Radius Care Delivers 39% First Half Year Profit Growth
25 November 2024
Radius Care Delivers 39% First Half Year Profit Growth
Radius Residential Care Limited (NZX: RAD) today announced its results for the six
months ended 30 September 2024.
Highlights:
• Underlying EBITDA of of $10.6m
1
, adjusted for the sale of one care home, was 14%
up on comparative period (pcp).
• EBITDAR per bed was $13.4k
2
for the half year, up 10% on $12.2k for the six months
ended 30 September 2023.
• Net Profit After Tax was $2.0m, up 39% on the pcp.
• Operating Cashflow of $6.6m, up $1.0m on the pcp.
• Occupancy was 93.4% at period end, ahead of industry average.
• Financing costs decreased by $1.8m, or 35%, on the pcp.
• Interim cash dividend of 0.65 cents per share, fully imputed.
• Acquisition of 51% of Cibus Catering, completed on 25 October 2024.
People
“I want to give immense thanks to our exceptional people, who have continued to
deliver exceptional care to our residents. Radius Care has once again delivered
industry leading results and continued earnings growth despite having one less care
home in our portfolio following the sale of Arran Court in January 2024” said Andrew
Peskett, Radius Care’s CEO.
Certification audit results achieved during the first half of this financial year are
testament to the quality of care provided to our residents. Currently, 15 of our care
homes have attained the maximum four-year certification period (up from seven as
at 31 March 2024), with another two likely, following recent audits.
Business Performance
Radius Care’s business has delivered growth in all key metrics.
Occupancy levels remained strong and above industry averages, lifting to 93.4% at
the end of the period. The strong operating performance was assisted by improved
bed mix, growth in accommodation supplement revenue and tight cost control.
“The quality of our operating performance and industry leading results positions
Radius Care for accelerated growth. The recent acquisition of a 51% stake in Cibus
Catering, a specialist provider of catering, menu and nutrition planning to the Aged
Care sector, will immediately contribute to growth”, said Mr Brien Cree, Radius
Care’s Executive Chair.
1
Underlying EBITDA is a non-GAAP (unaudited) financial measure. A reconciliation is
included within the Investor Interim Report and the Investor Presentation.
2
Earnings before interest, tax, depreciation, amortisation and rent.
Financial Performance
Radius Care’s key performance measure, Underlying EBITDA, was $10.6m, 14% up on
the pcp, adjusted for the sale of one care home. EBITDAR per bed was $13.4k for the
six months ended 30 September 2024 (an increase of 10% on the pcp). These results
were driven by stronger operating metrics across the business, despite having one
less care home in the portfolio.
Net Profit After Tax was $2.0m (up 39% on the pcp).
Other financial metrics all demonstrated growth on the pcp. Revenue increased 7%
on the prior period to $85.4m (adjusted for the sale of one care home). Operating
Cashflow was $6.6m (up 18% on the pcp).
Dividend
A cash interim dividend of 0.65 cents per share has been declared for the half year.
The dividend will carry full imputation credits, resulting in a gross dividend of 0.90
cents per share. The dividend will be paid on 19 December 2024, with a record date
of 5 December 2024. The Board has determined that the Dividend Reinvestment
Plan will not apply to this dividend.
Development Update
Radius is actively pursuing several opportunities to lease or acquire care homes,
including partnering with Senior Trust as announced at the annual shareholders
meeting.
An application for resource consent has been made for the development of six
additional villas at Matamata Country Lodge.
Advance planning is also continuing for the previously announced full-service
retirement village and care home in Belfast, Christchurch.
Cibus Catering
Radius Care’s acquisition of 51% of Cibus Catering completed on 25 October. Cibus
provides full-service kitchen management to 25 sites, including ten Radius care
homes, as well as menu planning and nutrition services. Cibus represents an
important step in our strategy to accelerate growth through diversification into
adjacent services that are complementary to our core offering.
Outlook
Radius Care reiterates earlier guidance that key metrics for full year FY25 are
expected to exceed the equivalent FY24 metrics despite having one less care home.
The consolidation of the recently acquired 51% stake in Cibus Catering Ltd will also
be immediately earnings accretive.
ENDS
Media and Investor Contacts
Andrew Peskett
Chief Executive Officer
Phone: +64 21 747 363
Email: andrew.peskett@radiuscare.co.nz
Jeremy Edmonds
Chief Financial Officer
Phone: +64 22 650 9354
Email: jeremy.edmonds@radiuscare.co.nz
About Radius Care
Radius Residential Care Limited was founded in 2003 and listed on the NZX in December
2020. Radius Care provides essential healthcare services to elderly New Zealanders, offering
the full range of accommodation and care options in communities throughout the country.
Today, Radius Care operates 23 aged care facilities, of which it owns 12 and leases 11. Four of
the owned facilities also include retirement villages and Radius Care’s online shop sells
specialist assisted-living products. The company employs over 1,700 people, including highly
qualified healthcare staff who are committed to providing the very best in nursing care, and
has expanded its services, establishing RConnect, a Nurse and Carer bureau and Home Care
provider. A 51% holding in Cibus Catering was acquired in October 2024. Cibus provides menu
planning and nutrition management services to the aged care sector, as well as full-service
kitchen and food management to 25 care homes across New Zealand, including ten Radius
Care sites. For more information visit radiuscare.co.nz or check out our Facebook page
@RadiusCareNZ.
---
Half Year Result
F o r 6 m o n t h s t o 3 0 S e p t e m b e r 2 0 2 4
21H25 Investor Presentation
Presenting
Today
Jeremy Edmonds
Chief Financial Officer
BA, BCom, CA
Andrew Peskett
Chief Executive Officer
BA (Hons), LLB
31H25 Investor Presentation
Agenda
Overview of 1H25
Performance
Delivered record operating and financial
performance
Analysis of
Result
Record EBITDA and operating cashflow,
demonstrating our leadership in specialist
care offerings
Positioning
Radius Care
Strategy update
AppendicesKey operational and financial metrics
Summary Profit and Loss, Balance Sheet and
Cash Flow
Radius ThornleighPark –New Plymouth
Radius Millstream -Ashburton
Overview of
1H25Performance
OP E R A T I N G P E R F O R M A N C E
D E L I V E R E D C O N T I N U E D
G R O W T H
51H25 Investor Presentation
1H25 Business Highlights
STRONG OPERATING PERFORMANCE DELIVERS EARNINGS GROWTH
Strong Operating Performance
•Record half-year with 10% increase in
EBITDAR
1
per bed.
•14% growth in Underlying EBITDA
2
, adjusted
for the sale of one care home.
•Occupancy of 93.4% at the end of the
period.
•Improved mix of higher-revenue hospital
and specialist care residents.
•Resale gains at villages of $0.6m with seven
village unit sales.
•Debt reduced due to improved operating
cashflow.
•Lower financing costs.
•Fully imputed interim dividend of 0.65 cents
per share declared, for December 2024
payment.
Highly Engaged Team
•Over 1,700 team members delivering exceptional care
in our fully staffed care homes.
Strategic Acquisitions
•Completion of the 51% acquisition of CibusCatering,
on 25 October 2024, expanding complementary
services.
FavourableIndustry Dynamics Will Underpin High
Occupancy and Growth
•Increasing occupancy driven by demographic
tailwinds and growing demand for aged care services.
•Improved macro-economic conditions evident in
easing inflationary pressure and declining interest
rates.
1.Earnings before interest, tax, depreciation, amortisationand rent.
2.Earnings before interest, tax, depreciation and amortisation. Underlying EBITDA is a non-GAAP (unaudited) financial measure which is reconciled to GAAP measures included
within the Appendices of this Investor Presentation.
61H25 Investor Presentation
1H25 FinancialHighlights
Financial Performance
•Underlying EBITDAR
1
(for the 6
months to 30 September 2024)
per care bed of $13.4k, +10% from
1H24.
•Underlying EBITDA $10.6m, +14%
on 1H24 (adjusted for the sale of
one care home).
•Accommodation supplements
increased 10% to $5.3m.
•Operating cashflow of $6.6m,
+18% from $5.6m in 1H24.
•AFFO
2
of $3.6m, +27% from $2.9m
in 1H24, supporting dividend
payouts.
•Interim dividend of 0.65 cents per
share, including full imputation
credits of 0.25 cents per share, to
be paid on 19 December 2024.
Balance Sheet Position
•Total assets of $330.5m.
•Investment properties
of $74.3m, +$0.7m from
FY24.
•Drawn debt of $73.3m,
down $2.6m from FY24.
