GREEN CROSS HEALTH REPORTS HALF YEAR PROFIT OF $8.8M

Green Cross Health (NZX: GXH)
Half Year Result Announcement for the unaudited six months ending 30 September 2020
GREEN CROSS HEALTH REPORTS HALF YEAR PROFIT OF $8.8M
25 November 2020, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the

group behind Unichem and Life Pharmacy, The Doctors and Access Community Health, reported
revenue of $277m for the six months to 30 September 2020, consistent with the prior period. Net
Profit After Tax Attributable to Shareholders of $8.8 million includes growth in the Medical and
Community Health divisions, offsetting weakness in the Pharmacy division.
Result Summary:
Revenue of $277m
Operating Profit (EBIT) of $17.9m
Net Profit After Tax Attributable to Shareholders of $8.8m
Pharmacy Revenue down 5% and Operating Profit down 11% at $10.9m due to the impact of
COVID-19 on retail sales
Medical division continues to grow, with Revenue up 8% and Operating Profit at $5.7m
Community Health Revenue up 10% and Operating Profit at $2.4m
Government wage subsidy amounts of $8.0m included in Group Revenue and passed on to
employees
No interim dividend declared due to ongoing uncertainty in the market, relating to COVID-19 and
the associated economic downturn.
Green Cross Health Group CEO Rachael Newfield, says, “Against a difficult backdrop created by COVID-

19, the growth in the profitability of the Medical and Community Health divisions has been
encouraging. The Pharmacy division endured a tough six months, with retail gross profit down 24%
due to the impact of COVID-19 and the corresponding squeeze on retail spending. Wage subsidy
amounts of $8.0m are included in Group Revenue for the period, with the vast majority relating to the
87
individual pharmacies within the portfolio. In line with the objective and criteria of the wage
subsidy scheme, the
pharmacies were able to retain staff during the wage subsidy period, with all
amounts passed on to
employees.
As an essential service, we remained open over the lockdown periods to serve patients and the

community during uncertain and challenging times. We remain cautious given the uncertainty caused
by COVID-19, and therefore focus remains on maintaining a strong Balance Sheet and on cash
preservation.”

Unichem &
Life Pharmacy Division
Pharmacy Revenue for the period saw a decline of 5%, reflecting the impact of COVID-19 on the

ability of customers to shop in-store during the various COVID-19 alert levels, as well as some
pharmacy closures. Operating Profit was down $1.3m to $10.9m.
Dispensing activity was supported by temporary changes to repeat dispensing rules, which increased

dispensing revenue and gross profit. However, this was more than offset by the COVID-19 impact to
retail sales in shopping mall and Auckland and Wellington CBD stores, which contributed to retail
gross profit being down 24% on the prior period.
The Pharmacy division has progressed its pricing and margin management plans, and also

commenced work on its product range review, including exclusive distribution arrangements. In our
pharmacies, we have also made progress on realigning occupancy and labour costs to the changing
market conditions.
In the period, the greenfield pharmacy site in the Commercial Bay
development in Auckland’s CBD
began trading, and we saw the two Karori pharmacies in Wellington, acquired in February 2020,
trade for the full period.
COVID-19 saw our pharmacies innovating by offering h
ome delivery prescription services within their
communities, although this in turn created increased costs and challenges with collecting the $5
Government-mandated prescription co-payment from consumers given the move to contactless
delivery methods. We continue to call on Government to review the intention of the co-payment
policy and ensure it is in line with Government’s “equity of access” healthcare policies.
We expect retail sales performance will face challenges
from changes in consumer retail spending as
a result of COVID-19, coupled with competitive pressures facing the sector. We are focused on core
retail disciplines including pricing and product range, the development of further professional service
offers to our customers as well as ensuring occupancy and labour costs are right-sized by store.
The optimisation of our pharmacy investment portfolio is a priority, both through potential store
closures and assessing strategic acquisition opportunities.

