FY22 Full year results

Preliminary
Results
Radius Residential Care Ltd | www.radiuscare.co.nz
YEAR END 31 MARCH 2022
Caring is our calling

NOTE
2022
$’000
2021
$’000
REVENUE
Revenue from contracts with customers132,052121,217
Deferred management fees1,3281,081
Total revenue133,380122,298
Change in fair value of investment property2 .11,0882,879
Government subsidy received— 794
Interest income6271
Gain on acquisition of previously leased property assets1,403—
Total revenue and other income135,933126,042
EXPENSES
Employee costs (82,368)( 74 ,4 57 )
Depreciation expense(11,194)(11,552)
Finance costs(9,091)(9,706)
Other expenses(30,199)(28,298)
Total expenses(132,852)(124,013)
Profit before income tax 3,0812,029
Income tax expense(408)(3 24)
Profit for the year2,6731 ,705
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will not be reclassified subsequently to profit and loss
Revaluation of property, plant and equipment, net of tax2.2 — 1,104
Other comprehensive income for the year— 1,104
Total comprehensive income2,6732,809
EARNINGS PER SHARE
Basic and diluted earnings per share (cents per share)3.2 1.130.97
The Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2022
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NOTE
Contributed
Equity
$’000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
To t a l
$’000
BALANCE AS AT 1 APRIL 2020 4,736 5 ,70 8 10,376 20,820
Profit for the year — — 1,7051,705
Other comprehensive income for the year2.2 — 1,104 — 1,104
Total comprehensive income for the year — 1,104 1 ,705 2,809
Transactions with owners
Issue of share capital (net of transaction costs and tax)3 .1 1,196 — — 1,196
Dividends paid3 .1 — — (732)(732)
Total transactions with owners 1,196 — (732) 464
Balance as at 31 March 2021 5,932 6,812 11,349 24,093
BALANCE AS AT 1 APRIL 2021 5,932 6,812 11,349 24,093
Profit for the year — — 2,673 2,673
Other comprehensive income for the year2.2 — — — —
Total comprehensive income for the year — — 2 ,67 3 2 ,67 3
Transactions with owners
Issue of share capital (net of transaction costs and tax)3 .1 45,800 — — 45,800
Dividends paid3 .1 — — (2,478)(2,478)
Total transactions with owners 45,800 — (2,478) 43,322
Balance as at 31 March 2022 51,732 6,812 11,544 70,088
The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2022
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NOTE
2022
$’000
2021
$’000
ASSETS
Cash and cash equivalents2,0882,761
Trade and other receivables*,**4.29,8827,181
Inventories768548
Investment properties2 .146,01431,675
Property, plant and equipment*,**2.273,83933,459
Right-of-use assets2.4133,912177,170
Intangible assets4 .119,75716,996
Deferred tax assets3,8853,635
Total assets290,145273,425
LIABILITIES
Trade and other payables4.316,90114,911
Current tax liabilities4441,135
Borrowings30,00027, 2 1 2
Deferred management fee2.31,5531,178
Refundable occupation right agreements2.328,61620,591
Lease liabilities2.4142,543184,305
Total liabilities220,057249,332
NET ASSETS70,08824,093
EQUITY
Share capital3 .1 51,732 5,932
Asset revaluation reserve3 .1 6,812 6,812
Retained earnings 11,544 11,349
Total equity 70,088 24,093
Consolidated Statement of Financial Position
AS AT 31 MARCH 2022
The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
* Comparative information relating to $159k of SaaS arrangements under development have been reclassified from property, plant and equipment - work in
progress to trade and other receivables - prepayments.
** Comparative information relating to $722k of development costs have been reclassified from trade and other receivables - prepayments to property, plant
and equipment - work in progress.
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NOTE
2022
$’000
2021
$’000
OPERATING ACTIVITIES
Receipts from residents for care fees and village fees129,796122,337
Receipts of government subsidy — 1,210
Payments to suppliers and employees*,**(111,696)(101,161)
Proceeds from the sale of Refundable Occupation Right Agreements4,7263,927
Payments for the repurchase of Refundable Occupation Right Agreements(1,766)(464)
Interest received6271
Interest paid - borrowings(1,436)(883)
Interest paid - lease liabilities( 7,6 55)(8,823)
Income tax paid(2,154)(1 ,74 4)
Net cash provided by operating activities 9,87714,470
INVESTING ACTIVITIES
Proceeds from the sale of property, plant and equipment5054
Acquisition of subsidiaries, net of cash acquired
4.4
(14,000) —
Payments for the purchase of property, plant and equipment*,**(38,431)(4,140)
Payments for village developments(411)(965)
Net cash used in investing activities(52,792)(5,051)
FINANCING ACTIVITIES
Proceeds from issue of share capital 48,229 —
Share issue transaction costs(2,429) —
Proceeds from bank borrowings2,788 —
Repayment of bank borrowings — (4,215)
Principal payments of lease liabilities(3,868)(4,028)
Dividends paid(2,478)(732)
Net cash provided by/(used in) financing activities42,242(8,975)
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of the year2,7612,317
Net (decrease)/ increase in cash and cash equivalents held(673)444
Cash and cash equivalents at end of year2,0882,761
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2022
* Comparative information relating to $159k of SaaS arrangements under development have been reclassified from payments for the purchase of property,
plant and equipment to payments to suppliers and employees.
** Comparative information to $722k of development costs have been reclassified from payments to suppliers and employees to payments for the purchase of
property, plant and equipment.
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Consolidated Statement of Cash Flows continued
NOTE
2022
$’000
2021
$’000
RECONCILIATION OF PROFIT FOR THE YEAR TO NET CASH PROVIDED
BY OPERATING ACTIVITIES
Profit for the year
2,6731,705
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation 11,194 11,552
Share based payments — 1,196
Net loss/(gain) on disposal of property, plant and equipment1 74(26)
Gain on acquisition of previously leased property assets(1,403) —
Fair value adjustment to investment properties(1,088)(2,879)
Movement in deferred tax(923)(1,831)
CHANGES IN OPERATING ASSETS AND LIABILITIES
- Trade and other receivables and other assets(2,414)484
- Inventories(180)(24 0)
- Trade and other payables and other liabilities 1,172798
- Current tax liabilities(692)412
- Refundable Occupation Rights Agreements 1,364 3,299
Net cash provided by operating activities 9, 8 7 7 14,470
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
FOR THE YEAR ENDED 31 MARCH 2022
Borrowings
$’000
Lease Liabilities
$’000
To t a l
$’000
BALANCE AS AT 1 APRIL 2021 2 7, 2 1 2 184,305 211,517
- Proceeds from bank borrowings 2 ,78 8 — 2 ,78 8
- Repayment of lease liabilities — (3,868)(3,868)
Total changes from financing cash flows 2 ,7 8 8 (3,868)(1,080)
Non-cash changes
- Remeasurements — 7 9 4 7 9 4
- Disposals — (38,688)(38,688)
Balance as at 31 March 2022 30,000 142,543 172,543
BALANCE AS AT 1 APRIL 2020 31,427 185,304 216,731
- Repayment of bank borrowings and lease liabilities(4,215)(4,028)(8 , 24 3)
Total changes from financing cash flows(4,215)(4,028)(8, 24 3)
Non-cash changes
- Remeasurements — 3,0293,029
Balance as at 31 March 2021 27,212 184,305 211,517
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Changes in the carrying amount of such liabilities, which comprise bank borrowings and lease liabilities, are summarised below.
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FOR THE YEAR ENDED 31 MARCH 2022
Selected Notes from the Consolidated Financial Statements
1. GENERAL INFORMATION
1.1. BASIS OF PREPARATION
(i) Reporting entity
These are the preliminary results and the selected
statements and notes from the consolidated financial
statements for Radius Residential Care Limited (‘the
Company’) and its subsidiaries (together ‘the Group’).
These preliminary results and the selected statements and
notes from the consolidated financial statements have
been extracted from the annual consolidated financial
statements and do not constitute general purpose
financial statements.
The Group provides rest home and hospital care for the
elderly along with development and operation of integrated
retirement villages in New Zealand.
(ii) Statutory basis and statement of compliance
Radius Residential Care Limited is a limited liability
company, incorporated and domiciled in New Zealand.
It is registered under the Companies Act 1993 and is a
FMC Reporting Entity in terms of Part 7 of the Financial
Markets Conduct Act 2013. The Company is listed on the
NZX Main Board (“NZX”).
These preliminary results and the selected statements
and notes from the consolidated financial statements
for the year ended 31 March 2022 have been audited and
have been prepared to satisfy the Group’s NZX preliminary
reporting obligations.
(iii) Functional and presentation currency
These preliminary results and the selected statements
and notes from the consolidated financial statements are
presented in New Zealand dollars which is the Group’s
functional currency. All amounts have been rounded to the
nearest thousand, unless otherwise indicated.
(iv) Key estimates and judgements
Following on from the disclosures in the Group’s annual
financial statements for the year ended 31 March 2021
regarding the ongoing COVID-19 pandemic, the New
Zealand Government continues to implement a range
of public health and economic measures to mitigate the
impact of the COVID-19 pandemic. The pandemic and
measures have lowered overall economic activity, revenue
has not been materially impacted but COVID-19 has had
an impact on the Group’s expenditure since the outbreak
began and up to the date of these preliminary results and
the selected statements and notes from the consolidated
financial statements. The Directors have assessed the
impact of the COVID-19 pandemic on these estimates.
It is not possible to estimate the impact of the COVID-19
pandemic’s short and long-term effects. As at the
date of these preliminary results and the selected
statements and notes from the consolidated financial
statements, all reasonably known and available
information with respect to the COVID-19 pandemic,
has been taken into consideration and all reasonably
determinable adjustments have been made in preparing
these preliminary results.
1.2. ADOPTING NEW AND AMENDED STANDARDS
AND INTERPRETATIONS
In the current year, the Group adopted all mandatory
new and amended standards and interpretations.
These preliminary results and the selected statements
and notes from the consolidated financial statements
have been prepared under the same accounting
policies and basis as those used in the interim and prior
year’s annual consolidated financial statements.
During the year, the Group revised its accounting policy
in relation to upfront configuration and customisation
costs incurred in implementing Software-as-a-Service
(‘SaaS’) arrangements. This was in response to the
IFRIC agenda decision in April 2021 clarifying its
interpretation of how current accounting standards
apply to these types of arrangements. The new
accounting policy is presented below.
No other changes to accounting policies have been
made during the year and the Group has not early
adopted any standards, amendments or interpretations
to existing standards that are not yet effective.
Software-as-a-Service (‘SaaS’) arrangements
SaaS arrangements are service contracts providing
the Group with the right to access the cloud provider’s
application software over the contract period but where
the Group does not control the underlying software
used in the arrangement. Under the new accounting
policy, where costs incurred to configure or customise
SaaS arrangements result in the creation of a resource
which is identifiable, and where the Group has the
power to obtain the future economic benefits flowing
from the underlying resource and to restrict the access
of others to those benefits, such costs are recognised
as a separate intangible software asset and amortised
over the useful life of the software on a straight-line
basis. If costs do not meet the recognition criteria,
they are expensed when incurred. The useful lives of
the intangible assets are reviewed at least at the end
of each financial year, and any change accounted for
prospectively as a change in accounting estimate.
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During the year the Group reviewed the agreements supporting documentation for all capitalised software and associated
projects. There were no material amounts relating to SaaS arrangements recognised by the Group as at 1 April 2021 and as at 31
March 2021. However in light of guidance from the IFRIC agenda decision, items of software under development and capitalised
work-in progress as at 31 March 2021, amounting to $159k, has been reclassified from property plant and equipment - work in
progress (note 2.2) to trade and other receivables - prepayments (note 4.2).
2. PROPERTY ASSETS
2 .1 . INVESTMENT PROPERTIES
Accounting policy
Investment properties include completed freehold land and buildings, freehold land and buildings under development comprising
retirement villages including common facilities, provided for use by residents under the terms of a Refundable Occupation Right
Agreement (ORA). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair value.
Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Land acquired with the intention of constructing investment properties are classified as investment properties from the
date of acquisition.
Rental income from investment properties, being deferred management fees, is accounted for as described in the 31 March 2021
consolidated financial statements.
When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of
reclassification becomes its cost for subsequent accounting.
‘*On 1 November 2021, the Group acquired investment properties entered as part of the Clare House business combination, refer to note 4.4
NOTE
2022
$’000
2021
$’000
INVESTMENT PROPERTIES
Opening carrying amount31,67527,831
Acquisition of Clare House Retirement Village investment property *4.412,840 —
Development expenditure — 338
Net fair value gain1,0882,879
Occupation Right Agreements settled(2,420)(2,444)
Occupation Right Agreements entered4,4905,421
Purchases67100
Unsold units included in opening carrying amount(1,610)(2,450)
Other adjustments(116) —
Closing carrying amount46,01431,675
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial Position as
investment properties is as follows:
Valuation of operator's interest 15,450 8,345
Refundable Occupation Right Agreements2.328,61620,591
Deferred management fee2.31,5531,178
Unsold units3951,561
46,01431,675
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Valuation process and key inputs
The Group’s investment properties are valued on an annual
basis by CBRE Limited (CBRE) and Colliers, independent
valuers. CBRE and Colliers are registered with the Property
Institute of New Zealand, employs registered valuers and
has appropriate recognised professional qualifications
and recent experience in the location and category of
properties being valued.
Fair value as determined by CBRE and Colliers are
adjusted for assets and liabilities already recognised
in the Statement of Financial Position which are also
reflected in the discounted cash flow model. The valuation
of investment properties is then grossed up for cash flows
relating to refundable Occupation Right Agreements, which
are recognised separately in the Statement of Financial
Position (refer also note 2.3).
Retirement villages under development
The cost of retirement villages includes directly
attributable construction costs and other costs necessary
to bring the retirement villages to working condition for
their intended use. These other costs include professional
fees and consents, borrowing costs during the build period
and head office costs directly related to the construction
of the retirement villages. Where costs are apportioned
across more than one asset, the apportionment
methodology is determined by considering the nature of
the cost. The borrowing costs capitalised during the year
was $nil (2021: $49k). The related borrowing costs were
solely for the villages under development.
If the fair value of investment properties under
development and construction cannot be reliably
determined but it is expected the fair value of the property
can be reliably determined when construction is complete,
then investment properties under construction will be
measured at cost less any impairment, until either its
fair value can be reliably determined or construction is
complete. Impairment is determined by considering the
value of work in progress and Management’s estimate of
the value of the investment properties on completion.
Unsold units
Any developed but not yet sold units (unsold units) is
valued based on recent comparable transactions, adjusted
for disposal costs, holding costs and an allowance for
profit and risk. This represents the fair value of the Group’s
interest in unsold units at reporting date.
Key accounting estimates and judgements
As the fair value of investment properties is determined
using inputs that are significant and unobservable, the
Group has categorised investment properties as Level 3
under the fair value hierarchy in accordance with NZ IFRS
13 Fair Value Measurement.
Valuation uncertainty
As at 31 March 2022
As at the 31 March 2022 valuation date, the valuers of two
investment properties, CBRE have included a valuation
uncertainty clause in their valuation reports as a result
of the evolving situation with COVID-19, high and rising
inflation and interest rates and its impact on the New
Zealand economy, together with global macro events
including elevated volatility in global financial markets,
surging energy prices, and the current ongoing conflict
between Ukraine and Russia and its flow on effects. Given
the valuation uncertainty, the valuers have recommended
in their reports that the valuations of the properties be
reviewed periodically.
The Valuers of one remaining investment property,
Colliers, have included a market risk clause noting the
ongoing social and economic impact of COVID-19, both
domestically and on a global basis, is providing elevated
market risk at the current time. In some markets there is
more certainty regarding ‘post-COVID pricing’ than others
due to the subsequent transactional evidence, however
there is increased latent risk across all asset classes
and property sectors due to the impact of the pandemic.
They have noted that the current economic conditions
and latent potential volatility should be considered and
factored into future considerations.
As at 31 March 2021
As at the 31 March 2021 valuation date, the valuers, CBRE,
have included a valuation uncertainty clause in their
valuation reports as a result of the COVID-19 pandemic.
This clause highlighted the difficulties in undertaking
valuations due to the absence of, or limited relevant
transactional evidence that demonstrates current market
pricing. Therefore, less certainty and a higher degree of
caution was attached to the point estimate valuations.
This represented an increase in the significant estimation
uncertainty in the valuation of investment properties.
Given the valuation uncertainty, the valuers recommended
in their reports that the valuations of the properties be
kept under frequent review
Significant unobservable inputs
The significant unobservable input used in the fair value
measurement of the Group’s development land is the
value per square meterassumption. Increases in the
value per square meter rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair
value measurement of the Group’s portfolio of completed
investment properties are the discount rate and the
property growth rate.
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Significant inputDescription
Inter-relationship between the key
inputs and fair value measurement
20222021
Discount rate
- villas and serviced
apartments
The pre-tax discount
rate
A significant increase/(decrease)
in the discount rate would result
in a significantly (lower)/higher
fair value measurement.
15.25% - 18.0%15.75% - 18.0%
Property price growth
rate - villas
Anticipated annual
property price growth
over the cash flow
period 0 - 4 years
A significant increase/(decrease)
in the Property price growth rate
would result in a significantly
higher/(lower) fair value
measurement.
0% - 3.0%2.0% - 2.5%
Property price growth
rate - serviced
apartments
0% - 2.5%N/A
Property price growth
rate - villas
Anticipated annual
property price growth
over the cash flow
period 5+ years
A significant increase/(decrease)
in the Property price growth rate
would result in a significantly
higher/(lower) fair value
measurement.
3.0%3.0%
Property price growth
rate - serviced
apartments
2.5%N/A
Due to the valuation uncertainty (2021: valuation uncertainty) disclosed, the range of reasonably possible changes to key
assumptions is uncertain and could be significantly greater than the ranges used in the sensitivity analysis.
Sensitivities
Adopted value of
operator’s interest
Discount RateProperty Growth Rates
As at 31 March 2022+0.5%-0.5%+0.5%-0.5%
Valuation $NZ000's15,450
Difference $NZ000's(545)5751,000(945)
Difference %-3.5%3.7%6.5%- 6 .1 %
As at 31 March 2021+0.5%-0.5%+0.5%-0.5%
Valuation $NZ000's8,345
Difference $NZ000's(320)280515(515)
Difference %-3.8%3.4%6.2%-6.2%
The occupancy period is a significant component of the CBRE valuations and is driven from a Monte Carlo simulation. The
simulations are dependent on the demographic profile of the village (age and gender of residents) and the reason for departing a
unit. Colliers undertake their own modelling of actual and comparables analysis to other similar villages. The resulting stabilised
departing occupancy period is an estimate of the long run occupancy term for residents. An increase in the stabilised departing
occupancy period will have a negative impact on the valuation and a decrease in the stabilised departing occupancy will have
a positive impact on the valuation. The valuation calculates the expected cash flows for a 20 year period (2021: 20 years) with
stabilised departing occupancy assumptions set out below.
Significant Input20222021
Stabilised occupancy period - villas8.0yrs - 8.6yrs8.4yrs - 8.7 yrs
Stabilised occupancy period - serviced apartments3yrsN/A
Current ingoing price, for subsequent resales of ORA’s, is a key driver of the CBRE and Colliers valuations. A significant
increase/(decrease) in the ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair
value measurement.
The following assumptions have been used to determine fair value:

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2.2. PROPERTY, PLANT AND EQUIPMENT
Accounting policy
Property, plant and equipment is measured at cost
or fair value less, where applicable, any accumulated
depreciation and any accumulated impairment losses.
Cost includes expenditures that are directly attributable to
the acquisition of the asset. The cost of self constructed
assets includes the cost of materials and direct labour and
any other costs directly attributable to bringing the asset
to a working condition for its intended use. Purchased
software that is integral to the functionality of the related
equipment is capitalised as part of that equipment.
Subsequent costs are added to the carrying amount of an
item of plant and equipment when that cost is incurred if
it is probable that the future economic benefits embodied
with the item will flow to the Group and the cost of the item
can be measured reliably. All other costs are recognised in
the profit or loss as an expense as incurred. The costs of
the day to day servicing of property, plant and equipment
are recognised in profit or loss as incurred.
Freehold land and buildings are measured at revalued
amounts, being the fair value at the date of the revaluation,
less any subsequent accumulated depreciation and any
accumulated impairment losses. Independent valuations
are performed with sufficient regularity to ensure that the
carrying amount of freehold land and buildings does not
differ materially from the assets’ fair value at reporting
date. At each reporting date the carrying amount of
each asset is reviewed to ensure that it does not differ
materially from the asset’s fair value at reporting date.
Where necessary, independent valuations are performed
and the asset is revalued to reflect its fair value.
Increases in the carrying amounts arising on revaluation of
land and buildings are recognised in other comprehensive
income and accumulated in equity. To the extent that the
increase reverses a decrease of the same asset previously
recognised in profit or loss, the increase is recognised in
profit or loss. Decreases that offset previous increases
of the same asset are recognised in other comprehensive
income; all other decreases are recognised in
profit or loss.
Leasehold improvements are depreciated over the shorter
of either the unexpired period of the lease or the estimated
useful lives of the improvements.
CategoryUseful Life Range
- Buildings50 years
- Motor vehicles5 years
- Furniture, fixtures and fittings5 - 10 years
- Information technology4 years
- Medical equipment 7 years
Land is not depreciated. The depreciable amount of
all other property, plant and equipment is depreciated
using the straight line method over their estimated
useful lives commencing from the time the asset is
held available for use, consistent with the estimated
consumption of the economic benefits embodied in
the asset.
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at each balance
date. No depreciation is charged in the year of sale
for all assets other than buildings in which case
depreciation is charged to the earlier of the date of
classification to held for sale or the date of sale.
Assets are assessed for impairment whenever events
or circumstances arise that indicate the asset may
be impaired. An asset’s carrying amount is written
down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated
recoverable amount. Impairment losses in respect of
individual assets are recognised immediately in profit
or loss unless the asset is measured at a revalued
amount, in which case the impairment loss is treated
as a revaluation decrease and is recognised in other
comprehensive income to the extent that it does not
exceed the amount in the revaluation surplus for
the same asset.
Gains and losses on disposals are determined by
comparing the net disposal proceeds with the carrying
amount of the asset. These are included in the
profit or loss.
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NZ$’000
Land and
Buildings
Motor
vehicles
Furniture,
fixtures and
fittings
Information
technology
Medical
equipment
Work in
progressTo t a l
YEAR ENDED 31 MARCH 2022
Opening net book value18,32636111,3361,4732561,70733,459
Additions**37,6 41
65
3,4041,1151343 ,1 2 245,481
Transfers531 — (516) 290 — (757) (452)
Disposals — — (222) — — — (222)
Depreciation(432)(133)(3,003)(758)(101) — (4,427)
Closing net book value 56,066 2 9 3 10,999 2,120 2 8 9 4,072 73,839
YEAR ENDED 31 MARCH 2022
Cost***56,5121,27735,9026 ,1 707824,072104,715
Accumulated Depreciation(446)(984)(24,903)(4,050)(493) — (30,876)
Net book value56,06629310,9992,1202894,07273,839
NZ$’000
Land and
Buildings
Motor
vehicles
Furniture,
fixtures and
fittings
Information
technology
Medical
equipment
Work in
progressTo t a l
YEAR ENDED 31 MARCH 2021
Opening net book value17,26529712,1211,63719978432,303
Additions32052,0925871501,2214,258
Transfers — — 181 — — (298)(117)
Net amount of revaluation increments
less decrements*
1,307 — — — — — 1,307
Disposals — (1)(21)(5)(3) — (30)
Depreciation(249)(140)(3,037)( 74 6)(90) — (4,262)
Closing net book value18,32636111,3361,4732561 ,70733,459
YEAR ENDED 31 MARCH 2021
Cost1151,21233,2364,7656481,70741,683
Valuation***18,225 — — — — — 18,225
Accumulated Depreciation(14)(851)(21,900)(3,292)(392) — (26,449)
Net book value ****, *****, ******18,32636111,3361,4732561 ,70733,459

