Third Age Health Half Year Results

Third Age
Health
INTERIM REPORT
For the six months ended
30 September 2021

3
THIRD AGE HEALTH INTERIM REPORT 2021
On behalf of the Board and
management of Third Age Health, I am
pleased to present the Third Age Health
Services Limited Interim Report for the
six months ended 30 September 2021.
Bevan Walsh
Founder and Chairperson
22 November 2021
OUR BUSINESS 4
SIX MONTHS AT A GLANCE 6
CHAIR’S REPORT 10
INTERIM FINANCIAL STATEMENTS 15
NOTES TO THE FINANCIAL STATEMENTS 19

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THIRD AGE HEALTH INTERIM REPORT 2021
OUR BUSINESS
Third Age Health is the leader in
providing primary health care services to
older adults residing in Aged Residential
Care facilities.
At the core of what we do is the provision
and management of health care services to
Aged Residential Care (ARC), Private Geriatric
Hospitals and Secure Dementia facilities. Our
team of health care professionals practice across
New Zealand and we currently provide services
to over 51 ARC facilities.
AUCKLAND
HAMILTON
HAWKES BAY
CHRISTCHURCH
TAURANGA
HUTT VALLEY
As at 30 September the
company serviced 51 facilities
in the following locations:
Auckland 21
Hamilton 6
Tauranga 9
Hawkes Bay 6
Hutt Valley 1
Christchurch 8

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THIRD AGE HEALTH INTERIM REPORT 2021

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THIRD AGE HEALTH INTERIM REPORT 2021
1H22 AT A GLANCE
 Focus on positioning the company for future growth
 Strengthened the leadership team with the appointment of Tony
Wai as new Chief Executive Officer from 27 September 2021 and
Neil Hopkins joining the company as Acting Chief Financial Officer
in June 2021
 Refreshed the Board with appointment of two new directors -
Wayne Williams as an Independent Director and Diane Budres as a
non-Independent Director
 Continued to deliver quality patient care to aged care providers
and patients across New Zealand. Our standard use of remote
management and telehealth services have proved invaluable in the
Covid-19 environment
 Growing number of clinical practitioners joining the group
 Signed agreement for the purchase of Belmont Medical Centre,
which was settled on 11 October 2021, with earnings benefits
expected from 2H22
 Strategic focus in 2H22 remains on growing Third Age Health’s
patient population through service contracts with aged care
facilities; acquisition of primary care medical centres; and ongoing
business improvement.

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THIRD AGE HEALTH INTERIM REPORT 2021
FINANCIAL SNAPSHOT
Third Age Health delivered a solid six
month performance as the company
focused on building the leadership team
and continuing to deliver quality patient
care.
Revenue for the period was $2.84m, up 3.0% on
the prior comparative period (pcp), with net profit
before tax growing by 12.1% to $0.94m.
Profit growth was primarily driven by a higher
margin revenue mix during the period, partially
offset by increased corporate and governance
costs as a result of being a listed company.
The business is in a solid financial position, with
zero debt and cash and cash equivalents of $1.8
million as at 30 September 2021.
SOLID
FINANCIAL
POSITION WITH
ZERO DEBT
CASH
AS AT
30 SEPT 21
$1.8M
DIVIDEND
4.52 cps
Unaudited results for the six months ended 30 September 2021
REVENUE
$2.84M
▲3.0%
NET PROFIT
AFTER TAX
$0.67M
▲12.5%
NET PROFIT
BEFORE TAX
$0.94M
▲12.1%

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THIRD AGE HEALTH INTERIM REPORT 2021

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THIRD AGE HEALTH INTERIM REPORT 2021
Our strategic focus for
the second half of the
year remains on growing
Third Age Health’s patient
population through service
contracts with aged care
facilities; acquisition of
primary care medical centres;
and ongoing business
improvement.

