Financial results

Interim results 2022

Salient features

• 2.3% increase in Group revenue to R10 311 million
• 8% growth in Group normalised EBITDA demonstrating strong operating leverage
• 100 basis point improvement in normalised EBITDA margin (excluding strategic costs) to 16.8%
• 28.9% increase in adjusted HEPS to 35.2 cents
• 1.7 times net debt to annualised EBITDA ratio, strengthening from 2.0 times in March 2021
• Interim dividend declared of 20.0 cents per share

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Salient Features

• 3.0% increase in Group normalised revenue to R21 636 million, ahead of FY 2019 pre-pandemic revenue
• 9.5% growth in Group normalised EBITDA, demonstrating strong operating leverage
• 100 basis point improvement in Group normalised EBITDA margin to 16.2%
• 23.4% increase in adjusted HEPS to 83.2 cents
• 113.0% cash conversion ratio
• 1.4 times net debt to EBITDA ratio
• 30.0 cents per share final dividend declared

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Netcare Group Results (8357 KB)

Netcare Summarised AFS 2022 (3039 KB)

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Interim results 2021

Salient features

• Strong revenue and earnings growth over the six months to 31 March 2021 (“H1 2021”) compared to the six months ended 30 September 2020 (“H2 2020”)

• Second wave of COVID-19 adversely impacted performance against the comparative period with Group revenue and EBITDA down on the six months to 31 March 2020 (“H1 2020”)
• Adjusted HEPS of 27.3 cents
• Cash resources and committed undrawn facilities of R6.6 billion as at 31 March 2021
• Strong cash conversion ratio of 103.1%
• Vaccination of Netcare frontline healthcare workers near complete

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Salient Features

• Steady sequential trading improvement throughout FY 2021 despite severe second and third waves of COVID-19
• Strong cash conversion ratio of 118.8%, up from 58.3%
• Adjusted HEPS increased by 107.4% to 67.4 cents
• Resumption of dividend at 34.0 cents

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Interim results 2020

Salient features

• A strong performance for five months to end of February 2020 ahead of COVID-19 pandemic
• 1.0% increase in Group EBITDA to R2 127 million
• 6.3% decrease in adjusted HEPS to 79.0 cents
• Cash preservation measures in place and R4.8 billion of undrawn committed facilities
• COVID-19 introduces significant uncertainty and forecast risk for the remainder of the financial year
• Strategic objectives remain unchanged but implementation timelines disrupted by COVID-19

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Salient Features

• A strong start to the year offset by the impact of COVID-19 and related lockdown measures
• Group EBITDA declined to R2.1 billion
• Adjusted HEPS declined to 47.6 cents
• R474 million profit on disposal (net of taxation) of investment in UK properties (GHG PropCo 2) and receipt of related proceeds of R778 million
• Cash resources and committed undrawn facilities of R5.6 billion as at 30 September 2020

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Netcare-AFS_2020 (3541 KB)

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Interim results 2019

Focal points

• 8.5% increase in patient days including contribution from Akeso Clinics
• 1.3% increase in normalised Group EBITDA to R2 106 million
• 1.1% increase in cash generated from SA operations to R1 594 million
• 2.4% increase in adjusted HEPS¹
• 6.8% increase in interim dividend to 47.0 cents

¹ Base equalised to exclude prior period’s interest income on contractual economic interest in BMI Healthcare’s debt.

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Focal points

• 3.7% increase in patient days
• 4.3% increase in normalised Group EBITDA to R4 388 million
• 3.0% increase in adjusted HEPS from continuing operations to 171.2 cents ¹
• 13.5% increase in cash generated from SA operations to R4 888 million
• 6.7% increase in final dividend to 64.0 cents per share
• >20% ROIC target achieved

¹ Base equalised to exclude prior year's interest income on contractual economic interest in BMI Healthcare's debt

annual-integrated-report-2019 (3956 KB)

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Netcare results booklet 2019 (375 KB)

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Interim results 2018

Focal points

• 3.5% increase in patients days as SA market returns to growth
• Acquisition of Akeso provides important national network in mental healthcare sector
• Strategic decision to exit UK operations
• 8.1% increase in normalised Group EBITDA to R2 080 million
• 8.5% increase in adjusted HEPS from continuing operations to 87.7 cents
• 32.9% increase in cash generated from SA operations to R1 577 million
• 15.8% increase in interim dividend to 44.0 cents

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Focal points

• Akeso acquisition provides national footprint in mental health and care
• 5.9% increase in patients days
• 5.9% increase in normalised Group EBITDA, from continuing operations, to R4 209 million
• 0.6% increase in adjusted HEPS from continuing operations to 171.6 cents
• 17.8% increase in cash generated from SA operations to R4 305 million
• 5.3% increase in final dividend to 60.0 cents
• Special dividend of 40.0 cents

