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Audited group results for the year ended 30 September 2024 and cash dividend declarations
LIFE HEALTHCARE GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2003/002733/06
Income tax number: 9387/307/15/1
ISIN: ZAE000145892
JSE and A2X share code: LHC
(Life Healthcare, the Group or the Company)
LIFE HEALTHCARE FUNDING LIMITED
(Incorporated in the Republic of South Africa with limited liability)
Registration number: 2016/273566/06
LEI: 3789SJPQJZF8ZYXTZ394
Bond company code: LHFI
(Life Healthcare Funding)
SUMMARISED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 AND CASH DIVIDENDS DECLARATION
- Good growth in Group revenue of 12.7%, driven by robust activity growth in southern Africa and excellent
growth in NeuraCeq® doses sold.
- Paid patient days (PPD) in acute hospitals growing by 1.6%.
- Concluded a transaction to sub-license of one of Life Molecular Imaging's (LMI) early-stage novel products (RM2)
for USD 36 million (R664 million). Strong growth of 91.9% in NeuraCeq® doses sold.
- The Group concluded the disposal of Alliance Medical Group (AMG) on 31 January 2024 and received R10.2 billion
in net cash proceeds after the settlement of all offshore debt and transaction costs. A special dividend of R6.0
per share (R8.8 billion) was paid on 8 April 2024 from these proceeds.
- The Board has declared a final cash dividend of 31.0 cents per share, an increase of 14.8% over prior year and a
special dividend of 70.0 cents per share. Total distributions for the year, including special dividends amount to
R10.6 billion.
%
2024 2023 change
Group revenue from continuing operations (R'm) 25 519 22 641 12.7
Weighted average number of shares (million) 1 443 1 442 0.1
From continuing and discontinued operations
Earnings per share (EPS) (cents) 328.8 18.3 >1 000
Headline earnings per share (HEPS) (cents) 152.9 88.2 73.4
From continuing operations
EPS (cents) 137.8 87.0 58.4
HEPS (cents) 139.0 87.5 58.9
Normalised EPS (NEPS) (cents) 132.3 89.1 48.5
Final dividend per share (cents) 31.0 27.0 14.8
Special dividend per share (cents) 70.0 -
EPS, HEPS and NEPS
Total EPS (from continuing and discontinued operations) increased to 328.8 cents (2023: 18.3 cents) mainly due to
the R2.8 billion once-off gain recognised following the completion of the AMG disposal (2023: loss recognised of
R990 million). Total HEPS increased by 73.4% to 152.9 cents (2023: 88.2 cents).
NEPS, which excludes non-trading related items, increased by 48.5% to 132.3 cents (2023: 89.1 cents). The LMI RM2
transaction contributed 30.1 cents net after tax. The presentation of normalised earnings metrics are non-IFRS
measures.
Financial position and liquidity
The Group is in a strong financial position as at 30 September 2024 with net debt to normalised EBITDA (as per bank
covenant definitions) of 0.45 times, well within our covenant of 3.5 times (2.0 times reported at 30 September 2023).
Cash dividend
Final dividend
The Board approved a final gross cash dividend of 31.00 cents per ordinary share. The dividend has been declared
from income reserves and is subject to South African dividend withholding tax of 20%, which will be applicable to all
shareholders not exempt therefrom, after deduction of which the net cash dividend is 24.80 cents per share.
The Company's total number of issued ordinary shares is 1 467 349 162 as at 26 November 2024.
The Company's income tax reference number is 9387/307/15/1.
In compliance with the requirements of the JSE, the following salient dates are applicable:
Last date to trade cum dividend Tuesday, 10 December 2024
Shares trade ex the dividend Wednesday, 11 December 2024
Record date Friday, 13 December 2024
Payment date Tuesday, 17 December 2024
Share certificates may not be dematerialised or rematerialised between Wednesday, 11 December 2024 and Friday,
13 December 2024, both days inclusive.
Special dividend
The Board approved a special gross cash dividend of 70.00 cents per ordinary share. The dividend has been declared
from income reserves and is subject to South African dividend withholding tax of 20%, which will be applicable to all
shareholders not exempt therefrom, after deduction of which the net cash dividend is 56.00 cents per share.
