Full Year Results to 31 March 2019

1
Green Cross Health Limited (NZX: GXH)
Full Year Result Announcement for the year ending 31 March 2019.

GREEN CROSS HEALTH REPORTED PROFIT UP 3.2%
29 May 2019, 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 5.6%
increase in Revenue to $567m in the twelve months to 31 March 2019 compared to the prior period.
Net Profit after Tax Attributable to Shareholders was $16.1 million, up 3.2% from $15.6 million
(restated from $16.8m
1
) in the prior period.
Result Summary:
• Revenue of $567m (+5.6%)
• EBITDA
2
at $36.9m (+2.3%)
• Operating Profit $29.4m (-2.2%)
• Reported Net Profit after Tax Attributable to Shareholders of $16.1m (+3.2%)
• Pharmacy Revenue flat at $340m, Operating Profit down 5.5% at $27.3m
• Medical performed strongly with Revenue up 34% and Operating Profit up 20% to $4.4m
• Community Health Revenue up 9.3% but Operating Profit $0.1m (down $1.1m)
• Operating Cash Flow $29.5m (down $3.7m)
• Net Debt $32.5m (reduction of $6.0m)
• Final Dividend declared consistent with prior period at 3.5 cents per share.
The prior period Net Profit after Tax Attributable to Shareholders for the year ended 31 March 2018
has been restated from $16.8m to $15.6m due to two changes made to the Community Health result,
being the introduction of IFRS 15 during the year which required a write off of $0.5m capitalised
contract bidding costs and a $0.7m increase in the provision for alternate leave liability due to a
correction in the calculation of this provision.

1
Restated to incorporate changes in Accounting Standards and restatement of alternate leave liability. See
note 2 (c) of the 2019 financial statements.
2
EBITDA is a non-GAAP measure. It is the net of Operating Revenue less Operating Expenditure and excludes
Share of Equity accounted net earnings.

2
There are no underlying profit adjustments made to this year’s result. Last year the company reported
a +$1.9m underlying profit adjustment related to a material one-off unfunded increase in leave
liability as a result of pay equity legislation.
3

Green Cross Health chair Peter Merton, says, “we are pleased to report revenue growth of 5.6% to
$567m over the last 12 months. The year in review has been one of transition for much of the
company, as Green Cross Health has responded to increased competition in Pharmacy. The Medical
division has continued to post strong results as it benefits from both organic growth and selective
acquisitions. The Community Health divisional result has been impacted by a challenging funding and
labour cost landscape and the company is looking for support from funders to ensure the ongoing
viability of this division.
The year in review has also seen a transition in management, with Rachael Newfield beginning a newly
created position as Group Chief Executive Officer in late January 2019. Rachael has significant CEO
and commercial experience, having previously held the position of CEO Carter Holt Harvey Wood
Products division. Management changes have resulted in higher than usual recruitment and corporate
costs incurred over the past year.
The company is in a strong financial position, having generated approximately $30m in operating cash
flows per annum for the past two years and maintaining a conservative balance sheet. This position
allows the company to pay dividends, withstand market pressures and invest in growth and/or pay
down debt.”
Unichem & Life Pharmacy Division
Pharmacy Revenue was down 0.3% at $340m, with Operating Profit down 5.5% at $27.3m largely
because of gross margin decline, as the company responded tactically to a change in the competitive
environment.
Overall, same store sales were up 1.1%. However, due to the change in sales mix and increased
promotional activity, the same store gross margin was down 1.4% to 35.7%.
External challenges disrupted several stores this year, including major infrastructure works in the
Auckland CBD and mall redevelopments at 277 Newmarket, Shore City, Queensgate, Courtenay Place

3
Adding the $1.9m to the restated prior period Reported Net Profit of $15.6m results in an Underlying Profit
after Tax Attributable to Shareholders of $17.5m for the year ended 31 March 2018. See note 6.3 of the 2019
financial statements.

