Strong Half Year Result for Fisher & Paykel Healthcare

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

STRONG HALF YEAR RESULT FOR FISHER & PAYKEL HEALTHCARE: NET PROFIT UP
24%

Auckland, New Zealand, 27 November 2019 - Fisher & Paykel Healthcare Corporation Limited
today announced its financial results for the half year ended 30 September 2019. Net profit after
tax was $121.2 million, up 24%, and operating revenue was $570.9 million, 12% above the first
half last year.

“We’ve had a strong start to the 2020 financial year, mainly driven by our Hospital product group,
which delivered operating revenue growth of 19 per cent,” said Managing Director and CEO Lewis
Gradon. “We saw strong demand across our Hospital product portfolio, but in particular, for our
Optiflow
TM
and Airvo
TM
systems, which continued to benefit from the growing body of clinical
research in the use of nasal high flow therapy.”

In the Hospital product group, which includes humidification products used in respiratory, acute and
surgical care, operating revenue increased 19% to a record $353.6 million. This represented 17%
growth in constant currency, during an extended flu season in the United States. Products in the
Hospital group made up 62% of the company’s operating revenue.

In the Homecare product group, which includes products used in the treatment of obstructive sleep
apnea (OSA) and respiratory support in the home, operating revenue rose 2% to NZ$214.7 million,
or a decline of 1% in constant currency.

“Revenue from our new F&P Vitera
TM
full face mask in Australasia, Canada and Europe has
partially offset declines in sales of some of our legacy OSA masks, resulting in Homecare revenue
in line with expectations for the first half. Vitera was launched in the United States in October, and
we are encouraged by the early response from customers,” said Mr Gradon.

Gross margin increased by 26 basis points to 67.1% compared to the first half last year, with
benefits from product mix offsetting the additional start-up costs of the company’s second Mexico
manufacturing facility.

The company’s directors have approved an interim dividend of 12 cents per ordinary share, an
increase of 23% on the interim dividend last year. The interim dividend, carrying full New Zealand
imputation credit, will be paid on 19 December 2019 with a record date of 9 December 2019.

Outlook for the remainder of FY2020

“In the second half of the 2020 financial year we anticipate consistent underlying trends in our
Hospital product group. Assuming a moderate flu season for FY20, for the second half we expect
constant currency Hospital revenue growth similar to the second half of FY19.

“In our Homecare product group we also expect a continuation of recent trends with strong growth
in home respiratory support and ongoing pressure in legacy OSA masks, resulting in Homecare
revenue for the 2020 financial year similar to the previous financial year, in constant currency terms.

“At current exchange rates we continue to expect full year operating revenue for the 2020 financial
year to be approximately $1.19 billion and net profit after tax to be in the range of approximately
$255 to $265 million.

“We recently celebrated our fiftieth anniversary. Looking ahead, an exciting future awaits us
‘beyond fifty’, as we continue to innovate to improve care and develop new applications for our
technologies,” concluded Mr Gradon.


Overview of key results for the first half
 24% growth in net profit after tax to a record $121.2 million.
 23% increase in interim dividend to 12 cps (2019: 9.75 cps).
 12% growth in operating revenue to a record $570.9 million, 9% growth in constant currency.
 19% growth in Hospital operating revenue, 17% growth in constant currency.
 23% constant currency revenue growth for new applications consumables; i.e. products used in
non-invasive ventilation, Optiflow nasal high flow therapy, and surgical applications, accounting
for 63% of Hospital consumables revenue.
 2% growth in Homecare operating revenue, 1% decline in constant currency.
 1% decline in constant currency revenue in OSA masks.
 Investment in R&D was 9% of revenue, or $54 million.

About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and
systems for use in respiratory care, acute care, surgery and the treatment of obstructive sleep
apnea. The company’s products are sold in over 120 countries worldwide. For more information
about the company, visit our website www.fphcare.com.

Ends

Contact:
Investors:
Hayden Brown
Investor Relations Manager
hayden.brown@fphcare.co.nz
+64 27 807 8073
Media:
Karen Knott
Senior Communications Manager
karen.knott@fphcare.co.nz
+64 21 713 911

Accompanying Documents
Attached to this news release are the following additional documents:
 Results in Brief
 Interim Report 2020, including financial commentary and constant currency analysis
 Investor Presentation
 NZX Results Announcement
 NZX Distribution Notice

Constant Currency Information
Constant currency information included within this news release is non-conforming financial
information, as defined by the NZ Financial Markets Authority, and has been provided to assist
users of financial information to better understand and track the company’s comparative financial
performance without the impacts of spot foreign currency fluctuations and hedging results and has
been prepared on a consistent basis each year. A constant currency analysis is included on page
11 of the company’s Interim Report 2020, and the company’s constant currency income statement
framework can be found on the company’s website at www.fphcare.com/ccis.

Half Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call today to review the results and to discuss
the outlook for the remainder of the 2020 financial year. The conference call is scheduled to begin
at 10:00am NZDT, 8:00am AEDT Wednesday 27 November (4:00pm USEST, Tuesday 26
November) and will be broadcast simultaneously over the Internet.

To listen to the webcast, access the company’s website at www.fphcare.com/investor. An online
archive of the event will be available approximately two hours after the webcast and will remain on
the site for two weeks.

To attend the conference call, participants should dial in to one of the numbers below at least
five minutes prior to the scheduled call time and identify yourself to the operator. When prompted,
please quote the conference code of: 8908013.

New Zealand +64 9 913 3622 US/Canada +1 929 477 0402
Australia +61 2 9193 3706 Hong Kong +852 3008 1527
United Kingdom +44 330 336 9125 International +64 9 913 3622

---

Results in Brief



Six Months Ended Six Months Ended
% Change
30 Sep 18 30 Sep 19
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE



Total operating revenue 511.3 570.9 +12%
Cost of sales (169.7)
(188.0) +11%
Gross profit 341.6
382.9 +12%
Gross margin 66.8% 67.1% +26bps
Other income 2.5
- -
Selling, general and administrative expenses (159.4)
(162.9) +2%
Research and development expenses (45.7)
(54.0) +18%
R&D percentage of operating revenue 8.9%
9.5% +52bps
Total operating expenses (205.1)
(216.9) +6%
Operating profit before financing costs 139.0 166.0 +19%
Operating margin 27.2% 29.1% 189bps
Net financing (expense) (3.1)
(6.3) +103%
Profit before tax 135.9
159.7 +18%
Tax expense (38.5) (38.5) +0%
Profit after tax 97.4
121.2 +24%



Revenue by Region:



North America 240.9 259.6 +8%
Europe 141.1
158.3 +12%
Asia Pacific 106.7
126.5 +19%
Other 22.6
26.5 +17%
Total 511.3
570.9 +12%



Revenue by Product Group:



Hospital 297.3 353.6 +19%
Homecare 211.1
214.7 +2%
Core products sub-total 508.4
568.3 +12%
Distributed and other 2.9 2.6 -10%
Total 511.3
570.9 +12%

FINANCIAL POSITION
As at
31 Mar 19
NZ$M
(except as otherwise
stated)
As at
30 Sep 19
NZ$M
(except as otherwise
stated)

Tangible assets 1,106.3 1,137.3 +3%
Intangible assets 100.4 117.7 +17%
Total assets 1,206.7
1,255.0 +4%
Total liabilities (293.5) (336.3) +15%
Shareholders’ equity 913.2
918.7 +1%
Gearing -6.7% 0.6% +730bps
Net tangible asset backing (cents per share) 146 140 -4%

Results in Brief
(continued)



Six Months Ended Six Months Ended
% Change
30 Sep 18 30 Sep 19
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS



Net cash flow from operating activities 93.4 113.5

Net cash flow (used in) investing activities (16.1) (39.1)
Net cash flow (used in) financing activities (59.9)
(80.6)




SHARES OUTSTANDING

Weighted average basic shares outstanding 572,060,145 573,908,740

Weighted average diluted shares outstanding 577,516,454 578,703,191

Basic shares outstanding at period end 573,049,244 574,244,939




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) 9.75 12.0 +23%
Basic earnings per share (cents) 17.0
21.1 +24%


Constant Currency Analysis

CONSTANT CURRENCY INCOME STATEMENTS
Six Months Ended Six Months Ended
% Change
30 Sep 18 30 Sep 19
NZ$M
except as otherwise
stated
NZ$M
except as otherwise
stated
Total operating revenue 502.9 549.3 +9%
Cost of sales (171.6) (186.6) +9%
Gross profit 331.3
362.7 +9%
Gross margin 65.9% 66.0% +15bps
Other income 2.5
- -
Selling, general and administrative expenses (158.3)
(157.0) -1%
Research and development expenses (45.7)
(54.0) +18%
Total operating expenses (204.0)
(211.0) +3%
Operating profit 129.8 151.7 +17%
Operating margin 25.8% 27.6% +192bps
Financing expenses (net) 0.3
(0.5)

Profit before tax 130.1 151.2 16%


The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ended 31 March 2020,
are USD 0.68, EUR 0.60, AUD 0.96, GBP 0.51, CAD 0.90, JPY 76.00 and MXN 13.10.

A constant currency income statement is prepared each month to enable the board and management to monitor and assess the company’s
underlying comparative financial performance without any distortion from changes in foreign exchange rates. The table above provides
estimated NZ dollar income statements for the relevant periods, which have all been restated at the budget foreign exchange rates for the
2019 financial year but after excluding the impact of movements in foreign exchange rates, hedging results and balance sheet translations.

This constant currency analysis is non-conforming financial information, as defined by the NZ Financial Markets Authority, and has been
provided to assist users of financial information to better understand and assess the company’s financial performance without the impacts of
spot foreign currency fluctuations and hedging results and has been prepared on a consistent basis each half year. The company’s constant
currency income statement framework can be found on the company’s website at www.fphcare.com/ccis
.

