Third Age Health announces preliminary full year result

Media release 31 May 2021

FY21 Annual Results: Third Age Health Reports 6.8% Net Profit from continuing
operations lift on Record Revenues
Third Age Health Services (NZX:TAH), a medical service provider for the aged care sector,
has reported an increase in net profit after tax from continuing operations of 6.8 per cent and
record revenues for the full year ending 31 March 2021. Adjusted profit which excludes one-
off listing costs of $166,847 increased 23.9 per cent.
Revenue for the year reached a new record of $5.5 million, up 4.4 per cent on the previous
year - resulting in pre tax profit of $1.6 million.
The company has repaid all bank debt during the period, helping to position the primary care
provider for future acquisitions of medical practices that support growth in their core busi-
ness.
CEO Michael Haskell says it has been a solid year for Third Age.
He says having successfully completed the listing, the business is well positioned for further
growth - both organically and via an acquisition based expansion programme.
“Our share offer to wholesale investors prior to our NZX listing was oversubscribed. We
were able to distribute a special dividend to shareholders in March."
“Growth from the two sectors we operate in has continued with the number of patients we
care for increasing over the second half of 2021. We believe the current trajectory will see us
achieve another positive result in the coming financial year,” he says.
Haskell says the demand for their services is driven by a growing aged care sector and the
appeal of their business model which provides patients with a consistent primary care
provider relationship.
“Third Age Health is a primary care provider to some of the largest aged care facility
operators in New Zealand."
“Our people were exceptional in helping the New Zealand aged care sector manage the
disruption of Covid-19 and we couldn’t be more proud of them.”

“Our model provides consistency for a growing market segment that places a high value on
a traditional patient care model and the reassurance of having a familiar face as their
primary care provider."
“Increased demand from our customers means we are now looking to acquire compatible
medical practices - helping us to expand our current team of over 35 primary care
providers,” Haskell says.
Bevan Walsh, Chairman of Third Age Health, says the Company has navigated its way
through the COVID pandemic well due to its standard operating model which includes the
supply of remote management and telehealth services, and which were already well en-
trenched in the Company.
“New Zealand has been relatively well insulated from the impact of COVID compared to
many other markets and while we have seen increased need for our telehealth services at
times, our 6000+ registered patients in aged residential care facilities, private hospitals,
secure dementia facilities and the broader community still need to be seen regularly by our
team of primary care providers.
“The board of Third Age Health acknowledge our operational personnel and practitioners,
and our clients’ own dedicated staff, for their absolute attention to meeting patient needs
which was especially evident during the COVID lockdowns. It took total dedication, and
adaptability, and we thank everyone involved at all levels,” he says.
Dividend
The board is pleased to declare a final dividend of 3.91 cents per share taking the total
dividend for the year to 18.28 cents per share. We will continue to target our dividend policy
of 75 per cent of net profit after income tax from continuing operations being distributed to
our shareholders.
-Ends-

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Unaudited results
Amount (000s)Percentage change
Revenue from continuing operations$5,4904%
Total Revenue$5,4904%
Net profit/(loss) from continuing operations $1,0417%
Total net profit/(loss) $1,041
(21%)
Adjusted profit (non-GAAP) – see
explanation below
$1,20824%
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date18 June 2021
Current periodPrior comparable period
Net tangible assets per Quoted Equity
Security (cents per share)
13.1 1.5
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Final Dividend
These results are from financial statements which are in the
process of being audited
Results for announcement to the market
Third Age Health Services Limited
12 months to 31 March 2021
12 months to 31 March 2020
NZD
$0.03908767
$0.01520076
4 June 2021
31-May-21
Adjusted profit is a non-GAAP (Generally Accepted
Accounting Practice) measure and differs from NZ IFRS profit
for the year. Adjusted profit does not have a standardised
meaning prescribed by GAAP and so may not be comparable
to similar financial information presented by other entities.
The Group uses adjusted profit, with other measures, to
measure performance. Adjusted profit is used when a
financial year includes significant non-operating items (such
as gains, impairments, expenses) because these items do no
reflect the trading performance of the Group. For the year
ended 31 March 2021 costs associated with listing on the
NZX have been deemed an adjusting item.
Authority for this announcement
Michael Haskell
Michael Haskell
+64-21-653124
michael@thirdagehealth.co.nz

Third Age Health Services Limited and subsidiaries
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2021
GroupGroup
20212020
NZ$NZ$
Service revenue
5,490,374 5,260,440
Cost of sales(2,169,140) (2,335,666)
Gross profit
3,321,234 2,924,774
Other income
52,059 366
Costs of employees, contractors, and directors(1,145,341) (749,596)
Listing expenses(166,847)
-
Finance costs(43,059) (70,387)
Share based payments expense
-
(185,102)
Professional and consulting fees
(75,824) (129,803)
Depreciation and amortisation
(113,531) (57,132)
Other expenses(275,709) (286,331)
Profit before income tax
1,552,982 1,446,789
Income tax expense(511,509) (471,805)
Profit after income tax from continuing operations
1,041,473 974,984
Discontinued operations
Profit for the year from discontinued operations
- 347,632
Profit for the year
1,041,473 1,322,616
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of discontinued operations
-
(7,119)
Total other comprehensive income
-
(7,119)
Total comprehensive income for the year
1,041,473 1,315,497
Total comprehensive income for the year arises from:
Continuing operations
1,041,473 974,984
Discontinued operations
- 340,513
1,041,473 1,315,497
Earnings per share
From continuing and discontinued operations:
Basic earnings per share (cents per share)
11.1 14.8
Diluted earnings per share (cents per share)
11.0 14.6
From continuing operations:
Basic earnings per share (cents per share)
11.1 10.9
Diluted earnings per share (cents per share)
- 10.8

