Wrap Text
Unaudited interim results - 31 March 2018, Distribution Announcement, Further Cautionary
and Trading Statement
LIFE HEALTHCARE GROUP HOLDINGS LIMITED
Registration number: 2003/002733/06
Income tax number: 9387/307/15/1
ISIN: ZAE000145892
Share code: LHC
Unaudited interim results - 31 March 2018, Distribution Announcement, Further Cautionary
and Trading Statement
Highlights
- Revenue +17.5% to R11.3 billion
- Normalised EBITDA +10.5% to R2.7 billion
- Headline earnings per share increased to 53.7 cents +116.5%
- Cash generated from operations +37.3% to R2.7 billion
- Interim dividend of 38 cents per share +8.6%
Condensed consolidated statement of profit or loss and other comprehensive income
for the period ended 31 March 2018
2018 % 2017
R'm change R'm
Revenue 11 323 17.5 9 638
Operating expenses (9 453) (7 848)
Operating profit 1 870 4.5 1 790
Transaction costs (8) (254)
Impairment of investments (17) (142)
Profit on disposal of property, plant and equipment 39 5
Fair value adjustment of contingent consideration - (18)
Reorganisation and contract mobilisation costs - (18)
Fair value loss on derivative financial instruments (2) (18)
Other - (19)
Finance income 26 30
Finance cost (488) (713)
Share of associates' and joint ventures' net loss after tax (64) (9)
Profit before tax 1 356 113.9 634
Tax expense (419) (331)
Profit after tax 937 209.2 303
Other comprehensive income/(loss), net of tax
Items that may be reclassified to profit or loss
Movement in foreign currency translation reserve (911) (638)
Items that will not be reclassified to profit or loss
Retirement benefit asset and post-employment medical aid (4) (6)
Total comprehensive income/(loss) for the period 22 106.5 (341)
Profit after tax attributable to:
Ordinary equity holders of the parent 777 439.6 144
Non-controlling interest 160 159
937 209.2 303
Total comprehensive income/(loss) attributable to:
Ordinary equity holders of the parent (126) 74.6 (496)
Non-controlling interest 148 155
22 106.5 (341)
Weighted average number of shares in issue (million) 1 423 25.6 1 133
Earnings per share (cents) 54.6 329.9 12.7
Headline earnings per share (cents) 53.7 116.5 24.8
Diluted earnings per share (cents) 54.4 328.3 12.7
Diluted headline earnings per share (cents) 53.5 115.7 24.8
Headline earnings (R'm)
Profit attributable to ordinary equity holders 777 144
Headline earnings adjustable items (net of tax)
Impairment of investments 17 142
Profit on disposal of property, plant and equipment (30) (5)
Headline earnings 764 171.9 281
Condensed consolidated statement of financial position
as at 31 March 2018
31 March 30 September
2018 2017
Notes R'm R'm
Assets
Non-current assets 29 873 31 459
Property, plant and equipment 10 888 11 131
Intangible assets 14 842 16 281
Other non-current assets 4 143 4 047
Current assets 5 511 5 180
Cash and cash equivalents 1 722 1 176
Other current assets 3 789 4 004
Total assets 35 384 36 639
Equity and liabilities
Capital and reserves
Stated capital 13 455 13 084
Reserves 446 1 296
Non-controlling interest 1 190 1 171
Total equity 15 091 15 551
Liabilities
Non-current liabilities 13 094 9 991
Interest-bearing borrowings 1 10 995 7 786
Derivative financial instruments 684 749
Other non-current liabilities 1 415 1 456
Current liabilities 7 199 11 097
Bank overdraft 1 214 450
Interest-bearing borrowings 1 2 204 6 301
Other current liabilities 3 781 4 346
Total liabilities 20 293 21 088
Total equity and liabilities 35 384 36 639
Condensed consolidated statement of changes in equity
for the period ended 31 March 2018
Total Non-
capital and controlling Total
reserves interest equity
R'm R'm R'm
Balance at 1 October 2017 14 380 1 171 15 551
Total comprehensive (loss)/income for the period (126) 148 22
Profit for the period 777 160 937
Other comprehensive loss (903) (12) (915)
Issue of new shares as a result of scrip distribution 360 - 360
Transactions with non-controlling interests (107) 21 (86)
Distributions to shareholders (652) (150) (802)
Life Healthcare employee share trust charge 22 - 22
Long Term incentive scheme charge 24 - 24
