Ramsay Health Care

Celebrating 60 years 
of caring for people
Annual Report 2024
2024

About this report
This report has been designed to be read in its 
entirety. Key aspects of the Directors Report are found 
throughout the document, including Section 2 which 
includes Key Risks, Section 3 Operating and Financial 
Review, Section 4 Remuneration Report, and Section 5 
Corporate Governance. This information should be read 
in conjunction with the Financial Statements in Section 6. 
This is the second year that the Annual Report has 
been prepared with reference to the Value Reporting 
Foundation’s Integrated Reporting Framework. We have 
used this framework to outline the key value drivers of 
the business performance, the Company’s strategy and 
the key trends driving it and the risks and opportunities 
around achieving the strategy. Ramsay is committed 
to progressing the United Nations Sustainable 
Development Goals (SDGs) and we have mapped 
our priority goals to our material sustainability issues 
(page 12). Further information on our sustainability 
performance will be contained in our FY24 Impact 
Report, which is published in October.
Important information
The information in this report is general information only and is not intended 
to be relied upon as advice to investors or potential investors. It does not 
take into account your objectives, financial situation or needs. Investors 
should consult with their own legal, tax, business and/or financial advisers 
in connection with any investment decision. Past performance information 
should not be relied upon as (and is not) an indication of future performance.
Forward-looking statements
This report contains forward-looking statements in relation to Ramsay Health 
Care Limited (Ramsay) and its subsidiaries (together the Group), including 
with respect to the Group’s business and operations, financial position, and 
strategies. This report also includes forward-looking statements regarding 
climate change and other sustainability issues for Ramsay, including the 
Group’s resilience under climate scenarios.
While these forward-looking statements reflect Ramsay’s expectations 
at the date of this Report, they are not guarantees or predictions of future 
performance or statements of fact. These statements involve known and 
unknown risks and uncertainties. Many factors could cause outcomes to 
differ, possibly materially, from those expressed in the forward-looking 
statements. These factors include general economic conditions; changes in 
government and policy; actions of regulatory bodies and other governmental 
authorities such as changes in taxation or regulation; technological changes; 
the extent, nature and location of physical impacts of climate change; and 
geopolitical developments. Ramsay makes no representation, assurance 
or guarantee as to the accuracy, completeness or likelihood of fulfilment of 
any forward-looking statement, any outcomes expressed or implied in any 
forward-looking statement or any assumptions on which a forward-looking 
statement is based.
In addition, there are limitations with respect to scenario analysis, including 
any climate-related scenario analysis, and it is difficult to predict which, if any, 
of the scenarios might eventuate. Scenarios do not constitute definitive or 
probable outcomes and they rely on assumptions that may or may not prove 
to be correct or eventuate, and scenarios may be impacted by additional 
factors to the assumptions disclosed.
Except as required by applicable laws or regulations, the Group does 
not undertake to publicly update, review or revise any forward-looking 
statements, including scenario analysis or to advise of any change in 
assumptions on which any such statement is based. Readers are cautioned 
not to place undue reliance on forward-looking statements.
Non-IFRS financial information
In this report, references to AASB are to the Australian Accounting Standards 
Board and IFRS to the International Financial Reporting Standards. There 
are references to IFRS and non-IFRS (non-statutory) financial information in 
this report. Non-IFRS financial measures are financial measures other than 
those defined or specified under any relevant accounting standard and may 
not be directly comparable with other companies’ information, although 
Ramsay considers these measures provide useful information in relation to 
the Group’s performance. Non-IFRS information is unaudited, however the 
numbers have been derived from the underlying financial information used 
in the preparation of the audited financial statements.
Key dates
As at 19th September 2024
AGM 2024
The 2024 Annual General Meeting will be held on 
Tuesday 26th November at 10:30am at the Sheraton 
Grand Hotel Sydney. Full details will be available in 
Ramsay’s Notice of Meeting.
Indicative Key Dates for 2025
Results Release Dates
	
Interim Results  
Thursday, 27th February 2025
	
Preliminary Final Results  
Thursday, 28th August 2025
Dividend Payment Dates - Ordinary Shares
	
Interim Dividend 
Thursday 27th March 2025 
(record date 7th March 2025)
	
Final Dividend 
Thursday 25th September 2025 
(record date 2nd September 2025)
Dividend Payment Dates - CARES
	
Tuesday, 22nd April 2025 
(record date 1st April 2025)
	
Monday 20th October 2025 
(record date 29th September 2025)
Annual General Meeting 2025
The 2025 Annual General Meeting of Ramsay 
Health Care Limited is scheduled to be held 
on 25th November 2025. Full details will be 
provided closer to the date.
View our annual reporting suite  
on our website:
> ramsayhealth.com/en/investors/ 
results-and-reports/
CONTENTS
1
YEAR IN REVIEW
6
2 OUR BUSINESS
10
3 OPERATING AND FINANCIAL REVIEW
33
4 REMUNERATION REPORT – AUDITED
46
5 DIRECTORS’ REPORT
67
6 FINANCIAL RESULTS
77
Consolidated Income Statement
78
Consolidated Statement of Comprehensive Income
79
Consolidated Statement of Financial Position
80
Consolidated Statement of Changes in Equity
81
Consolidated Statement of Cash Flows
82
Notes to the Financial Statements
83
7 CONSOLIDATED ENTITY DISCLOSURE STATEMENT
141
8 INDEPENDENT AUDITOR'S REPORT
152
9 ADDITIONAL INFORMATION
157
10 CORPORATE DIRECTORY 
159
2
Ramsay Health Care Annual Report 2024

Who we are
Our Vision
To be a leading healthcare 
provider of the future
Our Purpose
People caring for people
Our Mission
To change what is possible 
for your health
The Ramsay Way
What does it mean to be 'people caring for people'? It means people are at the heart of our success. Every day, we carry out our work 
guided by three core values known as The Ramsay Way.
We value strong relationships
Healthy working relationships lead to positive 
outcomes for all. We look out for the people 
we work with; we respect and recognise 
them. Strong healthy relationships are the 
foundation of our stakeholder loyalty.
We aim to constantly improve
We do things the right way. We enjoy our 
work and take pride in our achievements. 
We are not afraid to challenge the status 
quo to find better ways.
We seek to grow sustainably
Maintaining sustainable levels of profitability
are only part of our success. We prioritise 
long term success over short term financial
gains because we care about our people, 
our community and our planet.
Ramsay Health Care Annual Report 2024
3
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

A legacy of caring
1964
2007
2010
2013
1978-2006
1997
Paul Ramsay 
converted a 
guesthouse into 
our first 16-bed 
psychiatric hospital 
in Sydney, Australia
Ramsay acquired a 
57% interest in French 
private hospital operator 
Groupe Proclif
Ramsay diversified into medical 
and surgical facilities and 
expanded its psychiatric sites. 
Building and acquiring new sites 
across the country made Ramsay 
the largest private hospital 
operator in Australia
Ramsay Health Care Ltd was 
floated with a market capital 
of ~$200m. The business 
was successfully listed on the 
Australian Securities Exchange. 
Ramsay has outperformed the 
S&P/ASX 200 by over 2000% 
since listing
Ramsay acquired 
Capio UK hospital 
business in England
Established the 
Ramsay Sime Darby 
joint venture in Asia, 
which grew to operate 
seven hospitals in 
Malaysia and Indonesia
Ramsay Health Care’s remarkable story began with a single facility in 1964. 
Since then, we have grown to become a global leader in the provision of exceptional 
healthcare services but our core value – a commitment to people – remains at 
the heart of everything we do. This 60-year legacy is a source of pride and the 
foundation for our continued success.
4
Ramsay Health Care Annual Report 2024

2015
2018
2022
2023
2024 and beyond
Ramsay Santé acquired 
French listed hospital 
operator Générale de Santé
Ramsay Santé acquired 
the Scandinavian and 
French healthcare 
operator Capio AB
Ramsay Sime 
Darby sold
As Ramsay Health Care commemorates 
six decades of caring for people, we are 
pursuing an ambitious agenda to become 
a leading, integrated healthcare provider 
of the future.
Our unmatched network of strategically 
located facilities, investment in clinical 
excellence and trusted payor relationships 
combined with our selective push into new 
and adjacent services and our investment 
in technology to enable the business to 
improve performance means that Ramsay 
is uniquely positioned to benefit from the 
strong tailwinds that will drive the health 
services sector for decades to come.
Our vision is to strengthen and leverage 
our core hospital business through a series 
of transformation programs. By investing in 
a wider range of services that feed into and 
support our core, we will ultimately drive an 
improved patient experience and create an 
industry leading proposition for our people 
and physicians, while driving strong returns 
for our shareholders.
Discover more at ramsayhealth.com
Ramsay acquired UK mental 
health business Elysium 
Healthcare
Ramsay Santé acquired GHP 
Specialty Care in Sweden
Ramsay Health Care Annual Report 2024
5
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

↑3.4%
Acute hospital admissions
↓100bps
Productivity improving 
(labour costs as a % of revenue)
$286m
Invested in brownfield and greenfield 
projects focused on treatment capacity
The opening of the $145m Northern Private 
Hospital in Melbourne, Victoria
1 Year in Review
2024 Highlights
Financial Highlights
Significant value generated
by the sale of Ramsay Sime Darby
$16.8bn
Total revenue ↑ 5.4% in constant 
currency (cc)
$270.6m
NPAT from continuing operations ↑ 2.4% 
in cc
$888.7m
NPAT attributable to owners of the parent 
↑ 203.1% in cc
80cps
Fully franked full year dividend ↑ 6.7%
Operational Highlights
Activity and productivity improving
6
Ramsay Health Care Annual Report 2024

Investing in the future: $55.7m net of benefits invested in 
digital and data projects in Australia in FY24
The opening of Glendon Wood Hospital, a short stay 
facility in Kettering, England
The opening of Stage 1 of the $178m expansion of 
Warringal Hospital in Melbourne, Victoria
Ramsay Cares Highlights
Delivering for our people, planet and community
>16.8%
Met FY24 target to reduce greenhouse 
gas emissions by 16.8% from 2020 
baseline. On track for 42% emissions 
reduction by FY30.
5.5MW
Achieved 87% of FY26 target to 
install 6.3MW renewable energy projects. 
Extended target to 10MW by FY29.
60%
Met FY24 sustainability assessment target 
for suppliers. On track to assess 80% of 
suppliers by spend by FY26.
50%
Achieved 50/50 gender diversity 
across our senior leadership and 
management teams.
Ramsay Health Care Annual Report 2024
7
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Year in Review
Message from the Chair
David Thodey AO
Dear Shareholders,
Celebrating our 60th anniversary has been an opportune time 
to reflect on Ramsay Health Care’s remarkable history of people 
caring for people - a legacy that continues to inspire as we 
navigate what we expect to be a period of significant change and 
opportunity in the delivery of healthcare. We thank all our people 
for the work they do caring for patients every day.
However, we are also facing a number of more immediate 
industry-wide challenges as the impact of inflation drives up 
our costs and payor tariffs do not fairly compensate us for 
these increases. This has put significant pressure on our 
business in all regions. We will continue to work constructively 
with all stakeholders to ensure the sustainability of the sector 
moving forward.
We are investing in new ways of working to improve the 
experience of our customers and staff, while driving productivity 
improvements. This requires us to invest in new technology to 
deliver sustainable financial results over the next 5 years.
Importantly, we continue to attract and develop the very best 
people in healthcare who, on behalf of the Board, I would like 
to thank for providing the highest quality patient care and for 
upholding Paul Ramsay’s vision.
Board Update
Following the Annual General Meeting in November 2023, I had 
the honour of succeeding Michael Siddle as Chair. On behalf of 
the Non-Executive Directors, I want to reiterate our deep gratitude 
to Michael for his years of dedicated leadership.
Board renewal is an ongoing process and we continually evaluate 
its composition to maintain a balanced mix of expertise, skills and 
diversity. This ensures that the Board is well-equipped to guide 
the company in a dynamic and evolving environment.
In March, we welcomed Helen Kurincic as a Non-Executive 
Director. Helen has extensive experience in the Australian 
healthcare sector, with valuable operational, executive and board-
level expertise, most recently as the Chair of ASX-listed imaging 
company Integral Diagnostics and as a Non-Executive Director of 
Australian health insurer HBF Health. Helen's past roles include 
leadership positions in a range of healthcare organisations and 
involvement in significant government policy reforms.
FY24 Performance
Ramsay reported a 7.8% increase in EBIT (excluding non-recurring 
items) in constant currency (cc) despite the significant cost 
inflation facing the healthcare sector in each of our regions, 
and the political uncertainty in France and the UK over the past 
twelve months.
We reported a significant increase in statutory net profit after tax 
and non-controlling interests following the sale of our Asian joint 
venture Ramsay Sime Darby, with the proceeds reducing debt and 
strengthening our balance sheet. Excluding the profit on sale, our 
result increased 2.4% in cc on the prior period.
The Board determined a fully franked final dividend of 40 cents 
per share, increasing our full year dividend by 6.7% to 80 cents 
per share. This represents a payout ratio slightly above our 
target range of 60-70% of statutory net profit tax from continuing 
operations, reflecting the Board’s confidence in our outlook.
Managing Director and CEO succession
The Company’s milestone anniversary also marks the beginning 
of a leadership transition, as we prepare to welcome our new 
Managing Director and Group CEO, Ms Natalie Davis, who will 
play a crucial role in guiding Ramsay through its next phase 
of growth. This transition comes at a pivotal moment for the 
Company, as we refine our strategies and invest in our operations 
to meet the demands of a dynamic environment.
Natalie is an accomplished senior executive and leader with 
extensive experience driving large-scale strategic transformations 
during periods of uncertainty and market disruption. Along with 
her strong customer focus, this makes her exceptionally well 
suited to progress our strategy and accelerate our growth.
I want to extend the Board’s appreciation to retiring Managing 
Director and Group CEO, Craig McNally, who has played a pivotal 
role in shaping Ramsay’s development over many years.
Corporate Governance
The Board is determined to uphold the highest standards of 
corporate governance and nurture the culture and principles 
of The Ramsay Way throughout our business. That includes 
maintaining modern governance policies and practices so that 
we operate with integrity, meet regulatory and legal requirements, 
and adapt to evolving market and societal expectations.
As part of our continuous review process, this year we made 
updates to our Board and Committee Charters, aligning them 
with the latest market and company practices. We also approved 
updates to our Global Anti-Bribery and Corruption Policy, 
Global Sustainability Policy, and Human Rights & Labour Policy. 
Additionally, we reviewed our Board Committee structure with 
a particular focus on risk management and strengthening our 
approach to overseeing clinical risks within the Risk Committee.
Priorities and Outlook
The delivery of healthcare is being redefined by new technologies 
and evolving patient and clinician needs. As a leader in the 
provision of private healthcare services, we are investing in 
change to build on our market position and drive greater 
value from our core hospital business improving returns 
for shareholders.
The enclosed annual report for the financial year 2023-24 
highlights the progress we have made investing in programs to 
drive an improved patient experience, higher patient activity and 
productivity while also positioning the business to take advantage 
of long-term growth opportunities in the sector.
I look forward to working closely with the Board, our new Group 
CEO, our people and all stakeholders to accelerate this change 
and drive improved performance from our portfolio, building on 
the strong position and reputation we have in the market today.
My thanks to our valued shareholders for your continued support 
and, once again, I would like to express my gratitude to our 
dedicated teams.
Sincerely,
8
Ramsay Health Care Annual Report 2024

CEO and Managing Director - 
2024 Highlights
Craig McNally
Dear Shareholders,
It is 60 years since Paul Ramsay opened a small private hospital 
in Sydney’s northern suburbs and we have grown from there to 
become a leading Australian company and one of the largest 
private healthcare operators in the world.
I am immensely proud of our achievements over the decades 
and grateful to the incredible teams, past and present, who 
have shared and driven our success, delivering outstanding 
patient experiences.
Financial Results
I am pleased to report a 198.1% increase in statutory net profit
to $888.7m in FY24. The result includes the net profit after 
tax (NPAT) realised on the sale of Ramsay’s Asian joint venture, 
Ramsay Sime Darby (RSD), of $618m.
A 3.4% increase in hospital admissions across the business, 
combined with improved occupancy levels in Elysium and higher 
primary care and allied health activity in Europe, drove an 11.3% 
increase in revenue from patient activity. NPAT from continuing 
operations reflects improving earnings from Australia and strong 
growth from the UK region, offset by lower earnings from Europe 
and higher net financing charges. 
Margin recovery in the business has been slowed by the 
significant cost inflation impacting the private hospital industry 
over the last few years. Wage inflation exceeding expectations 
remains a critical risk to our outlook. We continue to work with 
both public and private payors to advocate for tariffs that reflect
the cumulative impact of inflation on the cost base over the last 
few years, as well as inflation moving forward.
The contribution from non-recurring items at the EBIT level swung 
from a $42.1m positive in FY23, primarily related to a profit on the 
sale of property, to a negative contribution of $36.4m in FY24, 
predominantly reflecting asset impairments in Europe and the 
UK. Non-cash mark to market movements on interest rate swaps 
had an impact on net financing costs, moving from a positive 
contribution of $26.8m in FY23 to a negative contribution of 
$34.6m in FY24.
Removing the impact of these non-recurring items, EBIT from 
continuing operations increased 7.8% and NPAT increased 19.7%.
Ramsay Cares
We have made great progress with our sustainability strategy this 
year and our Ramsay Cares targets are being evaluated by the 
independent Science Based Targets initiative (SBTi).
In line with a global shift, we continue to evolve Ramsay’s climate 
disclosures towards a standardised approach. We aim to provide 
consistent and transparent information about the impacts of the 
changing climate on our business and how we are responding.
Ramsay’s commitment to sustainability is reinforced by linking our 
financing to our sustainability goals. Loans linked to sustainability 
targets now account for 78% of the Consolidated Group’s funding.
Investing in our People
Ramsay recognises that our greatest asset is our workforce and 
we are focused on attracting, developing and retaining the right 
people with the best skills.
We have continued to invest in our people, focussing on “growing 
our own talent” through apprenticeships, graduate pathways 
programs and developing our internal leaders through our global 
and regional Leadership Academies.
Investing for Growth
Despite the difficult operating environment, we have continued to 
invest for the future, to strengthen and grow our core hospital 
presence, while also investing in programs that enable the 
transformation of the business to build on our strong market 
position and improve our returns.
In FY24, we invested $286m in brownfield and greenfield projects 
across the business, with the focus on expanding our footprint and 
treatment capacity in growth corridors and in Europe, investing 
in adjacent services that reinforce our core. We opened two 
new greenfield hospital sites during the year - Northern Private 
Hospital in Australia and Glendon Wood in the UK. Elysium also 
opened a couple of new facilities in the UK.
We continued to invest in our digital, data and transformation 
programs, particularly in Australia. This year, we focused on 
programs that will deliver quick wins in productivity, customer 
satisfaction and top line growth, while also investing in business 
readiness for a wider electronic health records (EHR) deployment.
We continue to apply rigorous discipline around our investment 
programs, however it is critical that we invest today to leverage 
our leading industry position and brand to ensure we remain at 
the forefront of shifting stakeholder demands and expectations.
Outlook
In the short-term, the healthcare industry continues to be tested 
and we expect a lot of change over the next few years. Over 
the longer-term, we continue to believe that growth of the private 
healthcare industry is underpinned by strong structural tailwinds.
With Ramsay’s unmatched network of strategically located 
facilities, world class healthcare team, industry-leading investment 
in clinical excellence, trusted payor relationships, targeted push 
into new and adjacent services and investment in technology, 
we feel that we are uniquely positioned to benefit from 
these tailwinds and deliver attractive long-term benefits to 
all stakeholders.
We will continue to review the business in the context of 
optimising shareholder returns and we are actively assessing 
a range of strategies to unlock value and drive improved 
performance from our portfolio of assets.
In FY25, we expect activity to continue to increase and drive 
growth in NPAT from continuous operations.
Finally, I want to say thank you to our remarkable people, 
including our doctors, who demonstrate every day what it means 
to be ‘people caring for people’. As we mark our milestone 
anniversary and my final months as CEO, I would like to thank 
everyone I have worked with over my 38-year journey for helping 
to make Ramsay the fantastic business it is today.
Sincerely,
Ramsay Health Care Annual Report 2024
9
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

2 Our Business
About Ramsay Health Care
Ramsay Health Care (Ramsay) provides high-quality health care through a global network of clinical practice, teaching and research. 
Ramsay's operations span eight countries, encompassing over 530 locations and receiving more than twelve million admissions/patient 
visits annually.
The company was founded in 1964 by Paul Ramsay AO (1936-2014) and has always focused on maintaining the highest standards of 
quality and safety, being an employer of choice and operating in "The Ramsay Way”. Our key values - strong relationships, continuous 
improvement and sustainable growth - support our purpose of 'people caring for people'.
Ramsay listed on the Australian Stock Exchange in 1997 and has a market capitalisation of A$10.0bn1 and an enterprise value (EV) of 
A$14.4bn (EV of A$20.3bn inclusive of lease liabilities). The Ramsay Group employs more than 90,000 people globally, with operations 
across three regions:
 
1
Based on closing price on 28th August 2024
10
Ramsay Health Care Annual Report 2024

Global Leadership Team
Our global leadership team is people-centred and purpose-driven. Their leadership is inclusive, collaborative, developmental and 
inspirational. They lead through The Ramsay Way, with their values, experience, achievements and skills showing the way for our people.
Ramsay announced on 30 July 2024 that long-serving Managing Director & Group CEO Craig McNally would retire at the end of June 
2025. The Board has appointed Natalie Davis to commence as Group CEO-elect on 1 October 2024 and, following a transition period, as 
Managing Director and Group CEO later in 2024. Prof. Sir Edward Byrne resigned from Ramsay effective 14 August 2024.
 
Portfolio of Services
Ramsay is known for its excellent hospitals and clinics, providing a wide range of integrated health services and outstanding patient care.
Ramsay Health Care Annual Report 2024
11
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Clinical excellence, 
research and innovation
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Acute and 
Sub-acute 
Hospital Care
Primary 
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Out of 
Hospital Care
 Pharmacy, 
allied health, 
home care, 
diagnostics 
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Clinical Research 
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Clinical Research 
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Risk and Governance
Strategic Vision 
To be a leading healthcare provider of the future
How we create value
Strong culture, 
industry leading talent
Clinical and 
stakeholder networks
Leading physical and 
digital infrastructure
Responsible use of 
natural resources
Access to 
financial capital
Value drivers 
How we create value
Ramsay builds value by leveraging and investing in our key drivers to create a 
sustainable healthcare platform. We deliver high-quality care for patients, foster a 
supportive environment for employees and clinicians, and offer innovative and efficient
services for our payors. At the centre of everything we do is our enduring purpose of 
'people caring for people'.
12
Ramsay Health Care Annual Report 2024

Outcomes
Material issues
Measuring our value
• Employing over
90,000 people globally
• Deep and experienced 
global leadership team
and continued development 
of Ramsay leaders
• Strong embedded culture
People and culture
Clinical quality 
and excellence
• Innovative care models, 
quality clinical outcomes, 
attracting best in class 
clinical specialists 
and partners
Clinical quality 
and excellence
Robust and 
resilient business 
model
• Integrated patient 
centred care, delivering 
more services along the 
patient pathway
• Supporting public 
health system
People and culture
Clinical quality
and excellence
Caring for
community
• Scale to invest
• Diversified portfolio by 
geography, payor and 
service mix
• Expanding, upgrading and 
investing in our physical 
and digital footprint
Integrated quality 
assets and 
infrastructure
Data and digital
• Reducing greenhouse gas 
emissions 
• Recycling, reducing waste 
and single use plastics
Climate action 
and environment
Responsible 
sourcing
• Competitive cost of 
capital, consistent 
dividend payments and 
full rate of taxes paid
Robust and 
resilient 
business model
Good 
governance
• Met gender diversity targets in leadership and management roles.
• Named among the world’s top healthcare employers for women.
• 237 participants in the Global Leadership Academy.
• Ranked as the #1 healthcare graduate employer in Australia.
• Approx. 2% of employees in Australia and the UK are certified in 
Mental Health First Aid.
• Sustained strong Net Promoter Scores for patient satisfaction.
• Expanded market leadership in key areas: orthopaedics, cancer 
and cardiology.
• Advanced clinical capability and learning through five global 
Communities of Practice.
• Invested in hundreds of innovative clinical trials, health research 
projects and preventative healthcare start-ups.
• Expanded network with strategic acquisitions, new facilities and support 
for public health systems.
• Enhanced integrated services by investing in psychology, mental health 
and primary care clinics, day surgery and emergency centres.
• Grew clinical communities through private practice support, collaborative 
research, international workshops and Professional Development.
• Ramsay Santé launched its first independent Mission Committee.
• Achieved FY24 target to reduce greenhouse gas emissions from 2020 
baseline. On track for 42% by FY30.
• Net zero targets submitted to SBTi for validation. 
• Achieved 87% of FY26 target to install 6.3MW renewable energy projects. 
• Generated >4.7m kWh of electricity via rooftop solar systems in FY24. 
• 60% of suppliers by spend independently assessed for sustainability.
• AU $183.1m in dividends declared in FY24.
• AU $124.2m in taxes paid in FY24.
• Successfully amended and extended Sustainability-Linked Loan (SLL) 
KPIs and targets, affecting over AU $1.7 billion in financing (56% of AU 
and UK funding).
• 98% of Ramsay Santé senior loan debt linked to sustainability in a 
successful refinancing.
• Invested AU $286 million in brownfield, greenfield and growth projects.
• Allocated AU $94 million to digital and data initiatives including
Ramsay Health Hub, patient tracking, data hub and Digitised Medical 
Records rollout.
Ramsay Health Care Annual Report 2024
13
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Operating Environment and Key Risks
Material Issues
Our material issues are the areas that matter most to our stakeholders and impact our business drivers, competitive position and our 
ability to create long term value for all stakeholders. As well as engaging stakeholders to gauge their keys areas of focus and emerging 
issues, Ramsay’s materiality assessment is informed by the Sustainability Accounting Standards Board Materiality Map and reviewed 
annually by our Global Sustainability Committee.
Sustainable Development Goals
We are committed to driving action toward the Sustainable Development Goals (SDGs), as adopted in 2015 by the United Nations and 
member countries. The eight key development goals Ramsay is focused on are mapped to our material risks below.
14
Ramsay Health Care Annual Report 2024

External Trends
External trends play a critical role in our ability to create long term value for all stakeholders. These factors are key inputs into the 
development of Ramsay's vision and strategy and will shape our long-term legacy.
TREND
DESCRIPTION
TREND
DESCRIPTION
Societal & 
demographic 
shifts
• As Baby Boomers age in the western world, 
the population has a higher proportion of 
65-80 year olds. A resulting increase in 
prevalence of co-morbidities is impacting 
patient care and length of stay
• Government investing in high profile public 
campaigns to improve lifestyle behaviours 
such as smoking and drug abuse
• Rising demand for mental health services
Clinical 
innovation
• Earlier diagnosis as a result of improved 
screening / diagnostic techniques
• Lower cost interventional activity
• Clinical innovation enabling migration of 
care to lower acuity settings
Changing 
stakeholder 
expectations
• Patients seeking greater convenience and a 
consumer-centred experience
• Doctors seeking to broaden pathway 
participation and enable ‘top of 
role’ opportunities
Increased 
payor 
sophistication 
and pressure 
on funding
• Reimbursement increasingly focused on 
value – cost and clinical outcomes
• Increasing sophistication in negotiations 
and leveraging of data in 
contract design
• Increasing demand for healthcare 
services placing pressure on 
funding sources
Technology 
Change
• Digitisation of healthcare enabling 
convenient and continuous care and low cost 
care options
• Digitisation driving growth in wellness 
and prevention tools, creating 
increased competition
• Improved data management enabling 
enhanced care coordination and 
clinical management
Climate 
change
• Climate change and extreme weather 
events have the potential to increase 
demand for services e.g. respiratory 
problem, certain cancers
• May demand significant changes and 
investment in our facilities to adapt to 
local climate issues and reduce our 
environmental footprint
Emergence of 
new 
competitors
• Entry of new digitally-enabled, lower 
cost competitors
Workforce
• Talent shortage in the health sector
• Shortages across nursing and clinicians 
difficult to change in the short term and 
can impact capacity utilisation
Risk Management
Ramsay is committed to meeting high standards of risk management. Effective risk management is a collaborative effort and is engrained 
in our Ramsay culture. Ramsay faces a number of business risks that could affect our operations, strategies and financial prospects. The 
key risks
1are described below, together with relevant mitigation strategies.
RISK
POTENTIAL IMPACT
HOW RAMSAY IS RESPONDING
People / workforce
People are Ramsay’s most 
important asset and are key 
to the organisation’s ongoing 
success. It is important 
that Ramsay continues to 
attract and retain world class 
talent and provides a safe 
working environment.
Material issues:
• Inability to develop and 
implement strategy
• Increased costs to the business 
associated with employee turnover 
and/or shortages
• Reputational damage and/or financial
penalties due to serious injury to a 
person as a consequence of failure to 
maintain a safe workplace
• Operational disruption due to strikes 
or other forms of industrial action
• Inability to compete for resources, 
particularly in markets with 
workforce shortages
Ramsay strives to continue to be an employer of choice 
to attract and retain employees, by:
• Ensuring an attractive employee value proposition (i.e 
remuneration, flexible working, career progression, 
succession planning, training and development) and 
tracking staff engagement
• Maintaining an effective workplace health and 
safety framework which includes policies, training, 
incident management, monitoring and reporting of 
safety performance
• Investment in projects, technology and infrastructure
• Focusing on The Ramsay Way values and our 
purpose of people caring for people
1
This report does not identify every risk that could affect Ramsay’s business and the actions taken to mitigate these risks cannot provide absolute assurance that a risk will 
not materialise. Risks presented in this section are in no particular order.
Ramsay Health Care Annual Report 2024
15
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

RISK
POTENTIAL IMPACT
HOW RAMSAY IS RESPONDING
Clinical Quality & Safety
The safety of our patients and 
the delivery of high quality 
clinical care is fundamental to 
Ramsay’s success.
Material issues:
• Reputational damage as 
a consequence of poor 
clinical outcomes
• Financial loss resulting from potential 
significant medical malpractice 
incidents or claims
• Potential impact on ability to recruit 
and retain clinicians and employees
• Inability to operate a facility if is is 
not accredited
Ramsay has in place a comprehensive Clinical 
Governance Framework, which includes:
• Clinical effectiveness to ensure a high standard of 
quality and continuous improvement
• Clinical risk management ensuring our services are 
safe and minimise risk of error, and tracking our 
quality through measures such as clinical incidents 
and patient experience
• Credentialing, licensing, accreditation and 
training frameworks
• Consumer participation involving patients and carers 
in quality improvement and business planning 
through feedback
Relationships with doctors
The recommendation of a 
patient’s doctor is often the 
most significant factor in a 
patient’s choice of hospital 
in many of Ramsay’s regions. 
Most doctors operating or 
working at Ramsay hospitals 
are not employees (except 
in Scandinavia) and have a 
choice of where to practice.
Material issues:
• Loss of doctors and associated 
patient referrals
• Inability to provide leading 
clinical services
• Additional costs associated with 
doctors' decisions e.g. theatre times, 
use of supplies and timing of 
patient discharge
• Impacts to revenue as a result of 
changing doctor working practices
Ramsay continually invests in its facilities (e.g. 
theatres, equipment, nurses, beds and suites) and 
ensures it has strong relationships with its doctors 
through regular support and engagement, including 
providing education forums and opportunities for 
innovative research.
Customer feedback (e.g. Net Promoter Score, 
complaints etc.) is closely monitored as this also 
impacts on doctor recommendations to patients.
Government Policy and Regulation
Ramsay operates in the 
healthcare industry which is 
subject to extensive laws, 
regulations, policies and ethical 
standards (which may vary 
by jurisdiction). Government 
policy may materially impact 
the role of Ramsay in 
provision of healthcare and/or 
the affordability of private 
health insurance.
Material issues:
• Policies may effectively reduce the 
role of the private sector in a 
country’s health system, including the 
involvement of the private sector 
in the provision of healthcare to 
public patients
• Economic factors or regulations may 
impact the affordability of private 
health insurance (particularly in 
Australia) and result in a reduction 
in the level of private health 
insurance coverage
• Government intervention in response 
to public health needs (e.g. pandemic 
response and restrictions on the 
nature and scale of elective surgery)
Ramsay closely monitors current and proposed 
government policy and regulation in each country in 
which it operates, including through:
• Maintaining and developing relationships with 
government in all regions in which it operates. This 
takes place at all levels of government and at various 
levels within the business (e.g. at a national and 
local level)
• Membership and/or leadership in various industry 
representative bodies to ensure input into 
government healthcare policies and initiatives
Funders - Health Insurance funds and government sources
Ramsay relies on funding 
provided by private health 
insurers and governments in 
the provision of its services. 
Changes in government or 
health insurance funding 
(including costs of health 
insurance) could have 
a material impact on 
Ramsay’s operations.
Material issues:
• Unsatisfactory terms with major 
insurers or changes to government 
funding arrangements
• Reduction in earnings from health 
insurance funding due to a decline 
in the profitability of health funds, a 
decline in health fund membership 
or an inability to obtain premium 
increases (because of government 
regulation or other restrictions)
• Declines in private health insurance 
membership due to broader 
economic issues including increasing 
levels of unemployment or inflation
Ramsay plays an important role in supporting the health 
systems in the regions in which it operates and works 
to foster strong working relationships with both private 
health insurers and government funders and seeks to 
have proactive dialogue with stakeholders including 
around reimbursement models.
Our commitment to clinical quality as well as provision 
of cost effective, outcome focused care demonstrates 
to third party funders the value in contracting 
with Ramsay.
16
Ramsay Health Care Annual Report 2024

RISK
POTENTIAL IMPACT
HOW RAMSAY IS RESPONDING
Supply Chain
Ramsay’s global operations 
rely on international supply 
chains. Geopolitical tensions 
and global or regional 
economic conditions may 
impact cost, availability and 
sustainability of supply which 
may impact the ability of 
Ramsay in its provision 
of healthcare.
Material issues:
• Cost increases caused by geopolitical 
tensions and / or inflation
• International sanctions may impact 
the availability of supply
• Modern slavery risk in Ramsay's 
supply chain
• Severe weather in key regions may 
temporarily disrupt supply chains
• Short term industry wide supply 
disruptions and/or product recalls
Ramsay closely monitors its supply chain risks and 
seeks to mitigate its risk through a number of 
actions including:
• Good supplier relationship management
• Alternate supply arrangements
• Monitoring of international sanctions
• Global procurement strategy that leverages diverse 
supply chains
• Responsible sourcing procurement strategy
Cyber security
Ramsay handles and stores 
personal information, including 
health information, digitally 
and in paper form for its 
customers and employees. 
A cybersecurity incident 
may result in damage or 
interruption to Ramsay’s 
information or operational 
systems, or those provided by 
third party vendors.
Material issues:
• Suboptimal patient experience or 
patient harm due to delays or 
disruption to service delivery
• Potential consequences for 
individuals (including patients and 
employees) of a privacy breach
• Increased costs as a result 
of recovery strategies and/or 
financial penalties
• Reputational damage as a 
consequence of a cyber breach
Cybersecurity risk is addressed through a Global 
Cybersecurity Framework which includes the adoption 
of the United States National Institute of Standards 
and Technology (NIST) cyber security framework and 
controls associated with prevention, detection and 
recovery. In addition, the Framework is externally 
validated, routinely tested and subject to ongoing 
review and continuous improvement. Ramsay closely 
tracks any notifiable breaches of patient privacy.
Competition, innovation, developments and acquisitions
Ramsay’s growth strategy may 
be impacted by industry 
disruption, innovation, the 
actions of our competitors, 
or the ability to identify 
future acquisitions or generate 
returns on developments.
Material issues:
• Limited growth or inability to 
maintain earnings
• Limited improvement in service 
delivery when compared 
to competitors
• Difficulty in attracting and 
retaining employees
• Inability to fully respond to 
industry changes
• Redundancy of services and assets
• Cost increases and/or delay to 
developments as a consequence 
of third party insolvency in the 
construction industry
Innovation is a key component of Ramsay’s strategy. 
This involves transformational projects associated with 
operational efficiencies, digital strategies and new 
business modes. Ramsay continues to invest in its 
facilities (new and existing) and in new technologies to 
ensure that it is meeting consumer needs now and in 
the future.
Prior to undertaking any acquisition or development, 
Ramsay undertakes comprehensive due diligence to 
identify key risks and ensure appropriate valuation, 
uses external advisors and all acquisitions and 
developments are considered by the appropriate 
executive committee or the Board.
Macroeconomic / financial risk
Ramsay's cost base is subject 
to various different levels of 
wage, supply cost and energy 
price inflation as well as 
changes to interest rates on 
its debt.
Material changes in the 
levels of inflation and/or 
interest rates could have a 
material impact on Ramsay's 
financial performance.
Material issues:
• Increased costs associated with 
wage negotiations
• Increased costs as a result of high 
levels of inflation.
• Increased interest costs as a result of 
high levels of interest rates.
Ramsay enters into Enterprise Agreements and other 
arrangements with unions and employee groups of up 
to 3 years to provide certainty of future wage increases.
Ramsay has global and regional procurement functions 
who contract with preferred suppliers, leveraging 
volume and market competition to get preferred pricing 
to limit the impact of inflation.
Ramsay negotiations with health funds and 
governments seek to gain increases in prices and tariffs
to offset the impact of wage and cost inflation.
Ramsay’s Treasury functions take out interest rate 
hedges under an approved policy to reduce volatility 
in earnings resulting from changes in interest rates.
Ramsay Health Care Annual Report 2024
17
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

RISK
POTENTIAL IMPACT
HOW RAMSAY IS RESPONDING
Legal and regulatory
Ramsay operates in a highly 
regulated industry. Facilities 
are required to be licensed 
under various legislation in 
the jurisdictions within which 
they operate. Ramsay may 
also be involved in disputes 
or litigation, for example, 
with patients, suppliers, 
funders, regulatory bodies, 
or employees.
Material issues:
• Reputational damage due to lack of 
compliance or disputes
• Costs associated with litigation (e.g. 
legal costs and damages) or lack of 
compliance (e.g. penalties)
Ramsay has a framework to manage and monitor 
its legal and regulatory obligations. This includes 
compliance with local laws, employee training and 
effective management of licensing and accreditation.
Capital structure
Ramsay’s capital structure 
is designed to support its 
strategy and to be resilient 
to changes in equity and 
debt markets.
Material issues:
• Constrained capacity to 
execute strategy
• Increased costs of funding
• Reduced availability of funding
• A lower credit rating likely leading to 
an increase in funding costs and/or 
less funding sources
Ramsay’s capital management plan is designed to 
ensure a strong balance sheet to support its strategy 
over the medium to long term. This includes a plan 
for maintaining diverse sources of capital, ongoing 
monitoring and compliance, with limits and other 
thresholds as set out in the Treasury Policy. A robust 
capital structure is maintained to provide capacity within 
Ramsay's lender base at efficient pricing.
The balance sheet can be flexed in the short 
term to accommodate strategic investments such as 
acquisitions and capital expenditure.
The Treasury policy provides a framework for the 
management and regular reporting to the Board 
of financial risks including liquidity and refinancing
risk, interest rate risk, foreign exchange risk and 
counterparty credit risk.
Sustainability and climate change
Ramsay is committed to 
sustainability and being 
resilient to a changing climate 
through our Ramsay Cares 
Sustainability Strategy.
Material issues:
• Loss of reputation leading to 
inability to attract employees and 
capital investment
• Increased operating costs from being 
inefficient and exposure to more 
extreme weather events
• Missed opportunities in responding to 
a transition to a low carbon economy
The Ramsay Cares Sustainability Strategy outlines 
a shared vision for sustainability across the global 
businesses. Ramsay Cares sets measurable targets 
and is supported by an investment plan. Key focus 
areas include the mental health and the wellbeing 
of its people, setting the foundations to reduce its 
energy and emissions intensity and an emphasis on 
responsible sourcing within its medical supply chains. 
Ramsay has committed to both near-term and long-
term science-based decarbonisation targets to achieve 
net zero greenhouse gas emissions is continuing to 
develop its transition planning. Disclosures informed by 
the Task Force on Climate-related Financial Disclosures 
(TCFD) recommendations are included on page 26 of 
this report.
Pandemics
Pandemics can have 
a significant impact to 
Ramsay’s business.
Material issues:
• Government intervention in relation to 
the nature and scale of surgeries
• Illness, quarantine, fatigue and mental 
health impacts to our people
• Workforce shortages, including due 
to health care as a profession being 
perceived as less desirable
• Supply chain disruptions
• Higher inflation resulting in 
increased costs
• Detrimental economic impacts 
increasing levels of unemployment 
that could result in declines in private 
health insurance membership
• Negative public perception of the 
safety of hospitals impacting volume 
of elective surgery
Ramsay has developed strong relationships with 
relevant government agencies and representatives in 
the regions in which it operates. This helps to ensure 
that the impacts to Ramsay (as part of the broader 
health care sector) are understood by government in 
considering the industry-wide response.
Ramsay provides support to employees, including 
through additional training, its Employee Assistance 
Programs and other wellness initiatives.
Ramsay has business continuity plans in place 
to ensure response and recovery strategies can 
be implemented.
18
Ramsay Health Care Annual Report 2024

Strategic Direction
Ramsay Health Care is uniquely positioned to capitalise on the long-term trends shaping the global healthcare sector. By building 
on our multinational platform, enviable culture and strategic relationships, we are set to become a leading healthcare provider of 
the future.
Our strategically located network of facilities, world-class healthcare teams and industry-leading investment in clinical excellence enable 
us to seize emerging opportunities. Our trusted payor relationships, expansion into new and adjacent services and commitment to 
technological advancement further strengthen our ability to deliver sustained value to all stakeholders.
Our top priority is to leverage and enhance our core hospital business through transformative initiatives and strategic investments in a 
broader range of services. This approach is designed to complement our core operations and drive superior outcomes for our patients.
 
Ramsay 2030 Strategy
By growing, modernising and 
leveraging our
World Class Hospital Network
And moving purposefully into 
New & Adjacent Services
OUR VISION: To leverage our global platform and be a leading healthcare provider of the future
OUR MISSION: Creating a best-in-class, digitally enabled healthcare ecosystem 
- to change what is possible for your health
Operational Excellence 
will deliver value for all stakeholders
Integrated 
patient-centred 
care
Strong Organisational Foundations will underpin our achievements
OUR PURPOSE: People caring for people
Organic 
growth
Strategic 
expansion
Strategic 
growth 
in key 
therapeutic 
areas
Broader 
digi-physical 
care delivery
New 
services, 
existing 
regions
Diagnostic 
and 
imaging 
services
New 
payers 
and 
funding 
models
Extended 
patient 
pathway
Procurement
Operational 
efficiencies
Excellence in 
service delivery
Digital and data 
transformation
Clinical 
excellence
Industry leading 
talent
Ramsay Cares 
sustainability strategy
Strategic partnerships 
and M&A capability
Ramsay Health Care Annual Report 2024
19
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Our People
A culture of growth and excellence
Ramsay's commitment to excellence extends beyond patient care.
We recognise that our greatest asset is our workforce – more 
than 90,000 talented individuals dedicated to working together to 
provide exceptional healthcare.
Ramsay's Group People Strategy supports The Ramsay Way 
values by fostering a caring, respectful, inclusive and collaborative 
workplace culture that promotes continuous improvement and 
sustainable growth.
The Group People Strategy focuses on three key pillars:
1. Developing capability > We invest in leadership development 
programs to cultivate strong, strategic leaders across all levels. 
To support capability building, we also prioritise disciplined 
transformation, robust data and digitisation, and establishing 
strategic partnerships to drive success and innovation.
2. Fostering a positive culture > We create a work environment 
that is engaging, supportive and celebrates diversity. Our 
regional leadership programs further empower current and 
future leaders in both clinical and non-clinical roles, ensuring 
a strong leadership pipeline throughout Ramsay.
3. Supporting the best people in healthcare > We attract, retain 
and develop top talent by offering competitive compensation 
and benefits, along with numerous opportunities for career 
growth and professional development.
Group People Highlights
• Ranked among the world's top six healthcare 
companies for women employees by Forbes.
• Ramsay Santé won the "Transformation of 
Management Culture" award from the Observatoire de 
la Qualité de Vie au Travail.
• Named the #1 graduate employer in Australian 
healthcare by Prosple for two years in a row.
• Launched a global education partnership with Health 
Careers International and Arizona State University.
• More than 600 clinical graduates started in Australia.
• Over 1 million placement hours for 7,500 students in 
Australian facilities.
• 275 participants in the first intake for Ramsay 
Australia's Leadership Academy.
• Over 200 participants enrolled in Ramsay UK 
Academy leadership programs.
Developing the leaders of tomorrow
The acute healthcare labour force shortages experienced during 
the COVID pandemic have shown signs of stabilising, as the 
industry adapts to new operational norms.
However, Ramsay remains intently focused on successful 
strategies to retain and develop our people, growing our own 
leaders at all levels and providing opportunities for all our people 
to enjoy a rewarding and stimulating career.
Ramsay’s Global Leadership Academy saw a 39% increase in 
participants in FY24, with a total 237 executive leaders having 
completed the Global Executive Leadership Program, which 
equips our leaders to:
• Think strategically and make sound financial decisions
• Build strong relationships with key stakeholders
• Embrace new ideas and opportunities
• Lead with Ramsay's enduring purpose of 'people caring for 
people' at the heart of every decision.
Our regional Leadership Academies also remain popular.
Launched at the start of 2024, Ramsay Australia's initial intake 
saw 275 employees completing a range of courses and hundreds 
more enrolled for the second half of the year.
In early 2024, the UK Ramsay Academy launched a new 
Scrub Practitioner Programme to address the challenge of filling
this crucial role. The programme is designed to help skilled 
practitioners achieve scrub competencies that align with the 
evolving needs of our patients.
Our Ramsay Academies empower current and emerging leaders to develop 
their skills and solve real business challenges through experiential learning. 
The Inspire program is designed for Leaders of Leaders.
Ramsay's ongoing Global Corporate Graduate Programme 
provides a unique opportunity for university graduates who are 
passionate about pursuing a purpose-driven career in healthcare.
In FY24, we congratulated 10 graduates on completing the two 
year programme, which is a cornerstone of our commitment 
to fostering new talent and preparing the next generation of 
healthcare managers.
Ramsay Global Graduate Mihara Perera enjoyed work placements at 
Elysium and Ramsay Australia.
20
Ramsay Health Care Annual Report 2024

Education to employment
In June 2024, Ramsay launched a groundbreaking partnership 
with Health Careers International (HCI) and Arizona State 
University (ASU) to provide new learning and work opportunities 
for nursing and health services students.
The 'education to employment' initiative combines Ramsay's 
facilities, ASU's academic programs and HCI's training centres 
across Australia to help more people achieve nursing 
qualifications and sub-specialty certifications.
Pictured at the Ramsay-HCI partnership launch: HCI founder and CEO Dr 
Bijo Kunnumpurath [centre] with Ramsay Australia's Lee Godino, Hannah 
Chiltern, Libby Godden, A/Prof. Bernadette Eather and Rachel Gale
The Ramsay-HCI collaboration aims to enhance accessibility and 
innovation in education by offering students the chance to access 
top-tier programs without having to relocate.
Ramsay Australia's Chief Nurse and Clinical Services Director, 
A/ Prof. Bernadette Eather, said the initiative enables nursing 
and midwifery students to stay close to home while pursuing 
their studies and take part in clinical placement at Ramsay's high-
quality facilities.
The partnership complements Ramsay's Nursing and Midwifery 
Academy, which offers a wide range of clinical leadership and 
professional pathway programs, including the Nurse Leaders of 
Tomorrow program for upskilling our emerging leaders who are 
currently nurse unit managers and midwifery unit managers.
In France, Ramsay Santé is also focused on developing our 
workforce of the future, signing a new partnership agreement with 
the private training provider Don Bosco Lyon to launch a Nursing 
Training Institute offering three-year apprenticeship programs.
In May 2024, Ramsay Santé celebrated the twelfth cohort of 68 rising 
leaders to complete the ESCP Business School executive education 
program, joining over 1,000 proximity managers who have graduated since 
2012. The program reinforces the role of our managers in promoting The 
Ramsay Way values and our Mission Company objectives.
Championing diversity and inclusion
Ramsay has long recognised the importance of gender diversity, 
both socially and in business. Under the leadership of Managing 
Director & Group CEO Craig McNally, Ramsay has joined the 
globally recognised Champions of Change Coalition, pledging 
to significantly increase the representation of women in 
leadership roles.
In FY24, we proudly met our gender diversity targets across both 
leadership and management levels, demonstrating our dedication 
to sustainable and meaningful progress in this area (see page 24 
for further details).
Our efforts have not gone unnoticed. In November 2023, Ramsay 
was recognised as one of the world’s top healthcare companies 
for female employees.
A global survey by Forbes ranked Ramsay sixth in the Healthcare 
and Social category, making us one of only two Australian 
companies to be featured in the 'World’s Top Companies For 
Women 2023' report. This ranking, based on input from around 
70,000 women across 37 countries, highlights our commitment to 
creating an inclusive and equitable workplace for all.
Ramsay UK has embedded a People and Culture Forum to create 
a supportive and positive environment where employees from 
all backgrounds can work together. Led by CEO Nick Costa, 
the Forum oversees initiatives focused on Diversity, Equity and 
Inclusion, employee engagement and wellbeing.
More than 200 Ramsay UK employees are engaged with five
active People Resourcing Groups, which help drive efforts
to be more inclusive. In the past year, the groups have 
introduced pride lanyards, attended Pride events, appointed a 
Menopause Champion, supported veterans with additional leave, 
and reviewed policies to ensure inclusivity for all staff.
Through initiatives like these, we continue to foster a workplace 
where everyone feels valued and included.
Celebrating our people
Ramsay's 60th anniversary is being celebrated throughout 2024 
with events, activities and recognition of our people.
The winners of the inaugural Ramsay Way Awards were 
announced in late 2023 to highlight the outstanding efforts
of our employees in Australia. Chosen from more than 400 
highly competitive nominations, the awards celebrated those 
going above and beyond to make a positive difference in their 
workplaces and communities.
Congratulations to Registered Nurse/Midwife Bev Fegan who received 
the People Caring for People Award for her dedication and compassion, 
Clinical Nurse Specialist and Registered Midwife Colette Lamberton who 
won the Innovation and Excellence Award for her pioneering improvements 
in birthing practices and Clinical Nurse of Anaesthetics Katie Foy, honoured 
with the Ramsay Cares Award for her outstanding sustainability initiatives.
Ramsay Health Care Annual Report 2024
21
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Ramsay Cares
Ramsay Health Care is committed to being 
a leader in sustainable healthcare.
Our Ramsay Cares sustainability strategy ensures we operate as a 
responsible business, focused on the interconnected wellbeing of 
our people, the environment and the communities we serve.
Aligning with our values
Sustainability is a core value in The Ramsay Way. We recognise 
its importance to our employees, patients, doctors and our long-
term success. Through Ramsay Cares, we strive to make a lasting 
positive impact on the world.
Three pillars for positive change
Our Ramsay Cares strategy rests on three key pillars:
Healthier People > We prioritise the needs of our employees, 
patients and doctors. This includes advancing employee health 
and wellbeing, patient safety and professional development.
Thriving Planet > We are committed to minimising our 
environmental footprint by reducing the impact of our operations 
and supply chain. This includes improving energy efficiency,
reducing waste and sustainable procurement practices.
Stronger Communities > We believe in supporting preventative 
healthcare and giving back to the communities we serve. 
We achieve this through research and training, volunteer 
programs, education campaigns and activities that address local 
healthcare needs.
Sustainable growth
Ramsay Cares works in tandem with our strong corporate 
governance practices. Our sustainability goals align with our 
broader 2030 business strategy, ensuring long-term growth that 
benefits all stakeholders.
Ramsay's sustainability initiatives support the United Nations 
Sustainable Development Goals (SDGs), which aim to promote 
peace and prosperity, while protecting our planet into the future. 
The 17 goals are a call to action to achieve economic growth and 
address a range of social issues to end poverty. These include 
education, health, social protection and job opportunities, while 
tackling climate change and environmental protection.
SDGs supported by Ramsay Cares initiatives
Good health and wellbeing: Focusing on healthier 
people through employee health and wellbeing, 
patient safety and clinical advancement.
 