1.Earnings before interest, tax, depreciation, amortisationand rent. Underlying EBITDAR is a non-GAAP (unaudited) financial measure.
2.Available Funds From Operations is a non-GAAP (unaudited) financial measure which is reconciled to GAAP measures included withinthe Appendices of this Investor Presentation.
Radius Matamata Country Lodge
71H25 Investor Presentation
Our People
Radius Millstream -Ashburton
Engaged, motivated and settled teams including Care Home
Managers, Regional Managers and Executives.
95% of new hires are happy with their jobs.
Staff turnover below sector levels, at 23% for the company.
43 point increase in employee net promoter scores in the
past two years (showing a highly engaged workforce).
Over 60% of management positions have been filled by
internal job candidates.
81H25 Investor Presentation
Care Home Certification
Four years / max certification
1
Two audit results pending are
likely to take Radius Care to 17
care homes with four year
certification (74% of care homes).
1.Audit certification periods range from one to four years. Four years is the maximum possible period.
5
6
77
15
2
0
2
4
6
8
10
12
14
16
18
FY21FY22FY23FY241H25
Clean audits completed, awaiting confirmation of four year certification
Number of Care Facilities -Four Years / Max Certification
91H25 Investor Presentation
Radius St Helenas
Analysis ofResult
E B I T D A A N D C A S H F L O W G R O W T H
D E M O N S T R A T E O U R L E A D E R S H I P I N
S P E C I A L I S T C A R E O F F E R I N G S
Radius Millstream -Ashburton
101H25 Investor Presentation
Financial PerformanceOverview (exclArran Court)
$m
6.4
9.3
10.6
0.0
2.0
4.0
6.0
8.0
10.0
12.0
1H231H241H25
Underlying EBITDA
Underlying EBITDA of $10.6m, +14% vs pcp
10.7
12.2
13.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
1H231H241H25
Underlying EBITDAR per Care Bed
1
(for the 6 months to 30th September 2024)
Market leading returns
$000
1.Underlying EBITDAR for aged care segment divided by the average number of care beds occupied during the period.
Continued strong
occupancy,
improved bed mix,
accommodation
supplement growth,
and tight cost
management, have
materially lifted
Underlying EBITDA
and Underlying
EBITDAR per Care
Bed.
111H25 Investor Presentation
7% Revenue Growth (excl Arran Court)
3.6
4.7
5.3
0.0
1.0
2.0
3.0
4.0
5.0
6.0
1H231H241H25
Accommodation Supplements
Excludes Arran Court / adjusted for one care home
$m
66.5
80.1
85.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
$m
1H231H241H25
Total Revenue
1
1H25 total revenue +7% vs pcp
1.Total revenue excludes other income.
Continued strong
occupancy,
improved bed mix
and accommodation
supplement growth
delivered revenue
growth compared to
comparative period.
121H25 Investor Presentation
Dividends
Interim Dividend
•Cash interim dividend of 0.65 cents per
share (with full imputation credits of 0.25
cents per share).
•Ex-dividend date –4 December 2024.
•Record date –5 December 2024.
•Payment date –19 December 2024.
Final Dividend Outlook
The Board expects total dividends for
FY25 to be consistent with the Group’s
stated policy to pay between 50% to 70%
of AFFO for the year.
Radius Millstream -Ashburton
131H25 Investor Presentation
Strategy
Update
Radius Millstream -Ashburton
141H25 Investor Presentation
StrategyUpdate
Leased Care Opportunities
Targeted M&A
Brownfield development
Greenfield development
Grow Scale
Grow CibusCatering
Grow RConnect
Expand Radius Shop
Expand health services
beyond core aged care
Strategic Pillar 1
Grow Scale
Diversify Revenue
Develop Radius Way as a
template for aged care
services
Strategic Pillar 1
Grow Scale
Radius Way
151H25 Investor Presentation
Why Are We
Different?
Culture
Portfolio
Intellectual property
Brand/reputation
We are not
dependent on the
property market
161H25 Investor Presentation
CibusCatering
•Founded in 1994.
•Provides full-service kitchen management for 2,300 aged
care residents daily across 25 care homes, including ten
Radius sites.
•Offers menu and recipe planning services supporting an
additional 4,100 residents.
•CibusApp provides food safety, nutrition management
and menu planning support for customers.
•Strong record of customer retention, due to high-quality
meals and service, and deep understanding of the aged-
care sector.
•Strong cash generation.
•Growth expected to accelerate with Radius Care’s support:
•Additional aged residential care clients, both full
kitchen management and offsite supply from
existing kitchens.
•Grow CibusApp consulting, food safety, recipe and
menu planning revenue.
Acquisition of 51% of CibusCompleted on 25 October 2024
171H25 Investor Presentation
Outlook
Radius Care expects key financial metrics for the
FY25 year will exceed the comparative period.
In addition, the recent acquisition of 51% of Cibus
Catering will be immediately accretive to FY25
second half year earnings and cashflow.
Radius Taupaki Gables -Auckland
181H25 Investor Presentation
Appendices
Radius Taupaki Gables -Auckland
191H25 Investor Presentation
The Radius Care growth pipeline offers unique exposure to a high-acuity, specialised care provider dedicated to delivering compassionate and
outstanding clinical care outcomes.
With an absolute focus on our core business, Radius Care consistently achieves industry leading metrics, including EBITDAR per bed.
Strong Portfolio for Changing Demographics
Demandunderpinnedbypopulation
demographics
1
Portfoliooriented to high acuity and specialist care
2
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 3 May 2024.
A P P E N D I X 1
Average additional offerings
(Psychogeriatric, Physical, Intellectual, Dementia) per care home
1.0
0.8
0.7
0.4
0.3
RadiusRYMARVOCASUM
0.0%
2.0%
4.0%
6.0%
2003200820132018202320282033
Rolling 5
-
year pop CAGR
65 - 85 5-yr CAGR85+ 5-yr CAGR
201H25 Investor Presentation
At a Glance
1,789
CareBeds
1,700+
Employees
148
ILUs
National aged care focused portfolio with strong regional presence,
owing 12 and leasing 11 of the 23 sites nationwide
A P P E N D I X 2
ILUs are Independent Living Units
211H25 Investor Presentation
Key operational and financial metrics
Operating Metrics
1H251H241H231H22
Number of Care Beds (period end)
1
1,7891,8891,8651,715
Average Care Bed Occupancy
2
92.3%91.9%91.5%93.0%
Underlying EBITDAR per Care Bed
3
(000s)$13.4$12.2$10.6$10.3
Number of Units (period end)
4
14814814776
Number of new Unit sales---4
Number of existing Unit resales7213-
Realised gains on resales (m)$0.6$1.4$0.2-
Realiseddevelopment margins (m)---$0.1
Average resale price (000s)$440$386$445-
Average new unit saleprice (000s)---$403
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 year.
3.Pro forma Underlying EBITDAR for aged care (as set out in the lower right table) divided by
theaverage number of Care Beds occupied during the year.
Accommodation Supplements
1H251H241H231H22
Accommodation Supplements Revenue
$5.3m$4.8m$3.7m$3.1m
Number of Care Beds (period end)
1
1,7891,8891,8651,715
Number of Available Care Beds with
Accommodation Supplements
1,2531,2891,2651,147
Percentage of Care Beds with
Accommodation Supplements
70.0%68.2%67.8%66.9%
•30% over three years
•average resident tenure is 4.7 years
4.Comprises Units occupied, available to be occupied or unavailable due to
refurbishment.
5.Total revenue excludes Other income.
DMF terms for Retirement Village units
A P P E N D I X 3
Revenue Split
$m
1H251H241H231H22
Aged Care
83.081.968.163.8
Retirement Village
1.92.61.20.7
Group support
0.5(0.0)0.60.4
Total revenue
5
85.484.569.964.9
221H25 Investor Presentation
($000)1H251H24
Revenue
Revenue84,21383,308
Deferred management fees1,1621,162
Total revenue85,37584,470
Change in fair value of investment property5951,350
Interest Income8633
Total revenue and other income86,05685,853
Expenses
Employee costs(51,209)(52,477)
Depreciation expense(5,049)(5,143)
Finance costs(6,322)(8,008)
Other expenses(20,716)(18,584)
Total expenses(83,296)(84,212)
Profit before income tax2,7601,641
Income tax expense(788)(223)
Profitfor the period
1,972
1,418
•Underlying EBITDA +2% to
$10.6m.
•Underlying EBITDAR per Care
Bed +10% to $13.4k.
•Profit Before Tax +68% to $2.8m
•Net Profit After Tax +39% to
$2.0m.