3
and Commercial Bay. A record low cold and flu winter season also resulted in retail sales in the
cough/cold and pain “over the counter” categories being down 5.9% year-on-year.
During the year the company continued its focus on optimising its pharmacy investments and made a
number of changes to its equity positions in the store network including increasing its equity stake in
Unichem Cuba Mall Pharmacy, the sale of its equity stakes in Life Pharmacy Tauranga and Unichem
Timaru Pharmacy, the closure of Life Pharmacy Queen Street (following damage to this site) and the
closure of Unichem Maxx in Auckland. Unichem Plimmer Steps Pharmacy, a greenfield site, was
opened in central Wellington, whilst Unichem Pakuranga Pharmacy was relocated to an expanded site
in a new, purpose-built integrated family health centre.
The company added three licensed stores to the branded group, which now totals 360 Unichem and
Life pharmacies, of which 89 are stores in which it holds an equity stake. Prescriptions for the 12
months to 31 March 2019 totalled 7.2m across owned stores (-1.8% on a same store basis).
The upgrade of the Life Pharmacy e-commerce site was largely completed during the year, with the
focus now shifted to driving traffic and sales via this channel through digital marketing and improving
fulfilment capabilities.
Loyalty customers grew 8.0% to 1.6m New Zealanders participating in the Living Rewards programme
at 31 March 2019. The company remains focused on providing a strong multi-channel customer
experience, along with personalised customer service focused on supporting health, beauty and
wellness.
During the year, Green Cross Health restructured its presence in the China Cross Border e-commerce
market under a licence fee arrangement, capitalising on New Zealand’s reputation for health, beauty
and wellness products. The Unichem-branded Alibaba T-Mall site is now one of the top 15 highest
selling health product sites on T-Mall.
The company continues to leverage its national network to expand existing funder streams, including
aged residential care and community residential care, whilst developing new strategic partnerships,
such as funded health services with private healthcare insurers.
While acknowledging a changing retail landscape, the company continues to capitalise on its leading
market position across New Zealand and extensive Living Rewards loyalty database. The division
remains focused on its core retail disciplines, expanding its e-commerce and digital engagement and
pursuing operational efficiencies.

4
The Doctors Medical Division
Medical Revenue increased 34% to $70.5m, with Operating Profit up 20% to $4.4m, driven by organic
growth, selective acquisitions and improvements in operational efficiency. The division has increased
enrolled patients by approximately 18,000 (+7.6%) since March 2018 to 255,000.
Two medical centres located at Waimauku and St Heliers were acquired during the year. Medical also
increased its investment in two associate medical centre businesses, at New Lynn and Whakatane,
moving to majority interest. The net acquisition cost invested in medical centres over the 12 months
to 31 March 2019 was $3.3m.
Operationally, Medical will continue to roll out initiatives to provide improved patient access and
operational efficiency, including process improvement and labour cost control.
Green Cross Health continues to seek increased scale in Medical centres, with the The Doctors network
now numbering 41 medical centres.
Community Health Division (Access Community Health & Total Care Health nursing)
Revenue growth in Community Health continued, up 9.3% to $156.6m. However, the Community
Health Operating Profit was disappointing at $0.1m, down $1.1m from $1.2m
4
reported in the prior
year largely due to continued funding challenges.
Included in the $0.1m operating result is a $0.4m increase in leave liability resulting from support
worker pay increases due to pay equity legislation. The last of these scheduled pay rate rises will
occur 1
st
July 2021.
During the year, a new Community Health division CEO, Alison van Wyk, was appointed. Alison brings
a long history with Green Cross Health and significant experience in the primary healthcare sector.
The division has also exited the underperforming Midlands DHB contract and retendered and won
the Greater Wellington contract on new terms which began on 1 April 2019 alongside a new
additional provider.

The division was also one of five successful organisations to be approved to deliver National ACC
Integrated Home and Community Support Services which provides an opportunity for Green Cross
Health to grow its market share in the ACC market.

4
The division’s FY18 operating result has been restated to incorporate changes in Accounting Standards and
restatement of alternate leave liability. See note 2 (c) of the 2019 financial statements.