Balance at 31 March 2018 13 901 1 190 15 091
Balance at 1 October 2016 5 486 1 312 6 798
Total comprehensive (loss)/income for the period (496) 155 (341)
Profit for the period 144 159 303
Other comprehensive loss (640) (4) (644)
Issue of new shares as a result of scrip distribution 490 - 490
Non-controlling interest arising on restructuring - 13 13
Non-controlling interest arising on business combination - 3 3
Increase in ownership interest in subsidiaries - (180) (180)
Distributions to shareholders (973) (165) (1 138)
Life Healthcare employee share trust charge 22 - 22
Long Term incentive scheme charge 22 - 22
Purchase of treasury shares (13) - (13)
Balance at 31 March 2017 4 538 1 138 5 676
Condensed consolidated statement of cash flows
for the period ended 31 March 2018
2018 % 2017
R'm change R'm
Cash generated from operations 2 679 37.3 1 951
Interest received 26 30
Tax paid (548) (513)
Net cash generated from operating activities 2 157 46.9 1 468
Capital expenditure (882) (603)
Acquisition of Alliance Medical (net of cash acquired) - (9 932)
Other investments (24) (109)
Other (72) (261)
Net cash utilised in investing activities (978) (10 905)
Interest-bearing borrowings raised 5 102 16 193
Interest-bearing borrowings repaid (5 386) (4 307)
Dividends paid (292) (484)
Interest paid (519) (673)
Other (161) (183)
Net cash (utilised)/generated in financing activities (1 256) 10 546
Net (decrease)/increase in cash and cash equivalents (77) 1 109
Cash and cash equivalents - beginning of the period 726 (426)
Effect of foreign currency movement (141) (71)
Cash and cash equivalents - end of the period 508 612
Segmental report
for the period ended 31 March 2018
The hospitals and complementary services segment comprises all the acute hospitals and complementary services
in southern Africa. The healthcare services segment comprises Life Esidimeni and Life Employee Health Solutions
in southern Africa.
Alliance Medical comprises diagnostic services in the United Kingdom and Europe, and Poland comprises
healthcare services in Poland.
Inter-segment revenue of R2 million (2017: R2 million) that is eliminated relates to revenue between Life Employee
Health Solutions and the southern Africa business, where the need exists.
2018 2017
R'm R'm
Operating segments
Revenue
Southern Africa
Hospitals and complementary services 7 796 7 228
Healthcare services 568 399
Alliance Medical
Diagnostic services 2 315 1 481
Poland
Healthcare services 644 530
Total 11 323 9 638
EBITDA
Southern Africa
Hospitals and complementary services 1 774 1 661
Healthcare services 71 59
Alliance Medical
Diagnostic services 518 410
Poland
Healthcare services 60 27
Corporate 250 261
Total 2 673 2 418
2018 2017
R'm R'm
Depreciation
Southern Africa
Hospitals and complementary services (261) (226)
Healthcare services (10) (7)
Alliance Medical
Diagnostic services (226) (158)
Poland
Healthcare services (29) (30)
Corporate (22) (20)
Total (548) (441)
EBITA
Southern Africa
Hospitals and complementary services 1 513 1 435
Healthcare services 61 52
Alliance Medical
Healthcare services 292 252
Poland
Healthcare services 31 (3)
Corporate 228 241
Total 2 125 1 977
Amortisation
Southern Africa
Hospitals and complementary services (65) (65)
Alliance Medical
Diagnostic services (180) (111)
Poland
Healthcare services (10) (11)
Total (255) (187)
Operating profit
Southern Africa
Hospitals and complementary services 1 448 1 370
Healthcare services 61 52
Alliance Medical
Diagnostic services 112 141
Poland
Healthcare services 21 (14)
Corporate 228 241
Total 1 870 1 790
Transaction costs (8) (254)
Impairment of investments (17) (142)
Profit on disposal of property, plant and equipment 39 5
Fair value adjustment of contingent consideration - (18)
Reorganisation and contract mobilisation costs - (18)
Fair value loss on derivative financial instruments (2) (18)
Other - (19)
Finance income 26 30
Finance costs (488) (713)
Share of associates' and joint ventures' net loss after tax (64) (9)
Profit before tax 1 356 634
Operating profit before items detailed includes the segment's share of shared services and rental costs.
