GXH: Annual Shareholders’ Meeting: Speeches & Presentation

1


Green Cross Health (NZX: GXH)
Annual Shareholders’ Meeting, Monday, 24 August 2020 at 2.30pm.

Chair & Group CEO Speeches
Kim Ellis, Chair
Slide 6:
Before Rachael takes you through the company’s financial performance and plans
going forward, I’ll very briefly touch on a couple of matters.
First, the impact of COVID-19 on the business.
The Government mandated Level 4 Lockdown from 26 March understandably had
little impact on our FY20 results to 31 March.
In terms of impact on the new financial year that began 1 April, a number of the
Group’s pharmacies, medical centres and the community health operations
continued to operate in a reduced capacity during Level 4 as they were classed as
an essential service. The Group’s activities progressively returned to full operation
as alert levels reduced. Revenue was continuing to recover, now frustrated by the
new Level 3 restrictions in Auckland effective 13 August.
The prospect of another year or more of closed but leaky borders and on-again-off-
again economic activity in pursuit of total eradication, until a vaccine is discovered
and widely implemented, is a matter of great concern.
At this stage, we do not consider that the mandated restrictions to date will have
a material effect on the valuation of the Group’s assets nor our ability to comply
with our covenants. We will continue to review this given the recently imposed
restrictions and ongoing uncertainty of the economic impacts of the Government’s
response to COVID-19.
We are committed to maintaining a robust balance sheet and strong cash reserves.
In the face of all the market uncertainty, the Board made the precautionary
decision not to declare a final year-end dividend. The Board will review the
position at the half year and hopes to return to declaring dividends at that time.
Last of all, I’d like to say thank you to all the Green Cross Health staff, in every
division across New Zealand for contributing to a successful FY20. And for your
exceptional performance in challenging times providing an essential service during
the government lockdowns. It’s been great to see and to hear about our team
members in every New Zealand community going above and beyond to ensure New
Zealanders have access to quality care and advice. The Board and I are proud of
and thankful for the key role all our staff play in supporting the health of New
Zealand communities.

2

Rachael Newfield, Group CEO
Slide 8:
To begin, here’s an overview of the current business.
Going through each of the 3 divisions:
• We are now 361 pharmacies – with 299 Unichem stores and 62 Life stores.
• We have 42 medical centres and 267,000 enrolled patients in those centres.
• Community Health employs over 3,000 support workers who conducted over
3.6m home visits last year.
I’ll talk through the group financials, then take you through the financial
performance and the plans going forward for each division.
Slide 9:
So starting with the group performance for the 12 months ending 31 March 2020.
In terms of financial highlights, working down the left-hand side of the slide:
• Revenue marginally increased in a very competitive environment.
• Our Operating Profit after IFRS16 (which is the new lease accounting
standard that all companies have been required to adopt) increased 5.4% to
$31m.
• Our Net Profit After Tax Attributable to Shareholders fell 16.2% to $13.5m.
This was after a number of non-cash items, namely the impact of IFRS16,
goodwill disposals and intangible write-downs.
• I note that Net Profit After Tax Attributable to Shareholders before those
one-off non-cash items was up 9.3% to $17.6m.
And to the right-hand side of the slide:
• Same store pharmacy sales grew 1.5%.
• The Medical division’s Operating Profit increased to $8m. This division was
favourably impacted by the IFRS16 accounting change, noting IFRS16 is
favourable at the Operating Profit line, but due to the interest charge, is
unfavourable at the net earnings line. Without the accounting change,
Medical Operating Profit was $6.8m (a healthy increase of 54% year on
year).
• Community Health had a significant turnaround with Operating Profit up to
$2.5m – an increase of $2.4m vs. the prior year.
Slide 10:
Now to go through the key metrics:
• In the left hand graph, as I mentioned, you see Revenue marginally
increased in a very competitive environment.
• In the right hand graph, Operating Profit rose to $31m, up 5.4% year on
year.

