Financial Results for the Half Year Ended 30 June 2020

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz

MEDIA RELEASE

17 AUGUST 2020

SUMMERSET FIRST HALF UNDERLYING PROFIT OF $45.1M


• Underlying profit for 1H20 of NZ$45.1 million, down 6% on 1H19
• Reported (IFRS) profit after tax of NZ$1.0 million
• Total assets of NZ$3.4 billion, up 13% on 1H19
• 139 new retirement units delivered
• 264 total sales of occupation rights
• Interim dividend of NZ6.0 cents per share

Retirement village operator Summerset Group Holdings Limited has announced an underlying
profit of NZ$45.1 million for the first half of 2020.

Summerset CEO Julian Cook said the result was at the top end of market guidance provided in
early July which forecast underlying profit between NZ$40 million and NZ$45 million.

“Despite the impacts of COVID-19 on trading conditions in the first half of 2020 the result is
pleasing and demonstrates the underlying strength of Summerset’s business. Following the
April-May lockdown we saw sales and settlements rebound strongly.”

Mr Cook said it was too early to know how recent COVID-19 developments would impact on the
business in the second half. He said Summerset closed its five Auckland retirement villages on
Wednesday 12 August with level 3 restrictions put in place. These restrictions include no visitors
on sites, temperature testing of staff and face masks being worn by staff in care centres.
Summerset’s care centres across the country also closed to visitors as a precautionary
measure.

The reduction in IFRS profit after tax compared to prior periods was primarily caused by a
negative fair value movement in investment property. The negative movement was due to more
conservative house price inflation forecasts by the valuer, and fewer units delivered in the half
year due to COVID-19 related construction restrictions.

Mr Cook said the reduction in investment property value was less than 1% overall.

As at 30 June 2020, total assets were NZ$3.4 billion, up 13% on 30 June 2019, and net assets
at NZ$1.1 billion. The company reported a development margin of 22.3%, in line with previously
signalled expectation of margins in the 20-25% range.

Summerset delivered 139 new homes in the half year and anticipates delivering between 300
and 350 homes by year end, depending on the current and possible future COVID-19 lockdowns
over the coming months. This compares to an expected build rate of 400 retirement units for
2020 prior to the COVID-19 pandemic.

It launched three new retirement villages and opened its main building at its Casebrook village in
Christchurch over the six months. The new villages are in Tauranga, Napier and New Plymouth.

Casebrook’s three-storey main building opened in early March, and has a care centre, 56
serviced apartments, and 20 memory care apartments designed for people living with dementia.
More than half of the apartments had sold in three months and the 43-bed care centre was
almost full.

In addition, Summerset lodged development approval for its first Australian retirement village
in Cranbourne North, Melbourne. Mr Cook said the company hoped to receive approval for
Cranbourne and start preliminary earthworks before the year is out. Master planning and
engagement with council over a second site in Torquay, Victoria was also progressing positively.

Mr Cook said Summerset was closely watching the COVID-19 outbreak in Victoria, but the
company’s development was still in the early stages.

Summerset was accredited as dementia friendly by Alzheimers New Zealand in April, after 18
months of work towards meeting the award’s standards. Mr Cook said the award reflected the
company’s commitment to providing the best of life for all its residents.

“We are proud to be recognised as dementia friendly by Alzheimers New Zealand. It shows our
residents and their families that we are serious about looking after the growing number of people
living with dementia,” Mr Cook said.

After considering recent COVID-19 developments, the Board has declared an unimputed interim
dividend of NZ6.0 cents per share. The record date will be Monday 31 August, with payment on
Friday 11 September.


ENDS

For investor relations enquiries: For media enquiries:
Scott Scoullar Jenny Bridgen
CFO and Deputy CEO Communications Manager
scott.scoullar@summerset.co.nz jenny.bridgen@summerset.co.nz

029 894 7317 021 408 215

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 31 villages completed or in development across the country. In addition,
Summerset has eight sites for development in Milldale (Auckland), Parnell (Auckland),
Prebbleton (Canterbury), Rangiora (Canterbury), Waikanae (Kapiti Coast), Blenheim
(Marlborough), Cambridge (Waikato) and Lower Hutt (Wellington), plus two properties in
Victoria, Australia, bringing the total number of sites to 41.
• It provides a range of living options and care services to more than 5,700 residents.
• The Summerset Group has villages in Aotea, Avonhead, Bell Block, Casebrook,
Dunedin, Ellerslie, Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati,
Kenepuru, Levin, Manukau, Napier, Nelson, New Plymouth, Palmerston North, Papamoa
Beach, Paraparaumu, Richmond, Rototuna, St Johns, Taupo, Te Awa, Trentham,
Wanganui, Warkworth, Whangarei and Wigram.

---

Half year results
presentation
Six months ended 30 June 2020
Summerset Group Holdings Limited
17 August 2020

Agenda
1
2
3
5
4
1H20 result highlights
Strategic update
COVID-19 update
Financial results
Interim dividend
2
1H20 results presentation
6
Appendix
Business overview
7

1H20result
highlights
1H20 results presentation
3

Summary
4
1H20 results presentation
COVID-19 pandemic
1.Positive 1H20 result achieved under the extraordinary operating
environment of the COVID-19 global pandemic
2.Our priority is keeping our residents and staff safe with no cases in our
villages and care centres to date
3.In level one, sales rates largely recovered however we remain cognisant
that ongoing outbreaks may disrupt business operations for some time
Key result highlights
1.Underlying profit for 1H20 of $45.1m
2.Total assets now $3.4b, up 13% on 1H19, with total equity of $1.1b
3.Net operating cash flows of $92.8m
4.Delivered 139 retirement units and 43 care beds and expect abuild rate
of around 300 to 350 retirement units in FY20
5.Opened the first of two main buildings due to be delivered in FY20 which
include our market leading memory care apartments
6.Lodged the development approval application for our first Australian site

1H20 result snapshot
5
Underlying profit of $45.1m driven by demand in our villages and care centres
1H20 results presentation

$1,113m
$1,132m
$1,054m
$978.8m
$871.4m
$785.8m
$627.6m
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
1H202H191H192H181H182H171H17
Total equity
1H20 result highlights
Consistent asset growth over time
6
1H20 results presentation
$3.4b
$3.3b
$3.0b
$2.8b
$2.5b
$2.2b
$1.9b
-
$0.5b
$1.0b
$1.5b
$2.0b
$2.5b
$3.0b
$3.5b
$4.0b
1H202H191H192H181H182H171H17
Total assets
$82.0m
$79.9m
$74.0m
$71.3m
$65.7m
$59.8m
$50.7m
-
$15m
$30m
$45m
$60m
$75m
$90m
1H202H191H192H181H182H171H17
Total revenue
$45.1m
$58.4m
$47.8m
$53.4m
$45.2m
$46.0m
$35.7m
-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
1H202H191H192H181H182H171H17
Underlying profit

Strategic
update
1H20 results presentation
7

Summerset strategy
8
Summerset builds, owns and operates integrated retirement villages
1H20 results presentation
▪Continued focus on our response to the COVID-19 pandemic
▪Emphasis on continuum of care model
▪High quality care and facilities across all villages
▪Villages designed to integrate into local communities
▪Internal development and construction model
▪Customer centric philosophy –bringing the best of life
▪Leading memory care offering in New Zealand
▪Expanding into Victoria, Australia

Summerset snapshot
9
1H20 results presentation
▪23 years of consistent delivery and asset growth
▪Total assets have grown more than five times since listing on the NZX in 2011
▪Portfolio of 4,225 retirement units and 901 care beds
▪More than 5,700 residents
▪31 villages completed or under development
▪Opened new concept main building in Casebrook
▪Eight greenfield sites in New Zealand
▪Two sites in Australia, in Cranbourne North, Melbourne and Torquay, Victoria
▪Largest New Zealand land bank for a retirement village operator of 4,801
retirement units as at 1H20 (5,241 including Australia)
Diversified portfolio throughout New Zealand

COVID-19
update
1H20 results presentation
10

COVID-19 response
11
1H20 results presentation
Prevention of COVID-19 in our villages and care centres remains our priority
▪Focus continues to be on our
residents and COVID-19 prevention
▪Care facility occupancy remains
strong at over 96%
▪Maintaining good PPE stocks to
respond effectively to outbreaks
▪Overwhelming support from families
and residents to our COVID-19 plan
▪Planned early to ensure systems and
supplies were in place ahead of time
▪Our response includes extra staffing,
separated team rosters, temperature
scanning, the use of face masks and
PPE plus additional cleaning
protocols
▪Implemented pay increases in April-
May lockdown period for care staff
▪Continue to support staff to safely
work from home
▪Remaining vigilant in response to the
ongoing COVID-19 pandemic
▪Focused on security and safety to
ensure our villages remain a safe
environment for residents
▪Maintaining strict entry conditions
during lockdowns
▪Providing initiatives to keep residents
connected, informed and happy
throughout lockdowns

Total sales contracts 2019 vs 2020
20192020
COVID-19 response
12
1H20 results presentation
Prevention of COVID-19 in our villages and care centres remains our priority
▪Delivered 139 retirement units and
43 care beds in 1H20
▪Construction capacity managed
around COVID-19 outbreaks
▪Progressing new villages in Napier,
Tauranga and New Plymouth
▪Currently on track for build rate of
around 300 to 350 retirement units
▪Sales and settlements rebounded
well following the April-May lockdown
▪Increased enquiry seen at our sites
▪The appeal of our villages has been
enhanced as residents see the
protections and support they provide
▪Customer experience tools improved
to assist current and future residents
to navigate outbreaks, including
virtual tours and Moving Made Easy
package
▪Broad cost control measures
implemented from March 2020
▪20% reduction in salaries for
directors, executive team and head
office staff for ten weeks
▪Reduced project spend to resident
critical projects only
▪Head office hiring freeze
▪Emphasis remains on maintaining
cost efficiencies gained in lockdown
COVID-19
Lockdown
Second
outbreak

COVID-19 response
13
1H20 results presentation
Prevention of COVID-19 in our villages and care centres remains our priority
▪1H20 underlying profit of $45.1m
despite impacts of COVID-19
▪Net operating cash flows of $92.8m
in 1H20, in line with 1H19
▪After considering recent
developments, the Board has
declared an interim dividend of 6.0
cents per share for 1H20
▪The interim dividend will be paid on
Friday 11 September 2020
▪Investment property continues to
grow with our portfolio, FV of $17.7m
attributed to new deliveries in 1H20
▪Fair value of investment property
portfolio remained broadly
unchanged from FY19, down -0.46%
▪Independent valuers’ assumptions
softened due to uncertainty regarding
the financial impacts of COVID-19
▪Landbank of 5,241 retirement units to
be developed in Australia and NZ
▪Strong financial disciplines upheld
▪Sufficient bank debt headroom of
around 44.9% (circa $340m) remains
to enable business flexibility and
growth
▪Gearing ratio remains appropriate at
35.8% (33.3% at FY19)
▪Flexibility within our diversified and
low capital intensive broad acre sites
to adjust to market conditions quickly

Resident and family feedback
14
1H20 results presentation
Overwhelming appreciation from residents, family and friends
Memory care courtyard

