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Mediclinic International plc
(Incorporated in England and Wales)
Company Number: 08338604
LSE Share Code: MDC
JSE Share Code: MEI
NSX Share Code: MEP
ISIN: GB00B8HX8Z88
LEI: 2138002S5BSBIZTD5I60
('Mediclinic', the 'Company', or the 'Group')
14 April 2022
2022 Full-Year Trading Update
Mediclinic, the diversified international private healthcare services group, provides the following
trading update ahead of the publication of the Group's results for the twelve months ended 31
March 2022 ('FY22'), scheduled for 25 May 2022. The information on which this update is
based represents the Group's latest financial estimates and has not been reviewed and
reported on by Mediclinic's external auditors. All financial figures, unless explicitly stated, are
adjusted1. For comparative purposes, FY22 is presented alongside the prior twelve months
ended 31 March 2021 ('FY21'), as well as the twelve months ended 31 March 2020 ('FY20'),
representing a pre-pandemic period.
Highlights
- Strong financial performance driven by increased client activity
- Group revenue growth around 8% in the year and improved Group EBITDA margin
at around 16.0% (FY21: 14.2%)
- Recovery in profitability and strong cash conversion leading to significant
reduction in leverage ratio
- Expect positive momentum in client activity to drive revenue growth and margins
in the coming year
Commenting today, Dr Ronnie van der Merwe, Group Chief Executive Officer, said:
'The Group has delivered a strong operational and financial performance this year. We have
successfully navigated further waves of COVID-19 and delivered FY22 results in line with our
improved outlook. The volume growth delivered this year translated into Group revenue now
ahead of pre-pandemic levels with a materially improved Group EBITDA margin compared with
the prior year.
'The recent Omicron wave was particularly challenging from a staffing and patient scheduling
perspective. Encouragingly, as the wave receded, we exited the year strongly across all three
divisions.
'We remain well positioned to benefit from the increasing demand for our healthcare services,
supported by the growing partnerships and collaborations we are establishing, and therefore
expect the positive trends in FY22 to continue into the next financial year.
'As always, I wish to pay tribute to all our people and medical professionals for their continued
dedication that drove our achievements this year.'
Financial performance
Note: All FY22 figures represent the latest financial estimates and are approximates. The
figures have not been reviewed and reported on by Mediclinic's external auditors.
FY22 vs FY22 vs
FY22 FY21 FY20 FY21 FY20
% movement
Group
Reported revenue (GBP'm) 3 230 2 995 3 083 7.8% 4.8%
Constant currency revenue
(movement) - - - 9.7% 9.2%
EBITDA margin 16.0 14.2 17.5
Cash conversion2 125% 77% 109%
Cash and available facilities (GBP'm) 940 679 518
Net debt/EBITDA leverage ratio 4.0x 5.1x 4.3x
Hirslanden
Revenue (CHF'm) 1 880 1 784 1 804 5.4% 4.2%
EBITDA margin 15.5% 15.1% 17.0%
Inpatient admissions (movement) - - - 2.1% 2.0%
GBP/CHF average FX rate 1.25 1.21 1.25
Mediclinic Southern Africa
Revenue (ZAR'm) 18 420 15 573 17 031 18.3% 8.3%
EBITDA margin 18.5% 14.2% 20.8%
Paid patient days (movement) - - - 14.3% (3.2)%
GBP/ZAR average FX rate 20.27 21.30 18.76
Mediclinic Middle East
Revenue (AED'm) 4 100 3 760 3 445 9.0% 20.5%
EBITDA margin 15.0% 13.1% 15.1%
Inpatient admissions and day cases
(movement) - - - 15.6% 13.2%
Outpatient cases (movement) - - - 15.3% 4.6%
GBP/AED average FX rate 5.02 4.80 4.67
Further details on FY22 performance and outlook will be provided with the full-year results.
1 The Group uses adjusted income statement reporting as non-IFRS measures in evaluating
performance and as a method to provide investors with clear and consistent reporting. The
Group's non-IFRS measures are intended to remove from reported earnings volatility
associated with defined one-off incomes and charges.
