Ryman unaudited first half underlying profit of $88m

Half Year Results19 November 2020RYMHealthcare

Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$222,121,000 6.9%
Total Revenue $423,194,000 9.1%
Net profit/(loss) from
continuing operations
$212,401,000 12.8%
Total net profit/(loss) $212,401,000 12.8%
Underlying profit (non-GAAP)
– see explanation below
$88,387,000 -14.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
8.8 cents
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 11 December 2020
Dividend Payment Date 18 December 2020
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (cents per
share)
481.8 452.5
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Underlying profit is a non-GAAP* measure and differs from NZ IFRS
profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and so may not be comparable to
similar financial information presented by other entities.

The Group uses underlying profit, with other measures, to measure
performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.

Underlying profit excludes deferred taxation, taxation expense, and
unrealised gains on investment properties because these items do not
reflect the trading performance of the Company. Underlying profit
determines the dividend payout to shareholders.
*Generally Accepted Accounting Principles

Authority for this announcement
Name of person authorised to
make this announcement
David Bennett
Contact person for this
announcement
David Bennett
Contact phone number +64 3 366 4069
Contact email address david.bennett@rymanhealthcare.com
Date of release through MAP 20 November 2020

Unaudited financial statements accompany this announcement.

Ryman Healthcare Ltd, 92 Russley Rd, Avonhead, Christchurch 8140

MEDIA RELEASE NOVEMBER 20, 2020
Ryman reports unaudited first half underlying profit of $88.4 million, a decrease
of 14.2% due to the impact of COVID-19
Key points:
• Unaudited underlying profit $88.4 million, a decrease of 14.2% due to COVID-19
challenges
• Reported (IFRS) profit increased 12.8% to $212.4 million, due to investment
property revaluations
• Interim dividend 8.8 cents per share, representing 50% of underlying profit
• Trading activity severely restricted in Victoria for six months due to COVID-19, and
for more than two months in New Zealand
• $50 million investment in pandemic response to protect residents and staff since
January 2020
• Total assets $8.34 billion, up 14.9% on September last year
• Three villages open in Victoria, endeavouring to have five villages open by the end of
2020
• No cases of COVID-19 to date among 12,000 residents and 6,100 staff across New
Zealand and Victoria
• Continued strong demand for aged care in New Zealand and Victoria, mature care
occupancy at 97%
• Only 1.9% of resale units unsold at the end of September
• Cash collections from new sales of $275 million anticipated in the second half, up
from $118 million in the second half of last year
• Continued heavy investment in 12 new villages – up from four sites two years ago –
creating much needed homes, care and more than 2,000 jobs
• First residents moved into three new villages in first half

Ryman Healthcare’s unaudited first half underlying profit has dropped by 14.2% to $88.4
million, due to the impact of COVID-19.
Unaudited reported (IFRS) profit, which includes unrealised fair value gains on investment
property, increased 12.8% to $212.4 million in the six months to September 30.
Shareholders will receive an interim dividend of 8.8 cents per share in line with underlying
profit. The record date for entitlements is December 11, and the dividend will be paid on
December 18, 2020.
Chief Executive Gordon MacLeod said the pandemic had increased costs and restricted
sales and construction activity in key markets.

Ryman Healthcare Ltd, 92 Russley Rd, Avonhead, Christchurch 8140

But with lockdowns coming off in Victoria and a buoyant housing market in New Zealand,
Ryman was expecting conditions to improve in the second half, and the company had a
record number of new villages in the pipeline to take advantage of the recovery.
“It has been a tough six months due to the ongoing impact of the pandemic, which increased
costs substantially and restricted our ability to sell in key markets during the extended
lockdowns,’’ Mr MacLeod said.
“We’re really pleased with the way our teams have coped with the COVID-19 challenge and
it is testament to them that we have not had any cases of the virus among our residents.
“While there is likely to be some ongoing uncertainty due to the pandemic, there is clearly a
lot of pent-up demand in the housing market and we are in a good position to continue to
invest heavily in new homes and jobs.
“We are anticipating cash collections of at least $275 million in the second half from new
sales. With 12 villages in progress and more on the way, we will be creating more than
2,000 jobs as well as homes and care for more than 4,000 residents.’’
Ryman’s integrated villages and high-quality care continued to be in strong demand in the
first half, with care occupancy in established villages running at 97%. Only 1.9% of the
retirement village portfolio was available for resale at September 30.
Mr MacLeod said the focus in the coming year would continue to be on keeping villages
COVID-19 free, developing the team, innovating to improve the experience of living and
working in a Ryman community, and delivering new villages to meet demand.
The construction team continued to build at a reduced rate in Victoria and Ryman is
planning to have five villages open in the state by December 31, although there is potential
for this to be slightly delayed because of COVID-19.
“It was a stretch target when we set it five years ago and it will be a significant achievement
by the team. We have built an outstanding record for care and reputation for quality in
Victoria and we think this will serve us well in the recovery.’’
Ryman is now looking to recruit a chief executive for its Australian operations for the first
time as the company gears up to expand in Victoria and into other Australian states.
Dr Kerr said Ryman would not be issuing year-end guidance because of ongoing
uncertainties around COVID-19.
The pandemic had reinforced the benefits of living in a retirement village, Dr Kerr said.
“COVID-19 has been a once-in-a-generation challenge and we have learned a lot.
“One thing we know for sure – the security and reassurance of living in a Ryman community
is more important than ever. We think this will result in even more demand for the quality
of life that we offer in our villages in the years ahead.’’

