MEDICLINIC INTERNATIONAL PLC - Mediclinic half-year group results for period ended 30 September 2020

Mediclinic half-year group results for period ended 30 September 2020

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 HALF-YEAR GROUP RESULTS FOR PERIOD ENDED 30 SEPTEMBER 2020

DELIVERING A ROBUST FIRST-HALF OPERATING PERFORMANCE WHILE CONTINUING
STRATEGY EXECUTION

GROUP FINANCIAL RESULTS
   - Revenue down 7% to £1 411m; down 5% in constant currency; significantly impacted by April
     2020 due to sudden onset of COVID-19 restrictions
   - Adjusted EBITDA at £171m down 32% in both reported and constant currency terms
     reflecting a mostly fixed employee cost base
   - Adjusted operating profit down 54% at £66m; reported operating profit down 57% to £64m
   - Reported earnings of £15m (1H20: £109m), including equity accounted loss of Spire
   - Adjusted earnings per share down 77% at 2.3 pence; reported earnings per share 2.0 pence
     (1H20: 14.8 pence)
   - Headline earnings per share 2.4 pence (1H20: 14.2 pence)
   - Cash conversion at 42% of adjusted EBITDA (1H20: 98%) largely due to increased debtor
     balances caused by lower collections compared with earlier in the period
   - Cash and available facilities of £661m (FY20: £518m)
   - Previously announced covenant test waivers in place
   - Dividend remains suspended as part of the Group's broad response to maintaining its liquidity
     position (1H20: 3.20 pence)

BOARD CHANGES

The following changes to the Board and its committees have occurred and been announced since the
financial year-end:

As announced on 24 July 2019 and 22 July 2020, Dr Edwin Hertzog retired as a non-executive
director and Chair of Mediclinic at the conclusion of the Company's 2020 Annual General Meeting on
22 July 2020. Dr Hertzog also stepped down as Chair of the Nomination Committee, as Chair of the
Investment Committee, and as a member of the Clinical Performance and Sustainability Committee
from that date.

Dr Hertzog was succeeded as Chair of Mediclinic by Dame Inga Beale on 22 July 2020, following her
appointment on 26 March 2020 as an independent non-executive director and Chair Designate. As
announced on 22 July 2020, Dame Inga also succeeded Dr Hertzog as Chair of the Nomination
Committee with effect from that date.

As further announced on 22 July 2020, Mr Steve Weiner was appointed as an independent non-
executive director and as a member of both the Audit and Risk Committee and the Clinical
Performance and Sustainability Committee with effect from 22 July 2020.

The Board has also agreed to certain additional changes to the membership of its committees as part
of ongoing succession planning, as set out below:

Investment Committee

Mr Jannie Durand was appointed as Chair of the Investment Committee and Dame Inga was
appointed as a member of the Investment Committee with effect from 1 September 2020.

Remuneration Committee

Mr Weiner was appointed as a member of the Remuneration Committee with effect from 11
November 2020.

DIVIDEND POLICY

The Group’s existing dividend policy is to target a pay-out ratio of between 25% and 35% of adjusted
earnings. The Board may revise the policy at its discretion. As part of the Group’s response to
maintaining its liquidity position through the COVID-19 crises and to maximise its support in
combatting the pandemic, the Board has taken the prudent and appropriate decision to suspend the
dividend.

FURTHER INFORMATION
The contents of this short-form announcement are 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/2020/JSE/ISSE/MEIE/MEIHY21.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), Alan Grieve (Senior
Independent Director) (British and Swiss), Dr Muhadditha Al Hashimi (ind ne) (Emirati), Jannie
Durand (ne) (South African), Dr Felicity Harvey CBE (ind ne) (British), Danie Meintjes (ne) (South
African), Dr Anja Oswald (ind ne) (Swiss), Trevor Petersen (ind ne) (South African), 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 20 7954 9569 Fax: +44 20 7954 9886
Email: info@mediclinic.com
Website: www.mediclinic.com

TOLL-FREE ETHICS LINES
Switzerland and South Africa
Tel: 0800 005 316
UAE
Tel: 800 1 55000

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

12 November 2020

Date: 12-11-2020 09:00:00
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