The Doctors Medical Division
Medical Revenue increased 8% to $41.0m, with Operating
Profit at $5.7m, driven by organic and
acquired revenue growth and improved operational efficiency. The recent acquisitions in late FY20
(Drury Surgery and purchase of a patient book into The Doctors Fred Thomas) have also added to the
increase in revenue and operating profit. The Doctors network currently numbers 43 medical centres,
with the addition of Gabriel Medical Practice (Mt Roskill) just before the end of the period.
Operationally, COVID-19 has had a significant impact on acute patient presentations, particularly in

Urgent Care and walk-in clinic settings. In some areas this has been mitigated by revenue from COVID-
19 swabbing activity. Our previous focus on embedding telephone triaging of patients has enabled the
shift to phone and video consults during lockdown periods to be more seamless. This has been
followed-up with initiatives to enable remote payment handling in clinics, plus development of a more
end-to-end video consultation platform (housecall.co.nz). Investing in infrastructure that caters to
the growing trend for patients to access their clinicians through online channels, will remain a priority.
We have worked closely with funders to ensure General Practice services remain sustainable and have

moved to more bulk-funded arrangements with PHOs, particularly in the Auckland and Bay of Plenty
regions. We expect the implementation of recommendations of the Health & Disability System Review
will see providers working more closely with central funders to address access and equity issues.
These activities, combined with the growth of enrolled patients during the period, to 269,000 enrolled

patients, allowed the division to deliver an increased return.
We remain committed to providing high-quality services, with all practices in the group fully

accredited for national quality standards and having a strong focus on patient safety, patient health
outcomes and continuous quality improvement. Increasing scale and operational capability in the
Medical division is at the core of the division’s growth strategy, along with selectively acquiring
practices.
Community Health Division
Revenue for the period in the Community Health division increased b
y 10% to $82.5m; this is mainly
due to the strategy of supporting clients in the community with higher clinical needs coupled with
service improvement, enabling our most vulnerable clients to successfully live independently within
their own homes.
Supported by our ongoing focus on efficiency and cost management, the Community Health division

returned an Operating Profit of $2.4m. Despite the improvement, the operating profit margin for the
division remains low at 3%.

The division’s specialist nursing care business, Total Care Health continued to consolidate its presence
and service in existing regions while expanding into new segments of care, driving enhanced clinical
outcomes and supporting convenient client access. Investing in developing enhanced technology
aimed at supporting improved client-centred care remains paramount to the division’s strategy.
The Home and Community Support sector remains vulnerable due to ongoing wage pressures,

compliance costs and significant administrative costs, with limited uplift in funding. We continue to
advocate for support from all funders to return the sector to a position of sustainability and to
recognise the value of supporting our most vulnerable populations to live within their communities
for longer.
Outlook and Dividend
Green Cross Health is focused on delivering earnings growth whilst refining its operating model to

adapt to changing market conditions. The Company has worked to maintain a strong Balance Sheet
(including not paying a full year dividend for FY20) in light of the challenging landscape that has been
shaped by the COVID-19 pandemic. In order to safeguard this position and to capitalise on acquisition
opportunities that may eventuate as a result of the economic climate, the Board has resolved not to
declare an interim dividend.
Green Cross Health is committed to providing all New Zealanders accessible, quality primary

healthcare. As part of this commitment, we will continue to advocate for the removal of the
prescription co-payment Government tax, and remain optimistic that the implementation of the
recommendations from the New Zealand Health & Disability System Review will see the improved
accessibility and affordability of primary healthcare for New Zealand communities.
Contact:
Ben Doshi

ben.doshi@gxh.co.nz
Rachael Newfield
rachael.newfield@gxh.co.nz

About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with multi-

disciplinary healthcare teams with the purpose of working together to support healthier communities.
Green Cross Health’s is focused on creating sustainable healthcare solutions with positive outcomes
and experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups Unichem and

Life Pharmacies, The Doctors medical centres, Total Care Health community nursing services and
Access Community Health to provide support, care and advice to diverse New Zealand communities.
Providing convenient access to professional healthcare with 358 Unichem and Life pharmacies

covering almost every New Zealand community, Green Cross Health’s makes more than 3.6m home
visits to more than 42,000 community health clients and cares for 269,000 enrolled patients at medical
centres.

