Ramsay Health Care

FY22 Result
Presentation
12 months ended 30th June 2022
Managing Director & CEO, Craig McNally
Group Chief Financial Officer, Martyn Roberts

People caring for people

Important Information
This presentation is in summary form and is not necessarily complete. It should be read together with the Ramsay Group’s unaudited
consolidated financial statements lodged with the ASX on 26th August 2022.

This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward looking
statements are subject to a range of risk factors. Ramsay cautions against reliance on any forward-looking statements, particularly in light of the
current economic climate and the significant volatility, uncertainty and disruption caused by COVID-19.

While Ramsay has prepared this information based on its current knowledge and understanding and in good faith, there are risks and
uncertainties involved which could cause results to differ from projections. Ramsay will not be liable for the correctness and/or accuracy of the
information, nor any differences between the information provided and actual outcomes, and reserves the right to change its projections from
time to time. The Ramsay Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the
date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules.

2 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Agenda

01 Key Themes
Key Themes
02 Group FY22 Financial Highlights

03 Regional Highlights & Outlooks

04 Group Financials

05 Strategic Direction & Group Outlook

06 Questions
05

3 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Key Themes
Ramsay’s employees, clinicians and facilities continued to provide support to the public health sector through further waves of COVID and have supported communities
through localised crises with healthcare services and supplies
Ramsay has taken the decision to retain its core hospital operations and staff levels through out the pandemic. While this approach has impacted profitability in the short term it
does mean that the business is well placed to ramp up our activities and service patients and communities as demand recovers
Ramsay has absolute confidence in the future growth in demand and so has continued to invest in both organic and inorganic growth strategies to expand and upgrade
facilities and broaden its services delivering an improved healthcare experience for patients and doctors, drive underlying EPS growth and to achieve its vision to be a leading
healthcare provider of the future
― The Elysium Healthcare (Elysium) acquisition completed January 31st, builds on Ramsay’s strong position in mental health and acute care and delivers a pipeline of growth
opportunities. The business is performing in-line with expectations to be EPS accretive in FY23
― The acquisition of Swedish specialty healthcare provider GHP Specialty Care (GHP) completed in early May compliments the Nordics healthcare services platform. GHP is
expected to be EPS accretive in FY23. €6m of synergies p.a. expected by year three
― Investment in brownfield expansion and reconfiguration of existing facilities and selected greenfield sites remains a focus. Invested $370m¹ in FY22
― The business continues to build its digital and data foundations, a 5 year roadmap for Australia has been established
Ramsay is well positioned to benefit from the additional volume created by the backlog of elective surgery and a building pipeline of non surgical cases across all regions. The
challenge is managing through further waves of COVID and the impact on the availability of staff, clinicians and patients
The financial impact of COVID in FY22 was the most severe of the pandemic due to the high prevalence of COVID in the community across all regions and elective surgery
restrictions imposed in Australia.
― Focus is on productivity and efficiencies to mitigate inflationary and COVID related cost pressures to an extent
― Underlying demand for Ramsay’s facilities and services remains strong
The management of employee availability in the short term combined with recruitment and retention of our people in the medium term are significant challenges continuing to
effect the business. A range of programs have been launched to address the issues
Ramsay - announced its commitment to a near-term science based target of a 42% reduction in Scope 1+2 emissions by 2030 and long term science based target of net zero
carbon emissions across the value chain (Scope 1+2+3) by 20402

1. Greenfield, brownfield and growth projects

2. Refer ASX announcement 29th June 2022 “Ramsay Commits to Science Based Decarbonisation” targets for further details
4 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Investment in Our People

5 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Group FY22 Financial Results

12 months ended June A$'m $'m % chg on pcp

Total revenue and other income (less interest income) 13,740.0 3.1
 Earnings were impacted by the ongoing disruption caused by
EBITDAR¹ 1,967.6 (10.7)
the high numbers of COVID cases in the community on
activity levels, case mix and costs. Estimated impact on EBITDA² 1,830.2 (10.9)
Australia A$276m ($264m net of viability payments) EBIT³ 891.3 (21.3)
PBT⁴ 538.5 (27.4)
 All regions are being impacted by inflationary pressures on Minority interests attributable to non-controlling interests (105.2) (68.3)
operating expenses ex-COVID related costs
Statutory Net Profit to owners 274.0 (39.0)
 The result includes initial contributions from Elysium and Final dividend per share (DPS) (cps) 48.5 (52.9)
GHP, A$328m revenue and A$26m EBIT Full year dividend per share (cps) 97.0 (36.0)
Fully diluted earnings per share (EPS) (cps) 116.1 (39.7)
 Non-recurring items had a negative $60.5m impact at the
EBIT level ($34.2m in the pcp) offset to an extent by the net 1.
2.
Earnings before interest, tax, depreciation, amortisation, and rent
Earnings before interest, tax, depreciation and amortisation
positive impact of non recurring items in financing costs of 3.
4.
Earnings before interest and tax
Profit before tax
$25.8m
 Fully franked final dividend of 48.5cps was determined,
taking the full year dividend to 97cps compared to 151.5cps
in the pcp

6 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Australia – Highlights
Result Overview Results for 12 months to 30th June 2022 ($’m)
• The business continued to support the national response to COVID providing staff and capacity
to state governments 5,430 5,331
• The first nine months of FY22 were impacted by lock-downs and isolation orders combined with
state government mandated surgical restrictions
• Over the final three months of FY22 the business was impacted by the disruption caused by high
COVID case numbers in the community leading to high rates of sick leave and workforce
856 710
disruption as well as high numbers of doctor and patient cancellations
• The estimated impact of the disruption caused by COVID was $264m net of the $12m in viability
payments received 2021 2022
• Non-recurring items had a negative $40.2m impact on EBIT ( negative $0.9m in the pcp) Revenue from patients EBITDAR
• Investment in greenfield and brownfield continued with total spend $181m up 29% on the pcp

Outlook FY22 Capital Expenditure ($’m)

