Half year report provided

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Half Year Report 2018
RYMAN HEALTHCARE

RYMAN HEALTHCARE
2
Contents
Highlights | 1
Key statistics | 2-3
Report to shareholders | 4-9
Financial statements | 10-21
Our villages | 22-25
For more information on any of
Ryman Healthcare’s retirement villages:
(NZ) 0800 588 222
rymanhealthcare.co.nz
(AUS) 1800 922 988
rymanhealthcare.com.au

HALF YEAR REPORT 2018
Half Year
Highlights
$97.1 million
Unaudited underlying
profi t up 13.9%
$169.5 million
Reported (IFRS)
profi t down 16.3%
$2.1 billion
In net assets
11,000
Residents at 33 villages
23 villages
With four-year Ministry
of Health certifi cation in
New Zealand
16 new
villages
In the pipeline
$304 million
Invested in new and
existing villages
280
Staff have completed
leadership development
courses
1

RYMAN HEALTHCARE
2
Key statistics
For the period ended 30 September 2018

30 Sept 2018
Six months
30 Sept 2017
Six months
31 March 2018
12 months
Financial
Underlying profi t (non-GAAP)$m97.185.2203.5
Reported net profi t after tax$m169.5202.6388.2
Net operating cash fl ows$m217.8175.1349.3
Net assets$m2,052.71,805.41,940.5
Interest bearing-debt to
interest bearing-debt plus
equity ratio%37%34%35%
Dividend per share
cents10.89.520.4
Villages
New sales of occupation rightsno.168157458
Resales of occupation rightsno.405394825
Land bank (to be developed)
1,2,3
no.6,0785,6405,952
Total units and bedsno.10,0619,3419,781
1 Includes retirement-village units and aged-care beds. Land bank is subject to resource and building consent.
2 In May 2018, Ryman entered into an unconditional sale and purchase agreement for the acquisition of land
at Aberfeldie, Melbourne. This site added an additional 120 retirement-village units and 80 residential-care
beds to the land bank at 31 March 2018.
3 In November 2018, Ryman entered into an unconditional sale and purchase agreement for the acquisition of
land at Ocean Grove, Victoria. This site added an additional 121 retirement-village units and 120 residential-
care beds to the land bank at 30 September 2018.

HALF YEAR REPORT 2018
3
Underlying profi t is a non-GAAP measure and diff ers from NZ IFRS profi t for the period. Underlying profi t
does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar
fi nancial information presented by other entities. Underlying profi t is used by the Group, in conjunction with
other measures, to measure performance. Underlying profi t is a measure which the Group uses consistently
across reporting periods.
Underlying profi t excludes deferred taxation, taxation expense, and unrealised gains on investment properties
because these items do not refl ect the trading performance of the Company. Underlying profi t determines the
dividend payout to shareholders.
Key statistics
For the period ended 30 September 2018

30 Sept 2018
Six months
30 Sept 2017
Six months
31 March 2018
12 months
Underlying profi t (non-GAAP)$m97.185.2203.5
Plus unrealised gains on
retirement-village units$m72.8118.3185.3
Less deferred tax movement$m(0.4)(0.9)(0.6)
Reported net profi t after tax$m169.5202.6388.2

RYMAN HEALTHCARE
4
Report to shareholders
We are pleased to report another solid fi rst half for Ryman Healthcare, with
momentum building across the company to support our aim of providing the
best of care for residents.
Our unaudited fi rst half underlying profi t rose 13.9% to $97.1 million thanks to
strong demand at new villages, and momentum is expected to build in the
second half, with two new villages coming on stream in Auckland.
Shareholders will receive an increased interim dividend of 10.8 cents per
share, up 13.7% in line with underlying profi t growth. The dividend record date
was December 7, with payment date of December 14.
Reported (IFRS) profi t, which includes unrealised fair-value gains on investment
property, was $169.5 million, down $33.1 million (16.3%). Last year's fi rst half
result was boosted by changes to the independent valuation assumptions.
There have been no signifi cant changes to the assumptions in the fi rst half.
The growth in underlying profi t was driven by strong development margins,
particularly from our second village in Melbourne, Nellie Melba.
Our unique villages and high-quality care off ering continued to be in strong
demand. We fi nished the half with a low level of resale stock and care
occupancy in established villages was 97%.
Operating cashfl ows were a record $217.8m, up 24.4% on the same period
last year.
Our passion is care
The fundamental passion we have as a
company is to care for our residents as well as
we possibly can. We put care at the heart of
everything we do.
We continued to be in a strong fi nancial position
to support these care ambitions in the fi rst half.
Net assets passed the $2 billion mark and we
invested a record $304 million in new and existing villages.
We put care
at the heart
of everything
we do.