Business
overview

Bringing the best of life
Our staff, residents and wider community
▪Awarded Dementia Friendly accreditation by AlzheimersNew
Zealand in April 2020 -reflecting 18 months work to make our
villages more accessible for those living with dementia
▪Continued our successful partnership with Dementia New
Zealand and the Wellington Free Ambulance
▪Supported the Australia Bushfire Appeal by raising over
$25,000 in resident and Summerset donations
▪Introduced uniforms for Summerset staff of various cultures
and faith
▪Title sponsor of the National Bowls Championship in January
▪Implemented a Construction Management Mentorship
Programme
▪Renewed our carbonzero certification with Toitū Envirocare in
January 2020 and are a member of the Climate Leaders
Coalition
16
1H20 results presentation

New main building design
Delivery of our new concept main building design in Casebrook
▪New concept main building delivered in Casebrook in 1H20
▪The main building forms the heart of our village and has seen
a fantastic response from residents, supported by positive
sales and occupancy rates
▪The building includes;
▪a fully certified care centre
▪serviced apartments
▪state-of-the-art memory care centre for people living with
dementia
▪swimming pool and gymnasium
▪resident lounges, bar and dining rooms
▪library, theatre, beauty salon
▪This new main building design will be available in our future
villages, all including our new memory care centres
17
1H20 results presentation

New main building design
Delivery of our new concept main building design in Casebrook
▪Market leading memory care apartments incorporated into
Casebrook and future villages
▪The design brings apartment living for those with dementia to
a secure environment
▪Our new memory care centre includes;
▪communal indoor and outdoor areas
▪sensory room (includes interactive tables)
▪nature inspired design with unique wall murals
▪coloured panels to help residents find their way around
18
1H20 results presentation

Land bank diversification
1
9
Land bank to contribute significant boost in revenue each year once mature
19
1H20 results presentation
-
10
20
30
40
50
1H171H181H191H20
Numbers of sites
Development pipeline
Design/consentingConstructionComplete
* Based on most recent results presentations
-
1,000
2,000
3,000
4,000
5,000
6,000
SUMPeer APeer CPeer BPeer D
Retirement units
New Zealand land bank comparison*
Retirement village operators
4,225
5,241
-
1,000
2,000
3,000
4,000
5,000
6,000
Existing
portfolio
Land
bank
Retirement units
Impact of land bank on DMF and realised gain on
resales
Retirement unitsDMF + resale gain per annum
$89m
$275m
$-
$50m
$100m
$150m
$200m
$250m
$300m
1H20
annualised
Land bank
(maturity)
DMF + resale gain revenue

1H20 development activity
20
Delivered 139 retirement units and 43 care beds in 1H20 across four sites
20
1H20 results presentation
Rototuna
CasebrookRichmond
Avonhead

1H20 development activity
21
Delivered 139 retirement units and 43 care beds in 1H20 across four sites
▪139 retirement units and 43 care beds were delivered across four villages. Currently on track to deliver around 300 to 350 retirement units in
FY20
▪Completed first new concept main building in Casebrook
▪Delivered villa stages in Avonhead, Casebrook, Rototuna and Richmond with no apartment deliveries in the period
▪Advanced Kenepuru apartments, first block set to deliver in 2H20 and good progress made on the final apartment block in Ellerslie
▪Main building in Rototuna continues to progress, delivery timing will be impacted by COVID-19 outbreaks
▪Expect to deliver first units in Bell Block (New Plymouth), Papamoa Beach (Tauranga) and Te Awa (Napier) in 2H20
1H20 results presentation
Unit delivery 1H20Villas
Serviced & memory care
apartments
Total
retirement units
Total
care beds
Avonhead
13 -
13
-
Casebrook
17 76
93 43
Ellerslie
--
--
Hobsonville
--
--
Kenepuru
--
--
Richmond
20 -
20 -
Rototuna
13 -
13 -
Warkworth
--
--
Total63 76 139 43

Developmentpipeline
22
22
1H20 results presentation

Development margin
23
Realised development margin of $17.4m, with a 22% development margin
▪1H20 realised development margin of $17.4m. Lower than
previous year with volumes remaining close to 1H19 levels
▪Development margin of 22% achieved in 1H20 across 11 sites
and reflective of the following;
▪a higher proportion of serviced and memory care
apartments
▪higher proportion of sales outside Auckland highlighting
more units being developed outside Auckland
▪Settlements of new occupation rights were around 30% in our
Auckland villages relative to 1H19 where 60% were in Auckland
▪This was underpinned by no new deliveries in Auckland this half
and reflects our diversification strategy to grow our business
across New Zealand
▪We continue to see good margins across our villa stages
▪Over the medium term we continue to expect development
margins to be within our target range of approximately 20% to
25%
1H20 results presentation
$21.3m
$29.7m
$25.8m
$37.9m
$27.1m
$33.9m
$17.4m
28%
27%
33%
33%
28%
27%
22%
-
5%
10%
15%
20%
25%
30%
35%
-
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
1H172H171H182H181H192H191H20
Realised development margin
Realised development margin ($m)Development margin (%)

New sales of occupation rights
24
Gross proceeds of $78.0m, 128 new sales in the period
▪New sales broadly in line with 1H19 despite the disruption of
COVID-19with residents unable to settle for around five
weeks
▪Overall, new sales only down 6% while around 35% of 1H20
sales activity was constrained by COVID-19 restrictions
▪128 new sales of occupation rights in 1H20 with gross
proceeds of $78.0m
▪Average gross proceeds per new sale settlement of $609k,
down from $701k in 1H19
▪Decrease in gross proceeds driven by higher proportion of
serviced and memory care apartments and fewer settlements
in Auckland
▪Strong demand seen in our newly opened Casebrook main
building with first residents welcomed into our serviced and
memory care apartments in March
▪Now seeing the benefits of regional diversification –will
improve further in 2H20 with new villages expected to
open in Tauranga, Napier and New Plymouth
1H20 results presentation
New sales1H201H19VarianceFY19
Gross proceeds ($m)78.095.3(18%)218.7
Villas827115%216
Apartments1437(62%)62
Serviced and memory
care apartments
322814%51
Total occupation
rights
128136(6%)329
171
279
165
289
139
215
139
179
203
145
194
136
193
128
-
50
100
150
200
250
300
1H172H171H182H181H192H191H20
New sales and retirement unit delivery
Retirement unit deliveryNew sale settlements

Stock levels remain stable relative to FY19
▪Uncontracted new sale stock of 257 retirement units, down from 266 at FY19 (3%). Contracted new sale stock now at historically high levels
▪Decrease in stock numbers seen in both villa and apartment retirement units with a higher proportion of both unit types now contracted
▪Increase in serviced and memory care apartment stock driven by the delivery of Casebrook main building (76 units). Strong demandseen for
these retirement units with over 45% contracted or settled within four months
New sales stock
25
1H20 results presentation
New sales stock1H20FY191H19
Contracted987872
Uncontracted257266250
Total new sales stock355344322
Contracted665943
Uncontracted121147158
Villas187206201
Contracted141114
Uncontracted708744
Apartments849858
Contracted18815
Uncontracted663248
Serviced & memory care
apartments
844063
2.2%
4.4%
4.2%
5.8%
6.5%
6.5%
6.1%
-
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
1H172H171H182H181H192H191H20
Available new sales uncontracted stock

Strong realised resale gains for the period
▪Realised resale gain has increased by 10% to $15.7m in 1H20
▪Resale gain continue to be strong at 25.2%, up from 23.4% at
1H19
▪Resales of occupation rights similar to 1H19 with 136 for the
period, despite the impacts of COVID-19 lockdown
▪Average gross proceeds per resale settlement of $457k, up 6%
from $430k in 1H19
▪Realised resale gain up $1.4m due to higher realised gain per
unit of $115k compared to $101k in 1H19
Resales of occupation rights
26
1H20 results presentation
Resales1H201H19VarianceFY19
Gross proceeds ($m)62.261.12%143.7
Realised resale gains ($m)15.714.310%36.9
Realised resale gains (%)25.2%23.4%8%25.7%
DMF realisation ($m)7.78.0(3%)18.9
Villas7072(3%)173
Apartments141040%31
Serviced and memory care
apartments
5260(13%)119
Total occupation rights136142(4%)323
144
156
154
147
142
181
136
20%
23%
23%
24%
23%
27%
25%
0%
5%
10%
15%
20%
25%
30%
-
50
100
150
200
250
1H172H171H182H181H192H191H20
Realised resale gain and volume
Total occupation rightsRealised resale gains (%)
$274m
$327m
$346m
$392m
$452m
$483m
$469m
$145m
$170m
$189m
$217m
$242m
$270m
$297m
-
$200m
$400m
$600m
$800m
1H172H171H182H181H192H191H20
Embedded value
Resales gain ($m)DMF ($m)

Resales stock levels impacted by the April-May COVID-19 shutdown
▪Resales stock 35% to 40% higher than normal due to the impact of the first COVID-19 lockdown. The key driver being units were unable to
be vacated during the lockdown period which delayed refurbishment and subsequent resale
▪In level one, sales rates largely recovered with uncontracted stock as a proportion of total resale stock lower than FY19
Resales stock
27
1H20 results presentation
Resales stock1H20FY191H19
Contracted925466
Uncontracted1127859
Total resales stock204132125
Contracted592942
Uncontracted473528
Villas1066470
Contracted855
Uncontracted181511
Apartments262016
Contracted252019
Uncontracted472820
Serviced & memory care
apartments
724839
1.2%
1.4%
1.4%
1.4%
1.5%
1.9%
2.7%
1.7%
-
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
1H172H171H182H181H192H191H201H20
Adjusted*
Available resales uncontracted stock
* 1H20 adjusted –stock normalised for COVID-19 sales impact

Financial results

1H20 reported profit (IFRS)
1H20 net profit after tax of $1.0m
29
▪1H20 IFRS NPAT of $1.0m a result of fair value movement in
investment property of -$14.7m
▪Fair value movement impacted by material adjustments in short
term HPI growth rates and discount rates applied by our
independent valuers, CBRE
▪Adjustments related to COVID-19 uncertainty and are in line with
those applied to other RV operators
▪Summerset achieved a core fair value gain in 1H20 of $37.3m
from retirement unit pricing and the delivery of 139 new units
▪Assumption changes by CBRE had a negative impact on fair
value of -$51.9m
▪Overall, the value of investment property remains largely
unchanged, the fair value decrease of -$14.7m being -0.46% of
our total investment property asset base
1H20 results presentation
NZ$m1H201H19VarianceFY19
Total revenue82.074.011%153.9
Fair value movement of
investment property
(14.7)85.7(117%)165.3
Total income67.4159.7(58%)319.2
Total expenses61.860.82%130.2
Net finance costs8.36.822%15.4
Net profit before tax(2.7)92.1(103%)173.6
Tax expense / (credit)(3.7)(0.5)612%(1.7)
Net profit after tax1.092.6(99%)175.3