These costs are all at market-related rates.
31 March 30 September
2018 2017
Total assets before items below
Southern Africa 12 437 12 542
Alliance Medical 16 600 17 815
Poland 2 206 2 280
India 2 893 2 960
34 136 35 597
Employee benefit assets 401 399
Deferred tax assets 769 608
Derivative financial assets 2 2
Income tax receivable 76 33
Total assets per the balance sheet 35 384 36 639
Net debt
Southern Africa 7 750 7 976
Alliance Medical 3 909 4 276
Poland 1 032 1 109
12 691 13 361
Cash and cash equivalents
Southern Africa (554) 49
Alliance Medical 984 590
Poland 78 87
508 726
Net debt is a key measure for the Group, which comprises all interest-bearing borrowings, overdraft balances
and cash on hand.
Acquisitions and disposals of investments
Changes in ownership interest in subsidiaries as a result of non-controlling interest transactions
The Group had marginal increases and decreases in its shareholdings in some of its subsidiary companies due
to transactions with minority shareholders. The individual transactions are not material.
Business combinations
The Group acquired an occupational health and wellness business on 1 October 2017 for a total consideration
of R28 million (including a contingent consideration of R4.2 million). No significant contingent liabilities
existed at the acquisition date.
Notes
1. Interest-bearing borrowings
R'm
Total borrowings at 30 September 2017 14 087
Additional loans raised 5 102
Repayment of existing loans (5 386)
Exchange difference (604)
Total borrowings at 31 March 2018 13 199
Basis of presentation and accounting policies
The condensed consolidated interim financial statements contained in the interim report are prepared in
accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, and the
requirements of the Companies Act of South Africa applicable to summary financial statements, and are
consistent with those applied in the previous consolidated annual financial statements. The Listings
Requirements require preliminary reports to be prepared in accordance with the framework concepts and the
measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the South
African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and
to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting.
These interim financial results have been prepared under the supervision of PP van der Westhuizen (CA(SA)),
the Group Chief Financial Officer.
Unaudited results
The results for the period ended 31 March 2018 have not been reviewed or audited by the Group's auditors.
The directors take full responsibility for the preparation of the interim report.
Commentary
Overview
The Group's results for the six months ended 31 March 2018 reflect a good performance from the southern African
operations with a return to positive paid patient day (PPD) growth, an excellent turnaround in the Scanmed S.A.
(Scanmed) operations in Poland and a solid performance from Alliance Medical Group Limited (Alliance Medical)
in a changing UK environment. Group revenue grew by 17.5%, normalised EBITDA increased by 10.5% and headline
earnings per share is up 116.5%.
Operational review
Southern Africa
Revenue from the southern African operations increased by 9.7% to R8.4 billion (2017: R7.6 billion). Revenue
in hospitals and complementary services grew by 7.9%. The business benefited from the 2.0% increase (2017:-1.0%)
in PPDs and a higher revenue per PPD of 6.0%, made up of a 5.9% tariff increase and a 0.1% positive case mix impact.