5
The company hopes more sustainable community health funding will be a result of the health and
disability funding review currently being undertaken by Government. The division is focused on
working with funders of unprofitable contracts to either exit, improve funding or rebalance services
supplied. It also remains focused on growing revenue in the higher clinical needs segments and
continuing to pursue operational efficiencies.
Future Focus
Looking forward, the company remains focused on ensuring that Green Cross Health is well positioned
to provide quality primary health care through its network of health care experts. The company is
committed to investing in the expertise of its people, including significant investment in leadership
training in the coming year.
Green Cross Health is confident in delivering future earnings growth, both organically and through
selective acquisitions. Whilst the tougher commercial environment has limited acquisition
opportunities in the short term, the company believes this cycle will change in the near future.
Green Cross Health is working closely with the Ministry of Health and District Health Boards on new
services while strengthening its connection with its communities. The company's trusted brands and
nationwide footprint will continue to offer convenient access to health, beauty and wellness products
and services. Green Cross Health is developing income streams that use the company's nationwide
network as a base for commercial success.
Dividend
The Directors have resolved to pay a fully imputed final dividend of 3.5 cents per share to shareholders
on the register at 5pm on 13 June 2019. The dividend is consistent with the prior year and will be
paid on 27 June 2019.

6
Contact:

Lisa Getkate
lisa.getkate@gxh.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 with 360 Unichem and Life pharmacies covering almost
every New Zealand community, Green Cross Health’s 8,000 team members make more than 4.2m home visits to
more than 30,500 community health clients and care for 255,000 enrolled patients at medical centres.

---

GXH Annual Results Presentation 29 May 2019 Pg1
GREEN CROSS HEALTH
Investor Presentation and 2019 Annual Results
29
th
May 2019

GXH Annual Results Presentation 29 May 2019 Pg2GXH Annual Results Presentation 29 May 2019 Pg2
Financial Highlights
Revenue
$567.2m
+5.6%
Pharmacy
Same Store Sales
+1.1%
EBITDA
$36.9m
+2.3%
Medical
Same Centre
Revenue
+4.9%
Net Profit After Tax
$16.1m
(attributable to
shareholders)
+3.2%
1
Consistent
Final Dividend
3.5 cps
Note:
1
2018 restated to incorporate changes in Accounting Standards and restatement of alternate leave liability. See note 2 (c) ofthe 2019 financial statements.

GXH Annual Results Presentation 29 May 2019 Pg3
Our Purpose
Working together to support healthier communities.
We are passionately committed to the health and wellness of New Zealand, and
to providing the best support, care and advice to our communities.
This is our promise.

GXH Annual Results Presentation 29 May 2019 Pg4
Pharmacy Division
New Zealand’s largest network of health retailers:
supporting easy access to quality health care

GXH Annual Results Presentation 29 May 2019 Pg5
Pharmacy Performance
•Revenue flat at $340m
•Operating Profit down 5.5% at $27.3m
•Operating Profit margin decreased from 8.5% to 8.0%
•Same store sales growth was 1.1%
•Living Rewards loyalty membership grew 8% to 1.6m customers
•Record low cold and flu winter season also resulted in retail sales in the cough/cold and pain “over the counter” categories
being down 5.9% year-on-year
295.6
322.6
341.3
340.2
250
275
300
325
350
2016201720182019
$m
Pharmacy Operating Revenue
25.0
27.9
28.9
27.3
20
22
24
26
28
30
2016201720182019
$m
Pharmacy Operating Profit

GXH Annual Results Presentation 29 May 2019 Pg6
Retail and HealthCustomer EngagementNetwork ScaleFinancial Returns
Focus on core retail
disciplines
Grow exclusive product
range
Grow e-commerce
MaximiseChinese market
opportunity
Optimise digital health and
retail communications
channels with customers
Utilise 1.6m customer loyalty
database, analytics and AI to
personalise offers
Continue to grow the
franchise network
Optimise equity store
network
Reshape to fit new
environment
Changes in ranging,
e-commerce, pricing and
expenses to achieve returns
Future Focus

GXH Annual Results Presentation 29 May 2019 Pg7
Medical Division
Growth, leadership and sustainable models of care

