Financial Results for the Half Year Ended 30 June 2021

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz

NZX & ASX RELEASE
24 AUGUST 2021

SUMMERSET FIRST HALF UNDERLYING PROFIT OF $75.5M, UP 68%
• Underlying profit for 1H21 of NZ$75.5 million, up 68% on 1H20
• Reported (IFRS) profit after tax of NZ$263.8 million, up from $1.0 million in 1H20
• Total assets of NZ$4.4 billion, up 27% on 1H20
• Gearing ratio of 28.5%, down from 32.6% at FY20
• Three new sites acquired this year
• 347 new units delivered – a new record for a half year
• 545 sales - a new record for a half year
• Development margin of 21.6%
• Interim dividend of NZ9.9 cents per share

Retirement village operator Summerset Group Holdings Limited has announced a reported
(IFRS) profit of NZ$263.8 million for the six months ended 30 June 2021.
The IFRS profit includes fair value movement on investment property and is up from $1.0
million for the same period last year, when the long-term financial effects of COVID-19 were
unknown.
Summerset reported an underlying profit of NZ$75.5 million for the six months ended 30
June 2021, a 68% increase on the COVID-19 impacted first half of 2020.
Summerset CEO Scott Scoullar said the current lockdown was a reminder that New Zealand
was still operating in an environment dominated by COVID-19.

“We have moved quickly to keep our residents and staff safe by restricting entry to our
villages, and protective measures such as having care staff in masks and working in cohorts
were already in place when the new community case was announced. We have been here
before, and are well placed to look after our residents’ health and wellbeing once again.”

Mr Scoullar said the first lockdown brought home to many people the advantages of
retirement village living and that showed in today’s results, which include the highest half
year of trading ever for the company. There were record sales buoyed by new villages in Te
Awa (Napier), Bell Block (New Plymouth) and Richmond (Nelson/Tasman).
“We are continuing to see strong demand for our brand of retirement living; the database for
our soon-to-open Whangārei village stands at 700-plus, and nearly 60% of villas in our
developing villages nationwide are pre-sold,” Mr Scoullar said.

Summerset reported a development margin of 21.6%, down slightly from 22.3% for the same
period last year. This is in line with the company’s longer term expectations of development
margins in the 20-25% range.
Total assets grew to NZ$4.4 billion, up 27% on the same period last year.
Summerset built a record 347 new units – 321 under Occupation Right Agreement (ORA)
and 26 care beds – in the first six months of 2021.
“To meet growing demand, we will lift our build rate for this year from between 500 and 550
units under ORA to 550 to 600, plus 52 care beds,” Mr Scoullar said.
The company has just confirmed the purchase of another New Zealand site, this one at
Kelvin Grove in Palmerston North. This further boosts what was already the largest land
bank of units in New Zealand’s retirement village sector and gives Summerset enough
secured land to more than double the size of its current New Zealand business.
Summerset opened a new main building at Summerset Richmond Ranges in the first half. All
new villages have these main buildings which, as well as being home to serviced
apartments, a care centre and a state-of-the-art memory care centre, also house resident
amenities such as a gym, café and hairdresser.
“They are an integral part of all new Summerset villages and a key part of our continuum of
care model, which is all about bringing the best of life for our residents,” Mr Scoullar said.
“We’re looking forward to bringing our model of care to older Australians and are in the final
stages of obtaining the planning permit for our first Australian village at Cranbourne North in
Melbourne. The design and planning of our second village at Torquay is now well under way.
In March we purchased land at Chirnside Park, and we have just bought a further site at
Craigieburn, in north Melbourne.
Summerset has again led the way in the sustainability field, becoming the first retirement
village operator in New Zealand to link sustainability achievements with funding
arrangements under a newly signed agreement.
“As part of our sustainability commitment we are continually looking at sources of renewable
energy for our villages, such as the environmentally friendly wood pellet boiler which will be
used to heat our St Johns village main building when it opens in 2026,” Mr Scoullar said.
The Summerset Board has declared an unimputed interim dividend of NZ9.9 cents per
share. The record date will be 7 September 2021, with payment on 20 September 2021.
ENDS

For investor relations enquiries: For media enquiries:
Will Wright Sharon Lundy
Chief Financial Officer Senior Communications Advisor
will.wright@summerset.co.nz sharon.lundy@summerset.co.nz
021 490 251 021 782 826

ABOUT SUMMERSET
• Summerset is one of the leading operators and developers of retirement villages in
New Zealand, with 33 villages completed or in development nationwide at Aotea,
Avonhead, Bell Block, Casebrook, Dunedin, Ellerslie, Hamilton, Hastings, Havelock
North, Hobsonville, Karaka, Katikati, Kenepuru, Levin, Lower Hutt, Manukau, Napier,
Nelson, New Plymouth, Palmerston North, Pāpāmoa Beach, Paraparaumu,
Prebbleton, Richmond, Rototuna, St Johns, Taupō, Te Awa, Trentham, Whanganui,
Warkworth, Whangārei and Wigram.

• In addition, Summerset has proposed sites at Half Moon Bay (Auckland) Milldale
(Auckland), Parnell (Auckland), Rangiora (Canterbury), Waikanae (Kapiti Coast),
Blenheim (Marlborough), Cambridge (Waikato) and Kelvin Grove (Palmerston North),
plus four properties in Victoria, Australia, bringing the total number of sites to 45.

• Summerset provides a range of living options and care services to more than 6,600
residents.

---

H a l f Ye a r
Report
2021

Front cover photo by Wendy Clarke of Wigram residents Grahame Wright and Lynley Clarke ©.
Artist’s impression of St Johns, Auckland

0 2

Contents
Chair and CEO's Report04
Highlights10
Who we are and what we deliver
10
Half Year Financial Highlights
12
Financial statements13
Directory
33
Company information
36
0 3

Chair and
CE
O's report
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to Summerset’s half year
report for the period ended 30 June
2
021. The last six months have
seen Summerset continue to grow
and mature against a backdrop
still dominated by COVID-19, as we
have seen over the last week with
the emergence of the Delta variant
in New Zealand. We have moved
quickly to keep our residents and
staff safe by restricting entry to our
villages. Protective measures such
as having care staff in masks and
working in cohorts were already in
place when the first new community
case was announced. We have been
here before, and are well placed to
look after our residents' health and
wellbeing once again.
This report is our first as the
new Chair and Chief Executive of
Summerset. However, the direction
and purpose of Summerset remains
the same – providing high-quality
retirement living underpinned by
care and respect for the people who
live here.
Our performance
We are pleased to report an
underlying profit of $
75.5 million for
the six months ended 30 June 2021,
up 68% on the same period last
year when New Zealand went into
a COVID-19 nationwide lockdown.
Our IFRS net profit after tax was
$263.8 million for the same period.
We have had a number of
achievements over the half year,
particularly on the sales and
construction side of the business.
In the first six months of 2
021 we
had the highest half year of trading
the company has ever seen. Sales
were buoyed by our new villages
in Te Awa (Napier), Bell Block (New
Plymouth) and Richmond (Nelson/
Tasman) and we are continuing to
see strong demand for our brand
of retirement living. The inquiries
database for our soon-to-open
Whangārei (Northland) village has
climbed to more than 700 people
to date and nearly 60% of villas in
developing villages nationwide are
already pre-sold.
In a new record for Summerset,
we built 347 new units (321 under
ORA
1
and 26 care beds) in the six
months to 30 June.
We welcomed more than 400
new residents into our vibrant
communities around New Zealand.
To meet demand, we will lift our
build rate for this year from between
500-550 units under ORA to
550-600 units under ORA, plus 52
care beds. More than half our new
units for sale in the second half
of 2021 are serviced apartments,
memory care apartments and care
suites, which typically take longer
to sell in comparison to villas and
apartments as they are needs based.
The Board has declared an interim
dividend of 9.9 cents per share
payable on 20 September 2021.
This reflects a 30% pay-out of
underlying profit.
1Units under ORA are retirement units, memory care apartments and care suites. An ORA is an Occupation Right Agreement, the agreement under which residents occupy
their unit. We have previously only reported delivery of units under ORA. In future, we are reporting all unit deliveries, which includes units under ORA and care beds.
Half Year Report 2021
0 4

$75.5m
Underlying profit
Our villages
Through the first half of the year
we were busy completing the
$5
4 million 10,000m
2
main building
at Summerset Richmond Ranges
(Nelson/Tasman). The building
provides more than 115 new homes
to retirees in the area, including
serviced apartments and a modern
care centre for people requiring
rest-home or hospital level care.
In addition, the main building
contains a state-of-the-art specialist
memory care centre for people living
with dementia. As the New Zealand
population ages, dementia numbers
are forecast to triple by 2050.
The main building is also home to
many resident facilities including
a swimming pool, café, bar, and
lounges. Opening day is always
greeted with excitement by village
residents. We look forward to
opening Avonhead’s main building
in September.
These are investments in the
wellbeing and enjoyment of retirees
in New Zealand. While there has
been plenty of discussion on the
retirement village sector since the
Retirement Commissioner’s report
on our governing legislation was
issued in June, we will continue
to focus on delivering our services
well and ensuring we have clear
and fair contracts with prospective
and current residents. We are proud
to contribute to the supply of
much needed housing in New
Zealand and to provide care and
memory care facilities to many older
New Zealanders.
In August 2021 we purchased a
second site in Palmerston North,
on the semi-rural edge of the
developing suburb of Kelvin Grove.
This will complement our popular
Summerhill village on the southern
side of the city. Having purchased 1
2
new pieces of land in New Zealand
since January 2018, we have focused
on gaining resource consent and
starting construction on our pipeline
of sites this year. We currently have
construction teams working on 13
sites, with resource consent for 56%
of the units in our pipeline. We
expect to deliver about 12% of our
pipeline units in FY21.
Australia
In August we confirmed our fourth
Melbourne property purchase, in
the northern suburb of Craigieburn.
Craigieburn is a high growth
area of Melbourne with few high
quality retirement options currently
available. We had previously
announced the purchase of a
property in the mature suburb
of Chirnside Park in Melbourne
in March, adding to our sites at
Cranbourne North and Torquay.
We continue to look for suitable
sites around Victoria to complement
these four properties. Victoria’s
residential property values have
rebounded since the initial decline
from the impacts of COVID-19,
and current values are now in
excess of those seen prior to the
COVID-19 pandemic.
We are in the final stages of
obtaining the planning permit for our
first Australian retirement village in
Cranbourne North and are eager to
get underway with construction. The
delay has been longer than desired
but we are still very confident
of a positive outcome. We look
forward to offering Australians the
same continuum of care model
as has proved popular in New
Zealand – allowing people to live
independently in our retirement
villages and then move into either
a serviced apartment or our care
centre as their needs change.
We have watched the Australian
Royal Commission into Aged Care
Quality and Safety unfold over the
last two years and are supportive
of the final recommendations
made to improve their aged
care system, including new
legislation, increased investment
and strengthened governance.
We believe the quality
of care we will provide
in our Australian
villages will prove a
positive point of
differentiation for us.
New Zealand
development pipeline
In New Zealand, we received
resource consent for our Prebbleton
(Canterbury) site in March and
have started earthworks there.
We submitted a fast-tracked
resource consent application for
our Waikanae (Kāpiti Coast)
village in May. This means an
independent expert panel will
determine the resource consent and
conditions following discussions
with interested parties. Public
hearings for our proposed Parnell
village finished in May. The Auckland
Council’s
decision to grant resource
consent was appealed to the
Environment Court.
Earthworks have started at our long-
awaited Lower Hutt site, marked with
a dawn blessing from local iwi Te
Rūnanganui o Te Āti Awa in May.
We have made good progress at our
St Johns site in Auckland, finishing
the first stage of civils onsite. St
Johns will be our first apartment-
only village and is situated to take
advantage of views out to Rangitoto.
C H A I R A N D C E O ' S R E P O R T
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Progress at our Whangārei village is
ahead of schedule with show homes
completed at the end of June.
We finished the last apartment
building in our Ellerslie village and
opened the first of two apartment
buildings at our Kenepuru village
in February.
In May, our
construction design
team was honoured
to win gold at
the NZ Commercial
Project Awards for
the restoration of
Clark Cottage.
This historic Italianate villa is located
on the grounds of Summerset at
Monterey Park in Hobsonville. Clark
Cottage is a beautiful facility that
residents use for high tea and
communal gatherings.
Our people and community
2021 has been hailed ‘the year
of the vaccine’, and our first
aged care residents received their
initial dose of the COVID-1
9
vaccine at Summerset on the
Coast in Paraparaumu in April.
The District Health Board-run
vaccination programme has been
ably supported by our care teams
in villages, and we look forward to all
our residents and staff being offered
immunisation by the end of the year.
To date, over 80% of both our aged
care residents and care staff have
been fully vaccinated, receiving
both doses of the Pfizer vaccine.
The flu immunisation programme
started later in the year as COVID-19
vaccinations were prioritised but
75% of aged care residents had been
vaccinated by mid-July.
Performance in our care business
continued to track well, with
occupancy for the first six months
of the year at 97% in our
developed villages.
We welcomed our new Chief
Financial Officer, Will Wright, to
Summerset in July from Fletcher
Building where he was the
Chief Financial Officer of their
Building Products division and
prior to that, Chief Financial
Officer of their residential and land
development section.
We have started trialling new
technology with our residents to
allow them to video-chat, message,
book activities and see village news
on a Summerset-provided tablet.
This new technology has been of
huge benefit during the current
lockdown with residents in the trial
enjoying a piano concert in their
home via the tablet. Looking after
our
residents' wellbeing in lockdown
is a vital part of our service to them.
Our falls prevention accredited
fitness programme has been
introduced to a further three villages,
with regular positive feedback from
residents. The fitness programme
was specifically designed for
Summerset by an experienced
personal trainer to increase strength
and stability for older people.
Award-winning Clark Cottage
Half Year Report 2021
0 6