* The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
** On 5 August 2021, the Group acquired four properties, previously leased from Ohaupo Holdings Limited for consideration of $31.4m. The purchase was
funded from the fully underwritten placement and issue of share capital to Ohaupo Holdings Limited, refer to note 3.1. Subsequently on 1 November 2021,
the Group acquired another property as part of the Clare House business combination, refer to note 4.4.
*** Refer to next page for commentary on valuations as at 31 March 2022 and 31 March 2021 for land and building valuations.
**** Comparative information relating to $159k of SaaS arrangements under development have been reclassified from property plant and equipment -
furniture and fittings to trade and other receivables - prepayments
***** Comparative information relating to $722k of development costs have been reclassified from trade and other receivables - prepayments to
property plant and equipment - work in progress.
****** Comparative information relating to $784k (1 April 2020) and $923k (31 March 2021) of capital work in progress have been reclassified from
property, plant and equipment - furniture, fixtures and fittings to property, plant and equipment - work in progress.
12
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Valuations
As at 31 March 2022
Management assessed that these freehold land and
buildings had not experienced any significant and volatile
changes in fair value necessitating a revaluation as at 31
March 2022 (including the consideration of the impact of
the COVID-19 pandemic). This assessment was informed by
advice provided by the Group’s land and buildings Valuer,
LVC Limited (LVC) (who provides valuation services to the
Group) who provided a valuation update letter confirming
that the carrying amounts of these freehold land and
buildings did not differ materially from that which would
be determined using fair value as at 31 March 2022. Of
the eight properties owned by the Group, three were last
revalued on 31 March 2021 at $18,225k and the remaining
five carried at $37,655k were purchased during the year
ended 31 March 2022 (four during August 2021 and one
during November 2021). The purchase prices paid were
informed by independent external valuation reports from
LVC (four properties purchased during August 2021)
and Colliers (the property acquired as part of the Clare
House business combination per Note 4.4) obtained by
Management to inform the purchase price. As at the
respective valuation dates (31 March 2021, 6 April 2021
and 22 August 2021), the Valuers had included a valuation
uncertainty clause in their reports as a result of the
COVID-19 pandemic. This clause highlights the difficulties
in undertaking valuations due to the absence of or limited
relevant transactional evidence that demonstrates
current market pricing. Therefore, less certainty and a
higher degree of caution, should be attached to the point
estimate valuation.
As at 31 March 2021
The three of the Group’s properties included in land and
buildings were revalued on 31 March 2021 to $18,225,000
from a carrying value as at 31 March 2020 of $16,918,000
resulting in a revaluation gain of $1,307,000. The fair values
of the three revalued land and buildings on freehold
land have been determined by reference to independent
valuations obtained as at 31 March 2021. These valuations
were undertaken by a Property Institute of New Zealand
registered valuer, LVC. LVC, an external independent
Adopted value Capitilisation rate
As at 31 March 2021
Valuation $NZ000's18,225+0.5%-0.5%
Difference $NZ000's1,318(1,318)
Difference %7. 2 %-7. 2 %
valuation company employing registered valuers, have
appropriate recognised professional qualifications
and recent experience in the location and category of
properties being valued. LVC determined the fair value
of land and buildings on freehold land using the direct
comparison approach and capitalisation of market
income approaches.
Valuation uncertainty
As at the 31 March 2021 valuation date, the valuers,
LVC, had included a valuation uncertainty clause in
their valuation reports as a result of the COVID-19
pandemic. This clause highlights the difficulties
in undertaking valuations due to the absence
of, or limited relevant transactional evidence that
demonstrates current market pricing. Therefore,
less certainty and a higher degree of caution could
be attached to the point estimate valuation. This
represented an increase in the significant estimation
uncertainty in the valuation of the properties.
Given the valuation uncertainty, the valuers had
recommended in their reports that the valuations of
the properties be kept under frequent review. As at 31
March 2022, the Group has obtained confirmation from
LVC that similar valuation uncertainty clauses would
be included if valuation reports were obtained as at 31
March 2022 for all of the Group’s eight properties.
Key accounting estimates and judgements
Property measurements are categorised as Level 3
(2021: Level 3) of the fair value measurement hierarchy
as the fair value is determined using inputs that
are unobservable.
Significant unobservable inputs
The significant unobservable input used in the fair
value measurement of the Group’s land and buildings
is the capitalisation rate applied to earnings. A
significant decrease/(increase) in the capitalisation
rate would result in significantly higher/(lower) fair
value measurement.
Sensitivities
13
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NOTE
2022
$’000
2021
$’000
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation license payments34,31624,125
Less: Management fee receivable (per contract)(5,700)(3,534)
28,61620,591
RECONCILIATION OF MANAGEMENT FEES RECOGNISED UNDER NZ IFRS AND PER ORA
Management fee receivable (per contract)(5,700)(3,534)
Deferred management fee2 .11,5531,178
Management fee receivable (per NZ IFRS)(4,147)(2,356)
2.3. REFUNDABLE OCCUPATION RIGHT
AGREEMENTS
Accounting policy
Occupation Right Agreements (ORAs) confer the right to
occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A new resident is charged a refundable security deposit, on
being issued the right to occupy one of the Group’s units,
which is refunded to the resident subject to a new ORA for
the unit being issued to an incoming resident, net of any
amount owing to the Group. The Group has a legal right
to set off any amounts owing to the Group by a resident
against that resident’s security deposit. Such amounts
include management fees, rest home and hospital fees,
service fees and village fees. As the refundable occupation
right is repayable to the resident upon vacating the unit
(subject to a new ORA for the unit being issued to an
incoming resident), the fair value is equal to the face value,
being the amount that can be refunded.
The right of residents to occupy the investment properties
of the Group is protected by the Statutory Supervisor
restricting the ability of the Group to fully control these
assets without undergoing a consultation process with all
affected parties.
A resident is charged a village contribution fee in
consideration for the right to occupy one of the
Group’s units:
• for Windsor Lifestyle Estate Limited, to a maximum of
30% of the entry payment;
• for Elloughton Grange Village Limited, to a maximum of
30% of the entry payment.
• for Clare House Retirement Village Limited, to a
maximum of 30% of the entry payment.
A resident is charged an administration fee for the
right to occupy one of the Group’s units:
• for Clare House Retirement Village Limited, to a
maximum of 3.45% of the entry payment.
The village contribution is payable by the resident
on termination of the ORA. Village contribution
is recognised as deferred management fees.
The management fee receivable is recognised in
accordance with the terms of the resident’s ORA.
The deferred management fee represents the
difference between the management fees receivable
under the ORA and the portion of the management fee
accrued which is recognised on a straight-line basis
over the longer of the term specified in a resident’s
ORA or the average expected occupancy for the
relevant accommodation i.e. 8 years for villas and 3
years for serviced apartments (2021 : 8 years for villas
and N/A for serviced apartments).
The management fee recognised in the
Consolidated Statement of Comprehensive Income
represents income earned in line with the average
expected occupancy.
As a refundable occupation license payment is
repayable to the resident upon termination (subject to
a new ORA being issued to an incoming resident), the
fair value is equal to the face value, being the amount
that can be demanded.
The expected maturity of the refundable obligations to
residents is beyond 12 months.
14
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2.4. LEASES
Accounting policy
At the commencement date of a lease (other than leases
of 12-months or less and leases of low value assets), the
Group recognises a lease asset representing its right to
use the underlying asset and a lease liability representing
its obligation to make lease payments.
Right-of-use assets
Right-of-use assets are initially recognised at cost,
comprising the amount of the initial measurement of
the lease liability, any lease payments made at or before
the commencement date of the lease, less any lease
incentives received, any initial direct costs incurred by
the Group, and an estimate of costs to be incurred by the
Group in dismantling and removing the underlying asset,
restoring the site on which it is located or restoring the
underlying asset to the condition required by the terms and
conditions of the lease.
Subsequent to initial recognition, lease assets are
measured at cost (adjusted for any remeasurement
of the associated lease liability), less accumulated
depreciation and any accumulated impairment loss.
Right-of-use assets are assessed for impairment
whenever events or circumstances arise that indicate
the asset may be impaired. An asset’s carrying amount
is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated
recoverable amount.
Right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful life of the underlying
asset, consistent with the estimated consumption of the
economic benefits embodied in the underlying asset.
Lease liabilities
Lease liabilities are initially recognised at the present value
of the future lease payments (i.e., the lease payments that
are unpaid at the commencement date of the lease). These
lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined,
or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, the lease liability is
measured at amortised cost using the effective interest
rate method. Interest expense on lease liabilities is
recognised in profit or loss (as a component of finance
costs). Lease liabilities are remeasured to reflect
changes to lease terms, changes to lease payments
and any lease modifications not accounted for as
separate leases.
Variable lease payments not included in the
measurement of lease liabilities are recognised as an
expense when incurred.
Leases of 12-months or less and leases of low
value assets.
Lease payments made in relation to leases of
12-months or less and leases of low value assets
(for which a lease asset and a lease liability has not
been recognised) are recognised as an expense on a
straight line basis over the lease term.
Key accounting estimates and judgements
Extension and termination options are included in
a number of leases across the Group. These terms
are used to maximise the operational flexibility of
contracts. The majority of extension and termination
options are exercisable only by the Group and not by
the respective lessor. In determining the lease term
management considers all facts and circumstances
that lead to an economic incentive to exercise and
extension option or not exercise a termination option.
Extension options or periods after termination options
are only included in the lease term if the lease is
reasonably certain to be exercised. This assessment is
reviewed if a significant event or significant change in
circumstances occurs which affects this assessment
and that is within the Group’s control. All extension
options have been assumed for the calculations of the
Group’s lease liabilities.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases
in the Group, the lessee’s incremental borrowing
rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to
obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar
terms, security and conditions. The weighted average
incremental borrowing rates applied by the Group is
5% (2021: 5%). No new leases were entered into during
the year (2021: none) and four leases were cancelled
during the year (2021:none was cancelled or modified).

15
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2022
$’000
2021
$’000
(A) RIGHT-OF-USE ASSETS
Land and Buildings under lease152,980191,603
Accumulated depreciation(19,068)(14,433)
Total carrying amount of right-of-use assets133,912177,170
RECONCILIATIONS
Reconciliation of the carrying amount of lease assets at the beginning and end of the financial year:
Land and Buildings
Opening carrying amount177,170181,431
Depreciation(6,767)(7,290)
Remeasurements7943,029
Disposals(37,285) —
Closing carrying amount133,912177,170
On 5 August 2021, the Group acquired four properties, previously leased from Ohaupo Holdings Limited, refer notes 2.2 and 3.1. On
acquisition, the disposal of the related right-of-use assets and lease liabilities resulted in a gain on modification of $1.4m being
recognised upon the cancelling lease and derecognition of the related lease liability and right of use asset.
(B) LEASE LIABILITIES
Current
Land and Buildings 4,0234,051
Non-current
Land and Buildings 138,520180,254
142,543184,305
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities 7,6 5 5 8,823
Depreciation expense on right-of-use assets 6,767 7,290
Cash outflow in relation to leases11,52212,850
(D) MATURITY ANALYSIS - CONTRACTUAL UNDISCOUNTED CASH FLOWS
- Not later than 1 year10,87212,932
- Later than 1 year and not later than 5 years43,62052,035
- Later than 5 years203,395292,002
257,887356,969
16
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Radius Residential Care Preliminary Results

3. SHAREHOLDER EQUITY AND FUNDING
3.1. SHAREHOLDER EQUITY AND RESERVES
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as
a deduction, net of tax, from the proceeds.
The grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an
expense, with a corresponding increase in equity.
20222021
Shares$’000Shares$’000
SHARE CAPITAL
Authorised, issued and fully paid up capital269,243,08951,732176,495,0005,932
Total contributed equity269,243,08951,732176,495,0005,932
MOVEMENTS
Opening balance of ordinary shares issued176,495,0005,93212,500,0004,736
Share split — — 162,500,000 —
Shares issued to employees and service providers — — 1,495,0001,196
Fully underwritten placement57,692,30730,000 — —
Shares issued to Ohaupo Holdings Limited19,230,76810,000 — —
Retail offer15,825,0148,229 — —
Share issuance costs - (2,429) — —
Closing balance of ordinary shares issued269,243,08951,732176,495,0005,932
All ordinary shares are authorised and rank equally with
one vote attached to each fully paid ordinary share. The
shares have no par value. The Group incurred $2.4m
of transaction costs issuing the shares during the
year (2021:$nil).
Fully underwritten placement
On 27 July 2021 and 3 August 2021, 34,062,037 and
23,630,270 ordinary shares were issued under a
placement, at a final price of $0.52 per share (being $0.02
above the underwritten floor price of $0.50).
The share issue was authorised as per the Shareholders’
resolution dated 23 July 2021.
Shares issued to Ohaupo Holdings Limited
On 5 August 2021, allotment of 19,230,768 ordinary shares
were issued at $0.52 to Ohaupo Holdings Limited’s
nominees as part consideration for the purchase price
payable for the acquisition of land and buildings from
Ohaupo Holdings Limited as described in note 2.2.
The share issue was authorised as per the Shareholders’
resolution dated 23 July 2021.



Retail offer
On 13 August 2021, allotment of 15,825,014 ordinary
shares were issued at $0.52 under a retail offer.
The share issue was authorised as per the
Shareholders’ resolution dated 23 July 2021.
Share split
On 8 December 2020 the Group undertook a 14: 1 split
of existing ordinary shares prior to listing on the NZX.
Dividends
Dividend distributions to shareholders are recognised
as a liability in the period in which dividends are
declared. On 29 November 2021 a dividend of 0.70
cents per share (fully imputed) was declared and was
paid on 23 December 2021 (2021: On 28 May 2021 a
final dividend of 0.89 cents per share (fully imputed)
was declared and was paid on 21 June 2021).
Asset Revaluation Reserve
The asset revaluation reserve is used to record the
revaluation of freehold land and buildings.

17
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2022
$’000
2021
$’000
Profit after tax2,6731,705
Weighted average number of ordinary shares outstanding ('000s)237,594175,455
Cents per share 1.13 0.97
3.2. EARNINGS PER SHARE
Basic and diluted
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted average number of ordinary
shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of
ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 31 March 2022, there were no
shares with a dilutive effect (31 March 2021: none) and therefore basic and diluted earnings per share were the same.
18
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4. OTHER DISCLOSURE
4.1. INTANGIBLE ASSETS
Accounting policy
Goodwill
Goodwill represents the future economic benefits arising
from other assets acquired in a business combination that
are not individually identifiable or separately recognised.
Goodwill is initially recognised at an amount equal to
the excess of: (a) the aggregate of the consideration
transferred, the amount of any non controlling interest, and
the acquisition date fair value of the acquirer’s previously
held equity interest (in the case of a step acquisition), over
(b) the net fair value of the identifiable assets acquired
and liabilities assumed. For accounting purposes, such
measurement is treated as the cost of goodwill at that date.
Goodwill is not amortised, but is tested for impairment
annually, or more frequently if events or changes in
circumstances indicate that it might be impaired.
Subsequent to initial recognition, goodwill is measured at
cost less any accumulated impairment losses.
*On 1 November 2021, the Group acquired the shares in Clare
House Care Limited and Clare House Retirement Village
Limited as part of the Clare House business combination,
refer to note 4.4.
Key accounting estimates and judgements
Goodwill has been assessed as having indefinite useful lives,
as there is no foreseeable limit to the period over which the
asset is expected to generate net cash inflow for the Group.
Goodwill is allocated to twenty one (2021:twenty) individual
CGUs within the residential care business (which are various
individual residential care and village businesses acquired
by the Group). Corporate office cash flows incurred by the
Group is allocated to each CGU based on bed numbers.
The recoverable amount of CGUs as at reporting date
has been determined based on its fair value less costs
of disposal, determined using discounted cash flows
that includes Management’s estimates based on past
performance and its expectation for the future performance
for up to 3 years . These estimates are based on budgeted
projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter
NOTE
2022
$’000
2021
$’000
Goodwill at cost16,99616,996
Purchase of Clare
House companies*
4.42,761 —
1 9,75716,996
are estimated using a standard growth rate deemed to
be reasonable by Management.
The key assumptions used for discounted cash flows
calculations are as follows:
• The year 1, 2 and 3 forecast cash flows are based
on Management forecasts approved by the Board
of Directors
• The cash flow period used in the calculations was 3
years (2021: 3 years)
• The pre-tax discount rate applied in the calculations
was between 11.48% and 13.99% (2021: pre-tax
between 12.6% and 13.3%)
• The terminal growth rate applied in the calculations
was 2.0% (2021: 2.0%)
• Occupancy projections vary between CGU based on
actual and expected occupancy rates.
Management believes that no reasonably possible
changes in any of the above key assumptions would
cause the carrying value of the goodwill to be materially
lower than its recoverable amount.
Care CGUs recoverable amount
The recoverable amount of the individual care sites
as at 31 March 2022 has been determined based on
fair value less costs of disposal, determined using
discounted cash flows . As the recoverable amount
of individual care sites was determined using inputs
that are significant and unobservable, the Group has
categorised these inputs as Level 3 under the fair value
hierarchy in accordance with NZ IFRS 13 Fair Value
Measurement. The significant unobservable inputs
used in the fair value measurement of the recoverable
amount of the Group’s individual care sites were as
described above, year 1 to 3 forecast cash flows,
a pre-tax discount rate, a terminal growth rate and
occupancy projections based on actual and expected
occupancy rates.
• A significant increase/(decrease) in the forecast
cash flows, terminal growth rate, and occupancy
projections and rates, assumptions would result in a
significantly higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax
discount rate would result in a significantly (lower)/
higher fair value measurement.
19
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4.2. TRADE AND OTHER RECEIVABLES
Accounting policy
Trade receivables are amounts due from residents and Government agencies in the ordinary course of business and are
recognised initially at fair value being the transaction price plus any transaction costs. Subsequent to initial recognition,
receivables from contracts with residents are measured at amortised cost using the effective interest method less impairment.
2022
$’000
2021
$’000
CURRENT
Trade receivables9,1 516,945
Allowance for credit losses(694)(722)
8,4576,223
NZX listing bond 7 5 7 5
Prepayments*, **1,144681
Accrued Income510
Other receivables9154
9,7 727,043
NON-CURRENT
Prepayments26
Accrued Income108132
110138
9,8827,181
Recognition, measurement and judgements in applying accounting policies
When measuring expected credit losses (‘ECL’) the Group uses reasonable and supportable forward looking information, which is
based on assumptions for future movement of different economic drivers and how these drivers will affect each other.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of
the debtors and an analysis of the debtors’ current financial positions, adjusted for factors that are specific to the debtors, general
economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast
direction of conditions at the reporting date.
The Group has the following financial assets subject to the application of the expected credit loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and hospital fees. These are split
between private amounts owed by residents and amounts due from agencies such as the Ministry of Health and Accident
Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment receivables.
These are receivable from residents.
The following table provides information about the risk profile of trade receivables from contracts with residents and Government
agencies using a provision matrix. The information in the below table does not distinguish between resident or product types as
the Group’s historical credit loss experience does not show different patterns for different resident or product types.
* Comparative information relating to $159k of SaaS arrangements under development have been reclassified from property plant and equipment - work
in progress to trade and other receivables - prepayments.
** Comparative information relating to $722k of development costs have been reclassified from trade and other receivables - prepayments to property
plant and equipment - work in progress.
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12-month expected credit losses
Days past due
Not past due31-6061-9091 and overTo t a l
2022
Estimated total gross carrying amount at default ($'000)5,1908604622,6399,1 51
Expected credit loss rate (%)0.3%0.3%2.4%25.2%7.6%
Expected credit loss rate ($'000) 1 4 3 1 1 666 6 9 4
2021
Estimated total gross carrying amount at default ($'000)5,15243424 61,1136,945
Expected credit loss rate (%)0.3%0.5%2.9%62.7%10.4%
Expected credit loss rate ($'000) 1 5 2 7 6 9 8 7 2 2
4.3. TRADE AND OTHER PAYABLES
Accounting policy
Trade payables are recognised initially at fair
value less transaction costs and subsequently
measured at amortised costs using the effective
interest method.
Employee benefits
(i) Short-term employee benefit obligations
Liabilities arising in respect of wages and salaries, annual
leave and other employee benefits (other than termination
benefits) expected to be settled wholly before twelve
months after the end of the reporting period are measured
at the (undiscounted) amounts based on remuneration
rates which are expected to be paid when the liability
is settled.
(ii) Long-term employee benefit obligations
The provision for other long-term employee benefits,
including obligations for long service leave and annual
leave, which are not expected to be settled wholly before
twelve months after the end of the reporting period, are
measured at the present value of the estimated future
cash outflow to be made in respect of the services
provided by employees up to the reporting date.
When the Group does not have an unconditional right
to defer settlement for at least twelve months after
the reporting date, those employee entitlements are
presented as current. All other long-term employee benefit
obligations are presented as non-current liabilities.

