Green Cross Health Half Year Results to 30 September 2018

For the six months ended 30 September 2018
Six months endedSix months ended
30 Sep 201830 Sep 2017
(Unaudited)(Unaudited)
Note$’000$’000
Operating revenue5.1282,375258,954
Operating expenditure5.2(263,988)(239,568)
Depreciation and amortisation(3,890)(3,349)
Share of equity accounted net earnings438457
Operating profit before interest and tax14,93516,494
Interest income38116
Interest expense(1,110)(1,179)
Profit before tax13,86315,431
Tax expense(3,788)(4,310)
Profit and total comprehensive income for the
period
10,07511,121
Profit after tax and total comprehensive income
for the period attributable to:
Shareholders of the Parent 8,1478,768
Non-controlling interest1,9282,353
Earnings per share:
Basic earnings per share (cents)5.696.25
Diluted earnings per share (cents)5.686.23
The consolidated interim financial statements should be read in conjunction with the
accompanying notes
Consolidated interim statement of
comprehensive income
income
1

Consolidated interim statement of changes in equity
For the six months ended 30 September 2018
Non-
ShareRetainedControllingTotal
CapitalEarnings InterestEquity
September 2018Note$’000$’000$’000$’000
As at 1 April 201890,60930,3467,108128,063
Profit and total comprehensive income for the
period
8,1471,92810,075
Transactions with owners, recorded directly
in equity
Issue of shares6
Dividends to shareholders7(5,010)(5,010)
Distributions to non-controlling interests
(1,046)
(1,046)
Impact of other transactions with non-
controlling interests
(243)383140
Share scheme amortisation11
As at 30 September 2018
90,61033,2408,373132,223
September 2017
As at 1 April 201783,88723,4884,855112,230
Profit and total comprehensive income for the
period
8,7682,35311,121
Transactions with owners, recorded directly
in equity
Issue of shares63,2973,297
Dividends to shareholders(4,883)(4,883)
Distributions to non-controlling interests(1,251)(1,251)
Impact of other transactions with non-
controlling interests
(106)(106)
Share scheme amortisation1111
As at 30 September 2017
87,19527,2675,957120,419
The consolidated interim financial statements should be read in conjunction with the
accompanying notes
2

Consolidated interim statement of financial position
As at 30 September 2018
As atAs atAs at
30 Sep 201831 Mar 201830 Sep 2017
(Unaudited)(Audited)(Unaudited)
Note$’000$’000$’000
Current assets
Cash and cash equivalents
9,68810,75414,704
Trade and other receivables
25,78323,07524,582
Contract assets
212,07113,65612,396
Inventories
36,75334,19935,316
Total current assets
84,29581,68486,998
Non-current assets
Property, plant and equipment
19,92720,91623,053
Intangible assets
141,781134,948123,659
Contract assets
2793879498
Deferred tax asset
10,40910,3937,832
Equity accounted group investments
6,3086,2645,691
Total non-current assets
179,218173,400160,733
Total assets
263,513255,084247,731
Current liabilities
Payables and accruals
71,22465,12564,659
Contract liabilities
25,4787,3768,277
Income taxes payable
2524,101836
Borrowings
10,75816,3106,337
Total current liabilities
87,71292,91280,109
Non-current liabilities
Payables and accruals
5521,1951,120
Borrowings
43,02632,91446,083
Total non-current liabilities
43,57834,10947,203
Total liabilities
131,290127,021127,312
Net assets
132,223128,063120,419
Equity
Share capital690,61090,60987,195
Retained earnings33,24030,34627,267
Total equity attributable to shareholders of the
Parent
123,850120,955114,462
Non-controlling interest8,3737,1085,957
Total equity132,223128,063120,419
The consolidated interim financial statements should be read in conjunction with the
accompanying notes
3