Financials
Statement of
Comprehensive Income
A P P E N D I X 4
231H25 Investor Presentation
($000)1H25FY24
Assets
Cash and cash equivalents662,350
Trade and other receivables12,36215,002
Inventories594554
Investment properties74,27773,528
Property, plant and equipment117,419117,310
Right-of-use assets109,671109,906
Intangible assets16,06316,063
Total assets330,452334,713
Liabilities
Trade and other payables17,85919,990
Current tax liabilities1,6951,621
Borrowings73,26975,869
Deferred management fees7,3637,608
Refundable occupation right agreements37,57337,425
Lease liabilities121,865121,086
Cash flow hedge163-
Deferred tax liability6,3836,682
Total liabilities266,170270,281
Net assets64,28264,432
Equity
Share capital56,83256,820
Reserves9,4399,578
Retained earnings(1,989)(1,966)
Total equity64,28264,432
Financials
Statement of
Financial Position
A P P E N D I X 5
241H25 Investor Presentation
Financials
Statement of Cash Flows
($000)1H251H24
Cash flows from operating activities
Receipts from residents for care fees and village fees86,32384,075
Payments to suppliers and employees(73,593)(76,479)
Proceeds from the sale of Refundable Occupation Right Agreements3,0806,204
Payments for the repurchase of Refundable Occupation Right Agreements(2,011)(1,789)
Interest received8632
Interest paid –borrowings(3,296)(4,766)
Interest paid –lease liabilities(2,968)(2,991)
Income tax (expense)/benefit(1,014)1,313
Net cash provided by operating activities
6,607
5,599
Cash flows from investing activities
Proceeds from the sale of property, plant and equipment14889
Payments for the purchase of property, plant and equipment(2,729)(1,404)
Payments for village developments(154)(458)
Net cash used in investing activities
(2,869)
(973)
Cash flows from financing activities
Proceeds from bankborrowings2,250-
Repayment of bank borrowings(4,850)-
Principal payments of lease liabilities(1,428)(1,340)
Dividends paid(1,994)-
Net cash provided by/(used in) financing activities(6,022)(1,340)
Reconciliation of cash and cash equivalents
Cash and cash equivalents at beginning of the year2,350(2,379)
Net (decrease)/increase in cash and cash equivalents held(2,284)3,288
Cash and cash equivalents at end of period
66
908
A P P E N D I X 6
251H25 Investor Presentation
Financials
Underlying Earnings
and AFFO Calculation
A P P E N D I X 7
($000)1H251H24
Net Profit Before Tax2,7601,641
Remove: Change in fair value of investment property(595)(1,350)
Include: Realised gains on resales5951,350
Remove: Depreciation expense5,0495,143
Remove: Interest Income(86)-
Remove: Interest Expense6,3228,008
Include: Pre-NZ IFRS 16 operating lease expense(4,397)(4,341)
EBITDA9,64810,452
Underlying Adjustments967-
Underlying EBITDA10,61510,452
Net interest expense (bank and other loans)(3,260)(5,047)
Pre-NZ IFRS16 tax (expense)/benefit(1,116)(521)
Depreciation expense(2,607)(2,017)
AFFO3,6322,867
261H25 Investor Presentation
Directoryof care homes
A P P E N D I X 8
OWNED
CARE HOMELOCATION
CARE
BEDS
UNITS
St HelenasChristchurch52-
Thornleigh ParkNew Plymouth87-
Lexham ParkKatikati63-
HeatherleaNew Plymouth55-
Taupaki GablesKumeu60-
Windsor CourtOhaupo76-
Elloughton GardensTimaru86-
Clare House Invercargill69-
Clare House VillageInvercargill-26
PeppertreePalmerston North62-
St JoansHamilton82-
Fulton HomeDunedin93-
Windsor Court VillageOhaupo-22
Elloughton Grange VillageTimaru-54
Matamata Country LodgeMatamata81-
Matamata Retirement VillageMatamata-46
Total owned866148
Average owned7237
TOTAL
CARE HOMECARE BEDSUNITS
Leased923-
Owned 866148
TOTAL
1,789148
LEASED
CARE HOMELOCATIONCARE BEDS
KensingtonHamilton96
Potter HomeWhangarei55
Rimu ParkWhangarei55
WaipunaAuckland86
Hampton CourtNapier45
BaycareNorthland45
MatuaTauranga149
AlthorpTauranga119
Millstream
1
Ashburton80
Millstream Apartments
1
Ashburton19
GlaisdaleHamilton80
HawthorneChristchurch94
Total leased923
Average leased77
•Average current lease term of 17.7 years.
•Average time to final expiry of 24.7 years.
271H25 Investor Presentation
ImportantNotice
andDisclaimer
ThispresentationhasbeenpreparedbyRadiusResidentialCareLimited(“RadiusCare”),forinformationalpurposes.Thisdisclaimerappliesto
thisdocumentandtheverbalorwrittencommentsofanypersonpresentingit.
ThispresentationsetsoutinformationrelatingtoRadiusCare’shalfyearresultfortheperiodto30September2024.Assuch,itshouldbereadin
conjunctionwiththeunauditedconsolidatedfinancialstatementsforRadiusCareanditssubsidiariesfortheperiodended30September2024
(“FinancialStatements”)andothermaterialthatRadiusCarehasreleasedtoNZXalongwiththispresentation.Thatmaterialisalsoavailableat
www.radiuscare.co.nz.
Incertainsectionsofthispresentation,RadiusCarehaschosentopresentcertainfinancialinformationexclusiveoftheimpactofsignificant
items.Anumberofnon-GAAPfinancialmeasuresareusedinthispresentationwhichareusedbymanagementtoassesstheperformanceof
thebusinessandhavebeenderivedfromtheFinancialStatements.Youshouldnotconsideranyofthesefinancialmeasuresinisolationfrom,or
asasubstitutefortheinformationprovidedintheFinancialStatements.
Thispresentationmaycontainforward-lookingstatementsandprojections.Suchforward-lookingstatementsarebasedoncurrentexpectations,
estimatesandassumptionsandaresubjecttoanumberofrisksanduncertainties,includingmaterialadverseevents,significantone-off
expensesandotherunforeseeablecircumstances.Thereisnoassurancethatresultscontemplatedinanyoftheseprojectionsandforward-
lookingstatementswillberealised.Actualresultsmaydiffermateriallyfromthoseprojected.Exceptasrequiredbylaw,ortheNZXListingRules,
nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleaseortoprovidefurtherinformationaboutRadiusCare.
TheinformationinthispresentationhasbeenpreparedingoodfaithbyRadiusCare.NeitherRadiusCarenoranyofitsdirectors,employees,
shareholdersnoranyotherpersongiveanyrepresentationsorwarranties(eitherexpressorimplied)astotheaccuracyorcompletenessofthe
informationinthispresentationandtothemaximumextentpermittedbylaw,nosuchpersonshallhaveanyliabilitywhatsoevertoanyperson
foranyloss(including,withoutlimitation,arisingfromanyfaultornegligence)arisingfromthispresentationoranyinformationsuppliedin
connectionwithit.
Thispresentationisnotaproductdisclosurestatementorotherdisclosuredocument,oranofferofsharesforsubscription,orsale,inany
jurisdiction.Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxoranyotheradviceora
recommendation.
281H25 Investor Presentation
Thank You
---
Interim
Report 2025
Radius Residential Care Ltd | www.radiuscare.co.nz
Caring is our calling
INTERIM FINANCIAL STATEMENTS
Contents
Financial Overview3
Chair and CEO Letter4
Financial Statements7
Financial Notes12
Radius Millstream - Ashburton
1H25 Highlights
+
14%
UNDERLYING EBITDA
2
FROM $9.3M TO $10.6M IN 1H25
(Excluding Arran Court)
+
7%
TOTAL REVENUE
FROM $80.1M TO $85.4M 1H25
(Excluding Arran Court)
+
39%
NET PROFIT AFTER TAX
FROM $1.4M TO $2.0M IN 1H25
+
18%
OPERATING CASH FLOW
FROM $5.6M TO $6.6M IN 1H25
+
10%
ACCOMMODATION SUPPLEMENTS
FROM $4.8M TO $5.3M IN 1H25
+
10%
UNDERLYING EBITDAR
1
PER
OCCUPIED CARE BED
FROM $12.2K IN FY24 TO $13.4K
IN 1H25
+
1.8PPTS
BEDS WITH ACCOMMODATION
SUPPLEMENT
FROM 68.2% TO 70% IN 1H25
-
35%
INTEREST
FROM $5.0M TO $3.3M IN 1H25
-
3%
DRAWN DEBT
FROM $75.9M TO $73.3M IN FY25
+
27%
AVAILABLE FUNDS FROM
OPERATIONS
3
FROM $2.9M TO $3.6M IN 1H25
1. Earnings before interest, tax, depreciation, amortisation and rent.
2. Earnings before interest, tax, depreciation and amortisation.
3. Underlying EBITDA and AFFO are non-GAAP (unaudited) financial measures which are
reconciled to GAAP measures in the Investor Presentation dated 25 November 2024.