$19.5m
$37.3m
($42.7m)
($5.3m)
($3.9m)
$17.7m
($14.7m)
-$20.0
-$10.0
$0.0
$10.0
$20.0
$30.0
$40.0
Retirement
unit pricing
Value of new
retirement
units built
Fair value
movement
1H20*
Discount rate
assumptions
Growth rate
assumptions
OtherFair value
movement
1H20
Fair value movement of investment property 1H20
Fair value movement
Core fair value movement of investment property of $37.3m
30
▪Total fair value movement of -$14.7m, impacted by material
changes in the assumptions applied by our independent valuers,
CBRE
▪CBRE have adopted a more conservative position in relation to
short term growth assumptions due to COVID-19 uncertainty
▪Summerset’s core fair value movement for 1H20 was $37.3m
driven by;
▪Increases in retirement unit pricing of $19.5m
▪New retirement units built of $17.7m
▪Refer to the appendices (slide 42 and 43) for key assumptions
associated with the investment property valuation
1H20 results presentation
* Fair value movement before COVID-19 assumption changes

1H20 underlying profit
Underlying profit down 6% on 1H19
31
▪Underlying profit of $45.1m highlights the strength of Summerset’s
core business
▪Continued growth in our care and village operating performance
driven by demand in our villages and care centres;
▪Care fees and village services of $53.3m, up 9%
▪Deferred management fees of $28.7m, up 15%
▪Realised gain on resales of $15.7m, up 10%
▪Additional COVID-19 related expenditure of $4.0m in the period,
offset by the Government Wage Subsidy ($8.7m) and aged care
funding grants ($0.7m) which enabled Summerset to retain all staff
▪Net impact from COVID-19 was around 15% on underlying profit
for 1H20. This excludes any adjustment for lost sales activity
through COVID-19 restrictions, in place for around 35% of 1H20
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and therefore may not be
comparable to similar financial information presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a measure which the Group uses consistently across reporting periods. Underlying
profit is used to determine the dividend pay-out to shareholders.
1H20 results presentation
NZ$m1H201H19VarianceFY19
Care fees and village
services
53.348.89%101.3
Deferred management
fees
28.725.115%52.5
Realised gain on resales15.714.310%36.9
Realised development
margin
17.427.1(36%)61.0
Interest received0.00.2(86%)0.2
Total income115.1115.40%251.8
Operating expenses57.856.92%122.4
Depreciation and
amortisation
3.93.90%7.8
Net finance costs8.36.822%15.4
Total expenses70.067.64%145.6
Underlying profit45.147.8(6%)106.2

1H20 cash flows
Net operating cash flow in line with 1H19
32
▪Net operating cash flow of $92.8m, in line with 1H19 operating
cash flows of $93.3m
▪Net operating business cash flow of $16.5m, up $12.3m on
1H19 highlighting strong growth in our core business functions
▪Net receipts from resales were up $6.6m on 1H19 driven by
uplift in resales margins
▪Gross receipts from new sales down 14% on 1H19 due to lower
sales volumes directly impacted by COVID-19
▪Investing cash out flows increased 10% on 1H19 due to land
settlements for Rangiora and Cambridge in the period
▪Other investing cash out flows in 1H20 primarily reflects our
investment in;
▪upgrading our assist call systems across our villages
▪the purchase of temporary recreation facilities for our
developing villages
1H20 results presentation
NZ$m1H201H19VarianceFY19
Net operating business cash flow16.54.2297%28.5
Receipts for residents' loans -new
sales
76.389.2(14%)209.4
Net operating cash flow92.893.3(1%)237.9
Settlement of land(10.9)1.4(861%)(57.3)
Construction of new IP & care
facilities
(100.9)(102.5)(2%)(248.2)
Refurb of existing IP & care
facilities
(3.9)(4.1)(4%)(7.3)
Other investing cash flows(2.7)(1.9)39%(3.7)
Capitalised interest paid(5.1)(5.4)(6%)(10.8)
Net investing cash flow(123.5)(112.5)10%(327.4)
Net proceeds from borrowings41.637.810%135.6
Dividends paid(11.1)(10.4)7%(19.5)
Other financing cash flows(8.2)(6.6)25%(12.6)
Net financing cash flow22.220.87%103.5

1H20 balance sheet
Total assets of $3.4b, up 13% from $3.0b at 1H19
33
▪Total assets of $3.4b, up 13% on 1H19 driven by continued
development and growth in existing villages
▪Investment property valuation of $3.2b, up 14% on 1H19
▪Other assets include land and buildings (primarily care centres)
▪Care centres were valued as at 31 December 2017 (three
yearly cycle)
▪Includes the delivery of Casebrook’s care centre in 1H20
▪Embedded value of $765.7m, $181k per retirement unit, as at
30 June 2020, comprised of:
▪$468.5m resale gains
▪$297.2m deferred management fees
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbond
issuecosts,andfairvaluemovementonhedgedborrowings.
**Netassetsincludessharecapital,reserves,andretainedearnings
1H20 results presentation
NZ$m1H201H19VarianceFY19
Investment property3,2062,82414%3,107
Other assets227.1204.011%230.9
Total assets3,4333,02813%3,338
Residents' loans1,3651,20613%1,328
Face value of bank loans
& bonds*
634.9489.330%587.1
Other liabilities319.3278.315%291.3
Total liabilities2,3191,97417%2,206
Net assets**1,1131,0546%1,132
Embedded value765.7693.510%752.7
NTA (cents per share)491.3470.54%502.0

$202m
$221m
$241m
$292m
$241m
$218m
$-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
Net debt
FY19
Underlying
assets FY19
Net debt
1H20
Underlying
assets 1H20
Net debt to underlying assets -1H20
Net DebtUndeveloped landDevelopment WIPUnsold stock
Gearing ratio
Net debt of $621.9m* and gearing ratio of 35.8%
34
▪Net debt of $621.9m* as at 30 June 2020, up $56.3m on FY19
▪Uplift in gross debt driven by land settlements in the period and
construction progress on our developing sites
▪$225m of retail bonds and bank facility of approximately $750m
▪Gearing ratio of 35.8%, up from 33.3% at FY19. Expected to be
around 34.5% without COVID-19 impact on IP valuations
▪Development assets exceed the value of net debt by $110m or 18%
*Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbond
issuecosts,andfairvaluemovementonhedgedborrowingslesscashandcashequivalents
**Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummerset
Group’sbankandbondLVRcovenant(TotaldebtoftheSummersetGroup/Propertyvalueof
theSummersetGroup)
1H20 results presentation
$622m
$732m
$684m
$566m
$110m excess assets
$118m excess assets
NZ$m1H201H19VarianceFY19
Gearing ratio (%)**35.8%31.3%14.5%33.3%
Bank & bond LVR (%)**37.9%32.8%15.5%35.9%
$315m
$348m
$379m
$452m
$489m
$587m
$635m
32.5%
30.2%
29.5%
31.2%
31.3%
33.3%
35.8%
0%
10%
20%
30%
40%
-
$200m
$400m
$600m
$800m
1H172H171H182H181H192H191H20
Gross borrowings and gearing ratio
Face value of bank loans & retail bondsGearing ratio (%)

Interim dividend

1H20 interim dividend
1H20 interim dividend of 6.0 cents per share
36
▪The Board has declared an interim dividend of 6.0 cents per
share, unimputed. This compares to a 2019 interim dividend of
6.4 cents per share
▪This represents a pay-out for the first half of 2020 of
approximately $13.7m and is 30% of 1H20 underlying profit
▪The dividend reinvestment plan (DRP) will apply to this dividend
enabling shareholders to take shares in lieu of the cash dividend
▪A discount of 2% will be applied when determining the price per
share of shares issued under the DRP
▪Eligible investors wishing to take up the DRP must register by
5.30pm NZT on Tuesday 1 September 2020. Any applications
received on or after this time will be applied to subsequent
dividends
▪The interim dividend will be paid on Friday 11 September 2020.
The record date for final determination of entitlements to the
interim dividend is Monday 31 August 2020
1H20 results presentation
1.4
1.9
2.6
3.9
6.0
6.4
6.0
3.3
2.1
3.4
5.1
7.1
7.2
7.7
0
2
4
6
8
10
12
14
16
FY13FY14FY15FY16FY17FY18FY19FY20
Dividend per share by year
InterimFinal
$3.0m
$4.0m
$5.7m
$8.7m
$13.5m
$14.5m
$13.7m
$7.0m
$4.6m
$7.5m
$11.3m
$15.9m
$16.2m
$17.5m
$-
$5m
$10m
$15m
$20m
$25m
$30m
$35m
FY13FY14FY15FY16FY17FY18FY19FY20
Dividend payout per year
InterimFinal

Questions

Disclaimer
38
▪This presentation may contain projections or forward looking
statements regarding a variety of items. Such forward looking
statements are based upon current expectations and involve
risks and uncertainties
▪Actual results may differ materially from those stated in any
forward looking statement based on a number of important
factors and risks
▪Although management may indicate and believe the
assumptions underlying the forward looking statements are
reasonable, any of the assumptions could prove inaccurate or
incorrect and, therefore, there can be no assurance that the
results contemplated in the forward looking statements will be
realised
▪Furthermore, while all reasonable care has been taken in
compiling this presentation, Summerset accepts no
responsibility for any errors or omissions
▪This presentation does not constitute investment advice
1H20 results presentation

Appendix

1H20 result highlights
Underlying profit down 6% on 1H19
40
1H20 results presentation
*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 therefore may not be
comparable to similar financial information presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a measure which the Group uses consistently across reporting periods. Underlying
profit is used to determine the dividend pay-out to shareholders.
1H201H19VarianceFY19
Financial (NZ$m)
Net profit before tax (IFRS)(2.7)92.1(103%)173.6
Net profit after tax (IFRS)1.092.6(99%)175.3
Less reversal of impairment on land & buildings--n/a-
(Add)/ less fair value movement of investment property14.7(85.7)(117%)(165.3)
Add realised gain on resales15.714.310%36.9
Add realised development margin17.427.1(36%)61.0
Add/(less) deferred tax expense/(credit)(3.7)(0.5)612%(1.7)
Underlying profit*45.147.8(6%)106.2
Balance
Sheet
(NZ$m)
Total assets3,4333,02813%3,338
Net operating cash flow92.893.3(1%)237.9
Operational
New sales of occupation rights128136(6%)329
Resales of occupation rights136142(4%)323
Total sales of occupation rights264278(5%)652
New retirement units delivered1391390%354

