OPERATING AND FINANCIAL REVIEW
Group Chief Financial Officer
1 Key Highlights
• Solid result despite COVID environment; the strength of the
underlying business, together with an expanded pipeline of
growth opportunities, provides confidence for the medium to
long term despite ongoing COVID disruption in FY22.
• Statutory profit increased 58.1%, reflecting a strong increase in
admissions as our regions emerged from the initial wave of the
pandemic. The significant increase in earnings was reported
despite the disruptions caused by further COVID related lockdowns
• A fully franked final dividend of 103.0cps was determined taking
the FY21 full year dividend to 151.5cps equivalent to the pre
COVID FY19 full year dividend (cps). The full year dividend
represents a payout ratio of 79% of statutory profit higher
than historical levels, reflecting the Board's recognition of the
support of shareholders during the uncertainty of COVID and
confidence in the strength of the Company's cashflow and
balance sheet position.
• The result includes government payments for the use of
Ramsay facilities and services to assist with COVID outbreaks,
and payments in some regions for the additional costs
associated with operating in a COVID environment.
• Ramsay’s strong balance sheet and cash flow supported the
continued investment in, and optimisation of, the Group’s
facilities and footprint to meet the strong underlying demand
for healthcare services over the medium to long term.
• The Australian business has identified a significant development
pipeline which will lead to increased capex in the next few
years as it expands the existing facilities platform and moves
into adjacent services to meet the strong underlying demand for
• The business is well positioned to benefit from pent-up
demand for both private and public health care services across
• Successfully refinanced syndicated debt facilities for both
the Wholly Owned Funding Group and Ramsay Santé, with
syndicated sustainability-linked loans with embedded targets
aligned with the Ramsay Cares strategy.
• Ascribed investment grade rating of BBB (Stable) by Fitch.
Chief Executive Officer Ramsay Santé, Pascal Roché (right), visiting Ramsay hospital Bois Bernard with Professor Benoît Vallet, Director General of the Hauts-deFrance
Regional Health Agency
Annual Report 2021 11