GXH: Annual Shareholders’ Meeting: Speeches & Presentation

1


Green Cross Health (NZX: GXH)
Annual Shareholders’ Meeting, Monday, 26 July 2021 at 2.30pm.

Chair & Group CEO Speeches
Kim Ellis, Chair
Slide 5:
I’ll touch on a couple of matters before Rachael takes you through the results.
Overall the Board was encouraged by the results for the year ended 31 March 2021.
Against the backdrop of all the challenges created by COVID-19, the company
delivered a solid earnings and cash result.
Within that result, we grew in two of the three divisions. Medical improved
margins, grew organically and made three acquisitions. Community Health which
operates at very narrow margins, was able to lift Operating Profit year on year.
On the other hand Pharmacy Operating Profit was down 4%. This was not just the
result of an increasingly competitive pharmacy scene but also this division was the
most impacted by COVID-19 with the lack of tourists, overseas students and
general retail traffic in our high street and city mall stores. Pharmacy retail will
continue to be challenged not just in this current year but into the future.
Successful execution of our strategy to respond to this environment has the
absolute focus of the Board and management.
Also absorbing considerable Board time is the capital and shareholding structure of
the company and the associated low level of liquidity and analyst coverage. The
solution to this conundrum will take time and is predicated on pharmacy
turnaround.
Meanwhile the Company has a very strong balance sheet. When Rachael takes you
through the numbers, you will see we have net cash – the result of cash
preservation and tight working capital management. Combined with the decision
not to declare a final FY21 dividend, the company is well positioned to accelerate
its acquisition strategy.
I’ll now hand over to Rachael to cover the FY21 results and more importantly her
plans for the year ahead and beyond.
Rachael Newfield, Group CEO
Slide 7:
I’ll start by providing a snapshot of each of the 3 divisions at year end. From left
to right:
• We closed the year at 357 pharmacies – that was made up of 295 Unichem
stores and 62 Life stores.
• Our medical centres numbered 45 with 285,000 enrolled patients in those
centres.

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• Community Health conducted over 3.8m home visits last year, looking after
over 40,000 clients.
Next I’ll take you through the group financials, and then go through the results for
each division one by one, including covering the plans for each division.
Slide 8:
This is the group performance for the 12 months ended 31 March 2021.
Working first down the left-hand side of the slide:
• Group Revenue was fairly constant year on year at $570m
• Group Operating Profit was $35m
• Net Profit After Tax Attributable to Shareholders was up 24% to $16.8m.
And to the right-hand side of the slide:
• The Pharmacy Operating Profit was down marginally to $24.1m
• The Operating Profit in the Medical division increased to $9.3m
• Community Health continued to lift in profitability with Operating Profit up
to $3.7m.
Slide 9:
Looking at the trend for the key group metrics:
• The top graph shows the group Operating Revenue, you can see this was
again constant year on year
• The bottom graph shows group Operating Profit which lifted to $35.1m, up
13% year on year.
Slide 10:
• And moving to Net Profit After Tax Attributable to Shareholders, this
increased to $16.8m, up 24% year on year
• For completeness, I note that the 2020 reported result was impacted by
goodwill disposals and intangible write offs of $3.5m.
Slide 11:
Next to the Operating Cash flow.
Once again the business generated solid cash flow.
The cash generated was $71.8m, or $52.1m excluding the application of IFRS16
(which to refresh your memory, is the accounting standard for leases).
While we were fairly conservative around investment last year given the
uncertainties caused by COVID-19, we did invest $9.2m of the cash generated.
The investments included:
• An investment in three new pharmacies in Cambridge which were acquired
just prior to year end
• And in keeping with our strategy to grow the Medical division, we bought
three medical centres last year.

