Summerset Revises Earnings Guidance Upwards for 2017

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

NZX & ASX RELEASE

19 DECEMBER 2017

SUMMERSET REVISES EARNINGS GUIDANCE UPWARDS FOR 2017

Summerset Group has revised its earnings guidance, with underlying profit for the year ended
31 December 2017 now forecast to be in the range of NZ$77 million to NZ$79 million.

This is an increase on the previous guidance given of NZ$72 million to NZ$75 million and
represents an increase on the previous year’s underlying profit of between 36% and 40%. The
group has delivered average annual underlying profit growth of approximately 46% since listing
on the NZX in 2011.

Summerset CEO Julian Cook said, “we have seen ongoing strength in resales volumes and
margins as well as good margins on new occupation right sales. Sales interest and time from
contract to settlement remains very good and we expect this to continue into the new year.”

No forecast has been provided for NZ IFRS net profit after tax due to the inherent uncertainty in
fair value movement of investment property, a key component of this profit measure.

Underlying profit differs from NZ IFRS net profit after tax. This profit measure is provided to
assist investors in determining the realised and non-realised components of fair value movement
of investment property and tax expense in the Group’s income statement. Underlying profit is an
industry-wide measure which the Group uses consistently across reporting periods. Both
underlying profit and NZ IFRS net profit after tax are audited.

ENDS

For investor relations enquiries: For media enquiries:
Scott Scoullar Michelle Brooker
Chief Financial Officer Senior Communications Advisor
scott.scoullar@summerset.co.nz michelle.brooker@summerset.co.nz
04 894 7320 or 029 894 7317 04 830 1106 or 021 225 9624

ABOUT SUMMERSET

 Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 22 villages completed or in development across the country. In addition,
Summerset has seven sites for development in Avonhead (Christchurch), Richmond
(Nelson), Rototuna (Hamilton), Keneperu (Wellington), Lower Hutt (Wellington), St Johns
(Auckland) and Parnell (Auckland), bringing the total number of sites to 29.
 It provides a range of living options and care services to more than 4,400 residents.
 Four-time winner of Retirement Village of the Year and Silver Award winner in the Reader’s
Digest Quality Service Awards 2017.
 The Summerset Group has villages in Aotea, Casebrook, Dunedin, Ellerslie, Hamilton,
Hastings, Havelock North, Hobsonville, Karaka, Katikati, Levin, Manukau, Napier, Nelson,
New Plymouth, Palmerston North, Paraparaumu, Taupo, Trentham, Wanganui, Warkworth
and Wigram.