All classes are run by registered
fitness professionals.
We also launched new dance
therapy classes in four villages.
Hosted by dance students they
provide physical and mental health
benefits for residents.
We are busy bringing the best
of life to our residents whether
that's welcoming their pets to live-
in, supporting the installation of
vegetable beds and beehives, or
introducing new classes to keep
residents energised and entertained.
We have also been working on
recognising and promoting diversity
and inclusion across our business,
surveying and interviewing staff
about their views to feed into our
first diversity and inclusion strategy,
due out later in 2
021.
We have recently put our support
behind a colourful fundraiser for
Auckland’s Hauraki Gulf marine life,
signing up to sponsor a whale tail
sculpture, which will be sited outside
our Hobsonville villages as part of
the Whale Tales 2022 public art trail.
Our sponsorship will also provide our
residents with a smaller tail to paint
with help from a professional artist.
We renewed our sponsorship of
Bowls New Zealand for a further
three years, playing our part in
supporting a sport many of our
residents enjoy.
Summerset supports
more than 100
community groups in
regions where we have
retirement villages.
These range from sports groups to
health-related charities or amenities
used by our residents
A total of 1,368 staff received
free Summerset shares this year,
and about 65
0 staff now own
shares outright following a three-
year vesting period. The annual
staff share scheme is offered to
all permanent staff. We have been
delighted that staff who have been
in the scheme since it began in
2016 now own shares valued at
over $5,500. This year we increased
the value of shares issued to each
participant from $800 to $1,000. It is
another way we say thank you to our
hard-working staff.
Our commitment to sustainability
As the need to decarbonise
our world increases, so have
Summerset’s ambitions for the
sustainability of our business.
We remain carbonzero
certified, recording
a 31% reduction
in carbon emissions
intensity since 2
017.
As a member of the Climate
Leaders Coalition, a group of
New Zealand’s largest businesses
working towards carbon neutrality,
we have introduced a science-
aligned target this year to reduce
our carbon emission intensity by
62% across our portfolio by 2032.
This presents us with an ambitious
challenge to work towards on
several fronts.
It will mean changing our building
design and materials; our heating
and insulation solutions, the disposal
of our construction waste, how we
work with suppliers; and introducing
more renewable energy. We are
currently reviewing the design
standards for our main buildings
to reduce embodied emissions
through smarter design techniques
and new building materials.
Construction waste to landfill is
decreasing year on year, most
notably in metropolitan areas which
have more recycling and diversion
facilities. We have set a 2
021 target
to increase validated construction
waste diverted from landfill to 75% –
a target which will grow each year.
After careful research, we have
a replacement for gas, given
a Climate Change Commission
recommendation that new gas
connections be discontinued from
2025. An environmentally friendly
wood pellet boiler will be used
to heat our St Johns village main
building once it opens in 2026.
Taking a stand against modern
slavery practices is another area
we have progressed in the past
six months. We have reviewed
our key supply chains for risks
around modern slavery and issued
a comprehensive statement on anti-
modern slavery measures, available
on our website. A new supplier
code of conduct is due out in the
second half of the year which sets
out the standards for companies we
engage with.
We are New Zealand’s first
retirement village operator to
link sustainability to our funding
agreements, incorporating a
Sustainability Linked Lending
arrangement as part of our
bank refinancing. This sustainability-
linked lending arrangement will
support growth in the operations
and development side of
the business over the next
five years, and underpins our
commitment to achieving our
sustainability objectives.
C H A I R A N D C E O ' S R E P O R T
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St Johns village, Auckland
0 8

Looking ahead
We are optimistic about growth
this year and beyond. The core
reasons behind why people enter
our villages remain
unaffected
by
COVID-19 and in many respects
have only strengthened through
the pandemic.
The COVID-19 situation arising just
as this report was released is a
reminder that the pandemic is not
over yet.
We have continually made best
practice enhancements to our
infection prevention controls and
will do everything we can to keep
our residents safe from COVID-19.
Retirees are looking for
support and security
to continue to live
their lives.
Thank you to our investors
whose investment in Summerset
allows us to continue to bring
companionship, security, and
comfort to our residents.
And a huge thanks to our residents,
their families, and our passionate
staff for everything they contribute
towards making Summerset a
wonderful place to live and work.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Trentham residents with CEO Scott Scoullar
C H A I R A N D C E O ' S R E P O R T
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Who we are and
what w
e deliver
Our people
6,600+
Residents
1,900+
Staff
members
Our care
1,035
Care units
1
in portfolio
1,053
Care units
1
in land bank
2
Our performance
$75.5m
1H21 underlying profit
$263.8m
1H21 net profit after tax
1Care units include memory care apartments, care suites and care beds.
2As at 30 June 2
021, excludes Kelvin Grove and Craigieburn.
Half Year Report 2021
1 0

Our portfolio
4,669
Retirement units
in portfolio
5,070
Retirement units in
land bank
2
33
Villages completed or
under development
10
Greenfield sites
2
↵
↵
↵
↵
↵
↵
↵
↵
↵
575
Sales of
occupation rights
$4.4b
Total assets
↵
↵
↵
↵
↵
↵
↵
↵
Summerset Rototuna
H I G H L I G H T S
1 1

Half Year
F
inancial
Highlights
1H20211H2020% ChangeFY2020
Net profit/(loss) before tax (NZ IFRS) ($000)265,612(2,707)-9912%221,735
Net profit after tax (NZ IFRS) ($000)263,80398826601%230,776
Underlying profit ($000)
1
75,51745,07867.5%98,304
Total assets ($000)4,375,1753,432,77627.5%3,893,191
Net tangible assets (cents per share)707.28491.2944.0%594.14
Net operating cash flow ($000)229,72192,777147.6%266,847
1 Underlying profit differs from NZ IFRS profit for the period
1H20211H2020% ChangeFY2020
New sales of occupation rights302128135.9%404
Resales of occupation rights24313678.7%381
Realised development margin ($000)40,67717,429133.4%48,208
Realised gains on resales ($000)29,40415,69987.3%46,072
New units delivered34718290.7%435
Non-GAAP Underlying Profit
$0001H20211H2020% ChangeFY2020
Profit for the period
1
263,80398826601%230,776
(Less)/add: fair value movement of investment property
1
(260,176)14,657-1875%(221,142)
Add: impairment of assets
1
---3,431
Add: realised gain on resales29,40415,69987.3%46,072
Add: realised development margin40,67717,429133.4%48,208
Add/(less): deferred tax expense/(credit)
1
1,809(3,695)-149.0%(9,041)
Underlying profit75,51745,07867.5%98,304
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to Note 2 of the financial
statements for definitions of the components of underlying profit.
Half Year Report 2021
1 2

Financial
statements
1 3

Income Statement
For the six months ended 30 June 2021
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
NOTE$000$000$000
Care fees and village services59,49853,287111,619
Deferred management fees35,36928,73060,752
Other income172251
Total revenue94,88482,039172,422
Fair value movement of investment property5260,176(14,657)221,142
Total income355,06067,382393,564
Operating expenses3(78,954)(57,844)(146,805)
Depreciation and amortisation expense(5,160)(3,927)(8,097)
Impairment of property, plant and equipment--(3,431)
Total expenses(84,114)(61,771)(158,333)
Operating profit before financing costs270,9465,611235,231
Finance costs(5,334)(8,318)(13,496)
Profit/(loss) before income tax265,612(2,707)221,735
Income tax (expense)/credit4(1,809)3,6959,041
Profit for the period263,803988230,776
Basic earnings per share (cents)9115.910.44102.30
Diluted earnings per share (cents)9115.130.43101.23
The accompanying notes form part of these financial statements.
Half Year Report 2021
1 4

Statement of Comprehensive Income
For the six months ended 30 June 2021
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Profit for the period263,803988230,776
Fair value movement of interest rate swaps9,754(12,310)(7,075)
Tax on items of other comprehensive income(2,731)3,4471,981
Gain/(loss) on translation of foreign currency operations6(454)(491)
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
7,029(9,317)(5,585)
Net revaluation of property, plant and equipment--12,712
Tax on items of other comprehensive income--(3,145)
Other comprehensive income that will not be
reclassified subsequently to profit or loss for the period
net of tax
--9,567
Total comprehensive income/(loss) for the period270,832(8,329)234,758
The accompanying notes form part of these financial statements.
1 5

Statement of Changes in Equity
For the six months ended 30 June 2021
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
RETAINED
EARNINGS
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January 2020284,074(15,173)24,941837,7712711,131,884
Profit for the period---988-988
Other comprehensive loss
for the period
-(8,863)--(454)(9,317)
Total comprehensive
income/(loss) for
the period
-(8,863)-988(454)(8,329)
Dividends paid---(17,342)-(17,342)
Shares issued6,375----6,375
Employee share plan
option cost
770----770
As at 30 June
2
020 (unaudited)
291,219(24,036)24,941821,417(183)1,113,358
Profit for the period---229,788-229,788
Other comprehensive
income/(loss) for
the period
-3,7699,567-(37)13,299
Total comprehensive
income/(loss) for
the period
-3,7699,567229,788(37)243,087
Dividends paid---(13,880)-(13,880)
Shares issued10,020----10,020
Employee share plan
option cost
2,260----2,260
As at 31 December
2
020 (audited)
303,499(20,267)34,5081,037,325(220)1,354,845
Profit for the period---263,803-263,803
Other comprehensive
income for the period
-7,023--67,029
Total comprehensive
income for the period
-7,023-263,8036270,832
Dividends paid---(16,032)-(16,032)
Shares issued7,855----7,855
Employee share plan
option cost
433----433
As at 30 June
2
021 (unaudited)
311,787(13,244)34,5081,285,096(214)1,617,933
The accompanying notes form part of these financial statements.
Half Year Report 2021
1 6

Statement of Financial Position
As at 30 June 2021
6 MONTHS
JUN 2021
UNAUDITED
6 MONTHS
JUN 202
0
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
NOTE$000$000$000
Assets
Cash and cash equivalents19,36212,97615,817
Trade and other receivables42,51224,67533,395
Interest rate swaps11,57722,09118,412
Property, plant and equipment230,542161,542181,098
Intangible assets5,3495,7745,709
Investment property54,065,8333,205,7183,638,760
Total assets4,375,1753,432,7763,893,191
Liabilities
Trade and other payables195,074138,583158,610
Employee benefits14,71611,45515,438
Revenue received in advance129,86099,584114,737
Interest rate swaps18,39633,38528,150
Residents’ loans61,707,8711,365,2511,520,298
Interest-bearing loans and borrowings7670,825654,846687,099
Lease liability13,14410,93711,184
Deferred tax liability47,3565,3772,830
Total liabilities2,757,2422,319,4182,538,346
Net assets1,617,9331,113,3581,354,845
Equity
Share capital311,787291,219303,499
Reserves21,05072214,021
Retained earnings1,285,096821,4171,037,325
Total equity attributable to shareholders1,617,9331,113,3581,354,845
The accompanying notes form part of these financial statements.
Authorised for issue on 23 August 2021 on behalf of the Board
Mark Verbiest
Director and Chair of
the Board
James Ogden
Director and Chair of the
Audit Committee
1 7

Statement of Cash Flows
For the six months ended 30 June 2021
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
NOTE$000$000$000
Cash flows from operating activities
Receipts from residents for care fees and village services60,50152,904110,719
Interest received172251
Payments to suppliers and employees(69,745)(55,847)(142,205)
Receipts for residents' loans - new occupation
right agreements
187,20576,306237,000
Net receipts for residents' loans - resales of occupation
right agreements
51,74319,39261,282
Net cash flow from operating activities229,72192,777266,847
Cash flows to investing activities
Sale of investment property--1,154
Payments for investment property:
- land(23,788)(10,873)(44,386)
- construction of retirement units and village facilities(133,598)(95,239)(229,205)
- refurbishment of retirement units and village facilities(4,136)(3,329)(8,244)
Payments for property, plant and equipment:
- construction of care centres(15,482)(5,688)(16,651)
- refurbishment of care centres-(585)(1,107)
- other(5,425)(2,478)(7,760)
Payments for intangible assets(196)(184)(668)
Capitalised interest paid(9,760)(5,085)(11,910)
Net cash flow to investing activities(192,385)(123,461)(318,777)
Cash flows from financing activities
Net (repayments of)/proceeds from borrowings(20,096)41,592(71,542)
Proceeds from issue of retail bonds--150,000
Proceeds from issue of shares1,5781654,201
Interest paid on borrowings(4,654)(7,682)(15,436)
Payments in relation to lease liabilities(838)(733)(1,549)
Dividends paid10(9,781)(11,144)(19,389)
Net cash flow (to)/from financing activities(33,791)22,19846,285
Net increase/(decrease) in cash and cash equivalents3,545(8,486)(5,645)
Cash and cash equivalents at beginning of period15,81721,46221,462
Cash and cash equivalents at end of period19,36212,97615,817
The accompanying notes form part of these financial statements.
Half Year Report 2021
1 8

