Strong Half Year Result from FPH Record Net Profit NZ$81.3M

News Release
STOCK EXCHANGE LISTINGS: NEW ZEALAND (FPH), AUSTRALIA (FPH)

STRONG HALF YEAR RESULT FROM FISHER & PAYKEL HEALTHCARE: RECORD NET
PROFIT OF NZ$81.3 MILLION

Auckland, New Zealand, 21 November 2017 - Fisher & Paykel Healthcare Corporation Limited
today announced its results for the half year ended 30 September 2017. Net profit after tax was
NZ$81.3 million, up 4% from the prior comparable period. Operating revenue was NZ$458.4
million, 8% above the first half last year.

“Our first half results are in line with our expectations and reflect consistent momentum across both
our product groups,” said Managing Director and CEO, Lewis Gradon.

Operating revenue for the Hospital product group, which includes products used in respiratory,
acute and surgical care, was up 11% to a record NZ$262.5 million. Much of this growth was driven
by the increasing adoption of Optiflow nasal high flow therapy. Products in the Hospital group now
make up 57% of the company’s operating revenue.

“Take up of our Optiflow nasal high flow therapy globally continues to be very encouraging, with
growth rates in the mid-20s percent range. This has been driven by the publication of more and
more clinical studies showing the benefit to patients and hospitals that comes from using our
Optiflow nasal high flow therapy,” said Mr Gradon.

The Homecare product group performed well, with operating revenue up 4% to NZ$191.3 million.
This group includes products used in the treatment of obstructive sleep apnea and respiratory
support in the home. The company’s obstructive sleep apnea masks (OSA) continued to perform
well in particular, delivering 8% growth in constant currency.

“We have been very pleased with the response to our Brevida nasal pillows mask for treating OSA
patients,” said Mr Gradon. “This mask has been available in the US since March this year and it
was recognised with an HME Business New Product Award at the recent MedTrade tradeshow in
Atlanta.”

Gross margin increased by 116 basis points to 66%, or a 47 basis points increase in constant
currency, compared to the first half last year, primarily due to favourable product mix and increased
production in Mexico. “Construction of our new manufacturing facility in Tijuana, Mexico is about to
commence and we anticipate that the new facility will be operational in mid-2018. 35% of our
manufacturing output now comes from Mexico, with the remainder coming from our New Zealand
manufacturing facilities.”

The company’s investment in R&D increased, with expenses growing by 13% to NZ$47 million,
representing 10% of operating revenue. “During the first half we began the introduction of a number
of innovative new products, notably our SleepStyle continuous positive airway pressure device for
patients with OSA, and Optiflow Junior 2 cannula for treating infants in respiratory distress.”

The company’s directors have approved an increased interim dividend of 8.75 NZ cents per
ordinary share, an increase of 6% on the interim dividend last year. The interim dividend, carrying
full New Zealand imputation credit, will be paid on 20 December 2017 with a record date of 6
December 2017. The dividend reinvestment plan, under which eligible shareholders can elect to
reinvest all or part of their cash dividends in additional shares, will again be made available in
respect of the 2018 interim dividend. The directors have determined that the DRP will be offered
without a discount for the 2018 interim dividend payment.

“In the first half we absorbed additional patent litigation costs of NZ$9.8 million compared to the first
half last year. Excluding the impact of these costs, growth in first half net profit after tax would have
been 13%. An update on the status of the patent litigation is included in our interim report. We
remain confident in our position and overall are satisfied with results to date.

Outlook for FY2018

”It is clear that we have large and diverse opportunities available in the short, medium
and long-term. We have a number of new products that will be released over the next few years
and intend that these products, along with our consistent growth strategy, will support sustainable
and profitable growth over the long-term.

“At current exchange rates we expect full year operating revenue for the 2018 financial year to be
approaching NZ$1 billion and net profit after tax to be approximately NZ$185 to NZ$190 million,”
concluded Mr Gradon.

Result highlights for the first half
• 4% growth in net profit after tax to a record NZ$81.3 million.
• 6% increase in interim dividend to 8.75 cps (2017: 8.25 cps).
• 8% growth in operating revenue to a record NZ$458.4 million, 8% growth in constant currency.
• 11% growth in Hospital operating revenue, 12% growth in constant currency.
• 19% constant currency revenue growth for consumables used in non-invasive ventilation,
Optiflow and surgical applications, accounting for 55% of Hospital consumables revenue.
• 4% growth in Homecare operating revenue, 5% growth in constant currency.
• 8% revenue growth in constant currency in OSA masks.
• Investment in R&D increased by 13% to NZ$47 million, representing 10% of operating revenue.

About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and
systems for use in respiratory care, acute care, surgery and the treatment of obstructive sleep
apnea. The company’s products are sold in over 120 countries worldwide. For more information
about the company, visit our website www.fphcare.com
.

Ends

Contact:
Investors:
Marcus Driller
General Manager Corporate
marcus.driller@fphcare.co.nz
+64 (0) 27 578 9663
Media:
Rachel Reynolds
Senior Communications Manager
rachel.reynolds@fphcare.co.nz
+64 (0) 21 713 911

Accompanying Documents
Attached to this news release are the following additional documents:
• Results in Brief
• Interim Report 2018, including financial commentary and constant currency analysis
• Investor Presentation
• Appendix 1
• Appendix 7

Constant Currency Information
Constant currency information included within this news release is non-conforming financial
information, as defined by the NZ Financial Markets Authority, and has been provided to assist
users of financial information to better understand and track the company’s comparative financial
performance without the impacts of spot foreign currency fluctuations and hedging results and has
been prepared on a consistent basis each year. A constant currency analysis is included on page
17 of the company’s Interim Report 2018 and the company’s constant currency income statement
framework can be found on the company’s website at www.fphcare.com/ccis
.

Half Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call today to review the results and to discuss
the outlook for the 2018 financial year. The conference call is scheduled to begin at 10:00am
NZDT, 8:00am AEDT Tuesday 21 November (4:00pm USEST, Monday 20 November) and will be
broadcast simultaneously over the Internet.

To listen to the webcast, access the company’s website at www.fphcare.com/investor
. Please
allow extra time prior to the webcast to visit the site and download the streaming media software if
required. An online archive of the event will be available approximately two hours after the webcast
and will remain on the site for two weeks.

To attend the conference call, participants should dial in to one of the numbers below at least
5 minutes prior to the scheduled call time and identify yourself to the operator. When prompted,
please quote the conference code of: 5427837.