The overall weighted occupancy for the period remained relatively constant at 68.3% (2017: 68.4%), with 88 bownfield
expansion beds being added. Complementary services continues to reflect good growth across its different business
lines with revenue increasing by 15.3%. Healthcare services benefited from the acquisition of an occupational health
and wellness business in October 2017 as well as the return of 700 Gauteng mental health patients.
Normalised EBITDA increased by 5.8% with an EBITDA margin of 25.0% for the period. This is in line with the margin
from H2 2017 (25.0%) but was lower than H1 2017 (26.0%). The EBITDA margin was affected by higher salaries, an increase
in the clinical division costs, healthcare services growth occurring within the context of lower EBITDA margins and the
positive impact of a change in case mix.
The Group continues to focus on its quality outcomes with both the overall patient experience score improving and
the patient incident rate declining, reflecting an improvement in the clinical outcomes.
Alliance Medical
Alliance Medical's revenue increased by 56.3% to R2.3 billion (2017: R1.5 billion) and normalised EBITDA increased
by 26.3% to R518 million (2017: R410 million) as a result of the inclusion of the six months' results in H1 2018
(H1 2017: 4.3 months). On a like-for-like basis revenue grew by 7.2% on the back of strong growth in PET-CT volumes,
the acquisition of Life Radiopharma Group in northern Europe in H2 2017 and solid underlying performance in Italy
and Ireland. The EBITDA margin declined to 23.1% (2017: 27.7%) on a like-for-like basis, impacted by increased
competition affecting prices in the UK mobile market, upfront costs on the PET-CT contract as the final static sites
are rolled out, faster growth in northern Europe which comes off a lower EBITDA margin, as well as the loss of the
BMI contract in the UK. The focus in the UK continues to be partnership solutions with hospital trusts, progressively
moving away from mobile infrastructure to static long-term facilities and contracts. Alliance Medical opened its first
community diagnostic centre (CDC) in March and has contracts signed with an additional nine trusts.
Poland
Scanmed revenue for the period increased by 21.5% to R644 million (2017: R530 million). Normalised EBITDA increased
by more than 100% to R60 million (2017: R27 million) with the EBITDA margin increasing to 9.3% (2017: 5.1%). These
strong results are primarily as a result of the business turnaround driven by the management team and the continued
integration and efficiency initiatives. In addition, new four-year NFZ contracts covering 95% of the Scanmed business
have been concluded at improved average pricing. The prior period also included a downward adjustment to EBITDA of
R23 million mainly relating to overquota revenue.
India
Max Healthcare Institute Limited (Max Healthcare) reported disappointing results for the six months to March 2018 with
the business negatively impacted by the Shalimar Bagh incident in December 2017 resulting in a knock-on effect on the
balance of the Delhi business. In addition, the increased regulatory environment negatively impacted EBITDA margins.
The impact on the Group for the period is a R67 million loss compared to a loss of R12 million in 2017.
Management
The Group is in the process of strengthening its Group executive structure. Dr Shrey Viranna was appointed Group CEO
on 1 February 2018 and since then Brett Mill and Tanya Little have been appointed in executive roles focusing on Group
integration, business development and analytics.
Financial performance
Group revenue increased by 17.5% to R11.3 billion (2017: R9.6 billion) consisting of a 9.7% increase in southern
African revenue to R8.4 billion (2017: R7.6 billion); R2.3 billion (2017: R1.5 billion) revenue contribution from
Alliance Medical; and R644 million (2017: R530 million) revenue contribution from Poland.
Normalised EBITDA(1) increased by 10.5% to R2.7 billion (2017: R2.4 billion).
(1) Life Healthcare defines normalised EBITDA as operating profit before depreciation on property, plant and
equipment, amortisation of intangible assets and non-trading related costs and income.