2 Measures conversion of adjusted EBITDA into cash generated from operations.
Cautionary Statement
This announcement contains certain forward-looking statements relating to the business of the
Company and its subsidiaries, including with respect to the progress, timing and completion of
the Group's development; the Group's ability to treat, attract and retain patients and clients; its
ability to engage consultants and healthcare practitioners and to operate its business and
increase referrals; the integration of prior acquisitions; the Group's estimates for future
performance and its estimates regarding anticipated operating results; future revenue; capital
requirements; shareholder structure; and financing. In addition, even if the Group's actual
results or development are consistent with the forward-looking statements contained in this
announcement, those results or developments may not be indicative of the Group's results or
developments in the future. In some cases, forward-looking statements can be identified by
words such as 'could', 'should', 'may', 'expects', 'aims', 'targets', 'anticipates', 'believes',
'intends', 'estimates', or similar. These forward-looking statements are based largely on the
Group's current expectations as of the date of this announcement and are subject to a number
of known and unknown risks and uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future results, performance or
achievement expressed or implied by these forward-looking statements. In particular, the
Group's expectations could be affected by, among other things, uncertainties involved in the
integration of acquisitions or new developments; changes in legislation or the regulatory regime
governing healthcare in Switzerland, South Africa, Namibia and the United Arab Emirates
('UAE'); poor performance by healthcare practitioners who practise at its facilities; unexpected
regulatory actions or suspensions; competition in general; the impact of global economic
changes; the impact of pandemics, including COVID-19; the impact of military conflicts,
including the current events in the Ukraine; and the Group's ability to obtain or maintain
accreditation or approval for its facilities or service lines. In light of these risks and uncertainties,
there can be no assurance that the forward-looking statements made in this announcement will
in fact be realised and no representation or warranty is given as to the completeness or
accuracy of the forward-looking statements contained in this announcement.
The Group is providing the information in this announcement as of this date, and disclaims any
intention to, and makes no undertaking to, publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
About Mediclinic International plc
Mediclinic is a diversified international private healthcare services group, established in South
Africa in 1983, with divisions in Switzerland, Southern Africa (South Africa and Namibia) and
the UAE.
The Group's core purpose is to enhance the quality of life.
Its vision is to be the partner of choice that people trust for all their healthcare needs.
Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the
continuum of care in such a way that the Group will be regarded as the most respected and
trusted provider of healthcare services by patients, medical practitioners, funders and
regulators of healthcare in each of its markets.
At 31 March 2022, Mediclinic comprised 74 hospitals, five subacute hospitals, two mental health
facilities, 20 day case clinics and 20 outpatient clinics. Hirslanden operated 17 hospitals and
four day case clinics in Switzerland with around 1 900 inpatient beds; Mediclinic Southern Africa
operations included 50 hospitals (three of which in Namibia), five subacute hospitals, two
mental health facilities and 14 day case clinics (four of which operated by Intercare) across
South Africa, and around 8 650 inpatient beds; and Mediclinic Middle East operated seven
hospitals, two day case clinics and 20 outpatient clinics with around 1 000 inpatient beds in the
UAE. In addition, under management contract Mediclinic Middle East will open a 200-bed
hospital in the Kingdom of Saudi Arabia in 2023.
The Company's primary listing is on the London Stock Exchange ('LSE') in the United Kingdom,
with secondary listings on the JSE in South Africa and the Namibian Stock Exchange in
Namibia.
Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private
healthcare group based in the United Kingdom and listed on the LSE.
For further information, please contact:
Investor Relations, Mediclinic International plc
James Arnold, Head of Investor Relations
ir@mediclinic.com
+44 (0)20 3786 8181
Media queries
FTI Consulting
Ben Atwell/Ciara Martin ' UK
+44 (0)20 3727 1000
Sherryn Schooling ' South Africa
+27 (0)21 487 9000
Registered address: 6th Floor, 65 Gresham Street, London, EC2V 7NQ, United Kingdom
Website: www.mediclinic.com
Corporate broker: Morgan Stanley & Co International plc and UBS Investment Bank
JSE sponsor (South Africa): Rand Merchant Bank (A division of FirstRand Bank Limited)
NSX sponsor (Namibia): Simonis Storm Securities (Pty) Ltd
Date: 14-04-2022 08:00:00
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