Ryman Healthcare Ltd, 92 Russley Rd, Avonhead, Christchurch 8140

Twelve new villages currently under way:
New Zealand Australia
Lynfield, Auckland (Murray Halberg) Brandon Park, Melbourne (Nellie Melba)
Devonport, Auckland (William Sanders) Burwood East, Melbourne (John Flynn)
River Rd, Hamilton (Linda Jones) Highton, Geelong, Victoria
Lincoln Rd, Auckland (Miriam Corban) Ocean Grove, Victoria
Havelock North, Hawkes Bay (James Wattie) Aberfeldie, Melbourne
Hobsonville, Auckland
Riccarton Park, Christchurch

Sites in the land bank:
New Zealand Australia
Kohimarama, Auckland Highett, Melbourne
Bishopspark/Park Terrace, Christchurch Ringwood East, Melbourne
Northwood, Christchurch Mt Eliza, Victoria
Karori, Wellington Mt Martha, Victoria
Newtown, Wellington Coburg, Melbourne

About Ryman: Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 39
retirement villages in New Zealand and Australia. Ryman villages are home to 12,000 residents, and
the company employs 6,100 staff.
Contacts: For media information or images contact David King, Corporate Affairs Manager, on 021
499 602 (+64 21 499 602) or email david.king@rymanhealthcare.com
For investor relations information contact Michelle Perkins, Investor Relations Manager, on 027 222
9684 (+64 27 222 9684) or email michelle.perkins@rymanhealthcare.com

RYMAN HEALTHCARE LIMITED
KEY STATISTICS

Sept 20 Sept 19 Mar 20

Half Year Half Year Full Year

Unaudited Unaudited Audited

Underlying profit (non-GAAP)
1
$m 88.4 103.0 242.0
Plus unrealised fair-value movement on
retirement-village units $m 124.1 92.7 (70.9)
Less deferred tax movement $m (0.1) (7.4) 93.6
Reported net profit after tax $m 212.4 188.3 264.7

Net operating cash flows $m 96.4 256.1 449.8

Earnings per share - basic and diluted cents 42.5 37.7 52.9

Dividend per share cents 8.8 11.5 24.2

Net tangible assets - basic and diluted cents 481.8 452.5 452.6

Sales of Occupation Right Agreements

New sales of occupation rights no. 121 229 513
Resales of occupation rights no. 456 454 923
Total sales of occupation rights no. 577 683 1,436

New sales of occupation rights $m 90.0 160.7 386.7
Resales of occupation rights
$m 237.5 234.8 483.2
Total sales of occupation rights $m 327.5 395.5 869.9

Portfolio:

Aged-care beds no. 3,951 3,660 3,911
Retirement-village units no. 7,689 7,071 7,423
Total units and beds no. 11,640 10,731 11,334

Land bank (to be developed)
2

Aged-care beds no. 1,703 2,098 1,891
Retirement-village units no. 4,468 4,976 4,704
Total units and beds
no. 6,171 7,074 6,595

1
Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other
entities.

The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the
Group uses consistently across reporting periods.

Underlying profit excludes deferred taxation, taxation expense and unrealised gains on investment properties because these
items do not reflect the trading performance of the company. Underlying profit determines the dividend payout to
shareholders.

2
The land bank is subject to resource and building consent and various regulatory approvals.

*Generally Accepted Accounting Principles

1

RYMAN HEALTHCARE LIMITED
Consolidated income statement
For the six months ended 30 September 2020

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
Notes unaudited unaudited audited
$000 $000 $000

Care fees

175,774 163,093 333,398
Management fees

44,763 43,913 88,713
Interest received

92 230 547
Other income

1,492 515 1,225
Total revenue

222,121 207,751 423,883

Fair-value movement of
investment properties 3 201,073 180,009 144,438
Total income

423,194 387,760 568,321

Operating expenses

(185,442) (168,729) (349,249)
Depreciation and
amortisation expense

(15,660) (13,751) (28,616)
Finance costs

(9,590) (9,557) (19,309)
Total expenses

(210,692) (192,037) (397,174)

Profit before income tax 212,502 195,723 171,147
Income-tax (expense)/credit (101) (7,442) 93,563
Profit for the period 212,401 188,281 264,710

Earnings per share

Basic and diluted (cents per share) 42.5 37.7 52.9

All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these interim financial statements.

2

RYMAN HEALTHCARE LIMITED
Consolidated statement of comprehensive income
For the six months ended 30 September 2020

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
unaudited unaudited audited
$000 $000 $000

Profit for the period 212,401 188,281 264,710

Items that may be later reclassified to profit or loss
Fair-value movement and reclassification
of interest-rate swaps (3,893) (7,479) (10,416)
Deferred tax movement on interest-rate
swap reserve 1,090 2,094 2,916
(Loss) / Gain on hedge of foreign-owned
subsidiary net assets (3,961) (2,471) 1,205
Gain / (Loss) on translation of foreign
operations 14,501 8,839 (5,674)

7,737 983 (11,969)
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and
equipment (unrealised) - - -

- - -

Other comprehensive income 7,737 983 (11,969)
Total comprehensive income 220,138 189,264 252,741

All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these interim financial statements.

3

RYMAN HEALTHCARE LIMITED
Consolidated statement of changes in equity
For the six months ended 30 September 2020

Issued
capital
Asset
revaluation
reserve
Interest-
rate
sw ap
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity

$000 $000 $000 $000 $000 $000 $000

Six months ended 30 Sept 2019 unaudited

Opening balance
33,290 257,775 (9,643) (5,876) (27,465) 1,922,049 2,170,130
Profit and total comprehensive income
for the period
- - (5,385) 6,368 - 188,281 189,264
Treasury stock movement
- - - - (5,413) - (5,413)
Dividends paid to shareholders
- - - - - (59,500) (59,500)
Closing balance at 30 Sept 2019 33,290 257,775 (15,028) 492 (32,878) 2,050,830 2,294,481

Year ended 31 March 2020 audited

Opening balance
33,290 257,775 (9,643) (5,876) (27,465) 1,922,049 2,170,130
Profit and total comprehensive income
for the year
- -
(7,500) (4,469) - 264,710 252,741
Treasury stock movement
- -
- - (4,894) - (4,894)
Dividends paid to shareholders
- -
- - - (117,000) (117,000)
Closing balance at 31 March 2020 33,290 257,775 (17,143) (10,345) (32,359) 2,069,759 2,300,977

Six months ended 30 Sept 2020 unaudited

Opening balance
33,290 257,775 (17,143) (10,345) (32,359) 2,069,759 2,300,977
Profit and total comprehensive income
for the period
- - (2,803) 10,540 - 212,401 220,138
Treasury stock movement
- - - - (3,463) - (3,463)
Dividends paid to shareholders
- - - - - (63,500) (63,500)
Closing balance at 30 Sept 2020 33,290 257,775 (19,946) 195 (35,822) 2,218,660 2,454,152

The accompanying notes form part of these interim financial statements.

