Record Result for FPH: Net Profit Up 20%

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

RECORD RESULT FOR FISHER & PAYKEL HEALTHCARE: NET PROFIT UP 20%

Auckland, New Zealand, 26 November 2018 - Fisher & Paykel Healthcare Corporation Limited
today announced its results for the half year ended 30 September 2018. Net profit after tax was
NZ$97.4 million, up 20%, and operating revenue was NZ$511.3 million, 12% above the first half
last year.

“Overall, results are in line with our expectations for the start of the 2019 financial year,” said
Managing Director and CEO, Lewis Gradon. “We remain on track, with our core product groups
delivering a 12% increase in revenue, or 9% in constant currency terms.”

Operating revenue for the Hospital product group, which includes products used in respiratory,
acute and surgical care, increased 13% to a record NZ$297.3 million, or 11% growth in constant
currency. Products in the Hospital group made up 58% of the company’s operating revenue.

“Our devices and systems used for nasal high flow therapy continue to drive much of the growth in
our hospital business,” said Managing Director and CEO, Lewis Gradon. “Our new F&P 950 heated
humidification system for neonates is performing well in New Zealand and Australia, and we are
looking forward to the release of the 950 in Europe next year.”

In the Homecare product group, operating revenue rose 10% to NZ$211.1 million, or 6% growth in
constant currency. This group includes products used in the treatment of obstructive sleep apnea
and respiratory support in the home. Growth in hardware devices used in the home was robust as
the company experienced strong demand for its myAirvo and SleepStyle devices. OSA masks and
accessories growth of 2% in constant currency was as expected, as the company anticipates the
launch of new masks.

“We are pleased with the progress that we have made with our myAirvo device, which is used for
patients with chronic respiratory conditions, and sales from this product are an increasing proportion
of our Homecare revenue. We anticipate that resolving a manufacturing delay will allow us to
introduce our next new OSA mask early in 2019, which will be followed by more new masks during
the year.”

Gross margin increased by 77 basis points to 66.8%, or a 22 basis points increase in constant
currency, compared to the first half last year, primarily due to favourable product mix and Mexico
manufacturing.

The company’s directors have approved an interim dividend of 9.75 NZ cents per ordinary share, an
increase of 11% on the interim dividend last year. The interim dividend, carrying full New Zealand
imputation credit, will be paid on 21 December 2018 with a record date of 10 December 2018. 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 2019 int erim
dividend. The directors have determined that the DRP will be offered without a discount for the
2019 interim dividend payment.

Outlook for FY2019

“In the second half of the 2019 financial year we are cycling a strong period of growth in our
Hospital product group. There was a very strong Northern Hemisphere flu season last year which
we estimate contributed between 1 and 2 percentage points to our Hospital revenue growth. At this

stage it is too early to predict the severity of the upcoming Northern Hemisphere flu season and
therefore we have assumed a moderate flu season in our guidance for the 2019 financial year.

“At current exchange rates we expect full year operating revenue for the 2019 financial year to be
approximately NZ$1.07 billion and net profit after tax to be in the range of approximately NZ$205 to
NZ$210 million.

“We have an exciting future ahead of us. As healthcare systems look for ways to contain costs and
care for patients in more effective and sustainable ways, we will continue to innovate, and to aspire
to help improve the healthcare of many more millions of patients around the world every year. We
are confident that we have the people, potential and philosophy to deliver on the opportunity ahead
of us, delivering results for our communities and our shareholders around the world,” concluded Mr
Gradon.

Overview of key results for the first half
• 20% growth in net profit after tax to a record NZ$97.4 million.
• 11% increase in interim dividend to 9.75 cps (2018: 8.75 cps).
• 12% growth in operating revenue to a record NZ$511.3 million, 8% growth in constant currency.
• 13% growth in Hospital operating revenue, 11% growth in constant currency.
• 22% constant currency revenue growth for consumables used in non-invasive ventilation,
Optiflow and surgical applications, accounting for 60% of Hospital consumables revenue.
• 10% growth in Homecare operating revenue, 6% growth in constant currency.
• 2% revenue growth in constant currency in OSA masks.
• Investment in R&D was 9% of revenue, or NZ$45.7 million.

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 2019, 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
18 of the company’s Interim Report 2019 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 2019 financial year. The conference call is scheduled to begin at 10:00am
NZDT, 8:00am AEDT Monday 26 November (4:00pm USEST, Sunday 25 November) and will be
broadcast simultaneously over the Internet.

To listen to the webcast, access the company’s website at www.fphcare.com/investor
. 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: 8261030.

New Zealand Toll Free 0800 423 970 US/Canada Toll Free 800 458 4121
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 2017
NZ$M
(except as otherwise stated)

Six Months Ended
30 September 2018
NZ$M
(except as otherwise stated)

% Change
FINANCIAL PERFORMANCE
Total operating revenue 458.4 511.3 +12%
Cost of sales (155.7) (169.7) +9%
Gross profit 302.7
341.6 +13%
Gross margin 66.0% 66.8% +80bps
Other income 2.5
2.5 -
Selling, general and administrative expenses (143.3)
(159.4) +12%
Research and development expenses (46.9)
(45.7) -3%
R&D percentage of operating revenue 10.2%
8.9%
Total operating expenses (190.2)
(205.1) +8%
Operating profit before financing costs 115.0 139.0 +21%
Operating margin 25.1% 27.2% +210bps
Net financing expense (0.9)
(3.1) -233%
Profit before tax 114.1
135.9 +19%
Tax expense (32.8) (38.5) +17%
Profit after tax 81.3
97.4 +20%

Revenue by Region:
North America 211.8
240.9 +14%
Europe 131.1
141.1 +8%
Asia Pacific 94.3
106.7 +13%
Other 21.2
22.6 +7%
Total 458.4
511.3 +12%

Revenue by Product Group:
Hospital
262.5
297.3 +13%
Homecare
191.3
211.1 +10%
Core products sub-total
453.8
508.4 +12%
Distributed and other
4.6
2.9 -37%
Total
458.4
511.3 +12%