Reconciliation of Operating Results and Operating Cash Flows
For the six months ended 30 June 2021
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Profit for the period263,803988230,776
Adjustments for:
Depreciation and amortisation expense5,1603,9278,097
Impairment on plant and equipment--3,431
Fair value movement of investment property(260,176)14,657(221,142)
Finance costs paid5,3348,31813,496
Income tax (expense)/credit1,809(3,695)(9,041)
Deferred management fee amortisation(35,369)(28,730)(60,752)
Employee share plan option cost4447811,576
Other non-cash items(197)(497)90
(282,995)(5,239)(264,245)
Movements in working capital
(Increase)/decrease in trade and other receivables(816)6401,632
(Decrease)/increase in employee benefits(722)1794,004
Increase in trade and other payables12,2344,827903
Increase in residents’ loans net of non-cash amortisation238,21791,382293,777
248,91397,028300,316
Net cash flow from operating activities229,72192,777266,847
The accompanying notes form part of these financial statements.
1 9

Notes to the
financial
s
tatements
For the six months ended 30 June 2021
1. Summary of accounting policies
The consolidated interim financial statements presented for the six months ended 30 June 2
021 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages in New Zealand, including independent living, care centres with rest home and hospital-level care and
memory care centres. The Group also owns land for development of retirement villages in Australia.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock Exchange (NZX), being
the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
as appropriate for profit-oriented entities. These consolidated interim financial statements also comply with NZ IAS 34 –
Interim
Financial Reporting and IAS 34 – Interim Financial Reporting, and are prepared in accordance with the Financial Markets Conduct
Act 2013..
The consolidated interim financial statements for the six months ended 30 June 2021 are unaudited and have been the subject of
review by the auditor, pursuant to NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of
the Entity, issued by the External Reporting Board. They are presented in New Zealand dollars, which is the Company's and its New
Zealand subsidiaries' functional currency. The functional currency of the Company's Australian subsidiaries is Australian dollars. All
financial information has been rounded to the nearest thousand, unless otherwise stated.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read in
conjunction with, the Group’s financial statements for the year ended 31 December 2020, except as follows.
Implementation of the April 2021 IFRIC agenda decision in relation to software-as-a-service arrangements
During the period, the Group reviewed its accounting policy in relation to upfront configuration and customisation costs incurred
in implementing software-as-a-service arrangements in response to the IFRIC agenda decision clarifying its interpretation of how
current accounting standards apply to these types of arrangements. The Group is still evaluating the impact of this interpretation on
its financial statements, but it is not expected to be significant.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. The services provided across all of the
Group’s villages are similar, as are the type of customer and the regulatory environment. The chief operating decision makers, the
Chief Executive Officer and the Board of Directors, review the operating results of the Group as a whole on a regular basis. On
this basis, the Group has one reportable segment, and the Group results are the same as the results of the reportable segment. All
resource allocation decisions across the Group are made to optimise the consolidated Group’s result.
The Group continues to proceed with its expansion into Australia. Two Australian sites were purchased in 2019 and a third site was
purchased in March 2021. It is intended that these sites will be developed into retirement villages. To date the expenditure incurred
and assets acquired in Australia have been immaterial to the Group and so are not reported as a separate operating segment as at
30 June 2021.
Half Year Report 2021
2 0

The Ministry of Health is a significant customer of the Group, as the Group derives care fee revenue in respect of eligible government
subsidised aged care residents. Fees earned from the Ministry of Health for the period ended 30 June 2
021 amounted to $16.2 million
(Jun 2020: $17.1 million, Dec 2020: $36.2 million). No other customers individually contribute a significant proportion of the Group
revenue. All revenue is earned in New Zealand.
Comparative information
No comparatives have been restated in the current period.
2. Non-GAAP underlying profit
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
Ref$000$000$000
Profit for the period263,803988230,776
(Less)/add fair value movement of investment propertya)(260,176)14,657(221,142)
Add impairment of assetsb)--3,431
Add realised gain on resalesc)29,40415,69946,072
Add realised development margind)40,67717,42948,208
Add/(less) deferred tax expense/(credit)e)1,809(3,695)(9,041)
Underlying profit75,51745,07898,304
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property, impairment and tax expense in the Group’s income
statement. The measure is used internally in conjunction with other measures to monitor performance and make investment
decisions. Underlying profit is a measure that the Group uses consistently across reporting periods. Underlying profit is used to
determine the dividend pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)(Less)/add fair value movement of investment property: reversal of investment property valuation changes recorded in NZ
IFRS profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and replaced
with realised development margin and realised resale gains during the period, effectively removing the unrealised component
of the fair value movement of investment property.
b)Add impairment of assets: remove the impact of non-cash care centre valuation changes recorded in NZ IFRS profit for the
period. Effective 1 January 2
021, care centres are valued annually (previously every three years, with the most recent valuation
as at 31 December 2020), with fair value gains flowing through to the revaluation reserve unless the gain offsets a previous
impairment to fair value that was recorded in NZ IFRS profit for the period. Where there is any impairment of a care centre, or
reversal of a previous impairment that impacts NZ IFRS profit for the period, this is eliminated for the purposes of determining
underlying profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a unit and the
occupation right resold for that same unit during the period. Realised resale gains are a measure of the cash generated from
increases in selling prices of occupation rights to incoming residents, less cash amounts repaid to vacated residents for the
repayment of the price of their refundable occupation right purchased in an earlier period, with the recognition point being
the cash settlement. Realised resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a unit. The margin for each new sale is determined to be the
licence price for the occupation right, less the cost of developing that unit.
2 1

Components of the cost of developing units include directly attributable construction costs and a proportionate share of the
following costs:
•Infrastructure costs
•Land cost on the basis of the purchase price of the land
•Interest during the build period
•Head office costs directly related to the construction of units
All costs above include non-recoverable GST.
Development
margin excludes the costs of developing common areas within the retirement village (including a share of the
proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not just
the new sale, but for all subsequent resales. It also excludes the costs of developing care centres, which are treated as property,
plant and equipment for accounting purposes.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the
nature of the cost.
e)Add/(less) deferred tax expense/(credit): reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that
are included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
$000$000$000
Employee expenses46,85233,66090,691
Property-related expenses8,3297,51316,187
Repairs and maintenance expenses3,3372,4095,824
Other operating expenses20,43614,26234,103
Total operating expenses78,95457,844146,805
In April 2020, the Group received a $8.6 million one-off
government wage subsidy in relation to COVID-19. The subsidy related to a
12-week period between March and June 2020 . A portion of the subsidy was capitalised, and the remaining balance of $7.9 million
was recorded as a deduction to employee expenses in the period to 30 June 2020. Although the Group was entitled to receive
the wage subsidy, the Directors subsequently determined that it was appropriate to return the subsidy to the Government and
the full $8.6 million was repaid on 23 December 2020. This resulted in a net nil impact to operating expenses for the year ended
31 December 2020.
4. Income tax
a) Income tax recognised in the income statement
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of
temporary differences
1,809(3,695)(9,041)
Total tax expense/(credit) reported in income statement1,809(3,695)(9,041)
Half Year Report 2021
Notes to the financial statements (continued)
2 2

The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000
%
$000
%
$000
%
Profit/(loss) before income tax265,612(2,707)221,735
Income tax using the corporate tax rate74,37128.0%(758)28.0%62,08628.0%
Capitalised interest(2,175)(0.8%)(1,503)55.5%(3,450)(1.6%)
Non-deductible expenses950.0%234(8.6%)2080.1%
Non-assessable investment
property revaluations
(72,849)(27.4%)4,104(151.6%)(62,501)(28.2%)
Reinstatement of tax depreciation on non-
residential buildings
-0.0%(6,008)221.9%(6,008)(2.7%)
Transfer of investment property to property,
plant and equipment
2,4720.9%-0.0%-0.0%
Other(105)(0.0%)236(8.7%)1800.1%
Prior period adjustments-0.0%-0.0%4440.2%
Total income tax expense/(credit)1,8090.7%(3,695)136.5%(9,041)(4.1%)
Total Group tax losses available amount to $292.3 million at 30 June 2021 ($82.0 million tax effected) (Jun 2020: $208.3 million
($58.5 million tax effected), Dec 2020: $250.5 million ($70.3 million tax effected)). There are no unrecognised tax losses for the Group
at 30 June 2021 (Jun 2020 and Dec 2020: nil).
(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
$000$000$000
Tax expense comprises:
Net gain on revaluation of property, plant and equipment--3,145
Fair value movement of interest rate swaps2,731(3,447)(1,981)
Total tax expense/(credit) reported in statement of
comprehensive income
2,731(3,447)1,164
(c) Amounts charged or credited directly to equity
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to employee share option plans(14)-(1,812)
Total tax credit reported directly in equity(14)-(1,812)
(d) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2021 is nil (Jun 2020 and Dec
2
020: nil).
2 3

(e) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2
021
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2
021
UNAUDITED
$000$000$000$000$000
Property, plant and equipment14,1713,316--17,487
Investment property35,2313,178--38,409
Revenue in advance35,1596,903--42,062
Interest rate swaps(7,882)--2,731(5,151)
Income tax losses not yet utilised(70,309)(11,679)--(81,988)
Other items(3,540)91(14)-(3,463)
Net deferred tax liability2,8301,809(14)2,7317,356
BALANCE
1 JAN 2
020
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2
020
UNAUDITED
$000$000$000$000$000
Property, plant and equipment17,607(5,775)--11,832
Investment property29,1883,210--32,398
Revenue in advance23,4795,740--29,219
Interest rate swaps(5,901)--(3,447)(9,348)
Income tax losses not yet utilised(51,631)(6,827)--(58,458)
Other items(223)(43)--(266)
Net deferred tax liability12,519(3,695)-(3,447)5,377
BALANCE
1 JAN 2
020
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
3
1 DEC 2020
AUDITED
$000$000$000$000$000
Property, plant and equipment17,607(6,581)-3,14514,171
Investment property29,1886,043--35,231
Revenue in advance23,47911,680--35,159
Interest rate swaps(5,901)--(1,981)(7,882)
Income tax losses not yet utilised(51,631)(18,678)--(70,309)
Other items(223)(1,505)(1,812)-(3,540)
Net deferred tax liability12,519(9,041)(1,812)1,1642,830
* Other comprehensive income
Half Year Report 2021
Notes to the financial statements (continued)
2 4

5. Investment property
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Balance at beginning of period3,638,7603,107,0143,107,014
Additions190,220113,361309,024
Transfer (to)/from property, plant and equipment(23,993)-2,500
Disposals--(920)
Fair value movement260,176(14,657)221,142
Foreign exchange movement670--
Total investment property4,065,8333,205,7183,638,760
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Development land measured at fair value
1
397,203301,170335,694
Retirement villages measured at fair value3,377,7192,629,4852,973,040
Retirement villages under development measured at cost290,911275,063330,026
Total investment property4,065,8333,205,7183,638,760
1 Included in development land is land that was acquired close to balance date and as such was excluded from the valuation of investment property. This land has been
accounted for at cost, which has been determined to be fair value due to the proximity of the transaction to balance date. At 30 June 2021 the land at cost was $64.0 million
(Jun 2020: $7.3 million, Dec 2020: $9.9 million).
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
$000$000$000
Manager's net interest2,238,0861,740,8832,003,725
Plus: revenue received in advance relating to investment property129,12999,584114,737
Plus: liability for residents' loans relating to investment property1,698,6181,365,2511,520,298
Total investment property4,065,8333,205,7183,638,760
The Group is unable to reliably determine the fair value of the non-land portion of retirement villages under development at 30 June
2
021 and therefore these are carried at cost. This equates to $290.9 million of investment property (Jun 2020: $275.1 million, Dec
2020: $330.0 million).
The fair value of investment property as at 30 June 2021 was determined by independent registered valuers CBRE Limited ("CBRE
NZ") and Jones Lang LaSalle Limited ("JLL") for villages and land in New Zealand and CBRE Valuations Pty Limited ("CBRE AU") for
land in Australia. The fair value of the Group’s investment property is determined on a semi-annual basis, based on market values,
being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a
willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion.
As required by NZ IAS 40 -
Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the discounted cash flow analysis.
To assess the fair value of the Group's interest in each New Zealand village, CBRE NZ and JLL have undertaken a discounted cash
flow analysis to derive a net present value. The Group's development land has been valued by CBRE NZ using the direct comparison
approach. A desktop valuation was completed as at 30 June 2021.
2 5

