Ryman unaudited first half underlying profit of $95.9m

Half Year Results18 November 2021RYMHealthcare

Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$247,864 11.6%
Total Revenue (see explanation
below)
$533,007 25.9%
Net profit/(loss) from
continuing operations
$281,467 32.5%
Total net profit/(loss) $281,467 32.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
8.8 cents
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 10 December 2021
Dividend Payment Date 17 December 2021
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (cents per
share)
596.0 481.8
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Total revenue
The figure detailed as total revenue is total income per the financial
st atements of the group. Total income includes total revenue of the
group plus the fair-value movements of investment property.

Underlying profit
Amount (000s): $95,862 Percentage change: 8.5%

Underlying profit is a non-GAAP (Generally Accepted Accounting
Principles) measure and differs from NZ IFRS profit for the year.
Underlying profit does not have a standardised meaning prescribed by
GAAP and so may not be comparable to similar financial information
presented by other entities. The Group uses underlying profit, with
other measures, to measure performance. Underlying profit is a
measu re that the Group uses consistently across reporting periods.

Underlying profit includes realised movement on investment property
for units in which a right-to-occupy has been sold during the period
and for which a legally binding contract is in place at the reporting
date. The occupancy advance for these units may have been received
or be included within the trade receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense,
unrealised movement on investment properties, and impairment
losses on non-trading assets because these items do not reflect the
trading performance of the Company. Underlying profit determines
the dividend pay-out to shareholders.
Authority for this announcement
Name of person authorised to
make this announcement
David Bennett
Contact person for this
announcement
David Bennett
Contact phone number +64 3 366 4069
Contact email address david.bennett@rymanhealthcare.com
Date of release through MAP 19 November 2021

Unaudited financial statements accompany this announcement.

MEDIA RELEASE NOVEMBER 19, 2021
Ryman reports unaudited first half underlying profit of $95.9 million, up 8.5%
Highlights:
• Unaudited underlying profit $95.9 million, an increase of 8.5%
• Reported (IFRS) profit increased 32.5% to $281.5 million, due to investment
property revaluations
• Interim dividend of 8.8 cents per share, unchanged from prior year
• Total assets $9.85 billion, up 18.1% on September last year
• Net assets of $3.03 billion, up $579.6 million or 23.6% from a year ago
• Total cash receipts of $680.5 million in the half, up 40.9% from $483.1 million last
year
• Dividend payment range reset to between 30% and 50% of underlying profit

Ryman Healthcare’s unaudited first half underlying profit rose 8.5% to $95.9 million, with
demand for retirement living and aged care remaining strong despite the challenges of
COVID-19.
Unaudited reported (IFRS) profit, which includes unrealised fair value gains on investment
property, increased 32.5% to $281.5 million in the six months to September 30.
Shareholders will receive an interim dividend of 8.8 cents per share. The record date for
entitlements is December 10, and the dividend will be paid on December 17, 2021.
Group Chief Executive Richard Umbers said the Delta strain of COVID-19 had resulted in
lengthy lockdowns in Melbourne and Auckland during the first half, but Ryman villages
remained in strong demand.
Total transacted sales rose 48% to $510 million in the first half. Only 1.2% of the retirement
village portfolio was available for resale at September 30.
“When you consider the extent of the lockdowns in Auckland and Melbourne, which are
our biggest markets, sales have been remarkably resilient,’’ Mr Umbers said.
The gradual easing of COVID-19 restrictions in Victoria, changes to migration settings in
New Zealand and high vaccination rates in both countries were welcome news.
Ryman started work on three new sites during the half at Takapuna in Auckland and Highett
and Ringwood East in Melbourne, bringing total villages in construction to 15.

“After 20 months of living in a pandemic we’re used to adapting and doing things differently
to keep everyone safe and maintain momentum at the same time. There’s pressure on all
our resources but we have strong supply lines and relationships with contractors.
“We expect to see pent-up demand come through in the market as restrictions lift in the
next few months and we are cautiously optimistic about the months ahead.
“Since joining Ryman I have been impressed by the commitment of the team to keeping
everyone safe, and the extraordinary care they take. I’ve had a warm welcome and I’m
looking forward to building on Ryman’s success on both sides of the Tasman.’’
Chair Dr David Kerr said the board has adjusted the dividend policy from 50% of underlying
profit to a 30%-50% range.
“We have strong long-term growth plans and this change will enhance our ability to
continue to deliver the Ryman experience to more communities.’’

15 villages currently in construction as at November 19, 2021:
New Zealand Australia
Lynfield, Auckland (Murray Halberg) Brandon Park, Melbourne (Nellie Melba)
Devonport, Auckland (William Sanders) Burwood East, Melbourne (John Flynn)
River Rd, Hamilton (Linda Jones) Highton, Geelong, Victoria (Charles
Brownlow)
Lincoln Rd, Auckland (Miriam Corban) Ocean Grove, Victoria (Deborah
Cheetham)
Havelock North, Hawkes Bay (James
Wattie)
Aberfeldie, Melbourne (Raelene Boyle)
Hobsonville, Auckland (Keith Park) Highett, Melbourne
Riccarton Park, Christchurch (Kevin
Hickman)
Ringwood East, Melbourne
Takapuna, Auckland

Sites in the land bank:
New Zealand Australia
Kohimarama, Auckland Essendon, Melbourne
Bishopspark/Park Terrace, Christchurch Mt Eliza, Victoria
Northwood, Christchurch Mt Martha, Victoria
Karori, Wellington Mulgrave, Melbourne
Newtown, Wellington
Karaka, Auckland
Cambridge, Waikato

About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 43
retirement villages in New Zealand and Australia. Ryman villages are home to 12,800
residents, and the company employs 6,400 staff.
Contacts:
For investor relations information contact Michelle Perkins, Investor Relations Manager, on
027 222 9684 (+64 27 222 9684) or email michelle.perkins@rymanhealthcare.com
For media information or images contact David King, Corporate Affairs Manager, on 021
499 602 (+64 21 499 602) or email david.king@rymanhealthcare.com