---

Interim Report 2020
Looking Beyond

Constant currency information contained within this report is
non-conforming financial information, as defined by the
NZ Financial Markets Authority, and has been provided to assist
users of financial information to better understand and assess
the company’s financial performance without the impacts of
spot foreign currency fluctuations and hedging results and has
been prepared on a consistent basis each financial period.
A reconciliation between reported results and constant currency
results is available on page 11 of this report. The company’s
constant currency income statement framework can be found
on the company’s website at www.fphcare.com/ccis.
This report is dated 26 November 2019 and is signed on behalf
of Fisher & Paykel Healthcare Corporation Limited by Tony Carter,
Chairman and Lewis Gradon, Managing Director and
Chief Executive Officer.
TONY CARTER, CHAIRMAN
Contents
HALF YEAR HIGHLIGHTS2
HALF YEAR BUSINESS UPDATES3
PRODUCT GROUP OVERVIEW4
HALF YEAR REVIEW7
FINANCIAL COMMENTARY10
FINANCIAL STATEMENTS14
DIRECTORY25
Every day we’re looking ahead,
over the next horizon, to what
the future of care might look like.
Seeing the possibilities starts us
on the journey of going beyond.
LEWIS GRADON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

INTERIM REPORT 2020
2Fisher & Paykel Healthcare Corporation Limited
Half year
highlights
NET PROFIT AFTER TAX
NZ$121.2 MILLION
24%
OPERATING REVENUE
NZ$570.9 MILLION
12%
GROSS MARGIN
26 BASIS POINTS INCREASE
67.1 %
INTERIM DIVIDEND
NZ 12 CPS FULLY IMPUTED
23%
HOSPITAL REVENUE
NZ$353.6 MILLION
19%
SPEND ON R&D
9% OF OPERATING REVENUE
$54M
CONSTANT CURRENCY REVENUE
FROM NEW APPLICATIONS CONSUMABLES
23%

INTERIM REPORT 2020
3Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Half year business
updates
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2019
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2019
120+
COUNTRIES
Hospital
Homecare
North America
Europe
Asia Pacific
Other
62%
38%
45%
28%
22%
5%
+
EXPANDED
Release of the F&P 950™ heated
humidification system in Europe and
launched F&P Vitera™ mask in the US
+
HOSTED
Campus tours for 2,500 New Zealand
employees, giving them a behind-the-
scenes look at the business
+
CELEBRATED

Fifty years of care with employee
events around the globe
+
DIVERTED
467 tonnes of material from
landfills through recycling
programmes
+
OPENED
New office in Poland, with our own
dedicated sales team promoting
products in hospitals
+
AWARDED
Black Pin at the DINZ Best Design
Awards for our design culture and the
economic impact of our products
+
INCLUDED
In the FTSE4Good and Dow Jones
Sustainability Indices for 2019
+
WELCOMED
Dr Gerard Criner and Dr David Galler
on our Auckland campus to share
their research and life experiences
with employees

INTERIM REPORT 2020
4Fisher & Paykel Healthcare Corporation Limited
Product group overview
Our business is structured in two parts: Hospital and Homecare.
Hospital
62%
OF OPERATING REVENUE
CONSTANT CURRENCY REVENUE FROM
NEW APPLICATIONS CONSUMABLES
23%
OPERATING REVENUE
(HY20 $353.6M)
19%
Our Hospital product group
includes humidification products
used in invasive ventilation,
non-invasive ventilation, nasal high
flow therapy, and laparoscopic and
open surgery. Not only do these
products help healthcare providers
improve patient outcomes, they
often deliver economic benefits as
well, by reducing the need to
escalate care and shortening patient
stays in hospital.

INTERIM REPORT 2020
5Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Homecare
38%
OF OPERATING REVENUE
CONSTANT CURRENCY
REVENUE
1%
OPERATING REVENUE
(HY20 $214.7M)
2%
The Homecare product group
includes devices and systems used
to treat obstructive sleep apnea
(OSA) and provide respiratory
support in the home. These include
our CPAP therapy masks as well as
flow generators, interfaces, and
data management technologies.

INTERIM REPORT 2020
6Fisher & Paykel Healthcare Corporation Limited
TONY CARTER
Chairman
TONY CARTER
Chairman
Beyond2020
TONY CARTER
Chairman
LEWIS GRADON
Managing Director
and Chief Executive Officer
We go above and
beyond to do
something different,
something better.
Looking ahead,
an exciting future
awaits us
‘beyond fifty’.

INTERIM REPORT 2020
7Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
The first half of the 2020 financial
year saw Fisher & Paykel
Healthcare deliver strong financial
performance. Net profit after
tax was up 24 per cent at
$121.2 million. Operating revenue
was up 12 per cent at
$570.9 million, or 9 per cent
growth in constant currency.
This result was mainly driven by our Hospital
product group, which delivered revenue
growth of 19 per cent. We saw strong demand
for our Optiflow and AIRVO systems, which
continued to benefit from the growing body
of clinical research in the use of nasal high
flow therapy. Our results were also assisted by
the extended flu season in the United States.
In our Homecare product group, revenue was
in line with our expectations at $214.7 million
for the first half of this year. We were pleased
with the early performance of our Vitera
full-face mask for patients with obstructive
sleep apnea (OSA) in Australasia, Europe
and Canada, and in October received
regulatory clearance to launch this mask in
the United States.
Our result in the first half has benefited from
a reduction in litigation costs and the
weakening of the New Zealand dollar. Recent
changes to New Zealand R&D incentives
contributed to our ongoing investment in
research and development.
Progress with major initiatives
Our global enterprise resource planning
system, SAP, has now been rolled out
successfully in North America with no
interruptions for customers. We are already
seeing the benefits, and we would like to
acknowledge the hard work and dedication
of our teams that were involved in this
significant project.
At our new manufacturing facility in Mexico
– called the Melville Building – infant care
products will soon be moving off the
production line. At our New Zealand campus,
we are making good progress on our fourth
manufacturing building, expected to open in
2020. We are pleased to announce the
building will be named the Daniell Building in
honour of our former CEO and current Board
member Mike Daniell.
In line with our global growth strategy to
increase our presence around the world, we
recently opened an office in Poland, with our
own dedicated sales team promoting our
products in hospitals.
As previously noted, our Vitera OSA mask
recently received FDA clearance in the United
States, and distribution has started through
our sales channels. Our F&P 950 humidification
system has now been registered in Canada,
and we will be expanding the rollout to more
countries this year.
New horizons in research
Research continues in areas that support and
strengthen the use of our devices and
therapies in intensive care units, emergency
departments, hospital wards and homes.
In August, a leading US physician, Professor
Gerard Criner, visited Auckland to share his
research into treating chronic obstructive
pulmonary disease (COPD) using F&P
myAIRVO and Optiflow systems. He has seen
the potential benefits of nasal high flow
therapy for COPD patients and is now
investigating a longer-term study to generate
robust clinical data.
Last month, a study of more than 600
patients in France
1
was presented at the
European Respiratory Society International
Congress. This study showed the benefit
of a combination of noninvasive ventilation
Half year review
1. Thille et al Journal of the American Medical Association, 2 Oct 2019.

INTERIM REPORT 2020
8Fisher & Paykel Healthcare Corporation Limited
leaders in their respective fields. Through
strong technical and clinical expertise, we
have grown into a trusted brand, earning the
respect of key opinion leaders in healthcare.
We seek out the world’s best experts and
learn about world-class practices, and then
we go above and beyond to do something
different, something better.
Looking ahead, an exciting future awaits us
‘beyond 50’, as we continue to innovate to
improve care and develop new applications
for our technologies.
We appreciate the support of our customers,
employees, shareholders, suppliers, and
clinical partners, who are on this journey with
us. Thanks to you, we estimate that Fisher &
Paykel Healthcare products will be used by
more than 15 million patients in 120 countries
during this financial year. We are confident we
will see our world of care continue to expand
and transform.
TONY CARTER
CHAIRMAN
LEWIS GRADON
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
and nasal high flow therapy in mechanically
ventilated patients at high risk of
extubation failure.
Numerous other studies are currently
underway on groups of patients requiring
respiratory support and how they could
benefit from humidified nasal high flow
therapy. We expect the body of evidence to
continue growing over the next several years
and changes to clinical protocols as a result.
Environment
Taking care of the environment remains an
important commitment at Fisher & Paykel
Healthcare. Across our business, we are
continuing to measure and report our carbon
emissions. We have also started gathering
data from our suppliers in order to measure
the total carbon footprint of our products,
with the goal of designing out carbon across
our portfolio. In the first half of this year, our
teams were able to divert 467 tonnes of
material away from landfills through
composting and recycling programmes.
Our teams are researching eco-friendly
materials, such as compostable substitutes
and bioplastics made from sugar cane, to
adapt for use in our products. It is challenging
to recycle patient respiratory consumables,
which are classified as medical waste.
However, we are partnering with a
global leader on a pilot programme to
recycle waste from our manufacturing
processes and turn them into new products
that benefit consumers.
Dividend
The Board of Directors has approved an
interim dividend of 12 cents per share for the
six months to 30 September 2019, which
equates to a dividend payout ratio of 57% of
net profit after tax. The dividend will be paid
on 19 December 2019.
Chair succession
Tony Carter has announced his intention to
retire as chairman of the Board with effect
from the close of the annual shareholders’
meeting next August. Current director Scott
St John has been elected by the Board to
succeed Tony. As the chairman of our Audit &
Risk Committee, Scott has been a strong
leader with excellent corporate governance
and commercial skills, and he has the
unanimous support of his fellow directors.
Looking beyond
As you may know, Fisher & Paykel Healthcare
celebrated its 50th anniversary in 2019.
Throughout our history we have focused on
continuous improvement and innovation, and
as a result, our products are now considered

INTERIM REPORT 2020
9Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Financial Report

INTERIM REPORT 2020
10Fisher & Paykel Healthcare Corporation Limited
Financial commentary
INCOME STATEMENTS
For the six months ended 30 September
2018
NZ$M
2019
NZ$M
Change
Reported
%
Change
CC
(1)

