Ryman Healthcare Limited 2020 Annual Report
Ryman Healthcare
ANNUAL REPORT 2020
Cover image features Priscilla Lowry, a resident
photographed during our Pioneers brand campaign.
RYMAN HEALTHCARE
Our mission remains
the same as it has been
for the past 36 years -
the care we offer has
to be good enough for
Mum or Dad.
ANNUAL REPORT 2020
RYMAN HEALTHCARE
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4 Chair’s report
12 Project Safe Haven in action
14 Chief executive’s report
22 Our directors
24 Our senior executives
27 Thinking of everything
31 Our business model
39 Our pipeline of villages
41 Health, safety and wellbeing
45 Our financials
99 Statement of corporate governance
120 Our village locations
122 Directory
ANNUAL REPORT 2020
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Chair’s report
RYMAN HEALTHCARE
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The COVID-19 pandemic
of 2020 has been a once-
in-a-generation challenge.
The clarity of purpose of
this company was critical
to the response and I am
pleased to report we have
managed the challenge
to date and we remain in
good shape.
DR DAVID KERR
RYMAN HEALTHCARE CHAIR
ANNUAL REPORT 2020
5
A solid result in a challenging year
I’m pleased to report a solid year despite the challenges
thrown at us in its final months.
Our audited underlying profit rose 6.6 percent to $242 million.
Our reported profit, which includes unrealised valuations,
declined 19 percent to $265 million.
The unrealised fair value movement was down $173 million
in the current year due to changes in valuation assumptions
impacted by COVID-19. This was partially offset by the
reintroduction of tax depreciation by the New Zealand
Government on commercial buildings, which contributed to a
deferred tax credit of $86 million.
The full-year dividend was lifted to 24.2 cents per share, in
line with growth in underlying profit and our long-standing policy
of paying out 50 percent of underlying profits to shareholders.
“The care we took was
indeed good enough for
Mum or Dad.”
Ryman Healthcare is a company
with purpose. We build beautiful
and vibrant communities where
people can be reassured that
they will be looked after and
cared for in their retirement
years. The COVID-19 challenge
has shown, without a doubt,
that the peace of mind our
communities provide for our
residents and their families is
more important and relevant to
them than ever.
DIVIDEND GROWTH (CENTS)
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Total assets lifted to $7.68 billion
with a record $711.4 million invested
in our portfolio during the year.
Operating cash flows rose 12 percent
to $449.8 million, and cash receipts
were up 12 percent to $1.13 billion.
Our full-year underlying profit came
in below our medium-term target of
15 percent due to the challenge of
COVID-19. Despite the challenges
of the pandemic, we continue to be
focused on our medium-term goal of
doubling our underlying profit every
5 years, a compound annual growth
rate of 15 percent.
We incurred $26 million worth of
additional costs to prepare for
COVID-19 and to cope during
lockdown, a portion of which
impacted our annual result.
But the measures we took and
investments we made from January
to prepare for COVID-19 mean we
are in good shape to respond to the
challenges of the virus in the months
and years ahead.
Project Safe Haven
It was clear from very early on in the pandemic that older
people were particularly vulnerable to the virus, and, sadly,
that has played out in New Zealand, where all 22 people
who have lost their lives were aged over 60. In Victoria
20 people have lost their lives.
As a board and a management team we were determined to
do everything we could to make sure everyone was happy
and safe. Our response was called Project Safe Haven.
Our aim was to keep COVID-19 out of our villages. If we did
get any infections, we were fully prepared to contain them,
eradicate them and return to normal.
We turned our villages into safe havens where our care
residents were secure and had the best of care.
They were also havens for our independent residents, where
they had the peace of mind that they didn’t have to leave,
because our team would take care of everything for them.
It was our aim to ensure that the wellbeing of these
residents, their families and our team did not suffer as a
result of the measures we took.
As this report is published, no resident or team member
working in a Ryman village has had COVID-19, but we take
nothing for granted and we will continue to be extra vigilant.
The world is a different place now, and we have had to
change and adapt each day.
We’ve managed primarily because of the superb,
professional, can-do approach of all our team.
Our people are amazing. Our village care teams worked for
prolonged periods with full infection control measures in
place to keep all our residents in care safe.
ANNUAL REPORT 2020
7
They showed themselves to be very
resilient. This was a function of the
culture of the company.
Our rosters were robust and coped
well with the additional demands
of COVID-19. At its peak we had
282 residents and 345 staff in
COVID-19 isolation or off work as a
precautionary measure – and yet the
care continued to flow.
Over 10 weeks, our teams delivered
80,000 individual happy hours in a
bag and more than 10,000 grocery
deliveries were undertaken for our
independent residents.
All along the way our people enjoyed
the trust, cooperation and goodwill of
our residents and their families.
We asked our residents to go into
lockdown early, and they did so with little
complaint, and we stopped all visits,
which we know was extraordinarily hard
on residents and families alike.
We had to make some tough calls,
but our residents and families
understood our intentions, and
they gave us their support.
All these things required great leadership,
clear communication and a huge amount
of work.
I cannot thank our team enough. Our
residents think the world of them, and
so do we.
We have received thousands of emails
and cards from residents and their
families thanking our team.
Going harder, earlier
We went harder and earlier, and put additional measures
in place, which at times put us out of step with the
Government and Ministry of Health.
That’s because we had our own team of clinical specialists
working on the unique problems we faced, and while the
Ministry takes a whole-of-population view, our concern
was purely confined to the safety of our residents and staff.
Our Clinical Governance Committee met regularly with
our operations team, led by our Chief Operations Officer,
Cheyne Chalmers, and her team of highly experienced
aged-care nursing specialists. Cheyne worked closely with
the Ministry and with other nursing leaders, and we worked
collaboratively with the rest of the industry.
Our independent advice comes from Ben Harris, a
microbiologist and infection control specialist; Dr Doug
Wilson, a researcher and ageing specialist who spent
a long career in the pharmaceuticals industry; and
University of Otago gerontologist Professor Tim Wilkinson.
It is also a tribute to the leadership of Gordon and his team
that our staff and independent residents were happier
than ever during this crisis, as we have discovered in our
most recent surveys.
That is an extraordinary result given what we have
all been through.
“I cannot thank our team
enough. Our residents think the
world of them, and so do we.”
RYMAN HEALTHCARE
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We had to make some
tough calls, but our
residents and families
understood our
intentions, and they
gave us their support.
ANNUAL REPORT 2020
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Our model is more relevant
than ever
The COVID-19 challenge has proven
that the Ryman model of retirement
living and care is more relevant to our
residents and their families than ever.
Our residents have told us that living in
a Ryman village during the crisis gave
them a great sense of security and
their families said the same thing.
The care we took was indeed good
enough for Mum or Dad.
We’re a values-based company – the
safety and wellbeing of our people
always come first.
If we continue to do this, we will
weather the storm and enhance our
reputation as a safe haven for people in
their retirement years.
Our residents know that our villages
are places where they have fun and
have a special sense of community and
fellowship with each other. They have
told us that spirit is stronger than ever
because of COVID-19.
The challenge ahead
COVID-19 will continue to be a healthcare challenge for
some time.
In terms of the business challenge, we have a few key things
in our favour.
Firstly, our business model is robust. The challenges we
have faced since January have tested it and it remains
strong. We have not been as severely disrupted by
COVID-19 as some industries. Our balance sheet was able
to cope with this stress, and our bankers have been very
supportive, reflecting our mutual respect.
We are also fortunate that we operate in two of the few
countries in the world – New Zealand and Australia – that
have dealt with COVID-19 well.
Our response, and our geographical advantages, means
that we are well placed to continue to manage COVID-19 in
the future, and we have a great base to launch our recovery,
which is already under way.
We will look at new ways of communicating in the future
– and we have certainly learned a lot about the digital
capacity of our residents – and a host of new services they
might enjoy as a permanent feature.
We know that we will look at ways to design and build
differently. COVID-19 will help us to innovate and change.
The challenge we face is the balance between our
aspirations for the future and the reality that currently
exists with COVID-19.
We have proven we are up to the challenge, and that the
threat to health of outbreaks such as COVID-19 makes our
clinical care skills more relevant than ever.
RYMAN HEALTHCARE
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There is enormous demand ahead for
our services as the population ages.
COVID-19 only adds to this – there is
no doubt that high-quality aged-care
services will continue to be in demand.
We are committed to continue our
growth as we see real opportunity
ahead and we have a significant build
programme to meet that demand.
Board strengthened
In November we welcomed Paula Jeffs
to the board. Paula is a Melbourne-
based human resources executive
with experience across the healthcare,
financial and government sectors.
People are a precious resource and
identifying talent and finding and
developing the leaders we need to take
us into the future are challenges for us,
especially in a COVID-19 world.
In her short time with us, Paula’s
insights have been invaluable, and we
look forward to her contribution in the
months and years ahead.
I would like to thank all my board
colleagues for their support through
what was an extraordinary year.
You can be proud of the job they do
representing you as our business owners.
Thank you
It was quite a year. We are looking forward to the
challenges ahead and, as always, thank you for your
support as shareholders.
Dr David Kerr
CHAIR, RYMAN HEALTHCARE
“...there is no doubt that high-
quality aged-care services will
continue to be in demand.”
ANNUAL REPORT 2020
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Project Safe Haven in action
RYMAN HEALTHCARE
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ANNUAL REPORT 2020
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Chief executive’s report
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In 2020 we faced a
series of extraordinary
challenges caused by
COVID-19. We also
made a lot of progress,
which has left us in a
strong position to grow
and develop in the
years ahead.
GORDON MACLEOD
RYMAN HEALTHCARE CHIEF EXECUTIVE
ANNUAL REPORT 2020
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I am incredibly proud of the way
Ryman Healthcare performed
in 2020.
COVID-19 presented us with
a significant challenge, the
likes of which we have not
seen in the history of Ryman.
We adapted to that challenge
quickly and, most importantly,
kept everyone safe.
But it is early days and we are
not complacent. COVID-19 will
be with us for a very long time.
Rising to the challenge
The COVID-19 challenge has made us more determined
than ever to take care of our residents, and to get better at
what we do.
Our residents and their families loved what our team did to
keep them safe. Our team thrived on the challenge.
The coming year will not be lacking in challenge as we get
to grips with COVID-19, but we're in a good position to grow
and to prosper as a company.
A year of two parts
2020 was a year of two distinct parts – pre-COVID-19 and
then living in what became the COVID-19 emergency from
late January 2020.
We had a solid first 10 months of the year. February 2020
was our strongest February ever with record sales and we
had built a lot of momentum for March, which is the end of
the selling season for us and traditionally our biggest month.
“...we're in a good position
to grow and to prosper as
a company.”
UNDERLYING PROFIT GROWTH ($M)
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“Our care residents made 8,500
Zoom calls to loved ones in
lockdown, totalling 6,500 hours.”
I was confident we would be hitting
growth in underlying profit in the
range of 15 percent for the year, which
is our ongoing medium-term growth
target. We were launching into our
biggest-ever build programme with
12 sites under way and were on track
to be delivering over 1,000 beds and
units in the year ahead.
Then COVID-19 started to take hold.
We took some big decisions including
starting to ban visitors from countries
with COVID-19 in January, locking
down access to our villages in March,
increasing pay at our New Zealand
villages during lockdown and stocking
up on PPE to keep everyone safe.
We shut down all of our construction
sites in New Zealand, but we were
able to continue building in a reduced
capacity in Victoria.
We sent home all our Christchurch,
Auckland and Melbourne office teams
and redeployed some of our people
to support our villages – keeping in
touch with residents, doing welfare calls
and supporting with communications
and logistics. We even redeployed
our builders to help at our villages –
becoming our delivery and security team.
Our technology team moved several
hundred people to home-based
working pretty much overnight.
We also had to find a way to keep our aged-care residents in
touch with their loved ones with no visitors allowed.
I was delighted that we were able to deploy Zoom across
the several thousand tablets that, because of myRyman, are
present in every care room. Our care residents made 8,500
Zoom calls to loved ones in lockdown, totalling 6,500 hours.
We could do all of this because we have invested heavily in
technology over the past 4 years, particularly in myRyman,
and this digital investment paid dividends in the crisis.
It meant we already had the hardware in place and software
platforms to cope in the COVID-19 environment. When we
needed something different, such as booking systems or
contact tracing software, our IT team was able to deliver quickly.
Our sales advisors hit the phones to keep in touch with
prospects and people under contract, and were back selling
again safely once restrictions were lifted.
Building from a solid base in care
We continued to improve the experience of living in a Ryman
village and we were once again named the Most Trusted Brand
in the aged-care and retirement-village sector in New Zealand.
This is the sixth time we have received this award and it was
backed by our continued clinical excellence, with more than
80 percent of our New Zealand villages now having achieved
gold standard 4-year certification.
We completed the roll-out of our myRyman Life dementia
training programme, which aims to support people living with
dementia to live in the moment, and to feel kindness, love
and security.
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ANNUAL REPORT 2020
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It promotes spontaneity, laughter
and happiness by de-stressing their
environment, allowing them to make
sense of their world, lifting their quality
of life and demystifying dementia for
their loved ones.
More than 3,200 of our team members
have completed the training and more
than 840 family members took the
time to train as well, so they can better
understand dementia.
All of our New Zealand villages have
been granted the Dementia Friendly tick
by Alzheimers NZ. We are the largest
organisation of our kind to achieve this
status across all our villages.
We are proud of this achievement. Every
aspect of what we do was examined to
ensure that we are truly an organisation
that is committed to providing kind,
caring and supportive environments for
people living with dementia.
We are Alzheimers NZ’s lead partner,
and we support the mission to
demystify and destigmatise dementia.
Dr Michael Fehlings and The Right Honourable
Jacinda Ardern, Prime Minister of New Zealand.
A host of community organisations and good causes
benefited from our support during the year. In the Pacific we
supported Samoa during the measles epidemic by funding
vaccination equipment, and we supported staff affected by
Cyclone Harold.
We raised $440,000 for our annual charity partners, the
Breast Cancer Foundation in New Zealand and the National
Breast Cancer Foundation in Australia. In the coming year we
will be supporting Melanoma New Zealand and Melanoma
Institute Australia.
Prime Minister Jacinda Ardern awarded our fifth annual
Ryman Prize during the year. The $250,000 international
prize is presented for the best work, carried out anywhere
in the world, that has enhanced quality of life for older
people. The winner was Dr Michael Fehlings, a world-leader
neurosurgeon and researcher who has concentrated on a
condition called degenerative cervical myelopathy, which
affects 10 percent of the older population.
We looked at ways to make our villages more sustainable
and managed to decrease our carbon footprint from our
New Zealand villages by 18 percent in the 2019 calendar year,
chiefly by diverting waste away from landfill.
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Strong base for growth
During the year we purchased four new sites:
Ringwood East and Highett in Melbourne, Northwood
in Christchurch and Takapuna in Auckland. These new
sites added 1,075 beds and units, maintaining our land
bank at over 6,500 beds and units.
We had a great year at getting sites through planning.
Seven new villages were approved by councils including:
Havelock North in the Hawkes Bay, Hobsonville in
Auckland, Riccarton Park in Christchurch, Aberfeldie
and Highett in Melbourne and Ocean Grove and Highton
in Victoria.
This added 2,029 beds and units to our consented
land bank and we finished the year with our largest
consented land bank: 60 percent of beds and
units consented.
In addition to this, we’ve submitted a further seven
applications representing 2,235 beds and units at Karori
in Wellington, Kohimarama in Auckland, Park Terrace and
Northwood in Christchurch, Ringwood East in Melbourne
and Mt Martha and Mt Eliza in Victoria.
Experience tells us that some villages may take longer than
others to get approval, and that’s why we have focused on
creating a strong pipeline of projects to develop.
It is a real credit to the team and means we are well placed
for growth over the next few years.
Busy building
We are building on 12 sites. We are not planning to start
on any other new sites at this stage, even though we have
options to do so.
We lost momentum because of COVID-19 but we are
targeting our build rate to be 900 beds and units
in the coming year.
“No-one needed to be told how
important keeping our residents
safe is. It is part of our team’s DNA.”
Developing our team
A focus for the year was improving life
for our team members. This included
further development of our LEAP
and senior leadership development
programmes, continued focus on
health, safety and wellbeing, and
improving the pay and conditions of
our teams.
Our safety culture also proved it
was up to the challenge of COVID-19.
No-one needed to be told how
important keeping our residents
safe is. It is part of our team’s DNA.
The net result of all this work was the
strongest staff survey results in our
history. This puts us in a great position
to get even better.
ANNUAL REPORT 2020
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Better by design
We put a lot of energy and investment
into improving the design of the
apartments, townhouses and villages
we are delivering.
Our interiors team has revamped the
design of our public areas, cafés and
the kitchens and bathrooms in our
apartments and townhouses.
The new kitchens and bathrooms
have been a hit with residents. They
feature Italian-style wall and floor tiles,
waterfall-style bench tops, warm wood
tones and new lighting and cabinetry.
They’re fresh, modern and what our
residents have told us they like.
Increased development activity
Our total assets increased 15 percent to $7.68 billion
during the year. Receipts from residents also lifted in
the year, up 12 percent to $1.13 billion.
Our debt increased to $1.7 billion reflecting our expansion
into Victoria and a lift in our construction activity, which sees
us now building across 12 sites. This is our biggest ever build
program. The vast majority of this debt relates to our land
bank and development working capital. Our goal remains
that our villages are self-funding on completion. This means
we endeavour to recycle our cash investment in each village
while also establishing a recurring revenue stream of care fees,
deferred management fees and resales that will grow over time.
CASH RECEIPTS FROM RESIDENTS ($BN)
TOTAL ASSETS ($BN)
Bank debtTotal assets
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Living in a COVID-19 world
If you could pick any countries in the
world to operate in during a pandemic,
it would be hard to beat New Zealand
and Australia.
We have been through a short-term
crisis, but we couldn’t be in a better spot.
They are both markets with ageing
populations, where a shortage of
housing and care options is likely in
the years ahead. We believe the best
years are in front of us and we remain
committed to growth so that we can
serve more communities.
We plan to continuously improve
what we do for residents, build
wonderful villages in great locations,
develop our teams and make the best
of new technology.
As shareholders I think you can feel
very proud of your investment in
Ryman and of the people that work
for your company.
They have done an incredible job and
will continue to do so.
Gordon MacLeod
CHIEF EXECUTIVE, RYMAN
HEALTHCARE
“We plan to continuously
improve what we do
for residents, build
wonderful villages in
great locations, develop
our teams and make the
best of new technology. ”
ANNUAL REPORT 2020
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Our directors
Jo Appleyard
LLB (HONS)
DIRECTOR
Jo is a partner at Chapman Tripp. She is a skilled advocate and
litigator specialising in commercial, employment, and resource
management law. Jo has been a member of the NZ Markets
Disciplinary Tribunal since 2011.
George Savvides
AM, BE (HONS), MBA, FAICD
DIRECTOR
George lives in Melbourne and has 20 years’ CEO experience
in Australia’s healthcare industry including 14 years as CEO
of Medibank, Australia’s largest health insurer. George joined
Ryman’s board in 2013. He is also chair of listed biotech company,
Next Science Ltd, deputy chair of public broadcaster SBS, and
non-executive director of IAG (Insurance Australia Group).
A Fellow of the Australian Institute of Company Directors, he was
made a Member of the Order of Australia in 2020.
Dr David Kerr
MBCHB, FRNZCGP
CHAIR
David joined Ryman’s board in 1994 and has held the role of
chair since 1999. A general practitioner, David is a fellow and
past president of the New Zealand Medical Association. He was
awarded a Fellowship with Distinction by the Royal New Zealand
College of General Practitioners. He is chair of EcoCentral and
Centercare Limited and a director of Forté Health, Third Age Health
and Ngāi Tahu Property.
Warren Bell
MCOM, FCA
DIRECTOR
Warren joined the board in 2011. He is an experienced public and
private company director, and was previously an audit partner.
Warren is currently chair of Hallenstein Glasson and St George’s
Hospital, and is a director of several private companies.
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Geoffrey Cumming
BE (HONS), MSC (ECON), LLD
DIRECTOR
Geoff rejoined the board in June 2018, having previously served as
a director from 1999 to 2000. He is a Canada-based New Zealand
citizen who is an economist, investor and philanthropist. He has
more than 30 years’ experience as a chief executive and as a
company director, having served on more than 25 corporate boards
in a wide range of countries and industries.
Claire Higgins
BCOM, FCPA, FAICD
DIRECTOR
Based in Victoria, Claire is a director and consultant with board
experience in Australia and New Zealand. She joined Ryman’s board
in 2014. Claire is chair of REI Superannuation Pty Ltd, and holds
director positions in the property, health and philanthropic sectors.
Claire had a long executive career at BHP and OneSteel Limited
before becoming a professional director.
Anthony Leighs
NZCB
DIRECTOR
Anthony is managing director of Leighs Construction, which
he founded in 1995 and built into one of New Zealand’s leading
commercial construction contractors. He is a former chairman
of the New Zealand Registered Master Builders Association.
Anthony joined the Ryman board in 2018.
Paula Jeffs
BA (PSYCH & MEDIA), GRAD DIP (IR), GAICD, CAHRI
DIRECTOR
Paula is a Melbourne-based human resources executive with
experience across the healthcare, finance and government sectors
and deep expertise in workforce planning, organisational capability
and executive coaching. She joined the Ryman board in 2019. In the
early stages of her working life, Paula spent several years as a carer
in the aged and disability sector.
ANNUAL REPORT 2020
23
Our senior executives
Cheyne Chalmers
CHIEF OPERATIONS OFFICER
Cheyne is a registered nurse and has worked in New Zealand
and Australia in senior roles in public health, including as
Executive Director of Residential and Support Services and
Chief Nursing and Midwifery Officer at Monash Health, Melbourne,
and has been influential at a state and national level. Cheyne
is also an adjunct professor at Deakin University in Victoria.
Cheyne joined Ryman in 2020.
Gordon MacLeod
CHIEF EXECUTIVE
Gordy joined Ryman in 2007. He had previously been a corporate
finance partner with PwC and was the finance director of a
London-listed hi-tech engineering company. Gordy has a Bachelor
of Commerce degree and during the year he was made a Fellow
of Chartered Accountants Australia New Zealand (FCA). He is a
board member of the New Zealand Aged Care Association and
the Retirement Villages Association.
Tom Brownrigg
CHIEF CONSTRUCTION OFFICER
Tom joined Ryman in 2006 and has overseen the
construction of more than 20 Ryman villages. He has
over 30 years’ experience in the construction industry
in New Zealand and the United Kingdom, in roles ranging
from carpentry to project management.
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Mary-Anne Stone
ACTING CHIEF SALES AND MARKETING OFFICER
Mary-Anne has over 25 years’ experience in healthcare
in roles ranging from village manager to business
development and general practice management.
Mary-Anne has a Masters in Population Health focused
on health systems for ageing populations and health
equity. Mary-Anne rejoined Ryman in 2020.
David Bennett
CHIEF FINANCIAL OFFICER
Dave joined Ryman in 2013 and was promoted to Chief
Financial Officer in 2017. Dave has a Bachelor of Commerce
degree and is a chartered accountant. Before joining
Ryman, he worked as an accountant and auditor.
Nicole Forster
CHIEF PEOPLE AND TECHNOLOGY OFFICER
Nicole joined Ryman in 2011. After holding the roles of
Group HR Manager and Group Shared Services Manager,
she was promoted to Chief People and Technology Officer
in 2018. Before joining Ryman, Nicole worked in a variety of
human resource, healthcare-related and leadership roles.
Jeremy Moore
CHIEF DEVELOPMENT OFFICER
Jeremy is an experienced property executive in the
retirement sector. He has been a senior member of the
Ryman development team since 2012 and was appointed
Chief Development Officer in January 2020. He holds a
Bachelor of Commerce and Management degree.
ANNUAL REPORT 2020
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Joan Swift
EDMUND HILLARY RESIDENT
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Thinking of
everything
ANNUAL REPORT 2020
27
Ryman residents are nothing
if not inventive, finding a myriad
of ways to thank their village
teams for the work they did
through lockdown.
They teamed up to thank them
with poems, pot banging, home
baking, impromptu concerts, tea
towel waves and serenades. At
Bruce McLaren they gathered
on the balconies to applaud the
teams, and a number of family
members at different villages
arranged for special treats to be
sent to staff during lockdown.
Joan Swift was one of the thousands of residents to get
in touch to say thanks.
In fact, she was so impressed that Ryman Healthcare
was doing its utmost to keep all of its residents safe,
she even wrote a letter to TV3’s The AM Show listing
all the many measures the company had taken in its
34 New Zealand villages.
“We have just been so well looked after I wanted to tell
them,” she says.
“The management and staff went that extra mile to keep
us happy and occupied, and always with lots of smiles.”
Visitors were screened weeks before the country went
into lockdown, and everyone who did visit had to have a
temperature check and sign a declaration stating they
were not unwell and hadn’t been in contact with people
coming from overseas.
Residents were also advised to stay within the village and
staff stepped up the number of deliveries of groceries
and supplies to reduce the need to leave the grounds.
“We’d still get our happy hour each week, just delivered
to the door. On Wednesdays we’d receive a bottle of
milk, a loaf of bread and a packet of biscuits and we also
received a huge carton of groceries including essentials
and some sweet treats.”
In her letter to TV3, she wrote: “This was so generous
and thoughtful of Ryman. They are to be commended for
their spontaneous gifts.”
Along with waving to her family from afar when they
brought her groceries, Joan says these gifts were a real
highlight of the lockdown as it was always exciting to see
what it could be.
RYMAN HEALTHCARE
28
Joan put her time in lockdown to good use. Having worked
as a volunteer for cancer charities for decades, she decided
to get busy and organise the mountain of photos and
cuttings she had collected.
“I thought it’s about time I did a sort out and that took me
quite a while.
“Then I’d do the wordsearch every day, which I thoroughly
enjoyed. I read a stack of books, and I’d go for a walk and the
day just went!”
The move to Level 2 was wonderful for Joan, who could
finally visit her family again. Having gone from weekly dinners
with them to not seeing them at all had been the hardest part.
Joan says she has loved every minute of her 9 years
living at Edmund Hillary Retirement Village, and going into
lockdown was just more confirmation that she had made
the right move.
Joan Swift
EDMUND HILLARY RESIDENT
And she was pleased to see that
Ryman was looking after the team too.
“The staff got a pay rise during Level 4
and were given free meals and groceries
to take home to their families.
“Flu vaccinations were made available
to everyone and a counselling line was
set up,” she says.
“What is not to like about being at
Edmund Hillary Retirement Village.
Thanks to the vigilance of the teams
who look after us all, my family are very
happy I am in such a safe bubble.”
Joan says the staff would set up a
boom box outside different apartment
blocks each day to play music for all
the residents.
“Each apartment block had a day
where we’d all pop out onto our decks
to sing! The singing was another
highlight for me.”
“What is not to like about
being at Edmund Hillary
Retirement Village”
ANNUAL REPORT 2020
29
RYMAN HEALTHCARE
30
Our
business
model
ANNUAL REPORT 2020
31
Our business model revolves around caring for
older people and building communities where
people love to live and work. We do this by
building critical healthcare infrastructure and
quality living options for older people.
We start by finding the right site, making sure that
we are taking Ryman to the right places. We then
consult with local stakeholders – as these will be
our neighbours, our suppliers, our employees
and our residents – before developing plans
for the village. Our villages are part of a
community, so it is critical that we engage with
a wide range of stakeholders to make sure our
village design works for both our neighbours
and our future residents.
We then build the village and sell down the
occupation rights to the units to recycle cash
to reinvest in the next village.
Creating value
Ryman Healthcare creates value by
building communities where people
love to live and work.
We have been doing this since 1984.
We build communities with a purpose.
They are places where older people
can choose to live in beautiful homes
and enjoy all the benefits of living in a
retirement community surrounded by
supportive friends.
They are communities where residents
can also expect the best of care should
they need it.
They are places where their families
can visit and feel at home.
Families know their loved ones have
the comfort, security and dignity that
come with the best clinical care.
Right at the start, 36 years ago, our
co-founder Kevin Hickman described
this purpose as providing care that had
to be ‘‘good enough for Mum” (or Dad).
That goal remains unchanged. It is
what we do. We see it as our privilege
to do it.
RYMAN HEALTHCARE
32
Using our capitals to build integrated communities
Our business model draws on six capitals to create value over time.
Our people
Our most precious resource
is our people. Making sure they
get home safe and well each
day is our priority.
We want them to love the
experience of working at
Ryman, and we want to do
everything we can to allow
them to develop and build
long-term careers with us.
Our expertise
Over the past 36 years we have
built a wealth of knowledge
in how to build and operate
communities where people
thrive in retirement and
receive the best of care. We do
everything we can ourselves,
so we have built a huge amount
of intellectual property and
systems experience which
we use to our advantage.
We listen to our residents,
staff and families and are
constantly innovating.
Our communities
Each time we build a Ryman
village, we establish a new
community within the residents’
wider community dedicated
to meeting an important and
growing social need – the care
of older people. With a rapidly
ageing population, the critical
infrastructure we are building
is an important asset to the
broader community. The wider
community also benefits from
the long-term sustainable jobs
we create, and the release of
family homes for new owners.
Our relationships
Each village generates a
network of relationships
between residents, their
families, and our teams. We
have worked with some of our
suppliers for a long time. We
have grown together and built
a great deal of trust. We value
these relationships; they are
the basis of our success.
Our environment
We make sure all our decisions
are made with sustainability
in mind, so that we leave the
environment in good condition
for the generations to come.
We encourage our team and
the people who supply us to
think the same way.
Our financial strength
Our financial strength allows
us to reinvest to create value
in the medium and long term
as well as generating returns
for shareholders to reward
them for investing in us. Our
view is always long term.
We recognise our investors
have plenty of choice about
where to invest, and we
appreciate their support.
ANNUAL REPORT 2020
33
How we create value over time
G
O
O
D
E
N
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H
F
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C
E
CARING FOR
OUR OLDER
PEOPLE
Build
integrated
retirement
villages
Develop
and support
our team
members
2.
1.
Our people
Our expertise
Our
communities
Our
relationships
Our
environment
Our financial
strength
RESOURCES
RYMAN HEALTHCARE
34
G
O
O
D
E
N
O
U
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H
F
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Deliver
world-class
care
Create sustainable
communities
3.
4.
Incomes, security
and wellbeing for
our team
Revenues for our
business partners
Returns for
providers of
capital
Recycle capital
to invest in
future growth
Freedom to live
with choice
VALUE
CREATED
Care now and
into the future
ANNUAL REPORT 2020
35
Our business model creates sustainable value
Each Ryman village we build goes on to become an integral
part of its wider community, providing homes and care for
our residents, reassurance for families, and careers and
livelihoods for hundreds of team members.
As well as creating homes for our residents, our villages
become hubs for community activities as residents bring
their lifetime interests, friends and activities with them when
they move in. Each village frees up hundreds of homes in its
community for families to move into.
Freedom to live with choice
Our villages offer living choices to suit everyone so residents
can live the way they want and blaze their own trails. Today’s
retirement generation have their own vision on how they’d like
to spend their retirement – they’re travelling, finding time for
pastimes, taking on responsibilities in their communities, and
they have no intention of letting retirement slow them down.
The pace of life doesn’t stop at the village gates. In fact,
many residents tell us they’re more active since moving to
a Ryman village. They have more time to do the things they
love, they’re making new friends and they’re even trying new
things that they never dreamed of trying before.
But when things get tough, as has been the case in recent
months, our villages are safe havens providing security and
assurance for our residents and their families.
Care now and into the future
Our villages offer comprehensive care options including
resthome, hospital and specialist dementia care. We are
an integral part of the health system in New Zealand, and
increasingly Victoria.
Residents and their families feel reassured knowing that our
care services are there if they ever need them.
We continue to go beyond what’s expected because we want
our residents to live life to the full. We want their everyday
experience at Ryman to be the best
it can be and the only way to achieve
that is by keeping care at the heart of
everything we do.
We constantly review our processes
and evolve through innovation so
that the care we provide is always of
the highest standard. This is evident
through innovations such as our
myRyman care app. This custom-made
app has made a once-in-a-generation
improvement to the way we deliver care.
Our care continues to be recognised
as the best in the industry, with over
80 percent of our care centres having
achieved 4-year certification. This is
awarded by the New Zealand Ministry
of Health and is recognised as the ‘gold
standard’ of care and we have also
achieved excellence in our audit results
in Australia.
The healthcare community – be it local
health boards, GPs or pharmacists
– recognises that we are building
critical healthcare infrastructure for
the benefit of the area. They quickly
become our partners in the delivery
of healthcare services. We’re on the
same team when it comes to caring for
people in their community.
Incomes, security and wellbeing
for our team
Each village we build creates an
economic engine in the community it
serves, and its impact ripples out to
hundreds of stakeholders.
RYMAN HEALTHCARE
36
A new village creates hundreds of long-term, sustainable
and skilled jobs.
During the peak of construction, up to 400 workers will
be on site each day.
Once it is built, a village plays a significant role in the lives
of our team and their families.