HALF YEAR REPORT 2018
5
Demand for our new villages was strong, with the highest ever value of units
sold off plan going into the second half.
New villages have come on stream and we have a great pipeline of villages
to develop.
Safer Together
Safety of our people is our
number one priority. In
September we closed 10
construction sites for the day
for Safer Together, a safety
summit and expo.
We gathered together
350 people – including leaders
from all our villages and
construction sites who have
responsibility for the safety of staff , as well as subcontractors – in one room
to talk about safety.
Our staff know they have our express permission to feel able to stop what
they are doing if they don’t feel safe doing it; to stop others doing unsafe
things and to speak up if they aren’t being supported to work safely.
We hope it is clear that everyone at Ryman – and everyone who works on
a Ryman site – should feel confi dent to do what they need to do to keep
themselves and our people safe.
Developing our people
We remain acutely aware that our employee experience is absolutely critical.
Investment in our staff has been extensive over the last couple of years, and
we continued this support.
We made a signifi cant investment in our registered nurses' remuneration, at a
cost of $5 million this year alone.
This investment, along with other initiatives, has ensured that we are not in
the position of many other aged-care providers who are reporting signifi cant
nursing vacancies.

RYMAN HEALTHCARE
6
Staff are motivated by much more than just what arrives in the bank each pay day.
We’ve identifi ed three main motivators – purpose, mastery and autonomy.
Staff are engaged when they have a purpose, they understand their role, they
like it and feel a sense of passion for it.
They also have to feel they are acquiring mastery of the skills that are
needed. They want to be the best at what they do.
And fi nally, they want autonomy – they want to be trusted in their role. Trust is
essential in care, and we have a huge amount of trust in what they do.
We know we have a highly engaged workforce with a passion for care, we see
that in each village every day.
We have invested in systems and development for staff to support them
in mastering their roles. The investment we’ve made in tools such as the
myRyman platform, which is now
fully operational in New Zealand,
is proving to be very successful.
We’re excited about the potential
it has to improve the clinical care
of our residents.
Our staff are wonderful and
inherently feel a passion for what
we do and make us all proud
every day.
Audit results
Our New Zealand village teams achieved the best clinical audit results in the
company’s history, with 23 care centres now having ‘gold standard’ four-year
Ministry of Health accreditation, up from 15 last year.
The rollout of myRyman Care in New Zealand fi nished in the fi rst half; we are
delighted with the benefi ts to residents, and to see staff spending less time on
paperwork. We are also really excited about the potential for using the data to
give us even better insights into resident care.
This refl ects a wonderful eff ort by all our care staff who have worked together
to achieve an outstanding result.

HALF YEAR REPORT 2018
7
Investment in our leadership development
programme across the whole company has
also been an area of signifi cant focus and
investment. Staff development like this will
continue in perpetuity.
More than 280 staff will have completed
Ryman Leap leadership development
courses by the end of the year, and we
are also running a successful coaching
programme for senior leaders.
We have also been investing in improving our existing portfolio of villages. We
have recently refurbished our Rowena Jackson and Malvina Major villages
and we will continue to refurbish at least two villages each year.
Clinical focus
We recently commissioned Stirling University from the United Kingdom to
undertake an audit of the physical spaces and environment that we develop
for our residents with dementia.
They are an international authority on care facilities for residents with
dementia and cognitive impairment.
From this we have learnt ways in which we can improve our design.
We have also engaged a medical practitioner who is a well-regarded
researcher. Her skills combined with the investment we have made in
business intelligence and data collection over recent years, enable extensive
comparisons between village operations on matters as diverse as the
frequency of falls, the frequency of infections, and the usefulness of drugs
being prescribed.
Investment in our core business – the care of residents and the happiness
of the staff who look after them – stepped up in the fi rst half and we are
committed to constantly improving.
Momentum on both sides of the Tasman
A highlight of the fi rst half was our progress in Victoria, where we now have
nine sites in total.
We continued
to achieve the
best clinical
audit results in
our history.