Consolidated interim statement of cash flows
For the six months ended 30 September 2018
Six months endedSix months ended
30 Sep 201830 Sep 2017
(Unaudited)(Unaudited)
Note$’000$’000
Cash flows from operating activities
Equity accounted investee dividend received394233
Receipts from customers281,887255,835
Interest received38116
Payments to suppliers and employees(264,766)(230,480)
Interest paid(1,109)(1,179)
Income taxes paid(7,653)(7,208)
Net cash inflow from operating activities88,79117,317
Cash flows from investing activities
Purchases of property, plant, equipment and software
intangibles
(5,387)(4,514)
Acquisition of interests in subsidiaries and associates(3,637)(365)
Proceeds from sale of shares in subsidiary
68825
Net cash outflow from investing activities(8,336)(4,854)
Cash flows from financing activities
Proceeds from new borrowings
19,000
51,813
Repayment of borrowings
(14,439)
(64,930)
Shares issued for cash6--
Dividends paid - shareholders(5,035)(1,586)
Net distributions to non-controlling interests(1,046)(1,251)
Net cash outflow from financing activities(1,520)(15,954)
Net decrease in cash and cash equivalents(1,066)(3,491)
Cash acquired: business combinations--
Add opening cash and cash equivalents10,75418,195
Closing cash and cash equivalents as per consolidated
interim statement of financial position
9,68814,704
Reconciliation of closing cash and cash equivalents to
the balance sheet:
Cash and cash equivalents9,68814,704
Closing cash and cash equivalents
9,68814,704
The consolidated interim financial statements should be read in conjunction with the
accompanying notes
4

Notes to the financial statements
For the six months ended 30 September 2018
1.
2.
(a)
(b)
(c)
(d)
3.
Where appropriate comparative information has been reclassified to conform to the current period's presentation.
Reporting Entity
Basis of preparation of financial statements
Statement of compliance
GreenCrossHealthLimited(the“Parent”)isaNewZealandcompanyregisteredundertheCompaniesAct1993andlistedontheNZXMain
Board (“NZX”). The Parent is an FMC Reporting Entity for the purposes of the Financial Markets Conduct Act 2013.
TheconsolidatedinterimfinancialstatementsofGreenCrossHealthLimitedcomprisetheParent,itssubsidiaries,anditsinterestinassociatesand
joint ventures (together referred to as the “Group”).
NZ IFRS 15 Revenue from Customers
NZ IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced NZ IAS 18
Revenue, NZ IAS 11 Construction Contracts and related interpretations.
The Group has adopted NZ IFRS 15 using the retrospective effect method (with practical expedients), with the effect of initially applying this
standard recognised at the date of initial application being 1 April 2018.