Quality education: Supporting the ongoing 
professional development of health professionals 
and providing pathways for people into healthcare.
 
Gender equality: Promoting gender equality 
through opportunities for women and achieving 
gender balance across senior leadership.
 
Decent work and economic growth: Creating 
employment opportunities, providing social 
infrastructure and facilitating investment in high 
quality health services. We also focus on reducing 
risks of modern slavery in supply chains.
Reduced inequalities: Prioritising preventative 
healthcare and supporting underserved 
communities through better access to 
quality healthcare.
Responsible consumption and production: 
Focusing on reducing waste, increasing recycling 
and sustainable procurement practices.
 
Climate action: Reducing greenhouse gas 
emissions (e.g. anaesthetic gas emissions) and 
improving energy efficiency across our facilities.
 
Partnerships for the Goals: Collaborating with 
local groups and organisations and participating in 
partnerships for wide ranging initiatives including 
health research and health workforce education.
 
See the SDGs mapped to our Material Issues on page 14.
 
Ramsay also supports the UN Global Compact which calls on 
companies to align their operations and strategies with ten 
universally accepted principles in the areas of human rights, 
labour, environment and anti-corruption.
By prioritising sustainability, Ramsay is contributing to a brighter 
future for generations to come.
Ramsay's annual Impact Report details and illustrates how we are 
making a positive difference through our Ramsay Cares strategy. 
The report is published at ramsayhealth.com/ramsaycares
22
Ramsay Health Care Annual Report 2024

The People pillar of our sustainability strategy 
embraces the importance of our employees, patients 
and practitioners.
Our People targets demonstrate our commitment to a sustainable 
and people-centred environment.
They focus on:
1. Fostering a safe, caring and inclusive culture
2. Engaging and developing our people
3. Delivering high quality patient outcomes and experience
4. Being a trusted partner for our doctors and clinicians
5. Supporting the mental health and wellbeing all of everyone 
at Ramsay.
Enhancing patient experience
Patient experience is a key indicator of Ramsay's success.
We measure patient/customer satisfaction using the Net Promoter 
Score (NPS), which ranges from -100 to +100 and reflects how 
likely customers are to recommend our services. Scores above 70 
are considered world-class.
This year, Ramsay consistently maintained excellent NPS across 
all regions, indicating high patient satisfaction, strong customer 
loyalty and positive word-of-mouth that bolsters our reputation 
and supports long-term growth.
Net Promoter Scores
+72
+72
+70
+70
+85
+85
+72
+72
+72
+72
+87
+87
2023
2024
Ramsay Australia
Ramsay Santé
(France)
Ramsay UK (acute)
0
50
100
Innovating for better care
Ramsay Health Care is into the second year of an ambitious 
digital and data transformation program, which is designed to 
enhance the outcomes and experiences of our patients, doctors 
and employees.
Our multi-year transformation strategy is aimed at creating an 
innovative, digitally-enabled healthcare ecosystem and to cement 
Ramsay's position as a world leading healthcare provider.
Milestones this year include implementing Ramsay Australia's 
digital front door, called the Ramsay Health Hub, along with our 
innovative Patient Tracking system at dozens of sites. Patient 
tracking gives a patient's family and friends visibility of the 
patient journey via real-time SMS notifications and provides our 
facilities with useful information, such as average wait times from 
admission to theatre, recovery and discharge.
The significant expansion of these tools represents a major leap 
forward in our digital capabilities. By mid-2024, we reached a 
remarkable milestone: 50,000 patients had completed their online 
pre-admission through the Ramsay Health Hub since launching in 
August 2023. As well, more than 38,000 patients had opted-in to 
Patient Tracking.
Also this year, Ramsay UK's Health Hub introduced online booking 
capabilities, so that patients can directly book a consultation with 
our specialist doctors.
Digital & Data Highlights
• Ramsay Health Hub launched at more than a third 
of our Australian hospitals; patient satisfaction score of 
8/10 and 82% adoption of patient tracking.
• Digitised Medical Records platform implemented.
• Ramsay Data Hub established to support safe, data-
driven decision making.
• More than 2500 automations introduced, 
eliminating millions of manual transactions.
Elevating clinical leadership
Ramsay's Clinical Excellence Agenda made significant progress 
this year by introducing a solid framework to integrate clinical 
leadership into our operations. Our clinical Communities of 
Practice supported our regional teams to share best practices and 
adopt new treatments and technologies.
The Mental Health Community of Practice led the Ramsay 
Psychiatry Symposia Series, sharing knowledge and best 
practices in psychiatric care. Other Communities of Practice 
continue to collaborate in areas such as hip and knee 
replacement, spinal surgery and cardiology.
Dr Quazi Haque and Dr Michelle Tempest led Elysium's first global 
psychiatry symposium webinar in collaboration with Ramsay Australia.
The Speak Up for Patient Safety program was relaunched 
in Australia to reinforce our culture of open communication 
and continuous learning around potential risks, errors or 
unsafe practices.
Ramsay UK and Elysium implemented a new Patient 
Safety Incident Response Framework supporting a systematic, 
compassionate and proficient response to patient safety incidents.
Ramsay Health Care Annual Report 2024
23
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Improving access to quality care
Ramsay is meeting consumer demand for more choice and 
convenience accessing high-quality healthcare by strategically 
investing in new facilities and services.
Milestones this year included opening the $145 million Northern 
Private Hospital (NPH), which adjoins a public hospital servicing 
a fast-growing suburban region north of Melbourne, Victoria. 
Dubbed the state's first “quiet hospital” thanks to its technological 
features, the first stage of NPH includes 70-beds and four 
operating theatres.
Northern Private Hospital at Epping, Victoria.
Ramsay UK opened Glendon Wood Hospital at Kettering, north 
of London in September 2023. The day surgery facility has two 
operating theatres and works in a hub and spoke model with 
nearby Woodland Hospital. In April, Elysium opened Emerald 
Place Clinic at Surrey. The 12-bed NHS-funded mental health 
inpatient unit was purpose-built for young people.
Glendon Wood Hospital, Kettering.
Ramsay Santé expanded its footprint in France by acquiring 
11 multidisciplinary medical centres in and around Paris. The 
purchase, which adds ~660 doctors to the group and more than 
one million patients annually, aligns with Ramsay's strategy to 
integrate local primary care with our hospital services.
Ramsay Santé also opened the Rubidium Centre, adjoining Loire 
Private Hospital, in partnership with the Nuclear Imaging Centre 
of Saint-Étienne.
The Saint-Étienne Nuclear Imaging Centre.
Group gender diversity
Ramsay has long recognised the social and business importance 
of achieving gender diversity. As a significant employer of women, 
we have a responsibility to ensure that women are included at all 
levels of the organisation.
In FY24, we met our commitment to achieve Board and senior 
management gender composition of 40:40:20.
Fostering a safe, supportive workplace
At the heart of Ramsay are the people who make it all possible.
We believe in creating a workplace where every employee feels 
valued, supported and empowered to do their best work.
Our commitment goes beyond just words; we actively foster 
a caring culture that not only enhances patient outcomes but 
also ensures that our staff feels recognised and rewarded for 
their contributions.
Our workplace is a place where diversity is celebrated and 
everyone is encouraged to bring their whole selves to work.
We invest in our employees' growth with meaningful career 
development opportunities, professional training and experiences 
designed to help our people thrive.
Nursing colleagues from across Elysium gathered for their annual 
conference and to launch the organisation’s new three year 
nursing strategy.
We also understand that supporting mental health and wellbeing 
is crucial for a positive and resilient work environment. By creating 
a space where our employees feel safe, included and valued, we 
build a foundation for success that benefits everyone - our staff,
our patients and our communities.
People Highlights
• Achieved gender targets for leadership and 
management teams.
• Improved employee engagement in the UK, France, 
Denmark, Sweden; lower in Australia and Norway.
• 690 employees in Australia and the UK (~2% of 
workforce) certified in Mental Health First Aid.
24
Ramsay Health Care Annual Report 2024

Progress to net zero
Ramsay has made good progress since setting our commitment to 
achieve net zero greenhouse gas emissions by 2040.
The Group is on track to achieve the near-term target to reduce 
Scope 1 and 2 emissions by 42% by 2030 (from 2020 baseline).
As well as a wide range of energy efficiency and emission 
reduction projects, we are focused on embedding net zero 
roadmaps into Ramsay’s 2030 Corporate Plan.
St Andrew’s Ipswich Private Hospital CEO Michael Lewczuk and Ramsay 
Australia CEO Carmel Monaghan. Ramsay Australia's solar panel program is 
well ahead of target with rooftop systems at 37 facilities.
Net Zero Highlights
• Met our FY24 target to reduce greenhouse gas 
emissions by 16.8% from 2020 baseline. On track for 
42% reduction by 2030.
• Achieved 87% of FY26 target for 6.3MW renewable 
energy projects. Extended target to 10MW by FY29.
• Generated >8 million kWh of electricity via rooftop 
solar since 2021, with >4.7 million kWh in FY24.
• Good progress in reducing anaesthetic gas 
desflurane across all regions.
• Installed over 40,000 LED fittings at 43 sites.
• Reached 75 million single use plastic goal. On track 
for 100 million by mid-2025.
• Started tracking supplier commitments to science-
based targets.
Sustainable solutions
Ramsay Australia's newest hospital welcomed its first patients 
in February 2024. The $145 million Northern Private Hospital in 
Melbourne, Victoria was built using sustainable design principles, 
including low energy and water consumption features, rooftop 
solar system, double glazing and active chilled beams to regulate 
indoor air temperature.
“We’ve worked hard to make sure this hospital benefits patients, 
the community and the planet for many years to come,” hospital 
CEO Shaune Gillespie said.
Elysium Healthcare's first fully-electric hospital opened in Surrey, 
England in April 2024. Emerald Place Clinic is an NHS-funded 
mental health inpatient unit for young people. The facility has a 
range of sustainable features including air source heat pumps, 
rooftop solar panels, electric vehicle charging and rainwater tanks.
Pictured at the opening of Emerald Place Clinic: Elysium CEO Joy 
Chamberlain, Surrey & Borders Partnership NHS Foundation Trust Deputy 
CEO Professor Helen Rostill and NHS England South East Deputy Director 
Vanessa Fowler.
Centralisation of the medical instrument sterilisation unit at Capio 
St. Göran's Hospital in Stockholm, Sweden has led to a notable 
reduction in energy and water consumption, while introducing 
heavy instrument containers has removed the need for single-use 
plastic seals and paper filters. The amount of packaging used has 
reduced by two-thirds since 2021.
Sterilisation technician and sustainability officer Masuda Islam shows 
wrapped sterile instrument containers at Capio St. Göran's Hospital.
Ramsay Health Care Annual Report 2024
25
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Responding to climate change
Our approach is currently guided by the Task Force on Climate-
related Financial Disclosures (TCFD) recommendations and 
recommended disclosures. We seek to update our disclosures 
annually as we advance our actions and better understand climate 
risks and opportunities.
GOVERNANCE
The role of the RHC Board and Group Management in overseeing 
the Group’s approach to assessing and managing climate-related 
risks and opportunities is outlined below. Climate-related risks and 
opportunities are identified and managed on a Group-wide basis, 
with key initiatives progressed at a regional or local level.
ROLE OF THE BOARD AND BOARD COMMITTEES
2024 HIGHLIGHTS1
Ramsay Health 
Care Board
Oversees our approach, including 
considering the social and environmental 
impact of Ramsay’s activities, endorsing 
the Ramsay Cares sustainability strategy 
and approving key policies and disclosures. 
The Board is supported on climate change-
related issues by a range of Board 
Committees, as set out below.
• Continued to embed climate risk considerations into global 
strategy and key business decision-making processes.
• The Board is updated at least annually on sustainability 
(including climate-related issues). In FY24, the Board continued 
to oversee sustainability and climate matters more frequently, 
which included :
– Monitoring Ramsay’s performance on sustainability (including 
climate-related) targets. Approving updated sustainability 
linked loan targets (including energy and greenhouse gas 
emission reduction targets) as part of the Amend and Extend.2
– Reviewing Ramsay UK’s FY23 mandatory TCFD reporting 
and approving the Group’s FY23 Impact Report (and the 
associated climate-related and broader strategy).
• Approved an updated Global Sustainability Policy, which covers 
climate-related matters. The updated policy was informed by 
feedback from regional Sustainability Leads, Legal and the 
Global Sustainability Committee.
• Approved updates to the Board and Committee charters 
including to more explicitly incorporate certain climate-
related matters.
Global Risk 
Management 
Committee 
(GRMC)
Oversees financial and non-financial risks 
including sustainability and any material 
social and environmental risks, climate risks 
and opportunities.
• Considered key business risks and related disclosures, including 
in relation to sustainability and climate change.
• Reviewed updated FY24 Climate Risk and 
Opportunity Assessment.
• Reviewed regional Net Zero Plans as part of Corporate Plan 
2030 and Ramsay Australia’s inaugural Transition Plan.
• Maintained oversight over mandatory UK climate-related 
disclosure requirements for certain Ramsay entities and 
reviewed Ramsay UK’s FY23 mandatory TCFD reporting.
People and 
Remuneration 
Committee
Oversees non-financial performance 
(including patient, people, customer 
and environmental) in-so-far as it 
relates to the Committee’s people and 
remuneration responsibilities.
• Received updates on the Group’s environmental performance, 
including in relation to Ramsay’s greenhouse gas 
reduction target.
• Approved executive remuneration outcomes, in light of financial
and non-financial performance, including, where relevant, 
performance in relation to the climate-related target in short-
term incentive scorecards.
Audit 
Committee
Oversees sustainability issues as they relate 
to financial matters e.g. financial reporting 
and financing activities, opportunities 
and risks.
• Reviewed updates on progress against our sustainability linked 
loan targets.
• Reviewed and endorsed for Board approval updates to 
sustainability linked loan targets (including energy and 
greenhouse gas emission reduction targets) as part of the 
Amend and Extend.
• Reviewed Management’s approach to Group sustainability 
reporting having regard to evolving requirements particularly 
on climate disclosures. This included actions such as moving 
sustainability reporting oversight to the Audit Committee and 
aligning sustainability assurance with the External Auditor
Nomination & 
Governance 
Committee
Oversees Committee roles and 
responsibilities including as they relate 
to environmental, social and governance 
matters, reviews Board and Committee 
composition and Director skills and 
experience and monitors processes in place 
in relation to ongoing education.
• Reviewed proposed changes to the Board and Committee 
charters in relation to climate-related matters and endorsed the 
changes for Board approval.
• Considered the skills and experience represented on the 
Board, including ability to assess governance, environmental 
and social issues and the effectiveness of organisational policies 
and procedures.
• Monitored evolving sustainability reporting requirements, 
including overseeing the ongoing preparation in relation to the 
incoming mandatory Australian climate reporting regime.
 
1
See page 72 for number of meetings held in FY24.
2 ‘Amend and Extend’ means the amendment and extension of the Funding Group’s A$1,500 million sustainability linked syndicated facility, which extended the maturity date for the 
relevant facilities by 2.25 years.
26
Ramsay Health Care Annual Report 2024

ROLE OF MANAGEMENT
2024 HIGHLIGHTS
Global 
Executive 
(including 
Managing 
Director)
Oversees rollout of Ramsay Cares 
strategy (which includes climate-related 
elements) globally and in each region, 
integration with strategy and corporate plan; 
considers material sustainability risks and 
opportunities including social, environmental 
and climate risk.
Members of the Global Executive regularly 
report to the Board and Board Committees 
on relevant climate-related issues
• Overseeing progress on net zero emissions commitment, 
performance against sustainability-linked loan targets (including 
climate-related targets) and Ramsay Cares Strategy.
• Embedding Net Zero Roadmap approach into Corporate Plan 
out to 2030.
• Reviewed updated FY24 Climate Risk and 
Opportunity Assessment.
Global 
Sustainability 
Committee, 
Group 
Sustainability 
Officer,
Regional 
Sustainability 
Leads
Supports the Global Executive, focusing 
on delivery of the Ramsay Cares 
strategy. The Committee consists of 
the Group Chief People Officer, Group 
Sustainability Officer, Regional Sustainability 
Leads and Group Finance, Risk and 
Procurement representatives.
Subject matter experts, legal, strategy-
level leads are invited to Committee 
meetings as required to inform the 
Committee about climate-related (and 
broader sustainability) matters.
• Ongoing implementation of global priorities at a regional level, 
including through the development of regional initiatives that are 
tailored to each of Ramsay’s businesses.
• Rollout of Ramsay Cares strategy and Net Zero Emissions 
Roadmap in each region through regional Ramsay Cares 
strategy commitments/teams.
• Ongoing assessment and management of climate-related 
issues through the updated FY24 Climate Risk and 
Opportunity Assessment.
• Identifying and monitoring the progress in relation to key 
emission reduction initiatives such as energy efficiency and 
greener theatre approaches.
• Working with suppliers to understand their net 
zero commitments.
• Overseeing the ongoing preparation for new or expected 
sustainability (including climate) reporting requirements (for 
example in Australia and Europe).
Executive remuneration
As outlined in our Remuneration Report (Section 4), the Chief Executive Officer & Managing Director’s short-term incentive (STI) 
scorecard includes a greenhouse gas emission target of 16.8% reduction (scope 1 and 2) from 2020 baseline to be achieved by the 
end of FY24. This measure is also included in the scorecards of other members of the Executive team. We recognise that safeguarding 
our environment is a key responsibility of the business community and the Board is of the view that executives should be accountable 
for the Group’s environmental performance.
 
RISK MANAGEMENT
Climate-related risks are identified, assessed and managed at a Group level, with input from project- and regional-level stakeholders. The 
Global Risk Management Committee oversees and reports progress against regional Net Zero Plans as part of Corporate Plan 2030 and 
development of Transition Plans.
Processes to identify and 
assess climate related risks
Scenarios considered
Timeframes
• Qualitative - FY21 Initial assessment of 
climate risk and opportunities undertaken 
with regional risk, sustainability and 
other functional representatives (e.g. 
operational, clinical, procurement and 
finance). In FY24, workshops undertaken 
with senior leaders in Australia, France, 
the Nordics and UK regions to review 
and test the completeness of risks/
opportunities identified.
• Quantitative – Initial focus on climate 
vulnerability of facilities and potential loss 
and damage (FY22) and annual review 
of insurance claims for climate impacts 
(commenced FY23).
 
Globally recognised scenarios were 
chosen to understand the range of 
impacts from the two "bookends" (i.e. 
most extreme scenarios) for transition 
and physical risks.
• 1.5-degree, Paris Aligned Scenario 
(aligned to IPCC RCP-2.6 and SSP1) 
with higher transition impacts and 
lower physical impacts; and
• 4-degree, business as usual scenario 
(IPCC RCP-8.5 and SSP5) and other 
relevant modelling with high physical 
risks implications.
 
• Short-term (current to 2030) covering 
business and corporate planning 
periods and where climate impacts are 
starting to be seen.
• Medium-term (2030 to 2050) where 
longer term capital investments are 
likely to be required (e.g. asset and 
equipment upgrades) and greater 
impacts are likely to be seen from 
transitioning to a lower carbon 
economy and exacerbated climate 
risk exposure.
• Long-term (2050 to 2100).
Ramsay Health Care Annual Report 2024
27
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

STRATEGY
Ramsay’s vision is to leverage our global platform to be a leading 
healthcare provider of the future. The strategy balances the 
needs of all our stakeholders, taking into account the rapidly 
changing environment and the pressures this places on global 
healthcare systems. The Ramsay Cares Sustainability Strategy 
was incorporated into the Corporate Strategy as one of the 
organisational foundations (see page 19).
A comprehensive, high-level risk assessment was conducted 
in FY21 to evaluate climate-related risks and opportunities, 
identifying key common risk areas and their potential implications 
for strategic and operational aspects of the Group, including 
buildings and supply chain, with a short- to medium-term focus.
Additionally, the assessment highlighted the importance of 
deepening our understanding and developing actions to address 
the medium- and long-term impacts on our people and patients.
In FY24, the risk and opportunity assessment was refreshed 
to reflect any material changes to the business and 
external environment, along with potential mitigation measures 
(see below).
RISK AREA
DESCRIPTION AND POTENTIAL 
IMPACTS AND EFFECTS
RISK 
CATEGORY & 
TIME FRAME
HOW RAMSAY IS RESPONDING AND 
FUTURE ACTIONS
Energy 
disruption 
and cost 
increases
Energy disruption increasingly a concern 
due to the energy intensive nature of 
healthcare delivery.
Volatility in energy pricing 
and availability of renewable 
electricity options.
Physical - Acute
Transition – 
Market & 
Energy source
Working to incorporate climate risk and energy supply 
volatility into repair and maintenance and critical 
equipment assessments and developments.
Exploring longer term power purchase agreements. 
Transitioning to greener and higher energy efficiency
technology being considered in Regional Transition 
Plan development.
Business 
disruption
Business disruptions due to extreme 
weather (e.g. heat waves, storms and 
flooding) being seen more regularly.
More frequent extreme weather (e.g. 
heat waves) will require building 
upgrades (e.g heating and cooling).
Physical – 
Acute
Currently some extreme weather events are 
contemplated by existing business continuity planning. 
Work is commencing to ensure the full range of 
extreme weather issues are considered. This includes 
developing guidance (e.g. SOP) for heat wave and 
other extreme weather events (as relevant).
Ongoing work required to embed climate risk 
considerations across all major developments 
and critical equipment assessments (e.g. medical 
equipment temperature operating range).
Regulatory 
disclosure & 
compliance
Imposition of regulatory requirements in 
relation to the management of climate 
change (e.g increasing disclosures and 
carbon pricing).
Regulation on energy efficiency and 
development controls impacting both 
existing (retrofit) and future buildings.
Transition – 
Policy & Legal, 
Market
Continuing to build reporting capability and 
sustainability data governance controls.
Ongoing work required in planning for developments 
to address increasing level of compliance and 
opportunities to include future proofing for 
environmental obligations and changing patient and 
staff needs in all business cases.
Supply 
chain 
disruption 
and cost 
implications
Disruption to supply chain due to climate 
impacts is emerging and expected to be 
exacerbated under warming scenarios.
Increasing expectations on voluntary 
disclosure of climate risk and emissions 
across the value chain.
Physical – 
Acute
Transition – 
Policy & Legal, 
Market
Commenced tracking of supplier Science-Based 
Target (SBTi) commitments and opportunities to 
collaborate on emission reduction.
Focus now on mapping climate risk vulnerability of 
key suppliers e.g. strategic suppliers and/or critical 
items and reviewing implications of further carbon tax 
(e.g. EU Carbon Border Adjustment Mechanism) and 
pricing on supply costs.
People & 
access to 
skilled 
labour
Impacts on staff from extreme weather 
such as heatwaves likely to result 
in lower staff productivity, higher 
absenteeism and increased mental 
health issues of both staff, patients and 
service users.
Physical – 
Acute & 
Chronic
Focus on reviewing processes currently in place to 
manage and monitor workforce and patient planning 
and the need to develop guidance (e.g. SOP) for heat 
wave and other extreme weather.
Risk of 
insufficient
capacity
Climate impacts on health care are 
expected to be significant and may 
require a changing service mix and 
pressures on access to skilled labour.
Physical – 
Acute & 
Chronic
Climate-related impacts are expected to place 
significant demand on healthcare services and efforts
remain focused on monitoring the impact on Ramsay 
and how climate risks are considered in planning and 
development activities.
Patient / 
customer / 
service user 
implications
Customer (payor) expectations 
on service delivery in 
transitioning to a lower carbon 
economy (e.g. NHS climate-related 
procurement requirements).
Implications from climate disruptions on 
healthcare affordability.
Transition – 
Policy & Legal, 
Market
Currently developing Regional Transition Plans 
(Australia complete, UK underway) to guide 
decarbonisation of our operations which can also be 
used to engage customers on our approach.
Over time Ramsay will explore opportunities to 
collaborate with payors and partners.
Short to 
medium term
Medium to 
longer term
28
Ramsay Health Care Annual Report 2024

Opportunities
Responding to climate change and transitioning to a lower carbon 
economy also provides opportunities for the Group which include:
• Transitioning to renewable or zero carbon energy sources, 
where appropriate, and striving to build more.
• Engaging with suppliers to encourage them to innovate, reduce 
carbon emissions and build resilience into the value chain.
• Collaborating with doctors and clinicians across the healthcare 
sector on improved models of care.
Climate vulnerability assessment of our buildings
We have initially prioritised understanding the physical risks 
associated with climate change, as we operate a large number 
of sites.
In FY22, we undertook a climate vulnerability assessment to 
explore how the physical risk exposure to different perils may 
change over time globally across our facilities (buildings) including 
those in the UK and Europe.
The project focused on how risk exposure may change over 
time (2050 and 2100) for different perils under the latest IPCC 
Climate Scenarios (SSP1-2.6, SSP 2-4.5, SSP5-8.5). To stress-test 
resilience, the focus was on a climate scenario (SSP5-8.5) where 
global temperatures increase by greater than 4 degrees and this 
included an assessment of potential theoretical calculated loss 
values from property damage and foregone revenue across the 
two perils of flood and wind.
A summary of the results is below. The outcomes of the 
assessment are only directional in nature and will help us prioritise 
where we need to focus further work.
Perils analysed - greater than 4°C scenario from current to 2050
 
HAZARDS
IMPLICATIONS FOR THE COMPANY TO 2050
Drought frequency
Analytics show that most sites across Australia, the UK and France will see a moderately significant change 
in exposure to more frequent drought conditions (prolonged dry periods). This will need to be monitored 
and managed, particularly in regard to potential water restrictions.
Hail and thunderstorm 
probability
No significant change from current risk exposure for Australia, the UK and Nordics. Some increases across 
France but generally relatively lower risk.
Days of high heat
Analytics show that most sites across the UK and the Nordics will have a moderately significant change 
in exposure to heat waves but with risks remaining relatively low. Across Australia and France, a larger 
number of sites have more significant changes in exposure. This will need to be monitored and managed, 
particularly in regard to impacts on patients, staff, building operation and plant and sensitive equipment.
Extreme wind speeds
No significant change from current risk exposure for the UK and Europe. A number of sites in Australia 
already have a higher risk exposure.
Extreme rainfall
No significant change from current risk exposure for the UK and Europe. Analytics show that most sites 
across the Australia will have a moderate change in exposure to precipitation risk, with a number of sites 
already high risk.
Wildfire risk
Analytics show that most sites across Australia will have a moderate change in exposure to wildfire risk, 
with a number of sites already high risk. Analytics show that some sites across the UK and Europe will 
have a moderately significant change in exposure to wildfire risk, with the risks remaining relatively low 
to medium. This will need to be monitored and managed, particularly in regard to impacts on access 
and buildings.
Flood depth of water
Analytics show that some sites across the UK, France and Nordics have a high risk exposure to flooding
but no significant changes in exposure by 2050. A number of sites, particularly across the UK, showed a 
significant increase in exposure. This will continue to be monitored and managed, particularly in regard to 
access and buildings, plant and equipment. 
 
The preliminary analysis suggests that inherent exposure to 
damage across the portfolio (i.e. before considering mitigants 
such as building design) does not appear to change substantially 
between now and 2050, with much of the increased exposure 
being felt in the later half of the century.
The analysis also suggests that inherent exposure to forgone 
revenue is more significant between 2050 and 2100.
In FY23, a review of historical claims made on the Group's 
insurance policy which may relate to climate impacts was 
undertaken to assess any trends or material impact across all 
regions. The review of FY24 claims found no material impacts.
Following a 2021 summer (FY22) heatwave which disrupted 
theatre operations at a number of UK sites, the Australian 
business experienced hot weather and significant humidity in the 
2023-24 summer (FY24). This resulted in higher electricity use 
and costs for cooling and impacted on older equipment. One site 
closed theatres for several days due to elevated humidity.
While this did not result in any serious delays or impact on 
patients nor a material financial impact, it does serve as a 
reminder of how a changing climate can potentially impact 
hospital operations.
Transition and Financial Planning
Starting in FY23, key actions to support decarbonising operations 
and meeting near-term net zero commitments were included in 
the Group's Corporate Plan to 2030. These actions will evolve into 
a Group transition plan, detailing how the business will achieve its 
long-term net zero targets.
The intention is to follow the UK's Transition Plan Taskforce 
(TPT) Disclosure Framework. A major focus will be assessing the 
assumptions behind emission reduction efforts and evaluating the 
effectiveness of actions so far. The Group Transition Plan will build 
on regional plans, with Ramsay Australia having developed theirs 
in FY24 and work underway for Ramsay UK's (Acute) operations.
Resilience of the Company's strategy, taking into account 
consideration of different climate change scenario projections
As set out above, scenario analysis as well as a climate 
vulnerability assessment to physical risks has been undertaken at 
Group level. Further actions are planned to enhance the Group's 
understanding of how these matters may impact the Group and 
the resilience to climate-related issues, during the time horizons 
discussed. The climate modelling will be updated in FY25 and will 
also include a mapping climate risk vulnerability of key suppliers 
e.g. strategic suppliers and/or critical items.
Ramsay Health Care Annual Report 2024
29
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

METRICS AND TARGETS
Key metrics and measures we track include:
• Energy and greenhouse gas emission reduction measures (e.g. 
roll out of on-site renewable electricity projects)
• Energy and greenhouse gas emission reduction targets 
(see below)
• Development of regional Transition Plans
• Monitoring supplier commitments to emission reduction in line 
with science based targets.
Scope 1 and Scope 2 greenhouse gas emissions from use 
of electricity, anaesthetic gases, fuel, refrigerants and Scope 
3 emissions (major waste streams) are externally assured 
and disclosed in Ramsay's Impact Report. Scope 3 emissions 
estimated annually based on spend as part of developing our net 
zero emission goals and we will focus on engaging our suppliers 
to improve the data over time.
Ramsay Cares Sustainability Strategy targets include a 12% 
reduction in greenhouse gas emissions intensity per patient day 
and 10% reduction in energy intensity by 2026, as well as a roll out 
of renewable energy at key hospitals.
Our net zero emission commitment includes:
• Engaging with 80% of suppliers by spend to encourage 
reduction of emissions in line with science-based targets
• Net zero near-term target of 42% reduction in Scope 1 & 
2 emissions by 2030 (2020 baseline) and become net zero 
emissions across the value chain by 2040 (90% coverage).
Greenhouse gas emissions reductions targets are embedded in 
sustainability linked loans for the Wholly-Owned Funding Group 
and Ramsay Santé.
Greenhouse gas emissions reduction targets have been included 
in short-term incentive scorecards for our Executives since FY22. 
(See the ‘Governance’ section on page 26 for further information.)
SUSTAINABLE FINANCE
The Funding Group sustainability-linked loan facilities were updated this year to refresh and extend our sustainability targets, 
incorporating Ramsay’s UK mental health business, Elysium Healthcare, and introducing a Sustainability Deed Poll. The Sustainability 
Deed Poll is an innovative approach to allow us to onboard more lenders to being sustainability linked if this is preferred. Ramsay 
Santé also successfully refinanced with the majority of senior loan debt being sustainability-linked. Sustainability-linked facilities now 
represents 78% of Group funding.
Ramsay has proactively integrated sustainability into several financing activities since 2021, including major syndicated debt facilities 
for both the Funding Group and Ramsay Santé. These debt facilities are directly tied to our Ramsay Cares strategy, with embedded 
sustainability targets aimed at driving action across the business. This includes initiatives focused on employee mental health and 
wellbeing, reducing energy intensity and greenhouse gas emissions, and responsible sourcing within our supply chains.
Key achievements
• Amend and extend of Funding Group’s Sustainability-Linked Loan KPIs and targets, impacting over AU $1.7b of 
financing facilities (56% of funding). 
• 98% of Ramsay Santé senior loan debt sustainability-linked in successful refinance.
30
Ramsay Health Care Annual Report 2024

Promoting better health
The Ramsay Way values drive us to continuously seek 
improvement and innovative approaches to providing great 
healthcare. This commitment is reflected in our support for a 
wide range of health and medical research. By investing in 
groundbreaking studies and advancements, we aim to improve 
the health and wellbeing of our patients, while also contributing 
to a healthier community. The programs and initiatives run by our 
foundations foster a culture of health and wellness that extends 
beyond our facilities, positively impacting society as a whole.
Research at Ramsay
Ramsay Hospital Research Foundation (RHRF) is actively funding 
cutting-edge research in key therapeutic areas, made possible 
through the ongoing support of the Paul Ramsay Foundation. To 
date, RHRF has awarded $25 million in funding for 53 projects 
across fields such as mental health, orthopaedics, oncology, 
cardiovascular disease and more.
RHRF currently offers three major grant programs: the 
Translational Challenge Grant, designed to support innovative 
research with tangible healthcare impacts; the Collaborative 
Research Request, which fosters cross-system collaboration; and 
the Social Determinants of Health Innovation Grant, aimed at 
addressing health disparities among women, rural populations, 
and individuals over 60.
One of the notable projects being supported is the DARO-Lipid 
study, a pioneering trial led by Dr Tahlia Scheinberg. This study, 
investigating a novel lipid-targeted treatment for prostate cancer, 
received $400,000 funding from RHRF in FY24.
“It's exciting that Australia is going to lead the way in this 
approach. There are other lipid studies, but none of them is 
biomarker and precision medicine driven and we could not have 
done it without the Ramsay Hospital Research Foundation grant. 
This has been the catalyst to allow us to develop the trial and 
leverage into pharma to make the whole thing happen” 
– Prof. Lisa Horvath, co-investigator on the DARO-Lipid Trial.
New Mission Committee
Ramsay Santé's first independent Mission Committee was 
appointed this year to oversee implementation of the Group's 
social and environmental commitments.
Ramsay Santé was the first listed healthcare group to become 
a Mission-driven Company under the French PACTE law. The 
mission is a set of commitments between the business, its 
employees, the medical profession, shareholders and patients.
The 11 expert committee members are responsible for assessing 
Ramsay Santé’s progress towards achieving its 21 goals, with the 
first mission audit due in 2025.
"[We] wish to help Ramsay Santé amplify its pioneering role in medical 
innovation and access to care. This committee not only has an advisory 
role, but also that of a watchdog ensuring the group's mission is translated 
into concrete and measurable actions." - Martin Vial, Committee Chair 
(second from right)
Ramsay Santé Foundation
Established in 2008, the Ramsay Santé Corporate Foundation 
has developed pioneering public education programs and 
encourages community action through partnerships with 
healthcare professionals, scientists, start-ups and charities.
This year, the Foundation's 'Prevent2Care' accelerator program 
extended support to 16 start-up groups and four associations in 
France and the Nordics and, for the first time, Ramsay Santé 
employees and doctors were surveyed to select eight non-profit
groups to receive three-year grants.
The Foundation also organises annual roundtable discussions, 
sponsored by the French Ministry of Health and Prevention, to 
publicise important health prevention messages.
The seventh Ramsay Santé Foundation Health Prevention Meeting in 
April 2024 focused on how to combat health disinformation directed at 
young people.
Ramsay Health Care Annual Report 2024
31
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Serving our communities
Our responsibility goes beyond connecting patients to skilled 
practitioners. At our hundreds of sites and with the support of our 
people, Ramsay has a valuable role in serving society-at-large.
Ramsay supports local and global communities in a wide range of 
ways, including:
• Making high quality healthcare more accessible through 
facilities in a growing number of regional cities and towns
• Providing local job opportunities, promoting economic growth 
and regional stability
• Contributing to scientific and medical research capacity, 
building knowledge and partnerships
• Supporting important community causes, charities, awareness 
and education campaigns.
Joondalup Health Campus in Perth, Western Australia celebrates providing 
more than 75,000 meals to the community through its partnership with the 
food rescue organisation OzHarvest. Since 2017, the hospital has donated 
more than 28,600 kilograms of surplus food to local charities and schools.
Ramsay UK's People team dedicated their Giving Back Day to removing 
invasive weeds at Staveley Nature Reserve in North Yorkshire. Each 
employee is given a paid leave day annually to support charitable and 
community causes.
Ramsay Santé Chief Medical 
Officer, Margareta Danielius, 
is among the many Ramsay 
doctors volunteering in 
humanitarian efforts. With 
Médecins Sans Frontières 
(MSF), Margareta led medical 
clinics in Lebanon, where 
1.5 million Syrians have sought 
refuge. Capio has proudly 
partnered with MSF for 
several years.
 
Responsible sourcing
Ramsay operates with a complex global supply chain of 
over 18,000 suppliers across more than 40 countries. We 
are committed to ensuring our purchasing decisions positively 
impact our people, the planet and the communities we serve, 
making collaboration with our suppliers crucial to achieving our 
sustainability goals.
Ramsay's Global Responsible Sourcing Policy outlines our 
expectations of suppliers regarding business ethics, human rights, 
labour standards, community engagement and environmental 
responsibility. We actively encourage all our suppliers to measure 
their greenhouse gas emissions and adopt science-based 
emissions targets.
In FY24, we began incorporating contractual provisions into our 
standard supply and services agreements requiring our suppliers 
to comply with the Policy and additional clauses to ensure 
compliance with relevant modern slavery laws.
Key achievement
• 60% of suppliers by spend independently assessed 
for sustainability. On track to meet 80% assessment 
target by FY26.
Read our Modern Slavery Statement and other policies at 
ramsayhealth.com/sustainability-governance.
32
Ramsay Health Care Annual Report 2024

3 Operating and Financial Review
3.1 Group Performance
3.1.1 Overview of Results
Year Ended 30th June A$'m
2024
2023
Chg (%)
Chg(%) cc1
CONTINUING OPERATIONS2
Australia
6,061.6
5,711.0
6.1
-
UK
2,360.8
1,941.2
21.6
13.5
Europe
8,357.8
7,686.9
8.7
2.9
Total segment revenue & other income
16,780.2
15,339.1
9.4
5.4
Australia
813.1
797.0
2.0
-
UK
318.4
208.9
52.4
42.4
Europe
1,144.9
1,143.7
0.1
(4.8)
EBITDAR
2,276.4
2,149.6
5.9
2.3
Rent on short term or low value leases
(150.7)
(147.4)
(2.2)
(3.6)
Australia
802.4
786.3
2.0
-
UK
314.0
206.3
52.2
42.3
Europe
1,009.3
1,009.6
-
(4.8)
EBITDA
2,125.7
2,002.2
6.2
2.7
Depreciation
(1,029.9)
(940.3)
(9.5)
(4.9)
Amortisation & impairment
(98.2)
(60.5)
(62.3)
(44.3)
Australia
572.5
556.5
2.9
-
UK
160.6
63.8
151.7
141.5
Europe
264.5
381.1
(30.6)
(32.7)
EBIT
997.6
1,001.4
(0.4)
(1.8)
Financing costs (AASB16 Leases)
(280.5)
(253.0)
(10.9)
(5.7)
Net other financing costs (net of interest income)
(332.5)
(221.3)
(50.2)
(42.7)
Profit before Tax
384.6
527.1
(27.0)
(26.6)
Income Tax Expense
(121.3)
(181.5)
33.2
32.0
Profit after tax from continuing operations
263.3
345.6
(23.8)
(19.7)
Profit after tax from continuing operations (after non-
controlling interests)
270.6
278.2
(2.7)
2.4
Non-recurring items in NPAT
(29.5)
27.5
(207.3)
(197.7)
Underlying Profit after tax from continuing operations (after 
non-controlling interests)
300.1
250.7
19.7
24.5
DISCONTINUED OPERATIONS
Profit after tax from discontinued operations
618.1
19.9
-
-
Net profit after tax for the period
881.4
365.5
141.1
145.2
Attributable to non-controlling interests
7.3
(67.4)
110.8
111.0
Net Profit after tax attributable to owners of the parent
888.7
298.1
198.1
203.1
Final dividend per share (¢)
40.0
25.0
60.0
-
Total dividend per share (¢)
80.0
75.0
6.7
-
Basic Earnings per share (after CARES dividend) (¢)
381.6
125.1
205.0
-
Fully diluted earnings per share (after CARES dividend) (¢)
380.9
124.8
205.2
-
Basic Earnings per share (after CARES dividend) (¢) from 
continuing operations2
111.1
116.4
(4.6)
-
Fully diluted earnings per share (after CARES dividend) (¢) from 
continuing operations2
110.9
116.1
(4.5)
-
Weighted average number of ordinary shares (m)
228.5
227.9
-
-
Fully diluted weighted average number of shares (m)
228.9
228.4
-
-
1
Constant currency
2 On 13th November 2023 Ramsay announced that together with its partner Sime Darby Berhad (Sime Darby), it had entered into an agreement to sell its 50:50 joint venture in Asia, 
Ramsay Sime Darby (RSD). The transaction was completed on 28th December 2023. The investment in RSD has been re-classified as a discontinued operation in both this year and 
last year's results.
Ramsay Health Care Annual Report 2024
33
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.1.1.1 Revenue Breakdown by type
Year Ended 30th June A$'m
2024
2023
Chg (%)
Chg (%) cc1
Revenue from contracts with customers
16,660.2
14,963.9
11.3
7.3
Interest income
7.0
39.9
(82.5)
(83.0)
Other income - income from government grants
99.6
290.2
(65.7)
(68.9)
Other income - income from the sale of development assets
5.2
14.9
(65.1)
(65.4)
Other income - net profit on acquisition/disposal of non-current 
assets and businesses
7.1
60.3
(88.2)
(88.4)
Total revenue and other income before intersegment 
revenue including interest income
16,779.1
15,369.2
9.2
5.2
1
Constant currency
Revenue growth benefited from the weakness in the AUD against both the EUR and the GBP compared to the pcp. Growth in constant 
currency (cc) is provided. (See regional growth in local currencies in Section 2.3 Divisional Performance).
Revenue from contracts with customers increased 7.3% in cc reflecting 3.4% growth in hospital admissions across the Group, growth in 
primary and allied health activity in the Nordics region and a 4.1% increase in Elysium's average patient numbers, combined with tariff
indexation increases.
The decline in government grants reflects the lower reliance of the French business on the Government's revenue guarantee scheme 
and the decline in specific compensation from governments in France and the Nordic region associated with the impact of inflation,
COVID related costs and wage increases. Payments under the revenue guarantee scheme for the 12 month period were $68.4m (€41.3m) 
compared to $137.5m (€88.7m) in the pcp. Specific French government compensation received was $31.2m (€18.9m) compared to 
$152.7m (€97.9m) support payments received in France and the Nordics in the pcp.
Income from the sale of development assets primarily represents revenue received from the sale of medical suites in the Australian 
business (profit on sale of $3.7m included in non-recurring items).
Net profit on the acquisition/disposal of non-current assets and businesses reflects the value of the assets acquired by the Australian 
business above the price paid for the acquisition of Orange Hospital out of receivership and a small profit on the sale of property in 
France. The contribution in FY23 primarily reflected profit on the sale of property in the Nordics region.
3.1.2 EBIT
Non-Recurring Items in the FY24 Result
A$'m
Australia
UK
Europe
RHC Group
Profit on disposal / acquisition of development assets, non-
current assets and businesses
9.6
-
0.8
10.4
Accelerated depreciation of the carrying value of assets
-
(4.6)1
-
(4.6)
Impairment of carrying value of assets
-
(5.3)2
(40.7)3
(46.0)
Provision for Employee costs
-
-
(7.0)
(7.0)
Transaction costs/ Acquisition, disposal, revaluation and 
development costs/benefits
(6.4)
(4.9)
22.14
10.8
Total EBIT Impact
3.2
(14.8)
(24.8)
(36.4)
Net swap mark to market movements
-
-
(34.6)
(34.6)
Total PBT Impact
3.2
(14.8)
(59.4)
(71.0)
Income tax impact of non-recurring items
(1.0)
3.7
20.4
23.1
Non-controlling interests in non-recurring items net of tax
-
-
18.4
18.4
NPAT impact
2.2
(11.1)
(20.6)
(29.5)
1
The accelerated write down of data centres in the UK
2 The impairment of one of Elysium's sites and a $0.3m impairment on IT property in Ramsay UK
3 Includes the impairment of a number of French hospitals
4 Includes the remeasurement of options to buy back minority interests in a primary care business in Denmark
34
Ramsay Health Care Annual Report 2024

Non-Recurring Items in the FY23 Result
A$'m
Australia
UK
Europe
RHC Group
Net profit on disposal of non-current assets and businesses
11.0
-
55.3
66.3
Impairment of fixed assets
-
(14.3)1
-
(14.3)
Partial reversal of non-recurring employee costs
5.5
-
-
5.5
Transaction costs/ Acquisition, disposal, and 
development costs
(2.6)
(0.6)
(12.2)
(15.4)
Total EBIT Impact
13.9
(14.9)
43.1
42.1
Net swap mark to market movements
8.8
-
18.0
26.8
Total PBT Impact
22.7
(14.9)
61.1
68.9
Income tax impact of non-recurring items
(6.8)
3.0
(16.8)
(20.6)
Non-controlling interests in non-recurring items net of tax
-
-
(20.8)
(20.8)
NPAT impact
15.9
(11.9)
23.5
27.5
1
Includes a $20.5m site impairment in Elysium partially offset by a write back of a prior year impairment in Ramsay UK of $6.2m
Refer to Divisional Performance for further detail.
The contribution of non-recurring items to the results from continuing operations turned around from a positive contribution of $42.1m 
in FY23 to a negative contribution of $36.4m in FY24 at the EBIT level. This reflects the significantly lower profit made on the disposal/
acquisition of assets and businesses iin FY24 compared to FY23 and the impairment and accelerated depreciation of assets in the UK 
and Europe in FY24.
In Europe a $40.7m non-cash impairment was taken against the book value of financially underperforming assets. This primarily reflects
the underperformance of 6 of its 244 hospitals and specialised clinics combined with the impairment of individual assets in its portfolio.
In the UK region Ramsay UK's result includes the accelerated write-down of data centres of $4.6m (£1.7m) and a $0.3m impairment of IT 
property and Elysium's result includes a site impairment of $5m.
The provision for employee costs reflects an additional provision taken up for annual leave due to the French High Court giving 
a judgement on 13th September 2023 bringing French law into line with EU law regarding the rules applied for paid annual leave 
entitlements of employees off work on long leave of absence for illness or work-related injury.
The $22.1m benefit in Europe primarily relates to the remeasurement of options to buy back minority interests in a primary care business 
in Denmark.
Excluding the impact of non-recurring items, Group EBIT from continuing operations in cc increased 6.1% to $1,034.0m compared to the 
pcp and NPAT after minority interests from continuing operations in cc increased 24.5% to $300.1m.
Refer to Divisional Performance for further detail.
3.1.3 Financing Costs and Tax
Net financing costs (including of AASB16 lease costs) in cc increased 22.8% on the pcp. This includes a negative non-cash mark to market 
on a swap in Ramsay Santé's funding of $34.6m compared to a positive mark to market of $26.8m in Ramsay Santé and Australia in the 
pcp. Financing costs (excluding AASB16 lease costs) excluding the market to market on the swap increased 14.0% to $297.9m reflecting
higher interest base rates.
The Ramsay Consolidated Group weighted average cost of debt (excluding CARES)3 post the Ramsay Santé refinancing is estimated to 
be 5.3%. Approximately 78% of the Consolidated Group‘s floating rate debt in FY25 is hedged at an average base rate (excluding lending 
margin) of 3.0%
The weighted average cost of debt for the Funding Group at 30 June 2024 was 4.8% (excluding CARES). For FY25 approximately 83% of 
the Funding Group debt is hedged at an average base rate (excluding lending margin) of 3.3%.
The effective tax rate on earnings from continuing operations was 31.5% compared to 34.4% in the pcp reflecting the non-assessability of 
some non-recurring items and lower non-deductable interest in the UK reflecting the improvement in earnings in the region.
3.1.4 Profit from discontinued operations
On 13th November 2023 Ramsay announced, together with its partner Sime Darby, that it had reached agreement to sell its joint venture 
RSD for MYR6,056m (~A$2bn) representing 100% of the enterprise value of the joint venture. The sale was completed on 28th December 
2023. After adjusting for costs, the net profit after tax on the sale of Ramsay's 50% share of the joint venture was $618.1m and booked 
through the discontinued operations line. The contribution in the prior year from discontinued operations represents the equity accounted 
profit from RSD for the twelve month period of $19.9m.Cash receipts from the sale, net of fees were A$926.9m and are reflected in the 
cashflow statement. Proceeds received have been used to pay down debt.
Ramsay Health Care Annual Report 2024
35
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.1.5 Balance Sheet
A$'m
30-6-2024
31-12-2023
30-6-2023
Working capital
(465.5)
(147.4)
(498.4)
Property plant & equipment
5,383.6
5,343.3
5,238.1
Intangible assets
6,139.9
6,138.0
6,163.7
Current & deferred tax assets
52.8
95.3
89.8
Other assets/(liabilities)
(128.5)
(167.6)
(17.0)
Capital employed (before right of use assets)
10,982.3
11,261.6
10,976.2
Right of use assets
4,775.4
4,931.6
4,949.1
Capital employed
15,757.7
16,193.2
15,925.3
Capitalised Leases (AASB16)
5,854.1
5,955.7
5,954.9
Net Debt (excl. lease liability debt & incl. derivatives)
4,376.1
4,747.1
5,147.2
Total shareholders funds (excl. minority interest)
4,897.6
4,834.1
4,154.8
Invested Capital
9,273.7
9,581.2
9,302.0
Funding Group Net Debt (excl. lease liability debt and excl derivatives)1
1,833.3
1,967.3
2,664.4
Funding Group Leverage (Old Lease Standard AASB 117) (x)2
2.00
2.28
3.22
Return on invested capital (ROIC) (%) AASB16 accounting methodology3
8.8
8.5
4.4
Return on invested capital (ROIC) (%) cash methodology4
18.8
18.1
11.2
Return on invested capital (ROIC) (%) from continuing operations (%) 
cash methodology5
11.7
10.6
10.9
Return on invested capital (ROIC) (%) from continuing operations (%) 
accounting methodology
4.3
4.0
4.3
1
The Funding Group excludes Ramsay Santé. Banking covenants and Fitch's rating are calculated on the Funding Group rolling 12 month earnings profile and net debt (AASB117)
2 Prepared on a pre AASB16 basis Net debt/rolling 12 mth EBITDA
3 Accounting ROIC = 12 mth rolling EBIT*(1-tax)/average of opening and closing invested capital
4 Cash ROIC = 12 month rolling NOPAT (based on AASB117)/average opening and closing invested capital (AASB117)
5 Continuing operations excludes the profit on the sale of RSD and earnings contributions from RSD in prior periods
Key changes in the balance sheet relate to:
• The sale of RSD. The book value of the business was $266m. Cash proceeds were used to repay debt and terminate facilities of 
$925m prior to 31st December 2023;
• The impact of foreign exchange movements associated with the weakness in the AUD versus the EUR and the GBP compared to the 
prior period, in particular on the value of intangibles and right of use asset balances in the UK and Europe;
• The increase in property, plant and equipment associated with brownfield and greenfield capex programs; and
• The impact of site impairments.
Following the repayment of debt, Funding Group leverage1 at 30th June 2024 was 2x in line with the Group's target of below 2.5x.
3.1.6 Cashflow
Year Ended 30th June A$'m
2024
2023
Chg (%)
EBITDA from continuing operations
2,125.7
2,002.2
6.2
Changes in working capital
(32.9)
153.3
121.5
Finance costs
(584.7)
(465.8)
(25.5)
Income tax paid
(124.2)
(234.2)
47.0
Movement in other items
(91.1)
(175.9)
48.2
Operating cash flow
1,292.8
1,279.6
1.0
Capital expenditure
(753.8)
(720.9)
(4.6)
Free cash flow
539.0
558.7
(3.5)
Net divestments/(acquisitions)
904.3
(12.8)
-
Interest & dividends received
9.2
19.9
(53.8)
Cash flow after investing activities
1,452.5
565.8
156.7
Dividends paid
(158.3)
(236.8)
33.2
Other financing cash flows
(1,291.8)
(5.6)
-
Net increase/(decrease) in cash
2.4
323.4
(99.3)
The key movements in the cashflow statement reflect the sale of the RSD joint venture on 28th December 2023 for $926.9m and the 
subsequent repayment of debt facilities, combined with the increase in interest costs over the period reflecting higher average base rates.
1
Funding Group - Ramsay Health Care Limited and all its subsidiaries excluding Ramsay Santé. Funding Group leverage used for banking covenant calculation Net Debt 
(preAASB16 basis)/Rolling 12 month Funding Group EBITDA (excluding non recurring items)
36
Ramsay Health Care Annual Report 2024

Ramsay continued to invest in the business over the period. Cash capital expenditure increased 4.6% on the pcp to $753.8m, driven by 
increased investment in the UK region as new facilities have been opened and some sites are re-purposed, partially offset by declines in 
capex in Australia and Europe.
 
