Record half year result for FPH: net profit up 86%

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

Record half year result for Fisher & Paykel Healthcare: net profit up 86%

Auckland, New Zealand, 25 November 2020 - Fisher & Paykel Healthcare Corporation Limited today
announced its results for the first half of the 2021 financial year, which ended 30 September 2020.
Net profit after tax was $225.5 million, up 86% over the same period in the previous financial year,
or 87% in constant currency. Operating revenue was $910.2 million, up 59% or 61% in constant
currency.

“I would like to express our thanks and admiration for the healthcare providers around the world,
who have responded with care and courage to the COVID-19 pandemic. I also want to thank
everyone across our entire business, as well as their partners and families, for their contribution to
ensuring those healthcare providers have the equipment they need to care for their patients,” said
Managing Director and CEO Lewis Gradon. “Our thanks and gratitude also extend to our suppliers
around the world. They have gone above and beyond to answer the global call for our products.”

The strong result was driven by the increased demand for the company’s Hospital hardware, in
particular its Optiflow
TM
and Airvo
TM
systems. This reflected a shift in clinical practice toward using
nasal high flow therapy as a front-line treatment for COVID-19 patients in hospital.

In the Hospital product group, which includes products used in acute and chronic respiratory care
and surgery, operating revenue grew 93% over the first half of the previous financial year to
$681.0 million, or 94% growth in constant currency. Hospital products made up three-quarters of the
company’s operating revenue.

“Sales in hardware and consumables continued to track surges in COVID-19 globally, as the virus
moved across Europe, North America, South America and South Asia,” said Gradon.

In the Homecare product group, which includes products used in the treatment of obstructive sleep
apnea (OSA) and nasal high flow therapy in the home, operating revenue grew 5% to $226.2 million,
or 6% growth in constant currency.

“Since the pandemic started, many sleep clinics have been closed, resulting in a reduction in new
patient diagnoses. Our F&P Evora
TM
and F&P Vitera
TM
masks for OSA are great products that have
yet to reach their full potential,” said Gradon.

A reduction in gross margin for the six-month period to 61.7% was due to the increased use of air
freight and the elevated costs associated with it. Excluding these additional freight costs, gross
margin was in line with the first half of the previous financial year in constant currency.

The company’s directors have approved an interim dividend of 16 cents per ordinary share, an
increase of 33% on the interim dividend last year. The interim dividend, carrying full New Zealand
imputation credit, will be paid on 16 December 2020 with a record date of 4 December 2020.

Guide for the remainder of FY2021
“We had a strong first half of the year and have continued to expand our installed base of hardware
in hospitals,” said Gradon. “Since our last trading update in August, we maintained the same level of
both hardware and consumables revenue in our Hospital product group for the half year. In our
Homecare product group, OSA masks revenue also continued at similar levels to the first four
months of the financial year.

We cannot predict the course of COVID-19, the effectiveness or adoption of preventative measures,
the progress of a vaccine and its outcomes, the impact on future hospitalisation rates, or the

investments countries may make in treatment measures. Consequently, we have no basis on which
to provide guidance for the full 2021 financial year, so we are providing a guide to full-year results
based on the following assumptions:

 Hospital hardware sales return to normal levels from January 2021.
 The use of our hospital hardware returns down to approximately normal rates for the second
half of the financial year.
 OSA diagnosis rates are reduced for the second half of the financial year, due to limited
access to customers.
 Freight costs remain elevated, resulting in a reduction in gross margin of approximately
200 bps in constant currency for the full financial year compared to the prior financial year.

Based on these assumptions, and reflecting sustained stronger Hospital hardware sales to date, full
year operating revenue would be approximately $1.72 billion, and net profit after tax would be
approximately $400 million to $415 million. This guide is based on exchange rates of NZD:USD 0.69
and NZD:EUR 0.58.

Our assumptions used in providing this guide are not a prediction of the course of COVID-19 around
the world and do not impact our production planning. We will continue to accelerate our investment
in manufacturing capacity to ensure that a further increase in supply of our products is available,”
said Gradon.

“Our heartfelt thanks go out to our customers and to our suppliers, shareholders and clinical
partners who are supporting us during this extraordinary year,” he concluded.

Overview of key results for the first half
 86% growth in net profit after tax to a record $225.5 million (1H FY20: $121.2 million).
 59% growth in operating revenue to $910.2 million, 61% growth in constant currency.
 93% growth in Hospital operating revenue to $681.0 million, 94% growth in constant currency.
 43% constant currency revenue growth for new applications consumables; i.e. products used in
non-invasive ventilation, Optiflow nasal high flow therapy and surgical applications, accounting for
63% of Hospital consumables revenue.
 5% growth in Homecare operating revenue, 6% growth in constant currency.
 3% growth in constant currency revenue in OSA masks.
 Investment in R&D was 7% of revenue, or $64.6 million.
 33% increase in interim dividend to 16 cps (1H FY20: 12 cps).


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

Ends



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


Authorised by Fisher & Paykel Healthcare Corporation Limited’s Board of Directors.

Accompanying Documents
Attached to this news release are the following additional documents:
 Results in Brief
 Interim Report 2021
 Investor Presentation
 NZX Results Announcement
 NZX Distribution Notice

Constant Currency Information
Constant currency information included within this news release is non-GAAP financial information,
as defined by the NZ Financial Markets Authority, and has been provided to assist users of financial
information to better understand and track the company’s comparative financial performance without
the impacts of spot foreign currency fluctuations and hedging results and has been prepared on a
consistent basis each year. A constant currency analysis is included on page 15 of the company’s
Interim Report 2021, and the company’s constant currency framework can be found on the
company’s website at www.fphcare.com/ccf.

Half Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call today to review the results and to discuss the
outlook for the remainder of the 2021 financial year. The conference call is scheduled to begin at
10:00am NZDT, 8:00am AEDT Wednesday 25 November (4:00pm USEST, Tuesday 24 November)
and will be broadcast simultaneously over the Internet.

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

To attend the conference call, participants should dial in to one of the numbers below at least
five minutes prior to the scheduled call time and identify yourself to the operator. When prompted,
please quote the conference code of: 950349.