• Underlying organic growth is expected to be driven by the backlog in surgical and non-surgical activity
6
combined with the benefit of new capacity and services that have been developed over the last 18
months. FY23 activity levels and operational efficiency will continue to be impacted while COVID 88
cases remain high in the community. The impact in July is estimated to have been $38.7m
• Public contracting will be a key area of growth underpinned by commercially sustainable rates instead 181
of the viability guarantee’s cost recovery principle 32
• The business is focused on driving growth in volumes, addressing cost inflation by achieving improved
commercial terms with payors, building on our strong global procurement advantage and driving
productivity back to pre pandemic levels Maintenance Growth Brownfield Digital & IT projects
• Increased investment in staff training and development as well as recruitment and retention
strategies to meet short term workforce challenges
7 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Trends in Admissions
FY22 Admissions by work day vs FY21 and FY19 FY22 Revenue by State vs FY21 and FY19
(ex Mildura) (%chg) (ex Mildura) (% chg)

5 6
2 3 1 7
1 6
4 3
flat 2
-4 -2
-5
-10 flat
-1
-16 -4
Surgical Medical Psych Rehab Maternity Total NSW Queensland WA & SA Victoria (ex Mildura)

% chg vs FY21 % chg vs FY19 %chg vs FY21 %chg vs FY19

FY22 Surgical Admissions per Work Day vs FY21 and FY19 FY22 Non Surgical Admissions per Work day vs FY21 and FY19
(%chg) (ex Mildura) (%chg) (ex Mildura)

13.0% 15.0%

8.0%
10.0%
3.0%

(2.0%) 5.0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
(7.0%)
-
(12.0%)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
(17.0%) (5.0%)

(22.0%)
(10.0%)

FY22 vs FY19 FY22 vs FY21

FY22 vs FY19 FY22 vs FY21
8 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Australia – Investment Highlights
   Creating a best in class, digitally enabled healthcare ecosystem  
Hospitals Day Surgery Out of Hospital / Community
• Projects completed include In Hospital • Growth to 11 psychology sites in FY22.
• FY22 Brownfield/greenfield
capital expenditure - $181m • Expansion and redevelopment of hospital- Further 10 sites to be opened in FY23 across
 Greenslopes Surgical Expansion
based day surgery with ~62% of all Ramsay 4 states. Return to Work contract with
• Projects completed during the  Hollywood emergency
procedures being day only Sonder executed
period at a net investment of department
$232.5m delivered Stand-Alone Day Surgeries • 5.2m scripts delivered in FY22 in Ramsay
 Beleura redevelopment Pharmacy. 76% increase in professional
 240 net beds  Stage 3 of Westmead expansion • 3 (out of 7 existing sites) rebranded to
services. Creation of ‘professional services
 9 theatres, 3 procedure Ramsay Surgical Centre
 New Australian first women’s pharmacist’ roles
rooms trauma mental health clinic • 3 new day surgery sites approved during • 32 allied health sites; offering new models
 18 consulting suites opened in August 2022 in Thirroul FY22 (1 acquisition/2 under development) of care for Cancer, Parkinsons, Arthritis,
 New emergency department • 2 other sites have proceeded to DA stage Pain relief
• Low cost/digital op model • Ramsay Connect JV delivering HITH & RITH
supporting the equivalent of a 104 bed
virtual hospital
FY23: Total spend on the development pipeline is now expected to be $250-300m
FY24 - FY25: Development spend in FY24 to FY25 is expected to be above the $250-400m pa

Digital Investment
Commencement of 5 year digital investment journey, with ~$30-35m opex and ~$3m CAPEX in FY23, including cyber security.
9  Integrated
People and
Caring for People connected
- FY22 care12Months
Results Briefing Operational efficiency
 Improved quality and satisfaction  Digital health opportunities
Ended 30 June 2022
 Australia – Digital and Data Strategy
 To achieve Ramsay’s vision to be a digitally enabled patient RAMSAY AUSTRALIA DIGITAL AND DATA STRATEGY
centric integrated health care provider the business has
embarked on a digital transformation in Australia
 The strategy has been developed to deliver a better patient
experience, improved clinical outcomes and productivity
improvements
 A sequenced five-year strategic digital road map has been
developed to guide future investment around four
transformation themes
 The roadmap has been structured across three-time horizons:
• Build foundations and enhance the existing business - 1-2 years
• Scale, transform and add new services - 2-3 years
• Disruption innovation 3-5 years

 This work will also guide the development of Ramsay’s

underpinning enterprise architecture
 Investment in the digital and data strategy¹ in FY23 is expected to
be ~$30- 35m (opex)² and $3m (capex)
 Investment over the next five years is expected to increase
significantly with commensurate benefits expected to flow over
subsequent years

1. Includes Cyber Security

2. Includes the development costs associated with SaaS platforms

10 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 UK – Highlights and Outlook
Result Overview UK result for 12 months to 30th June ($’m)
• Ramsay UK reverted to pre COVID commercial arrangements with NHS for most of the year however it (includes 5 months of Elysium ownership in FY22)
continued to assist during the Omicron surge in cases
• Admissions increased 6.5% reflecting the contribution from newly opened facilities and an increase in 1,195
underlying activity, in particular private patients, combined with a challenging year in the pcp
• The business opened a new day surgery in Chorley in October, the third new facility opened during the 607
pandemic 418
182 126
• Ramsay UK was impacted by challenges stemming from COVID circulating in the community. Over 82
30,000 episodes of care were cancelled at short notice driving higher costs. The estimated impact of the
costs of operating in a COVID environment was £30.6m (~A$56m) FY21 FY22
• The result includes the negative impact of non-recurring items of $44.4m including transaction costs
• The Elysium acquisition contributed $284.3m in revenue and $23.1m in EBIT the result does not reflect Revenue from Patients
the full benefits of growth in capacity in the last twelve months Revenue from govt. under COVID support contracts
• Both businesses were impacted by significant inflationary pressures of 5%+ in particular labor costs
EBITDAR
Outlook
• In FY23 Ramsay UK activity levels will be subject to the impact of further waves of COVID including the Capital Expenditure ($’m)
ongoing potential for short term cancellations and NHS imposed restrictions on capacity utilisation
• The business is expected to benefit from its strong partnership with the NHS combined with private 21
13
patient growth, to drive an increase in activity levels over the medium term
• New capacity built over the last two years combined with a new two theatre day surgery facility
expected to be commissioned in 2HFY23 at Kettering and a new theatre being developed at New Hall
will contribute to volume growth in FY23
• The FY23 UK result will benefit from a 12-month contribution from Elysium. The result is expected to
benefit from higher average paid beds and higher occupancy rates. Elysium has a pipeline of brownfield
developments and acquisition opportunities which will deliver additional capacity and drive growth 58
• In FY23 both businesses will continue to be impacted by inflationary pressures on most operating
expenses and labor shortages Maintenance Brownfield Digital