(iii) Retirement benefit obligations: Defined
contribution superannuation plan
The Group makes superannuation contributions to the
employee’s defined contribution superannuation plan
of choice in respect of employee services rendered
during the year. These superannuation contributions
are recognised as an expense in the same period
when the related employee services are received.
The Group’s obligation with respect to employee’s
defined contributions entitlements is limited to its
obligation for any unpaid superannuation guarantee
contributions at the end of the reporting period.
2022
$’000
2021
$’000
CURRENT
Unsecured liabilities
Trade creditors3,9373,893
GST payable811713
Other payables1433
Accrued expenses1,397926
Annual leave6,4215,339
Other employee entitlements4,3213,846
Deferred government
grants income
— 161
16,90114,911
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4.4. BUSINESS COMBINATIONS
a. Summary of acquisition
On 1 November 2021 the Company acquired 100% of the issued share capital of Clare House Care Limited and Clare House
Retirement Village Limited, provider of rest home and hospital care for the elderly and a retirement village.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
Purchase consideration (refer to (b) below):
2022
$’000
Fair values
Cash paid 14,500
The assets and liabilities recognised as a result of the acquisition are as follows:
Cash 500
Trade receivables 2 8 1
Inventories 41
Property, plant and equipment 6,598
Investment Properties 12,840
Deferred tax liability(673)
Trade payables(381)
Refundable occupation right agreements(6,905)
Wage accruals(137)
Employment benefit obligations(294)
Income tax payable(131)
11,739
Add: Goodwill 2 ,76 1
14,500
The goodwill is attributable mainly to the work force and the synergies expected to be achieved from integrating the company into
the Group’s existing Aged Care and Retirement Village business.
There were no acquisitions in the year ending 31 March 2021.
Revenue and profit contribution
The acquired business contributed revenues of $2.7m and profit before tax of $0.5m to the Group for the period from 1 November
2021 to 31 March 2022.
If the acquisition had occurred on 1 April 2021, consolidated pro-forma revenue and profit before tax for the year ended 31 March
2022 would have been $6.2m and $1.0m respectively. These amounts have been calculated using the subsidiaries results and
adjusting them for:
• differences in the accounting policies between the group and the subsidiaries, and
• the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property,
plant and equipment had applied from 1 April 2021, together with the consequential tax effects.
b. Purchase consideration - cash outflow
2022
$’000
Fair values
Outflow of cash to acquire subsidiaries, net of cash acquired
Proceeds from bank borrowings14,500
Less: Balances acquired
Cash500
Net outflow of cash - investing activities
14,000
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4.5. CONTINGENT LIABILITIES
Lester Heights business
26 June 2013, the Group entered into an agreement to sell
the Lester Heights business. The sale was settled on 31
August 2013. One of the conditions of sale is that in the
event that the new business owner defaults on the rental
payments, the Group is required to guarantee the rent.
For the years ended 31 March 2021 and 2022, no amounts
were paid, and no amounts have been paid to date, but in
the event that a default occurs, the potential cost to the
Group is an annual rent of $238,000 per annum until 2029.
The Group will likely assume operations at this facility,
in the event of a default. At reporting date the Group
has assessed the likelihood of the new business owner
defaulting on the rental payment as not probable.
Other
There were no other material contingent liabilities at
reporting date (2021:Nil).
4.6. COMMITMENTS
At 31 March 2022, the Group has a commitment to develop
and construct a certain site totaling $4m (31 March
2021:nil). As at the date of these preliminary results, the
development remains within the budgeted costs.
There are no significant unrecognised contractual
obligations entered into for future repairs and
maintenance at balance date.
4 .7. EVENTS SUBSEQUENT TO REPORTING DATE
Assignment of an agreement for the purchase of land
from a Director
On 2 April 2021 the Board (excluding Brien Cree)
exercised its right to approve an Assignment
Agreement between the Group and Brien Cree and
now holds the rights under an agreement for sale
and purchase of real estate to acquire 4.3 hectare
development property for a purchase price of $5.8m.
The balance of the purchase price under the SPA
amounting to $5.5m is payable to the third party vendor
on settlement, which will be completed when the title of
the property is issued. It is currently expected that title
will be issued prior to 31 March 2023.
Purchase of five leased property assets and
concurrent nomination of the purchase of one (of the
five purchases) to a related party
On 29 March 2022, the Group entered into a conditional
agreement to purchase a further five properties they
were leasing from UCG Investments Limited (being the
Radius Arran Court, Radius Fulton, Radius Peppertree,
Radius St Joans and Radius Kensington care facilities).
These purchase transactions were conditional
on Radius Residential Care Limited shareholder
approval. On 14 April 2022, the Group issued a Notice
of Special Meeting for the 5th of May 2022 along
with additional documentation for shareholders
to consider. At the Special Meeting shareholders
approved the transactions which were settled on 6
May 2022 (subsequent to the 31 March 2022 reporting
date). Also on 29 March 2022, the Group entered into a
23
Radius Residential Care Preliminary Results
Radius Residential Care Preliminary Results

separate nomination agreement to nominate its purchaser
rights for the purchase of one of the properties, Radius
Kensington to a related party, Warehouse Storage Limited,
related by virtue of common shareholder, (the Nomination).
The Group has also been granted an option to acquire the
property back from Warehouse Storage Limited from 24
May 2022 onwards, at a purchase price determined based
on an agreed yield, calculated on the current market rent at
the time the option is taken up. The Nomination and Option
enabled the Group to execute the transaction quickly and
efficiently with the vendor. As at 30 April 2022, the net of
the right-of-use asset and lease liabilities attributable
to the four purchased sites, Radius Arran Court, Radius
Fulton, Radius Peppertree, Radius St Joans was $1,759k
lease liability. The purchase price attributable to the four
purchased sites, Radius Arran Court, Radius Fulton, Radius
Peppertree, Radius St Joans was $46.7m. The purchase
price attributable to the Radius Kensington site that was
nominated to Warehouse Storage Limited was $14.6m.
New banking arrangements
As noted above, the $46.7 million purchase price for the
UCG Acquisition were fully funded by the following new and
existing facilities provided by ASB Bank on 6 May 2022:
• a new $23.7 million term loan with a five-year term;
• an existing development facility that will be partially (as
to $15 million) repurposed to support funding the UCG
Acquisition for up to five months; and
• a new $8 million bridge facility with a five-month term
Dividends
On 30 May 2022, the Board declared a final dividend of
0.76 cents per share (fully imputed), that will be paid on
22 June 2022.
Other
There has been no other matter or circumstance, which
has arisen since 31 March 2022 that has significantly
affected or may significantly affect:
a. the operations, in financial years subsequent to 31
March 2022, of the Group, or
b. the results of those operations, or
c. the state of affairs, in financial years subsequent to 31
March 2022, of the Group.

24
Radius Residential Care Preliminary Results
Radius Residential Care Preliminary Results

Radius Residential Care
ADDRESS
Level 4, 56 Parnell Road, Parnell, Auckland
PHONE
+64 9 304 1670
EMAIL
investor@radiuscare.co.nz
Caring is our calling
Radius Residential Care Preliminary Results
Radius Residential Care Preliminary Results

---

Full Year Results
FOR 12 MONTHS TO 31 MARCH 2022

Radius Care
2
Presenting Today
Brien Cree
Executive Chair
Brien Cree
Executive Chair
•Founded Radius Care in 2003, then part
of Radius Health Group
•Moved into Executive Chairman role in
June 2020 focusing on growth
opportunities through development and
acquisition
•Previously majority shareholder,
maintains a significant interest through
Wave Rider Trust
•Board member of the New Zealand Aged
Care Association for more than 11 years
•Over 31 years’ experience in the Aged
Care sector
•Founded Radius Care in 2003, then part
of Radius Health Group
•Moved into Executive Chairman role in
June 2020 focusing on growth
opportunities through development and
acquisition
•Previously majority shareholder,
maintains a significant interest through
Wave Rider Trust
•Board member of the New Zealand Aged
Care Association for more than 11 years
•Over 31 years’ experience in the Aged
Care sector
Brien Cree
Executive Chair
•Founded Radius Care in 2003, then part
of Radius Health Group
•Moved into Executive Chairman role in
June 2020 focusing on growth
opportunities through development and
acquisition
•Previously majority shareholder,
maintains a significant interest through
Wave Rider Trust
•Board member of the New Zealand Aged
Care Association for more than 11 years
•Over 31 years’ experience in the Aged
Care sector
Andrew Peskett
Chief Executive Officer
BA (Hons)
Andrew Peskett
Chief Executive Officer
BA (Hons)
•Appointed Chief Executive Officer in
February 2022
•Previously at Metlifecare for 14 years
•Extensive aged care senior executive
experience including Metlifecare
General Counsel, Acting CEO, GM
Corporate Services, Acting GM
Operations
•Appointed Chief Executive Officer in
February 2022
•Previously at Metlifecare for 14 years
•Extensive aged care senior executive
experience including Metlifecare
General Counsel, Acting CEO, GM
Corporate Services, Acting GM
Operations
Andrew Peskett
Chief Executive Officer
BA (Hons)
•Appointed Chief Executive Officer in
February 2022
•Previously at Metlifecare for 14 years
•Extensive aged care senior executive
experience including Metlifecare
General Counsel, Acting CEO, GM
Corporate Services, Acting GM
Operations
•Joined Radius Care in 2016
•Has nearly 26 years’ experience in
finance roles
•Industries worked in include
healthcare and financial services
•Michelle trained with
PricewaterhouseCoopers in
South Africa
•New Zealand Chartered Accountant
•Joined Radius Care in 2016
•Has nearly 26 years’ experience in
finance roles
•Industries worked in include
healthcare and financial services
•Michelle trained with
PricewaterhouseCoopers in
South Africa
•New Zealand Chartered Accountant
Michelle Slabber
General Manager, Finance
BCom (Hons), CA
Michelle Slabber
General Manager, Finance
BCom (Hons), CA
•Joined Radius Care in 2016
•Has nearly 26 years’ experience in
finance roles
•Industries worked in include
healthcare and financial services
•Michelle trained with
PricewaterhouseCoopers in
South Africa
•New Zealand Chartered Accountant
Michelle Slabber
General Manager, Finance
BCom (Hons), CA

Radius Care
3
Establishing Growth Springboard
Increased Property Ownership
We now own 12 facilities and lease 11 from third party property
investors. We also own three retirement villages comprising 101
units.
Growth of Development Pipeline
Bed numbers in development pipeline increased from 104 to
294 and retirement units increased from 40 to 167.
Building Top Executive Team
Additions of energetic and experienced CEO and CFO.