Each member of our team is part of the wider community,
and their prosperity, happiness and wellbeing at work
extend out to their families, and further.
Revenues for our business partners
We have worked with some of our suppliers for decades.
We build long-lasting relationships and their businesses
have grown as we have.
Our villages also become an economic hub for local
businesses, including suppliers, hairdressers, florists and
a host of long-term business partners.
Returns for providers of capital
Since 1999 we have returned 50 percent of our underlying
profit to shareholders, and we have invested the other
50 percent for future growth.
This formula has ensured that our shareholders share in
our success, and they share in our plans to create value in
the medium and long term by building a growing network of
villages that are needed to cope with the ageing population.
Including the 2020 final dividend, more than $920 million
in dividends has been returned to shareholders.
Recycle capital to invest in future growth
In 1999 Ryman listed on the NZX and raised $25 million
to expand and build a portfolio of villages to meet the
extraordinary demand for retirement living that lay ahead.
Since then, our model of recycling
capital has enabled us to reinvest in our
people, systems and villages and grow
that $25 million to $7.7 billion in assets.
Pioneers
Ryman has always been a company
of pioneers. Kevin Hickman and John
Ryder pioneered the retirement-village
industry model in 1984.
Over the years we have cared for more
than 35,000 people and their families,
and we have built a huge amount of
trust in what we do.
Kevin had a great saying:
“As soon as you think you’ve got it
cracked – you’re done.’’
He was right. We aim for excellence
every day, but we also know there are
times when we may not get it right.
We can never be complacent.
We will never settle for the status
quo and our formula is constantly
being refined as we build each new
generation of villages.
What we know for sure is the status
quo today won’t be there tomorrow,
because the needs of our residents are
constantly changing.
We must continually adapt to this and
make the best use of technological
advances to improve the quality of
care we can deliver.
We’re looking forward to pioneering the
next phase and continuing to create
value in the decades to come.
ANNUAL REPORT 2020
37
We have our largest
pipeline of consented
villages, which gives
us a great platform
for growth.
RYMAN HEALTHCARE
38
Our pipeline of villages
DesignVillagesConsentingConstructionVillage openFinal
stages
Council
approval
The pipeline is subject to resource and building consent and various regulatory approvals.
* Subject to Overseas Investment Office approval.
Nellie Melba
Murray Halberg
William Sanders
Linda Jones
John Flynn
Lincoln Road
Highton
Havelock North
Aberfeldie
Hobsonville
Riccarton Park
Ocean Grove
Highett
Coburg
Northwood
Mt Martha
Kohimarama
Ringwood East
Mt Eliza
Park Terrace
Karori
Takapuna*
Newtown
ANNUAL REPORT 2020
39
RYMAN HEALTHCARE
40
Health,
safety and
wellbeing
ANNUAL REPORT 2020
41
Health, safety and wellbeing
At Ryman everything we do in health, safety and wellbeing
is driven by our vision, our key values and our beliefs. Our
culture is to look after and support our people; they make
Ryman the company it is.
We strive to be safer together by encouraging our people
to speak up on safety and to go the extra mile so we can
achieve our vision of Everyone home safe and well.
And we are working to further embed health, safety and
wellbeing so that it is considered an integral part of all our
business decisions.
Our safety message comprises three steps:
Safer Together
Although we operate as a single
company, the reality is each division
within Ryman is unique, with different
levels of risk and different environments.
Instead of having a one-size-fits-all team
working across Ryman, we continue
to build our team of health, safety and
wellbeing leaders for construction,
operations and our offices, ensuring we
have specialists working within each.
Our aim is to ensure our teams have
specialised and focused help at hand.
We want our people to feel empowered
to make a positive difference to health,
safety and wellbeing. Our Safer Together
panels provide the opportunity for our
team members and the wider Ryman
family to come together and discuss
what we can do better in health, safety
and wellbeing.
1
Stop – If you don’t feel safe or comfortable
doing something, please stop. We will support
you in this decision even if it affects build
timeframes or any other project deadlines at
our villages, offices or construction sites.
2
Intervene – If you see anyone doing
something unsafe, don’t sit back or walk
by – please intervene.
3
Speak up – Speak up on safety. Tell your
manager or supervisor if you’re not being
supported in working safely. Escalate it if
nothing happens. If you feel uncomfortable
doing so, then call the confidential HR line.
RYMAN HEALTHCARE
42
Strengthening the health and wellbeing
of our people
The COVID-19 crisis has put a significant amount of
pressure on our team, and many of them made huge
personal sacrifices to stay at work and keep residents safe.
Wellbeing is critical to health and safety and we are
committed to helping our teams reduce exposure to
work-related health risks and to creating an environment
that enhances our people’s wellbeing.
Teams that are supported to positively manage their
personal health and wellbeing are three times more
productive than those with poor health, and evidence
suggests they are likely to act and work more safely too.
We now have a dedicated group health, safety and wellbeing
manager who is specifically focused on the overall safety and
wellness of our people. During the year a large programme
of work, including a wellness month and additional wellness
days for team members, was completed.
Key improvements in 2020
increase in safety team support
on all construction sites
50%
50%
17%
reduction in high-risk findings
from construction safety audits
reduction in village staff injuries
Enhancing health, safety
and wellbeing within our wider
Ryman family
One of Ryman’s key strengths is
our ability to bring multiple players
together to identify areas that need
improvement in health, safety and
wellbeing, and to work collectively to
deliver results.
This commitment to improvement
involves engaging on our health, safety
and wellbeing practices with our
suppliers, who are an integral part of
the wider Ryman family.
Contributing to the improvement of the
safety and quality of life of the people in
our communities means everyone wins.
At Ryman, we are striving to lead by
example through ensuring health,
safety and wellbeing is always our
priority, and it is our commitment to
ensure appropriate resource is always
available to support our vision. We’ve
always been about being “good enough
for Mum” (or Dad) and we strongly
believe that the only thing good enough
for Mum, when it comes to health,
safety and wellbeing, is our vision of
Everyone home safe and well.
ANNUAL REPORT 2020
43
RYMAN HEALTHCARE
44
Our
f inancials
ANNUAL REPORT 2020
45
COVID-19 has presented
numerous challenges
for our residents, future
residents and staff
however, we remain in
good shape with a strong
balance sheet.
RYMAN HEALTHCARE
46
6-year summary
FOR THE YEAR ENDED 31 MARCH 2020
20202019201820172016
2015
Financial
Underlying profit (non-GAAP)$m242.02 27.0203.5178.31 57.7136.3
Reported net profit after tax$m264.7326.0388.2356.7305.4241.9
Net operating cash flows$m449.8401.4349.3322.8315.5234.0
Net assets$m2,301.02 ,170.11,940.51,652 .11 ,3 27.51,101.3
Interest-bearing debt to interest-
bearing debt plus equity ratio%42%38%35%34%29%27%
Dividend per sharecents24.222 .720.41 7. 815.813.6
Villages
New sales of occupation rightsno.513414458600518545
Resales of occupation rightsno.923824825718690630
Total sales of occupation rightsno.1,4361,2381,2831,3181,2081,175
Land bank (to be developed)
1,2,3
no.6,5956,5935,9525,5544,2114,228
Portfolio:
Aged-care bedsno.3,9113,6603,3673,2813,12 12,807
Retirement-village unitsno.7,4 2 36,8786,4145,9685,3474,792
Total units and bedsno.11,33410,5389,7819,2498,4687,599
1 Includes retirement-village units and aged-care beds.
2 Included in the 6,595 beds and units is a site acquisition at Takapuna (Auckland) which is subject to Overseas Investment Office approval.
3 Of the 6,595 beds and units in the land bank, 2,626 are subject to resource and building consent.
20202019201820172016
2015
Underlying profit (non-GAAP)$m242.02 27.0203.5178.31 57.7136.3
Plus unrealised fair-value movement
on retirement-village units$m
(70.9)
102.4185.3184.7151.6
105.7
Plus deferred tax movement
$m
93.6(3.4)(0.6)(6.3)(3.9)(0.1)
Reported net profit after tax$m264.7326.0388.2356.7305.4241.9
Underlying profit is a non-GAAP* measure and differs 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 movement on investment properties because these
items do not reflect the trading performance of the Company. Underlying profit determines the dividend payout to shareholders.
* Generally Accepted Accounting Principles.
ANNUAL REPORT 2020
47
The accompanying notes form part of these financial statements.
48
RYMAN HEALTHCARE
Financial statements
50 Primary statements
50 Consolidated income statement
50 Consolidated statement of comprehensive income
51 Consolidated statement of changes in equity
52 Consolidated balance sheet
53 Consolidated statement of cash flows
55 Notes to the consolidated financial statements
55 Statement of compliance
55 Basis of preparation
55 Measurement base
55 Critical judgements in applying accounting policies
56 Uncertainty due to COVID-19
56 Summary of significant accounting policies
65 Other notes
65 Operating expenses
65 Depreciation and amortisation expense
65 Finance costs
66 Income tax
68 Trade and other receivables
69 Property, plant and equipment
72 Investment properties
74 Cash and cash equivalents
74 Trade and other payables
74 Employee entitlements
75 Borrowings
76 Lease liabilities
77 Occupancy advances (non-interest bearing)
77 Share capital
78 Reserves
79 Dividends
79 Related-party transactions
80 Key management personnel compensation
81 Financial instruments
86 Commitments
87 Contingent liabilities
87 Reconciliation of net profit after tax with net cash flow from operating activities
88 Subsidiary companies
89 Segment information
91 Employee share schemes
92 Subsequent events
92 Authorisation
94 Independent auditor’s report
49
ANNUAL REPORT 2020
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 financial statements.
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2020
Notes20202019
$000
$000
Care fees333,398302,003
Management fees88,71378,944
Interest received547532
Other income1,225855
Total revenue423,883382,334
Fair-value movement of investment properties7144,438292,910
Total income568,321675,244
Operating expenses1(349,249)(303,745)
Depreciation and amortisation expense2(28,616)(23,125)
Finance costs3(19,309)(18,959)
Total expenses(397,174)(345,829)
Profit before income tax1 7 1 ,1 47329,415
Income-tax credit/(expense)493,563(3,429)
Profit for the year264,710325,986
Earnings per share
Basic and diluted (cents per share) 1452.965.2
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2020
Notes20202019
$000$000
Profit for the year264,710325,986
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of interest-rate swaps15(10,416)(5,181)
Deferred tax movement on interest-rate swap reserve152,9161,451
Gain on hedge of foreign-owned subsidiary net assets151,2051,333
Loss on translation of foreign operations15( 5,6 74 )(4,966)
(11,969)(7,363)
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment (unrealised)6, 15-24,456
-24,456
Other comprehensive income(11,969)17,093
Total comprehensive income2 5 2 ,741343,079
RYMAN HEALTHCARE
50
The accompanying notes form part of these financial statements.
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2020
Notes
Issued
capital
Asset
revaluation
reserve
Interest-
rate swap
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity
$000$000$000$000$000$000$000
Balance at 1 April 201833,290233,319(5,913)(2,243)(22,497)1,704,5631,940,519
Profit and total comprehensive
income for the year15-24,456(3,730)(3,633)-325,986343,079
Treasury stock movement15----(4,968)-(4,968)
Dividends paid to shareholders16-----(108,500)(108,500)
Closing balance at
31 March 201933,2902 5 7,7 7 5(9,643)(5,876)( 2 7, 4 6 5 )1,922,0492 ,1 7 0,1 3 0
Balance at 1 April 201933,2902 5 7,7 7 5(9,643)(5,876)( 2 7, 4 6 5 )1,922,0492 ,1 7 0,1 3 0
Profit and total comprehensive
income for the year15--(7,500)(4,469)-264,7102 5 2 ,74 1
Treasury stock movement15----(4,894)-(4,894)
Dividends paid to shareholders16-----(117,000)(117,000)
Closing balance at
31 March 202033,2902 5 7,7 7 5(1 7,1 4 3 )(10,345)(32,359)2,069,7592,300,977
ANNUAL REPORT 2020
51
The accompanying notes form part of these financial statements.
Consolidated balance sheet
AT 31 MARCH 2020
Notes20202019
$000
$000
Assets
Cash and cash equivalents834,374-
Trade and other receivables5425,942344,814
Advances to employees2510,2248,152
Property, plant and equipment61,386,0721,188,940
Investment properties75,760,0605,081,607
Intangible assets38,11927,968
Deferred tax asset (net)422 ,455-
Total assets7,6 7 7, 2 4 66,651,481
Equity
Issued capital1433,29033,290
Asset revaluation reserve152 57,7 752 57,7 75
Interest-rate swap reserve15( 1 7,1 4 3 )(9,643)
Foreign-currency translation reserve15(10,345)(5,876)
Treasury stock15, 25(32,359)(27,4 6 5 )
Retained earnings152,069,7591,922,049
Total equity2,300,9772 ,1 7 0,1 3 0
Liabilities
Trade and other payables9183,975126,909
Employee entitlements1025,67823,834
Revenue in advance64,30157,845
Interest-rate swaps1923,80913,393
Refundable accommodation deposits74 ,57 134,013
Bank loans (secured)111,741,6131,324,003
Occupancy advances (non-interest bearing) 133,247,1772,827,690
Lease liabilities1215,145-
Deferred tax liability (net)4-73,664
Total liabilities 5,376,2694,481,351
Total equity and liabilities7,6 7 7, 2 4 66,651,481
Net tangible assets
Basic and diluted (cents per share)14452 .6428.4
RYMAN HEALTHCARE
52
The accompanying notes form part of these financial statements.
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2020
Notes20202019
$000
$000
Operating activities
Receipts from residents221,129,9331,009,496
Interest received573588
Payments to suppliers and employees(345,765)(306,234)
Payments to residents(315,903)(283,736)
Interest paid(19,047)(18,689)
Net operating cash flows22449,791401,425
Investing activities
Purchase of property, plant and equipment(265,177)(150,252)
Purchase of intangible assets(9,712)(6,918)
Purchase of investment properties(401,612)(364,186)
Capitalised interest paid(34,911)(31,003)
Advances to employees(2,071)(2,316)
Net investing cash flows(713,483)(554,675)
Financing activities
Drawdown of bank loans (net)4 2 1 , 874266,718
Dividends paid(117,000)(108,500)
Purchase of treasury stock (net)(4,895)(4,968)
Repayment of lease liabilities (1,913)-
Net financing cash flows298,066153,250
Net increase in cash and cash equivalents34,374-
Cash and cash equivalents at the beginning of the year--
Cash and cash equivalents at the end of the year34,374-
ANNUAL REPORT 2020
53
RYMAN HEALTHCARE
54
Notes to the consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2020
The notes to the financial statements include
information which is considered relevant and material
to assist the reader in understanding changes in
the Group’s financial position and performance.
Information is considered relevant and material if:
• the amount is significant because of its size
or nature
• it is important for understanding the results of
the Group
• it helps explain changes in the Group’s business
• it relates to an aspect of the Group’s operations
that is important to future performance.
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 consolidated 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
Financial Reporting Standards (NZ IFRS) and other
applicable financial-reporting standards.
The consolidated financial statements also comply
with International Financial Reporting Standards (IFRS).
BASIS OF PREPARATION
Accounting policies are selected and applied in a
way that ensures the resulting financial information
satisfies the concepts of relevance and reliability, and
the substance of the underlying transactions or other
events is reported.
Apart from the new standards adopted in the
current period (see (t) below), the accounting
policies set out below have been consistently applied
in preparing the financial statements for the year
ended 31 March 2020. These policies have also been
applied to the comparative information presented for
the year ended 31 March 2019.
The information is presented in thousands of
New Zealand dollars.
All reference to AUD refers to Australian dollars.
MEASUREMENT BASE
The Group follows the accounting principles
recognised as appropriate for measuring and reporting
financial performance and financial position on a
historical-cost basis, except when:
• certain property, plant and equipment is
subject to revaluation (note 6)
• investment property is measured at fair
value (note 7)
• certain financial assets and liabilities are
measured at fair value (note 19).
CRITICAL JUDGEMENTS IN APPLYING
ACCOUNTING POLICIES
In applying the Group’s accounting policies,
management must make judgements, estimates,
and assumptions about the carrying value of assets
and liabilities that are not readily apparent from
direct sources.
The estimates and associated assumptions are based
on historical experience and various other factors that
are reasonable under the circumstances. The results
form the basis of making the judgements. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate
is revised, if the revision affects only that period.
Revisions to accounting estimates are recognised
in the period of the revision and future periods, if the
revision affects both current and future periods.
ANNUAL REPORT 2020
55
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
The following accounting policies and notes contain
information about significant areas of estimation
uncertainty and critical judgements in applying
accounting policies that have the most significant effect
on the amounts recognised in the financial statements.
• Valuation of property, plant and equipment –
policy (d) and note 6
• Valuation of investment property –
policy (e) and note 7.
UNCERTAINTY DUE TO COVID-19
The outbreak of COVID-19, declared by the
World Health Organization as a global pandemic
on 11 March 2020, has resulted in an increase in
uncertainty in both global and local markets.
Both New Zealand and Australia have responded well
to the virus with strong public health measures and
a range of economic stimulus packages. However,
despite the response, there remains uncertainty as
to the impact of the virus on market conditions in
New Zealand and Australia.
The Group’s primary focus in responding to the
pandemic has been to protect the safety of both
residents and staff. Access restrictions were put
in place at villages, additional personal protective
equipment was procured for staff, and other costs
were incurred in supporting residents and staff.
Under the lockdown the ability of new residents to
enter villages was limited, meaning few sales could
be settled, and the restrictions at development sites
resulted in construction activity being suspended.
The Group has assessed the impact of COVID-19 and
has concluded that additional uncertainty regarding the
valuation of property, plant and equipment (note 6) and
valuation of investment properties (note 7) has resulted
from the pandemic. Further disclosure as to the impact
of COVID-19 is included in the relevant notes.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
The following significant accounting policies have
been adopted to prepare and present the financial
statements of the Group.
a. Basis of consolidation – purchase method
The consolidated financial statements are
prepared by combining the financial statements
of all the entities that comprise the Group,
being the Company (the parent entity) and its
subsidiaries as defined in NZ IFRS 10 Consolidated
Financial Statements. A list of subsidiaries
appears in note 23 to the financial statements.
Consistent accounting policies are used to
prepare and present the consolidated financial
statements. All significant inter-company
transactions and balances are eliminated in full
on consolidation.
The financial statements of subsidiaries are prepared
for the same reporting period as the parent
company, using consistent accounting policies.
Income and expenses for each subsidiary whose
functional currency is not New Zealand dollars are
translated at exchange rates that approximate
the rates at the actual dates of the transactions.
Assets and liabilities of such subsidiaries are
translated at exchange rates at balance date.
All resulting exchange differences are recognised
in the foreign-currency translation reserve, which
is a separate component of equity.
b. Revenue recognition
The Group recognises revenue and income from
the following major sources.
• Care fees
• Management fees
• Interest received
Revenue and income are recognised as follows.
Care fees
Care facility and retirement-village service
fees are linked to providing service on a specific
day (service date). Revenue from care and
retirement-village service fees are recognised on
completion of the service date.
RYMAN HEALTHCARE
56
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
Management fees
Residents of the Group’s independent-living units
and serviced apartments pay a management
fee for the right to share in the use of the
village centre and other common facilities. The
management fee is calculated as a percentage of
the occupation-right agreement amount. The fee
accrues monthly, for a set period, based on the
terms of individual contracts.
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.
The expected periods of tenure, based on
historical experience across our villages, are
estimated to be 7 years for independent units
and 3 to 4 years for serviced units. The estimated
expected periods of tenure are unchanged from
last year.
The timing of when management fees are
recognised is an accounting estimate. Historical
experience across all villages is used in
determining periods of tenure.
Interest received
Interest income is recognised in the income
statement as it accrues, using the effective
interest method.
c. Borrowing costs
Borrowing costs directly attributable to the
acquisition, construction, or production of qualifying
assets (assets that take a substantial period of
time to get ready for their intended use) are added
to the cost of those assets until the assets are
substantially ready for use.
All other borrowing costs are recognised
in profit and loss in the period in which they
are incurred.
d. Property, plant and equipment
Property, plant and equipment comprises
completed care facilities, corporate assets and
land (including long-term leases of land), and care
facilities under development.
All property, plant and equipment is initially
recorded at cost. Typically, these costs include
the cost of land, materials, wages, and interest
incurred during the period required to complete
and prepare the asset for its intended use.
Following initial recognition at cost, completed
care-facility land and buildings are carried at a
revalued amount, which is the fair value at the
date of the revaluation, less any subsequent
accumulated depreciation on buildings and
accumulated impairment losses.
Independent valuations are performed with
sufficient regularity to ensure that the carrying
amount does not differ materially from the asset’s
fair value at the balance-sheet date.
Any revaluation surplus is recorded in other
comprehensive income and credited to the
asset-revaluation reserve included in the equity
section of the balance sheet, unless it reverses a
revaluation decrease of the same asset previously
recognised in the income statement. In this case,
the increase is credited to the income statement
to the extent of the decrease previously charged.
Any revaluation deficit is recognised in the income
statement unless it directly offsets a previous
surplus of the same asset in the asset revaluation
reserve, in which case the revaluation deficit is
recorded in other comprehensive income.
In addition, any accumulated depreciation at the
revaluation date is eliminated against the gross
carrying amount of the asset, and the net amount
is restated to the revalued amount of the asset.
On disposal, any revaluation reserve relating to
the particular asset being sold is transferred to
retained earnings.
An item of property, plant and equipment is
derecognised on disposal or when no future
economic benefits are expected to arise from the
continued use of the asset.
Any gain or loss arising on disposal of the asset
(calculated as the difference between the net
ANNUAL REPORT 2020
57
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
disposal proceeds and the carrying amount of the
item) is included in the income statement in the
period the item is derecognised.
e. Investment properties
Investment properties include land and buildings
(including long-term leases of land), equipment
and furnishings relating to retirement-village units
and community facilities, including units and
facilities under development. They are intended to
be held for the long term to earn rental income and
for capital appreciation.
Retirement-village units and community
facilities are revalued on a semi-annual basis
and restated to fair value as determined by an
independent registered valuer. Any change in
fair value is taken to the income statement.
The fair value is determined using discounted
cash-flow methodology.
Rental income from investment properties, being the
management fee and retirement-village service fees,
is accounted for in line with accounting policy (b).
f. Depreciation
Depreciation is provided on all property, plant
and equipment, other than freehold land,
at straight-line (SL) rates calculated to allocate
the asset’s cost or valuation, less estimated
residual value, over their estimated useful lives,
starting from the time the assets are ready for
use, as follows.
• Buildings 2% SL
• Plant and equipment 10–20% SL
• Furniture and fittings 20% SL
• Motor vehicles 20% SL
The estimated useful lives, residual value and
depreciation method are reviewed at the end
of each reporting period, with the effect of
any changes in estimate accounted for on a
prospective basis.
No depreciation is provided for investment properties.
Right-of-use assets relating to leases are
depreciated on a straight-line basis over the
term of the lease.
g. Impairment of assets
At each interim and annual balance-sheet
date, the Group reviews the carrying amounts
of its assets to determine whether there is any
indication that those assets have suffered an
impairment loss. If such an indication exists, the
recoverable amount of the asset is estimated to
determine the extent of any impairment loss.
Where the asset does not generate cash
flows that are independent from other
assets, the Group estimates the recoverable
amount of the cash-generating unit to which the
asset belongs.
Recoverable amount is the higher of fair value
less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are
discounted to their present value. The Group
uses a discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset, for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset
(cash-generating unit) is estimated to be less
than its carrying amount, the carrying amount
of the asset (cash-generating unit) is reduced
to its recoverable amount.
An impairment loss is immediately recognised
as an expense, unless the asset is carried at fair
value. In this case, the impairment loss is treated
as a revaluation decrease.
Where an impairment loss subsequently reverses,
the carrying amount of the asset (cash-generating
unit) is increased to the revised estimate of its
recoverable amount. However, this is only to the
extent that the increased carrying amount does
not exceed the carrying amount that would have
been determined had no impairment loss been
recognised for the asset (cash-generating unit) in
prior years.
A reversal of an impairment loss is immediately
recognised as income, unless the asset is carried at
fair value. In this case, the reversal of the impairment
loss is treated as a revaluation increase.
RYMAN HEALTHCARE
58
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
h. Leases
As explained in note (t) below, the Group has
adopted NZ IFRS 16 from 1 April 2019 for leases
where the Group is the lessee.
Apart from short-term or low-value assets, leases
are included on the balance sheet through the
recognition of right-of-use assets and associated
lease liabilities. Right-of-use assets are presented
within property, plant and equipment.
At inception of the lease a lease liability is
calculated based on the present value of the
remaining cash flows, discounted using the
Group’s incremental borrowing rate. Subsequently,
the lease liability is adjusted for interest and
lease payments, as well as the impact of lease
modifications. The right-of-use asset is initially
measured at the value of the initial lease liability,
and subsequently measured at cost less
accumulated depreciation, adjusted for any
remeasurement of the lease liability.
Where a lease contract contains both lease
and non-lease components (for example, tower
cranes), the Group does not separate non-lease
components from lease components, and instead
accounts for the whole contract as a lease.
The Group calculates its incremental borrowing
rate with reference to the external borrowing
facilities available to the Group. The incremental
borrowing rate is used to measure lease liabilities.
Depreciation and finance costs associated with
right-of-use assets and lease liabilities associated
with equipment used in the construction of assets
are capitalised as a cost of constructing the asset.
The lease payment for short-term leases and
leases of low-value assets are recognised in the
profit and loss over the lease term.
Long-term leases of land are recognised
within property, plant and equipment and
investment property.
Until 31 March 2019, leases under which all the
risks and benefits of ownership are effectively
retained by the lessor were classified as operating
leases. Operating lease payments were charged to
the income statement on a straight-line basis over
the periods of expected benefit.
i. Revenue in advance
Revenue in advance represents those amounts by
which the management fees over the contractual
period exceed recognition of the management fee
based on expected tenure.
j. Financial instruments
Financial assets and financial liabilities are
recognised on the Group’s balance sheet when
the Group becomes party to the contractual
provisions of the instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash on
hand, cash in banks and on-demand deposits,
and other short-term, highly liquid investments
readily convertible to a known amount of cash
and subject to an insignificant risk of changes
in value. This includes all call borrowing, such as
bank overdrafts, used by the Group as part of its
day-to-day cash management.
Financial assets at amortised costs
Trade receivables are held to collect contractual
cash flows. The cash flows are the payment of
principal and interest.
Trade receivables are measured at amortised
cost, less any impairment. This is equivalent to
fair value, being the receivable face (or nominal)
value, less appropriate allowances for estimated
irrecoverable amounts.
The allowance recognised is the lifetime expected
credit losses based on an assessment of each
individual debtor. It is estimated based on the
Group’s historical credit loss experience and
general economic conditions. Expected credit
loss represents the expected credit losses that
will result from all possible default events over the
expected life of the debtor.
Trade receivables are written off when there is no
realistic chance of recovery.
ANNUAL REPORT 2020
59
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
Occupancy advances
Occupation agreements confer to residents the
right of occupancy of the retirement-village unit for
life, or until the resident terminates the agreement.
Amounts payable under occupation agreements
(occupancy advances) are non-interest bearing
and recorded as a liability in the balance sheet,
net of management fees receivable. The resident-
occupancy advance is initially recognised at fair
value and later at amortised cost.
As the resident may terminate their occupancy
with limited notice, and the occupancy advance is
non-interest bearing, the occupancy advance has
demand features and so is carried at face value,
which is the original advance received.
The advance, net of management fee, is repayable
following both the termination of the occupation
agreement and the settlement of a new occupancy
advance for the same retirement-village unit.
Refundable accommodation deposits
Refundable accommodation deposits relate to
deposits held on behalf of residents who reside in
rooms in the care centres in Australia. Refundable
accommodation deposits confer to residents the
right of occupancy of the room for life, or until the
resident terminates the agreement.
Amounts payable under refundable accommodation
deposits are non-interest bearing and recorded as
a liability in the balance sheet.
As the resident may terminate their occupancy
with limited notice, and the refundable
accommodation deposit is non-interest bearing,
the refundable accommodation deposit has
demand features and so is carried at face value,
which is the original deposit received.
Trade and other payables
Trade and other payables are measured at
amortised cost. This is equivalent to the face (or
nominal) value of payables, which is assumed to
approximate their fair value.
Interest-bearing loans and borrowings
Loans and borrowings are initially recorded at fair
value, less directly attributable transaction costs.
After initial recognition, loans and borrowings are
measured at amortised cost. Any differences
between the initial amount recognised and the
redemption value is recognised in profit and loss
using the effective interest-rate method.
In practice, this means that Group interest-bearing
borrowings are recognised at face (or nominal)
value due to the repayment and cost of borrowing
terms associated with them.
Fair-value estimation
The fair value of financial assets and financial
liabilities must be estimated for recognition and
measurement, or for disclosure purposes.
The face (or nominal) value less estimated credit
adjustments of trade receivables and payables are
assumed to approximate their fair values.
Hedge accounting
The Group designates certain derivatives as
hedging instruments. At the start of the hedge
relationship, the Group documents the relationship
between the hedging instrument and the
hedged item. Risk management objectives and
strategies for undertaking hedge transactions are
documented. The Group also documents at the
start and on an ongoing basis whether the hedging
instrument is effective.
Interest-rate swaps
The Group enters into interest-rate swaps to
manage cash-flow interest-rate risk.
Interest-rate swaps are initially recognised at fair
value on the date a contract is entered into and
remeasured to their fair value at each reporting date.
When Group-swap arrangements meet the
requirements of cash-flow hedge accounting,
changes in the fair value of interest-rate swaps are
recognised in other comprehensive income and
accumulated as a separate component of equity.
Amounts deferred in equity are recycled in profit
or loss in the periods when the hedged item is
recognised in profit.
RYMAN HEALTHCARE
60
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
Hedges of a net investment
Hedges of a net investment in a foreign operation,
including a hedge of a monetary item that is
accounted for as part of the net investment,
are accounted for in two ways. Gains or losses
relating to the effective portion of the hedge are
recognised in other comprehensive income. Any
gains or losses relating to the ineffective portion of
the hedge are recognised in profit or loss.
k. Employee entitlements
A liability for benefits accruing to employees for
wages and salaries, annual leave, long-service
leave, and sick leave is accrued and recognised
in the balance sheet when it is probable that
settlement will be required, and the liabilities are
capable of being measured reliably. The liability is
equal to the present value of the estimated future
cash outflows as a result of employee services
provided at balance date.
l. Taxation
Income tax on the profit or loss for the year
comprises current and deferred tax. Income
tax is recognised in the income statement
except when it relates to items recognised in
other comprehensive income or directly in
equity. In this case, it is recognised in other
comprehensive income or in equity.
Current tax
Current tax is the expected tax payable on
the taxable income for the year, using tax
rates enacted or substantively enacted at the
balance-sheet date, and any adjustment to
tax payable for previous years. Current tax for
current and prior periods is recognised as a
liability (or asset) if it is unpaid (or refundable).
Deferred tax
Deferred tax is provided using the comprehensive
balance-sheet liability method. This method
provides for temporary differences between
the carrying amount of assets and liabilities for
financial reporting purposes and the amounts
used for taxation. Deferred tax is not provided for on
non-depreciating assets included within property,
plant and equipment, and investment properties.
The amount of deferred tax provided is based
on the way the carrying amount of assets and
liabilities are expected to be realised and
settled. The tax rates used are those expected
to apply in the period of settlement, based on tax
rates enacted or substantively enacted.
A deferred tax asset is recognised only when
it is probable that future taxable profits will be
available, and against which the asset can be
used. Deferred tax assets are reduced if it is no
longer probable that the related tax benefit will
be realised.
Deferred tax assets and liabilities are offset when
they relate to income taxes levied by the same
taxation authority and the Group intends to settle
current tax assets and liabilities on a net basis.
m. Treasury stock
Shares purchased on market under the leadership
share scheme are treated as treasury stock on
acquisition at cost. On vesting to the employee,
treasury stock shares are credited to equity and
an employee advance is recorded initially at fair
value and later at amortised cost.
Any loss on disposal by the Company (for example,
when the employee elects not to take full
responsibility for the loan or leaves before the end
of the 3-year restrictive period) accrues to the
Company and is taken directly against equity.
n. Consumables
Purchases of supplies by the villages are expensed
in the period they are incurred.
o. Maintenance costs
Maintenance costs are accounted for in the period
they are incurred.
ANNUAL REPORT 2020
61
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
p. GST
Revenues, expenses, assets, and liabilities are
recognised net of the amount of Goods and
Services Tax (GST) except when:
• the GST incurred on a purchase of goods
and services is not recoverable from the
taxation authority
• receivables and payables are stated with
the amount of GST included.
The net amount of GST recoverable from, or
payable to, the taxation authority is included
as part of the receivables or payables in the
balance sheet.
Commitments and contingencies are disclosed
net of the amount of GST recoverable from, or
payable to, the taxation authority.
q. Statement of cash flows
The statement of cash flows is prepared exclusive
of GST. This is consistent with the method used in
the income statement.