4

RYMAN HEALTHCARE LIMITED
Consolidated balance sheet
At 30 September 2020

The accompanying notes form part of these interim financial statements.

30 Sept 2020 30 Sept 2019 31 March 2020
Notes unaudited unaudited audited
$000 $000 $000

Assets
Cash and cash equivalents 20,877 -
34,374
Trade and other receivables 452,729 332,792
425,942
Inventory 27,123 -
-
Advances to employees 13,502 10,996
10,224
Property, plant and equipment 1,476,788 1,456,181
1,386,072
Investment properties
3
6,277,068 5,423,813
5,760,060
Intangible assets

45,210 32,008
38,119
Deferred tax asset (net)

23,825 -
22,455
Total assets

8,337,122 7,255,790 7,677,246

Equity

Issued capital
6
33,290 33,290
33,290
Asset revaluation reserve

257,775 257,775
257,775
Interest-rate swap reserve

(19,946) (15,028)
(17,143)
Foreign-currency translation reserve
195 492
(10,345)
Treasury stock

(35,822) (32,878)
(32,359)
Retained earnings

2,218,660 2,050,830 2,069,759
Total equity

2,454,152 2,294,481 2,300,977

Liabilities

Trade and other payables 7
155,659 181,648
183,975
Employee entitlements
28,930 25,471
25,678
Revenue in advance
67,549 60,817
64,301
Interest-rate swaps
27,702 20,872
23,809
Refundable accommodation deposits
91,396 61,788
74,571
Bank loans (secured)
2,130,287 1,505,012 1,741,613
Occupancy advances
(non-interest bearing) 4 3,367,876 3,015,635 3,247,177
Lease liabilities
13,571 11,297
15,145
Deferred tax liability (net)
- 78,769
-
Total liabilities 5,882,970 4,961,309 5,376,269

Total equity and liabilities 8,337,122 7,255,790 7,677,246

Net tangible assets
Basic and diluted (cents per share) 481.8 452.5 452.6

5

RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
For the six months ended 30 September 2020

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
Notes unaudited unaudited audited
$000 $000 $000

Operating activities

Receipts from residents

483,070 582,834
1,129,933
Interest received

178 177
573
Payments to suppliers and
employees (229,957) (166,583) (345,765)
Receipt from Government for
wage subsidy 14,227 - -
Payments to residents

(160,988) (150,800)
(315,903)
Interest paid

(10,087) (9,557)
(19,047)
Net operating cash flows 2 96,443 256,071 449,791

Investing activities

Purchase of property, plant and
equipment (112,080) (197,778) (265,177)
Purchase of intangible assets

(9,462) (3,819)
(9,712)
Purchase of investment
properties (267,496) (140,922) (401,612)
Capitalised interest paid

(17,255) (17,230)
(34,911)
Advances to employees

(3,278) (2,843)
(2,071)
Net investing cash flows

(409,571) (362,592) (713,483)

Financing activities

Drawdown of bank loans (net)

367,931 172,268
421,874
Dividends paid

(63,500) (59,500)
(117,000)
Purchase of treasury stock (net) (3,463) (5,414)
(4,895)
Repayment of lease liabilities

(1,337) (833)
(1,913)
Net financing cash flows

299,631 106,521 298,066

Net (decrease)/increase in
cash and cash equivalents

(13,497) - 34,374
Cash and cash equivalents at
the beginning of the period

34,374 - -
Cash and cash equivalents
at the end of the period

20,877 - 34,374

The accompanying notes form part of these interim financial statements.

6

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

Statement of compliance

The financial statements presented are those of Ryman Healthcare Limited (the Company), and its subsidiaries
(the Group). Ryman Healthcare Limited is a profit-oriented entity incorporated in New Zealand that develops,
owns, and operates integrated retirement villages, resthomes, and hospitals for the elderly within New Zealand
and Australia.

Ryman Healthcare Limited is a Financial Markets Conduct Act reporting entity under the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013. Its financial statements comply with these Acts.

The unaudited condensed consolidated interim financial statements have been prepared in line with Generally
Accepted Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand
equivalents to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International
Accounting Standard 34 (IAS 34) Interim Financial Reporting.

Basis of preparation

The financial statements for the six months ended 30 September 2020 and the comparative six months ended 30
September 2019 are unaudited.

These financial statements have been prepared under the same accounting policies and methods as the Company’s
Annual Report at 31 March 2020. These financial statements should be read in conjunction with the financial
statements and related notes included in the Company’s Annual Report for the year ended 31 March 2020.

The financial statements were approved by the Board of Directors on 19 November 2020.

The information is presented in thousands of New Zealand dollars.

All references to AUD refer to Australian dollars.

COVID-19

The outbreak of COVID-19, declared by the World Health Organization as a global pandemic on 11 March 2020,
has resulted in an increase in uncertainty in both global and local markets.