Each valuer continues to review market conditions in relation to the COVID-1
9 global pandemic. The valuers' view is that the
longer-term economic impact as a result of COVID-19 on the New Zealand aged care sector still remains largely unknown with
comparable transactions and market evidence since the outbreak limited. Therefore they advise that a degree of caution should be
exercised when relying upon the valuation.
Significant assumptions used by CBRE NZ and JLL in relation to the New Zealand investment property include a discount rate of
between 13.5% and 16.5% (Jun 2020 and Dec 2020: 13.5% to 16.5%), and a long-term nominal house price inflation rate (growth rate)
of between 0% and 3.5% (Jun 2020: -2.0% and 3.5%, Dec 2020: 0% to 3.5%). Other assumptions used include the average entry age of
residents of between 73 years and 89 years (Jun 2020 and Dec 2020: 72 years and 90 years), and the stabilised departing occupancy
periods of units of between 3.8 years and 8.9 years (Jun 2020: 3.7 years and 8.9 years, Dec 2020: 3.7 years and 9.0 years).
Two sites under development in Australia have been valued separately by CBRE AU and the third site is held at cost. The Cranbourne
North land was valued under the same methodology as development land in New Zealand. The Torquay land was valued under a
modified direct comparison approach which takes into account the gross realisation of the proposed units 'as if complete'. Chirnside
Park is held at cost due to the proximity of the purchase to balance date.
As the fair value of investment property is determined using inputs that are significant and unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 –
Fair Value Measurement.
Transfer to property, plant and equipment
Each period, the Group assesses the significance of ancillary services provided in its units sold under occupation right agreement. As
a result, memory care apartments and care suites have been reclassified from investment property to property, plant and equipment
effective 1 January 2021. The Group's memory care apartments and care suites were transferred to property, plant and equipment
at fair value as at transfer date which totalled $24.0 million.
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE NZ and JLL have undertaken a discounted cash flow
analysis to derive a net present value.
The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+5
0 bp
Discount rate
-5
0 bp
Growth rates
+5
0bp
Growth rates
-5
0bp
30 June 2021
Valuation ($000)1,341,450
Difference ($000)(47,210)50,34580,460(73,920)
Difference (%)
(3.5%)3.8%6.0%(5.5%)
30 June 2020
Valuation ($000)945,650
Difference ($000)(34,080)36,33059,576(52,956)
Difference (%)
(3.6%)3.8%6.3%(5.6%)
31 December 2020
Valuation ($000)1,142,825
Difference ($000)(40,635)43,39553,550(70,865)
Difference (%)
(3.6%)3.8%4.7%(6.2%)
1 Completed units excluding unsold stock.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of units. A significant decrease (increase) in the occupancy period of units would result in a significantly higher (lower) fair
value measurement, and a significant increase (decrease) in the average entry age of residents would result in a significantly higher
(lower) fair value measurement.
Security
At 30 June 2021, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are
subject to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
Half Year Report 2021
Notes to the financial statements (continued)
2 6

6. Residents' loans
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
$000$000$000
Balance at beginning of period1,872,7361,599,8541,599,854
Net receipts for residents' loans - resales of occupation right agreements35,9115,29027,830
Receipts for residents' loans - new occupation right agreements188,09978,029245,052
Total gross residents’ loans2,096,7461,683,1731,872,736
Deferred management fees and other receivables(388,875)(317,922)(352,438)
Total residents’ loans1,707,8711,365,2511,520,298
The fair value of residents’ loans at 30 June 2
021 is $1,206.1 million (Jun 2020: $995.6 million; Dec 2020: $1,082.9 million). The method
of determining fair value is disclosed in Note 18 of the Group’s financial statements for the year ended 31 December 2020. As the
fair value of residents’ loans is determined using inputs that are unobservable, the Group has categorised residents’ loans as Level
3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
7. Interest-bearing loans and borrowings
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
$000$000$000
Repayable within 12 months
Secured bank loansFloating
225,000
--
Repayable after 12 months
Secured bank loansFloating62,701409,912297,576
Retail bond - SUM0104.78%100,000100,000100,000
Retail bond - SUM0204.20%125,000125,000125,000
Retail bond - SUM0302.30%150,000-150,000
Total loans and borrowings at face value662,701634,912672,576
Issue costs for retail bonds capitalised
Opening balance(3,888)(2,688)(2,688)
Capitalised during the period--(1,876)
Amortised during the period435301676
Closing balance(3,453)(2,387)(3,888)
Total loans and borrowings at amortised cost659,248632,525668,688
Fair value adjustment on hedged borrowings11,57722,32118,411
Carrying value of interest-bearing loans and borrowings670,825654,846687,099
The weighted average interest rate for the six months to 30 June 2021 was 3.05% (Jun 2020: 3.30%, Dec 2020: 3.15%). This includes
the impact of interest rate swaps . Approximately 4
7.5% of the floating rate debt principal outstanding is hedged with interest rate
swaps at 30 June 2021 (Jun 2020: 50.7%, Dec 2020: 45.0%).
2 7

The secured bank loan facility at 30 June 2021 has a limit of approximately NZD$750.0 million (Jun 2020 and Dec 2020:
$
750.0 million). Lending of NZ$315.0 million expires in March 2022, AU$120.0 million expires in November 2023 and NZ$310.0 million
expires in November 2024.
The Group has issued three retail bonds. The first retail bond was issued for $100.0 million in July 2017 and has a maturity date of
11 July 2023. This retail bond is listed on the NZX Debt Market (NZDX) with the ID SUM010. The second retail bond was issued for
$125.0 million in September 2018 and has a maturity date of 24 September 2025. This retail bond is listed on the NZDX with the ID
SUM020. The third retail bond was issued for $150.0 million in September 2020 and has a maturity date of 21 September 2027. This
retail bond is listed on the NZDX with the ID SUM030.
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second-ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement Villages Act
2003 (behind a first-ranking registered mortgage in favour of the Statutory Supervisor);
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
8. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board reviews and agrees on
policies for managing each of these risks and there has been no change to the policies presented in the Group's financial statements
for
the six months ended 30 June 2021. The Group has seen no material change in its exposure to credit, market and liquidity risk as
a result of the COVID-19 pandemic, but will continue to monitor the situation.
Fair values
The fair value of retail bonds is based on the price traded at on the NZX market as at balance date. The fair value of the retail bonds
is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
The fair value of interest rate swaps is determined using inputs from third parties that are observable, either directly (i.e. as prices) or
indirectly (i.e. derived from prices). Based on this, the Company and Group have categorised these financial instruments as Level 2
under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
9. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
Earnings ($000)263,803988230,776
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
227,599224,907225,591
Basic earnings per share (cents per share)115.910.44102.30
Half Year Report 2021
Notes to the financial statements (continued)
2 8

Diluted earnings per share
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
Earnings ($000)263,803988230,776
Weighted average number of ordinary shares for the purpose of earnings
per share (diluted) (in thousands)
229,141227,462227,979
Diluted earnings per share (cents per share)115.130.43101.23
Number of shares (in thousands)
6 MONTHS
JUN 2
021
UNAUDITED
6 MONTHS
JUN 2
020
UNAUDITED
12 MONTHS
DEC 2
020
AUDITED
Weighted average number of ordinary shares for the purpose of earnings
per share (basic)
227,599224,907225,591
Weighted average number of ordinary shares issued under employee
share plans
1,5422,5552,388
Weighted average number of ordinary shares for the purpose of earnings
per share (diluted)
229,141227,462227,979
At 30 June 2021, there were a total of 1,403,150 shares issued under employee share plans held by Summerset LTI Trustee Limited
(Jun 2
020: 2,540,811, Dec 2020: 1,712,181 shares).
Net tangible assets per share
6 MONTHS
JUN 2021
UNAUDITED
6 MONTHS
JUN 2020
UNAUDITED
12 MONTHS
DEC 2020
AUDITED
Net tangible assets ($000)1,612,5841,107,5841,349,136
Shares on issue at end of period (basic and in thousands)227,998225,442227,073
Net tangible assets per share (cents per share)707.28491.29594.14
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This measure is
provided as it is commonly used for comparison between entities.
10. Dividends
On 22 March 2021, a dividend of 7.0 cents per ordinary share was paid to shareholders (2020: on 23 March 2020 a dividend of 7.7
cents per ordinary share was paid to shareholders and on 1
1 September 2020 a dividend of 6.0 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 22 March 2021 and 493,015 ordinary shares were issued in relation to
the plan (2020: 1,155,370 ordinary shares were issued in relation to the plan for the 23 March 2020 dividend and 665,095 ordinary
shares were issued in relation to the plan for the 11 September 2020 dividend).
11. Commitments and contingencies
Guarantees
As at 30 June 2
021, NZX Limited held a guarantee in respect of the Group, as required by the NZX Listing Rules, for $75,000 (Jun 2020
and Dec 2020: $75,000).
Summerset Retention Trustee Limited holds guarantees in relation to retentions on construction contracts on behalf of the Group. As
at 30 June 2021, $10.0 million was held for the benefit of the retentions beneficiaries (Jun 2020: $8.0 million, Dec 2020: $10.0 million).
2 9

Capital commitments
At 30 June 2
021, the Group had $188.9 million of capital commitments in relation to construction contracts (Jun 2020 $145.9 million,
Dec 2020: $139.7 million).
Contingent liabilities
There were no known material contingent liabilities at 30 June 2021 (Jun 2020 and Dec 2020: nil).
12. Subsequent events
On 19 July 2021, 99,864 shares were issued to participating employees under Summerset's all staff employee share scheme. The
shares are held by Summerset LTI Trustee Limited and vest to participating employees after a three-year period, subject to meeting
the criteria of the plan.
On
17 August 2021 the New Zealand Government announced that the Delta variant of COVID-19 had been found in the community
and that the country would be re-entering a lockdown period. No adjustments are considered necessary, or have been made, to the
financial statements as a result of this development.
The Group completed a sustainability linked syndicated loan facility refinance on 23 August 2021 for approximately $700 million
which has an effective date of 1 October 2021. This includes the refinance of the $315 million facility due to mature on 31 March
2022 with additional funding of approximately $385 million which is primarily in Australian dollars. The facility has a mix of four and
five year tenures. The loan facility comprises ANZ Bank New Zealand/Australia and New Zealand Banking Group Limited, Bank of
New Zealand/National Australia Bank Limited, Commonwealth Bank of Australia, Industrial and Commercial Bank of China Limited,
Westpac New Zealand Limited/Westpac Banking Corporation and Bank of China (New Zealand) Limited.
On 23 August 2021, the Directors approved an interim dividend of $22.7 million, being 9.9 cents per share. The dividend record date
is 7 September 2021 with a payment date of 20 September 2021.
There have been no other events subsequent to 30 June 2021 that materially impact on the results reported.
Half Year Report 2021
Notes to the financial statements (continued)
3 0

Independent Auditor's Review Report
To the Shareholders of Summerset Group Holdings Limited (“the company”) and its subsidiaries
(together “the group”)
Conclusion
We have reviewed the interim financial statements
of the group on pages 13 to 30 which comprise the statement of financial position
of the group as at 30 June 2021, and the statement of comprehensive income, statement of changes in equity and statement of
cash flows of the group for the six month period ended on that date, and a summary of significant accounting policies and other
explanatory information. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 13 to 30 of the group do not present fairly, in all material respects the financial position of the
group as at 30 June 2021, and its financial performance and its cash flows for the six month period ended on that date, in accordance
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken so that we might state to
the company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial
Statements section of our report. We are independent of the group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Ernst & Young provides other assurance related and remuneration advisory services to the group. Partners and employees of our firm
may deal with the group on normal terms within the ordinary course of trading activities of the business of the group. We have no
other relationship with, or interest in, the group.
Directors' Responsibility for the Interim Financial Statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the interim financial statements in
accordance
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such internal
control as the directors determine is necessary to enable the preparation and fair presentation of the interim financial statements
that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us
to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as
a whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard
34: Interim Financial Reporting.
A review of interim financial
statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do 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 on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Grant Taylor.
3 1
Chartered Accountants
Wellington
23 August 2021

Half Year Report 2021

Directory
New Zealand
Northland
Summerset Mount Denby
Wanaka Street, Tikipunga,
Whangārei 0
112
Phone (09) 470 0282
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale
1
Argent Lane, Milldale,
Wainui 0992
Phone (0800) 786 637
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Parnell
1
23 Cheshire Street, Parnell,
Auckland 1052
Phone (09) 950 8212
Summerset Half Moon Bay
1
25 Thurston Place
Half Moon Bay,
Auckland 2
012
Phone (09) 306 1422
Summerset St Johns
188 St Johns Road, St Johns,
Auckland 10
72
Phone (09) 950 7982
Waikato – Taupō
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3281
Phone (07) 981 7822
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupō 3330
Phone (07) 376 9470
Summerset Cambridge
1
80 Laurent Road,
Cambridge 3493
Phone (07) 839 9482
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
35 Manawa Road,
Pāpāmoa Beach,Tauranga 3118
Phone (07) 542 9082
1Proposed villages
3 3

Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4
112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4
122
Phone (06) 974 1310
Summerset Palms
136 Eriksen Road,
Te Awa, Napier 4
110
Phone: (06) 833 5852
Summerset in the Vines
249 Te Mata Road,
Havelock North 4
130
Phone (06) 877 1185
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
70 Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8532
Manawatū – Wanganui
Summerset in the River City
40 Burton Avenue, Wanganui East,
Wanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset by the Ranges
104-112 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae
1
32 Park Avenue,
Waikanae 5
036
Phone (04) 293 0002
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5
032
Phone (04) 298 3540
Summerset on the Landing
1-3 Bluff Road, Kenepuru,
Porirua 5
022
Phone (04) 230 6722
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5
024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
Boulcott’s Farm, Military Road,
Lower Hutt 5010
Phone (04) 568 1442
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3432
Marlborough
Summerset Blenheim
1
183 Old Renwick Road, Springlands,
Blenheim 7272
Phone (03) 520 6042
1Proposed villages
Half Year Report 2021
3 4

Canterbury
Summerset Rangiora
1
141 South Belt, Waimakariri,
Rangiora 7
400
Phone (03) 364 1312
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8
025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8
042
Phone (03) 357 3202
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8
051
Phone (03) 741 3340
Summerset Prebbleton
578 Springs Road,
Prebbleton 7604
Phone (03) 353 6312
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3102
Australia
Victoria
Summerset Cranbourne North
1
1435 Thompsons Road,
Cranbourne North,
Melbourne, Australia
Phone (1800) 321 700
Summerset Torquay
1
Grossmans Road and Briody Drive,
Torquay,
Victoria, Australia
Phone (
1800) 321 700
Chirnside Park
1
266-268 Maroondah Hwy,
Chirnside Park,
Victoria, Australia
Phone (
1800) 321 700
1Proposed villages
3 5

Company
information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street, Wellington 6
011,
New Zealand
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 1
26 Phillip Street,
Sydney, NSW, 2000
Australia
Auditor
Ernst & Young
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of New Zealand
National Australia Bank
Commonwealth Bank of Australia
Westpac New Zealand Limited
Westpac Banking Corporation
Industrial and Commercial Bank of China Limited
Bank of China (New Zealand) Limited
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
Link Market Services,
PO Box 9
1976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Directors
Mark Verbiest
Dr Marie Bismark
Venasio-Lorenzo Crawley
James Ogden
Gráinne Troute
Anne Urlwin
Dr Andrew Wong
Company Secretary
Robyn Heyman
Half Year Report 2021
3 6

Our
villages
Completed villages
In development
Proposed villages
Dunedin
Casebrook
Paraparaumu
Levin
Palmerston North
Wanganui
New Plymouth
Richmond
Nelson
Lower Hutt
Pāpāmoa Beach
Havelock North
Hastings
Te Awa
Napier
Taupō
Katikati
Manukau
Warkworth
Milldale
Hobsonville
Ellerslie
Karaka
Parnell
Hamilton
Rototuna
Aotea
Kenepuru
Wigram
Avonhead
Bell Block
Waikanae
St Johns
Trentham
Whangārei
Cambridge
Rangiora
Prebbleton
Blenheim
Torquay
Cranbourne North
MELBOURNE
Half Moon Bay
Chirnside Park
As at 30 June 2021, excludes Kelvin Grove and Craigieburn
3 7

summerset.co.nz
summerset.com.au

---

Half year
results
presentation
Half Year Report 2021
Summerset at Heritage Park

Agenda
Half Year Report 2021
Half year results presentation
2
01
02
03
04
05
Covid-19 update
Our highlights
Business overview
Financial results
Interim dividend
Appendix
06

COVID-19 update
Half Year Report 2021
COVID-19 update
3
▪The latest lockdown is a reminder the COVID-19 global
pandemic continues to be part of our operating environment
▪We have again moved early and fast to keep our residents
and staff safe. Summerset restricted entry to villages on the
same day the latest COVID community case was announced
▪Our Crisis Response Team has activated Summerset’s
pandemic plan swiftly and effectively, this includes:
▪Strict entry conditions to ensure our villages remain a
safe environment for residents
▪Postponing all admissions regardless of whether it is for
care or people moving into our villages
▪Separated team rosters, the use of face masks and PPE
plus additional cleaning protocols
▪Providing initiatives to keep residents connectedand
informed throughout lockdowns, including an online
entertainment hub and Zoom calls with loved ones
▪Continuing to support staff to safely work from home
▪Summerset is well positioned to manage through an extended
lockdown, if required, with sufficient bank debt headroom of
around $850m* and gearing of 28.5%
Prevention of COVID-19 remains our focus
* Post loan facility refinance, completed in August 2021

Our
highlights
4
1H21

1H21 Summary
Half Year Report 2021
Our highlights
5
▪Underlying profit for 1H21 of $75.5m, a six month record
▪Record net profit after tax (NZ IFRS) of $263.8m, up from
$1.0m in 1H20 and $230.8m for FY20
▪Operating cash flows of $229.7m, up from $92.8m in 1H20
▪Gearing ratio of 28.5%, down from 35.8% at 1H20 and
now at the lowest level since 2014
▪Record half year new and resale settlements of 545 units,
up 106% on 1H20, which was impacted by COVID-19
▪Continue to achieve high presales and record waitlist
numbers
▪Delivered a record 347 units in the period, including 284
retirement units and 63 care units
▪Expect a New Zealand build rate in the range of 600 to 650
total units (550 to 600 units sold under Occupation Right
Agreement and 52 care beds)
▪Opened new main building in Richmond and delivered the
final apartment block at our Ellerslie village
▪Purchased third Australian site in Chirnside Park, Melbourne
in March. In addition, two new sites announced today:
▪Craigieburn, Melbourne, our fourth Australian village
▪Palmerston North, 34.2ha in the suburb of Kelvin Grove
▪Interim dividend of 9.9 cents per share declared
Key result highlights
Summerset at Monterey Park

1H21 result snapshot
Half Year Report 2021
Our highlights
6
IFRS net profit after tax of $263.8m resulting in a 45% growth in company equity since 1H20
545
264
1H20
347
1H20
182
Total units
delivered in 1H21
$1.1b
Embedded value
$765.7m
1H20
1H206,024
6,123*
$263.8m
Net profit after tax
1H20
$1.0m
Underlying profit
1H20
1H20
$229.7m
$92.8m
28.5%
1H20
35.8%
$75.5m
$45.1m
$4.4b
1H20
$3.4b
Net operating cash flows
Total assets
Gearing ratio
Sales of occupation
rights
New Zealand and Australia
land bank (including care)
* Land bank as at 30 June 2021, excludes Kelvin Grove and Craigieburn

Our highlights
Looking back –1H21 review
Half Year Report 2021
Our highlights
7
January
February
April
March
May
June
Heritage Apartments in
Ellerslie open, completing
the village
Scott Scoullar takes over as
CEO
HR team wins Talent
Acquisition award
First residents receive
COVID-19 vaccine
Richmond Main Building
opens
First units delivered in
Whangārei
A showcase of key events from the past six months
Summerset St Johns
Lower Hutt earthworks
begin with dawn blessing
Parnell granted resource
consent
Purchase of third Australian
site in Chirnside Park,
Melbourne
Design Team win Gold at
New Zealand Commercial
Project Awards
Third COVID-19 lockdown
(Auckland)
Prebbleton receives
resource consent
Stage one civils at St
Johns completed
Summerset's annual
W aitaha Te Houhou
Health Scholarship
awarded to Aaliyah Te
AtarauThocolichand
Tyler Grant
Resident Maisie Lund receives vaccine
Title sponsor of the New
Zealand National Bowls
Championship, in Auckland
Heritage Apartments, EllerslieLower Hutt blessing
NZ Commercial Project Awards
Tyler Grant
Lower Hutt blessing
Richmond Main Building opening

Business
overview
1H21
8

Summerset snapshot
Half Year Report 2021
Our strategy
9
Our people
Our care
Diversified portfolio throughout New Zealand
Our portfolio
6,600+
Residents
1,900+
Staff members
95%
Village resident
satisfaction
97%
Care resident
satisfaction
1,035
Care units in
portfolio
1,053*
Care units in
land bank
4,669
Retirement units
in portfolio
5,070*
Retirement units
in land bank
$4.4b
Total assets
* Land bank as at 30 June 2021, excludes Kelvin Grove and Craigieburn

Bringing the best of life
Bringing the best of life to residents and staff
Half Year Report 2021
Bringing the best of life
10
▪Our focus remains on protecting our residents and staff from
COVID-19, good progress made on our vaccination rollout
▪To date, over 80% of both our aged care residents and care
staff have been fully vaccinated, receiving both doses of the
Pfizer vaccine
▪Our accredited falls prevention fitness programme was
rolled out to an additional three villages this year
▪The class is accredited by the Ministry of Health and
ACC and run by registered fitness professionals
▪Renewed our sponsorship of Bowls New Zealand for a
further three years. Summerset now supports over 100
community groups across New Zealand
▪Provided tablets to residents to trial a new resident portal to
improve communication between staff and residents
▪Summerset has developed a medicine optimisation pilot
project with GPs, pharmacists and nurses to review whether
medicines are meeting our residents health goals
▪Continue to offer free Summerset shares to all permanent
staff as part of our annual staff share scheme, to date
around 650 staff have become owners of free shares
following a three-year vesting period

▪New Zealand’s first and only carbonzero
TM
certified
retirement village operator, recording a 31% reduction in
carbon emissions since 2017
▪We have a science aligned target to achieve a 62%
reduction in emissions intensity between 2017 and 2032
▪We are New Zealand’s first retirement village operator to
link sustainability to our funding agreements, incorporating
a Sustainability Linked Lending arrangement as part of our
bank refinancing
▪Confirmed a replacement for the transition away from gas.
This includes incorporating an environmentally friendly
wood pellet boiler into the design for our St Johns village
▪Committed to a waste diversion target for construction
waste from landfill covering all sites in New Zealand and
Australia
▪Undertaking a review of our main building designs to
reduce embodied emissions
Our environment
Environmental performance and sustainability
Half Year Report 2021
Bringing the best of life
11
31%
2017 -2020
Energy reduction
Waste diversion
Paper efficiency
2017 -2020
Environmentally
2020
25%
17%
Reduction in carbon
emissions intensity
Reduction in waste
to landfill
We reduce our
fertiliser emissions
by using products
that have a low
carbon footprint
Reduction in paper
based invoicing
Our sustainability partnerships
CarbonzeroTM audit
Our Sustainability policy, Supplier Code of Conduct and Modern Slavery Policy are all available on our website
friendly fertilisers

Half Year Report 2021
Growth strategy
12
▪In March we purchased our third Australian site in
Chirnside Park, Melbourne
▪Today we announced the purchase of 9.76ha of land in
Craigieburn, bringing Summerset’s Australian land bank
to four sites
▪Continue to look for suitable sites around Victoria to
complement our existing properties we already hold
▪We are in the final stages of obtaining the planning
permit for our Cranbourne North village
▪Completed prototype home for Cranbourne North that
incorporates our Australian design standards
▪Summerset has been approved to provide residential
aged care and home care services in Australia
▪Our villages will offer a full continuum of care in Australia,
which sets us apart from many Australian competitors
▪We have developed a household model of care with no
more than 18 residents in a household
Development -Australia
Two new sites purchased, bringing our total
number of Australian sites to four
Summerset Chirnside Park (Melbourne)
Summerset Cranbourne North (Melbourne)

Half Year Report 2021
Growth strategy
13
▪Acquisition of 9.76ha of land in Craigieburn, part of the
outer ring of Greater Melbourne
▪The site is well-serviced by the nearby Craigieburn
Central Shopping centre providing residents with easy
access to all amenities
▪Craigieburn has strong demographics with a 75+
population of around 7,200, expected to increase by
nearly 90 percent in the next ten years
▪The area will also see significant investment in the
coming years, with Craigieburn forming part of the
Victorian State Government’s North Growth Corridor
▪Our village will have over 200 independent homes, rest
home and hospital level care and a memory care centre
New sites –announced today
Fourth Australian site acquired in Craigieburn,
around 32km north of Melbourne’s CBD
Summerset Craigieburn (Melbourne)
Summerset Craigieburn (Melbourne)
Summerset site
(Craigieburn)
Summerset
Torquay
Summerset
Cranbourne North
Summerset
Chirnside Park

Half Year Report 2021
Growth strategy
14
▪Delivered a record 347 total units including 130 villas,
one main building and two apartment blocks in 1H21
▪Now have a total of 13 villages in construction across ten
regions in New Zealand
▪Received resource consent approval for our Prebbleton
village and have begun earthworks at the site
▪Submitted a fast-tracked resource consent application for
Waikanae
▪Progressed construction at our first apartment only
village in St Johns, Auckland installing the tower crane
and completing the first stage of civils
▪Completed the construction of Summerset at Heritage
Park (Ellerslie), delivering the final apartment block
▪On track to deliver the main building in Avonhead and a
second apartment block for Kenepuru in 2H21
▪Procurement of construction products well placed,
market reports show expected build cost inflation of ~5%
for 2021
▪Expected FY21 New Zealand build rate of between 600
to 650 units (550 -600 units sold under Occupation
Right Agreement and 52 care beds)
Summerset at Heritage Park (Ellerslie, Auckland)
Summerset St Johns (Auckland)
Development -New Zealand
Record six month deliveries of 347 total units