New Zealand +64 9 913 3624 US/Canada +1 646 828 8195
Australia +61 2 9193 3719 Hong Kong +852 3008 1529
United Kingdom +44 330 336 9104 International +64 9 913 3624

---

Results in Brief



Six Months Ended
Six Months Ended
% Change
(Reported)

30 Sep 19 30 Sep 20
NZ$M NZ$M % Change
(Constant
Currenc
y
1
)
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE


Total operating revenue 570.9 910.2 +59% +61%
Cost of sales (188.0)
(348.3) +85% +81%
Gross profit 382.9
561.9 +47% +51%
Gross margin 67.1% 61.7% -534bps -420bps
Selling, general and administrative expenses (162.9)
(188.1) +15% +16%
Research and development expenses (54.0)
(64.6) +20% +20%
R&D percentage of operating revenue 9.5%
7.1% -236bps
Total operating expenses (216.9)
(252.7) +17% +17%
Operating profit before financing costs 166.0 309.2 +86% +95%
Operating margin 29.1% 34.0% +489bps +610bps
Net financing (expense) (6.3)
3.8 -160%
Profit before tax 159.7
313.0 +96% +94%
Tax expense (38.5) (87.5) +127%
+117%
Profit after tax 121.2
225.5 +86%
+87%
Effective tax rate 24.1% 28.0%

Effective tax rate excluding R&D tax credit 28.2% 30.0%






Revenue by Region:




North America 259.6
373.9 +44%

Europe 158.3
269.9 +70%

Asia Pacific 126.5
184.4 +46%

Other 26.5
82.0 +209%

Total 570.9
910.2 +59%





Revenue by Product Group:


Hospital 353.6
681.0 +93%

Homecare 214.7
226.2 +5%

Core products sub-total 568.3
907.2 +60%

Distributed and other 2.6 3.0 +15%

Total 570.9
910.2 +59%


FINANCIAL POSITION
As at 31 March 20
NZ$M
(except as otherwise
stated)

As at 30 Sep 20
NZ$M
(except as otherwise
stated)


Tangible assets 1,270.4 1,486.2 +17%
Intangible assets 164.6 145.5 -12%
Total assets 1,435.0
1,631.7 +14%
Total liabilities (461.2) (408.6) -11%
Shareholders’ equity 973.8
1,223.1 +26%
Gearing (4.3%) (7.1%) -285bps
Net tangible asset backing (cents per share) 141 187 +33%
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to reported results is included within
the Financial Commentary section of the Interim Report.
2
Includes Intangible and deferred tax assets.

Results in Brief
(continued)



Six Months Ended
Six Months Ended
% Chan
ge
30 Sep 19 30 Sep 20
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS

Net cash flow from operating activities 113.5
218.1 +92%
Net cash flow (used in) investing activities (39.1)
(81.9) +109%
Net cash flow (used in) financing activities (80.6)
(92.9) +15%



SHARES OUTSTANDING

Weighted average basic shares outstanding 573,908,740
574,981,039

Weighted average diluted shares outstanding 578,703,191
579,449,729

Basic shares outstanding at period end 574,244,939
576,123,608




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 12.0
16.0 +33%
Basic earnings per share (cents) 21.1
39.2 +86%

---

Interim Report 2021

INTERIM REPORT 2021
2
Fisher & Paykel Healthcare Corporation Limited
ContentsHALF YEAR FINANCIAL HIGHLIGHTS
4
HALF YEAR BUSINESS UPDATES
5
PRODUCT GROUP OVERVIEW
6
HALF YEAR REVIEW
8
FINANCIAL COMMENTARY
12
FINANCIAL STATEMENTS
16
NOTES TO THE FINANCIAL STATEMENTS
20
DIRECTORY
25
Constant currency information contained within this report is non-conforming financial information, as defined by the NZ FMA and has been provided to assist users of financial information to better understand and assess the company’s financial performance without the impacts of spot financial currency fluctuations and hedging results, and has been prepared on a consistent basis each financial year. A reconciliation between reported results and constant currency results is available on page 15 of this report. The company’s constant currency framework can be found on our website at www.fphcare.com/ccf.This report is dated 24 November 2020 and is signed on behalf of Fisher & Paykel Healthcare Corporation Limited by Scott St John, Chairman and Lewis Gradon, Managing Director and Chief Executive Officer. LEWIS GRADON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICERSCOTT ST JOHN, CHAIRMAN
ADAPTING AT PACE

INTERIM REPORT 2021
3
Fisher & Paykel Healthcare Corporation Limited
Guided by a strong sense of purpose, we have adapted at pace to answer the global call.
ACCELERATING
the production of
devices and systems that help patients breathe.
MAINTAINING

strong connections between our customers, distribution partners and sales representatives.
DEVELOPING
resources to
maximise the impact of the life-sustaining products we design and manufacture. It’s all about
CARING
, and it’s what we do.

INTERIM REPORT 2021
4
Fisher & Paykel Healthcare Corporation LimitedHalf yearfinancial highlightsOPERATING REVENUE$910.2
M
▲
59%
|
1H FY20 $570.9M
GROSS MARGIN
61.7%HOSPITAL REVENUE$681.0
M
▲
93%
|
1H FY20 $353.6M
NET PROFIT AFTER TAX
$225.5
M
▲
86%
|
1H FY20 $121.2M
INTERIM DIVIDENDFULLY IMPUTED
16
CPS
▲
33%
|
1H FY20 12CPS
HOSPITAL HARDWAREREVENUE GROWTH
383%
(
CONSTANT CURRENCY)
SPEND ON R&D
$64.6
M
7%
OF OPERATING REVENUE
NEW APPLICATIONS CONSUMABLESREVENUE GROWTH
43%
(
CONSTANT CURRENCY)

INTERIM REPORT 2021
5
Fisher & Paykel Healthcare Corporation Limited
Half year business updates
REVENUE BY REGION6 MONTHS TO 30 SEPTEMBER 2020
Hospital Homecare
North America Europe Asia Pacific
Other
+
CONTRIBUTED
to the global fight against COVID-19 by increasing manufacturing production on some hospital hardware devices by more than six times.+
APPOINTED
Scott St John as chair of the Board, replacing director Tony Carter, who retired in August.+
DEVELOPED
a new education website to provide training and support to clinicians treating patients with COVID-19.+
LAUNCHED
F&P Evora™ compact nasal mask in the US, and a patient mask app in the US, Canada, Australia and UK.
+
PRESENTED
a virtual Nasal High Flow/COVID-19 symposium for 900 attendees at the European Respiratory Society Congress 2020. +
ACCELERATED
the installation of production lines in the Daniell Building, our fourth manufacturing facility in New Zealand.+
COMMENCED
planning for a third manufacturing facility in Mexico to be completed in financial year 2023.
41%
30%
20%
9%
120+
COUNTRIES
75%
25%
REVENUE BY PRODUCT GROUP6 MONTHS TO 30 SEPTEMBER 2020

INTERIM REPORT 2021
6
Fisher & Paykel Healthcare Corporation LimitedProduct group overviewOur business is structured in two parts: Hospital and Homecare.
Hospital75
%
OF OPERATING REVENUE
CONSTANT CURRENCY REVENUE FROM NEW APPLICATIONS CONSUMABLES
43
%
OPERATING REVENUE 1H FY21 $681.0M
93
%
Our Hospital product group includes products used in invasive ventilation, non-invasive ventilation, nasal high flow therapy, and laparoscopic and open surgery. Not only do these products help healthcare providers improve patient outcomes, they often deliver economic benefits as well, by reducing the need to escalate care and shortening patient stays in hospital.