RYMAN HEALTHCARE
8
We welcomed our fi rst residents to Nellie Melba, our second village in Melbourne.
We bought new sites at Ocean Grove in Victoria and Aberfeldie in Melbourne
during the fi rst half, and development approval was received for a new village
at Burwood East.
We are in advanced discussions with the council over our application to build
in Geelong and applications are due to be lodged in the next few months for
our Aberfeldie, Mt Martha and Mt Eliza villages. The team is also expecting to
have work under way at our new villages at Burwood East and Coburg shortly.
With two villages open, two about to start and a number of development
applications in the pipeline, we’ve built momentum towards achieving our
target of having fi ve villages open in Victoria by 2020.
We are just as busy in New Zealand.
We have received consent to build a new village at Lincoln Road in Auckland
and planning applications are
due to be lodged over the next
three or four months for villages
in Karori, Havelock North and
Hobsonville.
Our Devonport and Lynfi eld
villages will come on stream in
the second half, and work has
resumed at River Road
in Hamilton.
Board focus
The board has recognised this momentum in the development and construction
side of Ryman by forming a new development and construction subcommittee.
It has been great to see the executive leaders of these areas embrace the
value proposition of such a committee.
We also welcomed Anthony Leighs to the board in October. Anthony has
extensive experience in construction and development and has already
proven himself to be an excellent appointment.

HALF YEAR REPORT 2018
9
Dr. David Kerr
Chairman
Gordon MacLeod
Chief Executive
Outlook
Full year underlying profi t is expected
to be in the range of $223 million to
$238 million, with two new villages
coming on stream in the second half.
We’ve had a good fi rst half and it’s
really exciting to see our progress in
Victoria where, by 2055, the 80 plus
population is expected to exceed
one million.
Our long-term success in
Victoria will be defi ned by building
trust and communities where people choose to live and work, just as it is in
New Zealand.
That’s why we will continue to invest in developing our people, care and
systems so that our residents and staff are delighted with their choice.
Thanks
None of the progress we have reported would have been possible without
the continued support of our residents and their families, our superb team of
5,000 staff , and our loyal shareholders.
We expect to continue to gain momentum in the second half, which will give
us the fi nancial strength we need to fulfi l our purpose of taking Ryman out
into as many communities as we can in New Zealand and Victoria.
Thank you all for your support, and we look forward to reporting back to you
in six months’ time.
We will continue
to invest in
developing our
people, care and
systems so that
our residents and
staff are delighted
with their choice.

RYMAN HEALTHCARE
10
Consolidated income statement
For the six months ended 30 September 2018
Notes
Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
Care fees147,748130,494270,483
Management fees38,84033,75670,087
Interest received211201441
Other income3917251,528
Total revenue187,190165,176342,539
Fair-value movement of
investment properties3155,438186,775351,514
Total income342,628351,951694,053
Operating expenses(152,528)(130,506)(268,040)
Depreciation and
amortisation expense(11,250)(9,832)(20,580)
Finance costs(8,958)(8,045)(16,577)
Total expenses(172,736)(148,383)(305,197)
Profi t before income tax169,892203,568388,856
Income-tax expense(359)(938)(640)
Profi t for the period169,533202,630388,216
Earnings per share
Basic and diluted
(cents per share) 33.940.577.6
All profi t and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these fi nancial statements.