• Group capital expenditure in constant currency was flat on the pcp at $739m reflecting an increase in the UK, a 13.5% decline in 
Australia and flat in Europe in local currency
• Brownfield capex focused on expanding treatment capacity in growth corridors within our core hospital network
• The increase in capex in the UK reflects the completion of Glendon Wood hospital and investment in 6 new facilities in Elysium
 
3.1.7 Outlook
Group
As a market leader Ramsay remains well positioned to benefit from the favourable dynamics underpinning the long-term outlook 
for the healthcare industry. In light of short-term industry challenges, the Company’s immediate priorities are focused on a range 
of transformation programs in each region that optimise and drive greater value from the core hospital network, an improved 
patient experience, sustainable top line growth, productivity improvements and operating efficiencies.
Ramsay currently expects growth in NPAT from continuing operations in FY25. Factors driving earnings will include:
• Activity growth in all regions, albeit at a lower rate than in FY24;
• Margin recovery will be impacted by further investment in business enablement, particularly in digital and data programs in 
Australia, and the ongoing gap between wage inflation and tariff indexation;
• Each region will continue to push for tariff indexation that reflects the cumulative impact of inflation on the cost base over the 
last few years, as well as inflation moving forward;
• Following completion of the Ramsay Santé refinancing, FY25 net interest expense (inclusive of AASB 16 lease costs) is forecast 
to be $590-620m; and
• The dividend payout ratio is expected to be 60-70% of Net Profit after tax and minority interests.
The performance of the business will continue to be reviewed in the context of optimising shareholder returns. A range of 
strategies are actively being assessed to unlock value and drive improved performance from the Company's portfolio of assets.
For further information on the Outlook refer to Divisional Performance for further details
Group Capital Expenditure by Regions (A$m)
287.3
287.3
175.6
175.6
276.2
276.2
739.1
739.1
332.0
332.0
111.0
111.0
258.0
258.0
701.0
701.0
FY24
FY23
Australia
UK
Europe
Total
0
250
500
750
1,000
Group Capital Expenditure by Region (%)
Australia – 39
UK – 24
Europe – 37
Group Capital Expenditure by Type (%)
Routine &
Compliance – 48
Growth – 5
Digital – 8
Brownfield &
Greenfield – 39
Ramsay Health Care Annual Report 2024
37
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.2 Divisional Performance
3.2.1 Australia (including head office costs)
3.2.1.1 Results Summary
Year Ended 30th June A$'m
2024
2023
Chg (%)
Revenue from contracts with customers
6,042.3
5,682.9
6.3
Other income - income from the sale of development assets
5.2
14.9
(65.1)
Other income - net profit on disposal of non-current assets and acquisition 
of businesses
6.0
3.4
76.5
Intersegment revenue
8.1
9.8
(17.3)
Total segment revenue and other income (less interest income)
6,061.6
5,711.0
6.1
EBITDAR
813.1
797.0
2.0
Rent
(10.7)
(10.7)
-
EBITDA
802.4
786.3
2.0
Depreciation
(220.6)
(219.8)
(0.4)
Amortisation and impairment
(9.3)
(10.0)
7.0
EBIT
572.5
556.5
2.9
Financing costs associated with leases (AASB16 leases)
(50.2)
(44.9)
(11.8)
EBIT after financing costs associated with leases
522.3
511.6
2.1
Non-recurring items included in EBIT1
3.2
13.9
(77.0)
Underlying EBIT
569.3
542.6
4.9
Capital Expenditure (inclusive of digital and data) $'m
287.3
332.0
(13.5)
1
Refer Section 2.2.3 for further details on non-recurring items
3.2.1.2 Review of Results
 
Revenue from patient activity increased 6.3% primarily driven by a 3.1% increase in total admissions and improved payor indexation.
Growth in admissions reflects:
• 3.5% growth in PHI funded admissions and a 1% decline in public admissions. Public admissions declined in 2HFY24 as public health 
budgets in some states were tightened;
• A 3.1% increase in surgical admissions on the pcp. Growth in 2HFY24 slowed reflecting a lower rate of growth in both day and 
overnight surgical admissions; and
• A 3% increase in non surgical admissions on the pcp driven by strong growth in rehab offset by further weakness in psych and 
maternity admissions. While psych admissions declined year on year, psych patient days increased 2.5% over the pcp.
Pharmacy revenues increased 7.3% on the pcp to $548.6m.
The result benefited from activity growth, an improvement in productivity and higher revenue indexation flowing from negotiations with 
various private health funds and public payors over the period.
EBITDA includes an increase in net digital, data and cyber security related opex of $35.8m to $72.7m. The business also invested 
approximately $3.8m in a range of non-digital transformation and performance acceleration programs during the year.
The increased spend reflects Ramsay's response to the changing healthcare landscape. The focus is on optimising and driving greater 
value from the core hospital network, while also investing in the transformation of the business to create digitally enabled, integrated 
patient centric care pathways.
EBIT includes a positive contribution from non-recurring items of $3.2m compared to a positive contribution of $13.9m in the pcp. 
Non-recurring items this year included a $3.7m profit on the sale of medical suites and a $5.9m gain booked on the acquisition of a 
short stay hospital in Orange out of administration reflecting the fair value of the assets acquired. These gains were partially offset by 
acquisition, disposal, development and transaction costs of $6.4m . Excluding the impact of non-recurring items EBIT increased 4.9% on 
the pcp to $569.2m.
3.2.1.3 Capital Expenditure
 
Total capital expenditure in Australia was $287.3m split across:
• $153.6m in brownfield and greenfield projects
• $10.2m in other growth projects
• $20.5m in IT hardware and software and digital and data projects
• $103.0m in routine and compliance projects
38
Ramsay Health Care Annual Report 2024

Spend for the year was focused on the completion of the Northern Hospital in Melbourne, the expansion of Warringal Hospital in 
Melbourne and the expansion of Sunshine Coast Hospital in Queensland.
Total FY25 capital expenditure is expected to be in the range of $400-450m.
3.2.1.4 Outlook
Australia
Ramsay Australia expects to see further growth in activity levels in FY25. The rate of growth will be impacted by cost of 
living challenges and the return of the management contract for the Peel Health Campus in Perth, Western Australia to 
the Government in August 2024 (~3% of FY24 admissions).
Higher than forecast wage inflation remains a key risk to the outlook. The business will continue to negotiate with its payors to 
push for indexation that reflects the cumulative impact of inflation on the cost base over the last few years as well as inflation 
moving forward.
Strategic investment in data, digital and transformation activities will result in improved productivity, optimised procurement, 
integrated patient care experiences and deliver margin improvements for the long term. Net transformation opex1 in FY25 is 
expected to be in the range of $80-90m with the majority of the spend invested in digital and data enablement. The focus for the 
next 18 months will be on investment in business readiness and simplification. Net transformation opex is expected to be a net 
positive in FY28 as digital benefits generation matures.
Forecast FY25 digital and data capex has been reduced from $70-80m to $13-18m primarily due to a slow down in the 
implementation of the EHR (electronic health records) project.
In FY25 brownfield capex is expected to be in the range $250-280m. A disciplined approach to investment in developments is 
being taken focusing on:
• Brownfield & greenfield hospitals in high growth corridors (e.g. Perth, South-East Queensland, northern corridor of Melbourne);
• Expanding theatres and short stay surgical facilities in key locations;
• Focusing on further increasing our market leadership position in key therapeutic areas (orthopaedics, cancer & cardiology); and
• Investing in emergency centres (emergency centre's drive ~20% of overall inpatient admissions).
Ramsay Australia CEO Carmel Monaghan with Western Australian Premier Roger Cook and Ramsay Managing Director and Group CEO Craig McNally in 
March 2024 announcing the AU $190 million expansion of the Joondalup Private Hospital. The announcement coincided with the WA Government and 
Ramsay signing a 15 year extension of the Joondalup Health Campus public contract until 2043.
1
Net of digital enabled benefits
Ramsay Health Care Annual Report 2024
39
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.2.2 United Kingdom
3.2.2.1 Results Summary
Year Ended 30th June A$'m
2024
2023
Chg (%)
Chg (%) cc1
Ramsay UK - Acute hospital business
Revenue from contracts with customers
1,401.7
1,148.7
22.0
14.0
Total revenue and other income
1,401.7
1,148.7
22.0
13.9
EBITDAR
228.8
172.3
32.8
24.1
Rent
(3.4)
(1.2)
(183.3)
(157.9)
EBITDA
225.4
171.1
31.7
23.1
Depreciation
(106.1)
(94.0)
(12.9)
(7.9)
Amortisation and impairment
(2.9)
6.4
(145.3)
(113.6)
EBIT
116.4
83.5
39.4
30.0
Financing costs associated with leases (AASB16 Leases)
(82.9)
(77.3)
(7.2)
(0.7)
EBIT less financing costs associated with leases
33.5
6.2
440.3
446.7
Capital Expenditure
83.4
44.3
88.2
75.2
Elysium - Mental Health Care
Revenue from contracts with customers
959.1
788.5
21.6
12.9
Total revenue and other income
959.1
792.5
21.0
12.9
EBITDAR
89.6
36.6
144.8
128.6
Rent
(1.0)
(1.4)
28.6
37.4
EBITDA
88.6
35.2
151.7
135.3
Depreciation
(39.4)
(34.4)
(14.5)
(7.8)
Amortisation and impairment
(5.0)
(20.5)
-
-
EBIT
44.2
(19.7)
324.4
332.9
Financing costs associated leases (AASB16 Leases)
(15.2)
(12.8)
(18.7)
(11.0)
EBIT less financing costs associated with leases
29.0
(32.5)
189.2
197.3
Capital Expenditure
92.2
66.5
38.6
29.1
UK Segment
Total segment revenue and other income
2,360.8
1,941.2
21.6
13.5
Total EBITDAR
318.4
208.9
52.4
42.4
Total EBITDA
314.0
206.3
52.2
42.3
Total EBIT
160.6
63.8
151.7
141.5
Non-recurring items included in EBIT2
(14.8)
(14.9)
0.7
0.9
Underlying EBIT
175.4
78.7
122.9
106.8
Total Capital Expenditure ($'m)
175.6
110.9
58.3
47.4
1
Constant currency
2 Refer Section 2.2.3 for further details on non-recurring items
Overview of UK result in Local Currency
Year Ended 30th June £'m
2024
2023
Chg (%)
Total Revenue and other income
1,229.0
1,083.0
13.5
EBITDAR
165.8
116.4
42.4
EBITDA
163.5
114.9
42.3
EBIT
86.2
35.8
140.8
40
Ramsay Health Care Annual Report 2024

3.2.2.2 Review of Results
 
The UK region reported a 140.8% increase in EBIT in local currency driven by a 6.6% increase in admissions in the UK acute hospital 
business combined with a higher level of case acuity and a significant improvement in the operating performance of Elysium reflecting a 
material reduction in the use of agency labour, lower staff turnover and improving occupancy. The result in AUD benefited from a weaker 
AUD compared to GBP than in the pcp.
Ramsay UK
 
The UK acute hospital business reported a strong improvement in earnings with admissions growing 6.6% on the pcp with 7.1% growth 
in NHS admissions and a 5.3% increase in private pay patients, with self pay patient admissions lower on the pcp offset by an increase 
in privately insured patient admissions. Private admissions represented 27.4% of total admissions. The business also reported a 12.8% 
increase in outpatient visits over the period. The rate of growth in admissions versus the pcp in 2HFY24 slowed given a stronger 
comparative period. New facilities opened over the last few years also contributed to the growth in admissions.
EBITDAR margins benefited from a focus on higher acuity admissions and the initial benefits of productivity improvement programs 
implemented over the last two years. Personnel costs as a percentage of net patient revenue improved 100 bps over FY24 reflecting
productivity improvements and reduced use of agency staff.
The increase in depreciation primarily reflects the accelerated write-down of data centres taken in 1HFY24 of $4.6m (£1.7m). The increase 
in the amortisation and impairment charge reflects the reversal of an impairment charge in FY23 of $6.2m offset to an extent by a $0.3m 
impairment taken against IT property in the current year.
Digital and data opex investment for the period was $20.7m (£10.8 m) compared to $9.8m (£5.1m) in the pcp with investment focused on 
the digital platform to attract and retain private pay patients, support improved employee experience and enhanced business processes.
Elysium Healthcare
 
Elysium reported a 12.9% increase in revenue in cc driven by a 4.1% improvement in average patient numbers for the period compared to 
the pcp, an 8% increase in average daily fee (due to rate uplift and increased complexity of patients) and a 18.8% increase in specialing 
revenue. Average occupancy for the 12 month period improved 4.8 percentage points on the pcp to 90.5% but remains below target in 
some services in particular neuro and rehab.
EBITDAR increased 128.6% in cc, reflecting higher occupancy and a material reduction in costs, in particular labour costs with agency 
costs as a percentage of total labour costs declining 8.8 percentage points compared to the pcp.
The decline in depreciation and amortisation reflects the $20.5m site impairment taken in FY23, partially offset by a $5.0m site 
impairment taken in FY24.
The business has been focused on its recruitment, retention and training pipeline with 2,451 staff (a net increase of 950) recruited over 
the last twelve months. Staff turnover continues to decline and is now below pre pandemic levels as recruitment programs become more 
targeted and are now moving towards more focus on staff retention.
3.2.2.3 Capital Expenditure
 
Capital expenditure in the UK over the twelve month period was $92.2m (£48m) for Elysium and $83.4m (₤43.4m) for Ramsay UK of which:
• $60.5m was brownfield and greenfield capex;
• $13.4m was digital and data capex;
• $10.9m was growth capex; and
• $90.7m was routine capex.
Brownfield and greenfield development capex for Elysium was invested in the expansion of a range of existing sites, retooling of some 
capacity to meet market demand and the development of sites acquired in prior periods with a total of 262 beds added over the year (but 
not yet open). Investment in digital and data was made to drive efficiency within the business.
Ramsay UK opened a new facility, Glendon Wood hospital, in August 2023 to service patients in and around Northamptonshire working in 
a hub and spoke model with other Ramsay facilities in the area. As part of our focus on improving the efficiency of the Ramsay network 
a decision was made during the year to close the West Valley Day Hospital in Croydon from 1 January 2024 with services moved into 
nearby communities in North Downs and Ashtead.
FY25 capital expenditure in the UK region is forecast to be in the range $130-150m.
Ramsay Health Care Annual Report 2024
41
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.2.2.4 Outlook
Ramsay UK
Ramsay UK expects volume to continue to grow in FY25, although the rate of growth may be dictated by NHS budgets 
in the near term and the impact of cost of living issues on demand from the private pay market.
The NHS tariff indexation was announced for the year commencing 1st April 2024 at 0.6% which is materially below inflation in 
particular Ramsay UK's wage inflation which is currently running at circa 4%. As a result, earnings growth will be challenging in 
FY25 despite the expected increase in volume.
Following the recent UK general election Ramsay UK is proactively engaging with local MP's and nationally with NHS England 
and the new government to encourage the ongoing use of the sector to assist in reducing the surgical backlog and advocate for 
improved tariff indexation that better reflects inflation.
Ramsay UK already has multi-year agreements in place with PMI (private medical insurers) for tariffs afford some protection 
against inflation levels and continues to be successful in retaining volume agreements won over the past couple of years.
The business will continue to focus on strategies to mitigate ongoing inflationary pressures with the particular focus of building 
on productivity and reduced agency spend successes. Local and strategic marketing plans will be further developed to capture a 
higher share of the private pay market as well as NHS volume.
During FY25 Ramsay UK will continue with planned brownfield developments to enhance capacity within existing markets where 
demand is growing.
Elysium Healthcare
Elysium expects top line growth in FY25 driven by a 3-4% increase in average available beds and a further improvement 
in occupancy.
The NHS tariff indexation was announced for the year commencing 1st April 2024 at 0.6% which is materially below inflation in 
particular wage inflation. Cost inflation for Elysium is currently running at ~5% reflecting the different mix within its workforce and 
the higher exposure to the 10% increase in the minimum wage announced in the UK in April this year. Elysium is negotiating 
uplifts with the NHS and its funders. While the average tariff indexation across the portfolio is expected to be higher than the NHS 
baseline, there will be significant pressure on margins.
The priorities for the business in FY25 remain:
• Continuing to lift occupancy at existing and newly opened services;
• Recruitment, retention and training of staff to further reduce the use of agency and lower turnover;
• Retooling and development of services to match demand; and
• Selectively investing in new facilities based on demand from key stakeholders.
The business has 4 new site openings in FY25 delivering a 3-4% increase in available beds which are expected to contribute 
losses in 1HFY25 moving into a positive contribution in 2HFY25 and the full year. The timing of the openings will depend on 
regulatory sign off and recruitment of appropriate workforce.
A failure to improve profitability would result in the deterioration of Elysium's financial outlook in the near-term and may adversely 
impact its valuation.
Glendon Wood Hospital at Kettering was officially launched on 20 September 2023. Pictured [L-R]: 
Hospital Manager Sarah Bowrey, Ramsay UK CEO Nick Costa, Kettering Mayor Emily Fedorowycz, 
Olympic Gymnast Daniel Keatings, Ramsay UK COO Lis Neil and Ramsay UK Director of Developments 
and Estate Tim Pearl.
42
Ramsay Health Care Annual Report 2024

3.2.3 Ramsay Santé
3.2.3.1 Results Summary
Year Ended 30th June A$'m
2024
2023
Chg (%)
Chg (%) cc
France
Revenue from contracts with customers
5,663.5
5,007.6
13.1
7.1
Income from government grants
99.6
277.4
(64.1)
(66.3)
Other income - net profit on disposal of non-current assets
1.1
6.2
(82.3)
(81.9)
Total segment revenue and other income
5,764.2
5,291.2
8.9
3.1
EBITDAR
852.6
862.9
(1.2)
(6.3)
Rent
(117.4)
(111.6)
(5.2)
(1.1)
EBITDA
735.2
751.3
(2.1)
(7.0)
Depreciation
(492.2)
(442.3)
(11.3)
(5.3)
Amortisation & impairment
(51.4)
(15.3)
(235.9)
(220.2)
EBIT
191.6
293.7
(34.8)
(37.7)
Financing costs associated with leases (AASB16 Leases)
(113.6)
(105.5)
(7.7)
(2.4)
EBIT less financing costs associated with leases
78.0
188.2
(58.6)
(60.5)
Nordics
Revenue from contracts with customers
2,593.6
2,332.2
11.2
5.3
Income from government grants
-
12.8
-
-
Other income - net profit on disposal of non-current assets
-
50.7
-
-
Total segment revenue and other income
2,593.6
2,395.7
8.3
2.5
EBITDAR
292.3
280.8
4.1
(0.4)
Rent
(18.2)
(22.5)
19.1
24.0
EBITDA
274.1
258.3
6.1
1.6
Depreciation
(171.6)
(149.8)
(14.6)
(8.4)
Amortisation & impairment
(29.6)
(21.1)
(40.3)
(32.8)
EBIT
72.9
87.4
(16.6)
(18.1)
Financing costs associated with leases (AASB16 Leases)
(18.6)
(12.5)
(48.8)
(41.6)
EBIT less financing costs associated with leases
54.3
74.9
(27.5)
(28.4)
Europe - Total
Revenue from contracts with customers
8,257.1
7,339.8
12.5
6.5
Total segment revenue and other income
8,357.8
7,686.9
8.7
2.9
Total EBITDAR
1,144.9
1,143.7
0.1
(4.8)
Total EBITDA
1,009.3
1,009.6
-
(4.8)
Total EBIT
264.5
381.1
(30.6)
(32.7)
Non-recurring items included in EBIT1
(24.8)
43.1
(157.5)
(156.3)
Underlying EBIT contribution
289.3
338.0
(14.4)
(17.6)
Total Capital Expenditure
276.2
258.0
7.1
0.9
1
Refer Section 2.2.3 for further details on non-recurring items
Ramsay Santé – Result in local currency
Year Ended 30th June €'m
2024
2023
Chg (%)
Patient revenue
4,792.1
4,466.4
7.3
Total Revenue and other income
5,065.2
4,924.3
2.9
EBITDAR
694.4
729.8
(4.9)
EBITDA
612.4
643.6
(4.8)
EBIT
160.2
240.2
(33.3)
Net interest
(201.5)
(150.5)
(33.9)
PBT
(41.2)
89.6
(146.0)
Minority interests
8.5
(38.5)
122.1
NPAT after minority interests
(28.5)
26.3
(208.4)
Non-recurring items after tax and minority interests
(12.4)
14.3
(186.7)
Underlying NPAT after minority interests
(16.1)
12.0
(234.3)
Ramsay Health Care Annual Report 2024
43
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

3.2.3.2 Review of Results
 
Ramsay Santé reported a 7.3% increase in revenue from contracts with customers in local currency reflecting a 3.3% growth in total 
inpatient admissions, a 3.6% increase in day patient admissions and good growth in primary care and allied health admissions combined 
with tariff indexation increases.
Growth in total revenue included a 65.7% decline in income from government grants reflecting a decline in government support payments 
from €97.9m ($152.7m) to €18.9m (~$31.2m) (inclusive of the salary increase subvention (Segur)) and a reduced reliance on the French 
Government revenue guarantee declining from €88.7m ($137.5m) to €41.3m ($68.4m) due to increased activity at most hospitals.
EBIT declined 33.3% in local currency reflecting the impact of the gap between cost inflation and the indexation of tariff and the decline in 
government support payments received over the last few years. Changes in case mix continue to impact growth.
Non recurring items in the EBIT result made a negative contribution of $24.8m (~€15m) versus a positive contribution of $43.1m (~€26.4m) 
in the pcp and included:
• the non cash impairment and write downs taken against the book value of financially underperforming assets;
• the remeasurement of options to buy back minority interests in a primary care business in Denmark; and
• the negative contribution from an additional provision taken up for annual leave due to the French High Court giving a judgement 
on 13th September 2023 bringing French law into line with EU law regarding the rules applied for paid annual leave entitlements of 
employees off work on long leave of absence for illness or work-related injury.
Excluding the impact of non-recurring items, EBIT declined 17.6% in cc to $289.3m.
The increase in depreciation, amortisation and impairments primarily reflects the impairment and asset write-downs included in non-
recurring items of $40.7m (€25.1m) combined with higher AASB16 depreciation flowing from a price indexation mechanism.
Net interest in local currency (inclusive of AASB16 interest) increased 33.9% to €201.5m. Net interest includes a negative non-cash mark 
to market on an interest rate swap of €21m ($34.6m) compared to a positive contribution of €11.5m ($18m) in the pcp. Excluding the impact 
of the non-cash mark to market movements, net interest in local currency increased 11.4% compared to the pcp due to an increase in 
interest base rates.
The weak Swedish kroner versus the EUR over the period impacted the Nordics result in EUR. The result for the region in AUD benefited
from a weak AUD versus the EUR compared to the pcp.
France
 
Revenue from patients increased 7.1% in cc driven by a 3% growth in total admissions reflecting a 2.9% increase in MSO admissions 
(medical, surgical and obstetrics) and 8.6% growth in FCR (follow up and rehab) admissions with growth weighted to day patients. Mental 
health admissions were lower than the pcp with weakness in both inpatient and day patient activity. The strategy to expand imaging 
capability delivered an 11% increase in volumes on the pcp.
Income from government grants declined 66.3% in local currency and included a 53.4% decline in payments under the French 
Government revenue guarantee scheme to €41.3m ($68.4m) reflecting the recovery in activity levels above pre-COVID levels at the 
majority of Ramsay Santé hospitals combined with the impact of the modifications made to the structure of the guarantee for the CY2023 
and CY2024 periods1.
For the year commencing 1st March 2023 tariff indexation for MSO was +5.4% and indexation for FCR was +1.9%. The business also 
received government payments to bridge some of the cost inflation incurred of €18.9m ($31.2m) compared to €89.7m ($140.3m) in 
the pcp.
Tariff indexation for the 12 months commencing 1st March 2024 was announced at 0.3% for the private sector compared to 4.3% for the 
public hospital system. The private hospital sector worked together to obtain from the Government a commitment to treat the private 
system the same as the public system in the future. As a result of the campaign an agreement was reached which equates to an overall 
3.2% tariff indexation for the private sector from 1st July 2024 including a 0.7% portion financing additional specific night and weekend 
shift measures. The results for the last four months of FY24 include only the 0.3% initial indexation.
The increase in depreciation and amortisation reflects new assets commissioned during the period combined with impairments and the 
write down of underperforming assets in the portfolio totalling $40.7m (€25.1m).
EBIT includes the negative contribution from non-recurring items of $38.6m (€23.8m) compared to a positive contribution of $3m (€2m) in 
the pcp. Non recurring items include:
• a non cash impairment taken against the book value of financially underperforming assets. This primarily represents 6 hospitals of the 
~150 hospitals in France with a further 6 hospitals booking smaller (<€0.5m) impairments; and
• the negative contribution from an additional provision taken up for annual leave due to the French High Court giving a judgement 
on 13th September 2023 bringing French law into line with EU law regarding the rules applied for paid annual leave entitlements of 
employees off work on long leave of absence for illness or work-related injury.
1
The guarantee for the 2023 year amounts to 70% of the 2022 guarantee (tariff adjusted) plus 30% of the 2023 invoicing for activity carried out in 2023. If the total actual 
invoicing over the period is below the guaranteed revenue, then Ramsay Santé is entitled to the shortfall. The guarantee for the 2024 year amounts to 50% of the 2022 
guarantee (tariff adjusted for 2023 and 2024 tariffs) plus 50% of the invoicing for activity carried out in 2024. If the actual invoicing for the period is below the guaranteed 
revenue then Ramsay Santé is entitled to the shortfall.
44
Ramsay Health Care Annual Report 2024

Nordics
 
Revenue from contracts with customers in cc increased 5.3% over the pcp (+8.8% in local currency) driven by improving activity levels 
including 10.2% growth in MSO admissions in the acute hospitals business and growth in primary and allied health admissions partially 
offset by lower mental health admissions.
In FY23 the Nordics received €8.3m ($12.6m) in additional government support payments. In FY24 cost compensation was built into 
the annual government tariff indexation which did not fully compensate for cost inflation over the last few years. The business has 
implemented a range of productivity and cost remediation programs over the last twelve months to partially mitigate cost inflation.
The business commenced operating two new geriatric care contracts in Stockholm on 1st May 2023 representing an annual turnover of 
approximately $83m (€50m), and the St Göran hospital has opened its new maternity ward in Stockholm on 1st April 2023, supporting 
further organic growth in the year.
EBIT includes the benefit of non-recurring items of $13.8m (€8.5m) primarily related to the remeasurement of options to buy back minority 
interests in a primary care business in Denmark and the impairment of assets. This compares to a $40.1m contribution from non-recurring 
items in the pcp primarily related to the profit on the sale of property. Excluding the impact of non-recurring items, EBIT increased 24.9% 
on the pcp to $59.1m.
3.2.3.3 Capital Expenditure
 
Total capital expenditure over the 12 month period was $276.2m (€166.6m) split between France A$227.9m (€137.5m) and the Nordics 
$48.2m (€29.1m). Capital expenditure included:
• Greenfield and brownfield developments - $71.8m
• Growth -$19.6m
• Maintenance - $157.6m
• Digital and data spend - $27.2m
Consistent with its strategy to operate primary care centres that feed into its core hospital business, on the 14th June 2024 Ramsay Santé 
announced the acquisition of 12 Cosem medical centres in Paris, Evry, Caen, Orléans, Marseille and St Etienne which care for over 1 million 
patients annually in general and specialised medicine, dentistry, imaging and laboratory analysis. The facilities were acquired out of an 
administration process and will benefit from synergies with the Group through an extended coverage of the entire patient pathway.
Capital expenditure in FY25 is expected to be in the range $250-300m.
3.2.3.4 Outlook
Volume is expected to continue to grow in FY25, with the rate of growth in France expected to continue on 
the same trend as FY24 and a slowing rate of growth in the Nordics as growth in FY24 was driven by the 
contribution of new contracts. The French Government's revenue guarantee will remain in place however the 
guarantee support has declined for the 2024 year. The number of Ramsay Santé's hospitals drawing on the guarantee 
has declined significantly.
General inflationary cost pressures have eased however the risk of further wage inflation remains high. Discussions will continue 
around the setup of a multi year agreement on tariffs for the 2025-2027 period which should deliver some stability to the hospital 
sector in France based on a principle of equality of treatment between the public and private sectors.
Ramsay Santé has recently completed an Amend and Extend process for the refinancing of its €1.65bn senior debt facilities 
(including €100m RCF and €100m capex line). This has resulted in its weighted average debt duration profile being extended 
from approximately 2.9 years at 30th June 2024 to 6.2 years. Ramsay Santé's weighted average cost of debt following the 
refinancing will be approximately 5.6%. The increase reflects the longer length of the tenor and the downgrade in its Moody's 
rating to B1-PD/Stable following the release of the 24/25 French Government tariff indexation (S&P rating was confirmed at BB-).
Ramsay Santé CEO Pascal Roché [second from right] at Capio Private Hospital in Denmark.
Ramsay Health Care Annual Report 2024
45
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

4 Remuneration Report – Audited
Letter to Shareholders
Alison Deans
Chair, People and Remuneration Committee
Dear Shareholders
On behalf of the People and Remuneration Committee and the Board of Ramsay Health Care, I am pleased to present the FY24 
Remuneration Report. As always, we remain committed to making sure Ramsay’s remuneration structure appropriately balances the need 
to motivate and reward employees with the skills and capabilities required to achieve our strategic goals, while also supporting The 
Ramsay Way values and our enduring purpose of 'people caring for people'.
FY24 Performance and Highlights
FY24 has been characterised by significant challenges in the healthcare industry. The sector faced ongoing cost pressures, particularly 
from labor inflation, which are not fully covered by current reimbursement structures, as well as rising interest rates. Additional challenges 
have arisen through regulatory changes, and the need for significant investment in technology to meet shifting patient expectations and 
response to cybersecurity risks.
Despite these challenges, Ramsay has delivered well comparatively. We have outperformed our competitors, improved patient outcomes 
and simultaneously continued to invest in building our business for the future. We are reshaping our core hospital network to drive better 
value for patients and clinicians, revisiting our internal processes to drive efficiency, and modernising our services to provide integrated, 
patient-focused care. This enables us to strengthen and capitalise on our strong market position.
During FY24, Ramsay successfully divested its Asian joint venture Ramsay Sime Darby (RSD). The $618m after-tax profit on RSD was used 
to pay down debt and has restored our Funding Group balance sheet leverage ratio to 2.0x in line with the Group’s target of below 2.5x.
Financial objectives (partially met)
The FY24 financials reflect improving patient activity trends and collections, with revenues up 5.4% in constant currency and operating 
cash flows up 1.0% over the prior year. However, margin recovery has been slower, with significant cost inflation impacting the private 
hospital industry over the past few years without commensurate increases in reimbursement. Ramsay's Group EBIT declined 1.8% and 
NPAT from continuing operations increased 2.4% in constant currency on the prior year (excluding contributions from the sale of our Asian 
joint venture Ramsay Sime Darby). We have made some progress in obtaining improved indexation from private and public payors but 
wage inflation continues to be above indexation. The Group achieved its revenue and operating cash flow targets but did not meet its 
NPAT target. The statutory NPAT result includes a $618m after-tax cash profit on the sale of Ramsay Sime Darby.
Strategy objectives (partially met)
While not all objectives and milestones were met in FY24, there was significant progress and highlights on several key dimensions:
Performance acceleration and operational transformation supported by digital and data investment
In Australia, the implementation of performance acceleration strategies enabled by digital and data initiatives has delivered significant
savings. There are now more than 2,500 automations running across our operations, collectively processing more than eight million 
transactions. 29 hospitals are using the Ramsay Health Hub which provides a single online access point for patients, doctors and our 
teams. The platform has 82% patient adoption and high satisfaction rates. Australia's new Ramsay Data Hub provides a secure, central 
data pool to enable data-driven decision making across operations, including rostering, billing, patient feedback and safety. The UK acute 
business also launched the first phase of its digital front door for patients and doctors to improve service accessibility and meet growing 
demand for more integrated care.
46
Ramsay Health Care Annual Report 2024

Extending our leading position with greenfield, brownfield developments and hospital adjacencies
In February 2024, the $145m Northern Private Hospital (NPH) opened to the public with the first stage providing 70-beds and four 
operating theatres, cardiac catheterisation lab, sleep study unit, day chemotherapy unit, on-site pharmacy, pathology and medical 
imaging. More recently, we commenced a $190m expansion of Joondalup Private Hospital in Western Australia, including a new theatre 
complex and 55% increase in bed capacity.
We have also continued to establish new day surgeries in Australia including the approval of surgical centres at Campbelltown and 
Charlestown, New South Wales. We continue to grow capacity in mental health services in Australia, with the twentieth Ramsay 
Psychology clinic opening in Brisbane, Queensland.
This year, Ramsay UK secured a 19% increase in self-pay and privately insured patient activity, while Ramsay Santé expanded its primary 
care strategy with an additional 11 multidisciplinary medical clinics in France.
The Group has made meaningful progress towards ESG targets. This year, we exceeded our target reduction in greenhouse gas 
emission [Scope 1 & 2] against the 2020 baseline.
People objectives (partially met)
Ramsay continues to invest in a range of learning and development programs to help combat persistent challenges in the healthcare 
labour market. Voluntary turnover rates remained stable or showed a slight improvement in FY24. While there were improvements in 
employee engagement in the UK, France, Denmark and Sweden, results in Australia and Norway showed lower levels of engagement.
We remain committed to developing our people and future leaders through a range of global and regional opportunities. Nearly 300 
current and future leaders participated in Ramsay Australia's new leadership academy program in the first half of 2024. Both Ramsay UK 
and Ramsay Santè saw increased participation in their leadership programs and we successfully graduated cohorts eight and nine of the 
Global Leadership Academy.
Customer metrics (met)
We are proud to report that all customer metrics have been achieved, including maintaining Ramsay's strong Net Promoter Scores (NPS) 
through a clear focus on providing exceptional patient experiences through The Ramsay Way.
Quality metrics (met)
All regions have consistently achieved our quality objectives, reinforcing Ramsay's commitment to excellence in health care dedicated to 
clinical care and patient experience.
Remuneration changes for FY25
The Board continues to believe that it is important to use a ROIC gateway condition for the component of LTI which is assessed against 
EPS CAGR. This strengthens alignment with capital efficiency and long-term value creation.
The ROIC gateway was introduced for the FY21 LTI grant. At that time, the AASB16 lease changes had only recently been introduced and 
Ramsay had not yet introduced its new approach to assessing investments (i.e. using a cash ROIC) so the Board elected to use accounting 
ROIC as the gateway. Given the changes to reporting standards, the change to Ramsay’s investment metric and broader market practice, 
the Board sees the need to adjust the ROIC gateway condition to ensure that the incentive is effective.
From FY25, the ROIC gateway for the EPS CAGR component of LTI will become improvement in three-year Accounting ROIC. The ROIC 
outcome for the Company over the three year performance period will be tested by the improvement in 3-year Accounting ROIC. The 
Accounting ROIC for the performance period will need to be above the previous year’s 3-year accounting ROIC for vesting to occur. This 
is to ensure ongoing focus on value accretive earnings. This change will not apply to LTI rights granted prior to FY25.
Linking remuneration outcomes with Group performance
Applying our remuneration principles and frameworks to Ramsay’s performance outcomes for FY24 resulted in the following 
remuneration outcomes for FY24:
• In light of the Group's performance over FY24 (as outlined above), the FY24 STI vested at 48% of maximum (60% of target) for the MD & 
CEO and 41.67% of maximum (50% of target) for the Group Chief Financial Officer (Group CFO).
• The FY22 long-term incentive (LTI) did not vest. This was the result of not achieving threshold targets for CAGR EPS and the ROIC 
gateway, excluding the gains from sale of RSD, and not meeting threshold targets for relative TSR over the LTI performance period.
• No increases were made to fixed annual remuneration (FAR) for Executive Key Management Personnel (KMP) for FY25.
• No increases were made to director base fees during FY24 and there are no planned changes to director fees for FY25.
Refer to section 4.3 for further detail on FY24 remuneration outcomes. We look forward to feedback from shareholders on this FY24 
Remuneration Report.
 
ALISON DEANS
Chair, People and Remuneration Committee
 
Ramsay Health Care Annual Report 2024
47
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

4.1 Key Management Personnel (KMP)
This Report for the year ended 30 June 2024 has been prepared in accordance with section 300A of the Corporations Act 2001 (Cth) and 
the Australian Accounting Standards.
The Report discloses the FY24 remuneration arrangements and outcomes for the people listed below, who are the individuals within 
the Group who have been determined to be key management personnel (KMP) in the financial year to 30 June 2024. KMP are those 
people who have the authority and responsibility for planning, directing and controlling the Group’s activities, either directly or indirectly. 
As announced on 30 July 2024, Mr McNally will retire at the end of June 2025. Ms Natalie Davis has been appointed by the Board to 
commence as Group CEO-elect on 1 October 2024. The below table provides an overview of our KMP in FY24.
Name
Position as at 30 June 2024
Term as KMP
Executive KMP
Mr Craig McNally
MD & CEO
Full year
Mr Martyn Roberts
Group CFO
Full year
Non-Executive Directors
Mr David Thodey1
Chair and Non-Executive Director
Full year
Mr Michael Siddle2
Non-Executive Director
Full Year
Ms Alison Deans
Non-Executive Director
Full year
Dr Claudia Süssmuth Dyckerhoff
Non-Executive Director
Full year
Mr James McMurdo
Non-Executive Director
Full year
Ms Karen Penrose
Non-Executive Director
Full year
Mr Steven Sargent
Non-Executive Director
Full year
Ms Helen Kurincic3
Non-Executive Director
Part year
1
David Thodey has been Chair since 29 November 2023.
2 Michael Siddle was Chair until 28 November 2023.
3 Helen Kurincic was appointed as a NED with effect from 1 March 2024.
48
Ramsay Health Care Annual Report 2024

4.2 Executive Remuneration Framework
4.2.1 Alignment of Ramsay’s strategy & remuneration framework
Ramsay's executive remuneration framework is designed to attract, motivate and retain a highly qualified and experienced group of 
executives. It is intentionally structured to align our executives to the creation of long-term shareholder value by successfully executing 
our strategy and delivering on quality consumer outcomes, in accordance with The Ramsay Way.
Ramsay Health Care Annual Report 2024
49
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

4.2.2 Remuneration mix: the composition of our pay
The proportions of reward for current Executive KMP (i.e. the MD & CEO and Group CFO) that are delivered by each of the 
framework elements when “target” and “maximum” performance is achieved is set out below. The remuneration mix is weighted 
towards at-risk, performance-based remuneration to ensure a focus on both short-term and long-term performance, and alignment with 
shareholder interests.
4.2.3 Fixed Annual Remuneration (FAR) overview
FAR is set taking into account market benchmarks referenced to ASX-listed companies with similar market capitalisation, revenue and 
international operations. As a global organisation and recognising that there are no direct Australian listed competitors, consideration is 
also given to international healthcare organisations and other private healthcare operators in Australia.
To remain market competitive, FAR is reviewed annually against appropriate market benchmarks considering individual performance for 
the year and the executive’s expertise brought to the role (see section 4.3.1 for FY24 FAR levels for Executive KMP). No changes were 
made to FAR in FY24.
4.2.4 FY24 Short-Term Incentives (STI)
The Group’s STI plan is designed such that a proportion of Executives’ remuneration is at-risk – to be delivered based on the achievement 
of performance measures linked to annual business objectives aligned to the delivery of strategy.
The table below outlines the key terms and conditions applying to the STI arrangements for the Executive KMP during FY24. Refer to 
section 4.3.2 for detail in respect of FY24 STI outcomes.
Component
Detail
Opportunity 
levels
Executives
Target Opportunity (% of FAR)
Maximum Opportunity (% of FAR)
MD & CEO
100
125
Group CFO
50
60
Performance 
period
STI awards are assessed over the 12-month financial year. Any STI award payments are made after performance is 
tested at the end of the performance period.
How STI 
awards are 
assessed
As shown in the diagram below, performance outcomes for all Executive KMP are determined based on both 
Group and individual performance, using a scorecard, and moderated by performance aligned with “The Ramsay 
Way” (see below for further detail on the STI scorecard measures and the performance modifier respectively).
The Board, in conjunction with the People & Remuneration Committee may exercise judgement and apply 
discretion as is required to ensure that STI outcomes appropriately reflect the performance of the individual 
and the Group, as well as aligning to the expectations of Ramsay’s stakeholders. The minimum STI opportunity is 
0% of FAR.
STI Opportunity
Unadjusted 
Outcome
Ramsay Way 
Modifier
Performance 
Outcome
FAR 
($)
x
STI Target 
Opportunity 
(%)
x
Scorecard Result 
(%)
x
The Ramsay 
Way
(%)
=
Value of STI 
Award ($)
50
Ramsay Health Care Annual Report 2024

Component
Detail
Performance 
measures 
(i.e. STI 
scorecard)
The STI scorecard measures are aligned to five key strategic priorities – each one fundamental to delivering on 
the Group’s strategy.
These measures were chosen as all of these priorities are all measurable on an annual cycle and are fundamental 
to the delivery of our long-term strategy as they measure the financial outcomes and strategic foundations 
delivered during the year whilst also ensuring we are continually improving our culture, consumer engagement 
and high standards of quality.
A copy of the MD & CEO’s scorecard for FY24 can be found in section 4.3.2.b of this report. For other executives, 
the scorecard cascades from the MD & CEO's scorecard.
For non-financial metrics, quantitative metrics are used wherever possible and complemented with qualitative 
metrics, assessed in performance appraisals undertaken by the People & Remuneration Committee and the 
Board, drawing on multiple sources of feedback.
Rationale
Operational 
Executive (i.e. MD 
& CEO)
Non-Operational 
Executive (i.e. 
Group CFO)
Financial
Financial results are critical to delivering for our 
key stakeholders including patients, staff and 
shareholders, as well as positioning Ramsay to 
deliver long-term value.
Financial results are measured against targets set at 
the beginning of the year.
50%
40%
Strategic
Delivery of annual strategic objectives that are key to 
delivering the long-term strategy.
15%
20%
People
Our people are our most important asset and our 
culture. The Ramsay Way is fundamental to our 
ongoing success.
15%
20%
Consumer
Listening and responding to the needs of our 
patients allows us to continually evaluate and 
improve on all aspects of our performance ensuring 
ongoing competitive advantage.
10%
10%
Quality
Delivering superior clinical outcomes is critical to our 
ongoing success, so we focus on maintaining the 
highest stands of clinical quality and safety.
10%
10%
‘The Ramsay 
Way’ 
Performance 
Modifier
The Ramsay Way values and purpose of 'People Caring for People' is the Group’s cultural backbone which assists 
in guiding decision making that is both people and outcome focused, while also balancing risk behaviours in both 
a financial and non-financial sense.
The Ramsay Way performance modifier allows for adjustments to outcomes for each individual, based on their 
demonstration of The Ramsay Way values and behaviours.
The application of this modifier can only reduce the quantum of awards, with the modifier being a multiplier 
between 0–100%.
Delivery
After performance is assessed, the STI award is delivered 50% in cash and 50% in deferred equity in the form of 
restricted shares.
• For the MD & CEO, restricted shares are granted and 100% are deferred for 3 years (subject to continued 
employment at the relevant vesting date).
• For other Executive KMP, the deferral period is 2 years with 50% of the deferred equity being released after the 
first year and the second 50% released at the end of the subsequent year (subject to continued employment at 
the vesting date).
Restricted shares are allocated on a face value basis by dividing the deferred STI amount by the 5-day volume 
weighted average price (VWAP) of Group shares to the STI payment date (rounded to the nearest whole number 
of shares).
 
Deferred STI Amount 
($)
Share Price 
($)
Allocation of 
Restricted 
Shares
(50% of STI Award)
/
Face value allocation 
using 5 Day VWAP to STI 
payment date
=
(Rounded to the 
nearest whole 
number)
4.2.5 FY24 Long Term Incentives (LTI) – granted
a) Overview
The LTI plan is designed to reward sustainable long-term performance and align executives to shareholder outcomes, while supporting 
Ramsay to attract and retain the best talent globally.
Ramsay Health Care Annual Report 2024
51
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

b) Key terms
The table below outlines the key terms attached to the LTI awards granted to Executive KMP during FY24.
Component
Detail
Opportunity 
levels
LTI opportunities have been set based on the ability of the executive to influence sustainable long-term 
value creation.
Executive KMP
Maximum LTI 
Opportunity (% of FAR)
Maximum LTI 
Opportunity ($)
Craig McNally
175% of FAR
3,650,325
Martyn Roberts
90% of FAR
1,080,000
Instrument
The Group’s LTI awards are delivered in performance rights.
Performance rights are granted for no consideration as they form part of the remuneration package for Executive 
KMP. Each performance right is an entitlement to receive a fully paid ordinary share in Ramsay Health Care Limited 
at no cost (or an equivalent cash payment at the discretion of the Board).
Allocation 
methodology
Performance rights are granted using a face value methodology.
Each individual’s dollar value LTI opportunity (as a percentage of FAR) is divided by the five-day VWAP up 
to and including the first trading day of the performance period.
 
Executive FAR 
Amount 
($)
LTI Opportunity
(%)
Share Price
($)
Allocation of 
Performance 
Rights
x
/
Face value allocation using 
5 Day VWAP to first day of 
performance period
=
(Rounded to the 
nearest whole 
number)
Performance 
Period
3 years (i.e. 1 July 2023 – 30 June 2026) for the FY24 grant.
Calculation of 
Awards
Overview
FY24 LTI awards are subject to two performance conditions:
• Relative Total Shareholder Return 'Relative TSR' (50%) against the S&P / ASX100 index (excluding real estate, 
finance and resources industries, as they have different drivers of operating performance); and
• Compounded Annual Growth Rate in Earnings per Share 'CAGR in EPS' (50%) subject to the achievement of 
the ROIC gateway as noted below.
Relative TSR (50%)
A relative TSR performance condition is used, as the Board is of the view that use of a TSR hurdle provides a strong 
link between executive remuneration and shareholder return, relative to Ramsay’s ASX peers.
The Board also considers that it is appropriate to use a broader index-based comparator group (as outlined above) 
rather than a sector specific peer group as there are too few Australian healthcare companies of a similar size and 
scope of operations to Ramsay for benchmarking purposes.
The following table sets out the vesting schedule in respect of the relative TSR performance metric.
 
Group’s relative TSR
Vesting
Below 
50th Percentile
Nil
50th Percentile
50% vesting
Between 50th and 
75th Percentile
Vesting on a straight-line basis between 50% and 100% vesting
Above 
75th Percentile
100% vesting
CAGR EPS (50%)
EPS has been chosen as it is linked to long-term growth targets and provides evidence of Ramsay’s 
growth in profitability and is linked to shareholder returns. The measurement of EPS will be based on a 
3-year growth range against threshold and stretch performance hurdles.
Subject to the achievement of the gateway noted below, the following table sets out the vesting schedule 
in respect of the EPS performance metric.
 
52
Ramsay Health Care Annual Report 2024

Component
Detail
CAGR EPS
Vesting
Less than 3%
Nil
3% (threshold)
30% vesting
Between 3% and 9%
Vesting on a straight-line basis between 30% and 100% vesting
9% (stretch)
100% vesting
Gateway
As noted above, the EPS component of FY24 LTI awards will be subject to a Return on Invested Capital 'ROIC' 
gateway, reflecting the capital intensive nature of the Group’s business. That is, both the EPS hurdle and ROIC 
gateway will need to be met in order for any vesting to occur.
The ROIC outcome for the Group over the 3-year performance period is tested relative to the weighted average 
cost of capital (WACC) for the Group over the 3-year performance period. The actual ROIC outcomes will need to 
be above WACC for vesting to occur. The Board will consider the impact of acquisitions (which are made in line with 
a Board approved acquisition plan) in the assessment of ROIC, including exclusion of capital spent and the returns 
from that acquisition for the period of the approved build and ramp-up, to ensure that participants are not penalized 
for undertaking an investment which is expected to deliver long-term profitable growth.
The Board assesses achievement of the performance conditions having regard to external data and the Company’s 
audited financial statements.
Effective FY25 grant onwards, the ROIC gateway will be amended to be a requirement to improve the 3-year 
Accounting ROIC. The actual 3-year Accounting ROIC will need to be above the previous year's 3-year accounting 
ROIC for vesting to occur. The Board will consider the impact of acquisitions (which are made in line with a Board 
approved acquisition plan) in the assessment of accounting ROIC, including exclusion of capital spent and the 
returns from that acquisition for the period of the approved build and ramp-up, to ensure that participants are not 
penalized for undertaking an investment which is expected to deliver long-term profitable growth.
Board 
discretion and 
adjustment 
principles
The Board, in conjunction with the People & Remuneration Committee, may exercise judgement and apply its 
overarching discretion as is required to ensure that LTI outcomes appropriately reflect the performance of the 
individual and the Group, as well as aligning to the expectations of Ramsay’s stakeholders.
In particular, the Board has discretion to make adjustments to the EPS outcomes used for the purposes of the FY24 
LTI award and, as noted above under “ROIC Gateway”, the Board will consider the impact of acquisitions (which are 
made in line with a Board approved acquisition plan) in the assessment of the ROIC gateway.
To ensure any adjustments are consistently applied, five guiding principles will be applied as follows:
• Plan integrity and management accountability - adjustments will be made to align with the purpose of the plan 
and reflect management accountability for past decisions;
• Nature and timing of adjustments - adjustments, both positive and negative, will only be made at the time 
of vesting;
• Transparency - the Group will provide a clear rationale and disclosure, for any adjustments made, especially in 
cases where performance has not been achieved;
• Material or significant events - adjustments will only be made for events or items over the vesting period that 
have a material impact positively or negatively on the performance outcome, and consequently reward outcome;
• Balance of interests - adjustments will be balanced to ensure outcomes are not unfairly biased towards either 
shareholders or management.
The Board will provide clear and transparent disclosure in respect of any exercise of Board discretion or 
adjustments to EPS in the relevant Remuneration Report.
 