Six months Six months
31 March 31 March
2018 % 2017
R'm change R'm
Normalised EBITDA
Operating profit 1 870 4.5 1 790
Depreciation 548 24.3 441
Amortisation 255 36.4 187
Normalised EBITDA 2 673 10.5 2 418
Southern Africa 2 095 5.8 1 981
Alliance Medical 518 26.3 410
Poland 60 122.2 27
Cash flow
The Group produced strong cash flows from operations (up 37.3%) due to improved working capital management.
Financial position
The Group has concluded the refinancing of the UK bridge facilities and arranged GBP and EUR facilities for
corporate requirement purposes.
Net debt to normalised EBITDA as at 31 March 2018 was 2.40 times (30 September 2017: 2.55 times). The bank
covenant for net debt to EBITDA is 3.50 times (30 September 2017: 3.50 times).
Capital expenditure
During the current financial period, Life Healthcare invested approximately R1 billion (2017: R10.9 billion,
including the acquisition of Alliance Medical), mainly comprising capital projects of R882 million (2017:
R603 million). The maintenance capex for the period was R309 million (2017: R327 million).
Headline earnings per share (HEPS) and normalised earnings per share (EPS)
HEPS increased by 116.5% to 53.7 cps (2017: 24.8 cps). EPS on a normalised basis, which excludes non-trading
related items, increased by 4.0% to 54.2 cps (2017: 52.1 cps).
As a result of the issue of 367 346 939 rights offer shares in April 2017, the weighted average number of shares
in issue relating to the prior year has been adjusted (increased) to take into account the bonus element due to
these shares having been issued at a discount. This is in accordance with IFRS.
The effect on the previously reported EPS and HEPS is as follows:
Previously
Adjusted reported
31 March Impact of 31 March
2017 adjustment 2017
Weighted average number of shares in issue (million) 1 133 79 1 054
EPS (cents) 12.7 (1.0) 13.7
HEPS (cents) 24.8 (1.9) 26.7
Normalised EPS (cents) 52.1 (3.9) 56.0
31 March 31 March
2018 % 2017
R'm change R'm
Weighted average number of shares in issue (million)(1) 1 423 25.6 1 133
Normalised earnings
Profit attributable to ordinary equity holders 777 144
Transaction costs 8 254
Impairment of investments 17 142
Profit on disposal of property, plant and equipment (30) (5)
Fair value adjustment of contingent consideration - 18
Reorganisation and contract mobilisation costs - 18
Other - 19
Normalised earnings 772 30.8 590
Normalised EPS (cents) 54.2 4.0 52.1
(1) The weighted average number of shares in issue increased by 25.6% due to the rights offer in April 2017,
diluting normalised EPS.
Changes to board of directors
Dr S Viranna was appointed as Group CEO effective 1 February 2018.
Scrip Distribution and Cash Dividend alternative
1. Introduction
The board has declared an interim distribution for the period ended 31 March 2018, by way of the issue of
fully paid Life Healthcare Group Holdings Limited ordinary shares of 0.0001 cent each (the Scrip Distribution)
payable to ordinary shareholders (Shareholders) recorded in the register of the Company at the close of
business on the Record Date, being Friday, 22 June 2018.
Shareholders will be entitled, in respect of all or part of their shareholding, to elect to receive a gross
cash dividend of 38 cents per ordinary share in lieu of the Scrip Distribution, which will be paid only to
those Shareholders who elect to receive the cash dividend, in respect of all or part of their shareholding,
on or before 12:00 on Friday, 22 June 2018 (the Cash Dividend). The Cash Dividend has been declared from
income reserves. A dividend withholding tax of 20% will be applicable to all Shareholders not exempt therefrom
after deduction of which the net Cash Dividend is 30.4 cents per share.
The new ordinary shares will, pursuant to the Scrip Distribution, be settled by way of capitalisation of the
Company's distributable retained profits.