3

Slide 11:
• The Net Profit After Tax Attributable to Shareholders was $13.5m. This was
down 16.2%.
• However, this year’s reported result was impacted by a number of non-cash
one offs including goodwill disposals, intangible write offs and the first year
application of IFRS16.
• Before the non-cash one-offs, the underlying NPAT attributable to
shareholders was $17.6m.
Slide 12:
Moving to the Operating Cash flow.
The business again generated strong cash flow.
Operating Cash Flow was $54.3m, noting that the cash flow before the application
of IFRS16 was $34.8m, an increase of $2.4m on the prior year.
The cash generated enabled us to make $10.8m of significant investments
primarily in our medical and pharmacy divisions. These included:
• An investment in Drury Surgery – this is an Auckland medical centre which
we acquired just prior to year end.
• We purchased two new pharmacies in Karori Wellington. They were
acquired in the final quarter of the financial year.
• We increased our shareholding in Waiuku Medical Pharmacy and also
increased our shareholding in Centre City Pharmacy Dunedin.
• And we opened a pharmacy in the newly revamped 277 Newmarket shopping
centre in Auckland.
Slide 13:
The Chair mentioned our continued focus on maintaining a strong balance sheet.
Over the year we reduced net debt to $22.6m.
At year end we had $10m of headroom in our BNZ group debt facility.
That’s important as it puts us in a strong position to withstand the impacts of
COVID-19 and flow-on economic downturn.
It also means we have plenty of room in our current funding facilities to support
further investment.
Our financing ratios were all well within our required covenants.
Slide 14:
Last, earnings per share were at 9.42cents or at 9.85 cents post the application of
IFRS 16.

4

Slide 15:
Now I’ll talk through a bit more detail around financial performance for each
division for the 12 months ending 31 March 2020 and the plans for each division
going forward.
Slide 16:
The Pharmacy division.
• All store pharmacy Revenue was down 1% given some store closures in the
prior year and early F20.
• Operating Profit was down $4.8m to $22.5m. Part of this decline was the
non-cash items I spoke about earlier.
• Like any national retailer, refining and evolving our store portfolio is always
ongoing. As I mentioned, we acquired two new stores in February 2020 in
Wellington and invested in a rebuild in 277 Newmarket. We also opened
Unichem Parklands Medical Pharmacy in Christchurch - a greenfield
pharmacy co-located with a medical centre. We also rebuilt Unichem
Highland Park Pharmacy in Auckland, a new co-located medical centre
replacing our previously closed store.
• Pleasingly our same store sales grew 1.5% with our pharmacy script numbers
up 1.3%.
• And our Living Rewards loyalty membership numbers grew year on year to
1.7m members.
Slide 17:
The pharmacy division has four focus areas:
1. As a health retailer, embedding core retail disciplines continues to be
critical.
• We will continue to evolve our product offer – that’s even more
important in a post COVID-19 world as New Zealand deals with the
ongoing economic consequences from COVID-19.
• Further, we continue with a strong focus on margin management –
both further reviewing our store pricing and ensuring we are buying
cost effectively.
2. Wining in retail, requires strong customer engagement.
• We continue to invest in our digital capability for our 1.7m Living
Rewards customers so we can provide them relevant and timely
communications.
• Promoting further growth in our ecommerce channels is important –
whether that’s providing information to allow customers to research
products before they shop in store or allowing them to shop online
and have the product delivered to their home, we need to be
accessible to our customers in all channels.

