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MEDICLINIC INTERNATIONAL PLC - Mediclinic full-year results for the year ended 31 March 2022 & dividend declaration

Release Date: 25/05/2022 08:00
Code(s): MEI     PDF:  
Wrap Text
Mediclinic full-year results for the year ended 31 March 2022 & dividend declaration

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
South African income tax number: 9432434182
('Mediclinic', or the 'Company', or the 'Group')

MEDICLINIC FULL-YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2022 & DIVIDEND DECLARATION

STRONG FINANCIAL PERFORMANCE WITH REVENUE EXCEEDING PRE-PANDEMIC LEVELS

GROUP FINANCIAL RESULTS

    -   Group revenue increased by 8% compared with FY21 (up 10% in constant currency), driven by
        growth in client activity; revenue up 5% on pre-pandemic levels (up 9% in constant currency)
    -   Group adjusted EBITDA increased by 22% compared with FY21 (up 24% in constant currency),
        driven by revenue growth, and adjusted EBITDA margin improved to 16.1% (FY21: 14.2%);
        adjusted EBITDA up 1% in constant currency compared with pre-pandemic FY20
    -   Adjusted operating profit of £311m; up 41% on FY21 and down 5% on pre-pandemic FY20; in
        constant currency terms up 41% and flat compared with FY21 and FY20, respectively
    -   Operating profit up 34% to £280m (FY21: £209m)
    -   Adjusted earnings and adjusted EPS increased by 65% compared with prior year; local
        currency adjusted earnings ahead of pre-pandemic levels in all three divisions
    -   Reported earnings up 122% to £151m (FY21: £68m) and reported EPS up 122% to 20.5 pence
        (FY21: 9.2 pence)
    -   Headline earnings per share 19.0 pence (FY21: 9.6 pence)
    -   Operating performance and cash conversion of 127% (FY21: 77%) delivered increase in cash
        and cash equivalents to £534m (FY21: £294m)
    -   Recovery in profitability and reduction in net incurred debt reduced leverage ratio (including
        lease liabilities) to 3.9x (FY21: 5.1x)
    -   Proposed final dividend of 3.00 pence per share in line with dividend policy payout ratio

DIVIDEND POLICY AND PROPOSED DIVIDEND

The Group's existing dividend policy is to target a payout ratio of between 25% and 35% of adjusted
earnings. The Board may revise the policy at its discretion.

The Board proposes a final dividend from retained earnings of 3.00 pence per ordinary share for the
year ended 31 March 2022 for approval by the Company's shareholders at the annual general
meeting on Thursday, 28 July 2022. Shareholders on the South African register will be paid the South
African rand cash equivalent of 59.53230 cents (47.62584 cents net of dividend withholding tax) per
share. A dividend withholding tax of 20% will be applicable to all shareholders on the South African
register who are not exempt therefrom. The South African rand cash equivalent has been calculated
using the following exchange rate: GBP1:ZAR19.8441, being the five-day average ZAR/GBP
exchange rate (Bloomberg) on Friday, 20 May 2022 at 15:00 GMT.

The final dividend will be paid on Friday, 26 August 2022 to all ordinary shareholders who are on the
register of members at the close of business on the record date of Friday, 5 August 2022.

The salient dates for the dividend will be as follows:


                                             
Dividend announcement date                          Wednesday, 25 May 2022
Last date to trade cum dividend (SA register)       Tuesday, 2 August 2022
First date of trading ex-dividend (SA register)     Wednesday, 3 August 2022
First date of trading ex-dividend (UK register)     Thursday, 4 August 2022
Record date                                         Friday, 5 August 2022
Payment date                                        Friday, 26 August 2022


Share certificates may not be dematerialised or rematerialised within Strate from Wednesday, 3
August 2022 to Friday, 5 August 2022, both dates inclusive. No transfers between the United
Kingdom and South African registers may take place from Wednesday, 25 May 2022 to Friday, 5
August 2022, both days inclusive.

FURTHER INFORMATION

The contents of this short-form announcement is the responsibility of the Board of Directors of the
Company. This announcement represents a summary of the information contained in the unabridged
results announcement. Any investment decisions by investors and/or shareholders should be based
on a consideration of the unabridged announcement. The unabridged announcement can be
accessed on the following JSE link:

https://senspdf.jse.co.za/documents/2022/JSE/ISSE/MEIE/MEIFY22.pdf

The announcement is also published on www.mediclinic.com and available for inspection at the
registered office of the Company and the offices of the Company's sponsor at no charge, during
normal business hours.

CORPORATE INFORMATION

LISTINGS
The Company's primary listing is on the London Stock Exchange in the United Kingdom, with
secondary listings on the JSE in South Africa and the Namibian Stock Exchange in Namibia.


DIRECTORS
Inga Beale DBE (ind ne) (Chair) (British), Dr Ronnie van der Merwe (Group Chief Executive Officer)
(South African), Jurgens Myburgh (Group Chief Financial Officer) (South African), Dr Felicity Harvey
CBE (Senior Independent Director) (British), Dr Muhadditha Al Hashimi (ind ne) (Emirati), Natalia
Barsegiyan (ind ne) (French and Russian), Zarina Bassa (ind ne) (South African), Jannie Durand (ne)
(South African), Danie Meintjes (ne) (South African), Dr Anja Oswald (ind ne) (Swiss), Tom Singer
(ind ne) (British), Steve Weiner (ind ne) (American), Pieter Uys (alternate to Jannie Durand) (South
African)

COMPANY SECRETARY
Link Company Matters Limited (previously named Capita Company Secretarial Services Limited)

REGISTERED OFFICE
Mediclinic International plc
6th Floor, 65 Gresham Street
London, EC2V 7NQ, United Kingdom
Tel: +44 333 300 1930
Email: info@mediclinic.com
Website: www.mediclinic.com

TOLL-FREE ETHICS LINES AND EMAIL
Switzerland
Tel: 0800 005 316
South Africa
Tel: 0800 005 316
Namibia
Tel: 0800 003 313
MTC Networks: 081 91847
The United Arab Emirates
Tel: 800 1 55000

Email: mediclinic@tip-offs.com

REGISTRAR/TRANSFER SECRETARIES
UK
United Kingdom Computershare Investor Services PLC
SOUTH AFRICA
Computershare Investor Services (Pty) Ltd
NAMIBIA
Transfer Secretaries (Pty) Ltd

CORPORATE ADVISORS

AUDITOR
PricewaterhouseCoopers LLP, London

CORPORATE BROKER AND SPONSORS
UK
Joint corporate brokers: Morgan Stanley & Co International plc and UBS Investment Bank
South Africa
JSE sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Namibia
NSX sponsor: Simonis Storm Securities (Pty) Ltd

APPROVED BY THE BOARD: 24 May 2022

SENS RELEASE DATE: 25 May 2022





Date: 25-05-2022 08:00:00
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