11 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Europe – Ramsay Santé Highlights and Outlook
Result Overview Result for 12 months to 30th June ($’m)
• Ramsay Santé continued to support governments to manage the pandemic
6,504 6,707
• The business reported growth in activity levels over the 12-month period heavily weighted to
day procedures and out of hospital activity in its primary and specialty care businesses
• PBT increased 68.1% to A$285.3m. Adjusting for non-recurring items PBT increased 17.0% on the
pcp reflecting the skew of the Nordics business to out of hospital and primary healthcare
services, offsetting the difficult trading conditions in the French acute hospitals business 1,154 1,160
428 402
• Margins were negatively impacted by the additional costs associated with managing the
pandemic and the significant inflationary cost pressures including the increased use of agency
staff to manage higher absenteeism levels. Costs have been mitigated by the positive impact of FY21 FY22
the COVID related subsidies received both in France and the Nordics countries Revenue from patients and other revenue
• Consistent with it's strategy to enter adjacent healthcare services markets, Ramsay Santé made a
number of acquisitions in the Nordics region, the most significant being the acquisition of Income from govt. grants
Swedish specialty health care provider GHP completed in May 2022 EBITDAR

Outlook Capital Expenditure ($’m)

• The French Government has indicated that it will extend the revenue guarantee from 1st July
2022 to 31st December 2022. This is yet to be confirmed by decree 37
• In FY23 the ramp up in activity levels in France will depend on the level of COVID cases in the
community
• The business has invested in a number of programs to develop, retain and attract staff and 39
197
clinicians to meet the forecast increase in demand levels as COVID cases decline
• The business will continue to be impacted by inflationary cost pressures 62
• The Nordics business will benefit from a full year contribution from recent acquisitions; organic
volume growth driven by new contracts; and expanded patient lists. The focus will be on
integrating the acquisitions made by the business over the last eighteen months both physically
and digitally to leverage the specialty care platform that has been created
Maintenance Growth Digital/IT Brownfields

12
People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Asian Joint Venture – Ramsay Sime Darby (RSD)
Result Overview Equity Accounted Contribution Year Ended 30 June
• RSD reported a 9.3% increase in revenue over the pcp over the twelve month period, (A$’m)
driven primarily by the inclusion of a full year of the Bukit Tinggi Medical Centre in
Malaysia, which was acquired in May 2021 and the contribution from COVID related 15
activities including testing and vaccination.
11
• EBIT for the period increased 19.1% over the pcp, reflecting the expanded asset base
and the contribution from the provision of COVID-related services in both Malaysia
and Indonesia.
• The day surgery in Hong Kong was closed on 30th June 2022 given the facility was
making losses and the nursing college in Malaysia has been sold
FY21 FY22
• The equity accounted contribution from the joint venture, included in the Asia
Pacific earnings, for the twelve month period increased 41.7% compared to the pcp
to $15.3m

Outlook Results for Year Ended 30th June (MYR’m)

• The operating environment has started to normalise, Governments in the region
have started to relax operating procedures boosting patient visits 1,178
1,078
• The region will continue to be impacted by further waves of COVID cases
• The region is focused on implementing strategies to address critical nursing
shortages
• The business will continue to invest in its digital strategy including several digital 133 159
front door projects including the digitisation of admission, discharge and billing
• As announced on 22nd March 2022, Ramsay and Sime Darby Berhad are currently exploring a FY21 FY22
potential sale of their joint venture, Ramsay Sime Darby Health Care Sdn Bhd. Ramsay and its
partner continue to pursue this transaction¹ Revenue EBIT

1. Refer ASX announcement 22nd March 2022 “Response to Speculation – Receipt of Non-binding Indicative Proposal for Ramsay’s joint venture in Asia, Ramsay Sime Darby”
13 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Ramsay is driving action through three pillars: healthier people,
stronger communities and a thriving planet.

• First ‘Quality of Life & Working Conditions’ agreement in Europe

• Enterprise-wide HR and Electronic Patient Record systems in UK
• New nursing advancement programs
• Global and regional leadership training
Half Year Highlights Half Year Highlights
• Approximately 300 people in total trained to-date in Mental Health
First Aid • Ramsay Santé Foundation’s Prevent2Care Lab
expanded with the first cohort of Nordic
• Ramsay UK and Elysium switched to 100% renewable electricity applicants for the ‘Accelerator for Preventative
• Avoided or replaced more than 38 million single-use plastics Healthcare Startups’ program addressing 5 key
• 94% of Ramsay Santé facilities completed CSR self-assessment challenges in preventative healthcare
• Ramsay Hospital Research Foundation has
• Theatres switching to more environmentally-friendly anaesthetic gases
launched a new grant, the Translational
• Climate vulnerability assessment across more than 300 assets Challenge Grant, with $2.5 million of funding
• Ramsay Australia solar panel rollout and LED installation program available in the first round to fund translational
including retrofitting more than 16,000 lights research that will break the cycle of
disadvantage and improve patient outcomes in
• Ramsay Hospital Research Foundation program supports >1,000 four clinical areas: cancer, mental health,
clinical research projects cardiovascular health, orthopaedic surgery or
musculoskeletal injury
• Ramsay Santé Foundation expanded backing for start-ups working in
preventative healthcare to Focus
23 start-ups and 7 associations
Focus Focus
• Help for communities in need, including medical supplies and
healthcare for Ukraine and victims of flooding in Australia
• More than 25% of suppliers (by share of spend) engaged in At least 95% coverage of Scope 1 & 2 emissions and
responsible sourcing program 90% coverage of Scope 3 emissions. Baseline for
targets 2020
14 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Group Financials
Group CFO Martyn Roberts

