NOTES TO THE FINANCIAL STATEMENTS
RAMSAY HEALTH CARE LIMITED
23 Closed group
This note presents the consolidated financial performance and position of the Australian wholly owned subsidiaries, which
together with the parent entity, Ramsay Health Care Limited, are referred to as the Closed Group.
Entities subject to instrument
Pursuant to Instrument 2016/785, relief has been granted to the entities in the table of subsidiaries in Note 22, (identified by footnote 1) from the
Corporations Act 2001 requirements for preparation, audit and lodgement of their financial reports.
As a condition of the Instrument, these entities entered into a Deed of Cross Guarantee on 22 June 2006 or have subsequently been added
as parties to the Deed of Gross Guarantee by way of Assumption Deeds dated 24 April 2008, 27 May 2010, 24 June 2011, 20 October 2015,
17 December 2015 and 14 May 2019. The effect of the deed is that Ramsay Health Care Limited has guaranteed to pay any deficiency in the
event of winding up of a wholly owned Australian entity or if they do not meet their obligations under the terms of overdrafts, loans, leases
or other liabilities subject to the guarantee. The controlled entities have also given a similar guarantee in the event that Ramsay Health Care
Limited is wound up or if it does not meet its obligation under the terms of overdrafts, loans, leases or other liabilities subject to the guarantee.
The consolidated Income Statement and Statement of Financial Position of the entities that are members of the Closed Group are as follows:
Consolidated Income Statement 2021
Profit from operations before income tax 564.2 428.1
Income tax expense (178.3) (128.5)
Net profit for the year 385.9 299.6
Retained earnings at the beginning of the year 1,467.0 1,557.1
AASB 16 Leases adjustment - (67.2)
Dividends provided for or paid (115.3) (322.5)
Retained earnings at the end of the year 1,737.6 1,467.0
Annual Report 2021 123