---

GXH Half Year Results Presentation 25 November 2020 Pg 1GXH Half Year Results Presentation 25 November 2020 Pg 1
Half Year Results Presentation
25 November 2020

GXH Half Year Results Presentation 25 November 2020 Pg 2GXH Half Year Results Presentation 25 November 2020 Pg 2
Community Health
Operating Profit
$2.4m
Revenue
$277.2m
¹
Operating Profit /EBIT
$17.9m
Net Profit After Tax
$8.8m
(attributable to shareholders)
Note: 1

Revenue includes $8.0m of government wage subsidies received
Note: 2 Operating Profit / EBIT includes -$1.1m allocated to the Group's Corporate segment
Pharmacy Operating Profit
$10.9m
Medical Operating Profit
$5.7m
GXH Half Year Result - Financial Overview
2

GXH Half Year Results Presentation 25 November 2020 Pg 3
Our Purpose
Working together to support healthier communities.
We are passionately committed to the health and wellness of New
Zealand, and to providing the best support, care and advice to our
communities.
This is our promise.

GXH Half Year Results Presentation 25 November 2020 Pg 4
Who We Are

GXH Half Year Results Presentation 25 November 2020 Pg 5
Pharmacy Division
New Zealand’s largest network of health retailers:
supporting easy access to quality health care

GXH Half Year Results Presentation 25 November 2020 Pg 6
Pharmacy Performance
• Revenue down 5% at $153.7m, with mall stores and Auckland and Wellington CBD stores worst hit by the lockdowns and decline in retail
spend
• Operating Profit down $1.3m to $10.9m, largely as a result of the COVID-19 impact on retail sales
• The decline in Pharmacy Revenue and Operating Profit was partially offset by the wage subsidy, which helped the 87 individual
pharmacies to retain staff during the subsidy period
• Same store sales declined 12%, same store script numbers up 8% due to change to monthly dispensing for the April - July months
166
170
162
154
0
25
50
75
100
125
150
175
1H181H191H201H21
$m
Pharmacy Operating Revenue
14.5
13.9
12.2
10.9
0
4
8
12
16
1H181H191H201H21
$m
Pharmacy Operating Profit
IFRS 16 Adjustment

GXH Half Year Results Presentation 25 November 2020 Pg 7
Retail Disciplines
• Evolve retail offering to changing consumer behaviour post COVID-19
• Focus on margin management and core retail disciplines
• Development of further professional service offers
Customer Engagement
• Strengthen digital capability around 1.7m Living Rewards database
• Grow e-commerce
• Advocate for removal of $5 prescription co-payment to increase
accessibility and equity for all New Zealanders
Network Scale
• Optimise equity store network
• Leverage national footprint and trusted Unichem and Life Pharmacy
brands
Financial Returns
• Adapt to changing market conditions
• Right-size labour and occupancy costs by store
Pharmacy Future Focus

GXH Half Year Results Presentation 25 November 2020 Pg 8
Medical Division
Growth, leadership and sustainable models of care

GXH Half Year Results Presentation 25 November 2020 Pg 9
Medical Performance
• Revenue up 8% to $41.0m, primarily as a result of organic growth and some COVID-19 related swabbing activity
• Operating Profit at $5.7m, with improved operational efficiency, organic revenue growth and acquisitions
• 269,000 enrolled patients as at 30 September 2020, including increase of 2,000 from Gabriel Medical Practice (Mt Roskill)
acquisition
• Ownership in 43 Medical Centre
s
25
34
38
41
0
10
20
30
40
50
1H181H191H201H21
$m
Medical Operating Revenue
1.5
2.0
3.8
5.7
0
1
2
3
4
5
6
1H181H191H201H21
$m
Medical Operating Profit
IFRS 16 adjustment

