Monash IVF Group Ltd
Annual Report 2018

Plain-text annual report

COLLIER CREATIVE 03 9088 2470 MON0019 Monash IVF Group AR 18_PFO October 11, 2018 3:53 PM Life starts here Annual Report 2018 M o n A s h I V F G R o u p L I M I t e d A n n u a l R e p o r t 2 0 1 8 Annual General Meeting Thursday, 22 November, 2018 Monash Conference Centre Seminar Room 2&3 Level 7, 30 Collins Street Melbourne VIC 3000 at 2:00pm Our Mission: Help bring life to the world We assist people to have healthy children and grow a family. We deliver holistic care throughout the fertility journey. We innovate and provide a complete range of fertility solutions; life starts here. Monash IVF Group Limited Contents Monash IVF Group (Monash IVF Group Ltd or The Group) is a leading provider of Assisted Reproductive Services (ARS) in Australia and Malaysia. Since the early 1970s the Group has been a market leader in fertility care and over the last 40 years has grown into a specialised fertility and women's imaging group receiving international recognition for research, science and innovation, helping individuals and families achieve their goal of having a healthy baby. 2 Financial Highlights 3 Chairman’s Report 4 Managing Director and CEO’s Report 6 Chief Financial Officer’s Report 7 Financial Performance 8 Customer (Patient) Experience 9 Clinical Excellence 10 Scientific Leadership 11 People Engagement 12 Board of Directors 13 Management Team 14 Directors Report Remuneration Report – Audited 26 Auditor’s Independence Declaration 45 Corporate Governance Statement Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes In Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditor’s Report Shareholder Information Corporate Directory 46 58 59 60 61 62 97 98 102 104 1 MonAsh IVF GRoup LIMIted Annual Report 2018 Financial highlights Revenue $150.6m 2018 FY17 $155.2m down 2.9% eBItdA 1,2 $38.1m FY17 $49.0m down 22.2% npAt 5 $21.4m FY17 $29.6m down 27.9% Cash Conversion 6 93.3% FY17 93.9% down 0.6% Basic eps 9.1 cents FY17 12.6 cents down 27.8% FY18 dividends 6.0 cents FY17 8.8 cents down 31.8% $m Group Revenue EBITDA1,2 EBIT NPAT5 EPS (cents) DPS (cents) Net Debt Net Debt to Equity ratio3 Return on Equity (p.a.)4 FY18 $150.6 $38.1 $33.2 $21.4 9.1 6.0 FY17 $155.2 $49.0 $44.6 $29.6 12.6 8.8 % change (2.9%) (22.2%) (25.7%) (27.9%) (27.8%) (31.8%) 30 June 18 30 June 17 $94.1 56.4% 12.8% $92.0 56.3% 18.6% 1 EBITDA is earnings before interest, tax, depreciation and amortisation. 2 EBITDA is a non IFRS measure which is used by the Group as a key indicator of underlying performance. This and any other non IFRS measure is not subject to audit or review. 3 Net Debt to Equity is calculated using Net Debt divided by equity as at 30 June 2018. 4 Return on Equity is calculated using NPAT for the previous 12 month period divided by the average equity in the same period. 5 NPAT attributable to ordinary shareholders. 6 Pre-tax conversion of operating cashflow to EBITDA calculated as cash generated from operations divided by EBITDA. 2 Chairman’s Report 40,000 births and counting since achieving the world's first IVF pregnancy in 1973, we have enabled the births of over 40,000 babies. today, we operate 22 fertility clinics and 18 ultrasound clinics in Australia and Malaysia. We have 106 Fertility specialists and sonologists, 125 scientists and over 400 nursing, health professionals and corporate employees. Throughout FY18, focus has been on our strategic roadmap created around our premium fertility offering, diagnostic services and domestic and international expansion. The roadmap has provided clear direction for delivering growth and sustainable shareholder value. It has also guided us in developing and implementing our four operational priorities: Customer (Patient) Experience, Clinical Excellence, Scientific Leadership and People Engagement. Significant progress has been made in these areas, which you will read about in the coming pages. Looking at the financial results for FY18, Monash IVF Group revenue was down 2.9% on prior comparative period (PCP). NPAT was down 27.9% on PCP. We had strong cash conversion of 93.3% and a total fully franked dividend of 6.0 cents per share. Our Assisted Reproductive Services (ARS) Australia Business was significantly impacted by the departure of a Victorian Fertility Specialist in September 2017. However, this was partly offset by underlying market share growth, price increases and expanding our revenue base through our non-invasive prenatal testing (NIPT) offering. Excluding that departure, ARS Australia Premium Service Business remained solid, demonstrating Stimulated Cycle growth of 3% over PCP across our key markets. We also recruited seven new Fertility Specialists in Australia in FY18, bringing our total Australian based Fertility Specialists to eighty-five. Our Diagnostic Services business has grown including NIPT volume growth of 32.4% and Ultrasound scan volume growth of 0.9%. We continue to build our in-house capabilities and expand our Ultrasound footprint. We established a new state-of-the art facility in Kuala