RYMAN HEALTHCARE LIMITED
KEY STATISTICS

Sept 21 Sept 20 Mar 21

Half Year Half Year Full Year

Unaudited Unaudited Audited

Underlying profit (non-GAAP)
1
$m 95.9 88.4 224.4
Unrealised fair-value movement on
retirement-village units $m 178.7 124.1 201.2
Deferred tax movement $m 6.9 (0.1) 12.6
Impairment – loss on disposal $m - - (15.1)
Reported net profit after tax $m 281.5 212.4 423.1

Net operating cash flows $m 301.1 96.4 413.1

Earnings per share - basic and diluted cents 56.3 42.5 84.6

Dividend per share cents 8.8 8.8 22.4

Net tangible assets - basic and diluted cents 596.0 481.8 557.4

Sales of Occupation Right Agreements

New sales of occupation rights no. 189 121 503
Resales of occupation rights no. 514 456 925
Total sales of occupation rights no. 703 577 1,428

New sales of occupation rights $m 137.7 90.0 395.1
Resales of occupation rights $m 311.1 237.5 498.0
Total sales of occupation rights $m 448.8 327.5 893.1

Portfolio:

Aged-care beds no. 4,165 3,951 4,087
Retirement-village units no. 8,195 7,689 7,983
Total units and beds no. 12,360 11,640 12,070

Land bank (to be developed)
2

Aged-care beds
no. 1,575 1,703 1,592
Retirement-village units no. 4,555 4,468 4,554
Total units and beds no. 6,130 6,171 6,146

1
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 so may not be comparable to similar financial information presented by other entities.

The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.

Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the period
and for which a legally binding contract is in place at the reporting date. The occupancy advance for these units may have been received or be
included within the trade receivables balance at reporting date.

Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, and impairment losses on
non-trading assets because these items do not reflect the trading performance of the Company. Underlying profit determines the dividend
payout to shareholders.

2
The land bank is subject to resource and building consent and various regulatory approvals.

*Generally Accepted Accounting Principles

1

RYMAN HEALTHCARE LIMITED
Consolidated income statement
For the six months ended 30 September 2021

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
Notes unaudited unaudited audited
$000 $000 $000

Care fees

194,603 175,774 359,241
Management fees

50,959 44,763 93,170
Interest received

42 92 103
Other income

2,260 1,492 3,280
Total revenue

247,864 222,121 455,794

Fair-value movement of
investment properties 3 285,143 201,073 416,847
Total income

533,007 423,194 872,641

Operating expenses

(225,380) (185,442) (395,306)
Depreciation and
amortisation expense

(17,854) (15,660) (32,368)
Finance costs

(15,250) (9,590) (19,365)
Loss on disposal

- - (15,102)
Total expenses

(258,484) (210,692) (462,141)

Profit before income tax 274,523 212,502 410,500
Income-tax credit/(expense) 6,944 (101) 12,561
Profit for the period

281,467 212,401 423,061

Earnings per share

Basic and diluted (cents per share) 56.3 42.5 84.6

All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these interim financial statements.

2

RYMAN HEALTHCARE LIMITED
Consolidated statement of comprehensive income
For the six months ended 30 September 2021

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000

Profit for the period 281,467 212,401 423,061

Items that will not be later reclassified to profit or loss
Revaluation of property, plant and
equipment (unrealised) - - 195,793

- - 195,793

Items that may be later reclassified to profit or loss
Fair-value movement and reclassification
of cash-flow hedge reserve 9,711 (3,893) 7,057
Deferred tax movement recognised in
cash-flow hedge reserve (2,719) 1,090 (1,976)
Movement in cost of hedging reserve (1,222) - 3,753
Deferred tax movement in cost of
hedging reserve 342 - (1,051)
Gain / (Loss) on hedge of foreign-owned
subsidiary net assets 2,888 (3,961) (4,414)
(Loss) / Gain on translation of foreign
operations (12,754) 14,501 16,546

(3,754) 7,737 19,915

Other comprehensive income (3,754) 7,737 215,708
Total comprehensive income 277,713 220,138 638,769

All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these interim financial statements.

3

RYMAN HEALTHCARE LIMITED
Consolidated statement of changes in equity
For the six months ended 30 September 2021

Issued
capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity

$000 $000 $000 $000 $000 $000 $000 $000
Six months ended
30 September 2020
unaudited

Opening balance 33,290 257,775 (17,143) - (10,345) (32,359) 2,069,759 2,300,977
Profit for the period - - - - - - 212,401 212,401
Other comprehensive
income for the period - - (2,803) - 10,540 - - 7,737
Total comprehensive
income for the period - - (2,803) - 10,540 - 212,401 220,138
Treasury stock
movement - - - - - (3,463) - (3,463)
Dividends paid to
shareholders - - - - - - (63,500) (63,500)
Balance at
30 September 2020 33,290 257,775 (19,946) - 195 (35,822) 2,218,660 2,454,152

Year ended
31 March 2021
audited

Opening balance 33,290 257,775 (17,143) - (10,345) (32,359) 2,069,759 2,300,977
Profit for the period - - - - - - 423,061 423,061
Other comprehensive
income for the period - 195,793 5,081 2,702 12,132 - - 215,708
Total comprehensive
income for the period - 195,793 5,081 2,702 12,132 - 423,061 638,769
Treasury stock
movement - - - - - (3,030) - (3,030)
Dividends paid to
shareholders - - - - - - (107,500) (107,500)
Balance at
31 March 2021 33,290 453,568 (12,062) 2,702 1,787 (35,389) 2,385,320 2,829,216

Six months ended
30 Sept 2021
unaudited

Opening balance 33,290 453,568 (12,062) 2,702 1,787 (35,389) 2,385,320 2,829,216
Profit for the period - - - - - - 281,467 281,467
Other comprehensive
income for the period - -
6,992 (880) (9,866)
- - (3,754)
Total comprehensive
income for the period - -
6,992 (880) (9,866)
- 281,467 277,713
Treasury stock
movement - - - - - (5,185) - (5,185)
Dividends paid to
shareholders - - - - - - (68,000) (68,000)
Balance at
30 September 2021 33,290 453,568
(5,070) 1,822 (8,079)
(40,574) 2,598,787 3,033,744

The accompanying notes form part of these interim financial statements.

4

RYMAN HEALTHCARE LIMITED
Consolidated balance sheet
At 30 September 2021

The accompanying notes form part of these interim financial statements.