ramsayhealth.com
 FY22 Group Performance
 Revenue from "Governments under COVID support contracts" reflects 12 months Ended 30th June A$'m 2022 2021 (%)chg (%)chg cc*
payments received under agreements with governments in both the UK Revenue from patients and other revenue 13,174.0 12,435.5 5.9 7.4
and Australia
Revenue from governments under COVID 19 support contracts 138.4 428.7 (67.7) (68.1)
 “Income from government grants" reflects payments received under Income from government grants 402.0 428.3 (6.1) (3.3)
the French Government decree and cost compensation from Interest income 36.2 7.1 410 423
governments in the Nordics Other income - net profit on disposal of non-current assets and income from
the sale of development assets 25.6 32.7 (21.7) (17.6)
 EBIT includes a number of non-recurring items totalling ($60.5m) Total revenue and other income 13,776.2 13,332.3 3.3 4.6
(($34.2m) in the pcp) Share of profit from Ramsay Sime Darby joint venture 15.3 10.8 41.7 43.2
• Transaction costs of $56.4m ($23.8m in the pcp) EBITDAR 1,967.6 2,203.2 (10.7) (9.3)
• The expensing of IT and other assets $12.8m EBITDA 1,830.2 2,053.5 (10.9) (9.3)
• Impairments of $11.3m ($34.6m in the pcp) EBIT 891.3 1,132.6 (21.3) (19.7)
• The benefit of the refund of prior year rent in France of $8.3m Net Profit before tax 538.5 741.6 (27.4) (25.1)
• A profit on sale of assets in Europe and Asia Pacific of $19.2m ($24.2m in the pcp) Net Profit after tax 379.2 511.5 (25.9) (23.5)
• The write down of obsolete inventory in the UK and Australia of $22.3m Minority interests attributable to non-controlling interests (105.2) (62.5) (68.3) (77.2)
• The write back of a provision for indemnities and warranties $24.8m Net Profit after tax attributable to owners of the parent 274.0 449.0 (39.0) (37.6)
Interim dividend per share (¢) 48.5 48.5 - -
• Non-recurring employee costs $10m
Final dividend per share (¢) 48.5 103.0 (52.9) -
 Profit before tax includes the positive impact of non-recurring items in Basic Earnings per share (after CARES dividend)(¢) 116.3 193.2 (39.8) -
the net interest line: Fully diluted earnings per share (after CARES dividend) (¢) 116.1 192.6 (39.7) -
• An $7.4m net upfront break fee cost associated with the early repayment of two * Constant currency
debt facilities offset by a $34.1m positive mark to market movement on Ramsay
Santé’s interest rate swaps

 The effective tax rate was slightly lower than pcp at 29.6%.
 The increase in minority interests reflects the increase in the
contribution from Ramsay Santé

16 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Cashflow

Year ended 30 June A$'m 2022 2021 Chg (%)

EBITDA 1,830.2 2,053.5 (10.9)
 The movement in working capital is primarily the result of an Changes in working capital (457.1) (72.7) (528.7)
increase in the trade and other receivables amounts as funding from Finance costs (375.4) (367.5) (2.1)
the government grants provided under the French Government Income tax paid (229.3) (228.2) (0.5)
revenue guarantee decree reduced Movement in other items (52.9) 96.1 (155.0)
Operating cash flow 715.5 1,481.2 (51.7)
 Cash capital expenditure increased reflecting brownfield programs
Capital expenditure (708.5) (628.9) 12.7
primarily in Australia and Europe
Free cash flow 7.0 852.3 (99.2)

 The large movements in divestments and financing cashflows Net divestments/(acquisitions) 734.1 (1,910.2) 138.4

reflects the repayment of the amount held in escrow at 30th June Interest & dividends received 4.4 34.9 (87.4)
2021 for the Spire transaction ($A1.96bn) combined with the Cash flow after investing activities 745.5 (1,023.0) 172.9
acquisition of Elysium on 31st January (A$1.5bn) Dividends (371.0) (125.1) (196.6)
Other financing cash flows (1,039.9) 709.1 (246.7)
 Dividends paid increased over the pcp reflecting the fact that Net increase/(decrease) in cash (665.4) (439.0) (51.6)
Ramsay did not pay an FY20 final dividend due to the uncertainty Interest cover (x) (EBITDA/finance charges) 4.9 5.6 -
created by the first wave of COVID

17 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Capital Expenditure
Capital Expenditure by region ($'m) FY22 Group Capital Expenditure by Type (%) FY22 Group Capital Expenditure by Region (%)

0.85-1.0bn
42
733
674
38
46 42
380-460
356 334 300--350
307
260
170-205
58 93

8 12 12
Asia Pacific UK Europe Total

FY21 FY22 FY23F Routine & Compliance Growth Digital Brownfield & Greenfield Asia Pacific UK Europe

 Group capital expenditure for the period was $733m. Some delays were experienced in projects in Australia due to the
impact of COVID on the building industry and supply chains
 Forecast FY23 capital expenditure is expected to be in the range $0.85bn-$1bn
 Capital expenditure is expected to remain at elevated levels for FY24-FY26

18 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Capital Employed and Balance Sheet
A$'m 30/06/2022 31/12/2021 30/06/2021
Working capital (337.7) (368.5) (794.8)
Property plant & equip 4,806.9 4,537.1 4,488.6
Intangible assets 5,799.0 4,320.6 4,233.6
Current & deferred tax assets 111.7 177.5 150.7
Other assets/(liabilities) (153.9) (305.0) 1,646.2
Capital employed (before right of use assets) 10,226.0 8,361.7 9,724.3
Right of use assets 4,627.7 4,315.8 4,411.5
Capital employed 14,853.7 12,677.5 14,135.8
Capitalised Leases (AASB16) 5,482.4 5,182.0 5,271.0
Net Debt (excl. lease liability debt & incl. derivatives)¹ 4,845.1 2,985.9 4,314.0
Total shareholders funds (excl minority interest) 3,933.5 3,958.3 4,032.7
Invested Capital 8,778.6 6,944.2 8,346.7
Funding Group Net debt (excl. lease liability debt and incl derivatives) A$'m 2,416.8 840.7 2,565.1
Return on Capital Employed (ROCE) (%)² 6.6³ 8.5 9.3³
Return on invested capital (ROIC) (%)⁴ 3.6³ 5.5 7.0³
Funding Group Leverage (Old Lease Standard AASB 117) (x) 3.3 1.0 2.9
Consolidated Group Leverage (New Lease Standard AASB 16) (x) 5.7 4.2 4.7
1. Net debt includes derivatives and excludes lease liabilities
2. ROCE - 12 month rolling EBIT / average of opening & closing capital employed
3. Proforma excluding funds in escrow for the Spire transaction
4. ROIC – defined as 12 month rolling NPAT (based on AASB16)/shareholder equity and net debt (pre AASB16 EBIT). Consistent with LTIP calculation