New Zealand Toll Free 0800 423 970 US/Canada Toll Free 866 548 4713
Australia Toll Free 1800 573 793 Hong Kong Toll Free 800 961 105
United Kingdom Toll Free 0800 358 6377 International +64 9 913 3622

Results in Brief


UNAUDITED
Six Months Ended
30 September 2016
NZ$M
(except as otherwise stated)

Six Months Ended
30 September 2017
NZ$M
(except as otherwise stated)

% Change
FINANCIAL PERFORMANCE


Total operating revenue 425.2 458.4 +8%
Cost of sales (149.3)
(155.7) +4%
Gross profit 275.9
302.7 +10%
Gross margin 64.9% 66.0% +116bps
Other income 2.5
2.5 -
Selling, general and administrative expenses (126.1)
(143.3) +14%
Research and development expenses (41.6)
(46.9) +13%
R&D percentage of operating revenue 9.8%
10.2%

Total operating expenses
(167.7)
(190.2) +13%
Operating profit before financing costs 110.7 115.0 +4%
Operating margin 26.0% 25.1% -90bps
Net financing income (expense) 0.5
(0.9) -280%
Profit before tax 111.2
114.1 +3%
Tax expense (33.0) (32.8) -1%
Profit after tax 78.2 81.3 +4%

Revenue by Region:
North America 201.9
211.8 +5%
Europe 124.9
131.1 +5%
Asia Pacific 81.9
94.3 +15%
Other 16.5
21.2 29%
Total
425.2
458.4 +8%


Revenue by Product Group:
Hospital
236.6
262.5
+11%
Homecare
183.3
191.3
+4%
Core products sub-total
419.9
453.8
+8%
Distributed and other
5.3
4.6
-13%
Total
425.2
458.4
+8%

FINANCIAL POSITION


Tangible assets 732.4
848.9
Intangible assets (including deferred tax asset) 72.6
84.9
Total assets 805.0
933.8
Total liabilities 215.0 246.6
Shareholders’ equity
590.0
687.2
Gearing 7.3% 3.8%
Net tangible asset backing (cents per share) 94 108

Results in Brief
(continued)


UNAUDITED
Six Months Ended
30 September 2016
NZ$M
(except as otherwise stated)

Six Months Ended
30 September 2017
NZ$M
(except as otherwise stated)

% Change



CASH FLOWS

Net cash flow from operating activities 76.2
82.2
Net cash flow (used in) investing activities (30.4)
(51.6)
Net cash flow (used in) financing activities (47.1)
(40.2)


SHARES OUTSTANDING

Weighted average basic shares outstanding 564,988,383
569,032,090
Weighted average diluted shares outstanding 573,426,469
575,686,404
Basic shares outstanding at period end 566,655,585
570,536,208


DIVIDENDS AND EARNINGS PER SHARE

Dividends (interim paid/proposed) per share (cents) 8.25
8.75 +6%
Basic earnings per share (cents) 13.8
14.3 +4%


Constant Currency Analysis
CONSTANT CURRENCY INCOME STATEMENTS UNAUDITED
Six Months Ended
30 September 2016
NZ$M
Six Months Ended
30 September 2017
NZ$M % Change
Total operating revenue 416.7 451.4
+8%
Cost of sales 146.1 156.2 +7%
Gross profit 270.6
295.2 +9%
Gross margin 64.9% 65.4% +47bps
Other income 2.5
2.5 -
Selling, general and administrative expenses 126.6
144.5 +14%
Research and development expenses 41.6
46.9 +13%
Total operating expenses 168.2
191.4
+14%
Operating profit before financing costs 104.9 106.3 +1%
Operating margin 25.2% 23.5% -162bps
Financing expenses (net) 2.1
0.9 -57%
Profit before tax 102.8
105.4
+3%

The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ending 31
March 2018, are USD 0.69, EUR 0.66, AUD 0.92, GBP 0.57, CAD 0.94, JPY 80 and MXN 13.5.

A constant currency income statement is prepared each month to enable the board and management to monitor and assess
the company’s underlying comparative financial performance without any distortion from changes in foreign exchange rates.
The table above provides estimated NZ dollar income statements for the relevant periods, which have all been restated at the
budget foreign exchange rates for the 2018 financial year but after excluding the impact of movements in foreign exchange
rates, hedging results and balance sheet translations.

This constant currency analysis is non-conforming financial information, as defined by the NZ Financial Markets Authority, and
has been provided to assist users of financial information to better understand and assess the company’s financial performance
without the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a consistent basis each
half year. The company’s constant currency income statement framework can be found on the company’s website at
www.fphcare.com/ccis.

Interim Report 2018 | Care by design
For six months ended 30 September 2017
sustaininggrow

Interim Report 2018 | Care by design
For six months ended 30 September 2017
sustaining

Interim Report 2018 | Care by design
For six months ended 30 September 2017
“ Delivering
sustainable
growth over
the long term
will take care
and innovation.
We’ve set our
sights on both.”

Big achievements.
Yesterday to today.
We entered the respiratory care market in 1970 with
the development of a unique humidifier system for
critical care.
Through a commitment to innovation, doing
the right thing and doing what’s best for patients,
we’ve continued to deliver sustainable year-on-
year growth.
Today we employ over 4,000 people in 35 countries,
contributing to the care of an estimated 12 million
patients each year.

Bigger aspirations.
Today to tomorrow.
Our continued focus on innovation and patient
care will underpin our continued growth over
the next 20 years and beyond.
We are working on opportunities today that
have the potential - over the short, medium and
longer term - to allow us to support the care of
over 50 million patients worldwide each year.

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited2

Interim Report 20183Fisher & Paykel Healthcare Corporation Limited
Contents
HALF YEAR HIGHLIGHTS4
BUSINESS UPDATES5
PRODUCT GROUP OVERVIEW6
HALF YEAR REVIEW8
SUSTAINABLE, PROFITABLE GROWTH12
FINANCIAL COMMENTARY16
FINANCIAL STATEMENTS20
DIRECTORY30
Constant currency information contained within this report is
non-conforming financial information, as defined by the
NZ Financial Markets Authority, and has been provided to assist
users of financial information to better understand and assess
the company’s financial performance without the impacts of spot
foreign currency fluctuations and hedging results and has been
prepared on a consistent basis each financial year. A reconciliation
between reported results and constant currency results is available
on page 17 of this report. The company’s constant currency income
statement framework can be found on the company’s website at
www.fphcare.com/ccis.
This report is dated 21 November 2017 and is signed on behalf of Fisher
& Paykel Healthcare Corporation Limited by Tony Carter, Chairman and
Lewis Gradon, Managing Director and Chief Executive Officer.
LEWIS GRADON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
TONY CARTER, CHAIRMAN

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited4
Half year highlights
RECORD NET PROFIT AFTER TAX
$81.3m
OSA* MASK REVENUE
GROWTH IN CONSTANT CURRENCY
8%
* Obstructive sleep apnea
RECORD HOSPITAL REVENUE
$262.5m
11%
INCREASED FULLY IMPUTED
INTERIM DIVIDEND
8.75cps
6%
RECORD OPERATING REVENUE
$458.4m
8%
NEW APPLICATIONS*
CONSUMABLES REVENUE GROWTH
IN CONSTANT CURRENCY
19%
* New applications: Non-invasive ventilation,
hospital respiratory support and surgical
humidification

