PRO MEDICUS LIMITED — Interim / Quarterly Report 2017

Feb 16, 2017

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Your Directors submit their report for the half-year ended 31 December 2016.

DIRECTORS

The names and details of the Company's directors in office during the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

Peter Terence Kempen FCA, FAICD (Chairman) Dr Sam Aaron Hupert M.B.B.S. (Deputy Chairman and Chief Executive Officer) Anthony Barry Hall B.Sc.(Hons), M.Sc. (Executive Director and Technology Director) Roderick Lewis John Lyle LL.B., B.Com, LL.M (Lond), MBA (Melb) (Non-Executive Director)

Anthony James Glenning B.Sc, B.Eng, M.EE (Non-Executive Director)

REVIEW AND RESULTS OF OPERATIONS

The Company reported a first half after tax profit of $4.80m, an increase of $1.86m (up 63.1%) compared to the same period last year. Revenue for the 6 month period of the Company increased from $14.28m to $15.20m, an increase of 6.4%.

The result from the underlying operations for the period was a profit of $4.08m compared to an underlying profit of $2.82m from the previous corresponding period, an increase of 44.7% (The underlying profit is made up of reported profit after-tax of $4.80m and subtracting the after-tax net currency gain of $0.72m (Dec 2015: $0.12m)).

During the period the Company continued to make strong inroads into the North America market winning an $18.0m contract with Mayo Clinic, one of the most recognised health systems in North America as well as globally. The Company made significant progress with its installations, with all key implementations being on or ahead of schedule.

The Company is looking to further build on its presence in North America and is actively pursuing key opportunities, both within the enterprise imaging/large teaching hospitals and private imaging centre markets.

The Company's European business performed in line with expectations. A capital sale of $1.5m in the previous corresponding period was not repeated in the current half.

The Company's Australian business improved as a result of increased adoption of the Visage RIS and Visage PACS products. Promedicus.net, the Company's e-health offering, continued to perform well throughout the period despite increasing competition.

The Company continued its significant investment in R&D, both in Australia as well as overseas.

The Company's cash reserves have increased by $3.17m for the 6 month period with cash reserves remaining high at $20.28m at the end of December 2016. The Company remains debt free.

The Board is of the view that there are sufficient cash reserves to fund the anticipated growth of the business from internal sources. As a result the Company has announced an unfranked interim dividend of 1.5c per share.

ROUNDING

The amounts contained in this report have been rounded to the nearest $1,000 (where rounding is applicable) 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 Legislative Instrument applies.

AUDITORS' INDEPENDENCE DECLARATION

In accordance with section 307C of the Corporations Act 2001, we have obtained a declaration of independence from our auditors Ernst & Young, a copy of which is attached.

Signed in accordance with a resolution of the directors.

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P T Kempen Chairman Melbourne, 17 February 2017

Ernst & Young Tel: +61 3 9288 8000 8 Exhibition Street Fax: +61 3 8650 7777 Melbourne VIC 3000 Australia ey.com/au GPO Box 67 Melbourne VIC 3001

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Auditor’s Independence Declaration to the Directors of Pro Medicus Limited

As lead auditor for the review of Pro Medicus Limited for the half-year ended 31 December 2016, 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 review ; and

• b) no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Pro Medicus Limited and the entities it controlled during the financial period.