HALF YEAR REPORT 2018
11
Consolidated statement of comprehensive income
For the six months ended 30 September 2018

Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
Profi t for the period169,533202,630388,216
Items that may be reclassifi ed
subsequently to profi t or loss
Fair-value movement and
reclassifi cation of interest-rate
swaps(753)(523)(725)
Movement in deferred tax
related to interest-rate swaps211146203
(Loss) / Gains on hedge of
foreign-owned subsidiary net
assets(2,051)1502,193
Gain / (Loss) on translation of
foreign operations
5,375(251)(5,502)
2,782(478)(3,831)
Items that will not be
reclassifi ed subsequently to
profi t or loss
Revaluation of property, plant
and equipment (unrealised)
---
---
Other comprehensive income2,782(478)(3,831)
Total comprehensive income172,315202,152384,385
All profi t and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these fi nancial statements.

RYMAN HEALTHCARE
12
Consolidated statement of changes in equity
For the six months ended 30 September 2018

Issued
capital
Asset
revaluation
reserve
Interest-
rate swap
reserve
Foreign-
currency
translation
reserve
Tr e a s u r y
stock
Retained
earnings
To t a l
equity
$000$000$000$000$000$000$000
Six months ended 30 Sept 2017 unaudited
Opening balance33,290233,319(5,391)1,066
(20,540)1,410,3471,652,091
Profi t and total
comprehensive
income for the period
--(377)(101)-202,630202,152
Treasury stock
movement----(2,295)-(2,295)
Dividends paid to
shareholders-----(46,500)(46,500)
Closing balance at
30 Sept 201733,290233,319(5,768)965 (22,835)
1,566,477 1,805,448
Year ended 31 March 2018 audited
Opening balance33,290233,319(5,391)1,066
(20,540)1,410,3471,652,091
Profi t and total
comprehensive
income for the period
--(522)(3,309)-388,216384,385
Treasury stock
movement----(1,957)-(1,957)
Dividends paid to
shareholders-----(94,000)(94,000)
Closing balance at
31 March 201833,290233,319(5,913)(2,243) (22,497)
1,704,5631,940,519
Six months ended 30 Sept 2018 unaudited
Opening balance33,290233,319(5,913)(2,243)
(22 ,497)1,704,5631,940,519
Profi t and total
comprehensive
income for the period
--(542)3,324-169,533172,315
Treasury stock
movement----(5,611)-(5,611)
Dividends paid to
shareholders-----(54,500)(54,500)
Closing balance at
30 Sept 201833,290233,319(6,455)1,081(28,108)
1,819,596 2,052,723
The accompanying notes form part of these interim fi nancial statements.

HALF YEAR REPORT 2018
13
Consolidated balance sheet
At 30 September 2018
Notes
30 Sept 2018
unaudited
30 Sept 2017
unaudited
31 March 2018
audited
$000$000$000
Assets
Trade and other receivables298,880248,034357,483
Advances to employees8,5246,2645,836
Property, plant and equipment1,093,7171,011,9501,014,514
Investment properties34,754,4794,002,8594,398,304
Intangible assets24,57413,39020,713
Total assets6,180,1745,282,4975,796,850
Equity
Issued capital633,29033,29033,290
Asset revaluation reserve233,319233,319233,319
Interest-rate swap reserve(6,455)(5,768)(5,913)
Foreign-currency translation
reserve1,081965(2,243)
Treasury stock(28,108)(22,835)(22,497)
Retained earnings1,819,5961,566,4771,704,563
Total equity2,052,7231,805,4481,940,519
Liabilities
Trade and other payables776,99077,49198,308
Employee entitlements22,60718,49120,237
Revenue in advance55,07149,06451,955
Interest-rate swaps8,9658,0108,212
Refundable accommodation
deposits31,18929,48530,757
Bank loans (secured)1,214,337945,0381,060,493
Occupancy advances
(non-interest bearing)42,646,4582,277,4292,514,683
Deferred tax liability (net)71,83472,04171,686
Total liabilities4,127,4513,477,0493,856,331
Total equity and liabilities6,180,1745,282,4975,796,850
Net tangible assets
Basic and diluted
(cents per share)405.6358.4384.0
The accompanying notes form part of these interim fi nancial statements.