Radius Care
4
Agenda
OVERVIEW OF FY22 PERFORMANCE
Second year as a listed company
01
ANALYSIS OF RESULT
Continuation of strong track record
02
POSITIONING RADIUS CARE
Growth phase and strategy update
03
APPENDICES
Key operational and financial metrics
Summary Profit and Loss, Balance Sheet and
Cash Flow
04

Overview of FY22
Performance
SECOND YEAR AS A
LISTED COMPANY

Radius Care
6
Financial Performance
- Pre-NZ IFRS 16 Underlying EBITDA up 2.3% to $10.7m (vs.
guidance of $10.0m to $11.5m)
- Reported Net Profit After Tax up 56.8% to $2.7m
- AFFO up 12.3% to $4.2m (vs. guidance of $4.0m to $5.0m)
- Underlying EBITDA per bed up 1.8% to $19.9k
- Accommodation supplements increased 20.5% to $6.8m
- All November 2021 guidance metrics comfortably met
Balance Sheet Position
- Investment properties of $46.0m, up $14.3m from pcp
- Property, plant and equipment of $73.8m, up $40.4m
from pcp
- Lease liabilities of $142.5m down from $184.3m for pcp
FY22 Financial Highlights
Key metrics significantly improved

Radius Care
7
FY22 Business Highlights and Key Events
Business Highlights
Settlement of Ohaupo acquisition consisting of four
strategic leased sites in Auckland, Waikato, Taranaki
and Canterbury.
Acquisition of Clare House, an integrated care facility
and retirement village with 69 care beds and 25 ORA
units.
Appointment of CEO and CFO.
Post-balance date: Settlement of UCG acquisition
consisting of four strategic leased sites in Auckland,
Hamilton, Palmerston North and Dunedin with an
option to buy a fifth leased site in Hamilton.
Radius Clare House

Radius Care
8
Our People
Refresh of Executive Team
ANDREW PESKETT –CEOStarted Feb 2022
Extensive retirement village and aged care industry
experience. 14 years as senior executive at Metlifecare. Roles
included Acting Chief Executive, GM Corporate Services,
Acting GM Operations and General Counsel & Company
Secretary
WENDY JENKINS –CFOStarts July 2022
Brings strong capital markets and investor relations skills.
Currently GM Management Information at ASB Bank
Operational Staff
1600+ staff across 23 facilities
“Our staff treat our residents with enormous levels of respect and as members of
their own family. This strong bond makes for a very special culture that is difficult
to replicate. Residents and their families have told me how much they appreciate
the high level of care they receive.” -Andrew Peskett, CEO

Radius Care
9
8.0
5.8
10.5
10.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
$m
FY19 FY20 FY21 FY22
Financial Performance Overview
Radius Care delivered strong results that were well within the guidance metrics provided in November 2021,
an excellent performance given the challenges the year presented
Pre-NZ IFRS 16 Underlying EBITDA
FY22 Pre-NZ IFRS 16 Underlying EBITDA of
$10.7m, up 2% vs pcp
FY22 guidance range
$10.0m –$11.5m
Total Revenue
FY22 Revenue of $135.9m up 8% vs pcp
$m
110.1
113.7
126.0
135.9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY20 FY21 FY22FY19
FY22 guidance achieved

Radius Care
10
Cash Flow and Dividends
AFFO
- FY22 AFFO of $4.2m
The payout rate of 67.5% of AFFO is near the top end of the policy range
Dividends
FY22 Final Dividend
- FY22 final dividend of 0.76 cents per share including
full imputation credits of 0.21 cents per share.
- Ex Dividend date Friday 3 June 2022
- Record date Tuesday 7 June 2022
- Payment date Wednesday 22 June 2022
FY22 Total Dividends
- FY22 total dividend of 1.46 cents per share including
imputation credits of 0.41 cents per share
-In line with the FY21 final dividend of 1.46
cents including imputation credits of 0.41
cents per share
2.0
(0.5)
3.7
4.2
(1.0)
0.0
1.0
2.0
3.0
4.0
5.0
$m
FY19FY20FY21FY22
FY22 guidance range $4.0m to $5.0m
FY22 guidance achieved

Radius Care
11

Radius Care
12
Analysis of
Result
CONTINUATION
OF STRONG
TRACK RECORD

Radius Care
13
Strong revenue growth continues helped by solid occupancy and a 20.5% increase in accommodation supplements
Revenue Growth and Diversification
End of
Financial
Period
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
No. of
Beds
1,307 1,382 1,371 1,379 1,525 1,682 1,701 1,704 1,715 1,784
No. of
Units
22 22 22 36 48 55 63 73 76 101
1
Includes accommodation supplements, retirement village units, Radius Online Shop and other privately paid revenues
65.4
70.3
70.0
76.1
87.0
100.2
110.1
113.7
126.0
135.9
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
NZ$m
Total revenueAged careRetirement villageGroup support
Total revenue
Direct private (non-Government) revenue
1
2.2
3.0
3.0
4.5
6.2
7.1
10.1
9.2
13.8
14.6
3.4%
10.8%
0.0%
2.5%
5.0%
7.5%
10.0%
12.5%
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Proportion of total revenue (%)
Direct Private Revenue (NZ$m)
Direct private revenue (LHS)Direct private proportion of total revenue (RHS)

Radius Care
14
Bed Mix
Over FY22, beds certified for high acuity and specialist care have increased from 86% to 87% of the portfolio
1 Source: CBRE analysis, May 2022
Care Bed
Type
Care Bed
Use
Industry
average
1
~87% of Radius Care Beds are certified for high acuity
~68% of Radius Care Beds are used for high acuity, vs industry of ~53%
13.2%
14.4%
45.5%
41.4%
23.2%
26.5%
11.8%
11.1%
5.4%
5.7%
0.8%
0.9%
FY22
FY21
~86% of Radius Care Beds are certified for high acuity
32.5%
32.8%
49.8%
49.6%
11.1%
10.8%
5.9%
5.8%
0.7%
1.0%
FY22
FY21
Rest homeSwingHospitalDementiaPsychogeriatricPhysical and intellectual
~67% of Radius Care Beds are used for high acuity, vs industry of ~53%
38.6% 38.7% 12.1% 10.6%
~61% high acuity and specialist

Radius Care
15
Occupancy
1 Source: Industry Information based on NZACA Occupancy –TAS Aged Residential Care Quarterly Reporting Survey as at 31 December2021. Includes ORA ARRC-certified beds and residents
90.1%
89.6%
90.4%
91.6%
91.0%
92.7%
93.7%
93.4%
93.1%
92.0%
92.3%
92.0%
87.2%
87.2%
86.5%
87.1%
86.8%
88.0%
87.8%
87.2%
87.3%
86.1%
86.2%
85%
86%
87%
88%
89%
90%
91%
92%
93%
94%
95%
Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Occupancy rate %
Radius Care (monthly)Industry average (quarterly)
Strong occupancy settling at 92% versus the industry average of 86%

Radius Care
16
Continued Growth in Underlying EBITDA per Care Bed
Strong Occupancy
(see previous page)
Growing accommodation supplements
$4.9
$5.6
$6.8
$2,912
$3,300
$3,916
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY20FY21FY22
Accommodation supplement per
Care Bed NZ$
Accommodation supplements
NZ$m
Accommodation supplements (LHS)Accommodation supplements per available Care Bed (RHS)
62.8
64.4
72.1
56.1%
53.9%
55.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
FY20FY21FY22
$m
Direct Employee Costs% of Direct Revenue
Wage Control
Underlying EBITDA per care bed ($000)
17.2
19.5
19.9
15.0
16.0
17.0
18.0
19.0
20.0
21.0
FY20FY21FY22
Significantly greater than the industry average and
several of Radius’s major competitors. Continuing growth
in this key metric is expected

Radius Care
17
Strategy
Update

Radius Care
18
GO FORWARD STATERGYCURRENT STATUS
Brownfield potential identified at owned sites at:
- LexhamPark (Katikati): Additional 21 Care Suites and 20 Care Beds. Status: Resource consent underway
- Thornleigh (New Plymouth): Additional 24 Care Beds. Status: Construction started and on track for completion by
December 2022.
- TaupakiGardens (Kumeu, Auckland): Additional 20 Care Beds to be developed on vacant land. Status:Resource consent
underway
- Windsor Court (Ohaupo, Waikato): Potential to add an additional 20 Care Beds
- Clare House (Invercargill): Further unit to be added during first half of FY23 and adjoining residential property available for
future development
- UCG Properties: Potential to add an additional 100 Care Beds
•Acquired four OhaupoProperties (settled 5 August 2021)
•Acquired four UCG Properties (settled 6 May 2022)
Funding for purchase of Belfast, Christchurch Greenfield development land
•As announced in April 2021, Radius Care has exercised its right to acquire c. 4.3 hectares of land
•Settlement of the land ($5.5m) is expected to take place by March 2023
•Civils Building Consent has been lodged
•Multi-stage programmeprovides funding flexibility
Acquisition of Clare House (settled 1 November 2021)
Strategy Update
Significant strategy-driven property transactions undertaken
Brownfield
Developments
1
Purchase of
strategically important
facilities already
operated by Radius
2
Greenfield Developments
3
Opportunisticvalue
accretive acquisitions
4

Radius Care
19
Lexham Park
KATIKATI
CommencingAugust 2022
21
Care Suites
20
ORA Care Beds
TaupakiGables
AUCKLAND
CommencingSeptember2022
20
Care Beds
Thornleigh Park
NEW PLYMOUTH
Construction underway
24
Care Beds
Northwood
CHRISTCHURCH
CommencingFirst Quarter 2023
30
Care Suites
70
Care Beds
67
Villas
27
Apartments
Developments

Radius Care
20
Care Suite
product to be
launched in
second half of
FY24
Concept StageDetailed Design Stage
80-100
165
First Care Suites at
Lexham Park followed by
availability at other
facilities. Target is the
majority of pipeline beds
to be Care Suites.

Radius Care
21
FY23 Operational Outlook
Refreshed Executive Team
Development of 24 Care Beds at Radius Thornleigh Park in
New Plymouth on track to be completed by December 2022
Construction starts at Lexham and Taupakiin H1FY23
Continuing brownfields development programme
Commencing Northwood village greenfield project in Belfast,
Christchurch
Accelerating sustainability projects’ roll-out
FY23 update to be provided at annual meeting in July 2022
Radius Elloughton Village

Radius Care
22

Radius Care
23
Appendices

Radius Care
24
1.0
0.5
0.5
0.2
0.8
RadiusOceaniaArvidaSummersetRyman
The Radius Care growth pipeline provides unique exposure to a high acuity, specialised care provider that remains committed to
and focused on delivering compassionate and outstanding clinical care outcomes.
1. Demand
2. Portfolio
3.
Systematic
Approach
4. Growing
Non-
Government
Revenues
5. Growth
Pathway
6. Strong
Founder
Backed
Team
Key Investment Highlights
1
Demand underpinned by population demographics
1
2
Portfolio oriented to high acuity and specialist care
2
Systematic approach to provision of care
1) Centralised head-office systems and support
2) Leading IT systems
3) Immigration accreditation
4) Early engagement through Radius Online Shop
3
Growing direct non-Government revenues
3
4
5
Clear growth pathway via
1) Purchase of strategically important
facilities’ land and buildings
2) Brownfield and greenfield development
with ownership of land and buildings
3) Opportunistic acquisitions
Strong founder backed team
Brien Cree
Founder and Executive Chair
Andrew Peskett
Chief Executive Officer
6
1 Source: Statistics New Zealand
2 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –https://www.health.govt.nz/your-health/certified-providers/aged-care/based on data as at 11 May 2022
3 Includes accommodation supplements, retirement village units, Radius Online Shop and other privately paid revenues
3.4%
10.8%
0%
5%
10%
15%
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Proportion of total
revenue (%)
APPENDIX 1
Average additional offerings (Psychogeriatric, Physical, Intellectual, Dementia) per facility
0.0%
2.0%
4.0%
6.0%
8.0%
2003 2008 2013 2018 2023 2028 2033
Rolling 5-year pop
CAGR (%)
65 - 85 5-yr CAGR85+ 5-yr CAGR

Radius Care
25
At a Glance
1,780+
Beds
1,600+
Employees
94.6%
Care Beds
5.4%
ILUs
National aged care focused portfolio with strong regional presence
ILUs are Independent
Living Units
APPENDIX 2

Radius Care
26
Underlying EBITDA Split
$mFY22 FY21 FY20 FY19
Aged Care
32.5 30.6 26.3 27.2
Retirement Village
1.4 1.4 0.8 0.8
Group support
(11.6) (8.7) (8.9) (7.6)
Underlying EBITDA
22.3 23.4 18.2 20.4
Key operational and financial metrics
Operating Metrics
FY22FY21FY20FY19
Number of Care Beds (period end)
1
1,784 1,715 1,704 1,701
Average Care Bed Occupancy
2
92.5% 92.4% 90.0% 89.5%
Underlying EBITDA per Care Bed
3
(000s)$19.9 $19.5 $17.2 $17.9
Number of Units (period end)
4
101767363
Number of new Unit sales 46811
Number of existing Unit resales87-3
Realised gains on resales (m)$0.4 $0.5-$0.1
Realiseddevelopment margins (m)$0.1 $0.3 $0.4 $0.5
Cash DMF realised uponresale (000s)$476 $525-$66
Average resale price (000s)$389 $407-$355
Average new unit saleprice (000s)$403 $408 $403 $377
1 Comprises Care Beds occupied, available to be occupied or unavailable due to refurbishment
2 Total occupied Care Bed days divided by total Care Bed days available during the period
Accommodation Supplements
FY22FY21FY20FY19
Accommodation Supplements Revenue
$6.8m $5.6m $4.9m $4.1m
Number of Care Beds (period end)
1,784 1,715 1,704 1,701
Number of Available Care Beds with
Accommodation Supplements
1,174 1,146 1,138 1,134
Percentage of Care Beds with Accommodation
Supplements
65.8% 66.8% 66.8% 66.7%
Revenue Split
$mFY22 FY21 FY20 FY19
Aged Care
133.6 120.3 112.6 107.3
Retirement Village
3.8 4.4 0.5 2.3
Group support
(1.5) 1.3 0.6 0.5
Total revenue
135.9 126.0 113.7 110.1
•30% over three years
•average resident tenure: 3.4 years
3 Pro forma Underlying EBITDA for aged care (as set out in the lower right table) divided by the average number of Care Beds occupied during the period
4 Comprises Units occupied, available to be occupied or unavailable due to refurbishment
DMF terms for Retirement Village units
APPENDIX 3