4.2.6 Other terms
The following components apply to both the STI and LTI.
Component
Detail
Board discretion
As noted above, the Board, in conjunction with the People & Remuneration Committee, may exercise 
judgement and apply discretion as is required to ensure that incentive outcomes appropriately 
reflect the performance of the individual and the Group, as well as aligning to the expectations of 
Ramsay’s stakeholders.
Ramsay Health Care Annual Report 2024
53
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Component
Detail
Treatment 
on cessation 
of employment
The Board retains absolute discretion in determining STI payments for a leaving executive. However, if an 
executive ceases employment with Ramsay before key performance indicator (KPI) targets are achieved, 
then they will generally not be entitled to receive any STI. However, if cessation of employment is due to 
retirement, illness, disability or death or is a Group-initiated termination other than for cause, the Executive 
may receive a pro-rata STI payment for the portion of the performance period they were employed.
Restricted shares granted as the deferred equity component of any STI payment will lapse if employment is 
terminated for cause or if the Executive resigns (or gives notice of resignation) prior to the relevant vesting 
date. If the Executive ceases employment for any other reason, the Restricted Shares will remain on foot and 
vest in the ordinary course.
LTI performance rights will lapse if employment is terminated for cause or if the Executive resigns (or gives 
notice of resignation) prior to the relevant vesting date. If cessation of employment is due to any other reason 
including retirement, illness, disability or death or is a Group-initiated termination other than for cause a pro 
rata portion will remain on foot and be tested in the ordinary course of business.
In all cases, the Board has discretion to determine a different treatment on cessation of employment.
Malus and clawback
The Board may take action to reduce, recoup or otherwise adjust “at-risk” remuneration including in-year 
incentives, unvested incentives and previously awarded incentives (cash or equity) where, in the opinion of 
the Board:
• the employee has acted fraudulently or dishonestly, engaged in gross misconduct and/or breached his 
or her duties or obligations to the Group (including acting in breach of the terms and conditions of their 
employment and/or Ramsay’s Code of Conduct for Employees);
• has engaged in an act which has brought the Group into disrepute or has acted or failed to act in a way that 
has contributed to, or is likely to contribute to, material reputational damage to the Group;
• is convicted of an offence or has a judgement entered against them in connection with the affairs of 
the Group;
• “at-risk” remuneration vests as a result of a financial misstatement circumstance or the fraud, dishonesty, 
negligence or breach of duties or obligations of any other person and, in the opinion of the Board, the 
remuneration would not have otherwise vested;
• adverse outcomes have arisen after vesting of “at-risk” remuneration (including during the deferral period) 
that cause a re-evaluation of the original assessment of performance generating the award; and/or
• any other circumstances exist or have occurred which the Board determines in good faith to have resulted 
in the employee receiving an unfair benefit.
The ability of the Board to apply the policy is broad and includes (but is not limited to) lapsing or requiring 
repayment of awards, and for unvested equity re-setting performance conditions or amending the terms on 
which they are disposed.
 
4.2.7 Minimum shareholding requirements
Ramsay maintains a minimum shareholding policy (Policy) for Executive KMP and NEDs. This Policy is intended to support alignment 
between KMP and the Group’s shareholders and requires all Executive KMP and NEDs to obtain and hold Ramsay shares in line with the 
detail below:
 
Position
Minimum Shareholder Requirement
Timeframe to Acquire
MD & CEO
200% of FAR
Five years from time of appointment
Other Executive KMP
100% of FAR
Non-Executive Directors
100% of base annual fees
4.3 FY24 Performance and Remuneration Outcomes
This section provides a summary of Ramsay’s performance in FY24, and the actual remuneration outcomes that this delivered for 
our executives.
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Ramsay Health Care Annual Report 2024

4.3.1 FAR levels
For FY24, there were no adjustments to fixed remuneration for Executive KMP. The table below sets out FAR level for Executive KMP 
for FY24.
Executive KMP
FAR (FY23)
FAR (FY24)
Craig McNally1
$2,085,900
$2,085,900
Martyn Roberts2
$1,200,000
$1,200,000
1. The balance of FAR presented for Craig McNally is disclosed exclusive of superannuation and non-monetary benefits, such as private 
health insurance cover and other fringe benefits.
2. The balance of FAR presented for Martyn Roberts is presented inclusive of superannuation and non-monetary benefits.
4.3.2 Actual STI outcomes
4.3.2.a Overview
Actual STI outcomes delivered to Executive KMP in FY24 are set out in the table below. An overview of performance against the FY24 
scorecard for MD & CEO (including key financial measures) is outlined in section 4.3.2.b  below.
Executive 
KMP
Target STI 
opportunity 
($)
Target STI 
opportunity (% 
of FAR)
Maximum 
STI 
opportunity 
($)
Maximum STI 
opportunity (% 
of FAR)
% of target 
FY24 STI 
target 
awarded
% of 
maximum 
FY24 STI 
awarded
% of 
maximum 
FY24 STI 
award 
forfeited
Craig 
McNally
$2,085,900
100% of FAR
$2,607,375
125% of FAR
60.00%
48.00%
52.00%
Martyn 
Roberts
$600,000
50% of FAR
$720,000
60% of FAR
50.0%
41.67%
58.33%
4.3.2.b Performance against FY24 STI scorecard
The table on the following page provides an overview of performance achieved against the MD & CEO’s FY24 STI scorecard.
FY24 revenue improved 9.4% (5.4% improvement in constant currency) compared to prior year, benefitting from growth of activity during 
the period. FY24's EBIT was slightly below at 0.4% (1.8% reduction in constant currency) from prior year. NPAT from continuing operations, 
excluding gains from sale of Ramsay Sime Darby was down 2.7% below prior year (a 2.4% improvement in constant currency versus 
prior year). Margin recovery remained impacted by persistent cost pressures, particularly labor inflation, not fully covered by current 
reimbursement structures. FY24 cash flow from operations improved 1.0% compared to prior period on the back of reward initiatives to 
reduce coder and biller backlogs, and to improve cash collections towards the end of the financial year.
An after-tax gain of $618.1m from sale of Ramsay Sime Darby contributed to $888.7 million NPAT, an increase of 198.2% (203.1% increase 
in constant currency) relative to prior year . The Board excluded the RSD proceeds when determining STI outcomes.
The Group achieved its revenue and operating cash flow targets but did not achieve its NPAT target. Strategic and sustainability metrics 
were partially met, with the delivery of the Performance Acceleration Plan, the commissioning of the Northern Private Hospital, an 
expansion of Mental Health services and Day Surgeries, and achieving the greenhouse gas emission reduction target. People metrics 
were partially achieved, as some but not all regions improved employee engagement outcomes. Ramsay performed strongly against the 
quality and consumer metrics under the STI scorecard, which reflects the consistently high quality of care we provide our patients despite 
a challenging operating environment.
Revenue 
($bn)
11.6
11.6
12.4
12.4
13.3
13.3
13.7
13.7
15.3
15.3
16.8
16.8
FY19
FY20
FY21
FY22
FY23
FY24
0
10
20
NPAT 
($m)
580.9
580.9
336.9
336.9
449.0
449.0
273.9
273.9
298.1
298.1
270.6
270.6
FY19
FY20
FY21
FY22
FY23
FY24¹
0
200
400
600
800
1
FY24 NPAT excluding gains from sale of RSD 
divestment of $618M.
Net Cash Flows from Operating 
Activity ($m)
903.3
903.3
1,680.7
1,680.7
1,481.2
1,481.2
715.5
715.5
1,279.6
1,279.6 1,292.8
1,292.8
FY19
FY20
FY21
FY22
FY23
FY24
0
1,000
2,000
Ramsay Health Care Annual Report 2024
55
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Measure
Weight
Achievement
Commentary on performance
Financial
• NPAT adjusted on case-by-case 
basis to ensure accountability
• Revenue
• Operating cashflow
50%
• Revenue target achieved.
• NPAT target not achieved.
• Operating cash flow target achieved.
Strategic & Sustainability
• Successful delivery of Performance 
Acceleration Plan and 
implementation of operational 
transformation program, supported 
by Digital and Data in Australia.
• Successful delivery of Global 
Digital and Data foundational use 
cases for Phase 1
• Implementation of Day Surgery 
Strategy in Australia
• Commissioning of Northern 
Private Hospital
• Expansion of Mental Health 
Services Australia
• Increase of market share in 
UK, and execution against 
investment program
• 16.8% reduction of greenhouse 
gas emissions [Scope 1 & 2} from 
2020 baseline achieved by the end 
of FY2024
15%
• Performance Acceleration initiatives and operational excellence 
transformation program delivered significant workforce 
efficiencies and savings.
• Digital initiatives in Australia delivered productivity benefits
through capabilities such as automation and data-driven decision-
making.
• Global Digital and Data foundational use cases well progressed 
with four of six use cases completed and the remaining two 
in progress.
• Established new day surgeries in Australia including approvals at 
Campbelltown and Charlestown, NSW.
• Northern Private Hospital commissioned.
• Expansion of Mental health services in Australia with 20 
psychology clinics now open.
• Private pay and Private Health insurance work in RHC-UK 
increased 19.3% from last year, portfolio investment program 
across the existing portfolio, including 3 new theatres and 
increased day unit capacity, and 4 CT/ MRI diagnostic units.
• Greenhouse gas emissions targets achieved.
People
• Employee engagement and culture
• Decline in annual voluntary 
turnover from FY2023 outcome
• Development of leaders 
through global and regional 
leadership academies
• Workplace fatalities = 0
• Workplace safety as measured 
by top quartile long time injury 
frequency rate (LTIFR)
• Gender diversity in 
senior management
15%
• France, UK- Acute, Denmark and Sweden improved employee 
engagement outcomes but Australia, Global Office, and Norway 
engagement outcomes were lower than the prior survey.
• Annual voluntary turnover declined at Elysium and UK while 
Australia's voluntary turnover is the same as the prior year.
• Leadership Academy launched in Australia including nursing 
leadership development programs. UK and Ramsay Santé 
participation in leadership academies increased. Global 
Leadership academy graduated cohorts 8 and 9.
• No workplace fatalities.
• Workplace safety measures including LTIFR achieved for 
Australia, UK and France.
• Senior Management composed of 50% males and 50% females, 
which meets Ramsay's gender composition target, for senior 
management (see our FY24 Corporate Governance Statement 
for further information on the measurable objectives set by 
the Board).
Consumer
• Net Promotor Score (NPS)
10%
• All regions met target or exceeded prior year NPS.
Quality
• Hospital accreditation
• Infection rates
• Unplanned readmissions
• Unplanned return to theatre
10%
• 100% accreditation across all regions.
• Target outcomes for infection rates, unplanned readmissions and 
unplanned return to theatre, achieved across all regions.
Application of “The Ramsay Way” performance modifier (0 – 100%) – no adjustments applied
Final FY24 CEO / MD STI outcome – 48.0% of maximum (60.0% of target)
 
Met
Partially met
Not met
56
Ramsay Health Care Annual Report 2024

4.3.3 LTI outcomes
FY22 LTI
Overview
The FY22 grant for the MD & CEO (with a performance period from 1 July 2021 to 30 June 2024) was tested at the end of FY24. This 
award was tested against relative TSR against the S&P / ASX100 (excluding real estate, finance and resources) (50%) and CAGR in EPS 
(50%) (with the EPS component subject to a ROIC gateway).
As detailed below, there was no vesting of the FY22 long term incentives.
Refer to the FY22 Remuneration Report for full detail of the terms attached to the FY22 LTI awards, which can be accessed on the Group’s 
website at .
Performance 
measure
Weighting
Actual level of performance
Vesting outcomes under 
FY22 LTI
Relative TSR
50%
16.33 percentile
0% of relative 
TSR component
Aggregate EPS
50%
ROIC gateway: not achieved
CAGR EPS: -16.8%
0% of aggregate 
EPS component
0% overall vesting
Relative TSR performance condition
The vesting schedule in respect of the relative TSR component of the FY22 LTI performance rights is set out below. Relative TSR 
performance is assessed against the S&P/ASX100 index (excluding companies in real estate, financial and resources industries). The 
Group achieved a relative TSR ranking of 16.33 percentile, resulting in nil vesting of this portion of the award.
Level of performance
Vesting outcomes
Below 50th percentile
Nil
50th percentile
50% vesting
Between 50th and 75th percentile
Vesting on a straight-line basis between 50% and 100% vesting
Above 75th percentile
100% percentile vesting
Actual relative TSR achieved: 16.33 percentile
Level of vesting: 0%
The 3-year relative TSR performance over the last five years is detailed below:
TSR Percentile Ranking1
FY20
FY21
FY22
FY23
FY24
0%
20%
40%
60%
1
TSR percentile ranking is calculated with reference to the S&P/ ASX100 index excluding companies in real estate, finance
and resources.
Ramsay Health Care Annual Report 2024
57
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

EPS performance condition (with ROIC gateway)
The EPS component of the FY22 LTI is subject to a ROIC gateway. That is, the ROIC outcome for the Group over the 3-year performance 
period must be higher than Ramsay's WACC for vesting to occur. Excluding the gains from sale of RSD divestment, the Group achieved 
a ROIC outcome less than the WACC over the 3-year performance period. Ramsay also achieved a CAGR EPS of -16.8% over the 3-year 
period resulting in nil vesting of this component.
When determining the FY22 LTI outcome the Board excluded the gains from the sale of the RSD divestment and therefore did not 
vest the 50% of performance rights subject to the CAGR EPS LTI performance hurdle.  While the Board recognises the value created 
through ownership of the RSD business over 10 years, the Board considers that the one-off contribution in FY24 from gains arising 
from its divestment distorts the FY24 EPS outcome and does not reflect accretive growth of the Group over the performance period. 
Specifically, the ROIC over the performance period excluding the gain on the RSD divestment was 5.0%, and the CAGR EPS over the 
3-year performance period was -16.8%.  When determining future LTI vesting outcomes the Board will continue to consider relevant 
factors in their decision making process to ensure alignment with shareholder outcomes.
Level of performance
Vesting outcomes
Less than 3%
0%
3% (threshold)
30% vesting
Between 3% and 9%
Vesting on a straightline basis between 30% and 100% vesting
9% (stretch)
100% percentile vesting
Actual CAGR EPS: -16.8%
Level of vesting: 0%
4.3.4 Five year Group performance correlated to variable reward 
outcomes
The graphs and table below summarises STI and LTI outcomes over the past 5 years together with share price, NPAT, dividends and EPS 
performance demonstrating the alignment of at-risk reward outcomes and shareholder outcomes.
% Vesting
NPAT (in $ mil)
% Vesting
Share Price ($)
% Vesting
EPS (cps) 
and Dividends(cps)
FY20
FY21
FY22
FY23
FY24
CEO STI outcomes (% of maximum)
1
-
88%
68%
30%
48%
CEO LTI outcomes (% of maximum)
2
-
-
-
-
0%
Closing share price at end of period ($)
3
$66.52
$62.95
$73.24
$56.29
$47.46
Dividends per Ordinary Share ($)
$0.6250
$1.5150
$0.9700
$0.7500
$0.8000
Earnings per Ordinary Share (cents)4
¢130.5
¢192.6
¢116.1
¢124.8
¢111.1
NPAT ($ mil) excluding gains from the 
RSD sale
$284
$449
$274
$298
$271
1
CEO STI outcomes are presented on an award basis.
2 CEO LTI outcomes are presented on a vested basis. For example, nil CEO LTI outcomes in FY20, FY21, FY22 , FY23 and FY24 mean there is no vesting of LTI performance rights for 
these years.
3 The opening share price at the start of FY20 was $72.63.
4 In FY24, the Earnings per Ordinary share (cents), including gains from RSD sale, is ¢380.0.
STI
LTI
NPAT
FY20
FY21
FY22 FY23 FY24¹
0%
25%
50%
75%
100%
200
300
400
500
600
700
800
900
1
FY24 NPAT is $270.6 million excluding the gains from 
RSD sale.
STI
LTI
Share Price
FY20
FY21
FY22
FY23
FY24
0%
25%
50%
75%
100%
40
50
60
70
80
STI
LTI
Dividend
EPS
FY20 FY21 FY22 FY23 FY24¹
0%
25%
50%
75%
100%
0cps
100cps
200cps
300cps
400cps
500cps
1
FY24 earnings per share excluding the gains from 
RSD sale.
58
Ramsay Health Care Annual Report 2024

4.3.5 Actual remuneration table (Executive KMP)
The table below provides a summary of the actual take-home pay received by Executive KMP during FY24. Unlike the statutory 
remuneration table in section 4.3.6 below, the table below is not prepared in accordance with Australian Accounting Standards and not 
in line with the Corporations Act 2001. It is included on a voluntary basis to show what Executive KMP actually received in FY24, and 
amounts that are paid or vested to executives in FY24 (with FY23 for comparison).
Name
Financial Year
FAR1
Other 
payments
STI Awarded2
LTI Vested
Total Actual 
Remuneration
Craig McNally
FY24
$ 2,140,166
-
$ 1,251,540
-
$ 3,391,706
FY23
$ 2,142,683
-
$ 782,213
-
$ 2,924,896
Martyn Roberts
FY24
$ 1,200,000
-
$ 300,000
-
$ 1,500,000
FY23
$ 1,200,000
$ 512,530
$ 225,000
-
$ 1,937,530
1. FAR includes cash salary, superannuation and non-monetary benefits such as private health insurance cover and motor vehicle 
running costs.
2. STI represents the amount awarded for FY24 and FY23 noting that 50% is deferred into equity for 3 years for the CEO, and 1 and 2 
years for the Group CFO.
Ramsay Health Care Annual Report 2024
59
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

4.3.6 Statutory remuneration table (Executive KMP)
Details of each of the Executive KMP’s remuneration for FY24 (calculated in accordance with the applicable Australian Accounting Standards) are set out below. All values are in Australian Dollars ($) 
unless otherwise stated.
Fixed remuneration
Short-term benefits
Long-term Benefits
Name Financial 
Year
Cash Salary & 
Fees ($)
Superannuation 
($)
Non-
Monetary 
Benefits
($)1
Accrued STI 
($)
Long 
Service 
Leave 
Entitlements 
($)
Deferred STI 
($)2
LTI Share 
Based Rights 
($)3&4
Accrued 
Termination /
Retirement 
Benefits
($)
Total 
Remuneration 
$
Share 
Based 
Payments 
as % of 
Total 
Remuneration
Total 
Performance 
Related 
Remuneration
Craig 
McNally
FY’24
2,085,900
27,399
26,867
625,770
34,822
762,664
644,580
-
4,208,002
33%
48%
FY’23
2,085,900
25,292
31,491
391,107
31,887
606,222
912,604
-
4,084,503
37%
47%
Martyn 
Roberts
FY’24
1,172,601
27,399
-
150,000
19,474
151,875
190,710
-
1,712,059
20%
29%
FY’23
1,174,708
25,292
-
112,500
17,894
206,634
404,154
-
1,941,181
31%
37%
Total
FY’24
3,258,501
54,798
26,867
775,770
54,296
914,539
835,290
-
5,920,061
30%
43%
Total
FY’23
3,260,608
50,584
31,491
503,607
49,781
812,855
1,316,758
-
6,025,684
35%
44%
1. This figure represents non-monetary benefits such as health insurance cover and motor vehicle running costs that do not form part of the Executive KMP’s cash salary.
2. The fair value is determined at the grant date as the number of restricted shares granted by 5-day VWAP to STI payment date. In accordance with the requirements of the Australian Accounting 
Standards, the accounting expense of the Deferred STI is progressively allocated over the service period that it relates to, including the vesting period that is subject to a continued employment 
condition. If there was no service condition, the amortisation period will be the one year STI performance period only.
3. In accordance with the requirements of the Australian Accounting Standards, the remuneration includes a proportion of the fair value of the performance rights awarded under the LTI program 
granted or outstanding during the year. The fair value is determined as at the grant date and is progressively allocated over the vesting period. The amount included as remuneration is not related 
to or indicative of the benefit (if any) that Executives may ultimately realise should the equity instruments vest. The fair value of the performance rights at the date of their grant has been determined 
in accordance with AASB 2 applying the Black-Scholes and Monte Carlo simulation models. The assumption underpinning these valuations are set out in Note 18 to the financial statements.
4. Long Term Incentive Share Based Award expense for FY23 has been restated to reflect expected non-vesting of FY21 Long Term Incentive Performance Rights as at 30 June 2023. The previous LTI 
Share Based Rights expense in the FY23 Remuneration Report for Craig McNally of $2,564,244 is reduced by $1,651,640 to $912,604. In addition, the previous LTI Share Based Rights expense for 
Martyn Robert's in the FY23 Remuneration Report of $892,833 is reduced to $404,154.
60
Ramsay Health Care Annual Report 2024

4.4 Non-Executive Director Remuneration
4.4.1 Remuneration policy & arrangements
The Board sets the fees for its NEDs in line with the key objectives of the Group’s NED remuneration policy set out below. NEDs fees 
are reviewed annually and are set at a level that the Board considers is sufficient to attract and retain high calibre NEDs with skills and 
experience required to oversee a business of Ramsay’s size and complexity.
Market competitive to secure and retain 
talented, qualified NEDs
Preserving and safeguarding 
independence and impartiality
Aligning NEDs and 
shareholder interests
The Board’s policy is to remunerate NEDs 
at market-competitive rates to attract and 
retain NEDs of the highest calibre and 
requisite expertise having regard to:
• market data,
• the size, complexity and international 
spread of the Group’s operations and
• the workload and time commitment 
of NEDs.
NED remuneration consists of base 
fees, and additional fees for the 
Chair and members of any Board 
Committee (with the exception of the 
Nomination Committee).
No element of NED remuneration is 
“at-risk” (i.e. NEDs are not entitled to 
any performance-related remuneration) 
to preserve their independence 
and impartiality.
NEDs are encouraged to hold securities 
in the Group to create alignment 
between the interests of NEDs and 
shareholders. To create alignment 
between the interests of NEDs and 
shareholders, all NEDs are subject to 
a minimum shareholding requirement 
equal to 100% of their annual base 
fee. This requirement must be satisfied
within 5 years of appointment as a NED. 
Refer section 4.2.7.
4.4.2 Fees & other benefits
a) Aggregate fee pool
The current annual aggregate fee pool for NEDs is capped at $3,500,000 (including statutory superannuation contributions), as approved 
by shareholders at the AGM held on 12 November 2015. No change is proposed to the fee pool.
b) FY24 fee structure
The table below outlines the revised FY24 fee schedule for NEDs. During FY24, the People & Remuneration Committee engaged 
remuneration consultants to undertake a benchmarking exercise in respect to NED fees.
No changes were made to Board base member fees in FY24, which marks the seventh consecutive year that these fees have not been 
increased. In addition, no changes were made to Committee fees during the year.
Other than for the Chair of the Board whose fee of $659,900 is inclusive of superannuation, all fees shown in the table below are 
exclusive of superannuation. The Chair of the Board does not receive additional fees for his Committee roles.
Position
Chair
Member fee
Board
$659,900
$220,375
Audit Committee
$56,000
$28,000
Risk Management Committee
$50,000
$25,000
People & Remuneration Committee
$50,000
$25,000
Nomination & Governance Committee
No fee provided for this committee
As a global company with Australian headquarters, Ramsay recognises that for some overseas-based NEDs substantial additional travel 
may be required to attend meetings or other Board-related matters in Australia. In line with market practice of other global organisations, 
currently overseas NEDs are eligible to receive a travel allowance of $10,000 for travel to and from Australia for Board-related matters 
(where travel exceeds 9 hours). At present, the only NED eligible for this allowance is Claudia Süssmuth Dyckerhoff. Travel allowances of 
$20,000 were paid to Claudia in FY24.
c) Prescribed benefits
NEDs appointed prior to October 2003 (being, Michael S. Siddle) remain entitled to retirement benefits under the, now frozen, Directors’ 
Retirement Benefits Plan. Under the plan, retirement benefits previously accrued on a pro-rata basis over a period of nine years, 
commence after a minimum service period of three years.
Entitlements are indexed in line with the one-year Commonwealth Government Bond Rate and are adjusted twice a year. No adjustments 
are made based on increases in NED fees or years of service. The indexation of retirement benefits occurs simply to preserve the real 
value of existing entitlements and not to enhance any NED’s remuneration, and as such, is not counted towards the aggregate fee pool. 
The value of the frozen benefits as at 30 June 2024, to which participating NEDs are entitled upon retirement are set out below:
Total Frozen Benefit
31 Dec 09 ($)
Total Provision 
30 June 2023 ($)
Benefits paid in 
FY23 ($)
Total Bond Rate 
Adjustment ($)
Total Provision 
30 June 2024 ($)
2,879,813
566,858
-
24,503
591,361
Ramsay Health Care Annual Report 2024
61

4.4.3 Statutory remuneration table (NEDs)
The fees paid or payable to the NEDs of the Group in respect of FY24 are set out in the table below. All values are in Australian dollars ($) unless otherwise stated.
Fixed remuneration
Long-term Benefit
Name
Financial Year
Cash Salary & 
Fees ($)1
Superannuation ($)
Travel Allowance ($)
Accrued 
Termination / 
Retirement 
Benefits ($)6
Total Remuneration $
David Thodey2
FY24
475,550
26,963
-
-
502,513
(Chair)
FY23
280,200
25,292
-
-
305,492
Michael Siddle3
FY24
378,862
27,195
-
24,503
430,560
(NED)
FY23
659,900
25,292
15,332
700,524
Alison Deans
FY24
264,119
27,296
-
-
291,415
(NED)
FY23
277,200
25,292
-
-
302,492
Claudia Süssmuth Dyckerhoff4
FY24
245,368
27,195
20,000
-
292,563
(NED)
FY23
245,294
25,292
20,000
290,586
James McMurdo
FY24
248,378
27,322
-
-
275,700
(NED)
FY23
248,408
25,292
-
-
273,700
Karen Penrose5
FY24
291,041
21,456
-
-
312,497
(NED)
FY23
311,823
25,292
-
-
337,115
Steven Sargent
FY24
271,563
27,198
-
-
298,761
(NED)
FY23
273,577
25,292
-
-
298,869
Helen Kurincic7
FY24
82,792
9,107
-
-
91,899
(NED)
FY23
-
-
-
-
-
Total
FY24
2,257,673
193,732
20,000
24,503
2,495,908
Total
FY23
2,296,402
177,044
20,000
15,332
2,508,778
1. As detailed in the prior year remuneration report, following the end of FY23, Ramsay identified the following overpayments made to certain directors in FY22 & FY23: M. Siddle (FY23: $25,292; 
FY22: $1,874), A. Deans (FY23: $6,825; FY22: nil), K. Penrose (FY23: $6,825; FY22: $4,078), D. Thodey (FY23: $6,825; FY22: $3,780) and S. Sargent (FY23: $6,825; FY22: $889). FY24 reflects
recoveries of overpayments made to certain directors in the past years.
2. David Thodey has been Chair since 29 November 2023 and the remuneration details disclosed for FY24 reflect this. For FY23, the remuneration details disclosed in the table above, reflects
amounts paid to David Thodey for his services as NED, for the full FY23 period.
3. Michael Siddle was Chair since until 28 November 2023 and the remuneration details disclosed for FY24 reflects this. For FY23, the remuneration details disclosed in the table above, reflects
amounts paid to Michael Siddle for his services as Chair, for the full FY23 period.
4. Travel allowances of $20,000 were paid to C.R. Süssmuth Dyckerhoff in FY24. Overseas NEDs are eligible to receive a travel allowance equivalent to $10,000 for travel to and from Australia for 
Board-related matters (where travel exceeds nine hours), in accordance with section 4.4.2.b.
5. In FY24, Karen Penrose received fees of €45,000 in her capacity as non-executive director on the Board of Group Subsidiary Ramsay Santé for calendar year 2023. The said amount was paid to 
her directly by Ramsay Santé and is not included in the $312,497 above.
6. With respect to NEDs, this constitutes amounts provided for by Ramsay during the financial year in relation to the contractual retirement benefits which the NED will be entitled to upon retirement 
from office. These amounts represent the bond rate adjustment for the year as set out in section 4.4.2.c above.
7. Helen Kurincic was appointed as a NED with effect from 1 March 2024. Her FY24 remuneration details included within the table above reflect amounts paid to Helen Kurincic during her service 
period as a NED.
62
Ramsay Health Care Annual Report 2024

4.5 Remuneration Governance
4.5.1 Remuneration governance framework
Overview
As summarised below, the Board oversees the Ramsay people strategy, both directly and through the People & Remuneration Committee. 
The People & Remuneration Committee seeks input from the MD & CEO and the Group Chief People Officer, who attend Committee 
meetings, except where matters relating to their own remuneration are considered.
Ramsay Health Care Annual Report 2024
63

Interaction between risk & remuneration
Our remuneration framework has been structured to encourage long-term sustainable decision making from all of our leaders, ensuring 
that the interests of the Group’s shareholders and broader stakeholder groups (i.e. customers, employees, community etc.) are at the 
heart of all decisions. It is important that the Group’s remuneration framework encourages the sound management of both financial and 
non-financial risks and mitigates against excessive risk taking or short-term oriented behaviours by executives.
This is achieved under the executive remuneration framework in a number of ways:
• Performance measures: under the executive remuneration framework, a portion of the STI for the Executive KMP is assessed against 
people measures, consumer measures and climate measures (i.e. greenhouse gas emission reduction) to focus executives on ensuring 
strong outcomes for these broader stakeholder groups;
• Structure: under the executive remuneration framework, a portion of the STI is deferred into equity (vesting over 1 to 2 years, or 3 
years depending on role) and the LTI is delivered in performance rights which are performance-tested over 3 years. Both of these 
mechanisms were chosen as they encourage alignment between executives and the Group’s shareholders, as the value of these 
awards to participants fluctuates with the Group’s share price;
• Board discretion: the Board, in conjunction with the People & Remuneration Committee, has the ability to exercise discretion to ensure 
the quantum of executive remuneration is appropriate considering individual and Group performance (which extends to reductions in 
STI and LTI vesting outcomes, including to zero, for adverse risk outcomes). STI awards are also subject to The Ramsay Way “People 
Caring for People” performance modifier;
• Minimum shareholding requirements: as noted in section 4.2.7 above, a minimum shareholding requirement was introduced in FY20 
for executives and NEDs which requires the accumulation of Group shares over 5 years. This requirement encourages alignment 
between the interests of the Group’s shareholders, and executives and NEDs;
• Malus & clawback provisions: incentives are subject to malus and clawback provisions which provide the Board with the ability to 
reduce and/or withhold any variable remuneration awards that have been awarded but remain unvested or unpaid, as well as recoup 
amounts that have previously been paid. These provisions are described in section 4.2.6; and
• Remuneration governance: in determining final variable remuneration outcomes each year, the People & Remuneration Committee 
will consult with the Risk Management Committee and Group Chief Risk Officer to ensure that the financial and non-financial risk 
considerations are taken into account.
4.5.2 Use of remuneration consultants
In accordance with its Charter, the People & Remuneration Committee can engage with remuneration consultants, according to 
specific guidelines.
Ramsay did not receive any “remuneration recommendations” as defined under the Corporations Act 2001 (Cth) in FY24.
4.5.3 Details of Executive Service Agreements
The MD & CEO and Group CFO have written service contracts. The below details the key terms of these agreements.
Term
Further detail
Duration
• Ongoing
Termination by employee
• 6 months’ notice. The Group may elect to make a payment in lieu of notice.
• Employee may terminate the employment agreement without notice if a fundamental change 
occurs in his role or responsibilities.
Termination by Group
• 12 months’ notice (MD & CEO) or 6 months’ (Group CFO) or payment in lieu of notice.
• Ramsay may summarily terminate employment without notice in certain circumstances.
Restraint Period
• 12 month restraint provision applies.
4.5.4 Security Trading Policy
All Ramsay NEDs and employees are subject to the Group’s Securities Trading Policy, a copy of which is available on our website at 
ramsayhealth.com/Sustainability/Governance.
This policy prohibits:
• the dealing (or procurement of another person to deal) with Ramsay’s securities or the securities of another company where they are in 
possession of inside information;
• dealing with Ramsay securities during blackout periods;
• short-term dealing (e.g. buying and selling securities within a 12-month period or entering into forward contracts); and
• hedging Ramsay securities.
64
Ramsay Health Care Annual Report 2024

4.6 Further information
4.6.1 Executive KMP and NED share ownership
The table below outlines the holdings and movements during FY24 in the equity of Ramsay by each KMP, including their closely related 
parties. No shares were held nominally by any KMP or their related parties.
Held at 1 July 
2023
Received as 
Deferred STI
Received on 
Vesting of LTI
Other Net 
Change 
Purchase / 
Sale
Held at 
30 June 2024
Ord. 
SharesCARES
Ord. 
SharesCARES
Ord. 
Shares CARES
Ord. 
Shares CARES
Ord. 
Shares CARES
Non-Executive Directors
David Thodey
11,071
700
-
-
-
-
4,000
-
15,071
700
Michael Siddle
3,905,919
-
-
-
-
-
-
-
3,905,919
-
Alison Deans
5,705
1,402
-
-
-
-
-
-
5,705
1,402
Claudia Süssmuth Dyckerhoff
3,705
-
-
-
-
-
2,500
-
6,205
-
James McMurdo
4,964
-
-
-
-
-
-
-
4,964
-
Karen Penrose
3,245
-
-
-
-
-
860
-
4,105
-
Steven Sargent
5,325
-
-
-
-
-
-
-
5,325
-
Helen Kurincic3
3,816
-
-
-
-
-
-
-
3,816
-
Executive KMP
Craig McNally1
384,562
-
7,674
-
-
-
-
-
392,236
-
Martyn Roberts2
24,878
-
2,208
-
-
-
-
-
27,086
-
1. Craig McNally was granted 7,674 of ordinary shares in Nov'23 as part of his FY23 deferred STI restricted for 3 years, subject to 
continued employment.
2. Martyn Roberts was granted 2,208 of ordinary shares in 'Nov'23 in respect to his FY23 deferred STI. The deferral period is 2 years with 
50% of the deferred equity being released after the first year and the second 50% released at the end of the subsequent year, subject 
to continued employment at the vesting date.
3. Helen Kurincic was appointed as a NED with effect from 1 March 2024. Opening balance is at this date.
4.6.2 Movement in securities
The below table shows the movements (during FY24 and up to the date of this Report) in equity settled performance rights granted as 
remuneration to Executive KMP.
Instrument
Date of 
Grant
Number 
of Rights 
Granted1
Vesting 
Date2
Number 
of Rights 
Vested/ 
Exercised3
Value of 
Rights 
Vested / 
Exercised 
($)4
Number 
of Rights 
Forfeited / 
Lapsed
Value of 
Rights 
Forfeited / 
Lapsed 
($)7
Executive KMP
Craig McNally
Equity 
settled 
performance 
rights
15-Dec-20
55,563
31-Aug-23
-
-
55,563
5 2,773,538
15-Dec-21
57,690
31-Aug-24
-
-
57,690
6 2,489,093
15-Dec-22
49,814
31-Aug-25
-
-
-
-
15-Dec-23
64,625
31-Aug-26
-
-
-
-
Martyn Roberts
Equity 
settled 
performance 
rights
15-Dec-20
16,439
31-Aug-23
-
-
16,439
5
820,586
15-Dec-21
17,068
31-Aug-24
-
-
17,068
6
736,416
15-Dec-22
14,738
31-Aug-25
-
-
-
-
15-Dec-23
19,120
31-Aug-26
-
-
-
-
1. The implied maximum possible total value of the equity awards allocated during FY'24 and yet to vest can be determined by 
multiplying the number of Performance Rights granted by the current share price of Ramsay shares. The minimum possible total 
value of LTI awards is nil. The weighted average fair value per FY'24 Performance Right at the grant date was $20.60 for the TSR 
performance hurdle and $48.49 for the EPS performance hurdle. The terms applicable to prior year grants are disclosed in prior 
Remuneration Reports. 
2. For future vesting dates (as at the date of this Report), the stated vesting date is indicative date only. Vesting of Performance Rights will 
occur once the Board has determined the extent to which the applicable performance hurdles have been met. Vesting will only occur 
after the announcement of the release of Ramsay’s Full Year results for the previous financial year.
3. On the vesting of each Performance Right, the holder receives one fully-paid ordinary share in Ramsay, subject to disposal and other 
dealing restrictions, if held in the trust, or, at the Board's discretion, an equivalent cash payment.
Ramsay Health Care Annual Report 2024
65

4. The value of vested Performance Rights is based on Ramsay’s 5-day VWAP on the date of vesting (as there is no exercise price 
payable in respect of Performance Rights).
5. The FY21 LTIs subject to the TSR and EPS performance conditions did not achieve the relevant thresholds required for vesting and 
therefore lapsed on 31 August 2023.
6. The FY22 LTIs subject to the TSR performance and EPS conditions did not achieve the relevant thresholds required for vesting and 
therefore lapsed on 31 August 2024.
7. The value of unvested Performance Rights is calculated using the relevant Ramsay 5-day VWAP at the date of lapsing.
The movement during FY24 in the number of rights over ordinary shares in Ramsay held, directly or indirectly or beneficially, by each KMP, 
including their closely related parties is as follows. During FY24, no NEDs or their closely related parties had rights over shares in Ramsay.
Equity Settled 
Performance 
Rights / Share 
Rights
Rights 
held at 
1 July 
2023
Number 
of Rights 
Granted 
as 
remuneration
Number 
of Rights 
Vested / 
Exercised
Number 
of Rights 
Forfeited / 
Lapsed
Rights 
held at 
30 June 
2024
Number 
of Rights 
Vested / 
Exercised 
Post 
30 June 
2024
Executive KMP
Craig McNally1
Performance Rights
163,067
64,625
-
55,563
172,129
-
Martyn Roberts
Performance Rights
48,245
19,120
-
16,439
50,926
-
1. Shareholder approval for the grant of 64,625 Performance Rights to the MD & CEO was obtained under ASX Listing Rule 10.14 at the 
2023 Annual General Meeting.
4.6.3 Other transactions and balances with Executive KMP
Loans to Executive KMP
No Executive KMP or their closely related parties held any loans with the Group during the Reporting Period.
Other Executive KMP transactions
The Group did not engage in any transactions with Executive KMP or their closely related parties during the Reporting Period.
 
66
Ramsay Health Care Annual Report 2024

5 Directors’ Report
The Directors present the Directors’ Report for the year ended 30 June 2024 for the 
consolidated entity consisting of Ramsay Health Care Limited (Ramsay or the Company) 
and its controlled entities (together, the Group).
Governance
Our governance framework is designed to ensure that we are effectively managed, that legal and regulatory obligations are met and that 
the culture of personal and corporate integrity – The Ramsay Way – is reinforced. We remain committed to maintaining these principles 
across all aspects of our business.
Our Board regularly reviews its corporate governance policies and processes to ensure they are appropriate to meet governance 
standards and regulatory requirements. The roles of the Board and the Committees are set out in the Charters, available on the Ramsay 
website at ramsayhealth.com/en/about/corporate-governance/.
 
Corporate Governance Statement
Further details are set out in the Corporate Governance Statement for the financial year ended 30 June 2024, which outlines the key 
aspects of our corporate governance framework and practices and is available at ramsayhealth.com/en/about/corporate-governance/.
 
Governance Framework
Ramsay Health Care Annual Report 2024
67
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Biographical Details of Directors and Company Secretary
 
David Thodey
Chair
Chair 
since 29/11/2023
Appointed as Non-
Executive Director 
on 28/11/2017
Independent
David Thodey AO is a business leader focused on innovation, technology, digital transformation and 
corporate governance, with more than 40 years of experience.
In addition to being Chair of Ramsay, Mr Thodey is currently Chair of Xero Limited (a global cloud-based 
accounting solution for small and medium businesses). He is also Chancellor the University of Sydney, and 
co-Chair of the Great Barrier Reef Foundation.
Mr Thodey was previously CEO of Telstra, Chair of CSIRO and, prior to that, he was CEO of IBM Australia 
and New Zealand. Mr Thodey is active in public policy and has led an Independent Review of the Australian 
Public Service in 2019, chaired a Panel appointed by the NSW Government to lead an independent review 
of Federal Financial Relations between the Commonwealth and the States in 2020, and led a user audit of 
the myGov government services digital portal in 2023. From March to December 2020, Mr Thodey was also 
Deputy Chair of the Federal Government’s National COVID-19 Coordination Commission Advisory Board.
Mr Thodey holds a Bachelor of Arts in Anthropology and English from Victoria University, Wellington, 
New Zealand and attended the Kellogg School of Management postgraduate General Management 
Program at Northwestern University in Chicago, USA. He was awarded an Honorary Doctorate in Science 
and Technology from Deakin University in 2016, an Honorary Doctorate of Business from University of 
Technology Sydney in 2018 and an Honorary Doctor of Business from the University of Sydney in 2023. Mr 
Thodey is a Fellow of the Australian Academy of Technological Sciences and Engineering and the Australian 
Institute of Company Directors. In 2017, he was awarded an Order of Australia for his service to business and 
the promotion of ethical leadership and workplace diversity.
In the past three years, Mr Thodey has served as a Director of the following listed companies:
• Xero Limited (appointed June 2019)
• Tyro Payments Limited (resigned March 2023)
⇨ Full bio at ramsayhealth.com/en/about/david-thodey
Craig McNally
Group CEO & 
Managing Director
Appointed 
03/07/2017
Non-Independent
Craig McNally was appointed Managing Director and Chief Executive Officer on 3 July 2017, after serving 
seven years as Chief Operating Officer and 22 years in various roles including Head of Global Strategy and 
European Operations. Mr McNally is also the Chairman of Ramsay Santé.
Mr McNally joined Ramsay in 1988 and is one of the Company's longest serving executives. During his 
tenure, he has worked across operational, strategic and financial roles. For the past two decades, Mr 
McNally has been responsible for the development and implementation of Ramsay’s growth strategy 
including brownfield expansions, international market assessments, mergers and acquisitions and new 
business strategies. He has been at the forefront of all the major acquisitions and deals. His ability to assess 
the opportunities and risks associated with new business ventures and to evaluate their ‘strategic fit’, as 
well as his sound judgement and insight, has ensured the Company’s successful growth both domestically 
and internationally.
Mr McNally has been a key leader in the development of The Ramsay Way culture and in developing 
leadership capability within the global organisation.
As announced on 30 July 2024, Mr McNally will retire at the end of June 2025. Ms Natalie Davis has been 
appointed by the Board to commence as Group CEO-elect on 1 October 2024.
⇨ Full bio at ramsayhealth.com/en/about/craig-mcnally
Michael Siddle
Non-
Executive Director
Chair until 28/11/23
Appointed 26/05/75
Non-independent
Michael Siddle was re-elected as a Non-Executive Director in November 2023. He was Chair of the 
Company from 2014 to 2023, having formerly been Deputy Chairman for 17 years and a founding Director. 
He has built up significant knowledge of the business and the private hospital industry after starting with the 
Company in 1968.
Mr Siddle has extensive experience in the management of private hospitals and has been integrally involved 
in Ramsay Health Care’s successful expansion through developments, mergers and acquisitions.
Mr Siddle is also a Trustee and director of the Paul Ramsay Foundation.
During the past three years Mr Siddle has not served as a director of any listed companies other than 
Ramsay Health Care Limited.
⇨ Full bio at ramsayhealth.com/en/about/michael-siddle
68
Ramsay Health Care Annual Report 2024

Alison Deans 
MA MBA GAICD
Non-
Executive Director
Appointed 15/11/18
Independent
Alison Deans has 25 years’ experience building technology-enabled businesses involved in media, 
ecommerce, financial services and health, and across leadership roles as an executive, a director and in 
venture capital. Ms Deans is also Chair of Cochlear Limited and a Non-Executive Director of Calix Limited, 
Fitness Passport and Deputy Pty Ltd. She is also a Venture Partner of Main Sequence Ventures.
In her executive career, Ms Deans was previously the CEO of eBay Australia and New Zealand, CEO of 
eCorp Limited (a publicly listed portfolio of digital businesses), CEO of Hoyts Cinemas and most recently 
CEO of Netus Pty Ltd (a technology investment company acquired by Fairfax). Ms Deans also spent seven 
years as a consultant with McKinsey & Company. She holds a Master of Business Administration from the 
Stanford Graduate School of Business and a Master of Arts (Physics) from Cambridge University.
In the past three years, Ms Deans has served as a Director of the following listed companies:
• Cochlear Limited (appointed February 2015)
• Calix Limited (appointed March 2023)
⇨ Full bio at ramsayhealth.com/en/about/alison-deans
Dr Claudia 
Süssmuth 
Dyckerhoff PhD
Non-
Executive Director
Appointed 30/10/18
Independent
Dr Claudia Süssmuth Dyckerhoff joined the Ramsay Health Care Board in October 2018, bringing expertise 
in market growth strategies, business development and operational performance improvement in hospitals.
Dr Süssmuth Dyckerhoff has extensive global experience in hospitals and health care across Europe, Asia, 
and the USA. She joined McKinsey & Company in Switzerland in 1995 and transferred to the USA focusing 
on supporting health care companies, including pharmaceutical/medical device companies, payor, provider 
and health systems in Europe and the USA.
In 2006, Dr Süssmuth Dyckerhoff transferred to China, was elected Senior Partner in 2010 and supported 
health care companies as well as governments across Asia. She also led McKinsey’s Asia-wide Health 
Systems and Services Sector. In 2016, when she was nominated to the Board of Hoffmann-La Roche, she 
stepped down from her role as Senior Partner and took on an external advisor role.
Beyond being an Independent Director at 3 other listed companies, Dr Süssmuth Dyckerhoff also serves 
as Director on the QuEST Global board and she supports start-ups in the health care area.Dr Süssmuth 
Dyckerhoff studied Business Administration at the University of St Gallen, Switzerland as well as at 
ESADE, Barcelona where she graduated with an MBA/CEMS Master. She also holds a PhD in Business 
Administration from the University of St Gallen/University of Michigan Ann Arbor.
In the past three years, Dr Süssmuth Dyckerhoff has served as a Director of the following listed companies:
• Hoffmann La Roche (appointed March 2016)
• Clariant AG (appointed April 2016)
• Prudential plc (appointed January 2023)
⇨ Full bio at ramsayhealth.com/en/about/claudia-sussmuth-dyckerhoff
James McMurdo 
BSc (Econ)
Non-
Executive Director
Appointed 11/09/19
Independent
James McMurdo has more than 30 years' finance and banking experience. He has a background 
in corporate advisory spanning across mergers and acquisitions, strategic advisory and financing with 
experience across multiple industries including the healthcare sector. He has held senior operating 
management roles and worked extensively in both the Asia Pacific and European regions.
Mr McMurdo is one of the Founding Partners of Privatus Capital Partners, an advisory and merchant banking 
business. Prior to establishing Privatus, he held senior management roles at Deutsche Bank and was based 
in Hong Kong. In the time he was at Deutsche Bank, Mr McMurdo was Global Co-Head of Corporate 
Finance, Head of Corporate and Investment Bank for Asia Pacific and CEO for Australia and New Zealand. 
He sat on the firm’s Global Executive Committee for the Corporate and Investment Bank for four years. Prior 
to this, Mr McMurdo was a Partner at Goldman Sachs, where he held senior positions in the Investment 
Banking Division in Australia and Europe.
Mr McMurdo holds a degree in economics from the University of Newcastle upon Tyne and is a 
qualified accountant.
During the past three years, Mr McMurdo has not served as a director of any listed companies other than 
Ramsay Health Care Limited.
⇨ Full bio at ramsayhealth.com/en/about/james-mcmurdo
Ramsay Health Care Annual Report 2024
69
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Karen Penrose 
B.Com (UNSW) 
CPA FAICD
Non-
Executive Director
Appointed 01/03/20
Independent
Karen Penrose has had an extensive executive career in leadership and CFO roles, mainly in financial
services. She is well-versed in financial management, customer outcomes and operating in a rapidly 
changing regulatory environment which stems from 20 years in banking with Commonwealth Bank and 
HSBC and eight years as a listed-company CFO.
Ms Penrose has been a full-time director since 2014 and is an experienced committee chair of audit and risk. 
In addition to being a Non-Executive Director of Ramsay, Ms Penrose also serves as a Director of Ramsay 
Générale de Santé and as a member of their Audit Committee, and as a Director of Bank of Queensland 
and Cochlear. She is a member of Chief Executive Women and she is also on the Boards of NSW Waratahs 
Limited, Waratahs Rugby Pty Limited and Marshall Investments Pty Limited.
In the past three years, Ms Penrose has served as a Director of the following listed companies:
• Bank of Queensland (appointed November 2015)
• Ramsay Santé (appointed February 2021)
• Cochlear Limited (appointed July 2022)
• Vicinity Centres (resigned September 2022)
• Estia Health Limited (resigned December 2023; Estia Health subsequently delisted on 18 December 2023)
• Reece Limited (resigned September 2024)
⇨ Full bio at ramsayhealth.com/en/about/karen-penrose
Steven Sargent 
BBUS FAICD
Non-
Executive Director
Appointed 25/11/21
Independent
Steven Sargent’s executive career included 22 years at General Electric, where he gained extensive multi-
industry, international experience leading businesses in industries including healthcare, energy and financial
services across the USA, Europe and Asia Pacific.
Mr Sargent is currently a Non-Executive Director of Origin Energy Limited and Chair of infection 
prevention company Nanosonics Limited. His unlisted board activities include Chairman of The Origin 
Energy Foundation Limited, Origin’s philanthropic arm, and Non-Executive Director of The Great Barrier 
Reef Foundation.
As well as holding a Bachelor of Business from Charles Sturt University, Mr Sargent is also a Fellow with the 
Australian Institute of Company Directors.
In the past three years, Mr Sargent has served as a Director of the following listed companies:
• Origin Energy Limited (appointed May 2015)
• Nanosonics Limited (appointed July 2016)
• OFX Group Limited (resigned August 2022)
⇨ Full bio at ramsayhealth.com/en/about/steven-sargent
Helen Kurincic
MBA FAICD FGIA
Non-
Executive Director
Appointed 01/03/24
Independent
Helen Kurincic joined the Board in March 2024 and brings significant operational, executive and board-level 
experience in a range of Australian based healthcare organisations.
In addition to serving on the Ramsay Board, Ms Kurincic is currently Chair of McMillan Shakespeare and a 
director of Carlton Football Club. Ms Kurincic's previous health sector roles include Non-Executive Director 
of private health insurer HBF Health, Estia Health, Integral Diagnostics (Chair), Sirtex Medical, Domain 
Principal Group, public hospital service provider Melbourne Health, Orygen Youth Mental Health Research 
Centre and DCA Group. Past management roles include Chief Operating Officer of Genesis Care from its 
early inception growing and developing the radiation oncology and cardiology company across Australia, 
Chief Executive Officer of Heart Care Victoria and Chief Executive Officer of the aged care provider Benetas.
Since beginning her career as an intensive care nurse, Ms Kurincic has been passionate about transforming 
healthcare and was actively involved in government policy reform, including as the first non-pharmacist 
appointed to, and subsequently Chair, the Professional Programs & Services Advisory Committee providing 
advice and recommendations to the Federal Minister for Health in relation to pharmacy programs and 
services funded under the Fourth Community Pharmacy Agreement. Ms Kurincic holds a Master of Business 
Administration from Victoria University. She is also a Fellow of the Australian Institute of Company Directors 
and the Governance Institute of Australia.
In the past three years, she has served as a Director of the following listed companies:
• McMillan Shakespeare (appointed September 2018)
• Estia Health (resigned December 2023; Estia Health subsequently delisted on 18 December 2023)
• Integral Diagnostics (resigned November 2023)
⇨ Full bio at ramsayhealth.com/en/about/helen-kurincic
70
Ramsay Health Care Annual Report 2024

Henrietta Rowe 
B.Econ (Soc 
Sci) (Hons), 
LLB (Hons), 
FGIA, MAICD
Group General 
Counsel & 
Company Secretary
Appointed 25/06/19
Henrietta Rowe is responsible for the Group legal, governance and secretariat functions.
Ms Rowe has more than 15 years’ experience with leading global law firm, Herbert Smith Freehills, and 
in-house at the Commonwealth Bank of Australia, specialising in corporate governance, mergers and 
acquisitions and capital management.
She holds a Bachelor of Economics (Social Sciences) (Honours) and a Bachelor of Laws (Honours) from the 
University of Sydney, is a Fellow of the Governance Institute of Australia and a member of the Australian 
Institute of Company Directors Law Committee.
⇨ Full bio at ramsayhealth.com/en/about/henrietta-rowe
Board of Directors Skills Matrix
Our Board comprises nine directors, a majority of whom are independent Non-Executive Directors. Ramsay aims to maintain a Board 
that comprises Directors who are able to understand effectively and manage the issues arising in the Company’s business, review and 
challenge the performance of management and optimise the Company’s performance.
 
