Half year report provided

Half Year Report 2019
RYMAN HEALTHCARE

Half year highlights
03
Key statistics
Financial statements
Report to shareholders
Our villages
Directory
04
07
12
26
28
RYMAN HEALTHCARE
2

Half year highlights
Our villages are home to
over 11,400 residents.
11, 4 0 0
residents
Total assets up 17.4% from
September 2018
$7.26
billion
Operating cash flows of
$256.1 million, up 17.6%
$256.1
million
Reported (IFRS)
profit up 11.1%
$188.3
million
We've invested $359.7 million in
new and exsiting villages.
$359.7
million
36 villages
We own and operate 36 retirement
villages in New Zealand and Australia
and have 18 new villages in the pipeline.
1984
Ryman Healthcare
was founded in 1984.
5,700
We employ over
5,700 staff.
7,074
7,074 beds and units in
our land bank.
Unaudited underlying profit up 6.2%
$103.0
million
*
*See key statistics for definition.
HALF YEAR REPORT 2019
3

30 Sept 2019
Six months

30 Sept 2018
Six months
31 March 2019
12 months
Financial
Underlying profit (non-GAAP)$m103.097.1227.0
Reported net profit after tax$m188.3169.5326.0
Net operating cash fl ows$m256.1217.8401.4
Net assets$m2,294.52,052.72,170.1
Total assets$m7,255.86,180.26,651.5
Interest-bearing debt to
interest-bearing debt plus
equity ratio%40%37%38%
Dividend per share
cents11.510.822.7
Villages
New sales of occupation rights
1
no.229168414
Resales of occupation rightsno.454405824
Total sales of occupation rightsno.6835731,238
Land bank (to be developed)
2,3,4
no.7,0746,0786,593
Portfolio:
Aged-care bedsno.3,6603,4483,660
Retirement-village unitsno.7,0716,6136,878
Total units and bedsno.10,73110,06110,538
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2019
1 229 new sales of occupation rights for September 2019 includes 47 units rebuilt at Malvina Major.
2 Includes retirement-village units and aged-care beds.
3 Included in the 7,074 beds and units is a site acquisition at Northwood (Christchurch) which is subject
to Overseas Investment Office approval.
4 Of the 7,074 units and beds in the land bank, 3,428 are subject to resource and building consent.
4
RYMAN HEALTHCARE

Underlying profit is a non-GAAP* measure and diff ers from NZ IFRS profit for the period. Underlying profit
does not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial
information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a
measure that the Group uses consistently across reporting periods.
Underlying profit excludes deferred taxation, taxation expense, and unrealised gains on investment properties
because these items do not refl ect the trading performance of the Company. Underlying profit determines the
dividend payout to shareholders.
*Generally Accepted Accounting Principles

30 Sept 2019
Six months
30 Sept 2018
Six months
31 March 2019
12 months
Underlying profit (non-GAAP)$m103.097.1227.0
Plus unrealised gains on
retirement-village units$m92.772.8102.4
Less deferred tax movement$m(7.4)(0.4)(3.4)
Reported net profit after tax$m188.3169.5326.0
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2019
HALF YEAR REPORT 2019
5

RYMAN HEALTHCARE
6

Report to shareholders
The team at Ryman Healthcare
has made good progress in the
first half, and we have a great deal
of momentum building to take us
into the months and years ahead.
Our unaudited first half underlying
profit rose 6.2 percent to
$103 million, driven by
record resales volumes.
As previously signalled, the second
half is expected to be stronger
as the build programme lifts,
and full year underlying profits
are expected to range from
$250 million to $265 million.
Reported (IFRS) profit, which
includes unrealised fair value gains
on investment property, increased
11.1 percent to $188.3 million.
Shareholders will receive an
increased interim dividend of
11.5 cents per share in line with
the increase in underlying profit.
The record date for entitlements
is December 6, and the dividend
will be paid on December 13.
Cash generation was strong in the
half, with operating cashfl ows up
17.6 percent to $256.1 million.
Our balance sheet strengthened
further during the half, with total
assets growing 17.4 percent
from September 2018 to
$7.26 billlion, refl ecting the value
created by ongoing development
and strong demand.
Full year profits are expected to
lift in line with growth in the build
programme, and construction
is targeted to be under way
at 12 sites by March 2020,
up from eight a year ago.
Our medium-term target remains
to double our underlying profi t
every fi ve years. This translates
to increasing our underlying profi t
by approximately 15 percent each
year. This target is unchanged,
and is, we believe, achievable.
Demand grows
in a tougher market
Our unique integrated villages
and high-quality care continued
to be in strong demand, with
care occupancy in established
villages running at 97 percent.
Only 1.6 percent of the retirement
village portfolio was available
for resale at September 30.
Resales volumes in New Zealand
grew 11.3 percent, while volumes
in the wider real estate market
declined 15 percent, which
demonstrated the continued
appeal of Ryman villages.
The first half result has been
achieved against a background
of tough market conditions in
Melbourne and Auckland, so we
are satisfied with the outcome.
HALF YEAR REPORT 2019
7