Cash and cash equivalents comprise:
• cash on hand and demand deposits
• other short-term, highly liquid investments.
Short-term, highly liquid investments are
investments that are readily convertible to a
known amount of cash and are subject to an
insignificant risk of changes in value. These
investments include all call borrowing such as
bank overdrafts used by the Group as part of their
day-to-day cash management.
Operating activities represent all transactions and
other events that are not investing or financing
activities and includes receipts and repayments of
occupancy advances.
Investing activities are those activities relating
to the acquisition and disposal of investments
and any other property, plant and equipment, or
investment properties.
Financing activities are those activities relating to
changes in the equity and debt capital structure of
the Group and those activities relating to the cost
of servicing the Company’s equity capital.
r. Foreign-currency translation
Functional and presentation currency
Both the functional and presentation currency of
Ryman Healthcare Limited and its New Zealand
subsidiaries is New Zealand dollars ($). The
functional currency for its Australian subsidiaries
is Australian dollars (AUD).
Transactions and balances
Transactions in foreign currencies are initially
recorded in the functional currency by applying the
exchange-rates ruling at the date of the transaction.
Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of
exchange ruling at the balance-sheet date.
All exchange differences relating to the following
two items are recognised in other comprehensive
income and accumulated in reserves.
• The effective portion of a hedge of a
net investment in foreign operations
• Differences arising on translation of a
foreign operation.
Non-monetary items that are measured at
historical cost in a foreign currency are translated
using the exchange rate as at the date of the initial
transaction. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates at the date when the
fair value was determined.
s. Intangible assets
Expenditure on research activities is recognised as
an expense in the period in which it is incurred.
An internally generated intangible software
asset arising from development (or from the
development phase of an internal project) is only
recognised if all the following criteria have been
demonstrated.
• It is technically feasible to complete the
intangible asset so that it is available for
use or sale.
• The Group intends to complete the intangible
asset and use or sell it.
• The intangible asset can be used or sold.
RYMAN HEALTHCARE
62
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
• Probable future economic benefits of the
intangible asset can be generated.
• Adequate technical, financial, and other
resources are available to complete the
development and use or sell the intangible asset.
• The expenditure attributable to the
intangible asset can be measured during
its development.
The amount initially recognised for internally
generated intangible assets is the sum of the
expenditure incurred from the date when the
intangible asset first meets the recognition criteria
listed above. Where no internally generated
intangible asset can be recognised, development
expenditure is recognised in profit or loss in the
period in which it is incurred.
After initial recognition, internally generated
intangible assets are reported at cost less
accumulated amortisation and accumulated
impairment losses, on the same basis as intangible
assets that are acquired separately.
t. Adopting new and amended standards and
interpretations
In the current year, the Group adopted all
mandatory new and amended standards
and interpretations.
NZ IFRS 16 Leases was effective for the Group
from 1 April 2019. The new standard introduced
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 flows,
operating lease payments previously classified
as cash flows from operating activities are now
classified as cash flows from financing activities
for principal repayments of the lease liability
and cash flows 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.
The Group used several 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 at the date of initial application
were 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 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
ANNUAL REPORT 2020
63
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
recognised on a straight-line basis in the income
statement, and the related cash flows through
operating activities in the cash flow statement.
The Group recognises all long-term leases of
land within property, plant and equipment and
investment property. NZ IFRS 16 has not impacted
how these leases have been accounted for. Future
lease payments required under the terms of the
contract continue to be recognised as a liability.
A lease contract may contain both lease and
non-lease components. For construction leases
(for example, 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 (refer note 12).
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 incremental borrowing rate
for the Group on transition was 3.75 percent.
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.
Standards and Interpretations on issue but
not yet adopted
We are not aware of any NZ IFRS Standards or
Interpretations that have recently been issued or
amended that have not yet been adopted by the
Group that would materially impact the Group for
the annual report period ending 31 March 2020.
RYMAN HEALTHCARE
64
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
1. OPERATING EXPENSES
20202019
$000
$000
Employee costs (see below)233,549212,514
Property-related expenses46,95138,919
Other operating costs (see below)68,74952,312
Total operating expenses349,249303,745
Employee costs and other operating costs include:
Post-employment benefits (KiwiSaver/Superannuation)7, 2 5 95,452
Auditor’s remuneration to Deloitte Limited comprises:
• Audit of financial statements293227
• Australia aged-care reporting76
Directors’ fees (note 18)1,011893
Donations^452386
^ No donations have been made to any political party (2019: $Nil).
2. DEPRECIATION AND AMORTISATION EXPENSE
20202019
$000
$000
Depreciation (note 6)
• Buildings7,6 8 36,939
• Plant and equipment8,7226,989
• Furniture and fittings5,4775,510
• Motor vehicles1,3381,086
• Right-of-use assets1,787-
25,00720,524
Amortisation
• Software3,6092,601
3,6092,601
Total28,6162 3 ,1 2 5
3. FINANCE COSTS
20202019
$000
$000
Total interest paid on bank loans51,11847,4 2 2
Release of interest-rate swap reserve (note 15)2,8592,540
Amount of interest capitalised (note 6)(34,911)(31,003)
Net interest expense on bank loans19,06618,959
Interest on lease liabilities (note 12)243-
Total finance costs19,30918,959
ANNUAL REPORT 2020
65
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
4. INCOME TAX
a. Income tax recognised in income statement
20202019
$000
$000
Tax expense comprises:
Current tax expense--
Deferred tax (credit)/expense (93,563)3,429
Total income-tax (credit)/expense(93,563)3,429
The income-tax expense on pre-tax accounting profit from operations reconciles to the income-tax expense
in the financial statements as follows.
2020202020192019
$000%$000
%
Profit before income-tax expense 171,147329,415
Income-tax expense calculated at 28%47, 9 2 128.0%92,23628.0%
Tax effect of:
Non-taxable income(40,443)(23.7)%(82,015)(24.9)%
Property temporary differences(65,7 71)(38.4)%11,8163.6%
Tax losses recognised(49,967)(29.2)%(21,977)(6.7)%
Other14,6978.6%3,3691.0%
Total tax (credit)/expense(93,563)(54.7)%3,4291.0%
Non-taxable income arises principally from the fair-value movement of investment property.
The tax rate used in the above reconciliation is the corporate tax rate of 28 percent (2019: 28 percent)
payable by New Zealand corporate entities on taxable profits under New Zealand tax law.
Total Group tax losses available in New Zealand amounted to $289.5 million (2019: $193.4 million). Recognition
of the deferred tax asset is based on expected taxable earnings in future periods. There are no unrecognised
tax losses in New Zealand (2019: $Nil).
Total tax losses available in Australia amounted to AUD$71.3 million (2019: $49.4 million). Recognition of
the deferred tax asset is based on expected taxable earnings in future periods. There are no unrecognised
tax losses in Australia (2019: $49.4 million). Tax losses have been recognised as a deferred tax asset in the
current year as the Group’s operations in Australia are now well established and operational villages are
reaching maturity.
RYMAN HEALTHCARE
66
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
4. INCOME TAX (CONTINUED)
b. Taxable and deductible temporary differences arise from the following items.
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000
$000
2020
Property, plant and equipment(58,574)23,64931(34,894)
Investment properties(50,377)42 ,122410(7,845)
Deferred management-fee revenue in advance(26,899)(23,042)318(49,623)
Interest-rate swap3,751-2,9166,667
Other4,275867(10)5,132
Tax value of loss carry-forwards recognised54,16049,967(1,109)103,018
Total deferred taxation(73,664)93,5632,55622,455
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000
$000
2019
Property, plant and equipment
(52,465)(6,109)-(58,574)
Investment properties(4 4,670)(5,707)-(50,377)
Deferred management-fee revenue in advance(12,744)(14,155)-(26,899)
Interest-rate swap2,300-1,4513,751
Other3,710565-4,275
Tax value of loss carry-forwards recognised32,18321,977-54,160
Total deferred taxation(71,686)(3,429)1,451(73,664)
In 2010 legislation was enacted removing tax depreciation on buildings with an estimated useful life of
50 years or more. These rules came into effect from 1 April 2011 (for a standard 31 March income-tax year).
As part of the New Zealand Government’s COVID-19: Economic Response Package, included within the
COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act, which received Royal Assent
on 25 March 2020, depreciation deductions will be reintroduced for new and existing industrial and
commercial buildings.
The reinstatement of tax deductions for depreciation increases the tax base of the relevant assets. The Group
has determined that tax depreciation should not be applied to independent townhouses and apartments as
these would meet the definition of a dwelling. Care centres, village centres and serviced apartments are not
considered to meet the definition of a dwelling.
This increase in the tax base has created deductible temporary differences which have reduced the taxable
temporary differences (deferred tax liabilities) previously recognised.
The impact of these changes has been recognised in the tax expense in the current year, rather than opening
retained earnings.
ANNUAL REPORT 2020
67
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
4. INCOME TAX (CONTINUED)
c. Imputation credit memorandum account
20202019
$000
$000
Closing balance16388
Imputation credits available directly and indirectly to
shareholders of the parent company, through:
• parent company--
• subsidiaries16388
Closing balance16388
5. TRADE AND OTHER RECEIVABLES
20202019
$000
$000
Trade debtors 410,103331,677
Other receivables15,83913,137
Total trade and other receivables425,942344,814
Debtors are non-interest bearing, although the Group has the right to charge interest on overdue settlements of
occupancy advances or overdue care fees. Debtors principally comprise amounts due for occupancy advances
and care fees.
Occupancy advances are payable by residents on occupation of a retirement-village unit. Care fees are received
from residents (payable 4-weekly in advance) and various government agencies. Government-agency payment
terms vary but are typically paid fortnightly in arrears for care services provided to residents.
There is no significant concentration of credit risk as trade debtors are either individual residents or government
agencies. No changes have been made in the techniques or significant assumptions used in determining expected
credit losses during the reporting period.
The Group has considered the impact of COVID-19 on trade and other receivables and, given the nature of the
receivables, does not consider there to be any change in credit risk as a result of the pandemic.
RYMAN HEALTHCARE
68
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
6. PROPERTY, PLANT AND EQUIPMENT
Freehold
land at
valuation
Buildings
at
valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2020
Gross carrying amount
Balance at 1 April 2019321,798359,482444,28482,15047,30511,503-1,266,522
Recognition of right-of-use
asset on initial application
of NZ IFRS 16------13,38113,381
Adjusted balance at
1 April 2019321,798359,482444,28482,15047,30511,50313,3811,279,903
Additions806,483289,74917,5881,9512,3517,3 2 3325,525
Net foreign-currency
exchange difference(584)(182)(3,475)(18)9(5)(103)(4,358)
Transfer from property
under development7,67825,553(3 7,1 3 6 )1,1322 ,7 73---
Transfer from property
under development to
investment property--(108,612)----(108,612)
Balance at 31 March 2020328,972391,336584,810100,85252,03813,84920,6011,492,458
Accumulated depreciation
Balance at 1 April 2019-(2,101)-(30,760)(37,758)(6,963)-(77,582)
Current-year depreciation-(7,683)-(8,722)(5,477)(1,338)(1,787)(25,007)
Depreciation capitalised
to property under
development------(3,797)(3,797)
Balance at 31 March 2020-(9,784)-(39,482)(43,235)(8,301)(5,584)(106,386)
Total book value328,972381,552584,81061,3708,8035,54815,0171,386,072
ANNUAL REPORT 2020
69
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Freehold
land at
valuation
Buildings
at
valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2019
Gross carrying amount
Balance at 1 April 2018291,660335,144336,15166,7 7843,27410,065-1,083,072
Additions-10,247174,18612,9631,7081,439-200,543
Net foreign-currency
exchange difference(508)(199)(2,560)(18)(3)(1)-(3,289)
Transfer from property
under development6,19025,790(36,733)2 ,4272,326---
Transfer from property
under development to
investment property--(26,760)----(26,760)
Revaluation24,456(11,500)-----12,956
Balance at 31 March 2019321,798359,482444,28482,15047,30511,503-1,266,522
Accumulated depreciation
Balance at 1 April 2018-(6,662)-(23,771)(32,248)(5,877)-(68,558)
Current-year depreciation-(6,939)-(6,989)(5,510)(1,086)-(20,524)
Revaluation-11,500-----11,500
Balance at 31 March 2019-(2,101)-(30,760)(37,758)(6,963)-(77,582)
Total book value321,798357,381444,28451,3909,5474,540-1,188,940
All completed resthomes and hospitals included within the definition of freehold land and buildings were
revalued to fair value based on an independent valuation report prepared by registered valuers, CBRE Limited,
at 31 March 2019, in line with NZ IFRS 13. These revaluations are undertaken every 2 years, unless there is
sustained market evidence of a significant change in fair value.
The valuers used multiple valuation techniques to estimate and determine fair value. The valuer made key
assumptions that include capitalisation of earnings (using capitalisation rates ranging from 11 percent to
15 percent), together with observed transactional evidence of the market value per care bed (ranging from
$60,000 to $150,000 per care bed).
As the fair value of land and buildings is determined using inputs that are unobservable, the Group has
categorised property, plant and equipment as Level 3 under the fair-value hierarchy in line with NZ IFRS 13
Fair Value Measurements.
RYMAN HEALTHCARE
70
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The significant unobservable inputs used in the fair-value measurement of the Group’s freehold land and buildings
are the capitalisation rate and the market value per care bed.
As the valuer uses several valuation techniques a significant decrease in the capitalisation rate could but may
not necessarily result in a significantly higher fair-value measurement. Conversely, a significant increase in the
capitalisation rate could but may not necessarily result in a significantly lower fair-value measurement.
A significant increase in the market value per care bed could but may not necessarily result in a significantly higher
fair-value measurement. Conversely, a significant decrease in the market value per care bed could but may not
necessarily result in a significantly lower fair-value measurement.
Property under development includes land held pending the development of a retirement village amounting to
$459.1 million (2019: $327.2 million) and is valued at cost.
Interest for the Group of $34.9 million (2019: $31.0 million) has been capitalised during the period of construction
in the current year. The weighted-average capitalisation rate on funds borrowed is 3.51 percent per annum
(2019: 3.89 percent per annum).
The assets shown at cost are care-facility assets under development, plant and equipment, furniture and fittings,
and motor vehicles, plus additions since the last valuation.
The carrying amount at which each revalued class of property, plant and equipment would have been carried had
the assets been measured under historical cost is shown below.
Freehold landBuildingsTotal
$000$000
$000
Carrying amount (at cost)
Carrying amount at 31 March 202088,236372,969461,205
Carrying amount (at cost)
Carrying amount at 31 March 201981,062341,1154 2 2 ,1 7 7
The completed resthomes and hospitals were last valued at 31 March 2019. The Group has considered the fair
value of these assets and determined that there is no indication that the carrying value of the assets is materially
different from fair value at 31 March 2020.
In reaching this conclusion the Group has considered the impact of COVID-19, the response of the aged-care
sector to the pandemic and the positive response to the virus in both Australia and New Zealand. Consideration
was given to the earnings per bed, market evidence of comparable sales, and the fact that the need for aged care
has not reduced as a result of the pandemic.
Occupancy in the Group’s mature aged-care facilities has not been impacted by COVID-19.
ANNUAL REPORT 2020
71
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Right-of-use assets
Included within property, plant and equipment are the right-of-use assets relating to leases.
Buildings
Plant and
equipmentTotal
$000$000
$000
Balance at 1 April 2019
10,2563,12513,381
Additions3 ,74 33,5807,3 2 3
Disposals---
Net foreign-currency exchange difference(103)-(103)
Depreciation(1,787)-(1,787)
Depreciation capitalised to property under development(255)(3,542)(3,797)
Balance at 31 March 202011,8543 ,1 6 315,017
7. INVESTMENT PROPERTIES
20202019
$000
$000
At fair value
Balance at beginning of financial year5,081,6074,398,304
Additions541,272395,931
Fair-value movement:
Realised fair-value movement:
• new retirement-village units105,75787,866
• existing retirement-village units109,565102,600
215,322190,466
Unrealised fair-value movement(70,884)102,444
144,438292,910
Net foreign-currency exchange differences(7,257)(5,538)
Net movement for the year678,453683,303
Balance at end of financial year5,760,0605,081,607
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. As the fair value of investment property is determined using
inputs that are unobservable, the Group has categorised investment property as Level 3 under the fair-value
hierarchy in line with NZ IFRS 13 Fair Value Measurements.
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 31 March 2020. This report combines discounted future
cash flows and occupancy advances received from residents for retirement-village units that are complete or
nearing completion, for which there is an agreement to occupy.
RYMAN HEALTHCARE
72
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
7. INVESTMENT PROPERTIES (CONTINUED)
Uncertainty due to COVID-19
The valuation of investment properties performed by CBRE Limited at 31 March 2020 is based on the information
available to them at the time of the valuation and relies on several inputs, as outlined below.
Given the current situation with COVID-19 there is an increase in the estimation uncertainty in determining the
fair value of investment property at 31 March 2020 compared to previous years.
CBRE have noted that it is difficult to determine the effect that COVID-19 will have on the retirement sector.
The impact will depend on the scale and length of the outbreak and the impact on the economy.
Comparable transactions and market evidence has been limited during the pandemic and CBRE have placed less
reliance on previous market evidence for comparison purposes.
The valuer has reported on the basis of ‘material valuation uncertainty’ and therefore less certainty and a higher
degree of caution is attached to the valuation than would normally be the case.
To reflect this uncertainty CBRE Limited have adjusted their assumptions on recycle frequencies for independent
units at mature villages, near-term house price inflation for independent units, and discount rates.
Key assumptions
The valuer used significant assumptions that include house-price inflation (ranging from -2.0 percent to
3.5 percent nominal) (2019: 0.5 percent to 3.5 percent) and discount rate (ranging from 12.25 percent to
16.25 percent) (2019: 12 percent to 16 percent).
Sensitivity
A 0.5 percent decrease in the discount rate would result in a $75.6 million higher fair-value measurement.
Conversely, a 0.5 percent increase in the discount rate would result in a $71.8 million lower fair-value measurement.
A 0.5 percent decrease in the 5-year plus growth rate would result in a $118.4 million lower fair-value measurement.
Conversely, a 0.5 percent increase in the 5-year plus growth rate would result in a $134.8 million higher fair-value
measurement.
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy period.
A significant increase in the average age of entry of residents or the long-term nominal house-price inflation rate
would result in a significantly higher fair-value measurement. Conversely, a significant decrease in the average
age of entry of residents or the long-term nominal house-price inflation rate would result in a significantly lower
fair-value measurement.
Work in progress
Investment property includes investment property work in progress of $508.2 million (2019: $325.1 million), which
has been valued at cost. For work in progress cost represents fair value.
The CBRE valuation for the year ended 31 March 2019 included within its forecast cash flows the Group’s expected
costs relating to rebuild works at Malvina Major. The estimate of the gross cash outflows included for remediation
works was $6 million over a remaining 6-month period. The estimates were based on information available at the
time. This remediation work has been completed and no costs have been included in the year ended 31 March 2020.
ANNUAL REPORT 2020
73
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
7. INVESTMENT PROPERTIES (CONTINUED)
Operating expenses
Direct operating expenses arising from investment property that generated income from management fees
during the period amounted to $5.7 million (2019: $5.1 million). All investment property generated income from
management fees during the period for the Group, except for investment property work in progress.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the occupancy agreement, the resident receives a unit title
for life and a first mortgage over the residual interest for security purposes, or a first mortgage is held over the
individual title by the statutory supervisor.
8. CASH AND CASH EQUIVALENTS
The Group has an arrangement with ANZ that on a nightly basis a sweep is performed across all transactional
bank accounts. This consolidates all transactional bank accounts into a single account.
There is a right to off-set cash balances against bank debt documented in the Group’s facility agreement.
The Group has access to an overdraft facility. The bank overdraft facilities are secured by a general security
agreement and mortgages over the freehold land and buildings of the Group in the same manner as the bank
loans (note 11). The interest rate on all overdraft facilities at 31 March 2020 was 8.90 percent (2019: 10.05 percent).
9. TRADE AND OTHER PAYABLES
20202019
$000
$000
Trade payables79,7 7555,283
Other payables104,20071,626
Total trade and other payables183,975126,909
Trade payables are typically paid within 30 days of the invoice date or on the 20th of the month following the
invoice date. Other payables at 31 March 2020 includes $102.4 million (2019: $68.1 million) for the purchase of land.
10. EMPLOYEE ENTITLEMENTS
20202019
$000
$000
Holiday-pay accrual and other benefits25,67823,834
RYMAN HEALTHCARE
74
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
11. BORROWINGS
Bank loans (secured)
20202019
$000
$000
Bank loans (secured) – NZD1,354,0001,063,342
Bank loans (secured) – AUD in NZD3 87,6 1 3260,661
Total bank loans (secured) 1,741,6131,324,003
Less cash and cash equivalents (note 8)(34,374)-
Net bank loans1 ,7 0 7, 2 3 91,324,003
Less than 1 year-4,342
Within 1–5 years1,741,6131,319,661
Average interest rates – NZD3.13%3.95%
Average interest rates – AUD3.01%3.69%
The bank loans are secured by a general security agreement over the parent and subsidiary companies and
supported by first mortgages over the freehold land and buildings (excluding retirement-village unit titles provided
as security to residents – note 7).
The subsidiary companies listed at note 23 have all provided guarantees for the Group’s secured loans as parties
to the general security agreement.
The average interest rates disclosed above exclude the impact of interest-rate swap agreements described in
note 19.
Full repayment terms are disclosed in note 19.
ANNUAL REPORT 2020
75
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
12. LEASE LIABILITIES
The Group leases office buildings, sales offices, office equipment (such as photocopiers), and plant and
equipment used in the construction of retirement-village units and aged-care beds.
The right-of-use assets relating to these leases are included within property, plant and equipment (note 6).
Amounts recognised in profit and loss
20202019
$000
$000
Depreciation of right-of-use assets (note 6)1,787-
Interest expense on lease liabilities (note 3)243-
Expenses relating to short-term or low-value leases985-
For the year ended 31 March 2019, before the adoption of NZ IFRS 16 Leases, an amount equal to $2.2 million
was included under operating expenses.
The maturity profile for lease liabilities and how the Group manages liquidity risk is included in
note 19 – financial instruments.
At 31 March 2020 the Group is committed to $7.2 million for short-term leases (including short-term construction
equipment leases).
Prior to the adoption of NZ IFRS 16 the Group had operating lease expenditure committed to but not recognised,
in the financial statements relating to property rentals of $8.9 million. A reconciliation of these operating lease
commitments and the opening balance of the lease liability is shown in the table below.
2020
$000
Operating lease commitments at 31 March 20198,901
Expenses relating to short-term and low-value asset leases(15)
Leases not contained in 2019 commitments schedule5,428
Gross lease liability at 1 April 201914,314
Discounting(933)
Lease liability at 1 April 201913,381
RYMAN HEALTHCARE
76
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
13. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
20202019
$000
$000
Gross occupancy advances (see below)3,686,8133,203,851
Less management fees and resident loans(439,636)(376,161)
Closing balance3,247,1772,827,690
Movement in gross occupancy advances
20202019
$000
$000
Opening balance3,203,8512,836,314
Plus net increases in occupancy advances:
• new retirement-village units386,673290,701
• existing retirement-village units.109,566102,600
Net foreign-currency exchange differences(4, 276)(3,408)
Decrease in occupancy advance receivables(9,001)(22,356)
Closing balance3,686,8133,203,851
Gross occupancy advances are non-interest bearing.
14. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (2019: 500,000,000) less treasury
stock of 2,711,244 shares (2019: 2,577,272 shares) (note 25). 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 (2019: 500,000,000 shares).
Shares purchased on market under the leadership share scheme (note 25) are treated as treasury stock (note 15)
until vesting to the employee.
ANNUAL REPORT 2020
77
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
15. RESERVES
20202019
$000
$000
Asset revaluation reserve
Opening balance2 57,7 75233,319
Revaluation-24,456
Closing balance2 5 7,7 7 52 5 7,7 7 5
Interest-rate swap reserve
Opening balance(9,643)(5,913)
Valuation of interest-rate swap(13,275)(7,721)
Released to income statement2,8592,540
Deferred tax movement on interest-rate swap reserve2,9161,451
Closing balance(1 7,1 4 3 )(9,643)
Treasury stock (note 25)
Opening balance(27,4 6 5 )(22,497)
Acquisitions(13,7 70)(11,990)
Vesting /forfeiture of shares8,8767,0 2 2
Closing balance(32,359)( 2 7, 4 6 5 )
Foreign-currency translation reserve
Opening balance(5,876)(2,243)
Gain on hedge of foreign-owned subsidiary net assets1,2051,333
Loss on translation of foreign operations( 5,6 74 )(4,966)
Closing balance(10,345)(5,876)
Retained earnings
Opening balance1,922,0491,704,563
Net profit attributable to shareholders264,710325,986
Dividends paid(117,000)(108,500)
Closing balance2,069,7591,922,049
RYMAN HEALTHCARE
78
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
16. DIVIDENDS
2020202020192019
Cents per shareTotal $000Cents per share
Total $000
Recognised amounts
Final dividend paid – prior year11.9059,50010.9054,500
Interim dividend paid – current year11.5057,50010.8054,000
117,000108,500
Unrecognised amounts
Final dividend – current year12 .7063,50011.9059,500
Full-year dividend – current year24.20121,00022 .70113,500
17. RELATED-PARTY TRANSACTIONS
Parent company
The parent entity in the Group is Ryman Healthcare Limited.
Equity interests in related parties
Details of the percentage of ordinary shares held in subsidiaries are disclosed in note 23.
20202019
$000
$000
Transactions with companies associated to directors
Rental costs514179
Sub-contractor labour254-
Since August 2012 Ryman Healthcare Limited has leased office accommodation from the Airport Business Park
Christchurch Limited (the Airport Business Park).
On 1 December 2019 Warren Bell became an independent director or trustee of the Airport Business Park’s
shareholders. He does not have any personal ownership interest.
The lease of the office accommodation is recognised as a right-of-use asset and associated lease liability. Rental
costs detailed in the table above are the total cash payments made from 1 December 2019 in respect of the lease
agreement.
Kevin Hickman is a director and shareholder of the Airport Business Park. He ceased being a director of Ryman
Healthcare Limited on 1 June 2018. The rental expense in 2019 relates to the period 1 April to 1 June 2018 when
Kevin Hickman was a director.
Anthony Leighs is Managing Director of Leighs Construction Limited, which has supplied sub-contractor labour to
Ryman Healthcare Limited since December 2019.
Any transactions undertaken with these entities have been entered into on an arm’s-length basis and in the
ordinary course of business.
ANNUAL REPORT 2020
79
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
18. KEY MANAGEMENT PERSONNEL COMPENSATION
20202019
$000
$000
Compensation
Short-term employee benefits (senior executive team)4,6334,488
Directors’ fees1,011893
Total key management personnel and directors’ compensation5,6445,381
Key management personnel are the senior executive team of the Group and include the chief executive and six
senior executive team members at 31 March 2020 (2019: chief executive and six senior executive team members).
In addition, NZ IAS 24 Related Party Disclosures requires directors’ fees to be included within key management
personnel compensation. All directors are non-executive and are not involved in the day-to-day operations of the
Group (2019: all directors).
Directors’ fees increased as a result of the board increasing to eight directors (2019: seven directors).
Post-employment benefits (KiwiSaver/Superannuation) employer contributions included in short-term employee
benefits (senior executive team) above is $128,983 (2019: $112,455 senior executive team).
In addition, the Company provides certain senior employees with limited recourse loans on an interest-free basis
to support employees’ participation in the leadership share scheme (note 25).
RYMAN HEALTHCARE
80
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS
The financial instruments consist of cash and cash equivalents, trade and other receivables, trade and other
payables, occupancy advances, refundable accommodation deposits, employee advances, loans, overdrafts,
interest-rate swaps and lease liabilities.
Categories of financial instruments
20202019
$000
$000
Financial assets
Cash and cash equivalents (note 8)34,374-
Financial assets at amortised cost (loans and receivables)436,166352,966
470,540352,966
Financial liabilities
Amortised cost5,247,3364,312,615
Derivative instruments in designated hedge accounting relationships
(interest-rate swaps)23,80913,393
Lease liabilities15,145-
5,286,2904,326,008
a. Credit risk management
Credit risk is the risk of the failure of a debtor or counterparty to honour its contractual obligation resulting in
financial loss to the Group.
Financial assets, which potentially subject the Group to credit risk, consist principally of cash and cash
equivalents, trade and other receivables, and advances to employees. The maximum credit risk at
31 March 2020 is the fair value of these assets. The Group’s cash equivalents are placed with high-credit,
quality financial institutions. The Group does not require collateral from its debtors.
The directors consider the Group’s exposure to any concentration of credit risk to be minimal, given
that (typically):
• the occupation of a retirement-village unit does not take place until an occupation advance has been received
• care fees are payable 4-weekly in advance when due from residents
• care fees not due from residents are paid by government agencies.
The total credit risk to the Group at 31 March 2020 was $436.2 million (2019: $353.0 million) and there were
no material overdue debtors at 31 March 2020 (2019: $Nil). The composition of financial assets is shown in the
table below.
20202019
$000
$000
Trade and other receivables (note 5)425,942344,814
Advances to employees (note 25)10,2248,152
436,166352,966
ANNUAL REPORT 2020
81
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS (CONTINUED)
b. Interest-rate risk
The interest rate applicable to the bank overdraft is variable. The interest rates applicable to the bank loans
are reviewed at each 3-monthly rollover. The Group always seeks to obtain the most competitive interest rate.
The Group has entered into an interest-rate swap agreement to provide an effective cash-flow hedge against
floating interest-rate variability on a defined portion of core Group debt.
These interest-rate swaps qualify for cash-flow hedge accounting. Interest-rate swaps are initially recognised
at fair value on the date a contract is entered into and remeasured to their fair value at each reporting date.
The effective portion of the change in the fair value of the swaps is recognised in other comprehensive income
and accumulated as a separate component of equity. The ineffective portion is recognised in the income
statement.
The hedge ratio is 1:1. The face value of the interest-rate swaps is the same value as the face value of the bank
loans. As the critical terms of the interest-rate swap contracts and the hedged item are the same, significant
hedge ineffectiveness is not expected.
At 31 March 2020, the Group had several interest-rate swaps in place, which are set out in the table below.
The agreement effectively changes the Group’s interest-rate exposure on the principal of $250 million
(2019: $250 million) from a floating rate to an average fixed rate of 2.930 percent (2019: 3.145 percent).
The fair value of the swaps at 31 March 2020 was a liability of $23.8 million (2019: liability of $13.4 million).
The interest-rate swaps cover notional debt amounts for a term of 5 years at a composite interest rate of
2.930 percent (2019: 3.145 percent).
No interest-rate swaps have been taken out for the Australian dollar borrowings.
The balance of the interest-rate swap reserve is expected to be released to the income statement over the
maturity profile of the underlying debt as detailed in the table below. At the end of the reporting period, the fair
value of interest-rate swaps is determined by discounting the future cash flows using the yield curves at the
end of the reporting period and the credit risk inherent in the contract.
The notional amortising principal amounts and remaining terms of interest-rate swap contracts outstanding
at 31 March are shown below.
Cash-flow hedges
Average contracted fixed-interest rateNotional principal amount
2020201920202019
%%$000
$000
Outstanding
Less than 1 year2.930%3.145%180,000180,000
1 to 2 years2.930%3.145%250,000180,000
2 to 3 years2.930%3.145%250,000250,000
3 to 4 years2.930%3.145%200,000200,000
4 to 5 years2.930%3.145%150,000150,000
RYMAN HEALTHCARE
82
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS (CONTINUED)
c. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due without
incurring unacceptable losses or risking reputational damage. The Group manages liquidity to ensure that it has
sufficient liquidity to meet its liabilities when due. This includes under both normal and stressed conditions.
The Group manages the liquidity risk on occupancy advances through the contractual requirements in the
occupation agreement.
Following termination of the agreement, in New Zealand the occupancy advance is repaid at the earlier of:
• receipt of the new occupancy advance from the incoming resident
• at the end of 3 years.
Following termination of the agreement, in Australia the occupancy advance is repaid at the earlier of:
• 14 days after a new resident takes up residence
• receipt of the new occupancy advance from the incoming resident
• at the end of 6 months.
Ultimate responsibility for liquidity risk management rests with the directors, who have built an appropriate
liquidity risk management framework for the management of the Group’s short, medium, and long-term
funding and liquidity management requirements.
The Group manages liquidity risk by maintaining adequate reserves, banking facilities, and reserve borrowing
facilities, and by regularly monitoring forecast and actual cash flows and the maturity profiles of financial
assets and liabilities.
At balance date, the Group had NZD$306.3 million (2019: NZD$314.1 million) and AUD$231.0 million
(2019: AUD$30.5 million) of undrawn facilities at its disposal to further reduce liquidity risk.
The Group does not face a significant liquidity risk with regard to lease liabilities (note 12).
ANNUAL REPORT 2020
83
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS (CONTINUED)
Maturity profile
The following table details the Group’s exposure to liquidity risk (including contractual interest obligations for
bank loans).