Lumpur, Malaysia, which provides the capacity to meet growing demand and deliver positive customer (patient) experiences. In addition, we recruited a new experienced Fertility Specialist to support long-term growth and succession planning, which increased our number of specialists in Malaysia to six. Our International Business Development Manager continues to review opportunities with a particular focus on expansion of Fertility and Diagnostic Services in Asia Pacific. The Monash IVF Group Board and Management are committed to ensuring we remain at the forefront of our industry and deliver on our mission – to help bring life to the world. We are confident our strategic roadmap will enable us to do just that, in the short and long term. Personally, I would like to thank the Management Team and the dedicated clinicians, nurses, scientists and staff for their contribution throughout FY18. Thanks must also go to our external stakeholders and our shareholders for their support over the past 12 months. On behalf of my fellow Directors, we look forward to welcoming you at the Annual General Meeting in November. Richard davis Chairman Monash IVF Group 3 MonAsh IVF GRoup LIMIted Annual Report 2018 Managing Director and CEO’s Report Creating sustainable value and making a significant contribution to social good strategic priorities Our strategic priorities will provide the focus for our activities to drive growth and create sustainable shareholder value. We will remain focused on our premium fertility offering for women and men, including providing holistic fertility solutions. We will increase the integration of our Fertility and Diagnostics (Ultrasound and Genetics) operations. We are establishing a more balanced business portfolio across Australia, increasing our focus in underpenetrated markets. We are pursuing International opportunities, with a particular focus on expansion of Fertility and Diagnostic Services in Asia Pacific. operational priorities We continue to focus on our four operating priorities of Customer (Patient) Experience, Clinical Excellence, Scientific Leadership, and People Engagement. Our Customer (Patient) Experience provides for an empowering, convenient and consistent experience throughout the fertility journey. We have increased our marketing activities to generate awareness of our heritage, our Clinicians, our clinic network, our good science and our successful fertility outcomes. We have commenced the integration of our channels to increase access and improve our interaction with Customers; including online, social media, phone and face to face. Clinical Excellence is focused on partnering with our Clinicians to deliver a superb clinical operation. We continue to strengthen our partnerships with our Clinicians and recruit new Clinicians to expand our operations in Australia. We recruited seven Fertility Specialists across Australia, bringing our total to eighty-five in Australia. This will help build a balanced State portfolio and succession planning for existing Clinicians. Scientific Leadership is about advancing good science and innovative technology to improve the Customer experience, our clinical practices and most importantly to support our market leading success rates. We are harmonising our scientific methods and we continue to invest in our laboratories with state of the art technology and equipment. We are expanding our Diagnostic services in Ultrasound and Genetics, increasing referrals between Fertility and Diagnostic services. We continue to enhance our Research and Development capabilities to focus on advancing good science, clinical practice and commercialisation of new technologies. We will continue to be the pioneers and innovators of the future. We are fortunate to have world renowned Clinicians, Nurses, Scientists and an incredible support team, all dedicated to assist people to have healthy children and grow a family. And we will strive to attract and retain the best people. our mission is to help bring life to the world. We have developed our strategic roadmap and operational plan to help us navigate our journey over the coming years. 4 Financial summary FY18 Revenue declined by 2.9% to $150.6 million and NPAT declined by 27.9% to $21.4 million. In Tasmania where we have a 35% holding in a Fertility Clinic, we demonstrated strong growth and also gained market share. Our ARS Australia Premium Service business, excluding departure of the Victorian Fertility Specialist in September 2017, remains solid demonstrating stimulated cycle growth of 3.0% in FY18 over PCP. FY18 stimulated cycles in Victoria increased by 4.2% over PCP, excluding the impact of the departing Victorian Fertility Specialist. Stimulated Cycles in South Australia increased by 2.2%, including an 18.4% increase in the second half due to the commencement of new Fertility Specialists. Stimulated Cycles in our Queensland Premium Service business were maintained and we increased market share in the second half of 2018. In New South Wales, market share decreased due to the transition of the low intervention