3

Slide 12:
Turning to the debt position, we have worked hard to maintain a strong balance
sheet. Over the year we went from a net debt position of $22.6m net debt to a
positive $12.9m net cash position.
We also placed a huge emphasis on working capital management, which
contributed to that positive result.
The debt position is important as it puts us in a strong position to withstand the
impacts of COVID-19 which, as we saw in Wellington at the end of June, are
certainly not yet behind us.
And as mentioned in our end of year release, we have preserved cash to assist the
Company with accelerating its acquisition activities. We also have $41m headroom
in our BNZ group debt facility.
Last of all, all our financing ratios were well within covenant requirements.
Slide 13:
Last, earnings increased to 11.7 cents per share.
Slide 14:
So now we move to divisional performance for the year ended 31 March 2021 and
the plans for the year ahead.
Slide 15:
Starting first with the Pharmacy division. There’s no doubt it was a difficult year.
• COVID-19 saw a reduced ability of customers to shop in store during the
various alert levels. This, combined with increased competition, meant we
saw Pharmacy Revenue finish down 6% and Operating Profit down 4% to
$24.1m
• We were grateful for the Government wage subsidy, which was passed on to
staff and helped individual pharmacies retain staff during the period
• We continue to refine our store portfolio – the two stores in Wellington
acquired February 2020 are now well integrated into the portfolio and, just
prior to year end, we invested in three new stores in Cambridge
• While retail sales were difficult, dispensary sales were more resilient. Our
same store script numbers grew 4% year on year, with temporary changes to
dispensing supporting that, along with the significant emphasis we have put
on our repeat reminder system, which now supports over 600,000 patients.
Slide 16:
Clearly we have some challenges in the Pharmacy division. Going forward, the
division has four focus areas.
1. The Customer
• Our Living Rewards membership is now at 1.8m members. Last year, we
invested in a tool to track customer spend and trigger automated offers to
encourage repeat business. Given COVID-19 last year, we didn’t get a lot of

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opportunity to use it. This year, we will further develop our capability
around connecting with our loyal customers. Investment here is important
because Living Rewards customers spend about 50% more than non-Living
Rewards customers
• We all know COVID-19 has accelerated the opportunity for ecommerce. Just
prior to year end we launched a pharmacy services booking tool on both our
Unichem and Life pharmacy websites. In the year ahead we will further
develop our digital offering, to ensure both our products and services are
accessible to our customers on their terms
• Advocating for the sustainability of community pharmacy and accessibility
of medicines for all patients remains on the agenda. Disappointingly, it
wasn’t part of this year’s Government budget. We are still calling on the
Government to remove the $5 prescription tax so that all New Zealanders
can have equitable access to medicines.
2. Retail disciplines
• While we have made some good progress around our retail offer, this work
must continue into the next period both in terms of range and pricing
strategies
• Going forward, one of our key differentiators in market will be our
professional service offers, coupled with relevant products. We will further
evolve our care and advice offering
• We also have a programme in place to lift our retail standards, to deliver a
consistent and professional in-store experience.
3. Network Scale
• At year end we had an equity interest in 88 pharmacies. Retail revenue
from the portfolio is currently more weighted to malls and CBDs rather than
regional and medical centre co-located pharmacies. We will keep optimising
the portfolio in the year ahead
• Leveraging our network of over 350 stores, along with the Unichem and Life
Pharmacy brands remains a priority
• Given the current health reforms under consideration by Government, we
will keep engaging with Government and funders on system design – you’ll
see this as a constant across all divisions
• And some of our stores are now involved in the rollout of COVID-19
vaccinations. Given pharmacy success with flu vaccinations, we see the
COVID-19 vaccine as a natural extension and are keen to support a quicker
roll out of the vaccine in New Zealand. We will keep pushing Government
and the 20 DHBs to increase pharmacy involvement, dependent on them
having stock of the vaccine of course.
4. Financial returns
• With the impacts of COVID-19, along with increased competition, this
division is certainly seeing margin pressure. To combat that, our strategy is
about providing customers personalised, localised care and advice along
with relevant products at fair prices – we will keep adapting in the year
ahead