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Ernst & Young

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Paul Gower Partner

17 February 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE	INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2016		Consolidated
	Notes	2016	2015
		$'000	$'000
Continuing operations
Revenue	2	15,184	14,260
Finance Revenue		18	25
Revenue		15,202	14,285
Cost of Sales		(360)	(482)
Gross Profit		14,842	13,803
Net Foreign Currency Gains	3a	1,032	171
Accounting and Secretarial Fees		(370)	(333)
Advertising and Public Relations		(706)	(714)
Depreciation & Amortisation	3b	(2,081)	(2,038)
Insurance		(351)	(287)
Legal Costs		(156)	(381)
Operating Lease Expenditure - minimum lease payments		(255)	(218)
Other Expense		(190)	(185)
Salaries and Employee Benefits Expense	3b	(4,448)	(4,868)
Travel and Accommodation		(408)	(470)
Profit before tax		6,909	4,480
Income tax expense	9	(2,113)	(1,539)
Profit for theperiod		4,796	2,941
Other comprehensive income
Items that may be reclassified subsequently to profit and loss
Foreign currencytranslation		(281)	183
Other comprehensive income for theperiod		(281)	183
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF	TAX	4,515	3,124
Earnings per share (cents per share)
-basic for net profit for half-year		4.69¢	2.91¢
-diluted for net profit for the half-year		4.61¢	2.85¢

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INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016		Consolidated
	Notes	Dec 2016	Jun	2016
		$'000		$'000
ASSETS
Current Assets
Cash and cash equivalents	6	20,278	17,107
Trade and other receivables	7	3,640		4,771
Accrued revenue		2,826		2,258
Inventories		66		86
Prepayments		594		531
Total Current Assets		27,404	24,753
Non-Current Assets
Deferred tax asset	9	1,015		757
Plant and equipment		361		382
Intangible assets	8	14,274	13,512
Prepayments		368		-
Total Non-Current Assets		16,018	14,651
TOTAL ASSETS		43,422	39,404
LIABILITIES
Current Liabilities
Trade and other payables	10	2,988		2,994
Income tax payable		2,116		2,747
Provisions		1,743		1,826
Total Current Liabilities		6,847		7,567
Non-Current Liabilities
Deferred tax liabilities	9	5,249		4,386
Provisions		78		66
Total Non-Current Liabilities		5,327		4,452
TOTAL LIABILITIES		12,174	12,019
NET ASSETS		31,248	27,385
EQUITY
Contributed Equity		1,937		1,302
Treasury Share Reserve		(73)		-
Share Based Payment Reserve		1,425		1,104
Foreign Currency Translation Reserve		(164)		117
Retained Earnings		28,123	24,862
TOTAL EQUITY		31,248	27,385

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INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

At 1 July 2016 Profit for the period Other comprehensive income Total comprehensive income for the period Transactions with owners in their capacity as owners Share based payment Exercise of share options Share buy-back Dividends At 31 December 2016 At 1 July 2015 Profit for the period Other comprehensive income Total comprehensive income for the period Transactions with owners in their capacity as owners Share based payment Exercise of share options Dividends At 31 December 2015	Issued Treasury Share Foreign Retained Total Equity Capital Share Based Currency Earnings Reserve Payment Translation Reserve Reserve $'000 $'000 $'000 $'000 $'000 $'000 1,302 - 1,104 117 24,862 27,385 Consolidated
	- - - - 4,796 4,796 - - - (281) - (281)
	- - - (281) 4,796 4,515 - - 321 - - 321 635 - - - - 635 - (73) - - - (73) - - - - (1,535) (1,535)
	1,937 (73) 1,425 (164) 28,123 31,248
	Issued Treasury Share Foreign Retained Total Capital Share Based Currency Earnings Equity Reserve Payment Translation Reserve Reserve $'000 $'000 $'000 $'000 $'000 $'000 327 - 666 (81) 21,026 21,938
	- - - - 2,941 2,941 - - - 183 - 183
	- - - 183 2,941 3,124 - - 168 - - 168 925 - - - - 925 - - - - (1,007) (1,007)
	1,252 - 834 102 22,960 25,148

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INTERIM CONSOLIDATED STATEMENT OF CASH FLOW FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