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THIRD AGE HEALTH INTERIM REPORT 2021
CHAIR’S REPORT
Following the listing to the NZX in
February 2021, our focus for the six
month period was on positioning the
company for future growth, building
our leadership team and continuing to
deliver quality patient care.
New Leadership
We were very pleased to welcome Tony Wai as
our new CEO from 27 September 2021. Tony
has a wealth of sector experience, having spent
the last fourteen years in senior roles in major
organisations within the health sector in New
Zealand, as both CFO and most recently, as
interim CEO at Procare (responsible for over
800,000 patients). His experience in health-
system technology, operational management
and acquisitions within the health sector provide
our company with greater capability to achieve
our strategies of growth.
Tony brings with him a vision for how we can
better serve our clients and patients and, along
with Acting Chief Financial Officer, Neil Hopkins,
who was appointed in June 2021, he will provide
strong leadership as we execute our strategy and
deliver value for our patients, our people and our
shareholders.
Strategic Progress
Third Age Health offers a unique care services
model for aged care providers and provides
medical care for facilities across six DHB regions,
including to some of the largest aged care facility
operators in New Zealand. Meeting the needs of
existing customers and diversifying the customer
base by gaining new contracts is a key focus
area. Enabling this is the recruitment of suitable
medical practitioners, with a growing number of
practitioners joining the group.
Supporting this strategy is the acquisition of
medical centres in the right location, which
provide both general care to their existing
communities and also expand our pool of
practitioners to assist with the provision of
medical care to local aged care facilities. During
the six months, we were pleased to announce
the acquisition of Belmont Medical on Auckland’s
North Shore, which settled post-period end on
11 October 2021. This is in line with our stated
growth strategy and we continue to identify and
assess potential acquisition opportunities.
Our People
While the latest Covid-restrictions have changed
how medical services are provided, particularly
in the aged care environment, our team have
adapted and gone to extraordinary lengths
to continue delivering quality care, while
maintaining strict infection control measures.
Our standard use of remote management and
telehealth services have proved invaluable in
this environment. The Board acknowledges
and thanks the team for their service and
commitment during the period.
To support our growth aspirations, we have
a need for high quality practitioners. We
will continue to actively recruit high quality
practitioners and provide them with career
advancement opportunities.
Governance
We were pleased to announce the addition of two
new directors to the Board - Wayne Williams and
Diane Budres - increasing the number of directors
to five.
Wayne is formerly a Partner of KPMG and has
close to 30 years’ experience within the health
sector. He has worked in line management
and consulting roles within primary care, DHBs

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THIRD AGE HEALTH INTERIM REPORT 2021
and the Ministry of Health, is currently CEO of
Alliance Health Plus Trust and is also on the
board of Bay of Plenty DHB.
Based in North America, Diane holds
qualifications in education, public health and
human ecology. She is the founder and a director
of The Budres Foundation, a scholarship program
based on learning by doing. Diane has previously
held directorships with First National Bank,
Apple Bank and Nelson Properties, DBS.
Outlook
The opportunity for revenue growth remains
positive, with 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. With a proven
care model that delivers value for patients
and providers, Third Age Health remains well
positioned to grow market share.
The strategic focus in 2H22 remains on growing
Third Age Health’s patient population through
service contracts with aged care facilities;
acquisition of primary care medical centres
which can support the service delivery of our core
business; and ongoing business improvement.
In particular, over the next six months, the new
leadership team will be developing a business
investment plan to build capability and scale up
Third Age Health’s infrastructure, systems and
resources to enable future growth.
We look forward to building out our business and
thank shareholders for their support.
Bevan Walsh
Founder and Chairperson
We are positioning ourselves
to take advantage of the
growing demand in the
sector and building our
footprint around delivering
an integrated and innovative
model of care in the aged
care sector. We are not afraid
of disrupting traditional
models to improve quality
and sustainability and are
actively seeking new ways
to deliver positive healthcare
outcomes for patients,
improved working conditions
for our clinicians and better
use of healthcare resources
and funding. -
Tony Wai, CEO

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THIRD AGE HEALTH INTERIM REPORT 2021