Historical trends
41
*Compoundannualgrowthrate
**UnderlyingprofitdiffersfromNZIFRSreportedprofitaftertax.ThemeasurehasbeenreviewedbyErnst&Young.Refertoslide40forareconciliationbetweenthetwomeasures,andnote2of
thefinancialstatementsfordetailonthecomponentsofunderlyingprofit
Underlying profit 9 year CAGR of 31%
1H20 results presentation
Half Year Results
9 Year
CAGR*
1H202H191H192H181H182H171H17FY11
New sales of occupation rights10%128193136194145203179108
Resales of occupation rights9%136181142147154156144123
Total sales10%264374278341299359323231
New retirement units delivered10%139215139289165279171122
Retirement units in portfolio13%4,2254,0863,8713,7323,4433,2782,9991,486
Care beds in portfolio13%901858858858858806748327
Total revenue ($m)19%82.079.974.071.365.759.850.733.7
Net profit after tax ($m)-8%1.082.792.6118.196.4149.790.34.3
Underlying profit** ($m)31%45.158.447.853.445.246.035.78.1
Net operating cash flow ($m)17%92.8144.693.3125.092.8121.386.443.7
Total assets ($m)21%3,4333,3383,0282,7662,4512,2331,932616.9
Total equity ($m)19%1,1131,1321,054978.8871.4785.8627.6233.4
Interest bearing loans and borrowings ($m)28%654.8597.1499.8452.8379.7347.2315.369.1
Cash and cash equivalents ($m)13.021.59.17.514.77.613.19.0
Gearing ratio (Net D/ Net D+E)35.8%33.3%31.3%31.2%29.5%30.2%32.5%20.5%
EPS (cents) (IFRS profit)-11%0.4436.9341.6653.4843.7660.8641.372.39
NTA (cents)18%491.3502.0470.5438.4391.9347.6285.7109.3
Development margin (%)22.3%27.4%28.4%33.3%33.0%26.9%28.0%6.2%

Fair value movement
Fair value movement of investment property –key assumptions
42
*Valueofnon-landcapitalworkinprogressnotrepresentedintheabovetable
1H20 results presentation
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth
rate
Yr 1
Growth
rate
Yr 2
Growth
rate
Yr 3
Growth
rate
Yr 4
Growth
rate
Yr 5+
Summerset by the ParkManukau149.2(2.1)13.50%(2.0%)0.0%2.5%3.0%3.5%
Summerset by the LakeTaupo62.2(0.5)16.00%(2.0%)0.0%1.5%2.5%3.5%
Summerset in the BayNapier72.5(1.0)14.13%(2.0%)0.0%2.0%2.5%3.5%
Summerset in the OrchardHastings78.0(2.4)15.25%(2.0%)0.0%2.0%2.5%3.5%
Summerset in the VinesHavelock North61.7(0.9)14.88%(2.0%)0.0%2.0%2.5%3.5%
Summerset in the River CityWanganui32.1(0.6)16.13%(2.0%)0.0%1.5%2.0%2.5%
Summerset on SummerhillPalmerston North48.0(1.4)14.88%(2.0%)0.0%2.0%2.5%3.0%
Summerset by the RangesLevin30.70.315.88%(2.0%)0.0%1.5%2.0%3.0%
Summerset on the CoastParaparaumu60.2(0.6)14.50%(2.0%)0.0%2.0%2.5%3.5%
Summerset at AoteaAotea104.7(0.1)14.50%(2.0%)0.0%2.0%2.5%3.5%
Summerset in the SunNelson149.10.113.75%(2.0%)0.0%1.0%2.5%3.5%
Summerset at BishopscourtDunedin49.0(1.2)14.88%(2.0%)0.0%1.5%2.5%3.0%
Summerset down the LaneHamilton134.2(0.9)14.00%(2.0%)0.0%2.0%2.5%3.5%
Summerset Mountain ViewNew Plymouth72.2(0.2)14.88%(2.0%)0.0%1.5%2.5%3.0%
Summerset FallsWarkworth177.6(4.4)14.13%(2.0%)0.0%2.0%3.0%3.5%
Summerset at KarakaKaraka182.0(2.5)14.38%(2.0%)0.0%2.0%2.5%3.5%
Summerset at WigramWigram121.00.514.63%0.0%0.0%2.0%3.0%3.5%
Summerset at the CourseTrentham160.8(4.5)14.00%(2.0%)0.0%2.0%2.5%3.5%
Summerset by the SeaKatikati97.10.715.13%(2.0%)0.0%1.5%2.5%3.5%
Total for completed villages1,842.2(21.5)

Fair value movement
Fair value movement of investment property –key assumptions
43
*Valueofnon-landcapitalworkinprogressnotrepresentedintheabovetable
1H20 results presentation
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$m
Discount
rate
Growth
rate
Yr 1
Growth
rate
Yr 2
Growth
rate
Yr 3
Growth
rate
Yr 4
Growth
rate
Yr 5+
Summerset at Monterey ParkHobsonville254.4(8.9)14.13%(2.0%)0.0%2.0%2.5%3.5%
Summerset at Heritage ParkEllerslie227.66.415.13%(2.0%)0.0%2.0%2.5%3.5%
Summerset RototunaRototuna83.70.716.00%(2.0%)0.0%2.0%2.5%3.5%
Summerset on CavendishCasebrook134.14.215.38%0.0%0.0%2.0%3.0%3.5%
Summerset Richmond RangesRichmond41.12.716.25%(2.0%)0.0%1.0%2.5%3.5%
Summerset at AvonheadAvonhead57.01.016.25%0.0%0.0%2.0%3.0%3.5%
Summerset on the LandingKenepuru35.21.716.50%(2.0%)0.0%2.0%2.5%3.5%
Summerset Te AwaTe Awa10.3(0.0)n/an/an/an/an/an/a
Summerset by the DunesPapamoa Beach14.7(0.0)n/an/an/an/an/an/a
Summerset St JohnsSt Johns39.20.0n/an/an/an/an/an/a
Summerset WhangareiWhangarei8.90.0n/an/an/an/an/an/a
Summerset Pohutukawa PlaceBell Block9.80.0n/an/an/an/an/an/a
Total for villages in
development
915.97.9
Total for proposed villages165.3(1.0)
Total for all villages2,923(14.7)

Portfolio as at 30 June 2020
4,225 retirement units and 901 care beds
44
1H20 results presentation
Existing portfolio -as at 30 June 2020
VillageVillasApartments
Serviced & memory
care apartments
TotalTotal
retirement unitscare beds
Ellerslie34 144 57 235 58
Hobsonville125 73 52 250 52
Karaka182 -59 241 50
Manukau89 67 27 183 54
Warkworth202 2 44 248 41
Auckland632 286 239 1,157 255
Hamilton183 -50 233 49
Rototuna128 --128 -
Taupo94 34 18 146 -
Waikato405 34 68 507 49
Katikati156 -20 176 49
Bay of Plenty156 -20 176 49
Hastings146 5 -151 -
Havelock North94 28 -122 45
Napier94 26 20 140 48
Hawke's Bay334 59 20 413 93
New Plymouth108 -40 148 52
Taranaki108 -40 148 52
Levin64 22 10 96 41
Palmerston North90 12 -102 44
Wanganui70 18 12 100 37
Manawatu-Wanganui224 52 22 298 122

Portfolio as at 30 June 2020(cont’d)
4,225 retirement units and 901 care beds
45
1H20 results presentation
Existing portfolio -as at 30 June 2020
VillageVillasApartments
Serviced & memory
care apartments
TotalTotal
retirement unitscare beds
Aotea96 33 38 167 -
Kenepuru29 --29 -
Paraparaumu92 22 -114 44
Trentham231 12 40 283 44
Wellington448 67 78 593 88
Nelson214 -55 269 59
Richmond51 --51 -
Nelson-Tasman265 -55 320 59
Avonhead73 --73 -
Casebrook151 -76 227 43
Wigram159 -53 212 49
Christchurch383 -129 512 92
Dunedin61 20 20 101 42
Otago61 20 20 101 42
Total3,016 518 691 4,225 901

Future development
Largest NZ retirement village operator land bank, with 4,801 retirement units
46
1H20 results presentation
Land bank –as at 30 June 2020
VillageVillasApartments
Serviced & memory
care apartments
Total retirement unitsTotal care beds
Whangarei214 -76 290 43
Northland 214 -76 290 43
Ellerslie4 75 -79 -
Hobsonville38 --38 -
Milldale105 117 76 298 43
Parnell-216 100 316 -
St Johns-225 73 298 30
Auckland147 633 249 1,029 73
Papamoa211 -76 287 43
Bay of Plenty211 -76 287 43
Cambridge207 -76 283 43
Rototuna60 -76 136 43
Waikato267 -152 419 86
Bell Block222 -76 298 43
Taranaki222 -76 298 43
Te Awa241 -76 317 43
Hawke's Bay241 -76 317 43
Kenepuru85 48 106 239 43
Lower Hutt46 109 66 221 30
Waikanae213 -76 289 43
Wellington344 157 248 749 116

Future development (cont’d)
Largest NZ retirement village operator land bank, with 4,801 retirement units
47
1H20 results presentation
Land bank –as at 30 June 2020
VillageVillasApartments
Serviced & memory
care apartments
Total retirement unitsTotal care beds
Richmond183 -76 259 43
Nelson-Tasman183 -76 259 43
Blenheim136 -80 216 20
Marlborough136 -80 216 20
Avonhead92 -99 191 43
Casebrook119 --119 -
Rangiora261 -76 337 43
Prebbleton214 -76 290 43
Canterbury686 -251 937 172
Total NZ2,6517901,3604,801639
Cranbourne North145 50 195 72
Torquay195 -50 245 72
Total Australia340-100440144
Total Combined2,9887901,4605,241783

Demographics
48
Population over 75 years forecast to grow 220% from 2020 to 2068
Source: Statistics New Zealand –National Population Projections
1H20 results presentation
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
199720022007201220202023202820332038204320482053205820632068
Population growth 75 years and over
NZ population 75+ (left hand axis)
% population 75+ (right hand axis)
0
5,000
10,000
15,000
20,000
25,000
30,000
1997-20022002-20072007-20122012-20162016-20202020-20232023-20282028-20332033-20382038-20432043-20482048-20532053-20582058-20632063-2068
Per annum population growth 75 years and over
NZ population 75+ per annum growth

Summerset growth
23 years of consistent delivery and growth
49
1H20 results presentation
-
129
219
407
470
528
652
732
795
921
983
1,109
1,272
1,364
1,486
1,646
1,855
2,116
2,419
2,828
3,278
3,732
4,086
129
90
188
63
58
124
80
63
126
62
126
163
80
122
160
209
261
303
409
450
454
354
139
129
219
407
470
528
652
732
795
921
983
1,109
1,272
1,352
1,486
1,646
1,855
2,116
2,419
2,828
3,278
3,732
4,086
4,225
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820191H20
Retirement units
Summerset build rate
Existing unitsNew retirement units delivered

79.3
78.0
78.7
78.5
79.3
78.7
81.0
80.4
78.8
80.0
85.5
85.0
85.8
84.3
85.3
60.0
65.0
70.0
75.0
80.0
85.0
90.0
1H182H181H192H191H20
Average entry age of residents (years)
VillaApartmentServiced and memory care apartment
Customer profile & occupancy
Occupancy, tenure and resident demographic statistics
50
* Average tenure has been calculated using the previous resident’s occupancy on resales within the reporting period
1H20 results presentation
96%
96%
97%
96%
96%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H182H181H192H191H20
Occupancy -established care centres
97%
97%
96%96%
95%
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H182H181H192H191H20
Occupancy -retirement villages
4.9
5.6
5.8
6.2
5.9
3.3
4.9
7.1
5.3
5.3
2.0
2.3
2.0
2.2
2.4
-
1
2
3
4
5
6
7
1H182H181H192H191H20
Average tenure (years) on resales*
VillasApartmentsServiced & memory care apartments

---

Half Year Report 2020

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Contents
Summerset Snapshot5
Chair and CEO Report6
Financial Statements11
Directory30
Company Information34