Interim Report 20185Fisher & Paykel Healthcare Corporation Limited
+ CONTINUED
WITH THE ROLL OUT OF OUR
NEW ENTERPRISE RESOURCE
PLANNING SYSTEM IN JAPAN,
CHINA, TAIWAN AND HONG KONG
+ WELCOMED
PIP GREENWOOD AS A NEW
NON-EXECUTIVE DIRECTOR
ON OUR BOARD
+ CONTINUED
OUR CONSISTENT GROWTH
STRATEGY
+ AWARDED
NZ BEST DESIGN AWARDS
FOR OUR OPTIFLOW JUNIOR 2,
BREVIDA, ESON 2 AND
SLEEPSTYLE PRODUCTS
+ LAUNCHED
OUR NEW PRODUCTS, SLEEPSTYLE
AND OPTIFLOW JUNIOR 2 IN
AUSTRALASIA
+ FAREWELLED
LINDSAY GILLANDERS AS A
NON-EXECUTIVE DIRECTOR ON
THE BOARD AFTER 25 YEARS
SERVICE
+ BEGAN
PREPARATION FOR
CONSTRUCTION ON OUR NEW
FACILITIES IN NEW ZEALAND
AND MEXICO
+ INCLUDED
IN THE DOW JONES
SUSTAINABILITY ASIA PACIFIC
INDEX AND THE DOW JONES
SUSTAINABILITY AUSTRALIA INDEX
FOR THE SECOND YEAR RUNNING
+ RECEIVED
FOREIGN TRADE ZONE
LICENSE FOR OUR CALIFORNIAN
DISTRIBUTION CENTRE
Business updates

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited6
What we do
We design, manufacture and market products
and systems for use in respiratory care, acute
care, surgery and the treatment of obstructive
sleep apnea.
Our medical devices and technologies are
designed to help patients get better faster and
improve their quality of life. We help patients
transition to less acute care settings, help them
recover quicker and provide solutions that can
assist them to avoid more acute conditions. We
also provide the ability for some patients to be
treated in the home rather than the hospital.
Our products are categorised into two groups:
Hospital and Homecare.
Hospital
Homecare

Interim Report 20187Fisher & Paykel Healthcare Corporation Limited
Respiratory humidification and support
Our world-leading respiratory humidification
products and systems are used in invasive
and non-invasive ventilation and in nasal
high flow therapy to provide warm,
humidified air to patients in respiratory
distress. Heated and humidified air can assist
in maintaining the body’s natural balance of
heat and moisture in the airways, improve
patient comfort and compliance, and deliver
better therapy outcomes.
Surgical technologies
We offer surgical humidification products
which have been shown to reduce certain
complications associated with laparoscopic
and open surgery.
CPAP therapy/OSA
Patients suffering from obstructive sleep
apnea (OSA) benefit from continuous
positive airway pressure (CPAP) therapy,
which is delivered through flow devices and
facial masks. Our recently launched
SleepStyle CPAP device offers many
technological benefits for patients, and our
market-leading masks are well known for
their comfort, effective seal and easy use.
Home respiratory support
Our world-leading range of respiratory
humidification products are also used to
provide respiratory support in the home and
for patients in long-term care. This enables
patients to receive the benefits of our
Optiflow nasal high flow therapy and
ventilation outside of the hospital.
42%
OF OPERATING REVENUE
OPERATING REVENUE
(1H18 $191.3M)
4%
1H18 CONSTANT CURRENCY
REVENUE GROWTH
5%
57%
OF OPERATING REVENUE
OPERATING REVENUE
(1H18 $262.5M)
11%
1H18 CONSTANT CURRENCY
REVENUE GROWTH
12%

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited8
Sustainable growth
through innovation
We are pleased to report our result
for the first half of the 2018
financial year. Net profit after tax
was up 4% for the half at NZ$81.3
million, and operating revenue was
NZ$458.4 million, which is 8%
above the first half last year.
Trading has been in-line with our
expectations for the first half of this financial
year, and our net profit after tax growth of
4% is impacted by the timing of patent
litigation costs compared to the first half of
the prior year. In the first half of 2017, we
incurred one month’s worth of patent
litigation expenses (NZ$2.4M) as opposed
to the 2018 financial year where we have had
six months of these costs (NZ$12.2M). Our
updated net profit after tax guidance for the
full year of approximately NZ$185-190M
includes anticipated litigation expenses.
Last financial year we estimated that our
products were used in the treatment of
more than 12 million patients. This is a
number that continues to grow year on year,
and we expect to see this growth pattern
continue well into the future.
Product groups
Our business is structured in two parts:
Hospital and Homecare. The Hospital side
of our business includes products that are
used in respiratory and acute care, and
during surgery. Our systems in this
product group are designed to help
improve patient outcomes by reducing
the likelihood of medical complications and
the need to transition to more intensive
settings. Cost savings for healthcare
providers are often achieved through
shorter lengths of stay, reduced infections
and lower readmission rates.
In the first half of the financial year, the
Hospital product group delivered 11% growth
in operating revenue.
This growth is due largely to the positive
response we have received to our Optiflow
nasal high flow therapy system, which is
becoming widely used around the world.
Our Homecare product group includes
products and systems used to treat OSA
and patients requiring respiratory support
in the home. Products in this group include
CPAP therapy devices and masks, flow
generators, interfaces and data
management technologies.
In the first half of the financial year, the
Homecare product group delivered 4%
growth in operating revenue. This result has
been largely supported by a continuation of
good growth in our OSA mask business,
particularly from our new Brevida nasal
pillows mask which has only been available
in the US from March this year.

Interim Report 20189Fisher & Paykel Healthcare Corporation Limited
TONY CARTER
Chairman
LEWIS GRADON
Managing Director and Chief Executive Officer
Innovation, caring for
patients and producing
quality products is the
backbone for
sustainable growth.
We see large and diverse
opportunities for
sustained and profitable
long-term growth.

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited10
Our approach
Our company is centred on innovation.
Caring for the patient, and continuing to
produce quality products that achieve better
patient care, is a philosophy that drives all
the teams within our business.
Continuing to innovate in a way that
supports our customers is a competitive
advantage and is crucial to achieving and
extending our leading positions in the
markets in which we operate. In the first
half of the 2018 financial year, approximately
31% of our revenue was derived from
products that had been introduced within
the last five years.
We have a consistent growth strategy -
designing better, more effective products to
support improved patient outcomes,
developing new therapies that change
clinical practice and reduce costs to
healthcare systems, extending our presence
around the world, and ensuring that our
growth is managed in a sustainable,
profitable way.
Sustainable, profitable growth
We have a number of large opportunities
for growth ahead of us. The first, currently
significant opportunity is in hospital
respiratory support, with our Airvo and
Optiflow products for nasal high flow
therapy. We estimate that our products are
being used to treat more than two million
patients each year out of more than
30 million patients admitted to hospital
annually who could benefit from this therapy.
In the medium-term, we expect to see
material revenue growth in our home
respiratory segment. This involves patients
with chronic respiratory conditions being
treated in their homes with our Optiflow and
myAirvo products. This part of our business
is currently small, and we estimate that
annually there are more than 10 million
patients with chronic respiratory problems
being treated in the hospital who could be
effectively treated in the home. We are
supporting the development of clinical
evidence showing that use of our nasal high
flow therapy in the home will result in
improvements in quality of life and reduced
hospital readmissions.
Over the next decade, we expect our
surgical products to be a more material
contributor to our overall business. Our
Humigard system is used to warm and
humidify the CO
2
that is used during
laparoscopic and some open surgical
procedures. This therapy has been shown to
significantly reduce the risk of postoperative
complications and their associated costs.
Currently, we support around 40,000
patients in this product group, but estimate
that this could extend to a potential
20 million patients annually.
It is clear that we have large and diverse
opportunities available in the short, medium
and long-term. We have a number of new
products that will be released over the next
few years and intend that these products,
along with our consistent growth strategy,
will support sustainable and profitable
growth over the long-term.
Patent litigation update
There have been a number of developments
over the past six months relating to the
patent litigation that we are involved in with
one of our competitors, ResMed. In Germany