RYMAN HEALTHCARE
14
Consolidated statement of cash fl ows
For the six months ended 30 September 2018
Notes
Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
Operating activities
Receipts from residents518,267423,887875,140
Interest received265160515
Payments to suppliers and
employees(149,785)(132,753)(270,231)
Payments to residents(145,286)(109,078)(241,676)
Interest paid(5,624)(7,105)(14,491)
Net operating cash fl ows 2217,837175,111349,257
Investing activities
Purchase of property, plant
and equipment, and intangible
assets(107,624)(114,965)(185,304)
Purchase of investment
properties(181,546)(106,683)(269,936)
Capitalised interest paid(14,775)(10,985)(22,701)
Advances to employees(2,688)(1,380)(952)
Net investing cash fl ows(306,633)(234,013)(478,893)
Financing activities
Drawdown of bank loans (net)148,907107,697225,592
Dividends paid(54,500)(46,500)(94,000)
Purchase of treasury stock (net)(5,611)(2,295)(1,956)
Net fi nancing cash fl ows88,79658,902129,636
Net increase in cash and
cash equivalents---
Cash and cash equivalents at
the beginning of the period---
Cash and cash equivalents
at the end of the period---
The accompanying notes form part of these interim fi nancial statements.

HALF YEAR REPORT 2018
15
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
1. Summary of signifi cant accounting policies
Signifi cant accounting policies
The fi nancial statements presented are those of Ryman Healthcare Limited (the Company), and its
subsidiaries (the Group). Ryman Healthcare Limited is a profi t-oriented entity incorporated in New
Zealand that develops, owns, and operates integrated retirement villages, resthomes, and hospitals
for the elderly within New Zealand and Australia.
Ryman Healthcare Limited is a Financial Markets Conduct reporting entity under the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013, and its fi nancial statements
comply with these Acts.
The unaudited condensed consolidated interim fi nancial statements have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). The
statements comply with New Zealand equivalents to International Accounting Standard 34 (NZ IAS
34) Interim Financial Reporting and International Accounting Standard 34 (IAS 34) Interim Financial
Reporting.
Basis of preparation
The fi nancial statements for the six months ended 30 September 2018 and the comparative six
months ended 30 September 2017 are unaudited.
Apart from the new standards adopted in the current period (see below) these fi nancial statements
have been prepared under the same accounting policies and methods as the Company’s Annual
Report at 31 March 2018. These fi nancial statements should be read in conjunction with the
fi nancial statements and related notes included in the Company’s Annual Report for the year ended
31 March 2018.
The fi nancial statements were approved by the Board of Directors on 22 November 2018.
The information is presented in thousands of New Zealand dollars.
All references to AUD refer to Australian dollars.
Adoption of new and revised standards and interpretations
In the current period, the Group adopted all mandatory new and amended standards and
interpretations. During the period, NZ IFRS 15 Revenue from Contracts with Customers and NZ
IFRS 9 Financial Instruments have been adopted with no material impact on the accounting policies
or disclosures of the Group.

RYMAN HEALTHCARE
16
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
2. Reconciliation of net profi t aft er tax for the period with net cash
fl ow from operating activities

Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
Net profi t after tax169,533202,630388,216
Adjusted for:
Movements in
balance-sheet items
Occupancy advances157,615167,034428,670
Refundable accommodation
deposits4321,0122,284
Accrued management fees(25,417)(26,901)(51,571)
Revenue in advance3,1164,3627,253
Trade and other payables(271)(8,317)(2,402)
Trade and other receivables58,6038,580(100,869)
Employee entitlements2,3702,3244,070
Non-cash items:
Depreciation and amortisation11,2509,83220,580
Deferred tax359938640
Unrealised foreign-exchange loss(4,315)3923,900
Adjusted for:
Fair-value movement of
investment properties
(155,438)(186,775)(351,514)
Net operating cash fl ows217,837175,111349,257
Net operating cash fl ows include occupancy advance receipts from retirement village residents
of $370.6 million (six months ended 30 September 2017: $292.8 million and year ended 31 March
2018: $603.7 million).
Also included in operating cash fl ows are net payments from refundable accommodation deposits
of $0.4 million (six months ended 30 September 2017: net receipts of $1.1 million and year ended 31
March 2018: net receipts of $3.1 million).
Net operating cash fl ows also include management fees collected of $20.2 million (six months
ended 30 September 2017: $14.9 million and year ended 31 March 2018: $34.7 million).

