Half year report provided

Ryman Healthcare
HALF YEAR REPORT 2020

3 Half-year key points
4 Key statistics
6 Report to shareholders
12 Interim financial statements
26 Our villages
28 Directory
Cover image features Priscilla Lowry, a resident
photographed during our Pioneers brand campaign.
RYMAN HEALTHCARE
2

39 villages
We own and operate 39 retirement
villages in New Zealand
and Australia and have 16
new villages in the pipeline.
$88.4 million
Unaudited underlying
profit
*
down 14.2%.
*
See key statistics for definition.
97%
Mature care occupancy was
97% at 30 September 2020.
$406.3 million
We've invested $406.3 million
in new and existing villages.
$8.34 billion
Total assets up 14.9% from
September 2019.
$212.4 million
Reported (IFRS) profit up 12.8%.
$430.4 million
$430.4 million of committed
new sale contracts at
30 September 2020.
12,000 residents
Our villages are home to
over 12,000 residents.
6,100
We employ 6,100 staff.
6 ,1 7 1
6,171 beds and units in
our land bank.
Half-year key points
HALF YEAR REPORT 2020
3

30 Sept 2020
Six months
30 Sept 2019
Six months
31 March 2020
12 months
Financial
Underlying profit (non-GAAP)$m88.4103.0242.0
Reported net profit after tax$m212 .4188.3264.7
Net operating cash flows$m96.4256.1449.8
Net assets$m2,452.22,294.52,301.0
Total assets$m8,337.17,255.87,67 7. 2
Interest-bearing debt to
interest-bearing debt plus
equity ratio%46%40%42%
Dividend per sharecents8.811.524.2
Villages
New sales of occupation rightsno.121229513
Resales of occupation rightsno.456454923
Total sales of occupation rightsno.5776831,436
Land bank (to be developed)
1, 2
no.6,1717,0746,595
Portfolio:
Aged-care bedsno.3,9513,6603,911
Retirement-village unitsno.7,6897,07 17,4 2 3
Total units and bedsno.11,64010,73111,334
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
1 Includes retirement-village units and aged-care beds.
2 Of the 6,171 units and beds in the land bank, 2,363 are subject to resource consent.
RYMAN HEALTHCARE
4

Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the period. Underlying profit
does not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial
information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a
measure that the Group uses consistently across reporting periods.
Underlying profit excludes deferred taxation, taxation expense, and unrealised movement on investment
properties because these items do not reflect the trading performance of the Company. Underlying profit
determines the dividend payout to shareholders.
*Generally Accepted Accounting Principles.

30 Sept 2020
Six months
30 Sept 2019
Six months
31 March 2020
12 months
Underlying profit (non-GAAP)$m88.4103.0242.0
Plus unrealised fair-value
movement on retirement-
village units$m124.192 .7(70.9)
Less deferred tax movement$m(0.1)(7.4)93.6
Reported net profit after tax$m212 .4188.3264.7
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
HALF YEAR REPORT 2020
5

Report to
shareholders
RYMAN HEALTHCARE
6

We are pleased to report on good
progress at Ryman Healthcare
despite the impact of COVID-19.
Our first half unaudited underlying
profit dropped by 14.2% to $88.4
million, due to restrictions on sales
and construction activity caused by
the pandemic.
Unaudited reported (IFRS) profit,
which includes unrealised fair value
gains on investment property,
increased 12.8% to $212.4 million
in the six months to 30 September.
Shareholders will receive an interim
dividend of 8.8 cents per share in
line with 50% of underlying profit.
The record date for entitlements is
11 December, and the dividend will be
paid on 18 December 2020.
We are very proud of our success at
keeping COVID-19 at bay during the
half – there is nothing more important
than keeping our residents and our
team safe.
That is down to some extraordinarily
hard work by our Rymanians and
some outstanding patience and
goodwill from our residents and
their families.
It has been a huge team effort and we
cannot thank everyone enough for
what has been achieved.
People first
COVID-19 is a once-in-a-generation
challenge and we bore the full brunt
of it in the first half.
It was a difficult six months which
is reflected in the results.
The pandemic increased costs
and severely restricted sales and
construction activity during extended
lockdowns in our key markets in
Auckland and Victoria.
We have spent roughly $50 million
since we first learned about the
threat of COVID-19 in January on
a range of responses as we put
the protection of our people first.
This has ranged from buying large
stocks of additional PPE and paying
increased sick leave allowances
through to providing additional
services to look after residents’
wellbeing during the lockdowns.
But with lockdowns coming off in
Victoria and a buoyant housing
market in New Zealand, we are
expecting conditions to improve in
the second half.
Ryman has a record number of new
villages in the pipeline.
While there is likely to be
some ongoing uncertainty due
to the pandemic, there is clearly
a lot of pent-up demand in the
housing market.
We are anticipating cash collections
of at least $275 million in the second
half from new sales.
With 12 villages under construction
and more on the way, we have a
strong platform for growth.
HALF YEAR REPORT 2020
7