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THIRD AGE HEALTH INTERIM REPORT 2021
DIRECTORS’ RESPONSIBILITY STATEMENT 14
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME 15
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY 16
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION 17
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS 18
NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS 19
CONDENSED
CONSOLIDATED
FINANCIAL
STATEMENTS
For the six months ended
30 September 2021

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THIRD AGE HEALTH INTERIM REPORT 2021
APPROVAL AND ISSUE OF
FINANCIAL STATEMENTS
The Directors are pleased to present the condensed consolidated interim financial statements of Third Age
Health Services Limited and subsidiaries {the ‘Group’) for the six month period ended 30 September 2021.
The Board of Directors of the Group authorised the financial statements set out on pages 15 to 26 for Issue
on 22 November 2021.
For and on behalf of the Board:
Bevan Walsh John Fernandes
Founder and Chairperson Independent Director, Chair Audit Committee
Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021


15


Group Group

30 September 2021 30 September 2020

(Unaudited) (Unaudited)
Notes
NZ$ NZ$

Service revenue 4 2,839,727 2,757,521
Cost of sales (1,068,208) (1,096,636)
Gross profit 1,771,519 1,660,885

Other income 18,552 14,293

Employees and contractors (439,857) (572,925)
Other expenses (92,444) (127,095)
Finance costs (4,344) (26,800)
Share based payments expense 12 (1,095) -
Professional and consulting fees 5 (262,382) (59,034)
Depreciation & amortisation (56,337) (56,766)
Profit before income tax 6 933,612 832,558

Income tax expense (261,573) (235,452)


672,039 597,106

Profit for the period 672,039 597,106

Total comprehensive income for the period 672,039 597,106

Earnings per share (note 7)

From continuing operations:

Basic earnings per share (cents per share)

6.89 6.58
Diluted earnings per share (cents per share)

6.84 6.53





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021


15


Group Group

30 September 2021 30 September 2020

(Unaudited) (Unaudited)
Notes
NZ$ NZ$

Service revenue 4 2,839,727 2,757,521
Cost of sales (1,068,208) (1,096,636)
Gross profit 1,771,519 1,660,885

Other income 18,552 14,293

Employees and contractors (439,857) (572,925)
Other expenses (92,444) (127,095)
Finance costs (4,344) (26,800)
Share based payments expense 12 (1,095) -
Professional and consulting fees 5 (262,382) (59,034)
Depreciation & amortisation (56,337) (56,766)
Profit before income tax 6 933,612 832,558

Income tax expense (261,573) (235,452)


672,039 597,106

Profit for the period 672,039 597,106

Total comprehensive income for the period 672,039 597,106

Earnings per share (note 7)

From continuing operations:

Basic earnings per share (cents per share)

6.89 6.58
Diluted earnings per share (cents per share)

6.84 6.53





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Financial Position
As at 30 September 2021



16

Group Group
30 September 2021 30 March 2021
(Unaudited) (Audited)
Notes NZ$ NZ$

Current assets
Cash and cash equivalents 1,830,105 1,829,181
Trade and other receivables 380,928 344,656
Loan receivable 8 65,452 59,066
Total current assets 2,276,485 2,232,903

Non -current assets
Property, plant and equipment 13,320 11,452
Right-of-use-assets 10 532,864 227,174
Intangible assets 755,154 781,869
Loan receivable 8 273,715 297,317
Deferred tax asset 25,530 19,757
Total non-current assets 1,600,583 1,337,569

Total assets 3,877,068 3,570,472

Current liabilities
Trade and other payables 527,277 592,374
Current tax liabilities 79,387 319,109
Employee share purchase plan deposits 11 364,733 345,170
Lease liabilities 10 49,318 52,986
Total current liabilities 1,020,715 1,309,639

Non-current liabilities
Lease liabilities 10 491,596 180,071
Deferred tax liability 97,247 104,728
Total non-current liabilities 588,843 284,799