The Company's total number of issued ordinary shares is 1 463 979 823 as at 31 May 2018. The Company's income
tax reference number is 9387/307/15/1.
2. Terms of the Scrip Distribution
The Scrip Distribution will be done at a 2.5% discount to the 15-day volume weighted average price (VWAP). The
number of Scrip Distribution shares to which each of the Shareholders will become entitled pursuant to the Scrip
Distribution (to the extent that such Shareholders have not elected to receive the Cash Dividend) will be
determined by reference to such Shareholder's ordinary shareholding in Life Healthcare Group Holdings Limited
(at the close of business on the Record Date, being Friday, 22 June 2018) in relation to the ratio that 38 cents
multiplied by 1.025 bears to the VWAP of an ordinary Life Healthcare Group Holdings Limited share traded on the
JSE during the 15-day trading period ending on Thursday, 7 June 2018. Where the application of this ratio gives
rise to a fraction of an ordinary share, such fraction will be rounded down to the nearest whole number, resulting
in allocations of whole ordinary shares and a cash payment for the fraction.
The applicable cash payment will be determined with reference to the VWAP of an ordinary Life Healthcare Group
Holdings Limited share traded on the JSE on Wednesday, 20 June 2018, (being the day on which an ordinary Life
Healthcare Group Holdings Limited share begins trading 'ex' the entitlement to receive the Scrip Distribution
or the Cash Dividend alternative), discounted by 10%.
The applicable cash payment will be announced on Stock Exchange News Service (SENS) on Thursday, 21 June 2018.
Details of the ratio will be announced on the SENS of the JSE in accordance with the timetable that follows.
3. Circular and salient dates
A circular providing Shareholders with full information on the Scrip Distribution and the Cash Dividend
alternative, including a Form of Election to elect to receive the Cash Dividend alternative will be posted to
Shareholders on or about Wednesday, 6 June 2018. The salient dates of events thereafter are as follows:
2018
Announcement released on SENS in respect of the ratio applicable to the Scrip
Distribution, based on the 15-day VWAP ending on Monday, 11 June, by 11:00 on Tuesday, 12 June
Announcement published in the press of the ratio applicable to the Scrip
Distribution, based on the 15-day VWAP ending on Monday, 11 June on Wednesday, 13 June
Last day to trade in order to be eligible for the Scrip Distribution and the
Cash Dividend alternative Tuesday, 19 June
Ordinary shares trade "ex" the Scrip Distribution and the Cash Dividend
alternative on Wednesday, 20 June
Listing and trading of maximum possible number of ordinary shares on the JSE
in terms of the Scrip Distribution from the commencement of business on Wednesday, 20 June
Announcement released on SENS in respect of the cash payment for fractional
entitlements, based on the VWAP traded on the JSE on Wednesday, 20 June 2018,
discounted by 10% on Thursday, 21 June
Last day to elect to receive the Cash Dividend alternative instead of the Scrip
Distribution, Forms of Election to reach the transfer secretaries by 12:00 on Friday, 22 June
Record Date in respect of the Scrip Distribution and the Cash Dividend alternative Friday, 22 June
Scrip Distribution certificates posted and Cash Dividend payments made, CSDP/broker
accounts credited/updated, as applicable, on Monday, 25 June
Announcement relating to the results of the Scrip Distribution and the Cash
Dividend alternative released on SENS on Monday, 25 June
Announcement relating to the results of the Scrip Distribution and the Cash
Dividend alternative published in the press on Tuesday, 26 June
JSE listing of ordinary shares in respect of the Scrip Distribution adjusted to
reflect the actual number of ordinary shares issued in terms of the Scrip
Distribution at the commencement of business on or about Wednesday, 27 June
All times provided are South African local times. The above dates and times are subject to change. Any change will be
announced on SENS.
Share certificates may not be dematerialised or rematerialised between Wednesday, 20 June 2018 and Friday, 22 June 2018,
both days inclusive.