Sectors/Activities, Specific Skills and Experience
Health Care
Operational or technical experience 
in the health care industry and 
international health systems.
Workplace 
Health and 
Safety
Ability to oversee the proactive 
management of workplace health and 
safety practices.
Global 
Experience
Ability to manage and oversee 
an organisation’s business and 
strategic objectives from an 
international perspective.
Consumer 
Focus
Ability to oversee a strong consumer-
focused culture committed to 
achieving consumer outcomes.
Strategy and 
transformation
Ability to identify and critically 
assess strategic opportunities 
and threats; to develop and 
implement successful strategies; 
and to oversee organisational 
transformation to create sustained, 
business outcomes.
Operational 
Experience in 
Major 
Business
Ability to manage and oversee 
business operations and deliver 
sustained business success.
Public Policy 
and 
Regulatory 
Affairs
Ability to influence public policy 
development and manage the 
implications of public and 
regulatory policy.
Governance
Ability to assess governance, 
environmental and social issues and 
the effectiveness of organisational 
policies and procedures.
Capital 
Management 
and Finance
Ability to assess financial
performance, analyse financial
statements and implement effective
internal financial and risk controls.
Risk 
Management
Ability to identify and manage 
key risks, including regulatory, 
financial and non-financial risks, to 
an organisation.
Technology 
and 
Disruption
Ability to leverage technological 
developments to support growth 
and drive competitive advantage, 
including driving transformation and 
responding to digital disruption.
Mergers and 
Acquisitions
Ability to assess strategic 
M&A opportunities and oversee 
execution/completion.
People and 
Culture
Ability to set and communicate 
corporate culture, motivate key 
talent, oversee management and 
evaluate the suitability of CEOs and 
other key executives.
Ramsay Health Care Annual Report 2024
71
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Directors’ meetings
The number of scheduled Board and committee meetings held during the financial year ending 30 June 2024 and the number of 
meetings attended by each of the Directors during this period is set out in the table below.
Name
Board
Audit 
Committee
Risk 
Management 
Committee
People & 
Remuneration 
Committee
Nomination & 
Governance 
Committee
Held1 
(Attended2)
Held1 
(Attended2)
Held1 
(Attended2)
Held1 
(Attended2)
Held1 
(Attended2)
David Thodey3
10 (10)
5 (5)
-
3 (3)
3 (3)
Craig McNally
10 (10)
-
-
-
-
Michael Siddle
10 (10)
-
-
7 (7)
3 (3)
Alison Deans
10 (10)
-
-
7 (7)
3 (3)
Claudia Süssmuth Dyckerhoff
10 (9)
-
4 (4)
-
-
James McMurdo
10 (10)
7 (6)
-
-
-
Karen Penrose
10 (10)
7 (7)
4 (4)
-
-
Steven Sargent4
10 (10)
-
4 (4)
4 (4)
-
Helen Kurincic5
4 (4)
2 (2)
-
-
-
1
Indicates the number of meetings held during the financial year ending 30 June 2024, while the Director was a member of the Board or Committee.
2 Indicates the number of meetings the Director attended during the financial year ending 30 June 2024, while the Director was a member of the Board or Committee.
3 D. Thodey was replaced as a member of the People & Remuneration Committee and Audit Committee on 1 March 2024.
4 S. Sargent was appointed as a member of the People & Remuneration Committee on 1 March 2024.
5 H. Kurincic was appointed as a Non-Executive Director and member of the Audit Committee on 1 March 2024.
Directors’ relevant interests
Details of Director’s holdings in the share capital of the Company as at the date of this Report are as follows:
Name
Ordinary shares
Convertible Adjustable Rate 
Equity Securities (CARES)
Rights over Ordinary 
Shares
David Thodey
17,546
700
-
Craig McNally
392,236
-
114,439
Michael Siddle
3,905,919
-
-
Alison Deans
5,705
1,402
-
Claudia Süssmuth Dyckerhoff
6,205
-
-
James McMurdo
4,964
-
-
Karen Penrose
5,330
-
-
Steven Sargent
5,325
-
-
Helen Kurincic
5,816
-
-
Remuneration report
The Remuneration Report in Section 4 on pages 46 to 66 of this Annual Report is incorporated into, and forms part of, this 
Directors’ Report.
Operating and financial review
Information on the operations of the Group during the financial year, the results of those operations, the Group’s financial position and its 
business strategies and prospects is set out in the Operating and Financial Review (OFR) in Section 3 on pages 33 to 45 of this Annual 
Report and is incorporated into, and forms part of, this Directors’ Report.
Operating environment and key risks
Information on the key risks of the Group, together with relevant mitigation strategies, are set out in Operating Environment and Key Risks 
in Section 2 on pages 14-18 of this Annual Report and are incorporated into, and form part of, this Directors’ Report.
Principal activities
During the year, the principal activity of the Group was to own and operate hospitals and health care services in over 530 locations across 
Australia and globally. There were no significant changes in the nature of the Company’s activities during the year.
72
Ramsay Health Care Annual Report 2024

State of affairs
Other than as referred to in the OFR, there have been no significant changes in the Group’s state of affairs during the year.
Likely developments and expected results
Likely developments in the operations of the Group and the expected results of those operations are set out in the OFR in Section 3 on 
pages 33 to 45 this Annual Report and is incorporated into, and forms part of, this Directors’ Report.
Matters subsequent to the end of the financial year
Other than loan refinancing activities by Ramsay Santé (refer to Note 20 for further information), there have been no significant events 
after the reporting date that may significantly affect the Group’s operations in future years, the results of these operations in future years 
or the Group’s state of affairs in future years.
Dividends
Dividends paid or recommended for payment on ordinary shares are as follows:
• Final dividend recommended @ 40.0 cents per share (2023: 25.0 cents). Total of $91.6 million (2023: $57.1 million).
• Interim dividend paid during the year @ 40.0 cents per share (2023: 50.0 cents). Total of $91.5 million (2023: $114.0 million).
Dividends paid or recommended for payment on CARES are as follows:
• October dividend recommended @ $3.3047 per security (2023: $3.0614). Total of $8.6 million (2023: $8.0 million).
• April dividend paid during the year @ $3.3287 per security (2023: $2.9337). Total of $8.7 million (2023: $7.7 million).
The tax rate at which dividends have been franked and recommended dividends will be franked is 30% (2023: 30%).
Environmental regulation
The activities of the Group are subject to a range of environmental regulations under state and federal laws. The Group also holds 
licences from the Environment Protection Regulatory Bodies applicable to hospitals for the maintenance of a safe environment. While the 
Group has not incurred any significant liabilities under any significant environmental regulation during the financial year, Brisbane City 
Council issued a Penalty Infringement Notice relating to the release of diesel into stormwater drains from Greenslopes Private Hospital. 
Ramsay Health Care Australia satisfied the requirements of the Notice and is in the process of undertaking remediation works for the 
diesel storage tanks at Greenslopes Private Hospital.
Non-audit services
Ernst & Young received or are due to receive $287,936 for the provision of non-audit services. Refer to Note 22 for further information. 
The Board is satisfied that the provision of non-audit services during the year by Ernst & Young is compatible with, and did not 
compromise, the auditor independence requirements of the Corporations Act 2001 (Cth) for the following reasons:
1. all non-audit services provided by Ernst & Young were reviewed and approved to ensure they do not impact the integrity and objectivity 
of the auditor; and
2. the nature and scope of each type of non-audit service provided means that auditor independence was not compromised.
Indemnification and insurance of directors and officers
The Company’s Constitution requires the Company to indemnify any person who is, or has been, an officer of the Company, including 
the Directors and other executive officers, against the liabilities incurred while acting as such officers to the extent permitted by law. In 
accordance with the Company’s Constitution, the Company has entered into a Deed of Indemnity, Insurance and Access with each of the 
Company’s Directors and certain executives. No Ramsay Director or officer of the Company has received benefits under an indemnity 
from the Company during or since the end of the financial year.
The Company agrees to pay a premium in respect of a contract insuring current and former directors and executives of the Company 
and its subsidiaries against liability that they may incur as an officer of the Company or any of its subsidiaries, including liability for costs 
and expenses incurred by them in defending civil or criminal proceedings involving them as such officers, with certain exceptions. It is a 
condition of the insurance contract that no details of the premiums payable or the nature of the liabilities insured are disclosed.
Indemnification of auditor
As part of the Company’s terms of engagement with Ernst & Young, the Company has agreed to indemnify Ernst & Young to the extent 
permitted by law and professional regulations, against any losses, liabilities, costs or expenses incurred by Ernst & Young where they arise 
Ramsay Health Care Annual Report 2024
73
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

out of or occur in relation to any negligent, wrongful or wilful act or omission by Ramsay. No payment has been made to Ernst & Young by 
Ramsay pursuant to this indemnity, either during or since the end of the financial year.
Proceedings on behalf of the Company
No application has been made under section 237 of the Corporations Act 2001 (Cth) in respect of the Company, and there are no 
proceedings that a person has brought or intervened in on behalf of the Company under that section.
Rounding
The amounts contained in this report and in the financial report have been rounded off to the nearest hundred thousand unless otherwise 
specified under the option available to the Company under ASIC Corporations (Rounding in Financial / Directors’ Reports) Instrument 
2016/191. The Company is an entity to which the Instrument applies.
Approval
Signed in accordance with a resolution of the Directors.
 
D. THODEY
Chair
C.R. McNALLY
 
Managing Director and Chief Executive Officer
Sydney, 19 September 2024
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Ramsay Health Care Annual Report 2024

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
 
 
 
 
 
 
 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Auditor’s independence declaration to the Directors of Ramsay Health Care 
Limited 
 
As lead auditor for the audit of the financial report of Ramsay Health Care Limited for the financial year 
ended 30 June 2024, I declare to the best of my knowledge and belief, there have been: 
a. 
No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation 
to the audit;  
b. 
No contraventions of any applicable code of professional conduct in relation to the audit; and 
c. 
No non-audit services provided that contravene any applicable code of professional conduct in relation 
to the audit. 
This declaration is in respect of Ramsay Health Care Limited and the entities it controlled during the 
financial year. 
 
 
Ernst & Young 
 
 
 
Ryan Fisk 
Partner 
19 September 2024 
Auditor’s Independence Declaration
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Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Directors' declaration
In accordance with a resolution of the Directors of Ramsay Health Care Limited, we declare that:
In the opinion of the Directors:
a. the consolidated financial statements and notes of Ramsay Health Care Limited for the year ended 30 June 2024 are in accordance 
with the Corporations Act 2001, including:
i. giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its performance for the year ended 
on that date; and
ii. complying with Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001;
b. the consolidated financial statements and notes also comply with International Financial Reporting Standards as disclosed in the 
Overview Note;
c. the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct as at 
30 June 2024;
d. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable;
e. this declaration has been made after receiving the declarations required to be made to the Directors in accordance with section 295A 
of the Corporations Act 2001 for the financial year ended 30 June 2024;
f. as at the date of this declaration, there are reasonable grounds to believe that the members of the Closed Group identified in Note 24 
will be able to meet any obligations or liabilities to which they are or may become subject, by virtue of the Deed of Cross Guarantee.
On behalf of the Board
D. THODEY
Chair
C.R. McNALLY
 
Managing Director and Chief Executive Officer
Sydney, 19 September 2024
76
Ramsay Health Care Annual Report 2024

6 Financial Results
Contents
CONSOLIDATED INCOME STATEMENT
78
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
79
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
80
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
81
CONSOLIDATED STATEMENT OF CASH FLOWS
82
NOTES TO THE FINANCIAL STATEMENTS
83
OVERVIEW
83
a
Basis of preparation
83
b
New and amended accounting standards and 
interpretations, effective 1 July 2023
83
c
Accounting standards and interpretations issued or 
amended but not yet effective
83
d
Basis of consolidation
83
e
Significant accounting judgements, estimates 
and assumptions
84
f
Current versus non-current classification
84
g
Foreign currency translation
84
I RESULTS FOR THE YEAR
85
1
Segment information
85
2
Revenue and other income
87
3
Expenses
89
4
Dividends
90
5
Earnings per share
91
II CAPITAL – FINANCING
92
6
Equity
93
7
Net debt
95
III ASSETS AND LIABILITIES – OPERATING AND 
INVESTING
104
8
Working capital
104
9
Business combinations
107
10
Property, plant and equipment
109
11
Right of use assets
111
12
Intangible assets
112
13
Impairment testing of goodwill
114
14
Taxes
116
15
Other assets/liabilities (net)
120
16
Net tangible assets/(liabilities)
125
IV RISK MANAGEMENT
126
17
Financial risk management
126
V OTHER INFORMATION
130
18
Share based payment plans
130
19
Capital commitments and contingent liabilities
132
20
Subsequent events
132
21
Related party transactions
133
22
Auditors’ remuneration
134
23
Information relating to subsidiaries
135
24
Closed group
138
25
Parent entity information
140
26
Material partly–owned subsidiaries
140
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Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Consolidated Income Statement
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Note
$m
$m
CONTINUING OPERATIONS
Revenue from contracts with customers
2.a
16,660.2
14,963.9
Interest income
2.c
7.0
39.9
Other income – income from government grants
2.b
99.6
290.2
Other income – income from sale of development assets
2.c
5.2
14.9
Other Income – net profit on disposal of non-current assets and acquisition 
of businesses
2.c
7.1
60.3
Total revenue and other income
16,779.1
15,369.2
Employee benefit and contractor costs
3
(9,649.7)
(8,820.3)
Occupancy costs
(673.8)
(610.7)
Service costs
(608.0)
(541.1)
Medical consumables and supplies
(3,713.4)
(3,347.7)
Depreciation, amortisation and impairment
3
(1,128.1)
(1,000.8)
Cost of development assets sold
(1.5)
(7.3)
Total expenses, excluding finance costs
(15,774.5)
(14,327.9)
Profit before tax and finance costs
1,004.6
1,041.3
Finance costs
3
(620.0)
(514.2)
Profit before income tax
384.6
527.1
Income tax
14
(121.3)
(181.5)
Profit after tax from continuing operations
263.3
345.6
DISCONTINUED OPERATIONS
Profit after tax from discontinued operations
15.a
618.1
19.9
Net profit after tax for the year
881.4
365.5
Attributable to non-controlling interests
(7.3)
67.4
Attributable to owners of the parent
888.7
298.1
881.4
365.5
Cents per 
Share
Cents per 
Share
Earnings per share (EPS) attributable to equity holders of the parent
Basic earnings per share (after CARES dividend)
5
381.6
125.1
Diluted earnings per share (after CARES dividend)
5
380.9
124.8
Earnings per share (EPS) attributable to equity holders of the parent from 
continuing operations
Basic earnings per share (after CARES dividend)
5
111.1
116.4
Diluted earnings per share (after CARES dividend)
5
110.9
116.1
The above Consolidated Income Statement should be read in conjunction with the accompanying notes.
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Ramsay Health Care Annual Report 2024

Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
$m
$m
Net profit after tax for the year
881.4
365.5
Items that will not be reclassified to net profit
Actuarial (loss)/gain on defined employee benefit obligation
(21.5)
42.9
Items that may be subsequently reclassified to net profit
Cash flow hedges
Taken to equity
(7.7)
(41.3)
Transferred to Income Statement
(16.5)
5.3
Foreign currency translation
17.0
209.2
Income tax benefit/(expense) relating to these items
5.7
(50.9)
Other comprehensive (loss)/income, net of tax
(23.0)
165.2
Total comprehensive income
858.4
530.7
Attributable to non-controlling interests
(15.1)
93.8
Attributable to owners of the parent
873.5
436.9
858.4
530.7
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
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Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Consolidated Statement of Financial Position
AS AT 30 JUNE 2024
2024
2023
Note
$m
$m
ASSETS
Current assets
Cash and cash equivalents
7.a
662.3
656.1
Trade and other receivables
8.a
2,516.5
2,266.9
Inventories
8.b
379.4
388.6
Derivative financial instruments
7.d
31.8
64.5
Income tax receivables
14
6.1
48.7
Prepayments
234.3
191.7
Other current assets
42.4
28.3
3,872.8
3,644.8
Assets held for sale
15.a
-
251.0
Total current assets
3,872.8
3,895.8
Non-current assets
Other financial assets
94.1
83.6
Property, plant and equipment
10
5,383.6
5,238.1
Right of use assets
11
4,775.4
4,949.1
Intangible assets
12
6,139.9
6,163.7
Deferred tax assets
14
417.1
443.7
Prepayments
10.3
10.6
Derivative financial instruments
7.d
17.6
63.6
Defined employee benefit assets
15.d
70.4
55.1
Other receivables
8.a
112.8
126.9
Total non-current assets
17,021.2
17,134.4
TOTAL ASSETS
20,894.0
21,030.2
LIABILITIES
Current liabilities
Trade and other creditors
8.c
3,361.4
3,153.9
Loans and borrowings
7.b
134.1
69.9
Lease liabilities
7.c
471.6
416.9
Derivative financial instruments
7.d
0.1
-
Provisions
15.b
117.5
125.8
Income tax payables
14
95.6
43.9
Total current liabilities
4,180.3
3,810.4
Non-current liabilities
Loans and borrowings
7.b
4,949.9
5,861.5
Lease liabilities
7.c
5,382.5
5,538.0
Provisions
15.b
343.1
367.5
Defined employee benefit liabilities
15.d
173.5
172.6
Derivative financial instruments
7.d
3.7
-
Other creditors
58.7
98.3
Deferred tax liabilities
14
274.8
358.7
Total non-current liabilities
11,186.2
12,396.6
TOTAL LIABILITIES
15,366.5
16,207.0
NET ASSETS
5,527.5
4,823.2
EQUITY
Issued capital
6.a
2,246.8
2,216.4
Treasury shares
6.b
(63.0)
(67.8)
Convertible Adjustable Rate Equity Securities (CARES)
6.c
252.2
252.2
Other reserves
(38.6)
(32.7)
Retained earnings
2,500.2
1,786.7
Parent interests
4,897.6
4,154.8
Non-controlling interests
629.9
668.4
TOTAL EQUITY
5,527.5
4,823.2
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
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Ramsay Health Care Annual Report 2024

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024
Attributable to Equity Holders of the Parent
Issued 
Capital 
(Note 6.a)
Treasury 
Shares 
(Note 6.b)
CARES 
(Note 6.c)
Other 
Reserves
Retained 
Earnings
Non-
controlling 
Interests
Total
$m
$m
$m
$m
$m
$m
$m
As at 1 July 2023
2,216.4
(67.8)
252.2
(32.7)
1,786.7
668.4
4,823.2
Total Comprehensive Income
-
-
-
(5.3)
878.8
(15.1)
858.4
Dividends paid
-
-
-
-
(165.3)
(23.4)
(188.7)
Shares issued – Dividend 
Reinvestment Plan
30.4
-
-
-
-
-
30.4
Treasury shares vesting to employees
-
4.8
-
(4.8)
-
-
-
Share based payment expense 
for employees
-
-
-
4.2
-
-
4.2
As at 30 June 2024
2,246.8
(63.0)
252.2
(38.6)
2,500.2
629.9
5,527.5
As at 1 July 2022
2,197.6
(72.4)
252.2
(152.6)
1,708.7
592.7
4,526.2
Total Comprehensive Income
-
-
-
121.4
315.5
93.8
530.7
Dividends paid
-
-
-
-
(237.5)
(18.1)
(255.6)
Shares issued – Dividend 
Reinvestment Plan
18.8
-
-
-
-
-
18.8
Treasury shares vesting to employees
-
4.6
-
(4.6)
-
-
-
Share based payment expense 
for employees
-
-
-
3.1
-
-
3.1
As at 30 June 2023
2,216.4
(67.8)
252.2
(32.7)
1,786.7
668.4
4,823.2
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Note
$m
$m
Cash flows from operating activities
Receipts from customers
16,450.3
14,990.4
Receipts of government grants
58.7
390.3
Payments to suppliers and employees
(14,507.3)
(13,401.1)
Income tax paid
14
(124.2)
(234.2)
Lease finance costs
3
(280.5)
(253.0)
Other finance costs
(304.2)
(212.8)
Net cash flows from operating activities
7.a
1,292.8
1,279.6
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets
(753.8)
(720.9)
Proceeds from sale of businesses and other non-current assets
6.9
73.8
Interest and dividends received
9.2
19.9
Business combinations, net of cash received
9
(12.0)
(86.6)
Proceeds from sale of interest in joint venture, net of transaction costs
15.a
926.9
-
Acquisition of investments and purchase of non-controlling interests
(17.5)
-
Net cash flows from/(used in) investing activities
159.7
(713.8)
Cash flows from financing activities
Dividends paid to equity holders of the parent
4
(134.9)
(218.7)
Dividends paid to non-controlling interests
(23.4)
(18.1)
Repayment of lease principal
(450.5)
(403.2)
Payment of refinancing costs
(15.9)
(2.0)
Proceeds from borrowings
5,262.1
2,868.8
Repayment of borrowings
(6,087.5)
(2,469.2)
Net cash flows used in financing activities
(1,450.1)
(242.4)
Net increase in cash and cash equivalents
2.4
323.4
Net foreign exchange differences on cash held
3.8
18.5
Cash and cash equivalents at the beginning of year
656.1
314.2
Cash and cash equivalents at the end of year
7.a
662.3
656.1
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
82
Ramsay Health Care Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Overview
This section sets out the basis on which the Ramsay Group’s financial report is prepared as a whole. Where a material 
accounting policy is specific to a note, the policy is described within that note.
The consolidated financial report of Ramsay Health Care Limited 
(the Group) for the year ended 30 June 2024 was authorised 
for issue on 19 September 2024 in accordance with a resolution 
of the Directors. Ramsay Health Care Limited is a for profit
company limited by shares incorporated in Australia whose shares 
are publicly traded on the Australian Securities Exchange. The 
nature of the operations and principal activities of the Group are 
described in the Directors' Report.
a Basis of preparation
This general purpose financial report:
• has been prepared in accordance with Australian Accounting 
Standards, other authoritative pronouncements of the 
Australian Accounting Standard Board (AASB) and the 
Corporations Act 2001;
• has been prepared on the basis of historical cost, except for 
derivative financial instruments measured at fair value;
• complies with International Financial Reporting Standards as 
issued by the International Accounting Standards Board;
• is presented in Australian Dollars;
• presents reclassified comparative information where necessary 
to conform to changes in presentation in the current year;
• presents all values as rounded to the nearest hundred thousand 
dollars, unless otherwise stated under the option available 
under ASIC Corporations (Rounding in Financial / Directors’ 
Reports) Instrument 2016/191.
b New and amended accounting 
standards and interpretations, 
effective 1 July 2023
The Group has adopted all new and amended Australian 
Accounting Standards and Interpretations issued by the AASB 
that are relevant to the Group and effective for reporting periods 
beginning on or after 1 July 2023, all of which did not have a 
material impact on the financial statements:
• AASB 2021-2 Amendments to Australian Accounting Standards 
– Disclosure of Accounting Policies and Definition of 
Accounting Estimates [AASB 7, AASB 101, AASB 108, AASB 134 
& AASB Practice Statement 2]
• AASB 2021-5 Amendments to Australian Accounting Standards 
– Deferred Tax related to Assets and Liabilities arising from a 
Single Transaction [AASB 1 & AASB 112]
• AASB 2022-7 Editorial Corrections to Australian 
Accounting Standards and Repeal of Superseded and 
Redundant Standards
c Accounting standards and 
interpretations issued or 
amended but not yet effective
New and amended standards and interpretations issued by the 
AASB that will apply for the first time in the next annual financial
statements are not expected to impact the Group as they are 
either not relevant to the Group’s activities or require accounting 
which is consistent with the Group’s current accounting policies. 
The Group does not early adopt any Australian Accounting 
Standards and Interpretations issued or amended but are not 
yet effective.
AASB 18 Presentation and Disclosure in Financial Statements 
will apply for the annual reporting period beginning 1 July 2027. 
The Group is currently in the process of assessing the impact of 
the standard.
d Basis of consolidation
The consolidated financial statements comprise the financial
statements of Ramsay Health Care Limited (the Company, or the 
Parent Entity) and its subsidiaries (together, the Group, or the 
consolidated entity) as at and for the period ended 30 June 
each year. Control is achieved when the Group is exposed, or has 
rights, to variable returns from its involvement with the investee 
and has the ability to affect those returns through its power over 
the investee.
When the Group has less than a majority of the voting or similar 
rights of an investee, the Group considers all relevant facts 
and circumstances in assessing whether it has power over an 
investee, including:
• The contractual arrangement with the other vote holders of 
the investee
• Rights arising from other contractual arrangements
• The Group’s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee 
if facts and circumstances indicate that there are changes to 
one or more of the three elements of control. Consolidation 
of a subsidiary begins when the Group obtains control over 
the subsidiary and ceases when the Group loses control of the 
subsidiary. Assets, liabilities, income and expenses of a subsidiary 
acquired or disposed of during the year are included in the 
Consolidated Financial Statements from the date the Group gains 
control until the date the Group ceases to control the subsidiary.
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d Basis of consolidation 
(Continued)
Profit or loss and each component of Other Comprehensive 
Income (OCI) are attributed to the equity holders of the parent of 
the Group and to the non-controlling interests, even if this results 
in the non-controlling interests having a deficit balance. When 
necessary, adjustments are made to the financial statements 
of subsidiaries to bring their accounting policies in line with 
the Group’s accounting policies. All intra-group assets and 
liabilities, equity, income, expenses and cash flows relating to 
transactions between members of the Group are eliminated in full 
on consolidation.
A change in the ownership interest of a subsidiary, without a 
loss of control, is accounted for as an equity transaction. If the 
Group loses control over a subsidiary, it derecognises the related 
assets (including goodwill), liabilities, non-controlling interests and 
other components of equity while any resultant gain or loss is 
recognised in profit or loss. Any investment retained is recognised 
at fair value.
e Significant accounting 
judgements, estimates and 
assumptions
In applying the Group’s accounting policies, management has 
made a number of judgements, estimates and assumptions 
concerning the future. The key judgements, estimates and 
assumptions that are material to the financial statements relate 
to the following areas:
Note 2.b
Other income – income from 
government grants
Page 87
Note 7.c
Lease liabilities
Page 99
Note 9
Business combinations
Page 107
Note 10
Property, plant and equipment
Page 109
Note 12
Intangible assets
Page 112
Note 13
Impairment testing of goodwill
Page 114
Note 14
Taxes
Page 116
Note 15.b
Provisions
Page 122
Note 15.d
Defined employee 
benefit obligation
Page 124
Note 18
Share based payment plans
Page 130
f Current versus non-current 
classification
The Group presents assets and liabilities in the Consolidated 
Statement of Financial Position based on current/non-current 
classification. An asset is current when it is:
• Expected to be realised or intended to be sold or consumed in 
the normal operating cycle
• Expected to be realised within twelve months after the 
reporting period
• Held primarily for trading, or
• Cash and cash equivalent unless restricted from being 
exchanged or used to settle a liability for at least twelve months 
after the reporting period.
All other assets are classified as non-current.
A liability is current when:
• It is expected to be settled in the normal operating cycle
• It is due to be settled within twelve months after the 
reporting period
• Held primarily for trading, or
• There is no unconditional right to defer the settlement of the 
liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current 
assets and liabilities.
g Foreign currency translation
Both the functional and presentation currency of Ramsay Health 
Care Limited and its Australian subsidiaries is Australian dollars 
(A$). Each entity in the Group determines its own functional 
currency and items included in the financial statements of each 
entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded in the 
functional currency by applying the exchange rates ruling at 
the date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of 
exchange ruling at the reporting date.
Non-monetary items that are measured in terms of historical cost 
in a foreign currency are translated using the exchange rate as at 
the date of the initial transaction. Non-monetary items measured 
at fair value in a foreign currency are translated using the 
exchange rates at the date when the fair value was determined.
The functional currencies of material overseas subsidiaries are: 
British pounds for the UK entities and Euro for the French entities. 
As at the reporting date the assets and liabilities of the overseas 
subsidiaries are translated into the presentation currency of 
Ramsay Health Care Limited at the rate of exchange ruling at 
the reporting date and the Income Statements are translated at 
the weighted average exchange rates for the year. The exchange 
differences arising on the translation are taken directly to a 
separate component of equity.
On disposal of a foreign entity, the deferred cumulative amount 
recognised in equity relating to that particular foreign operation is 
recognised in the Income Statement.
84
Ramsay Health Care Annual Report 2024

I Results for the Year
This section provides additional information on the Group results for the year, including further detail on results by 
segment, revenue, expenses, earnings per share and dividends.
1 Segment information
The Managing Director examines the Group’s performance and allocates resources from a geographic perspective 
and has identified four different business units. The segment information discloses the financial performance and total 
assets and liabilities of each operating business.
Identification of reportable segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Managing Director (the 
chief operating decision maker) in assessing performance and in determining the allocation of resources.
The operating segments are identified by management based primarily on the country in which the service is provided, as this is the 
Group’s major risk and has the most effect on the rate of return, due to differing currencies and differing health care systems in the 
respective countries. The Group has four reportable operating segments being Australia, UK, France and Nordics.
Discrete financial information about each of these operating businesses is reported to the Managing Director on at least a monthly basis.
Types of services
The reportable operating segments derive their revenue primarily from providing health care services to both public and private patients 
in the community.
Accounting policies and inter-segment transactions
Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. 
Segment revenue, segment expense and segment results include transfers between the segments. These transfers are eliminated 
on consolidation.
The accounting policies used by the Group in reporting segments are the same as those contained throughout the accounts and in 
prior periods.
Segment assets and liabilities
Australia
$m
UK
$m
France
$m
Nordics
$m
Adjustments
&
Eliminations
$m1
Total
$m
As at 30 June 2024
Segment assets
9,567.6
5,367.2
9,263.3
3,421.3
(6,725.4)
20,894.0
Segment liabilities
(3,844.2)
(5,272.1)
(7,573.0)
(1,707.6)
3,030.4
(15,366.5)
As at 30 June 2023
Segment assets
8,903.5
5,199.3
10,179.3
2,800.7
(6,052.6)
21,030.2
Segment liabilities
(4,042.7)
(5,047.6)
(7,829.8)
(1,623.6)
2,336.7
(16,207.0)
1
Adjustments and eliminations consist of investments in subsidiaries and intercompany balances, which are eliminated on consolidation.
 
Segment revenue reconciliation to Income Statement
2024
2023
$m
$m
Total segment revenue and other income
16,780.2
15,339.1
Intersegment revenue elimination
(8.1)
(9.8)
Interest income
7.0
39.9
Total revenue and other income
16,779.1
15,369.2
Ramsay Health Care Annual Report 2024
85
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

1 Segment information (Continued)
Segment financial performance
Australia
UK
France
Nordics
Total
$m
$m
$m
$m
$m
Year ended 30 June 2024
Revenue from contracts with customers
6,042.3
2,360.8
5,663.5
2,593.6
16,660.2
Other income – income from government grants
-
-
99.6
-
99.6
Other income – income from sale of development assets
5.2
-
-
-
5.2
Other Income – net profit on disposal of non-current assets and 
acquisition of businesses
6.0
-
1.1
-
7.1
Total revenue and other income before intersegment revenue
6,053.5
2,360.8
5,764.2
2,593.6
16,772.1
Intersegment revenue
8.1
-
-
-
8.1
Total segment revenue and other income
6,061.6
2,360.8
5,764.2
2,593.6
16,780.2
Earnings before interest, tax, depreciation, amortisation and 
rent (EBITDAR)1
813.1
318.4
852.6
292.3
2,276.4
Rent2
(10.7)
(4.4)
(117.4)
(18.2)
(150.7)
Earnings before interest, tax, depreciation and 
amortisation (EBITDA)3
802.4
314.0
735.2
274.1
2,125.7
Depreciation, amortisation and impairment
(229.9)
(153.4)
(543.6)
(201.2)
(1,128.1)
Earnings before interest and tax (EBIT)4
572.5
160.6
191.6
72.9
997.6
Net finance costs
(613.0)
Income tax expense
(121.3)
Profit after tax from continuing operations
263.3
Attributable to non-controlling interests
7.3
Net profit from continuing operations attributable to owners of 
the parent
270.6
Year ended 30 June 2023
Revenue from contracts with customers
5,682.9
1,941.2
5,007.6
2,332.2
14,963.9
Other income – income from government grants
-
-
277.4
12.8
290.2
Other income – income from sale of development assets
14.9
-
-
-
14.9
Other Income – net profit on disposal of non-current assets and 
acquisition of businesses
3.4
-
6.2
50.7
60.3
Total revenue and other income before intersegment revenue
5,701.2
1,941.2
5,291.2
2,395.7
15,329.3
Intersegment revenue
9.8
-
-
-
9.8
Total segment revenue and other income
5,711.0
1,941.2
5,291.2
2,395.7
15,339.1
Earnings before interest, tax, depreciation, amortisation and 
rent (EBITDAR)1
797.0
208.9
862.9
280.8
2,149.6
Rent2
(10.7)
(2.6)
(111.6)
(22.5)
(147.4)
Earnings before interest, tax, depreciation and 
amortisation (EBITDA)3
786.3
206.3
751.3
258.3
2,002.2
Depreciation, amortisation and impairment
(229.8)
(142.5)
(457.6)
(170.9)
(1,000.8)
Earnings before interest and tax (EBIT)4
556.5
63.8
293.7
87.4
1,001.4
Net finance costs
(474.3)
Income tax expense
(181.5)
Profit after tax from continuing operations
345.6
Attributable to non-controlling interests
(67.4)
Net profit from continuing operations attributable to owners of 
the parent
278.2
1
"EBITDAR" is a non-statutory profit measure and represents profit before interest, tax, depreciation, amortisation, impairment and rent.
2 Rent includes rental costs of short term or low value assets together with any related rent costs, including rent related taxes that could not be capitalised as part of lease liabilities.
3 "EBITDA" is a non-statutory profit measure and represents profit before interest, tax, depreciation, amortisation and impairment.
4 "EBIT" is a non-statutory profit measure and represents profit before interest and tax.
86
Ramsay Health Care Annual Report 2024

2 Revenue and other income
The Group primarily derives revenue from providing health care and related services to both public and private patients 
in the community.
2.a Revenue from contracts with customers
2024
2023
$m
$m
Revenue from patients
16,038.5
14,379.6
Revenue from governments under COVID support contracts
-
1.7
Rental revenue
100.0
99.2
Revenue from ancillary services
521.7
483.4
Revenue from contracts with customers
16,660.2
14,963.9
Accounting Policies
Revenue is recognised and measured at the amount of the consideration received or receivable to the extent that the 
performance obligations under contracts have been satisfied and the revenue can be reliably measured. The following specific 
recognition criteria must also be met before revenue is recognised:
Revenue from patients
Revenue from patients is recognised on the date on which the services are provided to the patient.
Rental revenue
Rental income is accounted for on a straight-line basis over the lease term. Contingent rental income is recognised as income in 
the periods in which it is earned. Lease incentives granted are recognised in the Income Statement as an integral part of the total 
rental income.
Revenue from ancillary services
Income from ancillary services is recognised on the date the services are provided to the customer.
2.b Other income – income from government grants
2024
2023
$m
$m
Other income – income from government grants
99.6
290.2
Accounting Policies
Income from Government Grants
Government grants are recognised when there is reasonable assurance that the grant will be received and all the attached 
conditions will be complied with. Grants are accounted for on a gross basis in revenue and expenses, by the Group. Where 
retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. 
When the criteria for retention have been satisfied, the deferred income balance is recognised as other income.
Ramsay Health Care Annual Report 2024
87
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

2 Revenue and other income (Continued)
Key Accounting Judgements, Estimates and Assumptions
Ramsay Santé's facilities and hospitals in France continued to operate under the French government's revenue guarantee, which 
supported the healthcare facilities for the use of their facilities and services during the COVID pandemic and continued to help 
offsetting its negative effects on activity subsequent to that period.
The French government has extended its support for the sector with the introduction of an activity‑adjusted guarantee for the 
calendar year up to 31 December 2023, with the exception of mental health and rehabilitation activities, which are now outside 
its scope due to their new allocation‑based funding structure.  This modified guarantee amounts to 70% of the amount of the 
revenue guarantee notified for 2022 (adjusted for 2023 tariffs) plus 30% of the invoicing for activity carried out for 2023.  The 
guarantee has been prolonged for the calendar year up to 31 December 2024 and amounts to 50% of the amount of the revenue 
guarantee notified for 2022 (adjusted for 2023 and 2024 tariffs) plus 50% of the invoicing for activity carried out for 2024.  The 
activity‑adjusted revenue guarantee has been legislated up until 31 December 2025.
The guarantee is assessed on a facility by facility basis and is calculated based on activity for the entire calendar year covered by 
the decree.
As the final square up of the revenue guarantee for the year ended 30 June 2024 will not be performed until FY25 and FY26, 
the grant income recognised for Ramsay Santé is accrued on the amount we are reasonably assured will be received at the time 
of issuing the Ramsay Group financial statements to the extent the attached conditions have been complied with. This may result 
in a different amount being received. Any resulting difference will be recognised in the Ramsay Group results in the period the 
square up is performed.
2.c Other income - miscellaneous
2024
2023
$m
$m
Interest income
7.0
39.9
Other income – income from sale of development assets
5.2
14.9
Other Income – net profit on disposal of non-current assets and acquisition of businesses
7.1
60.3
19.3
115.1
Accounting Policies
Interest income
Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost 
of a financial asset and allocating the interest income over the relevant period using the effective interest rate (EIR), which is 
the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying 
amount of the financial asset.
Income from sale of development assets
Income from sale of development assets is recognised when the control of the development asset is transferred to the purchaser.
Net profit on disposal of non-current assets
Non-current assets include Property, plant and equipment and Intangible assets. Refer to Note 10 and Note 12 for details on the 
accounting policies.
Net profit on acquisition of businesses
When the amounts of:
• the consideration transferred,
• any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interest in the acquired entity
are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the 
Income Statement as a bargain purchase.
88
Ramsay Health Care Annual Report 2024

3 Expenses
A breakdown of specific expenses helps users understand the financial performance of the Group.
2024
2023
Note
$m
$m
(i) Depreciation
Depreciation – Plant and equipment
10
345.3
322.5
Depreciation – Buildings
10
178.0
169.8
Depreciation – Right of use assets – Leased property
11
415.3
366.8
Depreciation – Right of use assets – Leased plant and equipment
11
91.3
81.2
Total
1,029.9
940.3
(ii) Amortisation
Amortisation – Service concession assets
12
21.0
22.0
Amortisation – Other
12
31.2
26.8
Total
52.2
48.8
(iii) Impairment
Impairment/(Net reversal of impairment) – Plant and equipment
10
34.7
(1.9)
Impairment/(Net reversal of impairment) – Land and buildings
10
0.3
(0.9)
Impairment – Right of use assets – Leased property
11
11.0
14.5
Total
46.0
11.7
Total depreciation, amortisation and impairment
1,128.1
1,000.8
(iv) Property rental costs (included in occupancy costs)
Expenses relating to short term leases
7.c
15.6
14.8
Expenses relating to leases of low value assets
7.c
6.7
5.3
Variable lease payments
7.c
0.9
0.8
(v) Employee benefit and contractor costs
Wages and salaries
7,976.4
7,281.4
Superannuation
269.6
237.0
Social charges and contributions on wages and salaries
1,072.2
969.0
Other employment
325.5
324.9
Share-based payments
6.0
8.0
Total
9,649.7
8,820.3
(vi) Finance costs
Interest expenses
346.6
265.4
Finance charges – Lease liability
7.c
280.5
253.0
627.1
518.4
Finance costs capitalised
(7.1)
(4.2)
Total
620.0
514.2
Accounting Policies
Finance Costs
Finance costs include interest, amortisation of discounts or premiums related to borrowings and other costs incurred in 
connection with the arrangement of borrowings. Financing costs are expensed as incurred unless they relate to a qualifying 
asset. A qualifying asset is an asset which generally takes more than 12 months to get ready for its intended use or sale. In 
these circumstances, the financing costs are capitalised to the cost of the asset. Where funds are borrowed by the Group for 
the acquisition or construction of a qualifying asset, the amount of financing costs capitalised are those incurred in relation to 
that borrowing.
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89
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

4 Dividends
Dividends are a portion of Ramsay Group’s profit that are paid out to its shareholders, in return for their investment.
Parent Entity
2024
2023
$m
$m
(i) Dividends determined and paid during the year on ordinary shares:
Current year interim dividend paid
Franked dividends – ordinary
(40.0 cents per share) (2023: 50.0 cents per share)
91.5
114.0
Previous year final dividend paid
Franked dividends – ordinary
(25.0 cents per share) (2023: 48.5 cents per share)
57.1
110.5
Total dividends paid on ordinary shares1
148.6
224.5
(ii) Dividends proposed and not recognised as a liability on ordinary shares:
Current year final dividend proposed
Franked dividends – ordinary
(40.0 cents per share) (2023: 25.0 cents per share)
91.6
57.1
(iii) Dividends determined and paid during the year on CARES:
Current year interim and previous year final dividend paid
Franked dividends – CARES
16.7
13.0
(iv) Dividends proposed and not recognised as a liability on CARES:
Current year final dividend proposed
Franked dividends – CARES
8.6
8.0
(v) Franking credit balance
The amount of franking credits available for the subsequent financial year are:
franking account balance as at the end of the financial year at 30% (2023: 30%)
920.9
890.7
franking credits that will arise from the payment of income tax payable as at the end of the 
financial year2
11.4
13.6
932.3
904.3
The amount of franking credits available for future reporting periods:
impact on the franking account of dividends proposed or determined before the financial report 
was authorised for issue but not recognised as a distribution to equity holders during the period
(42.9)
(27.9)
889.4
876.4
1
During the year the Group continued to operate its Dividend Reinvestment Plan where $30.4m (2023: $18.8m) of dividend payments were reinvested into ordinary shares of the 
Group. Refer to Note 6.a.
2 As Ramsay Health Care Ltd and its 100% owned Australian subsidiaries have formed a tax consolidated group, effective 1 July 2003, this represents the current tax payable for the 
Australian group.
The tax rate at which paid dividends have been franked is 30% (2023: 30%). $100.2 million (2023: $65.1 million) of the proposed dividends 
will be franked at the rate of 30% (2023: 30%).
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Ramsay Health Care Annual Report 2024

5 Earnings per share
Earnings per share is the portion of post-tax profit allocated to each Ramsay ordinary share.
2024
2023
Continuing 
operations
Discontinued 
operations
Total
Continuing 
operations
Discontinued 
operations
Total
$m
$m
$m
$m
$m
$m
Net profit for the year attributable 
to owners of the parent
270.6
618.1
888.7
278.2
19.9
298.1
Less: dividend paid on 
Convertible Adjustable Rate Equity 
Securities (CARES)
(16.7)
-
(16.7)
(13.0)
-
(13.0)
Profit used in calculating basic 
and diluted (after CARES dividend) 
earnings per share
253.9
618.1
872.0
265.2
19.9
285.1
2024
2023
Number of 
Shares (m)
Number of 
Shares (m)
Weighted average number of ordinary shares used in calculating basic earnings per share
228.5
227.9
Effect of dilution – share rights not yet vested
0.4
0.5
Weighted average number of ordinary shares adjusted for the effect of dilution
228.9
228.4
The share rights granted to Executives but not yet vested, have the potential to dilute basic earnings per share.
The denominator for the purpose of calculating both basic and diluted earnings per share in 2023 has been adjusted to reflect the shares 
issued under the Dividend Reinvestment Plan in 2024, at less than market value.
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of 
completion of these financial statements.
2024
2023
Continuing 
operations
Discontinued 
operations
Total
Continuing 
operations
Discontinued 
operations
Total
Cents per 
Share
Cents per 
Share
Cents per 
Share
Cents per 
Share
Cents per 
Share
Cents per 
Share
Earnings per share (EPS) 
attributable to equity holders of 
the parent
Basic earnings per share (after 
CARES dividend)
111.1
270.5
381.6
116.4
8.7
125.1
Diluted earnings per share (after 
CARES dividend)
110.9
270.0
380.9
116.1
8.7
124.8
Calculation of earnings per share
Basic earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent 
(after deducting the CARES dividend) by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share
Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent 
(after deducting the CARES dividend) by the weighted average number of ordinary shares outstanding during the year plus the 
weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into 
ordinary shares.
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91
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

II Capital – Financing
This section discusses how the Ramsay Group manages funds and maintains capital structure, including bank 
borrowings, related finance costs and access to capital markets.
How the Group manages its capital – Financing
The Group manages its capital structure with the objective of ensuring it will be able to continue as a going concern as well as maintaining 
optimal returns to shareholders and benefits for its stakeholders. The Group also aims to maintain a capital structure that is consistent with 
its targeted credit ratings, ensuring sufficient headroom is available within such ratings to support its growth strategies at an optimised 
weighted average cost of capital. Prudent liquidity reserves in the form of committed undrawn bank debt facilities or cash are maintained 
in order to accommodate its expenditures and potential market disruption.
The Group may raise or retire debt, adjust its dividend policy (including use and terms of the dividend reinvestment plan), return capital 
to shareholders, issue new shares or financial instruments containing characteristics of equity, or sell assets to reduce debt in order to 
achieve the optimal capital structure.
The Group’s capital is comprised of equity plus net debt. Net debt is calculated as interest bearing liabilities, lease liabilities, plus 
derivatives relating to debt, less cash assets.
Refer to Note 4 for details of dividends paid during, or determined for the year ended 30 June 2024.
The Group monitors its capital structure primarily by reference to its debt financial covenants and credit rating gearing metrics. Debt levels 
under the Group’s financial covenants are assessed relative to the cash operating profits (EBITDA1) of the Group that are used to service 
debt. This ratio is calculated as Net Debt/EBITDA1 and is 3.7x for the year ended 30 June 2024 (2023: 5.5x), however lending facilities 
within the Group contain calculations and thresholds specific to each facility and borrowing groups having access to such facilities.
The Group has committed senior debt funding with various maturities up to November 2033. As such, certain subsidiaries must comply 
with various financial and other undertakings in particular, the following customary financial undertakings:
• Total Net Leverage Ratio (Net Debt/EBITDA1)
• Interest Cover Ratio (EBITDA1/ Net Interest)
• Minimum Shareholders Funds
2024
2023
Details of Capital – Financing are as follows:
Note
$m
$m
Equity
6
5,527.5
4,823.2
Net Debt
7
10,230.2
11,102.1
15,757.7
15,925.3
1
EBITDA is Earnings before Interest, Tax, Depreciation and Amortisation.
92
Ramsay Health Care Annual Report 2024

6 Equity
2024
2023
Note
$m
$m
Issued capital
6.a
2,246.8
2,216.4
Treasury shares
6.b
(63.0)
(67.8)
Convertible Adjustable Rate Equity Securities (CARES)
6.c
252.2
252.2
Other reserves
(38.6)
(32.7)
Retained earnings
2,500.2
1,786.7
Non-controlling interests
629.9
668.4
5,527.5
4,823.2
6.a Issued capital
Issued capital represents the amount of consideration received for the ordinary shares issued by Ramsay Health Care 
Limited (the Company).
Issued and paid up capital
2024
2024
2023
2023
Number (m)
$m
Number (m)
$m
As at 1 July
229.2
2,216.4
228.9
2,197.6
Shares issued – Dividend Reinvestment Plan
0.6
30.4
0.3
18.8
As at 30 June
229.8
2,246.8
229.2
2,216.4
Terms and conditions of issued capital
Ordinary Shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the 
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle 
their holder to one vote, either in person or by proxy, at a meeting of the Company.
Accounting Policies
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in 
equity as a deduction, net of tax, from the proceeds.
6.b Treasury shares
Treasury shares are the shares repurchased on the open market, for the share rights issued to employees under the 
Employee Share Plan.
2024
2023
$m
$m
1.0 million ordinary shares (30 June 2023: 1.0 million ordinary shares)
63.0
67.8
Nature & Purpose
Treasury shares are shares in the Company held by the Employee Share Plan and are deducted from equity.
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93
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