Our focus continued to be on
delivering new villages, innovating
to improve the experience of
living and working in a Ryman
community, and making sure
everyone got home safe each day.
Care at the heart
of everything we do
Our fundamental purpose is
to care for our residents as
well as we possibly can.
To do this we must constantly
innovate to improve the experience
of our residents whether they are
in care or living independently.
And we must work hard to ensure
that the team who deliver the care
have both the skills and resources
they need to do a great job, and
also that they love the experience
of being part of the Ryman family.
Our focus on excellence in care
continued in the half, and 84 percent
of our New Zealand care centres
now have four-year Ministry of
Health accreditation, compared to
an average of 47 percent among
large operators in the sector.
An example of our commitment
to investing in care is a program of
work we have named myRyman Life.
The myRyman Life Model of
Dementia Care programme is
designed to challenge and change
the perspectives on dementia
commonly held by staff , families
and residents.
Our aim is to build a supportive
and understanding community
network by demystifying dementia,
which allows our residents to live
life in the moment, feeling valued
and understood, and to give
them a sense of contentment.
We have more than 800 dementia
care beds and another 685
beds planned, which is a huge
commitment to dementia care.
Making sure our care and
consideration of the needs of
these people and their families
is the best it can be is what
myRyman Life is all about.
myRyman Life has brought together
everyone from across Ryman – from
architects and builders through
to our clinicians and contractors
– to reconsider how we improve
dementia design and care.
The programme is being introduced
through a range of education
resources to educate all staff ,
residents and their families using
up-to-date, research-based
methods which centre around our
core philosophy of kindness.
“Our fundamental
purpose is to care for
our residents as well as
we possibly can.”
RYMAN HEALTHCARE
8

More than 1,400 staff and 500
residents and family supporters
have already been trained in the
principles of myRyman Life.
What has been striking is the
level of support and interest
from families in the project.
They have been coming along
to the information sessions in
large numbers, which refl ects
that we are all on the same team
in working to provide the best
caring environment we can.
It is a project we are
enormously proud of.
In addition, we have signed up
as Alzheimers New Zealand’s
lead partner for the next three
years and more than 1,200 of
our Ryman staff have signed up
to become dementia friends.
We’ve also entered the
Alzheimers New Zealand
Dementia Friendly Programme.
We did all of this because we
back the mission to combat
stigma and to change hearts
and minds about dementia.
Improving the
resident experience
We continued to trial new ways
to improve the experience
of our residents who live
independently with us.
Ryman Delight is aimed at providing
additional activities which the
residents choose based on their
interests, in addition to the wide
range of activities we already provide.
The trial at each village is being run
by a concierge who arranges trips
to the theatre, concerts or sporting
events etc as well as weekends away.
In addition, we have introduced
village hosts in the evenings at
some of our larger villages.
The hosts provide bar snacks
and arrange movies and other
entertainment to make our village
centres more of a destination for
our residents and their friends
and families in the evenings.
We have also introduced an ECab
service for residents in four villages
and the low emission cabs have
been in demand, completing
500 trips with residents.
Investing in people
We continued to increase staff
pay in the half, to innovate in the
way we train, and to find ways to
identify talent and the leaders of
tomorrow and develop their careers.
“We continued to trial
new ways to improve
the experience of our
residents who live
independently with us.”
HALF YEAR REPORT 2019
9

We are about to send our first group
of senior leaders to Melbourne
Business School for the first of
four leadership modules.
This new Ryman Advanced
Leadership Programme has
been specially designed around
our culture and values, so that
we get better at developing and
leading more Rymanians.
Building to meet
our growth ambitions
We have significantly lifted our land
bank over the past three years
to match our growth aspirations
in New Zealand and Victoria.
We are now moving into our biggest
ever build programme on stunning
sites, which is exciting for the team
and our next generation of residents.
We acquired two new sites –
Highett in Victoria and Northwood
*

in Christchurch – during the
first half taking the land bank
to 7,074 units and beds.
The 22 sites in our land bank, 10 of
which already have development
under way, represent the equivalent
of 66 percent of our existing
portfolio. On development of
the existing land bank over the
coming years Ryman expects
to be providing homes and care
for more than 20,000 people.
We are targeting a build rate of 900
units and beds this year, up from
757 in the 2019 financial year.
A highlight of the half was
the progress in Victoria.
Our team exchanged a record
260 new sales, resales and care
contracts in the first half in Victoria.
We are interacting with more people
than ever and there is no doubt
our brand awareness is growing.
We have recently submitted our
tenth development application
in Victoria. Five development
approvals have been granted
already and we continue to
target having five villages open
in Victoria by the end of the
2020 calendar year.
As well as a record amount of
construction activity, we have
a whole lot of innovations feeding
through that will make life in a
Ryman village better than ever
for our residents.
We have had great feedback from
our residents and their families in
our recent surveys, and we continue
to strive to get even better.
Board strengthened
Our board has been further
strengthened with the appointment
of Melbourne-based director
Paula Jeff s. Paula is a human
resources executive with
experience across healthcare,
finance and government sectors.
*Subject to Overseas Investment Office approval.
RYMAN HEALTHCARE
10