Total liabilities 1,609,558 1,594,438

Net assets 2,267,510 1,976,034
Equity
Share capital 173,127 173,127
Share based payment reserve 607,421 606,879
Retained earnings 1,486,962 1,196,028
Total equity 2,267,510 1,976,034


These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021


17

Share Capital Share Based
Payment
Reserve
Retained
earnings
Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Notes NZ$ NZ$ NZ$ NZ$

Balance at 1 April 2020 (audited)

(1,300,455)

606,879

1,554,555

860,979

Profit for the period - - 672,039 672,039
Total comprehensive income for the period - - 672,039 672,039

Shares issued 236,790 - - 236,790
Balance at 30 September 2020
(1,063,665)

606,879

2,226,594

1,769,808

Balance at 1 April 2021 (audited) 173,127 606,879 1,196,028 1,976,034

Profit for the period - - 672,039 672,039
Total comprehensive income for the period - - 672,039 672,039

Dividend 13 - - (381,105) (381,105)
Share option expense 12 - 542 - 542
Balance at 30 September 2021 173,127 607,421 1,486,962 2,267,510





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Financial Position
As at 30 September 2021



16

Group Group
30 September 2021 30 March 2021
(Unaudited) (Audited)
Notes NZ$ NZ$

Current assets
Cash and cash equivalents 1,830,105 1,829,181
Trade and other receivables 380,928 344,656
Loan receivable 8 65,452 59,066
Total current assets 2,276,485 2,232,903

Non -current assets
Property, plant and equipment 13,320 11,452
Right-of-use-assets 10 532,864 227,174
Intangible assets 755,154 781,869
Loan receivable 8 273,715 297,317
Deferred tax asset 25,530 19,757
Total non-current assets 1,600,583 1,337,569

Total assets 3,877,068 3,570,472

Current liabilities
Trade and other payables 527,277 592,374
Current tax liabilities 79,387 319,109
Employee share purchase plan deposits 11 364,733 345,170
Lease liabilities 10 49,318 52,986
Total current liabilities 1,020,715 1,309,639

Non-current liabilities
Lease liabilities 10 491,596 180,071
Deferred tax liability 97,247 104,728
Total non-current liabilities 588,843 284,799

Total liabilities 1,609,558 1,594,438

Net assets 2,267,510 1,976,034
Equity
Share capital 173,127 173,127
Share based payment reserve 607,421 606,879
Retained earnings 1,486,962 1,196,028
Total equity 2,267,510 1,976,034


These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021


17

Share Capital Share Based
Payment
Reserve
Retained
earnings
Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Notes NZ$ NZ$ NZ$ NZ$

Balance at 1 April 2020 (audited)

(1,300,455)

606,879

1,554,555

860,979

Profit for the period - - 672,039 672,039
Total comprehensive income for the period - - 672,039 672,039

Shares issued 236,790 - - 236,790
Balance at 30 September 2020
(1,063,665)

606,879

2,226,594

1,769,808

Balance at 1 April 2021 (audited) 173,127 606,879 1,196,028 1,976,034

Profit for the period - - 672,039 672,039
Total comprehensive income for the period - - 672,039 672,039

Dividend 13 - - (381,105) (381,105)
Share option expense 12 - 542 - 542
Balance at 30 September 2021 173,127 607,421 1,486,962 2,267,510





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2021


18

Group Group
30 September 2021 30 September 2020
(Unaudited) (Unaudited)
Notes NZ$ NZ$

Cash flows from operating activities
Receipts from other operating activities 2,803,455 2,706,780
Interest received 7,009 14,293
Interest paid (4,344) (26,800)
Income taxes paid (514,549) (48,609)
Payments to suppliers and employees (1,920,874) (1,614,083)
Net cash from operating activities 6 370,697 1,031,581

Cash flows from investing activities
Payments to purchase property, plant and equipment (3,000) -
Net cash flows used in investing activities (3,000) -