30 Sept 2021 30 Sept 2020 31 March 2021
Notes unaudited unaudited audited
$000 $000 $000

Assets
Cash and cash equivalents 15,239 20,877 20,171
Trade and other receivables 509,418 452,729 542,798
Inventory 24,572 27,123 26,738
Advances to employees 16,251 13,502 11,141
Property, plant and equipment 1,846,792 1,476,788 1,658,583
Investment properties
3
7,338,904 6,277,068 6,837,278
Intangible assets

53,885 45,210 42,444
Derivative financial instruments

7,857 - -
Deferred tax asset (net)

36,301 23,825 32,456
Total assets

9,849,219 8,337,122 9,171,609

Equity

Issued capital
6
33,290 33,290
33,290
Reserves
7
401,667 202,202
410,606
Retained earnings

2,598,787 2,218,660 2,385,320
Total equity

3,033,744 2,454,152 2,829,216

Liabilities

Trade and other payables 8
181,000 155,659 106,072
Employee entitlements
36,735 28,930 32,034
Revenue in advance
76,172 67,549 71,817
Derivative financial instruments
8,677 27,702 28,611
Refundable accommodation deposits
146,883 91,396 113,666
Interest-bearing loans and borrowings 9
2,450,015 2,130,287 2,274,093
Occupancy advances
(non-interest bearing) 4 3,902,149 3,367,876 3,702,215
Lease liabilities
13,844 13,571 13,885
Total liabilities 6,815,475 5,882,970 6,342,393

Total equity and liabilities 9,849,219 8,337,122 9,171,609

Net tangible assets
Basic and diluted (cents per share) 596.0 481.8 557.4

5

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
For the six months ended 30 September 2021

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
Notes unaudited unaudited audited
$000 $000 $000

Operating activities

Receipts from residents

680,471 483,070 1,176,401
Interest received

225 178 229
Payments to suppliers and
employees (203,059) (229,957) (421,135)
Receipt from Government for
wage subsidy - 14,227 14,227
Repayment to Government for
wage subsidy

- - (14,227)
Payments to residents

(161,941) (160,988) (323,810)
Interest paid

(14,608) (10,087) (18,566)
Net operating cash flows 2 301,088 96,443 413,119

Investing activities

Purchase of property, plant and
equipment (123,055) (112,080) (219,416)
Purchase of intangible assets

- (9,462) (9,462)
Purchase of investment
properties (260,930) (267,496) (577,504)
Capitalised interest paid

(22,416) (17,255) (37,179)
Advances to employees

(5,111) (3,278) (917)
Net investing cash flows

(411,512) (409,571) (844,478)

Financing activities

(Repayment) / Drawdown of
bank loans (net)

(81,802) 367,931 (36,712)
Proceeds from the issue of
retail bonds

- - 150,000
Proceeds from US Private
Placements notes

- - 416,874
Proceeds from institutional
term loan

261,808 - -
Dividends paid

(68,000) (63,500) (107,500)
Purchase of treasury stock (net) (5,185) (3,463) (3,030)
Repayment of lease liabilities

(1,329) (1,337) (2,476)
Net financing cash flows

105,492 299,631 417,156

Net decrease in cash and
cash equivalents

(4,932) (13,497) (14,203)
Cash and cash equivalents at
the beginning of the period

20,171 34,374 34,374
Cash and cash equivalents
at the end of the period

15,239 20,877 20,171

The accompanying notes form part of these interim financial statements.

6

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

Statement of compliance

The financial statements presented are those of Ryman Healthcare Limited (the Company), and its subsidiaries
(the Group). Ryman Healthcare Limited is a profit-oriented entity incorporated in New Zealand that develops,
owns, and operates integrated retirement villages, resthomes, and hospitals for the elderly within New Zealand
and Australia.

Ryman Healthcare Limited is a Financial Markets Conduct reporting entity under the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013. Its financial statements comply with these Acts.

The unaudited condensed consolidated interim financial statements have been prepared in line with Generally
Accepted Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand
equivalents to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International
Accounting Standard 34 (IAS 34) Interim Financial Reporting.

Basis of preparation

The financial statements for the six months ended 30 September 2021 and the comparative six months ended
30 September 2020 are unaudited.

These financial statements have been prepared under the same accounting policies and methods as the Group’s
Annual Report at 31 March 2021. These financial statements should be read in conjunction with the financial
statements and related notes included in the Group’s Annual Report for the year ended 31 March 2021.

The financial statements were approved by the Board of Directors on 18 November 2021.

The information is presented in thousands of New Zealand dollars.

All reference to AUD refers to Australian dollars.

All reference to USD refers to US dollars.

COVID-19

The outbreak of COVID-19, declared by the World Health Organization as a global pandemic on 11 March 2020,
resulted in an increase in uncertainty in both global and local markets.

Both New Zealand and Australia have responded well to the virus with strong public health measures and a range
of economic stimulus packages. However, despite the response, there remains uncertainty as to the ongoing impact
of the virus on market conditions in New Zealand and Australia. In Australia, Victoria has been through numerous
waves of infection and corresponding lockdowns, succeeding in reducing the spread of infection, and New Zealand
has responded with localised increases in alert level to suppress transmission of the virus.

Throughout the pandemic the Group’s primary focus has been to protect the safety of both residents and staff.
When necessary access restrictions have been put in place at villages, additional personal protective equipment
has been procured for staff, and other costs incurred in supporting residents and staff.

Under lockdown conditions the ability of new residents to enter villages is limited, meaning fewer sales can be
settled, and the restrictions at development sites results in construction activity being reduced. The Group
continues to adapt its policies and procedures to operate in the conditions created by COVID-19.

The Group has assessed the impact of COVID-19 and has concluded that additional uncertainty regarding the
valuation of property, plant and equipment and valuation of investment properties has resulted from the pandemic.
Further disclosure as to the impact of COVID-19 is included in note 3.

7

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

1. Summary of significant accounting policies

Adoption of new and revised standards and interpretations

In the current period, the Group adopted all mandatory new and amended standards and interpretations.

Standards and Interpretations on issue but not yet adopted

We are not aware of any NZ IFRS Standards or Interpretations that have recently been issued or amended that
have not yet been adopted by the Group that would materially impact the Group for the current period ending
30 September 2021.