We are a high growth business
and we know that finding and
developing the right sort of people
is critical to our success.
Paula brings great insight into people
and talent, and she will be a great
contributor. We have got a wealth
of talent and an excellent mix of
skills and diverse views on the board
which will see us into the future.
Thanks
We have a great team at Ryman.
The care, the kindness and the
professionalism they bring to work
each day is a credit to them.
Their dedication to the care and
wellbeing of our 11,400 residents
has allowed us to build a reputation
that is second to none.
We also regard you, our
shareholders, as part of our team.
We thank you for your support
which has allowed us to achieve
extraordinary things.
Since 1999 we have invested
$4 billion in building communities
and returned $860 million in
dividends. We have provided care,
comfort and security for more
than 30,000 people, and built an
extraordinary platform for growth.
We are moving into a record
expansion phase in the
next 18 months, but it is not
growth for growth’s sake.
It refl ects our mission to build as
many communities as we can so that
more people can benefit from the
Ryman experience. We regard it as
part of our social licence to do this.
We thank you for all your support
and enthusiasm for this mission.
We look forward to reporting
to you all in six months’ time on
more progress at Ryman.
Gordon MacLeod
CHIEF EXECUTIVE
RYMAN HEALTHCARE
Dr David Kerr
CHAIR
RYMAN HEALTHCARE
“We thank you for
all your support
and enthusiasm
for this mission.”
HALF YEAR REPORT 2019
11

Notes
Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
Care fees163,093147,748302,003
Management fees43,91338,84078,944
Interest received230211532
Other income515391855
Total revenue207,751187,190382,334
Fair-value movement of
investment properties3180,009155,438292,910
Total income387,760342,628675,244
Operating expenses(168,729)(152,528)(303,745)
Depreciation and
amortisation expense(13,751)(11,250)(23,125)
Finance costs(9,557)(8,958)(18,959)
Total expenses(192,037)(172,736)(345,829)
Profit before income tax195,723169,892329,415
Income-tax expense(7,442)(359)(3,429)
Profit for the period188,281169,533325,986
Earnings per share
Basic and diluted
(cents per share) 37.733.965.2
All profit and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
12
RYMAN HEALTHCARE

Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
Profit for the period188,281169,533325,986
Items that may be later
reclassified to profit or loss
Fair-value movement and
reclassification of interest-rate
swaps(7,479)(753)(5,181)
Deferred tax movement on
interest-rate swap reserve2,0942111,451
(Loss) / Gain on hedge of
foreign-owned subsidiary net
assets(2,471)(2,051)1,333
Gain / (Loss) on translation of
foreign operations
8,8395,375(4,966)
9832,782(7,363)
Items that may be later
reclassified to profit or loss
Revaluation of property, plant
and equipment (unrealised)
--
24,456
--
24,456
Other comprehensive income9832,78217,093
Total comprehensive income189,264172,315343,079
All profit and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
HALF YEAR REPORT 2019
13

Issued
capital
Asset
revaluation
reserve
Interest-
rate swap
reserve
Foreign-
currency
translation
reserve
Tr e a s u r y
stock
Retained
earnings
To t a l
equity
$000$000$000$000$000$000$000
Six months ended 30 Sept 2018 unaudited
Opening balance33,290233,319(5,913)(2,243)(22,497)
1,704,5631,940,519
Profit and total
comprehensive
income for the period
--(542)3,324-169,533172,315
Treasury stock
movement----(5,611)-(5,611)
Dividends paid to
shareholders-----(54,500)(54,500)
Closing balance at
30 Sept 201833,290233,319(6,455)1,081(28,108)
1,819,5962,052,723
Year ended 31 March 2019 audited
Opening balance33,290233,319(5,913)(2,243)(22,497)
1,704,5631,940,519
Profit and total
comprehensive
income for the year
-24,456(3,730)(3,633)-325,986343,079
Treasury stock
movement----(4,968)-(4,968)
Dividends paid to
shareholders-----(108,500) (108,500)
Closing balance at
31 March 201933,290257,775(9,643)(5,876)(27,465)
1,922,0492,170,130
Six months ended 30 Sept 2019 unaudited
Opening balance33,290257,775(9,643)(5,876)(27,465)
1,922,0492,170,130
Profit and total
comprehensive
income for the period
--(5,385)6,368-188,281189,264
Treasury stock
movement----(5,413)-(5,413)
Dividends paid to
shareholders-----(59,500)(59,500)
Closing balance at
30 Sept 201933,290257,775(15,028)492(32,878)
2,050,8302,294,481
The accompanying notes form part of these interim financial statements.
Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
14
RYMAN HEALTHCARE

