Radius Care Announces First FY Results as a Listed Company

Radius Residential Care Limited
Full Year
Results
31 March 2021

Radius Care
2
Importance
Notice and
Disclaimer
ThispresentationhasbeenpreparedbyRadiusResidentialCareLimited(“RadiusCare”),forinformationalpurposes.Thisdisclaimer
appliestothisdocumentandtheverbalorwrittencommentsofanypersonpresentingit.
ThispresentationsetsoutinformationrelatingtoRadiusCare’sfullyearresultfortheperiodto31March2021.Assuch,itshould
bereadinconjunctionwiththeauditedconsolidatedfinancialstatementsforRadiusCareanditssubsidiariesfortheperiodended
31March2021(“FinancialStatements”)andothermaterialthatRadiusCarehasreleasedtoNZXalongwiththispresentation.That
materialisalsoavailableatwww.radiuscare.co.nz.
Incertainsectionsofthispresentation,RadiusCare haschosentopresentcertain financialinformationexclusiveofthe impactof
significantitems.Anumberofnon-GAAPfinancialmeasuresareusedinthispresentationwhichareusedbymanagementtoassess
the performance of the business and have been derived from the Financial Statements. You should not consider any of these
financialmeasuresinisolationfrom,orasasubstitutefortheinformationprovidedintheFinancialStatements.
Thispresentationmaycontainforward-lookingstatementsandprojections.Suchforward-lookingstatementsarebasedoncurrent
expectations,estimatesandassumptionsandaresubjecttoanumberofrisksanduncertainties,includingmaterialadverseevents,
significant one-off expenses and other unforeseeable circumstances. There is no assurance that results contemplated in any of
theseprojectionsandforward-lookingstatementswillberealised.Actualresultsmaydiffermateriallyfromthoseprojected.Except
as required by law, or the NZX Listing Rules, no person is under any obligation to update this presentation at any time after its
releaseortoprovidefurtherinformationaboutRadiusCare.
TheinformationinthispresentationhasbeenpreparedingoodfaithbyRadiusCare.NeitherRadiusCarenoranyofitsdirectors,
employees, shareholders nor any other person given any representations or warranties (either express or implied) as to the
accuracy or completeness of the information in this presentation and to the maximum extent permitted by law, no such person
shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
Thispresentationisnotaproductdisclosurestatementorotherdisclosuredocument,oranofferofsharesforsubscription,orsale,
inanyjurisdiction.Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxorany
otheradviceorarecommendation.

Radius Care
3

Radius Care
4
Presenting Today
Brien Cree
Executive Chairman / Managing Director
•Founded Radius Care in 2003, then part of
Radius Health Group
•Moved into Executive Chairman role in
June 2020 focusing on growth
opportunities through development and
acquisition
•Majority shareholder since undertaking
management buy out in 2010 and currently
holds 54.0% through Wave Rider Trust
•Board member of the New Zealand Aged
Care Association for more than 10 years
•Over 30 years’ experience in the Aged Care
sector
Stuart Bilbrough
Chief Executive Officer
•Appointed Chief Executive Officer in
June 2020
•Formerly Radius Care Chief Financial
Officer from 2010 to 2017
•Over 30 years’ experience in finance
roles in industries including
healthcare, FMCG, logistics, telecoms
and financial services
•New Zealand Chartered Accountant
and holds an MBA with distinction
from Massey University.
•Joined Radius Care in 2016
•Has nearly 25 years’ experience in
finance roles in various
•Industries worked in include
healthcare and financial services
•Michelle trained with
PricewaterhouseCoopers in South
Africa
•She is a New Zealand Chartered
Accountant.
Michelle Slabber
General Manager, Finance

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5
Radius Care
at a Glance
HIGH ACUITY AND
SPECIALIST AGED
CARE PROVIDER
Radius Care operates 22 aged
care facilities nationally,
comprising more than 1,700
aged care beds.
We own three of these facilities
and lease 19 from 3rd party
property investors.
We also own two retirement
villages comprising of 76 units.
Radius Care OwnedLeased from 3
rd
Parties*
Total
Existing Portfolio
Sites51924
Aged Care Beds1781,5371,715
Retirement Village Units
1
76-76
Total Places2541,5371,791
Existing Facility - Landbank
Aged Care Beds4460104
Retirement Village Units202040
Belfast, Christchurch194-194
Total Existing + Landbank5121,6172,129
* All leases are triple net lease and long term in nature -with an average term to next renewal of 9.1 years but 27.7 years after
accounting for all renewals.
Portfolio summary as at 31 March 2021Portfolio summary as at 31 March 2021
Radius Care
announced on 7 April
2021 the exercise of
its option to acquire
4.3 hectares of
development land in
Christchurch
Note: As part of its December 2020 listing Radius Care prepared:
•A Listing Profile (which contains similar information to a Product Disclosure Statement) providing an overview of the business, the industry, risks and financial performance.
•Supplementary Financial Information providing more granular financial and operational information.
This information is contained on the Radius Care website https://www.radiuscare.co.nz/investors-centre/listing-documents

Radius Care
6
4.2% 95.8%
UnitsCare Beds
Radius Care
at a Glance
National aged care focused portfolio with strong regional presenceNational aged care focused portfolio with strong regional presence
Residents and EmployeesResidents and Employees
1,500+
employees
1,700+
beds
Denotes leasehold sitesDenotes freehold sites
A U C K L A N D
Sites Beds ILUs Total
Leased 3 248 -248
W A I K A T O
Sites Beds ILUs Total
Leased 4 334-334
Owned 1-2222
N E W P L Y M O U T H
Sites Beds ILUs Total
Leased 155-55
Owned 163-63
N O R T H L A N D
Sites Beds ILUs Total
Leased 3 155 -155
B A Y O F P L E N T Y
Sites Beds ILUs Total
Leased 2 266 -266
Owned 163-63
N A P I E R
Sites Beds ILUs Total
Leased 145-45
PALMERSTON NORTH
Sites Beds ILUs Total
Leased 162-62
CANTERBURY
Sites Beds ILUs Total
Leased 3 279 -279
Owned 252 54106
Units vs Care BedsUnits vs Care Beds
OTAGO
Sites Beds ILUs Total
Leased
193-93

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7
Agenda
Appendix
— Key operational and
financial metrics
— Summary P&L, Balance
Sheet, Cash Flow
44
Overview
of FY21 financial
performance
First year as a listed
company
22
Analysis of result
Continuation of strong track
record
33
Positioning Radius Care
for Growth phase,
strategy update and
FY22 guidance
11

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Overview of
FY21 Financial
Performance
FIRST YEAR AS A LISTED
COMPANY

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FY21 Highlights
and Key Events
FY21 Guidance provided at
the time of listing met or
exceeded across all metrics.
Progress on Strategy
- Option exercised to purchase 4.3 hectares of Greenfield
Development land in Belfast, Christchurch post balance date
1
- Increases Greenfield Development pipeline by 70 Care Beds,
30 Care Suites and 94 Retirement Village Units
- Work progressing on final design, building consents and
construction discussions
- Multi-stage development approach provides funding
flexibility
Progress on Strategy
- Option exercised to purchase 4.3 hectares of Greenfield
Development land in Belfast, Christchurch post balance date
1
- Increases Greenfield Development pipeline by 70 Care Beds,
30 Care Suites and 94 Retirement Village Units
- Work progressing on final design, building consents and
construction discussions
- Multi-stage development approach provides funding
flexibility
Financial Performance
- Record result -all guidance metrics met or exceeded
- Underlying EBITDA up 28% to $23.4m (vs. guidance of $23.0m
to $23.8m)
- Underlying EBITDA per bed up 13% to $19.5k
- Continued strong occupancy, private accommodation
supplements and cost control
Financial Performance
- Record result -all guidance metrics met or exceeded
- Underlying EBITDA up 28% to $23.4m (vs. guidance of $23.0m
to $23.8m)
- Underlying EBITDA per bed up 13% to $19.5k
- Continued strong occupancy, private accommodation
supplements and cost control
1
See NZX release dated 7 April 2021

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Enhanced management
and governance for listing
- Brien Cree transitioned in
Executive Chairman role focused
on growth opportunities through
development and acquisition
- Stuart Bilbrough returned as CEO
- Hamish Stevens and Mary
Gardiner appointed as
independent directors
- Direct listing undertaken on 10
December 2020
Enhanced management
and governance for listing
- Brien Cree transitioned in
Executive Chairman role focused
on growth opportunities through
development and acquisition
- Stuart Bilbrough returned as CEO
- Hamish Stevens and Mary
Gardiner appointed as
independent directors
- Direct listing undertaken on 10
December 2020
COVID-19 resilience
- Processes and procedures
introduced in mid-2000s for
Bird Flu performed well
through COVID-19 period
- Locked down facilities early
with industry following
- No COVID-19 cases amongst
residents or staff
1
COVID-19 resilience
- Processes and procedures
introduced in mid-2000s for
Bird Flu performed well
through COVID-19 period
- Locked down facilities early
with industry following
- No COVID-19 cases amongst
residents or staff
1
Balance Sheet Position
- Net debt of $24.5m down $4.7m
from pcp (31 March 20)
- Lease liabilities of $184.3m down
from $185.3m for pcp
Balance Sheet Position
- Net debt of $24.5m down $4.7m
from pcp (31 March 20)
- Lease liabilities of $184.3m down
from $185.3m for pcp
Balance Sheet Position
- Net debt of $24.5m down $4.7m
from pcp (31 March 20)
- Lease liabilities of $184.3m down
from $185.3m for pcp
FY21 highlights
and key events
FY21 Guidance provided at
the time of listing met or
exceeded across all metrics.
1
As at the date of this presentation

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7.7
8.0
5.8
10.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
$m
FY18 FY19 FY20 FY21
Financial performance overview
FY21 Underlying EBITDA and Pre-NZ IFRS 16 Underlying EBITDA within Guidance range provided at time of listing
Pre-NZ IFRS 16 Underlying EBITDA
- FY21 Pre-NZ IFRS 16 Underlying EBITDA
of $10.5m up 82%
FY21 guidance range $10.2m –11.0m
Underlying EBITDA
- FY21 Underlying EBITDA of $23.4m up
28%
FY21 guidance range $23.0 -$23.8m
FY21 Guidance achievedFY21 Guidance achieved
19.7
20.4
18.2
23.4
0.0
5.0
10.0
15.0
20.0
25.0
$m
FY19FY18FY20
FY21
Total Revenue
- FY21 Revenue of $126m up 11%
$m
100.2
110.1
113.7
126.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY19
FY20 FY21FY18

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Cash Flow and Dividends
AFFO
- FY21 AFFO of $3.7m
- Outperformance partly due to lower maintenance capex
Achieved AFFO in excess of FY21 Guidance
Dividends
FY21 Final Dividend
- Gross fully imputed FY21 final dividend declared of
0.89 cents per share (which includes 0.25 cents per
share of attaching imputation credits)
- Ex Dividend date Friday 11 June 2021
- Record date Monday 14 June 2021
- Payment date Monday 21 June 2021
FY21 Total Dividends
- Including February dividend of 0.58 cents per share
gives a total gross dividend in relation to the FY21
financial year of 1.46 cents per share (which includes
attaching imputation credits of 0.41cents per share)
- The total FY21 cash dividend of 1.05 cents per share is
above the FY21 cash dividend guidance of 0.83 to 1.00
cents per share
FY21 Guidance exceeded
FY21 guidance range $2.9m to $3.5m
1.3
2.0
(0.5)
3.7
(1.0)
0.0
1.0
2.0
3.0
4.0
$m
FY18 FY19 FY20 FY21
Radius Care’s dividend policy is target to pay 50% to 70% of AFFO

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Summary of Key Drivers of FY21 Financial Performance
Strong growth in Underlying EBITDA driven primary by (1) improving care occupancy (2) increasing
accommodation supplements (3) cost control containment and (4) contributions from new developments
Aged Care: $4.3m
-Bureau: $1.6 million improvement
through strong cost control focus
-Brownfield and Greenfield
Developments contribution: $0.8
million from Windsor Court
Brownfield development ($0.6m)
and Glaisdale (Hamilton)
Greenfield development ($0.2m)
-Other aged care: $1.9 million.
Primarily driven by the increase in
occupancy $0.7m,
accommodation supplements
$0.7m and other $0.4m
Retirement Village: $0.7m
- Compounding impact of DMF and
additional unit sales
Group Support: $0.2m
- Reduced travel as a result of
COVID-19 disruptions
$1.6
$0.8
$0.7
$0.7
$0.4
$0.4
$0.4
$0.2
$(0.1)
$18.2
$23.4
17.0
19.0
21.0
23.0
25.0
FY20 Underlying
EBITDA
Bureau costs Brownfield &
Greenfield
Developments
Occupancy Accommodation
supplements
Other aged care
operations
DMF and weekly
service fees
Realised Gains on
Resales and
Development
Margin
Other village
operations
Support office
expenses
FY21 Underlying
EBITDA
NZ$m
Aged care
Retirementvillage
Group
support

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Analysis of result
CONTINUATION OF STRONG
TRACK RECORD

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15
Strong revenue growth continues with an increasing proportion from direct private (non-Government) revenue streams
Revenue Growth and Diversification
65.4
70.3
70.0
76.1
87.0
100.2
110.1
113.7
126.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Total revenueAged careRetirement villageGroup support
End of Financial
period
FY13FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
No. of Beds
1,3071,382 1,371 1,379 1,525 1,682 1,701 1,704 1,715
No. of Units
222222 36 48 55 63 73 76
Total revenue Total revenue Direct private (non-Government) revenue
1
Direct private (non-Government) revenue
1
1
Includes accommodation supplements, retirement village units, Radius Online Shop and other privately paid revenues
2.2
3.0
3.0
4.5
6.2
7.1
10.1
9.2
13.8
3.4%
11.0%
0.0%
2.5%
5.0%
7.5%
10.0%
12.5%
0.0
2.5
5.0
7.5
10.0
12.5
15.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Proportion of total revenue (%)
Direct Private Revenue (NZ$m)
Direct private revenue (LHS)
Direct private proportion of total revenue (RHS)

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16
Bed Mix Oriented to High Acuity and Specialist Care
Over FY21, beds certified for high acuity and specialist care have increased from 82% to 86% of the portfolio. Radius Care
continues to provide more care offerings and in particular more specialist care offerings per facility than peers.
Care Beds by use and typeCare Beds by use and type
1 Source: CBRE analysis, September 2020
2 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –https://www.health.govt.nz/your-health/certified-providers/aged-care/based on data as at 4 May 2021
3 Dementia and Specialist offerings include Dementia, Psychogeriatric, Physical and Intellectual but does not include Rest Home or Hospital –Geriatric or Hospital –Medical care. Average based on simple average of all certified facilities
3.9
3.2
3.2
3.0
3.6
Radius Oceania Arvida Summerset Ryman
0.9
0.5
0.5
0.2
0.8
Radius Oceania Arvida Summerset Ryman
Total and specialist offerings
2
Total and specialist offerings
2
Total offerings aged care
(per Aged Care facility)
Dementia and Specialist offerings
3
(per Aged Care facility)
Care bed
type
Care bed
use
47.1%38.1%11.1%3.6%
Industry
average
1
17.9%
14.4%
34.1%
41.4%
30.3%
26.5%
10.3%
11.1%
6.6%
5.7%
0.8%
0.9%
FY20
FY21
85.6% high acuity and specialist
52.9% high acuity and specialist
34.4%
32.8%
47.9%
49.6%
10.2%
10.8%
6.3%
5.8%
1.2%
1.0%
FY20
FY21
Rest homeSwingHospitalDementiaPsychogeriatricPhysical and intellectual
65.6% high acuity and specialist
67.2% high acuity and specialist
82.1% high acuity and specialist

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Strong Occupancy Growth
1.
Aging New Zealand population
1
1.
Aging New Zealand population
1
Growing Occupancy v.s. industry
3
Growing Occupancy v.s. industry
3
3. Increasing years in dependency3. Increasing years in dependency
•Life expectancy is increasing but more years are being spent in dependency
90.1%
89.2%
89.1%
90.4%
90.9%
91.3%
91.0%
92.1%
93.0%
93.7%
93.4% as
at 31
March
2021
87.2%
87.2%
86.9%
86.5%
86.9%
87.0%
86.8%
87.6%
87.9%
87.8%
85.0%
86.0%
87.0%
88.0%
89.0%
90.0%
91.0%
92.0%
93.0%
94.0%
95.0%
Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Occupancy rate %
Radius Care (monthly)Industry average (quarterly)
0.0%
2.0%
4.0%
6.0%
8.0%
Jan-03 Jan-08 Jan-13 Jan-18 Jan-23 Jan-28 Jan-33 Jan-38 Jan-43 Jan-48 Jan-53 Jan-58
Rolling 5-year pop. CAGR
(%)
65 - 85 5-yr CAGR85+ 5-yr CAGR
Aged care demand peak growth
from 2023 -2043
Occupancy growth underpinned by supportive industry backdrop of (1) aging population (2) increasing bed demand
particularly for high acuity and specialist care and (3) rising years in spent in dependency
Increasing number of high occupancy facilitiesIncreasing number of high occupancy facilities
88
7
11
9
3
7
7
5
4
2
5
6
4
2
0
5
10
15
20
25
FY18FY19FY20FY21
Number of Facilities
95.0% to 100%90.0% to 94.9%85.0% to 89.9%<85%
1 Source: Statistics New Zealand
2 Source: EY Aged Residential Care Funding Model Review analysis using ARC model, August 2019. Historical information based on actual demand data per the ARC demand model which EY have extended using the past 5 year trend over the projection period
3 Source: Industry Information based on NZACA Occupancy –TAS Aged Residential Care Quarterly Reporting Survey as at 31 December2020. Includes ORA ARRC-certified beds and residents
2. Increasing high acuity bed demand
2
2. Increasing high acuity bed demand
2
-
2,000
4,000
6,000
8,000
20062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031
ActualProjection
Bed days (000s of days)
DementiaHospitalPsychogeriatricResthome

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18
Growing Underlying EBITDA per Care Bed
Underlying EBITDA per Care Bed ($000)
Strong Occupancy
(see previous page)
Increasing Underlying EBITDA per care bed
1
Increasing Underlying EBITDA per care bed
1
Growing accommodation supplementsGrowing accommodation supplements
Strong wage controlStrong wage control
18.3
17.9
17.2
19.5
0.0
5.0
10.0
15.0
20.0
FY18FY19FY20FY21
51.9
57.6
62.8
64.4
52.9%
54.1%
56.1%
53.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY18FY19FY20FY21
$m
Direct Employee Costs% of Direct Revenue
$3.03
$4.07
$4.92
$5.61
$1,819
$2,400
$2,902
$3,300
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0.0
1.0
2.0
3.0
4.0
5.0
6.0
FY18FY19FY20FY21Accommodation supplement per
Care Bed NZ$
Accommodation supplements
NZ$m
Accommodation supplements (LHS)Accommodation supplements per available Care Bed (RHS)
1 Underlying EBITDA for aged care segment divided by the average number of care beds occupied during the period