Both New Zealand and Australia have responded well to the virus with strong public health measures and a range
of economic stimulus packages. However, despite the response, there remains uncertainty as to the ongoing impact
of the virus on market conditions in New Zealand and Australia. Victoria has been through two waves of infection
and corresponding lockdowns, succeeding in reducing the spread of infection, and New Zealand has responded
with localised increases in alert level to supress transmission of the virus.

Throughout the pandemic the Group’s primary focus has been to protect the safety of both residents and staff.
When necessary access restrictions have been put in place at villages, additional personal protective equipment
has been procured for staff, and other costs incurred in supporting residents and staff.

Under lockdown conditions the ability of new residents to enter villages is limited, meaning fewer sales can be
settled, and the restrictions at development sites results in construction activity being reduced. The Group
continues to adapt its policies and procedures to operate in the conditions created by COVID-19.

The Group has assessed the impact of COVID-19 and has concluded that additional uncertainty regarding the
valuation of property, plant and equipment and valuation of investment properties has resulted from the pandemic.
Further disclosure as to the impact of COVID-19 is included in note 3.

7

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

The Group made a claim under the New Zealand COVID-19 Wage Subsidy scheme. The claim was made on a
subsidiary-by-subsidiary basis with not all subsidiaries meeting the eligibility criteria of the scheme. As a result of
the claim, the Group received a total subsidy of $14.2 million. The income received under the scheme has been
offset against operating expenses.

1. Summary of significant accounting policies

Adoption of new and revised standards and interpretations

In the current period, the Group adopted all mandatory new and amended standards and interpretations.

Standards and Interpretations on issue but not yet adopted

We are not aware of any NZ IFRS Standards or Interpretations that have recently been issued or amended that
have not yet been adopted by the Group that would materially impact the Group for the current period ending
30 September 2020.

8

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

2. Reconciliation of net profit after tax for the period with net cash flow from
operating activities

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
unaudited unaudited audited
$000 $000 $000

Net profit after tax 212,401 188,281 264,710

Adjusted for:
Movements in balance-sheet items
Occupancy advances 150,570 223,837 482,962
Accrued management fees (28,665) (35,271) (64,051)
Refundable accommodation deposits 16,825 27,775 40,558
Revenue in advance 3,248 2,972 6,456
Trade and other payables (4,548) 676 5,507
Trade and other receivables (26,787) 12,022 (81,124)
Inventory (27,123) - -
Employee entitlements 3,252 1,637 1,844

Non-cash items:
Depreciation and amortisation 14,447 12,908 26,829
Depreciation of right-of-use assets 1,213 843 1,787
Deferred tax 101 7,442 (93,563)
Unrealised foreign-exchange (gain) / loss (17,418) (7,042) 2,314

Adjusted for:
Fair-value movement of investment
properties (201,073) (180,009) (144,438)

Net operating cash flows 96,443 256,071 449,791

Net operating cash flows includes net occupancy advance receipts from retirement-village residents of $291.0
million (six months ended 30 September 2019: $393.5 million and year ended 31 March 2020: $755.3 million).

Also included in operating cash flows are net receipts from refundable accommodation deposits of $12.7 million
(six months ended 30 September 2019: net receipts of $26.6 million and year ended 31 March 2020: net receipts
of $41.1 million).

Net operating cash flows also include management fees collected of $22.3 million (si x months ended 30 September
2019: $21.2 million and year ended 31 March 2020: $44.6 million).

9

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

3. Investment properties

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
unaudited unaudited audited
$000 $000 $000
At fair value
Balance at beginning of financial period 5,760,060 5,081,607 5,081,607

Additions 284,131 147,316 541,272
Fair-value movement:
Realised fair-value movement:

• new retirement-village units 26,143 31,835
105,757
• existing retirement-village units 50,815 55,493
109,565
76,958 87,328 215,322
Unrealised fair-value movement 124,115 92,681 (70,884)
201,073 180,009 144,438

Net foreign-currency exchange
differences 31,804 14,881 (7,257)

Net movement for period 517,008 342,206 678,453

Balance at end of financial period 6,277,068 5,423,813 5,760,060

The realised fair-value movement arises from the sale and resale of rights to occupy to residents. Investment
properties are not depreciated and are fair valued.

The carrying value of completed investment property is the fair value as determined by an independent valuation
report prepared by registered valuers CBRE Limited, at 30 September 2020.

Uncertainty due to COVID-19

The valuation of investment properties performed by CBRE Limited at 30 September 2020 is based on the
information available to them at the time of the valuation and relies on several inputs.

Given the current situation with COVID-19 there is an increase in the estimation uncertainty in determining the
fair value of investment property at 30 September 2020 compared to previous years. The material valuation
uncertainty included within the New Zealand valuation at 31 March 2020 has been removed. This has been replaced
with CBRE commenting on market uncertainty within their New Zealand valuation. The material valuation
uncertainty included in the valuation of the villages located in Victoria at 31 March 2020 remains in the valuation
at 30 September 2020.

Given the heightened uncertainty and unknown impact that COVID-19 may have on real estate markets in the
future, a higher degree of caution should be exercised when relying upon the valuation. Values and incomes may
change more rapidly and significantly than during standard market conditions.

Comparable transactions and market evidence has been limited during the pandemic and CBRE have placed less
reliance on previous market evidence for comparison purposes.

10

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

3. Investment properties (continued)

To reflect this uncertainty CBRE Limited adjusted their assumptions on recycle frequencies for independent units
at mature villages, near-term house price inflation for independent units, and discount rates in their valuation at
31 March 2020. As the level of uncertainty has decreased and markets have become more accustom to operating
under COVID-19 conditions, CBRE have reversed some of the adjustments in determining the valuation at 30
September 2020. Near-term growth-rate assumptions remain reduced when compared to valuations performed
pre-Pandemic.