31 March 2018
NZ$M
(except as otherwise stated)

30 September 2018
NZ$M
(except as otherwise stated)


FINANCIAL POSITION
Tangible assets 884.3
918.5
Intangible assets (including deferred tax asset) 140.8
125.5
Total assets 1,025.1
1,044.0
Total liabilities 263.7 267.3
Shareholders’ equity 761.4
776.7
Gearing (7.3%) (2.0%)
Net tangible asset backing (cents per share) 121 120

Results in Brief (continued)


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

Six Months Ended
30 September 2018
NZ$M
(except as otherwise stated)

% Change

CASH FLOWS
Net cash flow from operating activities 82.2
93.4
Net cash flow (used in) investing activities (51.6)
(16.1)
Net cash flow (used in) financing activities (40.2)
(59.9)


SHARES OUTSTANDING

Weighted average basic shares outstanding 569,032,090
572,060,145
Weighted average diluted shares outstanding 575,686,404
577,516,454
Basic shares outstanding at period end 570,536,208
573,049,244


DIVIDENDS AND EARNINGS PER SHARE
Dividends (interim paid/proposed) per share (cents) 8.75
9.75 +11%
Basic earnings per share (cents) 14.3
17.0 +2%


Constant Currency Analysis
CONSTANT CURRENCY INCOME STATEMENTS UNAUDITED
Six Months Ended
30 September 2017
NZ$M
Six Months Ended
30 September 2018
NZ$M % Change
Total operating revenue 454.9 492.2 +8%
Cost of sales (155.8) (167.5) +8%
Gross profit 299.1
324.7 +9%
Gross margin 65.8% 66.0% +22bps
Other income 2.5
2.5 -
Selling, general and administrative expenses (144.6)
(155.8) +8%
Research and development expenses (46.9)
(45.7) -3%
Total operating expenses (191.5)
(201.5) +5%
Operating profit before financing costs 110.1 125.7 +14%
Operating margin 24.2% 25.5% +134bps
Net financing income (expenses) (1.0) 0.4 -140%
Profit before tax 109.1
126.1 +16%

The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ending 31
March 2019, are USD 0.72, EUR 0.59, AUD 0.93, GBP 0.52, CAD 0.94, JPY 77 and MXN 13.6.

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 2019 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 2019 | Care by design
For six months ended 30 September 2018
A sketch...

...draws on the knowledge,
expertise and care of the
many doctors, clinicians
and healthcare providers
we work with every day...

...this knowledge is
shaped by creative minds
through a design process
of prototyping, iterating
and testing...

...that takes form through
precision, ensuring
the highest product
quality standards and
performance...

...which then extends to
the care with which our
global network ensures
our customers have the
medical devices they
need...

...helping to improve
the care and outcomes
for many millions of
patients around the
world every year.

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 period.
A reconciliation between reported results and constant currency
results is available on page 19 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 23 November 2018 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
Contents
Half Year Highlights6
Business Updates7
Product Group Overview8
Half Year Review10
Sustainable, Profitable Growth14
Financial Commentary18
Financial Statements22
Directory32

Interim Report 20196Fisher & Paykel Healthcare Corporation Limited
Half year
highlights
NET PROFIT AFTER TAX
NZ$97.4 MILLION
20%
OPERATING PROFIT
NZ$139 MILLION
21%
OPERATING REVENUE
NZ$511.3 MILLION
12%
GROSS MARGIN
77 BASIS POINTS INCREASE
66.8%
INTERIM DIVIDEND
NZ 9.75 CPS FULLY IMPUTED
11%
HOSPITAL REVENUE GROWTH
NZ$297.3 MILLION
13%
SPEND ON R&D 9%
OF OPERATING REVENUE
$45.7m
NEW APPLICATIONS CONSUMABLES
REVENUE GROWTH IN CONSTANT CURRENCY
22%

Interim Report 20197Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Business
updates
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2018
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2018
120+
COUNTRIES
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
58%
1%
41%
47%
28%
21%
4%
+
WELCOMED
first major clinical study of the
use of Optiflow nasal high flow
therapy in the home
+
AWARDED
two Gold Pins at the New Zealand
Design Awards for our F&P InfoSmart
web application and F&P SleepStyle
patient application
+
FAREWELLED
Tony Barclay, our long-standing Chief
Financial Officer and Arthur Morris,
non-executive director
+
ANNOUNCED
the appointment of Lyndal York
as Chief Financial Officer and
Neville Mitchell as a non-executive
director
+
INCLUDED
in the Dow Jones Sustainability Asia
Pacific Index and the Dow Jones
Sustainability Australia index
+
NAMED
our two Mexico buildings after
pioneers of heated respiratory
humidification, Dr Matthew Spence
and Mr Alf Melville
+
LAUNCHED
the F&P 950™ neonatal heated
humidification system into
New Zealand and Australia
+
PROGRESSED
with construction of our two building
projects in New Zealand and Mexico

Interim Report 20198Fisher & Paykel Healthcare Corporation Limited
Hospital
58%
OF OPERATING REVENUE
CONSTANT CURRENCY CONSUMABLE
REVENUE GROWTH FROM NEW
APPLICATIONS
22%
OPERATING REVENUE GROWTH
(HY19 $297.3M)
13%
Invasive ventilation
Our products for invasive ventilation provide
warm, humidified air to intubated patients.
This maintains the natural balance of heat
and moisture in the airways.
Non-invasive ventilation
Non-invasive ventilation provides breathing
support for patients through a face mask.
Heated and humidified gas flows can improve
patient comfort and compliance, reduce airway
drying and improve secretion clearance.
Nasal high flow
Nasal high flow is a respiratory care therapy
delivering humidified flows of air, with or
without supplementary oxygen, for reducing
escalation of care for in-hospital patients and
also patients in the home. A unique F&P
Optiflow nasal interface allows comfortable,
effective delivery of the therapy tailored to
meet the needs of this wide range of patients.
Surgical technologies
Our surgical products warm and humidify
CO
2
during surgery, which may protect patients
from hypothermia and post-operative pain and
reduce the risk of surgical site infections,
adhesions and cancer metastasis.