The Company's total number of issued ordinary shares is 1 467 349 162 as at 26 November 2024.
The Company's income tax reference number is 9387/307/15/1.
In compliance with the requirements of the JSE, the following salient dates are applicable:
Finalisation date Monday, 30 December 2024
Last date to trade cum dividend Tuesday, 7 January 2025
Shares trade ex the dividend Wednesday, 8 January 2025
Record date Friday, 10 January 2025
Payment date Monday, 13 January 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 8 January 2025 and Friday,
10 January 2025, both days inclusive.
2025 Outlook
For the 12 months to 30 September 2025 (FY2025) the southern African business will continue to grow its underlying
asset base adding 55 acute hospital beds, 24 acute rehabilitation beds and starting the build of a new Life Healthcare
acute hospital in the Western Cape (140 beds). The Group will continue to grow its imaging business with further
transactions expected to be completed in FY2025 and with further expansion in its nuclear medicine business. The
Group will look to complete the Fresenius Medical Care (FMC) Namibia and Eswatini renal transactions in FY2025.
The southern African business will look to drive occupancies to 70% with PPD growth expected to be between 1%
and 1.5%.
The southern African business will continue to optimise its underlying asset portfolio, further embed the FMC SA
renal operations and focus on operational efficiencies.
For LMI, we expect sales of NeuraCeq® to continue to grow strongly (c. 50%). LMI will continue to try and maximise
the product pipeline as well as sustaining the research and development supplies and services business.
Capex for FY2025 is expected to be R2.6 billion.
Audit opinion
The Group has issued its audited annual financial statements for the year ended 30 September 2024. Deloitte &
Touche, the Group's independent auditor, has audited the consolidated and separate annual financial statements
and has expressed an unmodified audit opinion thereon.
Thanks
The Group's ability to effectively respond to operational challenges, while continuing to provide quality care to its
patients, is largely due to the resilience, dedication and unwavering support of its employees, doctors and other
healthcare professionals. Life Healthcare would like to thank them for their tireless work and for the care they deliver.
Results announcement
This results announcement is a summary of the information contained in the long-form results announcement and
the detailed audited consolidated annual financial statements published on 26 November 2024 and does not
contain full or complete details.
The results and the detailed audited consolidated annual financial statements approved on 25 November 2024 are
available on Life Healthcare's website (https://www.lifehealthcare.co.za/investor-relations/results-and-reports/)
and through the JSE cloudlink at https://senspdf.jse.co.za/documents/2024/JSE/ISSE/LHC/Final24.pdf
Any investment decisions by shareholders, noteholders and/or investors should be based on a consideration of the
audited annual financial statements as a whole and shareholders, noteholders and/or investors are encouraged to
review the audited annual financial statements, which is available for viewing on the links as set out above.
The contents of this results announcement are the responsibility of Life Healthcare's board of directors and it has
not been reviewed nor audited by Group's auditors.
Non-executive directors: Dr VL Litlhakanyane (Chairman), Dr MF Abdullah, Dr JE Bolger, Dr RA Campbell, Ms CM
Henry, Mr LE Holmqvist, Prof ME Jacobs, Mr TP Moeketsi, Ms AM Mothupi, Mr JK Netshitenzhe, Adv M Sello, and Mr
F Tonelli
Executive directors: Mr PG Wharton-Hood (Chief Executive), Mr PP van der Westhuizen (Chief Financial Officer)
Company Secretary: Ms J Ranchhod
Registered Office: Oxford Parks, 203 Oxford Road (cnr Eastwood and Oxford Roads), Dunkeld, 2196
Equity Sponsor: Rand Merchant Bank, a division of FirstRand Bank Limited. 1 Merchant Place, cnr Fredman Drive and
Rivonia Road, Sandton, 2196
Debt Sponsor: FirstRand Bank Limited. 4 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton, 2196
Note regarding forward-looking statements: 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, are the responsibility of the directors and have not been reviewed or reported
on by the Group's external auditors.
Date: 26 November 2024
Date: 26-11-2024 07:05:00
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