GXH Annual Results Presentation 29 May 2019 Pg8
Medical Performance
•Revenue up 33.8% to $70.5m
•Operating Profit up 20.4% to $4.4m
•Operating Profit margin decreased from 7.0% to 6.3%
•Same centre revenue growth was 4.9%
•255,000 enrolled patients, an increase of 18,000 (+7.6%) in the period
•Ownership in 41 Medical Centres
46.5
49.3
52.7
70.5
0
20
40
60
80
2016201720182019
$m
Medical Operating Revenue
2.8
2.9
3.7
4.4
0
1
2
3
4
5
201620172018*2019
$m
Medical Operating Profit

GXH Annual Results Presentation 29 May 2019 Pg9
Network ScaleCustomer EngagementFinancial Returns
Network and patient number
growth through targeted
acquisition and market
share growth
Build The Doctors brand
Deploy digital technology to
increase efficiency and enhance
delivery of high quality patient
care
Continuous improvement in
operational efficiency and scale
to create capacity and lead to
improved profitability
Opportunity for cross referrals
Future Focus

GXH Annual Results Presentation 29 May 2019 Pg10
Community Health
Division
Delivering sustainable services to maintain and
support clients’ independence within their own home

GXH Annual Results Presentation 29 May 2019 Pg11
Community Health Performance
•Revenue up 9.3% to $156.5m
1
•Operating Profit was down $1.1m to $0.1m
2
due to continued funding challenges
•Included in the $0.1m operating result is a $0.4m increase in leave liability resulting from support worker pay increases
due to pay equity legislation
Note * &
1
:Reclassification of $14.3m to Revenue from Operating expenditure as per IAS20. See note 2 (c) of the 2019 financial statements.
* &
2
:Operating Profit includes a restatement of alternate leave liability. See note 2 (c) of the 2019 financial statements. 2018 segment result also excludesunfunded increases in
Leave Liability of $1.9m (due to the implementation of pay equity legislation). This is excluded from the segment result due toits abnormal nature but included in reported Group
result as outlined in note 4 of the financial statements.
105.7
115.7
143.2
156.5
0
40
80
120
160
201620172018*2019
$m
Community Health Operating Revenue
0.6
3.0
1.2
0.1
0
1
2
3
4
201620172018*2019
$m
Community Health Operating Profit

GXH Annual Results Presentation 29 May 2019 Pg12
Service OfferingDigital CommunicationFinancial Returns
Focus on higher clinical needs
segments
Expand geographic coverage of
Community Nursing business
Harness technology to enhance
workforce efficiency and client
outcomes
Negotiate sustainable funding for
existing and future contracts
Exit contracts that are not
financially viable
Future Focus

GXH Annual Results Presentation 29 May 2019 Pg13
Group Result
2019 Annual Results
12 months ending 31 March 2019

GXH Annual Results Presentation 29 May 2019 Pg14
Group Revenue and Profit
•Revenue of $567m up 5.6%
•Operating Profit (EBIT + associate earnings) $29.4m down 2.2%
•EBITDA
2
at $36.9m up 2.3%
1
Note: * &
1
: 2018 restated to incorporate changes in Accounting Standards and restatement of alternate leave liability. See note 2 (c) of the 2019 financial statements.
2
: EBITDA is a non-GAAP measure. It is the net of Operating Revenue less Operating Expenditure and excludes Share of Equity accounted net earnings.
#
: 2017 +$2.8m and 2016 +$1.7m Operating Profits both include Share Option Fair Value Gain.
447.7
487.6
537.2
567.2
0
100
200
300
400
500
600
201620172018*2019
$m
GXH Operating Revenue
30.1
34.9
30.0
29.4
24
28
32
36
2016+2017+2018*2019
$m
GXH Operating Profit
##

GXH Annual Results Presentation 29 May 2019 Pg15
Net Profit After Tax (attributable to shareholders)
•Net Profit after Tax attributable to shareholders of $16.1m up 3.2% from $15.6m
1
Note: * &
1
: 2018 restated to incorporate changes in Accounting Standards and restatement of alternate leave liability. See note 2 (c) of the 2019 financial statements.
#
: 2017 +$2.8m and 2016 +$1.7m include Share Option Fair Value Gain.
19.6
17.0
15.6
16.1
0
5
10
15
20
25
2016+2017+2018*2019
$m
GXH Net Profit after Tax attributable to Shareholders
#
#