Contractual maturity dates
20202019
On
demand
Less
than
1 year
Greater
than
1 yearTotal
On
demand
Less
than
1 year
Greater
than
1 yearTotal
$000$000$000$000$000$000$000$000
Financial liabilities:
Trade and other payables-183,975-183,975-126,909-126,909
Interest-rate swaps-23,809-23,809-13,393-13,393
Refundable
accommodation deposits74 ,57 1--74 ,57 134,013--34,013
Bank loans (secured)-3,5331,741,6131,745,146-9,4501,319,6611,329,111
Occupancy advances
(non-interest bearing)-382,7452,864,4323,247,177-348,0862,479,6042,827,690
Lease liabilities-6,2249,90816,132----
74 ,57 1600,2864,615,9535,290,81034,013497,8383,799,2654,331,116
Gross occupancy advances and refundable accommodation deposits are non-interest bearing.
The above figures have been calculated on the anticipated level of occupancy advance repayments based on
historical experience. To date, new occupancy advances received have always exceeded repaid occupancy
advances (net of management fees) and represent a positive net operating cash flow to the Group.
RYMAN HEALTHCARE
84
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS (CONTINUED)
The Group maintains the following lines of credit.
• $2.8 million (2019: $2.8 million) overdraft facility that is secured. Interest would be payable at the 3-month
BKBM rate, plus a specified margin (note 8).
• Bank debt facilities of the Group total approximately $2.3 billion (2019: $1.7 billion) made up as follows.
–An NZD loan facility of $1.80 billion (2019: $1.46 billion), of which $35.0 million (2019: $35.0 million)
is for 1 year, $144.0 million (2019: $Nil) is for 1.5 years, $521.3 million (2019: $521.5 million) is for 3 years,
$485.3 million (2019: $485.3 million) is for 4 years, and $616.3 million (2019: $416.25 million) is for 5 years.
–An AUD loan facility of AUD$471.0 million (2019: AUD$220.0 million), of which AUD$36.0 million
(2019: $Nil) is for 1.5 years, AUD$235.0 million (2019: AUD$220.0 million) is for 4 years, and
AUD$200.0 million (2019: $Nil) is for 5 years.
– In 2020 the NZD loan facility of $1.80 billion is provided by ANZ Bank New Zealand Ltd ($390.0 million),
Commonwealth Bank of Australia ($274.9 million), Bank of New Zealand/National Australia Bank
($370.5 million), Westpac ($291.4 million), MUFG ($175.0 million), Bank of China ($200.0 million) and
the Industrial and Commercial Bank of China ($100.0 million) under the terms of a syndicated loan
agreement. The facility allows for the funds to be drawn down in NZD up to the $1.80 billion NZD limit.
–In 2020 the AUD loan facility of AUD$471.0 million is provided by ANZ Bank New Zealand Ltd
(AUD$136.0 million), Commonwealth Bank of Australia (AUD$242.5 million), Bank of New Zealand/
National Australia Bank (AUD$42.0 million), and Westpac (AUD$50.5 million) under the terms of a
syndicated loan agreement.
–In 2019 the NZD loan facility of $1.46 billion is provided by ANZ Bank New Zealand Ltd ($350.0 million),
Commonwealth Bank of Australia ($274.9 million), Bank of New Zealand/National Australia Bank
($320.5 million), Westpac ($237.4 million), MUFG ($175.0 million), and Bank of China ($100.0 million)
under the terms of a syndicated loan agreement. The facility allows for the funds to be drawn down in
NZD up to the $1.46 billion NZD limit.
– In 2019 the AUD loan facility of AUD$220 million is provided by ANZ Bank New Zealand Ltd
(AUD$100.0 million), Commonwealth Bank of Australia (AUD$42.5 million), Bank of New Zealand/
National Australia Bank (AUD$42.0 million), and Westpac (AUD$35.5 million) under the terms of a
syndicated loan agreement.
The Group renews its facilities annually to ensure an appropriate portion matures on a rolling 1, 3, 4, and
5-year basis.
d. Fair values
The carrying amounts of financial instruments in the Group’s balance sheet are the same as their fair value in
all material aspects, due to the demand features of these instruments and/or their interest-rate profiles.
The fair value of interest-rate swaps is derived using inputs supplied by third parties that are observable,
either directly (prices) or indirectly (derived from prices). The Group has therefore categorised these liabilities
as Level 2 under the fair-value hierarchy contained within NZ IFRS 13.
ANNUAL REPORT 2020
85
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
19. FINANCIAL INSTRUMENTS (CONTINUED)
e. Market risk
The Group is primarily exposed to interest-rate risk (note 19 (b)) and foreign-currency risk (note 19 (f)).
Based on the Group’s average net level of interest-bearing debt, the Group’s profit and total comprehensive
income for the year ended 31 March 2020 would not change materially if there was a movement of plus/(minus)
50 basis points.
f. Foreign-currency risk
Foreign-currency risk is the risk that the value of the Group’s assets, liabilities, and financial performance will
fluctuate due to changes in foreign-currency rates.
The Group is primarily exposed to currency risk as a result of its subsidiaries in Australia.
The risk to the Group is that the value of the overseas subsidiaries’ financial position and financial
performance will fluctuate in economic terms and, as recorded in the consolidated accounts, due to changes
in the overseas exchange rates.
The Group’s profit and total comprehensive income for the year ended 31 March 2020 would not change
materially by a movement of plus/(minus) 1 cent in AUD/NZD.
The Group hedges the currency risk relating to its Australian subsidiaries by holding a portion of its bank
borrowings in Australian dollars. Any foreign-currency movement in the net assets of the Australian subsidiary
is partially offset by an opposite movement in the Australian dollar debt.
g. Capital management
The Group’s capital includes share capital, reserves, and retained earnings. The objective of the Group’s capital
management is to ensure a strong credit rating to support business growth and maximise shareholder value.
The Group’s capital is managed at parent-company level. The Group is subject to capital requirements
imposed by its bank and the lenders included in the banking syndicate through covenants agreed as part
of the lending facility arrangements. The Group has met all externally imposed capital requirements for the
12 months ended 31 March 2020 and 31 March 2019.
The Group’s capital structure is managed, and adjustments are made with board approval to the structure,
considering economic conditions at the time. There were no changes to objectives, policies, or processes
during the year.
20. COMMITMENTS
Capital expenditure commitments
The Group had commitments relating to construction contracts amounting to $200.9 million at 31 March 2020
(2019: $127.3 million).
The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement
villages, resthomes, and hospitals.
RYMAN HEALTHCARE
86
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
21. CONTINGENT LIABILITIES
The Group had no contingent liabilities at 31 March 2020 (2019: $Nil).
22. RECONCILIATION OF NET PROFIT AFTER TAX WITH NET CASH FLOW FROM
OPERATING ACTIVITIES
20202019
$000
$000
Net profit after tax264,710325,986
Adjusted for:
Movements in balance-sheet items
Occupancy advances482,962367,538
Accrued management fees(64,051)(54,652)
Refundable accommodation deposits40,5583,256
Revenue in advance6,4565,890
Trade and other payables5,5072,165
Trade and other receivables(81,124)12,669
Employee entitlements1,8443,597
Non-cash items:
Depreciation and amortisation26,82923,125
Depreciation of right-of-use assets1,787-
Deferred tax(93,563)3,429
Unrealised foreign-exchange loss2,3141,332
Adjusted for:
Fair-value movement of investment properties(144,438)(292,910)
Net operating cash flows449,791401,425
Net operating cash flows includes net occupancy advance receipts from retirement-village residents of
$755.3 million (2019: $703.6 million).
Also included in operating cash flows are net receipts from refundable accommodation deposits of $41.1 million
(2019: $3.8 million).
Net operating cash flows also include management fees collected of $44.6 million (2019: $39.0 million).
ANNUAL REPORT 2020
87
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
23. SUBSIDIARY COMPANIES
All trading subsidiaries operate in the aged-care sector in New Zealand and Australia, are 100 percent owned, and
have a balance date of 31 March. The operating subsidiaries are listed below.
• Anthony Wilding Retirement Village Limited
• Bert Sutcliffe Retirement Village Limited
• Bob Owens Retirement Village Limited
• Bob Scott Retirement Village Limited
• Bruce McLaren Retirement Village Limited
• Charles Fleming Retirement Village Limited
• Charles Upham Retirement Village Limited
• Diana Isaac Retirement Village Limited
• Edmund Hillary Retirement Village Limited
• Ernest Rutherford Retirement Village Limited
• Essie Summers Retirement Village Limited
• Evelyn Page Retirement Village Limited
• Frances Hodgkins Retirement Village Limited
• Grace Joel Retirement Village Limited
• Havelock North Retirement Village Limited
• Hilda Ross Retirement Village Limited
• Hobsonville Retirement Village Limited
• Jane Mander Retirement Village Limited
• Jane Winstone Retirement Village Limited
• Jean Sandel Retirement Village Limited
• John Flynn Retirement Village Pty Ltd
• Julia Wallace Retirement Village Limited
• Kiri Te Kanawa Retirement Village Limited
• Lincoln Road Retirement Village Limited
• Linda Jones Retirement Village Limited
• Logan Campbell Retirement Village Limited
• Malvina Major Retirement Village Limited
• Margaret Stoddart Retirement Village Limited
• Murray Halberg Retirement Village Limited
• Nellie Melba Retirement Village Pty Ltd
• Ngaio Marsh Retirement Village Limited
• Possum Bourne Retirement Village Limited
• Rita Angus Retirement Village Limited
• Rowena Jackson Retirement Village Limited
• Ryman Aged Care (Australia) Pty Ltd
• Ryman Healthcare (Australia) No. 7 Pty Ltd
• Ryman Healthcare (Australia) No. 9 Pty Ltd
• Ryman Healthcare (Australia) Pty Ltd
• Ryman Napier Limited
• Shona McFarlane Retirement Village Limited
• Weary Dunlop Retirement Village Pty Ltd
• William Sanders Retirement Village Limited
• Yvette Williams Retirement Village Limited
RYMAN HEALTHCARE
88
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
24. SEGMENT INFORMATION
Products and services from which reportable segments derive their revenue
The Ryman Group operates in one industry, being the provision of integrated retirement villages for older people
in New Zealand and Australia. The service provision process for each of the villages is similar, and the class of
customer and methods of distribution and regulatory environment is consistent across all the villages.
Segment revenues and results
The accounting policies of the reportable segment are the same as the Group’s accounting policies. The segment
profit represents profit earned for the segment after all costs including all administration costs, directors’ fees,
interest revenue, finance costs, and income-tax expense.
The board makes resource allocation decisions to the segment, based on the expected cash flows and results of
Group operations as a whole. No operations were discontinued during the year. To monitor segment performance
and allocate resources to the segment, the board monitors assets attributable to the segment. All assets are
allocated to the reportable segment.
Information about major customers
Included in total revenue are revenues that arose from sales to the Group’s largest customers.
The Group derives care-fee revenue for eligible government-subsidised, aged-care residents who receive resthome,
hospital, or dementia-level care. The government aged-care subsidies received from the Ministry of Health included
in Group care fees amounted to $114.9 million (2019: $109.3 million). There are no other significant customers.
ANNUAL REPORT 2020
89
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
Geographical information
The Group operates in New Zealand and Australia.
In presenting information based on 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.
New ZealandAustraliaGroup
$000$000
$000
Year ended 31 March 2020
Revenue383,11740,766423,883
Underlying profit (non-GAAP)199,87742,154242,031
plus deferred tax credit (note 4)
86,1427,4 2 193,563
plus unrealised fair-value movement (note 7)(44,092)(26,792)(70,884)
Profit for the year241,92722 ,783264,710
Non-current assets6,260,370946,3367,206,706
Year ended 31 March 2019
Revenue358,52423,810382,334
Underlying profit (non-GAAP)189,90337,068226,971
less deferred tax expense (note 4)
(3,429)-(3,429)
plus unrealised fair-value movement (note 7)90,16712,277102,444
Profit for the year276,64149,345325,986
Non-current assets5,598,182700,3336,298,515
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS
profit for the year. 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 movement on investment
properties because these items do not reflect the trading performance of the Company. Underlying profit
determines the dividend pay-out to shareholders.
RYMAN HEALTHCARE
90
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
25. EMPLOYEE SHARE SCHEMES
Leadership share scheme
The Group operates an employee share scheme for certain senior employees, other than non-executive directors,
to purchase ordinary shares in the Company.
The Group provides the employees with limited recourse loans on an interest-free basis to support employees’
participation in the scheme. These shares are treated as treasury stock when purchased on market, due to the
features of the scheme.
The loans are applied to the purchase of shares on market, so the number of shares and the consideration for
each share is determined by the market price at that time. The scheme holds 2,711,244 fully allocated shares,
which represents 0.54 percent of the total shares on issue (2019: 2,577,272 fully allocated shares, which
represented 0.52 percent of the total shares on issue).
Shares purchased under the scheme are held by two directors as custodians, and the shares carry the same
rights as all other ordinary shares. The loan is repayable if the employee is no longer employed by the Group.
The following table reconciles the shares purchased on market under the scheme at the beginning and end of the
financial year.
20202019
Number of
shares
Number of
shares
Balance at beginning of the financial year2 ,57 7, 27 22 ,47 7,076
Purchased on market during the year1,026,708922,127
Forfeited during the financial year(213,479)(112,977)
Vested during the financial year(679,257)(708,954)
Balance at end of the financial year2,711,2442 , 5 7 7, 2 7 2
Shares were purchased under the scheme in August 2019 at a price of $13.40 per share. Remaining shares held by
the scheme were purchased in August 2018 ($12.98) and August 2017 ($9.32).
Shares vested in August 2019 were originally purchased at $9.55 per share in 2016 and are now held directly by
employees. The amounts owed by employees in these vested shares are included within advances to employees.
This balance includes $1,776,967 owing by the senior executive team (as defined in note 18) in the share scheme
(2019: $4,390,591).
The directors estimate the fair value of each employee advance granted at the time of the purchase of shares on
market, on behalf of the selected employee. Due to the on-market purchase and sale features of the scheme, and
the scheme agreement arrangements, the directors consider any such value to be immaterial. Shares subject to
this scheme vest 3 years from the date of purchase.
All staff employee share scheme
In addition, the Group operates a share scheme that is available for all staff.
Participants of this scheme contribute a minimum of $500 (and up to a maximum amount of $10,000) towards
the on-market purchase of Ryman Healthcare Limited shares. To help the staff member purchase more shares,
the Group advanced an interest-free loan equal to the employee’s contribution towards the share purchase
(financial assistance).
The loan is repayable when the staff member leaves the Group. Shares purchased under the scheme are held in
the employee’s name. The financial assistance provided by the Group is recorded in advances to employees.
ANNUAL REPORT 2020
91
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2020
26. SUBSEQUENT EVENTS
The directors resolved to pay a final dividend of 12.70 cents per share or $63.5 million, with no imputation credits
attached, to be paid on 10 July 2020.
27. AUTHORISATION
The directors authorised the issue of these financial statements on 11 June 2020.
Claire Higgins
Non-Executive Director and
Chair of Audit and Financial
Risk Committee
Dr David Kerr
Chair
RYMAN HEALTHCARE
92
ANNUAL REPORT 2020
93
Independent Auditor’s Report
TO THE SHAREHOLDERS OF RYMAN HEALTHCARE LIMITED
OpinionWe have audited the consolidated financial statements of Ryman Healthcare Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March 2020,
and the consolidated income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 50 to 92, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2020,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics
for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
Our firm carries out an assurance engagement for the Group relating to Australian aged care.
These services have not impaired our independence as auditor of the Company and Group.
In addition to this, partners and employees of our firm deal with the Company and its subsidiaries
on normal terms within the ordinary course of trading activities of the business of the Company
and its subsidiaries. The firm has no other relationship with, or interest in, the Company or any of
its subsidiaries.
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’ materiality).
In addition, we also assess whether other matters that come to our attention during the audit would
in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We
use materiality both in planning the scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $15m.
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
RYMAN HEALTHCARE
94
Investment property valuation, including material
valuation uncertainties as a result of COVID-19
How our audit addressed the key audit matter
As explained in policy (e) and note 7 in the consolidated
financial statements, investment properties are carried
at fair value on the consolidated balance sheet. The
fair value was determined by independent registered
valuers appointed by the Group.
These properties were valued at $5,760m
(2019: $5,082m). The revaluation gain recognised
in the consolidated income statement was $144m
(2019: $293m).
We include the valuation of investment properties as a
key audit matter for two reasons:
1. The significance to the financial statements:
The investment properties account for 75% of
the total assets (2019: 76%), making it the most
significant balance on the balance sheet.
2. The complexity of the valuation model: the
valuation model is complex and combines
discounted future cash flows and occupancy
advances received from residents. The valuation
relies on various estimates and underlying
assumptions, such as long-term house-price
inflation and discount rates, along with current unit
pricing and resident profiles such as age. A small
percentage difference in certain input assumptions
could result in a material change to the valuation.
Impact of COVID-19
With New Zealand in Alert Level 4 on 31 March 2020
severe restrictions were in place for the business
community, and certain restrictions remain in place
at the time of signing the financial statements (similar
restrictions have been and remain in place in Australia).
This is creating significant uncertainty for the future
residential property market and for the economy as a
whole, which could have a consequential impact on the
retirement village sector. Given the market conditions
that existed at 31 March 2020, the independent
registered valuers have reported on a basis of “material
valuation uncertainty” and note that, as a result, less
certainty and a higher degree of caution should be
attached to the valuation.
In this situation the disclosures in the financial
statements provide particularly important information
about the assumptions made in the valuation and the
market conditions as at 31 March 2020. Readers of the
financial statements should refer to the information
disclosed in note 7 in assessing the investment
property valuations.
Our procedures focused on:
• The appropriateness of the valuation methodology
• The accuracy of the underlying data used for the valuation
• The reasonableness of underlying assumptions in the valuation
model, specifically with regard to COVID-19 and its impacts.
Our procedures included, amongst others:
• Evaluating the Group’s processes for the independent valuation
of the investment properties
• Reading the valuation reports for all properties within the
group and reviewing the valuation methodology and the
reasonableness of the significant underlying assumptions
• Discussing with management the nature of key assumptions and
the expected impact of COVID-19 on these assumptions
• Assessing the competence, objectivity, and integrity of the
independent registered valuers. We assessed their professional
qualifications and experience. We also obtained representation
from them about their independence and the scope of their work
• Meeting with the valuer to understand the valuation process
adopted. The purpose of the meeting was to identify and
challenge the critical judgment areas in the valuation model
and to confirm the valuation approach was in accordance with
NZ IFRS 13 Fair Value Measurement. We specifically discussed
the impact of COVID-19 with the valuers and critically challenged
the changes made to key assumptions and their reasonableness
• Using our in-house valuation specialists to assess the
appropriateness of the valuation methodology and challenge
the reasonableness of the underlying assumptions. Our
specialists focused on the assumptions for current pricing,
long-term house-price inflation and discount rates applied.
These assumptions were considered on the basis of a COVID-19
economic environment
• Agreeing a sample of sales and resales to contracts,
recalculating actual growth rates on resales to compare to
growth applied by the valuer, and recalculating the average
age of residents based on a sample of contracts
• Comparing a sample of unit market values determined by
the valuer to actual prices received at comparable units within
the village
• Assessing the discount rates for reasonableness by comparing
the rates to those adopted in the previous year and the rates
adopted by comparable entities, challenging the adjustments
made to take into account COVID-19 and its expected impacts
• Considering the appropriateness of the disclosures in note
7 including the specific uncertainties that arise as a result of
COVID-19.
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
ANNUAL REPORT 2020
95
Valuation of care-facility land and buildingsHow our audit addressed the key audit matter
As explained in policy (d) and note 6 in the financial
statements, care facility land and buildings are
carried at their fair value at the date of revaluation
less any subsequent accumulated depreciation and
impairment losses.
The net book value of care facility land and buildings as
reflected in note 6 is $711m (2019: $679m).
The Group obtains independent valuations at least
every 2 years and performs internal assessments in the
intervening years to ensure that the carrying amount
does not differ materially from fair value at the balance
sheet date.
The last independent valuation was completed as
at 31 March 2019. A revaluation gain of $24.5m was
recognised in other comprehensive income in 2019. The
valuer used a combination of capitalised earnings data
and comparable market evidence to derive fair value.
In the current year, the Group has determined that there
has been no material change to the assumptions used in
the 2019 valuation and that there are no indicators that the
fair values of developing villages not subject to valuation in
2019, differ materially from their carrying values.
This assessment has taken into account an updated
assessment of comparative market evidence, earnings
data and sector analysis to derive an estimate of the
current year fair values.
In making their assessment the Group have also
considered the reasonably possible impacts of COVID-19,
based on information available at 31 March 2020.
We included the valuation of care facility land and
buildings as a key audit matter in the current year due
to the significant judgment exercised by the Group
in determining that the carrying values will not differ
materially from the fair values as at 31 March 2020.
Our audit procedures focused on the appropriateness of the
Group’s assessment that the carrying value of land and buildings
classified as property, plant and equipment as at 31 March 2020
is not materially different to fair value.
Our procedures included, amongst others:
• Critically assessing the documentation prepared by the Group
supporting their assessment of whether there have been
any significant changes to the assumptions used in the 2019
valuation that would have led to the carrying values of care
facility land and buildings as at 31 March 2020 to differ materially
from their fair values
• Critically assessing the documentation prepared by the Group
supporting their assessment that there were no indicators that
would result in the fair value of developing villages not subject to
revaluation in 2019, being materially different to their fair values
as at 31 March 2020
• Challenging the Group’s assessment of the impacts of COVID-19
on the following assumptions used in the Group’s asessment of
fair value:
-occupancy risk;
-capitalisation rates;
-underlying care centre EBITDA; and
- market comparative sales.
• Obtained external evidence to understand the reasonably
possible impact of COVID-19 on the wider aged care sector,
along with the anticipated impact on key assumptions used in
the 2019 financial year valuation
• Agreeing material additions to supporting documentation
• Evaluating the appropriateness of disclosures in Note 6
in relation to the specific uncertainties arising from the
COVID-19 pandemic.
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
RYMAN HEALTHCARE
96
Other information The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit report. The Annual Report will be made available to us after the
date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, when we read the Annual Report, we conclude that there is a material misstatement, we are
required to communicate this to the directors and consider further appropriate actions.
Directors’
responsibilities
for the consolidated
financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, 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.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s
responsibilities
for the audit of
the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ)
will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements
is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on useThis report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are required
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company’s shareholders
as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.
Paul Bryden, Partner
for Deloitte Limited
Christchurch, New Zealand
11 June 2020
ANNUAL REPORT 2020
97
RYMAN HEALTHCARE
98
Statement
of corporate
governance
ANNUAL REPORT 2020
99
Statement of corporate governance
Ryman believes in the benefit of good
corporate governance and the value it
provides for our shareholders, residents,
staff, and other stakeholders.
The company’s approach to applying the
recommendations outlined in the NZX
Corporate Governance Code (the Code)
are set out below. The section is set out in the
order of the principles detailed in the Code
and explains how Ryman is applying the
Code’s recommendations.
Ryman’s policy documents referred
to in this section are available at
www.rymanhealthcare.co.nz/about-us/
investors/governance.
NZX Listing Rules
The NZX Main Board Listing Rules (the Listing Rules)
were amended by NZX following their review in 2018.
The new Listing Rules came into effect on 1 January 2019,
subject to a 6-month transitional period. The company
has applied the new Listing Rules from 1 July 2019 (as
further amended from 1 January 2020).
COVID-19 Class Waiver
As a result of the COVID-19 situation, on 19 March 2020
NZX Regulation granted a class waiver, under which
the timing requirements for the release of results
announcements and annual reports were extended
for issuers with certain balance dates, if those issuers
consider they require that additional time to meet their
periodic reporting requirements.
Under the class waiver, issuers were given up to an
additional 30 days to prepare and release results
announcements, and up to an additional two months to
prepare and release annual reports.
Ryman considered the impact of COVID-19 and
determined that additional time was required to
meet its periodic reporting requirements, and relied
on the class waiver in relation to its full-year results
announcement for the year ended 31 March 2020.
The full-year results announcement was released on
12 June 2020.
This annual report was released on 29 June 2020,
which meets the standard periodic reporting
requirements under the Listing Rules and does not
make use of the class waiver.
PRINCIPLE 1 – CODE OF ETHICAL
BEHAVIOUR
“Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.”
Code of ethics
As part of the board’s commitment to the highest
standards of behaviour and accountability, the
company has adopted a code of ethics to guide
directors, senior management, and employees in
carrying out their duties and responsibilities.
Ryman’s code of ethics is the framework of standards by
which the directors, senior management, and employees
are expected to conduct their professional lives. It is
intended to support decision-making that is consistent
with Ryman’s values, business goals, and legal and policy
obligations, rather than to prescribe an exhaustive list of
acceptable and non-acceptable behaviour.
The board approves the code of ethics, which covers
matters such as:
• interacting with residents and their families,
employees, and suppliers
• accepting gifts or other benefits
• dealing with conflicts of interest
• protecting company assets
• complying with laws and policies
• maintaining confidentiality
• reporting breaches.
New employees receive a copy of the code of ethics,
which is accessible to all staff on the Ryman intranet
and the company website.
RYMAN HEALTHCARE
100
Statement of corporate governance (continued)
The company has a whistleblower and protected
disclosure policy. The purpose of the policy is to
protect an employee who wishes to raise concerns of
serious wrongdoing from reprisals or victimisation for
reporting their concerns.
Financial product trading policy
Ryman supports the integrity of New Zealand’s
financial markets. This integrity is maintained, in
part, through the insider trading laws that apply in
New Zealand. Ryman’s financial product trading policy
outlines how those laws apply, as well as the rules that
Ryman has put in place so that those laws are followed.
Directors, certain employees, and their related parties
must seek approval from the company to trade in the
company’s shares. Trading is limited to two ‘trading
windows’: between the full-year announcement
date and 31 August, and between the half-year
announcement date and 31 January each year.
The directors’ shareholdings and all trading of shares
during the year by the directors is disclosed in the
section headed Directors’ disclosures. A director or
senior manager is obliged to advise the NZX promptly
if they trade in the company’s shares.
PRINCIPLE 2 – BOARD COMPOSITION
AND PERFORMANCE
“To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.”
The board of directors
The directors are responsible for the corporate
governance practices of the company. The practices
adopted by the board are prescribed in a charter that
sets out the protocols for how the board operates.
The charter complies with the relevant
recommendations in the Code and is reviewed annually.
The board’s primary role is to effectively represent and
promote the interests of shareholders with a view to
adding long-term value to the company’s shares.
The board carries out its responsibilities according to
the following mandate.
• The board should consist of a majority of
non-executive directors.
• At least a third of the directors should be
independent of management and free from any
business or other relationship or circumstance
that could materially interfere with the exercise of
a director’s independent judgement.
• The board’s chair should be a non-executive
director (and not the chief executive).
• Directors should possess a broad range of skills,
qualifications, and experience and remain up to date
on how best to perform their duties as directors.
• Management must provide information of
sufficient content, quality, and timeliness as the
board considers necessary to allow the board to
effectively discharge its duties.
• The effectiveness and performance of the board
and its individual members should be re-evaluated
annually.
The board consists entirely of non-executive directors.
The directors of the company at 31 March 2020 are
Dr David Kerr, Jo Appleyard, Warren Bell, Claire Higgins,
George Savvides, Geoff Cumming, Anthony Leighs and
Paula Jeffs. The board has determined that Dr David
Kerr, Jo Appleyard, Claire Higgins, George Savvides,
Anthony Leighs and Paula Jeffs are all independent
directors for the purposes of the Listing Rules.
More information on the directors, including their
experience, interests, qualifications, length of service,
and shareholdings, is provided in the Directors’
disclosures section of this report and is on the
company’s website. A summary of the board’s skill set
is detailed in the table below.
Day-to-day management of Ryman is delegated to the
chief executive and the senior executive team.
ANNUAL REPORT 2020
101
Statement of corporate governance (continued)
Dr David
Kerr
Jo
Appleyard
Warren
Bell
George
Savvides
Claire
Higgins
Geoff
Cumming
Anthony
Leighs
Paula
Jeffs
Governance
•••••••
Executive leadership
•••••
Finance and accounting
•••••
Risk management
••••••••
Property and construction
••••
Health and safety
•••••
Health, clinical and aged care
•••••••
Digital and technology
••
Human resources
•••••
Strategy
••••••••
The board’s responsibilities
The primary responsibilities of the board are to:
• ensure the company’s goals are clearly
established and that strategies are in place
for achieving them
• establish policies for strengthening the
performance of the company and ensure
that management is proactively seeking to
build the business
• monitor the performance of management
• appoint the chief executive and set the terms of
the chief executive’s employment agreement
• decide on what steps are needed to protect the
company’s financial position and its ability to meet
its debts and other obligations when they fall due,
and ensure that such steps are taken
• ensure the company’s financial statements are
true and fair and conform with the law
• ensure the company adheres to high standards
of ethics and corporate behaviour
• ensure the company adheres to its health and
safety obligations and commitments
• ensure the company has appropriate risk
management/regulatory compliance policies
in place.
On appointment to the board by the shareholders,
new directors sign a written agreement that covers the
terms of their appointment.
Every year, the board and sub-committees critically
evaluate their own performance, and their own
processes and procedures. Through this process,
the board identifies any training opportunities for
individual directors to ensure they have relevant and
up-to-date skills for performing their role.
Under the Listing Rules every director must stand for
re-election on the later of 3 years and the third annual
meeting after their appointment. These directors may
offer themselves for re-election.
The Governance, Remuneration and Nominations
Committee undertakes the process for nominating
and appointing directors on behalf of the board, and
makes appropriate recommendations to the board.
The committee’s terms of reference include the
process for nominating and appointing directors.
Independent professional advice
With the prior approval of the chair, each director
has the right to seek independent legal and other
professional advice at the company’s expense
about any aspect of the company’s operations or
undertakings to assist in fulfilling their duties and
responsibilities as directors.
RYMAN HEALTHCARE
102
Statement of corporate governance (continued)
Diversity
The board and management ensure that all eligible
people get an equal opportunity to demonstrate that
they have the right skills and experience for a particular
role, which forms the basis of our diversity policy.
Ryman embraces the uniqueness in all of our people
and welcomes diversity. We encourage all of our
employees to listen to each other and to our residents
and their families, and to work to meet the needs of
individual people.
Our approach to diversity is to continually develop a
work environment that supports equality and inclusion,
regardless of difference.
The board sets measurable objectives for assessing
performance against Ryman’s diversity policy
(including achieving gender diversity) and assesses
progress annually. The board ensures Ryman’s
objectives are appropriate for promoting diversity
and inclusion.
Through this policy, we have achieved the following
gender diversity.
• Of the eight directors, three are women and five
are men (2019: two women and five men).
• Of the seven members of the senior executive team,
three are women and four are men (2019: three
women and four men). The senior executive team
includes the chief executive and his direct reports.
• Of the 434 Ryman leaders, 291 are women and
143 are men (2019: 423 Ryman leaders, 286 women
and 137 men).
PRINCIPLE 3 – BOARD COMMITTEES
“The board should use committees where this
will enhance its effectiveness in key areas, while
still retaining board responsibility.”
Board committees
The board has five standing committees: Audit and
Financial Risk; Health, Safety and Wellbeing; Clinical
Governance; Development and Construction; and
Governance, Remuneration and Nominations.
A separate Independent Directors’ Committee meets
as needed.
Each committee operates under specific
terms of reference approved by the board. Any
recommendations they make are recommendations
to the board.
The terms of reference for each committee are
reviewed annually.
Audit and Financial Risk Committee
The objective of the Audit and Financial Risk
Committee (AFRC) is to assist the board in discharging
its responsibilities for financial reporting, and risk and
financial/secretarial compliance.
The committee makes recommendations to the board
on appointing external auditors to ensure that they are
independent and to ensure that the company provides
for 5-yearly rotation of the lead audit partner.
The committee provides a forum for the effective
communication between the board and external
auditors. The committee’s responsibilities include:
• reviewing the appointment of the external
auditor, the annual audit plan, and addressing any
recommendations from the audit
• reviewing any dividend proposals and financial
information to be issued to the public
• ensuring that appropriate financial systems and
internal controls are in place.
The AFRC must consist of at least three directors,
who must wherever possible be independent
non-executive directors. The board chair must also
not be the chair of the AFRC. The current members
are Claire Higgins (chair), Geoff Cumming, Dr David
Kerr, Warren Bell, and George Savvides. Dr David
Kerr, Claire Higgins, and George Savvides are all
independent non-executive directors. Claire Higgins is
a Fellow of CPA Australia and Warren Bell is a member
of Chartered Accountants Australia New Zealand.
The committee generally invites the chief executive,
chief financial officer, and the external auditor to
attend AFRC meetings as appropriate. The committee
also meets and receives regular reports from the
external auditor without management present,
concerning any matters that arise in connection with
the performance of the auditor’s role.
ANNUAL REPORT 2020
103
Statement of corporate governance (continued)
Health, Safety and Wellbeing Committee
The Health, Safety and Wellbeing Committee
assists the board in discharging its responsibilities
in overseeing and reviewing health, safety and
wellbeing matters arising out of Ryman’s activities and
the impact of these activities on staff, contractors,
residents, and visitors to Ryman.