8

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

2. Reconciliation of net profit after tax for the period with net cash flow from
operating activities

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000

Net profit after tax 281,467 212,401 423,061

Adjusted for:
Movements in balance-sheet items
Occupancy advances 234,123 150,570 518,292
Accrued management fees (34,573) (28,665) (59,116)
Refundable accommodation deposits 29,938 16,825 32,470
Revenue in advance 4,355 3,248 7,515
Trade and other payables 3,561 (4,548) 4,845
Trade and other receivables 36,099 (26,787) (92,565)
Inventory 2,012 (27,123) (26,738)
Employee entitlements 4,701 3,252 6,356

Non-cash items:
Depreciation and amortisation 16,525 14,447 29,892
Depreciation of right-of-use assets 1,329 1,213 2,476
Loss on disposal - - 15,102
Deferred tax (6,944) 101 (12,561)
Unrealised foreign-exchange loss / (gain) 13,638 (17,418) (19,063)

Adjusted for:
Fair-value movement of investment
properties (285,143) (201,073) (416,847)

Net operating cash flows 301,088 96,443 413,119

Net operating cash flows includes net occupancy advance receipts from retirement-village residents of $452.4
million (six months ended 30 September 2020: $291.0 million and year ended 31 March 2021: $7 87.7 million).

Also included in operating cash flows are net receipts from refundable accommodation deposits of $33.9 million
(six months ended 30 September 2020: net receipts of $12.7 million and year ended 31 March 2021: net receipts
of $27.9 million).

Net operating cash flows also include management fees collected of $23.1 million (si x months ended
30 September 2020: $22.3 million and year ended 31 March 2021: $48.0 million).

9

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

3. Investment properties

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000
At fair value
Balance at beginning of financial period 6,837,278 5,760,060 5,760,060

Additions 183,162 284,131 624,926
Fair-value movement:
Realised fair-value movement:

• new retirement-village units 28,493 26,143
108,377
• existing retirement-village units 77,989 50,815
107,317
106,482 76,958 215,694
Unrealised fair-value movement 178,661 124,115 201,153
285,143 201,073 416,847

Net foreign-currency exchange
differences 33,321 31,804 35,445

Net movement for period 501,626 517,008 1,077,218

Balance at end of financial period 7,338,904 6,277,068 6,837,278

The realised fair-value movement arises from the sale and resale of rights to occupy to residents. Investment
properties are not depreciated and are fair valued.

The carrying value of completed investment property is the fair value as determined by an independent valuation
report prepared by registered valuers CBRE Limited, at 30 September 2021.

Uncertainty due to COVID-19

The valuation of investment properties performed by CBRE Limited at 30 September 2021 is based on the
information available to them at the time of the valuation and relies on several inputs.

Given the current situation with COVID-19 there is an increase in the estimation uncertainty in determining the
fair value of investment property at 30 September 2021. CBRE commented on higher than normal market
uncertainty within their valuations.

CBRE also commented on higher than normal market uncertainty in determining the fair value of investment
property at 31 March 2021 (valuation of villages located in New Zealand and Victoria) and 30 September 2020
(valuation of villages located in New Zealand). There was a material valuation uncertainty included in the valuation
of the villages located in Victoria at 30 September 2020.

Given the heightened uncertainty and unknown impact that COVID-19 may have in the future, a higher degree of
caution should be exercised when relying upon the valuation. Values and incomes may change more rapidly and
significantly than during standard market conditions.

Comparable transactions and market evidence has been limited during the pandemic and CBRE have placed less
reliance on previous market evidence for comparison purposes.

10

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

3. Investment properties (continued)

Key assumptions

The valuer used significant assumptions that include house-price inflation (ranging from 0.50 percent to 4.00
percent nominal) (30 September 2020: 0 percent to 4.05 percent and 31 March 2021: 0.50 percent to
4.20 percent) and discount rate (ranging from 12.0 percent to 16.5 percent) (30 September 2020: 12.0 percent to
16.0 percent and 31 March 2021: 12.0 percent to 16.5 percent).

Work in progress

Investment property includes investment property work in progress of $697.7 million (six months ended
30 September 2020: $645.6 million and year ended 31 March 2021: $653.0 million), which has been valued at cost.
For work in progress cost represents fair value.

4. Occupancy advances (non-interest bearing)

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000
Gross occupancy advances
(see below) 4,439,228 3,837,383 4,205,105
Less management fees and resident
loans (537,079) (469,507) (502,890)
Closing balance 3,902,149 3,367,876 3,702,215

Movement in gross occupancy advances
Opening balance 4,205,105 3,686,813 3,686,813
Plus net increases in occupancy advances:
• new retirement-village units 137,651 90,052 395,094
• existing retirement-village units. 77,989 50,815 107,317

Net foreign-currency exchange
differences (19,415) 19,568 21,807

Increase / (Decrease) in occupancy
advance receivables 37,898 (9,865) (5,926)
Closing balance 4,439,228 3,837,383 4,205,105

Gross occupancy advances are non-interest bearing.

11

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

5. Dividend

On 19 November 2021 an interim dividend of 8.8 cents per share was declared and will be paid on
17 December 2021 (prior year: 8.8 cents per share). The record date for entitlements is 10 December 2021.

6. Share capital

Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September 2020: 500,000,000 and
31 March 2021: 500,000,000). All shares rank equally in all respects.

Basic and diluted earnings and net tangible assets per share have been calculated on the basis of 500,000,000
ordinary shares (30 September 2020: 500,000,000 and 31 March 2021: 500,000,000).

Shares purchased on market under the leadership share scheme are treated as treasury stock until vesting to the
employee.

7. Reserves

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000

Asset revaluation reserve 453,568 257,775 453,568
Cash-flow hedge reserve (5,070) (19,946) (12,062)
Cost of hedging reserve 1,822 - 2,702
Foreign-currency translation reserve (8,079) 195 1,787
Treasury stock (40,574) (35,822) (35,389)
401,667 202,202 410,606

8. Trade and other payables

Trade payables are typically paid within 30 days of invoice date or the 20
th
of the month following the invoice date.
Other payables at 30 September 2021 includes $112.4 million for the purchase of land (30 September 2020: $69.3
million and 31 March 2021: $26.0 million).

12

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

9. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings include secured bank loans, unsubordinated fixed-rate retail bonds and
USPP notes.

Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
unaudited unaudited audited
$000 $000 $000

Bank loans 1,625,014 2,130,287 1,728,018
Retail bonds – RYM010 150,000 - 150,000
USPP notes 432,025 - 428,736
Institutional term loan (ITL) 261,808 - -
Total loans and borrowings at face
value 2,468,847 2,130,287 2,306,754
Issue costs for the retail bond capitalised (2,873) - (3,139)
Issue costs for the USPP capitalised (1,956) - (2,049)
Issue costs for the ITL capitalised (922) - -
Total loans and borrowing at
amortised cost 2,463,096 2,130,287 2,301,566

Revaluation of debt in fair-value hedge
relationship (13,081) - (27,473)
Total loans and borrowings 2,450,015 2,130,287 2,274,093

During the period the Group entered into an AUD$250 million, 7-year institutional term loan (ITL).

Security

The bank loans, retail bonds, USPP notes and ITL are secured by a general security agreement over the parent
and subsidiary companies and supported by first mortgages over the freehold land and buildings (excluding
retirement-village unit titles provided as security to residents – note 3).

The subsidiary companies have all provided guarantees for the Group’s secured loans as parties to the general
security agreement.

10. Segment information

The Ryman Group operates in one industry, being the provision of integrated retirement villages for older people
in New Zealand and Australia. The service provision process for each of the villages is similar, and the class of
customer and methods of distribution and regulatory environment is consistent across all the villages.

In presenting information based on geographical areas, net profit, underlying profit, and revenue are based on the
geographical location of operations. Assets are based on the geographical location of the assets.

13

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

10. Segment information (continued)

New Zealand Australia Group
$000 $000 $000
Six months ended 30 Sept 2021 unaudited

Revenue 226,841 21,023 247,864

Underlying profit (non-GAAP) 92,831 3,031 95,862
Deferred tax credit / (expense) (11,903) 18,847 6,944
Unrealised fair-value movement 178,533 128 178,661
Profit for the period 259,461 22,006 281,467

Non-current assets 7,744,652 1,539,087 9,283,739

Six months ended 30 Sept 2020 unaudited

Revenue 197,789 24,332 222,121

Underlying profit / (loss) (non-GAAP) 88,661 (274) 88,387
Deferred tax (expense) / credit (5,889) 5,788 (101)
Unrealised fair-value movement 121,880 2,235 124,115
Profit for the period 204,652 7,749 212,401

Non-current assets 6,694,217 1,128,674 7,822,891

Year ended 31 March 2021 audited

Revenue 405,396 50,398 455,794

Underlying profit (non-GAAP) 192,286 32,163 224,449
Deferred tax credit 5,861 6,700 12,561
Unrealised fair-value movement 192,582 8,571 201,153
Impairment – loss on disposal - (15,102) (15,102)
Profit for the year 390,729 32,332 423,061

Non-current assets 7,230,298 1,340,463 8,570,761

Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS
profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and so may not
be comparable to similar financial information presented by other entities. The Group uses underlying profit, with
other measures, to measure performance. Underlying profit is a measure that the Group uses consistently across
reporting periods.

Underlying profit includes realised movement on investment property for units in which a right-to-occupy has
been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables balance at
reporting date.

Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties,
and impairment losses on non-trading assets because these items do not reflect the trading performance of the
Company. Underlying profit determines the dividend pay-out to shareholders.

14

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2021

11. Commitments

The Group had commitments relating to construction contracts amounting to $247.9 million at 30 September
2021 (30 September 2020: $211.9 million and 31 March 2021: $180.6 million).

The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement villages,
resthomes, and hospitals.

12. Subsequent events

Other than the dividends in note 5, there are no subsequent events.

---

Section 1: Issuer information
Name of issuer Ryman Healthcare Limited
Financial product name/description Ordinary shares
NZX ticker code RYM
ISIN NZRYME0001S4
Type of distribution Full Year Quarterly
Half Year X Special
DRP applies
Record date 10/12/2021
Ex-Date 9/12/2021
Payment date 17/12/2021
Total monies associated with the
distribution
$44,000,000
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0. 08800000
Gross taxable amount $0. 08800000
Total cash distribution $0. 08800000
Excluded amount N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed No imputation
If fully or partially imputed, please state
imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per financial
product
$0.02904000
Section 4: Authority for this announcement
Name of person authorised to make this
announcement
David Bennett
Contact person for this announcement David Bennett
Contact phone number +64 3 366 4069
Contact email address david.bennett@rymanhealthcare.com
Date of release through MAP 19 November 2021

---

11
Half year result
R Y M A N H E A L T H C A R E
30 September 2021

2
First half highlights
Underlying profit* of $95.9 million,
an increase of 8.5%
Reported (IFRS) profit of $281.5 million,
up 32.5%
Interim dividend of 8.8 cents per share,
unchanged from the prior year
Total assets of $9.85 billion, up 18.1%
Net assets of $3.03 billion, up 23.6%
Cash receipts of $680.5 million, up 40.9%
*Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer
to slide 14 for a breakdown of underlying profit.

4
Solid result -demand strong despite COVID challenges
▪Reported IFRS profit increased 32.5%
to $281.5 million due to investment
property revaluations
▪Underlying profit of $95.9 million,
an increase of 8.5% on the same
period last year
▪Growth supported by strong demand
despite continued challenges of
COVID
▪Resale earnings up 53.5% on the prior
corresponding period reflecting
increased pricing and higher volumes
Note: Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to slide 14 for a breakdown of underlying profit.
First half underlying profit

5
Margins
*Margins at 30 September 2021. All other values at 31 March.

6
Strong cash receipts
from residents

7
Investing cash flows
$406.4 million
▪$406.4 million invested in new villages
with work commencing on 3 new sites
during the half
▪Now building across 15 sites with a
further 11 sites in the land bank
▪$35.3 million of land purchases net of
the sale proceeds from Coburg

8
Total assets lift to
$9.85 billion
Note: Interest bearing debt represents “interest-bearing loans and borrowings” in the balance sheet and
includes secured bank loans, unsubordinated fixed-rate retail bonds, USPP notes and institutional term loan
(ITL). As documented in the Group's facility agreement, the Group has a right to off-set cash balances held
against bank debt. Included in total interest bearing debt is total secured bank loans net of cash held at balance
date.

