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 group 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.
3
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 | |||||
PORTFOLIO GROWTH
Businesses Owned as at 31/12/2021
only | 8 Sites | 2 Sites | ||||||||||
2 | 0 | 0 | 134 Sites | |||||||||
use | 45 | 72 | 17 | |||||||||
5 | 3 | 0 | 23 Sites | |||||||||
9 | 12 | 2 | 40 Sites | |||||||||
ersonal | 16 | 10 | 14 | |||||||||
66 Sites | - 24 | |||||||||||
- 29 | ||||||||||||
6 Sites | - 13 | |||||||||||
2 | 4 | 0 | 12 Sites | |||||||||
0 | 12 | 0 |
DRAFT & INCOMPLETE
Businesses Owned as at 31/12/2021
Feet & | Bodies & | Eyes & | Total | % | |
Ankles | Minds | E ars | |||
Businesses | Businesses | Businesses | Businesses | ||
Queensland | 45 | 72 | 17 | 134 | 45.9% |
New South Wales & ACT | 16 | 10 | 14 | 40 | 13.7% |
Victoria | 24 | 29 | 13 | 66 | 22.6% |
Tasmania | 2 | 4 | 0 | 6 | 2.1% |
South Australia | 9 | 12 | 2 | 23 | 7.9% |
Western Australia | 5 | 3 | 0 | 8 | 2.7% |
Northern Territory | 2 | 0 | 0 | 2 | 0.7% |
New Zealand | 0 | 12 | 0 | 12 | 4.1% |
United States of America | 1 | 0 | 0 | 1 | 0.3% |
Total Businesses | 104 | 142 | 46 | 292 | 100.0% |
% of Total | 36% | 49% | 16% | 100% |
5
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Healthia Ltd. published this content on 27 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2022 23:21:03 UTC.