Key assumptions

The valuer used significant assumptions that include long-term house-price inflation (ranging from 0 percent to
4.05 percent nominal) (30 September 2019: 0.5 percent to 3.5 percent and 31 March 2020: -2.0 percent to 3.5
percent) and discount rate (ranging from 12 percent to 16 percent) (30 September 2019: 12 percent to 16 percent
and 31 March 2020: 12.25 percent to 16.25 percent).

Work in progress

Investment property includes investment property work in progress of $645.6 million (six months ended 30
September 2019: $318.9 million and year ended 31 March 2020: $508.2 million), which has been valued at cost.

4. Occupancy advances (non-interest bearing)

Six months ended Six months ended Year ended
30 Sept 2020 30 Sept 2019 31 March 2020
unaudited unaudited audited
$000 $000 $000

Gross occupancy advances
(see below) 3,837,383 3,427,688 3,686,813
Less management fees and resident
loans (469,507) (412,053) (439,636)
Closing balance 3,367,876 3,015,635 3,247,177

Movement in gross occupancy advances

Opening balance
3,686,813 3,203,851 3,203,851
Plus net increases in occupancy advances:

• new retirement-village units
90,052 160,726 386,673
• existing retirement-village units.
50,815 55,493 109,566

Net foreign-currency exchange
differences 19,568 8,766 (4,276)

Decrease in occupancy advance
receivables (9,865) (1,148) (9,001)
Closing balance 3,837,383 3,427,688 3,686,813

Gross occupancy advances are non-interest bearing.

11

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

5. Dividend

On 20 November 2020 an interim dividend of 8.8 cents per share was declared and will be paid on 18
December 2020 (prior year: 11.5 cents per share). The record date for entitlements is 11 December 2020.

6. Share capital

Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September 2019: 500,000,000
and 31 March 2020: 500,000,000). All shares rank equally in all respects.

Basic and diluted earnings and net tangible assets per share have been calculated on the basis of 500,000,000
ordinary shares (30 September 2019: 500,000,000 and 31 March 2020: 500,000,000 shares).

Shares purchased on market under the leadership share scheme are treated as treasury stock until vesting to
the employee.

7. Trade and other payables

Trade payables are typically paid within 30 days of invoice date or the 20
th
of the month following the invoice
date. Other payables at 30 September 2020 includes $69.3 million (30 September 2019: $105.4 million and 31
March 2020: $102.4 million) for the purchase of land.

12

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

8. Operating segments

The Ryman Group operates in one industry, being the provision of integrated retirement villages for older
people in New Zealand and Australia.

In presenting information based on geographical areas, net profit, underlying profit, and revenue are based on
the geographical location of operations. Assets are based on the geographical location of the assets.

New Zealand Australia Group
$000 $000 $000

Six months ended 30 Sept 2020 unaudited

Revenue 197,789 24,332 222,121

Underlying profit/(loss) (non-GAAP) 88,661 (274) 88,387
less deferred tax expense (5,889) 5,788 (101)
plus unrealised fair-value movement 121,880 2,235 124,115
Profit for the period 204,652 7,749 212,401

Non-current assets 6,694,217 1,128,674 7,822,891

Six months ended 30 Sept 2019 unaudited

Revenue 194,817 12,934 207,751

Underlying profit (non-GAAP) 92,812 10,230 103,042
less deferred tax expense (19,804) 12,362 (7,442)
plus unrealised fair-value movement 79,352 13,329 92,681
Profit for the period 152,360 35,921 188,281

Non-current assets 6,016,085 895,917 6,912,002

Year ended 31 March 2020 audited

Revenue 383,117 40,766 423,883

Underlying profit (non-GAAP) 199,877 42,154 242,031
plus deferred tax credit 86,142 7,421 93,563
plus unrealised fair-value movement (44,092) (26,792) (70,884)
Profit for the year 241,927 22,783 264,710

Non-current assets 6,260,370 946,336 7,206,706

Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ
IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and
so may not be comparable to similar financial information presented by other entities. The Group uses
underlying profit, with other measures, to measure performance. Underlying profit is a measure that the
Group uses consistently across reporting periods.

Underlying profit excludes deferred taxation, taxation expense, and unrealised movement on investment
properties because these items do not reflect the trading performance of the Company. Underlying profit
determines the dividend pay-out to shareholders.

13

RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2020

9. Commitments

The Group had commitments relating to construction contracts amounting to $211.9 million at 30 September
2020 (30 September 2019: $147.4 million and 31 March 2020: $200.9 million).

The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement
villages, resthomes, and hospitals.

10. Subsequent events

Other than the dividends in note 5, there are no subsequent events.

---

Section 1: Issuer information
Name of issuer Ryman Healthcare Limited
Financial product name/description Ordinary shares
NZX ticker code RYM
ISIN NZRYME0001S4
Type of distribution Full Year Quarterly
Half Year X Special
DRP applies
Record date 11/12/2020
Ex-Date 10/12/2020
Payment date 18/12/2020
Total monies associated with the
distribution
$44,000,000
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0. 08800000
Gross taxable amount $0. 08800000
Total cash distribution $0. 08800000
Excluded amount N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
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
$0.02904000
Section 4: Authority for this announcement
Name of person authorised to make this
announcement
David Bennett
Contact person for this announcement David Bennett
Contact phone number +64 3 366 4069
Contact email address david.bennett@rymanhealthcare.com
Date of release through MAP 20 November 2020

---

11
Half year
result
R Y M A N H E A L T H C A R E
30 September 2020

2
First half highlights
Underlying profit* of $88.4 million, a decrease
of 14.2%
Reported (IFRS) profit of $212.4 million,
up 12.8%
Interim dividend of 8.8 cents per share,
reflecting 50% of underlying profit
Total assets of $8.34 billion, up 14.9%
Building across 12 sites, up from four new
sites two years ago
*Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer
to slide 21 for a breakdown of underlying profit.

3
First half underlying
profit
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to slide 21 for a
breakdown of underlying profit.