9
Net assets 15.7%
CAGR last 5 years

10
Growth in occupancy
advances drives DMF
▪$4.44 billion of gross occupancy
advances, up 15.7% on a year ago
▪CAGR of 15.0% over the past 5 years
▪$1.67 billion resales bank
▪Embedded value* $2.21 billion
* Embedded value reflects the resale bank, accrued management fees and resident loans.

1111

1212

1313
Questions

14
Appendix 1: Reported (IFRS) profit
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning
prescribed by GAAP and so may not be comparable to similar financial information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the period and for which a legally binding contract is in place
at the reporting date. The occupancy advance for these units may have been received or be included within the trade receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, and impairment-losses on non-trading assets because these items do not
reflect the trading performance of the Company. Underlying profit determines the dividend payoutto shareholders.
6 months to 30 Sep 216 months to 30 Sep 2012 months to 31 Mar 21
$mNZAustGroupNZAustGroupNZAustGroup
Underlying profit (non-GAAP)92.8 3.0 95.9 88.7 (0.3)88.4 192.3 32.2 224.4
Unrealised revaluations of investment properties178.50.1178.7121.92.2124.1192.68.6201.2
Deferred tax credit / expense-11.918.86.9-5.95.8-0.15.96.712.6
Impairment -loss on disposal0.00.00.00.00.00.00.0-15.1-15.1
Reported net profit after tax259.522.0281.5204.77.7212.4390.732.3423.1

15
Appendix 2: Sale of occupation rights
6 months to 30 Sep 216 months to 30 Sep 2012 months to 31 Mar 21
NZAustGroupNZAustGroupNZAustGroup
Existing units
Independent23615251193319641518433
Serviced257626325642604839492
49321514449745689827925
New units
Independent11822140633598268144412
Serviced25244921223642791
143461898437121332171503
Total63667703533445771,2301981,428

16
Appendix 3: Development
Note: In addition to the build number detailed above, a reconfiguration of serviced and independent apartments at Charles Upham was undertaken.
Independent Serviced Total units Care beds
Total units
and beds
New Zealand
James Wattie37037037
Linda Jones14014014
Miriam Corban22022022
William Sanders12012012
Total build -New Zealand85085085
Australia
Charles Brownlow329322052
Deborah Cheetham10010010
John Flynn0686857125
Raelene Boyle15520020
Total build -Australia2810213077207
Total build -Group11310221577292

17
Appendix 4: Margins
6 months to 6 months to 12 months to
($000s)Reference30 Sep 2130 Sep 2031 Mar 21
New sales
Realised fair value movement(Note 3)28,493 26,143 108,377
Sale of occupation rights(Key statistics)137,651 90,052 395,094
Gross development margin21%29%27%
Resales
Realised fair value movement(Note 3)77,989 50,815 107,317
Resale of occupation rights(Key statistics)311,157 237,458 498,037
Gross resales margin25%21%22%
Group
Group realised fair value movement106,481 76,958 215,694
Group sale of occupation rights448,808 327,510 893,131
Gross resales margin24%23%24%

18
Appendix 5: Cash management fees
$000sReferenceSep 21Sep 20Mar 21
Accrued management fees and resident loans –opening(Note 4)502,890 439,636 439,636
Less: Accrued management fees and resident loans –closing(Note 4)(537,079)(469,507)(502,890)
Movement in accrued management fees(34,189)(29,871)(63,254)
Plus: DMF incomeIncome statement50,959 44,763 93,170
Plus: Revenue in advance movement(Note 2)4,355 3,248 7,515
Plus: GST / accommodation credit adjustment / FX movementNot disclosed(439)1,114 4,010
Plus: Movement in resident loanNot disclosed2,386 3,010 6,592
Cash management fees23,072 22,264 48,033

19
Appendix 6: Investment property summary
CBRE unit price inflation assumption
Discount rate
As at 30 September 2021Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.7%1.0%2.1%3.0%3.5%12.8%
Rest of New Zealand1.6%1.0%2.0%2.7%3.4%13.4%
Australia2.2%2.7%3.0%3.9%3.8%14.4%
CBRE unit price inflation assumption
Discount rate
As at 31 March 2021Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland1.7%1.0%2.1%3.0%3.5%12.8%
Rest of New Zealand1.6%1.0%2.0%2.7%3.4%13.4%
Australia1.8%2.4%2.9%3.3%4.1%14.6%
CBRE unit price inflation assumption
Discount rate
As at 30 September 2020Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.1%0.2%2.1%3.0%3.5%12.7%
Rest of New Zealand0.1%0.3%2.0%2.7%3.4%13.4%
Australia0.0%1.4%3.1%3.8%4.0%14.6%

20
Appendix 7: Operating cash flows
Note: The $14.227m New Zealand wage subsidy claimed in the 6 months to September 2020 was repaid to the New Zealand Government in the second half of our 2021 financial year.
6 months to6 months to12 months to
$000sSep 21Sep 20Mar 21
Resident receipts194,174 179,358 360,855
Refundable accommodation deposits (net)33,862 12,710 27,884
New sale of occupation rights212,954 70,983 330,503
Resales of occupation rights239,481 220,019 457,159
Total receipts from residents680,471 483,070 1,176,401
Interest received225 178 229
Receipt of Government wage subsidy-14,227 14,227
Repayment of Government wage subsidy--(14,227)
Payments to suppliers and employees(203,059)(229,957)(421,135)
Payments to residents(161,941)(160,988)(323,810)
Interest paid(14,608)(10,087)(18,566)
Net operating cash per the cash flow statement301,088 96,443 413,119

21
Appendix 8: Available resales stock
*Uncontracted resales stock as a percentage of total retirement portfolio (independent and serviced units)
Sep 21Sep 20Mar 21
Independent living units34 83 45
Serviced apartments67 61 69
Total resales stock101 144 114
Total retirement portfolio8,195 7,689 7,983
Uncontracted stock percentage*1.2%1.9%1.4%