Radius Care
19
Positioning Radius
Care for Growth
Phase, Strategy
Update and FY22
Guidance

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20
Senior management and board strengthened
and sized for next phase of growth.
Positioning
Radius Care for
Growth Phase
- Brien Cree transitioned to Executive Chairman role
focused on growth opportunities through
development and acquisition
- Stuart Bilbrough returned as CEO (previously CFO
from 2010 to 2017)
- Hamish Stevens and Mary Gardiner appointed as
independent directors
- Employee turnover reduced vs. FY20
- A focus on employees continuing professional
development and ongoing property investments
that enhances accommodation supplement
revenue is a focus for the coming year

Radius Care
21
GO FORWARD STATERGYHISTORICAL TRACK RECORDCURRENT STATUS
1. Brownfield development
•Windsor Court (FY18) –15 Care Beds
•Waipuna (FY17) –28 Care Beds
•Elloughton Gardens (FY17) –27 Care Beds
Brownfield potential identified at owned sites at:
- Lexham Park (Katikati)
- Thornleigh (New Plymouth)
Detailed feasibility studies underway
2. Purchase of strategically
important facilities already
operated by Radius
•Lexham Park (FY20) –63 Care Beds
•Thornleigh Park (FY14) –63 Care Beds
•St Helenas (FY14) –52 Care Beds
Continuing work to identify strategically important facilities
3. Greenfield development
Greenfield Development on owned facilities undertaken and funded by
Radius Care:
•Elloughton Grange Village (FY21) –54 Units
Greenfield Development on leased facilities undertaken with and funded
by landlords:
•Glaisdale (FY18) –80 Care Beds
•Millstream (FY18) –80 Care Beds
Purchase of Belfast, Christchurch Greenfield development land
•As announced in April 2021, Radius Care has exercised its right
to acquire c. 4.3 hectares of land
•Settlement of the land ($5.5m) is expected to take place
between December 2021 and March 2022
•Work progressing on final design, building consents and
construction discussions
•Multi-stage programprovides funding flexibility
4. Opportunistic value accretive
acquisition
•Acquired the operations of 26 aged care facilities and retirement
villages comprising 1,998 Residences since 2003
•Continuing to seek and evaluate potential acquisition
opportunities
Strategy Update
Focus continues on the execution of Radius Care’s growth strategy, with the exercise of Radius Care’s option to acquire the
4.3 hectare Belfast, Christchurch site being a key milestone since Listing

-
Execution of strategy
-

Growth Strategy as outlined in the Listing Profile

Radius Care
22

Radius Care
23
Aged Care
•Average occupancy expected to increase further in FY22 given current run
rate
•Continued accommodation supplements growth in FY22 expected
•Additional funding from the Government as part of the Equal Pay claim
for Health Care Assistants
•Operating costs will increase with staffing wage growth but wages to
revenue expected to remain stable
•Conversion of Dementia rooms at Arran Court
Retirement village
•Sale of final 4 units at Elloughton Grange Village expected
•Resale of 5 units expected
Guidance for the
12 months to 31 March 2022
demonstrates expected
continued earnings uplift.
FY22 Outlook
and Guidance
Guidance
FY21Listing Profile FY21FY22
Actual ($m) Guidance($m) Guidance ($m)
Underlying EBITDA 23.423.0 -23.823.5 –25.5
Pre-NZ IFRS 16Underlying
EBITDA
10.510.2 -11.010.5 –12.5
AFFO3.72.9 -3.53.7 –4.7

Radius Care
24
Radius Care provides unique exposure to a high acuity, specialised care provider that remains committed to and
focused on delivering compassionate and outstanding clinical care outcomes
1. Demand
2. Portfolio
3.
Systematic
Approach
4. Growing
Non-
Government
Revenues
5. Growth
Pathway
6. Strong
Founder
Backed
Team
KeyInvestmentHighlights
0.0%
2.0%
4.0%
6.0%
8.0%
2003 2008 2013 2018 2023 2028 2033 2038 2043 2048 2053 2058
Rolling 5-year pop. CAGR (%)
65 - 85 5-yr CAGR85+ 5-yr CAGR
1
Demand underpinned by population demographics
1
3.9
3.2 3.2
3.0
3.6
Radius Oceania Arvida Summerset Ryman
2
Portfolio oriented to high acuity and specialist care
2
Systematic approach to provision of care
1) Centralised head-office systems and support
2) Leading IT systems
3) Immigration accreditation
4) Early engagement through Radius Online Shop
3
3.4%
11.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY13FY14FY15FY16FY17FY18FY19FY20FY21
Direct private portion
of total revenue (%)
Growing direct non-Government revenues
4
5
Clear growth pathway via
1) Purchase of strategically important
facilities’ land and buildings
2) Brownfield and greenfield development
with ownership of land and buildings
3) Opportunistic acquisitions
Strong founder backed team
Brien Cree
Founder and Executive Chairman
Stuart Bilbrough
Chief Executive Officer
6
1 Source: Statistics New Zealand
2 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –https://www.health.govt.nz/your-health/certified-providers/aged-care/based on data as at 4 May 2021
3 Includes accommodation supplements, retirement village units, Radius Online Shop and other privately paid revenues

Radius Care
25
Appendix

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26
Financial periodFY18 FY19 FY20 FY21
$m
Aged Care
27.2 27.2 26.3 30.6
Retirement Village
0.3 0.80.81.4
Group support
(7.8) (7.6) (8.9) (8.7)
Underlying EBITDA
19.7 20.4 18.2 23.4
Key operational and financial metrics
Financial periodFY18FY19FY20FY21
Number of Care Beds (period end)
1
1,682 1,701 1,704 1,715
Average Care Bed Occupancy
2
89.1% 89.5%90.092.4%
Underlying EBITDA per Care Bed
3
(000s)$18.3 $17.9 $17.2 $19.5
Number of Units (period end)
4
55637376
Number of new Unit sales 91186
Number of existing Unit resales23-7
Realised gains on resales (m)$0.2$0.1-$0.5
Realiseddevelopment margins (m)$0.2$0.5$0.4$0.3
Cash DMF realised uponresale (000s)$67$66-$525
Average resale price (000s)$323$355-$407
Average new unit saleprice (000s)$395$377$403$408
Operating metricsOperating metrics
1 Comprises Care Beds occupied, available to be occupied or unavailable due to refurbishment
2 Total occupied Care Bed days divided by total Care Bed days available during the period
3 Underlying EBITDA for aged care (as set out in the lower right table) divided by the average number of Care Beds occupied during the period
4 Comprises Units occupied, available to be occupied or unavailable due to refurbishment
Financial periodFY18 FY19 FY20 FY21
Accommodation Supplements Revenue
$3.0m $4.1m $4.9m $5.6m
Number of Care Beds
1,682 1,701 1,704 1,715
Number of Available Care Beds with Accommodation Supplements
1,005 1,134 1,138 1,146
Percentage of Care Beds with Accommodation Supplements
59.8% 66.7% 66.8% 66.8%
Accommodation supplementsAccommodation supplements
Financial periodFY18 FY19 FY20 FY21
$m
Aged Care
98.8 107.3 112.6 120.3
Retirement Village
1.3 2.30.54.4
Group support
0.1 0.50.61.3
Total revenue
100.2 110.1 113.7 126.0
Revenue by segmentRevenue by segment
DMF terms for Retirement Village unitsDMF terms for Retirement Village units
•30% over three years
•FY20 –21 average resident tenure: 4 years
Underlying EBITDA by segmentUnderlying EBITDA by segment
Corporate function growth from FY19 to FY20 and FY21 reflects strengthening of senior management and board for
next phase of growth.

Radius Care
27
Underlying EBITDA to AFFO Reconciliation
($m)FY18 FY19 FY20 FY21
Underlying EBITDA19.720.418.223.4
Include: Pre-NZ IFRS 16 operating rental lease expense(12.0) (12.4) (12.4) (12.9)
Pre-NZ IFRS 16 Underlying EBITDA7.78.05.810.5
Include: Depreciation and amortisation (Pre-NZ IFRS 16)(3.0)(3.6)(3.7)(4.3)
Include: Net interest expense (Pre-NZ IFRS 16)(0.6)(0.9)(1.2)(0.8)
Include: Current tax expense(0.9)(0.7)(1.0)(2.1)
Include: Income tax impact from Pro forma adjustments0.20.20.3(0.3)
Pre-NZ IFRS 16 Underlying NPAT3.43.00.23.0
Remove: Depreciation and amortisation (excl. NZ IFRS 16
related)
3.03.63.74.2
Include: Maintenance capital expenditure(5.1)(4.6)(4.4)(3.5)
AFFO1.32.0 (0.5)
1
3.7
AFFO outperformance in part due to maintenance capex below historical levels
Refer to Note 2.1 in the 31 March 2021 Annual Report for reconciliation of Underlying profit to Reported net profit after tax–see Appendix attached
1
The +$4.2m change in AFFO in FY2021 is calculated on AFFO for FY2020 of $(0.5)m, which has been revised from the FY2020 AFFO of $0.8m shown in the 10 December 2020 NZX Listing Profile due to a reclassification of the deferred tax on
the FY2020 revaluation of the three owned properties. The impact of this reclassification was an increase of $1.339m in FY2020 current tax and a corresponding decrease of $1.339m in FY2020 deferred tax. There is no impact on AFFO in
any other period and there is no impact going forward.
Capex
maintenance
guidance is
$4.0m

Radius Care
28
Statement of Comprehensive Income
($000)FY20FY21
Revenue
Revenue from contracts with customers113,359121,217
Deferred management fees6711,081
Total revenue114,030122,298
Fair value movement of investment properties(649)2,879
Government subsidy received353794
Interest income4971
Total revenue and other income113,783126,042
Expenses
Employee costs(70,852)(74,457)
Depreciation expense(10,911)(11,552)
Finance costs(10,583)(9,706)
Other expenses(24,770)(28,298)
Total expenses(117,116)(124,013)
Profit / (loss) before income tax(3,333)2,029
Income tax (expense) / benefit 500(324)
Profit / (loss) for the year(2,833)1,705
Other comprehensive income
Items that will not be reclassified subsequently to profit and loss
Revaluation of property, plant and equipment, net of tax5,7081,104
Other comprehensive income for the year5,7081,104
Total comprehensive income 2,8752,809

Radius Care
29
Statement of Financial Position
($000)FY20FY21
Assets
Cash and cash equivalents2,3172,761
Trade and other receivables7,6487,744
Inventories308548
Property, plant and equipment32,30332,896
Right-of-use assets181,431177,170
Investment properties27,83131,675
Deferred tax assets2,0063,635
Intangible assets16,99616,996
Total assets270,840273,425
Liabilities
Trade and other payables14,08614,911
Current tax liabilities7231,135
Borrowings31,42727,212
Deferred management fee9621,178
Refundable occupation right agreements17,51820,591
Lease liabilities185,304184,305
Total liabilities250,020249,332
Net assets20,82024,093
Equity
Share capital4,7365,932
Asset revaluation5,7086,812
Retained earnings10,37611,349
Total equity20,82024,093

Radius Care
30
Statement of Cash flows
($000)FY20FY21
Cash flow from operating activities
Receipts from residents for care fees and village fees113,282122,337
Receipts of government subsidy-1,210
Payments to suppliers and employees(95,436)(101,724)
Proceeds from the sale of Refundable occupation right agreements3,7053,927
Payments for the repurchase of Refundable occupation right agreements-(464)
Interest received4971
Interest paid –borrowings(1,183)(883)
Interest paid –lease liabilities(9,400)(8,823)
Income tax paid (814)(1,744)
Net cash provided by operating activities10,20313,907
Cash flow from investing activities
Proceeds from the sale of property, plant and equipment11454
Payments for the purchase of plant and equipment(11,305)(3,577)
Payments for village developments(3,723)(965)
Net cash used in investing activities(14,914)(4,488)
Cash flows from financing activities
Proceeds from bank borrowings15,120-
Repayments of bank borrowings4,038(4,215)
Repayments of shareholder loans(5,030)-
Principal repayment of lease liabilities(3,035)(4,028)
Dividends paid(225)(732)
Net cash (used in) / provided by financing activities2,792(8,975)
Reconciliation of cash and cash equivalents
Cash and cash equivalents at beginning of the year4,2362,317
Net increase / (decrease) in cash held(1,919)444
Cash and cash equivalents at end of year2,3172,761

Radius Care
31
Reconciliation of NZ GAAP financial measures to non-GAAP financial measures
($000)FY20FY21
Profit/(loss)for the year(2,833)1,705
Adjustments
Non-recurring or infrequent items
Remove: COVID-19 related expenses34653
Remove: Government COVID-19 Subsidy(353)(857)
Remove: One-off listing costs-1,227
Remove: Share based payments-1,464
Structural changes and other
Include: Listed & other company costs(1,084)(714)
Remove: Historical governance costs350417
Include: Income tax impact from adjustments295(270)
Underlying adjustments
Remove: Change in fair value of investment properties649(2,879)
Include: Realised development margins512343
Include: Realised gains on resales-480
Remove: Deferred tax expense(1,533)(1,831)
Underlying Net profit before tax(3,963)(262)
Remove: Depreciation10,91111,552
Remove: Net interest expense10,5349,636
Remove: Current tax expense1,0332,155
Remove: Income tax impact from adjustments(295)270
Underlying EBITDA18,22023,351
Include: Pre-NZ IFRS 16 operating lease expense(12,435)(12,850)
Pre-NZ IFRS 16 Underlying EBITDA5,78510,501
Include: Depreciation (Pre-NZ IFRS 16)(3,700)(4,262)
Include: Net interest expense (Pre-NZ IFRS 16)(1,134)(812)
Include: Current tax expense(1,033)(2,155)
Include: Income tax impact from adjustments295(270)
Pre-NZ IFRS 16 Underlying Net profit after tax2133,002
Remove: Depreciation (excl. NZ IFRS 16 related)3,7004,262
Include: Maintenance capital expenditure(4,400)(3,543)
AFFO(487)3,721

Radius Care
32
$0.1
$0.1
$(0.8)
$(0.2)
$(0.1)
$(0.6)
$(0.7)
$20.4
$18.2
17.0
19.0
21.0
FY19 Pro forma
Underlying EBITDA
Brownfield &
Greenfield
Developments
Bureau Other aged care
operations
DMF and weekly
service fees
Realised Gains on
Resales and
Development
Margin
Support office
personnel costs
Support office
other expenses
FY20 Pro forma
Underlying EBITDA
NZ$m
Aged careRetirement villageGroup support
Historical Pro forma Underlying EBITDA –FY19 to FY20
Note: Extract from the NZX Listing Profile of 10 December 2020

Radius Care
33
Leased facilityLocationCare Beds Units Current lease term Time to next renewal Rights of renewal Time to final expiry Landlord
HeatherleaNew Plymouth55-12 yrs5 yrs3 x 12 yrs41.1 yrsA
Taupaki GablesKumeu60-12 yrs5 yrs3 x 12 yrs41.1 yrsA
Windsor CourtOhaupo76-12 yrs5 yrs3 x 12 yrs41.1 yrsA
Elloughton GardensTimaru86-12 yrs5 yrs3 x 12 yrs41.1 yrsA
KensingtonHamilton96-10 yrs3.2 yrs2 x 10 yrs13.2 yrsB
PeppertreePalmerston North62-10 yrs3.7 yrs2 x 10 yrs13.7 yrsB
St JoansHamilton82-10 yrs4.1 yrs2 x 10 yrs14.1 yrsB
Fulton HomeDunedin93-10 yrs4.6 yrs2 x 10 yrs14.6 yrsB
Arran CourtAuckland102-10 yrs8.3 yrs1 x 10 yrs18.3 yrsB
Potter HomeWhangarei55-20 yrs8.6 yrs2x 15 yrs38.6 yrsC
Rimu ParkWhangarei55-20 yrs8.6 yrs2x 15 yrs38.6 yrsC
WaipunaAuckland86-30 yrs25.9 yrs-25.9 yrsD
Hampton CourtNapier45-10 yrs7.9 yrs-7.9 yrsE
BaycareNorthland45-12 yrs5 yrs3x 12 yrs41.1 yrsF
MatuaTauranga149-30 yrs21.7 yrs-21.7 yrsG
AlthorpTauranga117-15 yrs7.5 yrs3x 10 yrs37.5 yrsH
MillstreamAshburton80-35 yrs30.3 yrs-30.3 yrsI
Millstream ApartmentsAshburton19-5 yrs3.5 yrs2x 5 yrs13.5 yrsI
GlaisdaleHamilton80-15 yrs11.2 yrs2x 15 yrs41.2 yrsJ
HawthorneChristchurch94-10 yrs9.1 yrs2x 10 yrs19.1 yrsK
Total leased1537-n/an/an/an/a
Simple average leased77-15 yrs9.1 yrsn/a27.7 yrs
Owned facility/village
St HelenasChristchurch52-n/an/an/an/an/a
Thornleigh ParkNew Plymouth63-n/an/an/an/an/a
Lexham ParkKatikati63-n/an/an/an/an/a
Windsor Court VillageOhaupo-22n/an/an/an/an/a
Elloughton Grange Village Timaru-54n/an/an/an/an/a
Total owned17876
Total171576
Directory of facilities

Radius Care
34

---

Annual Report
2021
RADIUS RESIDENTIAL
CARE LIMITED

Welcome
We operate 22 aged care facilities across the country with more than
1,700 care beds. We own three of these facilities and lease 19. Radius
Care also owns and operates two retirement villages comprising 76
units. Our core aged care offering is focused on the high acuity and
specialist care segment of the market - being hospital, dementia,
psychogeriatric, physical and intellectual care. In addition, Radius Care
also provides lower acuity rest home level care and as such covers the
full continuum of care across the aged care segment.
Radius Care listed on NZX on 10 December 2020. Whether you were
one of our investors who was a shareholder at that time or have
joined us since, we warmly welcome you. Thank you for putting your
trust in us and joining our journey. Radius Care is focused on offering
exceptional quality services to our residents. By doing this we will
create sustainable long-term value based on a focused strategy and
supported by strong governance.
This is our first Annual Report as an NZX listed company. We have set
out in this report an overview of the key drivers of the Radius Care
business. Updating you on the financial and operational performance
and outlook, you’ll be well placed to assess our performance and our
future.
Radius Residential Care Limited is a specialist health and
aged care provider for elderly and disabled New Zealanders.
We are a New Zealand owned and operated company
committed to providing high-quality clinical care outcomes
for people who require help in their daily lives.