5

• Working jointly with the Pharmacy Guild, we continue to advocate
for the removal of the $5 prescription tax so that all New Zealanders
can have equitable access to medicines. We are disappointed the
Government has not yet removed a key barrier to medicine access
and we continue to push for the charge to be abolished.
3. Leveraging our network scale remains key.
• As a national retailer we will continually evolve, adapt and improve
our equity store footprint.
• And we maintain focus on leveraging the investment in both our
bricks and mortar and our trusted Unichem and Life brands to
connect with our customers.
4. Finally, a strong focus remains on financial returns.
• In the next period, retail performance will face challenges from
modified consumer spending as a result of COVID-19, coupled with
ongoing competitive pressures. We will continue to adapt.
• As part of this, priority is being placed on recalibrating labour and
occupancy costs, to ensure the cost structures of our pharmacies are
right-sized.
Slide 18:
On to the Medical division.
• Medical Revenue grew 8.5% to $76.5m. This was primarily from organic
growth.
• We saw Operating Profit increase 81% to $8.0m. This was helped by a $1.2m
positive non-cash impact of adopting IFRS16, without it, the result would
have been a very solid $6.8m Operating Profit.
• Operating Profit margin improved to 8.9%, excluding the impact of IFRS16.
• Enrolled patients were up, from 255,000 last year end, to now 267,000. The
increase was a combination of organic patient growth and the purchase of
Drury Surgery just before year end.
• That purchase lifted our portfolio to 42 medical centres.
Slide 19:
The focus for medical remains consistent.
We continue to grow our network scale.
• We are focused on building The Doctors brand, establishing the brand as a
trusted, recognisable brand in the regions in which it operates.
• We continue to target both organic revenue growth and also acquisitions
where they make sense commercially.
As with the pharmacy division, patient engagement is key to the success of any
business.

6

• We saw during the first wave of COVID-19 that being able to interact
virtually with our patients became increasingly important. As a result, we
have an increased focus on deploying digital technology so that we can
provide care to patients in the manner that suits them.
• We continue to work with funders to ensure equitable access and support
for our patients.
And last, we continue to focus on financial returns.
• Increasing our operational efficiency, including through improving workflows
and reducing costs continues to be important.
• We continue to work on lifting utilisation of our services via systematic
triaging of patients – COVID-19 has actually assisted that with many patients
becoming exposed to new methods of engagement and enjoying the benefits
of different approaches.
Slide 20:
The last of the divisions is Community Health.
• In this division, Revenue marginally reduced year on year – it was down 0.5%
following the exit of unprofitable contracts. Our strategy in this business is
not to focus on the top line, as not all business is profitable.
• As I mentioned earlier, we achieved a turnaround in Operating Profit. It
increased to $2.5m or $2.4m excluding the impact of IFRS16. This was on
the back of cost improvements of 3%. We had a significant focus throughout
the year on utilising technology to improve efficiencies and reduce costs,
while still supporting a client-centred approach.
• While the results are a significant turnaround, the Operating Profit margin is
still very slim in this division. We continue to advocate for additional sector
funding for the community health sector across New Zealand.
Slide 21:
In the Community Health division we continue our current plans.
In terms of service offering,
• We remain focused on the higher clinical needs segments where higher
financial returns are possible.
• We continue to expand our geographic coverage of Total Care Health – our
Community Nursing business. We invested further during the year in areas
such as Hawkes Bay, Tauranga and Northland.
As with the other 2 divisions, using digital technology is important.
• We will continue to utilise technology to both reduce our costs by improving
the efficiency of our workforce, and also to improve client outcomes.
And finally, given the slim operating margins in this division, a focus on financial
returns is critical.
• We will continue to focus on areas where we can reduce costs.

7

• We will continue to focus on contract profitability – targeting growth in
areas that provide an opportunity for financial return as not all contracts in
this sector are good contracts to pursue.
• And as I mentioned, continued advocacy for sustainable government funding
for this sector remains a must. To deliver support to our most vulnerable in
their communities, requires sustainable funding.

Contact:
Ben Doshi
ben.doshi@gxh.co.nz


Rachael Newfield
rachael.newfield@gxh.co.nz


About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary health care provider with
multi-disciplinary health care teams with the purpose of working together to support
healthier communities. Green Cross Health is focused on creating sustainable health care
solutions with positive outcomes and experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups
Unichem and Life Pharmacies, The Doctors medical centres, Total Care Health community
nursing services and Access Community Health to provide support, care and advice to diverse
New Zealand communities.
Providing convenient access to professional health care with 361 Unichem and Life
pharmacies covering almost every New Zealand community, Green Cross Health’s 8,000
team members make more than 3.6m home visits to more than 42,500 community health
clients and care for 267,000 enrolled patients at medical centres.