GXH Half Year Results Presentation 25 November 2020 Pg 10
Network Scale
• Continue to build The Doctors brand
• Network and patient number growth through targeted
acquisitions and organic revenue growth
Patient Engagement
• Scale digital technology to increase efficiency and enhance
delivery of high quality patient care
• Work closely with funders to ensure equitable access
• Extend rollout of end-to-end video consultation platform
Financial Returns
• Continuous improvement in operational efficiency and scale
• Improve utilisation via systematic triaging of patients
Medical Future Focus

GXH Half Year Results Presentation 25 November 2020 Pg 11
Community Health
Division
Delivering sustainable services to maintain and
support clients’ independence within their own home

GXH Half Year Results Presentation 25 November 2020 Pg 12
Community Health Performance
• Revenue up 10% to $82.5m following ongoing focus on higher clinical needs client base
• Operating Profit increased to $2.4m due to revenue improvement coupled with cost management and utilisation of
technology
• Continued advocacy for uplift in sector funding to ensure sustainability of sector
68
78
75
82
0
20
40
60
80
100
1H181H191H201H21
$m
Community Health Operating Revenue
1.3
-0.1
1.1
2.4
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
1H181H191H201H21
$m
Community Health Operating Profit
IFRS 16 adjustment

GXH Half Year Results Presentation 25 November 2020 Pg 13
Community Health Future Focus
Service Offering
• Focus on higher clinical needs segments
• Expand geographic coverage of Community Nursing
business
Digital Communication
• Harness technology to enhance workforce efficiency and
client outcomes
Fi
nancial Returns
• Continue cost reduction initiatives
•
Focus on service and funding of all contracts, targeting
growth in higher margin areas
• Advocate for additional sector funding to ensure
sustainability

GXH Half Year Results Presentation 25 November 2020 Pg 14
Group Financial Result
6 months ending 30 September 2020

GXH Half Year Results Presentation 25 November 2020 Pg 15
Half Year Result - Group Revenue and Profit
• Revenue flat at $277m year on year, including a government wage subsidy of $8.0m
• Operating Profit of $17.9m, including an IFRS 16 impact of $1.9m and government wage subsidy of $8.0m
• The government wage subsidy of $8.0m was passed on to employees in full. Green Cross Health employs 5,700 people
16.5
14.9
16.0
17.9
0
5
10
15
20
1H181H191H201H21
$m
GXH Operating Profit
IFRS 16 Adjustment
259
282
275
277
100
150
200
250
300
1H181H191H201H21
$m
GXH Operating Revenue

GXH Half Year Results Presentation 25 November 2020 Pg 16
Net Profit After Tax (attributable to shareholders)
• NPAT attributable to shareholders of $8.8m, including an IFRS16 impact of -$0.2m and government wage subsidy of
$4.6m (after tax and non controlling interest component)
8.8
8.1
0.0
5.0
10.0
1H181H191H201H21
$m
GXH Net Profit after Tax Attributable to Shareholders
IFRS 16 Adjustment
7.0
8.8

GXH Half Year Results Presentation 25 November 2020 Pg 17
Operating Cash / Investments
• Operating Cash of $39.1m ($29.4m before the
application of IFRS 16)
• Focus during the period on cash preservation
given the uncertainty caused by the COVID-19
pandemic – no full year FY20 dividend paid
• Headroom in BNZ group debt facility, covenant
s
co
ntinue to be met
Enabling investment in:
• Massey Doctors – increase in holding
• Motueka Doctors – increase in holding
• Gabriel Medical Practice (Mt Roskill) – asset
purchase
17.3
9.9
22.1
39.1
0
5
10
15
20
25
30
35
40
45
1H181H191H201H21
$m
GXH Operating Cash Flow
IFRS 16 adjustment

GXH Half Year Results Presentation 25 November 2020 Pg 18
Earnings Per Share
• EPS at 6.18 cps (6.29 cps before the
application of IFRS 16)
6.25
5.69
4.89
0
1
2
3
4
5
6
7
8
9
10
1H181H191H201H21
Cps
Earnings Per Share
IFRS 16 adjustment
6.18

GXH Half Year Results Presentation 25 November 2020 Pg 19GXH Half Year Results Presentation 25 November 2020 Pg 19
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks
are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as
required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change materially. This
presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a
solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with
GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures. All half year financial information presented in this
document is unaudited.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the period
ended 31 March 2020.

