Ann: ADDRESS: FPH: FPH Updates Earnings Guidance at 2014 ASM

• Release Date: 20/08/14 13:47
• Summary: ADDRESS: FPH: FPH Updates Earnings Guidance at 2014 ASM
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					FPH
20/08/2014 13:47
ADDRESS

REL: 1347 HRS Fisher & Paykel Healthcare Corporation Limited

ADDRESS: FPH: FPH Updates Earnings Guidance at 2014 ASM

FISHER & PAYKEL HEALTHCARE UPDATES EARNINGS GUIDANCE AT 2014 ANNUAL
SHAREHOLDERS' MEETING

Auckland, New Zealand, 20 August 2014 - Fisher & Paykel Healthcare
Corporation Limited (NZSX:FPH, ASX:FPH) announced today at its annual
shareholders' meeting that it has updated its earnings guidance for the
financial year ending 31 March 2015.

The medical device manufacturer, which provides respiratory care systems and
products for the treatment of obstructive sleep apnea, today advised that at
an exchange rate of approximately 84 cents for the NZ dollar to the US dollar
for the balance of the year, it expects full year net profit after tax to be
approximately NZ$100 million.The full year net profit guidance provided by
the company in May, based on an exchange range of 86 cents for the NZ dollar
to the US dollar, was NZ$97 million.

"Growth so far this year has continued to be robust and we expect first half
constant currency operating revenue growth of approximately 14% and constant
currency operating profit growth of approximately 60%" commented Michael
Daniell, Fisher & Paykel Healthcare's CEO.

"Strong demand has continued into the new financial year, driven by growing
acceptance by clinicians and healthcare providers of the solutions we
provide."

"In our OSA business there has been ongoing enthusiastic acceptance of our
new range of masks, which includes the Simplus full face mask and Eson nasal
mask, by both patients and homecare providers. For our respiratory and acute
care product group we are continuing to see strong growth in demand for our
Optiflow and AIRVO systems used in the delivery of oxygen therapy and nasal
high flow therapy."

"We released a broad range of new products in the last year and we have a
substantial pipeline in development, with a large number of exciting new
products to be introduced over the next twelve to eighteen months" concluded
Mr Daniell.

At current exchange rates, the company expects operating revenue for the
first half to be approximately NZ$315 million and net profit after tax to be
approximately NZ$45 million dollars.  Assuming an NZ:US exchange rate of
approximately 84 cents for the balance of the year, the company now expects
full year operating revenue to be approximately NZ$650 million.

The company has provided the attached Chairman's speech, CEO's speech and
slide presentation for the 2014 annual shareholders' meeting as well as an
update on the company's foreign exchange hedging position as at today's date.

Contact: Michael Daniell, MD/CEO on +64 9 574 0161 or Tony Barclay, CFO on
+64 9 574 0119.  For more information about the company visit our website
www.fphcare.com

Foreign Exchange Hedging Position
The hedging position for our main exposures, the US dollar and Euro, as at
today's date is:

 2015 Financial Year Year to 31 March
 Year to date
(Apr 14 to Jul 14) Balance of year
(Aug 14 to Mar 15) 2015 2016 2017 2018
USD % cover of expected exposure 100% 55% 68% 12% 0% 0%
USD average rate of cover 0.79 0.79 0.79 0.77 - -
EUR % cover of expected exposure 100% 82% 89% 37% 8% 0%
EUR average rate of cover 0.52 0.50 0.51 0.53 0.47 -

For the average rate of cover calculation the call option exchange rate has
been used for all collar option contracts.
End CA:00254128 For:FPH    Type:ADDRESS    Time:2014-08-20 13:47:24