Interim Report 201811Fisher & Paykel Healthcare Corporation Limited
in October 2017 we were successful in
having two proceedings brought by ResMed
against us suspended. The same court ruled
that a German utility model patent asserted
by us against ResMed is not infringed, and
we have appealed that decision. Within the
last two weeks a UK court ruled that a
patent asserted against us by ResMed was
invalid. Subject to any appeal, this patent
will therefore be revoked in the UK and we
will be entitled to recover our legal costs of
the proceedings from ResMed.
These recent decisions reinforce our
confidence in our position and we are
satisfied with progress so far. A further
update on the patent litigation is included
on page 25 of this report.
Board changes
This half year, long-serving director Lindsay
Gillanders retired from the Board. We have
benefited from Lindsay’s vast expertise in
legal and intellectual property matters as
well as his international business experience,
and would like to acknowledge his
considerable contribution over the years.
In June, Pip Greenwood was appointed as
a non-executive director of the Board.
Pip is a board member and senior partner
at Russell McVeagh, a leading New Zealand
law firm. Pip’s appointment in June gave us
a seamless transition from Lindsay’s
retirement in August.
We also support the Future Directors’
programme, and are pleased to announce
that our current participant, Rachael
Newsome, has extended her time with us
from 12 to 18 months. Her term will now
conclude at the end of March 2018. We value
the perspective Rachael has brought to our
Board meetings, and look forward to her
input for another six months.
Dividend
The Board of Directors has approved an
increased interim dividend of 8.75 cents per
share for the six months to 30 September
2017. This is approximately 61% of net profit
after tax. The interim dividend will be paid
on 20 December 2017.
Summary
We are a world-class business
headquartered in New Zealand, with an
excellent and experienced management
team with considerable global healthcare
experience. Our focus is on growing
organically by delivering excellent healthcare
solutions for patients.
We have a long-standing aim to double our
constant currency revenue every five to six
years, which equates to a growth rate of
more than 12% every year. Our performance
this financial year to date, and the
developing nature of the markets in which
we operate, mean we remain confident that
we are on track to continue delivering on
this objective.
TONY CARTER, CHAIRMAN
LEWIS GRADON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited12
Our aspirations
We’ve established an enviable track record for
delivering sustainable revenue growth.
Through increasing our global reach, designing
and making better products, changing clinical
practice, and concentrating on a sustainable
profit journey, we believe we can continue to
maintain those growth rates over the long term.
In order to make a significant difference to
global healthcare systems, we recognise the
need to invest for long-term growth – in
research, technology and the development of
our employees. We have a responsibility to be
a sustainable, long-term partner for the many
patients, doctors, nurses, suppliers, investors,
and other stakeholders who we affect every day.
Our aspiration over the long term is to deliver
12% revenue growth per year, or doubling our
constant currency revenue every five to six
years. How will we do this? Through building
on what we know, leveraging our competitive
advantages and bringing our care by design
philosophy to everything we do.
Because at the end of the day, if we can do
better for patients, then we do better for
everyone.

Interim Report 201813Fisher & Paykel Healthcare Corporation Limited
OUR ASPIRATION: Sustainably DOUBLING
our constant currency revenue every 5-6 years.
LONGER-TERM
*CONSTANT CURRENCY
MEDIUM-TERM
HOME
RESPIRATORY
SUPPORT
HOSPITAL
RESPIRATORY
SUPPORT
SURGICAL
TECHNOLOGIES
RESPIRATORY
HUMIDIFICATION
CPAP
THERAPY/OSA
1970
SHORT-TERM
TO DAY
OUR ASPIRATION: 12%+ P.A. REVENUE GROWTH CC*

Interim Report 2018Fisher & Paykel Healthcare Corporation Limited14

Interim Report 201815Fisher & Paykel Healthcare Corporation Limited
Financials

CONSTANT CURRENCY ANALYSIS
A constant currency income statement is prepared each month to enable the Board and
management to monitor and assess the company’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. The table
below provides estimated NZ dollar income statements for the relevant periods, which have
all been restated at the budget foreign exchange rates for the 2018 financial year but after
excluding the impact of movements in foreign exchange rates, hedging results and balance
sheet translations. This constant currency analysis is non–conforming financial information,
as defined by the NZ Financial Markets Authority, and has been provided to assist users of
financial information to better understand and assess the company’s financial performance
without the impacts of spot foreign currency fluctuations and hedging results and has been
prepared on a consistent basis each year. The company’s constant currency income statement
framework can be found on the company’s website at www.fphcare.com/ccis.
CONSTANT CURRENCY INCOME STATEMENTS (UNAUDITED)
Six months
ended
30 Sep
2015
NZ$M
Six months
ended
30 Sep
2016
NZ$M
Variation
2015 to
2016
%
Six months
ended
30 Sep
2017
NZ$M
Variation
2016 to
2017
%
Operating revenue360.2416.7+16451.4+8
Cost of sales133.0146.1+10156.2+7
Gross profit227.2270.6+19295.2+9
Gross Margin63.1%64.9%+186bps65.4%+47bps
Other income2.52.5–2.5–
Selling, general and
administrative expenses
107.6126.6+18144.5+14
Research & development
expenses
35.841.6+1646.9+13
Total operating expenses143.4168.2+17191.4+14
Operating profit86.3104.9+22106.3+1
Operating margin23.9%25.2%+121bps23.5%-162bps
Financing expenses (net)3.12.1-320.9-57
Profit before tax83.2102.8+24105.4+3
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ending 31 March 2018, are USD 0.69, EUR 0.66, AUD 0.92, GBP 0.57,
CAD 0.94, JPY 80 and MXN 13.50.
Financial commentary
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited16

RECONCILIATION OF CONSTANT CURRENCY TO ACTUAL INCOME STATEMENTS
(UNAUDITED)
Six months ended 30 September
2015
NZ$M
2016
NZ$M
2017
NZ$M
Profit before tax (constant currency)83.2102.8105.4
Spot exchange rate effect0.23.5(1.8)
Foreign exchange hedging result(7.1)9.710.4
Balance sheet revaluation8.3(4.8)0.1
Profit before tax (as reported)84.6111.2114.1
The reconciliation set out above illustrates that, when comparing the NZ dollar profit before
tax shown in the actual income statement for the six months to 30 September 2017 with the
corresponding period for the prior year:
• the movement in average daily spot exchange rates had an unfavourable impact of
NZ$5.3 million; and
• the company’s foreign exchange hedging activities had a favourable impact of
NZ$0.7 million.
Overall, the net favourable effect of movements in exchange rates and the hedging programme
was NZ$0.3 million, including the impact of balance sheet revaluations.
FOREIGN EXCHANGE EFFECTS
The company is exposed to movements in foreign exchange rates, with approximately 51% of
operating revenue generated in US dollars, 20% in Euros, 6% in Australian dollars and 23% in
other currencies.
In the current period the proportion of revenue which was generated in US dollars was
51% (52% last full year). This was mainly due to changes in the value of the US dollar compared
to last year. The proportion of revenue from other currencies has remained relatively stable.
The company’s cost base continues to be increasingly diverse, as manufacturing output from
Mexico has increased to 35% of total output.
On average over the reporting period the value of the New Zealand dollar against the currencies
we are exposed to has generally moved unfavourably however US dollar hedges put in place
in the 2015 calendar year have provided better protection than the prior comparative period.
Average EUR conversion rates were unfavourable as measured against the prior comparative
period during FY17 as we had delivered the last of the very favourable long-term EUR hedges
put in place at the time of the Global Financial Crisis. As a net result a foreign exchange hedging
gain of NZ$10.4 million (2016: NZ$9.7 million) to operating profit was recorded, being similar to
the prior corresponding period.
■ US dollars 51%
■ Euros 20%
■ Australian dollars 6%
■ Other currencies 23%
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
17