HALF YEAR REPORT 2018
17
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
3. Investment properties

Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
At fair value
Balance at beginning of
fi nancial period4,398,3043,661,4453,661,445
Additions192,213155,041391,221
Fair-value movement:
Realised fair-value movement:
• new retirement-village units32,85015,61258,955
• existing retirement-village units49,76252,844107,233
82,61268,456166,188
Unrealised fair-value movement72,826118,319185,326
155,438186,775351,514
Net foreign-currency
exchange diff erences8,524(402)(5,876)
Net movement for period356,175341,414736,859
Balance at end of fi nancial period4,754,4794,002,8594,398,304
The realised fair-value movement arises from the sale and resale of occupancy advances to
residents. Investment properties are not depreciated and are fair valued.
The carrying value of completed investment property is the fair value as determined by an
independent valuation report prepared by registered valuers CBRE Limited, at 30 September 2018.
The valuer used signifi cant assumptions that include long-term house-price infl ation (ranging
from 0.5 percent to 3.5 percent nominal) (30 September 2017 and 31 March 2018: 0.5 percent to
3.5 percent) and discount rate (ranging from 12 percent to 16.5 percent) (30 September 2017 and
31 March 2018: 12 percent to 16 percent).
Investment property includes investment property work in progress of $329.0 million (six months
ended 30 September 2017: $198.4 million and year ended 31 March 2018: $252.9 million), which
has been valued at cost.
The CBRE valuation also includes within its forecast cash fl ows the Group’s expected costs
relating to rebuild works at Malvina Major. The estimate of the gross cash outfl ows included for
remediation works is $10 million over a remaining 6-month period (30 September 2017: $17.5
million over an 18-month period and 31 March 2018: $17.5 million over an 18-month period). The
estimates are based on currently available information.

RYMAN HEALTHCARE
18
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
4. Occupancy advances (non-interest bearing)

Six months ended
30 Sept 2018
unaudited
Six months ended
30 Sept 2017
unaudited
Year ended
31 March 2018
audited
$000$000$000
Gross occupancy advances
(see below)2,993,9292,574,6782,836,314
Less management fees and
resident loans(347,471)(297,249)(321,631)
Closing balance2,646,4582,277,4292,514,683
Movement in gross
occupancy advances
Opening balance2,836,3142,407,6442,407,644
Plus net increases in
occupancy advances:
• new retirement-village units120,44790,520307,282
• existing retirement-village
units49,76252,844107,233
Net foreign-currency
exchange diff erences5,245(305)(4,457)
(Decrease)/increase
in occupancy advance
receivables(17,839)23,97518,612
Closing balance2,993,9292,574,6782,836,314
Gross occupancy advances are non-interest bearing.

HALF YEAR REPORT 2018
19
5. Dividend
On 22 November 2018 an interim dividend of 10.8 cents per share was declared and will be paid on
14 December 2018 (prior year: 9.5 cents per share). The record date for entitlements is 7 December
2018.
6. Share capital
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September
2017: 500,000,000 and 31 March 2018: 500,000,000). All shares rank equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on the basis
of 500,000,000 ordinary shares (30 September 2017: 500,000,000 and 31 March 2018:
500,000,000 shares).
Shares purchased on market under the senior management share scheme are treated as treasury
stock until vesting to the employee.
7. Trade and other payables
Trade payables are typically paid within 30 days of invoice date or the 20th of the month following
the invoice date. Other payables at 30 September 2018 includes $19.6 million (30 September 2017:
$39.3 million and 31 March 2018: $45.5 million) for the purchase of land.
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018