The committee recognises the critical role health,
safety and wellbeing forms as part of its day-to-day
operations and wants to ensure a safety-first culture
across all business operations.
The members of the committee are Claire Higgins (chair),
Dr David Kerr, Jo Appleyard, Gordon MacLeod (Chief
Executive) and David Bennett (Chief Financial Officer).
The committee’s responsibilities include:
• considering and approving health, safety and
wellbeing strategies, policies, and procedures
• setting health, safety and wellbeing indicators in
consultation with management
• ensuring the board and directors are properly
and regularly informed on matters relating
to health, safety and wellbeing governance,
performance, and compliance
• conducting regular assessments and audits of the
risk profile and control processes.
Clinical Governance Committee
The Clinical Governance Committee supports,
and enhances the quality of, the company’s clinical
performance and care and service provision.
The committee assists the board in discharging its
oversight of clinical reporting and clinical compliance
and is focused on innovation in healthcare and ensuring
alignment with emerging best clinical practice.
The committee consists of three non-executive
directors: George Savvides (chair), Dr David Kerr, and
Jo Appleyard, as well as Tim Wilkinson, a professor at
Otago Medical School and a consulting geriatrician,
and Dr Doug Wilson, an author and biotechnologist.
The committee’s responsibilities are to:
• liaise with internal and external clinical auditors
• review internal and external clinical audit findings
• review significant changes to clinical policies
• review significant complaints and investigations
relating to care of residents
• ensure appropriate clinical information systems
and external controls are in place
• review changes in clinical practice in aged care.
The committee maintains direct lines of communication
with the external clinical auditors, the chief executive, the
chief operations officer, and the internal clinical auditor.
External clinical auditors are invited to attend a
meeting each year and report to the committee,
including presenting a review of the internal clinical
audit function.
Development and Construction Committee
The Development and Construction Committee
reviews and enhances the quality of the company’s
development and construction performance.
The committee assists the board in discharging
its oversight of the company’s development and
construction activities and practices.
The committee consists of four non-executive
directors: Anthony Leighs (chair), Jo Appleyard,
Warren Bell, and Claire Higgins.
The committee’s responsibilities include:
• ensuring the consent and construction
programme assists in delivering the company’s
long-term plan
• investigating new innovative construction
and design methods to improve resident and
staff experiences
• reviewing New Zealand and Victoria cost
trends, buildability, availability of resources and
compliance with regulatory and quality protocols
• reviewing site feasibilities and due diligence
outcomes to provide confirmation of review to
the board
RYMAN HEALTHCARE
104
Statement of corporate governance (continued)
• reviewing systems and procedures supporting the
design, consent and building process.
The committee maintains direct lines of
communication with the chief executive, the chief
financial officer, the chief development officer and the
chief construction officer.
Governance, Remuneration and
Nominations Committee
The Governance, Remuneration and Nominations
Committee assists the board in establishing
remuneration policies and practices for the company
in discharging the board’s responsibilities for
remuneration. The committee also undertakes the
process for nominating and appointing directors
on behalf of the board, and makes appropriate
recommendations to the board.
The committee’s terms of reference include the
process for nominating and appointing directors.
Membership of the committee must comprise
non-executive directors, a majority of whom must
be independent. The committee consists of three
non-executive directors: Geoff Cumming (chair),
Dr David Kerr and George Savvides.
Management attends committee meetings only at the
invitation of the committee.
The committee’s objectives are to:
• assist the board in establishing remuneration
policies and practices for the company
• assist in discharging the board’s responsibilities
for reviewing the chief executive’s and the
directors’ remuneration
• advise and assist the chief executive in setting
remuneration for the senior executive team
• regularly review and recommend changes
to the composition of the board and identify
and recommend individuals for nomination as
members of the board and its committees.
The directors’ remuneration is set out in the
Directors’ disclosures section of this report. Detail
of the chief executive’s remuneration is set out under
Principle 5 below.
Independent Directors’ Committee
The Independent Directors’ Committee is convened
as needed and consists of independent non-executive
directors who address significant conflicts of interest
and any other matters referred by the board.
Ryman has protocols that set out the procedures to be
followed if there is a takeover offer. These procedures
are set out in the Takeover Response Protocols that
have been adopted by the board.
Attendance at board and committee meetings
Director attendance at board and committee meetings
is shown in the table below.
The following table details the attendance at the
meetings outlined in the board and committee meeting
plan for the year ended 31 March 2020. Board meetings
consist of a number of meetings held over multiple days.
In addition to the scheduled meetings, the board
and Clinical Governance Committee held additional
meetings to consider the impact of and the response
to COVID-19. Wherever possible all members of the
board and committee were in attendance at these
additional meetings. However, due to the pace at which
the response to COVID-19 evolved and the necessarily
short notice given for some meetings, not all members
were available to attend every meeting. The board held
an additional meeting and the Clinical Governance
Committee held an additional two meetings in the year
ended 31 March 2020. As the response to COVID-19
progressed, further board and committee meetings
were held following 31 March 2020.
ANNUAL REPORT 2020
105
Statement of corporate governance (continued)
Attendance at board and committee meetings
BoardAudit and
Financial
Risk
Health,
Safety and
Wellbeing
Clinical
Governance
Development and
Construction
Governance,
Remuneration and
Nominations
Number of meetings held633353
Dr David Kerr6/6 (chair)3/33/33/33/3
Jo Appleyard6/63/33/35/5
Warren Bell6/63/3 (chair)
1
5/5
Claire Higgins6/63/3 (chair)
1
3/3 (chair)4/5
George Savvides6/63/33/3 (chair)3/3
Geoff Cumming6/63/33/3 (chair)
Anthony Leighs6/65/5 (chair)
Paula Jeffs
2
2/2
The Independent Directors’ Committee did not meet during the year.
1 Claire Higgins was appointed chair of the Audit and Financial Risk Committee on 2 December 2019. Prior to this date Warren Bell
was chair of the committee.
2 Paula Jeffs was appointed to the board on 19 November 2019. In the period to 31 March 2020 she was not a member of any board
committees.
Summary of committee memberships
CommitteeMembers at 31 March 2019Members at 31 March 2020
Audit and Financial RiskWarren Bell (chair), Dr David Kerr,
Claire Higgins, George Savvides,
Geoff Cumming
Claire Higgins (chair), Dr David Kerr,
Warren Bell, George Savvides,
Geoff Cumming
Health, Safety and Wellbeing
(previously Health and Safety)
Claire Higgins (chair), Dr David Kerr,
Jo Appleyard
Claire Higgins (chair), Dr David Kerr,
Jo Appleyard, Gordon MacLeod (Chief
Executive), David Bennett (Chief
Financial Officer)
Clinical GovernanceGeorge Savvides (chair), Dr David Kerr,
Jo Appleyard
George Savvides (chair), Dr David Kerr,
Jo Appleyard
Development and ConstructionAnthony Leighs (chair), Jo Appleyard,
Warren Bell, Claire Higgins
Anthony Leighs (chair), Jo Appleyard,
Warren Bell, Claire Higgins
Governance, Remuneration and
Nominations
Geoff Cumming (chair), Dr David Kerr,
George Savvides
Geoff Cumming (chair), Dr David Kerr,
George Savvides
RYMAN HEALTHCARE
106
Statement of corporate governance (continued)
PRINCIPLE 4 – REPORTING AND
DISCLOSURE
“The board should demand integrity in financial
and non-financial reporting, and in the timeliness
and balance of corporate disclosures.”
Reporting and disclosure
The board focuses on providing accurate, adequate,
and timely information both to existing shareholders
and to the market generally. This enables all investors
to make informed decisions about the company.
Ryman, as a company listed on the NZX Main Board,
has an obligation to comply with the disclosure
requirements under the NZX Main Board Listing Rules.
Ryman recognises that these requirements aim to
provide equal access for all investors or potential
investors to material price-sensitive information
concerning issuers or their financial products. This in
turn promotes confidence in the market.
Ryman’s market disclosure policy outlines the
obligations of Ryman and relevant Ryman personnel
in satisfying the disclosure requirements. It also
covers other related matters including external
communications by Ryman.
This annual report is produced using the principles
of Integrated Reporting <IR>. An integrated report
provides more information on the company’s business
model and how we create value over time. As a result,
an annual report produced under the <IR> framework
will have a broader narrative than an annual report that
does not use the framework.
Ryman publishes its key governance and other
relevant documents in the investor centre of the
company’s website at www.rymanhealthcare.co.nz/
about-us/investors/governance.
All significant announcements made to the NZX and
reports issued are also posted on the company’s website.
PRINCIPLE 5 – REMUNERATION
“The remuneration of directors and executives
should be transparent, fair and reasonable.”
The Governance, Remuneration and Nominations
Committee makes recommendations to the board on
remuneration matters in keeping with the committee’s
terms of reference. The committee does not have the
authority to make decisions on behalf of the board.
The committee is also responsible for making
recommendations to the board on the remuneration of
the chief executive.
The total director remuneration pool is approved by
shareholders at the annual general meeting (AGM) as
required under the Listing Rules.
The board is responsible for the setting of individual
directors’ fees in line with the approved pool and the
Listing Rules.
Details of the directors’ remuneration for the year are
in the Directors’ disclosures section of this report.
Ryman has in place a remuneration policy that
outlines the key principles that influence Ryman’s
remuneration practices.
The remuneration of the chief executive and the senior
executive team is determined by the significance of their
role and the industry. The total remuneration is made
up of fixed remuneration and short-term cash-based
incentives. The chief executive and senior executive
team are also members of the senior leadership share
scheme (see note 25 of the financial statements).
The short-term incentives are at-risk payments
that reward performance. They are designed to
motivate and incentivise senior staff in the delivery
of performance over a 1-year operating cycle. The
amount payable is set annually. The payment of the
short-term incentive depends on achieving certain
results and outcomes. Performance over the financial
year is measured against ‘stretch’ performance
targets. The performance metrics differ with each role.
Every year, the committee reviews the levels and
appropriateness of these incentives and weighting.
There are no long-term incentives for the senior
executive team that are subject to performance risk.
The senior leadership share scheme provides
certain employees with limited recourse loans on
an interest-free basis to support the employees’
participation in the scheme.
For accounting purposes, these shares are treated as
treasury stock when purchased on market, due to the
features of the scheme.
ANNUAL REPORT 2020
107
Statement of corporate governance (continued)
Shares subject to this scheme have a restricted
period of 3 years from the date of purchase, to
appropriately incentivise participants over a longer
period. The loan is repayable if the employee is no
longer employed by Ryman.
Employees’ remuneration
The table below details the number of Ryman group
employees who have earned over $100,000 during
the year ended 31 March 2020. The remuneration
includes salary, short-term incentives, and employer’s
contribution to KiwiSaver and Superannuation.
Remuneration $Number of employees
1,350,000–1,360,0001
790,000–800,0001
660,000–670,0001
570,000–580,0001
500,000–510,0001
470,000–480,0001
450,000–460,0001
400,000–410,0001
320,000–330,0001
300,000–310,0001
290,000–300,0001
280,000–290,0002
270,000–280,0003
260,000–270,0001
250,000–260,0002
240,000–250,0002
230,000–240,0005
220,000–230,0004
210,000–220,0009
200,000–210,0002
190,000–200,0007
180,000–190,00014
170,000–180,00012
160,000–170,0007
150,000–160,00017
140,000–150,00026
130,000–140,00030
120,000–130,00043
110,000–120,00056
100,000–110,00077
Chief executive remuneration
Gordon MacLeod’s remuneration for the year is as follows.
20202019
$$
Salary1,097,127992,964
KiwiSaver39,51435,789
Subtotal1,136,6411,028,753
Short-term incentive220,000200,000
Total remuneration*1,356,6411,228,753
Loan provided under the
leadership share scheme
1,200,0001,000,000
* There were no other benefits (including long-term incentives)
received in this financial year.
The at-risk short-term incentive is payable on the
achievement of certain key performance indicators
(KPIs). These KPIs are focused on the financial
performance of Ryman, specific operational targets,
and people-related expectations.
At 31 March 2020, the total number of shares owned
by and/or held for the benefit of the chief executive
totalled 660,963 (2019: 621,555). For these shares,
loans totalling $3,136,317 (2019: $2,648,036) are
outstanding.
PRINCIPLE 6 – RISK MANAGEMENT
“Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.”
The board is responsible for overseeing the company’s
system of internal controls to manage key risks and
have overall responsibility for managing risk.
The company maintains a group risk register to
identify and manage risk. Specific health, safety and
wellbeing, and clinical risk registers are separately
maintained given the significance of these areas to the
business. The senior executive team is responsible for
maintaining the risk registers.
Ryman operates an extensive internal accreditation
programme that addresses issues such as
service delivery, health, safety and wellbeing, and
RYMAN HEALTHCARE
108
Statement of corporate governance (continued)
administration. Internal audits are undertaken
regularly. The results of these audits and critical
indicators are regularly reported to the board.
Through the AFRC, the board considers the
recommendations and advice of external auditors, and
ensures that those recommendations are investigated
and, where considered necessary, appropriate action
is taken.
Through the board committee, health, safety and
wellbeing is discussed regularly at board, senior
executive team, construction team, and operational
team meetings. Regular reporting of key metrics is
prepared to assist these teams in managing health,
safety and wellbeing risks. Further information is in the
health, safety and wellbeing section of this report.
PRINCIPLE 7 – AUDITORS
“The board should ensure the quality and
independence of the external audit process.”
The Audit and Financial Risk Committee makes
recommendations to the board on the appointment
of the external auditor as set out in the terms
of reference. The committee also monitors the
independence and effectiveness of the external
auditor and reviews and approves any non-audit
services performed by the external auditor.
The committee regularly meets with the external
auditor to approve the terms of engagement, audit
partner rotation (at least every 5 years) and audit fee,
and to review and provide feedback on the annual
audit plan. Every year, a comprehensive review
and formal assessment of the independence and
effectiveness of the external auditor is undertaken.
The assessment uses an external auditors’
assessment tool, which is internationally recognised
and endorsed by the Independent Directors Council.
The ARFC routinely has time with Ryman’s external
auditor, Deloitte, without management present.
Deloitte attends the company’s AGM.
The company continually monitors its internal
control environment. Clinical auditors and health,
safety and wellbeing officers regularly test and
assess controls and report their findings to the
Clinical Governance Committee and the Health,
Safety and Wellbeing Committee.
PRINCIPLE 8 – SHAREHOLDER RIGHTS
AND RELATIONS
“The board should respect the rights of
shareholders and foster constructive
relationships with shareholders that encourage
them to engage with the issuer.”
Information for shareholders
The company seeks to ensure that investors understand
its activities by communicating effectively with them and
providing access to clear and balanced information.
The company website rymanhealthcare.co.nz provides
an overview of the business and information about
Ryman. This information includes details of operational
sites, latest news, investor information, key corporate
governance information, and copies of significant NZX
announcements. The website also provides profiles of
the directors and the senior executive team.
Previous annual reports, financial statements, and
results presentations are available on the website.
Shareholders have the right to vote on major decisions
of the company in line with the requirements set out in
the Companies Act 1993 and the Listing Rules.
Communicating with shareholders
Ryman has a dedicated investor relations manager
and corporate affairs manager. These two roles allow
us to develop strong relationships and ensure our
shareholders are kept informed.
Ryman’s investor centre sets out the investor relations
manager’s and corporate affairs manager’s contact
details for communications from shareholders.
We send the notice of the AGM to shareholders and
publish it on the company website at least 20 working
days before the meeting each year.
Voting by shareholders
Voting on all resolutions at Ryman’s shareholder
meetings is conducted by poll. This means that Ryman
shareholders enjoy one share, one vote (subject to any
voting restrictions applying under the Listing Rules).
ANNUAL REPORT 2020
109
General disclosures of interest
FOR THE YEAR ENDED 31 MARCH 2020
JO APPLEYARD
PartnerChapman Tripp^
MemberNZX Disciplinary Committee
MemberUniversity of Canterbury Vice-Chancellor
Employment Committee
WARREN BELL
ChairHallenstein Glasson Holdings Ltd Group
ChairSt George’s Hospital Inc
DirectorMeadow Mushrooms Group of Companies
DirectorCyprus Enterprises Limited
DirectorSabina Limited
DirectorBildeford Holdings Ltd
DirectorWarren Bell Ltd
DirectorCHC Properties Limited
DirectorGlasson Trustee Limited
Director152 Hereford Limited
DirectorHickman Family Trustees Limited (part
shareholder of Airport Business Park
Christchurch Ltd)
TrusteeEmerald Trust (part shareholder of Airport
Business Park Christchurch Ltd)
TrusteeWaiwetu Trust (part shareholder of Airport
Business Park Christchurch Ltd)
Bare trusteeRyman Healthcare Share Scheme
( jointly with Dr David Kerr)
Director/
Shareholder
Poraka Limited
DirectorCraigpine Timber Limited*
DirectorAmalgamated Holdings Limited*
GEOFFREY CUMMING
Chair, CEO
and sole
shareholder
Karori Capital Limited
Shareholder,
lender and joint
manager
Various commercial property investment
companies in the Caniwi Capital Partners
Limited group of entities
Advisory board
member and
unit holder
Viewpoint Global Fund Trust
Advisory board
member and
sponsor
Cumming Medical Research Fund,
University of Calgary
Director/
Shareholder
Amira Medical Technologies Inc
CLAIRE HIGGINS
ChairREI Superannuation Fund Pty Ltd
DirectorGMHBA Limited and subsidiaries
TrusteeHelen Macpherson Smith Trust
Acting chairPancare Foundation Inc*
DirectorRailway and Transport Health Fund Ltd*
DirectorTransport Health Pty Ltd*
PAULA JEFFS
(None)
DR DAVID KERR
ChairEcoCentral Limited
ChairCentercare Limited
Bare trusteeRyman Healthcare Share Scheme
( jointly with Warren Bell)
DirectorForté Health Limited
DirectorNgāi Tahu Property
DirectorThird Age Health Services Limited
ANTHONY LEIGHS
Managing
Director
Leighs Construction Holdings Limited and
associated entities
Director/
Shareholder
Alisanca Holdings and associated entities
DirectorPortus Property Limited and associated
entities
DirectorStar Scaffolding Limited
DirectorChrist Church Cathedral Reinstatement
Limited
DirectorLabour Logistics Auckland Limited
GEORGE SAVVIDES
ChairNext Science Limited
Deputy chairSpecial Broadcasting Service (SBS)
Australia
DirectorIAG Insurance Australia Group
Director/
Shareholder
Teamflow Asset Management Pty Ltd
Partner CFMC Consulting Pty Ltd (Sodia)*
* Resigned during the year.
^ Jo has been a director since 2009 and since that time has
performed no professional services for the company in her
capacity as a partner at Chapman Tripp.
RYMAN HEALTHCARE
110
Directors’ disclosures
FOR THE YEAR ENDED 31 MARCH 2020
SHAREHOLDINGS AT 31 MARCH 2020
DirectorRelevant interest
Jo Appleyard 78,700 (1)
Warren Bell 1,500
Geoffrey Cumming 50,949,900 (2)
Claire Higgins 12,650 (3)
Paula Jeffs -
Dr David Kerr 348,000 (4)
Anthony Leighs 10,000 (5)
George Savvides 54,030 (6)
(1) Held as trustees of The Appleyard and Larkin Family Trust.
(2) A substantial product holder (SPH) notice was lodged on
29 October 2019 showing the transfer of legal holding of 24,900,000
shares from New Zealand Central Securities Depository Limited to
Geoffrey A Cumming.
(3) Held as trustees of Adam Higgins Superannuation Fund Pty Ltd.
(4) Shares held by DW & DJ Kerr and The DW Kerr Family Trust No.2.
(5) Shares held by Alisanca Holdings Limited.
(6) Shares held by Teamflow Asset Management Pty Ltd.
(7) Paula Jeffs joined the board with effect from 19 November 2019.
DIRECTORS’ REMUNERATION FOR THE YEAR
Director
Board
fees
Audit and
Financial
Risk chair
Clinical
Governance
chair
Development
and Constructon
chair
Governance,
Remuneration
and Nominations
chair
Health,
Safety and
Wellbeing
chair
Foreign
exchange
Total
directors’
fees
Jo Appleyard 110,500 - - - - - - 110,500
Warren Bell 110,500 18,000 - - - - - 128,500
Geoffrey
Cumming 110,500 - - - - - - 110,500
Claire Higgins 110,500 - - - - 18,000 7,75 1 136,251
Paula Jeffs (7) 36,833 - - - - - 1,851 38,684
Dr David Kerr 222,000 - - - - - - 222,000
Anthony Leighs 110,500 - - 18,000 - - - 128,500
George
Savvides 110,500 - 18,000 - - - 7,75 1 136,251
921,833 18,000 18,000 18,000 - 18,000 17,353 1,011,186
DIRECTORS’ REMUNERATION POOL
Directors’ fees are reviewed every two years. Fees currently paid to Ryman directors for their board and board
committee responsibilities are paid out of a pool. The pool was set at the amount approved by shareholders
in 2018 ($985,000 based on a board of seven directors). As permitted by Listing Rule 2.11.3 the pool can be
increased by the board to enable any additional non-executive director to be paid the average amount being paid
to the other non-executive directors (excluding the chair). Paula Jeffs became the eighth Ryman director with
effect from 19 November 2019, and the board has utilised Listing Rule 2.11.3 to enable Paula to be paid directors’
fees since that time. Australia-based directors’ fees are paid in Australian dollars (AUD).
MEMBERSHIP OF COMMITTEES
Directors do not receive additional fees for membership of committees. Additional fees are paid to directors who
act as the chair of a committee. During the year Warren Bell, George Savvides, Claire Higgins, Anthony Leighs and
Geoff Cumming held committee chair positions. The chair of the Governance, Remuneration and Nominations
Committee does not receive any additional fees.
ANNUAL REPORT 2020
111
DIRECTORS OF SUBSIDIARY COMPANIES
Dr David Kerr, Warren Bell, Gordon MacLeod and David Bennett are directors of all the company’s New Zealand
subsidiaries. Claire Higgins, George Savvides, Gordon MacLeod and David Bennett are directors of Ryman
Healthcare (Australia) Pty Ltd and its subsidiaries. No fees are paid to individuals in their capacity as directors of
the subsidiaries.
SPECIFIC DISCLOSURES
In line with the company’s constitution and the Companies Act 1993, the company has provided insurance for, and
indemnities to, directors of the company and its subsidiaries.
SHARE TRANSACTIONS DURING THE YEAR
DirectorNature of interest
Number of shares
acquired/(disposed)Consideration ($)Date
Geoffrey Cumming*Beneficial 300,000 3,489,000 27 June 2019
Geoffrey Cumming*Beneficial (300,000) (3,489,000)27 June 2019
Warren BellBeneficial (3,500) (47, 2 8 0)14 August 2019
Geoffrey Cumming**Beneficial 300,000 3,906,000 2 September 2019
Geoffrey Cumming**Beneficial (300,000) (3,906,000)2 September 2019
Anthony LeighsBeneficial 10,000 143,799 28 November 2019
Geoffrey Cumming**Beneficial 350,000 4,977,000 29 November 2019
Geoffrey Cumming**Beneficial (350,000) (4,977,000)29 November 2019
Dr David KerrBeneficial 5,000 71,538 3 December 2019
Geoffrey Cumming**Beneficial 300,000 4,770,000 18 December 2019
Geoffrey Cumming**Beneficial (300,000) (4,770,000)18 December 2019
* Geoffrey Cumming made an off-market charitable donation of shares to the Centre for Affordable Water and Sanitation
Technology. He then made an off-market purchase of shares for the same value.
** Geoffrey Cumming made an off-market charitable donation of shares to the University of Calgary. He then made an off-market
purchase of shares for the same value.
Dr David Kerr and Warren Bell, as joint custodians of the Ryman Healthcare Leadership Share Purchase Scheme,
acquired 1,026,708 shares during the year, disposed of 892,736 shares during the year, and held 2,711,244 shares in
total at 31 March 2020 (see note 25 of the financial statements).
RYMAN HEALTHCARE
112
Shareholder information
TOP 20 SHAREHOLDERS AT 4 JUNE 2020
Rank Investor nameNo. of shares% Issued capital
1JPMorgan Chase Bank
1
77,982,553 15.60
2HSBC Nominees (New Zealand) Limited
1
65,540,566 13.11
3Geoffrey A Cumming 50,949,900 10.19
4Hickman Family Trustees Limited
2
35,000,000 7.00
5HSBC Nominees (New Zealand) Limited
1
32,260,900 6.45
6Citibank Nominees (NZ) Ltd
1
30,757,429 6.15
7Forsyth Barr Custodians Ltd 11,143,005 2.23
8Tea Custodians Limited
1
9,274,594 1.85
9Accident Compensation Corporation
1
8,483,145 1.70
10Custodial Services Limited 7,782 ,17 7 1.56
11Ngāi Tahu Capital Limited 6,464,516 1.29
12Custodial Services Limited 6,334,400 1.27
13New Zealand Superannuation Fund Nominees Limited
1
5,625,819 1.13
14FNZ Custodians Limited 5,154,324 1.03
15BNP Paribas Nominees NZ Limited
1
5,092,878 1.02
16Premier Nominees Limited
1
5,075,710 1.02
17National Nominees New Zealand Limited
1
4,276,855 0.86
18Cogent Nominees Limited
1
3,969,725 0.79
19BNP Paribas Nominees NZ Limited
1
3,942,056 0.79
20Custodial Services Limited 3,471,630 0.69
1 Held by New Zealand Central Securities Depository Ltd as custodian.
2 Held as trustee of the Hickman Family Trust.
DISTRIBUTION OF SHAREHOLDERS AT 4 JUNE 2020
Size of shareholdingNumber of shareholdersShares held
1–1,000 5,996 39.35% 3,052,090 0.61%
1,001–5,000 6,165 40.46% 16,047,391 3.21%
5,001–10,000 1,617 10.61% 12,293,800 2 .46%
10,001–50,000 1,220 8.01% 25,282,083 5.06%
50,001–100,000 120 0.79% 8,218,025 1.64%
Greater than 100,000 119 0.78% 435,106,611 87.0 2 %
Total 15,237 100.00% 500,000,000 100.00%
SUBSTANTIAL PRODUCT HOLDERS AT 31 MARCH 2020
ShareholderRelevant interest%
Geoffrey Cumming 50,949,900 10.19%
Hickman Family Trustees Limited,
1
Kevin James Hickman and Joanna Hickman,
2
Warren Bell
3
35,000,000 7.00%
A total of 500,000,000 ordinary Ryman shares were on issue as at 31 March 2020 (the only voting products on issue).
1 Held as trustee of the Hickman Family Trust.
2 Joint holders of 100 percent of the shares in, and directors of, Hickman Family Trustees Limited, and beneficiaries of The Hickman
Family Trust.
3 As a director of Hickman Family Trustees Limited, and has control over the exercise of a right to vote attached to the shares as the
sole independent director of Hickman Family Trustees Limited (alongside the other directors of Hickman Family Trustees Limited).