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GXH Annual Shareholders’ Meeting Presentation
24 August 2020
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GXH Annual Shareholders’ Meeting Presentation
24 August 2020
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Annual Shareholders’ Meeting24 August 2020

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Attendees- Question Process
1.
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2.
To send in a question, simply click in the ‘Ask a question’ box, type your question and then press the send arrow
3.
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GXH Annual Shareholders’ Meeting Presentation
24 August 2020
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Kim Ellis
Chair

GXH Annual Shareholders’ Meeting Presentation
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GXH Annual Shareholders’ Meeting Presentation
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Board of Directors
Speakers:
Other Board members:
Kim Ellis
Chair
Peter Merton
Non-Executive Director
Peter Williams
Non-Executive Director
Andrew Bagnall
Non-Executive Director
Carolyn Steele
Independent Director
Ken Orr
Independent Director
John Bolland
Non-Executive Director
Ben Doshi
Group CFO/
Company Secretary
Rachael Newfield
Group CEO

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Agenda
•
Chair’s address
•
Group CEO’s address
•
Q&A
•
Voting on Resolutions
•
General Q&A

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Business Update
•
COVID-19
•
Balance sheet
•
Dividend

GXH Annual Shareholders’ Meeting Presentation
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Rachael Newfield
Group CEO

GXH Annual Shareholders’ Meeting Presentation
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Our Purpose
Working together to support healthier communities.We are passionately committed to the health and wellness of New
Zealand,
and to providing the best support, care and advice to our commu
nities.
This is our promise.

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Community Health Operating Profit $2.5m
Revenue$568.5m
0.2%
Operating Profit/EBIT$31.0m¹
5.4%
Net Profit After Tax(attributable to shareholders)$13.5m²
-16.2%
Note: 
1
Net operating profit before
IFRS16 application (Accounting for Leases) $27.2m (-7.5%);
Note: 
2
NPAT attributable to shareholders before one-off non-cash items
is $17.6m. These one-offs include goodwill disposals of $1.1m (
total goodwill disposals of $1.4m less $0.3m attributable to non-
controlling interest), intangible wr
ite-downs of $2.4m, plus the impac
t of IFRS 16 application of $0.6m.
Note: 
3
Medical Operating Pr
ofit before IFRS16 app
lication $6.8m (+54%)
Pharmacy Same store sales
1.5%
Medical Operating Profit$8.0m
3
81.1%
Financial Highlights
+$2.4m

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Group Revenue and Profit
•
Revenue marginally increased to $568.5m
•
Operating Profit of $31.0m, up 5.4%
•
Before application IFRS 16, Operating Profit down 7.5% to $27.2
m
•
Performance impacted by goodwill disposals of $1.4m and intangi
ble write-offs of $3.3m (before tax)
34.9
30.0
29.4
31.0
05
10152025303540
2017
2018
2019
2020
$m
GXH Operating Profit
IFRS 16 Adjustment
487.6
537.2
567.2
568.5
400450500550600
2017
2018
2019
2020
$m
GXH Operating Revenue

GXH Annual Shareholders’ Meeting Presentation
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Net Profit After Tax (attributable to shareholders)
•
NPAT attributable to shareholders of $13.5m, down 16.2%
•
NPAT attributable to shareholders of $17.6m before all non-cash
one-offs: goodwill disposals of $1.1m (after NCI portion),
intangible write-offs of $2.4m (after tax) plus the IFRS 16 app
lication impact of $0.6m
17.0
15.6
16.1
14.1
0.05.0
10.015.020.0
2017
2018
2019
2020
$m
GXH Net Profit after Tax Attributable to Shareholders
IFRS 16 Adjustment
13.5

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Operating Cash / Investments
•
Operating Cash of $54.3m ($34.8m before the application of IFRS 16)
Enabling investment ($10.8m) in:•
Drury Surgery
(new holding)
•
Karori pharmacies
(two new holdings)
•
Waiuku Medical Pharmacy
(increased holding)
•
Centre City Pharmacy Dunedin
(increased holding)
•
Life Pharmacy in Westfield Newmarket
(new site)
29.9
33.1
31.4
54.3
05
1015202530354045505560
2017
2018
2019
2020
$m
GXH Operating Cash Flow
IFRS 16 adjustment