Notes
30 Sept 2019
unaudited
30 Sept 2018
unaudited
31 March 2019
audited
$000$000$000
Assets
Trade and other receivables332,792298,880344,814
Advances to employees10,9968,5248,152
Property, plant and equipment1,456,1811,093,7171,188,940
Investment properties35,423,8134,754,4795,081,607
Intangible assets32,00824,57427,968
Total assets7,255,7906,180,1746,651,481
Equity
Issued capital633,29033,29033,290
Asset revaluation reserve257,775233,319257,775
Interest-rate swap reserve(15,028)(6,455)(9,643)
Foreign-currency translation
reserve4921,081(5,876)
Treasury stock(32,878)(28,108)(27,465)
Retained earnings2,050,8301,819,5961,922,049
Total equity2,294,4812,052,7232,170,130
Liabilities
Trade and other payables7181,64876,990126,909
Employee entitlements25,47122,60723,834
Revenue in advance60,81755,07157,845
Interest-rate swaps20,8728,96513,393
Refundable accommodation
deposits61,78831,18934,013
Bank loans (secured)1,505,0121,214,3371,324,003
Occupancy advances
(non-interest bearing)43,015,6352,646,4582,827,690
Lease liabilities11,297--
Deferred tax liability (net)78,76971,83473,664
Total liabilities4,961,3094,127,4514,481,351
Total equity and liabilities7,255,7906,180,1746,651,481
Net tangible assets
Basic and diluted
(cents per share)452.5405.6428.4
The accompanying notes form part of these interim financial statements.
Consolidated balance sheet
AT 30 SEPTEMBER 2019
HALF YEAR REPORT 2019
15

Notes
Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
Operating activities
Receipts from residents582,834518,2671,009,496
Interest received177265588
Payments to suppliers and
employees(166,583)(149,785)(306,234)
Payments to residents(150,800)(145,286)(283,736)
Interest paid(9,557)(5,624)(18,689)
Net operating cash fl ows 2256,071217,837401,425
Investing activities
Purchase of property, plant
and equipment(197,778)(104,564)(150,252)
Purchase of intangible assets(3,819)(3,060)(6,918)
Purchase of investment
properties(140,922)(181,546)(364,186)
Capitalised interest paid(17,230)(14,775)(31,003)
Advances to employees(2,843)(2,688)(2,316)
Net investing cash fl ows(362,592)(306,633)(554,675)
Financing activities
Drawdown of bank loans (net)172,268148,907266,718
Dividends paid(59,500)(54,500)(108,500)
Purchase of treasury stock (net)(5,414)(5,611)(4,968)
Repayment of lease liabilities(833)--
Net financing cash fl ows106,52188,796153,250
Net increase in cash and
cash equivalents---
Cash and cash equivalents at
the beginning of the period---
Cash and cash equivalents
at the end of the period---
The accompanying notes form part of these interim financial statements.
Consolidated statement of cash fl ows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
16
RYMAN HEALTHCARE