Villages in demand
Ryman’s integrated villages and
high-quality care continued to be
in strong demand in the first half,
with care occupancy in established
villages running at 97%. Only 1.9% of
the retirement village portfolio was
available for resale at 30 September.
The focus in the coming year will
continue to be on keeping villages
COVID-19 free, developing the team,
innovating to improve the experience
of living and working in a Ryman
community, and delivering new
villages to meet demand.
Hitting a milestone in Victoria
The construction team continued
to build throughout the COVID-19
emergency in Victoria and we are
planning to have five villages open in
the state by 31 December, although
there is potential for this to be slightly
delayed because of the pandemic.
Opening five villages by the end of
2020 was a stretch target when we
set it five years ago, and it will be a
significant achievement by the team.
We remain absolutely committed
to Victoria.
We have built an outstanding record
for care and reputation for quality in
the state and we think this will serve
us well in the recovery.
To take us forward from this great
position, we have decided to recruit
a chief executive of Ryman Australia
as a new member of the senior
executive team.
This reflects the growth opportunity
in Victoria and beyond and would
not have been possible without the
significant achievements of our
teams over recent years.
Building despite COVID-19
Trading was severely restricted
for almost all of the six-month
period in Victoria and allowable
levels of construction activity in
metropolitan Melbourne fluctuated
as the rules changed.
Our New Zealand construction sites
were shut completely for more than
five weeks in March and April.
We have learned that shutting down
or reducing the activity levels on large
construction sites is not easy and
it took a lot of time to reopen safely
under COVID-19 conditions and to
get the flywheel moving again.
Despite this, we still managed to
achieve some significant milestones.
“We are absolutely
committed to
forging on because
of the demand we
see ahead.”
RYMAN HEALTHCARE
8

We have officially opened our
beautiful Murray Halberg Retirement
Village in Lynfield, Auckland.
We have also opened our village
and care centre at William Sanders
in Devonport where we still have
additional large stages completing in
the second half.
Our first residents moved in at James
Wattie in Havelock North and at
Miriam Corban on Lincoln Road in
West Auckland. Both are wonderful
new villages with contemporary
looks, and our first residents could
not have been more positive.
Highton, our third village in Victoria,
welcomed its first residents in August
and the next two to open in Victoria
will be Ocean Grove and John Flynn
Retirement Village at Burwood East.
A dozen on the go
COVID-19 struck just as we
entered a phase of record
construction investment.
We are absolutely committed
to forging on because of the
extraordinary demand we see
ahead of us.
The 12 villages currently in progress
are likely to generate $2.7 billion
in capital proceeds and recurring
income of $220 million on completion.
Collectively, those sites will recycle
capital, which is always our objective.
We have a healthy forward
order book to support our plans.
Currently we have $430 million of
unconditional new sale contracts in
place which will be collected in cash
over the next 12 to 18 months.
Of the $430 million, $275 million
of contracts is anticipated to be
collected in the second half of this
financial year.
Committed to our model
The board has recently held deep
dive strategy days with the senior
executive team. The sort of areas we
have been discussing are as diverse
as what will our residents seek out in
10 years’ time, and what challenges
might we face with staff recruitment.
Everything was on the table –
as it should be – and we believe
Ryman’s business model remains
entirely sound.
That is not to say there are not
things to work on, and places we
can improve.
Our model is tried and tested, and
our aim remains to deliver as many
Ryman communities as possible
in New Zealand and in Australia,
wherever there is demand.
Our main conclusion from the days
was that major transformation is
not required but continued iterative
change that we have undertaken
over 30 years is appropriate.
HALF YEAR REPORT 2020
9

And of course, we will continue
to listen to our residents and their
families, innovate, improve and
make sure we are as relevant as
possible to them.
We will continue to come up with
different choices for our residents.
An example is our decision to
trial Refundable Accommodation
Deposits (RADs) in New Zealand
for the first time.
This gives residents a different option
for paying care premiums, and we
think they have good potential.
Ambitions remain the same
We will continue to reinvest 50% of
our underlying profits in expansion,
and the other half will be returned to
shareholders as dividends.
Our half year underlying profit came
in well below our medium-term
growth target of 15% per year.
This target has been our holy grail for
many years. If we achieve 15% annual
growth it means we double profits
every five years, which indeed we
have for many years.
We are very conscious that we have
not hit this target in recent years, and
this is an area of significant focus for
the board and management.
For the year ending 31 March 2020,
we were indeed on target to hit 15%
and then we were hit by COVID-19
which significantly impacted the last
couple of months of the financial
year, which is always our biggest
trading period.
In the first half of this year, we
were expecting strong growth
from Victoria, and this has been
significantly impacted by COVID-19
right across all of our trading despite
the team’s best efforts.
And on top of this, New Zealand
was of course significantly affected
as well.
The plain fact is that COVID-19
has been a once-in-a-generation
challenge and that is why we are
not in a position to be providing
guidance for our annual result at
the half-way point.
But we have learned a lot about
COVID-19 and about ourselves, and
still managed to achieve an awful
lot this year, which puts us in a good
position to again meet that 15% target
in the medium term.
Staying relevant
COVID-19 has been a challenge
like no other.
If we have learned one thing this year,
it is that security and reassurance
of living in a village community is
more important than ever. We think
this will result in even more
demand for the quality of life that
living in a Ryman village offers
in the years ahead.
RYMAN HEALTHCARE
10

