Green Cross Health Half Year Results to 30 September 2019

Consolidated interim statement of comprehensive income
02
Consolidated interim statement of changes in equity
03
Consolidated interim statement of financial position
04
Consolidated interim statement of cash flows
05
Notes to the financial statements
06
Company directory
13
Green Cross Health Limited
Interim financial statements
Half year ended 30 September 2019
Contents
Page 1

For the six months ended 30 September 2019
Six months endedSix months ended
30 Sep 201930 Sep 2018
(Unaudited)(Unaudited)
Note$’000$’000
Operating revenue
6
275,402282,375
Operating expenditure
5, 6
(248,394)(263,988)
Depreciation and amortisation5(11,560)(3,890)
Share of equity accounted net earnings593438
Operating profit before interest and tax
16,04114,935
Interest income8238
Interest expense(993)(1,110)
Interest expense - leases5(2,929)-
Net interest(3,840)(1,072)
Profit before tax12,20113,863
Tax expense5(3,322)(3,788)
Profit and total comprehensive income for the period
8,87910,075
Profit after tax and total comprehensive income for the period attributable to:
Shareholders of the Parent 7,0008,147
Non-controlling interest1,8791,928
Earnings per share:
Basic earnings per share (cents)4.895.69
Diluted earnings per share (cents)4.885.68
The consolidated interim financial statements should be read in conjunction with the accompanying notes.
Green Cross Health Limited
Consolidated interim statement of comprehensive income
Page 2

For the six months ended 30 September 2019
Non-
ShareRetainedControllingTotal
CapitalEarnings InterestEquity
September 2019Note$’000$’000$’000$’000
As at 1 April 201990,61033,8439,490133,943
Impact on application of IFRS 16 - net of tax5(2,001)(579)(2,580)
Restated As at 1 April 201990,61031,8428,911131,363
Profit and total comprehensive income for the period
7,0001,8798,879
Transactions with owners, recorded directly
in equity
Dividends to shareholders9(5,010)(5,010)
Distributions to non-controlling interests
(1,325)
(1,325)
Impact of other transactions with non-controlling interests
(1,279)(65)(1,344)
As at 30 September 201990,61032,5539,400132,563
September 2018
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
Dividends to shareholders9(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 201890,61033,2408,373132,223
The consolidated interim financial statements should be read in conjunction with the accompanying notes.
Green Cross Health Limited
Consolidated interim statement of changes in equity
Page 3

As at 30 September 2019
As atAs atAs at
30 Sep 201931 Mar 201930 Sep 2018
(Unaudited)(Audited)(Unaudited)
Note$’000$’000$’000
Current assets
Cash and cash equivalents
17,80416,6529,688
Trade and other receivables
22,87924,51525,783
Contract assets
11,79111,56112,071
Inventories
33,44632,80436,753
Income taxes refundable
386--
Total current assets
86,30685,53284,295
Non-current assets
Property, plant and equipment
7
21,07722,29119,927
Right of Use Assets
7
87,719--
Intangible assets
138,728137,664141,781
Contract assets
--793
Deferred tax asset
14,23612,91210,409
Equity accounted group investments
6,6936,3986,308
Total non-current assets
268,453179,265179,218
Total assets
354,759264,797263,513
Current liabilities
Payables and accruals
71,95674,90371,224
Contract liabilities
5,7625,0725,478
Income taxes payable
-1,760252
Borrowings
5,30725,55610,758
Lease liability - current
5
12,810--
Total current liabilities
95,835107,29187,712
Non-current liabilities
Payables and accruals
--552
Borrowings
44,73423,56343,026
Lease liability - non-current
5
81,627--
Total non-current liabilities
126,36123,56343,578
Total liabilities
222,196130,854131,290
Net assets
132,563133,943132,223
Equity
Share capital
8
90,61090,61090,610
Retained earnings32,55333,84333,240
Total equity attributable to shareholders of the Parent
123,163124,453123,850
Non-controlling interest9,4009,4908,373
Total equity132,563133,943132,223
The consolidated interim financial statements should be read in conjunction with the accompanying notes.
Green Cross Health Limited
Consolidated interim statement of financial position
Page 4

For the six months ended 30 September 2019
Six months endedSix months ended
30 Sep 201930 Sep 2018
(Unaudited)(Unaudited)
Note$’000$’000
Cash flows from operating activities
Equity accounted investee dividend received
298394
Receipts from customers
276,807281,887
Interest received
8238
Payments to suppliers and employees
(248,953)(264,766)
Income taxes paid
(6,145)(7,653)
Net cash inflow from operating activities
10
22,0909,900
Cash flows from investing activities
Purchases of property, plant, equipment and software
(4,115)(5,387)
Acquisition of interests in subsidiaries and associates
(1,384)(3,637)
Proceeds from sale of shares in subsidiary
-688
Net cash outflow from investing activities
(5,499)(8,336)
Cash flows from financing activities
Proceeds from new borrowings
19,575
19,000
Repayment of borrowings
(18,653)
(14,439)
Dividends paid - shareholders
(5,010)(5,035)
Payment of lease liabilities
5
(6,103)
-
Interest expense - leases
5
(2,929)-
Interest expense
5
(993)(1,109)
Net distributions to non-controlling interests
(1,325)(1,046)
Net cash outflow from financing activities
(15,438)(2,630)
Net increase/ (decrease) in cash and cash equivalents
1,153(1,066)
Add opening cash and cash equivalents
16,65210,754
Closing cash and cash equivalents as per consolidated interim statement of financial
position
17,8049,688
Reconciliation of closing cash and cash equivalents to the balance sheet:
Cash and cash equivalents
17,8049,688
Closing cash and cash equivalents
17,8049,688
The consolidated interim financial statements should be read in conjunction with the accompanying notes.
Green Cross Health Limited
Consolidated interim statement of cash flows
Page 5

