Ramsay Health Care (RHC) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged traditional custodians, introduced the board and executive team, and highlighted the incoming CEO, Natalie Davis, whose transition date was set for December 2, 2024.

• Outlined procedures for questions and voting, with both in-person and online participation enabled.

• Chair and CEO emphasized commitment to people-centric care and strategic growth.

Financial performance review

• Statutory net profit after tax rose 203% to AUD 880.7 million, driven by the sale of the Ramsay Sime Darby joint venture; underlying net profit after tax (excluding the sale) increased 2.4% on a 5.4% revenue rise.

• Dividends increased 6.7% to AUD 0.80 per share, with a payout ratio slightly above the 60%-70% target band.

• Activity and revenue growth expected across all regions, though at a slower rate than FY24, with NPAT and activity growth anticipated in FY25.

• Group leverage maintained at 2x, within the target range of less than 2.5x.

• FY25 net interest expense forecasted at $590-620m following Ramsay Santé refinancing.

Board and executive committee updates

• Board renewal continued with the appointment of Helen Kurincic as a non-executive director and the transition of Natalie Davis to Group CEO.

• Deep appreciation was expressed for outgoing CEO Craig McNally, who led through the pandemic and transformation strategy.

• Leadership development prioritized, with a 39% increase in Global Leadership Academy participation and gender diversity targets achieved.