HALF YEAR REPORT 2020
4

SUMMERSET SNAPSHOT
5
Summerset Snapshot
More than
5,700
residents
More than
1,700
staff members
31
Villages completed or
under development
10
Greenfield sites
4,225
Retirement units in portfolio
901
Care beds in portfolio
Land bank of
5,241
retirement units
Land bank of
783
care beds
Sales of
264
occupation rights
139
Retirement units delivered

HALF YEAR REPORT 2020
6
Chair and CEO
Report
Welcome to Summerset’s half year report for the six months ended 30 June
2020. This report covers an extraordinary period with the COVID-19
pandemic sending shockwaves around the world. Our priority through this
time has been keeping our residents and staff safe and we can report that
to date we have had no COVID-19 cases.
Reported profit for the first half of 2020 has been
impacted with underlying profit of $45.1 million, down
5.7% on the prior period and IFRS net profit after tax of
$1.0 million. Independent valuers CBRE have adopted a
more conservative position in relation to short term
growth assumptions due to COVID-19 uncertainty.
Summerset achieved a core fair value gain in 1H20 of
$37.2 million from retirement unit pricing and the
delivery of 139 new units. Overall, the value of investment
property remains largely unchanged, the fair value
decrease of $14.7 million being less than 1% of our total
investment property asset base.
Through the April-May lockdown period, access to our
villages was considerably restricted in order to prevent
COVID-19 transmission. In April at alert level four, sales
and settlements of occupation rights largely ceased with
a small recovery in level three. In addition to this we have
incurred around $4 million of extra costs to date from
measures to protect our residents and staff. This has had
a significant impact on the business.
Following the April-May lockdown, sales and settlements
largely recovered and we were seeing higher than
normal enquiry and sales rates during alert level one.
Our
COVID-19 response
Early action to activate our pandemic planning and buy
additional supplies of personal protective equipment put
us in a good position. We are able to move quickly to
protect residents in our villages and support them
through the periods of lockdown.
Protections in place at alert levels four, three and two
included manned gates to restrict visitor access,
temperature screening of staff, 14-day isolation for new
care centre residents, staff wearing face masks and
additional cleaning protocols. We also required that
incoming residents to our care centres return a negative
COVID-19 test. These actions have strong evidential
support and go over and above Ministry of Health
recommendations.
Support for our residents and their families during the
April-May lockdown period included regular email and
newsletter contact, a grocery ordering service and a
restructured activity programme to provide connection
and stimulus for residents. In our care centres we
provided iPads so residents could video call their families
and we organised remote consultations for medical
practitioners. The response from our residents and their
families to our management of the crisis has been very
positive.

CHAIR AND CEO REPORT
7
At the time of finalising this report, a further outbreak
of COVID-19 in New Zealand has seen various restrictions
put in place across the country. We are ready to resume
all of the protections which we had previously put in
place during the first outbreak as required.
At the outset of the crisis there was commentary that
the appeal of retirement villages could be lessened due
to the risks of COVID-19 transmission. In fact, the appeal
of retirement villages for some people has been
enhanced as residents have seen the benefit of the
protections put in place to keep COVID-19 out and the
support provided to them.
To keep our residents safe, at the outset of the first
lockdown period we employed around 120 additional
staff in our villages and introduced an additional
monetary allowance for village staff through the time
spent at levels four and three. This was a key part of the
additional costs incurred in our initial COVID-19
response.
In May we received $700,000 as part of the
Government’s $26 million COVID-19 funding for aged
care providers. The extra funding went towards
supporting aged care providers with the additional costs
incurred. It is noted that this is considerably less than our
actual costs to date.
We also applied for the first tranche of the Government’s
wage subsidy scheme in late March at alert level four, a
time of significant uncertainty. Sales and settlements of
occupation rights had largely ceased – which had a
significant impact on our revenue. The wage subsidy
provided us with a grant of $8.7 million. At this time, we
also introduced a number of cost-saving measures
including moving more than 200 staff based in our
corporate offices to a four-day week for a period of 10
weeks to reduce wage costs. The Executive Leadership
Team and our Board of Directors also took a 20% pay
reduction during this period.
Coming out of the April-May lockdown period we were
buoyed by a return to good sales figures in June, but
remain cognisant of the impact of community outbreaks
and the effect these have on sales going forward. As
the events of the current outbreak shows, we will be
dealing with this virus for some time. Additionally, we
face the impact of a likely economic recession in New
Zealand.
Growth and development
Our 13 construction sites in New Zealand were closed
and secured in March at the start of alert level four, with
staff returning under level three in late April with
appropriate health and hygiene processes. Like the rest
of the country we had two days’ notice of moving into
the level four lockdown and our construction teams and
contractors moved quickly to shut down sites.
In the first half of this year we
launched sales on three new
retirement villages in Tauranga,
Napier and New Plymouth. We are
in the midst of construction on all
these sites and hope to complete
the first units this year.
In early March we opened the main building at our
Casebrook village in Christchurch. The main building
includes a 43-bed care centre, 56 serviced apartments,
swimming pool, resident lounges, and 20 memory care
Residents enjoying a free concert during lockdown

HALF YEAR REPORT 2020
8
apartments. Sales of the serviced and memory care
apartments have been strong with over half already sold
and the care centre is almost full.
Preliminary earthworks started at our St Johns site in
Auckland’s eastern suburbs in January, following a
December 2019 resource consent approval. We are also
expecting resource consent for our Lower Hutt village
having received a positive interim decision from the
Environment Court in March.
The shutdown of our construction sites in April has
impacted our build rate and we now anticipate it will be
between 300-350 retirement units this year, depending
on the situation over the coming months. This is down
from our estimate pre-COVID-19 of approximately 400
units.
We are slowing some projects in response to the
uncertain outlook. Our large and diversified land bank,
together with a predominance of single level villa
construction, means we can increase our build rate
quickly as market conditions become clearer.
Australia
The COVID-19 outbreak in Melbourne is very serious and
we are watching this closely but it does not significantly
impact us at this stage given the early stage of our
development activities there. If the outbreak does persist
there is potential for some delays to our plans. We have
lodged the development approval application for our
first Australian retirement village, in Cranbourne North,
Melbourne. We hope to receive approval this year and
start preliminary earthworks before the year is out.
Master planning and engagement with council over our
Torquay site is also progressing positively.
Villages and care
COVID-19 prevention has of course been the standout
feature of our operations and care business over the last
six months and this will continue going forward. Outside
of this, performance in our care business continued to
track well, with occupancy for the first six months of
the year at 96.1% in our developed villages, versus 90%
for the aged care sector overall. This is consistent with
occupancy for the 2019 year.
Our people
In the health and safety space, outside of COVID-19, we
continue to focus on training and prevention of manual
handling injuries for our care staff and will shortly
introduce random drug and alcohol testing to all
construction sites following trials. We have also changed
the construction technique for flooring systems in multi-
storey buildings to reduce falls risks.
Summerset’s place in the community
In April, we received accreditation as a dementia friendly
organisation from Alzheimers New Zealand, reflecting 18
months of work to make our villages more accessible for
those living with dementia.
Sustainability
Summerset has achieved carbonzero status through a
combination of carbon emission reduction targets
across the business since 2018, and the purchase of
carbon credits to offset our emissions for the last two
years.
In January we renewed our carbonzero certification with
Toitū Envirocare, recording a 7% reduction in carbon
emissions intensity for 2019, based on a three-year rolling
average. This was a positive result given we are only in
our third year of the programme.
Looking ahead
Like all New Zealanders, we were disappointed to hear
of new COVID-19 cases in the community last week. At
the time of writing we have put level three precautions
in place across all of our Auckland villages and closed all
of our care centres across the country to visitors. We are
well prepared to ensure our residents are protected
going forward.
After considering recent COVID-19 developments, the
Board has declared an interim dividend of 6.0 cents per
share. This reflects a 30% pay-out of underlying profit.
We would like to sincerely thank our residents, their
families, and our staff for their understanding, resilience,
and hard work over the last six months, most particularly
during the COVID-19 lockdown.
Rob Campbell
Julian Cook
ChairChief Executive Officer

CHAIR AND CEO REPORT
9
Latest dementia design principles have been used in developing
Summerset’s new Casebrook memory care centre

HALF YEAR REPORT 2020
10
Half Year Financial
Highlights
Results Highlights - Financial
1H20201H2019% ChangeFY2019
Net profit before tax (NZ IFRS) ($000)(2,707)92,082-102.9%173,561
Net profit after tax (NZ IFRS) ($000)98892,601-98.9%175,262
Underlying profit ($000)
1
45,07847,785-5.7%106,182
Total assets ($000)3,432,7763,027,89113.4%3,337,882
Net tangible assets (cents per share)491.29470.474.4%502.01
Net operating cash flow ($000)
92,77793,331-0.6%237,896
1 Underlying profit differs from NZ IFRS profit for the period
Results Highlights - Operational
1H20201H2019% ChangeFY2019
New sales of occupation rights
128136-5.9%329
Resales of occupation rights
136142-4.2%323
New retirement units delivered1391390.0%354
Realised development margin ($000)17,42927,108-35.7%60,973
Realised gains on resales ($000)15,69914,3059.7%36,901
Non-GAAP Underlying Profit
$0001H20201H2019% ChangeFY2019
Profit for the period
1
98892,601-98.9%175,262
Less: fair value movement of investment property
1
14,657(85,710)-117.1%(165,252)
Add: realised gain on resales15,69914,3059.7%36,901
Add: realised development margin17,42927,108-35.7%60,973
Add: deferred tax expense
1
(3,695)(519)611.7%(1,701)
Underlying profit
45,07847,785-5.7%106,182
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to note 2 of the financial statements
for definitions of the components of underlying profit.

FINANCIAL STATEMENTS
11
Financial
Statements
Income Statement
For the six months ended 30 June 2020
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
NOTES$000$000$000
Care fees and village services53,28748,778101,259
Deferred management fees
28,73025,07852,470
Interest received22156217
Total revenue82,03974,012153,946
Fair value movement of investment property6
(14,657)85,710165,252
Total income67,382159,722319,198
Operating expenses3
(57,844)(56,899)(122,399)
Depreciation and amortisation expense
(3,927)(3,915)(7,833)
Total expenses(61,771)(60,814)(130,232)
Operating profit before financing costs5,61198,908188,966
Net finance costs
(8,318)(6,826)(15,405)
(Loss)/profit before income tax(2,707)92,082173,561
Income tax credit43,6955191,701
Profit for the period
98892,601175,262
Basic earnings per share (cents)110.4441.6678.59
Diluted earnings per share (cents)110.4341.0477.52
The accompanying notes form part of these financial statements.

HALF YEAR REPORT 2020
12
Statement of Comprehensive Income
For the six months ended 30 June 2020
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Profit for the period98892,601175,262
Fair value movement of interest rate swaps(12,310)(9,329)(7,015)
Tax on items of other comprehensive income3,4472,6121,964
(Loss)/gain on translation of foreign currency operations(454)56266
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
(9,317)(6,661)(4,785)
Total comprehensive (loss)/income for the period(8,329)85,940170,477
The accompanying notes form part of these financial statements.