 Key movements in the balance sheet since 30th June 2021 primarily relate to the repayment of the funding drawn down and held in escrow at 30th June for
the Spire transaction ($1.96bn) and the acquisition of both Elysium completed on 31st January 2022 for an enterprise value of £775m (~A$1.5bn) and GHP in
Sweden for an enterprise value of €240m (~A$370m)

 Taking advantage of the current low interest rate environment during the period, Ramsay terminated two fixed rate loan facilities totaling $200m which were
due to expire in FY25. The net upfront cost of the early repayment of the facilities was $11.3m and the future net reduction in finance costs are estimated at
approximately $3.6m in both FY23 and FY24 and $1.2m in FY25

19 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
 Leverage

Reported Leverage and Debt Metrics as at 30th June $’m

12,000 5.7x
 Funding group leverage¹ reflects the significant
investment in the business over the twelve 10,000 4.7x
4.2x
month period combined with the impact of 5,482
8,000 5,271
COVID on activity levels and margins
6,000 2.9x
 Leverage metrics do not reflect the benefit of a 5,182
full 12 month contribution from completed 4,000
1.0x
3.3x
brownfield developments
2,000 4,314
2,986 4,845
 Ramsay’s estimate of Fitch leverage using its 0
revised methodology² is 4.88x Jun-21 Dec-21 Jun-22

Consolid.Net Debt (AASB117) Capitalised Leases (AASB16)

Funding Group (AASB117) Consolid. Leverage Ratio (AASB16)

1. Funding Group excludes Ramsay Santé and Ramsay Sime Darby

2. Fitch revised methodology - total adjusted gross debt (including lease debt) /operating EBITDAR (Funding Group metrics). Investment grade rating target 3.3x

20 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Strategy and Outlook
Managing Director and CEO Craig McNally

ramsayhealth.com
Ramsay will continue to invest in its strategy to be a leading integrated
healthcare provider of the future

22 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Group Outlook
 Ramsay has invested approximately $2.7 billion over the past two financial years to expand and upgrade its facilities and broaden its service base. This
investment is underpinned by: demographic trends driving strong demand for healthcare services in western countries; advances in clinical practice
improving patient outcomes and extending life expectancy; the elective surgery backlog created by the pandemic combined with an increase in demand
for some non-surgical services ; and increased Government focus on the importance of investment in maintaining strong, efficient healthcare systems

 Underlying earnings growth in FY23 will benefit from the additional capacity created over the last few years combined with full year contributions from
Elysium and recent acquisitions in Europe. The focus will remain on driving the synergies, realising the growth opportunities and improving returns

 In the near term, the industry continues to be under pressure from a high level of COVID cases in the community combined with the highly restrictive
guidelines around the patient pathway together with the resultant impact on the availability of the workforce, impeding a recovery in volumes and
productivity

 The French Government has indicated that it will extend the revenue guarantee from 1st July 2022 to 31st December 2022¹, providing stability to earnings
in the French acute hospital business while the operating environment remains unpredictable

 Our partnership and relationships with Governments in each of our markets have developed over the last few years. We believe there will be meaningful
opportunities for the private sector to partner with Governments in the future. Given our global health care capabilities and proven reliability as a private
sector operator Ramsay is uniquely qualified to be a core healthcare partner

 Given inflationary and COVID related pressures on costs, Ramsay will focus on negotiating improved terms with payors to reflect this, (both health funds
and governments) leveraging the Groups global scale in procurements and driving efficiency and productivity improvements where the operating
environment allows

 Ramsay believes the outlook for the Group remains strong. Our world class hospital network combined with our outstanding people and clinicians give us
confidence that the business is well placed to take advantage of the positive long-term dynamics driving the healthcare industry. We expect a gradual
recovery through FY23 and more normalised conditions from FY24 onwards

1. This is yet to be confirmed by decree

23 People Caring for People - FY22 Results Briefing 12 Months Ended 30 June 2022
Questions

ramsayhealth.com
 Appendix - Partnerships with Government
During the twelve months to 30 June 2022, Ramsay continued to make its facilities and services available to support public health systems in Australia, France and
the United Kingdom. The status of the arrangements are detailed below.

Australia United Kingdom France

Overview • From either 31 March 2020 or 1 April 2020, agreements • An initial agreement was entered into with the NHS England • The French government issued its initial decree on 7 May
commenced with the state governments of New South Wales, (NHSE) from 23 March 2020 to 31 December 2020, which 2020, which provided a guarantee of revenue from 1 March
Victoria, Queensland and Western Australia. operated on a cost recovery basis. 2020 to 31 December 2020.
• Ramsay UK reverted to pre COVID commercial arrangements • A new decree was issued and subsequently extended covering
with the NHS for the period 1st July 2021 to 31st December the 12 month period ending 31 December 2021.
2021. • The French Government introduced a new decree for the
• On 10th January 2022 a new volume-based agreement with period 1 January 2022 – 30 June 2022, and has indicated that
the NHSE came into effect and expired on 31st March 2022. it will extend the revenue guarantee from 1 July 2022 to 31
December 2022, however the details including applicable
mechanism are yet to be confirmed by decree

Terms • In return for the commitment to maintain full workforce • The guarantee compensates the business for the use of its
capacity at the facilities, Ramsay received, and recognised as facilities and services when required during the pandemic.
revenue, net recoverable costs (being recoverable costs less • For the period 1 July 2021 to 31 December 2021, the decree
any revenue generated from operations, calculated on an provided a guarantee of revenue equal to the equivalent
accruals basis). period of 2020 billed revenue, inclusive of the 2020 revenue
• Recoverable costs and revenue amounts are aggregated guarantee.
quarterly, with each quarter considered separately. Where the • The estimates, payments and final square up that form part
revenue amounts exceed recoverable costs, the payment for of the revenue guarantee period are completed on a site-by-
that quarter is deemed to be zero. site basis. A final square-up of the revenue and cash advances
will be performed following the end of the period
• Social Security pays Ramsay Santé a monthly cash advance

Duration • The New South Wales agreement remains on foot. • The initial agreement with the NHS commenced from 23 • The French government issued decrees covering the period
• The Victorian agreement was paused from 31 March 2021, but March 2020 and ended on 31 December 2020. from 1 March 2020 through to 30 June 2022.
& Status recommenced for the months of October and November and • The new, volume-based agreement came into effect on 10 • The French government has indicated that it will extend the
then recommenced again from 1 January 2022 until 27 January 2022 and expired 31 March 2022. revenue guarantee from 1 July 2022 to 31 December 2022,
February 2022. however the details including applicable mechanism are yet
• The Queensland agreement was paused from 30 June 2020, to be confirmed by decree.
but recommenced from 20 December 2021.
• The original WA agreement expired and was replaced with a
new agreement on essentially the same terms from 1 April
2022 with an Initial Term of 12 months, plus a Further Term of
6 months at the discretion of the Department.
25 Results Briefing – Six months ended 31 December 2021
ASX ANNOUNCEMENT

26th August 2022

Ramsay Health Care FY22 Final Results - Presentation Speech

Slide 1 Front Cover

Good morning, everyone and thank you for joining us for our FY22 full year results
presentation webcast. My name is Craig McNally, and I am the Managing Director & CEO of
Ramsay Health Care, and I am joined by Martyn Roberts our Group Chief Financial Officer.