Annual Report 2021
1
This report covers the financial year ended 31 March 2021 and is dated 28 May 2021. The report
has been approved by the Board and is signed on behalf of Radius Residential Care Limited by
Brien Cree, Executive Chairman and Hamish Stevens, Director.
Brien Cree Hamish Stevens
A Day at a Radius Care Facility 2
2021 Highlights and Key Events 4
Our Values 5
Operating and Financial Highlights 6
Executive Chairman’s Letter 8
Interview with the Executive Chairman 12
Chief Executive’s Report 14
Case study: Florence Kiosk 20
Case study: Vaccine Rollout 21
Case study: Caring is Our Calling 22
Directors and Senior Management 23
Consolidated Financial Statements 27
Corporate Governance Statement 74
Other Disclosures 86
Shareholder Information 91
Directory 94
Contents

Radius Residential Care Limited
2
A day
at a Radius
Care facility
Radius Care’s daily activity programmes use a range of
touchpoints to support, challenge and enhance residents’
psychological, spiritual, social, emotional and physical
wellbeing. Sensory enrichment activities such as education
sessions, outings, discussion groups, cooking, beauty
therapy, exercise, gardening and music are standard
offerings at all facilities.

Annual Report 2021
3
During the nationwide Level 4 lockdown enabling residents to keep in touch with
their families was a priority. Radius Care staff taught residents to use Skype, Zoom,
Whatsapp and Facetime on their own and the company’s hardware. When physical
visits were simply not possible, residents’ use of social media platforms for contact
with family and friends became an important and every day activity.

Appointment
of Mary Gardiner and
Hamish Stevens as
independent directors
December
2020
Stuart Bilbrough
returns to Radius Care
as CEO
June
2020
All Radius sites locked
down as a result of
COVID-19 threat
17 March
2020
New Zealand entered
nationwide Level 4
lockdown
26 March
2020
Board approves
decision to undertake
NZX listing
September
2020
NZX Listing
10 December
2020
Payment of FY21
interim dividend
February
2021
Announcement of
exercise of option to
purchase 4.3ha site at
Belfast, Christchurch
April
2021
2021 Highlights
and Key Events
Radius Residential Care Limited
4

Annual Report 2021
5
Caring is our calling
Exceptional People, Exceptional Care
The foundation that every Radius Care facility is built on.
COMMITMENT
Leaders in care
COURAGE
Do the right thing
COMPASSION
Act with empathy
Annual Report 2021
5

Radius Residential Care Limited
6
Financial Highlights
FY2021 Change
Underlying EBITDA
6
$23.4m +$5.1m
Pre-NZ IFRS 16 Underlying EBITDA
6
$10.5m +$4.7m
AFFO
6
$3.7m +$4.2m
Total assets $273.4m +$2.6m
Net interest bearing bank debt $24.5m -$4.7m
Total gross fully imputed dividend declared for year 1.46 cps
Operating Highlights
FY2021 Change
Overall beds (period end)
1
1,715 +11
Bed occupancy (March 21 month)
2
93.4% +1.8%
Underlying EBITDA per Care Bed
3
$19,505 +13.3%
Retirement village units (period end) 76 +3
Staff (period end) 1,560 +58
Revenue composition
Government funded aged care 63.8% -2.0%
Direct private revenue
4
11.0% +2.9%
Indirect private revenue
5
25.2% -0.9%
Operating
and Financial
Highlights
1. Comprises Care Beds occupied, available to be occupied or unavailable due to refurbishment
2. Total occupied Care Bed days divided by total Care Bed days available during the period
3. Underlying EBITDA for aged care divided by average number of Care Beds occupied during the period
4. Reflects full or partial private aged care payments where the resident exceeds means testing threshold
5. Includes accommodation supplements, retirement village revenues, Radius Online Shop revenue and other privately paid
6. These measures are non-GAAP measures. The definitions and calculations of these measures in this report can be found on pages 37 – 39 of this report. The +$4.2m change in
AFFO in FY2021 is calculated on AFFO for FY2020 of $(0.5)m, which has been revised from the FY2020 AFFO of $0.8m shown in the 10 December 2020 NZX Listing Profile due to a
reclassification of the deferred tax on the FY2020 revaluation of the three owned properties. The impact of this reclassification was an increase of $1.339m in FY2020 current tax and a
corresponding decrease of $1.339m in FY2020 deferred tax.
Radius Residential Care Limited
6

Annual Report 2021
7
NEW PLYMOUTH
SitesBedsILUsTotal
Leased155-55
Owned163-63
WAIKATO
SitesBedsILUsTotal
Leased4334-334
Owned1-2222
CANTERBURY
SitesBedsILUsTotal
Leased3279-279
Owned25254106
BAY OF PLENTY
SitesBedsILUsTotal
Leased2266-266
Owned163-63
AUCKLAND
SitesBedsILUsTotal
Leased3248-248
NORTHLAND
SitesBedsILUsTotal
Leased3155-155
NAPIER
SitesBedsILUsTotal
Leased145-45
PALMERSTON NORTH
SitesBedsILUsTotal
Leased162-62
OTAGO
SitesBedsILUsTotal
Leased193-93
Radius Care
at a Glance
SitesAged Care BedsRetirement Villages
aged care
facilities
nationally
comprising
76 units
owned
22
3 owned 19 leased
1,700+2
Denotes leasehold sites
Denotes freehold sites
Employees & Residents
1,700+1,500+
EmployeesBeds
National portfolio with strong
regional performance

Radius Residential Care Limited
8
Letter from
the Chairman
This is the first report for Radius Care as a listed company.
The 2021 financial year will be memorable for two significant
events – the company’s listing on NZX and for the global impact
of COVID-19.
NZX listing
Radius Care listed on NZX on 10 December 2020. The listing
was one of the first direct listings on NZX for some time. Whilst
Radius Care has a clear strategic growth focus around (1) the
purchase of the land and buildings of strategically important
facilities it currently operates, (2) leveraging its existing
Brownfield and Greenfield acquisition capabilities and (3)
undertaking opportunistic value accretive acquisitions of aged
care focused facilities the timing of opportunities is inherently
uncertain. As such, the direct listing allowed Radius Care to
firstly, achieve an NZX listing, and subsequently, focus on its
strategic growth objectives. Our listing documents (being our
Listing Profile and Supplementary Financial Information) are
available in the investor section of the Radius Care website (see
www.radiuscare.co.nz/investors-centre/listing-documents.
Trading on NZX to date has been relatively light, with an
average of about 50,000 shares a day trading between 1
January and 31 March 2021. While our existing shareholders
have been able to enjoy the benefits of a more liquid market
for their shares, most have chosen not to sell at this point.
I am delighted to present the annual report for the year ended 31 March 2021 for Radius
Residential Care Limited.

Annual Report 2021
9
Radius Care
offers high acuity,
specialised care in
New Zealand with a
commitment to and
focus on delivering
compassionate and
outstanding clinical
care outcomes.
COVID-19 response
The start of the 2021 financial year saw New Zealand in
lockdown and unprecedented operating procedures in place
across all of our facilities. Scenario planning and testing
is a regular feature of our operating procedures and risk
mitigation. A pandemic plan had been thoroughly tested and
was activated prior to New Zealand moving to Alert Level 4 on
26 March 2020. We would like to thank our residents, their
families and our suppliers for their complete co-operation with
the procedures that were required to be put in place to keep
all of our residents safe. Our utmost thanks must also go to
our dedicated staff for their professionalism, resilience and
the level of care that was shown for all of those around them
throughout the lockdown periods.
Our market positioning and care strategy
Radius Care offers high acuity, specialised care across New
Zealand with a commitment to and focus on outstanding
clinical care outcomes, delivered with compassion.
We provide a full range of accommodation and care options
from retirement village to rest home care through to high
acuity and specialist care. Services under the latter category
means hospital, dementia, psychogeriatric, physical and
intellectual care. Radius Care provides a broad offering allowing
residents the confidence that they can “age in place” as their
care needs change, however our key focus is on providing
high acuity and specialist care. This greater focus on aged care
and in particular high acuity and specialist care differentiates
Radius Care from other NZX listed aged care and retirement
village operators.
Radius Care is New Zealand’s leading provider in the high
acuity and specialist care segments of the aged care market.
Its strong care reputation has created a clear and defendable
competitive advantage. The high acuity and specialist care
segment is expected to see the greatest increase in Care Bed
demand with an aging population and increased dependency
levels being the key drivers. This is expected to see it continue
to generate the industry’s highest margins per Care Bed.
Strong regulatory and operational requirements create high
barriers to entry for companies that choose to compete
against Radius Care.
Our growth strategy
Whilst historically Radius Care has predominantly leased its
facilities it has a strategic focus of increasing the proportion of
facilities it owns, where it makes strategic sense to do so. For

Radius Residential Care Limited
10
example, Radius Care would consider acquisitions of sites it
operates but does not own if:
• development potential may be constrained by the
landlord;
• to enhance its legal position allowing a Care Suite
(Occupation Right Agreement (ORA) over a Care Bed)
product to be offered;
• where it provides greater control over its cost base; or
• where there are funding benefits
Radius Care currently owns three of the aged care facilities and
both retirement villages that it operates. We lease 19 aged care
facilities. Where the opportunity to purchase any strategically
important leased facilities at an attractive price arises, we will
look to purchase.
We have identified the opportunity to, in time, develop
an additional 144 Care Beds on existing owned facilities.
Brownfield developments provide strong value accretion to
Radius Care as there is nil land cost associated with them
and, as extensions to existing facilities with known catchment
demand, they are generally low risk in nature. Our property
development team is currently undertaking more detailed work
on the Brownfield Development pipeline.
In future developments high acuity and specialist care will
continue to be the core offering at each property. The optimal
Greenfields Development will comprise a boutique integrated
aged care and retirement village in regional or main centres,
accommodating a facility of 100 Care Beds/Care Suites and
100 Retirement Units or more. We will however consider
other value accretive Greenfield Developments that present
themselves but don’t exactly fit this model.
In addition, the aged care market in which Radius Care
operates remains highly fragmented with approximately
50% of the market still owned by small operators. Over its
history Radius Care has acquired 26
7
facilities with 22 of
Letter from the Chairman continued
7. Radius Care sold facilities at Glenbrae, Lester and Seaview and closed
a facility at St Ives following the Christchurch earthquakes.
these retained. We are frequently contacted by smaller
operators seeking to sell their facilities. We will continue to
make acquisitions where opportunities arise that fit with our
strategy and are value accretive.
In order to accelerate the execution of this strategy to drive
our next phase of growth, I became Executive Chairman in
June 2020 and Stuart Bilbrough, who had been Radius Care’s
Chief Financial Officer between 2010 and 2017, returned
as CEO. In his report to you Stuart talks about our next
Greenfields property development which is an example of our
strategy in action.
Dividends
Radius Care’s dividend policy is to target a pay-out ratio
of 50% to 70% of full financial year available funds from
operations (AFFO) with an interim dividend to be paid in
December and a final dividend to be paid in June of each
year. Each dividend will comprise approximately half of the
expected full year dividend. A number of factors will be
considered, including Radius Care’s financial performance,
financial position, market conditions, future funding
requirements and any contractual, legal or regulatory
restrictions on the payment of dividends by Radius Care.
Guidance was provided of a total cash dividend (net of
imputation credits) of between 0.83 and 1.00 cent per share
to be paid for the 2021 financial year, comprising dividends to
be paid in February and June.
A gross fully imputed interim dividend of 0.58 cents per share
was paid on 26 February (being a cash dividend of 0.41 cents
per share with 0.17 cents per share of attaching imputation
credits). A gross fully imputed full year dividend of 1.46 cents
per share (being a cash dividend of 1.05 cents per share with

Annual Report 2021
11
Brien Cree
Executive Chairman and
Managing Director
0.41 cents per share of attaching imputation credits). The
record date is 14 June 2021 and the payment date is the 21
June 2021 for the final dividend.
Our people
I would like to thank my fellow Directors, the Chief Executive
and the management team for their exemplary contribution to
the Company.
On behalf of the Board, I want to acknowledge our 1,500+
employees who have gone above and beyond through this
year, especially in response to the enormous challenges
presented by COVID-19. Continuing to provide high quality
care for our residents through such challenging times,
recognising that our residents include some of New Zealand’s
highest needs patients, was exceptional and showed huge
levels of commitment. Thank you.
Outlook
The Board and management of Radius Care are firmly focused
on continuing our strong performance in FY2022 and remain
focused on our growth strategy. We will continue to ensure
our residents receive exceptional care and ensure day to
day operations are run efficiently and in line with contract
requirements. Where opportunities to expand the business
present themselves, they will be carefully assessed.

Radius Residential Care Limited
12
with Executive Chairman
Brien Cree
Q&A
What brought you into the industry?
I’ve long had a desire to be involved in an industry that adds
value. My path into aged care started when my mother had a
severe stroke and we immediately needed to find care for her.
The care homes we looked at left me thinking there was an
opportunity to offer something considerably better. My first
purchase was a 54 bed aged care facility, Heatherlea, that I
bought in 2003 and Radius still owns it.
And what were you doing before that?
I was involved in property in the 80s and early 90s in
Wellington. I then worked in business broking and specialised
in aged care. Pretty quickly I moved into owning aged care
facilities and it was when my mother became unwell that I
seriously looked at the clear opportunities to offer really good
care. The opportunity to start Radius came next and here I
can combine all my interests – property development and
management, care and interacting with the elderly.
2021 was a year like no other. What are your
standout memories?
A couple of things – the difficulty and stress in making
decisions without any knowledge of what the outcome of
COVID-19 was going to be. I took the decision to lock down our
facilities ahead of other operators. That created a media frenzy
that was a distraction. Looking back now it was clearly the right
thing to do but it was heavily challenged at the time. A week
later everyone else was doing what Radius had already done
and the Prime Minister announced New Zealand was going to
Lockdown Level 4.
Another thing that is still very clear in my mind is the
tremendous support we had from staff. Radius was declared
early on to be offering an Essential Service and that meant
some of the head office team were still coming in to work every
day. We’d have a call with the facilities at the start of every day,
decide the day’s priorities and then start working on them to
ensure our residents continued to receive superb levels of care
and our staff at all of our facilities were as well supported as
possible. I made videos for the staff to keep them in the loop
on what we were doing. The staff that run the facilities and the
staff at the Parnell head office are a fairly close knit team but it
brought us even closer together. I’m so proud of them and the
lengths they went to to uphold the Radius values and put the
residents first.
The NZX listing was also a significant milestone. Fortunately, it
came after the COVID-19 situation had been stabilised and we
had more line of sight as to what was happening and where
New Zealand was going. Listing on NZX is an experience that
happens to very few companies in New Zealand. It was a really
positive way to sign off 2020. While we’re a mature business
we’ve lifted to another level as we prepped for the listing. We’re
structured and ready to grow again.
And even with everything else that was going on we were
able to exercise an option for the new 4.3 ha site in Belfast,
Christchurch. We’re planning for a new integrated aged care
and retirement development with 70 Care Beds, 30 Care Suites
and 94 Units to be constructed.

Annual Report 2021
13
Are there any new areas of business or
extensions of current services that are
appealing?
I’ve been running Radius for 17 years and I know we lead the
sector in new technologies and new processes. Over the next
10 years I think we’ll see Radius being clearly recognised as
the leading aged care provider in New Zealand and setting
the standard by which the industry is judged. Having said that,
we are developing a good model in care suites and boutique
village developments and that’s where we’re going to continue
to operate. Our competitive advantage is in the combination
of care and bricks and mortar. It’s just a matter of finding
appropriate sites. The ideal is a site of 4 to 5 hectares or
more. That gives us enough land to build a large care facility
and boutique village development. The Belfast Christchurch
property will be the second of this model.
What trends are you seeing that might
influence uptake of Radius Care beds?
Care is becoming more complex. Radius Care’s focus on care
has us at the forefront of new initiatives in an industry where
the barriers to entry are continuing to steadily grow. I see more
and more demand for our services, and we’ll be growing to
cater for that.
How do you think 2022 will look different to
an “average” year for Radius Care?
The recent announcement of the removal of DHBs will mean
the start of a simplification of our processes. We currently
work with all of the DHBs and there’s no consistency between
them in their purchasing of services. I think we’ll also see a
continuation of the increase in demand for our services. And
there’s a steady stream of expansion opportunities presenting
themselves. I’m very focussed on our strategic growth pathway
and hope to demonstrate strong progress this year.
What are some of the new technologies
you’ve seen recently that you might
introduce to benefit patients?
Where we decide to adopt new technologies, we’ll do it because
it frees up time for our staff to spend more time with residents.
As an example, we’ve introduced a check-in kiosk for visitors at
all of our sites. You enter your details, your temperature is taken
and you’re sent a QR code to use for the next time you go to
that facility. We’re the first aged care provider to introduce this
system. It makes for an easy and pleasant check-in experience
that doesn’t require staff support.
What’s different about your role as Executive
Chairman from Chief Executive?
As Chairman I look after the strategic direction and long term
growth of the business. Stuart, as CEO, looks after the day to
day operations of Radius Care. We’re a strong team and this
builds on the strengths we each bring to the business.
If you weren’t Chair of Radius Care, what
would you be doing?
I’d be running an aged care business with development
opportunities. I love it and know a lot about it so why would I
do anything else? Keeping on top of making sure our residents
and staff were safe from COVID-19 and listing Radius on NZX
was a major focus in the 2021 financial year. Strategic progress
is a high priority for me alongside indulging in my passion for
fishing, surfing and boating.

Radius Residential Care Limited
14
Chief
Executive’s Report
The 12 months to 31 March 2021 proved to be an incredibly
challenging year. While the NZX listing of Radius Care was a
project that required considerable input from the executive
team, it did not shift the priority that we place on care for our
residents. Their wellbeing is our complete focus 24 hours a day
7 days a week.
COVID-19
Ensuring our facilities run smoothly and safely is always our
top priority and highest commitment. The safety aspect of
that commitment took on an added dimension of importance
during the Government-mandated lockdowns of the past 12
months. Before I rejoined Radius Care in June, the aged care
Stuart Bilbrough
This is the first Radius Care annual report as a listed company and my first annual report as
the Radius Care Chief Executive. I was the company’s Chief Financial Officer from 2010 until
2017 and rejoined in June 2020 as Chief Executive, giving me responsibility for the Company’s
day to day activities. I know the company well and am delighted to be able to guide its journey
on your behalf.

Annual Report 2021
15
industry, all of New Zealand and the whole world was taking
action to combat the COVID-19 pandemic. As Brien highlighted
in his report, it was all hands to the pump and must have been
a crazy time which would successfully result in no cases of
COVID-19 in our facilities.
On Tuesday 17 March 2020, a few days prior to New Zealand
going to Alert Level 4, all of Radius Care’s facilities moved to
“restricted access” mode due to the risk Covid-19 posed to
older adults. This limited visits from anyone who was not a staff
member or resident. As the first aged care provider to restrict
access to their facilities, this initially caused concerns however
with our peers following suit within a day or two, it quickly
became standard across the industry in New Zealand.
It was all hands to
the pump and it must
have been a crazy
time which would
successfully result in no
cases of COVID-19 in our
facilities.