All available practical expedients have been utilised where applicable and the estimated effect on the financial statements of applying the
expedients has been nil other than the restatement described above and the reclassification of contract assets and contract liabilities in the
Statement of Financial Position.
Current contract assets represent revenue where the service has been provided but not yet invoiced to the customer. When the customer has
been invoiced, any outstanding balances are included in receivables. Non current contract assets represent capitalised contract acquisition
costs. Contract liabilities reflect payments received for services that have not yet been provided and the payments will be recognised as
revenue over time.
Costs directly related to the acquisition of a contract or renewal of an existing contract are capitalised and amortised over the life of the
contract.
TheseconsolidatedinterimfinancialstatementshavebeenpreparedinaccordancewithGenerallyAcceptedAccountingPracticeinNew
Zealand(NZGAAP),NZIAS34InterimFinancialReporting,andotherapplicableFinancialReportingStandardsasappropriateforprofitoriented
entities.Theseconsolidatedinterimfinancialstatementsdonotincludealloftheinformationrequiredforfullannualfinancialstatementsand
should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2018.
ThisisthefirstsetoftheGroup'sfinancialstatementswhereNZIFRS15RevenuefromContractswithCustomersandNZIFRS9FinancialInstruments
have been applied. Changes to significant accounting policies are described in note 2(c).
Basis of measurement
ThefinancialstatementsoftheGrouparepreparedunderthehistoricalcostbasisunlessotherwisenotedwithinthespecificaccountingpolicies
below.
Inauthorisingtheconsolidatedinterimfinancialstatementsforthesixmonthsended30September2018,theDirectorshaveensuredthatthe
specificaccountingpoliciesnecessaryfortheproperunderstandingofthefinancialstatementshavebeendisclosed,andthatallaccounting
policiesadoptedareappropriatefortheGroup’scircumstancesandhavebeenconsistentlyappliedthroughouttheperiodforallGroupentities
for the purposes of preparing the consolidated interim financial statements.
Inherentintheapplicationofcertainaccountingpolicies,judgmentsandestimatesarerequired.TheDirectorsnotethattheactualresultsmay
differfromthejudgmentsandestimatesmade.ThesignificantjudgementsmadebymanagementinapplyingtheGroup'saccountingpolicies
werethesameasthosedescribedinthelastannualfinancialstatements,exceptfornewjudgementsrelatedtotheapplicationofNZIFRS15
and NZ IFRS 9.
Changes in accounting policies
Otherthanasdisclosedbelow,theaccountingpoliciesappliedbytheGroupintheseconsolidatedinterimfinancialstatementsarethesameas
thoseappliedbytheGroupinitsconsolidatedfinancialstatementsfortheyearended31March2018.TheGrouphasnotappliedany
standards, amendments to standards and interpretations that are not yet effective.
Accounting estimates and judgments
Comparatives
TheGroupreceivesfundingfromcustomerstoreflectincreasedcostsincurredintheprovisionofservicesbytheCommunityHealthdivision.In
priorperiodsthisadditionalfundingwasoffsetagainstpersonnelcostsincurred.Thisfundingisnowrecognisedasrevenueratherthananoffset
againstpersonnelcosts.TheSeptember2017comparativefigureshavebeenrestatedtoreflectthischange,resultinginanincreaseinrevenue
of$4.803mandacorrespondingincreaseinoperatingexpensesof$4.803m.TheoverallneteffectonreportedSeptember2017netprofitand
operating cash flows is nil.
ThechangesinaccountingpoliciesareexpectedtobereflectedintheGroup'sconsolidatedfinancialstatementsasatandfortheyearending
31 March 2019.
Theconsolidatedinterimfinancialstatementsforthesixmonthsended30September2018andthecomparativeinformationforthesixmonths
ended 30 September 2017 are unaudited.
These interim financial statements were approved for issue by the Board of Directors on 26 November 2018.
TheGrouphasinitiallyadoptedNZIFRS15RevenuefromContractswithCustomersandNZIFRS9FinancialInstrumentsfrom1April2018.There
has been no material effect on the Group's financial statements from the adoption of these standards.
5

Notes to the financial statements
For the six months ended 30 September 2018
4.
September 2018
Total revenue
Cost of products sold
Employee benefit expense
Lease expense
Other expenses
Depreciation and amortisation
Interest income
Interest expense
Tax expense
Profit after tax
Non-controlling interest
Reportable segment assets
Reportable segment liabilities
September 2017
Total revenue
Cost of products sold
Employee benefit expense
Lease expense
Other expenses
Depreciation and amortisation
Interest income
Interest expense
Tax expense
Profit after tax
Non-controlling interest
Reportable segment assets
Reportable segment liabilities
Segment reporting
Total
$’000
-
(12,511)*
(404)
Increase in unfunded leave liability due to
pay equity legislation
Note
5.2
Net Profit attributable to the shareholders of the
parent
Net Profit attributable to the shareholders of the
parent
438
(1,928)
8,147
(99,244)
15,431
1,5151,366(837)
Total
$'000
263,513
24,94996,268
(13,160)
(13,160)*
131,290
Medical
servicesCommunity Health
$’000$’000
(130,600)
(99,244)
The Group has three reportable segments: pharmacy services, medical services, community health and a corporate segment.
TheGroup’smainoperationsareinthepharmacyindustryprovidingpharmacyservicesthroughconsolidatedstores,equityaccounted
investmentsandfranchisestores.Themedicalservicessegmentincludesfullyownedandequityaccountedmedicalcentres,andsupport
servicesprovidedtothesemedicalcentres,aswellasmedicalcentresoutsidetheGroup.Thecommunityhealthservicessegmentprovide
services direct to the community to support independent living.
$’000
169,994
Pharmacy
services
78,080
(10,494)
(23,247)(1,809)(836)
(586)-
282,375
--
$’000
(4,778)
10,075
(3,890)
38
(3,788)
Corporate
(1,959)
2,005
13,863
(751)-
-
(836)
(1,110)
15,339
-
-
Profit before tax
34,302
345
(74,665)
Share of equity accounted net earnings
(30,536)
Segment Profit
(2,633)(506)
(25,399)
197,021
(7,949)
(15,824)
-
93
13,901269
41,392
23,233
38,260
(30,709)(18,306)(62,937)-(111,952)
(3,349)
135322--457
(8,218)(564)
14,450
(4,310)
(95,839)---(95,839)
(2,353)
(10,221)
(14,678)(3,732)(2,309)(837)(21,556)
(282)(522)-
16,494
(2,546)
-
Pharmacy
Services
$'000
Medical
Services
$'000
Community Health
$'000
Corporate
$'000
(1,438)
166,30624,95167,697-258,954
*Intersegmental eliminations
Profit before tax
116
(1,179)
247,731184,91234,80340,528
8,768
11,121
96,36820,89222,564127,312
(12,511)
Share of equity accounted net earnings
Segment Profit
6