Slide 2 - Disclaimer for noting

Slide 3 Agenda

Today we will provide an overview of our performance for the twelve-month period, an
update on our strategic direction, before covering off on the outlook for the Group.

Slide 4 Key Themes

Moving to the key themes of the year.

Ramsay’s people and doctors have continued to assist governments across all our regions in
dealing with the pandemic through the treatment of COVID cases, the treatment of critical
non COVID patients and running activities such as vaccination and testing clinics. And as they
have always done, our people have supported our local communities with healthcare
services and supplies through crisises such as the floods in Australia and the conflict in
Ukraine. I would like to take this opportunity to thank our people for continuing to support
our patients and the communities in which we operate, embodying Ramsay’s purpose, of
people caring for people. I am really proud of what our people have achieved over the last
few years and the role the organisation has played in supporting the response to the
pandemic.

Throughout the pandemic, consistent with Ramsay’s values, we have taken the decision to
retain our core hospital operations and staffing levels. While this approach has impacted
profitability in the short term it does mean that we are well placed to ramp up our activities
and service our patients and communities as volume starts to improve.

We have absolute confidence in the future growth in demand for healthcare services and so,
despite the challenges created by further waves of COVID, we have continued to invest
significantly in both organic and inorganic growth strategies to upgrade and expand our
facilities and broaden our service platform. This has included investment in our brownfield
and greenfield development pipeline with a number of new projects completed during the
year.
We have made two acquisitions of note this year, the mental health services business
Elysium Healthcare (Elysium) in the UK and Swedish specialty health care business, GHP
Specialty Care (GHP). Both businesses build on our existing capabilities and are expected to
be EPS accretive in FY23. The focus is now on extracting synergies and integrating the
businesses.

We have continued to build on our digital and data foundations with the aim of leveraging
our existing business base and supporting our entry into adjacent health services. And we
have invested in our Ramsay Cares strategy which is focused on driving action through
healthier people, stronger communities, and a thriving planet.

Importantly underlying demand for healthcare services remains strong in all our regions and
the pipeline of elective surgery cases has grown, driving private pay admissions and private
health insurance membership. The business remains extremely well positioned to benefit
from this demand.

As you would have seen we have released an update on the negotiations with the KKR led
consortium regarding a potential scheme of arrangement to acquire all the shares in
Ramsay. There is nothing further I can say in relation to the proposal at the current time and
I won’t be taking any questions on it. Suffice to say that our Board is very focused on
delivering the best outcome for shareholders.

Slide 5 Investment in Our People

Workforce retention and wellbeing, combined with recruitment, remain critical challenges in
all our markets and are expected to remain the number one focus of the senior
management team in the foreseeable future.

Our group-wide people strategy revolves around developing capability, culture, and the best
people in healthcare. We have lifted our investment in a range of activities to grow our
workforce through graduate programs, cadetships, and reskilling programs.

Priority areas include:

• providing flexible working conditions;

• more accessible learning and training opportunities;
• expanding our leadership programs; and
• investing in technology to simplify processes and allow our people to spend more time
with our patients.

Slide 6 Group FY22 Financial Highlights

Moving to the Group performance. The financial impact of COVID on Ramsay over the last
twelve months has been the most significant of the pandemic, reflecting the increase in
cases in all our markets. Government mandated surgical restrictions and movement and
isolation orders resulted in lower activity, higher costs and a change in case mix. As the
world has moved to “living with COVID” our facilities have continued to juggle the impact on
activity levels and costs of last-minute cancellations by doctors and patients combined with
higher labour costs as a result of staff sick leave.

The result includes initial contributions from Elysium for five months and GHP for two
months which combined contributed $26m to EBIT. There were a number of non-recurring
items in the result primarily related to transaction costs, inventory write downs and profit on
disposal of assets.

The Board determined a fully franked final dividend of 48.5 cents per share, which was flat
on the interim dividend, taking the full year dividend to 97cps.

Slide 7 Australia- Highlights & Outlook

Moving to the result in Australia.

The Australian business continued to support state governments with both staff and
capacity as COVID cases escalated through the year.

The impact of COVID on the business accelerated in the second half of FY22 as the Omicron
variant spread, resulting in a significant increase in COVID cases in the community driving:

• higher labour costs due to increasing rates of employee absenteeism; and

• a significant decline in activity levels due to the disruption caused by cancellations at
short notice by doctors and patients also making it difficult to flex costs.

The estimated impact of the disruption across the twelve-month period was $264m net of
the $12m in viability payments made by various state governments for the use of our
services and capacity at various times during the year.

Turning to the outlook.

Underlying organic growth in activity is expected to be enhanced by the backlog in surgical

activity and to a certain extent non-surgical activity such as delayed cancer treatment. Our
significant investment in new capacity and services over the last two years combined with
new clinician recruitment will drive further growth.

Earnings in FY23 will continue to be impacted by elevated labour and PPE costs while COVID
cases in the community remain high. In July the estimated impact of operating in the COVID
environment, including higher labour costs is estimated to have been $38.7m.
The business is focused on driving growth in volumes, addressing cost inflation by achieving
improved commercial terms with payors, building on our strong global procurement
advantage and driving productivity back to pre-pandemic levels

Slide 8 Australia - Trends in Admissions

Moving to look at some of the trends in admissions in Australia.

All states except Victoria reported lower revenue and total admissions per workday versus
FY21. The result in Victoria highlights the more severe restrictions in that state in FY21.
While surgical restrictions in Queensland and Western Australia were not as severe as NSW
and Victoria those states were not immune to the disruption, in particular the impact of
cancellations at short notice by doctors and patients.