---

GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 25/11/2020
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$277,160 +0.6%
Total Revenue
$277,160 +0.6%
Net profit from continuing operations attributable
to shareholders
$8,846 +26.4%
Total net profit attributable to shareholders
$8,846 +26.4%
Interim Dividend
Amount per Quoted Equity Security N/A
Imputed amount per Quoted Equity Security N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted Equity Security* -$0.03 -$0.14
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* Due to the nature of the Company’s business,
intangible assets are a major component of total assets.
Net assets per quoted equity security are $1.02 (30
September 2019: $0.93).
Please refer to the attached unaudited Financial
Statements for the six months ended 30 September 2020.
Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this
announcement
Ben Doshi – Group CFO
Contact phone number +64 9 580 6846
Contact email address ben.doshi@greencrosshealth.co.nz
Date of release through MAP

25/11/2020
Unaudited financial statements accompany this announcement.

---

Green Cross Health Limited
Consolidated interim financial statements
Half year ended 30 September 2020

Contents
Page
Half-year financial statements
Consolidated interim statement of comprehensive income2
Consolidated interim statement of changes in equity3
Consolidated interim statement of financial position4
Consolidated interim statement of cash flows5
Notes to the financial statements6
Company Directory13
-
1-

Green Cross Health Limited
Consolidated interim statement of comprehensive income
For the six months ended 30 September 2020
Six months
ended
30 Sep 2020
Six months
ended
30 Sep 2019
(Unaudited)(Unaudited)
Note$'000$'000
Operating revenue4.1277,160275,402
Operating expenditure4.2(248,042)(248,394)
Depreciation and amortisation(4,105)(4,208)
Depreciation - leases(7,915)(7,352)
Share of equity accounted net earnings836593
Operating profit before interest and tax17,93416,041
Interest income1982
Interest expenses(698)(993)
Interest expense - leases(2,245)(2,929)
Net interest expense(2,924)(3,840)
Profit before tax15,01012,201
Income tax expense(3,995)(3,322)
Profit after tax for the period11,0158,879
Other comprehensive income for the period, net of tax--
Total comprehensive income for the period
11,0158,879
Attributable to:
Shareholders of the Parent8,8467,000
Non-controlling interest2,1691,879
Attribution of profit and comprehensive income to shareholders and non
controlling interest
11,0158,879
Earnings per share:
Basic earnings per share (cents)6.184.89
Diluted earnings per share (cents)6.174.88
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-2-

Green Cross Health Limited
Consolidated interim statement of changes in equity
For the six months ended 30 September 2020
Share capital
Retained
earnings
Non-
controlling
interest
Total equity
Note$'000$'000$'000$'000
Balance at 1 April 2020 (Audited)90,61033,80210,307134,719
Profit for the period8,8462,16911,015
Total comprehensive income for the period8,8462,16911,015
Transactions with owners, recorded directly to equity:
Dividends to shareholders7---
Distributions to non-controlling interests-(312)(312)
Impacts of other transactions with non-controlling interests185(200)(15)
Balance at 30 September 2020 (Unaudited)90,61042,83311,964145,407
Balance at 1 April 2019 (Audited)90,61033,8439,490133,943
Impact on application of IFRS16 - net of tax
(2,001)(579)(2,580)
Balance as at 1 April 2019 (restated)
90,61031,8428,911131,363
Profit for the period7,0001,8798,879
Total comprehensive income for the period7,0001,8798,879
Transactions with owners, recorded directly to equity:
Dividends to shareholders7(5,010)-(5,010)
Distributions to non-controlling interests-(1,325)(1,325)
Impacts of other transactions with non-controlling interests(1,279)(65)(1,344)
Balance at 30 September 2019 (Unaudited)90,61032,5539,400132,563
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-3-