Our residents have told us
that they love the comfort and
security of living in a supportive
community where there is plenty
of help on hand to take care of
every need. They find it reassuring
that they can easily hunker down
during the lockdown surrounded
by caring and experienced health
professionals who are there to help
with anything that they might need.
And their families love that we share
the responsibility to keep their loved
ones safe.
We would just like to add one more
vote of thanks to everyone in the
Ryman family.
It has been a difficult year. COVID-19
vaccines offer a degree of hope, but
are some way off, and it is our feeling
that we are not quite out of the
woods yet.
We are conscious that while 2020
has been difficult, it could have been
much, much worse.
The extraordinary teamwork from
our army of over 6,000 Rymanians
and the goodwill of our 12,000
residents and their many thousands
of family members have kept
everyone safe.
Our investors, our banks and our
thousands of business partners have
also been supportive in our battle to
keep everyone safe.
They have understood that we put
people first, they have been flexible
and willing to help, and all of this has
been a huge support to us.
So too has the support of our many
loyal shareholders – thank you all.
Rest assured, we think there is huge
potential in this special company, and
much more progress to come.
Gordon MacLeod
CHIEF EXECUTIVE
RYMAN HEALTHCARE
Dr David Kerr
CHAIR
RYMAN HEALTHCARE
“We will continue
to listen, innovate,
improve and make
sure we are as
relevant as possible.”
HALF YEAR REPORT 2020
11

Notes
Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2019
unaudited
Year ended
31 March 2020
audited
$000$000$000
Care fees175,774163,093333,398
Management fees4 4,76343,91388,713
Interest received92230547
Other income1,4925151,225
Total revenue222,1212 0 7,7 5 1423,883
Fair-value movement of
investment properties3201,073180,009144,438
Total income423,194387,760568,321
Operating expenses(185,442)(168,729)(349,249)
Depreciation and
amortisation expense(15,660)(13,751)(28,616)
Finance costs(9,590)(9,557)(19,309)
Total expenses(210,692)(192,037)(397,174)
Profit before income tax212,502195,7231 7 1 ,1 47
Income-tax (expense)/credit(101)(7,442)93,563
Profit for the period212,401188,281264,710
Earnings per share
Basic and diluted
(cents per share) 42.53 7.752.9
All profit and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
RYMAN HEALTHCARE
12

Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2019
unaudited
Year ended
31 March 2020
audited
$000$000$000
Profit for the period212,401188,281264,710
Items that may be later
reclassified to profit or loss
Fair-value movement and
reclassification of interest-rate
swaps(3,893)( 7,47 9)(10,416)
Deferred tax movement on
interest-rate swap reserve1,0902,0942,916
(Loss) / Gain on hedge of
foreign-owned subsidiary net
assets(3,961)(2 ,471)1,205
Gain / (Loss) on translation of
foreign operations
14,5018,839( 5,6 74 )
7,73 7983(11,969)
Items that will not be later
reclassified to profit or loss
Revaluation of property, plant
and equipment (unrealised)
--
-
--
-
Other comprehensive income7,737983(11,969)
Total comprehensive income220,138189,2642 5 2 ,741
All profit and total comprehensive income is attributable to parent company shareholders and is
derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
HALF YEAR REPORT 2020
13

Issued
capital
Asset
revaluation
reserve
Interest-
rate swap
reserve
Foreign-
currency
translation
reserve
Tr e a s u r y
stock
Retained
earnings
To t a l
equity
$000$000$000$000$000$000$000
Six months ended 30 Sept 2019 unaudited
Opening balance33,2902 5 7,7 7 5(9,643)(5,876)( 2 7, 4 6 5 )1,922,0492 ,1 7 0,1 3 0
Profit and total
comprehensive
income for the period--(5,385)6,368-188,281189,264
Treasury stock
movement----(5,413)-(5,413)
Dividends paid to
shareholders-----(59,500)(59,500)
Closing balance at
30 Sept 201933,2902 5 7,7 7 5(15,028)492(32,878)2,050,8302,294,481
Year ended 31 March 2020 audited
Opening balance33,2902 5 7,7 7 5(9,643)(5,876)( 2 7, 4 6 5 )1,922,0492 ,1 7 0,1 3 0
Profit and total
comprehensive
income for the year--(7,500)(4,469)-264,7102 5 2 ,74 1
Treasury stock
movement----(4,894)-(4,894)
Dividends paid to
shareholders-----(117,000)(117,000)
Closing balance at
31 March 202033,2902 5 7,7 7 5(1 7,1 4 3 )(10,345)(32,359)2,069,7592,300,977
Six months ended 30 Sept 2020 unaudited
Opening balance33,2902 5 7,7 7 5(1 7,1 4 3 )(10,345)(32,359)2,069,7592,300,977
Profit and total
comprehensive
income for the period--(2,803)10,540-212,401220,138
Treasury stock
movement----(3,463)-(3,463)
Dividends paid to
shareholders-----(63,500)(63,500)
Closing balance at
30 Sept 202033,2902 5 7,7 7 5(19,946)195(35,822)2,218,6602,454,152
The accompanying notes form part of these interim financial statements.
Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
RYMAN HEALTHCARE
14