ANNUAL REPORT 2020
113
We would like to thank all
Rymanians who contribute
so much each day
Aakarsha Nair · Aakash Patel · Aakriti Gupta · Aarju Karki · Aaron Brown · Aaron Edwards · Aaron
Enriquez · Aaron Essenberg · Aaron Eyles · Aashu Baskota · Abbe King · Abbey Santos · Abbey
Thompson · Abby Allen · Abby Burd · Abby Fannin · Abby Fernandez · Abby Thornton · Abdul
Zolfaghari · Abhishek Kochar · Abhishek Vashisht · Abhishiek Pacher · Abigael Bagaygay · Abigail
Gacutan · Abigail Webb · Abigail Gumban · Able Mathew · Abraham Nolasco · Ace Somosot ·
Achaal Prakash · Adalia Campbell · Adam Allan · Adam Birss · Adam Joyce · Adam Young · Adeah
Marandang · Adele Wood · Adeline Plamenco · Adheesha Perera · Adi Cuizon · Adi Sakiti · Adnan
Mahamud · Adore Davis · Adrian Wiggill · Adriana Draganidis · Adrianna Pavlekovic · Adrienne
Marsh · Adrienne Sincock · Adrienne Todd · Aez Pega · Afroz Arif · Aga Gonzales · Aggie Butler ·
Agitha Joseph · Agnes Cuanan · Agnes Lakner · Agnes Wallace · Agnieske Keenan · Agustine
Affandi · Ahmad Fouad · Aida Bujang · Aida Cachuela · Aik Eng · Aiko Gumban · Ailean Cook · Aileen
Bagtang · Aileen Wild · Ailen Gaw · Ailen Luste · Aimee Bell · Aimee Halliday · Aimee Laguador ·
Aimee McKendry · Aimee Trotter · Aimee Verran · Aimee Wright · Aimi Tsunekawa · Ainslee
Buchanan · AJ Lasaca · Ajay Gautam · Ajay Philip · Ajo Jose · Aka Raveti · Akhila Antony · Aklima
Akter · Al Lim · Al Fleming · Aladina Durian · Alan Trusler · Alan Wood · Alana Bagley · Alana
Sanderson · Alana Watson · Alanah French · Alannah Smith · Alastair Joyce · Alastair Ryall · Albie
Calope · Aldrin George · Alefina Baleisuva · Alem Atsbeha · Alena McCulloch · Alena McKenzie ·
Aletta Beneke · Alex Beenen · Alex Brasic · Alex Cagalitan · Alex Carter · Alex Fausett · Alex Lopez
· Alex McNeillie · Alex Naikatini · Alex Phelps · Alex Pope · Alexis Popovic · Algine Ingking · Ali Amin
· Alice Han · Alice Jones · Alice Kim · Alice McDuff · Alice Stevens · Alice Tao · Alice Twigley · Alice
Vargas · Alicia Prima · Alina Jose · Alina George · Alisha Aliperio · Alisi Vuluma · Alison Kelly · Alison
Naylor · Alison Westoby · Alison Winstanley · Alister Safaei · Alix Fabi · Aljie Famulagan · Alka
Thakur · Allan Brown · Allan Dempsey · Allan Macala · Allan Taylor · Allison Murphy · Alma Azarcon
· Alma Cagalitan · Alma Eparaima · Alma Ramirez · Alma Sicat · Alofa Schuster · Aloha Starr · Alpha
Gordon · Alpho George · Alphonsa George · Alphy Thomas · Alun Dodd · Alvin Ylaran · Alwyn Edlin
· Aly McLean · Aly Procter · Aly Rebuyon · Alyse Hurley · Alysha Russell · Alyssa Jerusalem · Alyssa
Veart · Amala Thomas · Aman Kaur · Aman Kaur · Aman Kaur · Aman Kaur · Amanda Beauchamp ·
Amanda Bell · Amanda Carter · Amanda Gilbert · Amanda Goudie · Amanda Knox · Amanda
Loversidge · Amanda Malungahu · Amanda Naude · Amanda Page · Amanda Brocklebank ·
Amanda Faria · Amanda He · Amandeep Amandeep · Amandeep Kaur · Amanpreet Kaur · Amar
Dhaliwal · Amar Kaur · Amber Howard · Amber McKenzie-Takau · Amber-Lee Kelliher · Ambika
Kolanji · Ambily Abraham · Amelia Barnsdale · Amelia McMahon · Amelia Mercer · Amelia Ong ·
Amendra Samantilake · Amicee Miller · Amiel Ubarra · Amina Mohamed · Amit Patel · Amita Prasad
· Amita Vyas · Amith Sabu · Amrit Kaur · Amrit Kaur · Amrit Kaur · Amrita Raj · Amrita Rana · Amy
Amtman · Amy Bishara · Amy Carpenter · Amy Dean · Amy Gagasa · Amy Hema · Amy Irwin · Amy
McNeil · Amy Mian · Amy Morris · Amy Morris · Amy Morrison · Amy Power · Amy Reive · Amy
Richardson · Amy Yin · Ana Fangupo · Ana Hintay · Ana Leite · Ana Pupu · Ana Sands · Ana Savou ·
Ana Stefanovska · Ana Wijdeveld · Ana Torrevillas · Ana Marie Salibay · Anabel Konigstorfer ·
Analou Lasprilla · Analyn Irorita · Anan Du · Anastazya Forde · Ancy Yohannankutty · Andre
Battrick · Andre Hechter · Andrea Adams · Andrea Ansell · Andrea Burgos · Andrea Butler · Andrea
Gaskell · Andrea Hills · Andrea Latoa · Andrea Maano · Andrea Manuel · Andrea Matinong · Andrea
Pangan · Andrea Rod · Andrea Smith · Andrei Pirlea · Andresa Mendes Teles · Andrew Crerar ·
Andrew Gibson · Andrew Goldfinch · Andrew Greenfield · Andrew Guild · Andrew Hall · Andrew
Hayward · Andrew Heels · Andrew Inch · Andrew Jones · Andrew Knewstubb · Andrew Leith ·
Andrew Maglangit · Andrew Quezon · Andrew Searancke · Andrew Fraser · Andrew Hilbert ·
Andrew Moulding · Andy Clarke · Andy Heap · Ane Pulou · Aneely Bhatt · Aneesh Kattikatt George
· Ange Dickson · Ange Knibb · Angel Augustine · Angel Mendoza · Angel Montanez · Angel Taguinod
· Angela Aballog · Angela Ferguson · Angela Gower · Angela Hayes · Angela MacKay · Angela
McMeekin · Angela O’Connor · Angela Ravlich · Angela Simpson · Angela Stewart · Angela
Barraclough · Angela Redgewell · Angeli Suson · Angelica Araiza · Angelica Ona · Angelina Adams ·
Angelina Bostrovas · Angelina Taiaroa · Angelique Capulong · Angelique Roberts · Angelo Trabado
· Angie Cope · Angie Sidhu · Angie Torres · Ani Veve · Anika Lewisham · Anish Anto · Anisha
Chaudhary · Anisha Walker · Anishma Raj · Anit Dominic · Anita Bhusal Banjade · Anita Chapman ·
Anita Dayal · Anita Devi · Anita Devi · Anita Farmer · Anita Smith · Anitha Paul · Anitha Shijan · Anitta
Shaju · Anja Thorne · Anjali Mitra · Anjana Abraham · Anjana Lama · Anjana Poojary · Anjani
Chaudhary · Anjani Suresh · Anjelyn Pocession · Anjita Acharya · Anjo Francis · Anju Catherine ·
Anju Keenan · Anju Malakunnel Isac · Anju Mathew · Anju Sajan · Anjumol Saju · Ankita Joshi ·
Ankitaben Patel · Ann Beom · Ann Brady · Ann Cuaresma · Ann Dickason · Ann Dombroski-Scheliin
· Ann Fernando · Ann Gene’T · Ann Joy · Ann Lee · Ann Martin · Ann Mongcal · Ann Moorman · Ann
Olbinado · Ann O’Neill · Ann Saripheng · Ann Varunny · Ann Wongchan · Ann Young · Ann-Maree
Vincent · Ann-Marie Innes · Anna Altabas · Anna Benadie · Anna de Jager · Anna Johnson · Anna
Lai · Anna McCorkindale · Anna Ormsby · Anna Ouyang · Anna Scott · Anna Smith · Anna Thomson
· Anna Von Kimmer · Anna Maharjan · Anna-lee Lyons · Annabel Arcipe · Annabel Macdonald ·
Annabel Sharp · Annalise Dixon · Annalise Felix · Annamay Toa · Anne Cantos · Anne Flint · Anne
Hall · Anne Hovell · Anne Kenna · Anne Larita · Anne O’Donnell · Anne Streatfeild · Anne Verano ·
Anne Cameron · Anneke Van Straaten · Annette Adams · Annette Holdaway · Annette Hollis ·
Annette Jeffares · Annette Lawrence · Annette Molloy · Annette Rains · Annie Bruce · Annie Craike
· Annie Eunson · Annie Glossop · Annie Smith · Annie Weng · Annie Zhao · Annika Lindquist · Annu
Gaur · Anoma Gunaratne · Anouchka Robertson · Anshal Hussain · Anshu Singh · Ansu Anna
Varkey · Anthea Gernetzky · Anthea Lemberiadis · Anthony Healy · Anthony Clyne · Anto
Sundaram · Antoinette Morgan · Anton Reble · Antonette Asuncion · Antonio Lavin Delgado ·
Antony Lonappan · Anu Aloysius · Anu Baby · Anu Gill · Anu Jose · Anu Karthika Reghunathapanickar
· Anu Kumar · Anu Mathews · Anu Pathirage · Anu Samuel · Anuja Kunwar · Anuja Shrestha ·
Anuradha Shrestha · Anusha Peddina · Anya Borthwick · Ao Fuifui · Aom Mahem · Api Arpanpreet
· Api Lacanivalu · Apple Ladia · Apple Uy · Aprelle Aldaya · April Deraja · April Lacson · April Ladia ·
April Mahuika · April Morillo · April Nino · Arahia Wilson · Argie Forteza · Argielyn Sanchez · Ari
Candy · Ariana Guerin · Ariane De La Peria · Aribo Timaai · Arieta Anderson · Arieta Bebenisala ·
Arieta Faalau · Aris Seva · Arjun George · Arlen Evangelista · Arlene Nolasco · Arlene Pinote · Arlene
Rodgers · Arlene Sarmiento · Arlene Simadari · Arlet Anastasia · Arlyn Shyman · Arma Dacyon ·
Armie Estevez · Armie Magcale · Aroha Ngatuere · Arpana Khadka · Arraminda Ariate · Arthur
Keane · Arti Devi · Arti Devi · Arti Karan · Arti Patel · Arti Prakash · Artika Lata · Artika Naidu · Arun
James · Aruna Prakash · Aruna Reddy · Aruna Wickramanayake · Arvin Singh · Arvin Treebhowan
· Asa Porter · Asafe Di Carlos · Ash Devi · Ash Devi · Ash Prasad · Asha David · Asha John · Asha
Kiran · Asha Mariyarasa · Asharif Rahman · Asher Holmes · Ashika Chand · Ashika Mandri · Ashika
Singh · Ashishni Goundar · Ashlee Thompson · Ashleigh Cunningham · Ashleigh Dixon · Ashley
Gray · Ashley Quensell · Ashley Vincent · Ashley Willis · Ashly Paulson · Ashly Varghese · Ashmita
Gurung · Ashmita Lata · Ashnee Prakash · Ashupreet Kaur · Ashvin Mendonca · Ashween Singh ·
Ashwina Ashwina · Ashwindar Kaur · Ashwini Naicker · Asmita Bhandari · Asmita Hirachan
· Asset Galeno · Asti Suliastari · Aswathy Padmanabhan · Aswathy Sreedas · Aswathy
Thulaseedharansheela · Atani Chwa · Atawhai Reweti · Atelaite Buakula · Ateliana Ah Kuoi · Athena
Tangonan · Athulya Jestin · Athulya Thankappan · Aubrey Uri · Audrey Filgate-Davis · Audrey
Koloamatangi · Audrey Moffett · Augustine Akkara · Augustine Taliauli · Aurora Catu · Aurora Orogo
· Ava McFadgen · Avrill Burchell · Awanui Tangiia · Awhina White · Axl Funtila · Ayesha Bashir ·
Ayteya Lopez · Ayu Hardy · Azaliah Rogers · Azaria Taylor · Azeeza Arif · Azel Ramos · Ba Sigola ·
Babita Baluri · Bailey Coombs · Bailey Schofield · Bailey Trotter · Baljeet Kaur · Baljinder Kaur · Baljit
Kaur · Balpreet Kaur · Bano Tasheem · Barbara Barker · Barbara Fay · Barbara Federico · Barbara
Kirk · Barbara Large · Barbara Todd · Barbara Turnbull · Barbara Van Wyk · Barbie Bickerton · Barry
Ria · Barsha Timalsina · Bawi Siar Ling · Bea Davis · Bea Castor · Beata Buchajczyk · Beate Smirek
· Beatrice Salera · Beau Moke · Beauty Chua · Bebien Montecillo · Bec Boyd · Becca Fafeita · Becca
Thomas · Beck Little · Beck Wilkins · Becki Hyde · Beckie Goodhead · Becks Dell · Becks Lash ·
Becky Gillanders · Becky Moore · Becky Payne · Becs Thompson · Bedi Thapa · Bee Weiss · Belinda
Bargh · Belinda Gonzales · Belinda Greenwood · Belinda Madriaga · Belinda Ycong · Bella Jabat ·
Ben Bowles · Ben Dass Shrestha · Ben Garner · Ben Hungerford-Morgan · Ben Jordan · Ben Miller ·
Ben Munro · Ben Poothuran · Ben Reynolds · Ben Walshe · Benita Edwards · Benita Jessop · Benita
Jonathan · Benita Kirkovits · Benita Prasad · Benjamin Cavanagh · Benson Mejorada · Benzon De
Castro · Berbs Veloso · Bernadette Forsdyke · Bernadette Lerios · Bernadette Palmer · Bernadette
Bancroft · Bernard Cagalawan · Bernard Nanai · Bernard Philpott · Bernie Pask · Beryl Ahie · Beryl
Ryan · Beth Aseniero · Beth Capistrano · Beth Concepcion · Beth Gerbes · Beth Haryett · Beth
Kampen · Beth O’Donnell · Beth Po · Beth Reaney · Bethany Douglas · Bethany Edie · Bette Baldwin
· Betty Groves · Betty Lamb · Bev Dela Cruz · Bev Fockenga · Bev Tembo · Bev Todd · Bev Toms ·
Bev Walker · Bevan Harris · Bex Abel · Bex Coster · Beza Esclamado · Bharat Singla · Bharti Bedi ·
Bharti Singh · Bhavishna Chandrani · Bhavneet Kaur · Bheng Escano · Bhumi Jain · Bianca de
Agrella · Bianca Gonzales · Bibin Christopher · Bibin Philip · Bibin Vijayan · Biddhya Gurung · Bien
Padilla · Bijo Mathew · Bill Doherty · Billie Bond · Bimal Roshni · Bimala Galaju · Bimbika Sirimane ·
Bina Limbu · Bini Eldhose · Bini Gurung · Binky Marsh · Binu Tiwari · Binuska Ranaweera · Birgit
Haan · Blair Cullen · Blake Jackson · Blake Smith · Blanch Laroga · Blanche Nugas · Blessie Lintag ·
Blue Richardson · Blythe Ward · Bobby Abhilash · Bobby Beck · Bobin Pullikkattil Jose · Boren Suy
· Brad Thomas · Brandi Ireton · Brando Bartolome · Brandon Paul · Breanna Woolley · Brechell Dela
Vega · Bree Jones · Bregitte Miguel · Bren Whitaker · Brenda Dudson · Brenda Ferguson · Brenda
Hobbs · Brenda Paul Corera · Brenda Schroeder · Brendan Joicey · Brenden Moore · Brent Flynn ·
Brent Morfett · Brett Johnson · Brett Tipton · Brian Bark · Brian Crosby · Brian Robinson · Brian
Tidey · Brian Ward · Briana Reweti · Bridgette des Landes · Brieanna Hobbs · Briee Robinson · Brin
Downie · Brittany Cottam · Brittany Francis · Brittany Jeffcott-Moore · Brittany Kerebs · Brodie
Hewitt · Brodie McPhail · Bronnie Carston · Bronwen Steere · Bronwyn Barry · Bronwyn Moodie ·
Brooke Muirsmeath · Brooke Roberts · Brooke Tainui · Brooke Tyler · Bruce Court-Patience · Bruce
Hudson · Bruna Manduci · Bryan Manlangit · Brydie Baxter · Bryni Waldron-Lemon · Bunny Balane
· Caitlin Fleming · Caitlin McCaul · Caitlin Young · Caitlin Robertson · Caleb Lepper · Caleb
McDonald · Callum Morrish · Callum Van der Oest · Cameron Scott · Camila West · Camille Reyes ·
Camille Santos · Campbell Elliott · Campbell McIlwraith · Candice Togia · Candice Camingawan ·
Cara Floreza · Cardona Castro · Careen Bayoneta · Carina Mincioni · Carl Arnst · Carl Dela Cruz ·
Carla Barnard · Carla Dela Cruz · Carla Elliott · Carla Ereneta · Carla Eser · Carla Jones · Carla
Lofredo · Carla Sampaio · Carman Lipscombe · Carmel Marino · Carmelo Grecia · Carmie Demesa
· Caro Swanston · Carol Barker · Carol Bothamley · Carol Duke · Carol Luttrell · Carol Mathias · Carol
Restrepo Ledesma · Carol Robinson · Carol Toohill · Carol Wesley · Carol Dadivas · Carola Acevedo
· Carole Patterson · Carole Quickfall · Carolin Bijju · Carolina Russi Serrato · Caroline Evans ·
Caroline Hart · Caroline Kean · Caroline Ludford · Caroline Martin Salas · Caroline Potgieter ·
Caroline Reyland · Caroline Sempers · Caroline van Tulder · Caroline Nyo Nyo Aye · Carolyn Bovey-
Brown · Carolyn Faloon · Carolyn Greenaway · Carolyn Grogen-Tinney · Carolyn Lennox · Carolyn
MacDonell · Carolyn Morrison · Carolyn Mulder · Carolyn Delugar · Carolynn Aicken · Carrie
Duncan · Carrie Han · Carroll King · Casey Cowley · Cassandra Osborne · Cassandra Wallis · Cassie
Chen · Cassie Scaife · Cassim Nawaz · Cath Magbaton · Cath Seguan · Catherine Bunting ·
Catherine Cordwell · Catherine Haren · Catherine Jalbuena · Catherine McKellar · Catherine
Parsons · Catherine Scullin · Catherine Veloso · Catherine Wright · Catherine Lobo · Cathley Balaan
· Cathy Bautista · Cathy Hiku · Cathy Lata · Cathy Malone · Cathy Morris · Cathy Salcedo
Millabangco · Cathy Watkins · Cathy O’Brien · Cathy Yang · Catrina Llanes · Cecilia Hansson ·
Cecille Winspear · Cel Amante · Cel Padayogdog · Celeste Boonzaaier · Celeste Payne · Celia
Henare · Celly Nicer · Celthea Yu · Cerise Otton-Apatu · Cha Bishop · Cha Juco · Chakri Siluveru ·
Chamara Hettiarachchige · Chami Mannage Dona · Chanel Kisina · Chani Soper · Chanmin Park ·
RYMAN HEALTHCARE
114
Chantal Atngag · Chantal Kennedy · Chantel Paul · Chantel Pilcher · Chantelle Hand · Chantelle
Hocking · Charies Padua · Charisma Roblete · Charith Ruwanpathirana · Charlene Lardizabal ·
Charlene Serino · Charlene Tabigne · Charles Bushell · Charles Han · Charles Hannaford · Charles
Serino · Charlie Emanel · Charlie Torrey · Charlotte Bullock · Charlotte Senining · Charlotte Rowe ·
Charlyne Casil · Charmae Golosino · Charmagne Castillo · Charmaine Infante · Charmaine Julian ·
Charmaine Smith · Charmaine Staines · Charmaine Volschenk · Charmaine Urbano · Charmayne
Clarke · Chayle Argallon · Chea Fraser · Chee Chang Ho · Chell Biato · Chelsea Cooper · Chelsea
Hayler · Chelsea Hodgson · Chelsea Richdale · Cherie Brosnan · Cherie Le Prevost Smith · Cherry
Fabon · Cherry Gallego · Cherry Lagare · Cherry Quiros · Cherry Ramel · Cherry Taleno · Cherry
Venegas · Cherry Casama · Cherryl Bauzon · Cheryl Alba · Cheryl Brumwell · Cheryl Buchanan ·
Cheryl Damatac · Cheryl Jackson · Cheryl Lopez · Cheryl Rom Liu · Cheryl Shepherd · Cherylynn
Stevenson · Chessie Yap · Cheyne Chalmers · Chhiring Lama · Chi Zhao · Chinchu Boban · Chit
Escalon · Chitra Devi · Chitt Fajardo · Chloe Fitzgibbon · Chloe Hollows · Chloe Jones · Chloe
Thompson · Chloe Turko · Chona Cortez · Chris Ashton · Chris Balanci · Chris Beckett · Chris
Camm · Chris Caselton · Chris Church · Chris Corriea · Chris Daykin · Chris Dias · Chris Dombroski
· Chris Downes · Chris Genses · Chris Hall · Chris Harwood · Chris Henry · Chris James · Chris Jobe
· Chris Ngataierua · Chris Parker · Chris Saxon · Chris Simmonds · Chris Sinclair · Chris Sutton ·
Chris Tunbridge · Chris Wright · Chris Baet · Chris Keilty · Chris Storer · Chrissy Macpherson ·
Chrissy Mathews · Chrissy Smith · Chrissy Stanton · Chrissy Thompson · Chrissy Toa · Chrissy
Villanos · Christelle Estremera · Christelle Sazon · Christi Essex · Christian Borja · Christina Brenton
· Christina Ioane · Christina Niutao · Christina Potgieter · Christina Reed · Christina Telekesi ·
Christine Buck · Christine Clarke · Christine Cleaver · Christine De Leon · Christine Grant · Christine
Han · Christine Hill · Christine Javier · Christine Kwiatkowski · Christine Labiton · Christine Langford
· Christine Langley · Christine Larking · Christine Liclican-Coloma · Christine McCurdy · Christine
Miller · Christine Pauling · Christine Tweedie · Christine Dhariwal · Christine Ann Elizalde ·
Christopher Singer · Christy Solina · Chu Kohlman · Chu Templa · Chua Chua · Chummy Madarieta
· Chyna Bourne · Cindy Bermudez · Cindy Cao · Cindy Evangelista · Cindy Le Hur · Cindy Phillips ·
Cindy Velasquez · Cindy Hou · Ciska McGrath · CJ Barcelona · Claire Bate · Claire Daunivavana ·
Claire Davies · Claire Farrell · Claire Harris · Claire Park · Claire Traill · Claire Watt · Claire Whitfield ·
Claire Baran · Clara Chiong · Clara Noveda · Clara Tan · Clarace Codyre · Clare Burgess · Clare
Glasspool · Clare Manders · Clare McLaughlin · Clare O’Donnell · Clarence Picardo · Clarissa
Alojado · Claudele Mangos · Claudete Silva · Claudia Conway · Claudia May · Claudia Permatasari ·
Claudia Rueda De La Serna · Claudine Nair · Clem Von Ellerts-Martinoli · Cliff Lasmarias · Clint
Bishop · Clinton Palmer · Co Ham · Cole Davis · Colin Caldwell · Colin Cameron · Colin Whakatutu ·
Colin Butler · Colleen McCann · Colleen Watson · Collette Backhouse · Collette Gordon · Colm
Boyle · Comaneci Ong · Comfort Siaw · Con Ciobanu · Con Van Niekerk · Conie Tiongson · Connie
Fernandez · Connie Tagle · Connie Vining · Connor Peirse · Connor Sim · Cora Jambalos · Cora Van
der Heul · Coralea Potgieter · Coralie Vine · Cornelia Chin · Correen Steyn · Corrie Zwemstra ·
Corrine Belencion · Corrine Fernando · Corrine Gillan · Corrinne Cooper · Cory Bryan · Courtenay
Reid · Courtney Oliver · Courtney Taylor · Courtney Trautvetter · Craig Atkinson · Craig Buist · Craig
Byrne · Craig Pascoe · Cris Fulton · Cris Viernes · Criselda Agbayani · Crish Landiza · Cristel Carter
· Cristel Garcia · Cristina Corre · Cristina Uy · Cristina Alejandro · Cristine Bayliss · Crystal Payne ·
Crystal Saldanha · Csilla Feherne Kincses · Cym Seguan · Cyndi Stewart · Cynthia Bunag · Cynthia
Humphreys · Cynthia Mercado · Cynthia Moris Haro · Cynthia Pearse · Cyril Balloso · Cyrus
Vallecera · Czarina Ederango · Czhanna Dayo · Dada Dayrit · Dafydd Evans · Dainah Magonde ·
Daisy Duka · Daisy Estuita · Dale Basinal · Dale Bell · Dale Burton · Dale Whearty · Dallas Walker ·
Daly Anna Devasia · Daman Kaur · Damian Forde · Damian Holmes · Dan Boyle · Dan Bromley · Dan
Domalanta · Dan Pega · Dan Redmond · Dan Parris · Dana Ballin · Dana Bilous · Danae Shipston ·
Danelle Franklin · Dani Bartle · Dani Bonoan · Danica Little · Daniel Bakht-Khosh · Daniel McLennan
· Daniel Murray · Daniel Reble · Daniel Halengo · Daniel Mulcahy · Daniela Diederichs · Daniela
Restrepo · Danielle Choat · Danielle Jeffery · Danielle Newton · Danielle Redin · Danielle Steer ·
Danielle Tweed · Danny Burns · Danny Connery · Darlene Ross · Darnell Bonita · Darren Hicarte ·
Darrin Findlay · Darsana Ram Bindu · Daryl Dominguez · Dashan Kaur · Dati Sherpa · Dave Bennett
· Dave Clearwater · Dave Cooper · Dave Cronin · Dave Murrell · Dave Pelham · Dave Robertson ·
Dave So · Dave Wand · Dave Wu · Dave Sevilleno · David Ballouz · David Cartwright · David Datoy ·
David De Souza · David de Veth · David Easton · David Fisk · David Gibson · David Herrera-
Rodriguez · David Jordan · David King · David Macdonald · David Nevin · David Rod · David Laing ·
David Mahony · David Oldham · David Ravenscroft · David Swann · Davinna McDonald · Davis
Thadathil · Dawn Griffiths · Dawn Hunt · Dawn Philip · Dawn White · Dawn Yrigollen-Hammond ·
Dawny Thomas · Dayna George · Dealia Long · Dean Jackson · Dean Turner · Deanna Glasson ·
Deanne Goman · Deb Ray · Deb Smith · Deb Richardson · Debbi Fairlie · Debbie Austin · Debbie
Bontuyan · Debbie Bridger · Debbie Buchanan · Debbie Chapman · Debbie Dixon · Debbie Edwards
· Debbie Fraser · Debbie Gemmell · Debbie Gray · Debbie Hartley · Debbie Hicks · Debbie Kennedy
· Debbie Komarkowski · Debbie Lim · Debbie Ogden · Debbie Quennell · Debbie Richards · Debbie
Rountree · Debbie Smith · Debbie Wells · Deborah Forde · Deborah Hayward · Deborah Ibale ·
Deborah Logt-Osborne · Deborah Jones · Deborah Swingler · Debra Goodman · Debra Stone ·
Debra Rowley · Debs Smith · Declan Rhodes · Dedeh Karyati · Dee Broad · Dee Kennedy · Dee
Mantell-Harding · Dee Nadan · Dee Repko · Dee Schroder · Deep Kapoor · Deep Kaur · Deepa
Bhandari G C · Deepa Lohala · Deepa Sudhakaran · Deepani Hewa Batagodage · Deepankshi
Deepankshi · Deepika Wijesekara · Deidre MacGregor · Del Wellington · Del Whitehouse · Delia
Espenido · Delu Paranathala · Den De Paula · Denice Jamieson · Denis Goodwin · Denis Marra ·
Denise Boese · Denise Cunniffe · Denise Greenbank · Denise Hutchison · Denise Laney · Denise
Martin · Denise Scott · Denise Thompson · Dennis De Leon · Dennis Frazer · Denver Houston ·
Denzel Bonifacio · Deo Glovasa · Derek Greening · Des Aunese · Desley Lawrence · Dev Little · Devi
Nagalingam · Devi Sapkota · Devika Naidu · Devika Reddy · Devon Eastlake · Devon Maurice · Dewi
Astuti · Dhang Navarro · Dhanju Rana · Dhanya Francis · Dhanya Lukose · Dhara Patel · Dhrushya
Sasidharan · Dhruvi Shah · Di George · Di Lister · Di McKenzie · Di Sinclair · Di Tahi · Di Tarling · Diana
Brown · Diana Carrillo Carrillo · Diana Cleveland · Diana Hanafin · Diana Jones · Diana Nicolescu ·
Diana Plesovs · Diana Rodas · Diana Sian · Diana Wilfred · Diane Brown · Diane Evans · Diane
Headifen · Diane Johnson · Diane Smiler · Diane Smith · Diane Taylor · Diane Vergara-Galang ·
Dianna Alexander · Dianne Amolong · Dianne Burgess · Dianne Casimiro · Dianne Dona · Dianne
Durham · Dianne Kei · Dianne Melhuish · Dianne Newton · Dianne Rosado · Dianne Villasenor · Didi
Muncaster-Wright · Diedri Bates · Diksha Mainh · Dilani Ukwatta · Dilpreet Kaur · Dina Fitria · Dina
Garcia · Disha Gandhi · Divina Cruz · Divya Chauhan · Divya Mannayath · Divya Mohan · Divya
Sebastian · Dolly Alekar · Dolly Dolman · Don MacKay · Donah Cagalawan · Donald Ferguson ·
Donald Pool · Dondi Delgado · Donna Barnes · Donna Bradford · Donna Campbell · Donna Dael ·
Donna Dungey · Donna Flaws · Donna Garcia · Donna Holmes · Donna Hooson · Donna Jones-
Smith · Donna Lewis · Donna Munoz · Donna Rose · Donna Summerfield · Donna Wilson · Donna
Gonzales · Donnabelle Gillegao · Donnelle Dean · Dora Martinez-Velandia · Doreen Dacanay ·
Doreen Kumar · Doreen Lata · Doreen Maha · Doreen Narayan · Dorothy Belleza · Dorothy Harris ·
Dorothy Musosa · Dorothy Withers · Dot Luna · Dot Wright · Dottie Abuyabor · Doug Holt · Dovie
Villalobos · Drew Napthen · Dronah Villarino · Dulari Withana Ranasinghe · Duncan Phillips · Durham
Quigley · Dushantha Senarath · Dustin Dominic · Dwi Wangsawidjaja · Dylan Sharma · Earl Cortes ·
Earl Te · Eda Galias · Eddie Deo · Eddie Ovansian · Eddie Parker · Eddie Tandy · Eden Hamilton ·
Eden Joyce · Edgar Mamaril · Edgardo Blaya · Eduard Bradley · Edwin Wilton · Edwina Hutchings ·
Edy Sayson · Egroeg Orlino · Eileen Welford · Eileen Wu · Eileen Kielty · Eina Campos · Ekta Sharma
· Elaine De Leon · Elaine Galbraith · Elaine Hubbard · Elaine Luay · Elaine Marsh · Elaine Mulholland
· Eldhose Yohannan · Ele Bibby · Eleanor Gaffley · Eleanor Garner · Eleanor Lee · Eleanor Reo · Eleen
Kee · Eleeza Jilson · Elena Braza · Elena Delector · Elena Kubesh · Eleni Heaven · Eleni Lapana · Eleni
Meimaris · Eleonor Moral · Eliane Machado · Elin Griffith · Elina Rajie · Elisel Valoria · Eliseo Lapus ·
Elisha Granada · Eliza Siwakoti · Elizabeth Caboverde · Elizabeth Dibanadane · Elizabeth Hunter ·
Elizabeth Okanga · Elizabeth Okpaleke · Ella Griffin · Ella O’Donohue · Ella Ubadigha · Ella-rose
Knowles · Elle Coker · Ellen Cribb · Ellen Ganzon · Ellie Wilson · Ellora Santos · Elly Brown · Elmer
Carreon · Eloisa Obnial · Eloise Viscarra · Elona Walker · Elsa Marneweck · Elsie DelosReyes · Elsie
Lovell · Elsie Pablo · Elsie Warriner · Elva Latonio · Elvira Gomez · Emalyn Prosia · Emelita Cagas ·
Emil Visser · Emily Chen · Emily Hayward · Emily Joyce · Emily Keenan · Emily Langdon · Emily
Narawa · Emily Palamountain · Emily Truong · Emily White · Emily Xi · Emily Li · Emma Anderson ·
Emma Begg · Emma Blount · Emma Carson · Emma Cumberbeach · Emma Hanley · Emma
Harrison · Emma Hibbert · Emma Holder · Emma Hope · Emma Knott · Emma Poni · Emma Rose ·
Emma Salzano · Emma Saquiban · Emma Scott · Emma Singh · Emma Tarunge-Wasi · Emma
Waetford · Emma Hogan · Emma Reardon · Emman Galve · Emmy Dolotina · Ena Pastrana · Enrique
Vanegas · Entani Naidu · Eric Demo · Eric van Diggele · Erica Bacasen · Erick Abille · Ericka Esteban
· Ericka Sauquillo Adoyo · Erik Homena · Erin Hanley · Erin Lintott · Erin Lu · Erin O’Mara · Erin Pole ·
Erin Woodcraft · Esme Knoetze · Esmie Gonzaga · Estela Garcia · Estela Guiao · Estelle O’Neil ·
Estelle Ramtano · Ester Da Rosa · Esther Cole · Esther Curtis · Esther Gupana · Esther Hukui · Esther
Lawangen · Esther Smith · Esther Zvenyika · Eszter Zsuppan · Ethan Prentice · Ethel Mondarte · Eti
Aunese · Eugene Ortile · Eugenie May · Eunika Reinecke · Eurita Balazo · Eva De Jong · Eva Dodd ·
Eva Mago · Eva Schilder · Eva Ispoglou · Eve Ojales · Evelinda Elan · Evelyn Booth · Evelyn Cadzow ·
Evelyn Calaunan · Evelyn Doropa · Evelyn Espina · Evelyn Kong · Everly Seo-as · Evita Hariman · Ezra
