5. OPERATING AND FINANCIAL REVIEW
RAMSAY HEALTH CARE LIMITED
7 Asia Pacific
7.1 Overview of Results
Twelve months Ended 30 June $'m 2021 20201 Chg (%)
Revenue from patients 5,429.7 5,037.1 7.8
Revenue from governments under COVID 19 support contracts 11.1 30.9 (64.1)
Other income - income from the sale of development assets 20.4 2.1 871.4
Other income - net profit on disposal of assets - 11.2 na
Intersegment revenue 2.9 8.7 (66.7)
Total revenue and other income 5,464.1 5,090.0 7.3
EBITDAR 860.8 760.3 13.2
Rent (16.5) (16.9) 2.4
EBITDA 844.3 743.4 13.6
Depreciation (204.9) (197.4) (3.8)
Amortisation and impairment charges (14.2) (26.9) 47.2
EBIT 625.2 519.1 20.4
Financing costs associated with leases (AASB16 leases) (38.8) (35.3) 10.0
EBIT after financing costs associated with leases 586.4 483.8 21.2
Capital Expenditure 260.0 348.8 (25.5)
1 FY20 restated to reflect non-core items taken below the line in FY20. Refer Group Performance for allocation of non-core items
Contribution from Asian Joint Venture
Twelve months Ended 30 June $'m 2021 2020 Chg (%)
Share of profit from Joint Venture 10.8 15.9 (32.1)
Twelve months Ended 30 June MYR'm 2021 2020 Chg (%)
Revenue 1,077.8 968.9 11.2
EBITDA 240.8 214.5 12.3
EBIT 133.3 100.6 32.5
7.2 Review of Results
• During the 1HFY21, Ramsay Australia assisted the Victorian
Government with both staff and facilities to support the public
hospital system and aged care sector impacted by the second
significant wave of COVID cases in that state.
• Elective surgery restrictions in Victoria were reintroduced on
23 July 2020, phasing out from the end of September with
100% unrestricted capacity in all hospitals returned at the end of
November. The estimated impact of these restrictions to EBITDAR
in 1HFY21 was $70m.
• Total revenue includes $11.1m received from state governments
(mainly the Victorian Government) under the viability agreement
that commenced on 23 July 2020, which allowed net recoverable
costs (recoverable costs less any revenue generated from
operations calculated on an accruals basis) to be claimed by
Ramsay in return for maintaining full workforce capacity at the
facilities required to assist with the COVID pandemic.
• The result was impacted by the transfer of the Mildura hospital
back to the Victorian State Government on 14th September 2020
(revenue impact $50.5m compared to the pcp).
• Over the course of 2HFY21, the Australian operations were
impacted by COVID induced snap lock-downs across all states.
The impact of each lock-down was influenced by whether surgical
restrictions were imposed, the number of work days impacted
and the nature of facilities in the state, such as emergency
departments. The total cost to EBITDAR of the multiple state lockdowns
is estimated to have been $13m.
• Ramsay Australia reported a 7.8% increase in revenue from
patients compared to the pcp (ex-Mildura up 10.2%)3.
– Revenue from patients in 2HFY21 increased 15.7% compared to
the pcp to $2.1bn (19.2% increase ex-Mildura hospital).
– Revenue for 2HFY21 increased 4.8% compared to 2HFY19 (ex-
MIldura an increase of 7.8%).
• FY21 surgical admissions per work day increased 12.8% on the pcp
(ex-Mildura increased 15.2%).
– Surgical admissions per work day in 2HFY21 increased 23.9%
on the pcp (ex-Mildura an increase of 27.2%).
– Surgical admissions in 2HFY21 increased 5% on 2HFY19 despite
the impact of snap lock-downs (ex-Mildura an increase of 7.5%).
• Non-surgical admissions per work day for the twelve months
including medical, psych, obstetrics and rehabilitation were 2.1%
above the pcp (up 3.1% ex-Mildura) the lower growth reflecting the
impact of social distancing and lock-downs.
3 Ramsay transferred the operation of the Mildura public hospital back to the Victorian Government in September 2020
Annual Report 2021 17