		Consolidated
	Notes	2016	2015
		$'000	$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers		15,749	12,483
Payments to suppliers and employees		(7,412)	(7,001)
Income tax(paid)/refund		(2,140)	250
NET CASH FLOWS FROM OPERATING ACTIVITIES		6,197	5,732
CASH FLOWS USED IN INVESTING ACTIVITIES
Capitalised development costs	8	(2,753)	(2,672)
Interest received		18	25
Purchase ofproperty, plant and equipment		(69)	(103)
NET CASH FLOWS USED IN INVESTING ACTIVITIES		(2,804)	(2,750)
CASH FLOWS USED IN FINANCING ACTIVITIES
Payment of dividends on ordinary shares	4b	(1,535)	(1,007)
Payment for share buy-back		(73)	-
Proceeds from issuingshares		635	925
NET CASH FLOWS USED IN FINANCING ACTIVITIES		(973)	(82)
Net increase in cash and cash equivalents		2,420	2,900
Net foreign exchange differences		751	355
Cash and cash equivalents at beginningofperiod		17,107	12,935
CASH AND CASH EQUIVALENTS AT END OF PERIOD	6	20,278	16,190

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Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

1. Corporate Information The interim consolidated financial statements of the Group for the half-year ended 31 December 2016 were authorised for issue in accordance with a resolution of directors on 17 February 2017.

Pro Medicus Limited is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange.

The nature of the operations and principal activities of the Company are described in note 2.

BASIS OF PREPARATION AND ACCOUNTING POLICIES (a) Basis of Preparation The interim consolidated financial statements for the half-year ended 31 December 2016 have been prepared in accordance with AASB 134 Interim Financial Reporting.

The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 30 June 2016, together with any public announcements made by the Company during the half-year ended 31 December 2016.

(b) Significant accounting policies Apart from the changes in accounting policy noted below, accounting policies and methods of computation are the same as those adopted in the most recent annual financial statements for the year ended 30 June 2016. (i) Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group's own equity instruments. (c) Changes in accounting policy The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 30 June 2016.

The Group has adopted the applicable changes in accounting standards for the half-year ended 31 December 2016 and are of the view that the adoption of the standards did not have an affect on the financial position or the performance of the Group. In addition, the Group has elected not to adopt any new standards or amendments issued but not yet effective.

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Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

2. SEGMENT INFORMATION

The Group has identified its operating segments based on the internal reports that are reviewed and used by the executive management team (the chief operating decision makers) in assessing performance and in determining the allocation of resources.

The operating segments are identified by management based on country of origin. Discrete financial information is reported to the executive management team on at least a monthly basis.

Impairment is not monitored at a segment level. Impairment is monitored at a product level.

Types of products and services

The Group produces integrated software applications for the health care industry. In addition the Group provides services in the form of installation and support.

Accounting policies and inter-segment transactions

The accounting policies used by the Group in reporting segments internally are the same as those used in preparing the financial statements in prior periods.

Inter-entity sales

Inter-entity sales are recognised based on an internally set transfer price. The price aims to reflect what the business operation could achieve if they sold their output and services to external parties at arm's length.

Operating Segments

Operating Segments
Half-year ended 31 Dec 2016 Revenue	Dec Dec Dec Dec Dec Dec Dec Dec 2016 2015 2016 2015 2016 2015 2016 2015 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Australia Europe North America Total Operations
Sales to external customers - software Sales to external customers - hardware Inter-segment sales Total segment revenue Inter-segment elimination Total consolidation revenue Results Segment Result Interest Revenue Non segment expenses Income Tax (Expense)/Benefit Net Profit/(Loss) Assets	4,370 3,462 819 2,161 9,594 8,081 401 - - 556 - - 5,674 5,091 2,350 2,306 - -
	10,445 8,553 3,169 5,023 9,594 8,081
Segment Assets	48,181 46,697 22,989 23,519 21,442 16,840 92,612 87,056
Inter-segment elimination Total Assets		(49,190) (47,652) 43,422 39,404
Liabilities Segment Liabilities Inter-segment elimination Total Liabilities Product information	35,504 37,665 1,774 2,275 20,637 16,095 57,915 56,035 (45,741) (44,016) 12,174 12,019
Revenue from External customers		Dec Dec 2016 2015 $'000 $'000 Consolidated
Radiology Information Systems (RIS) Picture Archiving Communications Systems (Visage 7/PACS) Hardware income Other income		3,522 3,108 11,239 10,580 401 556 22 16 15,184 14,260