For the six months ended 30 September 2019
1.
2.
(a)
(b)
(c)
(d)
3.
Inherentintheapplicationofcertainaccountingpolicies,judgmentsandestimatesarerequired.TheDirectorsnotethattheactualresultsmaydifferfrom
the judgments and estimates made.
ThesignificantjudgementsmadebymanagementinapplyingtheGroup’saccountingpoliciesandthekeysourcesofestimationuncertaintywerethe
sameasthosedescribedinthelastannualfinancialstatements,exceptforthenewsignificantjudgementsrelatedtolesseeaccountingunderNZIFRS16,
which are described in Note 5(B)(i).
Accounting estimates and judgments
Inauthorisingtheconsolidatedinterimfinancialstatementsforthesixmonthsended30September2019,theDirectorshaveensuredthatthespecific
accountingpoliciesnecessaryfortheproperunderstandingofthefinancialstatementshavebeendisclosed,andthatallaccountingpoliciesadopted
areappropriatefortheGroup’scircumstancesandhavebeenconsistentlyappliedthroughouttheperiodforallGroupentitiesforthepurposesof
preparing the consolidated interim financial statements.
Changes in accounting policies
Otherthanasdisclosedbelow,theaccountingpoliciesappliedbytheGroupintheseconsolidatedinterimfinancialstatementsarethesameasthose
appliedbytheGroupinitsconsolidatedfinancialstatementsfortheyearended31March2019.TheGrouphasnotappliedanystandards,amendments
to standards and interpretations that are not yet effective.
ThebelowchangesinaccountingpoliciesareexpectedtobereflectedintheGroup'sconsolidatedfinancialstatementsasatandfortheyearending31
March 2020.
Statement of compliance
TheseconsolidatedinterimfinancialstatementshavebeenpreparedinaccordancewithGenerallyAcceptedAccountingPracticeinNewZealand(NZ
GAAP),NZIAS34InterimFinancialReporting,andotherapplicableFinancialReportingStandardsasappropriateforprofitorientedentities.These
consolidatedinterimfinancialstatementsdonotincludealloftheinformationrequiredforfullannualfinancialstatementsandshouldbereadin
conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2019.
Theconsolidatedinterimfinancialstatementsforthesixmonthsended30September2019andthecomparativeinformationforthesixmonthsended30
September 2018 are unaudited.
Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the specific accounting policies below.
The financial statements were approved for issue by the Board of Directors on 26 November 2019.
Green Cross Health Limited
Notes to the financial statements
Reporting Entity
GreenCrossHealthLimited(the“Parent”)isaNewZealandcompanyregisteredundertheCompaniesAct1993andlistedontheNZXMainBoard(“NZX”).
The Parent is a FMC Reporting Entity for the purposes of the Financial Markets Conduct Act 2013.
TheconsolidatedinterimfinancialstatementsofGreenCrossHealthLimitedcomprisetheParent,itssubsidiaries,anditsinterestinassociatesandjoint
ventures (together referred to as the “Group”).
Basis of preparation of financial statements
NZ IFRS 16 Leases
ThisisthefirstsetoftheGroup’sfinancialstatementsinwhichNZIFRS16hasbeenapplied.Changestosignificantaccountingpoliciesaredescribedin
Note 5.
NZ IAS 7 Statement of Cash Flows
TheGrouphasvoluntarilychangeditsaccountingpolicyunderNZIAS7StatementofCashFlows,whereinterestpaidisnowclassifiedasafinancingcash
flow instead of an operating cash flow as described in Note 5.
Comparatives
Where appropriate comparative information has been reclassified to conform to the current period's presentation.
Page 6

For the six months ended 30 September 2019
Green Cross Health Limited
Notes to the financial statements
4.
September 2019
Total revenue
Cost of products sold
Employee benefit expense
Lease expense
Other expenses
Depreciation and amortisation
Interest income
Interest expense
Interest expense - leases
Tax expense
Profit after tax
Non-controlling interest
Reportable segment assets#
Reportable segment liabilities#
The impact of IFRS 16 on September 2019 segmental reporting is described in the table below:
Lease expense credit
Amortisation of right of use assets
Impact on Segmental Profits
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
6,1911,996845-9,032
^Restated $0.4m from the Group to the Community Health segment in respect of increase in unfunded leave liability due to pay equity legislation.
*Intersegmental eliminations
197,02138,26041,392(13,160)263,513
96,26824,94923,233 (13,160)*131,290
8,147
(1,928)
Net Profit attributable to the shareholders of the
parent
(3,788)
10,075
Profit before tax
13,863
38
(1,110)
438
Segment Profit
13,9012,005(135)(836)14,935
(2,634)(506)(751)-(3,890)
Share of equity accounted net earnings
93345--
(15,824)(4,778)(1,809)(836)(23,247)
(30,536)(25,399) (75,069)^-(131,004)
(7,949)(1,959)(586)-(10,494)
169,99434,30278,080-282,375
(99,244)---(99,244)
$’000$’000$’000$’000$’000
1,05355077-1,680
Pharmacy servicesMedical servicesCommunity Health CorporateTotal
(5,138)(1,446)(768)-(7,352)
$’000$’000$’000$’000$’000
#The Group has initially applied NZ IFRS 16 at 1 April 2019, which requires the recognition of right-of-use assets and lease liabilities for lease contracts that were
previously classified as operating leases (see Note 5(B)). As a result, the Group recognised $87.7m of right-of-use assets and $94.4m of lease liabilities from those
lease contracts. The assets and liabilities are included in the Pharmacy services, Medical services and Community Health segments as at 30 September 2019. The
Group has applied NZ IFRS 16 using the modified retrospective approach, under which comparative information is not restated (see Note 5).
Pharmacy servicesMedical servicesCommunity Health CorporateTotal
222,196
*Intersegmental eliminations
149,43554,86428,054 (10,157)*
248,87772,47743,562(10,157)354,759
7,000
(1,879)
Net Profit attributable to the shareholders of the
parent
(3,322)
8,879
(2,929)
Profit before tax
12,201
82
(993)
593
Segment Profit
12,2343,7521,006(951)16,041
(8,193)(2,106)(1,261)-(11,560)
Share of equity accounted net earnings
145448--
(16,397)(5,144)(2,413)(951)(24,905)
(30,070)(27,196)(70,137)-(127,403)
(1,973)(291)(166)(2,430)
162,37838,04174,983-275,402
(93,656)---(93,656)
$’000$’000$’000$’000$’000
Pharmacy servicesMedical servicesCommunity Health CorporateTotal
Segment reporting
The Group has three reportable segments: pharmacy services, medical services and community health.
TheGroup’smainoperationsareinthepharmacyindustryprovidingpharmacyservicesthroughconsolidatedstores,equityaccountedinvestmentsand
franchisestores.Themedicalservicessegmentincludesfullyownedandequityaccountedmedicalcentres,andsupportservicesprovidedtothese
medicalcentres,aswellasmedicalcentresoutsidetheGroup.Thecommunityhealthservicessegmentprovideservicesdirecttothecommunityto
support independent living.
Page 7

