Impacted by impairment charges: Primary Health Care Ltd (ASX: PRY) has reported 4.9% yoy (year on year) decline in underlying NPAT at $92.1 million and free cash flow of $83.6 million for FY 2017, despite a repositioning of its Bulk Billing Medical Centre division. However, the group recorded a reported loss after tax of $516.9 million, driven by a non‐cash impairment charge of $587.0 million related to Medical Centres goodwill and underperforming sites, including the old Symbion sites. The company also invested $39.2 million in restructuring and strategic initiatives and recorded $18.1 million of non‐recurring items. Notably, improvement in free cash flows was led by capital‐light recruitment contracts for healthcare practitioners (HCPs) and capital discipline. Importantly, Primary self-funded its $128.6 million of capital expenditure requirements and $58.4 million of dividends, and reduced net debt by $35.5 million.