Our aged care operations were deemed to be an essential
service. That enabled management to continue to come to
work at our Auckland-based office to provide support to our
staff working at our facilities. Our operating procedures quickly
moved to daily calls between the executive office and all of our
facilities across New Zealand, rapid responses to the variety
of issues that arose and underpinned by a strong combined
sense of “we’re going to get through this”. The Radius Care
team worked as one and without external support, as we
navigated a rapidly changing environment.
Financial performance
We are pleased to have delivered a strong first result with:
• Underlying EBITDA of $23.4 million, in line with our
guidance of $23.0 million to $23.8 million;
• Pre-NZ IFRS Underlying EBITDA of $10.5 million in line
with our guidance of $10.2 million to $11.0 million; and
• AFFO of $3.7 million, slightly ahead of our guidance of
$2.9 million to $3.5 million
A Financial Report has been included at pages 27 to 73 of this
report and provides an analysis of the financial performance
for the 12 months to 31 March 2021.
At 31 March 2021, Radius Care had net interest bearing bank
debt of $24.5 million, down $0.3 million from $24.8 million as
at 30 November 2020.
Funding mix and occupancy
Radius Care’s revenues have a high proportion of Government
funding. In recent years we have been increasing the
proportion of revenues derived from non-Government
sources, most notably through a material increase in direct
private payments from a combination of accommodation
supplements, and retirement village revenues.
Direct private revenue
Indirect private revenue
Government funded revenue
11.0
%
8.1
%
25.2
%
26.1
%
63.8
%
65.8
%
Radius Care revenue composition over time
Aged care bed monthly average occupancy as at 31 March
2021 was 93.4%, the highest level we have seen at Radius Care.
This was up from 92.7% as at 30 September 2020 and 90.6%
in May 2020. Several of our facilities operated at close to 100%
for a number of months during the year.

Radius Residential Care Limited
16
We manage our bed mix in order to be able to quickly redeploy
beds as specific situations arise that require a shift. Around
710 or 41% of our beds are swing Care Beds which are
available for either rest home or hospital level care depending
on resident needs. This is 22% or 128 beds up on last year but
is indicative of where this is likely to continue to sit in future
years.
For the financial year 2021 2020
Number of Care Beds (period end) 1,715 1,704
Average Care Bed occupancy 92.4% 90.0%
For the 12 months to 31 March 2021 some 11 additional
beds were added to the pool that Radius Care operates. Our
bed portfolio is heavily oriented to the provision of aged care
to the high acuity and specialist care segments. The overall
proportion of high acuity and specialist care beds is 86% of
our overall beds. These types of bed typically generate higher
margins across the industry. This reflects our long term
expectation for the proportion of beds in this segment.
SwingDementiaPhysical and intellectual
Rest HomeHospitalPsychogeriatric
Radius Care operates a significant number of swing
Care Beds which are able to provide rest home or
hospital level care depending on resident needs
14.4
%
26.5
%
32.8
%
49.6
%
10.8
%
11.1
%
5.7
%
0.5
%
5.8
%
1.0
%
41.4
%
Our people
Our day to day operations are heavily reliant on our ability to
continue to attract and retain suitably skilled and experienced
people. Once employed by us, we want to support our staff
to ensure they’re able to offer their very best every day. It’s
important that Radius Care consistently delivers high-quality
service to our residents so it’s also important that an enjoyable
and stimulating work environment is offered to our staff.
Staff retention and turnover improved significantly over 2020.
Our staff turnover rate for the FY21 year for staff working in
our facilities was 32% and has averaged 37% over the past
three years.
Radius Care is an NZ Immigration accredited employer. This
would normally significantly increase the speed with which
staff can be brought on board. Closed borders meant we were
unable to rely on immigrant nurses whereas over the last three
years, around one third of new Radius Care registered nurses
have come through the NZ Immigration pathway. We have
pushed for changes to the immigration arrangements for our
nurses’ families and were delighted to see the Government
recently announce changes to allow the families’ immigration
arrangements to be fast tracked.
Chief Executive’s Report continued
Radius Care (monthly)
Industry average (quarterly)
Jun 19
95%
94%
93%
92%
91%
90%
89%
88%
87%
86%
85%
Sep 19Dec 19Mar 20Jun 20Sep 20Dec 20Mar 21
Occupancy Rates
Occupancy Rate

Annual Report 2021
17
Retirement village sales
Our retirement village business is currently based around villa
style units rather than an apartment products.
Financial period FY20 FY21
Number of Units (period end) 73 76
Number of new Unit sales 8 6
Number of existing Unit resales - 7
Development activity and building
programme
Radius Care operates a nationwide portfolio of aged care
facilities with a focus on both key urban and regional centres. It
also owns and operates two retirement villages, both of which
are co-located with Radius Care aged care facilities, providing a
continuum of care to residents.
Our overall approach to development is to continue to
predominantly look to care facilities as being the anchor of our
business.
As at 31 March 2021 the average time to the next lease renewal
stood at 9.1 years with an average time to expiry of 27.7 years,
assuming all leases continue to be renewed.
Rent increases across the portfolio of leased facilities is based
on a mix of CPI increases and independently assessed market
rent reviews. Rents increased by an average of 4.9% during
FY2021.
Radius Care has a strong track record in undertaking Brownfield
and Greenfield developments. Brownfields is a development on
land that already includes operational aged care or retirement
villages. Greenfields is a development on land that does not
contain any operational aged care or retirement village facilities.
Development work will remain a core part of our growth
strategy.
Our most recent Greenfield development, Elloughton Grange
Village in Timaru, had just one villa unsold and three going
unconditional as at 31 March 2021 of the 54 in the village.
This is an outstanding success for a development for which
construction started in October 2014.
Over the next three years, Radius Care intends to undertake:
• two Brownfield Developments on owned facilities, totalling
approximately 64 Care Beds/Care Suites in aggregate;
• three Brownfield Developments on leased facilities,
totalling approximately 60 Care Beds/Care Suites and 20
Units in aggregate;
• two Greenfield Developments, totalling approximately 200
Care Beds/Care Suites and 200 Units in aggregate. The
Belfast, Christchurch facility (outlined in more detail below)
will be the first of these developments.
In line with this strategy and just after balance date we
announced that Radius Care had exercised its right to acquire
some 4.3 hectares of development land in Belfast, Christchurch
for a Greenfield Development. Resource consent has been
issued by Christchurch City Council for a new integrated aged
care and retirement village facility totalling 70 care beds, 30
care suites and 94 retirement village units to be constructed on
the property.
Settlement of the land is expected to take place in early 2022.
We are currently progressing the final facility design, obtaining
building consents and commencing construction contracting
discussions in relation to this development.
While the retirement village offering is a core part of our growth
strategy, we remain committed to being a predominantly aged
care provider and will not undertake village-only Greenfield
developments. We have a minimum age requirement for
entering our retirement village facilities of 70 years. The average
resident age as at 31 March 2021 was 80.4 years.

Radius Residential Care Limited
18
Stuart Bilbrough
Chief Executive
Outlook
The 2022 financial year has started well for us. We have seen a
continuation of the high occupancy levels experienced through
the last half of the 2021 year.
Industry dynamics are supportive of Radius Care’s overall
business performance in the medium and longer term seeing
continuing growth. Demand for Care Beds, particularly at high
acuity and specialist care levels, is expected to remain strong
as supported by EY’s Aged Residential Care Funding Model
Review undertaken in September 2019.
Radius Care’s operations and portfolio are heavily oriented
to the high acuity and specialist care segments of the aged
care industry. Government spending has historically been a
very significant contributor to Radius Care’s revenue however
private funding is an increasingly important driver of growth in
overall revenue. This provides a clear demand-driven growth
pathway alongside which Radius will continue to expand its
care bed and village offering and deliver compassionate and
outstanding clinical care outcomes.
At the time Radius Care listed on NZX it provided guidance
in relation to three key financial metrics. It has chosen to
again provide guidance in relation to the FY22 year for these
measures. Radius Care does not commit to providing guidance
for future financial periods.
Guidance for the 12 months to 31 March 2022:
• Underlying EBITDA of $23.5m to $25.5m;
• Pre-NZ IFRS 16 Underlying EBITDA of $10.5m to $12.5m;
and
• AFFO of $3.7m to $4.7m.
An update on the 2022 year will be given at the Annual
Meeting.
Chief Executive’s Report continued

Annual Report 2021
19
Annual Report 2021
19
Case Studies

Radius Residential Care Limited
20
Innovative IT
Radius Care’s custom-built self-check in kiosk.
COVID-19’s arrival in New Zealand saw Radius Care take an industry leading
response in quickly installing practical restrictions to visitors to ensure residents
were kept protected from the virus. A new self-check in kiosk was developed,
custom-built for us to keep our facilities safe, secure and protected from
COVID-19 and other transmissible viruses. The kiosk became affectionately
known as Florence.
Prompted by the additional restrictions on visitation during the COVID-19
pandemic, the kiosk combines the visitor’s health and safety register with a
health questionnaire and temperature check.
When a visitor enters the Radius Care facility they will:
• See a tablet on a pedestal to check in
• Enter standard details about the visit such as their name and who they are
visiting
• Fill out a COVID-19 health questionnaire
• Place their fist, palm down, under the temperature scanner to be
accurately temperature checked.
The software will give the green light for ‘safe visitors’ to enter. However, if their
temperature is elevated or answers to health questions spark an issue, the
screen will refer them to the receptionist. This allows Radius Care staff to get
more detailed information and make an informed decision around visitation.
Pilot tested at Radius St Joans, visitors can pre-register online ahead of time to
receive a QR code. When they arrive, perhaps during a short lunch break, they
simply scan the QR code and undertake a quick temperature check before
proceeding.
Units will be installed throughout Radius Care facilities by the end of 2021.
Looking ahead, the health questionnaire is adaptable to any COVID-strand,
dangerous flu variant, or transmissible virus that New Zealand encounters.
The kiosks will greatly reduce paperwork which is currently required to be
collected and stored for 10 years. A larger facility could receive up to 100 visitors
a day, who would each need to complete two forms. The cumulative impact is
an immense amount of paperwork.
Problem
The immense amount
of paperwork to keep
facilities safe, secure
and protected from
COVID-19 and other
transmissable viruses.
Solution
Radius Care’s
custom-built self-check
in kiosk to combine
visitor’s health and
safety register with a
health questionnaire
and temperature check.
Result
Units will be installed
throughout Radius Care
facilities by the end of
2021.
The kiosk prototype being tested at
Radius St Joans in Hamilton.

Annual Report 2021
21
Vaccine Education
Radius Care’s proactive approach.
The Pfizer/BioNTech vaccine is the best way to protect residents
and staff from the most severe symptoms of COVID-19. It
allows facilities nationwide to reduce their exposure risk as the
borders begin to open.
Our Head of Infection Control, Corrie Bronkhurst, was confident
that much like the annual flu vaccination campaign, Radius
Care would manage the COVID-19 vaccination rollout
effectively.
However, rumours swirled when the Pfizer/BioNTech vaccine
first reached New Zealand shores, and there was a risk that
low uptake – especially amongst our staff or residents – would
leave the people we care for vulnerable to the virus.
Radius Care took a proactive approach, undertaking a
comprehensive internal communications plan which
included posters, videos, and brochures with essential, factual
information for staff to understand the vaccination ahead of
being offered it. Staff continue act as trusted influencers to
those around them.
Facilities work closely with DHBs to book in vaccination dates,
and on the day, facilities distribute stickers to vaccinated
staff and residents to highlight an individual’s contribution to
protecting the Radius community.
The uptake amongst both staff and residents is high, with
many facilities reporting around 90% uptake of the vaccine. By
taking a one team approach to encourage all of the Radius
Community to take the vaccine – staff, residents, family and
friends – we aim to provide the safest care for residents.
Problem
The misinformation
and rumours regarding
the safety of the Pfizer/
BioNTech vaccine.
Solution
Create an internal
communication
program filled with
factual information
to inform residents
and staff before the
vaccination is offered.
Result
High vaccination
uptake of residents
and staff.
Elloughton Gardens staff in Timaru received their
second vaccination in May 2021

Radius Residential Care Limited
22
Caring is
our calling
Commitment, courage and compassion are the
three values that all Radius Care staff live each
day. We’re committed to providing the best
possible care; have the courage to advocate for our
residents; and knowing that compassion is the most
important part of our role.
The fact that over 140 staff members have worked at Radius Care
for over 10 years is testimony to a supportive and challenging work
environment. This support includes regular in-house training and
ongoing skills development which ensures our staff are updated
on the latest health care practices and feel confident in their role.
Examples of this are:
Radius Care employs more than 1500 people,
and all our staff – Management, Nurses,
Health Care Assistants, Cleaners, Cooks – are
highly qualified and committed to providing
the best in aged care. Neethu Roji and Nofo
Nauma are examples of staff who were
supported in their career progression by
management.
A talented Registered Nurse originally
from India, Neethu has through sheer
determination and hard work progressed
from a Health Care Assistant to Facility
Manager at Radius St Helenas – in less
than five years! Neethu is very passionate
about looking after people, both staff and
the residents, and is proud to be part of
the excellent team at the 52-bed facility in
Christchurch.
Neethu Roji
Facility Manager
After being encouraged by her manager at
Radius Fulton in Dunedin, Nofo enrolled at
New Zealand Tertiary College to complete
the New Zealand Certificate in Health
and Wellbeing to further progress her
career. Nofo says that: “It’s so rewarding
contributing to a team; bringing out the
best in myself and my colleagues to fulfil
our goals and see positive results in the
healthcare setting.”
Nofa Mauma
Health Care Assistant
Pure Wellness
The once a year wellbeing month sees facilities across the
country offering complimentary wellness initiatives including
physio appointments, pilates and Zumba classes, steps
challenge and a healthy soup available all day for staff.
Rhythm of Leadership
The nine-month programme for Clinical Managers, Facility
Managers and Support Office staff provides everyone with the
opportunity to be the best version of themselves.
Value Cards
Staff who show great examples of value-led work are rewarded
with presents such as special tokens, prezzie cards or a coffee
vouchers, to value and recognise staff effort throughout the year.
Cap Course
Radius Care regularly assists healthcare assistants to have
overseas qualifications officially recognised in New Zealand.
NZQA Level 2 & 3
Radius Care also offers financial and practical assistance
for all cleaning staff towards obtaining the NZQA Level 2 & 3
qualification. This not only helps their career but improves their
pride in what they do.

Annual Report 2021
23
Board of Directors
Directors and
Senior Management
Radius Care’s Directors
and Senior Management
Brien Cree
Executive Chairman and
Managing Director
Brien Cree is the founding shareholder
of Radius Care and has been Managing
Director from the company’s inception
in 2003. Brien has built the Radius
Care’s property portfolio from nothing
to its current 22 aged care facilities and
two retirement villages. As Executive
Chairman and Managing Director, Brien
is focused on the formulation and
execution of Radius Care’s strategic
growth objectives.
Brien has more than 30 years’
experience in the aged care sector. He
is a board member of the NZACA and
past board member of the Retirement
Villages Association.
Duncan Cook
Non-Executive Director
LLB
Duncan Cook has been a director
of Radius Care since 2010, and
worked with Radius Care’s founders
to establish, structure and grow
Radius Care’s business. Duncan is a
partner at Sharp Tudhope Lawyers
(Tauranga and Auckland) and has
over 30 years’ experience in practice.
His key areas of practice are mergers
and acquisitions, and turnaround and
restructuring. Duncan is a member of
the New Zealand Law Society, Institute
of Directors New Zealand (Inc) and
Restructuring Insolvency & Turnaround
Association New Zealand Incorporated.
Duncan has governance experience
across a range of industry sectors,
including fishing, exports and housing
construction. He has volunteered on
the boards of the Tauranga Chamber
of Commerce and agencies associated
with economic development in the
Tauranga region.
Board of Directors
Radius Care’s Board currently comprises:
Bret Jackson
Non-Executive Director
BCom (Honours),
MBA (Harvard Business School)
Bret Jackson has been a director of
Radius Care since 2014. Bret is an
experienced business professional
with over two decades of business
experience. Bret is a co-founder
of Knox Investment Partners (a
leading private equity manager)
and has been a Managing Director
of Knox Investment Partners since
2005 (focusing on deal origination,
strategy and value creation). Bret
has represented Knox Investment
Partners on the board of every
portfolio investment made by it and is
currently Chairman of AAM Group in
Australia. Bret is also a past President
of the Harvard Business School Alumni
Association of New Zealand. Previously
Bret held corporate roles at Mobil
Oil New Zealand, as a management
consultant at Boston Consulting Group
(Sydney and London) and has founded
and successfully operated his own
private businesses.
2. RADIUS CARE AND WHAT IT DOES
44 NZX LISTING PROFILE | RADIUS RESIDENTIAL CARE LIMITED
Brien Cree is the founding shareholder of Radius Care
and has been Managing Director from the company’s
inception in 2003. Brien has built the Radius Care’s
property portfolio from nothing to its current 22 aged
care facilities and two retirement villages. As Executive
Chairman and Managing Director, Brien is focused on
the formulation and execution of Radius Care’s strategic
growth objectives.
Brien has more than 30 years’ experience in the aged
care sector. He is a board member of the NZACA and past
board member of the Retirement Villages Association.
Duncan Cook has been a director of Radius Care since 2010,
and worked with Radius Care’s founders to establish, structure
and grow Radius Care’s business. Duncan is a partner at Sharp
Tudhope Lawyers (Tauranga and Auckland) and has over 30 years’
experience in practice.
His key areas of practice are mergers and acquisitions, and
turnaround and restructuring. Duncan is a member of the New
Zealand Law Society, Institute of Directors New Zealand (Inc) and
Restructuring Insolvency & Turnaround Association New Zealand
Incorporated.
Duncan has governance experience across a range of industry
sectors, including fishing, exports and housing construction.
He has volunteered on the boards of the Tauranga Chamber of
Commerce and agencies associated with economic development in
the Tauranga region.
Radius Care’s Directors
and Senior Management
Brien Cree
Executive Chairman and
Managing Director
Brien Cree is the founding shareholder
of Radius Care and has been Managing
Director from the company’s inception
in 2003. Brien has built the Radius
Care’s property portfolio from nothing
to its current 22 aged care facilities and
two retirement villages. As Executive
Chairman and Managing Director, Brien
is focused on the formulation and
execution of Radius Care’s strategic
growth objectives.
Brien has more than 30 years’
experience in the aged care sector. He
is a board member of the NZACA and
past board member of the Retirement
Villages Association.
Duncan Cook
Non-Executive Director
LLB
Duncan Cook has been a director
of Radius Care since 2010, and
worked with Radius Care’s founders
to establish, structure and grow
Radius Care’s business. Duncan is a
partner at Sharp Tudhope Lawyers
(Tauranga and Auckland) and has
over 30 years’ experience in practice.
His key areas of practice are mergers
and acquisitions, and turnaround and
restructuring. Duncan is a member of
the New Zealand Law Society, Institute
of Directors New Zealand (Inc) and
Restructuring Insolvency & Turnaround
Association New Zealand Incorporated.
Duncan has governance experience
across a range of industry sectors,
including fishing, exports and housing
construction. He has volunteered on
the boards of the Tauranga Chamber
of Commerce and agencies associated
with economic development in the
Tauranga region.
Board of Directors
Radius Care’s Board currently comprises:
Bret Jackson
Non-Executive Director
BCom (Honours),
MBA (Harvard Business School)
Bret Jackson has been a director of
Radius Care since 2014. Bret is an
experienced business professional
with over two decades of business
experience. Bret is a co-founder
of Knox Investment Partners (a
leading private equity manager)
and has been a Managing Director
of Knox Investment Partners since
2005 (focusing on deal origination,
strategy and value creation). Bret
has represented Knox Investment
Partners on the board of every
portfolio investment made by it and is
currently Chairman of AAM Group in
Australia. Bret is also a past President
of the Harvard Business School Alumni
Association of New Zealand. Previously
Bret held corporate roles at Mobil
Oil New Zealand, as a management
consultant at Boston Consulting Group
(Sydney and London) and has founded
and successfully operated his own
private businesses.
2. RADIUS CARE AND WHAT IT DOES
44 NZX LISTING PROFILE | RADIUS RESIDENTIAL CARE LIMITED
Brien CreeDuncan Cook
Executive
Chairman and
Managing Director
Non Executive Director
LLB