%
Operating revenue 511.3570.9+12+9
Gross profit 341.6382.9+12+9
Gross margin 66.8%67.1%26 bps 15 bps
Other income 2.5–––
SG&A expenses (159.4)(162.9)+2-1
R&D expenses (45.7)(54.0)+18+18
Total operating expenses (205.1)(216.9)+6+3
Operating profit 139.0166.0+19+17
Operating margin 27.2%29.1%189 bps 192 bps
Financing expenses (net) (3.1)(6.3)+103 
Profit before tax 135.9159.7+18+16
Taxation(38.5)(38.5)+0
Profit after tax97.4121.2+24+23
1. Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any distortion from
changes in foreign exchange rates. A full reconciliation and basis of preparation is set out on page 11.
Total profit after tax for the period was up 24% to $121.2 million (23% in constant currency).
Revenue
Operating revenue was $570.9 million, 12% higher than the same period last year or 9% in
constant currency. Hospital revenue grew 17% in constant currency driven by strong growth
across our entire Hospital product portfolio, but in particular our new applications consumables.
Homecare revenue decreased 1% in constant currency due to the phasing of our OSA mask
product cycle relative to competitors.
Gross Margin
Gross margin increased by 26 basis points to 67.1%, with a benefit from product mix offsetting
the additional costs of the new Mexico manufacturing facility.
Operating expenses
Operating expenses increased 6% (3% in constant currency) to $216.9 million. Excluding total
patent litigation expenses in the prior year of $7.7 million, operating expense growth was
7% in constant currency, reflecting ongoing expenditure to support global sales growth.
Research & development (R&D) spend of $54.0 million grew 18%. Over the long term we plan for
R&D spend to grow in line with constant currency revenue growth.
At the beginning of the financial period, the Group adopted NZ IFRS 16 Leases. On adoption of
NZ IFRS 16, rental and lease expenses are effectively reclassified into a depreciation component
and an interest component to reflect the implied financing in the lease. The overall net profit
after tax impact of this was $0.1 million for the six month period to 30 September 2019. The
adoption resulted in an increase in our operating profit of $1.1 million, offset by an increase in
interest costs of $0.9 million for the period in constant currency.
Financing expenses
Total reported financing expenses increased, reflecting lease interest costs, lower interest
income on short term deposits and foreign exchange losses on the translation of foreign
currency interest bearing liabilities, including lease liabilities.
Ta x
Our effective tax rate for the period was 24.1%, down from 28.3% in the prior period.
Excluding the benefit from the newly introduced R&D tax credit, the effective tax rate
was 28.2% for the period.
Callaghan Growth Grant and R&D tax credit
In May 2019 the New Zealand Government passed the Taxation (Research and Development
Tax Credits) Act 2019, an R&D tax incentive that provides a 15% tax credit on eligible R&D
expenditure. The R&D tax credit was effective from 1 April 2019 and replaces the Callaghan
Growth Grant, which was previously reported in Other Income. The tax credit reported
this period of $6.6 million reflects the estimated eligible R&D expenditure incurred during
the period.

INTERIM REPORT 2020
11Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CONSTANT CURRENCY INCOME STATEMENTS
For the six months ended 30 September
2018
NZ$M
Change
2017 to
2018
%
2019
NZ$M
Change
2018 to
2019
%
Operating revenue 502.9 +8549.3 +9
Cost of sales (171.6)+7(186.6)+9
Gross profit 331.3 +9362.7 +9
Gross margin 65.9%25 bps 66.0%15 bps
Other income 2.5 –––
SG&A expenses (158.3)+7(157.0)-1
R&D expenses (45.7)-3(54.0)+18
Total operating expenses (204.0)+5(211.0)+3
Operating profit 129.8 +15151.7 +17
Operating margin 25.8%161 bps 27.6%192 bps
Financing expenses (net) 0.3 (0.5)
Profit before tax 130.1 +16151.2 +16
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ended 31 March 2020, are USD 0.68, EUR 0.60, AUD 0.96,
GBP 0.51, CAD 0.90, JPY 76 and MXN 13.10.
CONSTANT CURRENCY ANALYSIS
A constant currency income statement is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
Currency Income statements are presented in New Zealand dollars, restated at the
budget foreign exchange rates for the 2020 financial year. These income statements
exclude the impact of movements in foreign exchange rates, hedging results and balance
sheet translations.
This constant currency analysis is non–conforming financial information, as defined by
the NZ Financial Markets Authority, and has been provided to assist users of financial
information to better understand and assess the Group’s financial performance without the
impacts of spot foreign currency fluctuations and hedging results and has been prepared on
a consistent basis each period.
The Group’s constant currency income statement framework can be found on the company’s
website at www.fphcare.com/ccis.
RECONCILIATION OF CONSTANT CURRENCY TO ACTUAL INCOME STATEMENTS
For the six months ended 30 September
2018
NZ$M
2019
NZ$M
Profit before tax (constant currency) 130.1151.2
Spot exchange rate effect 4.210.5
Foreign exchange hedging result (2.1)(2.8)
Balance sheet revaluation 3.70.8
Profit before tax (as reported) 135.9159.7
The reconciliation above illustrates that, when comparing the NZD profit before tax shown
in the actual income statement for the period to 30 September 2019 with the corresponding
prior period:
• the movement in average daily spot exchange rates had a favourable impact of $6.3 million;
and
• the result of foreign exchange hedging activities was lower by $0.7 million.
Overall, the net favourable effect of movements in exchange rates and the hedging programme
was $2.7 million, including the impact of balance sheet revaluations.
FOREIGN CURRENCY IMPACTS
The Group is exposed to movements in foreign exchange rates, with operating revenue
generated in a wide range of currencies as shown below.
US dollars
Euros
Australian dollars
Japanese yen
British pounds
Canadian dollars
New Zealand dollars
Other currencies
50%
19%
6%
6%
4%
3%
1%
11%
The Group’s cost base continued to be diverse with over 57% of COGS and over 57% of
operating expenses in currencies other than NZD.

INTERIM REPORT 2020
12Fisher & Paykel Healthcare Corporation Limited
FOREIGN CURRENCY IMPACTS (CONTINUED)
The NZD weakened against all major currencies during the period. Both the US dollar and Euro
conversion rates were lower compared to the prior comparable period due to a combination of
more favourable currency hedging and lower spot rates. Foreign exchange hedging losses of
$2.8 million (2018: $2.1 million loss) are included within operating profit.
The average daily spot rate and the average conversion exchange rate (i.e. the accounting rate,
incorporating the benefit of forward exchange contracts in respect of the relevant financial
period) of the main foreign currency exposures for the reported periods are set out in the
table below.
Average daily spot rateAverage conversion exchange rate
Period ended 30 September2018201920182019
USD0.6843 0.65560.6826 0.6700
EUR 0.5819 0.58660.6006 0.5859
The effect of balance sheet translations for the period resulted in an increase in operating
revenue of $8.5 million (2018: $6.7 million increase) and an increase in profit before tax of
$0.8 million (2018: $3.7 million increase).
Foreign exchange hedging position
During the period favourable exchange rate movements have provided opportunities to add
hedges for future years, in particular, USD for 2021 to 2024. The hedging position for our main
currency exposures as at 26 November 2019 is:
Year to 31 March202020212022202320242025-27
USD % cover of expected exposure 95% 80% 50% 35% 15% 0%
USD average rate of cover 0.667 0.657 0.654 0.643 0.636 –
EUR % cover of expected exposure 95% 70% 55% 45% 20% 5%
EUR average rate of cover 0.575 0.548 0.531 0.514 0.502 0.473
Hedging cover has been rounded to the nearest 5%.
BALANCE SHEET
As at31 March
2019
NZ$M
30 September
2019
NZ$M
Change
NZ$M
Trade receivables136.0 143.1 7.1
Inventories136.1 146.3 10.2
Less trade and other payables
+
(87.6)(77.9)9.7
Working capital184.5 211.5 27.0
Property, plant and equipment
++
601.4 690.8 89.4
Intangible assets61.5 70.3 8.8
Other net assets/(liabilities) 11.4 (13.8)(25.2)
Lease liabilities –(34.9)(34.9)
Net cash/(debt)54.4 (5.2)(59.6)
Net assets913.2 918.7 5.5
+ Trade and other payables exclude all non current payables and all employee entitlements
and provisions
++ Property, plant and equipment includes lease assets recognised
Our balance sheet remained strong.
Trade receivables increased largely due to foreign currency translation benefits. Our debtors
days were within the normal range at 47 days, a slight increase from 46 days at 31 March
2019. Inventories increased largely in line with our business growth, and reflected seasonality
approaching the northern hemisphere winter. Trade and other payables reduced, reflecting
timing of litigation related costs and capex project related accruals.
The impact of the new leasing standard resulted in a recognition of right-of-use lease assets,
included in property, plant and equipment, and lease liabilities. The detailed impact is explained
in the notes to the financial statements.
The increase in property plant and equipment includes recognition of right-of-use lease assets
of $29.1 million and capital investment of $73.4 million, of which $43 million related to building
additions, primarily our new building in Auckland. These increases were offset by $19.2 million
of depreciation, including depreciation of leased assets.
Intangible assets increased by $8.8 million including patent acquisition costs and ERP
implementation costs. The global SAP rollout will continue over the next two to three years,
with the US office implementation successfully completed in June 2019.
Other net assets decreased primarily due to a decrease in net derivative instrument assets,
net of the deferred tax impact. This reflected the NZD depreciating against the USD and Euro.