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Netcare results booklet 2018 (485 KB)

NETCARE 30 September 2018 results transcript (101 KB)

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Interim results 2017

Focal points

• SA revenue up 2.3% to R9 218m
• UK revenue up 3.2% to £458.0m
• Group revenue down 10.1% to R16 912m (23.9% adverse variance in average exchange rate)
• Adjusted HEPS down 11.4% to 80.6c
• Interim dividend per share 38.0c

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Interim results 2016

• Group EBITDA up 13,6% to R 2 663 million
• Profit after tax up 20,7% to R 1 329 million
• Group HEPS up 10,9% to 90,3 cents
• Interim dividend per share of 38,0 cents

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Annual results 2016

• Group EBITDA up 11,2% to R 5 539 million
• Normalised profit after taxation up 19,1% to R 2 906 million
• Adjusted HEPS up 5,6% to 199,5 cents
• Final dividend per share up 5,6% to 57,0 cents

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Interim results 2015

• Group EBITDA up 14,6% to R 2 344 million
• Group adjusted HEPS up 19,6% to 90,8 cents
• Cash generated from operations up 27,5% to R 1 820 million
• Interim dividend per share of up 18,8% to 38,0 cents

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Annual results 2015

• Group EBITDA up 13,1% to R 4 981 million
• Profit after tax up 16,4% to R 2 439 million
• Adjusted HEPS up 12,6% to 189,0 cents
• Final dividend per share up 12,5% to 54,0 cents

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Interim results 2014

• Group revenue up 17,3% to R 15 411 million
• Group adjusted HEPS up 19,5% to 75,9 cents
• Interim dividend per share up 18,5% to 32,0 cents

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Annual results 2014

• Adjusted HEPS up 19,5% to 167,8 cents
• Group cash flow from operations up 15,6% to R 4 38 million
• Revenue up 16,1% to R 31 783 million
• Final dividend per share up 18,5% to 48,0 cents

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Interim results 2013

• Group revenue up 8,5% to R 13 344 million
• HEPS (continuing operations) up 24,9% to 65,8 cents
• Interim dividend per share up 22,7% to 27,0 cents

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Annual results 2013

• Group revenue up 10,4% to R 27 801 million
• Adjusted HEPS (continuing operations) up 25,4% to 142,0 cents
• Final dividend per share up 19,1% to 40,5 cents
• Group net debt reduced from R 26 484 million to R 4 871 million

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Interim results 2012

• Revenue increased by 11,1%
• Adjusted headline earnings per share increased by 16,1%

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Annual results 2012

• Group revenue up 11,5% to R 25 174 million
• SA profit after tax up 21,5% to R 1 646 million
• Adjusted HEPS (continuing operations) up 19,6% to 121,0 cents
• Final dividend per share up 9,7% to 34,0 cents

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Interim results 2011

• Basic headline earnings per share (cents) increased by 15,7%
• Free cash flow (Rm) increased by 25,5%
• Distributions per share (cents) increased by 15,8%

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Annual results 2011

• Revenue increase (Rm) 3,3%
• Headline earnings per shareincrease (cents) 21,2%
• Distributions per share increase (cents) 14,0%

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Interim results 2010

• Constant currency operating profit increased by 14%
• Adjusted basic headline earnings per share increased by 28%
• Capital reduction per share increased by 19%

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Annual results 2010

• 19,6% increase in profit before taxation
• 101,4% conversion of EBITDA into cash
• Final distribution of 27,5 cents per share

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Interim results 2009

Group financial highlights

• Revenue up 12% to R 11 619 million
• EBITDA up 13% to R 2 474 million
• Basic headline earnings per share up 41% to 33,3 cents
• Completed sale of 50% interest in Ampath Holdings Trust
• Repurchased and cancelled 436 million treasury shares
• Repurchased and cancelled 436 million treasury shares

Group business highlights

• Solid operational performance in both SA and UK
• Community Hospital Group acquisition cleared by Competition Appeal Court
• Port Alfred Hospital PPP opened in February 2009
• Commenced construction of Lesotho Hospital PPP in March 2009
• Further enhanced GHG footprint in London and across other key regions in the UK
• Rated the most empowered JSE-listed company in the healthcare sector

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Annual results 2009

• 6,9% revenue
• 6,8% operating profit
• 27,2% basic headline earnings per share

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Interim results 2008

Group financial highlights

• 11% increase in basic earnings per share
• 11% increase in profit before taxation
• 8% increase in interim reduction of capital per share to 14 cents per share
• 16% increase in group revenue, 12% organic growth
• 15% increase in United Kingdom core operating profit