For the six months ended 30 September 2019
5.
(A)
(B)
Right of use assets
Balance at 1 April 2019
Balance at 30 September 2019
Lease liabilities
Balance at 1 April 2019
Balance at 30 September 2019
(i)
•
•
$’000
The Group has initially adopted NZ IFRS 16 Leases from 1 April 2019. The Group has also voluntarily changed its accounting policy under NZ IAS 7 Statement of
Cash Flows, where Interest expense is now classified as a financing cash flow instead of an operating cash flow.
NZ IFRS 16 Leases
$’000
Property
$’000
1,959
1,337
Total
$’000
92,907
87,719
EquipmentMotor Vehicles
$’000
Total
On transition to NZ IFRS 16, the Group elected to perform a reassessment of its contracts to determine which of its contracts are now identified as leases
under NZ IFRS 16. Therefore, the definition of a lease under NZ IFRS 16 has been applied to both contracts as at 1 April 2019 and contracts entered into or
changed on or after 1 April 2019.
At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and
non-lease component on the basis of their relative stand-alone prices.
As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of
the risks and rewards of ownership. Under NZ IFRS 16, the Group recognises right-of-use assets and lease liabilities for most leases – i.e. these leases are on-
balance sheet.
However, the Group has elected not to recognise right-of-use assets and lease liabilities for some short-term leases (those with a lease term of 12 months or
less). The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
The Group leases many assets, including properties, motor vehicles and equipment.
The Group presents its right-of-use assets in “property, plant and equipment”, the same line item as it presents underlying assets of the same nature that it
owns. The Group does not have any right-of-use assets that meet the definition of investment property. The carrying amounts of right-of-use assets and lease
liabilities (current and non-current) are as below:
$’000
Property
98,545
94,43791,340
94,571
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost,
and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses
its incremental borrowing rate as the discount rate.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when
there is:
a change in future lease payments arising from a change in an index or rate; or
a change in the estimate of the amount expected to be payable under a residual value guarantee; or
1,959
Motor Vehicles
$’000
Equipment
Green Cross Health Limited
Notes to the financial statements
Changes in significant accounting policies
2,015
1,70584,677
88,933
$’000
As a lessee
Definition of a lease
The Group has applied NZ IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognised in
retained earnings at 1 April 2019. Accordingly, the comparative information presented for 2019 has not been restated – i.e. it is presented, as previously
reported, under NZ IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below.
NZ IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets
representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments.
Previously, the Group determined at contract inception whether an arrangement was or contained a lease under NZ IFRIC 4 Determining Whether an
Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the new definition of a lease. Under NZ IFRS 16,
a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
1,743
Significant accounting policies
1,354
2,015
Page 8

For the six months ended 30 September 2019
5.Changes in significant accounting policies (continued)
•
•
(ii)
•
•
•
•
•
•
•
(C)
(D)
5,543
1,003
(98,545)
2,055
579
2,001
When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental
borrowing rate at 1 April 2019. The weighted-average rate applied is 6.27%.
Retained earnings
Non-controlling interest
1 April 19
Lease incentives in advance (presented as part of “payables and accruals”)
Lease liabilities
Deferred tax asset
(i) Impact on transition
On transition to NZ IFRS 16, the Group recognised additional right-of-use assets and additional lease liabilities, recognising the difference in retained
earnings. The impact on transition is summarised below.
Right-of-use assets (presented as part of “property, plant and equipment”)
75,995
- Recognition exemption for leases with less than 12 months of remaining lease term at transition
Effect of discounting using incremental borrowing rates at 1 April 2019
Contracts reassessed as leases as defined under NZ IFRS 16
(1,923)
Operating lease commitments at 31 March 2019 as disclosed in the Group’s consolidated financial statements
$’000
(13,026)
98,545
31,956
Lease liabilities recognised at 1 April 2019
- Extension options reasonably certain to be exercised
The Group also leases motor vehicles and equipment, which typically run for a period of 3 to 5 years. As a practical expedient, the Group applied
NZ IFRS 16 to the motor vehicle leases and the equipment leases as portfolios of leases with similar characteristics, since the Group reasonably
expects that the effects on the financial statements of applying NZ IFRS 16 to the portfolios would not differ materially from applying NZ IFRS 16 to the
individual leases within these portfolios. In accounting for the portfolios, the Group has used estimates and assumptions that reflect the size and
composition of the portfolios.
Green Cross Health Limited
Notes to the financial statements
$’000
92,907
Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of remaining lease term at the date
of initial application.
Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.
Used hindsight, such as in determining the lease term for contracts that contain options to extend or terminate a lease.
As a lessor
Impacts on financial statements
At transition, for leases classified as operating leases under NZ IAS 17, lease liabilities were measured at the present value of the remaining lease
payments, discounted at the Group’s incremental borrowing rate as at 1 April 2019. Right-of-use assets are measured at either:
Their carrying amount as if NZ IFRS 16 had been applied since the commencement date, discounted using the Group’s incremental borrowing
rate at the date of initial application – the Group applied this approach to its largest property leases; or
An amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments – the Group applied this approach
to all other leases.
The Group used the following practical expedients when applying NZ IFRS 16 to leases previously classified as operating leases under NZ IAS 17.
Applied a single discount rate to a portfolio of leases with reasonably similar characteristics.
Relied on previous assessments of whether leases are onerous applying NZ IAS 37 Provisions, Contingent Liabilities and Contingent Assets
immediately before the date of initial application as an alternative to performing an impairment review.
The Group sub-leases some of its properties. Under NZ IAS 17, the head lease and sub-lease contracts were classified as operating leases. On
transition to NZ IFRS 16, the right-of-use assets recognised from the head leases are presented in property, plant and equipment, and measured at
cost on transition to NZ IFRS 16. The sub-lease contracts are classified as operating leases under NZ IFRS 16.
1 April 19
changes in assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably
certain not to be exercised; or
any other change in the future lease payments or the lease term due to a lease modification that’s not accounted for as a separate lease.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The
assessment of whether the Group is reasonably certain to exercise such options impact the lease term, which significantly affects the amount of
lease liabilities and right-of-use assets recognised.
Transition
Previously, the Group classified all its leases as operating leases under NZ IAS 17. These include property leases for pharmacies, medical centres and
offices. The lease terms of these leases typically range from 6 to 30 years (inclusive of any renewal options). Some leases provide for additional rent
payments that are based on changes in CPI or market rental rates.
Page 9