RYMAN HEALTHCARE
20
8. Operating segments
The Ryman Group operates in one industry, being the provision of integrated retirement villages for
older people in New Zealand and Australia. In presenting information on the basis of geographical
areas, net profi t, underlying profi t, and revenue are based on the geographical location of
operations. Assets are based on the geographical location of the assets.
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
New ZealandAustraliaGroup
$000$000$000
Six months ended 30 Sept
2018 unaudited
Revenue176,87210,318187,190
Underlying profi t (non-GAAP)75,65921,40797,066
less deferred tax expense(359)-(359)
plus unrealised fair-value
movement60,70112,12572,826
Profi t for the period136,00133,532169,533
Non-current assets5,237,233635,5375,872,770
Six months ended 30 Sept
2017 unaudited
Revenue155,9949,182165,176
Underlying profi t (non-GAAP)80,8994,35085,249
less deferred tax expense(938)-(938)
plus unrealised fair-value
movement118,470(151)118,319
Profi t for the period198,4314,199202,630
Non-current assets4,596,719431,4805,028,199

HALF YEAR REPORT 2018
21
Notes to the consolidated interim fi nancial statements
For the six months ended 30 September 2018
Underlying profi t is a non-GAAP measure and diff ers from NZ IFRS profi t for the period. Underlying
profi t does not have a standardised meaning prescribed by GAAP and therefore may not be
comparable to similar fi nancial information presented by other entities. Underlying profi t is used
by the Group, in conjunction with other measures, to measure performance. Underlying profi t is a
measure which the Group uses consistently across reporting periods.
Underlying profi t excludes deferred taxation, taxation expense, and unrealised gains on investment
properties because these items do not refl ect the trading performance of the Company. Underlying
profi t determines the dividend payout to shareholders.
9. Commitments
The Group had commitments relating to construction contracts amounting to $129.9 million at 30
September 2018 (30 September 2017: $87.9 million and 31 March 2018: $101.2 million).
10. Subsequent events
Other than the dividends in note 5, there are no subsequent events.
New ZealandAustraliaGroup
$000$000$000
Year ended 31 March 2018
audited
Revenue324,67217,867342,539
Underlying profi t (non-GAAP)184,81318,717203,530
less deferred tax expense(640)-(640)
plus unrealised fair-value
movement179,1646,162185,326
Profi t for the year363,33724,879388,216
Non-current assets4,939,996493,5355,433,531
8. Operating segments (continued)

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Retirement villages
Anthony Wilding Retirement Village
5 Corbett Crescent, Aidanfield, Christchurch
Bert Sutcliff e Retirement Village
2 Rangatira Road, Birkenhead, Auckland
Bob Owens Retirement Village
112 Carmichael Road, Bethlehem, Tauranga
Bob Scott Retirement Village
25 Graham Street, Petone, Lower Hutt
Bruce McLaren Retirement Village
795 Chapel Road, Howick, Auckland
Charles Fleming Retirement Village
112 Parata Street, Waikanae
Charles Upham Retirement Village
24 Charles Upham Drive, Rangiora
Diana Isaac Retirement Village
1 Lady Isaac Way, Mairehau, Christchurch
Edmund Hillary Retirement Village
221 Abbotts Way, Remuera, Auckland
Ernest Rutherford Retirement Village
49 Covent Drive, Stoke, Nelson
Essie Summers Retirement Village
222 Colombo Street, Beckenham,
Christchurch
Evelyn Page Retirement Village
30 Ambassador Glade, Orewa, Auckland
Frances Hodgkins Retirement Village
40 Fenton Crescent, St Clair, Dunedin
Grace Joel Retirement Village
184 St Heliers Bay Road, St Heliers, Auckland
Hilda Ross Retirement Village
30 Ruakura Road, Hamilton
Jane Mander Retirement Village
262 Fairway Drive, Kamo, Whangarei
Jane Winstone Retirement Village
49 Oakland Avenue, St Johns Hill, Whanganui
Jean Sandel Retirement Village
71 Barrett Road, New Plymouth
Directory
Registered offi ce
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
Share registrar
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.com
Melbourne offi ce
Suite 10.03, Level 10
420 St Kilda Road, Melbourne
PO Box 33119, Melbourne
Victoria 3004, Australia
Auckland offi ce
93 Ascot Avenue, Remuera
Auckland 1051, New Zealand