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• In regards to the 88 store portfolio, in the coming year we will keep working
on recalibrating labour and occupancy costs, to ensure the cost structures of
our pharmacies are right-sized.
Slide 17:
In contrast, the Medical division continued to grow year on year:
• Medical Revenue grew 7% to $82m while Operating Profit increased 41% to
$9.3m
• Organic growth comprised $2.1m of the $2.7m growth in Operating Profit
year on year. Our focus on operational efficiency saw margins further
improve
• At year end we were supporting 285,000 enrolled patients across our 45
medical centres.
Slide 18:
So what’s next for the Medical division? The plan is constant.
Ensuring we meet our patient’s needs is paramount
• We will continue to improve utilisation and service levels for patients
through systematic triaging systems
• Last year we expanded the use of digital technology in centres including
introducing online consultations. We have more work to do to increase the
uptake of these services in the year ahead
• As with pharmacy, we are also keen to support New Zealand with COVID-19
vaccinations and are knocking on the doors of Government and all DHBs to
expand our role.
Sector representation
• As a representative of 285,000 enrolled New Zealanders, we will be staying
close to the design of the NZ health system reforms and looking for
opportunities to contribute and we will work with funders to ensure
equitable access and support for our patients.
We continue to grow our network scale
• We remain intent on building The Doctors brand in the regions in which we
operate, with a number of campaigns planned across multiple channels
• And size is a key driver for the division. We’ll achieve this through both
organic growth from patient enrolments, along with acquisitions of further
medical centres.
And last, financial returns
• Ensuring we benefit from our scale and further driving operational
efficiency are important in the year ahead
• We will also be working to integrate last year’s acquisitions and in year
acquisitions.

6

Slide 19:
Finally, to Community Health.
• Revenue grew 10% last year, up to $171m. Pleasingly, our Operating Profit
lifted to $3.7m
• Our growth has resulted from targeting high clinical needs areas, along with
a focus on efficiency
• At 2% Operating Profit margin the division is clearly still operating at very
low margins so advocating for additional funding to support future
investment and sustainability in this division remains a priority.
Slide 20:
There are four areas of focus for the Community Health division in the year ahead.
We are continually refining our service offering
• As results have shown, the higher clinical needs segments need to be where
we target our efforts
• We expanded our geographic coverage of Total Care Health last year; we
need to bed those expansions in and expand further again in the year ahead
• And, again, this division is well placed to support COVID-19 vaccinations.
Utilising technology is key
• Digital technology allows us to enhance efficiencies and service for clients.
Further development of our staff app and patient portal is on the plan
• We also will keep working on back office efficiencies, investing in
technology to support improvement.
A common theme in all three divisions is sector representation
• We look forward to further engagement with those leading the NZ health
system reforms, with the aim that the result is a less bureaucratic, more
patient-centred system
• And as mentioned, this sector is in clear need of additional funding to
ensure ongoing sustainability so that those most vulnerable can be
supported to stay living in their homes.
Which leads to the final area, financial returns
• Managing and reducing costs is a given
• And we will constantly review the profitability of all contracts, ensuring we
target the higher margin areas.
And before I finish, I would like to say a massive thank you to all the Green Cross
Health team members for the past year. While operating a business always has its
challenges, COVID-19 has certainly added another level of complexity. As an
essential service our teams went above and beyond, and continue to go above and
beyond, caring for the people in our communities.
Thank you. I’ll now pass you back to the Chair.

7

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 357 Unichem and Life
pharmacies covering almost every New Zealand community, Green Cross Health
make more than 3.7m home visits to more than 40,000 community health clients and
care for 285,000 enrolled patients at medical centres.

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GXH Annual Shareholders’ Meeting Presentation
26 July 2021
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Kim Ellis
Chair

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Board of Directors & Executives
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
Chair & Executives:Other Directors:

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

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Results
Capital and shareholding structure
Balance sheet
Business Update

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Rachael Newfield
Group CEO

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Who We Are
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 communities.This is our promise.