Cash flows from financing activities
Deposits received under share purchase plan 19,563 81,672
Principle elements of loan repayments 9 20,998 -
Proceeds from issuing shares - 8,385
Principle elements of lease payments 10 (26,229) (25,202)
Dividend paid 13 (381,105) -
Repayment of borrowings - (673,000)
Net cash flows from financing activities (366,773) (608,145)

Net increase in cash and cash equivalents 924 423,436

Cash and cash equivalents at the beginning of the period 1,829,181 885,681
Cash and cash equivalents at the end of the period 1,830,105 1,309,117





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


19

1. Reporting Entity

The consolidated interim financial statements for Third Age Health Services Limited and its subsidiaries (the
"Group") are for the economic entity comprising Third Age Health Services Limited (the “Company” or
"Parent") and its subsidiaries. The Parent is incorporated and domiciled in New Zealand and registered under
the Companies Act 1993. The principal trading activity of the Group is the provision of medical services to the
aged care sector. These condensed consolidated interim financial statements are for the 6 months ended 30
September 2021.

The Group’s current operations do not follow a seasonal or cyclical pattern.

2. Significant Accounting Policies

2.1. Statement of compliance and reporting framework

These unaudited condensed consolidated interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice ("NZ GAAP"). They comply with the New Zealand
equivalent to International Accounting Standard 34 ("NZ IAS 34") Interim Financial Reporting. The Company is
registered under the New Zealand Companies Act 1993, listed on the New Zealand Stock Exchange (NZX: TAH)
and is required to be treated as an FMC Reporting Entity under the Financial Market Conducts Act 2013 and
Financial Reporting Act 2013.

The interim financial statements do not include all of the information required for full year financial
statements and should be read in conjunction with the Company's annual financial report for the year ended
31 March 2021.

Consistent accounting policies with the full financial statements for the year ended 31 March 2021 have been
applied in preparation of these interim financial statements.

2.2. Basis of preparation

The financial statements for the six months ended 30 September 2021 and the comparative six months ended
30 September 2020 are unaudited. Directors’ fees ($24,000) classified as Employee and contractors’ expenses
for the 6 months ended 30 September 2020 have been reclassified as Professional and consulting fees.

2.3. COVID-19

COVID-19 (also known as Coronavirus) was declared a pandemic by the World Health Organisation on 11
March 2020. The Company continues to monitor the impact of COVID 19 both locally and globally as well as
the recommendations from the New Zealand Government.

As an essential service all business units of the Group continue to operate through the periods of COVID-19
lockdown. Continuity of activities has been maintained through adoption of recommended safety measures
and utilising core infrastructures such as virtual meetings and collaboration tools in place prior to the
pandemic.

While uncertainty exists as to the impact COVID-19 will have on the economy and the demand for the Group’s
services in the future, based on the services provided and its current financial position, the Board have
assessed there is unlikely to be any material impacts on the Group, resulting from the COVID-19 pandemic.

The Group has not made any claims under the New Zealand government COVID-19 financial support
programmes during the period ended 30 September 2021.

Third Age Health Services Limited and subsidiaries
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2021


18

Group Group
30 September 2021 30 September 2020
(Unaudited) (Unaudited)
Notes NZ$ NZ$

Cash flows from operating activities
Receipts from other operating activities 2,803,455 2,706,780
Interest received 7,009 14,293
Interest paid (4,344) (26,800)
Income taxes paid (514,549) (48,609)
Payments to suppliers and employees (1,920,874) (1,614,083)
Net cash from operating activities 6 370,697 1,031,581

Cash flows from investing activities
Payments to purchase property, plant and equipment (3,000) -
Net cash flows used in investing activities (3,000) -

Cash flows from financing activities
Deposits received under share purchase plan 19,563 81,672
Principle elements of loan repayments 9 20,998 -
Proceeds from issuing shares - 8,385
Principle elements of lease payments 10 (26,229) (25,202)
Dividend paid 13 (381,105) -
Repayment of borrowings - (673,000)
Net cash flows from financing activities (366,773) (608,145)