Overnight admissions per workday across all categories continued to be weaker against FY21
and pre COVID activity levels in FY19. Surgical and psych day admissions were lower than the
pcp reflecting surgical restrictions and isolation orders and in the case of psych, concerns
about returning to the hospital environment. Medical and Rehab started to see
improvements versus the prior period in day admissions, medical admissions benefitting
from the lifting of movement restrictions and isolation orders on the community.

Slide 9- Australia - Investment Pipeline

Turning to the investment pipeline. The business continued to invest in its development
pipeline and while some projects scheduled to commence in FY22 have been delayed due to
the impact of COVID on the building industry and external approval processes, the pipeline
remains strong, and a number of large projects were successfully completed during the
period.

The business invested $181m in its development pipeline and completed projects with a
total investment value of $232.5m delivering 240 net beds, 9 operating theatres, 18
consulting suites and three new procedure rooms. This included the completion of the new
Hollywood Emergency Department in Perth, a surgical expansion at Greenslopes in Brisbane,
the completion of the Stage 3 development at Westmead in Western Sydney, an expansion
of the Pindara hospital on the Gold Coast and the redevelopment of Beleura hospital on the
Mornington Peninsula in Victoria.

Key delays include the expansions of Joondalup private hospital in Perth and our hospital at
Lake Macquarie both large complex developments and approvals have taken longer than
originally anticipated.

Spend in FY23 is expected to be in the range of $250m-$300m with FY24 and FY25
investment likely to be in the range of $250-$400m per annum with investment focused on
hospitals in large regional centres including Wollongong and Port Macquarie.
As we highlighted last year, we are focused on growing our day surgery capacity both within
hospitals and through standalone facilities with several new sites approved this year and
others under consideration. We have opened 11 new Ramsay Psychology clinics in Australia
over the past 12 months and we have plans to establish 20 more of these clinics in the next
two years. Our hospital in the home business is expanding and we are now delivering care to
the equivalent of a 104-bed virtual hospital through Ramsay Connect.

Slide 10 Australia Digital and Data Strategy

Following the appointment of our new Global Chief Digital and Data Officer, the Australian
business has developed a five-year strategic digital road map to guide investment around
four transformation themes;

• The creation of an integrated ecosystem for patient centric care including the
development of our digital front door;
• Clinical excellence through digital and digi physical care including the rollout of electronic
patient health records and investment in AI and analytics to support clinical outcomes;
• Leveraging our data to drive our actions, decisions and improve clinical outcomes; and
• The creation of a digitally enabled operating environment, streamlining activities, and
giving our nursing and clinical staff time back with the patient.

Investment in the Australian digital and data strategy and cyber security in FY23 will be in
the order of $30m to $35m which we expect to largely be expensed given the nature of most
of the spend is software as a service. We expect investment in future years will be significant
as the plan is implemented.

Slide 11 - United Kingdom - Highlights & Outlook

Turning to the UK. Ramsay UK, the acute hospital business, reverted to its traditional pre
COVID operating arrangements with NHS England for the first half of the year where we get
paid for activity we undertake.

Following the Omicron driven rise in hospitalisations prior to Christmas, the NHS England
approached Ramsay to enter into a new volume-based agreement to cover the period 10th
January to 31st March 2022. The business was also able to treat private patients during that
time.

The UK was impacted by the same COVID related factors as the Australian business resulting
in approximately 30,000 episodes of care cancelled at short notice across the year. The
estimated impact of costs related to operating in the COVID environment was £30.6m. These
costs did decline over the year but remain above pre COVID levels.

Demand from private patients continued to grow representing over 28% of total admissions
in FY22. Within this self-pay admissions was the fastest growing segment albeit from a low
base.
The result includes $26.2m of transaction costs and an $18m write down of inventory.

Capital expenditure in brownfield and new developments for the period was $46m with
projects including the completion of Buckshaw hospital in Chorley, the third hospital the
business has opened during the pandemic.

We were very pleased to complete the acquisition of Elysium on 31st January, we believe the
business has a strong strategic fit with Ramsay’s existing mental health care businesses. The
business contributed $284m in revenue and $23m in EBIT for the five months of ownership.

Turning to the outlook

Subject to the impact of further waves of COVID, Ramsay UK is expected to benefit from its
strong partnership with the NHS, combined with private patient growth, to drive an increase
in activity levels. Ramsay is actively working with the UK Government and the NHS around
the model for the delivery of additional capacity over the medium to long term to address
the expanding public wait list for elective surgery and non-surgical services.

The business will benefit from new facilities opened over the last 18 months combined with
a new two theatre day surgery facility expected to be commissioned in 2HFY23 at Kettering
and a new theatre being developed at New Hall.

The FY23 UK result will benefit from a full 12-month contribution from Elysium. The Elysium
result is expected to benefit from an increase in average paid beds driven by brownfield
developments and higher average occupancy levels.

We expect both businesses will continue to be impacted by inflationary pressures and

significant labour shortages impacting some parts of the workforce, making it difficult to
operate at full capacity. The business is investing in new recruitment programs to support
the business as demand returns.

Slide 12 – Europe - Highlights & Outlook

Ramsay Santé maintained its commitment to taking care of COVID patients in Europe and
has also continued to support governments to manage the pandemic through both COVID
testing and vaccinations.

The business continued to be impacted by the additional costs associated with operating in
the COVID environment. Costs were mitigated to an extent by the COVID related subsidies
received both in France and the Nordics countries.

The Nordics business reported strong growth in earnings, a combination of underlying

organic growth and the benefit of acquisitions. Excluding the impact of a number of non-
core items, EBIT from the Nordics region grew 14% on the pcp.
Consistent with its strategy to enter adjacent healthcare service markets, Ramsay Santé
made a number of acquisitions in the Nordics region the most significant being the
acquisition of GHP based in Sweden.

Turning to the outlook

While COVID is expected to continue to impact the operating environment while cases are
high in the community, Ramsay Santé remains focused on:

• Supporting governments in its region to address the COVID pandemic;

• Pursuing the strategy of moving further along the patient pathway through investment in
adjacent services;
• Optimising the hospital and clinic network in France through brownfield investment;
• Extracting the synergies from recent acquisitions in the Nordics and selectively seeking
further bolt on acquisitions to optimise its primary care and speciality healthcare
platforms;
• Developing and supporting new policies to attract and retain its people;
• Improving the efficiency of its back-office support systems to support the growth in the
business; and
• Investing in its digital platform to support and grow demand for its services.