INTERIM REPORT 2020
13Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
Funding and Short Term Investments
As at31 March
2019
NZ$M
30 September
2019
NZ$M
Change
NZ$M
Loans and borrowings
– Current–––
– Non Current(69.0) (74.7)(5.7)
Bank overdrafts(17.3) (24.1)(6.8)
Total interest-bearing liabilities(86.3) (98.8)(12.5)
Cash and cash equivalents48.2 48.4 0.2
Short term investments 92.5 45.2 (47.3)
Total cash and investments 140.7 93.6 (47.1)
Net cash (debt) 54.4 (5.2)(59.6)
Gearing(6.7%)0.6%7.3%
Undrawn borrowing facilities145.0 143.2 (1.8)
The average maturity of loans and borrowings of $74.7 million at 30 September 2019 was
1.9 years and the currency split was 85% USD; 7% Euros; 5% Australian dollars and 3% Canadian
dollars (with no NZD denominated debt). Interest-bearing debt increased by $12.5 million
including the impact of unfavourable currency revaluations.
We held cash balances and short-term investments, mainly in NZD, of $93.6 million at the
end of the period. This balance, and operating cash generated in the second half of FY2020,
will fund the payment of the interim dividend, provisional tax and ongoing payments for our
new building in Auckland.
Gearing
1

At 30 September 2019 the group had net debt of $5.2 million and gearing of 0.6%. Gearing was
within the target range of -5% to +5% and forecast to remain within the target range for the
balance of the financial year.
CASH FLOWS
The full statement of cash flows is provided on page 17.
For the six months ended 30 September2018
NZ$M
2019
NZ$M
Change
NZ$M
Operating profit before financing costs139.0166.027.0
Plus depreciation and amortisation (including
leased assets)
20.9 28.5 7.6
Change in working capital and other(11.0)(21.2)(10.2)
Net interest paid (including lease interest)0.1 (1.7)(1.8)
Net income tax paid(55.6)(58.1)(2.5)
Operating cash flows93.4 113.5 20.1
Lease repayments +–(4.3)(4.3)
Purchase of land and buildings(29.3)(43.0)(13.7)
Purchase of plant and equipment(24.4)(30.4)(6.0)
Purchase of intangible assets(7.4)(13.2)(5.8)
Free cash flows32.3 22.6 (9.7)
Dividends paid(63.4)(77.5)(14.1)
+ Free cash flows includes lease liabilities repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the period increased 22% to $113.5 million. Including lease
repayments, cash flows from operations increased by 17%.
Capital expenditure
Property, plant and equipment purchases for the period were $73.4 million, an increase
from $53.7 million in the prior period. These primarily related to building projects in
New Zealand, totalling $43 million, with the remaining expenditure being production
tooling and equipment costs.
Dividends
Dividends paid of $77.5 million were 22% higher than the prior period, reflecting the suspension
of the dividend reinvestment plan at the final 2019 dividend payment.
1. Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net
interest-bearing debt and equity (less hedging reserves). Net debt excludes all lease liabilities
recognised on the adoption of IFRS 16 – Leases.

INTERIM REPORT 2020
14Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2019
Notes
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
Operating revenue 3 511.3 570.9
Cost of sales (169.7) (188.0)
Gross profit 341.6 382.9
Other income 2.5 –
Selling, general and administrative expenses (159.4) (162.9)
Research and development expenses (45.7) (54.0)
Total operating expenses (205.1) (216.9)
Operating profit before financing costs 139.0 166.0
Financing income 1.7 1.3
Financing expense (1.4) (1.9)
Exchange (loss) on foreign currency interest
bearing liabilities
(3.4) (5.7)
Net financing expense (3.1) (6.3)
Profit before tax 4 135.9 159.7
Tax expense (38.5) (38.5)
Profit after tax 97.4 121.2
Basic earnings per share 17.0 cps 21.1 cps
Diluted earnings per share 16.9 cps 20.9 cps
The accompanying Notes form an integral part of the Financial Statements.
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
Profit after tax 97.4 121.2
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation of foreign operations 0.6 2.2
Hedging reserves
Changes in fair value in hedging reserves (25.8) (50.8)
Transfers to profit before tax (5.6) (6.6)
Tax on changes in fair value and transfers to profit
before tax
8.8 16.1
Other comprehensive income, net of tax (22.0) (39.1)
Total comprehensive income 75.4 82.1
Financial statements

INTERIM REPORT 2020
15Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2019
Notes
Share
capital
NZ$M
Treasury
shares
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2018 (audited)201.4 (3.0) 467.3 95.7 761.4
Total comprehensive income– – 97.4 (22.0) 75.4
Dividends paid 10 – – (71.4) – (71.4)
Issue of share capital8.5 – – – 8.5
Employee share based payment scheme movements 3.4 – – (0.6) 2.8
Balance at 30 September 2018 (unaudited)213.3 (3.0) 493.3 73.1 776.7
Balance at 31 March 2019 (audited)221.0 (1.8) 549.2 144.8 913.2
Adjustment on adoption of NZ IFRS 16 (net of tax) 5 – – (3.4) – (3.4)
Balance at 1 April 2019 (unaudited)221.0 (1.8) 545.8 144.8 909.8
Total comprehensive income– – 121.2 (39.1) 82.1
Dividends paid 10 – – (77.5) – (77.5)
Employee share based payment scheme movements 2.2 - - 2.1 4.3
Balance at 30 September 2019 (unaudited)223.2 (1.8) 589.5 107.8 918.7

The accompanying Notes form an integral part of the Financial Statements.

INTERIM REPORT 2020
16Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED BALANCE SHEET
As at 30 September 2019
Notes
Audited
31 March
2019
NZ$M
Unaudited
30 September
2019
NZ$M
ASSETS
Current assets
Cash and cash equivalents 48.2 48.4
Short-term investments 92.5 45.2
Trade and other receivables 157.9 161.5
Inventories 136.1 146.3
Derivative financial instruments6 19.2 9.9
Tax receivable 1.4 0.7
Total current assets 455.3 412.0
Non-current assets
Derivative financial instruments6 47.0 28.4
Other receivables 2.6 6.1
Property, plant and equipment 601.4 690.8
Intangible assets 61.5 70.3
Deferred tax assets 38.9 47.4
Total assets 1,206.7 1,255.0
LIABILITIES
Current liabilities
Interest-bearing liabilities 17.3 24.1
Lease liabilities5 – 10.8
Trade and other payables 135.0 127.8
Provisions 4.9 4.0
Tax payable 24.4 13.4
Derivative financial instruments6 2.8 19.5
Total current liabilities 184.4 199.6
Notes
Audited
31 March
2019
NZ$M
Unaudited
30 September
2019
NZ$M
LIABILITIES
Non-current liabilities
Interest-bearing liabilities 69.0 74.7
Lease liabilities5 – 24.1
Provisions 2.2 1.7
Other payables 12.7 15.6
Derivative financial instruments6 1.9 15.3
Deferred tax liabilities 23.3 5.3
Total liabilities 293.5 336.3
EQUITY
Share capital 221.0 223.2
Treasury shares (1.8) (1.8)
Retained earnings 549.2 589.5
Reserves 144.8 107.8
Total equity 913.2 918.7
Total liabilities and equity 1,206.7 1,255.0
The accompanying Notes form an integral part of the Financial Statements.
On behalf of the Board
26 November 2019
Tony Carter Lewis Gradon
Chairman Managing Director and Chief Executive Officer

INTERIM REPORT 2020
17Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2019
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 505.6 563.8
Grants received 2.3 1.6
Interest received 1.8 1.6
Payments to suppliers and employees (359.0) (392.1)
Tax paid (55.6) (58.1)
Interest paid (1.7) (2.4)
Lease interest paid5 – (0.9)
Net cash flows from operating activities 93.4 113.5
CASH FLOWS FROM INVESTING ACTIVITIES
Net short-term investments 45.0 47.5
Purchases of property, plant and equipment (53.7) (73.4)
Purchases of intangible assets (7.4) (13.2)
Net cash flows from investing activities (16.1) (39.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Employee share purchase schemes 0.7 1.2
New borrowings 14.1 15.0
Repayment of borrowings (11.3) (15.0)
Lease liability payments5 – (4.3)
Dividends paid (63.4) (77.5)
Net cash flows from financing activities (59.9) (80.6)
Net increase (decrease) in cash 17.4 (6.2)
Opening cash 15.8 30.9
Effect of foreign exchange rates 1.0 (0.4)
Closing cash 34.2 24.3
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents 55.5 48.4
Bank overdrafts (21.3) (24.1)
Closing cash 34.2 24.3
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
CASH FLOW RECONCILIATION
Profit after tax 97.4 121.2
Add (deduct) non-cash items:
Depreciation – right-of-use assets – 4.7
Depreciation and amortisation – other assets 20.9 23.8
Share based payments 2.8 2.9
Movement in provisions (0.7) (1.4)
Movement in deferred tax assets / liabilities (5.6) (8.4)
Foreign currency translation 1.8 2.3
Other non-cash items (0.9) (2.1)
18.321.8
Net working capital movements:
Trade and other receivables (5.3) (7.4)
Inventories (10.0) (10.2)
Trade and other payables 3.5 (1.5)
Taxation (10.5) (10.4)
(22.3) (29.5)
Net cash flows from operating activities 93.4 113.5

The accompanying Notes form an integral part of the Financial Statements.

INTERIM REPORT 2020
18Fisher & Paykel Healthcare Corporation Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2019
1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together with its
subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of medical device
products and systems for use in both hospital and homecare settings. Products are sold in over
120 countries worldwide. The Company is a limited liability company incorporated and domiciled
in New Zealand.
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2019 have
been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with New Zealand Equivalent to International Accounting Standard
34: ‘Interim Financial Reporting’ (NZ IAS 34) and International Accounting Standard 34: ‘Interim
Financial Reporting’ (IAS 34). The Company and Group are designated as profit-oriented
entities for financial reporting purposes.
These consolidated financial statements do not include all of the notes normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the audited
consolidated financial statements for the year ended 31 March 2019.
These consolidated financial statements are presented in New Zealand dollars rounded to the
nearest hundred thousand dollars, unless otherwise stated.
Critical accounting estimates and judgements
The Group has been consistent in applying the judgements, estimates and assumptions adopted
in the audited consolidated financial statements for the year ended 31 March 2019.
Accounting policies
All accounting policies were applied on a basis consistent with those used and described in the
audited consolidated financial statements for the year ended 31 March 2019, with the exception
that NZ IFRS 16 ‘Leases’ (NZ IFRS 16) was adopted during the period.
NZ IFRS 16 was adopted using the modified retrospective approach, with no restatement of
comparative information. The cumulative effect of adopting NZ IFRS 16 was recognised in the
opening balance sheet as at 1 April 2019. Further details of the adoption of NZ IFRS 16 and the
new accounting policy are disclosed in Note 5.
Accounting policies are disclosed in each of the applicable notes and are designated with an

symbol.