GXH Annual Results Presentation 29 May 2019 Pg16
Operating Cash / Investments
•Operating Cash of $29.5m
•Reverted to normal level (after Pay Equity pre-
funding in Community Health in 2018)
Enabling investment in:
•New acquisitions –net $3.4m, including:
–St Heliers Health Centre
–WaimaukuDoctors / Silver Fern Medical Centre
–TotalHealth Doctors Whakatane (increased holding)
–The Doctors New Lynn (increased holding)
•Capital assets –$8.9m
–New Pharmacy stores / Store and Medical
Centre Refits
–IT systems development –Lifepharmacy.co.nz;
customer digital engagement tools, workflow
management
18.4
29.9
33.1
29.5
0
5
10
15
20
25
30
35
2016201720182019
$m
Operating Cash Flow

GXH Annual Results Presentation 29 May 2019 Pg17
Net Debt / Debt Capacity
•15% improvement in Net Debt to $32.5m
•$18m headroom on core debt facility of $60m and
$20m headroom on secondary facility of $30m
2
•Financing ratios:
–DEBT / EBITDA –1.33x
–EBIT / Interest –14.3x
–Fixed Charge Cover
1
–2.5x
Note:
1
calculation: EBITDAexcluding $21m lease cost / (Interest + $21m Lease Cost)
2
core debt excluding cash on hand
-52.6
-47.3
-38.4
-32.5
-60
-50
-40
-30
-20
-10
0
2016201720182019
$m
Net Debt (Borrowings Less Cash)

GXH Annual Results Presentation 29 May 2019 Pg18
Earnings Per Share / Dividends
•EPS marginally up at 11.22 cps
•Final Dividend consistent @ 3.5 cps
•Gross Dividend Yield ~8.5%
Note:
*
2018 restated to incorporate changes in Accounting Standards and restatement of alternate leave liability. See note 2 (c) ofthe 2019 financial statements.
12.53
14.18
11.02
11.22
201620172018*2019
Earnings Per Share

GXH Annual Results Presentation 29 May 2019 Pg19GXH Annual Results Presentation 29 May 2019 Pg19
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 shall have 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 changematerially. 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 measuresdetermined
in accordance with 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 2019 and Interim Report for the period ended 30 September 2018.

---

Independent Auditor’s Report
To the shareholders of Green Cross Health Limited

Report on the consolidated financial statements

Opinion

In our opinion, the accompanying consolidated
financial statements of Green Cross Health Limited
(the company) and its subsidiaries (the Group) on
pages 6 to 26:
i. present fairly in all material respects the Group’s
financial position as at 31 March 2019 and its
financial performance and cash flows for the
year ended on that date; and
ii. comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated statement of financial position
as at 31 March 2019;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for
the year then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the Group in relation to tax compliance and advisory services.
Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal
terms within the ordinary course of trading activities of the business of the Group. These matters have not
impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the
Group.


Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial
statements as a whole was set at $1.2 million determined with reference to a benchmark of group profit before
tax. We chose the benchmark because, in our view, this is a key measure of the Group’s performance.


© 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
2

3




Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements in the current period. We summarise below those matters and our key
audit procedures to address those matters in order that the shareholders as a body may better understand the
process by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely
for the purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not
express discrete opinions on separate elements of the consolidated financial statements.

The key audit matter How the matter was addressed in our audit
Impairment of goodwill ($126.5 million)