22
Appendix 9:
Capital management
Note: Interest bearing debt represents “interest-bearing loans and borrowings” in the balance sheet and
includes secured bank loans, unsubordinated fixed-rate retail bonds, USPP notes and institutional term loan
(ITL). As documented in the Group's facility agreement, the Group has a right to off-set cash balances held
against bank debt. Included in total interest bearing debt is total secured bank loans net of cash held at
balance date.
Gearing ($m)Sep 21Sep 20Mar 21
Interest bearing debt$2,435 $2,109 $2,254
Net assets$3,034 $2,454 $2,829
Total assets$9,849 $8,337 $9,172
Interest bearing debt / (interest
bearing debt + equity)
44.5%46.2%44.3%
Interest bearing debt / total assets24.7%25.3%24.6%

23
Appendix 10: Resident average
age and tenure (years)
Average age (current)Sep 21Sep 20Mar 21
Independent82.282.382.3
Serviced87.487.587.5
Care centre86.886.686.7
Average age (on entry)Sep 21Sep 20Mar 21
Independent78.879.679.0
Serviced85.585.485.1
Average tenure (vacated units)Sep 21Sep 20Mar 21
Independent6.06.06.0
Serviced3.52.92.8

24
Appendix 11:
Value of contracts
not settled
Note: Contracts not settled are unconditional occupation-right agreements which have been entered into by
residents but have not been settled as the resident has not yet occupied the unit. These are for new sales only.

25
Appendix 12:
Value of contracts
not booked
Note: Presales are unconditional occupation right agreements which have been entered into by residents but have
not been booked as the unit is not yet near complete.

26
Appendix 13:
Sales price versus
median house price
Note: The median house price reflects the average median house price over the last 6 months in the areas
surrounding our villages.

27
Appendix 14:
Average new and
resale price
*New sale and resale pricing as at 30 September 2021. All other values at 31 March.

28
Source: Ministry of Health. Large operators reflects aged care providers with 15 or more care
centres. Data at 16 November 2021. New Zealand only.
Appendix 15:
The ‘gold’ standard of
care –4 year certification

29
Appendix 16:
World population
growth 80+
Source: United Nations World Population Prospects 2019, Australian Bureau of Statistics (Series A). Victoria
data projections end 2060.

30
Appendix 17: Development pipeline –New Zealand
Note: Median house price is in New Zealand dollars and reflects the median house price in the catchment area. Expected village completion date is based on current estimates and may vary
from the final completion date.
Rest of New Zealand
Auckland
1 William SandersHigh>$1.8m
2022
2 Murray HalbergHigh>$1.3m
2026
3 Miriam CorbanMedium>$1.0m
2024
4 Keith ParkHigh>$1.0m
2025
5 TakapunaMedium>$1.5m
2024
6 KohimaramaHigh>$1.8m
Consented
7 KarakaMedium>$1.3m
Design
1 Linda JonesMedium>$0.9m
2023
2 James WattieLow>$1.1m
2024
3 Kevin HickmanLow>$0.6m
2025
4 NorthwoodLow>$0.6m
Consented
5 Park TerraceHigh>$1.0m
Consented
6 KaroriHigh>$1.1m
Consenting
7 CambridgeLow>$0.9m
Consenting
8 NewtownLow>$1.1mDesign
Peak capital Median houseDesign Consenting Council Construction VillageFinal Expected village
requirement price (NZ$) approval openstagescompletion

31
Appendix 18: Development pipeline –Australia
Note: Median house price is in Australian dollars and reflects the median house price in the catchment area. Expected village completion date is based on current estimates and may vary from
the final completion date.
Australia
1 Charles BrownlowLow>$0.9m
2022
2 John Flynn High>$1.2m
2022
3 Nellie MelbaMedium>$1.4m
2024
4 Deborah CheethamLow>$1.2m
2024
5 Raelene BoyleMedium>$1.7m
2022
6 HighettMedium>$1.8m
2024
7 Ringwood EastHigh>$1.0m
2026
8 Mt ElizaHigh>$1.8m
Consenting
9 Mt MarthaLow>$1.6m
Consenting
10 EssendonMedium>$1.3m
Design
11 MulgraveLow>$1.0m
Design
Peak capital Median houseDesign Consenting Council Construction VillageFinal Expected village
requirement price (A$) approval openstagescompletion

32
Appendix 19: Main buildings under development
Note: Entire village expected completion date is based on current estimates and may vary from the final completion date.
Rest of New Zealand
Auckland
Main building Main building Entire village
under construction openexpected completion
1 William Sanders
2022
2 Murray Halberg
2026
3 Miriam Corban
2024
4 Keith Park
2025
1 Linda Jones
2023
2 James Wattie
3 Kevin Hickman
2025
1 Charles Brownlow
2022
2 Nellie Melba
2024
3 John Flynn
2022
4 Deborah Cheetham
2024
5 Raylene Boyle
2024
2022
Australia

33
Appendix 20: 12 sites in Australia
Ryman village
Under construction
Proposed village
Mount Eliza
Mount Martha
Deborah Cheetham
Charles Brownlow
Nellie Melba
Weary Dunlop
Highett
John Flynn
Mulgrave
Essendon
Ringwood East
Google ©2021
Raelene Boyle

34
Appendix 21: 14 sites in Auckland
Ryman village
Under construction
Proposed village
Kohimarama
Murray Halberg
Miriam Corban
William Sanders
Grace Joel
Bert Sutcliffe
Edmund Hillary
Bruce McLaren
Logan Campbell
Keith Park
Evelyn Page
Possum Bourne
Takapuna
Karaka
Google ©2021