INTERIM REPORT 2021
7
Fisher & Paykel Healthcare Corporation Limited
Homecare25
%
OF OPERATING REVENUE
CONSTANT CURRENCY REVENUE
6
%
OPERATING REVENUE 1H FY21 $226.2M
5
%
The Homecare product group includes devices and systems used to treat obstructive sleep apnea (OSA) and provide respiratory support in the home. These include our CPAP therapy masks as well as flow generators, interfaces, and data management technologies.

INTERIM REPORT 2021
8
Fisher & Paykel Healthcare Corporation LimitedHalf year review
SCOTT ST JOHNChairmanLEWIS GRADONManaging Director and Chief Executive Officer
We typically begin this letter by reflecting on our achievements over the past six months. As the world continues to grapple with a pandemic, we believe it is more fitting to start by expressing our thanks and admiration for our customers, the healthcare providers who have responded with care and courage. We would also like to thank our own teams across the business for their contributions to ensuring that healthcare providers have the equipment they need to care for patients. Lifting production on our most-needed products has required an extraordinary effort from our people, as well as their partners and family members.Moreover, we would like to thank our suppliers for going above and beyond to provide the raw materials, components and services required to answer the global call for our products.For the first six months of the 2021 financial year, we are reporting strong financial performance. Operating revenue was
$910.2 million, up 59 per cent over the previous financial year, or 61 per cent in constant currency. Net profit after tax was $225.5 million, up 86 per cent, or 87 per cent in constant currency.Growth continued to be driven by hospital hardware and consumables sales, most notably strong demand for our Optiflow and Airvo systems used for treating COVID-19 patients. This reflected a worldwide change in clinical practice. Informed by emerging studies and anecdotal evidence, respiratory specialists began leading with nasal high flow therapy before resorting to ventilators. In our Hospital product group, revenue was $681.0 million, which was a 93 per cent increase over the first half of the 2020 financial year, or 94 per cent in constant currency. Sales in hardware and consumables tracked the surges in COVID-19 globally, as the virus swept across Europe, North America, South America and South Asia. In our Homecare product group, revenue for the first half was $226.2 million, which was a 5 per cent increase over the first half of the 2020 financial year, or 6 per cent in constant currency. The first half was challenging for our sales team in obstructive sleep apnea products. Many sleep clinics were closed,

INTERIM REPORT 2021
9
Fisher & Paykel Healthcare Corporation Limited
resulting in a reduction in new patient diagnoses. Customers have responded positively to our F&P Evora™ and F&P Vitera™ masks for OSA, and we are confident these are great products that have yet to reach their full potential. Throughout the pandemic, we have adapted to changing conditions and emerging challenges. We continue to put health and safety first, requiring the use of masks throughout our New Zealand and Mexico facilities and maintaining social distancing protocols. Face-to-face meetings with customers have been limited, so we are using virtual tools to support our hospital customers, sleep clinics and distribution partners. Our sales representatives have been partnering with clinicians to host educational webinars, and our in-house product and clinical specialists have launched a website to provide urgently needed training and resources. Key opinion leaders have become outspoken advocates for our products and therapies. One of our long-time collaborators, Dr Gerard Criner from Temple University, contributed to an important study (published in May) on using nasal high flow therapy to treat COVID-19 patients. The benefits of nasal high flow therapy are now mentioned daily in the media. The exposure clinicians have had
to our hardware bodes well for treating respiratory patients in hospitals for the long term.
New products and marketsWhile significantly increasing production on our humidification systems and products for nasal high flow therapy, we have continued to innovate and release products into new markets. We launched the F&P Nivairo™+ mask for noninvasive ventilation into several Asian countries and our vented Nivairo mask into the US. We also released our Optiflow 3S interface in the US. For patients using nasal high flow therapy in the home, we launched new myAirvo tube and chamber kits for adults and children, and home versions of Optiflow Junior interfaces for infants in Europe, Canada and Australia. FacilitiesWe continue to plan ahead for our facilities needs and expand our manufacturing capacity. When COVID-19 restrictions were eased, we accelerated the opening of the Daniell Building, our fourth building in New Zealand. In addition to housing some of our research and development teams, the new space expands our manufacturing and distribution space, so we can rebuild stock to pre-COVID-19 inventory levels.
We are grateful to our people for responding to the global call with such commitment and dedication.SCOTT ST JOHNChairman

INTERIM REPORT 2021
10
Fisher & Paykel Healthcare Corporation LimitedWe have commenced planning on our third manufacturing facility in Tijuana, Mexico, and we expect it to be ready for occupancy in the 2023 financial year. DividendThe Board of Directors has approved a fully imputed interim dividend of 16 cents per share for the six months to 30 September 2020, which is an increase of 33 per cent on the first half of the prior year. The dividend will be paid on 16 December 2020.Board and managementDirector Scott St John took the helm as chair of the Board following Tony Carter’s retirement in August, and Neville Mitchell was appointed chair of the Audit & Risk Committee.On our executive management team, Nicola Talbot has been appointed VP Human Resources following Debra Lumsden’s departure to pursue other opportunities. Nicola has more than 20 years of experience with Fisher & Paykel Healthcare. She has been involved in establishing our global offices, recruiting, developing and supporting our people in 39 countries.
An extraordinary effortWe believe it’s important to recognise and reward our people across the company. Consistent with this belief, the Board has approved a profit-sharing bonus totalling $12 million to everyone who has worked with us for a qualifying period. As always, we are grateful to our shareholders for supporting us during this extraordinary year. At a time in history that defies expectations, we are still doing what we do best – designing, manufacturing and delivering products that improve care and outcomes for patients. Whatever the future holds, we will keep adapting at pace.
SCOTT ST JOHNCHAIRMANLEWIS GRADONMANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

INTERIM REPORT 2021
11
Fisher & Paykel Healthcare Corporation Limited
Financial report