5
The ‘gold’ standard of
care –4 year
certification
Source: Ministry of Health. Large operators reflects aged care providers with 15 or more care centres. Data at
9 November 2020.

99
William Sanders

1010

1111

1212
Highton
John Flynn

1313
John Flynn
Ocean Grove
Highton
Nellie Melba
Weary Dunlop

1414

1515

1616

1717
Development
pipeline
(Sept 2018)
VillagesDesign Consenting Council Construction VillageFinal
approval openstages
Nellie Melba
Murray Halberg
William Sanders
Linda Jones
Highton
John Flynn
Aberfeldie
Mt Martha
Mt Eliza
Ocean Grove
Miriam Corban
Hobsonville
James Wattie
Park Terrace
Newtown
Coburg
Karori

1818
Development
pipeline
(Sept 2020)
VillagesDesign Consenting Council Construction VillageFinal
approval openstages
Nellie Melba
Murray Halberg
William Sanders
Linda Jones
John Flynn
Highton
Aberfeldie
Ocean Grove
Highett
Coburg
Mt Martha
Mt Eliza
Ringwood East
Miriam Corban
James Wattie
Hobsonville
Riccarton Park
Northwood
Kohimarama
Park Terrace
Karori
Newtown
Takapuna

19
Value of contracts
not settled
Note: Contracts not settled are unconditional occupation-right agreements which have been entered into by
residents but have not been settled as the resident has not yet occupied the unit.
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
$400m
$450m
Sep 14Sep 15Sep 16Sep 17Sep 18Sep 19Sep 20

21
Reported profit
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses consistently across reporting
periods.
Underlying profit excludes deferred taxation, taxation expense, and unrealised movement on investment properties because these items do not reflect the trading
performance of the company. Underlying profit determines the dividend payoutto shareholders.
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Underlying profit (non-GAAP)$88.4m$103.0m$242.0m
Unrealised revaluations of investment properties+124.1m+$92.7m-$70.9m
Deferred tax credit / expense-$0.1m-$7.4m+$93.6m
Reported net profit$212.4m$188.3m$264.7m

22
First half reported
profit

23
Cash receipts from
residents

24
Investing cash flows
$406 million

25
Total assets
Note: As documented in the Group's facility agreement, the Group has a right to off-set cash balances held
against bank debt. Debt shown is total secured bank loans net of cash held at balance date.

26
Development margin
*Development margin at 30 September 2020. All other values at 31 March.
-
5%
10%
15%
20%
25%
30%
35%
2012201320142015201620172018201920202021*

27
$945 million resales
bank
Note: The resale bank represents the extent that the current price exceeds the price paid by the current
resident for the unit's occupancy rights.

28
Long-term capital efficiency
$25 million raised at IPO in 1999
Invested $4.78 billion in portfolio
since 1999 with no fresh capital
Dividends of over $965 million
paid since float*
Self-funded growth
Strong balance sheet
*Includes interim dividend of 8.8 cents per share that has been declared and is payable
on 18 December 2020.

2929
Questions
R Y M A N H E A L T H C A R E
30 September 2020

30
Appendix 1:
Half year highlights
Underlying profit* of $88.4 million, a decrease of
14.2%
Reported (IFRS) profit of $212.4 million,
up 12.8%
Interim dividend of 8.8 cents per share, reflecting
50% of underlying profit
Total assets of $8.34 billion, up 14.9%
306units and beds built, up 58.5%
Record $406 million invested in the portfolio

31
Appendix 1:
Half year highlights
Resales bank of $945 million underpins future
growth and market resilience
Record cash collections from new sales of $275
million anticipated in the second half
$50 million investment in COVID-19 measures
since January 2020
Continued strong demand for villages with
only 1.9% of resale stock unsold
97% occupancy at established care centres
Building across 12 sites, up from four new sites
two years ago

32
Appendix 2: Sale of occupation rights
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Existing units
Independent196212425
Serviced260242498
456454923
New units
Independent98196426
Serviced233387
121229513

33
Appendix 3: Development
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Units and beds built
Retirement village units built266234590
Aged care beds built400251
306234841
Total retirement village units
Independent5,4585,0135,264
Serviced2,2312,0582,159
7,6897,0717,423
Total aged care beds3,9513,6603,911
Total retirement village units and beds11,64010,73111,334

34
Appendix 4: Margins
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Reference$000s$000s$000s
New sales
Realised fair value movement(Note 3)26,143 31,835 105,757
Sale of occupation rights(Key statistics)90,052 160,726 386,673
Gross development margin29%20%27%
Resales
Realised fair value movement(Note 3)50,815 55,493 109,565
Resale of occupation rights(Key statistics)237,458 234,826 483,190
Gross resales margin21%24%23%

35
Appendix 5: Cash management fees
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Reference$000s$000s$000s
Accrued management fees and resident loans –opening(Note 4)439,636 376,161 376,161
Less: Accrued management fees and resident loans –closing(Note 4)(469,507)(412,053)(439,636)
Movement in accrued management fees(29,871)(35,892)(63,475)
Plus: DMF incomeIncome statement44,763 43,913 88,713
Plus: Revenue in advance movement(Note 2)3,248 2,972 6,456
Plus: GST / accommodation credit adjustment / FX movementNot disclosed1,114 623 (599)
Plus: Movement in resident loanNot disclosed3,010 9,566 13,486
Cash management fees22,264 21,182 44,581