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Net Debt / Debt Capacity
•
$10m improvement in Net Debt to $22.6m
•
Debt facilities with BNZ mature 22 August 2022
•
$10m of headroom on BNZ group debt facility
•
Strong Balance Sheet will help absorb COVID-19 and economic downturn impact
•
Financing ratios:
– Debt / EBITDA – 1.44x
1
– Operating profit / Interest – 16.2x
1
– Fixed Charge Cover – 2.3x
1
-47.3
-38.4
-32.5
-22.6
-50-45-40-35-30-25-20-15-10
-5
0
2017
2018
2019
2020
$m
Net Debt (Borrowings Less Cash)
Note: ¹ The application of IFRS 16 materially impacts these
calculations. The headroom and ratios show the position pre applic
ation of IFRS 16.

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Earnings Per Share
•
EPS at 9.42 cps (9.85 cps before the application of IFRS 16)
14.18
11.02
11.25
9.85
02468
10121416
2017
2018
2019
2020
Cps
Earnings Per Share
IFRS 16 adjustment
9.42

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Divisional Plans

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Pharmacy Performance
•
Revenue down 1% at $336.4m, following some store closures as pa
rt of our ongoing portfolio review
•
Operating Profit down $4.8m to
$22.5m, with part of this declin
e attributable to goodwill on disposals of $1.4m, the write-dow
n of intangibles
$3.3m (before tax), offset by IFRS
16 at the operating profit l
ine of +$2.5m.
•
Two new stores acquired in February 2020 in Karori, Wellington
– plus rebuild of Life Newmarket, Unichem Parklands and Unichem
Highland Park
•
Same store sales growth of 1.5
%, and same store script numbers
up 1.3%
•
Living Rewards loyalty membership grew to 1.7m customers
322.6
341.3
340.2
336.4
300310320330340350
2017
2018
2019
2020
$m
Pharmacy Operating Revenue
27.9
28.9
27.3
22.5
048
121620242832
2017
2018
2019
2020
$m
Pharmacy Operating Profit
IFRS 16 Adjustment

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Retail Disciplines•
Evolve retail offering to changing consumer behaviour post COVI
D-19
•
Focus on margin management
Customer Engagement
•
Strengthen digital capability around 1.7m Living Rewards databa
se
•
Grow e-commerce
•
Advocate for removal of $5 prescription co-payment to increase accessibility and equity for all New Zealanders
Network Scale
•
Optimise equity store network
•
Leverage national footprint and trusted Unichem and Life Pharma
cy
brands
Financial Returns
•
Adapt to changing market conditions
•
Strong focus on reducing labour and occupancy costs
Pharmacy Future Focus

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Medical Performance
•
Revenue up 8.5% to $76.5m, primarily as a result of organic gro
wth
•
Operating Profit up 81.1% to $8.0m, reflecting improved operati
onal efficiency, organic revenue growth and an IFRS 16
impact of +$1.2m
•
Operating Profit margin increased from 6.3% to 8.9% excluding I
FRS16
•
267,000 enrolled patients as at 31 March 2020, including increa
se from Drury Surgery acquisition
•
Ownership in 42 Medical Centres
49.3
52.7
70.5
76.5
0
102030405060708090
2017
2018
2019
2020
$m
Medical Operating Revenue
2.9
3.7
4.4
8.0
0123456789
2017
2018
2019
2020
$m
Medical Operating Profit
IFRS 16 adjustment

GXH Annual Shareholders’ Meeting Presentation
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Network Scale•
Continue to build The Doctors brand
•
Network and patient number growth through targeted acquisitions and organic revenue growth
Patient Engagement
•
Deploy digital technology to increase efficiency and enhance delivery of high quality patient care
•
Work closely with funders to ensure equitable access
Financial Returns
•
Continuous improvement in operational efficiency and scale
•
Improve utilisation via systematic triaging of patients
Medical Future Focus