INTERIM REPORT 2021
12
Fisher & Paykel Healthcare Corporation LimitedFinancial commentaryINCOME STATEMENTSFor the six months ended 30 September
2019
NZ$M
2020
NZ$M
Change
Reported
%
Change
CC (1)
%
Operating revenue
570.9
910.2
+59
+61
Gross profit
382.9
561.9
+47
+51
Gross margin
67.1%
61.7%
-534 bps
-420 bps
SG&A expenses
(162.9)
(188.1)
+15
+16
R&D expenses
(54.0)
(64.6)
+20
+20
Total operating expenses
(216.9)
(252.7)
+17
+17
Operating profit
166.0
309.2
+86
+95
Operating margin
29.1%
34.0%
489 bps
610 bps
Financing income/(expenses) (net)
(6.3)
3.8
–
–
Profit before tax
159.7
313.0
+96
+94
Taxation
(38.5)
(87.5)
+127
+117
Profit after tax
121.2
225.5
+86
+87
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any distortion from changes in foreign exchange rates. A full reconciliation and basis of preparation is set out on page 15.
Total profit after tax for the period was up 86% to $225.5 million (87% in constant currency).RevenueOperating revenue was $910.2 million, 59% higher than the same period last year or 61% in constant currency. Hospital revenue grew 94% in constant currency driven by the demand for products used to treat COVID-19 patients. Homecare revenue increased 6% in constant currency.Gross marginGross margin decreased by 420 basis points in constant currency due to additional air freight to expedite deliveries in response to COVID-19. Gross margin excluding additional freight was 65.9%, which was above our long term target of 65% and in line with last year in constant currency.
Operating expenses Operating expenses increased 17% (17% in constant currency) to $252.7 million, reflecting ongoing expenditure to support global sales growth and COVID-19 response operating costs. This more than offset lower travel and sales event-related activities in the current period following global COVID-19 travel restrictions. Research & development (R&D) spend of $64.6 million grew 20%. Over the long term we expect R&D spend to grow on average in line with constant currency revenue growth. Financing expensesTotal reported financing expenses decreased to be net income – driven, mainly by the gain on foreign currency interest-bearing liabilities, including lease liabilities. Excluding the impact of foreign currency movements, net financing expense increased by $0.5M. Ta xOur effective tax rate for the period was 28.0% up from 24.1% in the prior period. Excluding the benefit from the R&D tax credit, the effective tax rate was 30.0% for the period (2019: 28.2%), reflecting the effect of foreign currency translations. The R&D tax credit reported this year of $6.4 million (2019: $6.6 million) represents the estimated eligible R&D expenditure incurred during the period.

INTERIM REPORT 2021
13
Fisher & Paykel Healthcare Corporation Limited
FOREIGN CURRENCY IMPACTS The Group is exposed to movements in foreign exchange rates, with operating revenue generated in a wide range of currencies as shown below.
US dollars
50%
Euros 18%Australian dollars
5%
Japanese yen
4%
Canadian dollars
4%
Chinese yuan
3%
New Zealand dollars
1%
Other currencies
11%
British pounds
4%
Approximately 61% of COGS and over 49% of operating expenses are in currencies other than NZD. The volatility in foreign currency markets which saw the NZD/USD spot rate decline to below 0.60 prior to 31 March 2020 has eased, with the NZD/USD at 0.66 at 30 September 2020. This resulted in significant changes in the valuation of derivatives and other balances denominated in foreign currency, including foreign accounts receivable and foreign currency debt at 30 September 2020 compared to 31 March 2020. The effect of these balance sheet translations for the period decreased operating revenue by $10.6 million (2019: $8.5 million increase) and reduced profit after tax by $3.6 million (2019: $0.8 million increase). Foreign exchange hedging resulted in a pre-tax loss of $1.4 million (2019: $2.8 million loss). The NZD strengthened over the six-month period from 31 March 2020. Compared to the prior period, both the average daily spot rate and the average conversion exchange rate (i.e. the accounting rate, incorporating the effect of foreign currency hedging in respect of the relevant financial period) decreased as set out in the table below.
Average daily spot and conversion rates for the period ended 30 September
Average daily spot rate
Average conversion exchange rate
Period ended 30 September
2019
2020
2019
2020
USD
0.6556
0.6403
0.6700
0.6551
EUR 0.5866
0.5639
0.5859
0.5559
Foreign exchange hedging position The hedging position for our main currency exposures as at 13 November 2020 is:Year to 31 March
2021
2022
2023
2024
2025
2026-27
USD % cover of expected exposure 95%
75%
40%
30%
30%
0%
USD average rate of cover
0.654
0.658
0.637
0.630
0.624
–
EUR % cover of expected exposure 95%
70%
55%
35%
35%
5%
EUR average rate of cover
0.554
0.538
0.521
0.509
0.502
0.470
Hedging cover has been rounded to the nearest 5%.