Half Year Report 2021
Growth strategy
15
▪Acquisition of 34.2ha of land in Kelvin Grove, to be home
to our second Palmerston North village
▪We expect the site to accommodate a 9.0ha village with
total construction investment exceeding $170 million
▪The site will offer approximately 315 independent homes,
rest home and hospital level care and a memory care
centre
▪Palmerston North has favourable demographics with a
75+ population of around 6,200, forecast to increase to
around 7,900 by 2028
▪The location complements our existing village in the city,
which sees consistently strong demand from prospective
residents and high occupancy levels
New sites –announced today
Second Palmerston North site for Summerset, located
in the northern suburb of Kelvin Grove
Summerset Kelvin Grove (Palmerston North)
Summerset site (Kelvin Grove)
Palmerston North
City
Summerset on Summerhill
Summerset Kelvin Grove (Palmerston North)

Half Year Report 2021
Growth strategy
16
Summerset Mount Denby (Whangārei)
Summerset Rototuna (Hamilton)
Summerset at Monterey Park (Hobsonville, Auckland)
Summerset on the Dunes (Pāpāmoa Beach, Tauranga)

Half Year Report 2021
Growth strategy
17
Summerset at Pohutukawa Place (Bell Block, New Plymouth)
Summerset on the Landing (Kenepuru, Wellington)
Summerset Palms (Te Awa, Napier)
Summerset Boulcott (Lower Hutt, Wellington)

Half Year Report 2021
Growth strategy
18
Summerset Richmond Ranges (Nelson)
Summerset at Avonhead (Christchurch)
Summerset on Cavendish (Casebrook, Christchurch)
Summerset Prebbleton (Selwyn District)

Half Year Report 2021
Growth strategy
19
Development pipeline
Diversified development pipeline grown from 16 sites in FY18 to 23 sites in 1H21, 56% of landbank fully consented
Development pipeline as at 30 June 2021, excludes Kelvin Grove and Craigieburn* New sites purchased

-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
REINZTwo bed
independent
Serviced
Apartment
REINZTwo bed
independent
Serviced
Apartment
Care
Suite
Residential market summary
House price inflation remains strong, Summerset conservatively positioned relative to residential house prices
Half Year Report 2021
20
Source: REINZ, June 2021
Growth strategy
Sales prices vs median house price
AucklandRest of New Zealand
85%
51%
33%
34%
68%

Business overview
Retirement unit delivery
▪284 retirement units and 63 care units delivered
across 10 villages in 1H21, totalling 347 units in the
period
▪This is a record number of deliveries for a six month
period and includes the final apartment block at
Ellerslie and first apartments at Kenepuru
▪Opened the new main building at our Richmond
village -includes serviced apartments, memory care
apartments, a care centre and recreation spaces for
residents
▪We now offer specialist dementia care in four
villages with our fifth memory care centre opening in
Avonhead in 2H21
▪Delivered the first three units at our Whangārei
village ahead of schedule with the first residents
moving in later this year
Retirement units
delivered
Total units
delivered
Record six month deliveries of 347 total units
Half Year Report 2021
Business performance
21
284347
* Total units include all units sold under occupation right agreement and care beds
Unit
delivery
Retirement unitsCare units
Total
units*
VillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Avonhead
9 -----
9
Bell Block
22 -----
22
Casebrook
8 ----
-8
Ellerslie
2 74 ---
-76
Kenepuru
12 24 ---
-36
Pāpāmoa
16 ----
-16
Richmond
16 -56 20 17
26 135
Rototuna
14 ----
-14
Te Awa
28 ----
-28
Whangārei
3 ----
-3
Total130 98 56 20 17 26347

$25.8m
$37.9m
$27.1m
$33.9m
$17.4m
$30.8m
$40.7m
33%
33%
28%
27%
22%
18%
22%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
$45m
$50m
1H182H181H192H191H202H201H21
Realised development margin ($m)Development margin (%)
▪Realised development margin of $40.7m, a record
half year result and up 134% from $17.4m in 1H20
▪Development margin of 22% consistent with 1H20
and up from 18% achieved in 2H20
▪The main drivers were strong margins across our
villa stages with all sites achieving margins above
25% offset by:
▪The settlement of a higher number of serviced
apartments, memory care apartments and
care suites, up 81% on 1H20
▪Proportionally fewer Auckland settlements with
a lower weighting of villas than 1H20
▪For FY21, we expect development margins to be
within our medium term target range of 20% to 25%
Business overview
Development margin
$40.7m
Realised margin
Realised development margin of $40.7m, with
a 22% development margin
Realised development margin
22%
Half Year Report 2021
Business performance
22
Development margin

Business overview
New sale of occupation
rights
$188.0m
Gross proceeds
302 new sales in the period, record gross
proceeds of $188.0m
302
Half Year Report 2021
Business performance
23
▪A six month record of 302 new sales of occupation
rights in 1H21
▪This is a substantial increase on previous years, up
136% from 1H20 and 122% from 1H19
▪302 new sales is also 75% of total new sales
achieved across FY20, in just six months
▪Record gross proceeds of $188.0m, up 141%
▪Average gross proceeds per new sale settlement of
$623k, up from $609k in 1H20
▪Continue to see the positive effects of our
diversification strategy with seven regions securing
more than 20 settlements each
▪Looking ahead, we have seen strong presales with
several stages to be delivered in 2H21 already fully
presold
▪With the length of the current lockdown unknown,
the impact on demand, and the ability to settle
sales, is currently uncertain
New sales
New sales1H211H20Variance1H19FY20
Gross proceeds ($m)188.078.0141%95.3245.4
Villas19782140%71264
Apartments4714236%3758
Serviced apartments452673%2863
Memory care apartments7617%-18
Care suites6---1
Total occupation rights302 128 136%136 404
23

New sales stock1H21FY201H20
Contracted9311798
Uncontracted222179257
Total new sales stock315296355
Contracted487866
Uncontracted2461121
Villas72139187
Contracted172014
Uncontracted742070
Apartments914084
Contracted211312
Uncontracted797658
Serviced apartments1008970
Contracted736
Uncontracted28198
Memory care apartments352214
Contracted-3-
Uncontracted173-
Care suites176-
Business overview
Uncontracted stock
4.7%
Stock levels remain stable relative to prior
periods
222
Half Year Report 2021
Business performance
24
▪Uncontracted new sale stock of 222 units, up from
179 at FY20 (24%)
▪Of the 222 uncontracted stock, 73 (33%) were
delivered as part of Richmond’s main building that
opened in late May 2021
▪Increase in uncontracted stock primarily driven by
the following:
▪The sell down of serviced apartments and
care suites in Richmond and Rototuna
▪Release of the first apartment block in
Kenepuru
▪The final apartment block in Ellerslie, the
village having now sold down the apartment
blocks delivered in prior periods
▪High demand continues for villas and apartments,
228 delivered in 1H21 and less than 100 delivered
units available for sale across all villages
▪Looking ahead, we expect a slight increase in total
new sales stock at FY21 with the delivery of our
second main building this year, in Avonhead
New sales stock
Percentage of
uncontracted stock
Half Year Report 202124
Percentage of uncontracted stock calculated off all units sold under occupation right agreement

-
200
400
600
800
JanFebMarAprMayJunJulAugSepOctNovDec
202120202019
4.2%
5.8%
6.5%
6.5%
6.1%
4.0%
4.7%
-
2%
4%
6%
8%
10%
1H182H181H192H191H202H201H21
Business performance
25
New sales performance
New sale settlements and total unit delivery
Uncontracted new sales stock as % of portfolio
Annual new sales contracts
Committed new sales pipeline
-
50
100
150
200
250
FY15FY16FY17FY18FY19FY20
Contracts on new units deliveredPresales contracts
Half Year Report 2021
To update
-
50
100
150
200
250
1H182H181H192H191H202H201H21
Contracts on new units deliveredPresales contracts
217
289
139
215
182
231
347
145
194
136
193
128
276
302
-
100
200
300
400
1H182H181H192H191H202H201H21
Total unit deliveryNew sale settlements

Resales1H211H20Variance1H19FY20
Gross proceeds ($m)126.662.2104%61.1176.8
Realised resale gains ($m)29.415.787%14.346.1
Realised resale gains (%)23%25%(8%)23%26%
DMF realisation ($m)17.87.7129%8.024.0
Villas1257079%72200
Apartments3514150%1046
Serviced apartments795155%59129
Memory care apartments41300%16
Care suites-----
Total occupation rights24313679%142381
Business overview
Resale of occupation rights
$29.4m
Realised resale gain
Realised gain of $29.4m, up 87%, embedded
value now exceeds $1.1b
243
Half Year Report 2021
Business performance
26
▪Total resales of 243 occupation rights in 1H21, up
from 136 in 1H20 (79%) and 142 in 1H19 (71%)
▪Realised resale gain of $29.4m
▪Gross proceeds of $126.6m, up 104% on 1H21
▪Record gross proceeds per resale settlement of
$521k, up 14% from $457k in 1H20
▪Realised resale gain of 23% for 1H21, underpinned
by the following:
▪Higher proportion of settlements in developing
villages, these units not accumulating the
same level of resale gain as they are more
recently delivered
▪A greater number of apartments settling in the
period
▪Shorter resident tenures, particularly for villas
and serviced apartments
Resales
Half Year Report 202126

$346m
$392m
$452m
$483m
$469m
$557m
$781m
$189m
$217m
$242m
$270m
$297m
$327m
$360m
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
1H182H181H192H191H202H201H21
Resales gain ($m)DMF ($m)
▪Total embedded value now exceeds $1.1b, having
increased from $765.7m at 1H20, a 49% uplift
▪Embedded value comprised of:
▪$780.9m resale gains
▪$360.0m deferred management fees
▪Embedded value per unit is now $240k, up from
$181k at 1H20 and provides a strong platform for
future earnings growth
▪Unrealised resale gain per unit now $164k,
compared to $111k in 1H20
Business overview
Embedded value
$780.9m
Embedded resale gain
Embedded value now exceeds $1.1b, up 49%
Embedded value
$1.1b
Half Year Report 2021
Business performance
27
Embedded value
NZ$m1H211H20Variance1H19FY20
DMF360.0297.221%241.8326.7
Resales gain780.9468.567%451.7556.9
Embedded value1,140.9765.749%693.5883.6

Resales stock1H21FY201H20
Contracted8710592
Uncontracted6273112
Total resales stock149178204
Contracted376259
Uncontracted81347
Villas4575106
Contracted12128
Uncontracted121818
Apartments243026
Contracted362924
Uncontracted414245
Serviced apartments777169
Contracted221
Uncontracted1-2
Memory care apartments323
Contracted---
Uncontracted---
Care suites---
Half Year Report 2021
Business performance
28
▪Resales stock is at historically low levels with 87
retirement units under contract and 62 units
uncontracted at 1H21
▪Uncontracted stock has decreased from 73 units at
FY20 to 62 at 1H21. As a % of total portfolio this is
the lowest level of uncontracted stock in four years
▪41 out of the 62 uncontracted units are serviced
apartments, however, these are spread across 13
villages with limited build up at individual sites
▪Waitlist numbers continue to increase, now over
1,200 prospective residents, up 43% on 1H20
Available resales stock remains at very low
levels
1.3%
Resales stock
62
Percentage of
uncontracted stock
Uncontracted stock
Half Year Report 202128
Percentage of uncontracted stock calculated off all units sold under occupation right agreement

154
147
142
181
136
245
243
-
50
100
150
200
250
300
350
1H182H181H192H191H202H201H21
-
100
200
300
400
500
JanFebMarAprMayJunJulAugSepOctNovDec
20202019
Half Year Report 2021
Business performance
29
Resales performance
Resales settlements
Realised resale gain
Annual resales contracts
Uncontracted resales stock as % of portfolio
COVID-19 Lockdown (level 2 -4)
To update
-
100
200
300
400
500
JanFebMarAprMayJunJulAugSepOctNovDec
202120202019
1.4%
1.4%
1.5%
1.9%
2.7%
1.6%
1.3%
-
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
1H182H181H192H191H202H201H21
23%
24%
23%
27%
25%
26%
23%
-
5%
10%
15%
20%
25%
30%
1H182H181H192H191H202H201H21