STATEMENT OF COMPLIANCE
The financial statements presented are those
of Ryman Healthcare Limited (the Company),
and its subsidiaries (the Group). Ryman
Healthcare Limited is a profit-oriented entity
incorporated in New Zealand that develops,
owns, and operates integrated retirement
villages, resthomes, and hospitals for the elderly
within New Zealand and Australia.
Ryman Healthcare Limited is a Financial
Markets Conduct Act reporting entity under the
Financial Reporting Act 2013 and the Financial
Markets Conduct Act 2013. Its financial
statements comply with these Acts.
The unaudited condensed consolidated interim
financial statements have been prepared in line
with Generally Accepted Accounting Principles
in New Zealand (NZ GAAP). The statements
comply with New Zealand equivalents to
International Accounting Standard 34
(NZ IAS 34) Interim Financial Reporting and
International Accounting Standard 34 (IAS 34)
Interim Financial Reporting.
BASIS OF PREPARATION
The financial statements for the six
months ended 30 September 2019 and the
comparative six months ended 30 September
2018 are unaudited.
Apart from the new standards adopted in
the current period (see below), these financial
statements have been prepared under the
same accounting policies and methods as
the Company’s Annual Report at 31 March 2019.
These financial statements should
be read in conjunction with the financial
statements and related notes included in the
Company’s Annual Report for the year ended
31 March 2019.
The financial statements were approved by the
Board of Directors on 20 November 2019.
The information is presented in thousands
of New Zealand dollars.
All references to AUD refer to Australian dollars.
1. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Adoption of new and revised standards
and interpretations
In the current period the Group adopted
all mandatory new and amended standards
and interpretations.
During the period, NZ IFRS 16 Leases has been
adopted with eff ect from 1 April 2019. The new
standard introduces a single lessee accounting
model that brings all leases on balance sheet
except low-value or short-term leases (less than
a year). Adopting the standard has not had a
material impact on the financial statements.
The Group has chosen to adopt the modified
retrospective approach to transition.
Comparative periods presented have
not been restated.
Operating leases that were previously
off balance sheet are now included on the
balance sheet under NZ IFRS 16 through
the recognition of right-of-use assets and
associated liabilities. Rental and operating
lease expenses previously recognised within
other operating expenses are now recognised
as depreciation for right-of-use assets and
finance costs for lease liabilities in the income
statement. In the statement of cash fl ows,
operating lease payments previously classified
as cash fl ows from operating activities are now
classified as cash fl ows from financing activities
for principal repayments of the lease liability
and cash fl ows from operating activities for the
interest payments. There has been no impact
on actual cash payments as a result of the
adoption of NZ IFRS 16.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
HALF YEAR REPORT 2019
17

The Group used a number of practical
expedients when applying NZ IFRS 16 to
leases previously classified as operating
leases. In particular, the Group:
• did not recognise right-of-use assets
and liabilities for leases for which the lease
term ends within 12 months of the date of
initial application
• did not recognise right-of-use assets and
liabilities for leases of low-value assets
(for example, IT equipment)
• excluded initial direct costs from the
measurement of the right-of-use asset
at the date of initial application
• applied a single discount rate to portfolios
of leases with similar characteristics
• used hindsight when determining the
lease term
Right-of-use assets are measured at an
amount equal to the lease liability, adjusted by
the amount of any prepaid or accrued lease
payments. Following the adoption of NZ IFRS
16 the group has presented right-of use assets
within ‘property, plant and equipment’.
The group leases office buildings, sales offices,
office equipment (for example, photocopiers),
and plant and equipment for the use in the
construction of retirement-village units and
aged-care beds. After using the available
recognition exemptions allowed in NZ IFRS 16
for short-term leases and leases of low-value
assets it is only the Group’s lease of office
premises, sales offices and tower cranes for
which right of use assets and lease liabilities
have been recognised under the new standard.
The expenses incurred for short-term and
low-value leases continue to be recognised on a
straight-line basis in the income statement.
The Group recognises all long-term lease of
land within property, plant and equipment and
investment property. There has been no impact
on how the leases have been accounted for
under NZ IFRS 16 other than the recognition of
any future lease payments required under the
terms of the contract.
A lease contract may contain both lease and
non-lease components. For construction
leases (for example, scaff olding and tower
cranes), the Group has elected not to
separate non-lease components from lease
components, and instead accounts for the
whole contract as a lease.
As a result of adopting the new standard the
Group recognised $13.4 million of right-of-use
assets and associated lease liability in the
balance sheet at 1 April 2019.
At 30 September 2019, the right-of-use asset
was $11.1 million and the lease liability was
$11.3 million. The profit for the six months to
30 September 2019 is $0.2 million lower than
the profit that would have been reported had
the standard not been in place. This comprises
a decrease in operating expenses of $0.8
million, an increase in depreciation expense of
$0.8 million and an increase in finance costs
of $0.2 million. Net operating cash fl ows have
increased by $0.8 million and net financing
cash fl ows have decreased by $0.8 million
because of the adoption of the standard.
When measuring lease liabilities, the Group
discounts lease payments using its incremental
borrowing rate. This is calculated with reference
to the external borrowing facilities available to
the Group and the specific characteristics of
the lease. The weighted average borrowing rate
for the Group is 3.75%.
The depreciation and finance costs associated
with the right-of-use asset and lease liability
for tower cranes is capitalised as a cost of
constructing the asset.
For leases where the Group is the lessor
there has been no change to the recognition
or measurement on adoption of NZ IFRS 16.
There is no change in how occupation-right
agreements and associated management
fees are recognised. Management fees are
recognised on a straight-line basis over the
period of service. The period is determined
as being the greater of the expected period
of tenure, or the contractual right to
management fees.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
18
RYMAN HEALTHCARE

Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
Net profit after tax188,281169,533325,986
Adjusted for:
Movements in
balance-sheet items
Occupancy advances223,837157,615367,538
Accrued management fees(35,271)(25,417)(54,652)
Refundable accommodation
deposits
27,7754323,256
Revenue in advance2,9723,1165,890
Trade and other payables676(271)2,165
Trade and other receivables12,02258,60312,669
Employee entitlements1,6372,3703,597
Non-cash items:
Depreciation and amortisation13,75111,25023,125
Deferred tax7,4423593,429
Unrealised foreign-exchange loss(7,042)(4,315)1,332
Adjusted for:
Fair-value movement of
investment properties
(180,009)(155,438)(292,910)
Net operating cash fl ows256,071217,837401,425
Net operating cash fl ows include occupancy advance receipts from retirement village residents
of $393.5 million (six months ended 30 September 2018: $370.6 million and year ended 31 March
2019: $703.6 million).
Also included in operating cash fl ows are net receipts from refundable accommodation deposits of
$26.6 million (six months ended 30 September 2018: net payments of $0.4 million and year ended
31 March 2019: net receipts of $3.8 million).
Net operating cash fl ows also include management fees collected of $21.2 million (six months
ended 30 September 2018: $20.2 million and year ended 31 March 2019: $39.0 million).
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
2. RECONCILIATION OF NET PROFIT AFTER TAX FOR THE PERIOD
WITH NET CASH FLOW FROM OPERATING ACTIVITIES
HALF YEAR REPORT 2019
19

Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
At fair value
Balance at beginning of
financial period5,081,6074,398,3044,398,304
Additions147,316192,213395,931
Fair-value movement:
Realised fair-value movement:
• new retirement-village units31,83532,85087,866
• existing retirement-village units55,49349,762102,600
87,32882,612190,466
Unrealised fair-value movement92,68172,826102,444
180,009155,438292,910
Net foreign-currency
exchange diff erences14,8818,524(5,538)
Net movement for period342,206356,175683,303
Balance at end of financial period5,423,8134,754,4795,081,607
The realised fair-value movement arises from the sale and resale of occupancy advances to residents.
Investment properties are not depreciated and are fair valued.
The carrying value of completed investment property is the fair value as determined by an
independent valuation report prepared by registered valuers CBRE Limited, at 30 September 2019.
The valuer used significant assumptions that include long-term house-price infl ation (ranging from 0
percent to 3.5 percent nominal) (30 September 2018 and 31 March 2019: 0.5 percent to 3.5 percent)
and discount rate (ranging from 12 percent to 16 percent) (30 September 2018: 12 percent to 16.5
percent and 31 March 2019: 12 percent to 16 percent).
Investment property includes investment property work in progress of $318.9 million (six months
ended 30 September 2018: $329.0 million and year ended 31 March 2019: $325.1 million), which has
been valued at cost.
The CBRE valuation for the six months ended 30 September 2018 included within its forecast cash
fl ows the Group's expected costs relating to rebuild works at Malvina Major. The estimate of the gross
cash outfl ows included for remediation works was $10 million over a remaining 6-month period. (31
March 2019: $6 million over a remaining 6-month period). The estimates were based on information
available at the time. No costs have been included in the six months ended 30 September 2019.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
3. INVESTMENT PROPERTIES
20
RYMAN HEALTHCARE

Six months ended
30 Sept 2019
unaudited
Six months ended
30 Sept 2018
unaudited
Year ended
31 March 2019
audited
$000$000$000
Gross occupancy advances
(see below)3,427,6882,993,9293,203,851
Less management fees and
resident loans(412,053)(347,471)(376,161)
Closing balance3,015,6352,646,4582,827,690
Movement in gross
occupancy advances
Opening balance3,203,8512,836,3142,836,314
Plus net increases in
occupancy advances:
• new retirement-village units160,726120,447290,701
• existing retirement-village
units55,49349,762102,600
Net foreign-currency
exchange diff erences8,7665,245(3,408)
Decrease in occupancy
advance receivables(1,148)(17,839)(22,356)
Closing balance3,427,6882,993,9293,203,851
Gross occupancy advances are non-interest bearing.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
4. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
HALF YEAR REPORT 2019
21

5. DIVIDEND
On 21 November 2019 an interim dividend of 11.5 cents per share was declared and will be
paid on 13 December 2019 (prior year: 10.8 cents per share). The record date for entitlements
is 6 December 2019.
6. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares
(30 September 2018: 500,000,000 and 31 March 2019: 500,000,000). All shares rank
equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on
the basis of 500,000,000 ordinary shares (30 September 2018: 500,000,000 and
31 March 2019: 500,000,000 shares).
Shares purchased on market under the leadership share scheme are treated as treasury stock
until vesting to the employee.
7. TRADE AND OTHER PAYABLES
Trade payables are typically paid within 30 days of invoice date or the 20th of the month
following the invoice date. Other payables at 30 September 2019 includes $105.4 million
(30 September 2018: $19.6 million and 31 March 2019: $68.1 million) for the purchase of land.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
22
RYMAN HEALTHCARE