6 Equity (Continued)
6.c Convertible Adjustable Rate Equity Securities (CARES)
Convertible Adjustable Rate Equity Securities (CARES) are non-cumulative, redeemable and convertible preference 
shares in Ramsay Health Care Limited.
Issued and paid up capital
2024
2023
$m
$m
2.6 million CARES shares fully paid (30 June 2023: 2.6 million CARES shares fully paid)
252.2
252.2
Terms and conditions of CARES
Issuer
Ramsay Health Care Limited
Security
Convertible Adjustable Rate Equity Securities (CARES) which are a non-cumulative, redeemable and convertible 
preference share in Ramsay.
Face Value
$100 Per CARES.
Dividends
The holder of each CARES is entitled to a preferred, non-cumulative, floating rate dividend equal to:
Dividend Entitlement = (Dividend Rate x Face Value x N) / 365
where:
N is the number of days in the Dividend Period
The payment of Dividends is at the Directors’ discretion and is subject to there being funds legally 
available for the payment of Dividends and the restrictions which apply in certain circumstances under the 
financing arrangements.
If declared, the first Dividend will be payable on each CARES in arrears on 20 October 2005 and thereafter on 
each 20 April and 20 October until CARES are converted or exchanged.
Dividend Rate
The Dividend Rate for each Dividend Period is calculated as:
Dividend Rate = (Market Rate + Margin) x (1-T)
where:
The Market Rate is the 180 day Bank Bill Swap Rate applying on the first day of the Dividend Period expressed as 
a percentage per annum.
The Margin for the period to 20 October 2010 was 2.85% per annum. It was determined by the Bookbuild held on 
26 April 2005.
T is the prevailing Australian corporate tax rate applicable on the Allotment Date.
As Ramsay did not convert or exchange by 20 October 2010, the Margin was increased by a one-time step up of 
2.00% (200 basis points) per annum.
Step-up
One-time 2.00% (200 basis points) step-up in the Margin at 20 October 2010
Franking
Ramsay expects the Dividends paid on CARES to be fully franked. If a Dividend is not fully franked, the Dividend 
will be grossed up to compensate for the unfranked component.
If, on a Dividend Payment Date, the Australian corporate tax rate differs from the Australian corporate tax rate on 
the Allotment Date, the Dividend will be adjusted downwards or upwards accordingly.
Conversion or 
exchange by 
Ramsay
CARES have no maturity. Ramsay may convert or exchange some or all CARES at its election for shares or $100 in 
cash for each CARES on 20 October 2010 and each Dividend Payment Date thereafter.
Ramsay also has the right to:
• convert or exchange CARES after the occurrence of a Regulatory Event; and
• convert CARES on the occurrence of a Change in Control Event.
Ramsay cannot elect to convert or exchange only some CARES if such conversion or exchange would result in 
there being less than $50 million in aggregate Face Value of CARES on issue.
Conversion 
Ratio
The rate at which CARES will convert into Shares will be calculated by reference to the market price of Shares 
during 20 business days immediately preceding, but not including, the conversion date, less a conversion 
discount of 2.5%. An adjustment is made to the market price calculation in the case of a Change in Control 
Event. The Conversion Ratio for each CARES will not be greater than 400 shares.
Ranking
CARES rank equally amongst themselves in all respects and are subordinated to all creditors but rank in priority 
to Shares.
Participation
Unless CARES are converted into Shares, CARES confer no rights to subscribe for new shares in any fundraisings 
by Ramsay or to participate in any bonus or rights issues by Ramsay.
Voting Rights
CARES do not carry a right to vote at general meeting of Ramsay except in limited circumstances.
94
Ramsay Health Care Annual Report 2024

7 Net debt
2024
2023
Note
$m
$m
Cash and cash equivalents
7.a
662.3
656.1
Loans and borrowings – current
7.b
(134.1)
(69.9)
Lease liabilities – current
7.c
(471.6)
(416.9)
Loans and borrowings – non-current
7.b
(4,949.9)
(5,861.5)
Lease liabilities – non-current
7.c
(5,382.5)
(5,538.0)
Net derivative assets – debt related
7.d
45.6
128.1
(10,230.2)
(11,102.1)
7.a Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank, cash on hand and short-term deposits with a maturity of less 
than three months. This note presents the amount of cash on hand at year end, together with further reconciliation in 
relation to the Statement of Cash Flows.
2024
2023
$m
$m
Cash at bank and on hand
662.3
656.1
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of 
between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective 
short-term deposit rates.
Accounting Policies
Cash and cash equivalents
Cash and short-term deposits in the Statement of Financial Position comprise cash at bank and on hand and short-term deposits 
with an original maturity of three months or less.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined 
above, net of outstanding bank overdrafts and restricted cash (nil as at 30 June 2024 and 30 June 2023).
Ramsay Health Care Annual Report 2024
95
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

7 Net debt (Continued)
Reconciliation of net profit after tax to net cash flows from operations
2024
2023
$m
$m
Net profit after tax for the year
881.4
365.5
Adjustments for:
Share of profit of joint venture
-
(19.8)
Depreciation, amortisation and impairment
1,128.1
1,000.8
Interest income
(7.0)
(39.9)
Share-based payments
6.0
8.0
Net profit on disposal of non-current assets and acquisition of businesses
(7.1)
(60.3)
Pre-tax gain on sale of interest in joint venture, net of transaction costs
(660.9)
-
Other
1.0
0.7
Changes in assets & liabilities:
Deferred tax
(38.7)
44.2
Receivables
(264.5)
118.2
Other assets
(66.8)
(2.5)
Creditors, accruals and other liabilities
238.9
58.6
Provisions
(29.4)
(86.7)
Inventories
17.5
(14.2)
Current tax
94.3
(93.0)
Net cash flows from operating activities
1,292.8
1,279.6
Reconciliation of liabilities arising from financing activities
As at 
1 July 
2023
Cash 
Flows
Foreign 
Exchange 
Movement
New 
Leases
Business 
Combinations
Disposal/
Termination 
or 
Reassessment 
of Leases
Other
As at 
30 June 
2024
$m
$m
$m
$m
$m
$m
$m
$m
Loans and borrowings 
– current
69.9
64.8
(0.6)
-
-
-
-
134.1
Loans and borrowings 
– non-current
5,861.5
(890.2)
(13.9)
-
-
-
(7.5)
4,949.9
Lease Liabilities
5,954.9
(450.5)
(41.0)
221.0
96.1
73.6
-
5,854.1
Total
11,886.3
(1,275.9)
(55.5)
221.0
96.1
73.6
(7.5)
10,938.1
As at 
1 July 
2022
Cash 
Flows
Foreign 
Exchange 
Movement
New 
Leases
Business 
Combinations
Disposal/
Termination 
or 
Reassessment 
of Leases
Other
As at 
30 June 
2023
$m
$m
$m
$m
$m
$m
$m
$m
Loans and borrowings 
– current
42.8
19.5
3.9
-
-
-
3.7
69.9
Loans and borrowings 
– non-current
5,173.5
380.1
207.4
-
2.5
-
98.0
5,861.5
Lease Liabilities
5,482.4
(403.2)
345.9
486.8
-
43.0
-
5,954.9
Total
10,698.7
(3.6)
557.2
486.8
2.5
43.0
101.7
11,886.3
96
Ramsay Health Care Annual Report 2024

7 Net debt (Continued)
7.b Loans and borrowings
This note outlines the Group's loans and borrowings, which are predominantly from banks and other financial 
institutions, with varying maturities.
2024
2023
Maturity
$m
$m
Current
Secured bank loans:
€ Bi-lateral Facilities1
Up to Jun 2025
134.1
69.9
Total current loans and borrowings
134.1
69.9
Non-current
Unsecured bank and other financial institution loans:
A$ 1,500,000,000 Syndicated Facility Loan2
Up to Oct 2028
1,300.0
1,496.9
A$ 513,750,000 Syndicated Facility Loan3
Jul 2023
-
513.4
A$ 500,000,000 Syndicated Facility Term Loan4
Nov 2029
495.8
-
A$ Bi-lateral Facilities5
Up to Nov 2025
21.0
164.0
A$ 100,000,000 Bi-lateral Term Loan6
Nov 2025
100.0
99.9
€ 300,000,000 Syndicated Facility Loan7
Jul 2023
-
491.0
1,916.8
2,765.2
Secured bank loans:
€ 1,650,000,000 Syndicated Term Loan8
Up to Apr 2027
2,370.9
2,361.7
€ Bi-lateral Facilities1
Up to Nov 2033
500.9
571.0
2,871.8
2,932.7
Secured/Unsecured corporate notes:
€ 100,000,000 Sustainability Linked Euro Private Placement Notes9
Up to Dec 2029
161.3
163.6
Total non-current loans and borrowings
4,949.9
5,861.5
Total loans and borrowings
5,084.0
5,931.4
1
Euro bi-lateral facilities are secured by a first charge over certain Ramsay Santé and controlled entities’ land, buildings and the shares of real estate subsidiaries. These loans are 
repayable in instalments over the term of the facilities.
2 Sustainability linked syndicated revolving bank debt facility with equal tranches which maturing at 3 years, 4 years and 5 years.
3 Syndicated revolving bank debt facilities repaid and terminated early in July 2023 from original maturity date of December 2024.
4 Syndicated Term Loan Facility issued in November 2023
5 Bilateral revolving bank debt facilities increasing from A$855 million at 30 June 2023 to A$955 million at 30 June 2024.
6 Bi-lateral term loan facility repayable in full on maturity.
7 Syndicated revolving bank debt facilities repaid and terminated early in July 2023 from original maturity date of October 2024.
8 Sustainability linked syndicated term loan facilities repayable in full on maturity. The lenders only have recourse to Ramsay Santé and certain Ramsay Santé controlled entities.
9 Euro Private Placement Notes, maturing in December 2028 and December 2029.
The Group had an undrawn facility limit of $1,415.3 million as at 30 June 2024.
Ramsay and its wholly owned subsidiaries
During the full year, net A$1,905 million of facilities were cancelled due to the completion of refinancing tasks and redeployment of 
Ramsay Sime Darby Health Care Sdn Bhd joint venture sale proceeds to prepaying and cancelling facilities.
Both the €300 million and A$514 million syndicated facilities were cancelled in July 2023 and A$1,500 million of bilateral facilities were 
cancelled in December 2023. A new six year A$500m term loan facility was entered into in November 2023 and a new two year 
A$100 million bilateral facilities in February 2024.
In October 2023, the A$1,500 million sustainability linked syndicated facility, comprising equal tranches of A$500 million, was extended 
by 2.25 years with each tranche now maturing in October 2026, October 2027 and October 2028. A$955 million of bilateral facilities 
were also extended by up to 12 months.
Subsequent to year end, amendments to the A$1,705 million Sustainability Linked Loans (included A$205 million bilateral facilities) in the 
form of changes to the KPIs and targets and the entry into a Sustainability Deed Poll closed on 8 August 2024.
The covenant package, group guarantees and other common terms and conditions in respect of the debt facilities are governed under a 
Common Terms Deed Poll.
Ramsay Health Care Annual Report 2024
97
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

7 Net debt (Continued)
Ramsay Santé and controlled entities
No significant change to loans and borrowings for Ramsay Santé during the period 1 July 2023 to 30 June 2024.
On 13 August 2024, Ramsay Santé closed an Amend & Extend of its €1,650 million Senior Debt facility, extending its upcoming 
2026-2027 debt maturities to 2029-2031, with an increase in margin pricing reflecting market rates.
Fair values
The fair values of the Group’s interest bearing loans and borrowings are determined by using the discounted cash flow method with 
discount rates that reflect market interest rates, specific country risk factors, individual creditworthiness of the counterparties and the 
other risk characteristics associated with the underlying debts.
Unless disclosed below, the carrying amount of the Group’s current and non-current borrowings approximate their fair value. The fair 
values have been calculated by discounting the expected future cash flows at prevailing market interest rates depending on the type of 
borrowings. For the financial year, the variable market-based interest rates vary from 3.69% to 4.47% (2023: 1.10% to 4.12%) for Australia 
and 3.70% to 4.00% (2023: 0.125% to 3.21%) for France respectively.
The fair value of the interest bearing loans and borrowings was estimated using the level 2 method valuation technique in which the 
lowest level of input that is significant to the fair value measurement is directly or indirectly observable. Set out in the table below is a 
comparison by carrying amounts and fair value of the Group’s Interest bearing loans and borrowings.
2024
2023
Carrying 
Amount
 
Fair
Value
 
Carrying 
Amount
 
Fair
Value
 
$m
$m
$m
$m
Bank loans
4,922.7
5,096.6
5,767.8
6,003.5
Corporate notes
161.3
164.4
163.6
166.8
5,084.0
5,261.0
5,931.4
6,170.3
Interest rate, foreign exchange & liquidity risk
Details regarding interest rate, foreign exchange and liquidity risk is disclosed in Note 17.
Assets pledged as security
The carrying amounts of assets pledged as security for loans and borrowings are set out in the following table:
2024
2023
$m
$m
Fixed and floating charge
Investment holdings in subsidiaries
4,363.0
4,304.0
Total non-current assets pledged as security
4,363.0
4,304.0
Accounting Policies
Loans and borrowings
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the EIR 
method. Losses are recognised in profit or loss when the liabilities are derecognised.
98
Ramsay Health Care Annual Report 2024

7 Net debt (Continued)
7.c Lease liabilities
The Group has lease contracts for the use of hospitals, office space and various items of equipment and vehicles which 
it uses in its operations. Leases of hospitals and office space can have lease terms between 5 and 120 years, while 
vehicles and equipment generally have lease terms between 5 and 10 years.
Generally, the Group is restricted from assigning and subleasing the leased assets. A number of the lease contracts include extensions, 
termination options and variable lease payments, which are discussed below.
The Group also has certain leases of equipment with lease terms of 12 months or less and leases of office equipment with a low value. 
The Group applies the ‘short term lease’ and ‘lease of low value assets’ recognition exemptions for these leases.
2024
2023
$m
$m
As at 1 July
5,954.9
5,482.4
Additions
221.0
486.8
Business combinations
96.1
-
Payments
(731.0)
(656.2)
Accretion of interest
280.5
253.0
Reassessment of lease terms
73.6
43.0
Exchange differences
(41.0)
345.9
As at 30 June
5,854.1
5,954.9
2024
2023
$m
$m
Current lease liabilities
471.6
416.9
Non-current lease liabilities
5,382.5
5,538.0
Total lease liabilities
5,854.1
5,954.9
Assets pledged as security
The carrying amounts of assets pledged as security for lease liabilities are set out in the following table:
2024
2023
$m
$m
Leased assets pledged as security
1,137.1
900.2
Cash outflows
2024
2023
$m
$m
Repayment of lease principal
(450.5)
(403.2)
Lease finance costs
(280.5)
(253.0)
Other lease payments - low value assets, short term and variable lease payments (included in 
payments to suppliers and employees)
(23.2)
(20.9)
Total cash outflows for leases
(754.2)
(677.1)
Ramsay Health Care Annual Report 2024
99
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

7 Net debt (Continued)
Accounting Policies
All leases are accounted for by recognising a right of use asset and a lease liability except for:
• Leases of low value assets, being those generally with a cost of $50,000 or less; and
• Leases with a term of 12 months or less.
Lease liabilities
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with 
the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily 
determinable, in which case the Group’s incremental borrowing rate on commencement of the lease is used. Variable lease 
payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial 
measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable 
lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
• amounts expected to be payable under any residual value guarantee;
• the exercise price of any purchase option granted in favour of the group if it is reasonably certain to exercise that option;
• any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination 
option being exercised.
Lease assets
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and 
increased for:
• lease payments made at or before commencement of the lease;
• initial direct costs incurred; and
• the amount of any provision recognised where the group is contractually required to dismantle, remove or restore the 
leased asset.
Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance 
outstanding and are reduced for lease payments made. Right of use assets are amortised on a straight line basis over the shorter 
of the useful life of the asset or the term of the lease. Lease liabilities are remeasured when there is a change in future lease 
payments arising from a change in an index or rate or when there is a change in the assessment of the term of the lease.
The Group applies the short term lease recognition exemption to its short term lease of equipment, being those leases that have 
a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the 
low-value assets recognition exemption to leases of equipment that are considered to be of low value. Lease payments on short 
term leases and leases of low value assets are recognised as an expense on a straight line basis over the lease term.
Key Accounting Judgements, Estimates and Assumptions
Lease term
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option 
to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is 
reasonably certain not to be exercised.
The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in 
evaluating whether it is reasonably certain to exercise the options to renew. That is, it considers all relevant factors that create 
an economic incentive for it to exercise the renewal. After commencement date, the Group reassess the lease term if there is a 
significant event or change in circumstances that is within its control and affects its ability to exercise (or not exercise) the option 
to renew.
Discount rates
The lease payments are discounted using the interest rate implicit in the lease or the lessee’s incremental borrowing rate (IBR). 
The IBR is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the 
funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The IBR therefore 
requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) 
or when they need to be adjusted to reflect the terms and conditions of the lease.
100 Ramsay Health Care Annual Report 2024

7 Net debt (Continued)
7.d Derivative financial instruments
A derivative is a financial instrument typically used to manage an underlying risk, using futures, swaps and options. The 
value change of a derivative is related to changes in a variable, such as interest rate or foreign exchange rate. The 
Group uses derivatives to manage exposure to foreign exchange and interest rate risk.
2024
2023
$m
$m
Current assets
Interest rate and foreign exchange derivative contracts – cash flow hedges
23.5
33.4
Interest rate and foreign exchange derivative contracts – economic hedges
8.3
31.1
Non-current assets
Interest rate and foreign exchange derivative contracts – cash flow hedges
17.5
41.2
Interest rate and foreign exchange derivative contracts – economic hedges
0.1
22.4
49.4
128.1
Current liabilities
Interest rate and foreign exchange derivative contracts – cash flow hedges
(0.1)
-
Non-current liabilities
Interest rate and foreign exchange derivative contracts – cash flow hedges
(3.7)
-
(3.8)
-
Net derivative assets
45.6
128.1
Instruments used by the Group
Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in 
interest and foreign exchange rates.
Interest rate swaps and forward foreign exchange contracts – cash flow hedges
Interest bearing loans in Australian Dollar of the Group currently bear an average variable base interest rate excluding margin of 4.42% 
(2023: 3.98%). Interest bearing loans in Euro of the Group currently bear a variable base interest rate excluding margin of 3.90% 
(2023: 3.21%).
In order to reduce the variability of the future cash flows in relation to the interest bearing loans, the Group has entered into Australian 
Dollar and Euro interest rate swap contracts under which it has a right to receive interest at variable rates and to pay interest at fixed
rates. Swaps in place cover approximately 84% (2023: 75%) of variable base interest rate loans drawn as at 30 June 2024.
To reduce the foreign exchange risk of expected purchases, the Group enters into foreign exchange forward contracts which are 
designated in a cash flow hedge relationship.
Interest rate risk
Information regarding interest rate risk exposure is set out in Note 17.
Credit risk
Credit risk arises from the potential failure of counterparties to meet their obligations at maturity of contracts. This arises on derivative 
financial instruments with unrealised gains. Management constantly monitor the fair value of favourable contracts outstanding with any 
individual counterparty. Management only deal with prime financial institutions with appropriate credit ratings in order to manage this 
credit risk.
Ramsay Health Care Annual Report 2024 101
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

7 Net debt (Continued)
Fair value of derivative financial instruments
The fair value of the derivative financial instruments was estimated using the level 2 method valuation technique and is summarised in the 
table above.
The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models 
incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. 
The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in 
hedge relationships.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair 
value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Information about the valuation 
techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in the relevant notes.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value 
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2
Valuation techniques for which the lowest level input that is significant to the fair value measurement is 
directly or indirectly observable
Level 3
Valuation techniques for which the lowest level input that is significant to the fair value measurement 
is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have 
occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair 
value measurement as a whole) at the end of each reporting period.
There were no transfers between Level 1 and Level 2 or between Level 2 and Level 3 during the year.
The notional principal amounts and period of expiry of the interest rate derivatives contracts are as follows:
2024
2023
$m
$m
0-1 years
1,256.5
210.0
1-2 years
1,037.1
1,268.3
2-3 years
866.1
1,350.2
3-5 years
1,570.0
2,197.4
Over 5 years
-
-
4,729.7
5,025.9
The interest rate derivatives require settlement of net interest receivable or payable each 90 days. They are settled on a net basis. The 
swaps are measured at fair value and all gains and losses attributed to the hedged risk are taken directly to equity and re-classified to the 
Income Statement when the interest expense is recognised.
Accounting Policies
The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rates. Such 
derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and 
are subsequently remeasured to fair value. Derivatives are carried as assets when the fair value is positive and as a liability when 
the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective 
portion of cash flow hedges, which is recognised in Other Comprehensive Income, and later classified to profit and loss when the 
hedge item affects profit or loss.
For the purposes of hedge accounting, hedges are classified as:
• fair value hedges when they hedge the exposure to changes in the fair value of a recognised asset or liability;
• cash flow hedges when they hedge exposure to variability in cash flows that is attributable either to a particular risk associated 
with a recognised asset or liability or to a highly probable forecast transaction or the foreign currency risk in an unrecognised 
firm commitment; or
• hedges of a net investment in a foreign operation.
102 Ramsay Health Care Annual Report 2024

7 Net debt (Continued)
Accounting Policies
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the 
Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The 
documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how 
the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of 
sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if 
it meets all of the following effectiveness requirements:
• There is an economic relationship between the hedged item and the hedging instrument;
• The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship; and
• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group 
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet the strict criteria for hedge accounting are accounted for as follows:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised directly in Other Comprehensive Income 
in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement as other 
operating expenses.
The Group uses predominantly interest rate swap contracts as hedges of its exposure to fluctuations in interest rates. There is an 
economic relationship between the hedged item and the hedging instrument as the term of the interest rate swap matches the 
terms of the variable rate loan (that is, notional amount, maturity, base rate, payment and reset dates).
Amounts recognised as Other Comprehensive Income are transferred to profit or loss when the hedged transaction affects profit 
or loss, such as when the hedged financial income or financial expense is recognised. When the hedged item is the cost of a 
non-financial asset or non-financial liability, the amounts recognised as Other Comprehensive Income are transferred to the initial 
carrying amount of the non-financial asset or liability.
If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised 
in Other Comprehensive Income is transferred to the Income Statement. If the hedging instrument expires or is sold, terminated 
or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously 
recognised in Other Comprehensive Income remains in Other Comprehensive Income until the forecast transaction or firm 
commitment affects profit or loss.
Subsequent measurement
For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such 
techniques may include:
• Using recent arm’s length market transaction;
• Reference to the current fair value of another instrument that is substantially the same; or
• A discounted cash flow analysis or other valuation models.
Fair value of derivative financial instruments
The Group measures financial instruments, such as, derivatives, at fair value at each reporting date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market 
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the 
asset or transfer the liability takes place either:
• In the principal market for the asset or liability; or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the 
asset or liability, assuming that market participants act in their economic best interest.
Ramsay Health Care Annual Report 2024 103
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

III Assets and Liabilities – Operating and Investing
This section outlines how the Ramsay Group manages its assets and liabilities to generate profit.
How the Group manages its overall financial position
The Group manages its overall financial position by segregating its Statement of Financial Position into two categories; Assets and 
Liabilities – Operating and Investing and Capital – Financing. Assets and Liabilities – Operating and Investing is managed at both the site 
and group level while Capital – Financing (refer to section II) is managed centrally.
Details of Assets and Liabilities – Operating and Investing are as follows:
2024
2023
Note
$m
$m
Working capital
8
(465.5)
(498.4)
Property, plant and equipment
10
5,383.6
5,238.1
Right of use assets
11
4,775.4
4,949.1
Intangible assets
12
6,139.9
6,163.7
Current and deferred tax assets (net)
14
52.8
89.8
Other liabilities (net)
15
(128.5)
(17.0)
15,757.7
15,925.3
8 Working capital
2024
2023
$m
$m
Trade and other receivables (current)
8.a
2,516.5
2,266.9
Inventories
8.b
379.4
388.6
Trade and other creditors (current)
8.c
(3,361.4)
(3,153.9)
(465.5)
(498.4)
Consistent with prior periods, the Group actively manages the collection of debtor receipts and creditor payments. Any surplus or deficit
in working capital is managed through efficient use of the debt facilities and cash balances.
8.a Trade and other receivables
Trade and other receivables primarily consists of amounts outstanding from Governments, Health Funds and Self 
Insured patients for delivering health care and related services.
2024
2023
$m
$m
Current
Trade and other receivables
2,671.9
2,397.6
Allowances for impairment loss
(155.4)
(130.7)
2,516.5
2,266.9
Non-current
Rental property bonds and guarantees receivable
35.7
38.8
Other
77.1
88.1
112.8
126.9
Total
2,629.3
2,393.8
104 Ramsay Health Care Annual Report 2024

8 Working capital (Continued)
Allowances for impairment loss
An allowance for expected credit loss (ECL) is recognised based on the difference between the contractual cash flows and the expected 
cash flows. The Group has applied a simplified approach in calculating ECLs by establishing a provision matrix for forward-looking factors 
specific to the debtors and the economic environment.
Movements in the allowances for impairment loss were as follows:
2024
2023
$m
$m
As at 1 July
(130.7)
(70.6)
Charge for the year
(104.5)
(103.3)
Exchange differences
1.3
(5.9)
Amounts written off
78.5
49.1
As at 30 June
(155.4)
(130.7)
Ageing analysis
At 30 June, the ageing analysis of trade and other receivables is as follows:
Total
Neither 
past due 
nor 
impaired
0-30
Days
PDNI1
31-60
Days
PDNI1
61-90
Days
PDNI1
91+
Days
PDNI1
Considered 
impaired
$m
$m
$m
$m
$m
$m
$m
2024
2,784.7
1,870.7
232.4
107.0
51.2
368.0
155.4
2023
2,524.5
1,745.0
197.4
105.9
61.1
284.4
130.7
1
PDNI – Past due not impaired
Receivables past due but not considered impaired are: $758.6 million (2023: $648.8 million). Payment terms on these amounts have 
not been re-negotiated as based on the credit history of receivables past due not considered impaired, management believes that 
these amounts will be fully recovered. This is due to the fact that the Group mainly deals with Government Authorities and creditworthy 
Health Funds.
Fair value
Due to the short term nature of the current receivables, the carrying value approximates fair value. The carrying values of the discounted 
non-current receivables approximates their fair values.
Credit risk
The maximum exposure to credit risk for current receivables is their carrying value. Collateral is not held as security. The Group’s credit 
risk is low in relation to trade debtors because the majority of transactions are with the Government and Health Funds. The maximum 
exposure to credit risk for non-current receivables at the reporting date is the carrying value of these receivables. The majority of the 
non-current receivables are assessed as low risk.
Foreign exchange & interest rate risk
Details regarding foreign exchange and interest rate risk exposure are disclosed in Note 17.
Ramsay Health Care Annual Report 2024 105
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

8 Working capital (Continued)
8.b Inventories
Inventories include medical supplies to be consumed in providing future patient services, and development assets, 
including medical suites to be sold, that are currently under construction.
2024
2023
$m
$m
Amount of medical supplies to be consumed in providing future patient services – at cost
363.4
356.4
Development assets to be sold that are currently under construction – at cost
16.0
32.2
Total
379.4
388.6
Inventory expense
Medical supplies recognised as an expense for the year ended 30 June 2024 totalled $3,713.4 million (2023: $3,347.7 million) for the 
Group. This expense has been included in the expense category 'medical consumables and supplies' in the Income Statement. The 
cost of development assets sold which has been recognised as an expense for the year ended 30 June 2024 totalled $1.5 million 
(2023: $7.3 million) for the Group. This expense has been included in the expense category 'cost of development assets sold' in the 
Income Statement.
Accounting Policies
Inventories are recorded using the FIFO method and are valued at the lower of cost and net realisable value. Net realisable 
value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs 
necessary to make the sale.
8.c Trade and other creditors
Trade and other creditors consists of amounts owing to employees and suppliers for goods and/or services delivered 
and customer amounts paid in advance of provision of services.
2024
2023
$m
$m
Trade creditors
1,651.8
1,484.3
Accrued expenses
538.9
507.5
Employee and Director entitlements
1,159.0
1,138.7
Other creditors
11.7
23.4
Total
3,361.4
3,153.9
Fair value
Trade and other creditors amounts are non-interest bearing and are normally settled on 30-60 day terms. Due to the short term nature of 
these payables, their carrying value is assumed to approximate their fair value.
Interest rate, foreign exchange & liquidity risk
Details regarding interest rate, foreign exchange and liquidity risk exposure are set out in Note 17.
106 Ramsay Health Care Annual Report 2024

9 Business combinations
Ramsay’s growth has been driven, in part, by acquisitions of businesses within the healthcare sector.
Information on current year acquisitions
The Group acquired certain businesses in Australia and Europe during the year ended 30 June 2024. The summarised amounts for these 
business combinations for the year ended 30 June 2024 are shown below and have been determined on a provisional basis only. These 
businesses are all within the healthcare sector.
$m
Assets
112.3
Liabilities
(108.0)
Fair value of identifiable net assets
4.3
Goodwill arising
14.7
Gain from bargain purchase
(5.9)
Fair value of consideration transferred
13.1
The cash outflow as a result of the business combinations is as follows:
Cash paid in the year to 30 June 2024
(13.1)
Net cash acquired with the subsidiaries
1.1
Net consolidated cash outflow
(12.0)
Cash paid in the year to 30 June 2024
(13.1)
Deferred consideration
-
Total consideration
(13.1)
Direct costs relating to the business combinations – included within service costs
0.9
Information on prior year acquisitions
The Group acquired certain healthcare businesses during the year ended 30 June 2023. The purchase price accounting that was 
determined on a provisional basis at 30 June 2023, has now been finalised with no material changes. Refer to Note 10 in the Group’s 
annual financial statements for the year ended 30 June 2023 for detail of prior year acquisitions.
Ramsay Health Care Annual Report 2024 107
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

9 Business combinations (Continued)
Accounting Policies
Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination 
is measured at fair value and is calculated as the sum of the business combination date fair values of the assets transferred by the 
acquirer, the liabilities incurred by the acquirer to former owners of the acquiree and the equity issued by the acquirer, and the 
amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling 
interest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets. Business 
combination related costs are expensed as incurred.
In accounting for a business combination, the Group assesses the financial assets and liabilities assumed for appropriate 
classification and designation in accordance with the contractual terms, economic conditions, the Group’s operating or accounting 
policies and other pertinent conditions as at the business combination date. This includes the separation of embedded derivatives 
in host contracts by the acquiree.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the business combination date. 
Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of AASB 9 Financial 
Instruments, is measured at fair value with changes in fair value recognised in profit or loss. If the contingent consideration is 
not within the scope of AASB 9, it is measured in accordance with the appropriate standard. Contingent consideration that is 
classified as equity is not remeasured and subsequent settlement is accounted for within equity.
Key Accounting Judgements, Estimates and Assumptions
The Group recognises the identifiable assets and liabilities of businesses at their business combination date fair values, except 
for lease liabilities and right of use assets, which are measured at the present value of the remaining lease payments as if the 
acquired lease were a new lease at the acquisition date and where the right of use asset is further adjusted for favourable and 
unfavourable terms. Where a significant amount of freehold land and buildings are recognised in the business combination, the 
fair value is determined by an external valuer using an approach relevant to the market in that country.
108 Ramsay Health Care Annual Report 2024

10 Property, plant and equipment
Property, plant and equipment represents the investment by the Group in tangible assets such as land, buildings, 
hospital fit-outs and medical equipment.
Land & 
Buildings
$m
Plant & 
Equipment
$m
Assets Under 
Construction
$m
Total
$m
30 June 2024
Cost
4,929.2
3,672.9
496.9
9,099.0
Accumulated depreciation and impairment
(1,269.4)
(2,446.0)
-
(3,715.4)
3,659.8
1,226.9
496.9
5,383.6
Movement:
As at 1 July 2023
3,446.5
1,166.3
625.3
5,238.1
Additions
88.6
324.3
296.2
709.1
Transferred from assets under construction
309.9
106.7
(416.6)
-
Business combinations
3.6
7.2
-
10.8
Reclassification (Note 11)
7.7
-
2.8
10.5
Depreciation
(178.0)
(345.3)
-
(523.3)
Impairment
(0.3)
(34.7)
-
(35.0)
Disposals
(0.6)
(0.5)
-
(1.1)
Exchange differences
(17.6)
2.9
(10.8)
(25.5)
As at 30 June 2024
3,659.8
1,226.9
496.9
5,383.6
30 June 2023
Cost
4,538.0
3,319.1
625.3
8,482.4
Accumulated depreciation and impairment
(1,091.5)
(2,152.8)
-
(3,244.3)
3,446.5
1,166.3
625.3
5,238.1
Movement:
As at 1 July 2022
3,226.3
1,052.6
527.6
4,806.5
Additions
83.5
302.4
344.8
730.7
Transferred from assets under construction
173.7
88.6
(262.3)
-
Business combinations
3.2
7.1
-
10.3
Reclassification (Note 11, Note 12)
32.3
-
-
32.3
Depreciation
(169.8)
(322.5)
-
(492.3)
Impairment
0.9
1.9
-
2.8
Disposals
(11.0)
(1.0)
(1.9)
(13.9)
Exchange differences
107.4
37.2
17.1
161.7
As at 30 June 2023
3,446.5
1,166.3
625.3
5,238.1
30 June 2022
Cost
4,132.5
2,937.4
527.6
7,597.5
Accumulated depreciation and impairment
(906.2)
(1,884.8)
-
(2,791.0)
3,226.3
1,052.6
527.6
4,806.5
Ramsay Health Care Annual Report 2024 109
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

10 Property, plant and equipment (Continued)
Accounting Policies
Assets Under Construction is stated at cost, net of accumulated impairment losses, if any. Land and Buildings and Plant and 
Equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost includes the cost 
of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
Depreciation is calculated, consistent with the prior year, on a straight-line basis over the estimated useful life of the assets 
as follows:
• Buildings and integral plant – 40 to 60 years
• Plant and equipment, other than plant integral to buildings – various periods not exceeding 10 years
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial 
year end.
Impairment
The carrying values of property, plant and equipment are reviewed for impairment at each reporting date, with the recoverable 
amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired. The 
recoverable amount of property, plant and equipment is the higher of fair value less costs to sell and value in use. In assessing 
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash-generating 
unit to which the asset belongs, unless the asset's value in use can be estimated to be close to its fair value.
An impairment exists when the carrying value of an asset or cash-generating unit exceeds its estimated recoverable amount. The 
asset or cash-generating unit is then written down to its recoverable amount.
Impairment losses are recognised in the Income Statement in the expense category 'depreciation, amortisation and impairment'.
An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment 
losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously 
recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s 
recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased 
to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of 
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss. 
After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any 
residual value, on a systematic basis over its remaining useful life.
Derecognition & disposal
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are 
expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between 
the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement in the year the asset 
is derecognised.
Key Accounting Judgements, Estimates and Assumptions
Useful lives of assets are estimated based on historical experience. The useful life of assets are assessed annually and adjusted 
where deemed necessary.
110 Ramsay Health Care Annual Report 2024

11 Right of use assets
A right of use asset represents the Group’s, as a lessee, right to use an asset over the life of a lease. See note 7.c for 
the Group’s lease arrangements and related lease liabilities recognised.
Leased 
Property
$m
Leased Plant 
& Equipment
$m
Total
$m
30 June 2024
Cost
7,076.3
540.9
7,617.2
Accumulated depreciation and impairment
(2,587.3)
(254.5)
(2,841.8)
4,489.0
286.4
4,775.4
Movement:
As at 1 July 2023
4,679.4
269.7
4,949.1
Additions
113.2
106.6
219.8
Business combinations
88.7
7.4
96.1
Reclassification (Note 10, 12)
(6.4)
(4.3)
(10.7)
Depreciation
(415.3)
(91.3)
(506.6)
Impairment
(11.0)
-
(11.0)
Reassessment of lease terms
73.9
(0.3)
73.6
Disposals or terminations
(2.0)
(0.1)
(2.1)
Exchange differences
(31.5)
(1.3)
(32.8)
As at 30 June 2024
4,489.0
286.4
4,775.4
30 June 2023
Cost
6,860.4
500.3
7,360.7
Accumulated depreciation and impairment
(2,181.0)
(230.6)
(2,411.6)
4,679.4
269.7
4,949.1
Movement:
As at 1 July 2022
4,393.1
236.4
4,629.5
Additions
387.0
99.8
486.8
Reclassification (Note 10)
(31.1)
-
(31.1)
Depreciation
(366.8)
(81.2)
(448.0)
Impairment
(14.5)
-
(14.5)
Reassessment of lease terms
43.3
-
43.3
Disposals or terminations
-
(0.2)
(0.2)
Exchange differences
268.4
14.9
283.3
As at 30 June 2023
4,679.4
269.7
4,949.1
30 June 2022
Cost
6,119.4
426.8
6,546.2
Accumulated depreciation and impairment
(1,726.3)
(190.4)
(1,916.7)
4,393.1
236.4
4,629.5
Leased assets, where pledged, are used as security for the related lease liabilities. Refer note 7.c.
Ramsay Health Care Annual Report 2024 111
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

12 Intangible assets
The Group’s investment in intangible assets includes goodwill, service concession assets, brand names and software.
Goodwill
Service 
Concession 
Assets
Other1
Total
$m
$m
$m
$m
30 June 2024
Cost
5,744.9
243.0
546.9
6,534.8
Accumulated amortisation and impairment
-
(183.3)
(211.6)
(394.9)
5,744.9
59.7
335.3
6,139.9
Movement:
As at 1 July 2023
5,756.4
80.5
326.8
6,163.7
Additions
-
-
53.6
53.6
Business combinations
14.7
-
-
14.7
Reclassification (Note 11)
-
(1.3)
1.5
0.2
Amortisation
-
(21.0)
(31.2)
(52.2)
Disposals
-
(1.0)
-
(1.0)
Exchange differences
(26.2)
2.5
(15.4)
(39.1)
As at 30 June 2024
5,744.9
59.7
335.3
6,139.9
30 June 2023
Cost
5,756.4
239.8
511.4
6,507.6
Accumulated amortisation and impairment
-
(159.3)
(184.6)
(343.9)
5,756.4
80.5
326.8
6,163.7
Movement:
As at 1 July 2022
5,385.6
105.8
329.4
5,820.8
Additions
-
-
34.5
34.5
Business combinations
78.0
1.2
-
79.2
Reclassification (Note 10)
-
(1.2)
-
(1.2)
Amortisation
-
(22.0)
(26.8)
(48.8)
Disposals
-
-
(12.4)
(12.4)
Exchange differences
292.8
(3.3)
2.1
291.6
As at 30 June 2023
5,756.4
80.5
326.8
6,163.7
30 June 2022
Cost
5,385.6
241.3
496.0
6,122.9
Accumulated amortisation and impairment
-
(135.5)
(166.6)
(302.1)
5,385.6
105.8
329.4
5,820.8
1
Mainly brands and on-premise software costs, including both purchased and internally generated software.
112 Ramsay Health Care Annual Report 2024

12 Intangible assets (Continued)
Accounting Policies
Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of the business combination 
over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. The key 
factor contributing to the goodwill relates to the synergies existing within the acquired businesses and also expected to be 
achieved as a result of combining these facilities with the rest of the Group.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is determined to 
have an indefinite life.
Goodwill is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying 
value may be impaired.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each 
of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the 
combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
Each unit or group of units to which the goodwill is so allocated such that:
• It represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and
• Is not larger than an operating segment determined in accordance with AASB 8 Operating Segments.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units), 
to which the goodwill relates. When the recoverable amount of the cash-generating unit (group of cash-generating units) is 
less than the carrying amount, an impairment loss is recognised. When goodwill forms part of a cash-generating unit (group of 
cash-generating units) and an operation within that unit is disposed of, the goodwill associated with the operation disposed of 
is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill 
disposed of in this manner is measured based on the relative values of the operation disposed of and the portion of the 
cash-generating unit retained. Impairment losses recognised for goodwill are not subsequently reversed.
Service concession assets
Service concession assets represent the Group’s right to operate hospitals under Service Concession Arrangements. Service 
concession assets constructed by the Group are recorded at the fair value of consideration received or receivable for the 
construction services delivered. Service concession assets acquired by the Group are recorded at the fair value of the assets at 
the date of acquisition. All service concession assets are classified as intangible assets.
To the extent that the Group has an unconditional right to receive cash or other financial assets under the Service Concession 
Arrangements a financial asset has been recognised. The financial asset is measured at fair value on initial recognition and 
thereafter at amortised cost using the effective interest rate method. The financial asset will be reflected on initial recognition and 
thereafter as a ‘loan or receivable’.
Other Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of an intangible asset acquired in a 
business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at 
cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding 
capitalised software development costs, are not capitalised and expenditure is charged against profits in the year in which the 
expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised 
over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Amortisation is calculated, consistent with the prior year, on a straight-line basis over the estimated useful life of the assets 
as follows:
• Service Concession Asset – over the term of the arrangement
• Software - 2 to 10 years
The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each 
financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits 
embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, which is a change in 
accounting estimate. The amortisation expense on intangible assets with finite lives is recognised in the Income Statement.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit 
level consistent with the methodology outlined for goodwill impairment testing. Such intangibles are not amortised. The useful 
life of an intangible asset with an indefinite life is reviewed each reporting period to determine whether indefinite life assessment 
continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for as a change 
in an accounting estimate and is thus accounted for on a prospective basis.
Ramsay Health Care Annual Report 2024 113
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

12 Intangible assets (Continued)
Accounting Policies
Service Concession Assets
Brands
Software costs
Useful lives
Finite
Indefinite
Finite
Amortisation 
method used
Amortised over the period of 
the arrangement
Not applicable
Amortised over the period of 
expected future benefit from the 
related project on a straight 
line basis
Internally 
generated or 
acquired
Acquired
Acquired
Internally generated/Acquired
Impairment 
testing
When an indication of 
impairment exists. The 
amortisation method is reviewed 
at each financial year end.
Annually or more frequently 
if events or changes in 
circumstances indicate that the 
carrying value may be impaired.
When an indication of 
impairment exists. The 
amortisation method is reviewed 
at each financial year end.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal 
proceeds and the carrying amount of the asset and are recognised in the Income Statement when the asset is derecognised.
Key Accounting Judgements, Estimates and Assumptions
Useful lives of assets are estimated based on historical experience and the expected period of future consumption of embodied 
economic benefits. Useful lives are reviewed annually and adjustments made where deemed necessary.
13 Impairment testing of goodwill
Goodwill arises when the Group acquires a business. It is the portion of the purchase price that is higher than the sum 
of the fair value of net assets acquired, which represents the synergies expected to arise from the acquisition. Goodwill 
is impaired when its historical cost exceeds its current recoverable amount.
Description of the cash generating units and other relevant information
Goodwill acquired through business combinations is allocated to the cash generating units expected to benefit from the synergies of the 
business combination.
Goodwill is tested for impairment on an annual basis, as a minimum. For goodwill impairment testing, goodwill has been allocated to the 
cash generating units or group of cash generating units (CGUs) shown in the table below.
Australia
$m
Pharmacy
$m
UK
$m
France
$m
Nordics
$m
Total
$m
2024
1,016.2
165.9
1,697.5
1,287.6
1,577.7
5,744.9
2023
1,016.2
165.9
1,696.9
1,297.1
1,580.3
5,756.4
114 Ramsay Health Care Annual Report 2024

13 Impairment testing of goodwill (Continued)
Key Accounting Judgements, Estimates and Assumptions
The recoverable amount of all CGUs have been determined based on a value in use calculation using cash flow projections 
as at 30 June 2024 based on financial estimates approved by senior management and the Board of Directors covering the 
following financial year. In determining the 2025 (year 1) cash flow projections, management has factored in the performance of 
the Group in the current year. A growth factor is then applied to the following 4 years through to the end of the value in use 
models. Key assumptions used in the value in use calculations are outlined in the table below. Significant assumptions used in the 
impairment testing are inherently subjective and in times of economic uncertainty, the degree of subjectivity is higher than it might 
otherwise be.
Australia
%
Pharmacy
%
UK
%
France
%
Nordics
%
Terminal growth rate (Year 5+)
2024
3.0
2.0
2.5
1.8
2.8
2023
3.0
2.0
2.5
1.8
2.8
Pre-tax discount rate
2024
11.5
13.4
10.0
6.6
7.9
2023
10.8
12.5
9.7
6.2
7.5
Key inputs in the value in use calculations are:
• Earnings before interest, tax, depreciation, amortisation and rent ('EBITDAR') estimates – reflect risk-adjusted cash flow 
estimates underpinned by assumptions on hospital occupancy rates, revenue rates, and wage and other cost increases.
• Terminal growth rate estimates – based on management’s internal estimates of long term growth rates for each of the CGUs.
• Discount rates – reflect management’s estimate of the time value and the risks specific to each of the CGUs that are not already 
reflected in the cash flows. In determining appropriate discount rates for each unit, regard has been given to the weighted 
average cost of capital of the entity as a whole and adjusted for country and business risk specific to the CGU.
Management has performed sensitivity testing by CGU based on assessing the effect of changes in key assumptions.
For Australia, France and the Nordics, management do not consider that a reasonably possible change in a key assumption would 
result in the carrying value of goodwill exceeding the recoverable amount.
UK
As at 30 June 2024, the recoverable value of the UK CGU exceeds its carrying value by $84m. Due to minimal headroom, 
detailed sensitivity testing was performed, including; decreasing the terminal growth rate from 2.5% to 2.3%; increasing the 
pre-tax discount rate from 10.0% to 10.2%; or reducing the first year EBITDAR by 5.0% with consequential impact to later years. 
Each of these scenarios individually would result in the carrying value equalling the recoverable amount.
An adverse movement beyond these changes which is not offset by a positive change in other assumptions would lead to an 
impairment of the UK CGU. Reasonably possible changes in key assumptions adopted include;
• a terminal growth rate of 2.0%, which would result in an impairment of $105m;
• a pre-tax discount rate of 10.5%, which would result in an impairment of $119m; or
• a reduction in the first year EBITDAR by 7.5% with consequential impact to later years, which would result in an impairment 
of $42m.
Pharmacy
As at 30 June 2024, the recoverable value of the Pharmacy CGU exceeds its carrying value by $10m. Due to minimal headroom, 
detailed sensitivity testing was performed, including; decreasing the terminal growth rate from 2.0% to 1.9%; increasing the pre-tax 
discount rate from 13.4% to 13.5%; or reducing the first year EBITDAR by 2.6% with consequential impact to later years. Each of 
these scenarios individually would result in the carrying value equalling the recoverable amount.
An adverse movement beyond these changes which is not offset by a positive change in other assumptions would lead to an 
impairment of the Pharmacy CGU. Reasonably possible changes in key assumptions adopted include;
• a pre-tax discount rate of 13.9%, which would result in an impairment of $9m; or
• a reduction in the first year EBITDAR by 7.5% with consequential impact to later years, which would result in an impairment 
of $17m.
As the terminal growth rate adopted for the Pharmacy CGU is at the lower end of the Reserve Bank of Australia’s long-term target 
inflation range of 2-3% (as at 30 June 2024), Management does not consider there is a reasonably possible adverse movement in 
this assumption that would result in an impairment of the Pharmacy CGU.
Ramsay Health Care Annual Report 2024 115
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

14 Taxes
This note provides an analysis of the income tax expense and deferred tax balances, including a reconciliation of the 
tax expense recognised, reconciled to the Group's net profit before tax at the Group's applicable tax rate. A deferred 
tax asset or liability is created when there are temporary differences between the accounting profit and taxable profit, 
representing a future income tax receivable or payable.
(i) Income tax expense
2024
2023
$m
$m
The major components of income tax expense are:
Current income tax
Current income tax charge
214.4
170.5
Adjustment relating to prior year tax returns
1.4
0.6
Deferred income tax
Relating to origination and reversal of temporary differences
(53.8)
12.6
Adjustments in respect of deferred income tax of previous years
2.1
(2.2)
Income tax expense reported in the Consolidated Income Statement
164.1
181.5
Income tax from continuing operations
121.3
181.5
Income tax from discontinued operations
42.8
-
164.1
181.5
(ii) Numerical reconciliation between aggregate tax expense recognised in the 
Consolidated Income Statement and tax expense calculated per the statutory income 
tax rate
2024
2023
$m
$m
A reconciliation between tax expense and the product of the accounting profit before income tax 
multiplied by the Group’s applicable income tax rate is as follows:
Profit before tax from continuing operations
384.6
527.1
Profit before tax from discontinued operations
660.9
19.9
Accounting profit before tax
1,045.5
547.0
At the Parent Entity’s statutory income tax rate of 30% (2023: 30%)
313.7
164.1
Expenditure not allowable for income tax purposes
9.5
28.9
Amounts not assessable for income tax purposes
(23.4)
(10.8)
Impact of changes in foreign tax rates on deferred tax balances
-
(5.0)
Other French income tax expense
8.1
10.7
Foreign tax rate adjustment due to differences in rates between Australia and Other Countries
5.1
5.3
Non-assessable accounting gain on disposal of discontinued operations on capital account
(155.5)
-
Other
6.6
(11.7)
Income tax expense reported in the Consolidated Income Statement
164.1
181.5
116 Ramsay Health Care Annual Report 2024

14 Taxes (Continued)
(iii) Recognised tax assets and liabilities
2024
2024
2023
2023
Current
Deferred
Current
Deferred
income tax
income tax
income tax
income tax
$m
$m
$m
$m
As at 1 July
4.8
85.0
(59.8)
171.5
(Charged)/credited to income
(215.8)
51.7
(171.1)
(10.4)
Credited/(charged) to equity
-
5.6
-
(72.7)
Payments
124.2
-
234.2
-
Exchange differences
(3.2)
-
2.9
(6.0)
Acquisitions and disposals of subsidiary
0.5
-
(1.4)
2.6
As at 30 June
(89.5)
142.3
4.8
85.0
Statement of Financial Position
2024
2023
$m
$m
Amounts recognised in the Statement of Financial Position for Deferred Income Tax at 30 June:
Deferred tax liabilities
Inventory
(21.7)
(21.6)
Deferred revenue
(19.1)
(31.0)
Depreciable assets
(289.4)
(215.2)
Derivatives
(13.1)
(22.6)
Right of use assets and other assets
(379.9)
(437.0)
Gross deferred tax liabilities
(723.2)
(727.4)
Set-off of deferred tax assets
448.4
368.7
Net deferred tax liabilities
(274.8)
(358.7)
Deferred tax assets
Employee provisions
227.0
179.8
Other provisions and lease liabilities
532.4
557.7
Unearned income
12.1
8.5
Losses
74.6
66.4
Derivatives
1.0
-
Other carried forward deductions
18.4
-
Gross deferred tax assets
865.5
812.4
Set-off of deferred tax liabilities
(448.4)
(368.7)
Net deferred tax assets
417.1
443.7
(iv) Tax consolidation
Ramsay Health Care Limited and its 100% owned Australian resident subsidiaries formed a tax consolidated group effective 1 July 2003. 
Ramsay Health Care Limited is the head entity of the tax consolidated group. Members of the group have entered into a tax funding 
and sharing arrangement in order to allocate income tax expense to the wholly owned subsidiaries using a group allocation method on 
a modified standalone basis. In addition, the agreement provides for the allocation of income tax liabilities between the entities should 
the head entity default on its tax payment obligations. No amounts have been recognised in the financial statements in respect of this 
agreement on the basis that the possibility of default is remote.
Tax effect accounting by members of the tax consolidated group
Members of the tax consolidated group have entered into a tax funding agreement. The tax funding agreement provides for the allocation 
of current and deferred taxes using a group allocation method, on a modified standalone basis in accordance with the principles of AASB 
112 Income Taxes. Allocations under the tax funding agreement are made every six months.
The allocation of taxes under the tax funding agreement is recognised as an increase/decrease in the subsidiaries' inter-company 
accounts with the tax consolidated group head company. There is no difference between the current and deferred tax amounts allocated 
under the tax funding agreement and the amount subsequently charged to the subsidiary. Therefore, there is no contribution/distribution 
of the subsidiaries' equity accounts.
As a result of tax consolidation, intercompany assets of Ramsay Health Care Limited have increased by $103.4 million (2023: decreased 
by $33.3 million). This is included in the summarised information relating to Ramsay Health Care Limited. Refer to Note 25.
Ramsay Health Care Annual Report 2024 117
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