Notes
30 Sept 2020
unaudited
30 Sept 2019
unaudited
31 March 2020
audited
$000$000$000
Assets
Cash and cash equivalents20,877-34,374
Trade and other receivables452 ,729332,792425,942
Inventory27,1 2 3--
Advances to employees13,50210,99610,224
Property, plant and equipment
1,476,7881,456,1811,386,072
Investment properties3
6,277,0685,423,8135,760,060
Intangible assets
45,21032,00838,119
Deferred tax asset (net)23,825-22 ,455
Total assets8,337,1227,255,7907,6 7 7, 2 4 6
Equity
Issued capital633,29033,29033,290
Asset revaluation reserve2 57,7 752 57,7 752 57,7 75
Interest-rate swap reserve(19,946)(15,028)( 1 7,1 4 3 )
Foreign-currency translation
reserve195492(10,345)
Treasury stock(35,822)(32,878)(32,359)
Retained earnings2,218,6602,050,8302,069,759
Total equity2,454,1522,294,4812,300,977
Liabilities
Trade and other payables7155,659181,648183,975
Employee entitlements28,93025,47125,678
Revenue in advance67,54960,81764,301
Interest-rate swaps27,70 220,87223,809
Refundable accommodation
deposits91,39661,78874 ,57 1
Bank loans (secured)2 ,130, 2871,505,0121,741,613
Occupancy advances
(non-interest bearing)43,367,8763,015,6353,247,177
Lease liabilities13,57111,29715,145
Deferred tax liability (net)-78,769-
Total liabilities5,882,9704,961,3095,376,269
Total equity and liabilities8,337,1227,255,7907,6 7 7, 2 4 6
Net tangible assets
Basic and diluted
(cents per share)481.8452.5452 .6
The accompanying notes form part of these interim financial statements.
Consolidated balance sheet
AT 30 SEPTEMBER 2020
HALF YEAR REPORT 2020
15

Notes
Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2019
unaudited
Year ended
31 March 2020
audited
$000$000$000
Operating activities
Receipts from residents483,070582,8341,129,933
Interest received178177573
Payments to suppliers and
employees(229,957)(166,583)(345,765)
Receipt from Government for
wage subsidy
14,227--
Payments to residents(160,988)(150,800)(315,903)
Interest paid(10,087)(9,557)(19,047)
Net operating cash flows 296,443256,071449,791
Investing activities
Purchase of property, plant and
equipment(112,080)( 1 97,7 78 )(265,177)
Purchase of intangible assets(9,462)(3,819)(9,712)
Purchase of investment
properties(267,496)(140,922)(401,612)
Capitalised interest paid( 1 7, 2 5 5 )( 1 7, 2 3 0)(34,911)
Advances to employees(3,278)(2,843)(2,071)
Net investing cash flows(409,571)(362,592)(713,483)
Financing activities
Drawdown of bank loans (net)367,931172,2684 2 1 , 874
Dividends paid(63,500)(59,500)(117,000)
Purchase of treasury stock (net)(3,463)(5,414)(4,895)
Repayment of lease liabilities(1,337)(833)(1,913)
Net financing cash flows299,631106,521298,066
Net (decrease)/increase in
cash and cash equivalents(13,497)-3 4 , 374
Cash and cash equivalents at
the beginning of the period3 4 , 3 74--
Cash and cash equivalents
at the end of the period 20,877-3 4 , 374
The accompanying notes form part of these interim financial statements.
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
RYMAN HEALTHCARE
16