INTERIM REPORT 2021
14
Fisher & Paykel Healthcare Corporation LimitedCASH FLOWSThe full statement of cash flows is provided on page 19.For the six months ended 30 September
2019
NZ$M
2020
NZ$M
Change
NZ$M
Operating profit before financing costs
166.0
309.2
143.2
Plus depreciation and amortisation (including leased assets)
28.5
37.0
8.5
Change in working capital and other
(21.2)
(45.5)
(24.3)
Net interest paid (including lease liabilities)
(1.7)
(1.9)
(0.2)
Net income tax paid
(58.1)
(80.7)
(22.6)
Operating cash flows
113.5
218.1
104.6
Lease repayments
+
(4.3)
(5.3)
(1.0)
Purchase of land and buildings
(43.0)
(13.5)
29.5
Purchase of plant and equipment
(30.4)
(64.9)
(34.5)
Purchase of intangible assets
(13.2)
(16.1)
(2.9)
Free cash flows
22.6
118.3
95.7
Dividends paid
(77.5)
(89.1)
(11.6)
+ Free cash flows includes lease liability repayments following the adoption of NZ IFRS 16.Operating cash flows Cash flows from operations for the period increased 92% to $218.1 million. Working capital was impacted by a significant increase in receivables from higher sales and higher inventory levels.Capital expenditureProperty, plant and equipment purchases for the period were $78.4 million, an increase from $5.0 million from the prior period. Purchases this year primarily related to production tooling and equipment costs and finalisation of building projects in New Zealand.
BALANCE SHEETAs at
31 March
2020
NZ$M
30 September
2020
NZ$M
Change
NZ$M
Trade receivables
192.9
210.1
17.2
Inventories
146.5
233.6
87.1
Less trade and other payables
+
(108.5)
(113.7)
(5.2)
Working capital
230.9
330.0
99.1
Property, plant and equipment
++
735.3
777.0
41.7
Intangible assets
73.9
78.9
5.0
Other net assets/(liabilities)
(74.9)
(11.3)
63.6
Lease liabilities
(33.6)
(29.6)
4.0
Net cash/(debt)
42.2
78.1
35.9
Net assets
973.8
1,223.1
249.3
+
Trade and other payables exclude all non-current payables and all employee entitlements and provisions
++
Property, plant and equipment includes lease assets recognised
Our balance sheet remains strong with net cash of $78.1 million. Trade receivables have increased largely due to strong sales, offset by unfavourable foreign currency translation movements. Our debtors days are 44 days, a slight improvement from 45 days in the prior period. Higher inventories reflect a buildup in raw materials to enable us to meet potential heightened demand and increased finished goods following lower levels in March 2020. The increase in property, plant and equipment includes recognition of capital investment of $78.4 million of which $64.9 million related to production tooling and equipment costs. These increases are offset by $28.0 million of depreciation. Construction work on the Daniell Building (our fourth building) was completed in June 2020 on our Auckland, New Zealand campus. Total spend on this project was $146 million. Intangible assets have increased by $5.0 million including patent acquisition costs and ERP implementation costs. Other net assets/liabilities movements included a significant increase in net derivative instrument assets of $147.2 million, partially offset by the associated deferred tax movements of $41.2 million. The NZD accelerated decline as the last financial year ended has now largely reversed. This resulted in the majority of currency derivatives that were in a liability position as at 31 March 2020 to now be in an asset position at 30 September 2020. All currency derivatives continued to be effective hedges. Other movements in net asset/liabilities include an increase in employee-related obligations and taxation payable.

INTERIM REPORT 2021
15
Fisher & Paykel Healthcare Corporation Limited
Funding and short-term investmentsAs at
31 March
2020
NZ$M
30 September
2020
NZ$M
Change
NZ$M
Loans and borrowings
– Current
(49.9)
(45.5)
4.4
– Non-current
(22.0)
(20.7)
1.3
Bank overdrafts
(30.7)
(14.0)
16.7
Total interest-bearing liabilities
(102.6)
(80.2)
22.4
Cash and cash equivalents
67.1
93.2
26.1
Short-term investments
77.7
65.1
(12.6)
Total cash and investments
144.8
158.3
13.5
Net cash (debt)
42.2
78.1
35.9
Gearing
-4.3%
-7.1%
-2.9%
Undrawn debt facilities
148.0
149.3
1.3
The average maturity of loans and borrowings of $66.2 million at 30 September 2020 was 0.8 years and the currency split was 92% USD; 5% Australian dollars and 3% Canadian dollars (with no NZD denominated debt). Interest-bearing debt decreased by $22.4 million including the impact of favourable currency revaluations. Current loans and borrowings included a US$30 million facility which expired on 1 November 2020 and has been replaced with two new NZ$30 million multi-currency facilities commencing 14 October 2020 and expiring 30 September 2025.We held cash balances and short-term investments, mainly in NZD, of $158.3 million at the end of the period. This balance, and operating cash generated in the second half of FY2021, will fund the payment of the interim dividend, provisional tax and ongoing payments for capital expenditure. Gearing
1
At 30 September 2020 the group had net cash of $78.1 million and gearing of -7.1%. Gearing is outside the lower band of the target range of -5% to +5%. Gearing will return to the target range post the dividend payment in December and is projected to remain within the target range for the balance of the financial year. 1. Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net
interest-bearing debt and equity (less hedging reserves). Net debt excludes all lease liabilities recognised on the adoption of IFRS 16 – Leases.
NOTES – CONSTANT CURRENCYConstant currency analysis is non–Generally Accepted Accounting Practice (GAAP) financial information that is not prepared in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). Constant currency information has been provided to assist users of financial information to better understand and assess the Group’s financial performance without the impacts of foreign currency fluctuations, including hedging results. Constant currency financial information is prepared each month to enable the Board and management to monitor and assess the Group’s underlying comparative financial performance without any distortion from changes in foreign exchange rates. Constant currency information is prepared on a consistent basis for reported periods restated into NZD based on “constant” exchange rates, typically the budgeted exchange rates for the current year. This information excludes the impact of movements in foreign exchange rates, hedging results and balance sheet translations.The Group’s constant currency framework can be found on the company’s website at www.fphcare.com/ccf. PwC perform assurance procedures over the constant currency information. RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX For the six months ended 30 September
2019
NZ$M
2020
NZ$M
Change
NZ$M
Profit after tax (constant currency)
125.4
234.6
109.2
Spot exchange rate effect
(3.0)
(4.5)
(1.5)
Foreign exchange hedging result
(2.0)
(1.0)
1.0
Balance sheet revaluation
0.8
(3.6)
(4.4)
Profit after tax (reported)
121.2
225.5
104.3
The significant exchange rates used in the constant currency analysis, being the budget exchange rates for the year ending 31 March 2021, are USD 0.64, EUR 0.57, AUD 0.96, GBP 0.49, CAD 0.84, JPY 69 and MXN 12.30.

INTERIM REPORT 2021
16
Fisher & Paykel Healthcare Corporation LimitedCONSOLIDATED INCOME STATEMENTFor the six months ended 30 September 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the six months ended 30 September 2020
Notes
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
Operating revenue
3
570.9
910.2
Cost of sales
(188.0)
(348.3)
Gross profit
382.9
561.9
Selling, general and administrative expenses
(162.9)
(188.1)
Research and development expenses
(54.0)
(64.6)
Total operating expenses
(216.9)
(252.7)
Operating profit before financing costs
166.0
309.2
Financing income
1.3
0.9
Financing expense
(1.9)
(2.4)
Exchange gain/(loss) on foreign currency interest-bearing liabilities
(5.7)
5.3
Net financing expense
(6.3)
3.8
Profit before tax
4
159.7
313.0
Tax expense
(38.5)
(87.5)
Profit after tax
121.2
225.5
Basic earnings per share
21.1 cps
39.2 cps
Diluted earnings per share
20.9 cps
38.9 cps
The accompanying Notes form an integral part of the Financial Statements.
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
Profit after tax
121.2
225.5
Other comprehensive income Items that may be reclassified to profit or lossForeign currency translation reserve
Exchange differences on translation of foreign operations
2.2
(4.4)
Hedging reserves
Changes in fair value in hedging reserves
(50.8)
143.8
Transfers to profit before tax from cash flow hedge reserve
(6.6)
2.3
Tax on above reserve movements
16.1
(40.9)
Other comprehensive income, net of tax
(39.1)
100.8
Total comprehensive income
82.1
326.3
Financial statements