3
Radius Residential Care Interim Financial Statements 2025
We are delighted to provide you with this update
on Radius Care’s business for the first six months
of the 2025 financial year.
Radius Care delivered another strong operating performance for
the half year, resulting in Pre-NZ IFRS16 EBITDA of $10.6m, a 2%
improvement over the same period last year, despite having one less
care home in the portfolio.
Our clear focus on our core business has allowed us to deliver industry
leading results and growth in all financial metrics, despite ongoing
industry headwinds and a challenging macro-economic environment.
MESSAGE FROM
Brien Cree
Executive Chair/ Founder
Andrew Peskett
Chief Executive
Exceptional Care,
Profitable Growth
4
Radius Residential Care Interim Financial Statements 2025
Looking back over the last six months to 30 September 2024, there were some
very clear highlights.
People
Radius Care has Exceptional People delivering Exceptional
Care. Our ongoing focus on culture, training and
development has benefits in lower turnover and successful
internal promotions. Over 60% of recently appointed
management positions have been filled by internal
candidates, and 95% of new hires are happy with their new
roles at Radius Care.
A highly engaged team is also visible in our employee
net promoter score (eNPS), which has improved by 43
points. This benefits our residents directly through the
care they are provided by our team of more than 1,700
exceptional people.
Operating Performance
Our strong operating performance was assisted by
occupancy growth, increased accommodation supplement
revenue for our premium rooms, and tight cost control in a
challenging macro-economic environment.
Seven retirement village units were relicensed during the
first half year, at an average resale price of $440k.
Capital Management
Following significant focus on debt reduction during the
last financial year, a further reduction of 3.5% in drawn
debt compared to 31 March 2024 has consolidated our
strengthened balance sheet position.
The combination of reduced debt and lower interest rates
have also reduced financing costs. Bank interest costs
decreased by $1.8m, or 35%, during the six months ended 30
September 2024 compared to the prior comparative period.
15 of our 23 care homes
have attained the maximum
four-year audit certification
period, a testament to the
exceptional care provided
to our residents around
the country.
Strong commercial
metrics, visible in
improved occupancy and
increased accommodation
supplement revenue.
Resumption of dividend
payments with the fully
imputed final dividend
paid in May 2024, and the
declaration of an interim
dividend to be paid in
December this year.
CertificationOperationsDividend
Radius Millstream - Ashburton
Radius Millstream - Ashburton
Radius Thornleigh Park - New Plymouth
5
Radius Residential Care Interim Financial Statements 2025
Growth and Development
The benefits of a stronger capital structure are clear,
allowing us to progress our planned growth strategy.
Radius Care’s acquisition of 51% of Cibus Catering
completed on 25 October. Cibus provides full-
service kitchen management to 25 care homes
as well as menu planning and nutrition services.
Cibus represents an important step in our strategy
to accelerate growth through diversification into
adjacent services that are complementary to our
core offering.
Radius is actively pursuing several opportunities to
lease or acquire care homes, including partnering
with Senior Trust as announced at the annual
shareholders meeting.
An application for resource consent has been
made for the development of six additional villas at
Matamata Country Lodge.
Advance planning is also continuing for the
previously announced full-service retirement village
and care home in Belfast, Christchurch.
Dividend
The Board is pleased to declare a cash
interim dividend of 0.65 cents per
share (fully imputed) to be paid on 19
December 2024.
Outlook
Radius Care expects key financial
metrics for the FY25 year will exceed the
equivalent FY24 metrics despite having
one less care home.
The total dividend payments for the
financial year ending 31 March 2025
are expected to be consistent with the
Group’s stated dividend policy to pay
between 50% and 70% of Available Funds
From Operations (AFFO).
Radius Millstream - Ashburton
6
Radius Residential Care Interim Financial Statements 2025
The accompanying notes form an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF
Comprehensive Income
For the six months ended
In thousands of New Zealand dollars
NOTE
Unaudited
30 Sep 24
Unaudited
30 Sep 23
REVENUE
Revenue from contracts with customers84,21383,308
Deferred management fees1,1621,162
Total revenue85,37584,470
Change in fair value of investment property2.15951,350
Interest income8633
Total revenue and other income
86,05685,853
EXPENSES
Employee costs(51,209)(52,477)
Depreciation expense2.2, 2.4(5,049)(5,143)
Finance costs(6,322)(8,008)
Other expenses(20,716)(18,584)
Total expenses(83,296)(84,212)
Profit before income tax 2,7601,641
Income tax expense4.1(788)(223)
Profit for the period1,9721,418
Other Comprehensive income for the period
Items that will not be reclassified subsequently to profit and loss
Cash flow hedges(163) —
Other comprehensive income for the period(163) —
Total comprehensive income1,8091,418
Earnings per share
Basic and diluted earnings per share (cents per share)3.2 0.69 0.50
7
Radius Residential Care Interim Financial Statements 2025
The accompanying notes form an integral part of these consolidated interim financial statements.
1
Audited
2
Unaudited
CONSOLIDATED STATEMENT OF
Changes in Equity
For the six months ended
In thousands of New Zealand dollars
NOTE
Contributed
Equity
Asset
Revaluation
Reserve
Other
Reserve
Retained
Earnings Total
Balance as at 1 April 2024
1
56,820 9,496 82 (1,966) 64,432
Profit for the period——— 1,971 1,971
Share based payments reserve12— 24 —36
Other comprehensive income for the period——(163) — (163)
Total comprehensive income for the period12—(139) 1,971 1,844
Transactions with owners
Dividends paid3.1———(1,994)(1,994)
Total transactions with owners———(1,994)(1,994)
Balance as at 30 September 2024
2
56,832 9,496 (57)(1,989) 64,282
Balance as at 1 April 2023
1
56,813 9,496 33 6,522 72,864
Profit for the period——— 1,4181,418
Share based payments reserve——10(10)—
Total comprehensive income for the period—— 10 1,408 1,418
Transactions with owners
Issue of share capital (net of transaction costs
and tax)
3.17———7
Total transactions with owners7———7
Balance as at 30 September 2023
2
56,820 9,496 43 7,930 74,289
8
Radius Residential Care Interim Financial Statements 2025
The Board of Directors of the Company authorised these consolidated interim fi nancial statements for issue on
25 November 2024.
For and on behalf of the Board.
Hamish Stevens - Chair, Audit and Risk CommitteeBrien Cree - Chair, Board of Directors
The accompanying notes form an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF
Financial Position
As at
In thousands of New Zealand dollars
NOTE
Unaudited
30 Sep 24
Audited
31 Mar 24
Assets
Cash and cash equivalents662,350
Trade and other receivables12,36215,002
Inventories594554
Investment properties2.174,27773,528
Property, plant and equipment2.2117,419117,310
Right-of-use assets2.4109,671109,906
Intangible assets16,06316,063
Total assets 330,452 334,713
Liabilities
Trade and other payables17,85919,990
Current tax liabilities1,6951,621
Borrowings3.373,26975,869
Deferred management fees2.37,3637,608
Refundable occupation right agreements2.337, 57337,425
Lease liabilities2.4121,865121,086
Cash fl ow hedge163—
Deferred tax liability4.16,3836,682
Total liabilities 266,170 270,281
Net assets64,28264,432
Equity
Share capital3.156,832 56,820
Reserves 3.19,439 9,578
Retained earnings(1,989)(1,966)
Total equity 64,282 64,432
9
Radius Residential CareInterim Financial Statements 2025
The accompanying notes form an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF
Cash Flows
For the six months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Receipts from residents for care fees and village fees86,32384,075
Payments to suppliers and employees(73,593)(76,479)
Proceeds from the sale of Refundable Occupation Right Agreements3,0806,204
Payments for the repurchase of Refundable Occupation Right Agreements(2,011)(1,789)
Interest received8632
Interest paid - borrowings(3,296)(4,766)
Interest paid - lease liabilities(2,968)(2,991)
Income tax benefit/(expense)(1,014)1,313
Net cash provided by operating activities 6,6075,599
Proceeds from the sale of property, plant and equipment14889
Payments for the purchase of property, plant and equipment(2,729)(1,404)
Payments for village developments(154)(458)
Net cash used in investing activities(2,869)(973)
Proceeds from bank borrowings2,250 —
Repayment of bank borrowings(4,850) —
Principal payments of lease liabilities(1,428)(1,340)
Dividends paid(1,994) —
Net cash used in financing activities(6,022)(1,340)
Cash and cash equivalents at beginning of the period2,350(2,379)
Net (decrease)/increase in cash and cash equivalents held(2,284)3,288
Cash and cash equivalents at end of period66908
10
Radius Residential Care Interim Financial Statements 2025
CONSOLIDATED STATEMENT OF
Cash Flows continued
The accompanying notes form an integral part of these consolidated interim financial statements.
