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    SHL   AU000000SHL7

SONIC HEALTHCARE LIMITED

(SHL)
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Sonic Healthcare : Sale of GLP Systems Opens in a new Window

06/26/2019 | 06:48pm EDT

27 June 2019

Sonic Healthcare sells its interest in GLP Systems, Germany

Sonic Healthcare Limited ("Sonic") (ASX: SHL ; ADR: SKHHY) is pleased to announce that it has sold its 85% shareholding in GLP Systems GmbH ("GLP"; headquartered in Hamburg, Germany) to Abbott (headquartered in Abbott Park, IL, United States). Abbott has also acquired the remaining 15% interest in GLP.

With the significant assistance of Sonic Healthcare staff and laboratories, GLP has developed a cutting-edge laboratory automation system which has been installed in eight Sonic laboratories in Australia, the UK and Germany, with more planned. GLP's automation solutions have also been installed in third-party laboratories in eight European countries.

Sonic has determined that GLP's potential will be more fully realised in conjunction with a suitable partner in the IVD equipment market, and that GLP is not core to Sonic's business. As a leading global player in this market, Abbott is the ideal partner for GLP, its customers and team of 70 staff.

The sale of GLP will generate an after-tax profit to Sonic of around €30 million (~A$48 million). Approximately €80 million (~$A130 million) of cash (comprising sale proceeds and shareholder loan repayments) will be returned to Sonic, which will be used to repay existing Euro debt, creating additional balance sheet capacity for further laboratory acquisitions. FY 2019 revenue for GLP is approximately €14 million (~$A23 million).

The sale documentation includes a long-term collaboration agreement between Sonic and Abbott, as Sonic will continue to be an important customer of GLP.

For further information regarding this announcement, please contact:

Dr Colin Goldschmidt CEO and Managing Director Sonic Healthcare Telephone: +61 2 9855 5333 Email: colgold@bigpond.com

Chris Wilks

CFO and Finance Director Sonic Healthcare Telephone: +61 2 9855 5404 Email: cdwilks@bigpond.com

Level 22, Grosvenor Place, 225 George Street, Sydney NSW 2000 Australia P +61 2 9855 5444 F +61 2 9878 5066 W www.sonichealthcare.com.au

Sonic Healthcare Limited ABN 24 004 196 909

Disclaimer

Sonic Healthcare Limited published this content on 27 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 June 2019 22:47:01 UTC


© Publicnow 2019
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Financials
Sales 2021 8 734 M 6 850 M 6 850 M
Net income 2021 1 197 M 939 M 939 M
Net Debt 2021 1 267 M 994 M 994 M
P/E ratio 2021 13,9x
Yield 2021 3,20%
Capitalization 16 648 M 13 064 M 13 058 M
EV / Sales 2021 2,05x
EV / Sales 2022 2,28x
Nbr of Employees 37 000
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 35,53 AUD
Last Close Price 34,84 AUD
Spread / Highest target 17,7%
Spread / Average Target 1,98%
Spread / Lowest Target -26,2%
EPS Revisions
Managers and Directors
NameTitle
Colin Stephen Goldschmidt Chief Executive Officer, MD & Executive Director
Christopher David Wilks CFO, Finance Director & Executive Director
Mark R. Compton Chairman
Louis James Panaccio Independent Non-Executive Director
Kathryn Dianne Spargo Independent Non-Executive Director
Sector and Competitors