Radius Residential Care Limited
24
Directors continued
Bret Jackson has been a director of Radius Care since 2014.
Bret is an experienced business professional with over two
decades of business experience. Bret is a co-founder of Knox
Investment Partners (a leading private equity manager) and
has been a Managing Director of Knox Investment Partners
since 2005 (focusing on deal origination, strategy and value
creation). Bret has represented Knox Investment Partners
on the board of every portfolio investment made by it and
is currently Chairman of AAM Group in Australia. Bret is also
a past President of the Harvard Business School Alumni
Association of New Zealand.
Bret held corporate roles at Mobil Oil New Zealand, as a
management consultant at Boston Consulting Group (Sydney
and London) and has founded and successfully operated his
own private businesses.
Mary Gardiner was appointed as an independent director
of Radius Care in December 2020. She is an Independent
Director and Chair of the Audit and Risk Committee of
Southern Cross Pet Insurance, Chair of Netball Northern
Zone and trustee of Mangere Mountain Education Trust, an
Auckland Council controlled organisation.
Mary has previously been Chair of Auckland Netball Centre
and Badminton NZ. Her commercial experience includes roles
as Chief Financial Officer of Instant Finance and Radius Health
Group, and Governance Risk Manager at Air New Zealand,
following a career focused primarily in financial services with
KPMG in New Zealand, Germany and Australia.
Mary is a Chartered member of the Institute of Directors,
Fellow of Governance New Zealand and is a New Zealand
Fellow Chartered Accountant.
Tim Sumner has been a director of Radius Care since 2014.
Tim is a New Zealand Chartered Accountant and finance
professional with over two decades of financial services
experience. He started his career with KPMG (Auckland and
Moscow) and then moved into banking and private equity
with Credit Suisse (London and New York). Tim is a co-founder
of Knox Investment Partners and has worked as a Managing
Director of Knox Investment Partners since 2005, focusing on
deal structuring and execution and fund administration.
Hamish Stevens was appointed as an Independent Director of
Radius Care in December 2020. Hamish is an Auckland based
independent director having held directorships in both the
listed and private company sectors since 2010. Hamish is also
currently Chair of Evolve Education Group, East Health Services
and Pharmaco and a director of Marsden Maritime Holdings,
Northport, Pacific Radiology Group and Counties Power. Prior
to his governance career Hamish held senior finance positions
with Heinz Wattie, Tip Top Ice Cream and DB Breweries.
Hamish is a qualified chartered accountant and a chartered
fellow of the Institute of Directors.
Bret Jackson
Mary Gardiner
Timothy Sumner
Hamish Stevens
Non-Executive Director
BCom (Honours), MBA
(Harvard Business School)
Independent Director
BCom, FCA, FCIS, CMInstD
Non-Executive Director
BCom, DipGrad, CA
Independent Director
MCom (Honours), MBA,
CA, CFInstD

Annual Report 2021
25
Senior Management
Radius Care’s senior management team currently comprises:
Stuart Bilbrough was appointed Chief Executive Officer
of Radius Care in June 2020, following successful roles
in the healthcare industry. He was Chief Financial Officer
at Radius Care from 2010 to 2017. Stuart has over 30
years’ experience in finance roles in industries including
healthcare, fast moving consumer goods (FMCG), logistics,
telecommunications and financial services. Notable companies
include PricewaterhouseCoopers, Fonterra, Deutsche Bank
and American Express. Stuart is a New Zealand Chartered
Accountant and holds an MBA with distinction from Massey
University. Stuart is a board member of the New Zealand
Underwater Association Inc.
Steven Heesen joined Radius Care in 2007 and heads up the
Radius Care commercial services team.
He has over 20 years’ experience in hospitality management
and over 16 years’ experience in the aged care sector.
His disciplines include all property matters, procurement,
marketing, hospitality and information services. Steven was
trained in Europe and has a business management degree.
Jane Smart was appointed Chief Operations Officer of Radius
Care in February 2011. She has over 30 years’ experience
in healthcare and extensive experience in the aged care
sector. Jane has spent most of her career in leadership and
management positions.
Michelle Slabber joined Radius Care in 2016.
Michelle has nearly 25 years’ experience in finance roles in
various industries including healthcare and financial services.
Michelle trained with PricewaterhouseCoopers in South Africa
and is a New Zealand Chartered Accountant.
Stuart Bilbrough
Steven Heesen
Jane Smart
Michelle Slabber
Chief Executive
Officer
BCom, MBA
(Distinction), CA
General Manager,
Commercial Services
Bachelor of International
Hospitality & Hotel
Management (Hons)
Chief Operations Officer
BSc Physiotherapy,
Dip.Business Administration,
MBS
General Manager, Finance
BCom (Hons), CA

Radius Residential Care Limited
26
Senior Management continued
Margaret Paramore joined Radius Care as General Manager
of People and Culture early 2021. Margaret has 25 years’
experience in a variety of industries including sales, marketing,
market research, and learning and development. She has
worked in a number of different industries such as fast moving
consumer goods (FMCG), over the counter medicines (OTC),
pharmaceuticals, and primary care. Notable companies
include GlaxoSmithKline, Roche, Smith and Nephew and
Nielsen. Margaret has worked extensively abroad in the United
Kingdom, Ireland and Europe and has recently returned home
to New Zealand.
Gared Thomas completed a Bachelor of Business, majoring
in Management at AUT in 2010. Gared joined Radius Care in
2019 and is responsible for all Radius property development
across New Zealand. Gared has over 20 years of construction
experience in various disciplines, including starting and
growing a successful weather tightness business which he sold
in 2015. He is passionate about delivering our village and care
home residents with high-quality, well designed, and enjoyable
spaces to live.
Sam Carey completed a Bachelor of Business, majoring in
Marketing and International Business at AUT in 2008. He
subsequently travelled through Europe and North America
looking to test his trade. In 2011 Sam was employed to start up
in-house marketing at Radius. He now oversees the national
brand strategy, regional campaigns and PR. Since 2015
Sam was an integral part of developing the newest revenue
generator for the company, the Radius Online Shop – www.
radiusshop.co.nz. Outside of work Sam loves all things sports
and is an avid competitor in Squash and Golf. He is a current
member of the Remuera Rackets Club Board Committee.
Margaret
Paramore
Gared Thomas
Sam Carey
General Manager,
People and Culture
Bachelor of Science;
Postgraduate Diploma in Marketing
General Manager,
Village and
Development
Bachelor of Business
General Manager,
Marketing and Retail
Bachelor of Business

Consolidated Statement of Comprehensive Income 28
Consolidated Statement of Changes in Equity 29
Consolidated Statement of Financial Position 30
Consolidated Statement of Cash Flows 31
Notes to the Consolidated Financial Statements 34
Independent Auditor's Report 67


Financial
Statements
Contents
Annual Report 2021
27

Radius Residential Care Limited
28
2021 2020
Note $’000 $’000
Revenue
Revenue from contracts with customers 2.2 121,217 113,359
Deferred management fees 2.2 1,081 671
Total revenue 122,298 114,030
Fair value movement of investment properties 3.1 2,879 (649)
Government subsidy received 794 353
Interest income 71 49
Total revenue and other income 126,042 113,783
Expenses
Employee costs (74,457) (70,852)
Depreciation expense 2.3 (11,552) (10,911)
Finance costs 2.3 (9,706) (10,583)
Other expenses 2.3 (28,298) (24,770)
Total expenses (124,013) (117,116)
Profit/(loss) before income tax 2,029 (3,333)
Income tax (expense)/ benefit 5.1 (324) 500
Profit /(loss) for the year 1,705 (2,833)
Other comprehensive income
Items that will not be reclassified subsequently to profit and loss
Revaluation of property, plant and equipment, net of tax 3.2 1,104 5,708
Other comprehensive income for the year 1,104 5,708
Total comprehensive income 2,809 2,875
Earnings per share
Basic and diluted earnings per share (cents per share) 4.2 0.97 (22.66)
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Statement of
Comprehensive Income
CONSOLIDATED
For the year ended 31 March 2021

Annual Report 2021
29
Asset
Contributed Revaluation Retained Total
Equity Reserve Earnings Equity
Note $’000 $’000 $’000 $’000
Balance as at 1 April 2019 4,736 - 13,434 18,170
Loss for the year - - (2,833) (2,833)
Other comprehensive income for the year 3.2 - 5,708 - 5,708
Total comprehensive income for the year - 5,708 (2,833) 2,875
Transactions with owners:
Dividends paid 4.1 - - (225) (225)
Total transactions with owners - - (225) (225)
Balance as at 31 March 2020 4,736 5,708 10,376 20,820
Balance as at 1 April 2020 4,736 5,708 10,376 20,820
Profit for the year - - 1,705 1,705
Other comprehensive income for the year 3.2 - 1,104 - 1,104
Total comprehensive income for the year - 1,104 1,705 2,809
Transactions with owners:
Share issue 4.1 1,196 - - 1,196
Dividends paid 4.1 - - (732) (732)
Total transactions with owners 1,196 - (732) 464
Balance as at 31 March 2021 5,932 6,812 11,349 24,093
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Statement of
Changes in Equity
CONSOLIDATED
For the year ended 31 March 2021

Radius Residential Care Limited
30
2021 2020
Note $’000 $’000
Assets
Cash and cash equivalents 2,761 2,317
Trade and other receivables 5.3 7,744 7,648
Inventories 548 308
Property, plant and equipment 3.2 32,896 32,303
Right-of-use assets 3.4 177,170 181,431
Investment properties 3.1 31,675 27,831
Deferred tax assets 5.1 3,635 2,006
Intangible assets 5.2 16,996 16,996
Total assets 273,425 270,840
Liabilities
Trade and other payables 5.4 14,911 14,086
Current tax liabilities 1,135 723
Borrowings 4.3 27,212 31,427
Deferred management fee 3.3 1,178 962
Refundable occupation right agreements 3.3 20,591 17,518
Lease liabilities 3.4 184,305 185,304
Total liabilities 249,332 250,020
Net assets 24,093 20,820
Equity
Share capital 4.1 5,932 4,736
Asset revaluation reserve 4.1 6,812 5,708
Retained earnings 11,349 10,376
Total equity 24,093 20,820
The Board of Directors of the Company authorised these consolidated financial statements for issue on 25 May 2021.
For and on behalf of the Board
Brien Cree - Chair, Board of Directors Hamish Stevens - Chair, Audit and Risk Committee

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Statement of
Financial Position
CONSOLIDATED
As at 31 March 2021

Annual Report 2021
31
2021 2020
$’000 $’000
Cash flows from operating activities
Receipts from residents for care fees and village fees 122,337 113,282
Receipts of government subsidy 1,210 -
Payments to suppliers and employees (101,724) (95,436)
Proceeds from the sale of Refundable occupation right agreements 3,927 3,705
Payments for the repurchase of Refundable occupation right agreements (464) -
Interest received 71 49
Interest paid - borrowings (883) (1,183)
Interest paid - lease liabilities (8,823) (9,400)
Income tax paid (1,744) (814)
Net cash provided by operating activities 13,907 10,203
Cash flows from investing activities
Proceeds from the sale of property, plant and equipment 54 114
Payments for the purchase of plant and equipment (3,577) (11,305)
Payments for village developments (965) (3,723)
Net cash used in investing activities (4,488) (14,914)
Cash flows from financing activities
Proceeds from bank borrowings - 15,120
Repayment of bank borrowings (4,215) (4,038)
Repayment of shareholder loans - (5,030)
Principal repayment of lease liabilities (4,028) (3,035)
Dividends paid (732) (225)
Net cash (used in)/provided by financing activities (8,975) 2,792
Reconciliation of cash and cash equivalents
Cash and cash equivalents at beginning of the year 2,317 4,236
Net increase/(decrease) in cash held 444 (1,919)
Cash and cash equivalents at end of year 2,761 2,317
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Statement of
Cash Flows
CONSOLIDATED
For the year ended 31 March 2021

Radius Residential Care Limited
32
2021 2020
$’000 $’000
Reconciliation of profit/(loss) for the year to net cash provided by operating activities
Profit/(loss) for the year 1,705 (2,833)
Adjustments for non-cash items
Depreciation 11,552 10,911
Share based payments 1,196 -
Net (gain)/loss on disposal of property, plant and equipment (26) 91
Fair value adjustment to investment properties (2,879) 649
Fair value adjustment to financial instruments - (42)
Movement in deferred tax (1,831) (1,533)
Changes in operating assets and liabilities
- Trade and other receivables and other assets (79) (465)
- Inventories (240) (140)
- Trade and other payables and other liabilities 798 482
- Current tax liabilities 412 220
- Refundable occupation rights agreements 3,299 2,863
Net cash provided by operating activities 13,907 10,203
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Statement of
Cash Flows
continued
CONSOLIDATED
For the year ended 31 March 2021

Annual Report 2021
33
Reconciliation of liabilities arising from financing activities
Liabilities arising from financing activities are liabilities for which cash flows are, or will be, classified as ‘cash flows from financing
activities’ in the statement of cash flows. Changes in the carrying amount of such liabilities, which comprise bank borrowings and lease
liabilities, are summarised below.
Lease
Borrowings Liabilities Total
$’000 $’000 $’000
Balance as at 1 April 2020 31,427 185,304 216,731
- Repayment of bank borrowings and lease liabilities (4,215) (4,028) (8,243)
Total changes from financing cash flows (4,215) (4,028) (8,243)
Non-cash changes
- Remeasurements - 3,029 3,029
Balance as at 31 March 2021 27,212 184,305 211,517
Balance as at 1 April 2019 25,375 191,903 217,278
- Proceeds from bank borrowings 15,120 - 15,120
- Repayment of bank borrowings and lease liabilities (9,068) (3,035) (12,103)
Total changes from financing cash flows 6,052 (3,035) 3,017
Non-cash changes
- Remeasurements - (3,564) (3,564)
Balance as at 31 March 2020 31,427 185,304 216,731
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Statement of
Cash Flows
continued
CONSOLIDATED
For the year ended 31 March 2021

Radius Residential Care Limited
34
For the year ended 31 March 2021
Notes to the Consolidated
Financial Statements
1. General Information
1.1 Basis of Preparation
(i) Reporting Entity
The consolidated financial statements are for Radius Residential Care Limited (‘the Company’) and its subsidiaries (together ‘the
Group’).
The Group provides rest home and hospital care of the elderly along with development and operation of integrated retirement villages
in New Zealand.
(ii) Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability company, incorporated and domiciled in New Zealand. It is registered under the
Companies Act 1993 and is a FMC Reporting Entity in terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is listed
on the NZX Main Board (“NZX”). The consolidated financial statements have been prepared in accordance with the requirements of the
NZX, and Part 7 of the Financial Markets Conduct Act 2013.
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (‘NZ GAAP’), except for Note 2.1: Non-GAAP Underlying Net Profit after tax (“Underlying Profit”) and Non-GAAP AFFO
(“Available Funds from Operations”), which is presented in addition to NZ GAAP compliant information. They comply with New Zealand
equivalents to International Financial Reporting Standards (‘NZ IFRS’), International Financial Reporting Standards (‘IFRS’) and other
applicable New Zealand Financial Reporting Standards, as appropriate for for-profit entities. The Group is a Tier 1 for-profit entity in
accordance with XRB A1 Application of the Accounting Standards Framework.
The consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
The balance sheet for the Group is presented on the liquidity basis where the assets and liabilities are presented in the order of their
liquidity.
(iii) Functional and Presentation Currency
The consolidated financial statements are presented in New Zealand dollars which is the Group’s functional currency. All amounts
have been rounded to the nearest thousand, unless otherwise indicated.
(iv) Measurement Basis
These consolidated financial statements have been prepared under the historical cost convention, with the exception of investment
properties (note 3.1) and land and buildings included within property, plant and equipment (note 3.2).
(v) Key Estimates and Judgements
The Board of Directors and Management are required to make judgements, estimates and assumptions in applying the accounting
policies. The estimates and associated assumptions are based on experience and other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of making the judgements. Actual results may differ from the estimates,
judgements and assumptions made by the Board of Directors and Management.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods affected.