For the six months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Reconciliation of profit for the period to net cash provided by operating activities
Profit for the period1,9721,418
Adjustments for non-cash items
Depreciation5,0495,143
Share based payments3610
Net loss on disposal of property, plant and equipment —52
Fair value adjustment to Investment properties(595)(1,350)
Movement in deferred tax(299)(358)
Changes in operating assets and liabilities
- Trade and other receivables and other assets1,868(844)
- Inventories(43)47
- Trade and other payables and other liabilities(1,603)(2,072)
- Current tax liabilities741,894
- Refundable Occupation Right Agreements1481,659
Net cash provided by operating activities 6,6075,599
11
Radius Residential Care Interim Financial Statements 2025
Notes to the Consolidated Interim Financial Statements
For the six months ended 30 September 2024
1. GENERAL INFORMATION
1.1. Basis of Preparation
Reporting Entity
The consolidated interim financial statements are for
Radius Residential Care Limited (‘the Company’) and its
subsidiaries (together ‘the Group’).
The Group provides rest home and hospital care for
the elderly along with development and operation of
integrated retirement villages in New Zealand.
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”). The consolidated interim
financial statements have been prepared in accordance
with the requirements of the NZX, and Part 7 of the
Financial Markets Conduct Act 2013.
These consolidated interim financial statements have
been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’), They
comply with New Zealand equivalents to International
Accounting Standard 34 Interim Financial reporting
(‘NZ IAS 34’) and International Accounting Standard
34 Interim Financial Reporting (‘IAS 34’). The Group
is a Tier 1 for-profit entity in accordance with XRB A1
Application of the Accounting Standards Framework.
The accounting policies that materially affect the
measurement of the Consolidated Statement of
Comprehensive Income, Consolidated Statement of
Financial Position and the Consolidated Statement of
Cash Flows have been applied on a basis consistent
with those used in the audited consolidated financial
statements for the year ended 31 March 2024. All new
standards, amendments and interpretations to existing
standards that came into effect during the current
accounting period have been adopted in the current
year. None of these have had a material impact on the
Group.
The consolidated interim financial statements do not
include all the notes of the type normally included in the
consolidated annual financial statements. Accordingly,
these consolidated interim financial statements are to
be read in conjunction with the consolidated annual
financial statements for the year ended 31 March 2024,
prepared in accordance with New Zealand equivalents
to the International Financial Reporting Standard (‘NZ
IFRS’) and International Financial Reporting Standards
(‘IFRS’). The consolidated interim financial statements
for the six months ended 30 September 2024 are
unaudited. The comparatives for the six months ended
30 September 2023 are unaudited, but reviewed. The
consolidated annual financial statements for the year
ended 31 March 2024 were audited and form the basis
for the comparative figures for that period in these
statements.
The consolidated interim financial statements have been
prepared on a going concern basis, which contemplates
continuity of normal business activities and the
realisation of assets and the settlement of liabilities in
the ordinary course of business.
The balance sheet for the Group is presented on the
liquidity basis where the assets and liabilities are
presented in the order of their liquidity.
Functional and Presentation Currency
The consolidated interim 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.
Measurement Basis
These consolidated interim financial statements have
been prepared under the historical cost convention, with
the exception of Investment properties (note 2.1) and
land and buildings included within property, plant and
equipment (note 2.2).
Key Estimates and Judgements
The preparation of the consolidated interim financial
statements in conformity with IAS 34 and NZ IAS 34
requires the use of certain critical accounting estimates.
It also requires the Board of Directors and Management
to exercise their judgement in the process of applying
the Group’s accounting policies.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
and in any future periods affected.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements
are described in the following notes:
• Valuation of Investment properties (note 2.1)
• Valuation of land and buildings (note 2.2)
• Lease extension and termination options &
incremental borrowing rates (note 3.3)
12
Radius Residential Care Interim Financial Statements 2025
• Impairment testing of goodwill:
The recoverability of the carrying value of goodwill
is assessed at least annually to ensure that it is not
impaired. Performing this assessment generally
requires management to estimate future cash
flows to be generated by the cash-generating
unit, which entails making judgements, including
the expected rate of growth of revenues based on
budgeted projections of occupancy levels, margins
expected to be achieved, the level of future capital
expenditure required to support these outcomes and
the appropriate discount rate to apply when valuing
future cash flows.
• Impairment testing of right-of-use assets (note 2.4)
• Recognition of deferred tax (note 4.1)
• Impairment of non-financial assets
On an annual basis, the Group assesses whether
there is any indication that a non-financial asset or
cash-generating units (CGU) may be impaired. If any
such indication exists, the Group will estimate the
recoverable amount of the asset or CGU. Irrespective
of whether there is any indication of impairment, the
Group tests its intangible assets with an indefinite
useful life, currently comprised of only goodwill, for
impairment annually, at the end of the reporting
period. In assessing whether there is any indication
that an asset may be impaired, the Group considers
external and internal sources of information. The
recoverable amount of an asset or CGU is the higher
of its fair value less costs of disposal and its value in
use. In assessing value in use, the estimated future
cash flows expected to be derived from the asset
or CGU are discounted to their present values. The
Group uses a discount rate that the estimated future
cash flows are discounted to their present values. This
discount rate reflects current market assessments of
the time value of money and the risks specific to the
assets or CGU, for which the estimates of future cash
flows have not been adjusted. In assessing fair value
less costs of disposal, the fair value is determined in
accordance with the valuation approaches described
in notes 2.1 for Investment properties, 2.2 for land
and buildings, and for Impairment testing of goodwill
(above), taking into account an allowance for costs of
disposal, being direct incremental costs to bring an
asset or CGU into condition for sale.
As at the date of these interim financial statements, all
reasonably known and available information with respect
to these matters has been taken into consideration and
all reasonably determinable adjustments have been
made in preparing these consolidated interim financial
statements.
Market Capitalisation
At reporting date the market capitalisation of the
Group (being the 30 September 2024 closing share
price, as quoted on the NZX Main Board, multiplied by
the number of shares on issue) was below the carrying
amount of the Group’s net assets. In considering the
difference, the Group notes that over 96% of total
assets at 30 September 2024 are either non-financial
property assets carried at fair value (58%) assessed
by the Group’s independent external property valuers,
or non-financial assets subject to annual impairment
assessment (38%). The Group has undertaken an
assessment of the recoverable amount of its assets/
CGUs. Management believes that no reasonably possible
changes in any of the above key assumptions would
cause the carrying value of the non-financial assets to
be materially lower than their recoverable amount.
New and Amended Accounting Standards and
Interpretations
All mandatory new and amended standards and
Interpretations have been adopted in the current
year. None had a material impact on these financial
statements. The Group has not early adopted any new
standards, amendments or interpretations to existing
standards that are not yet effective.
Segment Reporting
An operating segment is a component of an entity that
engages in business activities which earn revenue and
incur expenses and where the chief operating decision
maker reviews the operating results on a regular basis
and makes decisions on resource allocation.
The Group operates in one operating segment being
the provision of aged care in New Zealand. The chief
operating decision maker, the Board of Directors,
reviews the operating results on a regular basis and
makes decisions on resource allocation based on the
review of Group results and cash flows as a whole.
The nature of the services provided and the type and
class of residents have similar characteristics within
the operating segment. The Ministry of Health/ Health
New Zealand is a significant customer of the Group,
as the Group derives care fee revenue in respect of
eligible Government subsidised aged care residents.
No other customers individually contribute a significant
proportion of the Group's revenue. All revenue earned
and assets held are in New Zealand.
13
Radius Residential Care Interim Financial Statements 2025
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 Agreements (ORAs). 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.
Rental income from Investment properties, being deferred management fees, is accounted for as described in
note 2.3.