Notes to the financial statements
For the six months ended 30 September 2018
5.
Operating Performance
5.1
Revenue
Revenue from contracts with customers
Disaggregation of Revenue
Six months ended 30 September 2018
Timing of revenue recognition
Transferred at a point in time
Transferred over time
Six months ended 30 September 2017
Timing of revenue recognition
Transferred at a point in time
Transferred over time
5.2
Operating expenses
Lease expense
Other expenses
The Group's operations and revenue streams are those described in the last annual financial statements. The Group's revenue is derived from
contracts with customers, except for retail sales, patient co-payment fees, rent received and other non-contracted services provided to
customers and suppliers.
The nature and effect of initially applying NZ IFRS 15 on the Group's interim financial statements is disclosed in Note 2.
Revenue from contracts with customers
Revenue from other sources
Six months ended
30 Sep 2018
(Unaudited)
$’000
181,789
100,586
282,375
Six months ended
30 Sep 2017
(Unaudited)
$’000
159,304
99,650
258,954
Medical
Services
$'000
Community Health
$'000
Reportable segments
66,21754,924
Total
$'000
127,596
15,774
81,991
Pharmacy
Services
$'000
6,455
15,34423,07554,193
21,79977,999181,789
44,221
76,48515,24867,571159,304
239,568
Pharmacy
Services
$'000
Medical
Services
$'000
Community Health
$'000
Total
$'000
63,2184,28447,581115,083
13,26610,96519,990
Employee benefit expense includes $0.404m cost as a result of the pay equity implementation within the Community Health
business not being fully funded by the Ministry of Health (Sept 2017: nil, March 2018: $1.94m)
Six months ended
30 Sep 2018
(Unaudited)
$’000
99,244
130,600
10,494
23,651
263,988
Cost of products sold
Employee benefit expense
Six months ended
30 Sep 2017
(Unaudited)
$’000
95,839
111,952
10,221
21,556
7

Notes to the financial statements
For the six months ended 30 September 2018
6.Shares on issue
Shares authorised and on issue
Opening number of shares
Shares issued - fully paid
Shares held as treasury stock
Closing number of shares
Net tangible assets per share (cents)
Net assets per share (cents)
7.
8.Operating cash flows reconciliation
Profit for the period
Add/(deduct) non-cash items:
Depreciation and asset write-off
Other non-cash items
Receivables and accruals
Inventory
Payables and accruals
9.Subsequent events
(2,554)
Add/(deduct) changes in working
capital items:
No adjustments are required to these consolidated interim financial statements in respect to this event.
(3,116)
(1,603)
3,349
(1,123)
3,890
Six months ended
On 26 November 2018 Green Cross Health Limited declared an interim dividend of 3.5 cents per
qualifying ordinary share, which will be fully imputed to 28%.
Net cash inflow from operating activities
10,075
(Unaudited)
$’000
(Unaudited)
$’000
11,121
8,791
(794)
28
7,538
17,317
(333)
143,153
143,486143,486
$’000
As at
3,651
As at
31 Mar 2018
(Unaudited)
139,835
$’000
143,486
30 Sep 2018
As at
30 Sep 2017
(Unaudited)
$’000
(Audited)
(333)(333)
92.3789.4685.36
(14.50)(12.68)(8.20)
(703)
30 Sep 2018
Six months ended
1,578
141,413
139,835
30 Sep 2017
-
141,080
On 29 June 2018 Green Cross Health Limited paid a final dividend for the March 2018 year of 3.5 cents
per qualifying ordinary share to shareholders, which was fully imputed to 28%.
143,153
Distribution to owners
8