STATEMENT OF COMPLIANCE
The financial statements presented are those
of Ryman Healthcare Limited (the Company),
and its subsidiaries (the Group). Ryman
Healthcare Limited is a profit-oriented entity
incorporated in New Zealand that develops,
owns, and operates integrated retirement
villages, resthomes, and hospitals for the
elderly within New Zealand and Australia.
Ryman Healthcare Limited is a Financial
Markets Conduct Act reporting entity under
the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its
financial statements comply with these Acts.
The unaudited condensed consolidated interim
financial statements have been prepared in line
with Generally Accepted Accounting Principles
in New Zealand (NZ GAAP). The statements
comply with New Zealand equivalents to
International Accounting Standard 34 (NZ
IAS 34) Interim Financial Reporting and
International Accounting Standard 34 (IAS 34)
Interim Financial Reporting.
BASIS OF PREPARATION
The financial statements for the six
months ended 30 September 2020
and the comparative six months ended
30 September 2019 are unaudited.
These financial statements have been
prepared under the same accounting policies
and methods as the Company’s Annual Report
at 31 March 2020. These financial statements
should be read in conjunction with the financial
statements and related notes included in the
Company’s Annual Report for the year ended
31 March 2020.
The financial statements were approved by the
Board of Directors on 19 November 2020.
The information is presented in thousands of
New Zealand dollars.
All references to AUD refer to Australian dollars.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
HALF YEAR REPORT 2020
17

COVID-19
The outbreak of COVID-19, declared by
the World Health Organization as a global
pandemic on 11 March 2020, has resulted in
an increase in uncertainty in both global and
local markets.
Both New Zealand and Australia have
responded well to the virus with strong public
health measures and a range of economic
stimulus packages. However, despite the
response, there remains uncertainty as to
the ongoing impact of the virus on market
conditions in New Zealand and Australia.
Victoria has been through two waves of
infection and corresponding lockdowns,
succeeding in reducing the spread of infection,
and New Zealand has responded with localised
increases in alert level to supress transmission
of the virus.
Throughout the pandemic the Group’s primary
focus has been to protect the safety of both
residents and staff. When necessary access
restrictions have been put in place at villages,
additional personal protective equipment
has been procured for staff, and other costs
incurred in supporting residents and staff.
Under lockdown conditions the ability of new
residents to enter villages is limited, meaning
fewer sales can be settled, and the restrictions
at development sites results in construction
activity being reduced. The Group continues to
adapt its policies and procedures to operate in
the conditions created by COVID-19.
The Group has assessed the impact of
COVID-19 and has concluded that additional
uncertainty regarding the valuation of
property, plant and equipment and valuation
of investment properties has resulted from the
pandemic. Further disclosure as to the impact
of COVID-19 is included in note 3.
The Group made a claim under the
New Zealand COVID-19 Wage Subsidy
scheme. The claim was made on a subsidiary-
by-subsidiary basis with not all subsidiaries
meeting the eligibility criteria of the scheme. As
a result of the claim, the Group received a total
subsidy of $14.2 million. The income received
under the scheme has been offset against
operating expenses.
1. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Adoption of new and revised standards
and interpretations
In the current period, the Group adopted all
mandatory new and amended standards and
interpretations.
Standards and Interpretations on issue but
not yet adopted
We are not aware of any NZ IFRS Standards or
Interpretations that have recently been issued
or amended that have not yet been adopted
by the Group that would materially impact
the Group for the current period ending
30 September 2020.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
RYMAN HEALTHCARE
18

Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2020
audited
$000$000$000
Net profit after tax212,401188,281264,710
Adjusted for:
Movements in
balance-sheet items
Occupancy advances150,570223,837482,962
Accrued management fees(28,665)(35,271)(64,051)
Refundable accommodation
deposits16,82527,7 7540,558
Revenue in advance3,2482,9726,456
Trade and other payables(4,548)6765,507
Trade and other receivables(26,787)12,022(81,124)
Inventory
(27,1 2 3 )--
Employee entitlements3,2521,6371,844
Non-cash items:
Depreciation and amortisation14,44712,90826,829
Depreciation of right-of-use assets
1,2138431,787
Deferred tax1017,4 4 2(93,563)
Unrealised foreign-exchange
(gain) / loss(17,418)(7,042)2,314
Adjusted for:
Fair-value movement of
investment properties(201,073)(180,009)(144,438)
Net operating cash flows96,443256,071449,791
Net operating cash flows includes net occupancy advance receipts from retirement-village
residents of $291.0 million (six months ended 30 September 2019: $393.5 million and year ended
31 March 2020: $755.3 million).
Also included in operating cash flows are net receipts from refundable accommodation deposits
of $12.7 million (six months ended 30 September 2019: net receipts of $26.6 million and year ended
31 March 2020: net receipts of $41.1 million).
Net operating cash flows also include management fees collected of $22.3 million (six months
ended 30 September 2019: $21.2 million and year ended 31 March 2020: $44.6 million).
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
2. RECONCILIATION OF NET PROFIT AFTER TAX FOR THE PERIOD
WITH NET CASH FLOW FROM OPERATING ACTIVITIES
HALF YEAR REPORT 2020
19

Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2019
unaudited
Year ended
31 March 2020
audited
$000$000$000
At fair value
Balance at beginning of
financial period5,760,0605,081,6075,081,607
Additions284,131147,316541,272
Fair-value movement:
Realised fair-value movement:
• new retirement-village units26,14331,835105,757
• existing retirement-village units50,81555,493109,565
76,95887,3 2 8215,322
Unrealised fair-value movement124,11592,681(70,884)
201,073180,009144,438
Net foreign-currency
exchange differences31,80414,881(7,257)
Net movement for period517,008342,206678,453
Balance at end of financial period6,277,0685,423,8135,760,060
The realised fair-value movement arises from the sale and resale of rights to occupy to residents.
Investment properties are not depreciated and are fair valued.
The carrying value of completed investment property is the fair value as determined by an
independent valuation report prepared by registered valuers CBRE Limited, at 30 September 2020.
Uncertainty due to COVID-19
The valuation of investment properties performed by CBRE Limited at 30 September 2020 is based
on the information available to them at the time of the valuation and relies on several inputs.
Given the current situation with COVID-19 there is an increase in the estimation uncertainty in
determining the fair value of investment property at 30 September 2020 compared to previous years.
The material valuation uncertainty included within the New Zealand valuation at 31 March 2020 has
been removed. This has been replaced with CBRE commenting on market uncertainty within their
New Zealand valuation. The material valuation uncertainty included in the valuation of the villages
located in Victoria at 31 March 2020 remains in the valuation at 30 September 2020.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
3. INVESTMENT PROPERTIES
RYMAN HEALTHCARE
20

3. INVESTMENT PROPERTIES (CONTINUED)
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
Given the heightened uncertainty and unknown impact that COVID-19 may have on real estate
markets in the future, a higher degree of caution should be exercised when relying upon the
valuation. Values and incomes may change more rapidly and significantly than during standard
market conditions.
Comparable transactions and market evidence has been limited during the pandemic and CBRE
have placed less reliance on previous market evidence for comparison purposes.
To reflect this uncertainty CBRE Limited adjusted their assumptions on recycle frequencies for
independent units at mature villages, near-term house price inflation for independent units, and
discount rates in their valuation at 31 March 2020. As the level of uncertainty has decreased and
markets have become more accustom to operating under COVID-19 conditions, CBRE have reversed
some of the adjustments in determining the valuation at 30 September 2020. Near-term growth-rate
assumptions remain reduced when compared to valuations performed pre-Pandemic.
Key assumptions
The valuer used significant assumptions that include long-term house-price inflation (ranging from
0 percent to 4.05 percent nominal) (30 September 2019: 0.5 percent to 3.5 percent and 31 March
2020: -2.0 percent to 3.5 percent) and discount rate (ranging from 12 percent to 16 percent)
(30 September 2019: 12 percent to 16 percent and 31 March 2020: 12.25 percent to 16.25 percent).
Work in progress
Investment property includes investment property work in progress of $645.6 million (six months
ended 30 September 2019: $318.9 million and year ended 31 March 2020: $508.2 million), which
has been valued at cost.
HALF YEAR REPORT 2020
21

Six months ended
30 Sept 2020
unaudited
Six months ended
30 Sept 2019
unaudited
Year ended
31 March 2020
audited
$000$000$000
Gross occupancy advances
(see below)3,837,3833,427,6883,686,813
Less management fees and
resident loans(469,507)(412,053)(439,636)
Closing balance3,367,8763,015,6353,247,177
Movement in gross
occupancy advances
Opening balance3,686,8133,203,8513,203,851
Plus net increases in occupancy
advances:
• new retirement-village units90,052160,726386,673
• existing retirement-village units50,81555,493109,566
Net foreign-currency exchange
differences19,5688,766(4, 276)
Decrease in occupancy
advance receivables(9,865)(1,14 8)(9,001)
Closing balance3,837,3833,427,6883,686,813
4. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
Gross occupancy advances are non-interest bearing.
5. DIVIDEND
On 20 November 2020 an interim dividend of 8.8 cents per share was declared and will be
paid on 18 December 2020 (prior year: 11.5 cents per share). The record date for entitlements
is 11 December 2020.
6. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September
2019: 500,000,000 and 31 March 2020: 500,000,000). All shares rank equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on the basis
of 500,000,000 ordinary shares (30 September 2019: 500,000,000 and 31 March 2020:
500,000,000 shares).
Shares purchased on market under the leadership share scheme are treated as treasury stock until
vesting to the employee.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
RYMAN HEALTHCARE
22