Erueti · Faaiu Nielsen · Faamanu Simeona · Faeona Wallace · Fair Rupal · Faith Fawcett · Faith
Sakalia · Faith Collishaw · Faith Jemutai · Fallon Eynon · Fana Raveora · Fang Zhou · Fara Naicake ·
Farah Ali · Farida Shilpi · Faridun Joya · Farina Khan · Farisha Begum · Farishta Samadi · Farron Moke
· Farzana Bi · Farzana Begum · Fatima Hima · Fay Lilley · Fay Ramirez-de Jong · Faye Dunford-Smith
· Fe Cuevas · Fe Manangan · Fe Taganas · Fe Asinas · Fefiloi Tausi · Felicity Ashwell · Felicity King ·
Felis Pael · Felix Tso · Felix Lacerna · Fely Magpantay · Finau Kafoa · Fiona Dube · Fiona Justine ·
Fiona Kingi · Fiona Le Gros · Fiona Quinn · Fiona Rolland · Fiona Scotland · Fiona Te Haara · Fipe
Lama · Flo Hamilton · Floey Limjoco · Flor Anasarias · Flora Torres · Florance Nikeeta · Florence
Taylor · Florita Ipong · Flynn Rosie · Fonda Burt · Fran Chousal · Fran Sinclair · Fran Spitzer · Franca
Phillips · Frances Lewis · Frances Twaalfhoven · Francie Cappleman · Francine Palendeng · Francis
Caluya · Francis Deferia · Francis Lagmay · Frank Wang · Frank Ryan · Fransiska Aren · Franz Sale ·
Frazer Williams · Fred Agliam · Fred Cleaver · Fred Mann · Freda Chase · Freda Van Schouten · Freda
Raptopoulos · Freddy Akkara · Fritz Lozano · Gabby Barnett · Gabby Da Rosa · Gabby Whall ·
Gabriel D’Alberto · Gabriella Schulz · Gael Coory · Gagan Kaur · Gagan Kaur · Gagan Kharoud ·
Gagandeep Kaur · Gaganpreet Kaur · Gagneet Kaur · Gail Beard · Gail Brown · Gail Enriquez · Gail
McGuinness · Gail Miller · Gail Oats · Gail Sangiorgio · Gail Te Au · Gail Castro · Galina Shipina ·
Gamage Priyangika Sandamali · Ganga Mati · Gareth Salt · Gareth Wyatt · Garry Bott · Garry Dhall ·
Garry Singh · Gary Bacod · Gary Cox · Gary Robinson · Gary Stewart · Gary Sutcliffe · Gavin Lucas
· Gavin Till · Gay Benabaye · Gay Libatog · Gay Ordonio · Gayani Welikala · Gayathri Kahawidanalage
Dona · Gayathri Kumar · Gaye Hansen · Gayleen Watkins · Gaylene Allen · Gaylene Downs · Gaylene
Graham · Gaylene Hill · Gaylene Hutcheson · Gaylene White · Geeta Chandra · Geeta Seghal ·
Geeta Devi · Geethu Babu · Geethu Sunny · Gem Evans · Gemeda Wesho · Gemma Ballantyne ·
Gemma Fernandez Duck · Gemma Rolland · Gemma Birchall · Gen Baoa · Gen Bautista · Gen
Cabarles · Gen McEwan · Gen Suerte Felipe · Gena Agnes · Genalyn Arca · Genelil Gonzales · Genell
Dunn · Geneveve Van Dooren · Geoff Murton · George Collyer · George Garbutt · Georgekutty
Joseph · Georgia Berry · Georgia Butler · Georgia Ritchie · Georgia Sherlock · Georgia Smaill ·
Georgia Taylor · Georgia Thompson · Georgie Cooper · Georgie Hamilton · Georgina Aitken ·
Georgina Mashlan · Gerald Estevez · Geraldine Kevill · Gerhard Van-Zyl · Gerlie Navaja · Germaine
Dixon · Ghela Domalanta · Giancarlo BeatoBerti · Gigi McMahon · Gihani Chathurika · Gil Fielding ·
Gilanne Natividad · Gilbert Romero · Gill Dyer · Gina Parkinson · Gina Salt · Gina Schenkel · Gina
Villanueva · Gino Magsino · Giovanna Falchi · Girley Pingol · Girlie Stevens · Giroma Labradores ·
Gisha Chandy · Gladys Gaspar · Glaiza Alwit · Glaiza Bernardo · Glaiza Saul · Glen Thomson ·
Glenda Aggarao · Glenn McNickle · Glenn Perkins · Glenn Scott · Glenys Percy · Glenys Popenhagen
· Glenys Stewart · Gloria Kavanagh · Gloria Kawadza · Gloria Wardle · Glynise Fateg · Glynn Pegarro
· Gordon Lambagan · Gordon McKenna · Gordon Menzies · Gordy MacLeod · Gorica Brasic ·
Goswin Kanta · Govind Yelagani · GR Taala · Grace Aldridge · Grace Anacleto · Grace Arbitrario ·
Grace Bilagot · Grace Blake · Grace Boyle · Grace Crawford · Grace He · Grace Kamuhangire ·
Grace Kim · Grace Lubos · Grace Martinez · Grace Nathan · Grace Nochefranca · Grace Rennie ·
Grace Samuel · Grace Shen · Grace Tabut · Grace Tubo · Grace Wei · Grace Wilson · Grace Tavara
· Graeme Thomson · Graeme Wilson · Grant Blair · Grant Clayton · Grant Costello · Grant Duce ·
Grant Eggers · Greece Tade · Greema Paul · Greeshma Susham · Greg Evans · Greg Giles · Greg
Lapwood · Greg Conquest · Greg Small · Greta Kennedy · Gretch Tacuyan · Gretchen Elliot · Greville
Savage · Guang Tian · Gul Kaur · Gulnaz Kaur · Gunpreet Tiwana · Gurinder Atwal · Gurjeet Kaur ·
Gurmeet Kaur · Gurneet Kaur · Gurpreet Dhillon · Gurpreet Kaur · Gurpreet Kaur · Gurpreet Kaur-
Gill · Gursharan Kaur · Gursharan Kaur · Gurwinder Bhatti · Gus Finlayson · Gwen Cajigas · Gwen
Flynn · Habiba Neniel · Hadrian Sultan · Hailey Byun · Hailey Smith · Haley Crimp · Hamida Khan ·
Hamish Keast · Hamish Kennedy · Hamish O’Neill · Hani Fatu · Hannah Barlow · Hannah Barry-Goss
· Hannah Bryan · Hannah Carter · Hannah Casia · Hannah Dawes · Hannah Debreceny Brazier ·
Hannah Diaz · Hannah Espanola · Hannah Hekelaar · Hannah Ibale · Hannah Mackay · Hannah
Manalaysay · Hannah Martin · Hannah Miles · Hannah Orlowski · Hannah Riches · Hannah Undan ·
Hannah Wilson · Hans Koman · Happy Nijjar · Harbhajan Kaur · Harish Uthirapathy · Harjeet Kaur ·
Harjinder Kaur · Harleen Johal · Harman Kaur · Harmanpreet Dhaliwal · Harmonee Scott ·
Harpinder Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Kaur · Harpreet Khohar
· Harpreet Pabla · Harrie Geraets · Harriet Cairns · Harriet Koch · Harriett Murray · Harry Coronel ·
Harry Hemus · Harry Huynh · Harry Makhloga · Harry Purohit · Harry Sampson · Harry Tesorio ·
Harry Capacite · Harsh Arora · Harshani Jayasinghe · Harvie Samra · Harvinder Kaur · Harwinder
Kaur · Hash Devgan · Hashini Ekanayake · Hasini Kaipa · Hassel Sapanta · Hayden Beaton · Haylee
Syverston · Hayley Berriman · Hayley Brown · Hayley Evis · Hayley Hendra · Hayley House · Hayley
Jenkinson · Hayley Mackintosh · Hayley Sharp · Hayley Kluytmans-Smith · Hazel Baliza · Hazel
Dodunski · Hazel Guillen · Hazel Magar · Hazel Watene · Hazella Abayan · Heather Barnett · Heather
Booth · Heather Jury · Heather Maynard · Heather Parnell · Heather Seddon · Heather Sharp ·
Heather Simmonds · Heather Turner · Heather Turney · Heather Wilson · Heather Wooles · Hebbe
Xia · Hedda Viray · Heena Arora · Heide Barkman · Heidi Cartwright · Heidi Cooper · Heidi O’Reilly ·
Heidi Reece · Heike Voit · Helen Bridge · Helen Burnley · Helen Cowie · Helen Danielsen · Helen Davy
· Helen Francis · Helen Hayes · Helen Higgins · Helen Mason · Helen McKinnel · Helen Van Der Meys
· Helen Wehipeihana · Helen Weston · Helen Xu · Helena Yang · Hellen Grenfell · Helloise Tan · Hema
Baldania · Henny Villaverde · Henry Neo · Henry Stuart · Hepi Matapa · Hermie Nuqui · Hermie
ANNUAL REPORT 2020
115
Pabulario · Herminia Thompson · Hieu Lam · Hilary Freeth · Hilary Ward · Hilary West · Hilary
Westley · Hilda Dimalibot · Hildah Muthui · Hima Pauly · Himani Himani · Himshikha Paneri · Hina
Veituna · Hine Kameta · Hine Tunga · Hiromi Mizushima · Hollee McKay · Hollie Emmett · Hollie
Ruddick · Hollie Thomlinson · Holly Duff · Holly French · Holly Gillett · Holly Grant · Holly Murrell ·
Holly Nicholas · Holly Palmer · Holly Smedley · Holly Wilson · Honey Duque · Honey Gill · Honey
Neilson · Honey Pagtanac · Honeylane Bautista · Hope McKenzie · Hope Sakalia · House Yuan ·
Howie Turner · Hua Chen · Hugh Rosemergy · Huiling Lu · Hyojoo Lee · Iain Doody · Ian Bell · Ian
Corry · Ian Le Grange · Ian Whyte · Ida Leimi · Ida Sanibah · Ike Abellana · Ilthon Tomo · Imelda Borlas
· Imeleta Kereti · Imraan Ali · Indika Abeykoon · Indika Warnakula · Indu Gounder · Indy Putri Trilford
· Ine Wheeler · Inge Rickards · Ingrid Cagalawan · Ingrid Horck · Ingrid Ludovice · Inigo Holmes · Inno
Chiu · Ino Domingue · Iosefo Bahn · Irene Burt · Irene Canonigo · Irene Celino · Irene Morgan · Irene
Rapa · Irene Yang · Irene Lee · Iresha Jahinge · Irina Davis · Irish Pelegren · Irish Clavecillas · Isaac
Bright · Isabel Seville · Isabel Jimenez · Isabelita Ceniza · Isabella Wild · Ishan Brailsford · Ishan
Kolothodi · Ishina Adhikari · Ishu Koirala · Isi Uata · Isla Jean Tregonning · Issy Ponga · Ita Living ·
Italia Taka · Ivane Parba · Ivy Araujo · Ivy Carino · Ivy Carreon · Ivy Johnson · Ivy Liza · Ivy Chatterjee
· Ivy Han · Izel Martinez · Izzy Byfleet · Izzy Getty · Izzy Hutcheson · Izzy Partridge · Jaala Attewel ·
Jabeline Obra · Jabul Shofi Rahman · Jacell Apa-Ap · Jacinta Afamasaga · Jacinta Neilson · Jack
Foster · Jackie Batoy · Jackie Hotter · Jackie Miller · Jackie Scanlon · Jackie Silva · Jackson
Fleming · Jacky Adam · Jacky Basongit · Jaclyn Aitken · Jaco Malan · Jacob Boerman · Jacob
Cherian · Jacob Hunter · Jacob Martin · Jacob Wood · Jacque Hunter · Jacque Jucal · Jacque
Manzano · Jacqueleen Nyangweso · Jacquelyn Cottam · Jacqui Clarke · Jacqui Comerford ·
Jacqui Devezas · Jade Hemi · Jade Magno · Jade Te Awhe · Jade Washbourn · Jadi Cubita · Jagath
Wijetilleke · Jaime Barker · Jaime Clews · Jaime Redmond · Jaimie Novotny · Jaina Varghese ·
Jainesh Chand · Jaipal Singh · Jaka Payot · Jam Bolivar · Jam Rivera · Jamboy Jamboy · James
Alolor · James Aoys · James Brady · James Clarijs · James Goodman · James Marshall · James
McGuigan · Jamie McIntyre · Jamie Murphy · Jamie Roberts · Jamie Rumbold · Jamie Sheary ·
Jamie-Leigh Robinson · Jamil Escalera · Jamila Khaled · Jammie Piper · Jan Bandala · Jan Corbett
· Jan Low · Jan McCann · Jan Thomson · Jan-Marie Houliston · Jana Dinusova · Janaki Shrestha ·
Jane Baker · Jane Elle · Jane Escalera · Jane Gordon · Jane Hickman · Jane Hockey · Jane Jay ·
Jane Jordan · Jane Magan · Jane McCall · Jane Nohara · Jane O’Connell · Jane Paredes · Jane Pow
· Jane Sun · Jane Van Daatselaar · Janelle Broughton · Janelle Reade · Janes Castro · Janessa
Baltazar · Janet Coutts · Janet Hagonoy · Janet Jesen · Janet Ladroma · Janet Laly Philip · Janet
Ngamaru · Janet Puna · Janet Spaabaek · Janet Stacey · Janet Kentt · Janette Boyd · Janette
Cabanlit · Janette Llesis · Jani Treesa · Janice Munro · Janice Peralta · Janice Rothwell · Janice
Salmons · Janice Stent · Janice Walsh · Janice Wright · Janie Nolan · Janine Aitken · Janine Amacio
· Janine Lipsys · Janine Snape · Janine Spiers · Janine Waugh · Janine Wilde · Janith Fernando ·
Jannel Baldivas · Jannel Escueta · Jans Amuwala Mesthrige · Jared Colwell · Jared Dickson · Jared
Kemsley · Jared Tito · Jas Bhotea · Jas Taala · Jash Jattana · Jashan Kaur · Jasmeen Kaur ·
Jasmeet Kaur · Jasmeet Kaur · Jasmeet Virk · Jasmin Raju · Jasmine Dalkie Drummond · Jasmine
Evans · Jasmine Lee · Jasmine Mcilraith · Jasmit Kaur · Jason Adam · Jason Browne · Jason Davey
· Jason Hopkins · Jason Kenna · Jason Mack · Jason Van der Hulst · Jason Zhao · Jaspinder Kaur ·
Jaspreet Brar · Jaspreet Gill · Jaspreet Kaur · Jaspreet Kaur · Jaspreet Kaur · Jaspreet Kaur ·
Jaspreet Kaur · Jaspreet Kaur · Jaspreet Singh · Jaspreet Butter · Jasprit Kaur · Jass Kaur · Jass
Kaur · Jass Kaur · Jass Reddy · Jasvir Kaur · Jay Borromeo · Jay Parag · Jay Pascua · Jay Payot · Jay
Schofield · Jay Solanki · Jay Sreekumar · Jay Kang · Jay Sukhdarshan Singh · Jaya Mohan · Jaya
Vandhana · Jayde Galbraith · Jayde Kumsawng · Jayden Brown · Jayden Ferguson-Cooper ·
Jayeon Kim · Jayn Baker · Jayne McIlroy · Jayne Money · Jaypee De Peralta · Jayson Ehn · Jaz
Morrison · Jaz Spicer · Jazz Phillips · Jazz Rabbett · Jean Farrell · Jean Raga · Jean Ramos · Jean
Rigor · Jean Villarin · Jeanafe Abelarde · Jeanel Gutong · Jeanet Bagares · Jeanette Erestingcol ·
Jeanette Tebbutt · Jeanette Trueman · Jeanie Gamboa · Jeanie Salcedo · Jeanne Paterson ·
Jeanne Walker · Jeannie Bautista · Jeannie Sales · Jeannie Wang · Jee Manipis · Jeena Oshana ·
Jeena Jose · Jeeva Vakkachan · Jeff De Los Reyes · Jeff Parkins · Jeff Ragragio · Jeff Robb ·
Jehnille Sacriz · Jejay Sen · Jeli Howes · Jelica Ceballos · Jem Curran · Jemima Pratt · Jemimah
Curtis · Jemma Kiernan · Jen Badrudin · Jen Candia · Jen Davids · Jen Garcia · Jen Lemery · Jen
Magrath · Jen Rea · Jen Nuevo · Jenelyn Ragadi · Jeni Keogh · Jenilyn Pedroche · Jenn Valavala ·
Jenn Keem-Silcock · Jenni Harris · Jenni Stevenson · Jenni Thompson · Jennie South · Jennifer
Dela Cruz · Jennifer Domingo · Jennifer Ferrier · Jennifer Gonzalo · Jennifer Johnston · Jennifer
Rodriguez · Jennifer Wong · Jennifer Roberts · Jennifer Trasmil · Jennilyn Maneja · Jenny Abalos ·
Jenny Achilles · Jenny Bongcog · Jenny Bower · Jenny Buhat · Jenny Campbell · Jenny Cates ·
Jenny Christmas · Jenny Coleman · Jenny de Peralta · Jenny Dominguez · Jenny Griffiths · Jenny
Guanco · Jenny Halliday · Jenny Jackson · Jenny Kaur · Jenny Lane · Jenny Magsilang · Jenny
Parker · Jenny Pasiol · Jenny Roux · Jenny Simons · Jenny Sommers · Jenny Thiele · Jenny Vaipapa
· Jenny Wilson · Jenny Wood · Jenny Guo · Jenny Leader · Jenny Lee · Jep Anacleto · Jerald Isleta
· Jerald Sunto · Jeremy Moore · Jeremy Wood · Jeremy Fabio · Jeriah Balo · Jerlene Cruz · Jermae
Aguilon · Jermaine Masangkay · Jerome Wong Yit · Jerry Santiago · Jerry Shi · Jeseena Varghese ·
Jesna Jose · Jess Bonustro · Jess Jacques · Jess Jellyman · Jess Jewell · Jess Kehoe · Jess
Kerrigan · Jess Lewis · Jess Malaque · Jess McKnight · Jess Morris · Jess Ross · Jess Nathan · Jessa
Getuya · Jessa Cancio · Jessica Beer · Jessica Castro · Jessica Csengo · Jessica Martin · Jessica
Matheson · Jessica Rice · Jessica Taningco · Jessica Tonacao · Jessie Cresswell · Jessie Tang ·
Jessie Chu · Jessie McKay · Jessy Arthur-Worsop · Jessy Kaur · Jesty Nelson · Jevy Badilla · Jez
Balaba · Jharmane Catolico · Jho Magon · Jhonaliza Detera · Jhong Solen · Jhunnelle Tabay · Jie Yu
Zeng · Jihan Mayor · Jiju Joy · Jil Chua · Jill Bailey · Jill Clark · Jill Gregson · Jill Hague · Jill Munro · Jill
Turner · Jill White-Northcroft · Jillian Cole · Jilsy Joy · Jim Otimi · Jima Ilagan · Jimaima Naikatini ·
Jimmy Elliott · Jimmy Franks · Jimmy Silich · Jimmy Wei · Jimmy Clemente · Jince Jose · Jincy
Jose · Jinell Fernandes · Jing Meipieza · Jingyi Yin · Jini Joy · Jinky Canlas · Jinky Romero · Jinsa
Joseph · Jinson Abraham · Jinu Thomas · Jiny Johny · Jismon Thomas · Jit Chhetri · Jizza
Lumantad · Jo Baker · Jo Campbell · Jo Cant · Jo Clare · Jo Craig · Jo De Los Angeles · Jo Dickson
· Jo Goode · Jo Hunt · Jo Lim · Jo Luijk · Jo Nelson · Jo Rojo · Jo Seed · Jo Turner · Jo Villaester · Jo
Wix · Jo Anam · Jo Bando · Jo Base · Jo-An Alipin · Jo-Anne Keating · Jo-anne Buhler · Joan
Cameron · Joan Erceg · Joan Lagman · Joan Lomibao · Joan Rubio · Joan Wilkins · Joana
Caramoan · Joanna Forbes · Joanna Legall-Misikini · Joanna Nituma · Joanna Taylor-Spedding ·
Joanna Tekin · Joanne Batara · Joanne Eaton · Joanne Hart · Joanne McConchie · Joanne Ramirez
· Joanne Robinson · Joanne Satchwell · Joanne Steele · Joanne Wang · Joash Felipe · Joban Singh
· Jobi Paul · Jocelyn Forster · Jocelyn Hansen · Jocelyn Infante · Jocelyn Josue · Jocelyn Lines ·
Jocelyn Reyes · Jocelyn Taylor · Jodie Kirk · Jodie Robb · Jody Keating-Gorton · Joe Nio-Aporo ·
Joe Rooney · Joe Sturrock · Joe Suedad · Joe Won · Joe Muttumpurath · Joe Vas · Joeben Roxas ·
Joelle Coull · Joenita Florendo · Joey Bawas · Joey Weaver · Johan Barnard · Johanna Wood · John
Beuth · John Bland · John Caballero · John Daniels · John Entice · John Galliers · John Gavin · John
Goss · John Jenkins · John Miller · John Morris · John Munro · John Nayga · John Outten · John
Poral · John Tate · John Taylor · John Van Turnhout · John Young · Johncy Joseph · Johnson Baby
· Jojo Archer · Jojo Diquit · Jolenie Zomil · Jomarie Guarnes · Jomy Jose · Jona Arganda · Jona
Osmena · Jonah Llamas · Jonald Laurico · Jonathan Ball · Jonathan Barber · Jonathan Barrett ·
Jonathan Campbell · Jonathan Santamaria · Jonathon Hean · Jone Seniceva · Jonelyn Valeroso ·
Joni-Lou Arcelo · Jonna Mangahas · Jonnel Tan · Jonney Karki · Jonny Pokoati · Jono Burch · Jony
Edwards · Jordan Cruickshank · Jordan Elvy · Jordan Jackson · Jordan Smart · Jordan Wells ·
Joreena Mabini · Jorefel Sato · Joris Bolijn · Josafa Magallones · Josaia Bulicakau · Jose Galarreta
· Jose Palathunkal · Joseph Domingo · Joseph Go · Josephine Cunado · Josephine Slater · Josh
Begley · Josh Dench · Josh Harding · Josh Jones · Josh Patel · Josh Walker · Joshua Kiernan ·
Joshua Smith · Joshua Waine · Josie McCrone · Josie Placino · Josmin Jose · Josy Jose · Joti
Chand · Joti Kumari · Joti Reena · Jova Marquez · Jovi Obias · Joy Abellar-Sinha · Joy Albano · Joy
Breward · Joy Campo · Joy Duran · Joy Harrison · Joy Mason · Joy Murray · Joy Napalan · Joy
Notman · Joy Yang · Joy Abella · Joyce Dixon · Joyce Kydd · Joyce Pillay · Joyce Reniedo · Joyce
Roa · Joyce Stone · Jucelia Da Silva · Jude Faulknor · Jude Fegi · Jude Kerr · Jude Van Bommel ·
Judette Froilan-Algodon · Judi Wetere · Judith Babu · Judith Ditablan · Judith Polkinghorne · Judith
Rutledge · Judith Taylor · Judy Aitken · Judy Barron · Judy Campbell · Judy Christie · Judy Du Toit
· Judy Jaropillo · Judy Miguel · Judy Patterson · Judy Petersen · Judy Sutton · Juffin Koshy · Juhee
An · Jules Mudford · Julia Charteris · Julia Evans · Julia Hamilton · Julia Main · Julia McKenzie · Julia
Murphy · Julia Walker · Juliana Joseph · Julie Akinyele · Julie Baron · Julie Camay · Julie Collings ·
Julie Corkill · Julie Crayford · Julie Crofts · Julie Deticio · Julie East · Julie Enriquez · Julie George ·
Julie Gumban · Julie Hoskin · Julie John · Julie Khor · Julie MacClure · Julie Madden · Julie Madden
· Julie Mallia · Julie McGhie · Julie Morrish · Julie Quine · Julie Rodwell · Julie Ryan · Julie Seymour ·
Julie Simpron · Julie Sucdad · Julie Thompson · Julie Toevai · Julie Wallis · Julie Williamson · Julie
Ballinger · Julie Rose Guinyang · Julie-ann Beattie · Juliet Findlay · Juliet Smith · Juliette Brownlow
· Julius Macaraeg · Jully Cui · Julyn Cancino · Jun Fernandez · Jun Montajes · June Hare · June
Savage · June Wano · Junior Bese · Junior Tai · Junn Alminaza · Justin Reeves · Justin Regidor ·
Justin Reinecke · Justine Hilado · Justine Michel · Juvilyn Hallazgo · Jyoti Bhanot · Jyoti K C · Jyoti
Kunwar · Jyoti Naidu · Jyoti Phuyal · Jyoti Kumar · Kaden Ko · Kae Tayong · Kael Fallu · Kaelan Healy
· Kaitlin Ruscoe · Kal Sherchan · Kalaivani Logeswaran · Kaleb Dunstan · Kalena Hemi · Kaleshni
Devi · Kalisi Savu · Kalpa Kumarasinghe · Kalpana Negi · Kalvi Selvaraj · Kalyan Alluri · Kamal
Dhaliwal · Kamal Jajoria · Kamal Kaur · Kamal Kaur · Kamal Kaur · Kamal Pandher · Kamal Panesar
· Kamal Sharma · Kamala Phuyel · Kamalpreet Kaur · Kamini Prasad · Kanchan Dangol · Kani Davis
· Kaniata Halanukonuka · Kanta Mani · Kanti Karan · Kanu Dhutti · Kara Belcher · Kara Montilla ·
Karam Kaur · Karan Senger · Kareen Galang · Karel Atilano · Karen Andrews · Karen Bensemann ·
Karen Borland · Karen Castel · Karen Chavez · Karen Dillon · Karen Ikimata · Karen Jellyman · Karen
Jenkins · Karen Kenny · Karen Lake · Karen Mabao · Karen Merrilees · Karen Moriyama · Karen
Nasser · Karen Parata · Karen Prothero · Karen Rodger · Karen Sears · Karen Shaw · Karen
Wellington · Karen Williams · Karen Wilson · Karen Currie · Karen Hocking · Karen Jackson · Karen
Morris · Karen Reataza · Karenne Melo · Karin McDonald · Karina Choirunisa · Karina Landero ·
Karina Misterio · Karishma Naidu · Karl Drent · Karl Holloway · Karl Rosales · Karl Holden · Karla
Marrs · Karm Kaur · Karuna Maharaj · Karuna Neupane · Karuna Singh · Karyn Marshall · Karyn
Nobilo · Karyn Porter · Karyn Small · Kasa Palefau · Kasa Tavake · Kase Woolley · Kat Atkins · Kat
Hanson · Katalina Aitaua · Katalina Kisina · Katarina Biaukula · Kate Anderson · Kate Arsenio · Kate
Bartlett · Kate Bowden · Kate Bruce · Kate Carr · Kate Donaldson · Kate Ensor · Kate Johnson · Kate
Morgan · Kate Sharples · Kate Waldock · Kate Wasson · Kate Wood · Kate Argente · Kate Tran · Kath
Abelligos · Kath Collett · Kath Daveis · Kath Dwyer · Kath Hart · Kath Morgan · Kath Pegalan-
Bataanon · Katherine Smith · Kathie Dimock · Kathleen Corcuera · Kathleen de Gracia · Kathleen
McMillan · Kathleen Parker · Kathlen Gingoyon · Kathrine Tan · Kathryn Francis · Kathryn Nieva ·
Kathryn Van de Westerlo · Kathy Bernados · Katie Benson · Katie Brown · Katie Hilleard · Katie Miles
· Katie Naden · Katie-Jane Knight · Katrin Marundan · Katrina Armstrong · Katrina Boyd · Katrina
Chinnery Allen · Katrina Copland · Katrina Ede · Katrina Mann · Katrina McLean · Katrina Stevens ·
Katrina Villanueva · Katy Hodder · Katy Van Nieuwenhuizen · Katz Melebo · Kavitha Sukumar · Kay
Clarke · Kay Katene · Kay Merekula · Kay Spick · Kay Titheridge · Kay Jeffs · Kayce Stechman ·
Kaycee Borja · Kaye Francisco · Kaye Kaur · Kaye Nieva · Kaye Stoddart · Kaye Wesley · Kayla Myles
· Kayla Richmond · Kayla Sharp · Kaylah Ross · Kaylene Brock · Kaylene Tipene · Kayley Taylor ·
Kaylyn Merrall · Kaz Sandford · Keagan Modlin · Keann Alojado · Kearny Royo · Kee Chan · Keefe
Martinez · Keeta Shrimpton · Keiko Simpson · Keiran Steele · Keisi Puafuti · Kelera Bourke · Kellie
Ferabend · Kellie Hura · Kelly Barnes · Kelly Dacanay · Kelly Jackson · Kelly Jones · Kelly Reuelu ·
Kelly Robinson · Kelsey Wilson · Kelsie Grantham · Ken Go · Ken Wongsomboon · Ken Yeung ·
Kendall Johnson · Kendall Stobart · Kendra Tate · Kennely Atilano · Kenneth Alo · Kenneth
Baldivinos · Kenneth Penolbo · Kenny Babajide · Kenny MacAskill · Kent Barcenilla · Keran Taylor ·
Keri Ladbrook · Kerianne Harmon · Kerri Martin · Kerri Roberts · Kerri Taylor · Kerrie Scott · Kerrie
Ekers · Kerry Gall · Kerstein Aquino · Keryn Johnston-Dixon · Kevin Bowgett · Kevin Croskery · Kevin
Grimwood · Kevin John · Kevin May · Kevin Selner Maniego · Keysha Ericksen · Khina Neupane ·
Khush Arora · Khush Pandher · Khushi Kiran · Kianna Wang · Kiely Buttell · Kiera Bradford · Kieran
Angus · Kieti Kalava · Kika Fosita · Kim Brougham · Kim Clarke · Kim Cunard · Kim Eland · Kim
Grundmann · Kim Henry · Kim Housiaux · Kim Kim · Kim Manansala · Kim Shanly · Kim Wallace · Kim
White · Kim Buere · Kim Chayag · Kim Mansell · Kim Nanscawen · Kimberlee Robertson · Kimberly
Bakian · Kimberly Libatog · Kimi Donaldson · Kimlea Howard · Kina Manuofetoa · Kinu Nagaya · Kira
Wetere · Kiran Dhillon · Kiran Gudopp · Kiran Joseph · Kiran Joshi · Kiran Kataria · Kiran Kiran · Kiran
Lata · Kiran Kaur · Kirandeep Basram · Kirandeep Kaur · Kirandeep Kaur · Kiri Henare · Kirk Lubos ·
Kirsten Bell · Kirsten Liggett · Kirsten Merrett · Kirstin Charters · Kirstin Jenkinson · Kirstin Murdoch
· Kirsty Gledhill · Kirsty Morris · Kisa Faauli · Kisa Tanuvasa · Kishore Kurian · Kit Montilla · Kitty
Tamayo · Klaire Young · Klarissa Dacyon · Kolotita Makalio · Komal Goundar · Komal Komal · Komal
Patel · Komal Kaur · Korin Unka · Korinna Dela Cruz · Koshala Waduwatta · Kris Perkins · Krishma
Singh · Krishna Malcampo · Krishna Nagalla · Krissy Talavera · Krista Lee · Krister Borja · Kristie
Limos · Kristin Cadavis-Khiathani · Kristina Bonsol · Kristina Thomas · Kristine Baring · Kristine
Bello · Kristine Dalauidao · Kristine Fegi · Kristine Llave · Kristine Ostrea · Kristine Pancho · Kristine
Singh · Kristoff Bawayan · Krystal Manson · Krystal McDonald · Krystyna Bostrovas · KT Taylor ·
Kuini Tuala · Kulbhushan Kokate · Kuldip Singh · Kumar Mekala · Kurt Hiller · Kyamala Magar · Kyla
Ellis · Kyla Graf · Kyla van Heerden · Kyle Thomson · Kyle Winderlburn · Kylee George · Kylie
Campbell · Kylie Maxwell · Kylie Thomas · Kylie Dearing · Kylie Martin · Kym Faulkner · La Drew ·
La-Vonia Edlin · Lachmi Kanta · Ladine Hobson · Ladonna De Asis · Lady Canda · Lai Lai · Laiza
Lambino · Laiza Peters · Lamar Aspinall · Lami Taua · Lana Boynton · Lana Fraser · Lana Tuipulotu
· Lance Clendon · Lance Fletcher · Lance Perham · Lancy Lawrence · Lanei Dimaano · Laney
Tomkins · Lanie Mabale · Lanna Schnetler · Lanson Teura · Lara Durand · Lara Giles · Lara
Formentera · Larissa Sedouch · Larissa Te Ao · Larissa Toelupe · Larry Montoya · Latchmi Murti ·
Lateesha Douglas · Latileta Raikoti · Latoya Brownlee · Launiu Tuiloma · Laura Adams · Laura
Blunsdon · Laura Carrington · Laura Gare · Laura Hawkes · Laura Hollenback · Laura Lee · Laura
Luague · Laura MacDonald · Laura Manalaysay · Laura McCracken · Laura Menzies · Laura Moffett
· Laura Quilter · Laura Richmond · Laura Taylor · Laura Walker · Laura Whicker · Laura Grigoli ·
Laurel Belworthy · Lauren Beaumont · Lauren Heyes · Lauren Siemelink · Lauren Strachan · Lauren
Wells · Lauren Baldock · Laurence Alojado · Laurence Llenes · Lavina Varghese · Lavinia Kelly ·
Lawale Baigern · Lawrence Manohara-Seelan · Lazel Nieto Baungally · Lea Brown · Lea Sullivan ·
Lea Valdez · Leah Bryan · Leah Hand · Leah Ouano · Leah Soliva · Leah Villanueva · Leah Villaruz-
Foo · Leah White · Leanna Harding · Leanne Ansell · Leanne Booth · Leanne Fabish · Leanne Gillie ·
Leanne Hunter · Leanne King · Leanne McFarlane · Leanne Nukunuku · Leanne O’Meara · Leanne
RYMAN HEALTHCARE
116
Paekau · Leanne Stewart · Leanne Watson · Leba Leqakowailutu · Ledina Dangol · Lee Hancock ·
Lee Murray · Lee Parkhill · Lee Gao · Lee Rodgers · Leela Pathirannahelage · Leen Porathur · Leena
Kumar · Leeza Stone · Lehanna Pio · Leia Bishop · Leigh Pakome · Leilane Alforo · Leilani Loibl-
Beach · Leis de’ Vernon · Leisa Brown · Leisha Prouse · Len Ferrer · Len Villabesa · Len Galate · Lena
Gawler · Lena Te Miha · Leo Salac Jr · Leo Dumagan · Leo Hahn · Leon van den Berg · Leonie
Johnson · Leonie Kebbell · Leonie Taylor · Leshani Gunawardana · Leshika Arachchige · Lesila
Tamale · Lesley Crampton · Lesley Fulton · Lesley Harris · Lesley Pells · Lesley Rowe · Lesley Te
Maiharoa-Sykes · Lesley West · Leslie Ortega · Lester Salvosa · Lester Toms · Letitia Corcoran ·
Leva Latu · Lewis Bradford · Lexi Du Machiavelli · Lez Pencz · Lezinnia Rumble · Li Hayman · Li Ma ·
Lia Pou · Liam Riddiford · Liane Kirwan · Lianne Woolford · Libby Allison · Libby Doran · Libby
Esguerra · Lie Fiu · Liesl Kruger · Ligi Johnson · Ligi Pailikutty · Ligy John · Likhwa Sigola · Lila Patel ·
Lili Latu · Lili Loheni · Lili Talega · Lili Volpicelli · Lili Dong · Liliana Romero · Lill Wawatai · Lillian Lian