Company Directory
Registered Office
Auditor
Green Cross Health Limited
KPMG
Ground Floor, Building B
KPMG Centre
602 Great South Road
18 Viaduct Harbour Avenue
Ellerslie, Auckland 1051
Auckland
Telephone: +64 9 571 9080
Bankers
BoardBank of New Zealand
P M Merton80 Queen Street
ChairAuckland 1010
J A BagnallShare Registrar
Non-Executive DirectorComputershare Investor Services Limited
Private Bag 92119
J B BollandAuckland 1142
Non-Executive DirectorLevel 2
159 Hurstmere Road
P J WilliamsTakapuna
Non-Executive DirectorAuckland 0622
A W EdwardsManaging your shareholding online:
Independent Director
To change your address, update your
payment instructions and to view your
M M Millard
registered details including transactions,
Independent Director
please visit;
www.investorcentre.com/nz
K A Orr
Independent Director
General enquiries can be directed to;
enquiry@computershare.co.nz
C M SteelePrivate Bag 92119
Independent DirectorAuckland 1142
Telephone: + 64 9 488 8777
Board SecretaryFacsimile: + 64 9 488 8787
J H Greenwood BCom, FCA
Green Cross Health Limited
Please assist our registrar by quoting your CSN
Private Bag 11 906
or shareholder number
Ellerslie, Auckland 1542
Websites
www.greencrosshealth.co.nz
www.access.org.nz
www.lifepharmacy.co.nz
www.livingrewards.co.nz
www.thedoctors.co.nz
www.unichem.co.nz
9

---

1
Green Cross Health (NZX: GXH)
Half Year Result Announcement for the six months ending 30 September 2018.

GREEN CROSS HEALTH GROWTH CONTINUES
27 November 2018, AUCKLAND, NZ: Listed primary health care provider Green Cross Health, the
group behind Unichem and Life Pharmacy, The Doctors and Access Community Health, has reported a
9% increase in Revenue to $282m in the six months to 30 September 2018 compared to the prior
period. Net Profit after tax attributable to shareholders was $8.1 million, compared to $8.8 million
in the prior period.
Result Summary:
• Revenue of $282m up 9%
• EBITDA at $18.4m down 5.2%
• Operating Profit $14.9m down 9.5%
• Net Profit after tax attributable to shareholders of $8.1m down 7.1%
• Pharmacy Revenue growth of 2.2% but Operating Profit down 3.8% at $13.9m
• Medical performed strongly with Revenue up 37.5% and Operating Profit up 32.4% to $2.0 m
• Revenue growth in Community Health up 15.3% but Operating Profit down $1.1m to $0.3m
• Operating Cash Flow returned to normal level at $8.8m
• Net Debt $44.1m up $5.6m primarily due to investment in new acquisitions
• Interim Dividend consistent with prior period at 3.5 cents per share.
Green Cross Health chair Peter Merton, says, “In a challenging health care funding and retail
environment we have delivered a reasonable underlying performance and are growing our share of
the primary health care market. Sales growth across all divisions is pleasing and the medical
contribution is starting to show the benefits of the investments of recent years. Our focus on cost
control and pricing in our pharmacy business has delivered good results.”
In October Green Cross Health announced the appointment of Rachael Newfield to a newly created
position as Group Chief Executive Officer. She will commence in her role in January 2019.
Pharmacy Division
Pharmacy Revenue increased 2.2% to $170.0m, with Operating Profit down 3.8% at $13 .9m.
External challenges impacted pharmacy profitability including major infrastructure works in the
Auckland CBD, mall redevelopments, and a record low cold and flu season. As a result, retail sales in