Outlook
Southern Africa
In southern Africa, the Group expects PPDs to continue to grow in line with H1 2018 with continued good growth in
complementary and healthcare services. The Group will continue to take a cautious approach with regard to bed expansion,
aiming to add up to 20 brownfield expansion beds, bringing the total number of beds added in 2018 to approximately 110.
Capex for the year is expected at approximately R1.3 billion. The Group will continue to focus on improving the patient
experience as well as the clinical outcomes and driving operational efficiency.
Alliance Medical
Alliance Medical will continue to execute on its growth strategies in both existing territories and new potential
markets. In the UK, the focus will be on moving to longer-term contracts and on CDC opportunities as the competitive
environment in the mobile business is expected to remain. The good growth in PET-CT volumes is expected to continue in
H2. Italy will continue to focus on growing its clinic business. Capex for the year, including acquisitions is expected
to be approximately R1.5 billion.
Poland
Prospects for Scanmed have improved on the back of the new four-year contracts with NFZ. The Group will continue to
focus on driving further efficiencies and aligning the business to the Group's best operating practices. The effects of
these plans, implemented to sustain growth and manage costs, will be seen over a reasonable period of time. Capex for the
year is expected at approximately R53 million.
India
Max Healthcare will continue to focus on operational efficiencies and cost optimisation to mitigate the regulatory
impact as well as focusing on improving revenue from its preferred business channels. Discussions regarding the sale
of the Life Healthcare equity in Max Healthcare are in progress.
Further cautionary
Further to the cautionary announcement on SENS on 5 April 2018, shareholders are advised that the Company is still in
discussions to dispose of its equity interest in Max Healthcare. The transaction, if successfully concluded, may have
a material effect on the price of the Company's shares. Accordingly, shareholders are advised to continue to exercise
caution when dealing in the Company's shares until a further announcement is made.
Trading statement for the 12 months ended 30 September 2018
Life Healthcare's results for the 12 months ended 30 September 2018 are expected to show an increase of at least 20%
in EPS (minimum increase of 12.4 cps to at least 74.6 cps) and at least 20% in HEPS (minimum increase of 15.5 cps to at
least 92.9 cps) from reported EPS and HEPS for the financial year ended 30 September 2017 (EPS: 62.2 cps and HEPS: 77.4
cps). This is primarily due to the inclusion of Alliance Medical for 12 months (2017: 10.3 months), the non-recurring
impact of the transaction costs as well as the funding costs related to the Alliance Medical acquisition and the impairment
of Poland in 2017.
A detailed trading statement will be released in early November 2018. The forecast financial information on which this
trading statement is based has not been reviewed and reported on by the Group's external auditors.
Shareholders are advised that the investor presentation for the six months ended 31 March 2018 is published on Life
Healthcare's website (www.lifehealthcare.co.za).
Thanks
The contribution of the doctors, nurses and employees of Life Healthcare have greatly enhanced the quality of our
performance. We thank them for their contributions.
Approved by the board of directors on 31 May 2018 and signed on its behalf by:
Mustaq Brey S Viranna
Chairman Group Chief Executive Officer
Executive directors: S Viranna (Group Chief Executive Officer), PP van der Westhuizen (Group Chief Financial Officer)
Non-executive directors: MA Brey (Chairman), PJ Golesworthy, ME Jacobs, AM Mothupi, MEK Nkeli, JK Netshitenzhe,
MP Ngatane, M Sello, GC Solomon, RT Vice
Company Secretary: F Patel
Registered office: Oxford Manor, 21 Chaplin Road, Illovo; Private Bag X13, Northlands, 2116
Tel: 011 219 9000
Sponsors: Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 1 June 2018
Note regarding forward looking statements: The Company advises investors that any forward looking statements or
projections made by the Company, including those made in this announcement, are subject to risk and uncertainties
that may cause actual results to differ materially from those projected.
www.lifehealthcare.co.za
Date: 01/06/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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