FINANCIAL STATEMENTS
13
Statement of Changes in Equity
For the six months ended 30 June 2020
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
RETAINED
EARNINGS
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January 2019269,467(10,122)24,941694,5085978,799
Adoption of NZ IFRS 16---(1,413)-(1,413)
Adjusted balance at
1 January 2019
269,467(10,122)24,941693,0955977,386
Profit for the period---92,601-92,601
Other comprehensive loss
for the period
-(6,717)--56(6,661)
Total comprehensive
income/(loss) for the
period
-(6,717)-92,6015685,940
Dividends paid---(16,091)-(16,091)
Shares issued
6,053----6,053
Employee share plan
option cost
553----553
As at 30 June 2019
(unaudited)
276,073(16,839)24,941769,605611,053,841
Profit for the period
---82,661-82,661
Other comprehensive
income for the period
-1,666--2101,876
Total comprehensive
income/(loss) for the
period
-1,666-82,66121084,537
Dividends paid
---(14,495)-(14,495)
Shares issued
7,298----7,298
Employee share plan
option cost
703----703
As at 31 December 2019
(audited)
284,074(15,173)24,941837,7712711,131,884
Profit for the period---988-988
Other comprehensive loss
for the period
-(8,863)--(454)(9,317)
Total comprehensive
income/(loss) for the
period
-(8,863)-988(454)(8,329)
Dividends paid
---(17,342)-(17,342)
Shares issued
6,375----6,375
Employee share plan
option cost
770----770
As at 30 June 2020
(unaudited)
291,219(24,036)24,941821,417(183)1,113,358
The accompanying notes form part of these financial statements.

HALF YEAR REPORT 2020
14
Statement of Financial Position
As at 30 June 2020
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
NOTES$000$000$000
Assets
Cash and cash equivalents12,9769,10721,462
Trade and other receivables24,67530,17136,662
Interest rate swaps22,09113,54212,617
Property, plant and equipment5161,542144,995154,004
Intangible assets5,7746,2116,123
Investment property63,205,7182,823,8643,107,014
Total assets3,432,7763,027,8913,337,882
Liabilities
Trade and other payables
138,583132,366134,680
Employee benefits11,4558,48511,434
Revenue received in advance99,58480,32191,142
Interest rate swaps
33,38523,38721,075
Residents’ loans7
1,365,2511,206,3881,327,607
Interest-bearing loans and borrowings9
654,846499,794597,081
Lease liability8
10,93710,25610,460
Deferred tax liability45,37713,05312,519
Total liabilities2,319,4181,974,0502,205,998
Net assets1,113,3581,053,8411,131,884
Equity
Share capital291,219276,073284,074
Reserves7228,16310,039
Retained earnings821,417769,605837,771
Total equity attributable to shareholders
1,113,3581,053,8411,131,884
The accompanying notes form part of these financial statements.
Authorised for issue on 14 August 2020 on behalf of the Board
Rob Campbell
Director and Chair of the
Board
James Ogden
Director and Chair of the
Audit Committee

FINANCIAL STATEMENTS
15
Statement of Cash Flows
For the six months ended 30 June 2020
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
NOTE$000$000$000
Cash flows from operating activities
Receipts from residents for care fees and village services52,90448,654101,116
Interest received22156217
Payments to suppliers and employees(55,847)(57,486)(116,811)
Receipts for residents' loans - new occupation right
agreements
76,30689,178209,364
Net receipts for residents' loans - resales of occupation
right agreements
19,39212,82944,010
Net cash flow from operating activities92,77793,331237,896
Cash flows to investing activities
(Payments for)/proceeds from investment property:
- land
(10,873)1,429(57,344)
- construction of villages
(95,239)(97,489)(232,768)
- refurbishment of villages
(3,329)(3,767)(7,201)
Payments for property, plant and equipment:
- construction of care centres(5,688)(5,010)(15,413)
- refurbishment of care centres(585)(322)(146)
- other(2,478)(1,758)(3,172)
Payments for intangible assets
(184)(162)(567)
Capitalised interest paid
(5,085)(5,438)(10,800)
Net cash flow to investing activities(123,461)(112,517)(327,410)
Cash flows from financing activities
Net proceeds from borrowings41,59237,832135,636
Proceeds from issue of shares1653242,215
Interest paid on borrowings(7,682)(6,370)(13,549)
Payments in relation to lease liabilities(733)(607)(1,264)
Dividends paid12(11,144)(10,368)(19,544)
Net cash flow from financing activities
22,19820,811103,494
Net (decrease)/increase in cash and cash equivalents
(8,486)1,62513,980
Cash and cash equivalents at beginning of period
21,4627,4827,482
Cash and cash equivalents at end of period12,9769,10721,462
The accompanying notes form part of these financial statements.

HALF YEAR REPORT 2020
16
Reconciliation of Operating Results and Operating Cash Flows
For the six months ended 30 June 2020
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Profit for the period98892,601175,262
Adjustments for:
Depreciation and amortisation expense3,9273,9157,833
Fair value movement of investment property14,657(85,710)(165,252)
Net finance costs paid8,3186,82615,405
Income tax credit(3,695)(519)(1,701)
Deferred management fee amortisation(28,730)(25,078)(52,470)
Employee share plan option cost
781559271
Other non-cash items
(497)621,256
(5,239)(99,945)(194,658)
Movements in working capital
Decrease/(increase) in trade and other receivables
640(4,388)(10,724)
Increase/(decrease) in employee benefits
179(968)1,980
Increase in trade and other payables
4,8271,991624
Increase in residents’ loans net of non-cash amortisation
91,382104,040265,412
97,028100,675257,292
Net cash flows from operating activities92,77793,331237,896
The accompanying notes form part of these financial statements.

FINANCIAL STATEMENTS
17
Notes to the
Financial Statements
For the six months ended 30 June 2020
1. Summary of accounting policies
The consolidated interim financial statements presented for the six months ended 30 June 2020 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages in New Zealand, including independent living, care centres with rest home and hospital-level care and
memory care centres. The Group also owns land for development of retirement villages in Australia.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The reporting entity is listed on the New Zealand Stock Exchange (NZX),
being the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) as
appropriate for profit-oriented entities. These consolidated interim financial statements also comply with NZ IAS 34 – Interim
Financial Reporting and IAS 34 – Interim Financial Reporting.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read
in conjunction with, the Group’s financial statements for the year ended 31 December 2019. The impact of COVID-19 has brought
about no significant changes to the Group's accounting policies, other than additional disclosure around assumptions and
judgements used by management and third parties, and confirmation of the accounting policy adopted in relation to government
grants.
The consolidated interim financial statements for the six months ended 30 June 2020 are unaudited. They are presented in New
Zealand dollars, which is the Company's and its New Zealand subsidiaries' functional currency. The functional currency of the
Company's Australian subsidiaries is Australian dollars. All financial information has been rounded to the nearest thousand, unless
otherwise stated.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. The services provided across all of the
Group’s villages are similar, as are the type of customer and the regulatory environment. The chief operating decision makers, the
Chief Executive Officer and the Board of Directors, review the operating results of the Group as a whole on a regular basis. On this
basis, the Group has one reportable segment, and the Group results are the same as the results of the reportable segment. All
resource allocation decisions across the Group are made to optimise the consolidated Group’s result.
The Group continues to investigate expansion into Australia with two Australian sites purchased in 2019. It is intended that these
sites will be developed into retirement villages. To date the expenditure incurred and assets acquired in Australia have been
immaterial to the Group and as such are not reported as a separate operating segment as at 30 June 2020.
The Ministry of Health is a significant customer of the Group, as the Group derives care fee revenue in respect of eligible government
subsidised aged care residents. Fees earned from the Ministry of Health for the period ended 30 June 2020 amounted to $17.1 million
(Jun 2019: $15.7 million, Dec 2019: $32.2 million). No other customers individually contribute a significant proportion of the Group
revenue. All revenue is earned in New Zealand.
Comparative information
No comparatives have been restated in the current period.

HALF YEAR REPORT 2020
18
Notes to the Financial Statements (continued)
2. Non-GAAP underlying profit
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
Ref$000$000$000
Profit for the period98892,601175,262
Add/(less) fair value movement of investment propertya)14,657(85,710)(165,252)
Add impairment of assetsb)---
Add realised gain on resalesc)15,69914,30536,901
Add realised development margind)17,42927,10860,973
Less deferred tax credite)(3,695)(519)(1,701)
Underlying profit45,07847,785106,182
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 therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised and
unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The
measure is used internally in conjunction with other measures to monitor performance and make investment decisions. Underlying
profit is a measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend
pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying
profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Add/(less) fair value movement of investment property: reversal of investment property valuation changes recorded in NZ
IFRS profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and replaced
with realised development margin and realised resale gains during the period, effectively removing the unrealised component
of the fair value movement of investment property.
b)Add/(less) impairment/(reversal of impairment) of assets: remove the impact of non-cash care centre valuation changes
recorded in NZ IFRS profit for the period. Care centres are valued at least every three years (last valued as at 31 December
2017), with fair value gains flowing through to the revaluation reserve unless the gain offsets a previous impairment to fair
value that was recorded in NZ IFRS profit for the period. Where there is any impairment of a care centre, or reversal of a
previous impairment that impacts NZ IFRS profit for the period, this is eliminated for the purposes of determining underlying
profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a retirement
unit and the occupation right resold for that same retirement unit during the period. Realised resale gains are a measure of
the cash generated from increases in selling prices of occupation rights to incoming residents, less cash amounts repaid to
vacated residents for the repayment of the price of their refundable occupation right purchased in an earlier period, with
the recognition point being the cash settlement. Realised resale gains exclude deferred management fees and refurbishment
costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a retirement unit. The margin for each new sale is determined
to be the licence price for the occupation right, less the cost of developing that retirement unit.
Components of the cost of developing retirement units include directly attributable construction costs and a proportionate
share of the following costs:
•Infrastructure costs
•Land cost on the basis of the purchase price of the land
•Interest during the build period
•Head office costs directly related to the construction of retirement units
All costs above include non-recoverable GST.

FINANCIAL STATEMENTS
19
Development margin excludes the costs of developing common areas within the retirement village (including a share of
the proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not
just the new sale, but for all subsequent resales. It also excludes the costs of developing care centres, which are treated as
property, plant and equipment for accounting purposes.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering
the nature of the cost.
e)Less deferred tax credit: reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that
are included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Employee expenses33,66033,97772,921
Property-related expenses
7,5136,09513,589
Repairs and maintenance expenses2,4092,4185,185
Other operating expenses14,26214,40930,703
Total operating expenses57,84456,899122,399
During the period the Group received a $8.7 million one-off government wage subsidy in relation to COVID-19. The subsidy related
to a 12-week period between March and June 2020. A portion of the subsidy was capitalised, and the remaining balance was recorded
as a deduction to employee expenses. The Group also received an additional $0.7 million of funding as part of the Government's
package to support residential aged care providers to keep COVID-19 at bay. This funding has been recorded as a deduction to
other operating expenses.
Included in the above operating expenses is $4.0 million of additional costs for measures to protect our residents and staff from
COVID-19.