Radius Care
27
($000)FY22FY21FY20
Revenue
Revenue from contracts with customers132,052121,217113,359
Deferred management fees1,3281,081671
Total revenue133,380122,298114,030
Fair value movement of investment properties1,0882,879(649)
Government subsidy received-794353
Interest income627149
Gain on acquisition of previously leased property
assets
1,403--
Total revenue and other income135,933126,042113,783
Expenses
Employee costs(82,368)(74,457)(70,852)
Depreciation expense(11,194)(11,552)(10,911)
Finance costs(9,091)(9,706)(10,583)
Other expenses(30,199)(28,298)(24,770)
Total expenses(132,852)(124,013)(117,116)
Profit / (loss) before income tax3,0812,029(3,333)
Income tax (expense) / benefit (408)(324)500
Profit / (loss) for the year2,6731,705(2,833)
Other comprehensive income
Items that will not be reclassified subsequently to
profit and loss
Revaluation of property, plant and equipment, net
of tax
-1,1045,708
Other comprehensive income for the year-1,1045,708
Total comprehensive income 2,6732,8092,875
•Pre-NZ IFRS 16 Underlying
EBITDA up 2% to $10.7m (vs.
guidance of $10.0m to
$11.5m)
•Underlying EBITDA per Care
Bed up 2% to $19.9k
Financials
Statement of
Comprehensive Income
APPENDIX 4

Radius Care
28
($000)FY22FY21FY20
Assets
Cash and cash equivalents2,0882,7612,317
Trade and other receivables9,8827,1817,648
Inventories768548308
Investment properties46,01431,67527,831
Property, plant and equipment73,83933,45932,303
Right-of-use assets133,912177,170181,431
Intangible assets19,75716,99616,996
Deferred tax assets3,8853,6352,006
Total assets290,145273,425270,840
Liabilities
Trade and other payables16,90114,91114,086
Current tax liabilities4441,135723
Borrowings30,00027,21231,427
Deferred management fee1,5531,178962
Refundable occupation right agreements28,61620,59117,518
Lease liabilities142,543184,305185,304
Total liabilities220,057249,332250,020
Net assets70,08824,09320,820
Equity
Share capital51,7325,9324,736
Asset revaluation reserve6,8126,8125,708
Retained earnings11,54411,34910,376
Total equity70,08824,09320,820
•Investment properties of
$46.0m, up $14.3m from pcp
•Property, plant and
equipment of $73.8m, up
$40.4m from pcp
•Lease liabilities of $142.5m,
down from $184.3m for pcp
Financials
Statement of
Financial Position
APPENDIX 5

Radius Care
29
Financials
Statement of Cash Flows
($000)FY22FY21FY20
Cash flow from operating activities
Receipts from residents for care fees and village fees129,796122,337113,282
Receipts of government subsidy-1,210-
Payments to suppliers and employees(111,696)(101,161)(95,436)
Proceeds from the sale of Refundable occupation right agreements4,7263,9273,705
Payments for the repurchase of Refundable occupation right agreements(1,766)(464)-
Interest received627149
Interest paid –borrowings(1,436)(883)(1,183)
Interest paid –lease liabilities(7,655)(8,823)(9,400)
Income tax paid (2,154)(1,744)(814)
Net cash provided by operating activities9,87714,47010,203
Cash flow from investing activities
Proceeds from the sale of property, plant and equipment5054114
Acquisitions, net of cash acquired, and other(14,000)--
Payments for the purchase of property, plant and equipment(38,431)(4,140)(11,305)
Payments for village developments(411)(965)(3,723)
Net cash used in investing activities(52,792)(5,051)(14,914)
Cash flows from financing activities
Proceeds from issue of shares capital48,229--
Share issue transaction costs(2,429)--
Proceeds from bank borrowings2,788-15,120
Repayments of bank borrowings-(4,215)4,038
Repayments of shareholder loans--(5,030)
Principal payments of lease liabilities(3,868)(4,028)(3,035)
Dividends paid(2,477)(732)(225)
Net cash (used in) / provided by financing activities42,243(8,975)2,792
Reconciliation of cash and cash equivalents
Cash and cash equivalents at beginning of the year2,7612,3174,236
Net increase / (decrease) in cash held(673)444(1,919)
Cash and cash equivalents at end of year2,0882,7612,317
APPENDIX 6

Radius Care
30
($000)FY22FY21FY20
Profit/(loss)for the year2,6731,705(2,833)
Adjustments
Non-recurring or infrequent items
Remove: COVID-19 related expenses73065334
Remove: Government COVID-19 Subsidy-(857)(353)
Remove: One-off listing costs2771,227-
Remove: Share based payments-1,464-
Structural changes and other
Include: Listed & other company costs-(714)(1,084)
Remove: Historical governance costs-417350
Remove: Gain on acquisition of previously leased property assets(1,403)--
Include: Income tax impact from adjustments(282)(270)295
Underlying adjustments
Remove: Change in fair value of investment properties(1,088)(2,879)649
Include: Realiseddevelopment margins90343512
Include: Realisedgains on resales351480-
Remove: Deferred tax expense(923)(1,831)(1,533)
Underlying Net profit before tax426(262)(3,963)
Remove: Depreciation11,19411,55210,911
Remove: Net interest expense9,0299,63610,534
Remove: Current tax expense1,3312,1551,033
Remove: Income tax impact from adjustments282270(295)
Underlying EBITDA22,26223,35118,220
Include: Pre-NZ IFRS 16 operating lease expense(11,522)(12,850)(12,435)
Pre-NZ IFRS 16 Underlying EBITDA10,74110,5015,785
Include: Depreciation (Pre-NZ IFRS 16)(4,427)(4,262)(3,700)
Include: Net interest expense (Pre-NZ IFRS 16)(1,374)(812)(1,134)
Include: Current tax expense(1,331)(2,155)(1,033)
Include: Income tax impact from adjustments(282)(270)295
Pre-NZ IFRS 16 Underlying Net profit after tax3,3263,002213
Remove: Depreciation (excl. NZ IFRS 16 related)4,4274,2623,700
Include: Maintenance capital expenditure(3,574)(3,543)(4,400)
AFFO4,1793,721(487)
Financials
Reconciliation of NZ GAAP financial measures to non-GAAP financial measures
APPENDIX 7

Radius Care
31
LEASED
FACILITYLOCATIONCARE BEDSUNITSCURRENT LEASE TERM
TIME TO NEXT
RENEWAL
RIGHTS OF RENEWAL TIME TO FINAL EXPIRY LANDLORD
KensingtonHamilton96-10 yrs2.1 yrs2 x 10 yrs12.4 yrsA
Potter HomeWhangarei55-20 yrs7.6 yrs2x 15 yrs37.6 yrsB
RimuParkWhangarei55-20 yrs7.6 yrs2x 15 yrs37.6 yrsB
WaipunaAuckland86-30 yrs14.8 yrs-24.8 yrsC
Hampton CourtNapier45-10 yrs6.9 yrs-6.9 yrsD
BaycareNorthland45-12 yrs4 yrs3x 12 yrs40.0 yrsE
MatuaTauranga149-30 yrs20.6 yrs-20.6 yrsF
AlthorpTauranga117-15 yrs6.4 yrs3x 10 yrs36.4 yrsG
Millstream
1
Ashburton80-35 yrs29.3 yrs-29.3 yrsH
Millstream Apartments
1
Ashburton19-5 yrs2.4 yrs2x 5 yrs12.4 yrsH
GlaisdaleHamilton80-15 yrs10.2 yrs2x 15 yrs40.2 yrsI
HawthorneChristchurch94-10 yrs8.1 yrs2x 10 yrs18.1 yrsJ
Total leased921-n/an/an/an/a
Simple average leased77-17.7 yrs10.8 yrsn/a26.4 yrs
Directory of facilities
APPENDIX 8
1 Millstream and Millstream Apartments are one facility but Millstream Apartments has a separate lease to the main facility.

Radius Care
32
Directory of facilities
APPENDIX 9
OWNED
FACILITYLOCATIONCARE BEDSUNITS
St HelenasChristchurch52-
Thornleigh Park New Plymouth 63-
LexhamParkKatikati63-
HeatherleaNew Plymouth 55-
TaupakiGables Kumeu60-
Windsor Court Ohaupo76-
ElloughtonGardens Timaru86-
Clare House Invercargill69-
Clare House Village Invercargill-25
Arran CourtAuckland102-
Peppertree
Palmerston
North
62-
St JoansHamilton82-
Fulton HomeDunedin93-
Windsor Court Village Ohaupo-22
ElloughtonGrange
Village
Timaru-54
Total owned863101
Simple average owned7234
TOTAL
FACILITYCARE BEDSUNITS
Leased921-
Owned 863 101
TOTAL
1784 101

Radius Care
33
Importance
Notice and
Disclaimer
This presentation has been prepared by Radius Residential Care Limited (“Radius Care”), for informational purposes. This
disclaimerappliestothisdocumentandtheverbalorwrittencommentsofanypersonpresentingit.
ThispresentationsetsoutinformationrelatingtoRadiusCare’sfullyearresultfortheperiodto31March2022.Assuch,itshould
be read in conjunction with the audited consolidated financial statements for Radius Care and its subsidiaries for the period
ended 31 March 2022 (“Financial Statements”) and other material that Radius Care has released to NZX along with this
presentation.Thatmaterialisalsoavailableatwww.radiuscare.co.nz.
Incertainsectionsofthispresentation,RadiusCarehaschosentopresentcertainfinancialinformationexclusiveoftheimpactof
significant items. A number of non-GAAP financial measures are used in this presentation which are used by management to
assessthe performance of the business and have been derived from the Financial Statements. You should not consider any of
thesefinancialmeasuresinisolationfrom,orasasubstitutefortheinformationprovidedintheFinancialStatements.
This presentation may contain forward-looking statements and projections. Such forward-looking statements are based on
current expectations, estimates and assumptions and are subject to a number of risks and uncertainties, including material
adverse events, significant one-off expenses and other unforeseeable circumstances. There is no assurance that results
contemplated in any of these projections and forward-looking statements will be realised. Actual results may differ materially
from those projected. Except as required by law, or the NZX Listing Rules, no person is under any obligation to update this
presentationatanytimeafteritsreleaseortoprovidefurtherinformationaboutRadiusCare.
TheinformationinthispresentationhasbeenpreparedingoodfaithbyRadiusCare.NeitherRadiusCarenoranyofitsdirectors,
employees, shareholders nor any other person give any representations or warranties (either express or implied) as to the
accuracyorcompletenessoftheinformationinthispresentationandtothemaximumextentpermittedbylaw,nosuchperson
shallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,arisingfromanyfaultornegligence)
arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
Thispresentation isnota product disclosurestatement or other disclosure document, or an offer ofsharesfor subscription, or
sale,inanyjurisdiction.Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,tax
oranyotheradviceorarecommendation.
This presentation has been prepared by Radius Residential Care Limited (“Radius Care”), for informational purposes. This
disclaimerappliestothisdocumentandtheverbalorwrittencommentsofanypersonpresentingit.
ThispresentationsetsoutinformationrelatingtoRadiusCare’sfullyearresultfortheperiodto31March2022.Assuch,itshould
be read in conjunction with the audited consolidated financial statements for Radius Care and its subsidiaries for the period
ended 31 March 2022 (“Financial Statements”) and other material that Radius Care has released to NZX along with this
presentation.Thatmaterialisalsoavailableatwww.radiuscare.co.nz.
Incertainsectionsofthispresentation,RadiusCarehaschosentopresentcertainfinancialinformationexclusiveoftheimpactof
significant items. A number of non-GAAP financial measures are used in this presentation which are used by management to
assessthe performance of the business and have been derived from the Financial Statements. You should not consider any of
thesefinancialmeasuresinisolationfrom,orasasubstitutefortheinformationprovidedintheFinancialStatements.
This presentation may contain forward-looking statements and projections. Such forward-looking statements are based on
current expectations, estimates and assumptions and are subject to a number of risks and uncertainties, including material
adverse events, significant one-off expenses and other unforeseeable circumstances. There is no assurance that results
contemplated in any of these projections and forward-looking statements will be realised. Actual results may differ materially
from those projected. Except as required by law, or the NZX Listing Rules, no person is under any obligation to update this
presentationatanytimeafteritsreleaseortoprovidefurtherinformationaboutRadiusCare.
TheinformationinthispresentationhasbeenpreparedingoodfaithbyRadiusCare.NeitherRadiusCarenoranyofitsdirectors,
employees, shareholders nor any other person give any representations or warranties (either express or implied) as to the
accuracyorcompletenessoftheinformationinthispresentationandtothemaximumextentpermittedbylaw,nosuchperson
shallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,arisingfromanyfaultornegligence)
arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
Thispresentation isnota product disclosurestatement or other disclosure document, or an offer ofsharesfor subscription, or
sale,inanyjurisdiction.Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,tax
oranyotheradviceorarecommendation.