INTERIM REPORT 2021
17
Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the six months ended 30 September 2020
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2019 (audited)
219.2
549.2
144.8
913.2
Adjustment on adoption of NZ IFRS 16 (net of tax)
–
(3.4)
–
(3.4)
Balance at 1 April 2019 (unaudited)
219.2
545.8
144.8
909.8
Total comprehensive income
–
121.2
(39.1)
82.1
Dividends paid
9
–
(77.5)
–
(77.5)
Movement in share based payments reserve
2.2
–
2.1
4.3
Balance at 30 September 2019 (unaudited)
221.4
589.5
107.8
918.7
Balance at 31 March 2020 (audited)
225.4
686.3
62.1
973.8
Total comprehensive income
–
225.5
100.8
326.3
Dividends paid
9
–
(89.1)
–
(89.1)
Issue of share capital under employee share plans
18.1
–
–
18.1
Movement in treasury shares
1.3
–
–
1.3
Movement in share based payments reserve
–
–
(7.3)
(7.3)
Balance at 30 September 2020 (unaudited)
244.8
822.7
155.6
1,223.1
The accompanying Notes form an integral part of the Financial Statements.

INTERIM REPORT 2021
18
Fisher & Paykel Healthcare Corporation LimitedCONSOLIDATED BALANCE SHEETAs at 30 September 2020
Notes
Audited
31 March
2020
NZ$M
Unaudited
30 September
2020
NZ$M
ASSETSCurrent assetsCash and cash equivalents
67.1
93.2
Short-term investments
77.7
65.1
Trade and other receivables
222.7
238.2
Inventories
146.5
233.6
Derivative financial instruments
5
4.1
11.5
Tax receivable
0.6
1.5
Total current assets
518.7
643.1
Non-current assetsDerivative financial instruments
5
14.1
65.3
Other receivables
2.3
0.8
Property, plant and equipment
735.3
777.0
Intangible assets
73.9
78.9
Deferred tax assets
90.7
66.6
Total assets
1,435.0
1,631.7
LIABILITIESCurrent liabilitiesInterest-bearing liabilities
80.6
59.5
Lease liabilities
11.6
10.3
Trade and other payables
165.6
196.7
Provisions
5.0
7.4
Tax payable
35.4
56.7
Derivative financial instruments
5
36.4
5.5
Total current liabilities
334.6
336.1
Notes
Audited
31 March
2020
NZ$M
Unaudited
30 September
2020
NZ$M
LIABILITIESNon-current liabilitiesInterest-bearing liabilities
22.0
20.7
Lease liabilities
22.0
19.3
Provisions
1.5
6.9
Other payables
19.8
22.0
Derivative financial instruments
5
61.3
3.6
Total liabilities
461.2
408.6
EQUITYShare capital
225.4
244.8
Retained earnings
686.3
822.7
Reserves
62.1
155.6
Total equity
973.8
1,223.1
Total liabilities and equity
1,435.0
1,631.7
The accompanying Notes form an integral part of the Financial Statements.On behalf of the Board24 November 2020Scott St John
Lewis Gradon
Chairman
Managing Director and Chief Executive Officer

INTERIM REPORT 2021
19
Fisher & Paykel Healthcare Corporation Limited
CONSOLIDATED STATEMENT OF CASH FLOWSFor the six months ended 30 September 2020
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers
563.8
884.0
Grants received
1.6
–
Interest received
1.6
0.8
Payments to suppliers and employees
(392.1)
(583.3)
Tax paid
(58.1)
(80.7)
Interest paid
(2.4)
(1.9)
Lease interest paid
(0.9)
(0.8)
Net cash flows from operating activities
113.5
218.1
CASH FLOWS FROM INVESTING ACTIVITIESNet short-term investments
47.5
12.6
Purchases of property, plant and equipment
(73.4)
(78.4)
Purchases of intangible assets
(13.2)
(16.1)
Net cash flows from investing activities
(39.1)
(81.9)
CASH FLOWS FROM FINANCING ACTIVITIESIssue of share capital under employee share plans
1.2
1.5
New borrowings
15.0
–
Repayment of borrowings
(15.0)
–
Lease liability payments
(4.3)
(5.3)
Dividends paid
(77.5)
(89.1)
Net cash flows from financing activities
(80.6)
(92.9)
Net increase (decrease) in cash
(6.2)
43.3
Opening cash
30.9
36.4
Effect of foreign exchange rates
(0.4)
(0.5)
Closing cash
24.3
79.2
RECONCILIATION OF CLOSING CASHCash and cash equivalents
48.4
93.2
Bank overdrafts
(24.1)
(14.0)
Closing cash
24.3
79.2
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
CASH FLOW RECONCILIATIONProfit after tax
121.2
225.5
Add (deduct) non-cash items:
Depreciation – right-of-use assets
4.7
5.0
Depreciation and amortisation – other assets
23.8
32.0
Share based payments
2.9
3.7
Movement in provisions
(1.4)
7.8
Movement in deferred tax assets / liabilities
(8.4)
(21.4)
Movement in net tax payables
(10.4)
32.0
Foreign currency translation
2.3
(7.4)
Other non-cash items
(2.1)
3.8
11.4
55.5
Net working capital movements:
Trade and other receivables
(7.4)
(14.1)
Inventories
(10.2)
(87.1)
Trade and other payables
(1.5)
38.3
(19.1)
(62.9)
Net cash flows from operating activities
113.5
218.1
The accompanying Notes form an integral part of the Financial Statements.