The average daily spot rate and the average conversion exchange rate (i.e. the accounting rate,
incorporating the benefit of forward exchange contracts entered into by the company in respect
of the relevant financial year) of the main foreign currency exposures for the six months ended
2016 and 2017 are set out in the table below:
Average Daily Spot RateAverage Conversion Exchange Rate
Six months ended 30 SeptemberSix months ended 30 September
2016201720162017
USD0.70690.71780.69300.6832
EUR0.62980.63100.58360.6056
The effect of balance sheet translations of offshore assets and liabilities for the six months
ended 30 September 2017 resulted in an increase in operating revenue of NZ$0.6 million
(2016: decrease of NZ$5.3 million) and an increase in profit before tax of NZ$0.1 million (2016:
decrease of NZ$4.8 million).
Foreign Exchange Hedging Position
The hedging position for our main exposures, the US dollar and Euro, as at the date of this
report is:
FY18 2HFY19FY20FY21FY22FY23
USD % cover of expected
exposure
90%70%55%20%0%0%
USD average rate of cover
0.6780.6730.6580.627NANA
EUR % cover of expected
exposure
90%70%40%20%20%20%
EUR average rate of cover
0.5940.6160.5810.5390.5220.509
Hedging cover percentages have been rounded to the nearest 5%.
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited18

FUNDING
The company had total available committed debt funding of NZ$255 million as at 30 September
2017, of which approximately NZ$182 million was undrawn, and cash on hand of NZ$59 million.
Bank debt facilities provide all available funding. Over the next 12 months debt facilities
totalling NZ$30 million will mature. As at 30 September 2017, the weighted average maturity of
borrowing facilities was 2.4 years.
Debt maturity
The average maturity of the term borrowings of NZ$62 million was 3.2 years and the currency
split was 71% US dollars; 20% Euros; 6% Australian dollars and 3% Canadian dollars (no NZD
denominated term borrowings).
Interest rates
Approximately 74% of all borrowings were at fixed interest rates with an average duration of
3.0 years and an average rate of 2.9%. Inclusive of floating rate borrowings, the average interest
rate on the debt is currently 2.7%. All interest rates are inclusive of margins but not fees.
Cash flow
Cash flow from operations was NZ$82.2 million compared with NZ$76.2 million for the
six months ended 30 September 2016. The increase includes a benefit in the timing of
tax payments.
Capital expenditure for the six months was NZ$51.6 million compared with NZ$30.4 million
in the prior year. The capital expenditure related predominantly to new product tooling and
manufacturing equipment as well as property and intangible costs. Property expenditure related
to land acquisition costs in Tijuana, Mexico and early earthworks costs for the fourth building
on our East Tamaki, Auckland campus, NZ$20.0 million in total. Due to the New Zealand and
Mexico building programme we expect capital expenditure to be higher in the second half of
the financial year with full year capital expenditure estimated to be NZ$130 million.
BALANCE SHEET
Gearing
1
at 30 September 2017 was 3.8%, higher than the 0.0% gearing at 31 March 2017. The
increase in gearing since 31 March 2017 is a result of increased capital expenditure, principally
land and buildings, and the increased FY17 final dividend paid in July. The gearing figure remains
within the debt to debt plus equity target range of +5% to –5%.
Gearing
1
1. Net interest-bearing debt (debt less cash and cash equivalents) to net interest-bearing debt and
equity (less cash flow hedge reserve – unrealised).
-5%
0
5%
10%
15%
20%
25%
30%
201320142015201620182017
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
19

Notes
Unaudited
2016
NZ$M
Unaudited
2017
NZ$M
Operating revenue3 425.2 458.4
Cost of sales (149.3)(155.7)
Gross profit 275.9 302.7
Other income 2.5 2.5
Selling, general and administrative expenses (126.1)(143.3)
Research and development expenses (41.6) (46.9)
Total operating expenses (167.7) (190.2)
Operating profit before financing costs 110.7 115.0
Financing income 0.1 0.7
Financing expense (2.2) (1.8)
Exchange gain on foreign currency
borrowings
2.6 0.2
Net financing income (expense) 0.5 (0.9)
Profit before tax4 111.2 114.1
Tax expense (33.0)(32.8)
Profit after tax 78.2 81.3
Basic earnings per share13.8 cps14.3 cps
Diluted earnings per share13.6 cps14.1 cps
The accompanying Notes form an integral part of the Financial Statements.

Unaudited
2016
NZ$M
Unaudited
2017
NZ$M
Profit after tax 78.2 81.3
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss
Hedging reserves
Changes in fair value in hedging reserves 26.8 9.2
Transfers to profit before tax (3.9) (8.9)
Tax on changes in fair value and transfers
to profit before tax
(6.4) (0.1)
Other comprehensive income, net of tax 16.5 0.2
Total comprehensive income 94.7 81.5
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited20
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2017

Share
capital
NZ$M
Treasury
shares
NZ$M
Retained
earnings
NZ$M
Asset
revaluation
reserve
NZ$M
Hedge
reserves
NZ$M
Share based
payments
reserves
NZ$M
Total equity
NZ$M
Balance at 31 March 2016 (audited) 165.6 (2.4) 327.9 32.5 12.1 6.0 541.7
Adjustment on adoption of NZ IFRS 9 (net of tax) – – (2.8) – 2.8 – –
Total comprehensive income – – 78.2 – 16.5 – 94.7
Dividends paid – – (56.4) – – – (56.4)
Issue of share capital 8.5 – – – – – 8.5
Share based payment transactions 1.8 – – – – (0.3) 1.5
Balance at 30 September 2016 (unaudited) 175.9 (2.4) 346.9 32.5 31.4 5.7 590.0
Balance at 31 March 2017 (audited) 183.5 (1.7) 391.0 53.5 26.5 8.8 661.6
Total comprehensive income – – 81.3 – 0.2 – 81.5
Dividends paid – – (63.9) – – – (63.9)
Issue of share capital 7.7 – – – – – 7.7
Movement in treasury shares – (1.4) – – – – (1.4)
Share based payment transactions 3.4 – – – – (1.7) 1.7
Balance at 30 September 2017 (unaudited) 194.6 (3.1) 408.4 53.5 26.7 7.1 687.2
The accompanying Notes form an integral part of the Financial Statements.
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
21
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2017