New ZealandAustraliaGroup
$000$000$000
Six months ended 30 Sept
2019 unaudited
Revenue194,81712,934207,751
Underlying profit (non-GAAP)92,81210,230103,042
less deferred tax expense(19,804)12,362(7,442)
plus unrealised fair-value
movement79,35213,32992,681
Profit for the period152,36035,921188,281
Non-current assets6,016,085895,9176,912,002
Six months ended 30 Sept
2018 unaudited
Revenue176,87210,318187,190
Underlying profit (non-GAAP)75,65921,40797,066
less deferred tax expense(359)-(359)
plus unrealised fair-value
movement60,70112,12572,826
Profit for the period136,00133,532169,533
Non-current assets5,237,233635,5375,872,770
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
8. OPERATING SEGMENTS
The Ryman Group operates in one industry, being the provision of integrated retirement villages for
older people in New Zealand and Australia. In presenting information on the basis of geographical
areas, net profit, underlying profit, and revenue are based on the geographical location of
operations. Assets are based on the geographical location of the assets.
HALF YEAR REPORT 2019
23

Underlying profit is a non-GAAP measure and diff ers from NZ IFRS profit for the period. Underlying
profit does not have a standardised meaning prescribed by GAAP and so may not be comparable
to similar financial information presented by other entities. The Group uses underlying profit, with
other measures, to measure performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.
Underlying profit excludes deferred taxation, taxation expense, and unrealised gains on investment
properties because these items do not refl ect the trading performance of the Company. Underlying
profit determines the dividend payout to shareholders.
9. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $147.4 million at 30
September 2019 (30 September 2018: $129.9 million and 31 March 2019: $127.3 million).
10. SUBSEQUENT EVENTS
Other than the dividends in note 5, there are no subsequent events.
New ZealandAustraliaGroup
$000$000$000
Year ended 31 March 2019
audited
Revenue358,52423,810382,334
Underlying profit (non-GAAP)189,90337,068226,971
less deferred tax expense(3,429)-(3,429)
plus unrealised fair-value
movement90,16712,277102,444
Profit for the year276,64149,345325,986
Non-current assets5,598,182700,3336,298,515
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
8. OPERATING SEGMENTS (CONTINUED)
24
RYMAN HEALTHCARE

HALF YEAR REPORT 2019
25

Highton1
Mt Martha
1
Mt Eliza
1
Aberfeldie
1
Coburg
Highett
Weary Dunlop
1
Nellie Melba
1
Ringwood East
•
Aberfeldie
•
Burwood East
•
Coburg
•
Highett
•
Highton
•
Mt Eliza
•
Mt Martha
•
Nellie Melba
•
Ocean Grove
•
Ringwood East
•
Weary Dunlop
Our villages in Victoria, Australia
Our villages in New Zealand
Whangarei
•
Jane Mander
Auckland
•
Bert Sutcliff e
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Hobsonville
•
Kohimarama
•
Lincoln Road
•
Logan Campbell
•
Murray Halberg
•
Possum Bourne
•
William Sanders
Hamilton
•
Hilda Ross
•
Linda Jones
Tauranga
•
Bob Owens
Gisborne
•
Kiri Te Kanawa
New Plymouth
•
Jean Sandel
Napier
•
Princess Alexandra
Havelock North
•
Te A u t e R o a d
Whanganui
•
Jane Winstone
Palmerston
North
•
Julia Wallace
Waikanae
•
Charles Fleming
Wellington
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
Nelson
•
Ernest Rutherford
Rangiora
•
Charles Upham
Christchurch
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Margaret Stoddart
•
Ngaio Marsh
•
Northwood*
•
Park Terrace
•
Riccarton Park
•
Woodcote
Dunedin
•
Frances Hodgkins
•
Yvette Williams
Invercargill
•
Rowena Jackson
Ocean Grove
Burwood East
1
1
1
1
1
Ryman village
Under construction
Council approval
Proposed village
*Subject to Overseas Investment Office approval
26
RYMAN HEALTHCARE

Our villages
Invercargill
1
Dunedin
Rangiora1
Christchurch
63
Nelson
1
Wellington
42
Waikanae
1
Palmerston North
1
Whanganui
1
New Plymouth
1
Havelock North
1
Napier
1
Gisborne
1
Tauranga1
Hamilton
2
Whangarei
1
Auckland
9
2
11
1
HALF YEAR REPORT 2019
27

