AICD/Finsia principles of recording underlying | |||
profit. Underlying NPATA has not been audited. | |||
ersonal | Underlying NPBT is a non-IFRS measure and equals net profit before income tax expense plus amortisation of customer list intangibles. Underlying profit reflects statutory profit as | ||
NPBTA(u) | |||
adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance with AICD/Finsia principles of recording underlying | |||
profit. Underlying NPBTA has not been audited. | |||
Revenue(u) | Underlying Revenue reflects statutory revenue as adjusted to reflect the Directors' assessment of the result for the ongoing business activities of the Consolidated Entity, in accordance | ||
with AICD/Finsia principles of recording underlying results and includes adjustments for the impacts from COVID-19 for the Consolidated Entity. Underlying revenue has not been | |||
audited. | |||
Same Clinic Growth | Same Clinic growth represents revenue growth which has been calculated by excluding any closed businesses and businesses not held during the prior period. | ||
Tax(u) | Underlying tax. Calculated based on 30% corporate tax rate applied to NPBTA(u). | ||
2 |
DRAFT & INCOMPLETE
H1 FY22 - SUMMARY
Revenue growth during H122 despite COVID lockdowns and outbreaks demonstrating the resilience of the Healthia business model. | |
EBITDA(u) increased to $12.2 million, or by 11% on prior period (H121: $11.0 million). | |
only | |
| EBITDA(x) - Healthia expects to commence FY23 with an annualised portfolio of greater than $40.0 million (assuming no material impacts from COVID). |
| Clinic Growth - $102.2 million of capital deployed to acquire 76 physiotherapy clinics, 3 optical stores and 1 podiatry clinic. |
During the period, Healthia positioned itself as the number one physiotherapy group1 in Australia and New Zealand through the strategic acquisition of the 63 Back In Motion physiotherapy clinics.
Increase in finance facility from $70 million to $100 million, which provides significant headroom to continue the stated strategy of pursuing value accretive acquisition opportunities.
Supporting our team - Healthia continued to support its team members during lockdown and made minimal rostering changes.
Graduate Recruitment - Healthia has recruited 154 new graduate clinicians (FY21:64) who started in Feb 2022 and undertook the structured graduate induction | |
use | |
training. | |
2.0 cents per share dividend payment to be supported by a fully underwritten dividend reinvestment plan. | |
ersonal | |
| iOrthotics awarded a Government grant of $2.0 million to support research into designed led advanced manufacturing of smart orthotics for regional and remote |
Australia.
1. This statement has been made by Healthia in reliance on supporting material from the IBISWorld report "Q8533 Physiotherapy Services in Australia", dated June 2021. In particular, the businesses of | |
two of the three companies being listed as "Major Companies" by IBISWorld are owned by Healthia Limited, being Back In Motion health group and The Physio Co. Healthia is also aware that its | 3 |
physiotherapy portfolio owned is significantly larger than the third largest "Major Company" listed by IBISWorld, being Zenitas Healthcare Limited through the acquisition announcement released by APM | |
Human Services International Limited which acquired the physiotherapy portfolio of Zenitas Healthcare Limited (APM Human Services International Limited ASX Announcement, 3 December 2021, "APM | |
to acquire Lifecare, On tract to deliver FY22 Forecasts"). |
DRAFT & INCOMPLETE
H1 FY22 DEMONSTRATES RESILIENT BUSINESS MODEL
only | REVENUE | EBITDA(u) | EBITDA(x) | • | Revenue growth during H122 despite COVID lockdowns, | |
$93.0m | $12.2m | >$40m | restrictions and outbreaks, demonstrating the resilience | |||
* | • | of the Healthia businesses. | ||||
51.3% increase | 11.1% increase | *Assumes nil COVID impacts | COVID impacted profitability as Healthia ensured | |||
minimal changes to its team members hours/ pays | ||||||
110.1% increase | 111.9% increase | occurred during lockdown and restriction periods. | ||||
• Continued payment of dividends, supported by a fully | ||||||
NPATA(u) | EPS(u) | DIVIDEND | underwritten dividend reinvestment plan. | |||
use | • | Portfolio growth continued during H122, including the | ||||
$4.6m | 4.27 cps | 2.0 cps | acquisition of the 63 Back In Motion | physiotherapy | ||
clinics, increasing EBITDA(x) to over $40 million. | ||||||
2.5% decrease | 37.8% decrease | 2.0 cps in H121 | • | Graduate recruitment to support vacancies, continued | ||
growth and other COVID related workforce impacts. | ||||||
90.6% increase | 10.9% increase | |||||
ersonal | LEVERAGE RATIO | GRAD RECRUITMENT | NO. CLINICS | |||
CAPITAL DEPLOYED | vs H121 | |||||
$102m | 1.89x | 154 | 292 | vs H120 | ||
Target +$20m p.a. | Down from 1.94x @ 30 Jun | Up from 64 in FY21 | 38% increase from 30 Jun | |||
Note: the numbers above are unaudited and reflects the underlying results of the Group, pre-AASB16. For a reconciliation between underlying and statutory results, please see the Appendices of this presentation | 4 | |||||
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Healthia Ltd. published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 02:09:16 UTC.