Notes
Audited
31 March
2017
NZ$M
Unaudited
30 September
2017
NZ$M
ASSETS
Current assets
Cash and cash equivalents 61.3 59.5
Trade and other receivables 129.6 132.2
Inventories 135.0 145.7
Derivative financial instruments6 21.2 20.4
Tax receivable 2.0 3.2
Total current assets349.1 361.0
Non-current assets
Derivative financial instruments6 24.1 29.2
Other receivables2.5 2.4
Property, plant and equipment 425.2 456.4
Intangible assets 44.5 47.9
Deferred tax asset 32.8 36.9
Total assets878.2 933.8
LIABILITIES
Current liabilities
Interest-bearing liabilities 21.1 25.6
Trade and other payables 102.2 106.4
Provisions 4.0 4.1
Tax payable 14.7 10.7
Derivative financial instruments6 3.6 5.8
Total current liabilities 145.6 152.6
Non-current liabilities
Interest-bearing liabilities39.9 60.3
Provisions2.0 2.1
Other payables 8.6 9.0
Derivative financial instruments6 5.1 6.9
Deferred tax liability 15.4 15.7
Total liabilities 216.6 246.6
Notes
Audited
31 March
2017
NZ$M
Unaudited
30 September
2017
NZ$M
EQUITY
Share capital 183.5 194.6
Treasury shares (1.7) (3.1)
Retained earnings 391.0 408.4
Asset revaluation reserve 53.5 53.5
Hedge reserves 26.5 26.7
Share based payments reserves 8.8 7.1
Total equity 661.6 687.2
Total liabilities and equity 878.2 933.8
The accompanying Notes form an integral part of the Financial Statements.
On behalf of the Board
20 November 2017
Tony Carter Lewis Gradon
Chairman Managing Director and Chief Executive Officer
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited22
CONSOLIDATED BALANCE SHEET
As at 30 September 2017

Unaudited
2016
NZ$M
Unaudited
2017
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 433.6 456.4
Grants received 2.2 2.2
Interest received 0.1 0.5
Payments to suppliers and employees (307.7) (333.4)
Tax paid (49.9)(42.3)
Interest paid (2.1) (1.2)
Net cash flows from operations 76.2 82.2
CASH FLOWS (USED IN) INVESTING ACTIVITIES
Sales of property, plant and equipment 0.1 –
Purchases of property, plant and equipment (22.7) (44.1)
Purchases of intangible assets (7.8) (7.5)
Net cash flows (used in) investing activities (30.4) (51.6)
CASH FLOWS (USED IN) FINANCING ACTIVITIES
Employee share purchase schemes 0.4 0.2
Issue of share capital 0.8 0.3
New borrowings – 20.7
Repayment of borrowings – (3.6)
Dividends paid (48.3) (57.8)
Net cash flows (used in) financing activities (47.1) (40.2)
Net increase (decrease) in cash (1.3) (9.6)
Opening cash 2.5 45.6
Effect of foreign exchange rates (0.7) (0.2)
Closing cash 0.5 35.8
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 18.0 59.5
Bank overdrafts (17.5) (23.7)
Closing cash 0.5 35.8
Unaudited
2016
NZ$M
Unaudited
2017
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 78.2 81.3
Add (deduct) non-cash items:
Depreciation of property, plant and equipment 15.5 18.4
Amortisation of intangibles 4.4 5.1
Movement in provisions (0.2) 0.1
Movement in deferred tax assets / liabilities 4.4 (3.8)
Movement in working capital:
Trade and other receivables 12.8 (2.4)
Inventories (11.8) (10.7)
Trade and other payables (5.9)(1.7)
Taxation payable / receivable (19.2) (5.2)
Foreign currency translation (2.0) (0.5)
Other – 1.6
Net cash flows from operations 76.2 82.2
The accompanying Notes form an integral part of the Financial Statements.
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
23
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2017

1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together with its
subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of medical device
products and systems for use in respiratory care, acute care and the treatment of obstructive
sleep apnea. Products are sold in over 120 countries worldwide. The Company is a limited
liability company incorporated and domiciled in New Zealand.
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2017 have been
prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP).
They comply with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting (NZ IAS 34) and International Accounting Standard 34: Interim Financial
Reporting (IAS 34). The Company and Group are designated as profit-oriented entities for
financial reporting purposes.
These consolidated financial statements do not include all the notes normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the audited
consolidated financial statements for the year ended 31 March 2017.
All accounting policies have been applied on a basis consistent with those used in the audited
consolidated financial statements for the year ended 31 March 2017, as described in those annual
financial statements. The Group has also been consistent in applying the judgements, estimates
and assumptions adopted in the audited consolidated financial statements for the year ended
31 March 2017.
These consolidated financial statements are presented in New Zealand dollars (NZD or $) to the
nearest million (to one decimal place) unless otherwise stated.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events affected the financial performance and
financial position of the Group for the six month period ended 30 September 2017:
Capital expenditure
On 2 May 2017 the acquisition of approximately 15 hectares of land in Tijuana, Mexico was
completed at USD equivalent to NZ$19.6 million. In October 2017, the Group signed an agreement
to construct the new Mexico manufacturing facility for USD equivalent to NZ$25.3 million.
The land acquisition and construction will continue to be funded through existing debt facilities.
Site works for a new building at our East Tamaki campus also commenced during the period.
Dividends
On 19 May 2017 the directors approved the payment of a fully imputed 2017 final dividend of
$63.9 million (11.25 cents per share) which was paid on 7 July 2017. A supplementary dividend
of $5.7 million (1.9853 cents per share) was also approved for eligible non-resident shareholders,
for which the Group received an equivalent tax credit. 555,272 shares were issued under the
Company’s dividend reinvestment plan at an average price of $11.13 (2017: $9.36).
Share Capital
During the six months ended 30 September 2017, the Group issued 555,272 shares under the
dividend reinvestment plan. 142,573 treasury shares were issued to employee share purchase
plans and a further 2,151,927 shares were issued on exercise of share options and performance
share rights.
Funding
During the period, the Group funded the acquisition of the Mexico land through existing debt
facilities. The Company had total available committed debt funding of NZ$255 million as
at 30 September 2017, of which approximately NZ$182 million was undrawn. Over the next
12 months debt facilities totalling NZ$30 million will mature. As at 30 September 2017, the
weighted average maturity of borrowing facilities was 2.4 years.
Hedge reserves
As at 30 September $26.1 million of unrealised gains were held in the cash flow hedge reserve
and $0.6 million of unrealised gains were held in the costs of hedging reserve.
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2017