For the six months ended
In thousands of New Zealand dollars
NOTE
Unaudited
30 Sep 24
Audited
31 Mar 24
Investment Properties
Opening carrying amount73,52870,143
Net fair value gain5952,703
Occupation Right Agreements settled(2,485)(9,158)
Occupation Right Agreements entered2,4859,158
Purchases154662
Other adjustments—20
Closing carrying amount74,27773,528
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 25,836 25,500
Refundable Occupation Right Agreements2.337, 57337,425
Deferred management fees2.37,3637,608
Unsold/vacant units1,260750
Residential properties
2,2452,245
74,27773,528
Valuation Process and Key Inputs
The Group's Investment properties are valued on an
annual basis. For the year ending 31 March 2024, the
valuations were undertaken by LVC Limited (LVC),
independent valuers. LVC 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.
The valuation of investment property is adjusted
for cash flows relating to refundable occupation
licence payments, residents’ share of resale gains and
management fees receivable recognised separately on
the Consolidated Statement of Financial Position and
also reflected in the valuation model.
Unsold/Vacant Units
Any developed but not yet sold units (unsold/
vacant units) are 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/vacant 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.
14
Radius Residential Care Interim Financial Statements 2025
Valuation Uncertainty
As at 31 March 2024
The Group’s four Investment properties were revalued
on 31 March 2024 and included a valuation uncertainty
clause in their valuation report, noting "The market
over the past two years has been softening due to a
combination of Government lending controls, global
supply issues, abnormally high inflation and rapidly
rising interest rates resulting in declining asset values.
Sales transaction volumes decreased significantly with
a disconnect between vendor expectation and the
price purchasers were prepared to pay. The Official
Cash Rate (OCR) was held in July, August, October,
November 2023 and February 2024 to 5.50%. There are
still inflationary pressures in the market while increases
in the Banks cost of capital is impacting fixed rates.
New Zealand is now in a recessionary state". Given the
valuation uncertainty, the valuer has recommended in
their reports that the valuations of the properties be
reviewed periodically, noting reliance cannot be placed
on their report beyond three months.
Significant Unobservable Inputs
The significant unobservable input used in the fair value
measurement of the Group's development land is the
value per square meter assumption. 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.
The stabilised occupancy is a key driver of the LVC
valuation. A significant increase/(decrease) in the
occupancy period would result in a significant lower/
(higher) fair value measurement.
Current ingoing price, for subsequent resales of ORAs,
is a key driver of the LVC valuation. 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.
2.2. Property, Plant and Equipment
Accounting Policy
Freehold land and buildings are measured at revalued
amounts, less any subsequent accumulated depreciation
and any accumulated impairment losses. 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.
CategoryUseful Life Range
Buildings50 years
Motor vehicles5 years
Furniture, fixtures and fittings5 - 10 years
Information technology4 years
Medical equipment 7 years
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.
15
Radius Residential Care Interim Financial Statements 2025
In thousands of New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
Unaudited - six months ended 30 September 2024
Opening net book value97,64634710,7991,1237186,677117,310
Additions—682,0661373301292,729
Transfers———517—(517)—
Disposals——(14)———(14)
Depreciation(674)(64)(1,396)(347)(126)—(2,607)
Closing net book value96,97235111,4551,4309226,289117,419
Unaudited - Six month ended 30 September 2024
Cost99,0041,52040,3587,2391,7866,289156,196
Accumulated Depreciation(2,032)(1,169)(28,903)(5,809)(864)—(38,777)
Net book value96,97235111,4551,4309226,289117,419
In thousands of New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
Audited - Year ended 31 March 2024
Opening net book value112,51035612,8061,7464506,002133,870
Additions—1131,8182024528683,453
Transfers168—25——(193)—
Disposals
1
(13,608)(7)(1,146)(107)(25)—(14,893)
Depreciation(1,424)(115)(2,704)(718)(159)—(5,120)
Closing net book value97,64634710,7991,1237186,677117,310
Audited - Year ended 31 March 2024
Cost99,0041,47938,3066,5851,4566,677153,507
Accumulated Depreciation(1,358)(1,132)(27,507)(5,462)(738)—(36,197)
Net book value97,64634710,7991,1237186,677117,310
1. On 16 January 2024, the Group disposed of one property for consideration of $19m. The funds from the transaction were subsequently used to repay
bank borrowings, refer to note 3.3.
Valuation Uncertainty
The Group’s twelve properties included in land and buildings were revalued on 31 March 2023 (refer below).
Management assessed that these freehold land and buildings have not experienced any significant and volatile
changes in fair value necessitating a revaluation as at 31 March 2024. This assessment was informed by advice
provided by the Group's land and buildings valuer, LVC, who provided a desktop valuation report 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 2023. LVC have noted reliance cannot be placed on their report beyond
three months.
As at 31 March 2024 the valuer of all twelve properties has included a valuation uncertainty clause in their
desktop valuation report noting "The market over the past two years has been softening due to a combination
of Government lending controls, global supply issues, abnormally high inflation and rapidly rising interest rates
resulting in declining asset values. Sales transaction volumes decreased significantly with a disconnect between
vendor expectation and the price purchasers were prepared to pay. The Official Cash Rate (OCR) was held in
July, August, October, November 2023 and February 2024 to 5.50%. There are still inflationary pressures in the
market while increases in the banks cost of capital is impacting fixed rates. New Zealand is now in a recessionary
16
Radius Residential Care Interim Financial Statements 2025
state." Given the valuation uncertainty, the valuer has
recommended in their reports that the valuations of the
properties be reviewed periodically, noting reliance can
not be placed on their report beyond three months.
Key Accounting Estimates and Judgements
Property measurements are categorised as Level 3 (30
September 2023: 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 rentals. A significant
decrease/(increase) in the capitalisation rate would
result in significantly higher/(lower) fair value
measurement.
Radius Althorp - Tauranga
17
Radius Residential Care Interim Financial Statements 2025
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 to a maximum of 30% of the entry payment.
Some residents may be charged an administration
fee for the right to occupy one of the Group's units of
between 3.45% and 4.0% 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. eight years for villas and three to
four years for serviced apartments (30 September
2023 : eight years for villas and three to four years 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.
For the six-months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Refundable Occupation Right Agreements
Refundable occupation licence payments 52,847 50,185
Less: Management fee receivable (per contract)
(15,274)(14,421)
37,573 35,764
Reconciliation of Management Fees recognised under NZ IFRS and per
ORA
Management fee receivable (per contract)(15,274)(14,421)
Deferred management fees 7,363 7,586
Management fee receivable (per NZ IFRS)(7,911)(6,835)
Comprising of
Current deferred management fees1,8871,905
Non-current deferred management fees5,4765,681
Deferred management fees7,3637,586
18
Radius Residential Care Interim Financial Statements 2025
2.4. Leases
Right-of-use Assets
Right-of-use assets are initially recognised at cost,
(adjusted for any remeasurement of the associated
lease liability), less accumulated depreciation and any
accumulated impairment loss.
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 effects 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 weighted average incremental borrowing rates
applied by the Group is 5% (30 September 2023: 5%).
No new leases were entered into during the year (30
September 2023: none). No leases were cancelled or
modified during the year (30 September 2023: no leases
were cancelled during the year and no leases were
modified).
Radius Thornleigh Park - New Plymouth
19
Radius Residential Care Interim Financial Statements 2025
For the six-months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Audited
31 Mar 24
(a) Right-of-use assets
Land and buildings under lease133,056132,816
Accumulated depreciation(23,385)(22,910)
Total carrying amount of right-of-use assets
109,671109,906
Reconciliations
Reconciliation of the carrying amount of right-of-use assets at the beginning and end of
the financial year:
LAND AND BUILDINGS
Opening carrying amount109,906112,464
Depreciation(2,442)(4,822)
Remeasurements2,2072,264
Closing carrying amount109,671109,906
(b) Lease liabilities
Current Land and buildings 8,6612,670
Non-current Land and buildings
113,204 118,416
121,865121,086
Unaudited
30 Sep 24
Unaudited
30 Sep 23
(c) Lease expenses and cash flows
Interest expense on lease liabilities 2,968 2,991
Depreciation expense on right-of-use assets 2,442 2,407
Cash outflow in relation to leases4,3974,340
Unaudited
30 Sep 24
Audited
31 Mar 24
(d) Maturity analysis - contractual undiscounted cash flows
Not later than 1 year8,8058,695
Later than 1 year and not later than 5 years34,36434,620
Later than 5 years
180,850185,749
224,019229,064
20
Radius Residential Care Interim Financial Statements 2025
3. SHAREHOLDER EQUITY AND FUNDING
3.1. Shareholder Equity and Reserves
Accounting Policy
Unaudited
30 Sep 24
Audited
31 Mar 24
Shares$000Shares$000
Share capital
Authorised, issued and fully paid up capital284,934,60656,832284,848,74256,820
Total contributed equity 284,934,60656,832284,848,74256,820
Movements
Opening balance of ordinary shares issued284,876,74256,820284,848,64456,813
Shares issued to employees and service providers 57,864 12 28,098 7
Closing balance of ordinary shares issued
284,934,606 56,832284,876,74256,820
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 no transaction costs issuing shares during the year
(31 March 2024: Nil).
