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Ramsay Health Care Limited RAMSAY HEALTH CARE LIMITED AND CONTROLLED ENTITIES A.B.N. 57 001 288 768 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2019 RAMSAY HEALTH CARE LIMITED FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2019 CONTENTS PAGE Directors’ Report 2 Independent Audit Report 42 Directors’ Declaration 46 Consolidated Income Statement 47 Consolidated Statement of Comprehensive Income 48 Consolidated Statement of Financial Position 49 Consolidated Statement of Changes in Equity 50 Consolidated Statement of Cash Flows 51 Notes to the Consolidated Financial Statements 52 III. ASSETS AND I. RESULTS OVERVIEW II. CAPITAL – LIABILITIES IV. RISK V. OTHER FOR THE FINANCING OPERATING AND MANAGEMENT INFORMATION YEAR INVESTING Page 52 Page 61 Page 66 Page 76 Page 93 Page 98 Overview 1. Segment 6. Equity 8. Working Capital 15. Financial Risk 16. Share Based Information Management Payment Plans 2. Revenue 7. Net Debt 9. Business 17. Expenditure Combinations Commitments 3. Expenses 10. Property, Plant and 18. Auditors’ Equipment Remuneration 4. Dividends 11. Intangible Assets 19. Related Party Transactions 5. Earnings 12. Impairment Testing 20. Subsequent per share of Goodwill Events 13. Taxes 21. Information Relating to 14. Other Subsidiaries Assets/ (Liabilities) 22. Closed Group 23. Parent Entity Information 24. Material Partly- Owned Subsidiaries Attachment 1 – Ramsay Health Care Limited Directors & Company Secretary 106 1 RAMSAY HEALTH CARE LIMITED DIRECTORS’ REPORT Your Directors submit their report for the year ended 30 June 2019. DIRECTORS The names of the Directors of Ramsay Health Care Limited (“Ramsay”, “the Company” or “the Group”) in office during the financial year and until the date of this report, unless noted otherwise, are listed below. Each Director’s beneficial interest in the share capital of the Company as at the date of this report is as follows: Ramsay Health Care Limited Director Convertible Adjustable Rights over Rate Equity Securities Ordinary Ordinary (CARES) Shares Shares M.S. Siddle 3,905,244 - - P.J. Evans 9,889 - - C.R.McNally 342,050 - 137,292 B.R. Soden 324,070 2,000 180,577 R.H. McGeoch AO 55,511 257 - K.C.D. Roxburgh 50,180 - - P.E. Akopiantz (resigned 9 November 2018)* 3,254 - - M.L. Seale (resigned 31 October 2018)* 5,442 - - D.I. Thodey AO 9,310 700 - C. Süssmuth Dyckerhoff (appointed 30 October 2018) 530 - - A. Deans (appointed 15 November 2018) 4,495 1,402 - *Retiring Director’s beneficial interest in the share capital of the company is provided at the date of the Director’s retirement. Particulars of each Director’s and Company Secretaries’ experience and qualifications are set out in Attachment 1. Interests in Contracts or Proposed Contracts with the Company No Director has any interest in any contract or proposed contract with the Company other than as disclosed elsewhere in this report. 2 RAMSAY HEALTH CARE LIMITED DIRECTORS’ REPORT (CONTINUED) OPERATING AND FINANCIAL REVIEW Principal Activities Ramsay is a global hospital group operating in approximately 500 locations across Australia, the United Kingdom, France, Sweden, Norway, Denmark, Germany, Indonesia, Malaysia, Hong Kong and Italy. The Group is committed to being a leading provider of health care services by delivering high quality outcomes for patients and ensuring long term profitability. Ramsay is well-respected in the health care industry for operating quality private hospitals and for its excellent record in hospital management, staff engagement and patient care. Ramsay facilities cater for a broad range of health care needs from day surgery procedures to highly complex surgery, as well as psychiatric care and rehabilitation. The Group now operates across 11 countries, treating over 8.5 million patients in approximately 500 locations and employing almost 80,000 staff. Importantly, Ramsay continues to differentiate our business in terms of leadership, focusing on quality and clinical excellence and reinvesting in our business. We maintain market leading positions in Australia, France and Scandinavia, and we are a market leader in the private provision of services to the National Health Service (NHS). Ramsay listed on the Australian Securities Exchange in 1997 and, over the last twenty two years has developed and acquired a high quality portfolio of strategically located assets both in Australia and overseas, which have helped to position it at the forefront of the global health care market. Ramsay is committed to ongoing improvement in patient care in all areas and has an excellent record in providing quality patient care and managing clinical risk. All Ramsay facilities offer high quality health care services and are fully accredited with the relevant accreditation bodies in their regions. Accreditation is an important driver for safety and quality improvement and ensures that Ramsay hospitals are at the forefront of health care delivery. Ramsay maintains a decentralised management structure which allows each of its facility managers to develop productive working relationships with doctors. This has assisted in attracting high calibre medical practitioners to consult in its facilities. Ramsay takes a leadership role in shaping the world that we live in through its focus on the environment, good corporate governance and societal issues at large. Since 2011 Ramsay has been included in the FTSE4Good Index, an index which objectively measures the performance of companies that meet globally recognised corporate responsibility standards. The Group also commits significant funds and resources to clinical teaching and medical research believing that the private sector has an important role to play in the training and development of the future medical and nursing workforce. To this end, through its hospitals, the Group works closely with government and universities in the training of nursing and medical staff. In November 2007, Ramsay Health Care acquired Capio UK and its portfolio of hospitals in England. Ramsay Health Care UK is now one of the leading providers of independent hospital services in the UK, with a network of over 30 acute hospitals and day procedure centres providing a comprehensive range of clinical specialties to private and self- insured patients as well as to patients referred by the NHS. In March 2010, Ramsay Health Care purchased a 57% interest in Group Proclif SAS (Proclif), a private hospital operator based in France. Proclif changed its name to Ramsay Santé. This was the start of several acquisitions in France, culminating in its acquisition of a controlling interest in Générale de Santé (GdS) in October 2014. GdS was the leading operator of private hospitals in France comprising 75 facilities (including 61 hospitals) in the fields of medicine, surgery, obstetrics and rehabilitation. On 1 July 2015, Ramsay Santé and GdS merged and the merged entity is now known as the Ramsay Générale de Santé (RGdS). This merged entity acquired HPM, a group of nine hospitals in Lille in December 2015. In November 2018, Ramsay Générale de Santé acquired the share capital of Capio AB. Capio is a leading, pan-European healthcare provider offering a broad range of healthcare services in Sweden, Norway, Denmark, France and Germany. In July 2013, Ramsay Health Care entered into a Joint Venture arrangement with Malaysian multinational conglomerate Sime Darby Berhad. The joint venture combined Sime Darby’s portfolio of health care assets in Malaysia (three hospitals and a nursing and health sciences college) with Ramsay’s three Indonesian hospitals, under a jointly owned company, Ramsay Sime Darby Health Care Sdn Bhd (RSD). Non – AASB Financial Information The review of results of operations included in the Directors’ Report below includes a number of non-AASB financial measures. These non-AASB financial measures are used internally by management to assess the performance of the business and make decisions on the allocation of resources. 3 RAMSAY HEALTH CARE LIMITED DIRECTORS’ REPORT (CONTINUED) OPERATING AND FINANCIAL REVIEW (CONTINUED) Financial Performance A summary of the consolidated statutory revenue and earnings is set out below: Summary of Statutory earnings 2019 2018 % Change $000 $000 Revenue from contracts with customers (excluding AASB15 adjustment) 11,415,197 9,176,235 24.4% AASB15 Revenue from contracts with customers adjustment* 137,588 - Revenue from contracts with customers 11,552,785 9,176,235 25.9% Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,502,307 1,140,091 31.8% Earnings before interest and tax (EBIT) 1,016,034 720,785 41.0% Statutory reported net profit attributable to owners of the parent 545,473 388,348 40.5% *Refer to Overview section of the Consolidated Financial Statements 2019 2018 % Change Basic earnings per share (after CARES dividend) 264.9c 186.7c 41.9% Diluted earnings per share (after CARES dividend) 263.3c 185.6c 41.9% A summary of consolidated Core revenue and earnings is set out below: Summary of Core earnings 2019 2018 % Change $000 $000 Core revenue from contracts with customers (excluding AASB15 adjustment) 11,415,197 9,176,235 24.4% AASB15 Revenue from contracts with customers adjustment* 137,588 - Core revenue from contracts with customers 11,552,785 9,176,235 25.9% Core earnings before interest, tax, depreciation and amortisation (Core EBITDA) 1,592,118 1,395,925 14.1% Core earnings before interest and tax and non-core items (Core EBIT) 1,107,964 1,007,617 10.0% Core net profit after tax attributable to owners of the parent 590,925 579,338 2.0% *Refer to Overview section of the Consolidated
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