Investor Presentaiton
CAPITAL MANAGEMENT
Solid balance sheet
1H FY23 net debt of $194.2m (1) (1H FY22: $179.5m),
being 3.1x (2) EBITDA prior to non operating
transactions at 31 December 2022 (1H FY22: 2.6x) on
a pre-AASB 16 basis.
Significant liquidity headroom of $149.5m (1) available
under Group debt facilities, excluding an additional
$105.0m available under an Accordion facility.
Cash and cash equivalents have decreased from a
higher than typical balance held at 30 June 2022 due
to the completion of the acquisitions of Peloton
Radiology and Horizon Radiology on 1 July 2022.
Other current assets increased by $3.2m from June
2022 due to the timing of prepayments (insurance,
equipment service & software licencing contracts)
and is consistent with the prior comparative period.
Current tax receivable reflects FY23 tax installments
paid on FY22 earnings, due to be refunded in
February 2023.
Contingent consideration provisions have decreased
due to the re-assessment of the Imaging
Queensland and the X-Ray Group earnout amounts,
partially offset by the inclusion of the Peloton
Radiology and Horizon Radiology acquisitions.
All other assets and liabilities have increased in line
with the increased size of the business due to the
acquisition of Peloton Radiology and Horizon
Radiology.
Net assets increased $103.5m or 38.8% compared to
31 December 2021.
idx
AUD $m
Cash and cash equivalents
Trade and other receivables
Other current assets
31 Dec 2022 30 Jun 2022 31 Dec 2021
35.8
123.2
55.6
20.2
19.4
16.8
11.0
7.8
11.4
Total current assets
67.0
150.4
83.8
Property, plant and equipment
Right of use assets - AASB16
Intangible assets
142.9
124.3
120.3
127.1
106.8
109.6
477.1
380.5
385.6
Investments accounted for using
the equity method
0.4
0.2
0.1
Deferred tax assets
19.2
17.3
17.2
Total non-current assets
Total assets
766.8
629.1
632.8
833.8
779.5
716.6
Trade and other payables
32.8
22.9
21.9
Current tax liabilities
(5.4)
(3.6)
1.8
Borrowings
4.5
5.5
7.8
Lease obligations - AASB 16
13.6
11.7
12.0
Contingent consideration
9.0
16.4
19.0
Provisions
26.9
23.5
23.4
Total current liabilities
Contingent consideration
Provisions
81.4
76.4
85.9
8.5
8.2
9.0
11.2
9.5
10.2
Borrowings
220.5
217.6
222.8
Lease obligations - AASB 16
Deferred tax liabilities
Total non-current liabilities
Total liabilities
125.2
106.2
107.7
16.5
14.4
14.0
381.8
355.9
363.7
463.2
432.3
449.6
370.5
347.2
267.0
Net assets
(1) Including under asset financing ($47.7m) and guarantee facilities ($3.4m)
(2) Based on net debt at 31 December 2022 of $194.2m and LTM organic EBITDA (plus trailing acquisitions EBITDA) of $63.5m. 1H FY22 is based on net
debt at 31 December 2021 of $179.5m and LTM organic EBITDA (plus trailing EBITDA from acquisitions) of $69.7m (after LTI reallocation)View entire presentation