Notes to the Financial Statements

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FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

3. EXPENSES

	Consolidated
(a) Net Foreign Currency Gains/(Loss) Currency Gains Currency (Loss) (b) Expenses Depreciation and Amortisation Property Improvements Motor Vehicles Office Equipment Furniture and Fittings Amortisation on computer software Amortisation on capitalised development costs Total Depreciation and Amortisation Expenses Salaries and Employee Benefits Expense Wages & Salaries Long service leave provision Share-based payment * Defined contribution plan expense	Dec 2016 Dec 2015 $'000 $'000
	2,087 459 (1,055) (288)
	1,032 171 1 1 4 4 74 70 11 5 1 1 1,990 1,957
	2,081 2,038 3,658 4,036 25 208 321 168 444 456
	4,448 4,868

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** - The Group's total Wages & Salaries incurred was $5,826,000 (2015:$6,203,000) of which $2,168,000 (2015:$2,166,000) of these costs have been capitalised.

*** - On 19 October 2016 90,000 performance rights were granted under the current long term incentive plan in relation to the 2016-17 financial year. The performance rights vest over 4 years from grant date on completion of service. The fair value of the 90,000 performance rights at grant date was $439,326 ($4.88 per performance right), a portion of which has been expensed for the half-year ended 31 December 2016.

A further 180,492 performance rights were also granted on 19 October 2016 under a new long term incentive plan in relation to the financial years ending 2017, 2018 and 2019. The performance rights vest over 4 years from grant date on completion of service. The fair value of the performance rights at grant date was $3.61 per performance right. The amount of share-based payment expense for the half-year ended 31 December 2016 takes into consideration the probability of certain performance conditions vesting.

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Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

4. DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES (a) Dividends proposed and recognised as a liability Franked dividend	Dec 2016 Dec 2015 $'000 $'000 - - Consolidated
(b) Dividends paid during the half-year Franked dividend Unfranked dividend	- - 1,535 1,007
(c) Dividends proposed and not recognised as a liability Interim Unfranked dividend Dividends per share (cents per share) -Franked dividends paid per share (cents per share) -interim dividend per share	1,540 1,526 Nil Nil 1.50¢ 1.50¢

5. EVENTS AFTER THE BALANCE SHEET DATE

On 17 February 2017, the directors of Pro Medicus Limited declared an interim dividend of 1.5 cents per share. The total amount of the dividend is $1,539,908 which represents an unfranked dividend of a total of 1.5 cents per share. The dividend has not been provided for in the 31 December 2016 financial statements.

6. CASH AND CASH EQUIVALENTS

Reconciliation of Cash

For the purposes of the Statement of Cash Flow, cash and cash equivalents comprise the following at 31 December:

	Dec 2016 Jun 2016
Cash at bank and in hand Short term deposits	$'000 $'000 20,278 15,577 - 1,530
	20,278 17,107
7. TRADE AND OTHER RECEIVABLES Trade receivables Research & development right to receive Other receivables	Dec 2016 Jun 2016 $'000 $'000 3,442 3,533 3,442 3,533 - 989 198 249 3,640 4,771

Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

8. INTANGIBLE ASSETS Half-year ended 31 December 2016 At 1 July 2016 net of accumulated amortisation and impairment Additions - internal development Amortisation charge for the period At 31 December 2016 net of accumulated amortisation and impairment At 31 December 2016 Cost Accumulated amortisation Net carrying amount Year ended 30 June 2016 At 1 July 2015 net of accumulated amortisation and impairment Additions - internal development Amortisation charge for the year At 30 June 2016 net of accumulated amortisation and impairment At 30 June 2016 Cost Accumulated amortisation Net carrying amount	Intellectual Property Development Costs Software Licenses Total $’000 $’000 $’000 $’000 Consolidated
	- 13,510 2 13,512 - 2,753 - 2,753 - (1,990) (1) (1,991)
	- 14,273 1 14,274
	1,848 35,408 290 37,546 (1,848) (21,135) (289) (23,272)
	- 14,273 1 14,274
	- 11,549 3 11,552 - 5,607 - 5,607 - (3,646) (1) (3,647)
	- 13,510 2 13,512
	1,848 32,655 296 34,799 (1,848) (19,145) (294) (21,287)
	- 13,510 2 13,512

In accordance with the Group's accounting policies and process, the Group evaluated each cash generating unit ('CGU') at 31 December 2016, to determine whether they were any indications of impairment. Where an indicator of impairment exists a formal estimate of the recoverable amount is performed.

After consideration of potential indicators which could impact the valuation of the CGU's at 31 December, the Group concluded there are no impairment indicators for the Group's CGU's as at 31 December 2016.

Impact of judgements and estimates on valuation outcomes

It should be noted that significant judgement and assumptions are required in making estimates of an asset's recoverable amount. This is particularly so in the assessment of long life assets. The projected cash flows used in the recoverable amount valuation are subject to variability in key assumptions, including, but not limited to revenue forecasts. A change in the revenue forecasts used in the estimates could result in a change in an asset's recoverable amount as outlined in the 30 June 2016 annual financial report.

Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

9. INCOME TAX

The Group calculates the period income tax expense using the tax rate that would be applicable to expected total annual earnings, i.e., the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.

The major components of income tax expense in the interim consolidated income statements are:

Income taxes Current income tax expense Prior year adjustment Deferred income tax (expense)/benefit related to origination and reversal of deferred taxes Income tax expense Income tax recognised in other comprehensive income Total income tax expense	Dec Dec 2016 2015 $'000 $'000
	(1,677) (726) 169 (87) (605) (726)
	(2,113) (1,539) - -
	(2,113) (1,539)

Deferred tax liabilities Foreign currency exchange gain Capitalised development expenses Depreciation expenses Other Deferred tax assets Employment entitlements Intellectual property expenses Tax losses Audit fee accrual Other Deferred tax expense	Dec 2016 Jun 2016 $'000 $'000 1,250 886 3,923 3,500 74 - 2 - 5,249 4,386 666 411 317 326 - - 30 16 2 4 1,015 757 Interim Consolidated Statement of Financial Position	Interim Consolidated Statement of Comprehensive Income
		Dec 2016 Dec 2015 $'000 $'000
		(364) (46) (423) (726) (74) - (2) (3)
		(863) (775) 255 104 (9) (9) - (53) 14 4 (2) 3
		258 49
		(605) (726)

10. TRADE AND OTHER PAYABLES

Current Trade payables Other payables and accruals Deferred Income	Dec 2016 Jun 2016 $'000 $'000
	328 676 2,009 1,383
	2,337 2,059 651 935
	2,988 2,994

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Directors' Declaration

In accordance with a resolution of the directors of Pro Medicus Limited, I state that:

In the opinion of the directors:

• (a) The Financial Statements and notes of the consolidated entity 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 31 December 2016 and of its performance for the half-year ended on that date; and

• (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001

• (b) There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

P T Kempen Chairman Melbourne, 17 February 2017

Ernst & Young Tel: +61 3 9288 8000 8 Exhibition Street Fax: +61 3 8650 7777 Melbourne VIC 3000 Australia ey.com/au GPO Box 67 Melbourne VIC 3001

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To the members of Pro Medicus Limited

Report on the 31 December 2016 Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Pro Medicus Limited, which comprises the statement of financial position as at 31 December 2016, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Pro Medicus Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Pro Medicus Limited is not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

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Ernst & Young

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Paul Gower Partner Melbourne

17 February 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation