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ASX ANNOUNCEMENT 4Th May 2021 ASX ANNOUNCEMENT 4th May 2021 PRESENTATION TO MACQUARIE AUSTRALIA CONFERENCE Ramsay Health Care (ASX:RHC) (Ramsay) is attending the Macquarie Australia Investment Conference this week. Ramsay’s Managing Director and CEO Craig McNally will deliver the enclosed presentation with accompanying speaker notes at the conference. The key new information and updates provided in the presentation include: • Slide 6 - credit rating agency Fitch has ascribed Ramsay’s Wholly Owned Funding Group an investment grade credit rating of BBB (Stable). • Slides 15 and 16 include a 3QFY21 trading update for Ramsay Australia including trends in admissions for the period • Slide 19 includes a 3QFY21 trading update for Ramsay UK • Slide 23 includes a 3QFY21 trading update for Ramsay Santé The release of this announcement has been authorised by the Ramsay Health Care Disclosure Committee. For Further Information Contact: Kelly Hibbins Group Head of Investor Relations Ramsay Health Care +61 414 609 192 [email protected] Ramsay Health Care 2021 International Year of Health & Care Workers Macquarie Australia Conference Presentation Managing Director & CEO, Craig McNally Group Chief Financial Officer, Martyn Roberts ramsayhealth.com Important information The information in this presentation is general background information about Ramsay Health Care Limited and its subsidiaries (Ramsay Group) and their activities and is current as at 4th May 2021. It is in summary form and is not necessarily complete. The information in this presentation is general information only and is not intended to be relied upon as advice to investors or potential investors and does not take into account your objectives, financial situation or needs. Investors should consult with their own legal, tax, business and/or financial advisers in connection with any investment decision. The information in this presentation is believed to be accurate at the time of compilation. Any views expressed in this presentation are opinions of the author at the time of presenting and do not constitute a recommendation to act. No person, including any member of the Ramsay Group, has any responsibility to update any of the information provided in this presentation. This presentation contains forward looking statements. These forward looking statements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. The Ramsay Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules. 2 Macquarie Australia Conference May 2021 Global Health Care Services Provider Ramsay Health Care was founded by Paul Ramsay in 1964 and delivers a wide range of acute and primary healthcare services to private and public patients from over 500 locations across 10 countries. The Group’s 77,000+ employees together with its clinical partners care for 8.5 million+ patient visits & admissions per annum Operational Footprint Strengths of the Global Business Model Market leading positions in private health care services Ramsay Australia - #1 Australia private hospital operator Ramsay Santé¹ - second largest private health care provider in Europe #1 France #1 Sweden #2 Norway & Denmark Italy 1 hospital in the Lombardy region Ramsay UK - largest independent supplier of services to the NHS Ramsay Sime Darby² - Indonesia, Malaysia and Hong Kong 8 facilities leveraged to the growing middle class Strong and constructive relationships with public sector stakeholders Economies of scale Diversified Portfolio – geography, payors, services mix Clinical best practise – sharing of ideas Scale to invest in innovation, education and research 1. Ramsay Santé is a listed company on Euronext. Ramsay Health Care owns 52.5% of Ramsay Santé 2. Ramsay Sime Darby Health Care SDN Bhd is a 50:50 jv with Sime Darby Berhad Deep and experienced leadership team 3 Macquarie Australia Conference May 2021 Growth Driven by Acquisitions and Organic Growth Revenue growth has been driven by an ongoing pipeline of acquisitions . as well as strong organic growth Ramsay revenue growth and acquisition history, FY98-20 A$bn Ramsay revenue, FY14-FY19 A$bn 11.6 14 Capio Group Acq. Nov’18, Europe ● 12 2.2 Operating revenue HPM Group Acq. Oct’15, France ● (33%) CAGR of 20% from 10 FY98-19 Générale de Santé Acq. Oct’14, France ● Medipsy Acq. Dec’13, France ● 8 (2) Ramsay Sime Darby Joint Venture Jul’13, Asia ● 4.5 6 Group Proclif Acq. Mar’10, France ● stimate (67%) E Capio Acq. Nov’07, UK ● 4 Affinity Group Acq. Apr’05, AU ● 4.9 Benchmark Group Acq. Jul’04, AU ● 2 4 Alpha Acq. May’01, AU ● 0 FY'97 