Green Cross Health Limited
Consolidated interim statement of financial position
As at 30 September 2020
As at
30 Sep 2020
As at
30 Sep 2019
As at
31 Mar 2020
(Unaudited)(Unaudited)(Audited)
Note$'000$'000$'000
ASSETS
Current assets
Cash and cash equivalents44,92217,80433,899
Trade and other receivables22,47722,87928,834
Contract assets11,66111,79114,273
Inventories33,63533,44634,720
Income taxes refundable-386-
Total current assets112,69586,306111,726
Non-current assets
Property, plant and equipment21,72921,07722,227
Right-of-use assets82,45787,71986,090
Intangible assets133,288138,728133,524
Deferred tax assets16,15714,23616,055
Equity accounted group investments7,7706,6936,988
Total non-current assets261,401268,453264,884
Total assets374,096354,759376,610
LIABILITIES
Current liabilities
Payables and accruals88,19571,95684,633
Contract liabilities6,3225,7626,019
Income taxes payable2,686-1,186
Borrowings1,9145,3073,359
Lease liability - current13,67112,81013,705
Total current liabilities112,78895,835108,902
Non-current liabilities
Borrowings39,25744,73453,114
Lease liability - non current76,64481,62779,875
Total non-current liabilities115,901126,361132,989
Total liabilities228,689222,196241,891
Net assets
145,407132,563134,719
EQUITY
Share capital690,61090,61090,610
Retained earnings42,83332,55333,802
Total equity attributable to shareholders of the Parent133,443123,163124,412
Non-controlling interest11,9649,40010,307
Total equity
145,407132,563134,719
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-4-

Green Cross Health Limited
Consolidated interim statement of cash flows
For the six months ended 30 September 2020
Six months
ended
30 Sep 2020
Six months
ended
30 Sep 2019
(Unaudited)(Unaudited)
Note$'000$'000
Cash flows from operating activities
Dividends received255298
Receipts from customers268,191276,807
Interest received1982
Payments to suppliers and employees(223,167)(248,953)
Income taxes paid(6,151)(6,145)
Net cash inflow from operating activities539,14722,089
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(1,450)(4,115)
Acquisition of interests in equity accounted investments(129)-
Acquisition of interests in subsidiaries and non-controlling interests(349)(1,384)
Net cash outflow from investing activities(1,928)(5,499)
Cash flows from financing activities
Proceeds from borrowings1,15819,575
Repayment of borrowings(16,550)(18,653)
Payment of lease liabilities(7,549)(6,103)
Interest expense(698)(993)
Interest expense - leases(2,245)(2,929)
Distribution to non-controlling interests(312)(1,325)
Dividend paid-(5,010)
Net cash outflow from financing activities(26,196)(15,438)
Net increase in cash and cash equivalents11,0231,152
Add opening cash and cash equivalents33,89916,652
Closing cash and cash equivalents
44,92217,804
Reconciliation of closing cash and cash equivalents to the consolidated
interim statement of financial position:
Cash and cash equivalents
44,92217,804
Closing cash and cash equivalents
44,92217,804
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-5-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
1 Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct Act
2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the NZX