Annual Report 2021
35
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements are described in the following notes:
• Valuation of investment properties (note 3.1)
• Valuation of land and buildings (note 3.2)
• Lease extension and termination options & incremental borrowing rates (note 3.4)
• Impairment testing of goodwill (note 5.2)
• Impairment testing of right-of-use assets (note 3.4)
• Recognition of deferred tax (note 5.1)
In March 2020, the World Health Organization declared an ongoing global outbreak of a novel coronavirus (‘COVID-19’) as a pandemic.
In response, the New Zealand Government implemented a range of public health and economic measures to mitigate the impact
of the COVID-19 pandemic. Whilst the COVID-19 pandemic and measures implemented have lowered overall economic activity, the
Group’s earnings, cash flow and financial position have not been impacted since the outbreak began and up to the date of the signing
of these consolidated financial statements. The Directors have assessed the impact of COVID-19 on these judgements and estimates
and concluded that limited changes are necessary. This is primarily due to the Group being classified as a provider of essential
services.
It is not possible to estimate the impact of the COVID-19 pandemic’s short and long-term effects. As at the date of the signing of these
consolidated financial statements, all reasonably known and available information with respect to the COVID-19 pandemic, has been
taken into consideration and all reasonably determinable adjustments have been made in preparing these consolidated financial
statements.
(vi) Comparative Information
During the current year, Management has simplified the consolidated financial statements to provide more relevant information that
is easier to understand. Consequently, certain comparative information has been re-ordered, re-labelled; or where considered non-
essential or immaterial, has been removed.
In the 2020 consolidated financial statements:
• the Group presented segment reporting information, however, this was not in accordance with how operating results are
reported to the Groups’ chief operating decision maker, and was included for consistency with retirement village and aged care
listed peers in New Zealand; and
• cash flows from the sale and repurchase from refundable occupation right agreements are now included as part of cash flows
from operating activities instead of cash flows from investing activities.
(vii) New and Amended Accounting Standards and Interpretations
All mandatory new standards, amendments and interpretations to existing standards that came into effect during the current
accounting period have been adopted in the current year. None of these have had a material impact on the Group. The Group
has not early adopted any standards, amendments or interpretations to existing standards that are not yet effective. They are
not expected to have a material impact on the Group. There are a number of new standards and amendments to standards and
interpretations that are not yet effective for the year beginning 1 April 2021. None of these have been identified as having a material
effect on the Group’s consolidated financial statements in the future.

Radius Residential Care Limited
36
Notes to the Consolidated Financial Statements continued
(viii) Segment Reporting
An operating segment is a component of an entity that engages in business activities which earn revenue and incur expenses and
where the chief operating decision maker reviews the operating results on a regular basis and makes decisions on resource allocation.
The Group operates in one operating segment being the provision of aged care in New Zealand. The chief operating decision maker,
the Board of Directors, reviews the operating results on a regular basis and makes decisions on resource allocation based on the
review of Group results and cash flows as a whole. The nature of the services provided and the type and class of residents have similar
characteristics within the operating segment. The Ministry of Health is a significant customer of the Group as disclosed in note 2.2, as
the Group derives care fee revenue in respect of eligible Government subsidised aged care residents. No other customers individually
contribute a significant proportion of the Group’s revenue. All revenue earned and assets held are in New Zealand.
1.2 Accounting Policies
Accounting policies which are relevant to understanding the consolidated financial statements are disclosed in each of the applicable
notes. They have been applied on a consistent basis across all periods presented in these consolidated financial statements.
Other relevant policies are provided as follows:
(i) Goods and Services Tax (GST)
Revenues, expenses and purchased assets are recognised net of the amount of GST, except where the amount of GST incurred is
not recoverable from the Inland Revenue Department (‘IRD’). In these circumstances the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the expense. Receivables and payables in the consolidated statement of financial
position are shown inclusive of GST.
Cash flows are presented in the consolidated statement of cash flows on a net basis, except for the GST component of investing and
financing activities, which are disclosed as operating cash flows.
(ii) Measurement of Fair Value
For financial reporting purposes, ‘fair value’ is the price that would be received to sell an asset, or paid to transfer a liability, in an
orderly transaction between market participants (under current market conditions) at the measurement date, regardless of whether
that price is directly observable or estimated using another valuation technique.
When estimating the fair value of an asset or liability, the Group uses valuation techniques that are appropriate in the circumstances
and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs. Inputs to valuation techniques used to measure fair value are categorised into three levels according to
the extent to which the inputs are observable:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date.
• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset or liability.
Further information about the assumptions made in measuring fair values is included in notes 3.1, 3.2, 4.1 and 5.2.
(iii) Government Grants
Government grants and subsidies to the Group are not recognised until there is reasonable assurance that the Group will comply
with the conditions attached to them and that the grants will be received. Government grants are recognised in profit or loss on a
systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to
compensate. Grants relating to expense items are recognised as income over the periods necessary to match the grant to the costs
they are compensating.

Annual Report 2021
37
2. Operating Performance
2.1 Non-GAAP financial measures: Non-GAAP Underlying Net Profit after tax (“Underlying Profit”) and Non-GAAP
Available Funds from Operations (“AFFO”)
Underlying Profit and AFFO are non-GAAP (non-Generally Accepted Accounting Practice) financial measures and differ from NZ GAAP,
NZ IFRS and IFRS Net Profit after Tax and Net cash provided by Operating Activities, respectively. Underlying Profit and AFFO do not
have a standardised meaning prescribed by NZ GAAP (Generally Accepted Accounting Practice in New Zealand) and so may not be
comparable to similar financial information and measures presented by other entities. The Group uses Underlying Profit and AFFO,
with other measures, to monitor financial performance and for shareholder dividend determination considerations. The Group uses
these measures consistently across reporting periods.
The Group believes that these non-GAAP financial measures, which are not considered to be a substitute for or superior to NZ GAAP,
NZ IFRS and IFRS measures, provide stakeholders with additional helpful information on the performance of the business. The non-
GAAP measures are consistent with how the business performance is planned and reported within the internal management reporting
to the Board and Audit and Risk Committee. Underlying Profit and AFFO are prepared in accordance with the basis of preparation
described below.
Underlying Profit
Underlying Profit is a non-GAAP measure of financial performance and considered in the determination of shareholder dividends.
The calculation of Underlying Profit requires a number of estimates to be approved by the Directors in its preparation. Both the
methodology and the estimates may differ among other entities in the retirement village and aged care sector. Underlying Profit does
not represent cash flow generated during the period.
Basis of preparation: Underlying Profit
The Group calculates Underlying Profit by making the following adjustments to reported Net Profit after Tax:
Adjustments
Non-recurring or infrequent items
1. COVID-19 related expenses. As part of the response to COVID-19, the Group incurred additional expenses, including personal
protective equipment (PPE) costs and expenses in relation to additional sick leave and isolation leave from April 2020 to
September 2020. The Group required staff to take a COVID-19 test before returning to work following any sick leave or isolation
leave, to ensure the safety of residents and staff in the aged care facilities.
2. Government COVID-19 related subsidy. As with other aged care providers in New Zealand, the Group received funding during
the year ended 31 March 2021 from the New Zealand Government in relation to the increased costs associated with COVID-19
which covered higher staff and PPE costs.
3. One-off listing costs. Costs incurred with the compliance listing on the NZX on 10 December 2020.
4. Share based payments. Shares were issued to employees and service providers as part of the compliance listing (note 4.1).
Structural changes and other
1. NZ listed & other listed entity related costs. Following its listing the Group incurred costs associated with operating in a listed
environment in respect of Directors’ fees (including the additional independent Directors recently appointed to the Group),
audit costs, listing fees, share registry fees, enhanced shareholder reporting costs and additional Director & Officer insurance
costs. From the date of listing, the Group also incurred a fee of 3.5% per annum of annual rental and outgoings in relation to the
personal guarantee in place with one landlord.
2. Historical governance costs. These relate to nonrecurring historical Directors, consulting and management fees previously
incurred by the Group but now replaced by NZ Listed and other listed entity related costs.
The effect of these adjustments is to present the Group as if it has been listed for the current and comparative year.

Radius Residential Care Limited
38
Notes to the Consolidated Financial Statements continued
Income tax
Included is the potential income tax impact of the above adjustments (described under non-recurring or infrequent items and
structural changes and other above). An effective tax rate of 28% has been assumed, where applicable.

Underlying adjustments
Underlying adjustments allow for direct comparison to other NZX listed aged care and retirement village operators and include:
• The removal of changes in the fair value of investment properties relating to the Group’s owned retirement villages (Elloughton
Grange Village and Windsor Lifestyle Estate Village).
• Inclusion of realised development margins on the cash settlement of the first sale of new Occupation Right Agreements (ORA)
Units following development.
• Inclusion of realised gains on Unit resales. Realised gains are calculated as the net cash flow received by the Group on the cash
settlement of the resale of pre-existing ORA Units (i.e. the difference between the value of the ORA licence payment received
from the incoming resident and the ORA licence payment previously received from the outgoing resident). Realised gains are net
of incurred refurbishment costs. The margin on the repurchase of legacy units under a unit title subsequently sold under an ORA
contract is also included. Note, no adjustment is made for differences between accrued deferred management fees (DMF) and
actual cash DMF realised.
• Removal of deferred tax expenses including those related to the application of NZ IFRS 16 Leases, where applicable.
AFFO
AFFO is a non-GAAP measure of available cash used by the Group to indicate the level of shareholder dividend it may pay.
Basis of preparation: AFFO
AFFO is calculated from Pre-NZ IFRS 16 Underlying Profit by removing Pre-NZ IFRS 16 depreciation and amortisation and instead
including maintenance capital expenditure. Pre-NZ IFRS 16 Underlying Profit is used as the starting point for this calculation as it
reflects the Pre-NZ IFRS 16 operating rental lease expense which largely represents the actual cash lease payment made, rather than
the NZ IFRS 16 equivalent which instead includes depreciation on right-of-use assets and interest expense on lease liabilities, which
materially exceed the actual cash operating rental lease expense payments.

Annual Report 2021
39
Reconciliation of NZ GAAP financial measures to non-GAAP financial measures
2021 2020
$’000 $’000
Profit/(loss) for the year 1,705 (2,833)
Adjustments
Non-recurring or infrequent items
Remove: COVID-19 related expenses 653 34
Remove: Government COVID-19 Subsidy (857) (353)
Remove: One-off listing costs 1,227 -
Remove: Share based payments 1,464 -
Structural changes and other
Include: Listed & other company costs (714) (1,084)
Remove: Historical governance costs 417 350
Include: Income tax impact from adjustments (270) 295
Underlying adjustments
Remove: Change in fair value of investment properties (2,879) 649
Include: Realised development margins 343 512
Include: Realised gains on resales 480 -
Remove: Deferred tax expense (1,831) (1,533)
Underlying Net profit before tax (262) (3,963)
Remove: Depreciation 11,552 10,911
Remove: Net interest expense 9,636 10,534
Remove: Current tax expense 2,155 1,033
Remove: Income tax impact from adjustments 270 (295)
Underlying EBITDA 23,351 18,220
Include: Pre-NZ IFRS 16 operating lease expense (12,850) (12,435)
Pre-NZ IFRS 16 Underlying EBITDA 10,501 5,785
Include: Depreciation (Pre-NZ IFRS 16) (4,262) (3,700)
Include: Net interest expense (Pre-NZ IFRS 16) (812) (1,134)
Include: Current tax expense (2,155) (1,033)
Include: Income tax impact from adjustments (270) 295
Pre-NZ IFRS 16 Underlying Net profit after tax 3,002 213
Remove: Depreciation (excl. NZ IFRS 16 related) 4,262 3,700
Include: Maintenance capital expenditure (3,543) (4,400)
AFFO 3,721 (487)

Radius Residential Care Limited
40
Notes to the Consolidated Financial Statements continued
2.2 Revenue
Revenue from contracts with customers
Revenue from care and village fees and recoveries income is recognised in accordance with NZ IFRS 15 Revenue from Contracts with
Customers (“NZ IFRS 15”). Deferred management fees and rental income are considered leases under NZ IFRS 16 Leases (“NZ IFRS 16”),
and are therefore excluded from the scope of NZ IFRS 15. None of the Group’s revenue, as defined by NZ IFRS 15, contains significant
financing components.
Care and village fees and recoveries income
The Group derives revenue from the provision of residential care and related services. Rest home, hospital and service fee charges
are governed by the individual care admission agreement with each care resident. The resident incurs a daily care fee charged per the
agreement, as set by the Government each year. Care fees are recognised net of any rebates to residents.
The Group derives care fee revenue in respect of eligible Government subsidised aged care residents who receive rest home,
dementia or hospital level care. Government aged care subsidies received from the Ministry of Health included in care fees and village
services amounted to $78,019k (2020: $72,483k).
There are no elements of variable consideration of significant financing component associated with care and village fees and
recoveries income.
Village fees are detailed within each resident’s occupation right agreement and relate to the operating costs of the village. Revenue is
recognised based on the daily or weekly fees charged, reflecting the period a resident has occupied a unit.
The performance obligation of providing the care and village services is satisfied over time, as the customer simultaneously receives
and consumes the benefits of the service as it is provided. Billing and revenue recognition are generally done during the same period
that the performance obligation is satisfied. Payments received in advance are recorded on the statement of financial position as a
contract liability and subsequently recognised through profit or loss when the services are rendered.
Lease income
Deferred management fees
Occupation Right Agreements (ORAs) confer the right to occupancy of a retirement unit and are considered leases under NZ IFRS 16
Leases.
A management fee is payable by the residents of the Group’s independent living units for the right to share in the use and enjoyment
of common facilities. The management fee is calculated as a percentage of the ORA amount and accrues either daily, monthly or
annually for a set period, based on the terms of the individual contracts. The current ORAs accrue management fees at rates ranging
from 6.67% to 10% per annum.
The management fee is payable in cash by the resident at the time of repayment (to the resident) of the refundable ORA amount due.
The Group has the right to set-off of the refundable occupation right agreement amount and the management fee receivable.
At year end, the management fee receivable that has yet to be recognised through profit or loss as management fee revenue is
recognised as a deferred management fee liability in the statement of financial position.
Key accounting estimates and judgements
Deferred management fees are recognised as revenue on a straight-line basis. This requires Management to estimate the period of
occupancy for independent living units. The expected periods of tenure, being based on historical results, experience and industry
averages, are estimated at 8 years (2020 : 8 years).

Annual Report 2021
41
2.3 Expenses
Accounting policy
Operating expenses are recognised on an accrual basis.
Interest expense is measured in accordance with the effective interest method.
2021 2020
Note $’000 $’000
Depreciation of property, plant and equipment:
- buildings 3.2 249 33
- motor vehicles 3.2 140 155
- furniture, fixtures and fittings 3.2 3,037 2,703
- information technology 3.2 746 737
- medical equipment 3.2 90 72
4,262 3,700
Depreciation of right-of-use assets:
- buildings 3.4 7,290 7,211
7,290 7,211
Total depreciation 11,552 10,911
Finance costs:
- interest - bank 883 1,183
- interest - lease liabilities 8,823 9,400
Total finance costs 9,706 10,583
Other expenses:
Fees paid to Auditors
Audit and review of consolidated financial statements 154 60
Assurance engagement to report on the compilation of
Pro forma financial information included in a listing profile 21 -
Tax compliance services 90 41
Total fees paid to auditor 265 101
Facility operating expenses 20,039 18,967
Listing costs 1,227 -
Operating rental expenses relating to low value and short-term leases 69 53
Directors’ fees 410 107
Donations and sponsorships 14 14
(Gain)/loss on sale of property, plant and equipment (26) 91
Gain on derivative financial instruments - (42)
Other expenses (no items of individual significance) 6,300 5,479
Total other expenses 28,298 24,770

Radius Residential Care Limited
42
Notes to the Consolidated Financial Statements continued
3. Property Assets
3.1 Investment Properties
Accounting policy
Investment properties include completed freehold land and buildings, freehold development land and buildings under development
comprising independent living units and common facilities, provided for use by residents under the terms of a Occupation Right
Agreement (ORA). Investment properties are held for long term yields and are not occupied by the Group.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair value. Gains
or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Land acquired with the intention of constructing investment properties are classified as investment properties from the date of
acquisition.
Rental income from investment properties, being deferred management fees, is accounted for as described in note 2.2.
When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of
reclassification becomes its cost for subsequent accounting.
2021 2020
$’000 $’000
Investment properties
Opening carrying amount 27,831 23,727
Development expenditure 338 3,057
Development expenditure transfer - (3,221)
Net fair value gain/(loss) 2,879 (649)
Occupation right agreements settled (4,894) -
Occupation right agreements entered 5,421 3,705
Purchases 100 187
Transferred from property, plant and equipment - 1,025
Closing carrying amount 31,675 27,831
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial Position as investment
properties is as follows:
Notes
Valuation of operator’s interest 8,345 6,215
Refundable occupation right agreements 3.3 20,591 17,518
Deferred management fee 3.3 1,178 962
Unsold units 1,561 3,136
31,675 27,831

Annual Report 2021
43
Valuation process and key inputs
The Group’s investment properties are valued on an annual basis by CBRE Limited (CBRE), an independent valuer. CBRE is registered
with the Property Institute of New Zealand, employs registered valuers and has appropriate recognised professional qualifications and
recent experience in the location and category of properties being valued.
Fair value as determined by CBRE is adjusted for assets and liabilities already recognised in the Consolidated Statement of Financial
Position which are also reflected in the discounted cash flow model. The valuation of investment properties is then grossed up for
cash flows relating to refundable occupation right agreements, which are recognised separately in the Consolidated Statement of
Financial Position (refer also note 3.3).
Retirement villages under development
The cost of retirement villages includes directly attributable construction costs and other costs necessary to bring the retirement
villages to working condition for their intended use. These other costs include professional fees and consents, borrowing costs
during the build period and head office costs directly related to the construction of the retirement villages. Where costs are
apportioned across more than one asset, the apportionment methodology is determined by considering the nature of the cost. The
borrowing costs capitalised during the period was $49k (2020: $130k). The related borrowing costs were solely for the villages under
development.
If the fair value of investment properties under development and construction cannot be reliably determined but it is expected the fair
value of the property can be reliably determined when construction is complete, then investment properties under construction will
be measured as cost less any impairment, until either its fair value can be reliably determined or construction is complete. Impairment
is determined by considering the value of work in progress and Management’s estimate of the value of the investment properties on
completion.
Unsold units
Any developed but not yet sold units (unsold units) is valued based on recent comparable transactions, adjusted for disposal costs,
holding costs and an allowance for profit and risk. This represents the fair value of the Group’s interest in unsold units at reporting date.
Key accounting estimates and judgements
As the fair value of investment properties is determined using inputs that are significant and unobservable, the Group has categorised
investment properties as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 Fair Value Measurement.
Valuation uncertainty
As at the 31 March 2021 valuation date, the valuers, CBRE, have included a valuation uncertainty clause in their valuation reports
as a result of the COVID-19 pandemic. This clause highlights the difficulties in undertaking valuations due to the absence of, or
limited relevant transactional evidence that demonstrates current market pricing. Therefore, less certainty and a higher degree of
caution should be attached to the point estimate valuations. This represents an increase in the significant estimation uncertainty
in the valuation of investment properties. Given the valuation uncertainty, the valuers have recommended in their reports that the
valuations of the properties be kept under frequent review. As at the 31 March 2020 valuation date, the valuers CBRE, had included a
similar clause in their valuation reports, however it was highlighted as a “material” valuation uncertainty on the basis that there was an
absence of relevant transactional evidence that demonstrates current market pricing.
Significant unobservable inputs
The significant unobservable input used in the fair value measurement of the Group’s development land is the value per square metre
assumption. Increases in the value per square metre rate result in the corresponding increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of completed investment properties
are the discount rate and the property growth rate.