For the six months ended 30 September 2019
5.Changes in significant accounting policies (continued)
Interest expense - leases
Interest expense
Net cash inflow from operating activities
Interest expense
Interest expense
Interest expense - leases
Interest expense
Net cash inflow from operating activities
Interest expense
Interest expense
Cash flows from operating activities
(993)993
Effect on cash inflow / (outflow)
-
For the impact of NZ IFRS 16 on segment information, see Note 4.
Statement of cash flows
$’000
$’000$’000
2,929
Operating cash flows reconciliation
$’000
$’000$’000
Net cash outflow from financing activities
(14,445)(993)(15,438)
Net increase in cash and cash equivalents
5,659-5,659
30 September 2019Restated
Original
Net cash inflow from operating activities
8,7911,1099,900
6,161-6,161
Cash flows from financing activities
-(1,109)(1,109)
Net cash outflow from financing activities
(1,521)(1,109)(2,630)
Net increase in cash and cash equivalents
Add items from financing activities
-
-(993)(993)
-
30 September 2018
OriginalAdjustment
Restated
3,92222,090
Add items from financing activities
-993993
-2,929
1,1091,109
30 September 2018
OriginalAdjustment
Restated
Operating cash flows reconciliation
$’000
$’000$’000
8,7911,1099,900
Statement of cash flows
$’000
$’000$’000
Cash flows from operating activities
(1,109)1,109
21,09799322,090
Adjustment
Net cash inflow from operating activities
18,168
-(2,929)(2,929)
Payments of lease liabilities
-(6,103)(6,103)
NZ IAS 7 Statement of Cash Flows
NZ IAS 7 allows interest expense to be classified as either an operating cash flow or a financing cash flow for entities other than financial institutions.
Interest expense may be classified as operating cash flows because they enter into the determination of profit or loss, or alternatively as financing
cash flows because they are costs of obtaining financial resources.
Previously, the Group has classified interest expense as an operating cash flow. From 1 April 2019, the Group elected to change this classification
and now classifies interest expense as a financing cash flow. This voluntary change in accounting policy provides more reliable and relevant
information, since the Interest expense by the Group is represented by predominately the costs of obtaining medium to long-term financial
resources, including leases and term loans, with the main purpose being supporting the Group’s growth initiatives. On this basis, the Interest expense
more closely aligns with “financing activities” as defined under NZ IAS 7, being activities that result in changes in the size and composition of the
contributed equity and borrowings of the entity, instead of “operating activities” as defined under NZ IAS 7, being the principal revenue-producing
activities of the entity.
The Group has applied this change in accounting policy retrospectively by adjusting the comparative amounts disclosed for the comparative
period as if the new classification has always been applied. The impact on the current period and the comparative period is summarised below.
30 September 2019
OriginalAdjustment
Restated
-
Cash flows from financing activities
Payments to suppliers and employees
(257,985)
9,032(248,953)
Interest expense
(993)-(993)
30 September 2019
NZ IAS 17 (Old)Impact
NZ IFRS 16 (New)
Statement of cash flows
$’000
$’000$’000
Tax credit
-350350
Effect on profit / (loss) after tax
(899)
Depreciation and amortisation
(4,208)(7,352)(11,560)
Interest expenses
1,936(2,929)(993)
Statement of comprehensive income
$’000
$’000$’000
Operating expenditure
(257,426)
9,032(248,394)
* Movement is due to derecognition of lease incentives previously accounted for as income in advance under NZ IAS 17.
30 September 2019
NZ IAS 17 (Old)Impact
NZ IFRS 16 (New)
Payables and accruals*
(73,842)1,886(71,956)
Effect on net assets / (liabilities)
(3,479)
Deferred tax asset
12,883
1,35314,236
Lease liabilities
-
(94,437)(94,437)
Statement of financial position
$’000
$’000$’000
Property, plant and equipment
21,077
87,719108,796
(ii) Impacts for the period
As a result of initially applying NZ IFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognised additional
right-of-use assets and lease liabilities, and derecognised lease incentives previously accounted for as income in advance under NZ IAS 17, in the
statement of financial position as at 30 September 2019, and recognised depreciation expense and interest expense, instead of lease expenses (a
component of operating expenditure), in the statement of comprehensive income. The impact for the period is summarised below, by comparing
the affected financial statement line items accounted for under the old leases accounting standard NZ IAS 17 against the amounts accounted for
under the new leases accounting standard NZ IFRS 16.
30 September 2019
NZ IAS 17 (Old)Impact
NZ IFRS 16 (New)
Green Cross Health Limited
Notes to the financial statements
Page 10

For the six months ended 30 September 2019
6.
Operating Performance
6.1
Revenue
Revenue from contracts with customers
Disaggregation of Revenue
Six months ended 30 September 2019
Timing of revenue recognition
Transferred at a point in time
Transferred over time
Six months ended 30 September 2018
Timing of revenue recognition
Transferred at a point in time
Transferred over time
6.2
Operating expenses
*Refer note 5 for changes in Accounting Policy.
20,065
Reportable segments
169,994
5,106
164,888
Pharmacy Services
$'000
162,377
5,480
156,897
Pharmacy Services
$'000
Community Health
$'000
57,220
20,860
78,080
74,983
Community Health
$'000
50,738
24,245
Medical Services
$'000
34,302
16,645
17,657
Medical Services
$'000
38,041
17,976
Medical fee income
Home care
Total
$'000
Pharmacy retail and dispensary
Green Cross Health Limited
Notes to the financial statements
Cost of products sold
Employee benefit expense127,403
Six months ended
130,600
2,43010,494
24,90423,651
248,394263,988
Lease expense*
Other expenses
Six months ended
30 Sep 201930 Sep 2018
(Unaudited)(Unaudited)
$’000$’000
93,65699,244
275,402
49,790
225,611
282,375
42,611
239,765
Total
$'000
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.
Six months endedSix months ended
282,375
78,080
34,302
18,222
151,771
275,402
74,983
38,041
18,011
144,366
$’000
(Unaudited)
$’000
(Unaudited)
30 Sep 201830 Sep 2019
Other pharmacy revenue
Page 11