INTERIM REPORT 2021
20
Fisher & Paykel Healthcare Corporation LimitedNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the six months ended 30 September 20201. GENERAL INFORMATION Reporting entityFisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together with its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of medical device products and systems for use in both hospital and homecare settings. Products are sold in over 120 countries worldwide. The Company is a limited liability company incorporated and domiciled in New Zealand.Statement of complianceThe Company is registered under the Companies Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).Basis of preparationThese consolidated financial statements for the six months ended 30 September 2020 have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34: Interim Financial Reporting (IAS 34). The Company and Group are designated as profit-oriented entities for financial reporting purposes.These consolidated financial statements do not include all of the notes normally included in an annual financial report. Accordingly, this report should be read in conjunction with the audited consolidated financial statements for the year ended 31 March 2020. Presentation currency These consolidated financial statements are presented in New Zealand dollars (NZD) to the nearest hundred thousand dollars unless otherwise stated.Accounting policiesAll accounting policies have been applied on a basis consistent with those used and described in the audited consolidated financial statements for the year ended 31 March 2020.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIODThe following significant transactions and events affected the financial performance and financial position of the Group for the six month period ended 30 September 2020: Share capitalDuring the six months ended 30 September 2020, the Group issued 1,553,005 shares on exercise of employee share options and performance share rights.Funding and short-term investmentsThe Company had total available committed debt funding of NZ$215 million as at 30 September 2020, of which approximately NZ$149 million was undrawn. As at 30 September 2020, the weighted average maturity of borrowing facilities was 1.9 years.As at 30 September 2020, the Group has invested available cash on hand of $65 million in short-term investments. These investments have maturities between 91 and 122 days with banking institutions that have a long term credit rating of Standard & Poors’ A- and above and are invested at average interest rates of 1.2%.COVID-19In March 2020, the World Health Organisation declared the outbreak of COVID-19 as a pandemic. Since the outbreak of COVID-19, the Company’s focus has been on manufacturing and supplying products that are directly involved in treating patients with COVID-19.Management have assessed the impact of COVID-19 on all aspects of the balance sheet. Specifically, the carrying value of receivables, inventory and warranty exposure were considered, with provisioning reflecting management’s best estimate of the impact based on information available at the time of preparing these financial statements. The carrying value of land held at fair value has been assessed for appropriateness. There has been no material impact on the balance sheet.As a result of currency volatility during this period, the Group’s portfolio of derivatives has changed from being a net liability to a net asset, with the corresponding offset in the cash flow hedge reserve.

INTERIM REPORT 2021
21
Fisher & Paykel Healthcare Corporation Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS3. OPERATING REVENUE AND SEGMENTAL INFORMATIONFor the six months ended 30 September
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
Sales Revenue
574.3
910.6
Foreign exchange loss on hedged sales
(3.4)
(0.4)
Total operating revenue
570.9
910.2
Revenue by product groupHospital products
353.6
681.0
Homecare products
214.7
226.2
568.3
907.2
Distributed and other products
2.6
3.0
Total operating revenue
570.9
910.2
Revenue after hedging by geographical location of customer:
North America
259.6
373.9
Europe
158.3
269.9
Asia Pacific
126.5
184.4
Other
26.5
82.0
Total operating revenue
570.9
910.2
4. OPERATING EXPENSESFor the six months ended 30 September
Unaudited
2019
NZ$M
Unaudited
2020
NZ$M
Profit before tax includes the following expenses: Depreciation - right-of-use assets
4.7
5.0
Depreciation and amortisation - other assets
23.8
32.0
Employee benefits expense
201.7
287.8
5. DERIVATIVE FINANCIAL INSTRUMENTSFinancial instruments are either carried at amortised cost, less any provision for impairment, or fair value. The carrying value of all financial assets and liabilities approximates fair value. There have been no changes to the Group’s hedging policy during the period. The Group enters into foreign currency option contracts or forward foreign currency contracts within policy parameters to manage the net risk associated with anticipated sales or costs. The Group generally applies hedge accounting to all derivative financial instruments. All derivative financial instruments continue to be re-measured to their fair value. Derivative financial instruments continue to be classified as being within Level 2 of the fair value hierarchy and there were no changes in valuation techniques during the period. Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2020
NZ$M
Unaudited
30 September
2020
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts
1,873.2
1,698.4
Purchase commitments forward exchange contracts
86.8
75.6
Foreign currency borrowing forward exchange contracts
16.9
17.7
NZD call option contracts purchased
38.0
19.0
Collar option contracts – NZD call options purchased (i)
70.9
45.9
Collar option contracts – NZD put options sold (i)
76.6
49.2
Interest rate derivatives
Interest rate swaps
52.1
45.8
Interest rate options
12.5
11.4
(i) Foreign currency contractual amounts of put and call options are equal.Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2020
M
Unaudited
30 September
2020
M
Sale Commitments
United States dollars
US$659.3
US$569.5
European Union euros
€322.3
€295.0
Japanese yen
¥11,075.0
¥9,725.0
Purchase Commitments
Mexican pesos
MEX$1,285.5
MEX$1,146.5

INTERIM REPORT 2021
22
Fisher & Paykel Healthcare Corporation LimitedNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS6. COMMITMENTS
Audited
31 March
2020
NZ$M
Unaudited
30 September
2020
NZ$M
Capital expenditure commitments contracted for but not recognised as at the reporting date:
Within one year
31.2
34.1
Between one and two years
0.3
–
Between two and five years
–
–
31.5
34.1
7. CONTINGENT LIABILITIESPeriodically the Group is party to litigation
including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have a material impact on the operations of the Group.
8. RELATED PARTY TRANSACTIONSDuring the period the Group has not entered into any material contracts involving related parties or directors’ interests. No amounts owed by related parties have been written off or forgiven during the period. Apart from directors’ fees, key executive remuneration and dividends paid by the Group to its directors as shareholders of the company, there have been no related party transactions.
9. DIVIDENDSOn 26 June 2020 the Directors approved the payment of a fully imputed 2020 final dividend of $89.1 million (15.5 cents per share) which was paid on 17 July 2020. A supplementary dividend of 2.7353 cents per share was also paid to eligible non-resident shareholders. Subsequent event – dividend declaredOn 24 November 2020 the Directors approved the payment of a fully imputed 2021 interim dividend of $92.2 million (16 cents per share) to be paid on 16 December 2020. A supplementary dividend of 2.8236 cents per share was also approved for eligible non-resident shareholders. 10. SUBSEQUENT EVENTSOn 14 October 2020 the US$30 million debt facility, which expired on 1 November 2020, was replaced with two new NZ$30 million multi-currency facilities expiring 30 September 2025. There are no other subsequent events other than the dividend as set out in Note 9.