Radius Residential Care Limited
44
Notes to the Consolidated Financial Statements continued
The following assumptions have been used to determine fair value:
Inter-relationship
between the key inputs
and fair value measurement
Significant input Description 2021 2020
Discount rate The pre-tax discount rate A significant increase/(decrease)
in the discount rate would result
in a significantly (lower)/higher
fair value measurement 15.75% - 18.0% 16.0% - 18.25%
Property price Anticipated annual property A significant increase/(decrease)
growth rate price growth over the cash in the Property price growth rate
flow period 0 - 4 years would result in a significantly
higher/(lower) fair value
measurement 2.0% - 2.5% -2.0% - 3.0%
Property price Anticipated annual property A significant increase/(decrease)
growth rate price growth over the cash in the Property price growth rate
flow period 5+ years would result in a significantly
higher/(lower) fair value
measurement 3.0% 3.0%
Due to the valuation uncertainty disclosed, the range of reasonably possible changes to key assumptions is uncertain and could be
significantly greater than the ranges used in the sensitivity analysis.
Sensitivities
Adopted Value
of Operator’s Interest Discount Rate Property Growth Rate
As at 31 March 2021 +0.5% -0.5% +0.5% -0.5%
Valuation $000’s 8,345
Difference $000’s (320) 280 515 (515)
Difference % -3.8% 3.4% 6.2% -6.2%
Adopted Value
of Operator’s interest Discount Rate Property Growth Rate
As at 31 March 2020 +0.5% -0.5% +0.5% -0.5%
Valuation $000’s 6,215
Difference $000’s (235) 255 398 (423)
Difference % -3.8% 4.1% 6.4% -6.8%
The stabilised occupancy is a key driver of the CBRE valuation. A significant increase/(decrease) in the occupancy period would result in
a significant lower/(higher) fair value measurement.
Significant input
2021 2020
Stabilised occupancy period 8.4yrs - 8.7yrs 8.3yrs - 8.6yrs
Current ingoing price, for subsequent resales of ORA’s, is a key driver of the CBRE’s valuation. A significant increase/(decrease) in the
ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair value measurement.

Annual Report 2021
45
3.2 Property, Plant and Equipment
Accounting policy
Property, plant and equipment is measured at cost or fair value less, where applicable, any accumulated depreciation and any
accumulated impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self constructed assets includes the
cost of materials and direct labour and any other costs directly attributable to bringing the asset to a working condition for its intended
use. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
Subsequent costs are added to the carrying amount of an item of plant and equipment when that cost is incurred if it is probable that
the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. All
other costs are recognised in the profit or loss as an expense as incurred. The costs of the day to day servicing of property, plant and
equipment are recognised in profit or loss as incurred.
Freehold land and buildings are measured at revalued amounts, being the fair value at the date of the revaluation, less any
subsequent accumulated depreciation and any accumulated impairment losses. At each reporting date the carrying amount of each
asset is reviewed to ensure that it does not differ materially from the asset’s fair value at reporting date. Where necessary, the asset is
revalued to reflect its fair value.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised in other comprehensive income and
accumulated in equity. To the extent that the increase reverses a decrease of the same asset previously recognised in profit or
loss, the increase is recognised in profit or loss. Decreases that offset previous increases of the same asset are recognised in other
comprehensive income; all other decreases are recognised in profit or loss.
Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of
the improvements.
Land is not depreciated. The depreciable amount of all other property, plant and equipment is depreciated using the straight line
method over their estimated useful lives commencing from the time the asset is held available for use, consistent with the estimated
consumption of the economic benefits embodied in the asset.

Category Useful Life Range
- Buildings 10 - 50 years
- Motor vehicles 3 - 5 years
- Furniture, fixtures and fittings 5 - 10 years
- Information technology 3 - 4 years
- Medical equipment 5 - 7 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date. No depreciation is charged
in the year of sale for all assets other than buildings in which case depreciation is charged to the earlier of the date of classification to
held for sale or the date of sale.
Assets are assessed for impairment whenever events or circumstances arise that indicate the asset may be impaired. An asset’s
carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount. Impairment losses in respect of individual assets are recognised immediately in profit or loss unless the asset
is measured at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and is recognised in other
comprehensive income to the extent that it does not exceed the amount in the revaluation surplus for the same asset.
Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount of the asset. These
are included in the profit or loss.

Radius Residential Care Limited
46
Notes to the Consolidated Financial Statements continued
Furniture
Land and Motor Fixtures & Information Medical
$000’s Buildings Vehicles Fittings Technology Equipment Total
Year ended 31 March 2021
Opening net book value 17,265 297 12,905 1,637 199 32,303
Additions 3 205 2,633 587 150 3,578
Net amount of revaluation
increments less decrements* 1,307 - - - - 1,307
Disposals - (1) (21) (5) (3) (30)
Depreciation (249) (140) (3,037) (746) (90) (4,262)
Closing net book value 18,326 361 12,480 1,473 256 32,896
Year ended 31 March 2021
Cost 115 1,212 34,380 4,766 647 41,120
Valuation 18,225 - - - - 18,225
Accumulated depreciation (14) (851) (21,900) (3,293) (391) (26,449)
Net book value 18,326 361 12,480 1,473 256 32,896

Furniture
Land and Motor Fixtures & Information Medical
$000’s Notes Buildings Vehicles Fittings Technology Equipment Total
Year ended 31 March 2020
Opening net book value 3,954 514 12,467 1,774 177 18,886
Additions 104 101 3,448 633 94 4,380
Additions through purchase
of new land and buildings 6,925 - - - - 6,925
Net amount of revaluation
increments less decrements* 7,047 - - - - 7,047
Disposals - (163) (14) (33) - (210)
Depreciation (33) (155) (2,703) (737) (72) (3,700)
Transfer to investment properties 3.1 (732) - (293) - - (1,025)
Closing net book value 17,265 297 12,905 1,637 199 32,303
Year ended 31 March 2020
Cost 127 1,282 31,772 4,183 500 37,864
Valuation 17,150 - - - - 17,150
Accumulated depreciation (12) (985) (18,867) (2,546) (301) (22,711)
Net book value 17,265 297 12,905 1,637 199 32,303
* The revaluation noted in the Consolidated Statement of Comprehensive Income differs from the above due to deferred tax, refer to note 5.1.

Annual Report 2021
47
Valuations
Three of the Group’s properties, St Helenas, Thornleigh Park and Lexham Park, which are included in land and buildings were revalued
on 31 March 2021 to $18,225k from a carrying value prior to revaluation of $16,918k resulting in a revaluation gain of $1,307k. (2020:
Two of the Group’s properties, St Helenas and Thornleigh Park, which are included in land and buildings were revalued on 31 March
2020 to $10,225k from a carrying value prior to revaluation of $3,208k resulting in a revaluation gain of $7,047k. The remaining
property included in land and buildings, Lexham Park, was purchased on 31 July 2019 for $6,925k. LVC Limited (LVC) was involved in
providing valuation services for the purchase of Lexham Park. The valuer confirmed that the purchase price as at 31 July 2019 was
materially consistent with its fair value as at 31 March 2020).
The fair values of the three revalued land and buildings on freehold land have been determined by reference to independent
valuations obtained as at 31 March 2021. These valuations were undertaken by a Property Institute of New Zealand registered valuer,
LVC. LVC, an external independent valuation company employing registered valuers, have appropriate recognised professional
qualifications and recent experience in the location and category of properties being valued. LVC Limited determined the fair value of
land and buildings on freehold land using the direct comparison approach and capitalisation of market income approaches.

Valuation uncertainty
As at the 31 March 2021 valuation date, the valuers, LVC, have included a valuation uncertainty clause in their valuation reports as
a result of the COVID-19 pandemic. This clause highlights the difficulties in undertaking valuations due to the absence of relevant
transactional evidence that demonstrates current market pricing. Therefore, less certainty and a higher degree of caution should
be attached to the point estimate valuation. This represents an increase in the significant estimation uncertainty in the valuation of
the properties. Given the valuation uncertainty, the valuers have recommended in their reports that the valuations of the properties
be kept under frequent review. As at the 31 March 2020 valuation date, the valuers, LVC, had included a similar clause in their
valuation reports, however it was highlighted as a “material” valuation uncertainty on the basis that there was an absence of relevant
transactional evidence that demonstrated current market pricing.
Key accounting estimates and judgements
Property measurements are categorised as Level 3 (2020: Level 3) of the fair value measurement hierarchy as the fair value is
determined using inputs that are unobservable.
Significant unobservable inputs
The significant unobservable input used in the fair value measurement of the Group’s land and buildings is the capitalisation rate
applied to earnings. A significant decrease/(increase) in the capitalisation rate would result in significantly higher/(lower) fair value
measurement.
Sensitivities
Adopted Value Capitalisation Rate
As at 31 March 2021 +0.5% -0.5%
Valuation $000’s 18,225
Difference $000’s 1,318 (1,318)
Difference % 7.2% -7.2%
As at 31 March 2020 +0.5% -0.5%
Valuation $000’s 17,150
Difference $000’s 1,217 (1,217)
Difference % 7.1% -7.1%

Radius Residential Care Limited
48
Notes to the Consolidated Financial Statements continued
3.3 Refundable Occupation Right Agreements
Accounting policy
Occupation Right Agreements (ORAs) confer the right to occupy a retirement unit and are considered leases under NZ IFRS 16
Leases.
A new resident is charged a refundable security deposit, on being issued the right to occupy one of the Group’s units, which is
refunded to the resident subject to a new ORA for the unit being issued to an incoming resident, net of any amount owing to the
Group. The Group has a legal right to set off any amounts owing to the Group by a resident against that resident’s security deposit.
Such amounts include management fees, rest home and hospital fees, service fees and village fees. As the refundable occupation right
is repayable to the resident upon vacating the unit (subject to a new ORA for the unit being issued to an incoming resident), the fair
value is equal to the face value, being the amount that can be refunded.
The right of residents to occupy the investment properties of the Group is protected by the statutory supervisor restricting the ability
of the Group to fully control these assets without undergoing a consultation process with all affected parties.
A resident is charged a village contribution fee in consideration for the right to occupy one of the Group’s units:
• for Windsor Lifestyle Estate Limited, to a maximum of 21% of the entry payment; and
• for Elloughton Grange Village Limited, to a maximum of 30% of the entry payment.
The village contribution is payable by the resident on termination of the ORA. Village contribution is recognised as deferred
management fees, note 2.2. The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable under the ORA and the portion of
the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in a resident’s ORA or
the average expected occupancy for the relevant accommodation i.e. 8 years (2020 : 8 years).
The management fee recognised in the Consolidated Statement of Comprehensive Income represents income earned in line with the
average expected occupancy.
As a refundable occupation license payment is repayable to the resident upon termination (subject to a new ORA being issued to an
incoming resident), the fair value is equal to the face value, being the amount that can be demanded.
The expected maturity of the refundable obligations to residents is beyond 12 months.
2021 2020
$’000 $’000
Refundable Occupation Right Agreements
Refundable occupation license payments 24,125 20,350
Less: Management fee receivable (per contract) (3,534) (2,832)
20,591 17,518
Reconciliation of Management Fees recognised under NZ IFRS and per ORA
Management fee receivable (per contract) (3,534) (2,832)
Deferred management fee 1,178 962
Management fee receivable (per NZ IFRS) (2,356) (1,870)

Annual Report 2021
49
3.4 Leases
Accounting policy
At the commencement date of a lease (other than leases of 12 months or less and leases of low value assets), the Group recognises a
lease asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.
Right-of-use assets
Right-of-use assets are initially recognised at cost, comprising the amount of the initial measurement of the lease liability, any lease
payments made at or before the commencement date of the lease, less any lease incentives received, any initial direct costs incurred
by the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the
site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.
Subsequent to initial recognition, lease assets are measured at cost (adjusted for any remeasurement of the associated lease liability),
less accumulated depreciation and any accumulated impairment loss. Right-of-use assets are assessed for impairment whenever
events or circumstances arise that indicate the asset may be impaired. An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Right-of-use assets are depreciated over the shorter of the lease term and the estimated useful life of the underlying asset, consistent
with the estimated consumption of the economic benefits embodied in the underlying asset.
Lease liabilities
Lease liabilities are initially recognised at the present value of the future lease payments (i.e., the lease payments that are unpaid at
the commencement date of the lease). These lease payments are discounted using the interest rate implicit in the lease, if that rate
can be readily determined, or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, lease liabilities are measured at the present value of the remaining lease payments (i.e., the lease
payments that are unpaid at the reporting date). Interest expense on lease liabilities is recognised in profit or loss (as a component
of finance costs). Lease liabilities are remeasured to reflect changes to lease terms, changes to lease payments and any lease
modifications not accounted for as separate leases.
Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when incurred.
Leases of 12 months or less and leases of low value assets
Lease payments made in relation to leases of 12 months or less and leases of low value assets (for which a lease asset and a lease
liability has not been recognised) are recognised as an expense on a straight line basis over the lease term.
Key accounting estimates and judgements
Extension and termination options are included in a number of leases across the Group. These terms are used to maximise the
operational flexibility of contracts. The majority of extension and termination options are exercisable only by the Group and not by the
respective lessor. In determining the lease term management considers all facts and circumstances that lead to an economic incentive
to exercise an extension option or not exercise a termination option. Extension options or periods after termination options are
only included in the lease term if the lease is reasonably certain to be exercised. This assessment is reviewed if a significant event or
significant change in circumstances occurs which effects this assessment and that is within the Group’s control. All extension options
have been assumed for the calculations of the Groups’ lease liabilities.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is
generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions. The weighted average incremental borrowing rates applied by the Group is
5% (2020: 5%). No new leases were entered into during the year (2020: none) and no leases were modified or cancelled during the
year (2020: one was cancelled).

Radius Residential Care Limited
50
Notes to the Consolidated Financial Statements continued
2021 2020
$’000 $’000
(a) Right-of-use assets
Land and Buildings under lease 191,603 188,574
Accumulated depreciation (14,433) (7,143)
Total carrying amount of right-of-use assets 177,170 181,431
Reconciliations
Reconciliation of the carrying amount of lease assets at the beginning and end of the financial year:
Land and buildings
Opening carrying amount 181,431 192,205
Additions - 1,393
Depreciation (7,290) (7,211)
Remeasurements 3,029 1,861
Disposals - (6,817)
Closing carrying amount 177,170 181,431
(b) Lease liabilities
Current
Land and buildings 4,051 3,907
Non-current
Land and buildings 180,254 181,397
184,305 185,304
(c) Lease expenses and cash flows
Interest expense on lease liabilities 8,823 9,400
Depreciation expense on right-of-use assets 7,290 7,211
Cash outflow in relation to leases 12,850 12,435
(d) Maturity analysis - contractual undiscounted cash flows:
- Not later than 1 year 12,933 12,710
- Later than 1 year and not later than 5 years 52,035 51,105
- Later than 5 years 292,002 300,654
356,970 364,469

Annual Report 2021
51
4. Shareholder Equity and Funding
4.1 Shareholder Equity and Reserves
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax, from the proceeds.
The grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an expense, with
a corresponding increase in equity.
2021 2020
Shares $’000 Shares $’000
Share Capital
Authorised, issued and fully paid up capital 176,495,000 5,932 12,500,000 4,736
Total contributed equity 176,495,000 5,932 12,500,000 4,736
Movements
Opening balance of ordinary shares issued 12,500,000 4,736 12,500,000 4,736
Share split 162,500,000 - - -
Shares issued to employees and service providers 1,495,000 1,196 - -
Closing balance of ordinary shares issued 176,495,000 5,932 12,500,000 4,736

All ordinary shares are authorised and rank equally with one vote attached to each fully paid ordinary share. The shares have no par
value. The Group incurred no transaction costs issuing shares during the period (2020:$nil).
Share split
On 8 December 2020 the Group undertook a 14:1 split of existing ordinary shares prior to listing on the NZX.
Shares issued to employees and service providers
Shares $’000
On 10 December 2020 the Company issued 1,245,000 new ordinary shares as follows:
838,750 shares (@ $0.80 per share) were issued to employees
as share based payments.* 838,750 671
250,000 shares (@ $0.80 per share) were issued to Duncan Cook, Director
for legal services rendered to the group and for services provided in connection
with the Company’s listing on the NZX.*

250,000 200
156,250 shares (@ $0.80 per share) were issued to Tom Wilson for consultancy
services rendered to the Group and for services provided to the Group in
connection with the Company’s listing on the NZX.*

156,250 125
1,245,000 996
Also on 10 December 2020, 250,000 (@ $0.80 per share) ordinary shares were issued to
Harmos Horton Lusk Limited in consideration for $200,000 of legal services
provided to the Group in connection with the Company’s listing on the NZX.* 250,000 200
1,495,000 1,196

Radius Residential Care Limited
52
Notes to the Consolidated Financial Statements continued
* On 10 December 2020 when the Group listed, 1,245,000 new shares were issued at $0.80 per share which was determined to be the
fair value on issuance by the Board of Directors. This value was derived by using a market approach valuation technique. The technique
used was the multiples method utilising comparable company analysis. This involved comparing the Group’s implied enterprise value
/ underlying earnings before interest, tax depreciation and amortisation to its retirement village and aged care listed peers in New
Zealand. The valuation was assessed using independent advisor reports prepared to assist the Directors in establishing the share price.
As the fair value of shares issued as share based payments was determined using inputs that are significant and unobservable, the
Group has categorised these inputs as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 Fair Value Measurement. The
significant unobservable inputs used in the fair value measurement of the Group’s shares was the market multiples applied. A significant
increase/(decrease) in the market multiples would result in a significantly higher/(lower) fair value measurement.
The total share based payments expense recognised for the year ended 31 March 2021 was $996k (refer to subtotal above) and a
further $468k in PAYE, totalling $1,464k.
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On 5 February 2021
a dividend of $0.00576031 per share (fully imputed) was declared and was paid on 26 February 2021 (2020: On 28 June 2019, a
dividend of $0.0180 per share (fully imputed) was declared and was paid on 28 June 2019).
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
4.2 Earnings per share
Basic and diluted
Basic earnings per share is calculated by dividing the (loss)/profit after tax of the Group by the weighted average number of ordinary
shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 31 March 2021, there were no shares with a
dilutive effect (31 March 2020: none) and therefore basic and diluted earnings per share were the same.
2021 2020 2020*
Profit/(Loss) after tax ($’000) 1,705 (2,833) (2,833)
Weighted average number of ordinary shares outstanding (‘000s) 175,455 12,500 175,000
Cents per share 0.97 (22.66) (1.62)
* As described above a 14:1 share split took place on 8 December 2020, the Group has also presented the basic earnings per share for
the year ended 31 March 2020 taking into consideration this share split.
4.3 Borrowings
Accounting policy
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the
Statement of Comprehensive Income over the period of the borrowings, using the effective interest method.
Specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such a time as the assets are substantially ready for their intended use. Other borrowing costs are recognised in the Statement of
Comprehensive Income in the period in which they are incurred. The borrowing costs capitalised during the period was $49,000 (2020:
$130,000). The related borrowing costs were solely for the villages under development (note 3.1).