HALF YEAR REPORT 2020
20
Notes to the Financial Statements (continued)
4. Income tax
(a) Income tax recognised in the income statement
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of temporary
differences
(3,695)(519)(1,701)
Total tax credit reported in income statement(3,695)(519)(1,701)
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000
%
$000
%
$000
%
(Loss)/profit before
income tax
(2,707)92,082173,561
Income tax using the
corporate tax rate
(758)28.0%25,78328.0%48,59728.0%
Capitalised interest(1,503)55.5%(1,470)(1.6%)(2,935)(1.7%)
Non-deductible
expenses
234(8.6%)1740.2%3990.2%
Non-assessable
investment property
revaluations
4,104(151.6%)(23,999)(26.1%)(46,271)(26.7%)
Reinstatement of tax
depreciation on non-
residential buildings
(6,008)221.9%-0.0%-0.0%
Other
236(8.7%)(1,007)(1.1%)(1,681)(1.0%)
Prior period adjustments
-0.0%-0.0%1900.1%
Total income tax credit(3,695)136.5%(519)(0.6%)(1,701)(1.0%)
Total Group tax losses available amount to $208.3 million at 30 June 2020 (Jun 2019: $145.1 million, Dec 2019: $184.0 million). There
are no unrecognised tax losses for the Group at 30 June 2020 (Jun 2019 and Dec 2019: nil).
(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Tax expense comprises:
Fair value movement of interest rate swaps
(3,447)(2,612)(1,964)
Total tax credit reported in statement of comprehensive
income
(3,447)(2,612)(1,964)

FINANCIAL STATEMENTS
21
(c) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2020 is nil (Jun 2019 and Dec
2019: nil).
(d) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2020
RECOGNISED
IN INCOME
RECOGNISED
IN OCI*
BALANCE
30 JUN 2020
UNAUDITED
$000$000$000$000
Property, plant and equipment17,607(5,775)-11,832
Investment property29,1883,210-32,398
Revenue in advance23,4795,740-29,219
Interest rate swaps(5,901)-(3,447)(9,348)
Income tax losses not yet utilised(51,631)(6,827)-(58,458)
Other items(223)(43)-(266)
Net deferred tax liability12,519(3,695)(3,447)5,377
BALANCE
1 JAN 2019
RECOGNISED
IN INCOME
RECOGNISED
IN OCI*
BALANCE
30 JUN 2019
UNAUDITED
$000$000$000$000
Property, plant and equipment
17,06281-17,143
Investment property
24,1112,428-26,539
Revenue in advance11,6505,988-17,638
Interest rate swaps(3,937)-(2,612)(6,549)
Income tax losses not yet utilised(31,802)(8,920)-(40,722)
Other items
(900)(96)-(996)
Net deferred tax liability16,184(519)(2,612)13,053
BALANCE
1 JAN 2019
RECOGNISED
IN INCOME
RECOGNISED
IN OCI*
BALANCE
31 DEC 2019
AUDITED
$000$000$000$000
Property, plant and equipment17,062545-17,607
Investment property24,1115,077-29,188
Revenue in advance11,65011,829-23,479
Interest rate swaps(3,937)-(1,964)(5,901)
Income tax losses not yet utilised(31,802)(19,829)-(51,631)
Other items(900)677-(223)
Net deferred tax liability
16,184(1,701)(1,964)12,519
* Other comprehensive income

HALF YEAR REPORT 2020
22
Notes to the Financial Statements (continued)
(e) Income tax legislation amendments during the period
During the period ended 30 June 2020, the Income Tax Act 2007 in New Zealand was amended to restore tax depreciation
deductions for non-residential buildings. This amendment resulted in a $6.0 million credit to tax expense during the period and a
corresponding reduction in the deferred tax liability on property, plant and equipment .
5. Property, plant and equipment
Impairment
The carrying amounts of the Group’s property, plant and equipment are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable
amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. Impairment losses recognised in prior periods are assessed at each reporting
date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change
in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
Summerset’s care centres are disclosed as property, plant and equipment and are currently valued by CBRE every three years with
the next valuation not due until 31 December 2020. Management has considered the fair value of these assets as at 30 June 2020
and determined there to be no indication of impairment on Summerset's care centres as a direct result of COVID-19 or any other
event. The care centres are at a similar capacity to when the last valuation was performed in December 2017 and there has been no
significant change in the revenue received. While expenses have increased, they have not increased by such a significant amount
that would cause a need for impairment or a revaluation to be undertaken as at 30 June 2020.
6. Investment property
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Balance at beginning of period
3,107,0142,585,0492,585,049
Additions
113,361153,105356,713
Fair value movement(14,657)85,710165,252
Total investment property3,205,7182,823,8643,107,014
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Development land measured at fair value
1
301,170248,869305,148
Retirement villages measured at fair value2,629,4852,360,2992,580,855
Retirement villages under development measured at cost275,063214,695221,011
Total investment property
3,205,7182,823,8643,107,014
1 Included in development land is land excluded from the CBRE valuation of investment property. These pieces of land have been accounted for at cost, which has been
determined to be fair value due to the proximity of the transaction to reporting date. At 30 June 2020 the land at cost was $7.3 million (Jun 2019: $77.3 million, Dec 2019:
$74.9 million).

FINANCIAL STATEMENTS
23
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Manager's net interest1,740,8831,537,1551,688,265
Plus: revenue received in advance99,58480,32191,142
Plus: liability for residents' loans1,365,2511,206,3881,327,607
Total investment property3,205,7182,823,8643,107,014
The Group is unable to reliably determine the fair value of the non-land portion retirement villages under development at 30 June
2020 and therefore these are carried at cost. This equates to $275.1 million of investment property (Jun 2019: $214.7 million, Dec
2019: $221.0 million).
The fair value of investment property as at 30 June 2020 was determined by independent registered valuers CBRE Limited ("CBRE
NZ") for villages including land in New Zealand and CBRE Valuations Pty Limited ("CBRE AU") for land in Australia. The fair value of
the Group’s investment property is determined on a semi-annual basis, based on market values, being the estimated amount for
which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length
transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
As required by NZ IAS 40 - Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities, such as residents' loans and revenue received in advance, already recognised on the balance sheet which are
also reflected in the cash flow analysis.
To assess the fair value of the Group’s interest in each New Zealand village, CBRE NZ has undertaken a cash flow analysis to derive
a net present value. The Group's development land has been valued by CBRE NZ using the direct comparison approach. A desktop
valuation was completed as at 30 June 2020.
The impact of COVID-19 has brought about changes to the way CBRE NZ and CBRE AU assess the fair value of the Group's investment
property. The uncertainty around COVID-19 is having a direct impact on the retirement village sector, however the full scale of this
impact is currently unknown and will largely depend on both the scale and longevity of the pandemic worldwide. Comparable
transactions and market evidence since the pandemic are very limited and the valuation received is based on the information
available at the date of valuation. Specifically, there have been changes to the assumptions and judgements used by CBRE NZ in
their assessment. There is increased uncertainty around the underlying assumptions given the constantly changing nature of the
situation and the time between the reporting date and the date of this half year report.
Significant assumptions used by the valuer in relation to the New Zealand investment property include a discount rate of between
13.5% and 16.5% (Jun 2019 and Dec 2019: between 13.5% and 16.5%) and a long-term nominal house price inflation rate (growth rate)
of between -2.0% and 3.5% (Jun 2019 and Dec 2019 between 0% to 3.5%). Other assumptions used by the valuer include the average
entry age of residents of between 72 years and 90 years (Jun 2019: 72 years and 89 years; Dec 2019: 72 years and 91 years) and
the stabilised departing occupancy periods of retirement units of between 3.7 years and 8.9 years (Jun 2019: 3.7 years and 9.0 years;
Dec 2019: 3.6 years and 8.8 years).
Other assumptions and judgements made by CBRE NZ that were a direct result of the COVID-19 pandemic include an adjustment
to recycle frequencies in the early years of the discounted cash flows for the majority of independent living units. These have been
adjusted to reflect CBRE NZ's view that there will be a temporary extension of resale periods and increased vacancy. Unit pricing
remained unadjusted, as did terminal yields, which reflects CBRE NZ's view that the sector will remain unchanged in the long term.
A valuation was obtained for the first time at 30 June 2020 for the two sites in Australia. Both sites are under development and have
been valued separately by CBRE AU. The Cranbourne North land was valued under the same methodology as development land
in New Zealand. The Torquay land was valued under a modified direct comparison approach which takes into account the gross
realisation of the proposed units 'as if complete'.
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 accordance with NZ IFRS 13 –
Fair Value Measurement.

HALF YEAR REPORT 2020
24
Notes to the Financial Statements (continued)
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE NZ has undertaken a cash flow analysis to derive a
net present value. As the fair value of investment property is determined using inputs that are significant and unobservable, the
Group has categorised investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 - Fair Value
Measurement.
The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+50 bp
Discount rate
-50 bp
Growth rates
+50bp
Growth rates
-50bp
30 June 2020
Valuation ($000)945,650
Difference ($000)(34,080)36,33059,576(52,956)
Difference (%)
(3.6%)3.8%6.3%(5.6%)
30 June 2019
Valuation ($000)886,950
Difference ($000)(31,710)33,75050,556(39,026)
Difference (%)
(3.6%)3.8%5.7%(4.4%)
31 December 2019
Valuation ($000)
963,530
Difference ($000)
(34,320)36,61057,812(52,994)
Difference (%)
(3.6%)3.8%6.0%(5.5%)
1 Completed retirement units excluding unsold stock.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of retirement units. A significant decrease (increase) in the occupancy period of retirement units would result in a
significantly higher (lower) fair value measurement, and a significant increase (decrease) in the average entry age of residents would
result in a significantly higher (lower) fair value measurement.
Security
At 30 June 2020, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are subject
to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.

FINANCIAL STATEMENTS
25
7. Residents' loans
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Balance at beginning of period1,599,8541,355,5351,355,535
Net receipts for residents' loans - resales of occupation right agreements5,2905,81226,294
Receipts for residents' loans - new occupation right agreements78,02989,178218,025
Total gross residents’ loans1,683,1731,450,5251,599,854
Deferred management fees and other receivables(317,922)(244,137)(272,247)
Total residents’ loans1,365,2511,206,3881,327,607
The fair value of residents’ loans at 30 June 2020 is $995.6 million (Jun 2019: $846.6 million; Dec 2019: $932.9 million). The method
of determining fair value is disclosed in Note 15 of the Group’s financial statements for the year ended 31 December 2019. As the
fair value of residents’ loans is determined using inputs that are unobservable, the Group has categorised residents’ loans as Level
3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
8. Leases
As a direct result of the COVID-19 pandemic the Group, as a lessee, received $60,000 in rent concessions over the three-month
period from April to June 2020. Management has applied the COVID-19 practical expedient, issued by the IASB in May 2020, and is
accounting for the rent concessions as if they were not lease modifications. The rent concessions have instead been accounted for
as a reduction to operating expenses.
9. Interest-bearing loans and borrowings
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
$000$000$000
Repayable after 12 months
Secured bank loansFloating
409,912264,335362,139
Retail bond - SUM0104.78%100,000100,000100,000
Retail bond - SUM0204.20%125,000125,000125,000
Total loans and borrowings at face value
634,912489,335587,139
Issue costs for retail bonds capitalised
Opening balance(2,688)(3,290)(3,290)
Amortised during the period301301602
Total loans and borrowings at amortised cost
632,525486,346584,452
Fair value adjustment on hedged borrowings22,32113,44812,629
Carrying value of interest-bearing loans and borrowings
654,846499,794597,081
The weighted average interest rate for the six months to 30 June 2020 was 3.3% (Jun 2019: six-month average 3.7%; Dec 2019: 12-
month average 3.9%). This includes the impact of interest rate swaps. 50.7% of the floating rate debt principal outstanding is hedged
with interest rate swaps at 30 June 2020 (Jun 2019: 59.0%; Dec 2019: 48.9%).