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Community Health Operating Profit
$3.7m
Revenue$570.4m Operating Profit / EBIT$35.1mNet Profit After Tax$16.8m (attributable to shareholders)
Pharmacy Operating Profit$24.1mMedical Operating Profit$9.3m
GXH Full Year Result - Financial Overview

GXH Annual Results Presentati
on
25 June 2020

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9
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Group Revenue and Profit
Comments:•
Revenue of $570.4m, flat year on year
•
Operating Profit of $35.1m, up 13%
537.2
567.2
568.5
570.4
2018
2019
2020
2021
GXH Operating Revenue ($m)
30.0
29.4
31.0
35.1
2018
2019
2020
2021
GXH Operating Profit ($m)
*2020 impacted by goodwill disposals of ‐$1.4m and intangible w
rite‐downs of ‐$3.3m (before tax)
**2021 impacted by Wage Subsidy of +$10.8m included in Group re
venue, with all amounts passed on to employees
*
**

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Net Profit After Tax (attributable to shareholders)
Comments:•
NPAT attributable to shareholders of $16.8m, up 24%
15.6
16.1
13.5
16.8
2018
2019
2020
2021
GXH Net Profit after Tax Attributable to Shareholders ($m)
**
*2020 impacted by goodwill disposals of ‐$1.1m (after NCI porti
on) and intangible write‐downs of ‐$2.4m (after tax)
**2021 impacted by Wage Subsidy of +$6.2m 
*

GXH Annual Results Presentati
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Operating Cash / Investments
Comments:•
Operating Cash of $52.1m (excl. IFRS 16)
Enabling investment ($9.2m) in:•
Cambridge pharmacies (three new holdings)
•
Gabriel Medical centre
•
Tui Medical centre
•
Richmond Health centre
33.1
31.4
34.8
71.8
54.3
2018
2019
2020
2021
GXH Operating Cash Flow ($m)
IFRS 16 adjustment
52.1

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Net Debt / Debt Capacity
Comments:•
$35.5m improvement in Net Cash/Debt to $12.9m
•
Improved working capital management has positioned GXH well to be in a net cash position and to take advantage of future investment opportunities
•
Debt facilities with BNZ mature 22 August 2022
•
$41m of headroom on BNZ group debt facility
•
Financing ratios:
– Debt / EBITDA – 0.6x – Operating Profit / Interest – 34.8x
-38.4
-32.5
-22.6
12.9
2018
2019
2020
2021
Net Debt (Borrowings Less Cash) ($m)

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Earnings Per Share
Comment:•
EPS at 11.7 cps, an increase of 24% on the prior year
11.0
11.3
9.4
11.7
2018
2019
2020
2021
GXH Net Profit after Tax Attributable to Shareholders (cps)

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Divisional Plans

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Pharmacy Performance
Comments:•
Revenue down 6% to $316.8m in the year primarily due to the impact of COVID-19 with the reduced ability of customers to shop in-store during the various COVID-19 alert levels
•
Operating Profit down 4% to $24.1m
•
The decline in Pharmacy Revenue and Operating Profit was partially offset by the wage subsidy, which helped individual pharmacies to retain staff during the subsidy period
•
Two new stores acquired in February 2020 in Karori, Wellington, along with three new stores in Cambridge in March 2021
•
Same store script numbers up 4%, supported by temporary changes to repeat dispensing rules
341.3
340.2
336.4
316.8
2018
2019
2020
2021
Pharmacy Operating Revenue ($m)
28.9
27.3
25.2
24.1
2018
2019
2020
2021
Pharmacy Operating Profit ($m)
*An objective review of costs has been carried out which has re
sulted in a change in the way so
me costs are allocated betweend
ivisions. 2021 contains an adjustment of +$2.6m and 2020 contai
ns an adjustment of +$2.7m
*
*