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On
25 November 2024 a cash interim dividend of 0.65 cents per share (fully imputed) was declared in relation to the
year ending 31 March 2025 and will be paid on 19 December 2024.
On 22 April 2024 a final cash dividend of 0.70 cents per share (fully imputed) was declared for the year ended 31
March 2024 and was paid on 16 May 2024.
Unaudited
30 Sep 2024
Audited
31 Mar 2024
Cents per
share
Total $000
Cents per
share
Total $000
Recognised amounts:
Prior year final dividend0.701,994 — —
Dividend declared0.651,8520.70 1,994
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
Other Reserve
The other reserve is used to record the reserves arising in relation to share based payments by the Group.
21
Radius Residential Care Interim Financial Statements 2025
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
30 September 2024, there were no shares with a dilutive effect (30 September 2023: none) and therefore basic and
diluted earnings per share were the same.
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Profit/(Loss) after tax1,9721,418
Weighted average number of ordinary shares outstanding ('000s) 284,890284,866
Cents per share
0.69 0.50
3.3. Borrowings
Accounting Policy
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in the Statement of Comprehensive Income over the period of the borrowings, using the
effective interest method.
The Group enters into interest rate swaps (derivatives) to manage its exposure to interest rate risks. Derivatives are
initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to
their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the
derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit
or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a
financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not
offset in the financial statements unless the Group has both legal right and intention to offset.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument
is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are
presented as current assets or current liabilities.
The Group designates certain derivatives as hedging instruments in respect of interest rate risk in cash flow hedges.
.
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Audited
31 Mar 24
Secured liabilities
Non-current Bank Loans
73,26975,869
73,26975,869
22
Radius Residential Care Interim Financial Statements 2025
Financing Arrangements
Under the Group's bank loan arrangements with ASB,
the Group must comply with banking covenants. These
covenants are tested and reported to ASB on a quarterly
basis. During the reporting period ended 30 September
2024, the Group complied with all banking covenant
requirements to which it is subject (30 September 2023:
complied with all covenants). For the purposes of the
financial covenants, the Group has agreed with ASB that
the calculation of Adjusted EBITDA (Earnings Before
Interest, Tax, Depreciation and Amortisation) and Net
Interest shall continue to be based on the accounting
treatment in use before the introduction and adoption
of NZ IFRS 16 Leases (30 September 2023: The same
definition of adjusted EBITDA applied).
ASB Facility F
As at 30 September 2024 $0.3m of principal was repaid
in line with the conditions of the facility.
Terms and Conditions and Assets Pledged as Security
Current
$000
Non-current
$000
Facility Limit
$000
Effective
Interest Rate
%
Expiry Date
30 September 2024
ASB Facility - A — 14,200 20,000 7.79 %
1 November 2026
ASB Facility - B — 9,694 9,700 7.32%
1 November 2026
ASB Facility - C — 14,500 14,500 7.29%
1 November 2026
ASB Facility - D — 23,675 23,675 8.51%
6 May 2027
ASB Facility - F — 11,200 11,200 8.65%
28 March 2027
— 73,269 79,075
31 March 2024
ASB Facility - A — 16,500 20,000 7.80%1 November 2026
ASB Facility - B — 9,694 9,700 7.33%1 November 2026
ASB Facility - C — 14,500 14,500 7.30%1 November 2026
ASB Facility - D — 23,675 23,675 8.80%6 May 2027
ASB Facility - F — 11,500 11,500 8.69%28 March 2027
— 75,869 79,375
ASB Bank Limited Loans
Security
As at 30 September 2024, all group borrowings are held
with ASB Bank Limited (“ASB”).
The Group's ASB facility loans and the Corporate
Banking Overdraft Facility Agreement are guaranteed
by Group subsidiaries and secured by mortgages over
the Group's care centre freehold land and buildings.
When the land and buildings are classified as investment
property and investment property under development,
these mortgages rank second behind the Statutory
Supervisors’ interest.
As at 30 September 2024, the balance of the bank loans
over which the properties are held as security is $73.3m
(31 March 2024: $75.9m). The total facility limit as at 30
September 2024 is $79.1m (31 March 2024: $79.4m).
As at 30 September 2024, the Group has a Corporate
Banking Overdraft Facility Agreement with ASB for $2m
(31 March 2024: $2m). This facility bears interest at an
effective interest rate of 8.85% (31 March 2024: 8.82%).
As at 30 September 2024, the overdraft was not drawn
(31 March 2024: Nil).
All facilities are interest bearing and repayable on the
expiry date of the loan.
23
Radius Residential Care Interim Financial Statements 2025
4. OTHER DISCLOSURE
4.1. Income Tax
Key Accounting Estimates and Judgements
Deferred Tax on Investment Property
Deferred tax on investment property is assessed on the
basis that the asset value will be realised through use
(“Held for Use”).
An initial recognition exemption has been applied to
newly developed village sites in accordance with NZ IAS
12 Income Taxes.
The Group’s ORAs comprise two distinct cash flows
(being an ORA deposit upon entering the unit and the
refund of this deposit upon exit). In determining the
tax base of investment property, the Group considered
whether taxable cash flows are received at the end of
the ORA period (i.e. upon refund of the ORA deposit by
way of set off on exit by a resident) or at the beginning
of the ORA period (i.e. at time of the receipt of the
ORA deposit). The Group has carefully evaluated all
the available information and considers it appropriate
to recognise and measure the tax base and associated
deferred tax based on the taxable cash flows being
receivable at the end of the ORA period as this best
represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use
methodology, the Group has made significant
judgements to determine taxable temporary differences.
The carrying value of the Group’s investment property
is determined on a discounted cash flow basis and
includes cash flows that are both taxable and non-
taxable in the future. The Group has recognised deferred
tax on the cash flows with a future tax consequence
being DMF as provided by LVC, to the extent that it
arises from depreciable components (i.e. buildings) of
the investment property. The Group uses the valuers
valuations to estimate the apportionment of cash flows
arising from the depreciable (i.e. buildings) and non-
depreciable components (i.e. land).
Radius Taupaki Gables - Auckland
24
Radius Residential Care Interim Financial Statements 2025
For the six-months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
(a) Components of tax expense
Current tax1,0874
Deferred tax
(299)219
788223
(b) Income tax reconciliation
The prima facie tax payable on profit before tax is reconciled to the income tax
expense as follows:
Prima facie income tax payable on profit before tax at 28.0%773455
Permanent differences14(317)
(Over)/Under provision for income tax in prior year—85
Other1—
Income tax expense attributable to profit788223
Unaudited
30 Sep 24
Audited
31 Mar 24
(c) Deferred tax
Deferred tax relates to the following:
Non-current asset
DEFERRED TAX ASSETS
The balance comprises:
Lease liabilities34,12233,903
Provisions2,5292,696
Deferred management fee income1,1011,126
Tax losses
604604
38,35638,329
DEFERRED TAX LIABILITIES
The balance comprises
Property, plant and equipment2,7942,898
Right-of-use assets30,70830,774
Deferred tax impact from removal of depreciation on buildings
11,23711,339
44,73945,011
Net deferred tax assets(6,383)(6,682)
Unaudited
30 Sep 24
Unaudited
30 Sep 23
(d) Deferred income tax revenue comprises:
Through profit included in income tax expense
Decrease/(Increase) in deferred tax assets(27)381
Decrease in deferred tax liabilities
(272)(162)
(299)219
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is
probable that future taxable profits will be available to utilise those temporary differences.
25
Radius Residential Care Interim Financial Statements 2025
Unaudited
30 Sep 24
Audited
31 Mar 24
(E) Imputation credits available for use in subsequent periods
Balance at the beginning of the year7,0 2 86,016
Dividends paid(775) —
New Zealand tax payments, net of refunds1,1461,012
Balance at the end of the period7,399 7,028
4.2. Related Party Transactions
Subsidiaries
The following are the Group’s subsidiaries:
Name of EntityPrincipal Activities
Ownership Interests
and Voting Rights
Class of Shares
Unaudited
30 Sep 24
Audited
31 Mar 24
Radius Arran Court LimitedDormant —
1
100%Ordinary
Windsor Lifestyle Estate
Limited
Operating entity for Windsor retirement
village.