36
Appendix 6: Investment property summary
CBRE unit price inflation assumption
Discount rate
As at 30 September 2020Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.1%0.2%2.1%3.0%3.5%12.7%
Rest of New Zealand0.1%0.3%2.0%2.7%3.4%13.4%
Victoria0.0%1.4%3.1%3.8%4.0%14.6%
CBRE unit price inflation assumption
Discount rate
As at 30 September 2019Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland0.4%1.0%2.4%3.0%3.5%12.6%
Rest of New Zealand0.5%1.0%2.0%2.8%3.4%13.3%
Victoria3.0%3.4%3.9%4.1%3.7%14.1%
CBRE unit price inflation assumption
Discount rate
As at 31 March 2020Yr 1Yr 2Yr 3Yr 4Yr 5+
Auckland-1.5%0.2%2.1%3.0%3.5%12.9%
Rest of New Zealand-1.0%0.3%2.0%2.7%3.4%13.5%
Melbourne0.0%0.6%2.8%3.7%4.1%14.6%

37
Appendix 7: Operating cash flows
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
$000s$000s$000s
Resident receipts179,358 162,748 333,476
Refundable accommodation deposits (net)12,710 26,623 41,120
New sales of occupation rights70,983 187,577 305,540
Resales of occupation rights220,019 205,886 449,797
Total receipts from residents483,070 582,834 1,129,933
Interest received178 177 573
Government wage subsidy14,227 --
Payments to suppliers and employees(229,957)(166,583)(345,765)
Payments to residents(160,988)(150,800)(315,903)
Interest paid(10,087)(9,557)(19,047)
Net operating cash per the cash flow statement96,443 256,071 449,791

38
Appendix 8: Available resales stock
*Uncontracted resales stock as a percentage of total retirement unit portfolio
0.9%
1.4%
1.0%
1.3%
1.4%
1.2%
0.8%
0.5%
0.8%
0.8%
1.2%
1.0%
1.6%
1.7%
1.9%
-
1.0%
2.0%
3.0%
Sep 13
Mar 14
Sep 14
Mar 15
Sep 15
Mar 16
Sep 16
Mar 17
Sep 17
Mar 18
Sep 18
Mar 19
Sep 19
Mar 20
Sep 20
Half yearHalf yearFull year
Sep 20Sep 19Mar 20
Independent living units83 48 60
Serviced apartments61 63 67
Total resales stock144 111 127
Total retirement portfolio7,689 7,071 7,423
Uncontracted stock percentage*1.9%1.6%1.7%

39
Appendix 9:
Capital management
Note: As documented in the Group's facility agreement, the Group has a right to off-set cash balances
held against bank debt. Debt shown is total secured bank loans net of cash held at balance date.
Half yearHalf yearFull year
Gearing ($m)Sep 20Sep 19Mar 20
Bank debt$2,109 $1,505 $1,707
Net assets$2,454 $2,294 $2,301
Total assets$8,337 $7,256 $7,677
Bank debt/(bank debt + equity)46.2%39.6%42.6%
Bank debt/total assets25.3%20.7%17.2%
$363m
$1,117m
$249m
$153m
$227m
-
$400m
$800m
$1,200m
$1,600m
$2,000m
$2,400m
Sep 19Mar 20Sep 20
Use of debt
Systems and
other assets
Village capex
New sale
debtors
Development
WIP
Undeveloped
land

40
Appendix 10: Resident average
age and tenure (years)
75
77
79
81
83
85
87
89
91
93
Mar 13
Sep 13
Mar 14
Sep 14
Mar 15
Sep 15
Mar 16
Sep 16
Mar 17
Sep 17
Mar 18
Sep 18
Mar 19
Sep 19
Mar 20
Sep 20
IndependentServicedCare centre
Average ageSep 20Sep 19
Independent82.382.2
Serviced87.587.4
Care centre86.686.5
Average tenure -vacated unitsSep 20Sep 19
Independent6.05.6
Serviced2.92.8

41
Appendix 11:
Value of contracts
not booked
*Data as at 30 September. All other data as at 31 March. Presales are unconditional occupation right agreements
which have been entered into by residents but have not been booked as the unit is not yet near complete.

42
Appendix 12:
Gross occupancy
advance

43
Appendix 13:
Sales price versus
median house price
Note: The median house price reflects the average median house price over the last 6 months in the area
surrounding our villages.

44
Appendix 14:
Average new and
resale price
*Data as at 30 September. All other data as at 31 March.

45
Appendix 15:
World population
growth 80+

46
Appendix 16:Eleven sites in Victoria
Ryman village
Under construction
Proposed village
Mount Eliza
Mount Martha
Ocean Grove
Highton
Aberfeldie
Nellie Melba
John Flynn
Weary Dunlop
Coburg
Ringwood East
Highett
54

47
Appendix 17: Thirteen sites in Auckland
Ryman village
Under construction
Proposed village
Kohimarama
Murray Halberg
Miriam Corban
William Sanders
Grace Joel
Bert Sutcliffe
Edmund Hillary
Bruce McLaren
Logan Campbell
Hobsonville
Evelyn Page
Possum Bourne
Takapuna

48
Appendix 18: Asset base
New Zealand (ex Auckland)
VillageLocationHospitalDementiaResthomeServicedIndependentTotal
Anthony WildingChristchurch80 33 35 50 110 308
Bob OwensTauranga40 40 40 79 218 417
Bob ScottPetone40 40 34 89 254 457
Charles FlemingWaikanae40 40 40 79 201 400
Charles UphamRangiora40 40 40 93 261 474
Diana IsaacChristchurch40 40 40 79 256 455
Ernest RutherfordNelson49 25 20 75 124 293
Essie SummersChristchurch41 24 30 58 22 175
Frances HodgkinsDunedin--51 32 42 125
James WattieHawkes Bay----64 64
Hilda RossHamilton68 40 43 51 167 369
Jane ManderWhangarei60 32 20 71 183 366
Jane WinstoneWhanganui20 20 29 50 54 173
Jean Sandel New Plymouth39 33 39 62 171 344
Julia WallacePalmerston North43 21 20 50 111 245
Kiri Te KanawaGisborne46 15 34 62 105 262
Linda JonesHamilton40 40 40 93 127 340
Malvina MajorWellington90 -30 39 123 282
Margaret StoddartChristchurch--46 20 20 86
Ngaio MarshChristchurch81 -30 40 119 270
Princess AlexandraNapier60 24 24 54 72 234
Rita AngusWellington49 -20 49 99 217
Rowena JacksonInvercargill70 26 61 46 103 306
Shona McFarlaneLower Hutt59 -20 50 130 259
WoodcoteChristchurch--49 7 18 74
Yvette WilliamsDunedin57 30 3 32 -122
Total units & beds New Zealand (ex Auckland)1,152 563 838 1,410 3,154 7,117