Interim Report 20199Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CPAP therapy
Our range of continuous positive airway
pressure (CPAP) machines and masks
support patients with obstructive sleep
apnea. Our masks are well known for their
comfort, simplicity and ease of use, which
is a key factor in patient compliance.
Nasal high flow with myAirvo
and Optiflow
Taking from our nasal high flow expertise
in hospital, we offer humidified
respiratory therapy in the home and in
long-term care settings with the
intention of improving patients’ quality
of life and reducing hospital admissions.
Our myAirvo device provides humidified
flows of air, with or without
supplementary oxygen, through an
Optiflow nasal or tracheostomy interface
and is used for patients with chronic
respiratory conditions such as COPD
or bronchiectasis.
Homecare
41%
OF OPERATING REVENUE
OPERATING REVENUE GROWTH
(HY19 $211.1M)
10%

CONSTANT CURRENCY
REVENUE GROWTH
6%

Interim Report 201910Fisher & Paykel Healthcare Corporation Limited
The 2019 financial year has started
well. For the first half of the year,
from 1 April 2018 – 30 September
2018, net profit after tax was up
20% at NZ$97.4 million. Operating
revenue was NZ$511.3 million,
which was 12% above the first
half last year, or 8% growth in
constant currency.
Our business is structured in two parts:
Hospital and Homecare. The Hospital
business includes products that are used in
respiratory and acute care, and during
surgery. Our systems in this product group
assist healthcare providers to improve
patient outcomes and avoid higher acuity
care. Economic benefits are often achieved
as well, through shorter lengths of stay,
reduced escalation of care and infections
and lower re-admission rates.
In the first half of the financial year, the
Hospital product group delivered revenue
growth of 11% in constant currency over the
first half last year. This growth was due
largely to the continued adoption of our
Optiflow nasal high flow therapy system
around the world.
Our Homecare product group includes
products and systems used to treat
obstructive sleep apnea (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 revenue
growth of 6% in constant currency. This
result was largely driven by sales of our
recently released SleepStyle CPAP device
and continued strong growth of our myAirvo
product and related consumables.
Net profit after tax growth of 20% was
assisted by favourable foreign currency
impacts, and the timing of R&D and patent
litigation expenses.
Progress
We are making good progress on the
construction of our fourth New Zealand
building, which we expect to be complete in
2020. Our second manufacturing facility in
Mexico is also progressing well, and on track
to be complete by the end of 2018. The SAP
roll out continues, and we are already
enjoying the benefits of this improved
enterprise resource planning system.
We continue to develop new products and
introduce our latest systems and devices
around the world. A recent highlight is
the launch of the neonatal version of the
F&P 950™ heated humidification system
in New Zealand and Australia, which
follows the previous introduction of the
adult version.
This innovative product has been extremely
well received by healthcare professionals,
and is transforming the way babies are
treated in the neonatal intensive care unit.
We intend to release this product into Europe
in mid-2019, to be followed by Canada and
the US upon regulatory clearance.
Care and innovation
in everything we do

Interim Report 201911Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
TONY CARTER
Chairman
LEWIS GRADON
Managing Director and Chief Executive Officer
We have an exciting future
ahead of us, and will
continue to innovate to
help improve the care of
millions of patients around
the world every year.
We are well placed to
deliver sustainable,
profitable growth
into the future.

Interim Report 201912Fisher & Paykel Healthcare Corporation Limited
The publication of a major long-term study
earlier this year continues to make an impact
in our homecare business. This research was
conducted in Denmark on chronic
obstructive pulmonary disease (COPD)
patients, with the primary outcome being
a significant reduction in exacerbation rate
for those receiving nasal high flow therapy in
the home with our myAirvo device.
Our sales teams are sharing this important
research with healthcare professionals as
they strive to help change clinical practice
and drive adoption of our myAirvo system.
Characteristics of our business
Certain characteristics of our business
continue to assist us to deliver strong
growth and contribute to our long-standing
aspiration of doubling our revenue (in
constant currency terms) every 5-6 years.
Research and development (R&D) is a
fundamental factor. For many years we have
committed strongly to R&D investment,
typically at 9-10% of revenue. Our
investment this half year was 9%. Our R&D
team including engineers, scientists and IP
practitioners, currently sits at over 500
people, all based at our Auckland campus.
The expertise of our diverse R&D team, for
which we recruit from all around the world,
is world-class.
Significant barriers to entry have built up
over our nearly 50 years of operation.
Our IP, regulatory expertise, the customer
relationships we have developed, and our
access to healthcare environments are
key advantages.
These factors, among others, mean we are
well placed to deliver sustainable, profitable
growth well into the future.
Board and Executive team update
Long-serving director Dr. Arthur Morris
retired from the Board in August. We
acknowledge and thank Arthur for his
significant contribution to the company over
the past decade. His many years’ experience
and depth of knowledge within the medical
sector will be greatly missed.
We recently announced the appointment of
Neville Mitchell as a non-executive director
of the Board. Neville brings considerable
expertise in the medical device industry,
having served as CFO for Cochlear Limited
for 22 years. We are pleased to welcome a
person of such high calibre to the company.
Neville commenced his role with us on
12 November 2018.
We continue to support the New Zealand
Future Directors’ programme, which
provides Board participation opportunities
for potential directors. This year we
welcomed Claudia Wyss, who is currently
Chief Executive Officer at Healthvision,
a home-based healthcare agency that
operates across New Zealand. Claudia has
over 25 years’ experience across the health
industry, and we are benefiting from her
industry insights.