INTERIM REPORT 2020
19Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events affected the financial performance and
financial position of the Group for the six month period ended 30 September 2019:
Capital expenditure
During the period, construction work progressed on the fourth building in Auckland,
New Zealand. Capital commitments at 30 September 2019 include $33.2 million related to
this project. To date, spending on this project totals $112.5 million. The building is expected
to be operational in 2020.
ResMed Litigation
As disclosed in the 31 March 2019 Annual Report, in February 2019 Fisher & Paykel Healthcare
and ResMed reached a settlement on patent infringement disputes. Net litigation costs related
to these actions incurred in the prior period to 30 September 2018 were $7.7 million. In the
current period, no significant costs were incurred.
Share capital
During the six months ended 30 September 2019, the Group issued 536,200 shares on exercise
of share options and employee stock purchase plans.
Funding and short-term investments
The Company had total available committed debt funding of NZ$218 million as at 30 September
2019, of which approximately NZ$143 million was undrawn. Over the next 12 months no debt
facilities will mature. As at 30 September 2019, the weighted average maturity of borrowing
facilities was 2.9 years.  
As at 30 September 2019, the Group has invested available cash on hand of $47.5 million in
short-term investments.  These investments have maturities between 92 and 121 days with
banking institutions that have a long term credit rating of Standard & Poors’ A- and above
and are invested at average interest rates of 2.7%.
Research and development tax incentive
During the period, the New Zealand government passed the Taxation (Research and
Development Tax Credits) Act 2019. This research and development tax incentive provides
a 15% tax credit on eligible research and development ‘R&D’ expenditure and has replaced
the Callaghan Growth Grant.
For the period ended 30 September 2019 a tax credit of $6.6 million was recognised
as a deduction to tax expense, resulting in an effective tax rate of 24.1%. Excluding the tax
credit, the effective tax rate for the period would have been 28.2% (September 2018: 28.3%).

Tax credits are estimated based on the eligible R&D expenditure incurred during the period
and are recognised as a deduction to current tax expense and offset in current tax payable.
Tax credits are only recognised when there is reasonable certainty the Group will comply
with the conditions of the tax incentive.
3. OPERATING REVENUE AND SEGMENTAL INFORMATION
For the six months ended 30 September
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
Sales Revenue513.2 574.3
Foreign exchange gain (loss) on hedged sales(1.9) (3.4)
Total operating revenue511.3 570.9
Revenue after hedging by geographical location of customer:
North America240.9 259.6
Europe141.1 158.3
Asia Pacific106.7 126.5
Other22.6 26.5
Total operating revenue511.3 570.9
Revenue by product group
Hospital products297.3 353.6
Homecare products211.1 214.7
508.4 568.3
Distributed and other products2.9 2.6
Total operating revenue511.3 570.9

4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2018
NZ$M
Unaudited
2019
NZ$M
Profit before tax includes the following expenses:
Depreciation – right-of-use assets – 4.7
Depreciation and amortisation - other assets 20.9 23.8
Employee benefits expense 180.9 201.7
Rental and lease expense 5.5 0.6

INTERIM REPORT 2020
20Fisher & Paykel Healthcare Corporation Limited
5. LEASES
a. Adoption of NZ IFRS 16
During the period the Group adopted NZ IFRS 16 ‘Leases’, effective 1 April 2019, using
the modified retrospective approach. The cumulative effect of adopting NZ IFRS 16 was
recognised as an adjustment to the opening balance of retained earnings at 1 April 2019, with
no restatement of comparative information. The reduction in retained earnings on 1 April 2019
was $3.4 million. This is a non cash adjustment and did not impact the Group’s ability to comply
with its debt covenants.
Adjustments recognised on adoption of NZ IFRS 16
Prior to 1 April 2019, leases of property, plant and equipment were classified as operating leases
with an operating lease expense recognised on a straight-line basis over the term of the lease.
From 1 April 2019, leases are recognised as a right-of-use (or leased) asset and a corresponding
lease liability at the date at which the leased asset is available for use by the Group. Each
lease payment is allocated between the liability and financing expense. The financing expense
is charged to profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
The balance sheet impact of NZ IFRS 16
The impact of NZ IFRS 16 on the Group’s opening balance sheet is as follows:
Audited
31 March
2019
NZ$M
Unaudited
Adjustment

NZ$M
Unaudited
1 April
2019
NZ$M
ASSETS
Non-current assets
Property, plant and equipment601.4 29.1 630.5
Deferred tax assets38.9 1.4 40.3
Total assets30.5
LIABILITIES
Lease liabilities – Current– 9.4 9.4
Non-current liabilities
Lease liabilities – 24.5 24.5
Deferred tax liabilities23.3 – 23.3
Retained earnings549.2 (3.4) 545.8
Total liabilities and equity30.5

Lease liabilities: The table below presents the reconciliation from lease commitments in
accordance with NZ IAS 17 to the opening balance of lease liabilities recognised in accordance
with NZ IFRS 16.
1 April 2019
NZ$M
Operating lease commitments disclosed as at 31 March 2019 (audited)26.7
Discounted at the date of initial application(2.5)
(Less): short-term leases, or low value leases not recognised (0.9)
Add: adjustments as a result of a different treatment of extension options10.6
Lease liability recognised as at 1 April 201933.9

Right-of-use assets: The right-of-use assets relate to the following types of assets:
Unaudited
1 April
2019
NZ$M
Unaudited
30 September
2019
NZ$M
Buildings24.1 22.2
Vehicles and equipment5.0 5.8
Total29.1 28.0
The profit impact of NZ IFRS 16
The following table shows the adjustments to profit or loss for the period as a result of the
adoption of NZ IFRS 16.
Unaudited
Prior to adoption
NZ$M
Unaudited
Impact of
NZ IFRS 16
NZ$M
Unaudited
Reported Result
NZ$M
For the period ended 30 September 2019
Total operating expenses218.0 (1.1)216.9
Rental and lease expenses6.4 (5.8)0.6
Depreciation and amortisation23.84.728.5
Operating profit164.91.1166.0
Operating margin28.9%29.1%
Financing expense1.0 0.9 1.9
Profit before tax159.50.2159.7
Tax expense38.40.1 38.5
Profit after tax121.1 0.1 121.2
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

INTERIM REPORT 2020
21Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
The cash flows presentation impact of NZ IFRS 16
Prior to the adoption of NZ IFRS 16, operating lease payments were included in payments
to suppliers within operating activities. Following the adoption of NZ IFRS 16, the interest
component is allocated to operating cashflows, and the repayment of the lease liability principal
is classified within financing activities.
For the period ended 30 September 2019
Unaudited
30 September
2019
NZ$M
Interest paid on leases (operating activities)0.9
Payments for lease liability principal (financing activities) 4.3
Total cash outflows from lease liabilities5.2
Practical expedients applied
In applying NZ IFRS 16 for the first time, the Group used the following practical expedients
permitted by the standard:
• the use of a single discount rate to a portfolio of leases with reasonably similar
characteristics;
• the accounting for operating leases with a remaining lease term of less than 12 months as at
1 April 2019 as short-term leases;
• the exclusion of initial direct costs for the measurement of the right-of-use asset at the date
of initial application;
• the use of hindsight in determining the lease term where the contract contains options to
extend or terminate the lease; and
• the election not to reassess whether a contract is, or contains a lease at the date of initial
application. Instead, for contracts entered into before the transition date, the Group relied
on its assessment made applying NZ IAS 17 and NZ IFRIC 4 ‘Determining whether an
Arrangement contains a lease’.
b) The Group’s leasing activities

The Group leases predominantly relate to property outside New Zealand or vehicles and
equipment which were all classified as operating leases until 31 March 2019. All leases have
been classified into these two categories and included within property, plant and equipment.
Lease contracts are typically made for fixed periods between 3–12 years but may have
extension options. Lease terms are negotiated on an individual basis and contain a wide
range of different terms and conditions. The lease agreements do not impose any covenants,
but leased assets may not be used as security for borrowing purposes. The right-of-use
asset is depreciated over the shorter of the asset’s useful life and the expected lease term
on a straight-line basis.
Lease liabilities have been measured at the present value of the remaining lease payments,
discounted using a discount rate derived from the incremental borrowing rate for each
relevant overseas territory on 1 April 2019 when the interest rate implicit in the lease was
not readily available. Incremental borrowing rates applied to lease liabilities range between
2.6% – 25%.
Extension options
Some property leases contain an extension option exercisable by the Group. At the
commencement of a lease, the Group assesses whether it is reasonably certain an extension
option will be exercised. The assessment is reviewed if a significant event or a significant
change in circumstances occurs which affects this assessment and that is within the control
of the Group. The extension options are only exercisable by the Group and not by the lessor.
Where an extension is reasonably certain of being exercised, that extension period and
related costs are recognised on the balance sheet.
Short-term and low-value leases
Payments associated with short-term leases and leases of low-value assets are recognised
on a straight-line basis as an expense in the Income Statement. Short-term leases are leases
with a lease term of 12 months or less and predominantly relate to computer equipment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

INTERIM REPORT 2020
22Fisher & Paykel Healthcare Corporation Limited
6. DERIVATIVE FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment, or
fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs. The Group
generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value. Derivative
financial instruments continue to be classified as being within Level 2 of the fair value hierarchy,
and there were no changes in valuation techniques during the period.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2019
NZ$M
Unaudited
30 September
2019
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 982.1 1,264.0
Purchase commitments forward exchange contracts 63.1 63.3
Foreign currency borrowing forward exchange contracts 23.5 21.4
NZD call option contracts purchased 7.7 36.6
Collar option contracts – NZD call options purchased (i) 86.3 95.5
Collar option contracts – NZD put options sold (i) 94.6 103.7
Interest rate derivatives
Interest rate swaps 50.2 55.7
Interest rate options 22.0 24.0
(i) Foreign currency contractual amounts of put and call options are equal.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Undiscounted foreign currency contractual amounts for outstanding hedges were
as follows:
Audited
31 March
2019
M
Unaudited
30 September
2019
M
Sales Commitments
United States dollars US$302.8US$446.0
European Union euros €241.5€245.7
Australian dollars A$16.5A$20.0
British pounds £19.4£22.5
Canadian dollars C$26.6C$39.0
Japanese yen ¥4,925.0¥8,165.0
Chinese yuan ¥88.0¥125.0
Korean won ₩7,719.1₩6,287.1
Swedish kronor kr23.3kr27.0
Danish krone kr3.5kr6.0
Purchase Commitments
Mexican pesos MXN$941.0MXN$947.5

INTERIM REPORT 2020
23Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
7. CAPITAL EXPENDITURE COMMITMENTS
Audited
31 March
2019
NZ$M
Unaudited
30 September
2019
NZ$M
Capital expenditure commitments contracted for but not
recognised as at the reporting date:
Within one year 79.7 51.1
Between one and two years 1.2 0.5
Between two and five years ––
80.9 51.6

8. CONTINGENT LIABILITIES
Periodically the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have
a material impact on the operations of the Group.
9. RELATED PARTY TRANSACTIONS
During the period the Group did not enter into any material contracts involving related parties
or directors’ interests. No amounts owed by related parties have been written off or forgiven
during the period. Apart from directors’ fees, key executive remuneration and dividends paid
by the Group to its directors as shareholders of the company, there have been no related party
transactions.
10. DIVIDENDS
On 24 May 2019 the directors approved the payment of a fully imputed 2019 final dividend
of $77.5 million (13.5 cents per share) which was paid on 5 July 2019. A supplementary dividend
of 2.3824 cents per share was also paid to eligible non-resident shareholders.
Subsequent event – dividend declared
On 26 November 2019 the directors approved the payment of a fully imputed 2020
interim dividend of $68.9 million (12.0 cents per share) to be paid on 19 December
2019. A supplementary dividend of 2.1176 cents per share was also approved for eligible
non-resident shareholders.
11. SUBSEQUENT EVENTS
There are no subsequent events other than the dividend as set out in Note 10.