HALF YEAR REPORT 2018
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Julia Wallace Retirement Village
28 Dogwood Way, Clearview Park,
Palmerston North
Kiri Te Kanawa Retirement Village
12 Gwyneth Place, Lytton West, Gisborne
Logan Campbell Retirement Village
187 Campbell Road, Greenlane, Auckland
Malvina Major Retirement Village
134 Burma Road, Khandallah, Wellington
Margaret Stoddart Retirement Village
23 Bartlett Street, Riccarton, Christchurch
Nellie Melba Retirement Village
6 Brandon Park Drive, Wheelers Hill,
Melbourne
Ngaio Marsh Retirement Village
95 Grants Road, Papanui, Christchurch
Possum Bourne Retirement Village
5 Lisle Farm Drive, Pukekohe
Princess Alexandra Retirement Village
145 Battery Road, Napier
Rita Angus Retirement Village
66 Coutts Street, Kilbirnie, Wellington
Rowena Jackson Retirement Village
40 O’Byrne Street North, Waikiwi, Invercargill
Shona McFarlane Retirement Village
66 Mabey Road, Lower Hutt
Weary Dunlop Retirement Village
242 Jells Road, Wheelers Hill, Melbourne
Woodcote Retirement Village
29 Woodcote Avenue, Hornby, Christchurch
Yvette Williams Retirement Village
383 Highgate, Roslyn, Dunedin
New villages in the pipeline
Aberfeldie
2 Vida Street, Aberfeldie, Melbourne
Burwood East
78 Middleborough Road, Burwood East,
Melbourne
Christchurch
78 Park Terrace, Christchurch
Coburg
81a Bell Street, Coburg, Melbourne
Geelong
157 South Valley Road, Highton, Victoria
Hamilton
1765 River Road, Hamilton
Havelock North
94-148 Te Aute Road,
Havelock North
Hobsonville
3 Scott Road, Hobsonville, Auckland
Karori
26 Donald Street, Karori, Wellington
Lincoln Road
221 Lincoln Road, Henderson, Auckland
Lynfield
20 Tropicana Drive, Lynfield, Auckland
Mt Eliza
70 Kunyung Road, Mt Eliza, Melbourne
Mt Martha
180 Bentons Road, Mt Martha, Melbourne
Newtown
192 Adelaide Road, Newtown, Wellington
Ocean Grove
181 -195 Shell Road, Ocean Grove, Victoria
William Sanders
2 Ngataringa Road, Devonport, Auckland

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Tauranga
Dunedin
Invercargill
Gisborne
Napier
Havelock North
Waikanae
Wellington
New Plymouth
Whanganui
Nelson
Palmerston North
Hamilton
1
1
1
1
2
1
1
2
Auckland
272
Rangiora
Christchurch
1
1
6
4
1
1
1
1
1
1
Whangarei
1
Our villages in New Zealand
Key
Ryman village
Under construction
Proposed village

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25
Our villages in Victoria, Australia
Whangarei
•
Jane Mander
Auckland
•
Bert Sutcliff e
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Hobsonville
•
Lincoln Road
•
Logan Campbell
•
Lynfield
•
Possum Bourne
•
William Sanders
Hamilton
•
Hilda Ross
•
River Road
Tauranga
•
Bob Owens
Gisborne
•
Kiri Te Kanawa
New Plymouth
•
Jean Sandel
Napier
•
Princess Alexandra
Havelock North
•
Te A u t e R o a d
Whanganui
•
Jane Winstone
Palmerston North
•
Julia Wallace
Waikanae
•
Charles Fleming
Wellington
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
Nelson
•
Ernest Rutherford
Rangiora
•
Charles Upham
Christchurch
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Margaret Stoddart
•
Ngaio Marsh
•
Park Terrace
•
Woodcote
Dunedin
•
Frances Hodgkins
•
Yvette Williams
Invercargill
•
Rowena Jackson
•
Aberfeldie
•
Coburg
•
Burwood East
•
Nellie Melba
•
Weary Dunlop
•
Geelong
•
Mt Eliza
•
Mt Martha
•
Ocean Grove

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