Main Board ("NZX").
The consolidated interim financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its
interest in associates and joint ventures (together referred to as the “Group”).
2 Basis of preparation of financial statements
(a) Statement of compliance
These consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 Interim Financial Reporting, and other applicable Financial Reporting
Standards as appropriate for profit oriented entities. These consolidated interim financial statements do not include all of
the information required for full annual financial statements and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 31 March 2020.
The consolidated interim financial statements for the six months ended 30 September 2020 and the comparative
information for the six months ended 30 September 2019 are unaudited.
These financial statements have been approved for issue by the Board of Directors on 25 November 2020.
(b) Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c) Changes in accounting policy
The accounting policies applied by the Group in these consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 March 2020 except as outlined below.
The Group has early adopted COVID-19 Related Rent Concessions - Amendments to IFRS 16 issued on 28 May 2020.
The amendment introduces an optional practical expedient for leases in which the Group is a lessee - i.e. for leases to
which the Group applies the practical expedient, the Group is not required to assess whether eligible rent concessions that
are a direct consequence of the COVID-19 coronavirus pandemic are lease modifications. The Group has applied the
amendment retrospectively. The amendment has no impact on retained earnings as at 1 April 2020.
The Group negotiated rent concessions with its landlords for the majority of its property leases as a result of the severe
impacts of the COVID-19 pandemic during the period. The Group applied the practical expedient for COVID-19 related rent
concessions consistently to eligible rent concessions relating to its property leases.
The amount credited to the consolidated interim statement of comprehensive income for the reporting period to reflect
changes in lease payments arising from rent concessions to which the Group has applied the practical expedient for
COVID-19 related rent concessions is $1.0m (2019: nil)
(d) Comparatives
Where appropriate, comparative information has been reclassified to conform to the current period's presentation.
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6-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
2 Basis of preparation of financial statements(continued)
(e) Significant estimates and judgments
In authorising the consolidated interim financial statements for the six months ended 30 September 2020, the Directors
have ensured that the specific accounting policies necessary for the proper understanding of the financial statements have
been disclosed, and that all accounting policies adopted are appropriate for the Group’s circumstances and have been
consistently applied throughout the period for all Group entities for the purposes of preparing the consolidated interim
financial statements.
Inherent in the application of certain accounting policies, judgments and estimates are required. The Directors note that
the actual results may differ from the judgments and estimates made.
The significant judgments made by management in applying the Group’s accounting policies and the key sources of
estimation uncertainty were the same as those described in the last annual financial statements.
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7-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
3 Segment reporting
The Group has three reportable segments: pharmacy services, medical services and community health.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres, as well as medical centres outside
the Group. The community health segment provides services direct to the community to support independent living.
Operating segments
Information about reportable segments
September 2020 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
External revenues4.1153,68041,02682,454-277,160
Cost of products sold(88,622)---(88,622)
Employee benefit expense(30,029)(28,204)(76,210)-(134,443)
Lease expenses(693)(13)(37)-(743)
Other expenses(14,769)(5,691)(2,672)(1,102)(24,234)
Depreciation and amortisation(3,286)(484)(335)-(4,105)
Depreciation - leases(5,584)(1,519)(812)-(7,915)
Share of equity accounted net
earnings
231605--836
Segment Profit
10,9285,7202,388(1,102)17,934
Interest income19
Interest expense(698)
Interest expense - leases
(2,245)
Profit before tax15,010
Tax expense
(3,995)
Profit after tax11,015
Non-controlling interest
(2,169)
Net Profit attributable to the
shareholders of the parent
8,846
Reportable segment assets278,33067,68239,337(11,253)374,096
Reportable segment liabilities147,86557,99634,081*(11,253)228,689
*Intersegmental elimination
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
3 Segment reporting(continued)
September 2019 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
External revenues4.1162,37838,04174,983-275,402
Cost of products sold(93,656)---(93,656)
Employee benefit expense(30,070)(27,196)(70,137)-(127,403)
Lease expenses(1,973)(291)(166)-(2,430)