14 Taxes (Continued)
(v) Tax losses
At 30 June 2024, there were nil (2023: nil) losses carried forward in the Ramsay Health Care Ltd tax consolidated group and therefore 
no resulting deferred tax asset has been recognised. $74.6 million (2023: $66.4 million) has been recognised as deferred tax assets in 
relation to tax losses in other tax jurisdictions.
The Group has unrecognised deferred tax assets of $42.9 million relating to unused tax losses and other carried forward deductions 
where it is not probable that they can be utilised in the foreseeable future.
(vi) International Tax Reform – Pillar Two Model Rules
The Organisation for Economic Co-operation and Development (OECD) Pillar Two legislation has been enacted or substantively enacted 
in certain jurisdictions the Group operates and will be effective for the Group’s financial year beginning 1 July 2024. The Group is in scope 
of the enacted or substantively enacted legislation. However, the legislation is not substantively enacted in the Group’s parent jurisdiction 
(being Australia) as at reporting date. Therefore, the Group is still in the process of assessing the potential exposure to Pillar Two income 
taxes. The potential exposure, if any, to Pillar Two income taxes is currently not known or reasonably estimable. The Group expects to be 
in a position to report the potential exposure in its next interim financial statements for the period ending 31 December 2024.
The Group applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to 
Pillar Two income taxes, as provided in the Amendments to AASB 112 Income Taxes.
118 Ramsay Health Care Annual Report 2024

14 Taxes (Continued)
Accounting Policies
Income tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from 
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or 
substantively enacted by the reporting date.
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities 
and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
• when the deferred income tax liability arises from the initial recognition of;
– goodwill;
– an asset or liability in a transaction that:
i. is not a business combination;
ii. at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
iii. at the time of the transaction, does not give rise to equal taxable and deductible temporary difference; or
• when the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, 
and the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will 
not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and 
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary 
differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except:
• when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an 
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the 
accounting profit nor taxable profit or loss; or
• when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint 
ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will 
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no 
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has 
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset 
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the 
reporting date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the Income Statement.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax 
assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same 
taxation authority.
Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:
• where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the 
GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
• receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the 
Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from 
investing and financing activities which is recoverable from, or payable to, the taxation authority are classified as operating 
cash flows.
Ramsay Health Care Annual Report 2024 119
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

14 Taxes (Continued)
Key Accounting Judgements, Estimates and Assumptions
In determining the Group’s deferred tax assets and liabilities, management is required to make an estimate about the availability 
of future taxable profits and cash flows. Changes in circumstances will alter expectations, which may impact the amount of tax 
losses and temporary differences recognised.
15 Other assets/liabilities (net)
2024
2023
Note
$m
$m
Prepayments – current and non-current
244.6
202.3
Other assets – current
42.4
28.3
Assets held for sale
15.a
-
251.0
Defined employee benefit assets
15.d
70.4
55.1
Other financial assets – non-current
94.1
83.6
Other receivables – non-current
8.a
112.8
126.9
Provisions – current and non-current
15.b
(460.6)
(493.3)
Defined employee benefit obligation
15.d
(173.5)
(172.6)
Other creditors – non-current
(58.7)
(98.3)
(128.5)
(17.0)
15.a Assets held for sale/Discontinued operations
Assets held for sales/Discontinued operations is a component of Ramsay Group that represents a separate major line 
of business or geographical area of operation that is held for sale. This section presents the profit or loss, cash flows 
and assets and liabilities from the components of the Group that are subject to a committed plan for sale.
Sale of Ramsay Sime Darby Health Care Sdn Bhd (RSDH)
On 28 June 2023, the Group publicly announced the decision, together with the joint venture partner Sime Darby Berhad, to sell the 
50:50 joint venture (JV) RSDH in Malaysia. On 28 December 2023 the Group and Sime Darby Berhad completed the sale of RSDH.
Financial information relating to the discontinued operations for the period is set out below. For further information about the discontinued 
operation, please refer to Note 16.b in the Group’s annual financial statements for the year ended 30 June 2023.
120 Ramsay Health Care Annual Report 2024

15 Other assets/liabilities (net) (Continued)
2024
2023
$m
$m
Assets of discontinued operations
Investment in joint venture
-
251.0
Total assets held for sale
-
251.0
Results of discontinued operations
Share of profit of joint venture
-
19.9
Pre-tax gain on sale of interest in joint venture, net of transaction costs
660.9
-
Profit before income tax
660.9
19.9
Income tax
(42.8)
-
Profit after tax from discontinued operations
618.1
19.9
Gain on sale of discontinued operations is calculated as follows
Consideration received in cash
938.4
-
Carrying amount of interest in joint venture sold
(251.0)
-
Reclassification of amounts previously recognised in other comprehensive income to net profit
(15.0)
-
Disposal costs
(11.5)
-
Income tax
(42.8)
-
Total gain on sale of discontinued operations
618.1
-
Cash flows of discontinued operations
Operating
-
-
Investing
926.9
-
Financing
-
-
Net increase in cash and cash equivalents
926.9
-
2024
2023
Cents per 
Share
Cents per 
Share
Contribution to earnings per share by discontinued operations
Basic earnings per share (after CARES dividend)
270.5
8.7
Diluted earnings per share (after CARES dividend)
270.0
8.7
Accounting Policies
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally 
through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale 
are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly 
attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal 
group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is 
unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must 
be committed to the plan to sell the asset and the sale is expected to be completed within one year from the date of 
the classification.
The carrying amount of investment in joint venture is not adjusted to recognise changes in the Group’s share of net assets of the 
joint venture once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the Statement of Financial Position.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or 
loss after tax from discontinued operations in the Income Statement.
Ramsay Health Care Annual Report 2024 121
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

15 Other assets/liabilities (net) (Continued)
15.b Provisions
A provision is a liability with uncertain timing and amount, but the expected settlement amount can be reliably 
estimated by the Group. The main provisions held are in relation to insurance, restructuring, legal obligations, 
unfavourable contracts and employee benefits.
2024
2023
$m
$m
Current
Restructuring provision
14.8
18.4
Insurance provision
11.4
12.8
Unfavourable contracts
3.3
3.5
Legal and compliance provision
45.6
42.2
Self-insured workers compensation
6.6
7.5
Other provisions
35.8
41.4
117.5
125.8
Non-current
Restructuring provision
23.1
36.4
Insurance provision
64.6
68.2
Unfavourable contracts
36.7
40.4
Legal and compliance provision
158.3
162.9
Self-insured workers compensation
13.3
14.4
Employee and Director entitlements
42.2
40.3
Other provisions
4.9
4.9
343.1
367.5
Total
460.6
493.3
Total excluding Employee and Director entitlements
418.4
453.0
Movements in provisions (excluding Employee and Director entitlements)
Restructuring Insurance
Unfavourable 
contracts
Legal and 
compliance
Self-
insured 
workers 
compensation
Other 
provisions
 
Total
 
$m
$m
$m
$m
$m
$m
$m
As at 1 July 2023
54.8
81.0
43.9
205.1
21.9
46.3
453.0
Arising during the year
6.9
14.9
-
26.6
11.5
13.1
73.0
Utilised during the year
(2.2)
(12.5)
(3.7)
(5.4)
(11.5)
(7.4)
(42.7)
Unused amounts reversed
(21.3)
(7.4)
-
(19.8)
(2.0)
(7.1)
(57.6)
Exchange differences
(0.3)
-
(0.2)
(2.6)
-
(4.2)
(7.3)
As at 30 June 2024
37.9
76.0
40.0
203.9
19.9
40.7
418.4
Current
14.8
11.4
3.3
45.6
6.6
35.8
117.5
Non-current
23.1
64.6
36.7
158.3
13.3
4.9
300.9
As at 30 June 2024
37.9
76.0
40.0
203.9
19.9
40.7
418.4
Current
18.4
12.8
3.5
42.2
7.5
41.4
125.8
Non-current
36.4
68.2
40.4
162.9
14.4
4.9
327.2
As at 30 June 2023
54.8
81.0
43.9
205.1
21.9
46.3
453.0
122 Ramsay Health Care Annual Report 2024

15 Other assets/liabilities (net) (Continued)
Nature and timing of provisions
Restructuring provision
The restructuring provision primarily relates to the restructuring of the Group subsequent to acquisitions. Provisions are recognised in the 
year a constructive obligation arises.
Insurance provision
Insurance policies are entered into to cover the various insurable risks. These policies have varying levels of deductibles. The medical 
malpractice provision is made to cover deductibles arising under the Medical Malpractice Insurance policy, including potential uninsured 
and ‘Incurred but not Reported’ claims.
Unfavourable contracts
This provision consists of VAT and other taxes payable on impaired right of use assets for certain leases.
Legal and compliance provision
The legal and compliance provision primarily relates to amounts provided for litigation that is currently in the court process or a matter 
under review by a relevant authority.
Self-insured workers compensation
The Australian Group is self-insured for workers compensation claims. Provisions are recognised based on claims reported and an 
estimate of claims incurred but not reported. These provisions are determined on a discounted basis, using an actuarial valuation 
performed at each reporting date. The Australian Group has entered into bank guarantees in relation to its self-insured workers 
compensation obligations, refer to Note 19.
Employee leave benefits
Wages, salaries, and annual leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the 
reporting date are recognised in 'Trade and other creditors' in respect of employees' services up to the reporting date. They are 
measured at the amounts expected to be paid when the liabilities are settled.
Long service leave
The liability for long service leave is recognised in the provision for employee entitlements and measured as the present value of 
expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit 
credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of 
service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to 
maturity and currencies that match, as closely as possible, the estimated future cash outflows.
Accounting Policies
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable 
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be 
made of the amount of the obligation.
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the 
reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating 
to any provision is presented in the Income Statement net of any reimbursement.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a 
pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the 
liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
Key Accounting Judgements, Estimates and Assumptions
The insurance provision is actuarially assessed at each reporting period using a probability of sufficiency between 80% - 95% 
based on differing exposures to risk. The greatest uncertainty in estimating the provision is the costs that will ultimately be 
incurred which is estimated using historical claims, market information and other actuarial assessments. Included in the insurance 
provision is an amount for claiming handling expenses at between 5%-10% of the estimated Ramsay claim cost.
Ramsay Health Care Annual Report 2024 123
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

15 Other assets/liabilities (net) (Continued)
15.c Superannuation commitments
The Group contributes to industry and individual superannuation funds established for the provision of benefits to employees of entities 
within the economic entity on retirement, death or disability. Benefits provided under these plans are based on contributions for each 
employee and for retirement are equivalent to accumulated contributions and earnings. All death and disability benefits are insured with 
various life insurance companies. The entity contributes to the funds at various agreed contribution levels, which are not less than the 
statutory minimum.
15.d Defined employee benefit obligation
A defined benefit plan is an employer-based program that pays retirement benefits based on a predetermined formula 
such as the employee’s length of employment, age and salary history. The Group has a defined employee benefit 
obligation in France as required to be paid under local legislation. There is also a defined benefit obligation in 
the Nordics.
In contrast to a defined contribution plan, the employer, not the employee, is responsible for all of the planning and investment 
risk of a defined benefit plan. The Group has a defined contribution obligation in other jurisdictions. Refer Note 15.c.
The following tables summarise the funded status and amounts recognised in the consolidated Statement of Financial Position for 
the plans:
2024
2023
$m
$m
Net (liability) included in the Statement of Financial Position
Present value of defined benefit obligation
(404.4)
(384.4)
Fair value of plans assets
301.3
266.9
Net (liability) – non-current
(103.1)
(117.5)
2024
2023
$m
$m
As presented on the Statement of Financial Position
Net defined benefit obligation asset
70.4
55.1
Net defined benefit obligation liability
(173.5)
(172.6)
(103.1)
(117.5)
2024
2023
$m
$m
Net expense for the defined employee benefit obligation (Note 3) (recognised in 
superannuation expenses)
21.3
15.3
2024
2023
$m
$m
Changes in the present value of the defined benefit obligation are as follows:
As at 1 July
(384.4)
(386.6)
Current service cost
(17.4)
(10.4)
Finance cost
(14.3)
(4.9)
Benefits paid
21.6
13.9
Actuarial (losses)/gains
(19.2)
17.5
Exchange differences on foreign plans
9.3
(13.9)
As at 30 June
(404.4)
(384.4)
Changes in the fair value of plan assets are as follows:
As at 1 July
266.9
228.8
Expected return
10.4
-
Contributions by employer
26.1
19.8
Benefits paid
(3.2)
(4.0)
Actuarial (losses)/gains
(2.3)
26.2
Exchange differences on foreign plans
3.4
(3.9)
As at 30 June
301.3
266.9
Actuarial return on plan assets
10.4
-
124 Ramsay Health Care Annual Report 2024

15 Other assets/liabilities (net) (Continued)
Plan assets are invested as follows:
2024
2023
%
%
Equities
28.9
28.9
Bonds
40.3
40.3
Property
10.4
10.4
Other
20.4
20.4
The Group expects to contribute nil to its defined benefit obligations in 2025.
2024
2023
$m
$m
Actuarial losses/(gains) recognised in the Statement of Comprehensive Income
21.5
(43.7)
Cumulative actuarial losses recognised in the Statement of Comprehensive Income
39.6
18.1
The principal actuarial assumptions used in determining obligations for the liabilities are shown below (expressed as weighted averages):
2024
2023
%
%
Discount rate
3.5 to 4.0
2.0 to 3.6
Future salary increases
1.8 to 3.6
1.8 to 3.2
Future pension increases
1.8 to 2.6
2.0 to 3.3
Accounting Policies
The Group has defined employee benefit obligations in the Nordics and in France, arising from local legislative requirements.
The cost of providing benefits under these obligations are determined using the projected unit credit method using actuarial 
valuations. Actuarial gains and losses for the defined obligation are recognised in full in the period in which they occur in 
Other Comprehensive Income. Such actuarial gains and losses are also immediately recognised in retained earnings and are not 
reclassified to profit or loss in subsequent periods.
Unvested past service costs are recognised as an expense on a straight line basis over the average period until the benefits 
become vested. Past service costs are recognised immediately if the benefits have already vested, immediately following the 
introduction of, or changes to, the obligation.
The defined benefit liability comprises the present value of the defined benefit obligation (using a discount rate based on 
corporate bonds) less unrecognised past service costs.
Key Accounting Judgements, Estimates and Assumptions
The actuarial valuation involves making assumptions about discount rates, future salary increases and mortality rates. All 
assumptions are reviewed at each reporting date. In determining the appropriate discount rates, the interest rates of corporate 
bonds in France and the Nordics is considered. The mortality rate is based on publicly available mortality rates for France and the 
Nordics. Future salary increases are based on expected future inflation rates in France and the Nordics.
16 Net tangible assets/(liabilities)
Net Tangible Assets/(Liabilities) (NTA) are the total assets minus intangible assets and total liabilities, divided by the 
number of ordinary shares of the Company currently on issue at the reporting date. Net tangible assets/(liabilities) 
include right of use assets as the underlying leases are for physical assets.
2024
2023
$ per Share
$ per Share
Net tangible (liabilities) per ordinary share
(3.28)
(6.22)
Ramsay Health Care Annual Report 2024 125
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

IV Risk Management
This section discusses the Group’s exposure to various risks and shows how these could affect the Group’s financial 
position and performance.
17 Financial risk management
This note provides a summary of the Group’s exposure to key financial risks, including interest rate, foreign currency, 
credit and liquidity risks, along with the Group’s policies and strategies to mitigate these risks. There have been no 
material changes to the Group's risk management policies since 1 July 2023.
Primary responsibility for identification and control of financial risks rests with the Audit Committee under the authority of the Board. The 
Board reviews and agrees policies for managing each of the risks identified below, including the setting of limits for trading in derivatives, 
hedging cover of foreign currency and interest rate risk, credit allowances, and future cash flow forecast projections.
The Group's principal financial instruments comprise receivables, payables, bank loans and overdrafts, cash and short-term deposits, 
derivatives, and other financial assets.
The Group manages its exposure to key financial risks, including market risk (interest rate and foreign currency risk), credit risk and 
liquidity risk in accordance with the Group's financial risk management policy. The objective of the policy is to support the delivery of the 
Group's financial targets whilst protecting future financial security.
The Group enters into derivative transactions, principally interest rate swap contracts, foreign exchange forward and swap contracts. The 
purpose is to manage the interest rate and currency risks arising from the Group's operations and its sources of finance. The main risks 
arising from the Group's financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The Group uses 
different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to 
interest rate and foreign exchange risk and assessments of market forecasts for interest rate and foreign exchange. Ageing analyses and 
monitoring of specific credit allowances are undertaken to manage credit risk and liquidity risk is monitored through the development of 
future rolling cash flow forecasts.
The Group has entered into Syndicated Facility Agreements with its Banks. The Syndicated Facility Agreements are with prime financial
institutions. By entering into Syndicated Facility Agreements with a number of financial institutions in addition to Bilateral Facility 
Agreements, the Group has reduced its counterparty risk.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest 
rates. The Group's exposure to market interest rates relates primarily to the Group's long-term debt obligations with floating interest rates. 
The level of debt is disclosed in Note 7.b.
At reporting date, the Group had the following mix of financial assets and liabilities exposed to variable interest rates:
2024
2023
$m
$m
Financial Assets
Cash and cash equivalents
662.3
656.1
Financial Liabilities
Bank Loans
(720.6)
(1,542.5)
Net exposure
(58.3)
(886.4)
Interest rate derivatives contracts are outlined in Note 7.d, with a net positive fair value of $45.6 million (2023: net positive $119.4 million) 
which are exposed to fair value movements if interest rates change.
126 Ramsay Health Care Annual Report 2024

17 Financial risk management (Continued)
Interest rate sensitivity
The following sensitivity analysis has been determined based on the exposure to interest rates for both derivative and non-derivative 
instruments at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held 
constant throughout the reporting period.
At the end of the reporting period, as specified in the following table, if the interest rates had been higher or lower than the year end rates 
and all other variables were held constant, the consolidated entity’s post tax profit and Other Comprehensive Income would have been 
affected as follows:
Judgements of reasonably possible movements:
Post Tax Profit
Higher/(Lower)
Other Comprehensive Income
Higher/(Lower)
2024
2023
2024
2023
$m
$m
$m
$m
AUD
+100 basis points (2023: +100 basis points)
0.2
0.3
31.2
41.2
-100 basis points (2023: -100 basis points)
(0.2)
(0.4)
(32.3)
(43.1)
GBP
+100 basis points (2023: +100 basis points)
0.4
0.2
-
-
-100 basis points (2023: -100 basis points)
(0.4)
(0.2)
-
-
EUR
+100 basis points (2023: +100 basis points)
(4.7)
(4.1)
24.2
30.2
-100 basis points (2023: -100 basis points)
4.7
4.0
(25.0)
(31.6)
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign 
exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities 
(when revenue or expense is denominated in a different currency from the functional currency).
The Group manages its foreign exchange rate exposure within approved policy parameters by utilising foreign currency swaps 
and forwards.
When a derivative is entered into for the purpose of being a hedging instrument, the Group negotiates the terms of those derivatives to 
match the terms of the hedged exposure. For hedges of forecast transactions, the derivatives cover the period of exposure from the point 
the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is denominated 
in foreign currency.
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably possible changes in Euro exchange rates, with all other variables held 
constant. The impact on the Group’s equity is in relation to the loan and cash balances of the Group's subsidiary. The Group’s exposure to 
foreign currency changes for all other currencies is not material.
Post Tax Profit
Higher/(Lower)
Other Comprehensive Income
Higher/(Lower)
2024
2023
2024
2023
$m
$m
$m
$m
Euro (EUR)
+10% (2023: +10%)
-
-
164.7
164.8
-10% (2023: -10%)
-
-
(201.3)
(201.4)
Ramsay Health Care Annual Report 2024 127
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

17 Financial risk management (Continued)
Credit risk
Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other receivables, 
derivative instruments and other financial instruments. The Group's exposure to credit risk arises from potential default of the counter 
party, with a maximum exposure equal to the carrying amount of these instruments. Exposure at reporting date is addressed in each 
applicable note.
Trade receivables
The Group trades only with recognised, creditworthy third parties, and as such collateral is generally not requested. The majority of 
transactions are with the Governments and Health Funds.
The Group’s credit policy requires all debtors to pay in accordance with agreed terms. The payment terms for the major debtors range 
from 15 days to 30 days.
Collectability of trade receivables is reviewed on an ongoing basis at an operating unit level. Individual debts that are known to be 
uncollectable are written off when identified. An impairment provision is recognised based on expected credit loss where the Group 
measures the impairment using a lifetime expected loss allowance for all trade receivables. Financial difficulties of the debtor, default 
payments or debts more than 60 days overdue are considered in default. The amount of the impairment loss is the receivable carrying 
amount compared to the present value of estimated future cash flows, discounted at the original effective interest rate.
The Group’s credit risk is spread across a number of Health Funds and Governments. Whilst the Group does have significant credit risk 
exposure to a single debtor or group of related debtors, the credit quality of these debtors is considered high, as they are either Health 
Funds, governed by the prudential requirements of APRA, or Governments.
The credit quality of financial assets that are neither past due nor impaired is considered to be high, due to the absence of defaults, and 
the fact that the Group deals with creditworthy Health Funds and the Governments. Management has also put in place procedures to 
constantly monitor the exposures in order to manage its credit risk.
Financial instruments and cash deposits
Credit risks related to balances with banks and financial institutions are managed by Ramsay Group Treasury in accordance with Board 
approved policies. Such policies only allow financial derivative instruments to be entered into with high credit quality financial institutions. 
In addition, the Board has approved the use of these financial institutions, and specific internal guidelines have been established with 
regard to limits, dealing and settlement procedures. Limits are set to minimise the concentration of risks and therefore mitigate financial
loss through potential counterparty failure. The investment of surplus funds is made only with approved counterparties and within credit 
risk in relation to derivatives undertaken in accordance with the consolidated entity’s hedging and risk management activities.
The Group does not hold any credit derivatives to off-set its credit risk exposure. The Group’s maximum exposure for financial derivative 
instruments is noted in the liquidity table below.
128 Ramsay Health Care Annual Report 2024

17 Financial risk management (Continued)
Liquidity risk
Liquidity risk arises from the financial liabilities of the Group and the Group’s subsequent ability to meet their obligations to repay their 
financial liabilities as and when they fall due.
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank 
loans, bonds and leases.
To monitor existing financial assets and liabilities as well as to enable an effective controlling of future risks, Ramsay has established 
management reporting covering its worldwide business units that reflects expectations of management’s expected settlement of financial
assets and liabilities.
The Group continually reviews its liquidity position including cash flow forecasts to determine the forecast liquidity position and maintain 
appropriate liquidity levels.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments.
Less than 3 
months
3 to 12 
months
1 to 5 years
> 5 years
Total
$m
$m
$m
$m
$m
As at 30 June 2024
Trade and other liabilities
(3,313.0)
-
-
-
(3,313.0)
Loans and borrowings
(91.6)
(275.1)
(4,714.8)
(742.7)
(5,824.2)
Lease liabilities
(159.6)
(478.7)
(2,069.9)
(6,729.7)
(9,437.9)
Financial derivatives
0.2
1.7
(3.9)
-
(2.0)
(3,564.0)
(752.1)
(6,788.6)
(7,472.4)
(18,577.1)
As at 30 June 2023
Trade and other liabilities
(3,108.7)
-
-
-
(3,108.7)
Loans and borrowings
(73.2)
(316.1)
(5,980.1)
(398.2)
(6,767.6)
Lease liabilities
(171.6)
(514.7)
(1,950.7)
(6,809.5)
(9,446.5)
Financial derivatives1
-
-
-
-
-
(3,353.5)
(830.8)
(7,930.8)
(7,207.7)
(19,322.8)
1
Derivatives in the prior financial year are in a financial asset position. Hence they are not included in the liquidity risk table above.
The disclosed financial derivative instruments in the above table are the net undiscounted cash flows. However, those amounts may be 
settled gross or net.
Ramsay Health Care Annual Report 2024 129
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

V Other Information
This section includes other information that must be disclosed to comply with the accounting standards and other 
pronouncements, but that is not immediately related to individual line items in the financial statements.
18 Share based payment plans
A share based payment is a transaction in which the Group receives goods or services in exchange for rights to its own 
shares. Ramsay operates a performance rights scheme, where share rights may be issued to eligible employees.
An executive performance rights scheme was established in January 2004 where Ramsay Health Care Limited may, at the discretion of 
the Board, grant rights over the ordinary shares of Ramsay Health Care Limited to executives of the consolidated entity. The rights are 
issued for nil consideration and are granted in accordance with the plan’s guidelines established by the Directors of Ramsay Health Care 
Limited. The rights cannot be transferred and will not be quoted on the ASX. Non-executive directors are not eligible for this plan.
Information with respect to the number of rights granted under the Executive Performance Rights Plan is as follows:
2024
2023
Number of 
Rights
Weighted 
Average Fair 
Value
Number of 
Rights
Weighted 
Average Fair 
Value
Balance at beginning of year
587,868
633,164
granted
241,606
$ 34.54
188,949
$ 44.41
vested
-
-
(9,902)
$ 66.25
forfeited
(222,283)
$ 43.49
(224,343)
$ 50.73
Balance at end of year
607,191
587,868
Exercisable at end of year
-
-
The following table summarises information about rights held by participants in the Executive Performance Rights Plan as at 
30 June 2024:
Number of Rights
Grant Date
Vesting Date1
Weighted 
Average
Fair Value2
89,591
15-Dec-21
31-Aug-24
$42.05
89,595
15-Dec-21
31-Aug-24
$64.55
8,950
25-Feb-22
31-Aug-24
$42.05
8,947
25-Feb-22
31-Aug-24
$64.55
84,752
15-Dec-22
31-Aug-25
$27.60
84,729
15-Dec-22
31-Aug-25
$61.22
996
20-Feb-23
31-Aug-25
$27.60
995
20-Feb-23
31-Aug-25
$61.22
119,328
15-Dec-23
31-Aug-26
$20.60
119,308
15-Dec-23
31-Aug-26
$48.49
607,191
1
The vesting date shown is the most likely vesting date subject to full satisfaction of the respective performance conditions.
2 Fair value at grant date.
130 Ramsay Health Care Annual Report 2024

18 Share based payment plans (Continued)
Accounting Policies
The Group provides benefits to employees (including Executive Directors) of the Group in the form of share-based payment 
transactions, whereby employees render services in exchange for shares or rights over shares (equity-settled transactions).
There is currently one plan in place to provide these benefits, being the Executive Performance Rights Plan (Equity-settled 
transactions), which provides benefits to senior executives and Directors.
The cost of these equity settled transactions with employees is measured by reference to the fair value at the date at which they 
were granted. The fair value is determined by an external valuer using the Monte Carlo or the Black Scholes models.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the price 
of the shares of Ramsay Health Care Limited (market conditions).
Equity-settled transactions
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity (Share Based Payment 
Reserve), over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees 
become fully entitled to the award (vesting date).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects:
• The extent to which the vesting period has expired and
• The number of awards that, in the opinion of the Directors of the Group, will ultimately vest. This opinion is formed based on the 
best available information at reporting date.
No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included 
in the determination of fair value at grant date.
Treasury Shares
Shares in the Group held by the Executive Performance Rights Plan are classified and disclosed as Treasury shares and deducted 
from equity.
Key Accounting Judgements, Estimates and Assumptions
Performance rights are issued for nil consideration and are granted in accordance with the plan’s guidelines established by the 
Directors of Ramsay Health Care Limited.
The fair value of share rights with TSR performance conditions (market based conditions) are estimated on the date of grant 
using a Monte Carlo model. The fair value of share rights with non-market performance conditions are estimated at the date of 
grant using the Black Scholes Option Pricing model. The following weighted average assumptions were used for grants made on 
15 December 2021, 15 December 2022 and 15 December 2023:
Granted
Granted
Granted
15-Dec-23
15-Dec-22
15-Dec-21
Dividend yield
1.49%
2.33%
2.21%
Expected volatility
25.94%
32.82%
29.56%
Risk-free interest rate
3.86%
3.14%
0.86%
Effective life of incentive right
3 years
3 years
3 years
The expected volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected 
changes to future volatility due to publicly available information.
The dividend yield reflects the assumption that the current dividend payout will continue with no anticipated increases. The 
expected life of the rights is based on historical data and is not necessarily indicative of exercise patterns that may occur. The 
expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily 
be the actual outcome.
Ramsay Health Care Annual Report 2024 131
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

19 Capital commitments and contingent liabilities
Capital commitments are the Group's contractual obligation to make future payments in relation to purchases of assets.
Contingent liabilities are possible future cash payments arising from past events that are not recognised in the financial 
statements, as the likelihood of payment is not considered probable or cannot be reliably measured.
19.a Capital commitments
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
2024
2023
$m
$m
Property, plant and equipment
229.0
208.5
19.b Contingent liabilities
The Group has a number of bank guarantees to third parties for various operational and legal purposes, none of which are individually 
material to the Group. No provision has been made in the financial statements in respect of these bank guarantees, as the probability of 
having to make a payment under these guarantees is considered remote.
The only material guarantee is for workers compensation self-insurance liabilities as required by State WorkCover authorities for 
$51.6 million as at 30 June 2024 (2023: $48.2 million). No provision has been made in the financial statements in respect of these 
contingencies. However, a provision for self-insured risks relating to workers compensation claims has been provided for, along with 
provisions for legal and compliance matters (Refer Note 15.b).
20 Subsequent events
This note outlines events which have occurred between the reporting date, being 30 June 2024, and the date these 
financial results are released.
Other than loan refinancing activities by Ramsay Santé (refer Note 7.b), there have been no significant events after the reporting date that 
may significantly affect the Group’s operations in future years, the results of these operations in future years or the Group’s state of affairs
in future years.
132 Ramsay Health Care Annual Report 2024

21 Related party transactions
This note discloses the Group’s transactions with its related parties, including their relatives or related businesses.
Transactions with Related Party Entities
As at 30 June 2024 there were no outstanding transactions (2023: $nil) to be billed to or billed from related party entities.
Compensation of Key Management Personnel
2024
2023
$
$
Non-Executive Directors
Short term benefits
2,277,673
2,316,402
Post-employment benefits
218,235
192,376
2,495,908
2,508,778
Executive Directors
Short term benefits
2,738,537
2,508,497
Post-employment benefits
27,399
25,292
Other long term benefits
797,486
638,109
Performance/Incentive rights
644,580
912,6041
4,208,002
4,084,502
Executives
Short term benefits
1,322,601
1,287,208
Post-employment benefits
27,399
25,292
Other long term benefits
171,349
224,528
Performance/Incentive rights
190,710
404,1541
1,712,059
1,941,182
Total
Short term benefits
6,338,811
6,112,107
Post-employment benefits
273,033
242,960
Other long term benefits
968,835
862,637
Performance/Incentive rights
835,290
1,316,7581
8,415,969
8,534,462
1
FY23 performance/incentive rights expense disclosed in this note has been reduced by $2.1 million to that disclosed in the prior period to reflect the actual expense as included 
within the total share based payments expense disclosed in Note 3(v).
Ramsay Health Care Annual Report 2024 133
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

22 Auditors’ remuneration
This note summarises the total remuneration received or receivable by the Group’s external auditors for their audit, 
assurance and other services.
2024
2023
$
$
Amounts received or due and receivable by Ernst & Young (Australia) for:
An audit or review of the financial report of the entity and any other entity in the 
consolidated group
2,989,708
2,696,414
Fees for other assurance and agreed-upon-procedures services under other legislation or 
contractual arrangements where there is discretion as to whether the service is provided by 
the auditor or another firm
-
177,000
Other services in relation to the entity and any other entity in the consolidated group
Tax compliance
48,950
249,496
Assurance related
-
7,800
Advisory services
67,080
134,500
3,105,738
3,265,210
Amounts received or due and receivable by overseas member firms of Ernst & Young 
(Australia) for:
An audit or review of the financial report of the entity and any other entity in the 
consolidated group
6,203,829
5,183,049
Other services in relation to the entity and any other entity in the consolidated group
Tax compliance
171,906
213,150
Assurance related
-
92,381
6,375,735
5,488,580
Total
9,481,473
8,753,790
The total fees paid to Ernst & Young member firms by service type are:
Audit Services
9,193,537
7,879,463
Non-audit Services
287,936
874,327
Total
9,481,473
8,753,790
Amounts received or due and receivable by non-Ernst & Young audit firms for:
Audit or review of the financial report
2,276,852
2,693,223
134 Ramsay Health Care Annual Report 2024

23 Information relating to subsidiaries
This note provides a list of all the significant entities controlled by the Group as at the reporting date, including those 
included in the Closed Group.
Name
Country of 
Incorporation
% Equity Interest
2024
2023
RHC Nominees Pty Limited1
Australia
100%
100%
RHC Developments Pty Limited1
Australia
100%
100%
Ramsay Health Care Investments Pty Limited1
Australia
100%
100%
Ramsay Hospital Holdings Pty. Ltd.1
Australia
100%
100%
Ramsay Hospital Holdings (Queensland) Pty Limited1
Australia
100%
100%
Ramsay Finance Pty Limited1
Australia
100%
100%
Ramsay Aged Care Holdings Pty Limited1
Australia
100%
100%
Ramsay Aged Care Properties Pty Limited1
Australia
100%
100%
RHC Ancillary Services Pty Limited1
Australia
100%
100%
Linear Medical Pty Limited1
Australia
100%
100%
Newco Enterprises Pty Ltd1
Australia
100%
100%
Sydney & Central Coast Linen Services Pty Ltd1
Australia
100%
100%
Benchmark Healthcare Holdings Pty Limited1
Australia
100%
100%
Benchmark Healthcare Pty Ltd1
Australia
100%
100%
AHH Holdings Health Care Pty Limited1
Australia
100%
100%
AH Holdings Health Care Pty Limited1
Australia
100%
100%
Ramsay Centauri Pty Limited1
Australia
100%
100%
Alpha Healthcare Pty Limited1
Australia
100%
100%
Ramsay Health Care Australia Pty Limited1
Australia
100%
100%
Donvale Private Hospital Pty. Ltd.1
Australia
100%
100%
The Benchmark Hospital Group Pty. Ltd.1
Australia
100%
100%
Dandenong Valley Private Hospital Pty. Ltd.1
Australia
100%
100%
Benchmark – Surrey Pty Ltd1
Australia
100%
100%
Benchmark – Peninsula Pty. Ltd.1
Australia
100%
100%
Benchmark – Donvale Pty Ltd1
Australia
100%
100%
Benchmark – Windermere Pty. Ltd.1
Australia
100%
100%
Benchmark – Beleura Pty. Ltd.1
Australia
100%
100%
Beleura Properties Pty. Ltd.1
Australia
100%
100%
Affinity Health Holdings Australia Pty Limited1
Australia
100%
100%
Affinity Health Finance Australia Pty Limited1
Australia
100%
100%
Affinity Health Pty Limited1
Australia
100%
100%
Affinity Health Foundation Pty Ltd1
Australia
100%
100%
Affinity Health Holdings Indonesia Pty Ltd1
Australia
100%
100%
Hospitals of Australia Pty Limited1
Australia
100%
100%
Glenferrie Private Hospital Pty Ltd1
Australia
100%
100%
Relkban Pty. Limited1
Australia
100%
100%
Relkmet Pty. Limited1
Australia
100%
100%
Votraint No. 664 Pty Limited1
Australia
100%
100%
Votraint No. 665 Pty Limited1
Australia
100%
100%
Australian Medical Enterprises Pty Limited1
Australia
100%
100%
AME Hospitals Pty Ltd1
Australia
100%
100%
Victoria House Holdings Pty Ltd1
Australia
100%
100%
C&P Hospitals Holdings Pty Limited1
Australia
100%
100%
HCoA Hospital Holdings (Australia) Pty Limited1
Australia
100%
100%
AME Properties Pty Ltd1
Australia
100%
100%
AME Superannuation Pty Ltd1
Australia
100%
100%
1
Entities included in the deed of cross guarantee as required for the instrument
Ramsay Health Care Annual Report 2024 135
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

23 Information relating to subsidiaries (Continued)
Name
Country of 
Incorporation
% Equity Interest
2024
2023
Attadale Hospital Property Pty Ltd1
Australia
100%
100%
Glengarry Hospital Property Pty Ltd1
Australia
100%
100%
Hadassah Pty. Ltd.1
Australia
100%
100%
Rannes Pty. Limited1
Australia
100%
100%
Hallcraft Pty Limited1
Australia
100%
100%
Jamison Private Hospital Property Pty Ltd1
Australia
100%
100%
Affinity Health (FP) Pty Limited1
Australia
100%
100%
Armidale Hospital Pty Limited1
Australia
100%
100%
Caboolture Hospital Pty Limited1
Australia
100%
100%
Joondalup Hospital Pty Limited1
Australia
100%
100%
Joondalup Health Campus Finance Pty Limited1
Australia
100%
100%
Logan Hospital Pty Limited1
Australia
100%
100%
Noosa Privatised Hospital Pty Limited1
Australia
100%
100%
AMNL Pty Limited1
Australia
100%
100%
Mayne Properties Pty Ltd1
Australia
100%
100%
Port Macquarie Hospital Pty Limited1
Australia
100%
100%
HCoA Operations (Australia) Pty Limited1
Australia
100%
100%
Hospital Corporation Australia Pty Ltd1
Australia
100%
100%
Dabuvu Pty Ltd1
Australia
100%
100%
HOAIF Pty Limited1
Australia
100%
100%
HCA Management Pty. Limited1
Australia
100%
100%
Malahini Pty. Ltd.1
Australia
100%
100%
Tilemo Pty Ltd1
Australia
100%
100%
Hospital Affiliates of Australia Pty Ltd1
Australia
100%
100%
C.R.P.H Pty. Limited1
Australia
100%
100%
Hospital Developments Pty Ltd1
Australia
100%
100%
P.M.P.H. Pty. Limited1
Australia
100%
100%
Pruinosa Pty Ltd1
Australia
100%
100%
Australian Hospital Care Pty Limited1
Australia
100%
100%
Australian Hospital Care (Allamanda) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care (Latrobe) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care 1988 Pty. Ltd.1
Australia
100%
100%
AHC Foundation Pty. Ltd.1
Australia
100%
100%
AHC Tilbox Pty Limited1
Australia
100%
100%
Australian Hospital Care (Masada) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care Investments Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care (MPH) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care (MSH) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care (Pindara) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care (The Avenue) Pty. Ltd.1
Australia
100%
100%
Australian Hospital Care Retirement Plan Pty Ltd1
Australia
100%
100%
eHealth Technologies Pty Limited1
Australia
100%
100%
Health Technologies Pty. Ltd.1
Australia
100%
100%
Rehabilitation Holdings Pty Ltd1
Australia
100%
100%
Bowral Management Company Pty Ltd1
Australia
100%
100%
1
Entities included in the deed of cross guarantee as required for the instrument
136 Ramsay Health Care Annual Report 2024

23 Information relating to subsidiaries (Continued)
Name
Country of 
Incorporation
% Equity Interest
2024
2023
Simpak Services Pty Limited1
Australia
100%
100%
APL Hospital Holdings Pty. Ltd.1
Australia
100%
100%
Alpha Pacific Hospitals Pty Ltd1
Australia
100%
100%
Health Care Corporation Pty Ltd1
Australia
100%
100%
Alpha Westmead Private Hospital Pty Limited1
Australia
100%
100%
Illawarra Private Hospital Holdings Pty Ltd1
Australia
100%
100%
Northern Private Hospital Pty. Limited1
Australia
100%
100%
Westmead Medical Supplies Pty Limited1
Australia
100%
100%
Herglen Pty Ltd1
Australia
100%
100%
Mt Wilga Pty Limited1
Australia
100%
100%
Sibdeal Pty. Limited1
Australia
100%
100%
Workright Pty Limited1
Australia
100%
100%
Adelaide Clinic Holdings Pty. Ltd.1
Australia
100%
100%
E Hospital Pty. Limited1
Australia
100%
100%
New Farm Hospitals Pty. Ltd.1
Australia
100%
100%
North Shore Private Hospital Pty Limited1
Australia
100%
100%
Phiroan Pty Ltd1
Australia
100%
100%
Ramsay Health Care (Asia Pacific) Pty Limited1
Australia
100%
100%
Ramsay Health Care (South Australia) Pty Limited1
Australia
100%
100%
Ramsay Health Care (Victoria) Pty. Ltd.1
Australia
100%
100%
Ramsay Health Care Services (QLD) Pty Limited1
Australia
100%
100%
Ramsay Health Care Services (VIC) Pty Limited1
Australia
100%
100%
Ramsay Health Care Services (WA) Pty Limited1
Australia
100%
100%
Ramsay Pharmacy Retail Services Pty Ltd1
Australia
100%
100%
Ramsay Professional Services Pty Limited1
Australia
100%
100%
Ramsay Diagnostics (No 1) Pty Limited1
Australia
100%
100%
Ramsay Diagnostics (No 2) Pty Limited1
Australia
100%
100%
Ramsay Health Care (UK) Limited
UK
100%
100%
Ramsay Health Care Holdings UK Limited
UK
100%
100%
Ramsay Health Care UK Operations Limited2
UK
100%
100%
Ramsay Générale de Santé SA2
France
52.8%
52.8%
Capio AB2
Sweden
52.8%
52.8%
Ramsay Elysium Holdings Limited2
UK
100%
100%
1
Entities included in the deed of cross guarantee as required for the instrument
2 This entity owns a number of subsidiaries, none of which are individually material to the Group
Ramsay Health Care Annual Report 2024 137
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

24 Closed group
This note presents the consolidated financial performance and position of the Australian wholly owned subsidiaries, 
which together with the Parent Entity, Ramsay Health Care Limited, are referred to as the Closed Group.
Entities subject to instrument
Pursuant to Instrument 2016/785, relief has been granted to the entities in the table of subsidiaries in Note 23, (identified by footnote 1) 
from the Corporations Act 2001 requirements for preparation, audit and lodgement of their financial reports.
As a condition of the Instrument, these entities entered into a Deed of Cross Guarantee on 22 June 2006 or have subsequently been 
added as parties to the Deed of Gross Guarantee by way of Assumption Deeds dated 24 April 2008, 27 May 2010, 24 June 2011, 
20 October 2015, 17 December 2015 and 14 May 2019. The effect of the deed is that Ramsay Health Care Limited has guaranteed to pay 
any deficiency in the event of winding up of a wholly owned Australian entity or if they do not meet their obligations under the terms 
of overdrafts, loans, leases or other liabilities subject to the guarantee. The controlled entities have also given a similar guarantee in the 
event that Ramsay Health Care Limited is wound up or if it does not meet its obligation under the terms of overdrafts, loans, leases or 
other liabilities subject to the guarantee.
The consolidated Income Statement and Statement of Financial Position of the entities that are members of the Closed Group are 
as follows:
Closed Group
2024
2023
Consolidated Income Statement
$m
$m
Profit before tax from continuing operations
589.2
385.0
Income tax expense
(128.1)
(157.2)
Profit after tax from continuing operations
461.1
227.8
Profit after tax from discontinued operations
618.1
19.9
Net profit for the year
1,079.2
247.7
Retained earnings at the beginning of the year
1,691.9
1,681.7
Dividends paid
(165.3)
(237.5)
Retained earnings at the end of the year
2,605.8
1,691.9
138 Ramsay Health Care Annual Report 2024

24 Closed group (Continued)
Closed Group
2024
2023
Consolidated Statement of Financial Position
$m
$m
ASSETS
Current assets
Cash and cash equivalents
23.7
30.4
Trade and other receivables
3,809.4
3,025.7
Inventories
132.1
149.6
Derivative financial instruments
17.8
35.0
Income tax receivables
-
28.9
Prepayments
41.9
32.8
Other current assets
6.0
4.7
4,030.9
3,307.1
Assets held for sale
-
251.0
Total current assets
4,030.9
3,558.1
Non-current assets
Other financial assets
674.4
664.7
Property, plant and equipment
2,785.0
2,676.7
Right of use assets
525.9
476.0
Intangible assets
1,051.2
1,048.2
Deferred tax assets
178.7
161.8
Prepayments
10.3
10.5
Derivative financial instruments
16.8
40.8
Other receivables
154.1
70.5
Total non-current assets
5,396.4
5,149.2
TOTAL ASSETS
9,427.3
8,707.3
LIABILITIES
Current liabilities
Trade and other creditors
996.9
971.2
Lease liabilities
23.4
22.2
Derivative financial instruments
0.1
-
Provisions
38.4
36.0
Income tax payables
34.1
-
Total current liabilities
1,092.9
1,029.4
Non-current liabilities
Loans and borrowings
1,916.8
2,274.2
Lease liabilities
681.3
613.4
Provisions
130.2
133.0
Derivative financial instruments
0.7
-
Total non-current liabilities
2,729.0
3,020.6
TOTAL LIABILITIES
3,821.9
4,050.0
NET ASSETS
5,605.4
4,657.3
EQUITY
Issued capital
2,246.8
2,216.4
Treasury shares
(63.0)
(67.8)
Convertible Adjustable Rate Equity Securities (CARES)
252.2
252.2
Other reserves
563.6
564.6
Retained earnings
2,605.8
1,691.9
TOTAL EQUITY
5,605.4
4,657.3
Ramsay Health Care Annual Report 2024 139
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

25 Parent entity information
This note presents the stand-alone summarised financial information of the parent entity Ramsay Health Care Limited.
2024
2023
$m
$m
Information relating to Ramsay Health Care Limited
Current assets
2,710.5
2,610.5
Total assets
2,850.9
2,752.4
Current liabilities
55.9
0.6
Total liabilities
55.9
0.6
Issued capital
2,246.8
2,216.4
Other equity
548.2
535.4
Total shareholders’ equity
2,795.0
2,751.8
Net profit/(loss) for the year after tax
174.3
(11.2)
As a condition of the Instrument (set out in Note 24), Ramsay Health Care Limited has guaranteed to pay any deficiency in the event of 
winding up of a controlled entity or if they do not meet their obligations under the terms of overdrafts, loans, leases or other liabilities 
subject to guarantee.
26 Material partly–owned subsidiaries
This note provides information of the significant subsidiaries that the Group owns less than 100% shareholding in.
Ramsay Santé (formerly Ramsay Générale de Santé) has a material non-controlling interest (NCI): This entity represents the French and 
Nordic segments for management and segment reporting.
Financial information in relation to the NCI is provided below:
Proportion of equity interest and voting rights held by non-controlling interests
Refer to Note 23 which discloses the equity interest held by the Ramsay Group. The remaining equity interest is held by the non-
controlling interest.
Voting rights for Ramsay Santé at 30 June 2024 are 53.0% (2023: 53.0%). The remaining interest is held by the non-controlling interest.
Accumulated balances of non-controlling interests
Refer to the Consolidated Statement of Changes in Equity.
Profit allocated to non-controlling interests
Refer to the Consolidated Income Statement.
Summarised Statement of Profit or Loss and Statement of Financial Position for 2024 and 2023
Refer to Note 1. The French and Nordic segments consist only of this subsidiary that has a material non-controlling interest.
Summarised cash flow information
2024
2023
$m
$m
Operating
668.1
744.5
Investing
(287.9)
(220.5)
Financing
(372.5)
(172.0)
Net increase in cash and cash equivalents
7.7
352.0
140 Ramsay Health Care Annual Report 2024

7 Consolidated Entity Disclosure 
Statement
Basis of Preparation 
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with section 295(3A) of the Corporations Act 
2001. It includes certain information for each entity that was part of the Ramsay Group at the end of the current financial year, including 
name, entity type, ownership interest, place of incorporation and tax residency.  
Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Adelaide Clinic Holdings Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health (FP) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health Finance Australia Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health Foundation Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health Holdings Australia Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health Holdings Indonesia Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Affinity Health Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
AH Holdings Health Care Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
AHC Foundation Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
AHC Tilbox Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
AHH Holdings Health Care Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Alpha Healthcare Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Alpha Pacific Hospitals Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Alpha Westmead Private Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
AME Hospitals Pty Ltd2
Body Corporate
Australia
100.00%
Australian
N/A
AME Properties Pty Ltd2
Body Corporate
Australia
100.00%
Australian
N/A
AME Superannuation Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
AMNL Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
APL Hospital Holdings Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Armidale Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Attadale Hospital Property Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (Allamanda) Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (Latrobe) Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (Masada) Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (MPH) Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (MSH) Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (Pindara) Pty. Ltd.3,2
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care (The Avenue) Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care 1988 Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care Investments Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Australian Hospital Care Retirement Plan Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Australian Medical Enterprises Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ballina Property Pty Ltd
Body Corporate
Australia
55.00%
Australian
N/A
BCPharma Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
BDS Operator Pty Ltd
Body Corporate
Australia
55.00%
Australian
N/A
Beleura Properties Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark – Beleura Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark – Donvale Pty Ltd2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark – Peninsula Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark – Surrey Pty Ltd2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark – Windermere Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Benchmark Healthcare Holdings Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Annual Report 2024 141
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Benchmark Healthcare Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Bowral Management Company Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Bridgepharm Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
C&P Hospitals Holdings Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
C.R.P.H. Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Caboolture Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Cooinda Ventures Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Dabuvu Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Dandenong Valley Private Hospital Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Danderian Enterprises Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Donvale Private Hospital Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
E Hospital Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
eHealth Technologies Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Glenferrie Private Hospital Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Glengarry Hospital Property Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Gold Coast Day Hospitals Pty Ltd
Body Corporate
Australia
50.10%
Australian
N/A
Gundamain Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Hadassah Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Hallcraft Pty Limited2
Body Corporate
Australia
100.00%
Australian
N/A
HCA Management Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
HCoA Hospital Holdings (Australia) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
HCoA Operations (Australia) Pty Limited3
Body Corporate
Australia
100.00%
Australian
N/A
Health Care Corporation Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Health Technologies Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Herglen Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
HOAIF Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Hospital Affiliates of Australia Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Hospital Corporation Australia Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Hospital Developments Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Hospitals of Australia Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Illawarra Private Hospital Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Ilumba Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Jamison Private Hospital Property Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Joelle Health Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Joondalup Health Campus Finance Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Joondalup Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Judevie Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Lekarna Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Linear Medical Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Linpharm Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Logan Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Macleay Pharma Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Malahini Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Mayne Properties Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Mt Wilga Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
NBH Hold Co Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
NBH Operator Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
New Farm Hospitals Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Newco Enterprises Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Noosa Privatised Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
North Shore Private Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Northern Private Hospital Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Orange Private Hospital Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
P.M.P.H. Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Pharmabean Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Pharmacia Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Pharmakon Enterprises Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Pharmalchem Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
PharMC Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Pharmify Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Pharmire Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Phiroan Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
142 Ramsay Health Care Annual Report 2024