Third Age Health Services Limited and subsidiaries
Consolidated Statement of Changes in Equity
For the year ended 31 March 2021
NZ$NZ$NZ$NZ$NZ$
Balance at 1 April 2019 (Audited)(1,290,399)
7,119 421,777
831,939 (29,564)
Profit for the year
- - - 1,322,616 1,322,616
Other comprehensive income
-
(7,119)
- -
(7,119)
Total comprehensive income for the year
-
(7,119)
- 1,322,616 1,315,497
Share buyback(260,946)
- - -
(260,946)
Shares issued
250,890 - - - 250,890
Dividend
- - -
(600,000) (600,000)
Share based payments
- - 185,102 - 185,102
Balance at 31 March 2020 (Audited)
(1,300,455)
-
606,879 1,554,555 860,979
Profit for the year
- - - 1,041,473 1,041,473
Other comprehensive income
- - - -
-
Total comprehensive income for the year
-
-
- 1,041,473 1,041,473
Shares issued1,531,151
- - - 1,531,151
Dividend
- - -
(1,400,000) (1,400,000)
Transaction costs arising on issue of shares(57,569)
- - -
(57,569)
Balance at 31 March 2021 (Unaudited)
173,127
- 606,879 1,196,028
1,976,034
Foreign
Currency
Translation
Reserve
Share Based
Payment
Reserve
Retained
earnings
Share
CapitalTotal

Consolidated Statement of Cash Flows
For the year ended 31 March 2021
UnauditedAudited
Group
Group
20212020
NZ$NZ$
Cash flows from operating activities
Receipts from operating activities
5,473,449 5,644,365
Interest paid
(43,059) (72,257)
Interest received
30,368 366
Income taxes paid
(398,650) (451,084)
Payments to suppliers and employees
(3,511,811) (3,780,450)
Net cash from operating activities
1,550,297 1,340,940
Cash flows from investing activities
Payments to purchase property, plant and equipment
-
(4,921)
Cash derecognised on disposal of subsidiary
-
(3,332)
Proceeds from disposal of Third Age Health Australia
- 100,096
Net cash flows generated by investing activities
-
91,843
Cash flows from financing activities
Repayment of borrowings(673,000) (795,018)
Proceeds from borrowings
- 715,000
Payments to related parties
- (570,546)
Deposits received under share purchase plan
308,313 72,413
Repayment of share purchase plan deposits
-
-
Principal elements of lease payments
(50,911)
-
Dividends paid(1,400,000) (586,799)
Payments for share buybacks
- (3,591)
Proceeds from issuing shares
1,266,370 213,864
Payments for costs of issuing shares(57,569) -
Net cash flows used in financing activities
(606,797)
(954,677)
Net increase in cash and cash equivalents
943,500 478,106
Cash and cash equivalents at the beginning of the year
885,681 407,575
Cash and cash equivalents at the end of the year
1,829,181 885,681
Third Age Health Services Limited and subsidiaries

Third Age Health Services Limited and subsidiaries
Consolidated Statement of Financial Position
As at 31 March 2021
UnauditedAudited
GroupGroup
20212020
NZ$NZ$
Current assets
Cash and cash equivalents
1,829,181 885,681
Trade and other receivables
344,656 306,039
Loan receivable
59,066 -
Total current assets
2,232,903 1,191,720
Non-current assets
Property, plant and equipment
11,452 14,757
Right-of-use-assets
227,174 -
Intangible assets
781,869 835,303
Loan receivable
297,317 360,950
Deferred tax asset
19,757 8,239
Total non-current assets
1,337,569 1,219,249
Total assets
3,570,472 2,410,969
Current liabilities
Trade and other payables
592,374 439,265
Borrowings
- 126,000
Current tax liabilities
319,109 156,999
Employee share purchase plan deposits
345,170 161,037
Lease liabilities
52,986 -
Total current liabilities
1,309,639 883,301
Non-current liabilities
Borrowings
- 547,000
Lease liabilities
180,071 -
Deferred tax liability
104,728 119,689
Total non-current liabilities
284,799 666,689
Total liabilities
1,594,438 1,549,990
Net assets
1,976,034
860,979
Equity
Share capital
173,127
(1,300,455)
Share based payment reserve
606,879 606,879
Retained earnings
1,196,028 1,554,555
Total equity
1,976,034
860,979
Net tangible assets (cents per share)13.11.5

Third Age Health Services Limited and subsidiaries
Other selected financial information
For the year ended 31 March 2021
1. Adjusted profit (non-GAAP)
UnauditedAudited
GroupGroup
20212020
NZ$NZ$
Adjusted profit (non-GAAP)
1
1,208,320 974,984
Listing expenses(166,847) -
Reported net profit after tax from continuing operations
1,041,473 974,984
*Generally Accepted Accounting Practice
2. Dividends
Cents per share
NZ$
Cents per share
NZ$
Interim dividend
4.12
400,000
-
-
Special dividend
10.26
1,000,000
-
-
Final dividend
1
3.91 381,105 6.66
600,000
18.28 1,781,105 6.66 600,000
1
Adjusted profit is a non-GAAP* measure and differs from NZ IFRS profit for the year. Adjusted profit does not have a standardised meaning
prescribed by GAAP and so may not be comparable to similar financial information presented by other entities. The Group uses adjusted
profit, with other measures, to measure performance. Adjusted profit is used when a financial year includes significant non-operating items
(such as gains, impairments, expenses) because these items do no reflect the trading performance of the Group. For the year ended 31 March
2021 costs associated with our initial listing on the NZX have been deemed an adjusting item.
20212020
UnauditedAudited
1
The final dividend for the year ended 31 March 2021 was declared on 30 May 2021 therefore it is treated as a non adjusting post balance date event for
financial reporting purposes