Refer to note 12 to the consolidated financial
statements.
The Group has grown significantly through
acquisitions in its Pharmacy, Medical and
Community Health business units which has
resulted in the recognition of goodwill on the
balance sheet in the amount of $75.1 million, $32.4
million and $19.0 million, respectively.
In the event the business units under-perform
compared to their business cases, there is a risk
that the goodwill arising on acquisition may no
longer be supported.
As disclosed in note 12, the Group uses a
discounted cash flow model to determine the
recoverable amount of its business units to which
goodwill has been allocated. The key assumptions
include:
- Income growth rates and achievement of
operating cost efficiencies taking into
consideration the Group’s business unit plans
and ensuring consistent application of best
practice across it’s pharmacies, medical
centres and home care operations;
- Discount rates based on a weighted average
cost of capital applicable for each of the cash
generating units reflecting an assessment of
the time value of money and the risks specific
to the business; and
- A terminal growth rate taking into
consideration the long term inflation rate.
The annual impairment test performed by the
Group was significant to our audit due to the
magnitude of the goodwill balance and because
the assessment process involved judgment about
the future performance of the business units,
including considering future economic and market
conditions.
Our audit procedures included:
- Ensuring the allocation of goodwill to the
Group’s business units is appropriate;
- Evaluating the methodology, mathematical accuracy
and assumptions applied in the discounted cash flow
models. We used our own valuation specialists to
assist us with the consideration of terminal growth
and discount rates;
- Challenging management’s cash flow assumptions
over projected cash flows taking into consideration
the expected impact of the Group’s business plans
for each business unit by reference to their
historical performance and the internal and external
factors that influence their operations;
- Performing sensitivity analysis around the key
assumptions used in the models, and
reviewed appropriateness of related
disclosures in the consolidated financial
statements.
We did not identify material exceptions from procedures
performed, and found the judgements and assumptions
used in the assessment of goodwill impairment to be
balanced.

4




Other information

The Directors, on behalf of the Group, are responsible for the other information included in the entity’s Annual
Report. Other information includes the Directors Declaration and the other information included in the Annual
Report. Our opinion on the consolidated financial statements does not cover any other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have received the Directors Declaration and have nothing
to report in regards to it. The Annual Report is expected to be made available to us after the date of this
Independent Auditor's Report and we will report the matters identified, if any, to the Directors.


Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent auditor’s 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 as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.


Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards;
— implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.

5




Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objective is:

— to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Aaron Woolsey.
For and on behalf of


KPMG
Auckland
28 May 2019

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DISTRIBUTION NOTICE 29/05/2019

Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies No
Record date 13/06/2019
Ex-Date (one business day before
the Record Date)
12/06/2019
Payment date (and allotment date for
DRP)
27/06/2019
Total monies associated with the
distribution
$5,010,347
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04861111
Total cash distribution $0.035
Excluded amount (applicable to listed
PIEs)
$0
Supplementary distribution amount $0.00617647

Page 2

Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed


If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Vivek Singh – Interim Group CFO
Contact person for this announcement Lisa Getkate - Executive Assistant to Group CEO
Contact phone number +64 9 571 9088
Contact email address
lisa.getkate@greencrosshealth.co.nz
Date of release through MAP

29/05/2019

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GXH RESULTS ANNOUNCEMENT 29/05/2019
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)

Reporting Period 12 months to 31 March 2019
Previous Reporting Period 12 months to 31 March 2018
Currency
NZ Dollar

Amount (000s) Percentage change
Revenue from continuing
operations
$567,236

+5.6%

Total Revenue
$567,236

+5.6%

Net profit/(loss) from
continuing operations
$16,105

+3.2%

Total net profit/(loss)
$16,105

+3.2%

Interim/Final Dividend
Amount per Quoted Equity
Security
3.50 cents
Imputed amount per Quoted
Equity Security
28%
Record Date 13 June 2019
Dividend Payment Date 27 June 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.03 -$0.07
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Green Cross Health has reported a 5.6% increase in Revenue
to $567m in the twelve months to 31 March 2019 compared to
the prior period. Net Profit after Tax Attributable to
Shareholders was $16.1 million, up 3.2% from $15.6 million
(restated) in the prior period.

Please refer to the attached audited Financial Statements for
the twelve months ended 31 March 2019.

Page 2
Authority for this announcement
Name of person

authorised
to make this announcement
Vivek Singh – Interim Group CFO
Contact person for this
announcement
Lisa Getkate - Executive Assistant to Group CEO
Contact phone number +64 9 571 9088
Contact email address
lisa.getkate@greencrosshealth.co.nz
Date of release through MAP

29/05/2019

Audited financial statements accompany this announcement.