2
the cough/cold and pain categories were down 8.6% year-on-year. Conversely, the beauty categories
saw a 7.2% year-on-year increase.
Overall, same store sales growth was up 2.1%. However, due to the change in sales mix and increased
promotional activity, all store gross margin was down 2.1% to 34.8%.
During the period, a new pharmacy services agreement with the Government was put in place
providing certainty of funding for dispensing medicines and a framework for commissioning of local
services, such as long-term conditions management and health coaching. This new agreement
included an industry wide funding increase of $20m for volume, cost pressure and additional services.
While the retail environment continues to provide customers with increasing choice, Green Cross
Health will remain focused on its core retail disciplines, expanding its e-commerce and digital
engagement utilising the Living Rewards loyalty programme, and operational efficiency.
The pharmacy network continues to grow with 362 Unichem and Life Pharmacies with the addition of
five Licensees in the period.
Medical Division
Medical Revenue increased 37.5% to $34.3m, with Operating Profit up by 32.4% to $2.0m, driven by
improved operational efficiency and successful acquisitions.
Organic growth and three newly acquired medical centres in the period resulted in an increase in
enrolled patients of 18 ,480 or 8% since March 2018 to 255,000. Medical also increased its investment
in two associate medical centre businesses moving to majority interest.
Operationally, Medical continued to roll out initiatives to provide improved patient access and
operational efficiency.
The Doctors network now numbers 41 medical centres, up 10 from this time last year. Increasing
scale and operational capability in Medical is core to Green Cross Health’s growth strategy.
Community Health Division
Revenue growth in Community Health continued, up 15.3% to $78 .1m. Excluding the increase in
revenue from funding for support worker wages, under the Pay Equity settlement, the revenue
increase was 8.2%.

3
Revenue growth did not translate to profit due to the continued shortfall in funding and an increase
in leave liability due to Pay Equity. Discussions continue between industry representatives and the
Ministry of Health and District Health Boards on this issue.
The Community Health Segmental Operating Profit was $0.3m, down from $1.4m.
Targeting the higher clinical needs segments, exiting unprofitable contracts and operational
efficiency will lead to improved profitability.
Future Focus
Looking forward, Merton says, “We remain focused on providing accessible, quality primary health
care through our network of health care experts. Our trusted brands will continue to offer convenient
access to the products and services that our customers want.
We want to continue the growth in medical, in higher needs areas of community health, and invest in
our pharmacy retail offer to ensure it is forefront in consumers’ minds.
We are confident in delivering future growth, both organically and through acquisition, as we remain
committed to meeting the health, beauty and wellness needs of our communities.”
Dividend
The Directors have resolved to pay a fully imputed interim dividend of 3.5 cents per share to
shareholders on the register at 5pm on 11 December 2018. The dividend is consistent with the prior
year and will be paid on 21 December 2018.

4
Contact:

Investor Relations:
Steve Browning, Chief Financial and Operating Officer +64 9 580 6846
steve.browning@greencrosshealth.co.nz


Media:
Debbie Yardley, Communications +64 21 470 773
debbie.yardley@greencrosshealth.co.nz




About Green Cross Health

Green Cross Health (NZX: GXH) is a trusted New Zealand primary health care provider with multi-disciplinary
health care teams with the purpose of working together to support healthier communities. Green Cross Health
is focused on creating sustainable health care solutions with positive outcomes and experiences.

New Zealand owned and operated, Green Cross Health operates under branded groups Unichem and Life
Pharmacies, The Doctors medical centres, Total Care Health community nursing services and Access Community
Health to provide support, care and advice to diverse New Zealand communities.

Providing convenient access to professional health care in almost every New Zealand community, Green Cross
Health’s 8,000 team members more than 21,000 community health clients, make more than 3.8m home visits,
care for 255,000 enrolled patients at medical centres and dispense approximately 50% of all community
pharmacy prescription items.