Mosman Clinic to a premium service clinic. ARS International (Malaysia) business was a highlight with ARS Revenue increasing by 40.5% and representing 5.8% of Group Revenue and EBITDA growing 50.2% and representing 9.9% of Group EBITDA. Stimulated Cycles increased by 23.2% and total patient treatments increased by 24.2%. We have also recruited a new Fertility Specialist to support long term growth and succession planning, making a total of six Fertility Specialists in Malaysia. Our Diagnostics business continues to grow as we build our in-house capabilities and leverage our Ultrasound service offering. Ultrasound volumes increased by 0.9% with the second half delivering 1.8% growth over PCP. NIPT volumes increased by 32.4% with 99.1% of tests performed in-house and strategic and operational priorities contributed additional revenue of $2.4 million. Pre-implantation genetic screening/diagnosis decreased by 14.4%, which is commensurate with the decline in stimulated cycles, although the penetration rate to stimulated cycles remains stable at 19.1%. It is an exciting time to have joined such an innovative Company, one with a strong heritage and at the forefront of fertility and diagnostic treatment. We will continue to build on our great success and work together to help bring life to the world. david Morris Chief Executive Officer and Managing Director Monash IVF Group our Mission is to help bring life to the world, life starts here strategy operations outcomes Fertility (Women and Men) premium offering diagnostics (Ultrasound, Genetics) Australia and International (Asia Pacific) Customer (Patient) experience Clinical excellence scientific Leadership Value Creation people engagement operating principles 5 MonAsh IVF GRoup LIMIted Annual Report 2018 Chief Financial Officer’s Report Monash IVF Group's underlying business remains solid We continue to invest in strategic growth initiatives despite FY18 npAt being down 27.9% to $21.4m. Furthermore, we absorbed one-off, non-recurring costs of $1.2m associated with a Fertility Specialist's departure in Victoria and restraint legal proceedings, recruitment of key personnel and organisation restructure. Our revenue declined by 2.9% to $150.6m having been impacted by a Fertility Specialist departure, a decline in the Australian ARS market and the strategic repositioning of a low intervention clinic in Mosman to a premium service clinic. The pleasing aspect was that the revenue decline was partly offset by market share growth (excluding a specialists departure and Mosman clinic repositioning), price increases, strong growth in our Malaysian clinic and expanding our revenue base through our non-invasive prenatal testing offering. We experienced strong revenue growth in Malaysia of 40.5% as the new state-of-the-art facility in Kuala Lumpur provided the capacity to meet the growth in demand and deliver a positive patient experience. The revenue growth resulted in an EBITDA increase of 50.2% to $3.8m. We continue to have excellent cash flow generation and earnings conversion generating $25.9m in net operating cash flow after tax, in line with FY17. As a result of the strong cash flow we were able to fund dividend payments in the period of $18.6m and support a capital expenditure program of $6.6m in FY18 geared around patient management system enhancements, investment in new scientific equipment and upgrades. Our Net Debt to Equity Ratio of 56.4% was stable at 30 June 2018 vs the prior year at 56.3% and we currently have access to debt capacity of $57.0m to support strategic growth opportunities. All of our capital management metrics are comfortably compliant with our banking covenants with significant headroom. Our key leverage ratio was at 2.46 times and our interest cover was strong at 11.1 times. In addition, we delivered sound capital return metrics with a 12.8% return on equity and a 7.3% return on assets for FY18. The board declared a 2.6 cents fully franked FY18 final dividend, bringing the total fully franked dividend in FY18 to 6.0 cents per share, 31.8% decline on prior year and represents a 65.9% dividend payout ratio. Michael Knaap Chief Financial Officer and Company Secretary Monash IVF Group 6 Financial Performance stimulated Cycles Revenue ($m) eBItdA3 ($m) npAt ($m) FY18 – 5 Year CAGR 1 of 2.8% FY18 – 5 Year CAGR 1 of 9.4% FY18 – 5 Year CAGR 1 of 1.8% FY18 – 5 Year CAGR 1 of 3.2% FY17 – 5 Year CAGR 1 of 6.2% FY17 – 5 Year CAGR 1 of 11.6% FY17 – 5 Year CAGR 1 of 11.8% FY17 – 5 Year CAGR 1 of 14.3% 7 0 8 9 , 1 9 5 9 , 3 9 6 , 8 8 8 7 , 1 8 9 0 8 , 8 6 5 , 7 5 1 1 , 7 6 . 6 5 1 2 . 5 5 1 . 6 0 5 1 6 . 9 4 0 . 9 4 6 . 9 2 . 8 8 2 0 . 5 2 0 1 4 1 1 . 3 . 6 9 8 . 9 8 7 . 9 3 . 8 8 3 9 . 4 3 1 . 8 3 . 6 2 2 4 . 1 2 4 . 1 2 . 0 8 2 3 . 8 1 2 . 5 1 2 1 Y F 3 1 Y F 4 1 Y F 5 1 Y F 6 1 Y F 7 1 Y F 8 1 Y F 2 1 Y F 3 1 Y F 4 1 Y F 5 1 Y F 6 1 Y F 7 1 Y F 8 1 Y F 2 1 Y F 3 1 Y F 2 4 1 Y F 4 5 1 Y F 6 1 Y F 7 1 Y F 8 1 Y F 2 1 Y F 3 1 Y F 2 4 1 Y F 4 5 1 Y F 6 1 Y F 7 1 Y F 8 1 Y F 1 CAGR is Compound Annual Growth Rate. 2 FY14 adjusted to exclude IPO costs and restructuring costs. 