Interim Report 201913Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Last month, we announced the appointment
of Lyndal York as Chief Financial Officer.
Lyndal is currently CFO at ASX-listed Asaleo
Care in Australia, and previously, was Head
of Group Finance at Cochlear Limited for
11 years. We are pleased to have attracted
someone with such specialist medical device
expertise, and are looking forward to the
global insights that Lyndal will bring to the
team. Lyndal joins us in March 2019.
Patent Litigation update
There have been developments over the
past six months relating to the patent
litigation that we are involved in with
ResMed. Further details are provided on
pages 27 and 28 of this report.
Dividend
The Board of Directors has approved
an (increased) interim dividend of
9.75 cents per share for the six months to
30 September 2018, which is approximately
57.4% of net profit after tax. The interim
dividend will be paid on 21 December 2018.
Looking ahead
We have an exciting future ahead of us. As
populations continue to grow and age, and
healthcare systems look for ways to contain
costs and care for patients in more effective
and sustainable ways, we will continue to
innovate, and to aspire to help improve the
healthcare of many more patients around
the world every year.
The Board and Management team are
confident that, with our global team of over
4,000 people, we have the people, potential
and philosophy to deliver on the opportunity
ahead of us, delivering results for our
communities and our shareholders around
the world.
TONY CARTER, CHAIRMAN
LEWIS GRADON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

Interim Report 201914Fisher & Paykel Healthcare Corporation Limited
Our aspirations
We have established an enviable track record for
delivering sustainable revenue growth.
Through increasing our global reach, designing
and making better products, changing clinical
practice, and ensuring sustainability, we believe
we can continue to maintain robust growth rates
over the long term.
To make a significant difference to global
healthcare systems, we recognise the need to
invest for the long-term – 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 double
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.
If we can do better for patients, then we do
better for everyone.

Interim Report 201915Fisher & Paykel Healthcare Corporation LimitedFisher & 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 201916Fisher & Paykel Healthcare Corporation Limited

Interim Report 201917Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Financials

Interim Report 201918Fisher & Paykel Healthcare Corporation Limited
Financial commentary
CONSTANT CURRENCY INCOME STATEMENTS (UNAUDITED)
Six months ended 30 September
Six months
ended
30 Sep
2016
NZ$M
Six months
ended
30 Sep
2017
NZ$M
Variation
2016 to
2017
%
Six months
ended
30 Sep
2018
NZ$M
Variation
2017 to
2018
%
Operating revenue 420.1 454.9 +8492.2 +8
Cost of sales (144.9)(155.8)+8(167.5)+8
Gross profit 275.2 299.1 +9324.7 +9
Gross Margin 65.5%65.8% 24 bps 66.0% 22 bps
Other income 2.5 2.5– 2.5 –
Selling, general and
administrative expenses
(127.2)(144.6)+14(155.8)+8
Research & development
expenses
(41.6)(46.9)+13(45.7)-3
Total operating expenses (168.8)(191.5)+13(201.5)+5
Operating profit 108.9 110.1 +1125.7 +14
Operating margin 25.9%24.2% -172 bps 25.5% 134 bps
Net financing expense(2.0)(1.0)-50 0.4 -140
Profit before tax 106.9 109.1 +2126.1 +16
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ending 31 March 2019, are USD 0.72, EUR 0.59, AUD 0.93, GBP 0.52,
CAD 0.94, JPY 77 and MXN 13.60.
Revenue
Operating revenue in constant currency terms was NZ$492.2 million, which is 8% above the first
half last year. Operating revenue for the Hospital product group, which includes products used
in respiratory, acute and surgical care, increased 11%. In the Homecare product group, which
includes products used in the treatment of obstructive sleep apnea and respiratory support in
the home, operating revenue rose 6%.
Gross Margin
Our constant currency gross margin increased by 22 basis points to 66.0%, with a continued
benefit from product mix and our Mexico manufacturing facility.
Operating expenses
Operating expenses increased 5% in constant currency to $201.5 million including ongoing
expenditure to support global sales growth and the global ERP implementation. Expenses
for the first half benefit from lower litigation costs compared to the prior comparative period.
Research & development spend of $45.7M was slightly below the first half last year due to
timing associated with research and development projects, and higher patent amortisation costs
in the prior year. R&D was 9% of revenue for the first half.
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. Constant
currency income statements are presented in New Zealand dollars, restated at the budget
foreign exchange rates for the 2019 financial year - and 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 period.
The company’s constant currency income statement framework can be found on the
company’s website at www.fphcare.com/ccis.

Interim Report 201919Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
RECONCILIATION OF CONSTANT CURRENCY TO ACTUAL INCOME STATEMENTS
Six months ended 30 September
2016
NZ$M
2017
NZ$M
2018
NZ$M
Profit before tax (constant currency) 106.9109.1126.1
Spot exchange rate effect (0.6)(5.5)6.6
Foreign exchange hedging result 9.7 10.4(2.1)
Balance sheet revaluation (4.8) 0.15.3
Profit before tax (as reported) 111.2 114.1135.9
The reconciliation set out above illustrates that, when comparing the New Zealand dollar profit
before tax shown in the actual income statement for the period to 30 September 2018 with the
corresponding period for the prior year:
• the movement in average daily spot exchange rates had a favourable impact of
NZ$12.1 million; and
• the result of the company’s foreign exchange hedging activities was lower by
NZ$12.5 million.
Overall, the net favourable effect of movements in exchange rates and the hedging programme
was NZ$4.8 million, including the impact of balance sheet revaluations.
FOREIGN CURRENCY IMPACTS
The company is exposed to movements in foreign exchange rates, with operating revenue
generated in a wide range of currencies as shown below.
US dollars
Euros
Australian dollars
Japanese yen
British pounds
Canadian dollars
New Zealand dollars
Other currencies
50
%
19%
6%
5%
4%
4%
1%
11%
The company’s cost base continued to be increasingly diverse, although manufacturing output
from Mexico remained steady at 35% of total output.
Over the reporting period the New Zealand dollar has weakened against all major currencies.
The US dollar conversion rate remains similar to the prior comparable period, with an improved
benefit in Euro conversion.
While foreign exchange hedging has contributed a loss of NZ$2.1 million (2017: NZ$10.4 million
gain) to operating profit, additional hedging in USD and EUR is expected to benefit the group
in future periods at current exchange rates.