---

GREEN CROSS HEALTH
Investor Presentation and 2018/19 Interim Results
27
th
November 2018

Financial Highlights ... First Half of ‘18/19
Revenue
$282.4m+9.0%
Pharmacy
Same Store Sales
+2.1%
EBITDA
$18.4m-5.2%
Medical
Same Centre Sales
+4.9%
Net Profit after tax
$8.1m
(attributable to Shareholders)
-7.1%
Consistent
Interim Dividend
3.5 cps
2

Our population is growing and changing
3
Increasing the market size and demand for quality health care
Migration
Auckland
Females
Ageing
Millennials
Families
Population
Growth
+100,400
67k
Net
Migration
Asian
Population in
Auckland
25%
37%
(2038)
Migrants
½move to
Auckland
Population
1/3
rd
of NZ
+44%
growth
~40%
(2043)
65+
>1.14M
(2051)
+715k
(from 1996)
Median Age
of Mother
30.3
26.8
(1987)
Labour Force
64.5%
54.6%
(1986)
Educated
56.8%
32.0%
(1996)
Fertility Rate
1.85
2.00
(1987)
Single Person
Household
24%
27%
(2038)
+35%
Growth
(+156k HH)
Population
1.4M
Global
workforce
75%
(2023)

Growing consumer trend to holistic self care
4
Credit:
Increasing the demand for health, beauty and wellness products and services

Green Cross Health
5

GXH Strategy
6
Network growth through
targeted acquisitions
Focus on Medical Centres
/ patient # growth
Workwith Government
funding agencies to
ensure sustainable models
Utilise the scale of our
customer base, and physical &
virtual networks to:
-expand the range of
products and service
-Provide convenience
-Deliver quality health care
Maximise operational
efficiency to improve
profitability
Focus on cash generation to
invest in growth and maintain
returns to shareholders
Meeting the health, beauty and wellness needs of our communities
Retail and HealthNetwork ScaleFinancial Returns

Pharmacy Division
New Zealand’s largest network of health retailers:
supporting easy access to quality health care
7

Focus on core retail
disciplines
Grow e-commerce
Optimise digital health and
retail communications
channels with customers
Utilise 1.5m customer
loyaltydatabase, analytics
and AI to personalise offers
Focus
8
Continue to grow the
franchise network
Optimise our equity store
network and invest in
customer experience
Sales Growth
Continuous improvement
in operational efficiency
e.g. Labour and
Occupancy costs
Retail and HealthNetwork ScaleFinancial Returns
Customer Engagement

Medical Division
Growth, leadership and sustainable models of care
9

Deploy digital technology to
enhance delivery of health
care, improve access and
outcomes
Continuous improvement in
operational efficiency to create
capacity and lead to improved
profitability
Network and Patient # growth
through targeted acquisition
Build The Doctors brand
Focus
10
Customer Engagement
Network Scale
Financial Returns

Community Health
Division
Delivering sustainable services to maintain and
support clients’ independence within their own home
11

Focus on higher clinical
needs segments
Expand geographic
coverage of Community
Nursing business
Negotiating sustainable
funding for existing and
future contracts
Exit contracts that are not
financially viable
Harness technology to
enhance workforce
efficiency and client
outcomes
Focus
12
Service Offering
Financial ReturnsDigital communication

Financial Health
2018 Interim Results
Six months ending 30
th
September 2018
13

Group Revenue and Profit
•Revenue of $282m up 9%.
•Operating Profit (EBIT + associate earnings) $14.9m
1
down 9.5%
•Net Profit after Tax attributable to shareholders of $8.1m
1
down 7.1% from $8.8m
•EBITDA at $18.4m down 5.2%
1
1H19 includes unfunded Leave Liability (ULL) of $0.4m (due to the implementation of pay
equity legislation); 1H17 +$2.8m Fair Value Gain (FVG): 1H16 +$0.5 FVG
14

Pharmacy Financial Performance
•Pharmacy revenue growth of 2.2% to $170m
•Operating Profit down 3.8% at $13.9m
•Operating Profit margin decreased from 8.7% to 8.2%
•Same store sales growth was 2.1%
•Store gross margin down 2.1% to 34.8% due to change
in sales mix and promotional activity which grew sales
•Network continues to grow with 362 Unichem and Life
Pharmacies increase of 2.3% YoY
15

Medical Financial Performance
•Medical revenue up 37.5% to $34.3m
•Operating Profit up 32.4% to $2m
•Operating Profit margin decreased from 6.1% to 5.8%
•Same centre revenue growth was 4.9%
•255,000 enrolled patients an increase of 18,480 (8%) in
the period and 16% YoY
•Ownership in 41 Medical Centresup 10 YoY
16