3 Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-IFRS measure which is used by the Group as a key indicator of underlying performance and is not subject to audit. 4 FY15 earnings were impacted unfavourably by below industry trend growth rates and one off start up & acquisition costs of $975k (Pre-tax). 7 MonAsh IVF GRoup LIMIted Annual Report 2018 Customer (Patient) Experience An empowering and supportive journey Fertility is often a long and emotional journey and we need to empower and support our Customers (patients) throughout their fertility journey. During the year we began implementing changes to empower and support our Customers to feel more confident and to help make their journey as convenient, seamless and consistent as possible. We continue to optimise our brand position and marketing activities to generate increased awareness of our heritage, our Clinicians, our clinic network, our good science and our successful fertility outcomes. We have also enhanced and integrated our communication channels to increase access and improve our interaction with customers. Our omni-channel strategy includes online, social media, phone and face-to-face. We have established a 24/7 telephone service so people can contact us at any time for support throughout their fertility journey. During the year we introduced Customer Net Promoter System (NPS). This tool is helping us measure the customer experience and provides a range of valuable insights that will inform future improvements to the customer experience. The ultimate measure of customer satisfaction is to have a healthy child. Our clinicians, nurses and scientists are making that possible for more people every single day. 8 Clinical Excellence Turning clinical excellence into positive customer outcomes our pursuit of Clinical excellence is at the heart of our drive for positive Customer outcomes. All our activities are undertaken to improve the fertility journey for our Customers and to assist them to have healthy children and grow their family. During the year we have strengthened our partnerships with our Clinicians. This included increasing our focus on marketing, referrals, clinical service and scientific research. We have recruited new Fertility Specialists to help build a balanced state portfolio and expand our Australian operations. The new Fertility Specialists are also part of our succession planning to ensure we continue to have the very best specialists for years to come. We are developing more routine and agile clinical procedures that are compliant and scalable and we continue to upgrade our information technology and facilities across our clinic network. All our clinics which were audited during the year by the Fertility Society of Australia’s Reproductive Technology Accreditation Committee, received certification with no restrictions. The pursuit of Clinical Excellence is ongoing, so we will embrace new technology and evolve our clinical practices to deliver the best possible outcomes for our Customers. 9 MonAsh IVF GRoup LIMIted Annual Report 2018 Scientific Leadership Pioneers today and tomorrow our pioneering work over the decades has led to a Monash IVF Group baby now being born every 2.5 hours. We continue to lead the world in fertility treatment, science and research and are passionate about advancing good science to assist more people to have healthy children and grow their family. Our Group Scientific Advisory Committee (GSAC) brings our scientific leaders together to share their knowledge and a Monash IVF Group way of working. During the year the GSAC commenced the harmonization of scientific methods and invested in our laboratories with state-of-the-art technology and equipment to continue to support our market leading success rates. expanded genetic services Our state-of-the-art genetic testing services are now available at three additional sites: Sunshine in Melbourne and in the regional centres of Geelong in Victoria and Rockhampton in Queensland. The expansion has made PGT-A and PGT-M services, which assess embryos for chromosome errors and single gene disorders, more accessible for more patients. expanded egg freezing program After recent legislative changes, South Australian women have the same fertility rights as all other Australian women. To help them preserve their fertility without needing to travel interstate, we have now expanded our social egg freezing program into South Australia. 