Other expenses(16,397)(5,144)(2,413)(951)(24,905)
Depreciation and amortisation(3,055)(660)(493)-(4,208)
Depreciation - leases(5,138)(1,446)(768)-(7,352)
Share of equity accounted net
earnings
145448--593
Segment Profit
12,2343,7521,006(951)16,041
Interest income82
Interest expense(993)
Interest expense - leases
(2,929)
Profit before tax12,201
Tax expense
(3,322)
Profit after tax8,879
Non-controlling interest
(1,879)
Net Profit attributable to the
shareholders of the parent
7,000
Reportable segment assets248,87772,47743,562(10,157)354,759
Reportable segment liabilities149,43554,86428,054*(10,157)222,196
*Intersegmental elimination
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9-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
4 Operating performance
4.1Revenue
The Group's operations and revenue streams are those described in the last annual financial statements. The Group's
revenue is derived from contracts with customers.
Six months
ended
30 Sep 2020
Six months
ended
30 Sep 2019
(Unaudited)(Unaudited)
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary133,247144,367
Other pharmacy revenue20,43318,011
Medical fee income41,02638,041
Home care
82,45474,983
277,160275,402
Revenue includes government grant incentives received of $7.0m other pharmacy revenue, $0.5m medical fee income
and $0.5m home care under the New Zealand Government's wage subsidy scheme available to eligible businesses
impacted by the COVID-19 pandemic.
Disaggregation of contract revenue
Reportable segments
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2020 (Unaudited)
Timing of revenue recognition
Transferred at a point in time148,76018,64258,429225,831
Transferred over time
4,92022,38424,02551,329
153,68041,02682,454277,160
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2019 (Unaudited)
Timing of revenue recognition
Transferred at a point in time156,89817,97650,738225,612
Transferred over time
5,48020,06524,24549,790
162,37838,04174,983275,402
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
4 Operating performance(continued)
4.2 Operating expenditure
Six months
ended
30 Sep 2020
Six months
ended
30 Sep 2019
(Unaudited)(Unaudited)
$'000$'000
Cost of products sold88,62293,656
Employee benefit expense134,443127,403
Lease expenses7432,430
Other expenses
24,23424,905
248,042248,394
5 Operating cash flow reconciliation
Six months
ended
30 Sep 2020
Six months
ended
30 Sep 2019
(Unaudited)(Unaudited)
$'000$'000
Profit for the period11,0158,879
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment12,02011,560
Other non-cash items2,1935,288
Add/(deduct) changes in working capital items:
Receivable and accruals movement8,9691,406
Inventory1,085(642)
Payable and accruals movements
3,865(4,402)
Net cash inflow from operating activities
39,14722,089
6 Shares on issue
As at
30 Sep 2020
As at
30 Sep 2019
As at
31 Mar 2020
(Unaudited)(Unaudited)(Audited)
$'000$'000$'000
Shares authorised and on issue
Opening number of shares143,303143,486143,486
Shares issued - fully paid---
Shares issued - partly paid---
Shares cancelled - partly paid
--(183)
143,303143,486143,303
Shares held as treasury stock
(150)(333)(150)
143,153143,153143,153
Net tangible assets per share (cents)^(2.82)(14.25)(10.38)
Net assets per share (cents)*101.5792.6094.11
^The calculation of Net tangible (liabilities)/assets per share is based on net assets less deferred tax and intangible assets
and the closing number of ordinary shares.
*The calculation of net assets per share is based on net assets and the closing number of ordinary shares.
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11-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2020
7 Distribution to owners
Green Cross Health Limited elected not to pay a final dividend for the year ended 31 March 2020 (31 March 2019: 3.5
cents per qualifying ordinary share).
8 Subsequent events
There have been no subsequent events which require disclosure in these consolidated interim financial statements.
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12-

Green Cross Health Limited
Company Directory
BoardK Ellis
Independent Chair
J A Bagnall
Non-Executive Director
J B Bolland
Non-Executive Director
P M Merton
Non-Executive Director
K A Orr
Independent Director
C M Steele
Independent Director
PJ Williams
Non-Executive Director
OfficersRachael Newfield
Group CEO
Ben Doshi
Group CFO/Company Secretary
Registered officeGreen Cross Health Limited
Ground Floor, Building B
602 Great South Road
Ellerslie. Auckland 1051
Telephone: +64 9 571 9080
Share registerComputershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Managing your shareholding online:
To change your address, update your payment instructions and to view your
registered details including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting your CSN or shareholder number.
AuditorKPMG
KPMG Centre
18 Viaduct Harbour Avenue
Auckland
BankersBank of New Zealand
80 Queen Street
Auckland 1010
Investor relationsFor investor relations enquiries:
Phone: 09 571 9088
Email: investorrelations@gxh.co.nz
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Green Cross Health Limited
Company Directory(continued)
Websiteswww.greencrosshealth.co.nz
www.access.org.nz
www.lifepharmacy.co.nz
www.livingrewards.co.nz
www.thedoctors.co.nz
www.unichem.co.nz
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