Community Health Financial Performance
•Revenue up 15.3% to $78m
1
;
•Revenue up 8.2% (excl. Pay Equity YoY delta)
•ACC portfolio up 3.5%, community nursing up 5.9%
and the DHB portfolio up 10.6%
(excluding Pay Equity YoY delta)
•Operating Profit was down $1.1m to $0.3m
2
1
Includes $4.8m addition Pay Equity Funding compared to 2017;
2
excludes unfunded increases in Leave Liability of $0.4m (due to the
implementation of pay equity legislation). This is excluded from segment result due
to abnormal nature but included in reported Group result as outlined in note 4 of the
Interim Financial Statements."
17

Operating Cash / Investments
•Operating Cash of $8.8m
•Reverted to normal level after working capital improvement in
1H18)
Enabling investment in:
•New Acquisitions - $3.6m
•St Heliers Health Centre
•WaimaukuDoctors
•Silver Fern Medical Centre
•Capital Assets – $5.4m
•New Pharmacy stores / Store and Medical Centre Refits
•IT Systems Development – Lifepharmacy.co.nz; customer digital
engagement tools, workflow management
18

Net Debt / Debt Capacity
•17% increase in Net Debt to $44.1m primarily due
to investment in acquisitions
•$36m headroom on current $90m debt facilities
•Financing Ratios:
•DEBT / EBITDA –1.46x
•EBIT / Interest –13.8x
•Fixed Charge Cover
1
– 2.6x
1
calculation: EBITDA excluding $20m lease cost / (Interest + $20m Lease Cost)
19

Earning Per Share / Dividends
•EPS relatively flat at 5.69 cps
•Interim Dividend consistent @ 3.5 cps
•Gross Dividend Yield ~7.7%
•
1
includes non-recurring items: 1H16 +$0.5 Fair Value Gain (FVG); 1H17 +$2.8m
FVG; 1H19 -$0.4m ULL
20

Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the
information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any other person shallhave liability whatsoever
to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in
connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks are
reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as required by law
or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute
financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy GXH securities and may
not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Gross Margin, Operating Revenue, EBITDA, and Net Debt. Because they
are not defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and they
should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordancewith GAAP. Although
GXH believes they provide useful information in measuring the financial performance and condition of GXH business, readers are cautioned not to place
undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statementsfor the period ended 31
March 2018 and Interim Report for the period ended 30 September 2018.
21

GREEN CROSS HEALTH
Investor Presentation and 2018/19 Interim Results
27
th
November 2018
22

---

Reporting Period
Previous Reporting Period
Amount ($NZ '000s)Percentage change
Revenue from ordinary activities$282,3759.04%
Profit from ordinary activities after tax attributable to
security holders
$8,147-7.08%
Net profit attributable to security holders$8,147-7.08%
Dividend
CommentsGreen Cross Health has experienced strong revenue
growth, recording a 9% increase in Revenue to $282m
for the six months to 30 September 2018. However, Net
profit after tax attributable to our shareholders was
down 7.1% at $8.1m compared to $8.8 million for the
prior period.
Please refer to the attached unaudited Interim
Consolidated Financial Statements for the six months
ended 30 September 2018.
Green Cross Health Limited
6 months to 30 September 2018
6 months to 30 September 2017
Directors have resolved to declare an interim dividend
of a net 3.5 cents per share, fully imputed at 28%.
The interim dividend will be paid on 21 December 2018
to shareholders on the register as at 5 pm on 11
December 2018.
Results for announcement to the market

---

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
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
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 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:
11 December, 201821 December, 2018
21 December, 2018
$$0.002431$0.013611
$
NZD$0.006176
$5,010,347
Date Payable
21 December, 2018
Enter N/A if not
applicable
NZBDOE0001S8
In dollars and cents
$0.035
09 571 908009 571 908127112018
Ordinary Shares
EMAIL: announce@nzx.com
Notice of event affecting securities
1
GREEN CROSS HEALTH LIMITED
Steve BrowningBoard resolution of 26 November 2018