Financial
results
1H21
30

Reported profit (IFRS)
Half Year Report 2021
Financial results
31
▪Record IFRS NPAT of $263.8m, up from $1.0m in
1H20 (normalised -$7.6m net loss after tax) and
already above the full year result for FY20 of
$230.8m
▪Fair value movement of investment property of
$260.2m, including $69.1m from new unit deliveries
▪Total revenue of $94.9m, up 16% relative to 1H20
▪Total expenses of $84.1m in line with 2H20 when
repayment of wage subsidy and one off COVID-19
costs are excluded
▪Key movements in expenses from 1H20 include the
following:
▪$10.0m relating to the opening of three new
villages and the continued sell down of our
developing sites
▪$2.7m on previously signalled wage increases
for all village and care staff
▪$3.3m associated with a return to standard
business operations, primarily relating to
marketing and sales activity
▪Offset by $4.0m of 1H20 temporary COVID-19
related expenditure, not incurred in 1H21
▪Net finance costs underpinned by increased
capitalisation to construction projects
NZ$m1H211H20*Variance1H19FY20
Total revenue94.982.016%74.0172.4
Fair value movement of
investment property
260.2(14.7)N/A85.7221.1
Total income355.167.4427%159.7393.6
Total expenses84.161.836%60.8158.3
Add back wage subsidy-8.6---
Normalised expenses*84.170.419%60.8158.3
Net finance costs5.38.3(36%)6.813.5
Net profit before tax265.6(11.3)N/A92.1221.7
Tax expense / (credit)1.8 (3.7)N/A(0.5)(9.0)
Net profit after tax263.8(7.6)N/A92.6230.8
Movementin total expenses: 1H20 vs 1H21
* Normalised expenses excludes impact of wage and MOH subsidies
Half Year Report 202131
$61.8m
$70.4m
$84.1m
$4.0m
$3.3m
$1.7m
$2.7m
$10.0m
-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
$90m
1H20
Expenses
1H20
Normalised
Expenses*
Reduced
COVID-19
Spend
Resumption
of BAU
activities
Existing
Villages (CPI)
Investment
in staff
New villages
and growth
1H21
Expenses

Fair value movement
Fair value movement of investment property 1H21
$260.2m
Half Year Report 2021
Financial results
32
▪1H21 fair value movement of $260.2m, a record
across all prior half and full year reporting periods
▪Fair value movement has been driven by:
▪Unit pricing ($168.3m): Reflecting the positive
movement in residential house price inflation
over the past six months
▪New units built ($69.1m): Value of new units
delivered in 1H21
▪Stock discount assumptions: Reversal of
previous discount applied to stock settled in
FY20 ($20.6m)
▪Discount rates ($6.9m): Change in
assumptions used by the valuers
▪Other movements (-$4.7m): Change in all
other valuers assumptions
▪Refer to the appendices (slide 46 and 47) for key
assumptions associated with the investment
property valuation
Fair value movement
Increase from new
units delivered
$69.1m
Note: Fair value movement reflects the movement in villas, apartments and serviced apartments only
32
$260.2m
$69.1m
$20.6m
$6.9m
$4.7m
$168.3m
-
$50m
$100m
$150m
$200m
$250m
$300m
Unit pricingValue of new
units built
Reversal of
valuers' unsold
stock discount
assumptions
Discount rate
assumptions
OtherFair Value
movement
FY21

Financial results
Underlying profit
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement. The measure is used internally in conjunction with other
measures to monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying
profit is a measure which the Group uses consistently across reporting periods. Underlying profit is used to determine
the dividend pay out to shareholders.
Half Year Report 2021
Financial results
33
▪Underlying profit of $75.5m, a six month record and
up 68% on 1H20
▪Uplift in profit driven by the continued improvement
in operating earnings across our core business
functions in 1H21;
▪Care fees and village services of $59.5m, up
12%
▪Deferred management fee of $35.4m, up 23%
▪Realised gain on resales of $29.4m, up 87%
on 1H20 and 106% on 1H19
▪Realised development margin of $40.7m, equal to
84% of that achieved across FY20, average margin
of $135k per unit
▪Underlying profit has seen an annual compounded
increase of 34% since listing on the NZX in 2011
$75.5m
Underlying profit
68%
Increase on 1H20
NZ$m1H211H20Variance1H19FY20
Care fees and village services59.553.312%48.8111.6
Deferred management fees35.428.723%25.160.8
Realised gain on resales29.415.787%14.346.1
Realised development margin40.717.4133%27.148.2
Other income and interest
received
0.00.0(23%)0.20.1
Total income165.0115.143%115.4266.7
Operating expenses79.057.836%56.9146.8
Depreciation and amortisation5.23.931%3.98.1
Net finance costs5.38.3(36%)6.813.5
Total expenses89.570.028%67.6168.4
Underlying profit75.545.168%47.898.3
Half Year Report 202133

Financial results
Cash flows
Half Year Report 2021
Financial results
34
▪Net operating cash flows of $229.7m, up from
$92.8m at 1H20
▪Net operating business cash flow of $42.5m, up
158% on 1H20, and up from $4.2m in 1H19
▪Net receipts from resales were up $32.4m on 1H20
driven by uplift in resales volumes
▪Investing cash out flows of $192.4m, up 56% on
1H20, reflect the following:
▪Civils expenditure at our new sites including
Whangarei, St Johns and Lower Hutt
▪Main building spend in Avonhead, Kenepuru,
Richmond and Te Awa
▪Villa stages across ten sites
▪Other investing cash out flows in 1H21 primarily
reflect our investment in:
▪Continued upgrade to our assist call systems
across our villages
▪Additional IT equipment to support growth
$229.7m
Net operating cash flows
148%
Increase on 1H20
NZ$m1H211H20Variance1H19FY20
Net operating business cash flow42.516.5158%4.229.8
Receipts for residents' loans
-new sales
187.276.3145%89.2237.0
Net operating cash flow229.792.8148%93.3266.8
Purchase of land(23.8)(10.9)119%1.4(43.2)
Construction of new IP & care
facilities
(149.1)(100.9)48%(102.5)(245.9)
Refurb of existing IP & care
facilities
(4.1)(3.9)6%(4.1)(9.4)
Other investing cash flows(5.6)(2.7)111%(1.9)(8.4)
Capitalised interest paid(9.8)(5.1)92%(5.4)(11.9)
Net investing cash flow(192.4)(123.5)56%(112.5)(318.8)
Net proceeds from borrowings(20.1)41.6(148%)37.878.5
Net dividends paid(9.8)(11.1)(12%)(10.4)(19.4)
Other financing cash flows(3.9)(8.2)(53%)(6.6)(12.8)
Net financing cash flow(33.8)22.2(252%)20.846.3

NZ$m1H211H20Variance1H19FY20
Investment property4,0663,20627%2,8243,639
Other assets309.3227.136%204.0254.4
Total assets4,3753,43327%3,0283,893
Residents' loans1,7081,36525%1,2061,520
Face value of bank loans
& bonds**
662.7634.94%489.3672.6
Other liabilities386.7319.321%278.3345.5
Total liabilities2,7572,31919%1,9742,538
Net assets***1,6181,11345%1,0541,355
NTA (cents per share)707.3491.344%470.5594.1
Financial results
Total assets
Balance sheet
$1.3b
Retained
earnings
*EmbeddedvalueperunitrelatestoallunitssoldunderORAonly
**Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbondissuecosts,andfairvalue
movementonhedgedborrowings.
***Netassetsincludessharecapital,reserves,andretainedearnings
$4.4b
Half Year Report 2021
Financial results
35
▪Total assets of $4.4b, up 27% on 1H20
▪Investment property valuation of $4.1b, up 27% on
1H20
▪Retained earnings are now $1.3b, up 56% from
$821.4m at 1H20. This continues to positively
impact balance sheet strength and company
gearing ratios
▪Other assets include land and buildings (primarily
care centres)
▪Care centres were valued as at 31 December 2020
(to be valued annually from FY21 onwards)
▪Net tangible assets per share of $7.07, the highest
of all listed operators in the sector
56%
27%

$7.07
$1.46
$1.20
$5.57
28.5%
30.0%
23.9%
44.3%
-
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
SUMPeer 1Peer 2Peer 3
Gearing ratio (%)
NTA per share
Business overview
Net tangible assets
Strong financial disciplines underpinning net tangible assets and gearing
Net tangible assets and gearing*
Summerset net tangible assets per share
Retirement village operators
Half Year Report 2021
Financial results
36
* Peer results based on most recent results presentations and annual or half year reports
SUMNTApershareNTApershareGearingratio
$7.07
-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
20112012201320142015201620172018201920201H21

$269m
$290m
$347m
$291m
$168m
$202m
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
$900m
Net debt
FY20
Underlying assets
FY20
Net debt
1H21
Underlying assets
1H21
Net debtUndeveloped landDevelopment WIPUnsold new stock
Financial results
Gearing ratio
Gearing ratio
31.2%
Bank & bond LVR
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbondissuecosts,andfairvalue
movementonhedgedborrowingslesscashandcashequivalents
**Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummersetGroup’sbankandbond
LVRcovenant(TotaldebtoftheSummersetGroup/PropertyvalueoftheSummersetGroup)
Net debt to underlying assets –1H21
$657m
$643m
$784m
$783m
$127m excess assets
$140m excess assets
28.5%
Half Year Report 2021
Financial results
37
▪Net debt of $643.3m* as at 30 June 2021, down
from $656.8* at FY20
▪Decrease in gross debt driven by increase in
settlement revenue in the period
▪Gearing ratio of 28.5%, down from 35.8% at 1H20
and 32.6% at FY20, now at the lowest level since
2014
▪Development assets exceed the value of net debt
by $140m, or 22%
NZ$m1H211H20Variance1H19FY20
Gearing ratio (%)**28.5%35.8%(21%)31.3%32.6%
Bank & bond LVR (%)**31.2%37.9%(18%)32.8%35.9%
Half Year Report 202137

Financial results
Bank facility
Funding
$375m
Retail bonds
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbond
issuecosts,andfairvaluemovementonhedgedborrowingslesscashandcashequivalents
**Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummerset
Group’sbankandbondLVRcovenant(TotaldebtoftheSummersetGroup/Propertyvalueof
theSummersetGroup)
$1.2b
Half Year Report 2021
Financial results
38
▪Summerset completed a loan facility refinance in
August 2021 for approximately $700m, with an
effective date of 1 October 2021
▪Includes the refinance of $315m that was due to
mature in March 2022, with additional funding of
approximately $385m, primarily in Australian dollars
▪The increased capacity provides sufficient
headroom to fund growth in Australia, in line with
previously signalled plans
▪Bank facility now approximately $1.2b, with existing
$375m of retail bonds
▪The facility has a mix of four and five year tenures
with an average tenure of 4.2 years
▪New Sustainability Linked Lending arrangement
added as part of our bank refinancing, incorporating
the following targets:
▪Construction waste diversion from landfill
▪The roll out of memory care suites and the
continuation of dementia friendly accreditation
▪An emissions reduction target that will align
with, and encompass, other initiatives
Half Year Report 202138
Gross borrowings and gearing
Refinanced funding maturity profile
$379m
$452m
$489m
$587m
$635m
$673m
$663m
29.5%
31.2%
31.3%
33.3%
35.8%
32.6%
28.5%
-
5%
10%
15%
20%
25%
30%
35%
40%
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
1H182H181H192H191H202H201H21
Face value of bank loans & retail bondsGearing ratio (%)
-
$100m
$200m
$300m
$400m
$500m
$600m
1H212H211H222H221H232H231H242H241H252H251H262H261H272H27
Bank facility (Existing)Bond (Existing)Bank facility (New)

Interim
Dividend
1H21
39

Financial results
Half Year Report 2021
Interim dividend
40
▪The Board has declared an interim dividend of 9.9
cents per share, unimputed. This compares to a 2020
interim dividend of 6.0 cents per share
▪This represents a pay-out for the first half of 2021 of
approximately $22.7m, 30% of 1H21 underlying profit
▪The dividend reinvestment plan (DRP) will apply to
this dividend enabling shareholders to take shares in
lieu of the cash dividend
▪A discount of 2% will be applied when determining the
price per share of shares issued under the DRP
▪Eligible investors wishing to take up the DRP must
register by 5.30pm NZT on Wednesday 8 September
2021. Any applications received on or after this time
will be applied to subsequent dividends
▪The interim dividend will be paid on Monday 20
September 2021. The record date for final
determination of entitlements to the interim dividend is
Tuesday 7 September 2021
▪The dividend policy remains 30% to 50% of
underlying profit for the full year period. As previously
indicated, dividend payments are likely to continue to
be at the bottom end of this range given the growth
opportunities present for the business at this time
Declared 1H21 interim dividend of 9.9 cents
per share
Gross dividend payout per year
Dividend per share
Interim dividend
Half Year Report 202140
$3.0m
$4.0m
$5.7m
$8.7m
$13.5m
$14.5m
$13.7m
$22.7m
$7.0m
$4.6m
$7.5m
$11.3m
$15.9m
$16.2m
$17.5m
$16.0m
-
$5m
$10m
$15m
$20m
$25m
$30m
$35m
FY13FY14FY15FY16FY17FY18FY19FY20FY21
InterimFinal
1.4
1.9
2.6
3.9
6.0
6.4
6.0
9.9
3.3
2.1
3.4
5.1
7.1
7.2
7.7
7.0
0
2
4
6
8
10
12
14
16
FY13FY14FY15FY16FY17FY18FY19FY20FY21
InterimFinal