INTERIM REPORT 2020
24Fisher & Paykel Healthcare Corporation Limited
INDEPENDENT REVIEW REPORT
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
We have reviewed the accompanying consolidated financial statements of Fisher & Paykel Healthcare Corporation Limited (the Company) and its subsidiaries
(the Group) on pages 14 to 23, which comprise the consolidated balance sheet as at 30 September 2019, and the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the six months ended on
that date, and selected explanatory notes.
DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors are responsible on behalf of the Company for the preparation and fair presentation of these consolidated financial statements in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) and for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
OUR RESPONSIBILITY
Our responsibility is to express a conclusion on the accompanying consolidated financial statements based on our review. We conducted our review in accordance
with the New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410).
NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the Company, NZ SRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual financial statements.
A review of consolidated financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs procedures, primarily
consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and International Standards on Auditing. Accordingly, we do not express an audit opinion on these consolidated financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of treasury related financial markets risk analysis and commentary,
remuneration benchmarking, tax compliance, scrutineering the counting of votes at the Annual Shareholders’ Meeting and other assurance services in relation to
constant currency disclosures. The provision of these other services has not impaired our independence.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that these consolidated financial statements of the Group do not present fairly, in
all material respects, the financial position of the Group as at 30 September 2019, and its financial performance and cash flows for the six months then ended, in
accordance with IAS 34 and NZ IAS 34.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders. Our review work has been undertaken so that we might state to the Company’s shareholders those
matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders for our review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
26 November 2019

INTERIM REPORT 2020
25Fisher & Paykel Healthcare Corporation LimitedFisher & Paykel Healthcare Corporation Limited
DIRECTORS
Tony Carter Chairman, Non-Executive, Independent
Lewis Gradon Managing Director and Chief Executive
Officer
Michael Daniell Non-Executive
Pip GreenwoodNon-Executive, Independent
Geraldine McBride Non-Executive, Independent
Neville MitchellNon-Executive, Independent
Donal O’Dwyer Non-Executive, Independent
Scott St John Non-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis GradonManaging Director and
Chief Executive Officer
Lyndal YorkChief Financial Officer
Paul ShearerSenior Vice President – Sales & Marketing
Andrew SomervellVice President – Products & Technology
Winston FongVice President – Surgical Technologies
Brian SchultzVice President – Quality & Regulatory
Debra LumsdenVice President – Human Resources
Nicholas FourieVice President – Information &
Communication Technology
Jonti RhodesGeneral Manager – Supply Chain
Marcus DrillerVice President – Corporate
REGISTERED OFFICES
New Zealand:
Physical address: 15 Maurice Paykel Place,
East Tamaki, Auckland 2013,
New Zealand
Telephone: +64 9 574 0100
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia:
Physical address: 19-31 King St, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham
Victoria 3132, Australia
STOCK EXCHANGES
The Company’s ordinary shares are listed on the NZX Main
Board and the ASX.
SHARE REGISTRAR
In New Zealand:
Link Market Services Limited
Physical address: Level 11, Deloitte Centre,
80 Queen Street,
Auckland 1010, New Zealand
Postal address: PO Box 91976,
Auckland 1142, New Zealand
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
In Australia:
Link Market Services Limited
Physical address: Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Internet address: www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Directory

Fisher & Paykel Healthcare is a world leader
in medical devices and systems for use in
respiratory care, acute care, surgery and in
the treatment of obstructive sleep apnea.
www.fphcare.com
© 2019 Fisher & Paykel
Healthcare Corporation Limited

---

1
Half Year Results Presentation FY2020
For six months ended 30 September 2019

2
Half year business highlights
+ EXPANDED
Release of the F&P 950™ heated
humidification system in Europe and
launched F&P Vitera™ mask in the US
+ AWARDED
Black Pin at the DINZ Best Design
Awards for our design culture and the
economic impact of our products
+ PROGRESSED
an exciting product pipeline, with
several new product launches
anticipated
+ DIVERTED
467 tonnesof material from landfills through
recycling programmes
+ OPENED
New office in Poland, with our own
dedicated sales team promoting
products in hospitals
+ INCLUDED
in the FTSE4Good and Dow Jones
Sustainability Indices for 2019

3
Key half year financial results
H1 FY20 (6 months to 30 September 2019)
% of RevenueNZ$MPCP^CC*
Operating revenue100%570.9+12%+9%
Hospital operating revenue62%353.6+19%+17%
Homecare operating revenue38%214.7+2%-1%
Gross margin / Gross profit67%382.9+26bps+15bps
SG&A29%162.9+2%-1%
R&D9%54.0+18%+18%
Total operating expenses38%216.9+6%+3%
Operating profit29%166.0+19%+17%
Profitafter tax21%121.2+24%+23%
^ PCP = prior comparable period * CC = constant currency
Recurring items, consumables and accessories approximately 86% of operating revenue (H1 FY19: 86%)

4
Hospital product group
12%
88%
HardwareConsumables
H1 FY20 HOSPITAL REVENUE COMPOSITION
HARDWARE
CONSUMABLES
Invasive
ventilation
Non-invasive
ventilation
Optiflow
TM
nasal
high flow
Surgical
H1 FY19 Hospital revenue composition
Hardware: 12% Consumables: 88%

5
Hospital product group
62%
OF OPERATING
REVENUE
19%
NZ$
H1 FY20
17%
CONSTANT
CURRENCY
25%
NZ$
23%
CONSTANT
CURRENCY
HOSPITAL OPERATING REVENUE
NEW APPLICATIONS*
CONSUMABLES REVENUE
*New applications = Noninvasive ventilation (NIV), nasal high flow therapy, surgical
•Strong customer demand
for our Optiflowand AIRVO
systems, driven by clinical
trial results
(H1 FY20 $353.6M)
•New applications
consumables* made up
63% of H1 FY20 Hospital
consumables revenue,
60% in H1 FY19
•Extended flu season in the
United States

6
Homecare product group
16%
84%
HardwareConsumables
H1 FY20 HOMECARE REVENUE COMPOSITION
HARDWARE
CONSUMABLES
CPAP Therapy/OSAHome Respiratory Support
H1 FY19 Homecare revenue composition
Hardware: 16% Consumables: 84%

7
Homecare product group
38%
OF OPERATING
REVENUE
2%
NZ$
H1 FY20
1%
CONSTANT
CURRENCY
1%
NZ$
MASKS REVENUE
1%
CONSTANT
CURRENCY
•Home Respiratory Support
business continues to grow well
•OSA mask revenue impacted by
phasing of product cycle relative
to competitors
•F&P ViteraOSA mask
launched in the US in
October 2019
HOMECARE OPERATING REVENUE
(H1 FY20 $214.7M)

8
New lease accounting standard impact (IFRS 16)
H1 FY20 impact to Statement of Cash Flows (NZ$M)
Prior to adoptionImpactAdjusted after adoption
Cash flows from operating activities
109.2 4.3 113.5
Cash flows from financing activities
(76.3)(4.3)(80.6)
Opening adjustment to Balance Sheet at 1 April 2019 (NZ$M)
Prior to adoptionImpactAdjusted afteradoption
Property, plant & equipment
601.4 29.1 630.5
Deferred tax assets
38.9 1.4 40.3
Lease liabilities
-33.9 33.9
Retained earnings
549.2 (3.4)545.8
H1 FY20 impact to Income Statement (NZ$M)
Prior to adoptionImpactAdjusted afteradoption
Rental and lease expenses
6.4 (5.8)0.6
Depreciation and amortisation
23.8 4.7 28.5
Operating profit
164.9 1.1 166.0
Financing expense
1.0 0.9 1.9
Tax Expense
38.4 0.1 38.5
Net profit after tax
121.1 0.1 121.2

9
Gross Margin
Long Term Gross Margin target
GROSS MARGIN
Note: the long term gross margin target is based on an assumption of a continuation of the current business environment.
0%
10%
20%
30%
40%
50%
60%
70%
20152016201720182019H1 FY20
•Gross margin for the half year:
−increased by 26 bps to 67.1%
−increased by 15 bps in constant currency
•Primarily driven by favourableproduct mix
•Offset by costs of the new Mexico
manufacturing facility

10
Operating Margin
OPERATING (EBIT) MARGIN
Long Term Operating Margin target
Note: the long term operating margin target is based on an assumption of a continuation of the current business environment.
0%
5%
10%
15%
20%
25%
30%
20152016201720182019H1 FY20
Research & Development expenses
•NZ$54M, +18% (+18% CC)
•Reflecting underlying growth and timing of R&D
projects
•Long term plan to grow in line with constant
currency revenue growth
Selling, General & Administrative expenses
•NZ$162.9M, +2% (-1% CC)
•Patent litigation expenses of NZ$7.7M were
incurred in H1 FY19
Operating expenses
•NZ$216.9M, +6% (+3% CC)

11
Interest and Tax
FinancingExpense
H1 FY19
NZ$M
H1 FY20
NZ$M
Change
NZ$M
Interest Income
1.71.3(0.4)
Lease Interest Expense
-(0.9)(0.9)
Interest Expense
(1.4)(1.0)0.4
FX loss on interest bearing liabilities
(3.4)(5.7)(2.3)
Net financing income/(expense)
(3.1)(6.3)(3.2)
R&D Tax Incentive Change
H1 FY19
NZ$M
H1 FY20
NZ$M
Change
NZ$M
Other income
2.5-(2.5)
Tax (Expense)/Credit
(0.7)6.67. 3
Net profit after tax
1.86.64.8
•FY19: Callaghan Innovation Growth Grant of NZ$5M per year, taxable
•FY20 onwards: R&D Tax Credit of 15% on eligible spend

12
Cash Flow and Balance Sheet
H1 FY19
NZ$M
H1 FY20
NZ$M
Operating cash flow93.4113.5
Capital expenditure
(includingpurchases of intangible assets)61.186.6
Lease liability payments-4.3
Free cash flow32.322.6
FY2019
NZ$M
H1 FY20
NZ$M
Net cash/(debt) (including short-term investments)54.4(5.2)
Total assets1,206.71,255.0
Total equity913.2918.7
Gearing(debt/debt + equity)*-6.7%0.6%
* Calculated using net interest bearing debt (debt less cash and cash equivalents) to net interest-bearing debt and equity (lesshedge reserve).