For the six months ended 30 September 2019
7.Property, Plant and Equipment
Property, plant and equipment
Right of Use Assets*
*Refer to Note 5 for details.
8.Shares on issue
Shares authorised and on issue
Opening number of shares
Shares issued - fully paid
Shares cancelled - partly paid
Shares issued - partly paid
Shares held as treasury stock
Closing number of shares
Net tangible (liabilities)/assets per share (cents)^
Net assets per share (cents)*
9.
10.Operating cash flows reconciliation
Profit for the period
Add/(deduct) non-cash items:
Receivables and accruals
Inventory
Payables and accruals
11.Subsequent events
Six months endedSix months ended
(Unaudited)(Unaudited)
30 Sep 201830 Sep 2019
9,90022,090
(642)(2,554)
On 26 November 2019 Green Cross Health Limited declared an interim dividend of 3.5 cents per qualifying ordinary share, which
will be fully imputed at 28%.
No adjustments are required to these consolidated interim financial statements in respect to this event.
Interests reclassified from Operating to Financing cash flows
Interest expense - leases
Net cash inflow from operating activities
2,929
9931,109
(4,402)(794)
Add/(deduct) changes in working capital items:
1,406(1,123)
Other non-cash items
1,368(703)
Depreciation, amortisation and asset write-off
11,5603,890
Distribution to owners
On 27 June 2019 Green Cross Health Limited paid a final dividend for the March 2019 year of 3.5 cents per qualifying ordinary
share to shareholders, which was fully imputed at 28%.
8,87910,075
$’000$’000
(14.25)(11.62)(14.50)
92.6093.5792.36
(333)(333)(333)
143,153143,153143,153
---
143,486143,486143,486
---
---
143,486143,486143,486
’000’000’000
87,719--
30 Sep 201931 Mar 201930 Sep 2018
(Unaudited)(Audited)(Unaudited)
*The calculation of net assets per share is based on net assets and the closing number of ordinary shares.
^The calculation of Net tangible (liabilities)/assets per share is based on net assets less deferred tax and intangible assets and the closing
number of ordinary shares.
Green Cross Health Limited
Notes to the financial statements
(Unaudited)(Audited)(Unaudited)
$’000$’000$’000
As atAs atAs at
30 Sep 201931 Mar 201930 Sep 2018
108,79622,29119,927
As atAs atAs at
21,07722,29119,927
Page 12

Registered Office
Auditor
Green Cross Health LimitedKPMG
Ground Floor, Building BKPMG Centre
602 Great South Road18 Viaduct Harbour Avenue
Ellerslie, Auckland 1542Auckland
Telephone: +64 9 571 9080
Bankers
BoardBank of New Zealand
P M Merton80 Queen Street
ChairmanAuckland 1010
J A Bagnall
Non-Executive DirectorShare Registrar
Computershare Investor Services Limited
J B BollandPrivate Bag 92119
Non-Executive DirectorAuckland 1142
Level 2
P J Williams159 Hurstmere Road
Non-Executive DirectorTakapuna
Auckland 0622
A W Edwards
Independent DirectorManaging your shareholding online:
To change your address, update your
M M Millardpayment instructions and to view your
Independent Directorregistered details including transactions,
please visit;
K A Orrwww.investorcentre.com/nz
Independent Director
General enquiries can be directed to;
C M Steeleenquiry@computershare.co.nz
Independent DirectorPrivate Bag 92119
Auckland 1142
Telephone: + 64 9 488 8777
Board SecretaryFacsimile: + 64 9 488 8787
J H Greenwood BCom, FCA
Green Cross Health LimitedPlease assist our registrar by quoting your CSN
Private Bag 11 906or shareholder number
Ellerslie, Auckland 1542
Officers
Rachael Newfield, Group CEO
Ben Doshi, Group CFO
Websites
www.greencrosshealth.co.nzwww.livingrewards.co.nz
www.access.org.nzwww.thedoctors.co.nz
www.lifepharmacy.co.nzwww.unichem.co.nz
Green Cross Health Limited
Company Directory
Page 13

---

1

Green Cross Health (NZX: GXH)
Half Year Result Announcement for the unaudited six months ending 30 September 2019

GREEN CROSS HEALTH REPORTS INTERIM PROFIT OF $7M
26 November 2019, AUCKLAND, NZ: Listed primary health care provider Green Cross Health, the
group behind Unichem and Life Pharmacy, The Doctors and Access Community Health, reported a 2%
decrease in Revenue to $275m in the six months to 30 September 2019 compared to the prior period.
Net Profit After Tax Attributable to Shareholders was $7.0 million, after a -$0.9m impact of applying
the new IFRS16
1
accounting standard. Before the application of IFRS 16, Net Profit After Tax
Attributable to Shareholders was steady at $7.9m compared to $8.1 million in the prior period.
Result Summary:
• Revenue of $275m (-2.5%)
• Operating Profit $16.0m (+7.4%)
• Net Profit After Tax Attributable to Shareholders of $7.0m (-14.1%)
• Net Profit After Tax Attributable to Shareholders before the application of
IFRS16
1
$7.9m (-3.0%)
• Pharmacy Revenue down 4.5% and Operating Profit down $1.7m at $12.2m
• Medical performed strongly with Revenue up 10.9% and Operating Profit up 87.1% to $3.8m
• Community Health Revenue down 4.0% and Operating Profit up $1.1m to $1.0m
• Operating Cash Flow $22.1m (before the application of IFRS 16 $13.1m)
• Net Debt reduced $11.9m to a conservative $32.2m
• Interim Dividend consistent with prior period at 3.5 cents per share
• The full year impact of IFRS 16 on Net Profit After Tax Attributable to Shareholders is estimated
to be between -$1.3m to -$1.7m based on current leases.
Green Cross Health Group CEO Rachael Newfield, says, “Pleasingly, the Medical and Community Health
divisions have seen material improvements in profitability during the period. While we have seen the
continuation of a challenging competitive landscape, we are buoyed by how company profit has held
up against this backdrop. In the Pharmacy division, the period has been about building capability in
all functional areas, to ensure the Company is well-equipped to navigate these challenges going
forward. With a solid balance sheet following the reduction in Net Debt, we are well positioned to
withstand market pressures and invest in growth opportunities.”
__________________________
1
The application of IFRS 16 has meant operating leases have been brought onto the Balance Sheet in the
interim period with a corresponding lease liability. The operating lease charge has been replaced with the
amortisation of the right-of-use asset and lease interest charges in the Statement of Comprehensive Income.
The interim period ended 30 September 2019 was impacted by this change, with EBITDA increasing by $9.0m,
EBIT increasing by $1.7m and Net Profit After Tax Attributable to Shareholders decreasing $0.9m. No prior
period adjustment was made for the application of IFRS 16.