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Pharmacy Future Focus
Retail Disciplines
•
Evolve retail offering to changing consumer behaviour post COVID-19
•
Development of further professional service offers
•
Continue lifting retail standards to deliver a consistent customer experience
Customer Focus
•
Strengthen digital capability around 1.8m Living Rewards database
•
Grow e-commerce
•
Advocate for sustainability of community pharmacies and accessibility and equity for all New Zealanders
Network Scale
•
Optimise equity store network
•
Leverage national footprint and trusted Unichem and Life Pharmacy brands
•
Contribute to design of NZ health system reforms
•
Support New Zealand’s COVID-19 response
Financial Returns
•
Adapt to changing market conditions
•
Right-size labour and occupancy costs by store

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Medical Performance
Comments:•
Revenue up 7% to $82.2m, with organic patient growth and acquisitions
•
Operating Profit up 41% to $9.3m, reflecting growth in patients and improved operational efficiency
•
285,000 enrolled patients as at 31 March 2021 (+7%) with three new centres; Gabriel Medical (Auckland), Tui Medical Centre (Whangarei) and Richmond Health Centre (Nelson-Richmond) acquired during the year
•
Ownership in 45 Medical Centres
52.7
70.5
76.5
82.2
2018
2019
2020
2021
Medical Operating Revenue ($m)
3.7
4.4
6.6
9.3
2018
2019
2020
2021
Medical Operating Profit ($m)
*An objective review of costs has been carried out which has re
sulted in a change in the way so
me costs are allocated betweend
ivisions. 2021 contains an adjustment of ‐$1.4m and 2020 contai
ns an adjustment of ‐$1.4m
*
*

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Medical Future Focus
Sector Representation
•
Contribute to design of NZ health system reforms
•
Work closely with funders to ensure equitable access for all New Zealanders
Patient Engagement
•
Improve utilisation via systematic triaging of patients
•
Deploy digital technology to increase efficiency and enhance delivery of high quality patient care
•
Support New Zealand’s COVID-19 response
Network Scale
•
Continue to build The Doctors brand
•
Network and patient number growth through targeted acquisitions and organic revenue growth
Financial Returns
•
Continuous improvement in operational efficiency and scale
•
Integrate acquisitions to deliver results

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Community Health Performance
Comments:•
Revenue up 10% to $171.4m
•
Operating Profit increased $2.5m to $3.7m
•
Improved performance reflects strategy of supporting clients with higher clinical needs, ongoing service improvement and improving profitability of contracts
•
Cost efficiencies have resulted from the investment in people, technology and systems
•
Continued advocacy for additional sector funding to ensure viability of business and sustainability of sector
143.2
156.5
155.6
171.4
2018
2019
2020
2021
Community Health Operating Revenue ($m)
1.2
0.1
1.2
3.7
2018
2019
2020
2021
Community Health Operating Profit ($m)
*An objective review of costs has been carried out which has re
sulted in a change in the way so
me costs are allocated betweend
ivisions. 2021 contains an adjustment of ‐$1.2m and 2020 contai
ns an adjustment of ‐$1.3m
*
*

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Community Health Future Focus
Service Offering
•
Focus on higher clinical needs segments
•
Expand geographic coverage of Community Nursing business
•
Support New Zealand’s COVID-19 response
Technology
•
Harness digital technology to enhance workforce efficiency and client outcomes
•
Systems development to support administrative improvements
Sector Representation
•
Contribute to design of NZ health system reforms
•
Advocate for additional sector funding to ensure sustainability
Financial Returns
•
Continue cost reduction initiatives
•
Focus on profitability of all contracts, targeting growth in higher margin areas

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Q&A

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Resolutions & Voting

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Resolutions
•
Resolution 1: Re-election of Peter Merton
•
Resolution 2: Re-election of Ken Orr
•
Resolution 3: Remuneration of the Auditor

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Resolution 1 – Re-election of Peter Merton
Peter Merton to be re-elected as
Director of the Company

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Resolution 2 – Re-election of Ken Orr
Ken Orr to be re-elected as
Director of the Company

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Resolution 3 – 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 2021.