Ramsay Health Care Released Investor Presentation For European Operations

Ramsay Health Care Released Investor Presentation For European Operations

The Sydney-based Ramsay Health Care Limited (ASX: RHC), established in 1964, offers health care services to patients in the public and private sector. The services include day surgery procedures, complex surgeries, psychiatric care and rehabilitation services across around 235 hospitals and day surgery facilities encompassing ~ 25k beds. It operates in the United Kingdom, Malaysia, Indonesia, Australia, France, Maldives, Italy and others.

On March 15th, 2019, Ramsay Health Care Limited released the investor presentation for its European subsidiary Ramsay Générale de Santé with operations across France, Norway, Sweden, Denmark, Germany and Italy, representing an impressive combined continental Europe footprint with presence in crucial markets.

As per the recent state of affairs at the company, Ramsay Générale de Santé is now the second largest private care provider in Europe particularly after the acquisition of Sweden-based Capio Group. For the half-year ended December 31st, 2018, Ramsay Générale de Santé recorded revenues of EUR 1.34 billion, up 25.7%, and also a full year pro-forma revenue for 2018 of EUR 3.89 billion. The EBITDA increased by 18.7% to EUR 123.1 million with a margin rate of 9.2%, down on 9.7% in the prior corresponding period. At the end of the half-year, the net debt stood at EUR 2.252 billion impacted by the takeover of the Capio AB Group and its own debt.

France (21%) followed by Sweden account for the maximum of the total market share of the company in Europe. In France, Ramsay Générale de Santé has around 75 MSO hospitals, 27 subacute facilities and 35 mental health clinics with ~2.2m hospitalised patients and 19 million consultations. The data suggests that the French healthcare system is both massive and secured with the medical consumption increasing faster than the GNP. Besides, the out-of-pocket costs are the lowest of all the OECD countries at 8.3% in France and the private sector represent roughly one-third of the total activities. The tariffs reported an increase in the half-year after decreasing for six consecutive years.

The company’s presence in Norway, Denmark and Germany is also extensive. The Norwegian business unit is financed 90% by the private sector and 10% by the public sector with sales stemming from 55% of primary care, 35% surgery and 10% internal medicine. The Danish business (40% publicly financed, 60% privately) was established in December 2016 with a range of specialities at each hospital such as orthopaedics, spine surgery, gastro, ENT etc. Germany is a mid-sized market with challenges of its own. It has around five hospitals located mostly in rather rural areas.

Ramsay Health Care Limited also recently announced its half-year results for the six months to December 31st, 2018, posting revenue and other income at $ 5.11 billion, up 14.9% on the prior corresponding period (pcp) ended December 31st, 2017. Besides, the net profit after tax attributable to the members amounted to $ 270.1k, up 9.65% on pcp.

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RHC has a market cap of AUD 13.1 billion to date. Today, on March 18th, the RHC stock is trading at AUD 65.440, up 0.91% (As at 2:15 PM AEST).


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