Interim Report 201920Fisher & Paykel Healthcare Corporation Limited
The average daily spot rate and the average conversion exchange rate of the main foreign
currency exposures for the reported periods are set out in the table.
Average Daily Spot RateAverage Conversion Exchange Rate
Six months ended 30 SeptemberSix months ended 30 September
2017201820172018
USD0.71780.68430.68320.6826
EUR0.63100.58190.60560.6006
The effect of balance sheet translations of offshore assets and liabilities for the period
ended 30 September 2018 resulted in an increase in operating revenue of NZ$6.7 million
(2017: NZ$0.6 million increase) and an increase in profit before tax of NZ$5.3 million (2017:
NZ$0.1 million increase). With the level of foreign currency borrowings the group has incurred a
balance sheet translation loss of $3.4 million, which has partially offset the benefit on translation
of offshore assets.
Foreign exchange hedging position
During the period, downwards NZD volatility has allowed opportunities to add cover for future
years. In particular, USD cover has been added for FY20 to FY22 and EUR cover for FY21 to
FY27. The hedging position for our main currency exposures as at 23 November 2018 is:
Year to 31 MarchFY19 H2FY20FY21FY22FY23FY24FY25-27
USD % cover of expected
exposure
95% 75% 50% 10%
USD average rate of cover 0.6810.668 0.654 0.660
EUR % cover of expected
exposure
95% 70% 50% 40% 35% 25% 5%
EUR average rate of cover 0.604 0.572 0.542 0.522 0.509 0.500 0.471
Hedging cover has been rounded to the nearest 5%.

Interim Report 201921Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
FUNDING AND SHORT TERM INVESTMENTS
The company had total available committed debt funding of NZ$228.8 million as at
30 September 2018, of which approximately NZ$148 million was undrawn. Bank debt
facilities provide all available funding. The average maturity of the debt of NZ$75 million
was 1.3 years and the currency split was 80% US dollars; 12% Euros; 5% Australian dollars
and 3% Canadian dollars (with no New Zealand dollar denominated debt).
The Group held cash and short-term investments on hand of NZ$111 million at
30 September 2018.
Gearing
At 30 September 2018, the group had net cash of $14.8 million and gearing of -2.0%. Gearing is
within the debt to debt plus equity target range of +5% to –5% and continues to position us well
for the ongoing significant building programme in New Zealand and Mexico.
Gearing
1
-10%
-5%
0%
5%
10%
15%
20%
25%
201420152016201720182019
CASH FLOWS
The full statement of cashflows is provided on page 25.
Cash flows from operating activities
The net cash inflow from operations for the period increased 14% to NZ$93.4 million. Interest
paid includes capitalised interest of $0.8M. Tax paid is higher than the prior year largely due to
changes in timing of New Zealand provisional tax requirements.
Cash flows from investing activities
Cashflows from investing activities includes a net NZ$45 million of maturities from short term
investments which has been used to fund capital expenditure.
Capital expenditure for the period was NZ$53.7 million, an increase from NZ$44.1 million in the
prior period. The increase related predominantly to new building projects, both in New Zealand
and Mexico, of NZ$31.7 million with the balance being product tooling and manufacturing
equipment costs. Intangible expenditure continues to include patent acquisition costs and the
global ERP implementation costs.
Cash flows from financing
Cashflow from financing was $59.9 million in the first half. Dividends paid of $63.4 million
were 10% higher than the prior year. Consistent with previous years, 11% of eligible shareholders
took up dividends in the form of fully paid ordinary shares under the dividend reinvestment plan.
Other significant transactions and events for the current period are included in note 2 of the
consolidated financial statements.
1. Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to
net interest-bearing debt and equity (less hedging reserves). Gearing ratios have been calculated at
31 March of each financial year.

Interim Report 201922Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Notes
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
Operating revenue 3 458.4 511.3
Cost of sales (155.7) (169.7)
Gross profit 302.7 341.6
Other income 2.5 2.5
Selling, general and administrative expenses (143.3)(159.4)
Research and development expenses (46.9) (45.7)
Total operating expenses (190.2) (205.1)
Operating profit before financing costs 115.0 139.0
Financing income 0.7 1.7
Financing expense (1.8) (1.4)
Exchange gain (loss) on foreign currency
borrowings
0.2 (3.4)
Net financing expense (0.9)(3.1)
Profit before tax 4 114.1 135.9
Tax expense (32.8) (38.5)
Profit after tax 81.3 97.4
Basic earnings per share 14.3 cps 17.0 cps
Diluted earnings per share 14.1 cps 16.9 cps
The accompanying Notes form an integral part of the Financial Statements.
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
Profit after tax 81.3 97.4
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation of foreign operations –0.6
Hedging reserves
Changes in fair value in hedging reserves 9.2 (25.8)
Transfers to profit before tax (8.9) (5.6)
Tax on changes in fair value and transfers to profit
before tax
(0.1) 8.8
Other comprehensive income, net of tax 0.2 (22.0)
Total comprehensive income 81.5 75.4

Interim Report 201923Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
Notes
Share
capital
NZ$M
Treasury
shares
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2017 (audited) 183.5 (1.7) 391.0 88.8 661.6
Total comprehensive income – – 81.3 0.2 81.5
Dividends paid 9 – – (63.9) – (63.9)
Issue of share capital 7.7 – – – 7.7
Movement in treasury shares – (1.4) – – (1.4)
Movement in share based payments reserve 3.4 – – (1.7) 1.7
Balance at 30 September 2017 (unaudited) 194.6 (3.1) 408.4 87.3 687.2
Balance at 31 March 2018 (audited) 201.4 (3.0) 467.3 95.7 761.4
Total comprehensive income – – 97.4 (22.0) 75.4
Dividends paid 9 – – (71.4) – (71.4)
Issue of share capital 8.5 – – – 8.5
Movement in treasury shares – – – – –
Movement in share based payments reserve 3.4 – – (0.6) 2.8
Balance at 30 September 2018 (unaudited) 213.3 (3.0) 493.3 73.1 776.7
The accompanying Notes form an integral part of the Financial Statements.