3. OPERATING REVENUE
Unaudited
30 September
2016
NZ$M
Unaudited
30 September
2017
NZ$M
Revenue before hedging:
North America 199.4 206.7
Europe 118.5 127.6
Asia Pacific 80.1 92.2
Other 16.3 20.7
Total revenue before hedging
414.3 447.2
Foreign exchange gain on hedged sales 10.9 11.2
Total operating revenue 425.2 458.4
The breakdown of revenue before hedging presented above is based on the geographical
location of the customer. This presentation is different to that shown in Note 9.
Revenue by Product Group
Hospital products 236.6 262.5
Homecare products 183.3 191.3
419.9 453.8
Distributed and other products 5.3 4.6
Total operating revenue 425.2 458.4
4. EXPENSES
Unaudited
30 September
2016
NZ$M
Unaudited
30 September
2017
NZ$M
Profit before tax includes the following expenses:
Depreciation 15.5 18.4
Amortisation 4.4 5.1
Employee benefits expense 154.3 164.9
Rental and lease expense 4.9 4.9
Litigation expense 2.4 12.2
5. CONTINGENT LIABILITIES
Periodically the Group is party to litigation including product liability and patent claims.
ResMed Patent Litigation
United States
In August 2016, Fisher & Paykel Healthcare filed patent infringement proceedings in the US
District Court for the Southern District of California seeking judgment that ResMed’s AirSense
10 and AirCurve 10 range of flow generator products, ClimateLineAir heated air tubing, and
water chambers for use with such flow generator products, as well as Swift LT and Swift FX
masks infringe patents held by Fisher & Paykel Healthcare. ResMed responded that the patents
asserted are not infringed and/or are invalid.
ResMed also filed a counterclaim in the US District Court for the Southern District of California
seeking judgment that Fisher & Paykel Healthcare’s Simplus and Eson range of masks used in
the treatment of OSA infringe patents held by ResMed. Fisher & Paykel Healthcare responded
that it does not infringe and/or the patents of ResMed are invalid.
Also in August 2016, ResMed requested that the US International Trade Commission (ITC)
conduct an investigation into patent infringement allegations. Shortly before the start of the
trial in May 2017, ResMed withdrew its complaint to the ITC. ResMed indicated at the time that it
intended to file an additional ITC complaint but has not yet done so.
Both Fisher & Paykel Healthcare and ResMed have filed for inter partes review with the US
Patent Trial and Appeal Board of the patents asserted by the other in the US.
Germany
ResMed initiated patent infringement proceedings in the Regional Court in Munich in relation to
Fisher & Paykel Healthcare’s Simplus and Eson range of masks. These proceedings are currently
stayed pending the outcome of challenges to the validity of ResMed’s patents that will be heard
by the European Patent Office.
Fisher & Paykel Healthcare also filed patent infringement proceedings against ResMed in the
Regional Court in Munich in relation to ResMed’s AirSense 10 and AirCurve 10 range of flow
generator products and Lumis series of non-invasive ventilators. One case is currently stayed
pending the outcome of a validity challenge and one is awaiting its second hearing which has
been scheduled for 2018. In a third case the court ruled that a German utility model patent was
not infringed. Fisher & Paykel Healthcare has appealed that decision.
New Zealand
ResMed has initiated proceedings in the High Court of New Zealand in relation to Fisher & Paykel
Healthcare’s ICON CPAP device and Simplus and Eson range of masks. Fisher & Paykel Healthcare
has filed a counterclaim in the High Court of New Zealand for non-infringement and revocation.
United Kingdom
In the United Kingdom Fisher & Paykel Healthcare sought a declaration of non-infringement
and invalidity in the High Court of Justice Chancery Division Patents Court in respect of three
patents asserted against Fisher & Paykel Healthcare in Germany. ResMed counterclaimed for
infringement. Just before the trial was to start ResMed conceded to the revocation of two of
its patents in the UK. The trial proceeded in relation to a third patent and the Court found that
ResMed’s patent was invalid in its entirety. Subject to any appeal, this patent will be revoked in
the UK and Fisher & Paykel Healthcare is entitled to recover its legal costs of the proceedings
from ResMed for an amount yet to be determined by the Court.
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

5. CONTINGENT LIABILITIES CONTINUED
Impact
Both parties are seeking injunctions and damages in relation to the proceedings described on
the previous page. As at the date of the issue of these financial statements, an estimate of the
financial effect cannot be made.
Except as noted on the previous page, the Directors are unaware of the existence of any claim
or other contingencies that would have a material impact on the operations of the Group.
6. FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment,
or fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs. The Group
generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value. Derivatives
continue to be classified as being within Level 2 of the fair value hierarchy and there were no
changes in valuation techniques during the period.
The following table lists the Group’s current contractual foreign exchange contracts.
Audited
31 March
2017
NZ$M
Unaudited
30 September
2017
NZ$M
Contractual amounts of derivative financial instruments
were as follows:
Foreign currency forward contracts and options
Purchase commitments forward exchange contracts 60.5 54.6
Sale commitments forward exchange contracts 582.1 700.2
Foreign currency borrowing forward exchange contracts 3.7 3.9
Collar option contracts – NZD call option purchased (i) 193.0 142.1
Collar option contracts – NZD call option sold (i) 214.1 157.8
Interest rate derivatives
Interest rate swaps 54.0 67.0
Interest rate options 21.0 21.0
(i) Foreign currency contractual amounts are equal.
Foreign currency
Audited
31 March
2017
M
Unaudited
30 September
2017
M
Sales Commitments
United States dollars US$309.0US$315.5
European Union euros €110.3€120.8
Australian dollars A$14.2A$21.6
British pounds £18.0£21.0
Canadian dollars C$13.0C$24.1
Japanese yen ¥3,190.0¥3,155.0
Chinese yuan ¥46.0¥61.1
Korean won ₩3,746.2₩5,934.0
Swedish kronor kr16.5kr42.5
Danish krone kr0.0kr3.0
Purchase Commitments
Mexican pesos MEX$815.5MEX$723.0
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

7. CAPITAL EXPENDITURE COMMITMENTS
Audited
31 March
2017
NZ$M
Unaudited
30 September
2017
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 34.8 10.9
Between one and two years 2.1 1.5
36.9 12.4
8. RELATED PARTY TRANSACTIONS
During the period the Group has not entered into any material contracts involving related
parties or directors’ interests. No amounts owed by related parties have been written off or
forgiven during the period. Apart from directors’ fees, key executive remuneration and dividends
paid by the Group to its directors, there have been no related party transactions.
9. SEGMENT INFORMATION
The Group’s operating segments consist of New Zealand, North America, Europe and Asia
Pacific. The composition of these segments is unchanged from the audited consolidated
financial statements for the year ended 31 March 2017. Performance is measured based on
segment operating profit, as the chief operating decision-maker believes that such information
is the most relevant in evaluating the results of certain segments relative to other entities that
operate within this industry.
The Group’s products and systems are for use in respiratory care, acute care and the treatment
of obstructive sleep apnea and are sold in over 120 countries worldwide. Revenues are managed
on a regional basis, but a split by product group is set out in Note 3.
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