100%100%Ordinary
Radius Care Limited
(non-trading)
Dormant100%100%Ordinary
Elloughton Grange Village
Limited
Operating entity for Elloughton
Retirement Village.
100%100%Ordinary
Radius Care Holdings
Limited
Property owning entity for St
Helenas, Thornleigh Park, Lexham
Park, Elloughton Gardens,
Heatherlea, Windsor Court, Taupaki
Gables, Peppertree, St Joans and Fulton
care homes.
100%100%Ordinary
Clare House Retirement
Village Limited
Operating entity for Clare House
Retirement Village and property owning
entity for the Clare House
care home.
100%100%Ordinary
Clare House Care Limited
Operating entity for Clare House care
home.
—
1
100%Ordinary
Matamata Retirement
Village Limited
Operating entity for Matamata Retirement
Village.
100%100%Ordinary
Radius SPV Limited
Property owning entity for Matamata
Country Lodge and Matamata Retirement
Village.
100%100%Ordinary
Radius Connect Limited
Staff placement company providing short
term staffing solutions and home care.
100%100%Ordinary
1
On 2 September 2024 Clare House Care Limited and Radius Arran Court Limited were amalgamated into Radius Residential Care Limited.
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March.
26
Radius Residential Care Interim Financial Statements 2025
Key Management Personnel Compensation and Other Related Parties
Key management personnel are all Directors and senior management with the authority for the strategic direction and
management of the Group.
Related PartyRelationship
Brien CreeDirector and Ultimate Shareholder (via Wave Rider Holdings Limited)
Duncan CookDirector and Shareholder
Bret JacksonDirector and Ultimate Shareholder (via Takatimu Investments Limited)
Mary GardinerDirector
Hamish StevensDirector and Shareholder
Tom WilsonDirector and Shareholder
Wave Rider Holdings LimitedShareholder
Takatimu Investments LimitedShareholder
Cibus Catering LimitedCommon Director (Brien Cree)
Providence TrustTrustee (Brien Cree)
Valhalla Capital LimitedCommon Director (Brien Cree)
Time Capital NZ LimitedCommon Director (Tom Wilson)
Neil FosterShareholder
Warehouse Storage LimitedCommon Shareholder (Neil Foster)
Main Family TrustShareholder
Radius Taupaki Gables - Auckland
27
Radius Residential Care Interim Financial Statements 2025
For the six-months ended
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Directors' remuneration and expenses
1
688299
Dividends to Director related entities716—
Key management personnel salaries and other short term employee benefits
1,8641,657
3,2681,956
1. Included within directors remuneration and expenses were fees relating to additional services provided in regards to strategic projects.
Other related parties
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Unaudited
30 Sep 23
Catering services
- Cibus Catering Limited4,4403,983
Consulting fees
- Duncan Cook
1
112 104
- Time Capital NZ Limited
2
— 8
Rent paid
- Warehouse Storage Limited 560 616
Rent received and utility recharges
- Cibus Catering Limited41 32
Personal Guarantee fee
- Brien Cree8585
Vendor loan interest
- Main Family Trust
3
—642
Related party loan interest
- Providence Trust—91
In thousands of New Zealand dollars
Unaudited
30 Sep 24
Audited
31 Mar 24
Trade creditors
- Cibus Catering Limited787703
Trade debtors
- Cibus Catering Limited115
1. Predominately relates to services provided in respect of his role as General Counsel for the Company.
2. Relates to services provided since Tom Wilson (Director of Time Capital NZ Limited) appointment as Director of Radius Residential Care Limited during August 2023.
3. Related to the consideration for the purchase of the Matamata business acquisition during the 2023 financial year.
28
Radius Residential Care Interim Financial Statements 2025
Assignment of an Agreement for the Purchase of
Land from a Director
Brien Cree (Director) and the Group are party to an
agreement (“the Assignment Agreement”), whereby, Mr
Cree has agreed to assign to the Group his rights under
an agreement for sale and purchase of real estate (“Land
SPA”), to acquire a circa 4.3 hectare development
property at Main North Road, Belfast, Christchurch (‘the
development property’) from an unrelated third party.
The balance of the purchase price under the land sale
and purchase agreement 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 in mid 2025.
4.3. Long Term Incentive Plan (LTIP)
On 18 July 2022 the Board approved a Long Term
Incentive Plan for its senior executives.
Performance Hurdles
All Performance Share Rights (PSRs) will vest into
ordinary shares in Radius if the 10-day VWAP, for the 10
trading days immediately prior to (and not including)
the 18 July 2025, is equal to or greater than $1.081. This
is three times the 10-day VWAP of 18 July 2022 (“Base
Price”).
If the 10-day VWAP is between $1.027 and $1.081 (being
95% and 100% of three times the Base Price), the
Radius Board has discretion to scale the number of a
Participant’s PSRs that will vest.
Recognition and Measurement
• On 18 July 2022, 4,164,844 share rights were issued
for nil consideration and a nil exercise price in relation
to the LTIP.
• On 15 August 2022, 1,109,824 share rights were issued
for nil consideration and a nil exercise price in relation
to the LTIP.
During the period, no share rights were forfeited and no
share rights were exercised or expired during the period.
The fair value of the share rights were determined using
the Monte Carlo valuation approach.
4.4. Contingent Liabilities
There has been no change in contingent liabilities
disclosed in the 2024 annual financial statements.
4.5. Commitments
At 30 September 2024, the Group has capital
commitments of $0.25m (31 March 2024: $0.03m).
At 30 September 2024, the Group also has a $5.5m
(31 March 2024: $5.5m) commitment to acquire a 4.3
hectare development property at Main North Road,
Belfast, Christchurch as described in note 4.2. Related
Party Transactions 'Assignment of an Agreement for the
Purchase of Land From a Director
There are no significant unrecognised contractual
obligations entered into for future repairs and
maintenance at balance date.
4.6. Events Subsequent to Reporting Date
Partial acquisition of Cibus Catering Limited
On 25 October 2024, the Group acquired 51%
of available shares in Cibus Catering Limited for
consideration of $1.9m. This included the purchase
of 24% of shares held by Valhalla Capital Limited, a
Company associated with Brien Cree, Radius Care's
Executive Chair.
The Group is yet to complete a purchase price allocation
for the acquisition as at the date of signing of these
consolidated interim financial statements.
Dividends
On 25 November 2024, the Board declared a cash
interim dividend of 0.65 cents per share (fully imputed)
to be paid on 19 December 2024.
Other
There has been no other matter or circumstance,
which has arisen since 30 September 2024 that has
significantly affected or may significantly affect:
a. the operations, in financial years subsequent to 30
September 2024, of the Group or
b. the results of those operations, or
c. the state of affairs, in financial years subsequent to
30 September 2024, of the Group.
29
Radius Residential Care Interim Financial Statements 2025
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
---
RESULTS ANNOUNCEMENT
Results for announcement to the market
Name of issuer Radius Residential Care Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$85,375 1.1%
Total Revenue $86,056 0.2%
Net profit/(loss) from
continuing operations
$1,972 39.1%
Total net profit/(loss) $1,972 39.1%
Interim Dividend
Amount per Quoted Equity
Security
$0.00650000
Imputed amount per Quoted
Equity Security
$0.00252778
Record Date 5 December 2024
Dividend Payment Date 19 December 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.19 $0.18
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to attached documents (consolidated financial
statements, media release and results presentation).
Authority for this announcement
Name of person
authorised
to make this announcement
Jeremy Edmonds
Contact person for this
announcement
Jeremy Edmonds
Contact phone number 022 650 9354
Contact email address Jeremy.Edmonds@radiuscare.co.nz
Date of release through MAP
25 November 2024
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer Radius Residential Care Limited
Financial product name/description Ordinary shares
NZX ticker code RAD
ISIN (If unknown, check on NZX
website)
NZRADE0005S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 5 December 2024
Ex-Date (one business day before the
Record Date)
4 December 2024
Payment date (and allotment date for
DRP)
19 December 2024
Total monies associated with the
distribution
$1,852,074.94
Source of distribution (for example,
retained earnings)
Retained earnings
Currency $NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00902778
Gross taxable amount $0.00902778
Total cash distribution $0.00650000
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
$0.00252778
Resident Withholding Tax per
financial product
$0.00045139
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Jeremy Edmonds
Contact person for this
announcement
Jeremy Edmonds
Contact phone number 022 650 9354
Contact email address Jeremy.Edmonds@radiuscare.co.nz
Date of release through MAP
25 November 2024
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