Annual Report 2021
53
2021 2020
$’000 $’000
Secured Liabilities
Current
Bank Loans 1,000 500
Non-Current
Bank Loans 26,212 30,927
27,212 31,427
Terms and conditions and assets pledged as security
Effective
Current Non-current Facility interest Expiry
Limit rate date
$’000 $’000 $’000 %
31 March 2021
Committed Cash Advance - 17,387 18,000 2.01% 29 April 2023
Committed Cash Advance - 9,825 9,825 1.76% 29 July 2023
- 27,212 27,825
31 March 2020

Committed Cash Advance - 19,583 19,583 2.10% 29 April 2021
Revolving Committed Cash Advance - 2,019 3,000 2.18% 3 June 2021
Committed Cash Advance - 9,825 9,825 2.56% 29 July 2022
- 31,427 32,408
Security
The bank loans of the Group are guaranteed by certain Group entities and secured by mortgages over the Group’s care centre
freehold land and buildings and rank second behind the Statutory Supervisors when the land and buildings are classified as
investment property and investment property under development.
As at 31 March 2021 the balance of the bank loans over which the properties are held as security is $9,825k (31 March 2020:
$11,844k), the total commitment as at 31 March 2021 is $9,825k (31 March 2020: $12,825k).
Other
The Group has a Corporate Banking Overdraft Facility Agreement with ASB Bank Limited (ASB) for $1.5m (2020: $1.5m) that has an
expiry date on 31 March 2049 (2020: 31 March 2049). This facility bears interest at an effective interest rate of 3.75% (2020: 4.04%)
and is secured over the assets of the Group and guaranteed by certain Group entities. At reporting date this overdraft facility was not
drawn (2020:$Nil).
Financing arrangements
Under the Group’s bank loan arrangements with ASB, the Group must comply with externally imposed banking covenant. These
covenants are tested and reported to the ASB on a quarterly basis. During the year ended 31 March 2021, the Group complied with
all externally imposed banking covenant requirements to which it is subject (2020: complied with all). The Group has agreed with
its banks that the calculation of Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) and Net Interest, for
the purposes of the financial covenants, shall continue to be based on the accounting treatment in use before the introduction and
adoption of NZ IFRS 16 Leases.

Radius Residential Care Limited
54
Notes to the Consolidated Financial Statements continued
5. Other Disclosure
5.1 Income Tax
Accounting policy
Current income tax expense or credit is the tax payable on the current period’s taxable income based on the applicable income tax
rate adjusted by changes in deferred tax assets and liabilities.
Deferred tax assets and liabilities are recognised for temporary differences at the applicable tax rates when the assets are expected
to be recovered or liabilities are settled. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not recognised if it arises from the initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
Key accounting estimates and judgements
Deferred tax on Investment Property
Deferred tax on investment property is assessed on the basis that the asset value will be realised through use (“Held for Use”).
An initial recognition exemption has been applied to newly developed village sites in accordance with NZ IAS 12, Income Taxes.
The Group’s ORAs comprise two distinct cash flows (being an ORA deposit upon entering the unit and the refund of this deposit upon
exit). In determining the tax base of investment property, the Group considered whether taxable cash flows are received at the end of
the ORA period (i.e. upon refund of the ORA deposit by way of set off on exit by a resident) or at the beginning of the ORA period (i.e.
at time of the receipt of the ORA deposit). The Group has carefully evaluated all the available information and considers it appropriate
to recognise and measure the tax base and associated deferred tax based on the taxable cash flows being receivable at the end of the
ORA period as this best represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use methodology, the Group has made significant judgements to determine taxable
temporary differences. The carrying value of the Group’s investment property is determined on a discounted cash flow basis and
includes cash flows that are both taxable and non-taxable in the future. The Group has recognised deferred tax on the cash flows with
a future tax consequence being DMF as provided by CBRE, to the extent that it arises from depreciable components (i.e. buildings)
of the investment property. The Group uses the valuers’ valuations to estimate the apportionment of cash flows arising from the
depreciable (i.e. buildings) and non-depreciable components (i.e. land).
2021 2020
$’000 $’000
(a) Components of tax expense/(benefit)
Current tax 2,155 1,033
Deferred tax (1,831) (1,533)
324 (500)

Annual Report 2021
55
2021 2020
$’000 $’000
(b) Income tax reconciliation
The prima facie tax payable on profit before tax is reconciled to the income tax expense as follows:
Prima facie income tax payable on profit before tax at 28.0% 568 (933)
Permanent differences (443) 268
Under provision for income tax in prior year 223 165
Other (24) -
Income tax expense/(benefit) attributable to profit 324 (500)
(c) Deferred tax
Deferred tax relates to the following:
Non-current asset
Deferred tax assets
The balance comprises:
Lease liabilities 51,605 51,885
Provisions 1,970 1,408
Deferred management fee income 765 659
54,340 53,952
Deferred tax liabilities
The balance comprises:
Property, plant and equipment 1,098 1,145
Right-of-use assets 49,607 50,801
50,705 51,946
Net deferred tax assets 3,635 2,006
(d) Deferred income tax revenue comprises
Through profit/(loss) included in income tax expense
(Increase)/decrease in deferred tax assets (388) 1,677
Decrease in deferred tax liabilities (1,443) (3,210)
(1,831) (1,533)
Through other comprehensive income
Increase in deferred tax liabilities 202 1,339
Through other comprehensive income included in revaluation of property,
plant and equipment 202 1,339
Increase in deferred tax liabilities (1,629) (194)
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is probable that future
taxable profits will be available to utilise those temporary differences.

Radius Residential Care Limited
56
Notes to the Consolidated Financial Statements continued
2021 2020
$’000 $’000
(e) Imputation credits available for use in subsequent periods
Balance at the beginning of the year 4,104 3,380
Dividends paid (285) (88)
New Zealand tax payments, net of refunds 1,744 814
Other debits (14) (2)
Balance at the end of the year 5,549 4,104

5.2 Intangible Assets
Accounting policy
Goodwill
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not
individually identifiable or separately recognised. Goodwill is initially recognised at an amount equal to the excess of: (a) the aggregate
of the consideration transferred, the amount of any non controlling interest, and the acquisition date fair value of the acquirer’s
previously held equity interest (in the case of a step acquisition), over (b) the net fair value of the identifiable assets acquired and
liabilities assumed. For accounting purposes, such measurement is treated as the cost of goodwill at that date.
Goodwill is not amortised, but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that
it might be impaired. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.
2021 2020
$’000 $’000
Goodwill at cost 16,996 16,996
Key accounting estimates and judgements
Goodwill has been assessed as having indefinite useful lives, as there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflow for the Group.
Goodwill is allocated to twenty individual CGUs within the residential care business (various acquired residential care facilities).
Corporate office cash flows incurred by the Group as a whole cannot be allocated to individual CGUs on a reasonable basis. Therefore,
these cash flows and related corporate assets are impairment tested at the overall Group level.
The recoverable amount of CGUs as at reporting date has been determined based on its fair value less costs of disposal, determined
using discounted cash flows (2020: based on its value-in-use, determined by discounting the future cash flows to be generated from
its continuing use of the CGU) that includes Management’s estimates based on past performance and its expectation for the future
performance for up to 3 years. These estimates are based on budgeted projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter are estimated using a standard growth rate deemed to be reasonable by
Management.

Annual Report 2021
57
The key assumptions used for discounted cash flows (2020: value-in-use) calculations are as follows:
• The year 1 forecast cash flows are based on Management forecasts approved by the Board of Directors
• The year 2 and 3 forecast cash flow period growth rate used in the calculations was 3.0% (2020: 3.0%)
• The cash flow period used in the calculations was 3 years (2020: 3 years)
• The pre-tax discount rate applied in the calculations was between 12.6% and 13.3% (2020: pre-tax 18.1%)
• The terminal growth rate applied in the calculations was 2.0% (2020: 2.0%)
• Occupancy projections vary between CGUs based on actual and expected occupancy rates.
Management believes that no reasonably possible changes in any of the above key assumptions would cause the carrying value of the
goodwill to be materially lower than its recoverable amount.
Care CGUs Recoverable Amount
The recoverable amount of the individual care sites as at 31 March 2021 has been determined based on fair value less costs of
disposal, determined using discounted cash flows. As the recoverable amount of individual care sites was determined using inputs
that are significant and unobservable, the Group has categorised these inputs as Level 3 under the fair value hierarchy in accordance
with NZ IFRS 13 Fair Value Measurement. The significant unobservable inputs used in the fair value measurement of the recoverable
amount of the Group’s individual care sites were as described above, year 1 to 3 forecast cash flows, a pre-tax discount rate, a terminal
growth rate and occupancy projections based on actual and expected occupancy rates.
• A significant increase/(decrease) in the forecast cash flows, terminal growth rate, and occupancy projections and rates,
assumptions would result in a significantly higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax discount rate would result in a significantly (lower)/higher fair value measurement.

5.3 Trade and Other Receivables
Accounting policy
Trade receivables are amounts due from residents and Government agencies in the ordinary course of business and are recognised
initially at fair value being the transaction price plus any transaction costs. Subsequent to initial recognition, receivables from
contracts with customers are measured at amortised cost and are tested for impairment.
2021 2020
$’000 $’000
Current
Trade receivables 6,945 7,097
Allowance for credit losses (722) (688)
6,223 6,409
Grant receivable - 353
NZX listing bond 75 -
Prepayments 522 492
Accrued Income 10 6
Development costs 777 207
7,607 7,467
Non-current
Prepayments 5 17
Accrued Income 132 164
137 181
7,744 7,648

Radius Residential Care Limited
58
Notes to the Consolidated Financial Statements continued
Recognition, measurement and judgements in applying accounting policies
When measuring expected credit losses (‘ECL’) the Group uses reasonable and supportable forward looking information, which is
based on assumptions for future movement of different economic drivers and how these drivers will affect each other.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of
the debtors and an analysis of the debtors’ current financial positions, adjusted for factors that are specific to the debtors, general
economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast
direction of conditions at the reporting date.
The Group has the following financial assets subject to the application of the expected credit loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and hospital fees. These are split
between private amounts owed by residents and amounts due from agencies such as the Ministry of Health and Accident
Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment receivables.
These are receivable from residents.
The following table provides information about the risk profile of trade receivables from contracts with residents and Government
agencies using a provision matrix. The information in the below table does not distinguish between resident or product types as the
Group’s historical credit loss experience does not show different patterns for different resident or product types.
12-month expected credit losses
Days past due
Not past due 31-60 61-90 91 and over Total
2021
Estimated total gross carrying amount at default (‘$000) 5,152 434 246 1,113 6,945
Expected credit loss rate (%) 0.3% 0.5% 2.9% 62.7% 10.4%
Expected credit loss rate (‘$000) 16 2 7 697 722
2020
Estimated total gross carrying amount at default (‘$000) 4,280 754 357 1,706 7,097
Expected credit loss rate (%) 0.4% 0.5% 3.6% 38.3% 9.7%
Expected credit loss rate (‘$000) 18 4 13 653 688
5.4 Trade and Other Payables
Accounting policy
Trade payables are recognised initially at fair value less transaction costs and subsequently measured at amortised costs using the
effective interest method.
Employee benefits
(i) Short-term employee benefit obligations
Liabilities arising in respect of wages and salaries, annual leave and other employee benefits (other than termination benefits)
expected to be settled wholly before twelve months after the end of the reporting period are measured at the (undiscounted)
amounts based on remuneration rates which are expected to be paid when the liability is settled.

Annual Report 2021
59
(ii) Long-term employee benefit obligations
The provision for other long-term employee benefits, including obligations for long service leave and annual leave, which are not
expected to be settled wholly before twelve months after the end of the reporting period, are measured at the present value of the
estimated future cash outflow to be made in respect of the services provided by employees up to the reporting date.
When the Group does not have an unconditional right to defer settlement for at least twelve months after the reporting date, those
employee entitlements are presented as current. All other long-term employee benefit obligations are presented as non-current
liabilities.
(iii) Retirement benefit obligations: Defined contribution superannuation plan
The Group makes superannuation contributions to the employee’s defined contribution superannuation plan of choice in respect
of employee services rendered during the year. These superannuation contributions are recognised as an expense in the same
period when the related employee services are received. The Group’s obligation with respect to employee’s defined contributions
entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end of the reporting period.
2021 2020
$’000 $’000
Current
Unsecured liabilities
Trade creditors 3,893 4,574
GST payable 714 690
Other payable 33 11
Accrued expenses 926 610
Annual leave 5,339 4,219
Other employee entitlements 3,846 3,822
Deferred government grants income 160 160
14,911 14,086

5.5 Related Party Transactions
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting
policies. Adjustments are made to bring into line any dissimilar accounting policies which may exist.
All intercompany transactions and balances are eliminated. The subsidiaries are consolidated from the date the Group gains control
until the date on which control ceases.

Radius Residential Care Limited
60
Notes to the Consolidated Financial Statements continued
Subsidiaries
The following are the Group’s subsidiaries
Ownership interests
and voting rights
Class of
Name of Entity Principal Activities 2021 2020 shares
Radius Arran Court Limited Lessee entity for Radius Arran Court facility 100% 100% Ordinary
Windsor Lifestyle Estate Limited Operating entity for Windsor retirement village 100% 100% Ordinary
Radius Care Limited (non-trading) Dormant 100% 100% Ordinary
Elloughton Grange Village Limited Operating entity for Elloughton retirement village 100% 100% Ordinary
Radius Care Holdings Limited Property owning entity for St Helenas,
Thornleigh Park and Lexham Park facilities 100% 100% Ordinary
On 1 May 2020, Radius Health Limited, a wholly owned subsidiary of the Group was amalgamated into Radius Residential Care Limited.
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March.
Key management personnel compensation and other related parties
Key management personnel are all executives with the authority for the strategic direction and management of the Group.

Related Party Relationship
Brien Cree Director and Ultimate Shareholder
Duncan Cook Director and Shareholder
Bret Jackson Director and Ultimate Shareholder
Timothy Sumner Director and Ultimate Shareholder
Mary Gardiner Director
Hamish Stevens Director
Wave Rider Holdings Limited Shareholder
Knox Radius LP Shareholder
Knox Fund IV AUD LP Shareholder
Knox Fund IV NZD LP Shareholder
Sharp Tudhope Lawyers Limited Consultant (Duncan Cook)
Cibus Catering Limited Common Director (Brien Cree)
Valhalla Capital Limited Common Director (Brien Cree)
Harmos Horton Lusk Limited Shareholder
Tom Wilson Shareholder
Time Capital NZ Limited Director (Tom Wilson)

Annual Report 2021
61
2021 2020
$’000 $’000
Directors’ remuneration and expenses 410 107
Dividends to director related entities 523 225
Key Management personnel salaries and other short term employee benefits 1,294 880
Key Management personnel dividends 3 -
2,230 1,212
Other related parties
Trade creditors
- Cibus Catering Limited 86 54
Trade debtors
- Cibus Catering Limited 7 7
Legal Fees
- Sharp Tudhope Lawyers Limited 149 63
- Duncan Cook - Share based payments 299 -
- Harmos Horton Lusk Limited 547 -
- Harmos Horton Lusk Limited - Share based payments 200 -
2021 2020
$’000 $’000
Personal guarantee fee
- Brien Cree 85 -
Management fee expense
- Knox Radius LP - 83
Catering services
- Cibus Catering Limited 4,777 4,872
Consulting fees
- Time Capital NZ Limited (since Tom Wilson became a shareholder) 33 -
- Tom Wilson - share based payments 125 -
Purchase of property, plant and equipment
- Valhalla Capital - Ashburton Laundry Assets - 550
Assignment of an agreement for the purchase of land from a Director
Brien Cree (Director) and the Group are party to an agreement (“the Assignment Agreement”), whereby, Brien has agreed to assign to
the Group his rights under an agreement for sale and purchase of real estate (“Land SPA”), to acquire a circa 4.3 hectare development
property at Main North Road, Belfast, Christchurch (‘the development property’) from an unrelated third party.

Radius Residential Care Limited
62
Notes to the Consolidated Financial Statements continued
The purchase price under the Land SPA is $5.8m, of which a non-refundable deposit of $300k had already been paid by Brien, with the
balance payable on the date of settlement, being 16 April 2021.
The Assignment Agreement also requires the Group to pay the Brien an additional $400k on 16 April 2021, for preserving the
development opportunity for the Group and for taking the risk on resource consent being obtained at a time that the Group was not
able to respond to the opportunity the land presented.
A condition of the Assignment Agreement was approval of the transaction by the Board of the Group by 2 April 2021. On 2 April 2021
the Board (excluding Brien as an interested director) exercised its right to approve the Assignment Agreement and the Group now
holds the rights to acquire the development property. The Board approved the Assignment Agreement on 2 April 2021, as the Group
had obtained:
• resource consent and funding for the development of an integrated aged care facility and retirement village on the property; and
• an independent valuation had confirmed that the property’s fair value after resource consent exceeded the purchase price of the
property (including the additional $400k consideration payable to Brien).
The Group paid Brien for the $300k non-refundable deposit in July 2020 and the additional $400k on 16 April 2021.
The balance of the purchase price under the SPA amounting to $5.5m is payable to the third party vendor on settlement, which will be
completed when the title of the property is issued. It is currently expected that title will be issued prior to 31 March 2022.

5.6 Financial Risk Management
The Group is exposed to the following financial risks in the normal course of business:
(a) Credit risk
(b) Liquidity risk
(c) Interest rate risk
The Board of Directors reviews and agrees on policies for managing each of these risks as summarised below:
2021 2020
Note $’000 $’000
Financial Assets
Amortised cost
Cash and cash equivalents 2,761 2,317
Trade receivables 5.3 6,223 6,409
Total assets 8,984 8,726
Financial Liabilities
Amortised cost
Trade and other payables 5.4 5,566 5,885
Lease liabilities 3.4 184,305 185,304
Borrowings 4.3 27,212 31,427
Refundable occupation right agreements 3.3 20,591 17,518
Total liabilities 237,674 240,134
(a) Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an
obligation.
The Group’s exposure to credit risk, or the risk of counterparties defaulting arises mainly from cash at bank, trade and other
receivables.