INTERIM REPORT 2021
23
Fisher & Paykel Healthcare Corporation Limited
INDEPENDENT REVIEW REPORTREPORT ON THE CONSOLIDATED FINANCIAL STATEMENTSTo the shareholders of Fisher & Paykel Healthcare Corporation Limited
OUR QUALIFIED CONCLUSIONWe have reviewed the consolidated financial statements of Fisher & Paykel Healthcare Corporation Limited (the Company) and its
subsidiaries (the Group), which
comprise the consolidated balance sheet as at 30 September 2020, and the consolidated income statement, the consolidated statem
ent of comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the six month period e
nded on that date, and
significant accounting policies and other explanatory information.Except for the adjustments to the consolidated financial statements that we might have become aware of had it not been for the
situation described in the Basis
for qualified conclusion section of our report, based on our review nothing has come to our attention that causes us to believe
that the consolidated financial
statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 September
2020, and its financial performance
and its cash flows for the six months ended on that date, in accordance with IAS 34 and NZ IAS 34.
BASIS FOR QUALIFIED CONCLUSIONWe conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial
statements
section of our report.
Due to the COVID-19 pandemic, certain of the Group’s annual finished products inventory counts and materials cycle counts plann
ed to be held on or close to
31 March 2020 did not occur. As a result, we did not observe the counting of certain physical inventories at 31 March 2020 and
were unable to satisfy ourselves
sufficiently by alternative means as to the quantities and condition of inventory held at that date. We consequently qualified
our audit opinion on the consolidated
financial statements for the year ended 31 March 2020. Since opening inventories enter into the determination of the financial performance for the current period, our review conclusi
on is modified as we were unable to
determine whether adjustments might have been necessary in respect of the profit for the six months ended 30 September 2020 rep
orted in the consolidated
income statement and consolidated statement of comprehensive income, and the possible effect of this matter on the comparabilit
y of the current period’s
balance sheet and the corresponding figures.We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of th
e annual financial statements, and
we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as
auditor, our firm carries out other
services for the Group in the areas of treasury related financial markets risk analysis and commentary, regulatory tax complian
ce in Mexico and other assurance
services in relation to constant currency disclosures. The provision of these other services has not impaired our independence.
DIRECTORS RESPONSIBILITY FOR THE FINANCIAL STATEMENTSThe Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these consol
idated financial statements in
accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the prepar
ation and fair presentation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.

INTERIM REPORT 2021
24
Fisher & Paykel Healthcare Corporation LimitedAUDITOR’S RESPONSIBILITY FOR THE REVIEW OF THE FINANCIAL STATEMENTSOur responsibility is to express a conclusion on the consolidated financial statements based on our review. NZ SRE 2410 (Revise
d) requires us to conclude whether
anything has come to our attention that causes us to believe that the consolidated financial statements, taken as a whole, are
not prepared in all material respects,
in accordance with IAS 34 and NZ IAS 34. A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance
engagement. We perform 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 Inter
national Standards on Auditing
and International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might ide
ntify in an audit. Accordingly,
we do not express an audit opinion on these consolidated financial statements.
WHO WE REPORT TOThis report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that we might state
to the Company’s Shareholders
those matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permi
tted by law, we do not accept or
assume responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this report, or for the
conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Keren Blakey.For and on behalf of: Chartered Accountants Auckland 24 November 2020

INTERIM REPORT 2021
25
Fisher & Paykel Healthcare Corporation Limited
DIRECTORSScott St John
Chairman, Non-Executive, Independent
Lewis Gradon
Managing Director and Chief Executive
Officer
Michael Daniell
Non-Executive
Pip Greenwood
Non-Executive, Independent
Geraldine McBride
Non-Executive, Independent
Neville Mitchell
Non-Executive, Independent
Donal O’Dwyer
Non-Executive, Independent
EXECUTIVE MANAGEMENT TEAMLewis Gradon
Managing Director and
Chief Executive Officer
Lyndal York
Chief Financial Officer
Paul Shearer
Senior Vice President – Sales & Marketing
Andrew Somervell
Vice President – Products & Technology
Winston Fong
Vice President – Surgical Technologies
Brian Schultz
Vice President – Quality & Regulatory
Nicola Talbot
Vice President – Human Resources
Nicholas Fourie
Vice President – Information &
Communication Technology
Jonti Rhodes
General Manager – Supply Chain
Marcus Driller
Vice President – Corporate
REGISTERED OFFICESNew Zealand:Physical address:
15 Maurice Paykel Place,
East Tamaki, Auckland 2013, New Zealand
Telephone:
+64 9 574 0100
Postal address:
PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.comEmail: investor@fphcare.co.nzAustralia:Physical address:
19-31 King St, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone:
+61 3 9871 4900
Postal address:
PO Box 159, Mitcham
Victoria 3132, Australia
STOCK EXCHANGESThe Company’s ordinary shares are listed on the NZX Main Board and the ASX.
SHARE REGISTRARIn New Zealand:Link Market Services LimitedPhysical address:
Level 11, Deloitte Centre,
80 Queen Street, Auckland 1010, New Zealand
Postal address:
PO Box 91976,
Auckland 1142, New Zealand
Facsimile:
+64 9 375 5990
Investor enquiries:
+64 9 375 5998
Website: www.linkmarketservices.co.nzEmail: enquiries@linkmarketservices.co.nzIn Australia:Link Market Services LimitedPhysical address:
Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address:
Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile:
+61 2 9287 0303
Investor enquiries:
+61 2 8280 7111
Internet address:
www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Directory

Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea.
www.fphcare.com© 2020 Fisher & PaykelHealthcare Corporation Limited

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25 November 2020
Results announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation 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
$910,200 +59%
Total Revenue $910,200 +59%
Net profit/(loss) from
continuing operations
$225,500 +86%
Total net profit/(loss) $225,500 +86%
Final Dividend
Amount per Quoted Equity
Security
0.16000000 $/share
Imputed amount per Quoted
Equity Security
0.06222222 $/share
Record Date 04 December 2020
Dividend Payment Date 16 December 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
NZ$1.87 NZ$1.40
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

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

25 November 2020

Unaudited financial statements accompany this announcement.

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25 November 2020
Distribution Notice

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

Full Year Quarterly
Half Year X Special
DRP applies
Record date 04 December 2020
Ex-Date 03 December 2020
Payment date 16 December 2020
Total monies associated with the
distribution
$92,203,502 million based on shares on issue at 24
November 2020 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 0.22222222 $/share
Gross taxable amount 0.22222222 $/share
Total cash distribution 0.16000000 $/share
Excluded amount N/A
Supplementary distribution amount 0.02823529 $/share
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
0.06222222 $/share
Resident Withholding Tax per
financial product
0.01111111 $/share
Section 4: Distribution re-investment plan (if applicable)
Not applicable

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Marcus Driller
Contact person for this
announcement
Marcus Driller
Contact phone number +64 9 574 0110
Contact email address marcus.driller@fphcare.co.nz
Date of release through MAP 25 November 2020