Radius Care
34
Thank You

---

30 May 2022

Strong FY22 Result and Property Purchases Position Radius for
Continuing Growth

Financial highlights:
 Total income: $135.9m, up 7.8%.
 IFRS Net profit after tax: $2.7 million, up 56.8%.
 Pre-IFRS 16 Underlying EBITDA
1
: $10.7 million, up 2.3%.
 Premium Accommodation Charging: $6.8 million up 20.5%.
 Underlying EBITDA: $22.3 million, down 4.7%.
 Final cash dividend: 0.55 cps takes FY22 total cash dividend to 1.05 cps.
Operational highlights
 Average occupancy for March 2022 of 92%.
 Available beds increased by 4% to 1,784.
 Portfolio of 23 facilities: 12 owned + 11 leased.
 Bed numbers in development pipeline increased from 104 to 294 and retirement
units increased from 40 to 167.

Radius Residential Care Limited (Radius Care, NZX: RAD) today announced its results for
the 12 months to 31 March 2022.
“Radius Care delivered strong results that were well within the guidance metrics provided
in November 2021. This is an excellent performance given the challenges the year
presented. It’s a testament to the resilience of our business model and the amazing
dedication of our people. They continued to excel in their jobs irrespective of the various
challenges provided by lockdowns, rostering pressures as colleagues isolated and supply
chain disruptions” said Andrew Peskett, Chief Executive.
"FY22 was also notable for the significant property transactions undertaken. We now
have a development pipeline of 294 additional beds. We’re delighted that the majority of
these are likely to be our new care suite product where residents buy an Occupation Right
Agreement (ORA). There’s been a high level of interest in this offering and we’re looking
forward to introducing it to the market”.

People
During the half year Andrew Peskett was appointed as CEO and Wendy Jenkins was
announced as Radius Care’s CFO with a July 2022 start date. Andrew is a very experienced
senior executive and came to Radius Care after 14 years at Metlifecare including being
appointed as Acting CEO in 2021 following the company’s takeover by EQT. Wendy is a
proven leader who will bring significant commercial acumen and listed company
experience to the team. These appointments have helped to refresh the executive team
that will both lead Radius Care and provide support to the 1,600+ staff who deliver every
day to the tag line of Exceptional People, Exceptional Care.

1
Underlying EBITDA is a non-GAAP, unaudited financial measure and differs from NZ
IFRS net profit after tax. A reconciliation is included within the Investor Presentation
accompanying this release.

“I’ve spent a lot of time recently visiting our superb care homes. It’s a pleasure to engage
with our residents and staff. My overwhelming sense is that our residents and their
families are highly appreciative of the high levels of care they receive and our staff treat
our residents with enormous levels of respect and as members of their own family. This
strong bond makes for a very special culture that is difficult to replicate,” said Mr Peskett.

Financial performance
Revenue from care services increased 8.9% for the year to $132.1m. Total income was
$135.9m, up 7.8%.
Reported profit for the year was $2.7m compared with $1.7m in the prior year. Pre-IFRS
Underlying EBITDA for the year was $10.7m, up from $10.5m in FY21. Underlying EBITDA
for the year was $22.3m, compared to the $23.4m earned in FY21.
Underlying EBITDA
2
per bed increased 1.8% from $19.5k in FY21 to $19.9k, significantly
greater than the industry average and several of Radius’s major competitors. Continuing
growth in this key metric is expected.
Wage pressure was reflected in employee costs increasing 10.6% to $82.4m. Other
expenses increased 6.7% to $30.2m. Total expenses increased 7.1% to $132.9m.
At 31 March Radius Care had total assets of $290m and $30m of debt. Its investment
property portfolio was valued at $46m, property, plant and equipment at $74m and right-
of-use assets (or leased assets) of $134m. Following the acquisition of four facilities from
UCG Investments Limited for $46.7m on 6 May 2022, land and buildings increased by
$46.7m and right-of-use assets reduced by $27.1m.
Cashflow from operating activities was $9.9m compared with $14.5m for FY21. Net cash
used in investing activities was $52.8m compared with $5.1m for the prior year. Net cash
provided by/used in financing activities was $42.2m compared with ($9.0m) for FY21.

Property portfolio changes
Radius Care’s strategy is to acquire facilities it leases, acquire aged care facilities from
third parties, develop new facilities and expand its existing facilities.
“We’ve executed our strategy by undertaking three large property transactions in the
past ten months. In August last year we bought the land and buildings of four leased
facilities in Auckland, Waikato, Taranaki and Canterbury for $31.4m. We acquired Clare
House in Invercargill from a third party for $14.5m in November 2021. The land and
buildings at a further four leased facilities were acquired for $46.7m just after our 31
March balance date,” said Mr Peskett.
As the owner of a site, rather than lessee, Radius Care can expand and reconfigure it to
best suit its needs. All these purchases were immediately earnings accretive due to
borrowing costs being lower than the lease payments.
“As a result of the acquisition of the nine sites, the overall number of beds expected to
be added across our portfolio has increased from 104 to 294 and independent living units
from 40 to 167. That will see a very significant expansion in our product and services
offerings over the next few years. These rooms will attract additional accommodation
supplements, further boosting our underlying EBITDA per bed” added Mr Peskett.

Operational performance
A key performance metric for Radius Care is to increase the proportion of revenue derived
from non-government contract streams. Direct private revenue paid for non-government
funded services and amenities was $14.6m, up from $13.8m last year. As a percentage of
total revenue, it amounted to 10.8%, slightly lower than 11.0% achieved last year due to
lower village revaluation gains.

2
Post IFRS 16

FY23 development activity
Construction of an additional 24 beds at Thornleigh Park, New Plymouth is underway.
These will be completed and added to the available bed pool by March 2023. Resource
consent applications have been lodged for the addition of 61 beds at Lexham Park and
Taupaki Gardens. It is expected that the building work at these facilities will commence
during the FY23 year.
With an overall pipeline of 294 beds, the additional beds are expected to be delivered
over the next three to four years.

Labour environment
In FY22 labour costs comprised 62.0% of total operating expenses, up from 60.0% in FY21.
Despite New Zealand’s borders being fully reopened from 31 July, nurses (and other
healthcare workers) who arrive after that date are not able to apply for residence for two
years. This is an extremely unsatisfactory situation. In addition, most partners of
temporary migrant workers will need to qualify for an Accredited Employer Work Visa in
their own right, instead of automatically getting an open work visa with the ability to
come to New Zealand from 4 July.
“Along with our industry peers, we are lobbying the Government to take another look at
these decisions. The policy setting is simply not helpful in addressing the critical worker
shortage we currently face. There is no logic to where the Government has decided to
land in regard to allowing skilled and qualified healthcare workers to immigrate to New
Zealand” said Mr Peskett.

Dividend
Radius Care’s dividend policy is to distribute 50% to 70% of Available Funds From
Operations (AFFO) across two payments with the payments being relatively even.
In line with the policy, a final cash dividend for FY22 of 0.55 cents per share will be paid
on 22 June making a total cash dividend for the year of 1.05 cents per share. The pay-out
rate of 67.5% of AFFO is near the top end of the policy range. The dividend is in line with
the 1.05 cents per share in FY21. Full imputation credits will be attached, increasing the
dividend to 1.46 cents per share on a gross basis.
Directors are considering the implementation of a dividend reinvestment plan in future.

Outlook
“Radius Care has been in a growth phase through FY22 and this will continue in FY23 and
beyond. We expect our care business to continue to enjoy growth driven by increased
bed numbers and further portfolio optimisation, including an increased focus on premium
charging and providing care suite ORAs. Overall industry dynamics point to continuing
demand for Radius Care’s high acuity and specialist care and services from aging and
unwell New Zealanders. This underpins the company’s expectation of continued demand-
driven growth, supporting the expansion of the aged care and retirement village
offering,” said Mr Peskett.
An update on FY23 performance to date will be provided at the annual shareholders
meeting later in 2022.

Ends

For further information, please contact:
Andrew Peskett
Chief Executive Officer

Phone: +64 21 747 363
Email: Andrew.Peskett@radiuscare.co.nz

Radius Care was founded in 2003 and operates in the New Zealand aged care and
retirement village sectors. It is a nationwide provider offering the full range of
accommodation and care options giving residents the ability to "age in place". Today,
Radius Care operates 23 aged care facilities, of which it owns 12 and leases 11. It also
owns and operates three retirement villages and an online shop for specialist assisted-
living products. The company employs over 1,600 people, including highly qualified
healthcare staff who are committed to providing the very best in nursing care. Radius
Care listed on NZX in December 2020. For more information visit radiuscare.co.nz or
check out our Facebook page @RadiusCareNZ.

---

Results for announcement to the market
Name of issuer Radius Residential Care Limited
Reporting Period 12 months to 31 March 2022
Previous Reporting Period 12 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $133,380 9.1%
Total Revenue $135,933 7.8%
Total net profit $2,673 56.8%
Underlying EBITDA (non-GAAP) – see
explanation below
$22,261 (4.7%)
AFFO (Available Funds from Operations) $4,179 12.3%
Final Dividend
Amount per Quoted Equity Security $0.00763889
Imputed amount per Quoted Equity
Security
$0.00213889
Record Date 7 June 2022
Dividend Payment Date 22 June 2022
Current period Prior comparable period
Net tangible assets (000s) $46,447 $3,462
Net tangible assets per Quoted Equity
Security
$0.17 $0.02
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
Underlying EBITDA and AFFO are non-GAAP (non-
Generally Accepted Accounting Practice) measures
and differ from NZ IFRS and IFRS Net Profit after
Tax and Net cash provided by Operating Activities,
respectively. Underlying EBITDA and AFFO do not
have a standardised meaning prescribed by NZ
GAAP (Generally Accepted Accounting Practice in
New Zealand) and so may not be comparable to
similar financial information presented by other
entities. The Group uses Underlying EBITDA and
AFFO, with other measures, to monitor financial
performance and for shareholder dividend
determination considerations. The Group uses these
measures consistently across reporting periods.
AFFO is a non-GAAP measure of available cash
used by the Group to indicate the level of
shareholder dividend it may pay.
Net tangible assets per quoted equity share has
increased as a result of the acquisitions of the

Ohaupo properties, the issue of shares and the
acquisition of Clare House in July/August 2021 and
November 2021 respectively.
Authority for this announcement
Name of person

authorised to make this
announcement
Michelle Slabber
Contact person for this announcement Michelle Slabber
Contact phone number 021 0242 1922
Contact email address Michelle.slabber@radiuscare.co.nz
Date of release through MAP

30 May 2022
Audited preliminary results accompany this announcement.

---

Section 1: Issuer information
Name of issuer Radius Residential Care Limited
Financial product name/description Ordinary shares
NZX ticker code RAD
ISIN NZRADE0005S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X

Quarterly
DRP applies Special
Record date 07/06/2022
Ex-Date (one business day before the Record Date) 03/06/2022
Payment date (and allotment date for DRP) 22/06/2022
Total monies associated with the distribution $1,480,837
Source of distribution (for example, retained earnings) Retained Earnings
Currency NZ$
Section 2: Distribution amounts per financial product
Gross distribution $0.00763889
Gross taxable amount $0.00763889
Total cash distribution $0.00550000
Excluded amount (applicable to listed PIEs) N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please state imputation rate as
% applied
28%
Imputation tax credits per financial product $0.00213889
Resident Withholding Tax per financial product $0.00038194
Section 5: Authority for this announcement
Name of person authorised to make this announcement Michelle Slabber
Contact person for this announcement Michelle Slabber
Contact phone number 021 0242 1922
Contact email address michelle.slabber@radiuscare.co.nz
Date of release through MAP 30/05/2022

=== IR PAGE TRANSCRIPT: FY22 Annual Results Call Transcript ===

Andrew Peskett: Good morning. My name is Andrew Peskett, and I'm the Chief Executive of Radius
Care. I'd like to thank you all for joining the call this morning to discuss our 12 months
to 31 March 2022. This is my first set of results as the CEO. I was appointed on 1st
of February this year. Today with me I have Brien Cree, the Executive Chair, who
focuses on growth opportunities through development and acquisition, and Michelle
Slabber, our GM Finance, who's done a wonderful job of preparing these financial
results.
The pack was released to NZX this morning at 8:30, and included this presentation.
We will walk you through each of the slides at some pace. I know some of you have
a call at 11 to join afterwards. And there will be a transcript available after the call this
Slide 3 Much of the activity of the board and management recently has been directed to
establishing and building a strong growth springboard. FY22's strong property theme
has brought this into stark focus with a significant strategic shift having been
achieved.
The Ōhaupō, Invercargill, and UCG transactions have all moved the dial for us. We
now own the majority of facilities, 12 out of 23, and have a sizable development land
bank that's previously been out of our reach. There are two primary parts to this. We
have both care beds and retirement units. Over half of the care beds will be sold as
care suites, an ORA-based product that we'll talk to you more about later in the
presentation. Care suites are a new product to Radius Care. By adding retirement
units to our facilities, we will offer a full continuum of care for residents.
So having done the hard yards, Radius Care has now achieved a critical mass and is
at a tipping point where the pace of our growth metrics will accelerate. I'm super
fortunate to have come in when much of the hard work has been done, but plan to
keep driving the growth harder and faster. And to that end, I'm delighted to have
Wendy Jenkins join the team in July. Wendy’s considerable experience and intellect
will add a really positive dynamic to the team. I see us being able to deliver even
more strongly on the strategic focus and deliver more on top of our strong operating
base.
Slide 4 Today we will talk broadly about the FY22 performance and the metrics. Then dive
slightly more deeply into the numbers and finish off talking about strategy and our
medium-term plans before opening up the call for questions.
So I'll now hand over to Brien to talk through the next few slides. Brien.
Brien Cree: Thanks, Andrew. And good morning, everyone.
Slide 6 The guidance we gave was for pre-IFRS EBITDA of $10-11.5 million. We landed at
the midpoint of $10.7 million, an increase of 2% for the year. Profit was up a healthy
57%. Available funds from operations at $4.2 million was within the guidance range
of $4-5 million. One of our key performance metrics is underlying EBITDA per bed.
That ticked up to just over $19,900 per bed, showing growth of 2%. And the revenue
for residents paying accommodation supplements was up a little over 20% on last