FY'99 FY'01 FY'03 FY'05 FY'07 FY'09 FY'11 FY'13 FY'15 FY'17 FY’19 FY’20 FY14 M&A Organic FY19 growth RHC listed 23 Sep 97 4 Macquarie Australia Conference May 2021 Ramsay Health Care At a Glance Ramsay listed on the Australian Stock Exchange in 1997 and has a market capitalisation of A$15.4bn7 and an enterprise value of $17.6bn ($22.6bn inclusive of lease liabilities). The business is diversified across geographic regions, payor sources and activity FY20 Geographic Revenue Split FY20 Geographic EBITDAR¹ Split Admissions by Activity6 Payor Sources5 8% 17% 8% 15% Surgical Private health 42% 40% 5% Medical 52% insurance 45% A$2bn 52% A$12.4bn 7% Rehab Public funding 36% 44% Mental health Other 19% Other 8% 8% Asia Pacific² UK France Nordics FY20 Cost base FY20 Geographic Split of Net Assets4 FY20 Geographic EBIT³ Split Employee benefits and 8% contractor costs 13% <1% Occupancy costs 26% 23% A$4.2bn Service costs 26% 55% A$741.8m 1% 60% 73% Medical consumables and 3% supplies 6% 7% Depreciation amortisation 1. EBITDAR – Earnings before interest, tax depreciation and amortisation and rent and impairments 2. Ramsay’s Asian presence is a 50/50 joint venture with Sime Darby Berhad which is equity accounted 3. Earnings before interest and tax after finance costs associated with capitalised leases (AASB16) 4. As at 30 June 2020 pre adjustments and eliminations including investments in subsidiaries, intercompany and receivables/payables. 5. Based on FY19 revenue given distortions caused by COVID-19. Public funding includes Department of Veteran Affairs. “Other” includes self funding/out of pocket 6. Does not include Primary Care Services in Europe. Other includes obstetrics, oncology, imaging and pathology. Based on FY19 earnings due to the impact of COVID on FY20 7. As at 30/04/21 5 Maquarie Australia Conference May 2021 Financial Flexibility Significant capacity to fund growth opportunities Leverage and Net Debt • Balance sheet remains in a strong position with financial flexibility Net Debt/EBITDA A$’bn (x) to fund development pipeline and expansion opportunities 9.0 4.0 3.7x • WOFG¹ available undrawn debt capacity and cash headroom is 8.0 3.5 A$2.3 billion 3.4x 7.0 3.1x 3.0 • Balance sheet leverage: • WOFG¹ (AASB117) = 1.0x 6.0 2.5 5.3 • Consolidated Group (AASB16) = 3.4x 5.0 2.1x 2.0 5.1 • Credit rating agency Fitch has ascribed Ramsay’s Wholly Owned 4.0 1.5 Funding Group¹ (WOFG) an investment grade credit rating of 1.0x BBB (Stable) 3.0 4.9 1.0x 1.0 • Currently working on refinancing the bank debt due in October 2.0 2.8 0.5 2022 2.2 1.0 0.0 30-Jun-19 30-Jun-20 31-Dec-20 Capitalised Leases (AASB16) Consolidated Net Debt (AASB117) Wholly Owned Funding Group Leverage Ratio (AASB117) Consolidated Group Leverage Ratio (AASB16) 1. Wholly owned funding group (WOFG) excludes Ramsay Santé and Ramsay Sime Darby. Banking Covenants calculated on this basis 6 Macquarie Australia Conference May 2021 Focused on Shareholder Returns Since listing in 1997 Ramsay Health Care has generated strong shareholder returns through acquisition, brownfield and greenfield development and organic growth Growth in Revenue and Reported EBIT¹ Growth in Shareholder Returns¹ +9% FY15-19 EPS CAGR 7.5% FY15-19 EBIT CAGR 12,160 259 11,553 235 Fully diluted EPS Revenue cps 216 $’m Reported EBIT DPS 184 186 9,181 165 152 8,684 8,704 144 131 119 7,356 101 97 63 5,917 49 847 883 1,023 890 767 725 584 1 FY15 FY16 FY17 FY18 FY19 FY20 1HFY21¹ FY15 FY16 FY17 FY18 FY19 FY20¹ 1HFY21¹ 1. Revenue from contract with customers. FY20 and 1HFY21 earnings impacted by COVID-19 restrictions on surgical activity and the application of lease accounting standard changes 7 Macquarie Australia Conference May 2021 Group Strategy Create the leading ecosystem for patient-centric, integrated care Growth Efficiency Sustainability Driving stronger growth Developing new growth Strengthening the core from the core platforms Organic Growth Acquisitions Operational Excellence Leverage strong market Disciplined strategy focused Rapid innovation driven by Patient & Doctor Experience share, underpinned by on acquisitions that deliver COVID-19 driving pathway Changing patient and doctor demographics and public additional capabilities, modernisation delivering better expectations will drive changes sector backlog opportunities integrated services and scale outcomes for patients to the model and improve outcomes Brownfield Capacity Integrated Care Digitisation Investing globally to improve Strategy to expand beyond an Sector evolution is being
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