13
Gearing and Dividend
•Increased interim dividend by 23%:
−12.00 cps + 4.667 cps imputation
credit for NZ residents (gross dividend
of NZ 16.667 cps)
−Fully imputed
−2.1176cps non-resident supplementary
dividend
•Target gearing ratio* of +5% to -5%
debt to debt plus equity
−Gearing ratio as at 30 September 2019
was 0.6%
* Calculated using net interest bearing debt (debt less cash and cash equivalents) to net interest-bearing debt and equity (lesshedge reserve).
GEARING*
-10%
-5%
0%
5%
10%
15%
20152016201720182019H1 FY20

14
Foreign exchange effects
•50% of operating revenue in USD (FY19: 50%) and 19% in € (FY19: 19%).
Year to 31 March
Hedging position for our main exposures
FY20FY21FY22FY23FY24FY25-27
USD % cover of expected exposure95%80%50%30%
15%-
USD average rate of cover0.6670.6570.6540.6420.636-
EUR % cover of expected exposure95%70%50%45%20%5%
EUR average rate of cover0.5750.5480.5300.5140.5020.473
Hedging cover percentages have been rounded to the nearest 5%
Reconciliation of Constant Currency to Actual Income Statements
H1 FY19
NZ$M
H1 FY20
NZ$M
Profit before tax (constantcurrency)130.1151.2
Spot exchange rate effect4.210.5
Foreign exchange hedgingresult(2.1)(2.8)
Balance sheet revaluation3.70.8
Profit before tax (as reported)135.9159.7

15
Revenue and expenses by currency
1%
50%
19%
<1%
30%
NZDUSDEURMXNOther
REVENUE BY CURRENCY
43%
37%
3%
12%
5%
NZDUSDEURMXNOther
COST OF SALES BY CURRENCY
43%
27%
13%
<1%
17%
NZDUSDEURMXNOther
OPERATING EXPENSES BY CURRENCY
H1 FY20 (for the 6 months ended 30 September 2019)

16
Outlook FY2020
Expect at current exchange rates (of NZD:USD 0.64, NZD:EUR 0.58):
•Operating revenue – approximately NZ$1.19 billion
•Net profit after tax –approximately NZ$255 million to NZ$265 million
Capital expenditure expected to be approximately NZ$170 million
•New facility in New Zealand
•Increased manufacturing capacity and new product tooling
Assumptions
•Approximately 80% of R&D will be eligible for R&D Tax Credit at 15%

17
Overview
Overview

18
Fisher & Paykel Healthcare at a glance
•Medical device manufacturer with leading
positions in respiratory care and obstructive
sleep apnea
•50 years’ experience in changing clinical practice
to solutions that provide better clinical outcomes
and improve effectiveness of care
•Estimated US$10+ billion and growing market
opportunity driven by demographics
•Significant organic long-term growth
opportunities in respiratory care, OSA, COPD and
surgery
•Large proportion (86%) of revenue from
recurring items, consumables and accessories
•High level of innovation and investment in R&D
with strong product pipeline
•High barriers to entry
Global leader in respiratory
humidification devices
Global presence
Strong financial performance
Our people are located in 38 countries
2,499
of our people in
New Zealand
1,555
of our people in
North America
317
of our people
in Europe
360
of our people
in the rest of
the world
•Continued target, and history of, doubling our
revenue (in constant currency terms) every
5 to 6 years
•Targeting gross margin of 65% and operating
margin of 30%
•Growth company with average dividend pay-out
ratio of approximately 65% over the past five
years

19
~US$10+ billion and growing market opportunity
HOSPITAL
HOMECARE
“NEW APPLICATIONS”
Applications outside of invasive ventilation
Invasive
Ventilation
Surgical
Humidification
Non-invasive
Ventilation
Hospital
Respiratory Support
Home
Respiratory Support
Obstructive Sleep
Apnea

20
OUR ASPIRATION:
Sustainably
DOUBLING
our constant
currency revenue
every 5-6 years.
Our aspiration

21
Markets and products
•Hospital
−Heated humidification
−Respiratory care
−Neonatal care
−Surgery
•Homecare
−Masks
−Flow generators
−Data management tools
−Respiratory care in the home
Recurring items, consumables and
accessories approximately 86% of
operating revenue (1H19: 86%)
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2019
<1%
Hospital
Homecare
Distributed & Other
62%
38%

22
Impact of changing demographics
0
10
20
30
40
50
60
70
80
90
100
19701990201020302050
US POPULATION OVER AGE 65
(MILLIONS)
•Population age and weight both
increasing
−US population 65 years+ to grow
~80% over next 20 years
1
−US males 60 - 74 years,
average weight increased
0.4 kg/year since 1960
2
•60% of US healthcare cost is after age
65 years
3
•Developing markets increasing
healthcare spending
−Total health spending is increasing
more rapidly in low and middle
income countries (close to 6% on
average) than in high income
countries (4%)
4

23
Hospital cost breakdown
Source: Estimates of Medical Device Spending in the United States, Donahoe, G and King, G, June 2014
Other –includes labour,
utilities, drugs, supplies,
food, depreciation.
Medical devices
94%
6%

24
Source: AnandA Dalal, Laura Christensen, Fang Liu,and Aylin A Riedel. Direct costs of chronic obstructive pulmonary disease among managed care patients.
IntJ ChronObstruct PulmonDis. 2010; 5: 241-249.
MEAN ANNUAL COPD-RELATED MEDICAL, PHARMACY
AND TOTAL COSTS BY CARE INTENSITY COHORT
$0
$10,000
$20,000
$30,000
$40,000
$50,000
Outpatient cohortUrgent outpatient cohortED cohortStandard admission cohortICU cohort
Mean cost (2008 US$)
Lower care intensity = lower cost

25
Hospital
Hospital
Hospital

26
Respiratory humidification
•Normal airway humidification
is bypassed or compromised
during ventilation or oxygen
therapy
•Mucociliarytransport system
operates less effectively
•Need to deliver gas at
physiologically normal levels
−37°C body core
temperature
−44mg/L 100% saturated

27
Optiflow-displacing conventional oxygen therapy
CONVENTIONAL
OXYGEN THERAPY
NON-INVASIVE
VENTILATION

28
Clinical outcomes of Optiflownasal high flow therapy
A D U LT S:
•REDUCED intubation
5
•REDUCED re-intubation
6, 7, 8
•REDUCED bilevelventilation
7
•REDUCED nursing workload
7
•INCREASED ventilator free days
5
•IMPROVED comfort & patient
tolerance
6
•IMPROVED compliance
6
•REDUCED COPD exacerbations
9
PAEDIATRICS:
•REDUCED intubation
10
•REDUCED length of stay
11
•REDUCED respiratory distress
12
NEONATES:
•NON-INFERIORITY with nasal
CPAP
13
•REDUCED nasal trauma
14, 15
•REDUCED respiratory distress
16
Optiflow NHF therapy is associated with:

29
OptiflowNHF -a growing body of clinical evidence
NASAL HIGH FLOW CLINICAL PAPERS PUBLISHED ANNUALLY
Source: PubMed
0
25
50
75
100
125
150
175
200
225
AdultNeonatal & Paediatric
•The publication of
247 clinical papers
on NHF continues
to signify a high
level of clinical
interest in the
therapy.