Following the recent rise in Omicron cases, the French Government has indicated that a new
revenue decree providing support for private hospital operators will be issued for the period
covering 1st July to 31st December 2022.

Slide 13 – Ramsay Sime Darby - Highlights & Outlook

Moving to Asia and the equity accounted contribution from our joint venture, Ramsay Sime
Darby, increased 41.7% to $15.3m primarily reflecting the contribution from the Bukit Tinggi
Medical Centre in Malaysia acquired in May 2021.

As we announced on 22nd March this year, we are, together with our partner Sime Darby
Berhad, currently exploring a potential sale of the joint venture, and those discussions
continue.

Slide 14 – Ramsay Cares

We are proud of the progress we have made on our Ramsay Cares Sustainability Strategy.
Programs implemented this year have focused on investing in our people, upskilling in key
areas including leadership and mental health support training.

A major milestone for the business has been establishing a Group-wide commitment to
science-based targets to achieve net zero greenhouse gas emissions by 2040. We have
already established a number of programs to support achieving this target.

I will now hand you over to Martyn to run through the financials in more detail
Slide 15 – Group Financials

Slide 16 – Group Performance

Thanks Craig and good morning, everyone.

Turning to the P&L. The components of total revenue are slightly distorted primarily due to
the UK business moving back to its pre COVID commercial arrangements with the NHS,
which saw its revenue contribution move from revenue from governments under support
contracts back to revenue from patients. The growth in total revenue was 3.3% but as you
can see the strength of the Australian dollar, in particular against the euro, means that in
constant currency terms total revenue increased 4.6%. This primarily reflects good growth in
the Nordics region and initial contributions from Elysium and GHP

While we don’t report core and non-core profit anymore there were a number of items that
impacted the EBIT result totalling $60.5m compared to $34.1m in the prior period, the most
significant being transaction costs, profit on assets sales and inventory write downs.

Profit before tax includes a $26.7m benefit from two items in the net interest line. The net
upfront costs of the early repayment of two fixed rate loan facilities of $7.4m offset by a
mark to market on a swap arrangement in Ramsay Santé’s debt facility of $34.1m.

The effective tax rate for the period was 29.6% compared to 31% in the pcp primarily
reflecting the lower corporate tax rate in France flowing through Ramsay Santé. We
currently expect our effective tax rate to be around 30% in FY23.

Slide 17 – Cashflow

Moving to cashflow, and the significant move in working capital is the result of an increase in
trade and other receivables as funding from the French government provided under the
revenue guarantee reduced and more usual invoicing and payment patterns with customers
resumed.

Cash capital expenditure increased significantly reflecting the strong development pipeline.

The large movements in divestments and financing cashflows reflects the repayment of the
amount held in escrow at 30th June 2021 for the Spire transaction combined with the
acquisitions of Elysium and GHP.

Slide 18 – Capital Expenditure

Moving to capital expenditure in more detail. Total spend across the regions increased 8.7%
on the pcp to $733m, driven by the increase in the development pipeline in Australia. This is
lower than original expectations reflecting delays in external approvals and general building
activity in Australia. This does not reflect cancellations of projects.
Spend in FY23 is expected to be in the range of $0.85-1bn. Spend in FY24 and FY25 is
expected to remain high due to additional projects combined with delayed projects.

Slide 19 – Capital Employed and Balance Sheet

I have already covered off the main movements on the balance sheet for the period being
the movement in working capital associated with the return of funds to the French
Government and the repayment of funding associated with the Spire transaction and recent
acquisitions.

Slide 20 – Leverage

Leverage at the funding group level increased reflecting recent acquisitions combined with
lower earnings due to COVID related issues. Obviously leverage metrics do not reflect the
benefit of a full 12-month contribution from recently completed brownfield developments.

During the period Fitch revised its methodology for assessing leverage to total gross debt,
including lease debt to operating EBITDA. Remembering that Fitch is only rating the Funding
Group position. Our estimate of this metric at 30th June is 4.88x.

I will now hand you back to Craig for some comments on strategy and the outlook.

Slide 21 – Strategy and Outlook

Thanks Martyn

Slide 22 – Group Strategy

We have continued to invest in and make progress against our strategy that we outlined at
the investor briefings in December last year.

Our strategy is divided into four pillars and is guided by our vision to be a leading integrated
healthcare provider.

The first pillar is growing, modernising, and leveraging our world class hospital network to
strategically grow our existing market share through organic growth, brownfield and
greenfield expansion, and strategic acquisitions.

The second pillar is to move purposefully into new and adjacent services focused on moving
along the patient pathway, retaining that patient relationship by providing coordinated care
using our data and digital capabilities to improve the experience for our patients and clinicians.

The third pillar is about extracting the highest potential value from the business through
operational excellence. Building on our strong global advantage in strategic sourcing will
continue to be one of the key areas of focus.
And finally, the fourth pillar is about reinforcing Ramsay's strong organisational foundations
to underpin the strategy and ensure we leverage our scale.

Slide 23 – Group Outlook

And now turning to the trading outlook.

Over the past two fiscal years we have invested approximately $2.7bn to expand and
upgrade our well positioned world class hospital network and move strategically into
adjacent services. We are confident that this investment is underpinned by the long-term
trends driving the health care industry.

In the near term the industry continues to be under pressure from a high level of COVID
cases resulting in highly restrictive guidelines around the patient pathway together with the
flow on impact on the workforce, impeding a recovery in volumes and productivity. It is
promising to see the recent decline in cases and hospitalisations in all our markets.

In common with most industries, we are also experiencing inflationary cost pressure across
our businesses. We will be negotiating improved terms with our payors to reflect this so that
we are able to achieve satisfactory levels of profitability and maintain and support our staff
and suppliers. To this end it was pleasing to reach agreement with BUPA for a new 3-year
contract and we look forward to working constructively with our health funds and
governments to effectively manage through the current inflationary pressures.

Ramsay believes the outlook for the Group remains strong. Our world class hospital network
combined with our outstanding people and clinicians give us confidence that the business is
well placed to take advantage of the positive long-term dynamics driving the healthcare
industry. We expect a gradual recovery through FY23 and more normalised conditions from
FY24 onwards.

We will now open for questions.

For further information contact:

Kelly Hibbins
Group Head of Investor Relations
Ramsay Health Care
+61 9220 1034
+61 414 609 192
[email protected]