2


Unichem & Life Pharmacy Division
Pharmacy Revenue saw a decline of 4.5% following prior period store closures as part of our ongoing
portfolio review, while same stores revenue held flat at +0.4%. Operating Profit was down $1.7m to
$12.2m as the retail environment continues to provide customers with increasing choice, creating
pressure on margins. Further, the company incurred a number of one-off costs as it made changes
to staffing structures, including recruitment of a new Group CFO and new General Manager –
Marketing, and information technology and depreciation cost impacts as investments from prior
periods were operationalised.
We continue to further strengthen our digital capability to utilise our 1.6 million Living Rewards loyalty
database to obtain insights and to provide authentic, personalised engagement with our customers.
Our Living Rewards customers spend over 40% more per annum than non-Living Rewards customers.
Our ongoing investment in an automated prescription reminder service to support patients with
adherence to medicine has now reached a milestone of 200,000 customers enrolled in this valuable
service. Repeat prescription collection was 7% higher than prior period.
In the first half of the year, the company continued its focus on core retail disciplines. The company
progressed its pricing and margin management plans to schedule, with initiatives to lift gross margin
beginning to deliver results towards the end of the period. The company also commenced work on
its product range review, including a focus on exclusive distribution arrangements. In the stores, we
continue to focus on realigning occupancy and labour costs to the changing market conditions.
It has been particularly pleasing to see the expert care and advice our teams provide, coupled with
our professional in-store experience, recognised during the period in the KPMG 2019 Customer
Experience Excellence Report, which placed Unichem Pharmacy at No. 6 and Life Pharmacy at No.
15. The report measures the top brands excelling in customer experience, based on a survey of almost
3,000 consumers across New Zealand.
During the period, Green Cross continued its advocacy role in negotiations with Government funders.
A Pharmacy Contract variation was agreed which delivers a sector-wide funding increase of $18.5m
from 1 October 2019. Green Cross Health continues to voice concern that some competitors are
contravening Government policy by not charging the $5 prescription co-pay. We continue to call on
Government to review the intention of the co-pay policy and ensure it is in line with Government’s
“equity of access” to healthcare policies.

Going forward, the company continues to optimise its footprint and capitalise on growth opportunities
with a focus on its new Pharmacy build programme. Three pharmacies are due to open in the second

3

half of the financial year – Life Pharmacy in Westfield Newmarket, Auckland, and two Unichem
pharmacies in Highland Park, Auckland and Parklands, Christchurch.
The Pharmacy division will continue to focus on leveraging the significant strengths we have with our
trusted Unichem and Life Pharmacy brands, our national footprint and our Living Rewards loyalty
programme membership. We remain focused on core retail disciplines including pricing, product
range and cost management to continue adapting to the changing market conditions.
The Doctors Medical Division
Medical Revenue increased 10.9% to $38.0m, with Operating Profit up 87.1% to $3.8m, driven by
improved operational efficiency, a focus on organic revenue growth and the impact of recent
successful acquisitions. The Doctors network currently numbers 41 medical centres.
Operationally, Medical continued to roll out initiatives to provide improved patient access and
capacity management. These initiatives, combined with the growth of 1,000 enrolled patients during
the period (to 256,000 enrolled patients), allowed the division to deliver an increased return per
patient.
Increasing scale and operational capability in Medical continues to be at the core of the Medical
division’s growth strategy, along with selectively acquiring practices.
Community Health Division
The exiting of two unprofitable District Health Board contracts meant Revenue in Community Health
declined by 4.0% to $74.9m; one contract was re-tendered with 50% regained at sustainable margins.
Our plans to focus on profitable contracts rather than top line growth, began to deliver results with
Community Health returning an Operating Profit of $1.0m, up from -$0.1m. During the period the
division continued with its strategy of focusing on higher clinical needs, bedding in the ACC Integrated
Home and Community Support business that it was awarded following a successful tender at the end
of last financial year. The division’s specialist nursing care business, Total Care Health continued to
expand into new regions and new segments of care, targeting convenient client access.
A large focus in the period was driving operational efficiency through cost management and an ongoing
investment in technology, supporting a client-centric approach coupled with improved profitability.
While the division has seen an uplift in profitability, a shortfall in funding continues to adversely
impact the Home and Community Support sector and we are looking for support from funders to ensure
the ongoing viability of this division.

4

Future Focus
Green Cross Health is focused on delivering future earnings growth, both organically and through
acquisitions. We continue to refine our operating model to fit the changing market. Another ongoing
priority for the Company is advocating for the removal of the prescription co-payment Government
tax, with the aim of increasing accessibility and equity for all New Zealanders. We continue to call
on funders to review funding in the Community Health division to ensure the sector is sustainable.
Green Cross Health is committed to providing all New Zealanders accessible, quality primary health
care. Our nationwide footprint, offering convenient access to health, beauty and wellness products
and services through our network of health care experts supports New Zealand 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 2019. The dividend is consistent with the prior
year and will be paid on 19 December 2019.

