HEALTHIA ersonal use only
Healthia Limited
ACN 626 087 223
Annual General Meeting 2021
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Disclaimer
FUTURE STATEMENTS
Except for historical information, there may be matters in this publication that are forward-looking statements. Such statements are only predictions and are subject to inherent risks and uncertainty. Forward-looking statements, which are based on assumptions and estimates and describe the Company's future plans, strategies, and expectations are generally identifiable by the use of the words 'anticipate', 'will', 'believe', 'estimate', 'plan', 'expect', 'intend', 'seek', 'forecast', 'budget' or similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties both general and specific that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur. Those risks and uncertainties include factors and risks specific to the industry in which the Company operates as well as general economic conditions and
prevailing exchange rates and interest rates. Actual performance or events may be materially different from those expressed or implied in those statements.
All forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by the cautionary
statementsinthissection.
Except as expressly required by the Act, the Company undertakes no obligation to publicly update or revise any forward-looking statements provided in this publication whether as a result of new information, future events or otherwise, or the risks affecting this information.
None of the Company, its officers or any person named in this publication with their consent, or any person involved in the preparation of this publication, makes any representation or warranty express or implied as to the accuracy or likelihood of fulfilment of any forward-looking statement except to the extent required by law. The forward-looking statements reflect the views held only as at the date of this presentation.
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Chair's Address
Dr Glen Richards
HEALTHIA 2021 ANNUAL GENERAL MEETING CHAIRMAN'S ADDRESS - GLEN RICHARDS
Dear fellow shareholders, I would like to welcome you to the 2021 Annual General Meeting for Healthia Limited.
The financial year presented challenges with the ongoing COVID-19 pandemic and the associated 'lockdowns' experienced. I would like to thank the team members of Healthia for their resilience and continued dedication during these challenging times. Providing a safe environment for our patients and team members is a priority, and Healthia continues to follow the recommendations of the Australian and State Governments.
onlyWithin this context, the strong performance delivered during the year demonstrates the robust and essential nature of the allied health services which Healthia provides.
FY2021 Financial Performance
Healthia's underlying Revenue and Net Profit After Tax plus Amortisation (NPATA) attributable to the owners of Healthia Limited for FY21 was $140.4 million and $8.9 million respectively. Statutory Income and Net Profit After Tax (NPAT) attributable to the owners of Healthia Limited for the period was $146.0 million and $5.2 million respectively.
Key financial highlights for the period include: use• Underlying revenue growth over prior year of 51.8%;
• Strong organic revenue growth of 9.1%1;
• Underlying EBITDA (removing the impact of AASB16) growth over prior year of 62.3%2;
• Underlying NPATA (attributable to owners) growth over prior year of 91.4%3;
• Underlying Basic EPS growth of 51.6% over prior year4.
Healthia paid an interim and final dividend of 2.0 cents and 2.5 cents per share respectively, equating to a payout ratio of 46% of underlying NPATA for FY21. A Dividend Reinvestment Plan was put in place for both dividends to preserve cash reserves.
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Impact of COVID-19
Healthia is a provider of a number of essential community health care services and as such, the Directors made the decision to continue trading from its allied health clinics through the various lockdowns encountered. The largest impact on trading was felt during the months of April 2020 and May 2020, which in turn, qualified Healthia for JobKeeper payments from April through September 2020.
JobKeeper payments allowed us to make minimal changes to clinic trading hours which ensured:
• continuity of patient care was maintained;
only• essential health care services remained accessible, allowing pressure to be taken off hospitals and other primary care and front-line health workers; and
• the livelihoods of Healthia's employees were not materially affected, with minimal changes to clinic rosters as a result of the COVID-19 pandemic.
Healthia's businesses did not re-qualify under the revised eligibility criteria after 30 September 2020 and the receipt of JobKeeper payments ended in September 2020.
From the period January through October 2021, an increasing number of lockdown restrictions were experienced throughout key regions of Australia. The impact, quantified by clinic trading days1, is estimated as follows:
• 1,533 clinic trading days impacted from January 2021 through June 2021, representing ~5% of the total trading days during this period;
• 6,869 clinic trading days impacted from July through October 2021, representing ~37% of the total trading days during this period.
useWith States and Territories around Australia now reaching vaccination targets, we have seen a gradual easing of restrictions and a return to normal trading levels. The experience of prior lockdowns has shown that any short-term reduction in patient volumes is typically recovered with the pent-up demand experienced after such restrictions ease or end.
Acquisition of Back In Motion Physiotherapy
On the 20th September 2021, it was announced that Healthia had entered into a binding agreement to acquire the Back In Motion Health Group (BIM) for a purchase price of $88.4
million. The acquisition of BIM, which generated Underlying Revenue2 of $62.9 million and Underlying EBITDA3 and $12.3 million in FY21, is expected to be approximately 12.7% | |
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1 | Calculated as working days impacted by COVID-19 related lockdowns multiplied by the number of clinics owned by Healthia (for each respective lockdown). |
2 | Underlying Revenue reflects reported revenue as adjusted to reflect the Directors' assessment of the result for the ongoing business activities of BIM which include adjustments for the impact of COVID-19. |
3 | Underlying EBITDA is a non-IFRS measure and equals earnings before interest, tax, depreciation and amortization and has been adjusted for the impacts of AASB16. Underlying EBITDA has been adjusted to |
remove the impact of COVID related lockdowns. | |
4 | Underlying earnings per share reflects the Directors' assessment of the result for the ongoing business activities of a combined Healthia and BIM, in accordance with AICD/Finsia principles of recording underlying |
earnings per share. | |
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Healthia Ltd. published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 00:06:03 UTC.