10 donor sperm supply secured Monash IVF Group entered into an exclusive arrangement with an American company, California Cryobank for the supply of donor sperm. This means we now have a secure and reliable source of donor sperm and can capitalise on this growing market. the authority in fertility Our scientists were highly active in the scientific community throughout the year. They have published abstracts and papers in leading international journals and have given presentations and lectures at national and international conferences. We are especially proud that our scientists were the recipients of the prestigious Fertility Society of Australia Scientific Prize. We will continue to engage in developing the next generation of scientists. exciting developments Significant progress was made in the development of non-invasive screening of embryos for pre- implantation genetic screening. This is one of the areas where we are leading the world and are currently conducting clinical trials. We also developed our own culture media which provides a new way of culturing embryos. A patent was filed and it has been licensed to Vitrolife, a biotech company based in Sweden. Research and development Monash IVF Group has continued its long heritage of being at the forefront of innovation with our research portfolio spanning the areas of IVF, Ultrasound and Genetics, through basic research, translational studies and applied projects. Our approach of capturing and supporting the research ideas of our clinicians, nurses and scientists ensures our research outcomes are quickly embedded into improving patient care. Our clinical staff are engaged in several clinical trials focused on improving pregnancy outcomes for patients including studies to optimise drug treatments as well as markers of endometrial receptivity. Examples of our basic research projects include the development of a new method for culturing embryos in partnership with the University of Adelaide. The patent of this technology has been licensed and this innovation will begin translation into clinical trials for our patients in FY19. Further, we have continued to develop our novel intellectual property (IP) in non-invasive genetic screening of embryos. We have completed our first pilot clinical trial and we are continuing to develop this exciting new genetic solution. Our pipeline of research will continue to provide innovative treatment solutions for patients with several new applications expected to be rolled out across the Group in FY19. People Engagement Defining our Peo p le Engagement Strategy Attracting and retaining the best people has always been fundamental to the success of our Business. We conducted extensive consultation with our employees and with thoughtful analysis of the findings, we have developed a people engagement strategy that we believe will confirm Monash IVF Group as an employer of Choice. our people engagement objective has five key areas of engagement aimed at creating greater job satisfaction and empowering our people. they are: mission, performance, respect, reward and communication. Mission We are ensuring everyone within the organisation is aligned with our mission – help bring life to the world. We are working to articulate this mission effectively and to help our employees understand that what they do every day, regardless of their position, contributes to achieving our mission. performance We are enhancing our performance and development processes to empower employees to take initiative and be accountable for delivering positive customer and commercial outcomes. During the year more than 70 of our leaders took part in our Leading for High Performance program. Respect We are committed to a diverse and culturally inclusive work environment and to ensure all employees are valued and safe in our workplace. One of our initiatives was to partner with Pride in Diversity, a Not-for-Profit Employer Support Program. The Program provides education to organisations to help foster respect and inclusiveness while supporting the LGBTIQ community. Reward For many years our Service Award program has recognised those who have made a longstanding commitment to the organisation. This year, we began identifying new ways to recognise the exceptional contributions our Employees make to our Customers, their Colleagues and the Business. Going forward, rewards will be linked to employee contributions to our key operating objectives. Communication We have established a number of communication forums that provide regular and meaningful information for our employees. This access to information is raising engagement levels and better equipping our people to deliver our mission. We are also conducting more regular Engagement Pulse Checks, to check in with employees and continually improve our workplace. 11 MonAsh IVF GRoup LIMIted Annual Report 2018 Board of Directors a b c d e f g 12 Mr Richard davis (a) Independent Chairman Mr. Richard Davis joined the Group in June 2014 and is currently serving as a non-executive director of ASX listed companies, InvoCare Limited and Australian Vintage Limited (and Chairman of Australian Vintage). Richard worked for InvoCare for 20 years until 2008. For the majority of that time he held the position of CEO and managed the growth of that business through a number of ownership changes and over 20 acquisitions, including offshore in Singapore. Prior to InvoCare Limited, Richard worked in venture capital and as an accounting partner of Bird Cameron. Richard holds a Bachelor of Economics from the University of Sydney. Mr Josef Czyzewski (b) Independent non-executive director Mr. Josef Czyzewski joined the Group in June 2014 and has over 30 years