Contact:
Ben Doshi
ben.doshi@gxh.co.nz
Rachael Newfield
rachael.newfield@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 256,000 enrolled
patients at medical centres.

---

GXH Half Year Results Presentat
ion
26 November 2019

Pg
1
GXH Half Year Results Presentat
ion
26 November 2019

Pg
1
Half Year Results
Presentation
26 November 2019

GXH Half Year Results Presentat
ion
26 November 2019

Pg
2
GXH Half Year Results Presentat
ion
26 November 2019

Pg
2
Interim Result - Financial Highlights
Revenue
$275.4m
-2.5%
Pharmacy
Same Store Sales
+0.4%
EBITDA
$27.0m
1
+46.7%
Medical
Same Centre
Revenue
+6.4%
Net Profit After Tax
$7.0m
2
(attributable to
shareholders)
-14.1%
Consistent
Interim Dividend
3.5 cps
Note: 
1
EBITDA before IFRS16 application (A
ccounting for Leases) $18.0m (-2.2%)
Note: 
2
NPAT attributable to shareholders bef
ore IFRS16 application $7.9m (-3.0%).

GXH Half Year Results Presentat
ion
26 November 2019

Pg
3
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 Half Year Results Presentat
ion
26 November 2019

Pg
4
Who we are

GXH Half Year Results Presentat
ion
26 November 2019

Pg
5
Pharmacy Division
New Zealand’s largest network of health retailers:
supporting easy access to quality health care

GXH Half Year Results Presentat
ion
26 November 2019

Pg
6
Pharmacy Performance
•
Revenue down 4.5% at $162m, following prior period store closur
es as part of our ongoing portfolio review
•
Operating Profit down 12.0% at $12.2m. Operating Profit margin
decreased from 8.2% to 7.5%
•
A number of one-off costs incurred in the period relating to st
affing changes including new Group CFO and GM Marketing,
plus IT and depreciation cost impacts as investments from prior
periods came online
•
Same store sales growth of 0.4%, and same store script numbers
grew 0.6%
•
Living Rewards loyalty members total 1.6m, spending 40% more th
an non-members
158
166
170
162
130180
1H17
1H18
1H19
1H20
$m
Pharmacy Operating Revenue
13.2
14.5
13.9
12.2
048
1216
1H17
1H18
1H19
1H20
$m
Pharmacy Operating Profit
IFRS 16 Adjustment

GXH Half Year Results Presentat
ion
26 November 2019

Pg
7
Retail and Health
Customer Engagement
Network Scale
Financial Retu
rns
Focus on core retail
disciplines
Grow exclusive product
range
Grow e-commerce
Maximise Chinese market
opportunity
Optimise digital health and retail
communications channels with
customers
Utilise 1.6m customer loyalty
database, analytics and AI to
personalise offers
Advocate for removal of $5
prescription co-payment to
increase accessibility and equity
for all New Zealanders
Continue to grow the
franchise network
Optimise equity store
network
Reshape to fit new
environment
Changes in r
anging,
e-commerce, pricing and
expenses to achieve returns
Strong focus on cost control
at store level
PharmacyFuture Focus

GXH Half Year Results Presentat
ion
26 November 2019

Pg
8
Medical Division
Growth, leadership and sustainable models of care

GXH Half Year Results Presentat
ion
26 November 2019

Pg
9
Medical Performance
•
Revenue up 10.9% to $38.0m
•
Operating Profit up 87.1% to $3.8m
•
Operating Profit margin increased from 5.8% to 9.9%
•
Same centre revenue growth was 6.4%
•
256,000 enrolled patients
•
Ownership in 41 Medical Centres
25
25
34
38
0
10203040
1H17
1H18
1H19
1H20
$m
Medical Operating Revenue
1.4
1.5
2.0
3.8
01234
1H17
1H18
1H19
1H20
$m
Medical Operating Profit
IFRS 16 adjustment

GXH Half Year Results Presentat
ion
26 November 2019

Pg
10
Network Scale
Customer Engagement
Financial 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
MedicalFuture Focus

GXH Half Year Results Presentat
ion
26 November 2019

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

GXH Half Year Results Presentat
ion
26 November 2019

Pg
12
Community Health Performance
•
Revenue down 4.0% to $74.9m
•
Exit of two unprofitable contracts. One re-tendered with 50% re
gained at sustainable margins
•
Specialist nursing care business top line growth of 24.5%
•
Cost reduction of 5.4% via labour efficiency and utilisation of
technology
•
Operating Profit up $1.1m to $1m
55
68
78
75
0
20406080
100
1H17
1H18
1H19
1H20
$m
Community Health Operating Revenue
1.2
1.3
-0.1
1.1
-0.5
0
0.5
1
1.5
1H17
1H18
1H19
1H20
$m
Community Health Operating Profit
IFRS 16 adjustment

GXH Half Year Results Presentat
ion
26 November 2019

Pg
13
Service Offering
Digital Communication
Financial Returns
Focus on higher clinical needs
segments
Expand geographic coverage of
Community Nursing business
Harness technology to enhance
workforce efficiency and client
outcomes
Continue cost reduction
initiatives
Negotiate sustainable funding for
contracts or exit
Community HealthFuture Focus

GXH Half Year Results Presentat
ion
26 November 2019

Pg
14
Group Financial Result
6 months ending 30 September 2019

GXH Half Year Results Presentat
ion
26 November 2019

Pg
15
Interim Result - Group Revenue and Profit
•
Revenue of $275m down 2.5%, following exit of two unprofitable
contracts in Community Health and prior period
pharmacy store closures as part of ongoing portfolio review
•
Operating Profit of $16.0m, up 7.4%
•
Operating Profit of $14.4m before the application of IFRS16 (do
wn 3.8%)
17.6
16.5
14.9
16.0
05
101520
1H17
1H18
1H19
1H20
$m
GXH Operating Profit
IFRS 16 Adjustment
238
259
282
275
200250300
1H17
1H18
1H19
1H20
$m
GXH Operating Revenue

