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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)
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