Japara Healthcare Limited reported audited consolidated and parent earnings results for the year ended June 30, 2018. For the year, on parent basis, total profit for the year was AUD 14,056,000 against AUD 27,588,000 a year ago.

For the year, on consolidated basis, total revenue and other income was AUD 373,188,000 against AUD 362,193,000 a year ago. Earnings before interest and tax were AUD 33,503,000 against AUD 45,905,000 a year ago. Profit before income tax was AUD 29,686,000 against AUD 42,601,000 a year ago. Profit attributable to members of the Group was AUD 23,327,000 against AUD 29,712,000 a year ago. Diluted earnings per share were 8.76 cents against 11.18 cents a year ago. Net cash provided by operating activities was AUD 35,495,000 against AUD 31,800,000 a year ago. Purchase of land and buildings was AUD 19,626,000 against AUD 7,785,000 a year ago. Purchase of plant and equipment was AUD 10,158,000 against AUD 6,386,000 a year ago. Net bank debt was AUD 116.3 million at 30 June 2018, of which AUD 30.3 million is considered core net debt and AUD 86.0 million is development debt. EBITDA was AUD 50.653 million against AUD 60.160 million a year ago.

Looking ahead, the company expects fiscal 2019 EBITDA to be 5% to 10% up on fiscal 2018, subject to no material changes in market or regulatory conditions, as operational initiatives gain further traction, occupancy continues to normalise, the Riviera Health portfolio acquisition and recently completed developments contribute a full year of earnings and ACFI indexation recommences. Earnings are projected to be stronger in the second half of fiscal 2019 due to the timing of completed developments and operational initiatives. The company expects the effective tax rate to return to 30% in fiscal 2019. Japara expects closing net debt at June 2019 to be circa $150 million and thereafter remain below $200 million as developments are matched by RAD inflows.