Interim Report 201924Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED BALANCE SHEET
As at 30 September 2018
Notes
Audited
31 March
2018
NZ$M
Unaudited
30 September
2018
NZ$M
ASSETS
Current assets
Cash and cash equivalents 31.9 55.5
Short-term investments 100.4 55.3
Trade and other receivables 146.0 152.0
Inventories 125.4 135.4
Derivative financial instruments6 18.8 7.2
Tax receivable 1.7 1.0
Total current assets 424.2 406.4
Non-current assets
Derivative financial instruments6 36.9 23.0
Other receivables 2.5 1.8
Property, plant and equipment 476.4 517.5
Intangible assets 50.4 54.9
Deferred tax assets 34.7 40.4
Total assets 1,025.1 1,044.0
LIABILITIES
Current liabilities
Interest-bearing liabilities 29.9 50.7
Trade and other payables 112.8 114.8
Provisions 4.7 3.8
Tax payable 22.0 10.8
Derivative financial instruments 6 9.0 15.4
Total current liabilities 178.4 195.5
Non-current liabilities
Interest-bearing liabilities 52.5 45.3
Provisions 2.1 2.3
Other payables 8.6 11.3
Derivative financial instruments 6 4.9 4.5
Deferred tax liabilities 17.2 8.4
Total liabilities 263.7 267.3
Notes
Audited
31 March
2018
NZ$M
Unaudited
30 September
2018
NZ$M
EQUITY
Share capital 201.4 213.3
Treasury shares (3.0) (3.0)
Retained earnings 467.3 493.3
Reserves 95.7 73.1
Total equity 761.4 776.7
Total liabilities and equity 1,025.1 1,044.0
The accompanying Notes form an integral part of the Financial Statements.
On behalf of the Board
23 November 2018
Tony Carter Lewis Gradon
Chairman Managing Director and Chief Executive Officer

Interim Report 201925Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2018
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 456.4 505.6
Grants received 2.2 2.3
Interest received 0.5 1.8
Payments to suppliers and employees (333.4) (359.0)
Tax paid (42.3) (55.6)
Interest paid (1.2) (1.7)
Net cash flows from operating activities 82.2 93.4
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments – (72.5)
Sales of short-term investments – 117.5
Sales of property, plant and equipment – –
Purchases of property, plant and equipment (44.1) (53.7)
Purchases of intangible assets (7.5) (7.4)
Net cash flows from investing activities (51.6) (16.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Employee share purchase schemes 0.2 0.7
Issue of share capital 0.3 –
New borrowings 20.7 14.1
Repayment of borrowings (3.6) (11.3)
Dividends paid (57.8) (63.4)
Net cash flows from financing activities (40.2)(59.9)
Net increase (decrease) in cash (9.6) 17.4
Opening cash 45.6 15.8
Effect of foreign exchange rates (0.2) 1.0
Closing cash 35.8 34.2
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 59.5 55.5
Bank overdrafts (23.7) (21.3)
Closing cash 35.8 34.2
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 81.3 97.4
Add (deduct) non-cash items:
Depreciation and amortisation 23.5 20.9
Share based payments 2.1 2.8
Movement in provisions 0.1 (0.7)
Movement in deferred tax assets / liabilities (3.8) (5.6)
Foreign currency translation (0.5) 1.8
Other non-cash items (0.5) (0.9)
20.9 18.3
Net working capital movements:
Trade and other receivables (2.4) (5.3)
Inventories (10.7) (10.0)
Trade and other payables (1.7) 3.5
Taxation (5.2) (10.5)
(20.0)(22.3)
Net cash flows from operating activities 82.2 93.4
The accompanying Notes form an integral part of the Financial Statements.

Interim Report 201926Fisher & Paykel Healthcare Corporation Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2018
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 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 2018 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 2018.
These consolidated financial statements are presented in New Zealand dollars (NZD) to the
nearest million (to one decimal place) unless otherwise stated.
Critical accounting estimates and judgements
The Group has been consistent in applying the judgements, estimates and assumptions adopted
in the audited consolidated financial statements for the year ended 31 March 2018.
Accounting policies
All accounting policies have been applied on a basis consistent with those used and described
in the audited consolidated financial statements for the year ended 31 March 2018, with the
exception that NZ IFRS 15 Revenue from Contracts from Customers (NZ IFRS 15) has been
adopted during the period.
Effective 1 April 2018, the Group adopted NZ IFRS 15 ‘Revenue from Contracts with Customers’.
Based on the assessment performed by the Group, the impact of the revised standard on the
Group’s revenue recognition is minimal and no transition adjustments have been made. The
majority of revenue earned by the Group is derived from the satisfaction of a single performance
obligation for each contract which is the sale of products. This revenue has historically been
recognised at the time legal title of the products passes to the customer. It has been determined
that the customer obtains control of products at the same time as legal title passes to the
customer, typically on delivery. In relation to the contract price, it has been determined that
there are no material changes under NZ IFRS 15 to the accounting for rebates, discounts, or any
other variable consideration. It has also been determined that there are no significant financing
components as part of the Group’s sales arrangements.
The new accounting policy is disclosed in Note 3.
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 2018:
Capital expenditure
During the year, construction work has progressed on the Group’s new production facility in
Tijuana, Mexico. The facility is expected to be operational in 2019. To date, spending on this
project totals $23.1 million. As at 30 September 2018, $13.5 million of capital commitments
related to this project. Construction will continue to be funded through existing debt facilities.
In December 2017, a building construction contract was signed for a fourth building on our
Auckland, New Zealand campus. Capital commitments at 30 September 2018 include $110.1
million related to this project. To date, spending on this project totals $27.3 million. The building
is expected to be operational in 2020.
Share Capital
During the six months ended 30 September 2018, the Group has issued 534,097 shares under
the dividend reinvestment plan. A further 1,284,883 shares were issued on exercise of share
options, performance share rights and employee stock purchase plans.
Litigation
We have incurred net intellectual property litigation expenses of $7.7 million (2018:
$12.2 million). An update on our patent litigation is included in Note 5.
Funding and short-term investments
The Company had total available committed debt funding of NZ$228.8 million as at
30 September 2018, of which approximately NZ$148.0 million was undrawn. Over the next
12 months debt facilities totalling NZ$33.5 million will mature. As at 30 September 2018, the
weighted average maturity of borrowing facilities was 2.2 years.
As at 30 September 2018, the Group has invested available cash on hand of $55.3 million in
short-term investments. These investments have maturities between 110 and 177 days with
banking institutions that have a long term credit rating of Standard & Poors’ A- and above and
are invested at average interest rates of 3.1%.
Callaghan Growth Grant
The Callaghan Growth Grant provides reimbursement for eligible research and development
‘R&D’ expenditure up to a maximum of $5.0 million per annum (excluding GST). The initial three
year term of the Callaghan Growth Grant concluded on 30 September 2016 and was extended
to 30 September 2018. The Group has been granted a further extension to 31 March 2021.