Group business highlights

• Strong organic and acquisitive growth in SA hospitals
• Strong growth of managed care products
• Awarded Africa’s largest healthcare PPP in Lesotho
• New managing directors appointed for SA Hospital, Netcare 911 and Primary Care divisions
• UK hospitals now profitable after debt servicing
• Strong growth in NHS patient admissions
• Acquisition of seven Nuffield hospitals in the UK

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Annual results 2008

Group financial highlights

• Group revenue up 17% to R 21 735 million
• Group operating profit up 13% to R 3 370 million
• Group cash conversion to EBITDA ratio of 101%
• Cash generated from operations up 17% to R 4 663 million
• 2008 reductions of capital of 32 cents per share

Group business highlights

• Treated over four million patients in SA and UK
• Acquired 14 hospitals (eight in the UK and six in SA)
• UK delivered strong operating performance
• Achieved Level 3 B-BBEE accreditation (dti), and Empowerdex AA rating
• Netcare 911 recognised as SA’s top healthcare brand
• Awarded R 1,1 billion healthcare PPP in Lesotho post year end

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Interim results 2007

Group financial highlights

• 14% revenue growth in South African operations
• 13% growth in South African stand-alone adjusted HEPS to 32,4 cents
• 26% EBITDA margin in GHG
• 8% growth in interim distributions per share to 13 cents

Group business highlights

• Commissioned two new hospitals in South Africa
• 40% increase in SA nurses and paramedics trained
• GHG integration on track
• Two new facilities opened for the NHS

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Annual results 2007

Group financial highlights

• 27% increase in adjusted headline earnings per share
• 20% increase in final reductions of capital per share
• 15% increase in South African revenue
• 14% increase in South African operating profit

Group business highlights

• Strong organic growth in South Africa
• Commissioned two new hospitals in South Africa
• Acquired the remaining interest in Community Hospital Group
• 3 700 nurses and paramedics trained
• Successful integration of General Healthcare Group

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Conference call transcript (187 KB)

Results booklet a (1374 KB)

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Interim results 2006

• 11,8% increase in Revenue
• 22,0% increase in diluted HEPS (before abnormal item)
• 20,0% increase in Capital Distribution
• Significant corporate activity
• Expansion initiatives in South Africa
• Acquisition of General Healthcare Group (United Kingdom)

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Annual results 2006

• 54% increase in group revenue to R 11,6 billion
• 30% growth in group operating profit of R1,6 billion
• 11% growth in South African revenue
• 20% growth in South African stand-alone adjusted HEPS to 70,5 cents
• 8% growth in total distributions per share to 27 cents

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Interim results 2005

• Revenue increased by 10,9%
• Cash generated by operating activities increased by 113,4%
• Fully diluted headline earnings per share reduced to 27,2%

SENS Report (22 KB)

Annual results 2005

• Diluted headline earnings per Share increased by 34,4%
• Cash generated from operating activities increased by 46,9%

SENS Report (25 KB)

Interim results 2004

• Total revenue increased by 20,4%
• Attributable earnings increased by 19,4%
• Capital distribution increased by 25,0%

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Annual results 2004

• Total revenue increased by 14,0%
• Cash generated from operating activities increased by 25,5%
• Capital distribution increased by 26,7%
• Diluted HEPS increased by 12,2%

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Interim results 2003

• Total revenue increased by 21,9%
• Headline earnings per share increased by 30,7%
• Non-hospital revenue increased by 47,9%

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Annual results 2003

• Revenue increased by 24,9%
• EBIT increased by 30,0%
• Headline earnings per share increased by 25,1%
• Capital distribution increased by 30,4%

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Annual results 2002

• Total revenue increased by 30,5%
• Profit after tax increased by 59,1%
• Headline earnings per share increased by 39,5%
• Capital distribution per share increased by 35,3%
• Patient satisfaction index increased by 93%

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Interim results 2001

• Revenue up 20,8%
• Headline EPS up 36,6%
• Cash distribution up 40,0%

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Annual results 2001

• Revenue increased by 25,9%
• Headline earnings increased by 38,4%
• Capital distribution increased by 70,0%

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Interim results 2000

• Attributable earnings increased by 57,1%
• Earnings per share increased by 55,3%
• Debt/Equity ratio reduced to 51,4%

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Annual results 2000

• Headline earnings increased by 35,3%
• Headline earnings per share increased by 34,0%
• Debt/Equity ratio increased by 38,3%

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