· Lily Elliott · Lily Forcadilla · Lily Genet · Lily Isleta · Lily Nicolescu · Lily Xiao Ying · Lima Ugapo · Lin
McLaughlin · Lina Tafesse · Lina Tuimana · Lina Benedetti · Lincy Cheriyan · Lincy Fransis · Linda
Burnside · Linda Churchill · Linda Duke · Linda Lockington · Linda Maharjan · Linda McGill · Linda
McKee · Linda Odhiambo · Linda Pettigrew · Linda Reid · Linda Richards · Linda Russell · Linda
Skelton · Linda Soloman · Linda Street · Linda Tafutu · Linda Warren · Linda Yu · Linda Morey ·
Lindsay Harrison · Lindsay O’Connor · Liny Mathew · Lionel Pillay · Lisa Carr · Lisa Crichton · Lisa
Gilligan · Lisa Humphrey · Lisa Leger · Lisa Marr · Lisa Mazey · Lisa More · Lisa Neiman · Lisa Ngatai
· Lisa Petersen · Lisa Raymond · Lisa Robinson · Lisa Ross · Lisa Sklenars · Lisa Walton · Lisa
Whitcombe · Lisa Laforgia · Lisa Petana · Lisi Fifita · Lit-Lit Lacerna · Lita Naude · Liyana Bandara ·
Liz Beresford · Liz Berry · Liz Bradford · Liz Carmichael · Liz Close · Liz Dilger · Liz Gill · Liz Hampton
· Liz Hickling · Liz Keeman · Liz Manning · Liz Nancollis · Liz Penman · Liz Schofield · Liz Thrush · Liz
Wells · Liz Battersby · Liza Dong · Liza Hendry · Liza Liac · Liza Siano · Lizell Umayam · Lizeth
Monzalo · Lizz Read · Lizzy McKenzie · Ljubica Jotanovic · Lloyd Landiza · Loa Tuiolemotu · Lobesia
Bulicakau · Logan Fairbairn · Logan Foster · Logan Sears · Loida Malanyaon · Loida Zarandona ·
Loids Dionela · Lois Battersby · Lois Chirume · Lois Partridge · Lois Tooley · Lolita Moraes · Lonita
Tejano · Lordei Ledesma · Lorelle Brljevich · Loren De Chavia · Lorena Sadler · Lorenz Dela Cruz ·
Lorenza Macayba · Lori Christie · Lorie Anderson · Lorie Bantugan · Lormie Talape · Lorna
Alcasabas · Lorna Carter · Lorna Jenkin · Lorraine Barcibal · Lorraine Dawson · Lorraine Hulse ·
Lorraine Knight · Lorraine Leigh · Lorraine Masters · Lorraine Price · Lorraine Tippett · Lotis
Baldozano · Lotis Caranguian · Loto Foaese-Aiolupo · Lou Anisy · Lou Camargo · Lou Moyle · Louie
Cristobel · Louie Dalida · Louis Pettolino · Louis Rountree · Louis Wolmarans · Louisa Bradburg ·
Louise Caudwell · Louise Davies-Collins · Louise Dawson · Louise James · Louise Nicholas · Louise
Pudney · Louise Woods · Lourdaelee Yude · Lovaine Glariada · Lovely Bieles · Lovely Chauhan ·
Lovely Suarez · Lovepreet Kaur · Lovi Lavulo · Lu Southern · Lua Tauaneai · Luca Chiavola · Lucia
Aiga · Lucia Meyer · Luciano Lantieri · Lucinda Vosloo · Lucky Schuster · Lucky Shakya · Lucky
Karunakaran · Lucy Banaba · Lucy Bothwell · Lucy Caldwell · Lucy Fan · Lucy Jones · Lucy Kawana
· Lucy Mataki · Lucy McLean · Lucy Melchert · Lucy Ryan · Lucy Uro · Lucy van Deursen · Lucy Weir
· Lucy Zengeni · Lucy Deng · Luis Leh · Luis Lencioni · Luisa Elisara · Luisa Filimoehala · Luisa
Rokotuiloma · Luisa Toaisi · Luisa Wilson · Luke Flynn-Mackenzie · Luke Hutchinson · Lupe Halafihi
· Lupe Kaufusi · Lusiana Khan · Lusila Perez · Luz Pinili · Lydia Ford · Lydia Lophus · Lydia Simpson ·
Lydia Morintat · Lylanie Latogan · Lylene Nuguid · Lyn Aragon · Lyn Brown · Lyn Elton · Lyn King · Lyn
Metran · Lyn Nickel · Lyn Nyenhuis · Lyn Smith · Lyn Zalavarria · Lynda Dean · Lynda Ellington ·
Lynda Goston · Lynda Hill · Lynda Reid · Lynda Schuler · Lynde DeAndres · Lyndon Harper ·
Lyndsay Richards · Lyndsey Craig · Lyndy Direen · Lynette Darling · Lynette Neale · Lynette Pido ·
Lynette Polley · Lynette Taylor · Lynley Ballantine · Lynley Gillies · Lynn Buist · Lynn Charlton · Lynn
Garner · Lynn Kerekere · Lynn Matthews · Lynn Rollo · Lynne Bretherton · Lynne Domigan · Lynne
Kane · Lynne Lepoidevin · Lynne Peirse · Lynne Egging · Lynnere Henderson · Lynton Parkinson ·
Lyree Sayers · Lyssa Foreman · Ma Kriezl Ramos · Ma’ata Mesui · Maaimoa Latu · Maan Singh ·
Mabel Mathews · MacKenzie Sameit · Maddie Anthony · Madelein Brooks · Madeleine Dela Rosa ·
Madeline Bedggood · Madelyn Premacio · Madelynne Casison · Madhu Singh · Madi Taylor · Mae
Flores · Mae Resos · Mae Toreja · Maffy Coates · Mafi Manuhapai · Maggie Cornelio · Maggie Ma ·
Maggie Malone · Maggie Roberts · Maggie Zhang · Maha Ramachandran · Mahal Gabionza · Maia
Clare · Maia Scott-Wheeler · Maia Tagod · Mak Eketi · Makelesi Vula · Malcolm Tolman · Maleesa
Daniel · Malia Carter · Malia Savelio · Mallory Currier · Malo Tauaneai · Mamata Gurung · Man Wai
Fung · Manasa Mohan · Manda Ross · Mandeep Gill · Mandeep Kaur · Mandy Clutterbuck · Mandy
Errington · Mandy Hemmingsen · Mandy Jiang · Mandy Sidhu · Mandy Tipoki · Mandy Uren · Mandy
Wright · Mandy Zhang · Mani Arora · Maninder Kaur · Manisha Baniya · Manisha Bhatia · Manisha
Gurung · Manisha Mane · Manjali Abeysekara Mudiyanselage · Manjit Mahi · Manju Bothara · Manju
Benoy · Manjula Devi · Manmeet Kaur · Manohari Mendis · Manpreet Gill · Manpreet Kaur · Manpreet
Kaur · Manpreet Kaur · Manpreet Sekhon · Mantha Thou · Manu Brown · Manu Mathew · Manu
Sherchan · Manuela Jaramillo Gonzalez · Manwinder Sangha · Mara Hernando · Marama Lomia ·
Marama Terakoro · Marc Archbold · Marc Edmonds · Marc Ytom · Marc Booth · Marcela Fuentes
Susatama · Marcia Bernardo · Marcia Geronimo · Marco Douglas · Marcus Cullen · Marcy Dolar ·
Maree Crozier · Maree Getty · Maree Hughes · Maree McCorkindale · Maree Morris · Maree Ockwell
· Maree Parsons · Maree Vaile · Maree Washbourne · Maree Ramanauskas · Mareike Bohte · Marg
Vicente · Marg Vince · Margaret Chambers · Margaret Haami · Margaret Hamilton · Margaret
Lethbridge · Margaret Manebona · Margaret Manson · Margaret McMellon · Margaret Rakai ·
Margaret Schollum · Margaret Ochwata · Margaret Osage · Margareth Cainto · Margaux Pelletier ·
Margie Bell · Margo Beale · Margot Boock · Margot Taylor · Marguerite Leitch · Mari Gomes-
Bradford · Mari Isnit · Maria Achari · Maria Aguilos · Maria Bautista · Maria Bayan · Maria Bentley ·
Maria Cavan · Maria Cuizon · Maria De Jesus-Brown · Maria Dorotan · Maria Duenas · Maria Flores
· Maria Fong · Maria Fuga · Maria Inocencio · Maria Isnit · Maria James · Maria Jarkiewicz · Maria
Jordan · Maria Joseph · Maria Kurian · Maria Mathieson · Maria McNeilly · Maria Neill · Maria Nuval ·
Maria Oberholzer · Maria Ralawa · Maria Ramos · Maria Restrepo · Maria Rivera · Maria Salote ·
Maria Te Runa · Maria Torralba · Maria Walker · Maria Warriner · Maria Bunsato · Maria Gregorio ·
Marian Mansing · Marian De La Cruz · Marianel Miralles · Marianita Pelaez · Marianne Cobeldick ·
Marianne Hernandez · Marianne Ventura · Maricel Angeles · Maricel Atienza · Marichelle Roxas ·
Marichille Bandales · Marichu Calpo · Marichu Facundo · Marichu Siao · Maricor Suarez · Maricris
Mariano · Marie Aki · Marie Araneta · Marie Chandra · Marie Darling · Marie Deverell · Marie
Domingue · Marie George · Marie Hodges · Marie Jenkins · Marie Kilby · Marie Kyle-Stevenson ·
Marie Percy · Marie Rutherford · Mariel Simblante · Mariela Durnhofer Rubolino · Marien Fabillar ·
Marietjie Schoeman · Marievan Tan · Marife Galvez · Marife Patterson · Marika Laflamme · Marilou
Callo · Marina John · Marina Orlova · Marina Turnbull · Marina Wildbore · Marion Jackson · Marion
Paquit · Marion Pawson · Marion Gordobe · Marion Ver Esguerra · Maris Taueki · Mariss Yamson ·
Marissa Hirawani · Marivic Sinio · Mariya Antony · Mariya Yacob · Marizz Maneng · Marjan
Aghakarimi · Marjo Engel · Marjorie Gomez · Marjorie Masangkay · Mark Adams · Mark Cooley ·
Mark Cooper · Mark Dimaano · Mark Florendo · Mark Gela · Mark Harper · Mark Jerkovich · Mark
Ocampo · Mark Tippett · Mark Owens · Marko Meingassner · Marmyl Robson · Marnie Castillo ·
Marnie Higgins · Marnie McKenzie · Marta Manicia · Martha Peka · Martin Greenfield · Martin Lau ·
Martin Westley · Martin Burns · Martine Meade · Martley Mitikulena · Martyn Osborn · Marvie
Rongavilla · Mary Boyce · Mary Buford · Mary Cyriac · Mary Dayto · Mary Domingo White · Mary
Freeman · Mary Gipsy · Mary Gonzales · Mary Jacob · Mary Jacobsen · Mary Kasperski · Mary
Lusty · Mary Rongo · Mary Rosales-Shewring · Mary Sakay · Mary Shiju · Mary Tait · Mary Teei · Mary
Thompson · Mary Vasaya · Mary Wagwag · Mary Ybanez · Mary Cho Aung · Mary Condino · Mary
Ann Domingo · Mary Ann Noquilla · Mary Ann Velarde · Mary Jo Giray · Mary Joanne Santos · Mary-
Anne MacAskill · Mary-Anne Stone · Maryanne Gilmore · Marybeth Perez · Marylyn Narayan ·
Maryvonne Gray · Masayo Burke · Mason Walker · Mason Woods · Matakeu Timms · Mateja Brasic
· Mati Fryer · Matt Bell · Matt Christian · Matt Dalzell · Matt Fane · Matt Hutchinson · Matt Orr · Matt
Poskitt · Matt Sheehan · Matt Smith · Matt Southwick · Matt Wright · Matt de Jong · Matthew Brown
· Matthew Clay · Matthew Gowdy · Matthew Somosot · Mauree Parker · Maureen Barron · Maureen
Glentworth · Maureen Johnson · Maureen Parsons · Maureen Mazanhi · Maurice Schroeder · Max
Muscroft · Max Robertson · May Campos · May Carinan · May Duong · May Magsino · May Poligrates
· May Raquepo · May Sino-Ag Sargento · May Bilalat · May De Los Santos · Maya Daniel · Maya
Prasad · Maybel Bumanglag · Maychelle Bechayda · Mayda Bromley · Maye Agdigos · Mayumi
Shinzaki · Mayuri Mistry · Meagan Legakowailutu · Mealofa Faimalo · Meegan Potts · Meehee Kim ·
Meena Meenakshi · Meenu Devasia · Meenu Jose · Meg Wooller · Megadryl Atas · Megan Ashton ·
Megan Burns · Megan Coffey · Megan Dempsey · Megan Fowlie · Megan Grey · Megan Knight ·
Megan Ryan · Megan Willis · Meghan Blackwell-Hart · Mei Boderick · Mei Yu · Meidy Maza · Meise
Misa · Mel Aspinall · Mel Dickinson · Mel Hamlin-Tuck · Mel Jones · Mel Maxwell · Mel Warhurst · Mela
Moceiwai · Melanie Asuncion · Melanie Harrison-Shipton · Melanie Reyes-Tagle · Melanie Woods ·
Melannie Marasigan · Mele Booth · Mele Ekenasio · Mele Leha · Mele Palelei · Mele Vi · Melesia
Kautai · Meliame Nimmo · Melina Darvish · Melina Vasu · Melinda Opray · Melinda Reside · Melis
Casimiro · Melissa Caldwell · Melissa Carter · Melissa Cross · Melissa Escretor · Melissa Fluit ·
Melissa Greentree · Melissa Knight · Melissa Muller · Melissa Allan · Melissa Wayland · Melita Tivalu
· Melkame Kebede · Mellissa Page · Melvin Manglicmot · Mely Cruz · Memoree Wishart · Menaka
Silva · Meng Meng · Mengyao Luo · Menik De Silva · Mennen Oebanda · Menno Blom · Mercy Olores
· Mercy Ponniah · Mercy Sneddon · Mere Caginiveisaqa · Mere Korotuku · Mere Mana · Mere
Manukonga · Mere Nasoli · Mere Tabataba · Mereani Boi · Meredith Fricker · Merewalesi
Rogasagasa · Meri Janevska · Merin Puthenthara Joy · Merin Sabu · Merin Thomas · Meriya Dias ·
Merlin Varghese · Merlyn Clarke · Merlyn Raciles · Merree Harris · Merrin Jack · Merryl Espanol ·
Meryll Totanes · Merz Maximo · Meserat Mulegata Cherente · Mezzy Bi · Mhel Agpaoa · Mhel
Bautista · Mhern Hatosa · Mi Chaw · Mia Azogue · Mia Wong Yit · Mia Gallao · Mia Mia · Miao Tian ·
Michael Aninon · Michael Apat · Michael Borostyan · Michael DePonte · Michael Esguerra · Michael
Gutierrez · Michael Ledama · Michael Malicse · Michael Maranan · Michael Masoe Milovale ·
Michael Mitchelson · Michael Pascual · Michael Sanders · Michael Cummings · Michael Santos ·
Michaela Claridge · Michaela Forgus · Michaela Benkova · Michaella Faaita · Michel Finocchiaro ·
Michele McAlinden · Michele Morrison · Michelle Abad · Michelle Barnard · Michelle Berridge ·
Michelle Blackler · Michelle Blanchard · Michelle Canning · Michelle Cowan · Michelle Forgus ·
Michelle Forman · Michelle Garland · Michelle Greig · Michelle Houston · Michelle Kiel · Michelle
Legaspi · Michelle Lewis · Michelle Lord-Roper · Michelle Oelofse · Michelle Paco · Michelle Parker
· Michelle Perkins · Michelle Priest · Michelle Robinson · Michelle Sims · Michelle Stewart · Michelle
Sutherland · Michelle Tan · Michelle Tidey · Michelle Van der Park · Michelle Vermeer · Michelle
Wright · Michelle Attard · Michelle Child · Michelle D’Lima · Michelle McDonnell · Michelle Shaw ·
Michelle Ung · Mickey Espino · Miho Tomoike · Mika Reid · Mika Kato · Mikayla Miller · Mikayla Milne
· Mike Adair · Mike Arsenio · Mike Crawshaw · Mike Davidson · Mike Egden · Mike Gebbie · Mike
Grantham · Mike Munslow · Mike Narido · Mikey Pantaleon · Mikey Payumo · Mikoto Nakasuji · Mila
Biaukula · Mila Slavinskaya · Mildred Gaspar · Miles Pancho · Millie Edwards · Millie McKernan · Millie
Stratta · Milly Bergshoeff · Milu Mathew · Min Cho · Min Kim · Min Choi · Min Lee Phang · Mindy
Duggan · Minty Walia · Miraina Rimon · Mirasol Beattie · Miriam Johnston · Miriama Johnston ·
Miruna Karki · Misa Patterson · Mitali Patel · Mitch Luby · Mitchel Buresova · Mitchell Johnson ·
Mitchell McCutcheon · Mitz Abucejo · MJ Basilio · Mlete Asfaw · Moana Fifita · Moana Martin · Modi
Shemi · Mohamad Bucua · Mohini Narayan · Mohini Olds · Molly Limpus · Molly Steel · Momena
Begum · Mona Sami · Mona Singh · Monette Angadol · Monica Blanca · Monica Martir · Monica
Relucio · Monika Monika · Monika Prasad · Monika Arora · Monima Thapa · Monique Awab ·
Monique Leeson · Monique Marshall · Monique Villalobos · Monita Mala · Monty Izard · Monu
Pradhan · Moose Roris · Morag Davidson · Moreen Kaur · Morgan Davis · Morne Wium · Mouli
Liyanaarachchi · Mounata Shrestha · Mounika Bathula · Mousmi Bhaggal · Mufida Nisha · Muna
Nonu · Munah Miller · Munisha Rattan · Muriel Apablaza Navarrete · Murray Bain · Murray Parkes ·
Mylah Morandarte · Mylen Lingaolingao · Mylene Bugo · Myles McGuire · Myra Attwood · Myra Gotz
· Myra Tonks · Myrna Tulloch · Myrtle Brown · Nadege Wan Riau · Nadia Heggland · Nadine Davis ·
Nafeeza Manga · Naima Faifai · Naina Benny · Naise Palusa · Najmoon Noorani · Nalanie Munasinghe
· Namiko Uehara · Namita Shyam · Namrata Joshi · Nancy Hayden · Nancy Watta · Nancy Wilson ·
Nancy Taua · Nandani Chand · Nandika Silva · Nandini Ram · Nani Bulicakau · Nani Bulicakau · Nani
Rokotuisuva · Nao Osato · Naoko Matsuo · Naomi Kaba · Naomi Keegan · Naomi Taylor · Naomi
Tulaga · Naomi Whittam · Naomi Silva · Narmadha Dissanayake · Narumon Murray · Nash Van Wyk
· Nasib Kaur · Nat McIlwain · Natalei Down · Natalia Alves · Natalia Baeza Urrea · Natalia
Krouchinskaia · Natalia Poulsen-Smith · Natalie Boraston · Natalie Elliott · Natalie Finn · Natalie Fox
· Natalie MacDonald · Natalie Saunders · Natalie Thomson · Natalie Grierson · Nataliya Tretyakova
· Natalya Holley · Natana Gisma · Natasha Henderson · Natasha Mileva · Natasha Rattray · Natasha
Speed · Natasha Fitzpatrick · Nathan Ellis · Nathan Ferrer · Nathan Hockey · Nathan Salanoa ·
Nathan Tahi · Natnicha Sangsorn · Nav Hehar · Nav Kaur · Nav Singh · Navdeep Kaur · Naveen Allam
· Naveen Pasunooti · Navjeet Multani · Navjot Brar · Navjot Kaur · Navjot Noria · Navneet Kaur ·
Navneet Ladhar · Navneet Navneet · Neekayla McGimpsey · Neeru Barot · Neethu Maxin · Neethu
Sebastian · Neethu Varghese · Neha Neha · Neil Davies · Neil Sears · Neil Watson · Neil Grinter · Nela
Sepuloni · Nelly Chand · Nemo Arriola · Nena Aglosolos · Nena Balbis · Neneth Alicamen · Neri
Macolbacol · Nessa Ojales · Nessa Renegado · Nett Taghoy · Nette Gabriel · Neville Dobson · Neville
Parkinson · Ngahuia Wetere · Ngaire Moreton · Ngaire Ria · Ngapine Popata · Ngas Gideon · Ngosi
Smith-Licorish · Niamh McGuigan · Nibin Antony · Nic Thorpe · Nic Tolchard · Nicha Prachankhet ·
Nicholas Kisina · Nick Frische · Nick Lamb · Nick Male · Nick Tully · Nicki Wilson · Nickie Tani · Nicky
Anderson · Nicky Bercich · Nicky Bezuidenhout · Nicky Crawford · Nicky Phillips · Nicky Ries · Nicky
Smith · Nicola Bowick · Nicola Fagan · Nicola Farrell · Nicola Keast · Nicola Martin · Nicola Mitchell ·
Nicola Steel · Nicola Tarleton · Nicole Dunn · Nicole Forster · Nicole Hickmott · Nicole Hurford ·
Nicole Ladino · Nicole Langman · Nicole Mills · Nicole Sombrea · Nicole Toomey · Nicole
Trautvetter-Grodotzki · Nicole Uy · Nicole Yeatman · Nicy Abraham · Nida Hassan · Nidisha Shetty
· Nigel Connor · Nigel Megaw · Nigel Geonanga · Nik Ekdahl · Nika Lafaele · Niki De La Harpe · Niki
Veeran · Nikita Horan · Nikita McIntosh-Zuppicich · Nikita Van Niekerk · Nikka Bermejo · Nikki
Babbington · Nikki Garside · Nikki Hill · Nikki Johns · Nikki Kim · Nikki Kirner · Nikki Millar · Nikki
Wester · Nikki Yamson · Nikolai Balanski · Nila Jayasuriya · Nilda Pagba · Nileshni Devi · Nili Gyawali
· Nilmini Rajapaksa · Nima Joseph · Nimfa Nanales · Nimi Jacob · Nimmy Abraham · Nimmy
Thomas · Nina Archvarin · Nina Kluge · Nina Melocotones · Nina Wozniak · Ninu Augusthy · Niraj
Khatiwada · Nirali Patel · Nirmala Sharma · Nirosa Perera · Niru Chouhan · Nisha Ismail · Nisha
Thapa · Nishant Bhavsar · Nishi Hussein · Nita Yu · Nitah Rungroungkul · Nithila Thangamony · Nixie
Carter · Niyati Bhatt · Nizar Virani · Nochelle Visitacion · Noeleen Taliauli · Noeline Plowman ·
Noeline Watson · Noema Leota · Noemie Flores · Nola Dyers · Nolene Percy · Nona Chase · Nonie
ANNUAL REPORT 2020
117
Alicamen · Nora Arango Bedoya · Nora Esplago · Nora Hankey · Nora Tjandrawidjaja · Noreen
Zamora · Norman Beattie · Nozomi Niwa · Nuwan Rathanyake · Nyzza Gabor · Oakley Miller ·
Odessa Abellana · Odette Whitter · Ofa Lolohea · Oksana Kotlyar · Olga Fomina · Olive Balli · Oliver
Konigstorfer · Oliver Korunic · Olivia Chiang · Olivia Clover · Olivia Ferrer · Olivia Gilmore · Olivia
Moorman · Olivia Stuart · Olivia Van de Klundert · Olivia Williams · Ollie Parvin · Oly Seryakova · Om
Prasad · Omar Damatac · Omkar Gadre · On Ou · Onanong Bunjumnong · Ondene Te Kahika ·
Orada Wisatwongsa · Oreil Siketi · Oshanthi Maheshika Liyanage · Ossie Wiggill · Otep Sacristan ·
Otto Otto · Owen Duncan · Pabitra Gautam · Paewai Tume · Paige McFarlane · Paige-Ellen Field ·
Pallavi Pallavi · Pam Harliwich · Pam McCreedy · Pam Mino · Pam Mirk · Pam Mulder · Pam Regis ·
Pam Robbie · Pam Malang · Pami Kariyapperuma · Pankti Modh · Paola Adolfo · Paola Beltran ·
Paolo Corrales · Paolo Robles · Pardeep Brar · Parm Kaur · Parmjit Kaur · Parvathy Nair · Parvati
Gandhi · Parveen Brar · Parveena Naicker · Parvinder Kaur · Parwati Kriletich · Parwinder Kaur ·
Pasepa Veilofia · Pat Deady · Pat Mabunga · Pat McKee · Pat More · Pat Sleeman · Pat Turner ·
Patricia Hewitt · Patricia Nand · Patricia Robles · Patty Khunkaew · Paul Blackler · Paul Boyle · Paul
Child · Paul Clark · Paul Dyack · Paul Guy · Paul Hooker · Paul Korunic · Paul Martillana · Paul Sutcliffe
· Paul Sutton · Paul Viernes · Paul Camania · Paul Gurr · Paul Lenette · Paula Fa’aoso · Paula Franklin
· Paula Gutierrez · Paula Kennard · Paula Moyles · Paula Panckhurst · Paulette Sheehan · Paulina
Woch · Pauline Cody · Pauline Field · Pauline Gordon · Pauline Groves · Pauline Liao · Pauline Linton
· Pauline Murray · Pauline Nickson · Pauline Patterson · Pauline Robinson · Pauline Rousseaux ·
Pauline Waby · Paulini Singh · Paulo Moreira · Pavithra Gunarathna · Pawan Kumar · Paz Chan · Paz
Checchecan · Peachy Wee · Pearl Sharman · Pedro del Estal · Peggy Chao · Peggy Tonta · Pele
Vaaga · Pelise Muiaa · Penelope Stark · Peni Raroa · Penny Honey · Pepa Memea · Pepe Toe · Perla
Torreja · Persis Chavan · Pete Dayo · Peter Bellam · Peter Erian · Peter Hollins · Peter Macintosh ·
Peter Smith · Peter Gertos · Peter Jonson · Peter Whelan · Petra Klingbeil · Petrice Vincent · Petta
Danny · Pha Taylor · Phaidra Bastin-Lindsay · Phil Haynes · Phil Price · Phil Quartly · Philip Jackson-
Cox · Philip Mealings · Philip Spinks · Philippa White · Phill Larner · Phillipa A’Court · Phoebe
Laureano · Phoebe Markham · Phoebe Neho · Phoebe Premacio · Phoebe Tumata · Phoebe
Verdadero · Phoebie Wesche · Phoenix Alavisi-Rea · Pieta Valentine · Pieter Kruger · Pilar Merino
Neyra · Pinal Parmar · Pine Konelio · Ping Liu · Pinkal Patel · Pinki Thapa · Pinky Evangelista · Pinky
Paulino · Pip Capizzi · Pip Griffin · Pip Keenan · Pip Smith · Pip Wayne · Pippa Spencer · Pita Bhattarai
· PK Karan · Polly Maxwell · Polly Matheson · Poly Judicpa · Pooja Khokra · Pooja Patel · Poonam B K
· Poonam Kumar · Poonam Mudliyar · Poonam Rani · Poonam Rani · Poppy Griffin-King · Portia
Chatadza · Prabath Meegoda Gamage · Prabh Kaur · Prabh Kaur · Pracey Cheriyan · Prachi
Didmishe · Pradip Khadka · Prajith Ramakrishnan · Prakash Singh · Praneel Singh · Pranisha
Shrestha · Prasita Prasannan · Prasob George · Pravin Singh · Precious Evangelista · Precy Bond ·
Preema Jose · Preena Davis · Preet Kaur · Preet Kaur · Preeti Preeti · Preetyka Prettyka · Prema
Gavarriah · Premitha Silva · Preshmeen Reddy · Prince Pagtanac · Princess Tabay · Princess
Catostos · Princy Xavier · Priscilla Francis · Priscilla Mihaere · Pritee Gurung Lama Lopchan · Priti
Devi · Pritika Chand · Pritika Devi · Pritisha Kumar · Priya Chand · Priya Drummond · Priya Goundar
· Priya Prakash · Priya Reddy · Priya Sharma · Priya Sharma · Priyanka Joshi · Priyanka Tandon ·
Priyanthi Perera · Prox Tiwari · Prudy Macdonald · Prue Langdon · Puja Malla · Punam Kafle · Purissa
Abalo · Purnima Devi · Pushpa Balodi · Pushpa Rao · Qalo Kolinisau · Qin Xueqin · Queen Samosa ·
Queenie Cabatingan · Queenie Taghap · Queenie Liu · Quentin Harvey · Rabyn Reveche · Rach Neill
· Rach Wates · Rachael Hanrahan · Rachael Hearn · Rachael Mason · Rachael Seyb · Rachael Tuhi ·
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· Weena Evora · Wei Chen · Wen Wang · Wendy Boyes · Wendy Chinh · Wendy Gordon · Wendy
Hamilton · Wendy Harris · Wendy Hern · Wendy Johnstone · Wendy Kaka · Wendy Kappler · Wendy
Laurie · Wendy MacDonald · Wendy Miller · Wendy Mutepfa · Wendy Taylor · Wendy Tran · Wendy
Turner · Wendy Gacayan · Wenna Barrido · Wesi Singh · Wharenikau Hing · Whela King · Whetu
Maniapoto · Wiian Bundalian · Wil Borres · Wil Yoro · Wilhelmina Bloem · Will Eason · Will Locking ·
Will Watson · Will Alejandro · William Schultz · William See · Wilma Barnard · Wilna Junio · Wilna van
Heerden · Win Win Kyi · Winnie Winstanley · Winston Wiggill · Wyeclife Faaoso · Wyndham Tapsell ·
Xandi Konigstorfer · Xavier Loretz · Ximena Lecourt · Yam Karki · Yamuna De Silva · Yan Luo · Yan
Wang · Yan Zhang · Yancey Valoria · Yani Encarnacion · Yanjana Limbu · Yanping Liu · Yaowapa
Somjitsakul · Yasasmi Basnayake · Yashna Prasad · Yasmin Asia · Yasmin Fuller · Yen Huang · Yeshi
Khatiwoda · Yeshni Rai · Yin Huang · Yin Yin Huang · Ynys Cadogan · Yodi Uyod · Yok Wongsa ·
Yolanda Acebedo · Yongxin Hanright · Yoshi Donnelly · Yra Diez · Yuki Maeda · Yukie Nakano ·
Yukiko Falchi · Yulia Lucas · Yuting Guo · Yvette Pearl · Yvonne Carter · Yvonne Murray · Yvonne Na
· Yvonne Pascua · Yvonne Robinson · Yvonne Bourassa · Zac Wynd · Zadie Wickremasinghe ·
Zafirah Nisa · Zara Balingcongan · Zarah Aznar · Zarah Masote · Zay Garcia · Zee Khan · Zelda Watt
· Zenda Tan · Zenith Cabrera · Zerah Mero · Zoe Attrill-Palmer · Zoe Eathorne · Zoe Flockton · Zoe
Hunter · Zoe King · Zoe Nyika · Zoe Templeton · Zoey Plew-Smeehuyzen · Zoreen Nisha · Zuhra Balic
· Zuzka Erdossyova · Zyra Marana · Zyra Ramas
ANNUAL REPORT 2020
119
v
HIGHTON
1
MT MARTHA
1
ABERFELDIE
1
COBURG1
OCEAN GROVE
1
WEARY DUNLOP
1
NELLIE MELBA
RINGWOOD EAST
JOHN FLYNN
1
1
Our village locations
•
Aberfeldie
•
Coburg
•
Highett
•
Highton
•
John Flynn
•
Mt Eliza
•
Mt Martha
•
Nellie Melba
•
Ocean Grove
•
Ringwood East
•
Weary Dunlop
Our villages in
Victoria, Australia
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
HIGHETT
1
MT ELIZA
1
1
RYMAN HEALTHCARE
120
v
INVERCARGILL
1
DUNEDIN
RANGIORA
1
CHRISTCHURCH
62
NELSON
1
WELLINGTON
42
WAIKANAE
1
PALMERSTON NORTH
1
WHANGANUI
1
NEW PLYMOUTH
1
HAVELOCK
NORTH
1
NAPIER
1
GISBORNE
1
TAURANGA
1
HAMILTON
2
WHANGAREI
1
AUCKLAND
9
2
22
WHANGAREI
•
Jane Mander
AUCKLAND
•
Bert Sutcliffe
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Hobsonville
•
Kohimarama
•
Lincoln Road
•
Logan Campbell
•
Murray Halberg
•
Possum Bourne
•
Takapuna*
•
William Sanders
HAMILTON
•
Hilda Ross
•
Linda Jones
TAURANGA
•
Bob Owens
GISBORNE
•
Kiri Te Kanawa
NEW PLYMOUTH
•
Jean Sandel
NAPIER
•
Princess Alexandra
HAVELOCK NORTH
•
Te Aute Road
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
*Subject to Overseas Investment Office approval
Our villages in
New Zealand
1
121
Anthony Wilding Retirement Village
5 Corbett Crescent, Aidanfield,
Christchurch
Bert Sutcliffe 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
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, Flagstaff, 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
Directory
REGISTERED OFFICE
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
Retirement villages
RYMAN HEALTHCARE
122
Aberfeldie
2 Vida Street, Aberfeldie, Melbourne
Coburg
81a Bell Street, Coburg, Melbourne
Havelock North
122 Te Aute Road, Havelock North
Highett
32–40 Graham Road, Highett,
Melbourne
Highton
157 South Valley Road, Highton, Victoria
Hobsonville
3 Scott Road, Hobsonville,
Auckland
John Flynn Retirement Village
45 Burwood Highway, Burwood East,
Melbourne
Karori
26 Donald Street, Karori, Wellington
Kohimarama
233 Kohimarama Road, Kohimarama,
Auckland
Lincoln Road
211 Lincoln Road, Henderson, Auckland
Mt Eliza
70 Kunyung Road, Mt Eliza,
Melbourne
Mt Martha
180 Bentons Road, Mt Martha,
Melbourne
Newtown
192 Adelaide Road, Newtown,
Wellington
Northwood
20 Radcliffe Road, Northwood,
Christchurch
Ocean Grove
181–195, Shell Road, Ocean Grove,
Victoria
Park Terrace
78 & 100 Park Terrace,
Christchurch
Riccarton Park
25 Steadman Road, Christchurch
Ringwood East
2–16 Mt Dandenong Road,
Ringwood East, Melbourne
Takapuna
41–45 Killarney Street, Takapuna,
Auckland
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
SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.co.nz
MELBOURNE OFFICE
Suite 10.03, Level 10
420 St Kilda Road
Melbourne
PO Box 33119
Melbourne VIC 3004, Australia
AUCKLAND OFFICE
93 Ascot Avenue, Remuera
Auckland 1051, New Zealand
New villages in the pipeline
ANNUAL REPORT 2020
123
rymanhealthcare.co.nz
rymanhealthcare.com.au
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.