Interim Report 201927Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3. OPERATING REVENUE
For the six months ended 30 September
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
Revenue before hedging:
North America 206.7 240.9
Europe 127.6 143.3
Asia Pacific 92.2 106.4
Other 20.7 22.6
Total revenue before hedging 447.2 513.2
Foreign exchange gain (loss) on hedged sales 11.2 (1.9)
Total operating revenue 458.4 511.3
The breakdown of revenue before hedging presented above is based on the geographical
location of the customer. This presentation is different from that shown in Note 10.
Revenue by Product Group
Hospital products 262.5 297.3
Homecare products 191.3 211.1
453.8 508.4
Distributed and other products 4.6 2.9
Total operating revenue 458.4 511.3
Accounting Policy
Revenue is recognised when or as performance obligations are satisfied by transferring control
of goods or services to the customer at the transaction price specified in the contract. Control
typically transfers to the customer on delivery of product or as services are provided. The
transaction price includes all amounts which the Group expects to be entitled to net of sales
taxes and other indirect taxes, expected rebates and discounts. Where applicable, rebates
and/or discounts are included within the consideration using an estimation typically based on
the most likely method, and are only recognised to the extent that it is highly probable that a
significant reversal will not occur.
4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2017
NZ$M
Unaudited
2018
NZ$M
Profit before tax includes the following expenses:
Depreciation and amortisation 23.5 20.9
Employee benefits expense 164.9 180.9
Rental and lease expense 4.9 5.5
Intellectual property litigation expense (net) 12.2 7.7
5. CONTINGENT LIABILITIES
Significant Estimate
Contingent liabilities are subject to uncertainty or cannot be reliably measured and are not
provided for. Disclosures as to the nature of any contingent liabilities are set out below.
Judgements and estimates are applied to determine the probability that an outflow of resources
will be required to settle an obligation. These are made based on a review of the facts and
circumstances surrounding the event and advice from both internal and external parties.
Fisher & Paykel Healthcare and ResMed are involved in patent litigation in a number of
countries, as set out below. Both parties are seeking injunctions and damages in relation to the
proceedings described in this note. As at the date of the issue of these financial statements, an
estimate of the financial effect cannot be made.
United States District Court
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 filed a counterclaim that
Fisher & Paykel Healthcare’s Simplus and Eson range of masks used in the treatment of OSA
infringe patents held by ResMed. This case is currently stayed pending the outcome of validity
challenges by each party in respect of the other’s patents.
In September 2018, ResMed filed a second patent infringement proceeding in the US District
Court for the Southern District of California seeking judgment that Fisher & Paykel Healthcare’s
Simplus and Eson range of masks infringe additional patents held by ResMed. FPH filed a
counterclaim that ResMed’s AirSense 10 range of flow generator products infringe an additional
patent held by Fisher & Paykel Healthcare. This case is currently stayed pending the resolution
of ResMed’s ITC complaint also filed in September 2018.
United States ITC
In August 2016, ResMed requested that the US International Trade Commission (ITC) investigate
patent infringement allegations relating to Fisher & Paykel Healthcare’s Simplus and Eson range
of masks. ResMed subsequently withdrew this complaint. In September 2018, ResMed filed a
further complaint with the ITC in respect of the same products. The hearing date has been set
for early May 2019.
Also in September 2018, Fisher & Paykel Healthcare requested that the ITC investigate patent
infringement allegations relating to ResMed’s P10 range of masks. The hearing date has been set
for late June 2019.
Both parties are seeking exclusion orders from the ITC in respect of the other party’s products.
United States PTAB
Both Fisher & Paykel Healthcare and ResMed have filed for inter partes review (IPR) with the
US Patent Trial and Appeal Board (PTAB) challenging the validity of patents asserted by the
other in the US. The PTAB has issued decisions in respect of a number of the patents in dispute,
invalidating some of the patent claims asserted by each party and upholding others. A number
of the decisions issued by the PTAB have been appealed by the parties to the US Court of
Appeals for the Federal Circuit.