GXH Half Year Results Presentat
ion
26 November 2019

Pg
16
Net Profit After Tax (attributable to shareholders)
•
NPAT attributable to shareholders of $7.0m, down 14.1%
•
NPAT attributable to shareholders of $7.9m before application o
f IFRS16 (down 3.0%)*
10.5
8.8
8.1
7.9
02468
1012
1H17
1H18
1H19
1H20
$m
GXH Net Profit after Tax Attributable to Shareholders
Series2
*FY20 full year NPAT is expected to be negatively impacted by bet
ween -$1.3 and -$1.7m (based on cu
rrent leases) as a result of
the application of IFRS 16
IFRS 16 adjustment
7.0

GXH Half Year Results Presentat
ion
26 November 2019

Pg
17
Operating Cash / Investments
•
Operating Cash of $22.1m ($13.1m before the application of IFRS 16)
Enabling investment ($5.5m) in:– Waiuku Medical Pharmacy
(increased holding)
– Centre City Pharmacy Dunedin
(increased holding)
– Life Pharmacy in Westfield Newmarket
(new site)
– IT systems development, workflow
management and customer engagement tools
•
Interim dividend has remained consistent at 3.5cps, equating to ~$5m
6.8
17.3
9.9
22.1
05
10152025
1H17
1H18
1H19
1H20
$m
GXH Operating Cash Flow
IFRS 16 adjustment
*
^
^1H19 operating cashflow increased by $1.1m as interest expense
is now being classified as a fi
nancing cashflow rather than an
operating cashflow as per NZ IAS 7.
*1H20 includes an adjustment of $1.0m in respect of the same re
-classification as above, as well as a $9.0m adjustment due to t
he application of IFRS 16 where lease expense has changed to
lease interest expense and payment of lease liabilities, both of which are classified under financing cashflows.

GXH Half Year Results Presentat
ion
26 November 2019

Pg
18
Net Debt / Debt Capacity
•
27% improvement in Net Debt to $32.2m
•
Debt facilities extended with BNZ for a further 3 years from end of August 2019
•
$41m of headroom on debt facilities
1
to support
future investment
•
Financing ratios:
– Debt / EBITDA – 1.37x
1
– EBIT / Interest – 15.8x
1
– Fixed Charge Cover – 2.7x
1
-51.2
-37.7
-44.1
-32.2
-55-50-45-40-35-30-25-20-15-10
-5
0
1H17
1H18
1H19
1H20
$m
Net Debt (Borrowings Less Cash)
1
The application of IFRS16 materially impac
ts these calculations. The headroom and rati
os show the position pre application of IF
RS16.

GXH Half Year Results Presentat
ion
26 November 2019

Pg
19
Earnings Per Share / Dividends
•
EPS at 4.89 cps (5.52 cps before the application of IFRS 16)
•
Interim Dividend consistent @ 3.5 cps
•
Gross Dividend Yield ~8.5%
7.63
6.25
5.69
5.52
02468
10
1H17
1H18
1H19
1H20
Cps
Earnings Per Share
IFRS 16 adjustment
4.89

GXH Half Year Results Presentat
ion
26 November 2019

Pg
20
GXH Half Year Results Presentat
ion
26 November 2019

Pg
20
Disclaimer
The information in this presentation was prepared by Green Cros
s Health Limited (GXH) with due
care and attention. However, th
e
information is supplied in summary form and is therefore not ne
cessarily complete, and no representation is made as to the acc
uracy,
completeness or reliability of the information. In addition, ne
ither GXH nor any of its subsidiaries, directors, employees, sh
areholders 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 c
onnection with it.
This presentation may contain forward-looking statements and pr
ojections. These reflect GXH current expectations, based on wha
t it thinks
are reasonable assumptions. GXH gives no warranty or representa
tion as to its future financial performance or any future matte
r. Except as
required by law or NZX listing rules, GXH is not obliged to upd
ate this presentation after its release, even if things change m
aterially. This
presentation does not constitute financial advice. Further, thi
s presentation is not and should not be construed as an offer t
o sell or a
solicitation of an offer to buy GXH securities and may not be r
elied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measu
res, including Gross Margin, Operating Revenue, EBITDA, and Net
Debt.
Because they are not defined by GAAP or IFRS, GXH calculation o
f these measures may differ from similarly titled measures pres
ented by
other companies and they should not be considered in isolation
from, or construed as an alternative to, other financial measur
es determined
in accordance with GAAP. Although GXH believes they provide use
ful information in measuring the financial performance and cond
ition 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 consid
ered in conjunction with the consolidated financial statements f
or the period
ended 31 March 2019 and Interim Report for the period ended 30
September 2019.

---

DISTRIBUTION NOTICE 26/11/2019

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 Quarterly
Half Year X Special
DRP applies No
Record date 11/12/2019
Ex-Date (one business day before
the Record Date)
10/12/2019
Payment date (and allotment date for
DRP)
19/12/2019
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
Ben Doshi – Group CFO
Contact person for this announcement Ben Doshi – Group CFO
Contact phone number +64 9 580 6846
Contact email address
ben.doshi@greencrosshealth.co.nz
Date of release through MAP

26/11/2019

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GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 26/11/2019
(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 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$275,402 -2.5%
Total Revenue
$275,402 -2.5%
Net profit from continuing operations
$7,000* -14.1%
Total net profit
$7,000* -14.1%
Interim Dividend
Amount per Quoted Equity Security $0.035
Imputed amount per Quoted Equity Security $0.013611
Record Date 11 December 2019
Dividend Payment Date 19 December 2019
Current period Prior comparable period
Net tangible assets per Quoted Equity Security** -$0.14 -$0.14
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* NPAT to Shareholders was $7.0 million, after a -$0.9m
impact of applying the new IFRS16 accounting standard.
Before the application of IFRS 16, Net Profit After Tax
Attributable to Shareholders was $7.9m compared to
$8.1 million in the prior period.

** Due to the nature of the Company’s business,
intangibles assets are a major component of total assets.
Net assets per quoted equity security are $0.93 (30
September 2018: $0.92).

Please refer to the attached unaudited Financial
Statements for the six months ended 30 September 2019.

Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this
announcement
Ben Doshi – Group CFO
Contact phone number +64 9 580 6846
Contact email address
ben.doshi@greencrosshealth.co.nz
Date of release through MAP

26/11/2019

Unaudited financial statements accompany this announcement.