35
Appendix 22: Asset base
New Zealand (ex Auckland)
VillageLocationHospitalDementiaResthomeServicedIndependent Total
Anthony WildingChristchurch80 33 35 50 110 308
Bob OwensTauranga40 40 40 79 218 417
Bob ScottPetone40 40 34 89 254 457
Charles FlemingWaikanae40 40 40 79 201 400
Charles UphamRangiora40 40 40 87 264 471
Diana IsaacChristchurch40 40 40 79 256 455
Ernest RutherfordNelson49 25 20 75 124 293
Essie SummersChristchurch41 24 30 58 22 175
Frances HodgkinsDunedin--51 32 42 125
Hilda RossHamilton68 40 43 51 167 369
James WattieHawkes Bay----115 115
Jane ManderWhangarei60 32 20 71 183 366
Jane WinstoneWhanganui20 20 29 50 54 173
Jean SandelNew Plymouth39 33 39 62 171 344
Julia WallacePalmerston North43 21 20 50 111 245
Kevin HickmanChristchurch----18 18
Kiri Te KanawaGisborne46 15 34 62 105 262
Linda JonesHamilton40 40 40 93 165 378
Malvina MajorWellington90 -30 39 123 282
Margaret StoddartChristchurch--46 21 20 87
Ngaio MarshChristchurch81 -30 40 119 270
Princess AlexandraNapier60 24 24 54 72 234
Rita AngusWellington49 -20 49 99 217
Rowena JacksonInvercargill70 26 61 46 103 306
Shona McFarlaneLower Hutt59 -20 50 130 259
WoodcoteChristchurch--49 7 18 74
Yvette WilliamsDunedin57 30 3 32 -122
Total units & beds New Zealand (ex Auckland)1,152 563 838 1,405 3,264 7,222

36
Appendix 22: Asset base
Auckland
VillageLocationHospitalDementiaResthomeServicedIndependent Total
Bert SutcliffeBirkenhead40 40 40 81 225 426
Bruce McLarenHowick41 40 42 74 192 389
Edmund HillaryRemuera114 30 50 60 372 626
Evelyn PageOrewa60 37 20 65 248 430
Grace JoelSt Heliers77 -20 80 69 246
Keith ParkHobsonville----54 54
Logan CampbellGreenlane43 30 43 80 116 312
Miriam CorbanHenderson----88 88
Murray HalbergLynfield42 42 40 86 158 368
Possum BournePukekohe40 40 40 84 259 463
William SandersDevonport40 36 36 77 146 335
Total units & beds Auckland497 295 331 687 1,927 3,737
Total units & beds New Zealand1,649 858 1,169 2,092 5,191 10,959
Australia
VillageLocationHospitalDementiaResthomeServicedIndependent Total
Charles BrownlowVictoria40 30 30 59 64 223
Deborah CheethamVictoria----37 37
John FlynnMelbourne38 38 38 96 70 280
Nellie MelbaMelbourne80 39 74 86 215 494
Raelene BoyleMelbourne---5 32 37
Weary DunlopMelbourne30 20 32 48 200 330
Total units & beds Australia188 127 174 294 618 1,401
New Zealand and Australia
Total units & beds1,837 985 1,343 2,386 5,809 12,360
Total% of asset base
Care (hospital, dementia, resthome and serviced)6,551 53.0%
Independent5,809 47.0%

37
Appendix 23: Land bank (New Zealand)
Note: The land bank is subject to resource and building consent and various regulatory approvals.
Existing villagesLocationHospitalDementiaResthomeServicedIndependentTotal
Diana IsaacChristchurch----30 30
Grace JoelAuckland----96 96
James WattieHavelock North35 35 20 78 32 200
Jean SandelNew Plymouth----59 59
Keith ParkAuckland40 40 40 101 222 443
Kevin HickmanChristchurch20 20 40 65 213 358
Linda JonesHamilton----83 83
Miriam CorbanAuckland20 20 20 77 123 260
Murray HalbergAuckland----183 183
William SandersAuckland----43 43
Total existing villages115 115 120 321 1,084 1,755
New sitesLocationHospital Dementia Resthome Serviced IndependentTotal
CambridgeCambridge20 40 20 60 185 325
KarakaAuckland20 40 20 60 216 356
KaroriWellington20 20 20 68 180 308
KohimaramaAuckland20 20 40 93 123 296
NewtownWellington20 15 20 56 40 151
NorthwoodChristchurch30 30 30 64 154 308
Park Terrace / BishopsparkChristchurch20 35 15 54 155 279
TakapunaAuckland15 15 15 30 59 134
Total new sites165 215 180 485 1,112 2,157
Total landbank New Zealand 280 330 300 806 2,196 3,912

38
Appendix 23: Land bank (Australia)
Note: The land bank is subject to resource and building consent and various regulatory approvals.
Existing villagesLocationHospital Dementia Resthome Serviced IndependentTotal
Charles BrownlowVictoria----17 17
Deborah CheethamVictoria40 40 40 53 110 283
John FlynnMelbourne----104 104
Nellie MelbaMelbourne----117 117
Raelene BoyleMelbourne25 25 24 22 32 128
Total existing villages65 65 64 75 380 649
New sitesLocationHospital Dementia Resthome Serviced IndependentTotal
EssendonMelbourne30 30 30 58 140 288
HighettMelbourne30 19 30 45 85 209
Mt ElizaVictoria21 40 21 35 104 221
Mt MarthaVictoria20 20 -40 64 144
MulgraveMelbourne30 30 -57 179 296
Ringwood EastMelbourne40 40 40 54 237 411
Total new sites171 179 121 289 809 1,569
Total land bank Australia236 244 185 364 1,189 2,218
Total land bank New Zealand & Australia516 574 485 1,170 3,385 6,130
Total% of landbank
Care (hospital, dementia, resthome and serviced)2,745 44.8%
Independent3,385 55.2%

39
Disclaimer
This presentation sets out information relating to Ryman Healthcare Limited’s interim result
for the period to 30 September 2021. It should be read in conjunction with all other material
which we have released, or may release, to NZX from time to time. That material is also
available on our website at www.rymanhealthcare.com.
Purpose of this presentation
This presentation is for information purposes only. It is not an offer of financial products, or a
proposal or invitation to make any such offer. It is not investment advice or a
recommendation in relation to financial products, and does not take into account any person’s
individual circumstances or objectives. Every investor should make an independent
assessment of Ryman on the basis of expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections. These reflect our
current expectations, based on what we think are reasonable assumptions. However, any of
these forward-looking statements or projections may be materially different due to a range of
factors and risks. Ryman gives no warranty or representation as to our future financial
performance or any future matter.
Non-GAAP information
Some of the financial information in this presentation has not been prepared in accordance
with generally accepted accounting principles (i.e. it is non-GAAP financial information). This
includes, in particular, our ‘underlying profit’ which Ryman has used for many years as a
means of showing our profit absent any unrealised valuation movements. Ryman has
historically used underlying profit as the basis for determining dividend payments to
shareholders. We show our underlying profit together with our reported profit based on NZ
IFRS (a GAAP measure).
Disclaimer
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