30
Consistently strong growth in hospital new applications
•New applications consumables currently make up 63% of Hospital
consumables revenue, up from 59% in FY2018 and 62% in FY2019
CONSTANT CURRENCY REVENUE GROWTH RATE
IN NEW APPLICATIONS CONSUMABLES*
0%
5%
10%
15%
20%
25%
30%
35%
201120122013201420152016201720182019
New applications consumables: Non-invasive ventilation, Optiflow, AIRVO, Surgical
* Adjusted to exclude impact of US distribution transition in FY16 and FY17

31
Homecare

32
Obstructive Sleep Apnea
•Temporary closure of airway during sleep
•Can greatly impair quality of sleep, leading
to fatigue; also associated with
hypertension, stroke and heart attack
•Estimate >100 million people affected in
developed countries
•Most common treatment is CPAP
(Continuous Positive Airway Pressure)
−Key issue with CPAP is compliance
−Humidification provides significant
acceptance and compliance
improvements

33
Mask matters most
F&P VITERA
™
F&P ESON2
™
F&P BREVIDA
™
•Masks are key to compliance
•Unique, patented designs
•Viteralaunched in NZ, Australia, Europe and Canada in May and in the US in October

34
Home respiratory support
•Chronic obstructive pulmonary disease (COPD)
is a lung disease which is commonly associated
with smoking
•Emphysema and chronic bronchitis are both
forms of COPD
•Chronic respiratory disease, primarily COPD, is
the third leading cause of death in the world
17
•6% of US adults have been diagnosed with
COPD
18
(~15 million people)
•4- 10% COPD prevalence worldwide
19
(~400
million people)

35
High level of innovation and investment in R&D
•R&D represents 9% of operating
revenue:
*
NZ$54.0M
•Product pipeline includes:
−Humidifier controllers
−Masks
−Respiratory consumables
−Flow generators
−Compliance monitoring
solutions
•242 US patents, 451 US pending,
1,056 Rest of world patents,
1,154 Rest of world pending
†
*For 6 months ended 30 September 2019
†As at 30 September2019

36
Growing patent portfolio
Average remaining life of FPH patent portfolio (all countries): 12 years*
FISHER & PAYKEL HEALTHCARE US PATENT PORTFOLIO (2008 –2019)
*As at 31 March 2019
0
50
100
150
200
250
300
350
400
450
200820102012201420162018
US PatentsUS Patent Applications

37
Manufacturing and operations
•Vertically integrated
•Will grow manufacturing capacity to accommodate
future volume growth
•Modest growth in NZ
•Most growth outside NZ
Auckland, New Zealand
•Three buildings: 82,000 m
2
/ 885,000 ft
2
total
•100 acres / 40 hectares land
•Fourth building due to be completed early 2020
•Co-location of R&D and manufacturing in NZ a
competitive advantage
Tijuana, Mexico
•Two buildings: 41,000 m
2
/ 450,000 ft
2
total

38
Strong global presence
•Direct/offices
−Hospitals, home care dealers
−Sales/support offices in North
America, Europe, Asia, South
America, Middle East and
Australasia, 18 distribution centres
−~1,000 employees in 38 countries
−Ongoing international expansion
•Distributors
−100+ distributors worldwide
•Original Equipment Manufacturers
−Supply most leading ventilator
manufacturers
•Sell in more than 120 countries in total
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2019
28%
22%
5%
45%
North America
Europe
Asia Pacific
Other

39
Ownership structure and listings
•Listed on NZX and ASX (NZX.FPH, ASX.FPH)
15%
60%
23%
2%
NZ InstitutionsOther Institutions
Brokers & RetailOther
36%
25%
24%
6%
4%
4%
1%
New ZealandAustralia
North AmericaUK
Europe (ex UK)Asia
Rest of World
GEOGRAPHICAL OWNERSHIP AS AT
30 SEPTEMBER 2019
SHAREHOLDING STRUCTURE AS AT
30 SEPTEMBER 2019

40
Consistent growth strategy

41
Important Notice and References
Disclaimer
The information in this presentation is for general purposes only and should be read in conjunction with Fisher & Paykel Healthcare Corporation Limited’s (FPH)
Interim Report 2020 and accompanying market releases.Nothing in this presentation should be construed as an invitation for subscription, purchase or
recommendation of securities in FPH.
This presentation includes forward-looking statements about the financial condition, operations and performance of FPH and its subsidiaries.These statements are
based on current expectations and assumptions regarding FPH’s business and performance, the economy and other circumstances.As with any projection or forecast,
the forward-looking statements in this presentation are inherently uncertain and susceptible to changes in circumstances.FPH’s actual results may differ materially
from those expressed or implied by those forward-looking statements.
References
1.Grayson K. Vincent, Victoria A. Velkoff. The Next Four Decades. The Older Population in the United States: 2010 to 2050. US Census Bureau, 2010.
2.Cynthia L Ogden, Cheryl D Fryar et al. Mean Body Weight, Height, and Body Mass Index (BMI) 1960-2002. US Centers for Disease Control and Prevention, 2004.
3.BerhanuAlemayehu, Kenneth E Warner. The Lifetime Distribution of Health Care Costs. Health ServRes. 2004 June; 39(3): 627–642
4.KeX, Agnes S et al. Public Spending on Health: A Closer Look at Global Trends. World Health Organisation2018.
5.Frat JP, ThilleAW, MercatA et al. High-flow oxygen through nasal cannula in acute hypoxemic respiratory failure. N EnglJ Med. 2015;372(23):2185-96
6.Maggiore SM, IdoneFA, VaschettoR et al. Nasal high-flow versus Venturimask oxygen therapy after extubation. Effects on oxygenation, comfort, and clinical outcome. Am J RespirCritCare Med. 2014;190(3):282-8
7.StéphanF, BarrucandB, Petit P et al. High-Flow Nasal Oxygen vs Noninvasive Positive Airway Pressure in Hypoxemic Patients After Cardiothoracic Surgery: A Randomized Clinical Trial. JAMA. 2015;313(23):2331-9
8.Hernández G, Vaquero C, González P, et al. Effect of PostextubationHigh-Flow Nasal Cannula vs Conventional Oxygen Therapy on Reintubation in Low-Risk Patients: A Randomized Clinical Trial. JAMA.2016;315(13):1354-1361. doi:10.1001/jama.2016.2711
9.Storgaard LH, Hockey HU, Laursen BS, Weinreich UM. Long-term effects of oxygen-enriched high-flow nasal cannula treatment in COPD patients with chronic hypoxemic respiratory failure. Int J ChronObstructPulmonDis 2018;16;13:1195-1205
10.Wing R, James C, Maranda LS et al. Use of high-flow nasal cannula support in the emergency department reduces the need for intubation in pediatric acute respiratory insufficiency. PediatrEmergCare. 2012;28(11):1117-23
11.McKiernan C, Chua LC, VisintainerPF et al. High flow nasal cannulaetherapy in infants with bronchiolitis. J Pediatr. 2010;156(4):634-8
12.MilésiC, BaleineJ, MateckiS et al. Is treatment with a high flow nasal cannula effective in acute viral bronchiolitis? A physiologic study. Intensive Care Med. 2013 Jun;39(6):1088-94
13.Manley BJ, Owen LS, Doyle LW et al. High-flow nasal cannulaein very preterm infants after extubation. N EnglJ Med. 2013;369(15):1425-33
14.Yoder BA, Stoddard RA, Li M, King J et al. Heated, humidified high-flow nasal cannula versus nasal CPAP for respiratory support in neonates. Pediatrics. 2013;131(5):e1482-90
15.Collins CL, HolbertonJR, Barfield C, Davis PG. A randomized controlled trial to compare heated humidified high-flow nasal cannulaewith nasal continuous positive airway pressure postextubationin premature infants. J Pediatr. 2013;162(5):949-54
16.SaslowJG, AghaiZH, NakhlaTA et al. Work of breathing using high-flow nasal cannula in preterm infants. J Perinatol. 2006;26(8):476-80
17.World Health Organise(2018) The top 10 causes of death, Available at: https://www.who.int/news-room/fact-sheets/detail/the-top-10-causes-of-death (Accessed: 24 May 2018)
18.Nicole M Kosacz, Antonello Punturieriet al. Chronic Obstructive Pulmonary Disease Among Adults -United States 2011. US Centers for Disease Control and Prevention, 2012.
19.R J Halbert, Sharon Isonaka, Dorothy George, AhmarIqbal. Interpreting COPD Prevalence Estimates. Chest. 2003; 123:5 1684 – 1692.
20.Zochios, V., Collier, T., Blaudszunet al. The effect of high-flow nasal oxygen on hospital length of stay in cardiac surgical patients at high risk for respiratory complications: A randomisedcontrolled trial. Anaesthesia. 2018 73(12), 1478-1488.
21.Macé, J., Marjanovic, N., et al. Early high-flow nasal cannula oxygen therapy in adults with acute hypoxemic respiratory failure in the ED: A before-after study. The American Journal of Emergency Medicine.2019
22.Ozturan, I. U., Yaka, E., et al. Determination of carboxyhemoglobin half-life in patients with carbon monoxide toxicity treated with high flow nasalcannula oxygen therapy. Clinical Toxicology. 2019 1-7.
23.Tomruk, O., Karaman, K., et al. A New Promising Treatment Strategy for Carbon Monoxide Poisoning: High Flow Nasal Cannula Oxygen Therapy. Medical Science Monitor.2019 25, 605-609.
24.Franklin D, Babi FE, Dalziel SR et al. Nasal high flow therapy for infants with bronchiolitis – a multicenter randomized controlled trial: a pediatric acute respiratory intervention study (PARIS) from PREDICT and PCCRG. Pediatric Academic Societies (PAS)
2017 . Pending publication
25.Spoletini, G., Mega, C., et al. High-flow nasal therapy vs standard oxygen during breaks off noninvasive ventilation for acute respiratory failure: A pilot randomized controlled trial. Journal of Critical Care. 2018 48, 418-425.

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27 November 2019
Results announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$570,900 +12%
Total Revenue $570,900 +12%
Net profit/(loss) from
continuing operations
$121,200 +24%
Total net profit/(loss) $121,200 +24%
Interim Dividend
Amount per Quoted Equity
Security
12.00 cents/share
Imputed amount per Quoted
Equity Security
4.667 cents/share
Record Date 9 December 2019
Dividend Payment Date 19 December 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
NZ$1.40 NZ$1.46
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

authorised
to make this announcement
Marcus Driller
Contact person for this
announcement
Marcus Driller
Contact phone number +64 9 574 0110
Contact email address marcus.driller@fphcare.co.nz
Date of release through MAP

27 November 2019

Unaudited financial statements accompany this announcement.

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27 November 2019
Distribution Notice

Section 1: Issuer information
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Financial product name/description Interim Dividend
NZX ticker code FPH
ISIN NZFAPE0001S2
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies
Record date 9 December 2019
Ex-Date 6 December 2019
Payment date 19 December 2019
Total monies associated with the
distribution
$68,925,099 based on shares on issue at 27 November
2019 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 16.667 cents/share
Total cash distribution 12.00 cents/share
Excluded amount N/A
Supplementary distribution amount 2.1176 cents/share
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
100%
Imputation tax credits per financial
product
4.667 cents/share
Resident Withholding Tax per
financial product
0.8333 cents/share
Section 4: Distribution re-investment plan (if applicable)
Not applicable

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Marcus Driller
Contact person for this
announcement
Marcus Driller
Contact phone number +64 9 574 0110
Contact email address marcus.driller@fphcare.co.nz
Date of release through MAP 27 November 2019