Interim Report 201928Fisher & Paykel Healthcare Corporation Limited
5. CONTINGENT LIABILITIES CONTINUED
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. Two of these proceedings are
currently stayed pending the outcome of challenges to the validity of ResMed’s patents before
the European Patent Office (EPO). In a third proceeding heard in October 2018 the Court found
that the headgear for Fisher & Paykel Healthcare’s Simplus and Eson 2 masks infringed a patent
held by ResMed and ResMed has applied for an account of damages. This infringement decision
has been appealed to the Higher Regional Court, Munich and Fisher & Paykel Healthcare has
also appealed an earlier decision of the EPO regarding the validity of this patent. No financial
provision has been made in relation to this infringement decision.
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. All three are stayed pending
the outcome of a validity challenge.
New Zealand
In August 2016, ResMed initiated proceedings in the High Court of New Zealand in relation to
Fisher & Paykel Healthcare’s ICON CPAP device and Simplus, Eson and Eson 2 masks. Fisher
& Paykel Healthcare responded that the patents asserted are not infringed and are invalid. In
March 2018, ResMed narrowed its claims, dropping the infringement case against the ICON
CPAP device and the Eson mask. The hearing date has been set for July 2019.
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. In November 2017 ResMed
conceded to the revocation of two of its patents in the UK and the Court found that the third
patent was invalid and must be revoked.
Australia
In December 2017, Fisher & Paykel Healthcare initiated proceedings against ResMed in the
Federal Court of Australia in relation to ResMed’s AirSense 10, AirCurve 10, S9 and S9 VPAP flow
generators, Lumis non-invasive ventilators, ClimateLine and ClimateLineAir heated air tubing
and HumidAir heated humidifier. ResMed responded that the patents asserted are not infringed
and are invalid. The hearing date has been set for April 2019.
Except as noted on the previous page/above, 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. DERIVATIVE 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. Derivative
financial instruments 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.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2018
NZ$M
Unaudited
30 September
2018
NZ$M
Foreign currency forward contracts and options
Purchase commitments forward exchange contracts 60.7 63.5
Sale commitments forward exchange contracts 879.3 1,093.7
Foreign currency borrowing forward exchange contracts 8.5 23.8
NZD call option contracts purchased – 18.6
Collar option contracts - NZD call options purchased (i) 113.7 100.6
Collar option contracts - NZD put options sold (i) 125.5 110.3
Interest rate derivatives
Interest rate swaps 42.1 49.3
Interest rate options 20.7 22.7
(i) Foreign currency contractual amounts of put and call options are equal.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Interim Report 201929Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
6. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED
Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2018
M
Unaudited
30 September
2018
M
Sales Commitments
United States dollars US$294.5US$348.3
European Union euros €210.7€258.7
Australian dollars A$19.6A$24.2
British pounds £21.5£23.0
Canadian dollars C$21.0C$32.9
Japanese yen ¥3,670.0¥4,755.0
Chinese yuan ¥82.5¥93.0
Korean won ₩8,553.70₩8,254.9
Swedish kronor kr38.3kr37.0
Danish krone kr4.5kr7.0
Purchase Commitments
Mexican pesosMEX$855.5MEX$919
7. CAPITAL EXPENDITURE COMMITMENTS
Audited
31 March
2018
NZ$M
Unaudited
30 September
2018
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 99.1 128.4
Between one and two years 50.3 22.2
Between two and five years 2.1 4.7
151.5 155.3
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 as shareholders of the company, there have been no related
party transactions.
9. DIVIDENDS
On 25 May 2018 the directors approved the payment of a fully imputed 2018 final dividend of
$71.4 million (12.5 cents per share) which was paid on 6 July 2018. A supplementary dividend of
$7.6 million (2.2059 cents per share) was also approved for eligible non-resident shareholders,
for which the Group received an equivalent tax credit. 534,097 shares were issued under the
Company’s dividend reinvestment plan at an average price of $15.04 (2017: $11.13).
Subsequent event - dividend declared
On 26 November 2018 the directors approved the payment of a fully imputed 2019
interim dividend of $55.9 million (9.75 cents per share) to be paid on 21 December
2018. A supplementary dividend of 1.721 cents per share was also approved for eligible
non-resident shareholders.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Interim Report 201930Fisher & Paykel Healthcare Corporation Limited
10. 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 2018. 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.
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 2017 (Unaudited)
Revenue - external 35.2 206.7 126.6 78.7 – 447.2
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
Net financing expense 0.7 (1.2) (0.3) (0.1) – (0.9)
Segment net profit before tax 129.0 2.2 (0.1) 4.2 (21.2) 114.1
30 September 2018 (Unaudited)
Revenue - external 36.5 240.9 142.9 92.9 – 513.2
Revenue - internal 387.9 – – – (387.9) –
Foreign exchange (loss) on hedged sales (1.9) – – – – (1.9)
Total operating revenue 422.5 240.9 142.9 92.9 (387.9) 511.3
Other income 2.5 – – – – 2.5
Depreciation and amortisation 18.1 2.9 0.6 0.5 (1.2) 20.9
Segment operating profit before financing costs154.2 (3.5) (1.5) 5.4 (15.6) 139.0
Net financing expense(0.2) (1.9) (0.9) (0.1) – (3.1)
Segment net profit before tax 154.0 (5.4) (2.4) 5.3 (15.6) 135.9
11. SUBSEQUENT EVENTS
There are no subsequent events other than the dividend as set out in Note 9 and contingent liabilities as set out in Note 5.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Interim Report 201931Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
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 22 to 30, which comprise the consolidated balance sheet as at 30 September 2018, 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 International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting
(NZ IAS 34) and for such internal control 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 IAS 34 and 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 accounting standards advice, risk management advice, treasury
risk management advice, tax compliance, procedures over the counting of votes at the Annual Shareholders Meeting, and other assurance services in relation to
constant currency disclosures and the assessment of eligible expenditure for the purposes of the research & development growth grant. 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 IAS 34 and 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
23 November 2018

Interim Report 201932Fisher & Paykel Healthcare Corporation Limited
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
Neville MitchellNon-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
Andrea BlackieActing Chief Financial Officer
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
Directory

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
© 2018 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 2018
Previous Reporting Period 6 months to 30 September 2017

EARNINGS
Amount (NZ$M) Percentage change
Operating revenue from ordinary activities $511.3 12%
Earnings before interest and tax $139.0 21%
Net profit attributable to shareholders $97.4 20%

DIVIDENDS

Amount per share
NZ cents
Imputed amount per share*
NZ cents
Gross amount per share*
NZ cents
Interim Dividend 9.75 cents 3.7917 cents
13.5417 cents
* NZ resident shareholders
Record Date 10 December 2018
Dividend Payment Date 21 December 2018
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 2019
Interim Report. This appendix should be read in conjunction with the company’s financial statements for the 6 months ended 30
September 2018, contained in the company’s 2019 Interim Report, and the company’s most recent audited financial
statements.
NET TANGIBLE ASSETS PER SECURITY
30 September 2017 30 September 2018
Net tangible assets per security NZ$1.08 NZ$1.20

CONTROL OF ENTITIES GAINED OR LOST
There was no gain or loss of control of entities during the 6 months ended 30 September 2018.
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 2019 Interim Report.

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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 TaxableConversionInterest
Renouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change

whether:
Interim

YearSpecial
DRP 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 security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount 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:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Fisher & Paykel Healthcare Corporation Limited
Andrea J. BlackieDirectors' Resolution
(09) 574 0134(09) 574 017623112018
Ordinary SharesNZFAPE0001S2
In dollars and cents
Revenue Reserves
9.75 cents/share
Enter N/A if not
applicable
$0.677083 cents/share3.791667 cents/share
$
New Zealand Dollars1.72059 cents/share
$55,887,025
Date Payable
21 December, 2018
10 December, 201821 December, 2018