HALF YEAR REPORT 2020
26
Notes to the Financial Statements (continued)
The secured bank loan facility at 30 June 2020 has a limit of approximately NZ$750.0 million (Jun 2019: $500.0 million; Dec 2019:
$500.0 million). Lending of NZ$315.0 million expires in March 2022, AU$120.0 million expires in November 2023 and NZ$310.0 million
expires in November 2024.
The Group has issued two retail bonds. The first retail bond was issued for $100.0 million in July 2017 and has a maturity date of
11 July 2023. This retail bond is listed on the NZX Debt Market (NZDX) with the ID SUM010. The second retail bond was issued for
$125.0 million in September 2018 and has a maturity date of 24 September 2025. This retail bond is listed on the NZX Debt Market
(NZDX) with the ID SUM020.
Security
The banks loans, overdraft facility and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured
by the following securities held by a security trustee:
•a first ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by
each New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement
Villages Act 2003 (behind a first ranking registered mortgage in favour of the Statutory Supervisor);
•a first ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
10. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board reviews and agrees on
policies for managing each of these risks and there has been no change to the policies presented in the Group's financial statements
for the year ended 31 December 2019. The Group has seen no material change in its exposure to credit, market and liquidity risk as
a result of the COVID-19 pandemic, but it will continue to monitor the situation. Further to this, given the Group's status as an 'essential
service' during the COVID-19 pandemic, operations have been allowed to continue largely uninterrupted.
In January 2020 the Group completed a syndicated loan facility refinance, which brought the total bank debt facilities of the Group
to approximately $750.0 million. This is an increase from the $500.0 million syndicated loan facility previously in place.

FINANCIAL STATEMENTS
27
11. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
Earnings ($000)98892,601175,262
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
224,907222,258223,006
Basic earnings per share (cents per share)0.4441.6678.59
Diluted earnings per share
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
Earnings ($000)
98892,601175,262
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
227,462225,649226,087
Diluted earnings per share (cents per share)0.4341.0477.52
Number of shares (in thousands)
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
Weighted average number of ordinary shares for the purpose of earnings
per share (basic)
224,907222,258223,006
Weighted average number of ordinary shares issued under employee share
plans
2,5553,3913,081
Weighted average number of ordinary shares for the purpose of earnings
per share (diluted)
227,462225,649226,087
At 30 June 2020, there were a total of 2,540,811 shares issued under employee share plans held by Summerset LTI Trustee Limited
(Jun 2019: 3,072,488 shares; Dec 2019: 2,577,328 shares).
Net tangible assets per share
6 MONTHS
JUN 2020
UNAUDITED
6 MONTHS
JUN 2019
UNAUDITED
12 MONTHS
DEC 2019
AUDITED
Net tangible assets ($000)1,107,5841,047,6301,125,761
Shares on issue at end of period (basic and in thousands)225,442222,679224,250
Net tangible assets per share (cents per share)
491.29470.47502.01
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This measure is
provided as it is commonly used for comparison between entities.

HALF YEAR REPORT 2020
28
Notes to the Financial Statements (continued)
12. Dividends
On 23 March 2020, a dividend of 7.7 cents per ordinary share was paid to shareholders (2019: on 21 March 2019 a dividend of 7.2
cents per ordinary share was paid to shareholders and on 9 September 2019 a dividend of 6.4 cents per ordinary share was paid to
shareholders).
A dividend reinvestment plan applied to the dividend paid on 23 March 2020 and 1,155,370 ordinary shares were issued in relation
to the plan (2019: 866,704 ordinary shares were issued in relation to the plan for the 21 March 2019 dividend and 928,017 ordinary
shares were issued in relation to the plan for the 9 September 2019 dividend).
13. Commitments and contingencies
Guarantees
At 30 June 2020, NZX Limited held a guarantee in respect of the Group, as required by the NZX Listing Rules, for $75,000 (Jun 2019
and Dec 2019: $75,000).
Summerset Retention Trustee Limited holds guarantees in relation to retentions on construction contracts on behalf of the Group.
At 30 June 2020 $8.0 million was held for the benefit of the retentions beneficiaries (Jun 2019: $7.5 million; Dec 2019: $8.0 million).
Capital commitments
At 30 June 2020, the Group had $145.9 million of capital commitments in relation to construction contracts (Jun 2019: $75.6 million;
Dec 2019: $133.1 million).
Contingent liabilities
There were no known material contingent liabilities at 30 June 2020 (Jun 2019 and Dec 2019: nil).
14. Subsequent events
On 11 August 2020 the New Zealand Government announced that from midday 12 August 2020 Auckland would return to COVID-19
Alert Level 3 and the rest of New Zealand to Alert Level 2 for three days. On 14 August 2020 it was announced that these settings
would continue until 11.59pm 26 August 2020. No adjustments have been made to the financial statements.
On 14 August 2020, the Directors approved an interim dividend of $13.7 million, being 6.0 cents per share. The dividend record date
is 31 August 2020 with payment on 11 September 2020.
On 17 August 2020, 137,174 shares will be issued to participating employees under Summerset's all staff employee share scheme.
The shares are held by Summerset LTI Trustee Limited and vest to participating employees after a three-year period, subject to
meeting the criteria of the plan.
There have been no other events subsequent to 30 June 2020 that materially impact on the results reported .

FINANCIAL STATEMENTS
29
Review report to the Shareholders of Summerset Group Holdings Limited
("the company") and its subsidiaries (together "the group")
We have reviewed the interim financial statements on pages 11 to 28, which comprise the statement of financial position of the group
as at 30 June 2020 and the income statement, statement of comprehensive income, statement of changes in equity and statement
of cash flows of the group for the six month period ended on that date, and a summary of significant accounting policies and other
explanatory information.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken so that we might state to
the company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our review work, for this report, or for our findings.
Directors’ responsibilities
The directors are responsible for the preparation and fair presentation of interim
financial statements which comply with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Reviewer's responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted our review in
accordance with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity. NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken
as a whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting. As the auditor of the group, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
Basis of statement
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the accompanying interim financial statements,
set out on pages 11 to 28, do not present fairly, in all material respects, the financial position of the group as at 30 June 2020 and its
financial performance and cash flows for the six month period ended on that date in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting
Our review was completed on 14 August 2020 and our findings are expressed as at that date.
Ernst & Young
Wellington
14 August 2020

HALF YEAR REPORT 2020
30
Directory
New Zealand
Northland
Summerset Whangarei
Wanaka Street, Tikipunga,
Whangarei 0112
Phone (09) 470 0282
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale
1
Argent Lane, Milldale,
Wainui 0992
Phone (0800) 786 637
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Parnell
1
23 Cheshire Street, Parnell,
Auckland 1052
Phone (09) 950 8212
Summerset St Johns
188 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7982
Waikato – Taupo
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3281
Phone (07) 981 7822
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupo 3330
Phone (07) 376 9470
Summerset Cambridge
1
80 Laurent Road,
Cambridge 3493
Phone (07) 839 9482
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
22 Manawa Road,
Papamoa Beach, Tauranga 3118
Phone (07) 542 9082
1
Proposed villages

DIRECTORY
31
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4122
Phone (06) 974 1310
Summerset Palms
Corner Eriksen Road and Kenny Road,
Te Awa, Napier 4110
Phone: (06) 833 5852
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8532
Manawatu – Wanganui
Summerset in the River City
40 Burton Avenue, Wanganui East,
Wanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset by the Ranges
104 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae
1
Park Avenue,
Waikanae 5036
Phone (04) 293 0002
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5032
Phone (04) 298 3540
Summerset on the Landing
Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6722
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
1
Boulcott’s Farm, Military Road,
Lower Hutt 5010
Phone (04) 568 1442
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3432
Marlborough
Summerset Blenheim
1
183 Old Renwick Road, Springlands,
Blenheim 7272
Phone (03) 520 6042
1
Proposed villages

HALF YEAR REPORT 2020
32
Canterbury
Summerset Rangiora
1
141 South Belt, Waimakariri,
Rangiora 7400
Phone (03) 364 1312
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8042
Phone (03) 357 3202
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8051
Phone (03) 741 3340
Summerset Prebbleton
1
578 Springs Road,
Prebbleton 7676
Phone (03) 353 6312
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3102
Australia
Victoria
Summerset Cranbourne North
1
1435 Thompsons Road,
Cranbourne North,
Melbourne, Australia
Phone (1800) 321 700
Summerset Torquay
1
Grossmans Road and Briody Drive,
Torquay,
Victoria, Australia
Phone (1800) 321 700
1Proposed villages

DIRECTORY
33

HALF YEAR REPORT 2020
34
Company
Information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street, Wellington 6011,
New Zealand
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 126 Phillip Street,
Sydney, NSW, 2000
Australia
Auditor
Ernst & Young
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of New Zealand
National Australia Bank
Commonwealth Bank of Australia
Westpac New Zealand Limited
Westpac Banking Corporation
Industrial and Commercial Bank of China (New Zealand)
Limited
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
Link Market Services,
PO Box 91976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Directors
Rob Campbell
Dr Marie Bismark
Venasio-Lorenzo Crawley
James Ogden
Gráinne Troute
Anne Urlwin
Dr Andrew Wong
Company Secretary
Robyn Heyman

COMPANY INFORMATION
35

summerset.co.nz
summerset.com.au

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)



Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2020
Previous Reporting Period 6 months to 30 June 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$82,039 10.8%
Total Revenue $82,039 10.8%
Net profit/(loss) from
continuing operations after
tax
$988 -98.9%
Total net profit/(loss) after tax $988 -98.9%
Underlying profit* $45,078 -5.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 31 August 2020
Dividend Payment Date 11 September 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$4.91 $5.02
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (half year report, media
release, results presentation and distribution notice).
* 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 therefore
may not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property
and tax expense in the Group’s income statement. The
measure is used internally in conjunction with other measures
to monitor performance and make investment decisions.
Underlying profit is a measure which the Group uses
consistently across reporting periods. Underlying profit is used
to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

17 August 2020

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 31/08/2020
Ex-Date (one business day before
the Record Date)
28/08/2020
Payment date (and allotment date for
DRP)
11/09/2020
Total monies associated with the
distribution
1

$13,687,213.14000000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.06000000
Total cash distribution
3
$0.06000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.01980000

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
01/09/2020 07/09/2020
Date strike price to be announced (if
not available at this time)
08/09/2020
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
01/09/2020
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

17/08/2020