9. SEGMENT INFORMATION CONTINUED
Operating Segments
New
Zealand
NZ$M
North
America
NZ$M
Europe
NZ$M
Asia-
Pacific
NZ$M
Eliminations
NZ$M
Total
NZ$M
30 September 2016 (Unaudited)
Sales revenue – external 29.4 199.5 117.1 68.3 – 414.3
Sales revenue – internal 317.0 – – – (317.0) –
Foreign exchange gain on hedged sales 10.9 – – – – 10.9
Total operating revenue 357.3 199.5 117.1 68.3 (317.0) 425.2
Other income 2.5 – – – – 2.5
Depreciation and amortisation 17.9 1.3 0.4 0.3 – 19.9
Segment operating profit before financing costs 113.8 2.5 0.6 3.5 (9.7) 110.7
Financing income 1.3 – – – (1.2) 0.1
Financing expense (1.8) (1.2) (0.3) (0.1) 1.2 (2.2)
Exchange gain (loss) on foreign currency borrowings 2.7 – (0.1) – – 2.6
Segment net profit before tax 116.0 1.3 0.2 3.4 (9.7) 111.2
Segment assets 768.4 134.2 110.1 57.9 (265.6) 805.0
Segment capital expenditure 26.2 3.6 0.1 0.6 – 30.5
30 September 2017 (Unaudited)
Sales revenue – external 35.2 206.7 126.6 78.7 – 447.2
Sales revenue – internal 330.7 – – – (330.7) –
Foreign exchange gain on hedged sales 11.2 – – – – 11.2
Total operating revenue 377.1 206.7 126.6 78.7 (330.7) 458.4
Other income 2.5 – – – – 2.5
Depreciation and amortisation 20.4 2.2 0.4 0.5 – 23.5
Segment operating profit before financing costs 128.3 3.4 0.2 4.3 (21.2) 115.0
Financing income 2.2 – – – (1.5) 0.7
Financing expense (1.7) (1.2) (0.3) (0.1) 1.5 (1.8)
Exchange gain on foreign currency borrowings 0.2 – – – – 0.2
Segment net profit before tax 129.0 2.2 (0.1) 4.2 (21.2) 114.1
Segment assets 919.5 157.8 118.9 64.5 (326.9) 933.8
Segment capital expenditure 52.0 2.4 0.2 0.5 – 55.1
10. SUBSEQUENT EVENTS
On 20 November 2017 the directors approved the payment of a fully imputed 2018 interim dividend of $49.9 million (8.75 cents per share) to be paid on 20 December 2017.
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

INDEPENDENT REVIEW REPORT
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
We have reviewed the accompanying consolidated financial statements (“financial statements”) of Fisher & Paykel Healthcare Corporation Limited (“the
Company”), and its controlled entities (“the Group”) on pages 20 to 28, which comprise the consolidated balance sheet as at 30 September 2017, the
consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the period ended on that date, and selected explanatory notes.
Directors’ responsibility for the financial statements
The Directors are responsible on behalf of the Group for the preparation and presentation of these financial statements in accordance with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine are
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with
the New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410).
NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are
not prepared in all material respects, in accordance with NZ IAS 34. As the auditors of the Group, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand)
and International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of advisory, tax compliance, other assurance services and
procedures for scrutineering the counting of votes at the Annual Shareholders’ Meeting. The provision of these other services has not impaired our
independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these financial statements of the Group are not prepared, in all material
respects, in accordance with NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders. Our review work has been undertaken so that we might state to the Company’s shareholders those
matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders for our review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
20 November 2017
Fisher & Paykel Healthcare Corporation Limited
Interim Report 2018
29

Directory
DIRECTORS
Tony Carter Chairman, Non-Executive, Independent
Lewis Gradon Managing Director and Chief Executive
Officer
Michael Daniell Non-Executive
Pip GreenwoodNon-Executive, Independent
Geraldine McBride Non-Executive, Independent
Arthur Morris Non-Executive, Independent
Donal O’Dwyer Non-Executive, Independent
Scott St John Non-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis Gradon Managing Director and Chief Executive
Officer
Paul Shearer Senior Vice President – Sales & Marketing
Tony Barclay Chief Financial Officer & Company Secretary
Debra Lumsden Vice President Human Resources & Privacy
Officer
Andrew SomervellVice President – Products & Technology
Brian Schultz Vice President – Quality & Regulatory
Winston FongVice President – Surgical Technologies
Jonti RhodesGeneral Manager – Supply Chain
Nicholas FourieVice President - Information &
Communication Technology
REGISTERED OFFICES
New Zealand:
Physical address: 15 Maurice Paykel Place,
East Tamaki, Auckland 2013,
New Zealand
Telephone: +64 9 574 0100
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia:
Physical address: 19-31 King St, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham
Victoria 3132, Australia
STOCK EXCHANGES
The Company’s ordinary shares are listed on the NZX Main
Board and the ASX.
SHARE REGISTRAR
In New Zealand:
Link Market Services Limited
Physical address: Level 11, Deloitte Centre,
80 Queen Street,
Auckland 1010, New Zealand
Postal address: PO Box 91976,
Auckland 1142, New Zealand
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
In Australia:
Link Market Services Limited
Physical address: Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Internet address: www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Interim Report 2018Fisher & Paykel Healthcare Corporation Limited30

Fisher & Paykel Healthcare is a world leader in
medical devices and systems for use in respiratory
care, acute care, surgery and in the treatment of
obstructive sleep apnea.
www.fphcare.com
© 2017 Fisher & Paykel
Healthcare Corporation Limited

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NZX Appendix 1 Information
Results for announcement to the market
HALF YEAR REPORTING
Reporting Period 6 months to 30 September 2017
Previous Reporting Period 6 months to 30 September 2016

EARNINGS
Amount (NZ$M) Percentage change
Operating revenue from ordinary activities $458.4 8%
Earnings before interest and tax $115.0 4%
Net profit attributable to shareholders $81.3 4%

DIVIDENDS

Amount per share
NZ cents
Imputed amount per share*
NZ cents
Gross amount per share*
NZ cents
Interim Dividend 8.75 cents 3.4028 cents
12.1528 cents
* NZ resident shareholders
Record Date 6 December 2017
Dividend Payment Date 20 December 2017
The company operates a dividend reinvestment plan for New Zealand and Australian resident shareholders. For the Interim
Dividend no discount will be applied. Participation notices must be received on or before the first business day after the Record
Date to be eligible to participate in entitlements under the plan. A copy of the plan offer document is available
at www.fphcare.com/drp
.
FINANCIAL INFORMATION AND COMMENTARY
For commentary on the results please refer to the news release and financial commentary section of the company’s 2018
Interim Report. This appendix should be read in conjunction with the company’s financial statements for the 6 months ended 30
September 2017, contained in the company’s 2018 Interim Report, and the company’s most recent audited financial
statements.
NET TANGIBLE ASSETS PER SECURITY
30 September 2016 30 September 2017
Net tangible assets per security NZ$0.94 NZ$1.08

CONTROL OF ENTITIES GAINED OR LOST
There was no gain or loss of control of entities during the 6 months ended 30 September 2017.
ASSOCIATES AND JOINT VENTURES
The company does not have any associates or joint ventures.
ACCOUNTING STANDARDS
The company’s interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP) and comply with NZ IAS 34 and IAS 34, Interim Financial Reporting. They should be read in
conjunction with the company’s most recent audited financial statements.
BASIS OF REPORT
This report is based on the unaudited company financial statements. PwC has provided a review report on the financial
statements, which is contained in the 2018 Interim Report.

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:
Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change

whether:
Interim

YearSpecialDRP Applies

EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2
for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
6 December, 201720 December, 2017
$0.607639 cents/share3.402778 cents/share
$
New Zealand Dollars1.544118 cents/share
$49,928,930
Date Payable
20 December, 2017
Enter N/A if not
applicable
NZFAPE0001S2
In dollars and cents
Revenue Reserves
8.75 cents/share
(09) 574 0119(09) 574 017621112017
Ordinary Shares
EMAIL: announce@nzx.com
Notice of event affecting securities
Fisher & Paykel Healthcare Corporation Limited
Antony G. BarclayDirectors' Resolution