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Port Macquarie Hospital Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Pruinosa Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Aged Care Holdings Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Aged Care Properties Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Centauri Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Diagnostics (No 1) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Diagnostics (No 2) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Finance Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care (Asia Pacific) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care (South Australia) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care (Victoria) Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Australia Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Investments Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Limited
Body Corporate
Australia
N/A
Australian
N/A
Ramsay Health Care Services (QLD) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Services (VIC) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Services (WA) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Health Care Ventures Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Hospital Holdings (Queensland) Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Hospital Holdings Pty. Ltd.
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay International Holding Company Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Pharmacy Retail Services Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Ramsay Professional Services Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Rannes Pty. Limited2
Body Corporate
Australia
100.00%
Australian
N/A
Rehabilitation Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Relkban Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Relkmet Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
RHC Ancillary Services Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
RHC Developments Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
RHC Nominees Pty Limited2
Body Corporate
Australia
100.00%
Australian
N/A
Sibdeal Pty. Limited
Body Corporate
Australia
100.00%
Australian
N/A
Simpak Services Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
SSV No. 1 Pty Limited
Body Corporate
Australia
0.00%
Australian
N/A
Sydney & Central Coast Linen Services Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
The Benchmark Hospital Group Pty. Ltd.2
Body Corporate
Australia
100.00%
Australian
N/A
Tilemo Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
VDPC Pty Ltd
Body Corporate
Australia
51.00%
Australian
N/A
Victoria House Holdings Pty Ltd
Body Corporate
Australia
100.00%
Australian
N/A
Votraint No. 664 Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Votraint No. 665 Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Westmead Medical Supplies Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
Workright Pty Limited
Body Corporate
Australia
100.00%
Australian
N/A
YXY Enterprise Pty Ltd
Body Corporate
Australia
0.00%
Australian
N/A
Alles Lægehus A/S
Body corporate
Denmark
35.90%
Foreign
Denmark
Capio A/S
Body corporate
Denmark
52.79%
Foreign
Denmark
Capio Danmark Holding A/S
Body corporate
Denmark
52.79%
Foreign
Denmark
Capio Specialistklinikker A/S
Body corporate
Denmark
52.79%
Foreign
Denmark
Institut For Mental Sundhet ApS
Body corporate
Denmark
18.48%
Foreign
Denmark
Vikteam A/S
Body corporate
Denmark
35.90%
Foreign
Denmark
WeCare Holding ApS
Body corporate
Denmark
35.90%
Foreign
Denmark
WeCare2 Holding ApS
Body corporate
Denmark
26.92%
Foreign
Denmark
Alpha
Body corporate
France
52.79%
Foreign
France
Alphamed
Body corporate
France
52.78%
Foreign
France
Ambulances Davin
Body corporate
France
52.79%
Foreign
France
Ancienne Clinique Générale de Savoie
Body corporate
France
51.27%
Foreign
France
Ancienne Clinique Jeanne d'Arc
Body corporate
France
52.79%
Foreign
France
Auto-Dialyse du Vert Galant
Body corporate
France
27.45%
Foreign
France
Barbusse Immobilier (Hôp. Priv. Seine St Denis-
GCRP)
Body corporate
France
52.78%
Foreign
France
BAYA Hôtel et spa
Body corporate
France
52.79%
Foreign
France
Cap Lille - Forme et Santé (ex. UPPS)
Body corporate
France
52.79%
Foreign
France
Capio Cliniques
Body corporate
France
52.79%
Foreign
France
Ramsay Health Care Annual Report 2024 143
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Capio Holding Medipôle
Body corporate
France
52.77%
Foreign
France
Capio La Croix du Sud
Body corporate
France
52.79%
Foreign
France
Capio Rhônes Alpes
Body corporate
France
52.78%
Foreign
France
Capio Santé
Body corporate
France
52.79%
Foreign
France
Centrale Ramsay Santé (ex. Centrale Iéna)
Body corporate
France
52.79%
Foreign
France
Centre d’Imagerie Monticelli Velodrome
Body corporate
France
50.21%
Foreign
France
Centre de Radiothérapie Beauregard
Body corporate
France
34.31%
Foreign
France
Centre de Radiothérapie Savoie Nord
Body corporate
France
52.79%
Foreign
France
Centre de Santé Haussmann
Body corporate
France
52.79%
Foreign
France
Centre d'imagerie du Plateau Bezons
Body corporate
France
52.79%
Foreign
France
Centre d'Imagerie en Coupe du Blanc Mesnil
Body corporate
France
29.03%
Foreign
France
Centre d'Imagerie Médicale d'Aulnay (CIMA)
Body corporate
France
29.03%
Foreign
France
Centre d'Imagerie Médicale de Drancy
Body corporate
France
29.03%
Foreign
France
Centre d'imagerie médicale du Bourget
Body corporate
France
29.03%
Foreign
France
Centre d'imagerie médicale Lambert
Body corporate
France
26.92%
Foreign
France
Centre d'Imagerie Mermoz (ex. Scanner St Jean)
Body corporate
France
26.39%
Foreign
France
Centre d'Imagerie Nucléaire de la Plaine de France
Body corporate
France
34.13%
Foreign
France
Centre Lyonnais d'Imagerie Médicale
Body corporate
France
52.53%
Foreign
France
Centre médical Ramsay Santé Annemasse
Body corporate
France
52.79%
Foreign
France
Centre médical Ramsay Santé France
Body corporate
France
52.79%
Foreign
France
Centre médical Ramsay Santé Toulouse
Body corporate
France
52.79%
Foreign
France
Centre médical Ramsay Santé Versailles
Body corporate
France
52.79%
Foreign
France
Centre Médico-Chirurgial et Obstetrical 
d'Evry (Mousseau)
Body corporate
France
52.79%
Foreign
France
Centres de santé pour tous
Body corporate
France
52.79%
Foreign
France
Centres de santé pour tous - Lyon
Body corporate
France
52.79%
Foreign
France
CERS Capbreton
Body corporate
France
52.79%
Foreign
France
CERS Saint Raphaël
Body corporate
France
52.79%
Foreign
France
Chambord
Body corporate
France
52.79%
Foreign
France
Chatenay Leclerc
Body corporate
France
52.79%
Foreign
France
Clinique Aguiléra
Body corporate
France
52.79%
Foreign
France
Clinique Belharra
Body corporate
France
52.38%
Foreign
France
Clinique Belle Allée
Body corporate
France
52.79%
Foreign
France
Clinique Blomet
Body corporate
France
52.79%
Foreign
France
Clinique Bon Secours
Body corporate
France
52.79%
Foreign
France
Clinique Claude Bernard
Body corporate
France
52.79%
Foreign
France
Clinique Convert
Body corporate
France
52.78%
Foreign
France
Clinique d'Argonay
Body corporate
France
52.11%
Foreign
France
Clinique de Beaupuy
Body corporate
France
52.79%
Foreign
France
Clinique de Champigny
Body corporate
France
52.79%
Foreign
France
Clinique de Change Notre Dame de Pritz
Body corporate
France
52.79%
Foreign
France
Clinique de Châtillon (ex. Fauvettes)
Body corporate
France
50.39%
Foreign
France
Clinique de Choisy
Body corporate
France
51.98%
Foreign
France
Clinique de Domont
Body corporate
France
52.79%
Foreign
France
Clinique de la Défense
Body corporate
France
52.79%
Foreign
France
Clinique de la Muette
Body corporate
France
52.79%
Foreign
France
Clinique de la Roseraie
Body corporate
France
52.79%
Foreign
France
Clinique de la Sauvegarde
Body corporate
France
52.39%
Foreign
France
Clinique de l'Amandier
Body corporate
France
52.78%
Foreign
France
Clinique de l'Ange Gardien
Body corporate
France
52.79%
Foreign
France
Clinique de l'Atlantique
Body corporate
France
52.79%
Foreign
France
Clinique de l'Auzon
Body corporate
France
52.26%
Foreign
France
Clinique de l'Escrébieux
Body corporate
France
50.17%
Foreign
France
Clinique de l'Espérance
Body corporate
France
52.79%
Foreign
France
Clinique de l'Union
Body corporate
France
52.79%
Foreign
France
Clinique de Montevrain
Body corporate
France
52.79%
Foreign
France
Clinique de Provence-Bourbonne
Body corporate
France
52.79%
Foreign
France
Clinique de Saint Victor
Body corporate
France
52.79%
Foreign
France
Clinique de Villeneuve Saint Georges
Body corporate
France
52.57%
Foreign
France
Clinique des Cèdres
Body corporate
France
52.79%
Foreign
France
Clinique des Martinets
Body corporate
France
52.78%
Foreign
France
Clinique des Monts du Forez
Body corporate
France
52.79%
Foreign
France
144 Ramsay Health Care Annual Report 2024

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Clinique des Platanes
Body corporate
France
52.79%
Foreign
France
Clinique des Quatre Saisons
Body corporate
France
52.79%
Foreign
France
Clinique des Trois Cyprès
Body corporate
France
52.79%
Foreign
France
Clinique du Bois d'Amour
Body corporate
France
52.78%
Foreign
France
Clinique du Bourget
Body corporate
France
52.79%
Foreign
France
Clinique du Chalonnais (ex Val de Seille)
Body corporate
France
52.79%
Foreign
France
Clinique du Château du Tremblay
Body corporate
France
52.79%
Foreign
France
Clinique du Landy
Body corporate
France
52.79%
Foreign
France
Clinique du Moulin
Body corporate
France
52.79%
Foreign
France
Clinique du Parisis
Body corporate
France
52.79%
Foreign
France
Clinique du Plateau Bezons
Body corporate
France
51.38%
Foreign
France
Clinique du Pont de Gien
Body corporate
France
52.79%
Foreign
France
Clinique du Sport
Body corporate
France
52.79%
Foreign
France
Clinique du Val de Lys
Body corporate
France
33.38%
Foreign
France
Clinique d'Yvelines
Body corporate
France
52.79%
Foreign
France
Clinique Eugénie
Body corporate
France
52.79%
Foreign
France
Clinique Iris Marcy l'Etoile
Body corporate
France
52.79%
Foreign
France
Clinique Jean Le Bon
Body corporate
France
52.53%
Foreign
France
Clinique Jouvenet
Body corporate
France
52.75%
Foreign
France
Clinique Kennedy
Body corporate
France
51.39%
Foreign
France
Clinique La Parisière
Body corporate
France
52.68%
Foreign
France
Clinique Le Gouz
Body corporate
France
52.79%
Foreign
France
Clinique les Rosiers
Body corporate
France
52.79%
Foreign
France
Clinique Marcel Sembat
Body corporate
France
52.79%
Foreign
France
Clinique Maussins-Nollet
Body corporate
France
52.79%
Foreign
France
Clinique Mon Repos
Body corporate
France
52.79%
Foreign
France
Clinique Monticelli-Vélodrome
Body corporate
France
52.78%
Foreign
France
Clinique Océane
Body corporate
France
52.79%
Foreign
France
Clinique Pen An Dalar
Body corporate
France
52.79%
Foreign
France
Clinique Philaé
Body corporate
France
52.79%
Foreign
France
Clinique Psychiatrique du Parc
Body corporate
France
52.79%
Foreign
France
Clinique Rech
Body corporate
France
52.79%
Foreign
France
Clinique Ronsard
Body corporate
France
52.79%
Foreign
France
Clinique Rosemond
Body corporate
France
52.79%
Foreign
France
Clinique Saint Ame
Body corporate
France
51.79%
Foreign
France
Clinique Saint Martin (Ollioules)
Body corporate
France
52.79%
Foreign
France
Clinique Saint Michel
Body corporate
France
52.79%
Foreign
France
Clinique Saint-Barnabé
Body corporate
France
52.79%
Foreign
France
Compagnie Générale de Santé
Body corporate
France
52.79%
Foreign
France
Compagnie Phocéenne de Santé
Body corporate
France
52.79%
Foreign
France
Compagnie Saint Pol (ex. Herbert)
Body corporate
France
52.78%
Foreign
France
Conectis Santé
Body corporate
France
42.23%
Foreign
France
Districare
Body corporate
France
52.79%
Foreign
France
Dynamis
Body corporate
France
52.79%
Foreign
France
Etablissement Bancillon
Body corporate
France
52.79%
Foreign
France
Etablissement Mériaux
Body corporate
France
52.79%
Foreign
France
EZ Ambu
Body corporate
France
52.79%
Foreign
France
Fondation Ramsay Générale de Santé
Body corporate
France
51.88%
Foreign
France
GCS Centre de Cardiologie du Pays Basque
Body corporate
France
39.39%
Foreign
France
GCS Enseignement et Recherche
Body corporate
France
52.79%
Foreign
France
GCS Urgences de la Main
Body corporate
France
25.90%
Foreign
France
GDS Inter Pôles
Body corporate
France
52.79%
Foreign
France
GDS Participation 3
Body corporate
France
52.79%
Foreign
France
Gie Capio Gestion
Body corporate
France
50.90%
Foreign
France
Gie Inter-Filiales
Body corporate
France
52.69%
Foreign
France
Gie Ramsay Hospitalisation
Body corporate
France
52.79%
Foreign
France
Gie Ramsay Santé
Body corporate
France
52.79%
Foreign
France
GIE Ramsay Santé Soins et Prévention
Body corporate
France
52.53%
Foreign
France
H.P.A 3
Body corporate
France
52.79%
Foreign
France
Haussmann Services de Santé
Body corporate
France
52.79%
Foreign
France
Hôpital de jour L'Angélique
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Armand Brillard
Body corporate
France
52.79%
Foreign
France
Ramsay Health Care Annual Report 2024 145
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Hôpital Privé Clairval
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Claude Galien
Body corporate
France
52.79%
Foreign
France
Hôpital Privé d'Antony
Body corporate
France
52.79%
Foreign
France
Hôpital Privé de Bois Bernard
Body corporate
France
52.55%
Foreign
France
Hôpital Privé de la Loire
Body corporate
France
51.67%
Foreign
France
Hôpital Privé de la Seine Saint Denis
Body corporate
France
52.78%
Foreign
France
Hôpital Privé de l'Est Lyonnais
Body corporate
France
52.79%
Foreign
France
Hôpital Privé de l'Est Parisien
Body corporate
France
52.79%
Foreign
France
Hôpital Privé de l'Estuaire
Body corporate
France
52.71%
Foreign
France
Hôpital Privé de l'Ouest Parisien
Body corporate
France
52.78%
Foreign
France
Hôpital Privé de Marne Chantereine
Body corporate
France
52.78%
Foreign
France
Hôpital Privé de Parly II
Body corporate
France
52.50%
Foreign
France
Hôpital Privé de Versailles - Franciscaines SAS
Body corporate
France
52.79%
Foreign
France
Hôpital Privé de Villeneuve d'Ascq
Body corporate
France
52.70%
Foreign
France
Hôpital Privé des Peupliers
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Dijon Bourgogne (ex. SIMA)
Body corporate
France
52.78%
Foreign
France
Hôpital Privé Drôme Ardéche
Body corporate
France
52.79%
Foreign
France
Hôpital Privé du Vert Galant
Body corporate
France
52.78%
Foreign
France
Hôpital privé Geoffroy Saint Hilaire
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Jacques Cartier
Body corporate
France
52.66%
Foreign
France
Hôpital Privé Jean Mermoz
Body corporate
France
52.78%
Foreign
France
Hôpital Privé la Louvière
Body corporate
France
52.77%
Foreign
France
Hôpital Privé La Montagne Lambert
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Métropole
Body corporate
France
52.63%
Foreign
France
Hôpital Privé Métropole Nord
Body corporate
France
51.81%
Foreign
France
Hôpital Privé Paul d'Egine
Body corporate
France
52.78%
Foreign
France
Hôpital Privé Pays de Savoie
Body corporate
France
52.57%
Foreign
France
Hôpital Privé Saint Martin - Caen
Body corporate
France
52.79%
Foreign
France
Hôpital Privé Sainte Marie Châlon
Body corporate
France
52.22%
Foreign
France
Imagerie de Clairval
Body corporate
France
50.26%
Foreign
France
Imagerie Médicale Jacques Cartier
Body corporate
France
34.29%
Foreign
France
Imhotep
Body corporate
France
26.44%
Foreign
France
Immobilière de Santé
Body corporate
France
52.79%
Foreign
France
Immobilière Salicacées (ex. Im. Beauregard)
Body corporate
France
52.79%
Foreign
France
Institut de Radiothérapie de Hautes Energies (I.R.H.E)
Body corporate
France
52.78%
Foreign
France
Iridis Lyon (ex Radiot. St Jean)
Body corporate
France
52.79%
Foreign
France
Iridis Marseille
Body corporate
France
52.79%
Foreign
France
Iridis Nord
Body corporate
France
52.79%
Foreign
France
IRM Bachaumont
Body corporate
France
26.90%
Foreign
France
IRM Bry
Body corporate
France
26.92%
Foreign
France
IRM du Parc
Body corporate
France
26.89%
Foreign
France
IRM Marne Chantereine
Body corporate
France
26.92%
Foreign
France
IRM-CCBB Clinique Marcel Sembat
Body corporate
France
29.03%
Foreign
France
La Clinique du Mousseau (SCI - Evry)
Body corporate
France
52.79%
Foreign
France
La Parisière Expansion
Body corporate
France
52.69%
Foreign
France
La Recouvrance
Body corporate
France
52.79%
Foreign
France
L'Angio - Service Intercliniques d'Imagerie Médicale
Body corporate
France
26.39%
Foreign
France
Le Marquisat
Body corporate
France
52.79%
Foreign
France
Maison de Santé Chirurgicale des Bluets (Clinique 
des Martinets)
Body corporate
France
52.78%
Foreign
France
Mas du Vendomois
Body corporate
France
52.79%
Foreign
France
Médipsy SA
Body corporate
France
52.79%
Foreign
France
MHP - Médipôle Hôpital Privé
Body corporate
France
52.77%
Foreign
France
MSC Dreux SA
Body corporate
France
52.79%
Foreign
France
Océane (SCI)
Body corporate
France
52.79%
Foreign
France
Parc Saint Jean
Body corporate
France
52.79%
Foreign
France
Performance Achat au Service de la Santé
Body corporate
France
52.79%
Foreign
France
Polyclinique du Beaujolais
Body corporate
France
52.79%
Foreign
France
Polyclinique du Parc Drevon
Body corporate
France
52.79%
Foreign
France
Pompes Funèbres Joubert
Body corporate
France
52.79%
Foreign
France
Ramsay Academy
Body corporate
France
52.79%
Foreign
France
Ramsay Générale de Santé SA2
Body corporate
France
52.79%
Foreign
France
146 Ramsay Health Care Annual Report 2024

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Ramsay services
Body corporate
France
52.79%
Foreign
France
Rempart Investissement
Body corporate
France
52.79%
Foreign
France
Ronsard (Clinique du Vert Galant)
Body corporate
France
52.78%
Foreign
France
SA Lille Septentrion
Body corporate
France
52.53%
Foreign
France
SA Lille Sud
Body corporate
France
52.63%
Foreign
France
Saint Louis Holding
Body corporate
France
52.76%
Foreign
France
SAS Alliance imagerie 21
Body corporate
France
26.92%
Foreign
France
SAS des Peupliers
Body corporate
France
52.79%
Foreign
France
SAS Imagerie Blomet
Body corporate
France
26.45%
Foreign
France
SAS Imagerie Claude Bernard
Body corporate
France
52.79%
Foreign
France
SAS imagerie en coupe Jouvenet Cortambert
Body corporate
France
26.90%
Foreign
France
SAS Imagerie médicale du Landy
Body corporate
France
26.40%
Foreign
France
SAS Imagerie Saint Jean des vignes
Body corporate
France
26.63%
Foreign
France
SAS IRM Beclere
Body corporate
France
26.92%
Foreign
France
SAS IRM Martinets
Body corporate
France
29.03%
Foreign
France
SAS Scanner Aguiléra
Body corporate
France
26.92%
Foreign
France
SAS Scanner Bachaumont Paris Centre
Body corporate
France
26.92%
Foreign
France
SAS SIM des Peupliers
Body corporate
France
26.92%
Foreign
France
SASU HPMV
Body corporate
France
52.78%
Foreign
France
Sauvegarde Immobilière
Body corporate
France
52.35%
Foreign
France
Scanner Champigny
Body corporate
France
26.94%
Foreign
France
Scanner IRM Villeneuve Saint Georges
Body corporate
France
26.81%
Foreign
France
Scanner Marcel Sembat
Body corporate
France
26.40%
Foreign
France
SCI 2R
Body corporate
France
52.79%
Foreign
France
SCI 95 Avenue Albert Premier (Clinique 
des Martinets)
Body corporate
France
52.78%
Foreign
France
SCI Alpha Royan
Body corporate
France
52.79%
Foreign
France
SCI Balle
Body corporate
France
52.79%
Foreign
France
SCI Beautiful Avenue (Nantes)
Body corporate
France
52.79%
Foreign
France
SCI Beautiful Avenue (Orléans)
Body corporate
France
52.79%
Foreign
France
SCI CALYPSO
Body corporate
France
52.79%
Foreign
France
SCI CALYPSO 2
Body corporate
France
52.79%
Foreign
France
SCI Clinique Platane
Body corporate
France
52.79%
Foreign
France
SCI de Chassignol
Body corporate
France
35.20%
Foreign
France
SCI de Fontainieu
Body corporate
France
52.79%
Foreign
France
SCI de la Clinique Jouvenet
Body corporate
France
26.45%
Foreign
France
SCI de la Polyclinique Villeneuve Saint Georges
Body corporate
France
52.64%
Foreign
France
SCI de l'Europe
Body corporate
France
52.79%
Foreign
France
SCI du 5 rue Jean Moulin
Body corporate
France
52.79%
Foreign
France
SCI du Chemin Rural
Body corporate
France
52.79%
Foreign
France
SCI du Landy
Body corporate
France
52.79%
Foreign
France
SCI du Parc Bellamy
Body corporate
France
52.79%
Foreign
France
SCI du Plateau Val Notre Dame
Body corporate
France
52.79%
Foreign
France
SCI Hôpital Privé Métropole Ambroise Paré
Body corporate
France
36.84%
Foreign
France
SCI Hôpital Privé Métropole Boiserie
Body corporate
France
52.62%
Foreign
France
SCI Hôpital Privé Métropole Flandre
Body corporate
France
52.62%
Foreign
France
SCI Immobilière du Scanner (Val de Lys)
Body corporate
France
33.38%
Foreign
France
SCI La Garenne Lambert
Body corporate
France
52.79%
Foreign
France
SCI La Rochelle
Body corporate
France
52.79%
Foreign
France
SCI Le Parc Midi Toulousain
Body corporate
France
52.79%
Foreign
France
SCI Les Alouettes (Chenôve)
Body corporate
France
51.28%
Foreign
France
SCI Massy (Jacques Cartier)
Body corporate
France
52.79%
Foreign
France
SCI Pen An Dalar
Body corporate
France
52.79%
Foreign
France
SCI Ramsay Sante Soins Primaires
Body corporate
France
52.79%
Foreign
France
SCI Saint Michel - Aubagne
Body corporate
France
52.79%
Foreign
France
SCI Saint-Victor Immobilier
Body corporate
France
52.79%
Foreign
France
SCI Santé Immo
Body corporate
France
52.79%
Foreign
France
SCI SIB
Body corporate
France
52.79%
Foreign
France
SCI Val de Lys 2
Body corporate
France
52.79%
Foreign
France
SCI Valmy
Body corporate
France
52.79%
Foreign
France
SII Care
Body corporate
France
52.79%
Foreign
France
SIMIF
Body corporate
France
26.95%
Foreign
France
Ramsay Health Care Annual Report 2024 147
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
SNC Capio Medipôle Lyon Villeurbanne
Body corporate
France
52.77%
Foreign
France
Société Civile de Brou sur Chantereine 
(HP Chantereine)
Body corporate
France
52.79%
Foreign
France
Société Civile de la Halle
Body corporate
France
52.79%
Foreign
France
Société Civile Immobilière de Saint Pol
Body corporate
France
52.79%
Foreign
France
Société Civile Immobilière du Petit Colmoulin
Body corporate
France
52.79%
Foreign
France
Société Civile Immobilière La Couture
Body corporate
France
51.98%
Foreign
France
Société d’Imagerie Médicale de Bois Bernard
Body corporate
France
52.78%
Foreign
France
Société d'Imagerie Médicale de Douai
Body corporate
France
27.41%
Foreign
France
Société d'Imagerie Médicale Saint Martin Caen
Body corporate
France
52.79%
Foreign
France
Société du 18bis Avenue Corneau à Charleville
Body corporate
France
52.78%
Foreign
France
Société Financière Duquesne
Body corporate
France
49.83%
Foreign
France
Société Imagerie Watteau (S.I.W.)
Body corporate
France
26.92%
Foreign
France
Société Immobilière Blanc Mesnil (Hôp. Priv. Seine 
St Denis-GCRP)
Body corporate
France
52.78%
Foreign
France
Société Immobilière Clinique des Bleuets (Hôp. Privé. 
Ouest Parisien)
Body corporate
France
52.78%
Foreign
France
Société Immobilière de la Butelière
Body corporate
France
52.79%
Foreign
France
Société Immobilière du Croisé-Laroche
Body corporate
France
52.79%
Foreign
France
Société Médicale Immobilière de Bois Bernard SARL
Body corporate
France
52.77%
Foreign
France
Société Scanner du Vert Galant
Body corporate
France
29.08%
Foreign
France
STEP
Body corporate
France
52.79%
Foreign
France
TEP Henri Becquerel
Body corporate
France
26.44%
Foreign
France
TEP Jean Perrin
Body corporate
France
26.44%
Foreign
France
Capio Deutsche Klinik GmbH
Body corporate
Germany
52.79%
Foreign
Germany
Elysium Healthcare Group Limited
Body Corporate
Guernsey
100.00%
Foreign
UK
Ramsay Health Care Leasing UK Limited
Body Corporate
Guernsey
100.00%
Foreign
Guernsey
Centro Ortopedico di Quadrante S.p.A.
Body corporate
Italy
25.87%
Foreign
Italy
Générale de Santé Italia S.p.A.
Body corporate
Italy
52.79%
Foreign
Italy
Générale de Santé Toscana s.r.l
Body corporate
Italy
52.79%
Foreign
Italy
Badby Properties (Darlington) S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Badby Properties (Middlesbrough) S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Badby Stoke (Care Homes 2) Property S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Badby Stoke (Care Homes) Property S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Sunflower Holding S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Sunflower Property S.à.r.l.
Body Corporate
Luxembourg
100.00%
Foreign
Luxembourg
Australian Hospitals Unit Trust
Trust
N/A
N/A
Australian
N/A
Beleura Holdings Unit Trust
Trust
N/A
N/A
Australian
N/A
Beleura Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Beleura Properties Unit Trust
Trust
N/A
N/A
Australian
N/A
Chelsea Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Dandenong Valley Private Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Donvale Private Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Fiducie-Sûreté
Trust
N/A
N/A
Foreign
France
Glengarry Hospital Trust No 1
Trust
N/A
N/A
Australian
N/A
Glengarry Hospital Trust No 2
Trust
N/A
N/A
Australian
N/A
Hallcraft Trust
Trust
N/A
N/A
Australian
N/A
Health Care Developments Unit Trust
Trust
N/A
N/A
Australian
N/A
Masada Private Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Peninsula Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Pindara Private Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Ramsay Employee Equity Trust
Trust
N/A
N/A
Australian
N/A
Surrey Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
The Trustee for AME Property Trust
Trust
N/A
N/A
Australian
N/A
The Trustee for AME Trading Trust
Trust
N/A
N/A
Australian
N/A
The Trustee for AME Trust
Trust
N/A
N/A
Australian
N/A
Windermere Hospital Unit Trust
Trust
N/A
N/A
Australian
N/A
Argus Syn AS
Body corporate
Norway
52.79%
Foreign
Norway
Capio Anoreksi Senter AS
Body corporate
Norway
52.79%
Foreign
Norway
Capio Fastleger AS
Body corporate
Norway
26.92%
Foreign
Norway
Capio Fastleger Rana AS
Body corporate
Norway
24.28%
Foreign
Norway
Capio Norge Holding AS
Body corporate
Norway
52.79%
Foreign
Norway
Helsetelefonen AS
Body corporate
Norway
52.79%
Foreign
Norway
148 Ramsay Health Care Annual Report 2024

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Sandvika Nevrosenter AS
Body corporate
Norway
52.79%
Foreign
Norway
Spiren Fertilitetsklinikk AS
Body corporate
Norway
36.95%
Foreign
Norway
Volvat Barcode AS
Body corporate
Norway
52.79%
Foreign
Norway
Volvat Forus AS
Body corporate
Norway
52.79%
Foreign
Norway
Volvat Medisinske Senter AS
Body corporate
Norway
52.79%
Foreign
Norway
Volvat Medisinske Senter Nord og Midt-Norge AS
Body corporate
Norway
52.79%
Foreign
Norway
Volvat Spiren Oslo AS
Body corporate
Norway
36.95%
Foreign
Norway
Volvat Utvikling AS
Body corporate
Norway
52.79%
Foreign
Norway
Volvat-Orbita Øyelegesenter AS
Body corporate
Norway
52.79%
Foreign
Norway
Bariatric and Diabetes Center Ajman AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Bariatric Center Swe Holding AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Kirurgkliniken Stockholm AB
Body corporate
Sweden
49.49%
Foreign
Sweden
Capio AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Alva AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Artro Clinic AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Artro Clinic Gärdet AB
Body corporate
Sweden
48.57%
Foreign
Sweden
Capio Arytmicenter Stockholm AB
Body corporate
Sweden
51.16%
Foreign
Sweden
Capio Bemanning och Rekrytering AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Curera AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Familjeläkarna Falkenberg AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio fastighet Vesslan 34 i Örebro AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Gastro Center Göteborg AB
Body corporate
Sweden
51.47%
Foreign
Sweden
Capio Gastro Center Skåne AB
Body corporate
Sweden
50.15%
Foreign
Sweden
Capio Gastro Center Stockholm AB
Body corporate
Sweden
51.91%
Foreign
Sweden
Capio Geriatrik AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Geriatrik Nacka AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Go AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Group Services AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Hälso och Sjukvård AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Hälsocentral Norrlandskliniken AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Hemsjukvård AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Hjärnhälsan AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Hudcentrum Hagastaden AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Capio Hudcentrum Hagastaden FM AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Capio Hudcentrum vid Sophiahemmet AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Capio Hudcentrum vid Sophiahemmet HB
Body corporate
Sweden
26.92%
Foreign
Sweden
Capio Idrottscentrum AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Invest och förvaltning AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Lager 5 AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Lager 6 AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Läkarbilar AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Läkargruppen AB
Body corporate
Sweden
48.04%
Foreign
Sweden
Capio Läkarhus AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Legevisitten AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Lundby Sjukhus AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Medicinskt Centrum AB
Body corporate
Sweden
48.04%
Foreign
Sweden
Capio Medicinskt Centrum Göteborg AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Capio Medocular AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Mottagning AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Movement AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Närsjukvård AB4
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Närvård AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Neuro Center Göteborg AB
Body corporate
Sweden
39.59%
Foreign
Sweden
Capio Norrlandskliniken AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Norrlandskliniken Radiologi AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Norrlandskliniken Umeå AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Nova AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Nova Företagshälsa AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Nova Hälsoval AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Ögonspecialisterna i Stockholm AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Ögonspecialisterna i Stockholm KB
Partnership
Sweden
N/A
N/A
N/A
Capio Ortho Center Göteborg AB
Body corporate
Sweden
50.16%
Foreign
Sweden
Ramsay Health Care Annual Report 2024 149
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Capio Ortho Center Stockholm AB
Body corporate
Sweden
48.57%
Foreign
Sweden
Capio OrthoCenter Skåne AB
Body corporate
Sweden
45.98%
Foreign
Sweden
Capio Ortopediska Huset AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Partner AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Primärvård AB4
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Sjukvård AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Skin AB4
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Skin KB
Partnership
Sweden
N/A
N/A
N/A
Capio Skindoc AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Specialistcenter AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Specialistkliniker AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Specialisttandläkarna AB4
Body corporate
Sweden
51.21%
Foreign
Sweden
Capio Specialisttandläkarna Nacka KB
Partnership
Sweden
N/A
N/A
N/A
Capio Specialisttandläkarna Norrköping AB
Body corporate
Sweden
51.21%
Foreign
Sweden
Capio Specialisttandläkarna Norrköping KB
Partnership
Sweden
N/A
N/A
N/A
Capio Specialisttandläkarna Stockholm AB
Body corporate
Sweden
51.21%
Foreign
Sweden
Capio Specialisttandläkarna Stockholm KB
Partnership
Sweden
N/A
N/A
N/A
Capio Spine Center Göteborg AB
Body corporate
Sweden
49.31%
Foreign
Sweden
Capio Spine Center Rehab Göteborg AB
Body corporate
Sweden
46.84%
Foreign
Sweden
Capio Spine Center Stockholm AB
Body corporate
Sweden
51.47%
Foreign
Sweden
Capio Sports Medicine AB
Body corporate
Sweden
31.67%
Foreign
Sweden
Capio St Görans Radiologi AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio St Görans Sjukhus AB
Body corporate
Sweden
52.77%
Foreign
Sweden
Capio Stockholms Ögonklinik AB4
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Stockholms Ögonklinik Holding AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Support AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Sverige AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Tandteknik AB
Body corporate
Sweden
51.21%
Foreign
Sweden
Capio Urokirurgiskt Centrum Stockholm AB
Body corporate
Sweden
29.03%
Foreign
Sweden
Capio Urologcentrum AB
Body corporate
Sweden
51.73%
Foreign
Sweden
Capio Valhallas Ögonklinik AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Vårdcentral Gävle AB
Body corporate
Sweden
50.26%
Foreign
Sweden
Capio Vårdcentral Johannelund AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Vårdcentral Kista AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Vårdcentraler AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Capio Vårdval AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Diabetes Care AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Förvaltning AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Hud Holding AB
Body corporate
Sweden
26.92%
Foreign
Sweden
GHP International AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Specialty Care AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Urologi Holding AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Global Health Partner Swe AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Globen Ögonklinik AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Göingekliniken AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Hälsoval Bergaliden AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Hantverksdoktorn AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Hudkliniken Estetik vid Sophiahemmet AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Läkarmottagningen Riddarfjärden AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Läkarmottagningen Riddarfjärden KB
Partnership
Sweden
N/A
N/A
N/A
Pansyn Sweden AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Privata Hudkliniken vid Sophiahemmet 2 AB
Body corporate
Sweden
26.92%
Foreign
Sweden
Stockholm Spine Nya Holding AB
Body corporate
Sweden
52.79%
Foreign
Sweden
Ultraljudsbarnmorskorna i Stockholm AB
Body corporate
Sweden
52.79%
Foreign
Sweden
GHP Middle East LLC
Body corporate
UAE
52.79%
Foreign
UAE
Capio UK Ltd
Body corporate
UK
52.79%
Foreign
UK
CareProgress Limited
Body Corporate
UK
100.00%
Foreign
UK
Castle Road Homes Limited
Body Corporate
UK
100.00%
Foreign
UK
Celtic Resource Management Limited
Body Corporate
UK
100.00%
Foreign
UK
Clifton Park Hospital Limited
Body Corporate
UK
51.00%
Foreign
UK
Darlington Neurological Care Centre Ltd
Body Corporate
UK
100.00%
Foreign
UK
Elysium Care Partnerships Limited
Body Corporate
UK
100.00%
Foreign
UK
150 Ramsay Health Care Annual Report 2024

Entity Name
Entity Type
Country of 
Incorporation
% of Share 
Capital1
Australian or 
Foreign Tax 
Resident
Jurisdiction 
for 
Foreign 
Tax 
Resident
Elysium Care Partnerships No.2 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Acorn Care) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (All Saints) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Ann House) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Farndon) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Field House) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Gregory House) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Healthlinc) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Lighthouse) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Phoenix) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (St Mary's) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare (Ultimate Care) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Holdings 1 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Holdings 2 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Holdings 3 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare LC Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare No.2 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare No.3 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare No.4 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare No.5 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare No.6 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 1 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 2 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 3 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 4 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 5 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 6 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 7 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Healthcare Property 8 Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Neurological Services (Adderley) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Neurological Services (Badby) Limited
Body Corporate
UK
100.00%
Foreign
UK
Elysium Neurological Services Limited
Body Corporate
UK
100.00%
Foreign
UK
Exeter Medical Limited
Body Corporate
UK
100.00%
Foreign
UK
Focus on Care Recruitment Limited
Body Corporate
UK
100.00%
Foreign
UK
Imeus Limited
Body Corporate
UK
100.00%
Foreign
UK
Independent British Healthcare (Doncaster) Limited
Body Corporate
UK
100.00%
Foreign
UK
Independent Medical (Group) Limited
Body Corporate
UK
100.00%
Foreign
UK
Lighthouse Healthcare Group Limited
Body Corporate
UK
100.00%
Foreign
UK
Linear Healthcare UK Limited
Body Corporate
UK
100.00%
Foreign
UK
London Care Partnership (Supported Living) Limited
Body Corporate
UK
100.00%
Foreign
UK
London Care Partnership Community Care 
Services Limited
Body Corporate
UK
100.00%
Foreign
UK
P Health Debtco Limited
Body Corporate
UK
100.00%
Foreign
UK
Pendarren Court Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Diagnostics UK Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Elysium Holdings Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Health Care (UK) Limited5
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Health Care (UK) No.1 Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Health Care Holdings UK Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Health Care UK Finance Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay Health Care UK Operations Limited
Body Corporate
UK
100.00%
Foreign
UK
Ramsay UK Properties Limited
Body Corporate
UK
100.00%
Foreign
UK
Regis Healthcare Limited
Body Corporate
UK
100.00%
Foreign
UK
St George Healthcare Limited
Body Corporate
UK
100.00%
Foreign
UK
Stanley House Limited
Body Corporate
UK
100.00%
Foreign
UK
The Bridge Care Centre Limited
Body Corporate
UK
100.00%
Foreign
UK
The Chimneys Healthcare Partnership Limited
Body Corporate
UK
100.00%
Foreign
UK
1
Percentage of share capital attributable to the ultimate parent company, Ramsay Health Care Limited, being the percentage of share capital held directly or indirectly by Ramsay 
Health Care Limited.
2 Trustee of a trust within the consolidated entity.
3 Participant in a joint venture within the consolidated entity.
4 Partner in a partnership within the consolidated entity.
5 Ramsay Health Care (UK) Limited is incorporated in and operates in the United Kingdom and has a registered branch in Singapore. The branch operations have tax obligations 
in Singapore.
Ramsay Health Care Annual Report 2024 151
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Independent auditor’s report to the members of Ramsay Health Care Limited 
Report on the audit of the financial report 
Opinion 
We have audited the financial report of Ramsay Health Care Limited (the Company) and its subsidiaries 
(collectively the Group), which comprises the consolidated statement of financial position as at 30 June 
2024, the consolidated income statement, the consolidated statement of comprehensive income, 
consolidated statement of changes in equity and consolidated statement of cash flows for the year then 
ended, notes to the financial statements, including material accounting policy information, the consolidated 
entity disclosure statement and the directors’ declaration. 
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 
2001, including: 
a. 
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 and of 
its consolidated financial performance for the year ended on that date; and 
b. 
Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those 
standards are further described in the Auditor’s responsibilities for the audit of the financial report section of 
our report. We are independent of the Group in accordance with the auditor independence requirements of 
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) 
(the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other 
ethical responsibilities in accordance with the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit 
of the financial report of the current year. These matters were addressed in the context of our audit of the 
financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on 
these matters. For each matter below, our description of how our audit addressed the matter is provided in 
that context. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial 
report section of our report, including in relation to these matters. Accordingly, our audit included the 
performance of procedures designed to respond to our assessment of the risks of material misstatement of 
the financial report. The results of our audit procedures, including the procedures performed to address the 
matters below, provide the basis for our audit opinion on the accompanying financial report. 
 
 
8 Independent auditor's report
152 Ramsay Health Care Annual Report 2024

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Carrying value of goodwill 
Why significant 
How our audit addressed the key audit matter 
As at 30 June 2024 the Group’s goodwill amounts 
to $5.7 billion as disclosed in Note 12 of the 
financial report. In accordance with the 
requirements of the Australian Accounting 
Standards, the Group performed an annual 
impairment test of the Australia, Pharmacy, UK, 
France and Nordics cash generating units (“CGUs”) 
to determine whether the recoverable value of 
these assets exceeded their carrying amount at 30 
June 2024. 
A value in use model was used to calculate the 
recoverable amount of each cash generating unit 
(“CGU”). 
As disclosed in Note 13 of the financial report, the 
impairment testing incorporated significant 
judgment and estimates, based on conditions 
existing at 30 June 2024. 
Significant assumptions used in the impairment 
testing are inherently subjective and include 
factors such as earnings before interest, tax, 
depreciation, amortisation and rent (‘EBITDAR’) 
estimates, terminal growth rate estimates, and 
discount rates.  
Due to the extent of audit effort and judgement 
required to assess the reasonableness of the 
assumptions, we considered the carrying value of 
goodwill and the related disclosures in the financial 
report to be a key audit matter. 
 
Our audit procedures included the following: 
 Assessed whether the methodology used by 
the Group met the requirements of Australian 
Accounting Standards. 
 For the value in use models, in conjunction 
with our valuation specialists, we: 
 Tested the mathematical accuracy of the 
value in use models; 
 Assessed the basis of preparing cash flow 
forecasts, considering the accuracy of 
previous forecasts and budgets; 
 Assessed the appropriateness of other key 
assumptions such as the discount and 
terminal growth rates applied with 
reference to publicly available information 
on comparable companies in the industry 
and markets in which the Group operates; 
and 
 Performed sensitivity analysis on the key 
assumptions including discount rates, 
terminal growth rates and EBITDAR 
forecasts for each of the Group’s CGUs 
and evaluated whether a reasonably 
possible change in these assumptions 
could cause the carrying amount of the 
CGU to exceed its recoverable amount. 
 Assessed the adequacy of the related 
disclosures included in Note 13 to the financial 
report including those made with respect to 
judgements and estimates. 
 
 
 
Ramsay Health Care Annual Report 2024 153
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Provision for insurance 
Why significant 
How our audit addressed the key audit matter 
As at 30 June 2024 the Group’s provision for 
insurance amounts to $76 million as disclosed in 
Note 15(b) of the financial report. The provision 
for insurance covers deductibles arising under 
insurance policies, including potential uninsured 
claims. Significant judgement is required in its 
determination due to the uncertainty in predicting 
future claims arising from past events.  
The Group engages a third-party actuary to assess 
the carrying value at each reporting date. This 
assessment involves evaluating assumptions in 
relation to ultimate outcomes on individual claims, 
claims handling costs and discount rates. 
Due to the level of judgement required to estimate 
the value of the liability, this was considered a key 
audit matter. 
Our audit procedures included the following: 
 Assessed the key assumptions adopted by the 
actuary and used by the Group to determine 
the value of the provision.  Specifically, we 
have reviewed the assumptions and compared 
them to industry practice, potential known 
claims, and actual historical claims. 
 Assessed the competence, qualifications and 
objectivity of the independent actuary used by 
the Group. 
 As the appropriateness of these provisions 
relies on specific claims information, we have 
reviewed and tested controls over the 
operating effectiveness of the Group’s 
processes for capturing and recording the 
data.  
 Performed testing for the accuracy of the 
information provided by the independent 
actuary. 
 Evaluated the adequacy of the disclosures 
relating to the provision included in the Notes 
to the financial report, including those made 
with respect to judgements and estimates. 
Given the specialist nature of the calculation 
performed to value the provision, our actuarial 
specialists were involved in the assessment of the 
valuation model and key assumptions where 
appropriate. 
 
Information other than the financial report and auditor’s report thereon 
The directors are responsible for the other information. The other information comprises the information 
included in the Company’s 2024 annual report but does not include the financial report and our auditor’s 
report thereon. 
Our opinion on the financial report does not cover the other information and accordingly we do not express 
any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related 
assurance opinion.  
In connection with our audit of the financial report, our responsibility is to read the other information and, in 
doing so, consider whether the other information is materially inconsistent with the financial report or our 
knowledge obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard.  
 
 
154 Ramsay Health Care Annual Report 2024

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of: 
a. 
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair 
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and;  
b. 
The consolidated entity disclosure statement that is true and correct in accordance with the Corporations 
Act 2001, and 
for such internal control as the directors determine is necessary to enable the preparation of: 
i. 
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair 
view and is free from material misstatement, whether due to fraud or error; and 
ii. 
The consolidated entity disclosure statement that is true and correct and is free of misstatement, 
whether due to fraud or error. 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as 
a going concern, disclosing, as applicable, matters relating to going concern and using the going concern 
basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have 
no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of this 
financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment 
and maintain professional scepticism throughout the audit. We also: 
► 
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or 
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
► 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Group’s internal control.  
► 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors. 
► 
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we 
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to 
the related disclosures in the financial report or, if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. 
However, future events or conditions may cause the Group to cease to continue as a going concern.  
Ramsay Health Care Annual Report 2024 155
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
► 
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events in a 
manner that achieves fair presentation. 
► 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the financial report. We are responsible for 
the direction, supervision and performance of the Group audit. We remain solely responsible for our 
audit opinion. 
We communicate with the directors regarding, among other matters, the planned scope and timing of the 
audit and significant audit findings, including any significant deficiencies in internal control that we identify 
during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical requirements 
regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats 
or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most significance 
in the audit of the financial report of the current year and are therefore the key audit matters. We describe 
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or 
when, in extremely rare circumstances, we determine that a matter should not be communicated in our 
report because the adverse consequences of doing so would reasonably be expected to outweigh the public 
interest benefits of such communication.  
Report on the audit of the Remuneration Report 
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in pages 46 to 66 of the directors’ report for the year 
ended 30 June 2024. 
In our opinion, the Remuneration Report of Ramsay Health Care Limited for the year ended 30 June 2024, 
complies with section 300A of the Corporations Act 2001. 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the Remuneration 
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an 
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing 
Standards. 
 
 
Ernst & Young 
 
 
Ryan Fisk 
Partner 
Sydney 
19 September 2024 
156 Ramsay Health Care Annual Report 2024

9 Additional information
Additional information required under ASX Listing Rule 4.10 and not shown elsewhere in this Annual Report is contained below. This 
information is current as at 5th September 2024
a. Distribution of Shareholders – Ordinary Shareholders
Size of Holding
Number 
of Shareholders
Ordinary Shares
% of Issued Capital
1-1,000
71,755
18,109,169
7.880
1,001-5,000
9,364
18,565,933
8.080
5,001-10,000
656
4,508,062
1.960
10,001-100,000
250
5,555,781
2.420
100,001-999,999,999
42
183,015,529
79.660
Totals
82,067
229,754,474
100.000
b. Less than marketable parcels of ordinary shares
The number of shareholdings held in less than marketable parcels is 3,081 holders, for a total of 23,864 ordinary shares.
c. 20 Largest Shareholders – Ordinary Shareholders
Name
Number of 
fully paid 
Ordinary Shares
% of 
Issued 
Capital
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
51,231,592
22.298%
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
34,633,790
15.074%
3
NETWEALTH INVESTMENTS LIMITED 
23,452,113
10.207%
4
PAUL RAMSAY HOLDINGS PTY LIMITED
19,495,410
8.485%
5
CITICORP NOMINEES PTY LIMITED
19,340,054
8.418%
6
NATIONAL NOMINEES LIMITED
4,675,258
2.035%
7
WOOLWICH INVESTMENTS PTY LTD 
2,750,000
1.197%
8
BNP PARIBAS NOMS PTY LTD
2,655,835
1.156%
9
WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED
2,320,085
1.010%
10
BNP PARIBAS NOMINEES PTY LTD 
2,098,434
0.913%
11
ARGO INVESTMENTS LIMITED
2,033,197
0.885%
12
BNP PARIBAS NOMINEES PTY LTD 
1,663,500
0.724%
13
WARBONT NOMINEES PTY LTD 
1,645,543
0.716%
14
CUSTODIAL SERVICES LIMITED 
1,632,137
0.710%
15
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
1,327,444
0.578%
16
BNP PARIBAS NOMINEES PTY LTD 
1,017,896
0.443%
17
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSI EDA
1,000,138
0.435%
18
AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED
1,000,000
0.435%
19
UBS NOMINEES PTY LTD
897,160
0.390%
20
CERTANE CT PTY LTD 
778,088
0.339%
Total Securities of Top 20 Holdings
175,647,674
76.450%
d. Substantial Shareholders
The names of the Substantial Shareholders listed in the Company’s Register as at 5th September 2024:
Shareholders
Number of fully paid 
Ordinary Shares
% of Issued Capital
Paul Ramsay Foundation Limited/Paul Ramsay Holdings Pty Limited
41,781,224
18.2
FIL Limited
11,834,768
5.2
Ramsay Health Care Annual Report 2024 157
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

e. Voting Rights
In accordance with the Constitution each member present at a meeting whether in person, or by proxy, or by power of attorney, or by a 
duly authorised representative in the case of a corporate member, shall have one vote on a show of hands, and one vote for each fully 
paid ordinary share, on a poll.
f. On-market purchases
During the year ended 30 June 2024 the Company purchased NIL ordinary shares on-market for the purposes of its employee and 
Non-Executive Director share plans (including to satisfy the entitlements of holders of vested performance rights to acquire shares under 
the Executive Performance Rights Plan).
g. Distribution of Convertible Adjustable Rate Equity Securities (CARES) Holders
Size of Holding
Number of CARES holders
CARES
% of Issued Securities
1-1,000
3,673
1,179,205
45.350
1,001-5,000
307
628,312
24.170
5,001-10,000
19
130,384
5.010
10,001-100,000
12
289,921
11.150
100,001-999,999,999
2
372,178
14.310
Totals
4,013
2,600,000
100.000
h. Less than marketable parcels of CARES
The number of CARES held in less than marketable parcels is 3 holders, for a total of 7 CARES.
i. 20 Largest CARES Holders
Name
Number of fully 
paid CARES
% of Issued 
Capital
1
CITICORP NOMINEES PTY LIMITED
212,783
8.184%
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
159,395
6.131%
3
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
85,787
3.299%
4
NORA GOODRIDGE INVESTMENTS PTY LTD
26,644
1.025%
5
NATIONAL NOMINEES LIMITED
24,056
0.925%
6
BNP PARIBAS NOMINEES PTY LTD 
23,736
0.913%
7
NETWEALTH INVESTMENTS LIMITED 
22,182
0.853%
8
NETWEALTH INVESTMENTS LIMITED 
22,063
0.849%
9
IOOF INVESTMENT SERVICES LIMITED 
19,600
0.754%
10
A&G MCCONVILLE PTY LTD 
15,540
0.598%
11
MR CURTIS JOHN SMITH
14,744
0.567%
12
PERODA NOMINEES PTY LIMITED 
14,140
0.544%
13
MUTUAL TRUST PTY LTD
11,427
0.439%
14
MR JIMMY WAI HUNG PONG
10,002
0.385%
15
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
9,335
0.359%
16
MRS ROSEMARY SMITH
9,093
0.350%
17
IOOF INVESTMENT SERVICES LIMITED 
8,825
0.339%
18
COMPUR PTY LTD
8,491
0.327%
19
REGION HALL PTY LTD
7,676
0.295%
20
BETH MACLAREN SMALLWOOD FOUNDATION P/L
7,500
0.288%
Total Securities of Top 20 Holdings
713,019
27.424%
j. On-Market Buy-Backs
There is no current on-market buy-back in relation to the Company's securities.
158 Ramsay Health Care Annual Report 2024

10 Corporate Directory 
 
Directors as at 19th September 2024
Non-Executive Directors
David Thodey AO (Chair)
Alison Deans
Helen Kurincic
James McMurdo
Karen Penrose
Steven Sargent
Michael Siddle
Claudia Süssmuth Dyckerhoff
 
Executive Director
Craig McNally (Managing Director & Group CEO)
 
Group General Counsel & Company Secretary
Henrietta Rowe
 
Registered Office
Ramsay Health Care Limited
ABN 57 001 288 768
Suite 18.03, Level 18
126 Phillip Street
Sydney NSW 2000 Australia
Email: enquiry@ramsayhealth.com
Website: ramsayhealth.com
Telephone: +61 2 9220 1000
Facsimile: + 61 2 9220 1001
 
Share Registry
Boardroom Pty Limited
Level 8, 210 George Street
Sydney NSW 2000 Australia
Email: enquiries@boardroomlimited.com.au
Website: boardroomlimited.com.au
Telephone enquiries (from within Australia): 
1300 668 019
Telephone enquiries (from outside Australia):
+61 2 8016 2897
Facsimile: +61 2 9290 9655
 
Auditor
Ernst & Young
200 George Street
Sydney NSW 2000 Australia
Ramsay Health Care Annual Report 2024 159
Year in Review
Our Business
Operating and 
Financial Review
Remuneration Report 
– Audited
Directors’ Report
Financial Results

ramsayhealth.com