New ZealandAustraliaGroup
$000$000$000
Six months ended
30 Sept 2020 unaudited
Revenue197,78924,332222,121
Underlying profit/(loss)
(non-GAAP)88,661( 2 74 )88,387
less deferred tax expense(5,889)5,788(101)
plus unrealised fair-value
movement121,8802,235124,115
Profit for the period204,6527,74 9212,401
Non-current assets6,694,2171,128,6747,822,891
Six months ended
30 Sept 2019 unaudited
Revenue194,81712,9342 07,75 1
Underlying profit (non-GAAP)92,81210,230103,042
less deferred tax expense(19,804)12,362(7,442)
plus unrealised fair-value
movement79,35213,32992,681
Profit for the period152,36035,921188,281
Non-current assets6,016,085895,9176,912,002
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
7. TRADE AND OTHER PAYABLES
Trade payables are typically paid within 30 days of invoice date or the 20th of the month following
the invoice date. Other payables at 30 September 2020 includes $69.3 million (30 September
2019: $105.4 million and 31 March 2020: $102.4 million) for the purchase of land.
8. OPERATING SEGMENTS
The Ryman Group operates in one industry, being the provision of integrated retirement villages
for older people in New Zealand and Australia.
In presenting information based on geographical areas, net profit, underlying profit, and revenue
are based on the geographical location of operations. Assets are based on the geographical
location of the assets.
HALF YEAR REPORT 2020
23

Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and
differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning
prescribed by GAAP and so may not be comparable to similar financial information presented by
other entities. The Group uses underlying profit, with other measures, to measure performance.
Underlying profit is a measure that the Group uses consistently across reporting periods.
Underlying profit excludes deferred taxation, taxation expense, and unrealised movement on
investment properties because these items do not reflect the trading performance of the Company.
Underlying profit determines the dividend pay-out to shareholders.
9. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $211.9 million at
30 September 2020 (30 September 2019: $147.4 million and 31 March 2020: $200.9 million).
The Group has an ongoing commitment for maintaining the land and buildings of the integrated
retirement villages, resthomes, and hospitals.
10. SUBSEQUENT EVENTS
Other than the dividends in note 5, there are no subsequent events.
New ZealandAustraliaGroup
$000$000$000
Year ended
31 March 2020 audited
Revenue 383,117 40,766 423,883
Underlying profit (non-GAAP) 199,877 42,154 242,031
plus deferred tax credit 86,142 7,4 2 1 93,563
plus unrealised fair-value
movement(44,092)(26,792)(70,884)
Profit for the year241,9272 2 ,7 8 3264,710
Non-current assets 6,260,370 946,336 7,206,706
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
8. OPERATING SEGMENTS (CONTINUED)
RYMAN HEALTHCARE
24

HALF YEAR REPORT 2020
25

v
Our village locations
•
Aberfeldie
•
Coburg
•
Highett
•
Highton
•
John Flynn
•
Mt Eliza
•
Mt Martha
•
Nellie Melba
•
Ocean Grove
•
Ringwood East
•
Weary Dunlop
Our villages in
Victoria, Australia
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
HIGHTON
MT MARTHA
ABERFELDIE
COBURG
1
OCEAN GROVE
1
WEARY DUNLOP
1
NELLIE MELBA
RINGWOOD EAST
JOHN FLYNN
1
1
HIGHETT
MT ELIZA
1
1
1
1
1
1
RYMAN HEALTHCARE
26

v
WHANGAREI
•
Jane Mander
AUCKLAND
•
Bert Sutcliffe
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Hobsonville
•
Kohimarama
•
Logan Campbell
•
Miriam Corban
•
Murray Halberg
•
Possum Bourne
•
Takapuna
•
William Sanders
HAMILTON
•
Hilda Ross
•
Linda Jones
TAURANGA
•
Bob Owens
GISBORNE
•
Kiri Te Kanawa
NEW PLYMOUTH
•
Jean Sandel
NAPIER
•
Princess Alexandra
HAVELOCK NORTH
•
James Wattie
WHANGANUI
•
Jane Winstone
PALMERSTON NORTH
•
Julia Wallace
WAIKANAE
•
Charles Fleming
WELLINGTON
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
NELSON
•
Ernest Rutherford
RANGIORA
•
Charles Upham
CHRISTCHURCH
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Margaret Stoddart
•
Ngaio Marsh
•
Northwood
•
Park Terrace
•
Riccarton Park
•
Woodcote
DUNEDIN
•
Frances Hodgkins
•
Yvette Williams
INVERCARGILL
•
Rowena Jackson
Our villages in
New Zealand
INVERCARGILL
1
DUNEDIN
RANGIORA
1
CHRISTCHURCH
611
NELSON
1
WELLINGTON
42
WAIKANAE
1
PALMERSTON NORTH
1
WHANGANUI
1
NEW PLYMOUTH
1
HAVELOCK
NORTH
1
NAPIER
1
GISBORNE
1
TAURANGA
1
HAMILTON
2
WHANGAREI
1
AUCKLAND
2
21
1
10
27