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Community Health Performance
•
Revenue down 0.5% to $155.6m following exit of unprofitable con
tracts
•
Focus continues to be on profit
ability of contracts rather than
top line revenue growth
•
Operating Profit increased $2.4m to $2.5m
•
Cost improvements of 3%
•
Improved performance reflecting cost management and utilisation
of technology
•
Continued advocacy for additional sector funding to ensure viab
ility of business and sustainability of sector
115.7
143.2
156.5
155.6
0
20406080
100120140160180
2017
2018
2019
2020
$m
Community Health Operating Revenue
3.0
1.2
0.1
2.5
0.00.51.01.52.02.53.03.5
2017
2018
2019
2020
$m
Community Health Operating Profit
IFRS 16 adjustment

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Community Health Future Focus
Service Offering•
Focus on higher clinical needs segments
•
Expand geographic coverage of Community Nursing business
Digital Communication•
Harness technology to enhance workforce efficiency and client outcomes
Financial Returns•
Continue cost reduction initiatives
•
Focus on profitability of all contracts, targeting growth in higher margin areas
•
Advocate for additional sector funding to ensure sustainability

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Q&A

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Resolutions & Voting

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Attendees – Voting Process
1.
When the poll is
open, the vote will be
accessible by selecting the voting icon at the top of the screen
2.
To vote simply select the option you wish to send, the selected option will change colour

GXH Annual Shareholders’ Meeting Presentation
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Resolutions
•
Resolution 1: Election of Kim Ellis
•
Resolution 2: Re-election of Peter Williams
•
Resolution 3: Re-election of Andrew Bagnall
•
Resolution 4: Re-election of John Bolland
•
Resolution 5: Re-election of Carolyn Steele
•
Resolution 6: Remuneration of the Auditor

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Resolution 1 – Election of Kim Ellis
Kim Ellis to be elected as Director
of the Company

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Resolution 2 – Re-election of Peter Williams
Peter Williams to be re-elected as
Director of the Company

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Resolution 3 – Re-election of Andrew Bagnall
Andrew Bagnall to be re-elected
as Director of the Company

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Resolution 4 – Re-election of John Bolland
John Bolland to be re-elected as
Director of the Company

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Resolution 5 – Re-election of Carolyn Steele
Carolyn Steele to be re-elected as
Director of the Company

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Resolution 6 – Remuneration of the Auditor
To authorise the Directors to fix the remuneration of the Audit
or
for the ensuing year

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Q&A

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Disclaimer
The information in this presentation was prepared by Green Cros
s Health Limited (GXH) with due
care and attention. However, th
e
information is supplied in summary form and is therefore not ne
cessarily complete, and no representation is made as to the acc
uracy,
completeness or reliability of the information. In addition, ne
ither GXH nor any of its subsidiaries, directors, employees, sh
areholders nor any
other person shall have liability whatsoever to any person for
any loss (including, without limitation, arising from any fault
or negligence)
arising from this presentation or any information supplied in c
onnection with it.
This presentation may contain forward-looking statements and pr
ojections. These reflect GXH current expectations, based on wha
t it thinks
are reasonable assumptions. GXH gives no warranty or representa
tion as to its future financial performance or any future matte
r. Except as
required by law or NZX listing rules, GXH is not obliged to upd
ate this presentation after its release, even if things change m
aterially. This
presentation does not constitute financial advice. Further, thi
s presentation is not and should not be construed as an offer t
o sell or a
solicitation of an offer to buy GXH securities and may not be r
elied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measu
res, including Gross Margin, Operating Revenue, EBITDA, and Net
Debt.
Because they are not defined by GAAP or IFRS, GXH calculation o
f these measures may differ from similarly titled measures pres
ented by
other companies and they should not be considered in isolation
from, or construed as an alternative to, other financial measur
es determined
in accordance with GAAP. Although GXH believes they provide use
ful information in measuring the financial performance and cond
ition of
GXH business, readers are cautioned not to place undue reliance
on these non-GAAP financial measures.
The information contained in this presentation should be consid
ered in conjunction with the consolidated financial statements f
or the period
ended 31 March 2020.