year. This is a revenue line that you can expect to see continue to grow. Our
programme of acquiring land and buildings saw debt increase as at 31 March with
the offset being a reduction in the value of lease liabilities as properties move to
owned from lease.
Slide 7 Property transactions are a recurring theme in these results. Lease sites at Kumeū,
Ōhaupō, which is in Hamilton, New Plymouth, and Timaru, were settled in August
after we raised a little over $48 million. A great site in Invercargill was bought in
October. And then we settled on four sites in Hamilton, Auckland, Palmerston North,
and Dunedin. As part of that transaction, we also negotiated an option to acquire a
fifth site in Hamilton.
Slide 8 We now have Andrew in place as CEO and Wendy will start with us in July, as CFO.
Andrew and Wendy are both very experienced and have very complimentary skills.
We are in really good hands with these two as our most senior executives leading the
company. With Andrew's appointment a few months ago as the CEO of the
company, my role has returned to strategy and the long-term focus. Our 1600-plus
staff across the country are the day-to-day face of Radius.
I will let Andrew talk for himself, but it's been great to hear him come back from visits,
to be totally buzzing about the staff he's met, and their respect and kindness for the
residents they're looking after. And in talking with families about how grateful they are
for the wonderful care they are seeing for their relatives. We have an X-factor at
Radius, and it's wonderful to hear our values and our tagline "exceptional people,
exceptional care" really reflect the way our team act and behave. The last 12 months
have been tough for our staff. There's been COVID everywhere. There's been havoc
with rosters and there's been added pressure on each of our staff members through
their personal situations. They're an incredible team. And on behalf of the board, I
wanted to publicly acknowledge their dedication. So thank you all to our team.
I'll now hand you over to Michelle Slabber, our GM of finance, to talk about the high-
level financials.
Michelle Slabber: Thank you, Brien. And good morning everybody.
Slide 9 Radius Care had a good year financially. Revenue was up 8%, which is above the
three-year compound average growth rate of 7.3%. The pre-IFRS 16 underlying
EBITDA came in within guidance range we gave in November with the half-year
results.
Slide 10 Radius Care's dividend policy is based on AFFO. The targeted payout range is 50 to
70%. For FY22 we've got a payout rate of 67.5%. The dividend will be fully imputed
and that brings us to a total FY22 dividend of 1.46 cent pre-tax. I'll hand back now to
Brien.
Brien Cree: Thanks, Michelle. I now want to go through some of the operating metrics that are
drivers of the financial performance.

Slide 14. Total revenue has been growing at a five-year average compound rate of 9.3%. Age
care is still the largest revenue driver. However, retirement village revenue now
makes up a useful additional revenue stream. Radius has been able to achieve
higher growth through our focus on increasing occupancy, a focus towards higher
acuity care, and the higher rate per night from our accommodation supplements. The
proportion of our revenue base coming from this area has been steadily growing and
makes up around 11% of revenue. Our expectation is that we'll continue to see this
revenue stream grow in dollar terms and likely also as a percentage of revenue.
Slide 15. Around 87% of our beds are certified for high acuity care. The average in New
Zealand for the aged care sector is 53% of beds being certified for high acuity and
specialist care. How those beds ended up being used during the year were slightly
changed from last year. And that was due mainly to the changing landscape driven
by COVID.
Slide 16 You'll see that Radius Care's portfolio is orientated towards high acuity and specialist
care. So less driven by property market cycles and more by population
demographics. Many of our 23 facilities continue to run at 95 – 100% occupancy this
year. Average occupancy across the whole group for the year was 92%, well ahead
of the industry average of 86% as at the December quarter.
Slide 17 There is a summary that gives deeper detail on the revenue stream paid direct by
residents. So that's that accommodation supplement. Accommodation supplements
are an important source of non-government-funded revenue for Radius. With
revenue growing by over 21% year-on-year, and per care bed by 19%, we clearly
have an offering that is attractive to residents. That percentage is growing each year
as rooms are upgraded.
We have 294 beds in our development bank. Some will be available as standard
rooms and we propose that over half of these will be offered as care suites with an
occupation right agreement. Andrew will talk more about this new product.
Labour is our single largest expense category. You will have heard about the pain
that the care industry has had to endure, particularly in the last year. Believe me, it's
very real and it's incredibly frustrating to see the lack of action being taken by the
government to address this. Opening the border on July 4 will not completely remove
this issue overnight as healthcare workers are not able to apply for residency for two
years. And if they come here with a partner, their partner also needs to be travelling
on an accredited employer work visa. However, we have made sure we're as well-
positioned as we can be to see the staff and pressure come off.
Radius Care has a very systematic approach to providing care and that enables us to
focus on what is important to us, and that is providing the best care we can. It is a
proven model that benefits from our almost two decades as a leading player in the
sector, good facility management, strong clinical care, and a well-managed roster.
The right people in the right place doing the right things is the best combination for

delivering a strong underlying EBITDA per care bed. We deliver 2% growth in this
key performance metric. I'll now hand you back to Andrew to cover strategy.
Andrew Peskett: Thanks, Brien.
Slide 18 As you can see, we are delivering on our strategy. The four strategic pillars are set
out in the slide. And I'd like to talk you through each of those at a pretty high level.
First, Brownfield developments. We have opportunities at most of our existing sites.
And having the ownership of 12 sites helps to open up that development programme.
We have at least 294 beds in the pipeline and looking at opportunities on all of the
sites to increase that. And only a week or two ago, Brien and I were down at
Thornleigh Park, seeing the 24 beds that are being delivered there. That project is on
time and on budget, which in the current circumstances is very pleasing.
We also have resource consent applications lodged for our facilities at Katikati and
Kumeū. Lexham Park at Katikati is the development where we’ll have the first of the
new care suite product that I'm going to talk to briefly later.
The second of the four strategic pillars is purchasing leasehold properties. We
recently acquired four of our leasehold sites from UCG and in total in the last year
we've bought eight facilities that were leased. That brings the majority of our facilities
and our portfolio under our ownership.
Thirdly, the true Greenfields development and Northwood sites down in Christchurch
is an excellent example of this. We'll be looking to develop that to nearly 200 units
that will include villas, apartments, care suites, and care beds. And earthworks are
expected on that project to start early next year. And we'll also be looking for other
Greenfield sites moving forward. And lastly, at the bottom of the page, opportunistic
value accretive acquisitions. What does that mean? That's existing care homes.
Brien and the team are actively engaged with a number of contacts on this.
And at the end of last year, we acquired Clear House, which is a wonderful
retirement village and care home at the bottom of the South Island and looking to
acquire more under that strategic limb.
Slide 19 Next is the developments we talked about. Thornleigh top left is the development
Brien and I were at a couple of weeks ago. And the other three images are of our
plan developments. It’s really exciting to be launching these and great to be on-site.
St. Jones in Hamilton has a massive development potential that we've acquired
through UCG. And again, walking that site recently, it's really exciting about what we
can convert into care suites and care beds at that site.
Slide 20 You've heard quite a bit about care suites and throughout the sector. This has been
done pretty well by some operators. And we are looking to launch our care suite
product with the careful mix between care suites and premium charging in our
products. A care suite is effectively a care bed with an occupation right agreement
over it. The ORA is purchased upfront. It changes the development metrics and, in
some regard, improves feasibilities in the short term. We are looking to launch that

product throughout our development pipeline. The first will be at Lexham Park in the
second half of FY24. We will then be introducing care suites at our Northwood
Greenfield project. And we have at least four other sites where we're in concept
planning phase for care suites, including many of the UCG properties.
Slide 21 To sum up. We've had a really good year and we're in a great place with launching
our growth springboard to then accelerate performance in the medium term. I'm
really excited by that. Brien and the rest of the executives are super excited about the
opportunities under the new leadership team. We have a very active development
and construction programme that we've talked to this morning.
Our sustainability programme is now well underway and fully supported by the board
and the executive team. There will be more colour on in it in the annual report next
month.
Then following the annual report I look forward to updating you all at our annual
meeting, which is likely to be in July. Dates to follow shortly. And we'll give you a
progress update on FY23 there.
I'd now hand back to Noah to open the call for questions. As I said, conscious that
some of you may wish to be on 11 o'clock call, but we are available for as long as
you like to answer your questions.
Operator: Thank you. If you wish to ask a question, please press *1 on your telephone and wait
for your name to be announced. If you wish to cancel your request, please press *2.
If you are on a speakerphone, please pick up the handset to ask your question. Your
first question comes from Stephen Ridgewell with Craigs Investment Partners.
Please go ahead.
Stephen Ridgewell: Yeah. Good morning. Thanks for the presentation and good growth during the year.
Just a question on the care suite product. I’m interested in why you've chosen
Lexham and Northwood for the first batch of products and a few more details on
those products would be good. Is it going to be a refurbishment of existing beds? Are
they complete new builds? And can you give us a steer on how you’re thinking about
pricing those both in terms of price point where you think the market can bear and
then also a DMF structure, have you got that sorted or is that a work in progress?
Thank you.
Brien Cree: Hi Stephen, the main reason for choosing Katikati and Northwood in Christchurch is
they’re existing sites and we are keen to get that product out there. So in both cases,
they will be brand new products, brand new rooms. And in terms of the occupation
right agreement terms, we will be running our standard terms, which is 30% DMF.
And in terms of price point, yet to be finally determined. We've found with Northwood
that, in Christchurch particularly, despite negative press, the property prices are
continuing to go up. So we are in a position where we are constantly reviewing the
price, but at this stage, it's only going one way and that's up. So we will be pricing
them as high as we can without pricing them out of the market. But we do feel that in

both cases, they're both good sort of middle to higher net worth areas. So we expect
they'll price quite well.
Stephen Ridgewell: Thank you. And then just philosophically, could you just touch on what you see as
the point of difference of these care suite products compared to some of what your
listed peers are developing or is it more just leaning on the Radius brand with that
product?
Brien Cree: It's a little bit of a mix of both. I suppose all of us think that we have a better product
than the others. However, we do think that, and on top of that, we have the Radius
Care brand. Remember that a care suite has care delivered into it. So it's a person
who's buying a care suite who actually wants care. And so we are delivering Radius
Care into that care suite, which we believe is a point of difference.
Andrew Peskett: Just to add to that, I think that's a really good point, given the strength of the Radius
Care brand and level of care delivered. I think that's critical. And adding to 30% DMF
just for clarity we'll probably do something similar to Oceania's front loading of that.
Haven't got the numbers here, but front-loaded. So not spread over three years.
Stephen Ridgewell: Thank you. In the terms of the EBITDA per bed, which you're reporting at just under
20 grand. There are different ways to kind of report this and we do see different
reporting standards across the sector, but even putting that to one side that does
seem to be certainly towards the top end of this sector, earnings per bed. Can you
share your thoughts as to why Radius is able to earn higher EBITDA per bed than
certainly than the sector average? Brien, you alluded to a secret sauce earlier. Is that
more, do you think, towards the specialist care or mix that you've got or other things
that you'd point to as driving those higher earnings per bed? Thank you.
Andrew Peskett: That point of difference, it's kind of, I think secret sauce is about right. And that's one
thing I've really learned in the last few months is how our customers and their
families do value that care. And it really hits you every time you go to a care home
from the time you enter the care home grounds into the care home itself. Look, in
terms of versus competitors, I've thought long and hard about that. It's public that
Oceania's EBITDA per bed is roughly half ours - potentially that's their older stock
and not getting premiums on it. We always report consistently, and I think it's
relatively consistent reporting across the business, across the industry. So we are
super pleased that we're ahead of the market on that.
Stephen Ridgewell: Cool. Thank you. That's all from me.
Andrew Peskett: Thanks, Stephen.
Operator: Your next question is a follow-up question from Stephen Ridgewell with Craigs
Investment Partners. Please go ahead.
Stephen Ridgewell: I'd follow up on the cost pressures and the step there. And just linking back to the
EBITDA per bed around about 20 grand. Are you feeling comfortable in the year
ahead that you can maintain earnings per bed, just given the staff pressures we are

seeing. I'm just interested in your thoughts there and any thoughts you have on the
potential outcome of the government funding review underway would be potentially
helpful in that regard as well. Thank you.
Andrew Peskett: Look, we're always hopeful of more money from the government, but I'm not going to
on this call predict that will happen. But in terms of the year ahead and years ahead,
we've made a statement that we are looking that our future growth and the EBITDA
per bed, and what's that based on. Our ?? rates have increased 20% over the year.
That's a great result. I personally believe and have talked to a number of you on the
call around the potential for that for optimising our premium charging into the future.
And that'll be a long-term play as we roll that out in coming months. So that's a large
offset to the increased costs. And that's why we’re reasonably optimistic. Does that
answer your question?
Stephen Ridgewell: Great. That does. Thank you. And then just in terms of development and Andrew,
you did touch on quite an ambitious lift in construction rates and such in the next few
years. Just interested as to where you feel the team's position in terms of resourcing
and particularly on the development side and construction side. Can you give us
some colour on whether you feel you need additional resourcing there or how you're
going to manage that lift in build rate over the next few years?
Andrew Peskett: Yeah. Thanks, Stephen. We have had a pretty lean team here generally in support
office. And I think that's a strength in terms of overall operating costs and keeping
that lean is something that I'm keen to do. But from a development perspective, we
will need to scale up slightly. We've got a project manager starting in the next few
weeks to assist our general development because from experience bringing some of
the costs and expertise in-house has not only cost but also outcome upside. So, we'll
do it in a measured way and only when developments are committed to, but certainly,
I’m supportive of where necessary some more in-house resources, not massive
team, but to offset the external costs over time.
Stephen Ridgewell: Great. Thank you. That's all for me.
Andrew Peskett: Thank you all for attending today. It's an exciting time and it's been a privilege to
present to you today, and we look forward to engaging with you in the future. And if
you do have questions for us, the phone's open to answer you one-on-one and have
a great day all. Thank you.
Brien Cree: Thank you.
Michelle Slabber: Thanks.
Operator: That does conclude our conference for today. Thank you for participating. You may
now disconnect.