49
Appendix 18: Asset base
Auckland
VillageLocationHospitalDementiaResthomeServicedIndependentTotal
Bert SutcliffeBirkenhead40 40 40 81 225 426
Bruce McLarenHowick41 40 42 74 192 389
Edmund HillaryRemuera114 30 50 60 372 626
Evelyn PageOrewa60 37 20 65 248 430
Grace JoelSt Heliers77 -20 80 69 246
Miriam CorbanAuckland----44 44
Murray HalbergLynfield42 42 40 86 158 368
Logan CampbellGreenlane43 30 43 80 116 312
Possum BournePukekohe40 40 40 84 259 463
William SandersDevonport40 36 36 77 105 294
Total units & beds Auckland497 295 331 687 1,788 3,598
Total units & beds New Zealand1,649 858 1,169 2,097 4,942 10,715
Victoria
VillageLocationHospitalDementiaResthomeServicedIndependentTotal
HightonVictoria----31 31
John FlynnMelbourne----70 70
Nellie MelbaMelbourne80 39 74 86 215 494
Weary DunlopMelbourne30 20 32 48 200 330
Total units & beds Victoria110 59 106 134 516 925
New Zealand and Victoria
Total units & beds1,759 917 1,275 2,231 5,458 11,640
Total% of asset base
Care (hospital, dementia, resthome and serviced)6,182 53.1%
Independent5,458 46.9%

50
Appendix 19: Land bank (New Zealand)
Note: The land bank is subject to resource and building consent and various regulatory approvals.
Existing villages
Location
HospitalDementiaResthomeServicedIndependentTotal
Diana IsaacChristchurch----30 30
Grace JoelAuckland----96 96
James WattieHawkes Bay35 35 20 78 83 251
Jean SandelNew Plymouth----59 59
Linda JonesHamilton----121 121
Miriam CorbanAuckland20 20 20 77 168 305
Murray HalbergAuckland----183 183
William SandersAuckland----87 87
Total existing villages55 55 40 155 827 1,132
New sites
Location
Hospital Dementia Resthome Serviced Independent Total
HobsonvilleAuckland40 40 40 101 276 497
KaroriWellington20 20 20 68 180 308
KohimaramaAuckland20 20 40 93 123 296
TakapunaAuckland15 15 15 30 59 134
NewtownWellington20 15 20 56 40 151
NorthwoodChristchurch30 30 30 64 154 308
Park Terrace / BishopsparkChristchurch20 35 15 54 165 289
Riccarton ParkChristchurch20 20 40 65 231 376
Total new sites185 195 220 531 1,228 2,359
Total landbank New Zealand 240 250 260 686 2,055 3,491

51
Appendix 19: Land bank (Victoria)
Note: The land bank is subject to resource and building consent and various regulatory approvals.
Existing villagesLocation
Hospital Dementia Resthome Serviced Independent Total
HightonVictoria40 20 40 60 49 209
John FlynnMelbourne38 38 38 96 104 314
Nellie MelbaMelbourne----113 113
Total existing villages78 58 78 156 266 636
New sites
Location
Hospital Dementia Resthome Serviced Independent Total
AberfeldieMelbourne25 25 24 27 64 165
CoburgMelbourne35 35 36 76 200 382
HighettMelbourne30 19 30 45 85 209
Mount ElizaMelbourne40 42 42 55 217 396
Mt MarthaVictoria40 40 36 37 70 223
Ocean GroveVictoria40 40 40 53 82 255
Ringwood EastMelbourne40 40 40 53 241 414
Total new sites250 241 248 346 959 2,044
Total land bank Victoria328 299 326 502 1,225 2,680
Total land bank New Zealand & Victoria568 549 586 1,188 3,280 6,171

52
Disclaimer
This presentation sets out information relating to Ryman Healthcare Limited’s interim result
for the period to 30 September 2020. It should be read in conjunction with all other material
which we have released, or may release, to NZX from time to time. That material is also
available on our website at www.rymanhealthcare.com.
Purpose of this presentation
This presentation is for information purposes only. It is not an offer of financial products, or a
proposal or invitation to make any such offer. It is not investment advice or a
recommendation in relation to financial products, and does not take into account any person’s
individual circumstances or objectives. Every investor should make an independent
assessment of Ryman on the basis of expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections. These reflect our
current expectations, based on what we think are reasonable assumptions. However, any of
these forward-looking statements or projections may be materially different due to a range of
factors and risks. Ryman gives no warranty or representation as to our future financial
performance or any future matter.
Non-GAAP information
Some of the financial information in this presentation has not been prepared in accordance
with generally accepted accounting principles (i.e. it is non-GAAP financial information). This
includes, in particular, our ‘underlying profit’ which Ryman has used for many years as a
means of showing our profit absent any unrealised valuation movements. Ryman has
historically used underlying profit as the basis for determining dividend payments to
shareholders. We show our underlying profit together with our reported profit based on NZ
IFRS (a GAAP measure).
Disclaimer
To the maximum extent permitted by law, we will not be liable (whether in tort including
negligence, contract, statute or otherwise) to you or any other person in relation to this
presentation, including any error or omission in it.

Notice of Half Year Result Announcement Ryman Healthcare Interim Results Webcast

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.