Retirement villages
Anthony Wilding Retirement Village
5 Corbett Crescent, Aidanfield,
Christchurch
Bert Sutcliffe Retirement Village
2 Rangatira Road, Birkenhead, Auckland
Bob Owens Retirement Village
112 Carmichael Road, Bethlehem, Tauranga
Bob Scott Retirement Village
25 Graham Street, Petone, Lower Hutt
Bruce McLaren Retirement Village
795 Chapel Road, Howick, Auckland
Charles Fleming Retirement Village
112 Parata Street, Waikanae
Charles Upham Retirement Village
24 Charles Upham Drive, Rangiora
Diana Isaac Retirement Village
1 Lady Isaac Way, Mairehau, Christchurch
Edmund Hillary Retirement Village
221 Abbotts Way, Remuera, Auckland
Ernest Rutherford Retirement Village
49 Covent Drive, Stoke, Nelson
Essie Summers Retirement Village
222 Colombo Street, Beckenham,
Christchurch
Evelyn Page Retirement Village
30 Ambassador Glade, Orewa, Auckland
Frances Hodgkins Retirement Village
40 Fenton Crescent, St Clair, Dunedin
Grace Joel Retirement Village
184 St Heliers Bay Road, St Heliers,
Auckland
Highton
157 South Valley Road, Highton, Victoria
Hilda Ross Retirement Village
30 Ruakura Road, Hamilton
James Wattie Retirement Village
122 Te Aute Road, Havelock North
Jane Mander Retirement Village
262 Fairway Drive, Kamo, Whangarei
Jane Winstone Retirement Village
49 Oakland Avenue, St Johns Hill,
Whanganui
REGISTERED OFFICE
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
MELBOURNE OFFICE
Suite 10.03, Level 10
420 St Kilda Road, Melbourne
PO Box 33119
Melbourne VIC 3004, Australia
Directory
RYMAN HEALTHCARE
28

SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.com
AUCKLAND OFFICE
93 Ascot Avenue, Remuera
Auckland 1051, New Zealand
Jean Sandel Retirement Village
71 Barrett Road, New Plymouth
Julia Wallace Retirement Village
28 Dogwood Way, Clearview Park,
Palmerston North
Kiri Te Kanawa Retirement Village
12 Gwyneth Place, Lytton West, Gisborne
Linda Jones Retirement Village
1775 River Road, Hamilton
Logan Campbell Retirement Village
187 Campbell Road, Greenlane, Auckland
Malvina Major Retirement Village
134 Burma Road, Khandallah, Wellington
Margaret Stoddart Retirement Village
23 Bartlett Street, Riccarton, Christchurch
Miriam Corban Retirement Village
229 Lincoln Road, Henderson, Auckland
Murray Halberg Retirement Village
11 Commodore Drive, Lynfield, Auckland
Nellie Melba Retirement Village
2 Collegium Avenue, Wheelers Hill,
Melbourne
Ngaio Marsh Retirement Village
95 Grants Road, Papanui, Christchurch
Possum Bourne Retirement Village
5 Lisle Farm Drive, Pukekohe
Princess Alexandra Retirement Village
145 Battery Road, Napier
Rita Angus Retirement Village
66 Coutts Street, Kilbirnie, Wellington
Rowena Jackson Retirement Village
40 O’Byrne Street North, Waikiwi,
Invercargill
Shona McFarlane Retirement Village
66 Mabey Road, Lower Hutt
Weary Dunlop Retirement Village
242 Jells Road, Wheelers Hill, Melbourne
William Sanders Retirement Village
7 Ngataringa Road, Devonport, Auckland
Woodcote Retirement Village
29 Woodcote Avenue, Hornby, Christchurch
Yvette Williams Retirement Village
383 Highgate, Roslyn, Dunedin
HALF YEAR REPORT 2020
29

New villages in the pipeline
VICTORIA
Aberfeldie
2 Vida Street, Aberfeldie, Melbourne
Coburg
81a Bell Street, Coburg, Melbourne
Highett
32-40 Graham Road, Highett, Melbourne
John Flynn Retirement Village
45 Burwood Highway, Burwood East,
Melbourne
Mt Eliza
70 Kunyung Road, Mt Eliza, Melbourne
Mt Martha
180 Bentons Road, Mt Martha, Melbourne
Ocean Grove
181 -199 Shell Road, Ocean Grove, Victoria
Ringwood East
2-16 Mt Dangdenong Road, Ringwood East,
Melbourne
NEW ZEALAND
Hobsonville
3 Scott Road, Hobsonville, Auckland
Karori
26 Donald Street, Karori, Wellington
Kohimarama
223 Kohimarama Road, Kohimarama,
Auckland
Newtown
192 Adelaide Road, Newtown, Wellington
Northwood
20 Radcliffe Road, Northwood, Christchurch
Park Terrace
78 & 100 Park Terrace, Christchurch
Riccarton Park
25 Steadman Road, Christchurch
Takapuna
41-45 Killarney Street, Takapuna, Auckland
For more information on any of Ryman Healthcare’s retirement villages:
(New Zealand) 0800 588 222
rymanhealthcare.co.nz
(Australia) 1800 922 988
rymanhealthcare.com.au
Directory
RYMAN HEALTHCARE
30

rymanhealthcare.co.nz
rymanhealthcare.com.au