Retirement villages
Anthony Wilding Retirement Village
5 Corbett Crescent, Aidanfield,
Christchurch
Bert Sutcliff e Retirement Village
2 Rangatira Road, Birkenhead, Auckland
Bob Owens Retirement Village
112 Carmichael Road, Bethlehem, Tauranga
Bob Scott Retirement Village
25 Graham Street, Petone, Lower Hutt
Bruce McLaren Retirement Village
795 Chapel Road, Howick, Auckland
Charles Fleming Retirement Village
112 Parata Street, Waikanae
Charles Upham Retirement Village
24 Charles Upham Drive, Rangiora
Diana Isaac Retirement Village
1 Lady Isaac Way, Mairehau, Christchurch
Edmund Hillary Retirement Village
221 Abbotts Way, Remuera, Auckland
Ernest Rutherford Retirement Village
49 Covent Drive, Stoke, Nelson
Essie Summers Retirement Village
222 Colombo Street, Beckenham,
Christchurch
Evelyn Page Retirement Village
30 Ambassador Glade, Orewa, Auckland
Frances Hodgkins Retirement Village
40 Fenton Crescent, St Clair, Dunedin
Grace Joel Retirement Village
184 St Heliers Bay Road, St Heliers,
Auckland
Hilda Ross Retirement Village
30 Ruakura Road, Hamilton
Jane Mander Retirement Village
262 Fairway Drive, Kamo, Whangarei
Jane Winstone Retirement Village
49 Oakland Avenue, St Johns Hill,
Whanganui
Jean Sandel Retirement Village
71 Barrett Road, New Plymouth
Directory
REGISTERED OFFICE
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
MELBOURNE OFFICE
Suite 10.03, Level 10
420 St Kilda Road, Melbourne
PO Box 33119
Melbourne VIC 3004, Australia
28
RYMAN HEALTHCARE

SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.com
AUCKLAND OFFICE
93 Ascot Avenue, Remuera
Auckland 1051, New Zealand
Julia Wallace Retirement Village
28 Dogwood Way, Clearview Park,
Palmerston North
Kiri Te Kanawa Retirement Village
12 Gwyneth Place, Lytton West, Gisborne
Linda Jones Retirement Village
1775 River Road, Hamilton
Logan Campbell Retirement Village
187 Campbell Road, Greenlane, Auckland
Malvina Major Retirement Village
134 Burma Road, Khandallah, Wellington
Margaret Stoddart Retirement Village
23 Bartlett Street, Riccarton, Christchurch
Murray Halberg Retirement Village
11 Commodore Drive, Lynfield, Auckland
Nellie Melba Retirement Village
2 Collegium Avenue, Wheelers Hill,
Melbourne
Ngaio Marsh Retirement Village
95 Grants Road, Papanui, Christchurch
Possum Bourne Retirement Village
5 Lisle Farm Drive, Pukekohe
Princess Alexandra Retirement Village
145 Battery Road, Napier
Rita Angus Retirement Village
66 Coutts Street, Kilbirnie, Wellington
Rowena Jackson Retirement Village
40 O’Byrne Street North, Waikiwi,
Invercargill
Shona McFarlane Retirement Village
66 Mabey Road, Lower Hutt
Weary Dunlop Retirement Village
242 Jells Road, Wheelers Hill, Melbourne
William Sanders Retirement Village
7 Ngataringa Road, Devonport, Auckland
Woodcote Retirement Village
29 Woodcote Avenue, Hornby, Christchurch
Yvette Williams Retirement Village
383 Highgate, Roslyn, Dunedin
HALF YEAR REPORT 2019
29

New villages in the pipeline
Victoria
Aberfeldie
2 Vida Street, Aberfeldie, Melbourne
Burwood East
65 Old Burwood Road, Burwood East,
Melbourne
Coburg
81a Bell Street, Coburg, Melbourne
Highett
32-40 Graham Road, Highett, Melbourne
Highton
157 South Valley Road, Highton, Victoria
Mt Eliza
70 Kunyung Road, Mt Eliza, Melbourne
Mt Martha
180 Bentons Road, Mt Martha, Melbourne
Ocean Grove
181 -199 Shell Road, Ocean Grove, Victoria
Ringwood East
2-16 Mt Dangdenong Road, Ringwood East,
Melbourne
New Zealand
Havelock North
122 Te Aute Road, Havelock North
Hobsonville
3 Scott Road, Hobsonville, Auckland
Karori
26 Donald Street, Karori, Wellington
Kohimarama
223 Kohimarama Road, Kohimarama,
Auckland
Lincoln Road
211 Lincoln Road, Henderson, Auckland
Newtown
192-206 Adelaide Road, Newtown,
Wellington
Northwood
486 Main North Road, Northwood,
Christchurch
Park Terrace
78 & 100 Park Terrace, Christchurch
Riccarton Park
1 Steadman Road, Christchurch
For more information on any of Ryman Healthcare’s retirement villages:
(New Zealand) 0800 588 222
rymanhealthcare.co.nz
(Australia) 1800 922 988
rymanhealthcare.com.au
Directory
30
RYMAN HEALTHCARE

rymanhealthcare.co.nz
rymanhealthcare.com.au