of experience in senior finance positions and significant experience in the health industry. Josef has held the positions of CFO at Healthscope Limited and more recently CFO/General Manager Strategy and Development at Spotless Group Limited following its takeover by private equity interests in 2012. Prior to that time, Josef had held various senior finance positions with BHP Billiton including VP Finance and Corporate Treasurer. He holds a Bachelor of Commerce from the University of Newcastle and is a Graduate Member of the Australian Institute of Company Directors. Ms Christina (‘Christy’) Boyce (c) Independent non-executive director Ms Christy Boyce joined the Group in June 2014. Christy is also a director of Port Jackson Partners and a non-executive director of ASX listed companies, Greencross Limited and Oneview Healthcare. Christy is a former director of Cryosite Limited. Christy has over 20 years of management consulting experience in both Australia and the United States and has worked extensively with major corporations on corporate strategy. Prior to joining Port Jackson Partners, Christy spent 14 years with McKinsey and Company, where she was a partner. She holds a Bachelor of Economics from the University of Sydney, a Masters of Management from the Kellogg Graduate School of Business (Northwestern University) and is a Graduate Member of the Australian Institute of Company Directors. Mr neil Broekhuizen (d) Independent non-executive director Mr. Neil Broekhuizen is the Joint Chief Executive Officer of Ironbridge. Neil has 25 years of private equity experience with Investcorp and Bridgepoint in Europe and Ironbridge in Australia. Neil has sat on the Ironbridge Investment Committee since inception and also represents the Ironbridge Funds on the Board of Bravura Solutions. Neil is qualified as a Chartered Accountant and holds a BSC (Eng) Honours degree from Imperial College, University of London. david Morris (e) Chief executive officer & Managing director Mr David Morris joined Monash IVF Group in the Chief Executive Officer & Managing Director role in November 2017. David has more than 20 years of leadership, international business development and strategy experience, previously working with Cochlear Limited, the global leader in implantable hearing solutions, as Chief Strategy Officer. Prior to joining Cochlear Limited, David worked at Accenture in the strategy practice. David has extensive experience internationally and domestically in the healthcare, consumer produce, utilities and financial services industries. David holds degrees in Business and Applied Science from Monash University, Melbourne. He has also completed an Advanced Business Management Program at Kellogg School of Management in Chicago and is a graduate of the Australian Institute of Company Directors. Management Team dr Richard henshaw (f) executive director Dr Richard Henshaw MD FRANZCOG FRCOG has practiced in the field of reproductive medicine since 1995. Richard works as a Fertility Specialist for the Group. Richard has served on many national bodies, including RANZCOG Council, the IVF Medical Directors Group of Australia and New Zealand, and the Reproductive Technology Accreditation Committee. Ms Zita peach (g) Independent non-executive director Ms Zita Peach has more than 25 years of commercial experience in the pharmaceutical, biotechnology, medical devices and health services industries. She worked for major industry players such as CSL Limited and Merck Sharp & Dohme, the Australian subsidiary of Merck Inc. Ms Peach's most recent executive position was as Managing Director for Australia and New Zealand and Executive Vice President, South Asia Pacific for Fresenius Kabi, a leading provider of pharmaceutical products and medical devices to hospitals. Previously, Zita was Vice President, Business Development for CSL Limited, a position she held for ten years. Ms Peach is a Non-executive Director of the ASX listed AirXpanders, Inc., Starpharma Holdings Limited, Pacific Smiles Group Limited and Visioneering Technologies, Inc. Zita is also a member of the Hudson Institute of Medical Research Board. Ms Peach is a Fellow of the Australian Institute of Company Directors and a Fellow of the Australian Marketing Institute. top to bottom: May Q, Loke Centre Manager, KL Fertility & Gynaecology Centre professor Michelle Lane Director of Research & Development Brett Comer Chief Operating Officer tom sexton General Manager – Queensland Jan Lagerwij International Business Development Manager tedd Fuell Quality, Regulatory & Risk Manager Michael Knaap Chief Financial Officer & Company Secretary hamish hamilton Regional Manager-South Australia, Northern Territory & Ultrasound pierre Abou haila Chief Information Officer everard hunder General Manager Marketing Malik Jainudeen Finance & Strategy Manager peggy north Chief People & Culture Officer Clementina singh General Manager – New South Wales professor Luk Rombauts Group Medical Director 13 MonAsh IVF GRoup LIMIted Annual Report 2018 

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