Questions
1H21
41

Disclaimer
Half Year Report 2021
Disclaimer
42
▪This presentation may contain projections or forward looking statements regarding a variety of items. Such forward looking
statements are based upon current expectations and involve risks and uncertainties
▪Actual results may differ materially from those stated in any forward looking statement based on a number of important factors
and risks
▪Although management may indicate and believe the assumptions underlying the forward looking statements are reasonable,
any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results
contemplated in the forward looking statements will be realised
▪Furthermore, while all reasonable care has been taken in compiling this presentation, Summerset accepts no responsibility for
any errors or omissions
▪This presentation does not constitute investment advice

Appendix
1H21
43

Appendix
1H21 underlying profit reconciliation
Reconciliation of underlying profit to reported net profit after tax
*Underlyingprofitisanon-GAAPmeasureanddiffersfromNZIFRSprofitfortheperiod.UnderlyingprofitdoesnothaveastandardisedmeaningprescribedbyGAAPandthereforemaynotbe
comparabletosimilarfinancialinformationpresentedbyotherentities.TheDirectorshaveprovidedanunderlyingprofitmeasureinadditiontoIFRSprofittoassistreadersindeterminingtherealisedand
unrealisedcomponentsoffairvaluemovementofinvestmentproperty,impairmentandtaxexpenseintheGroup’sincomestatement.Themeasureisusedinternallyinconjunctionwithothermeasuresto
monitorperformanceandmakeinvestmentdecisionsandhasbeenreviewedbyErnst&Young.UnderlyingprofitisameasurewhichtheGroupusesconsistentlyacrossreportingperiods.Underlyingprofit
isusedtodeterminethedividendpayouttoshareholders.
Half Year Report 2021
Appendix
44
Half Year Report 2021
1H211H20Variance1H19FY20
Financial (NZ$m)
Net profit before tax (IFRS)265.6(2.7)N/A92.1221.7
Net profit after tax (IFRS)263.81.026,601%92.6230.8
(Less)/ add fair value movement of investment property--N/A-3.4
Add impairment of assets(260.2)14.7N/A(85.7)(221.1)
Add realised gain on resales29.415.787%14.346.1
Add realised development margin40.717.4134%27.148.2
Add/(less) deferred tax expense/(credit)1.8(3.7)(149%)(0.5)(9.0)
Underlying profit*75.545.168%47.898.3

Historical trends
Underlying profit 10 year CAGR of 34%
*Compoundannualgrowthrate
**Newunitsdeliveredincludesallretirementunitsandcareunits
***Retirementunitsincludevillas,apartmentsandservicedapartments
****Careunitsincludememorycareapartments,caresuitesandcarebeds
*****UnderlyingprofitdiffersfromNZIFRSreportedprofitaftertax.ThemeasurehasbeenreviewedbyErnst&Young.Refertoslide44forareconciliationbetweenthetwomeasures,andnote2ofthe
financialstatementsfordetailonthecomponentsofunderlyingprofit
Half Year Report 2021
Appendix
45
Full Year Results10 Year CAGR*1H212H201H202H191H19
FY11
NZX listed
Operational
New sales of occupation rights19%302276128193136108
Resales of occupation rights15%243245136181142123
Total sales17%545521264374278231
New units delivered**19%347231182215139122
Retirement units in portfolio***14%4,6694,3854,1954,0763,8611,486
Care units in portfolio****13%1,035972931868868327
Financial (NZ$m)
Total revenue ($m)19%94.990.482.079.974.033.7
Net profit after tax ($m)62%263.8229.81.082.792.64.3
Underlying profit***** ($m)34%75.553.245.158.447.88.1
Net operating cash flow ($m)27%229.7174.092.8144.693.343.7
Total assets ($m)22%4,3753,8933,4333,3383,028616.9
Total equity ($m)21%1,6181,3551,1131,1321,054233.4
Interest bearing loans and borrowings ($m)26%670.8687.1654.8597.1499.869.1
Cash and cash equivalents ($m)-19.415.813.021.59.19.0
Gearing ratio (Net D/ Net D+E)-28.5%32.6%35.8%33.3%31.3%20.5%
EPS (cents) (IFRS profit)58%115.9101.90.436.941.72.4
NTA (cents)21%707.3594.1491.3502.0470.5109.3
Development margin (%)-22%18%22%27%28%6%

Appendix
Fair value movement
Fair value movement of investment property –key assumptions
Half Year Report 2021
Appendix
46
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset by the ParkManukau162.77.113.50%2.0%1.0%2.0%2.5%3.5%
Summerset by the LakeTaupō76.46.915.50%2.0%1.0%2.0%2.5%3.5%
Summerset in the BayNapier89.25.713.75%2.0%2.3%2.5%2.8%3.5%
Summerset in the OrchardHastings96.28.514.75%2.0%2.3%2.5%2.8%3.5%
Summerset in the VinesHavelock North79.07.514.50%2.0%2.3%2.5%2.8%3.5%
Summerset in the River CityWanganui37.81.915.50%2.0%2.3%2.5%2.8%3.0%
Summerset on SummerhillPalmerston North58.33.614.50%2.0%2.3%2.5%2.8%3.5%
Summerset by the RangesLevin35.03.115.25%2.0%2.3%2.5%2.8%3.5%
Summerset on the CoastParaparaumu72.77.514.50%2.0%1.0%2.0%2.5%3.5%
Summerset at AoteaAotea121.58.814.25%2.0%1.0%2.0%2.5%3.5%
Summerset in the SunNelson176.313.713.75%2.0%1.0%2.0%2.5%3.5%
Summerset at BishopscourtDunedin59.14.014.75%2.0%1.0%2.0%3.0%3.5%
Summerset down the LaneHamilton150.28.914.00%2.0%1.0%2.0%2.5%3.5%
Summerset Mountain ViewNew Plymouth84.34.414.75%2.0%1.0%2.0%2.5%3.5%
Summerset FallsWarkworth205.315.714.00%2.0%1.0%2.0%2.5%3.5%
Summerset at KarakaKaraka194.65.914.25%2.0%1.0%2.0%2.5%3.5%
Summerset at WigramWigram128.83.314.50%2.0%1.0%2.0%3.0%3.5%
Summerset at the CourseTrentham185.58.214.00%2.0%1.0%2.0%2.5%3.5%
Summerset by the SeaKatikati113.49.514.75%2.0%1.0%2.0%2.5%3.5%
Total for completed villages2,126134.2
*Valueofnonlandcapitalworkinprogressnotrepresentedintheabovetable
Half Year Report 2021

Appendix
Fair value movement
Fair value movement of investment property –key assumptions
Half Year Report 2021
Appendix
47
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset at Monterey ParkHobsonville271.03.614.00%2.0%1.0%2.0%2.5%3.5%
Summerset at Heritage ParkEllerslie347.842.214.75%2.0%1.0%2.0%2.5%3.5%
Summerset RototunaRototuna155.421.215.00%2.0%1.0%2.0%2.5%3.5%
Summerset on CavendishCasebrook151.29.115.00%2.0%1.0%2.0%3.0%3.5%
Summerset Richmond RangesRichmond99.76.215.25%2.0%1.0%2.0%2.5%3.5%
Summerset at AvonheadAvonhead78.35.815.75%2.0%1.0%2.0%3.0%3.5%
Summerset on the LandingKenepuru78.44.916.00%2.0%1.0%2.0%2.5%3.5%
Summerset PalmsTe Awa60.39.216.00%2.0%1.0%2.0%2.5%3.5%
Summerset by the DunesPāpāmoa Beach41.65.216.00%2.0%1.0%2.0%2.5%3.5%
Summerset Pohutukawa PlaceBell Block31.36.316.38%2.0%1.0%2.0%2.5%3.5%
Summerset BoulcottLower Hutt15.91.4n/an/an/an/an/an/a
Summerset St JohnsSt Johns41.80.0n/an/an/an/an/an/a
Summerset Mount DenbyWhangārei12.31.216.50%2.0%1.0%2.0%2.5%3.5%
Total for villages in development1,385116.3
Total for proposed villages247.59.6
Total for all villages3,759260.2
*Valueofnonlandcapitalworkinprogressnotrepresentedintheabovetable
Half Year Report 2021

Appendix
Portfolio as at 30 June 2021
5,704 total units including 941 care beds
Half Year Report 2021
Appendix
48
Half Year Report 2021
Existing portfolio -as at 30 June 2021
Retirement unitsCare units
Total units and
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Whangārei3 -----
3
Northland 3 -----3
Ellerslie38 218 57 --58 371
Hobsonville125 73 52 --52 302
Karaka182 -59 --50 291
Manukau89 67 27 --54 237
Warkworth202 2 44 --41 289
Auckland636 360 239 --255 1,490
Hamilton183 -50 --49 282
Rototuna156 -56 20 7 36 275
Taupō94 34 18 ---146
Waikato433 34 124 20 7 85 703
Katikati156 -20 --27 203
Pāpāmoa Beach37 -----37
Bay of Plenty193 -20 --27 240
Hastings146 5 ----151
Havelock North94 28 ---45 167
Napier94 26 20 --48 188
Te Awa68 -----68
Hawke's Bay402 59 20 --93 574
Bell Block32 -----32
New Plymouth108 -40 --52 200
Taranaki140 -40 --52 232

Existing portfolio -as at 30 June 2021
Retirement unitsCare units
Total units and
care beds
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Levin64 22 -10 -41 137
Palmerston North90 12 ---44 146
Wangānui70 18 12 --37 137
Manawatu-Wanganui224 52 12 10 -122 420
Aotea96 33 38 ---167
Kenepuru51 24 ----75
Paraparaumu92 22 ---44 158
Trentham231 12 40 --44 327
Wellington470 91 78 --88 727
Nelson214 -55 --59 328
Richmond84 -56 20 17 26 203
Nelson-Tasman298 -111 20 17 85 531
Avonhead95 -----95
Casebrook166 -56 20 -43 285
Wigram159 -53 --49 261
Christchurch420 -109 20 -92 641
Dunedin61 20 20 --42 143
Otago61 20 20 --42 143
Total3,28061677370249415,704
Appendix
Portfolio as at 30 June 2021
5,704 total units including 941 care beds
Half Year Report 2021
Appendix
49
Half Year Report 2021

Appendix
Future development
Largest New Zealand land bank for a retirement village operator of 5,267 units and beds*
Half Year Report 2021
Appendix
50
Half Year Report 2021
Landbank –as at 30 June 2021
Retirement unitsCare units
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Total units and
care beds
Whangarei214 -
6020
27
7328
Northland 214 -60 20 27 7 328
Half Moon Bay-224 50 20 48 -
342
Hobsonville38 -----
38
Milldale102 124 60 20 27 7
340
Parnell-216 36 20 44 -
316
St Johns-225 73 -30 -
328
Auckland140 789 219 60 149 7 1,364
Papamoa Beach174 -
60
20 27 7
288
Bay of Plenty174 -60 20 27 7 288
Cambridge260 -60 20 27 7
374
Rototuna32 -----
32
Waikato292 -60 20 27 7 406
Bell Block190 -
60
20 27 7
304
Taranaki190 -60 20 27 7 304
Te Awa173 -
56
20 17 26
292
Hawke's Bay173 -56 20 17 26 292
Kenepuru61 24
86
20 17 26
234
Lower Hutt46 109
58
12 12 12
249
Waikanae217 -
60
20 27 7
331
Wellington324 133 204 52 56 45 814
* Land bank as at 30 June 2021, excludes Kelvin Grove and Craigieburn

Appendix
Future development
Largest New Zealand land bank for a retirement village operator of 5,267 units and beds*
Half Year Report 2021
Appendix
51
Half Year Report 2021
Landbank –as at 30 June 2021
Retirement unitsCare units
VillageVillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Total units and
care beds
Richmond184 -----
184
Nelson-Tasman184 -----184
Blenheim148 -
61
20 27 7
263
Marlborough148 -61 20 27 7 263
Avonhead70 -79 20 17 26
212
Casebrook103 -----
103
Rangiora260 -60 20 27 7
335
Prebbleton221 -60 20 27 7
374
Canterbury654 -199 60 71 40 1,024
Total NZ2,4939229792924281535,267
Chirnside Park175 -50 36 36 -
297
Cranbourne North145 -50 36 36 -
267
Torquay203 -53 18 18 -
292
Total Australia523-1539090-856
Total NZ and Australia3,0169221,1323825181536,123
* Land bank as at 30 June 2021, excludes Kelvin Grove and Craigieburn

Appendix
Demographics
Population over 75 years forecast to grow 231% from 2021 to 2073
Population growth 75 years and over
Per annum population growth 75 years and over
Half Year Report 2021
Appendix
52
Half Year Report 2021
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2002200720122016202120232028203320382043204820532058206320682073
NZ population 75+ (left hand axis)
% population 75+ (right hand axis)
-
5,000
10,000
15,000
20,000
25,000
2002-20072007-20122012-20162016-20212021-20232023-20282028-20332033-20382038-20432043-20482048-20532053-20582058-20632063-20682068-2073
NZ population 75+ per annum growth