Net increase in cash and cash equivalents 924 423,436

Cash and cash equivalents at the beginning of the period 1,829,181 885,681
Cash and cash equivalents at the end of the period 1,830,105 1,309,117





These financial statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


19

1. Reporting Entity

The consolidated interim financial statements for Third Age Health Services Limited and its subsidiaries (the
"Group") are for the economic entity comprising Third Age Health Services Limited (the “Company” or
"Parent") and its subsidiaries. The Parent is incorporated and domiciled in New Zealand and registered under
the Companies Act 1993. The principal trading activity of the Group is the provision of medical services to the
aged care sector. These condensed consolidated interim financial statements are for the 6 months ended 30
September 2021.

The Group’s current operations do not follow a seasonal or cyclical pattern.

2. Significant Accounting Policies

2.1. Statement of compliance and reporting framework

These unaudited condensed consolidated interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice ("NZ GAAP"). They comply with the New Zealand
equivalent to International Accounting Standard 34 ("NZ IAS 34") Interim Financial Reporting. The Company is
registered under the New Zealand Companies Act 1993, listed on the New Zealand Stock Exchange (NZX: TAH)
and is required to be treated as an FMC Reporting Entity under the Financial Market Conducts Act 2013 and
Financial Reporting Act 2013.

The interim financial statements do not include all of the information required for full year financial
statements and should be read in conjunction with the Company's annual financial report for the year ended
31 March 2021.

Consistent accounting policies with the full financial statements for the year ended 31 March 2021 have been
applied in preparation of these interim financial statements.

2.2. Basis of preparation

The financial statements for the six months ended 30 September 2021 and the comparative six months ended
30 September 2020 are unaudited. Directors’ fees ($24,000) classified as Employee and contractors’ expenses
for the 6 months ended 30 September 2020 have been reclassified as Professional and consulting fees.

2.3. COVID-19

COVID-19 (also known as Coronavirus) was declared a pandemic by the World Health Organisation on 11
March 2020. The Company continues to monitor the impact of COVID 19 both locally and globally as well as
the recommendations from the New Zealand Government.

As an essential service all business units of the Group continue to operate through the periods of COVID-19
lockdown. Continuity of activities has been maintained through adoption of recommended safety measures
and utilising core infrastructures such as virtual meetings and collaboration tools in place prior to the
pandemic.

While uncertainty exists as to the impact COVID-19 will have on the economy and the demand for the Group’s
services in the future, based on the services provided and its current financial position, the Board have
assessed there is unlikely to be any material impacts on the Group, resulting from the COVID-19 pandemic.

The Group has not made any claims under the New Zealand government COVID-19 financial support
programmes during the period ended 30 September 2021.

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


20


3. Segment Information

Products and services from which reportable segments derive their revenue

The Group's reportable segments are as follows:
• Aged medical care services: the provision of medical care services to the aged care sector.
• General practice medical services: the provision of general medical care services to the community.


Segment revenues and results

The following is an analysis of the Group’s revenue and results from continuing operations by reportable
segment


Segment revenue Segment profit


30 September
2021
30 September
2020
30 September
2021
30 September
2020

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

NZ$ NZ$ NZ$ NZ$
Aged medical care services

2,401,186

2,387,058

760,345

741,025
General practice medical services

438,541

370,463

173,267

91,533
Total for continuing operations

2,839,727

2,757,521

933,612

832,558


Segment profit includes the following items:

EBITDA
Depreciation
&
amortisation
Finance
costs
Interest
income
Income tax
expense

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
As at 30 September 2021 NZ$ NZ$ NZ$ NZ$ NZ$
Aged medical care services 761,008 661 2

- 213,058
General practice medical services 233,285 55,676 4,342

- 48,515




EBITDA
Depreciation
&
amortisation
Finance
costs
Interest
income
Income tax
expense

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
As at 30 September 2020 NZ$ NZ$ NZ$ NZ$ NZ$
Aged medical care services 749,023 859 21,432 14,293 208,815
General practice medical services 152,808 55,907 5,368

- 26,637





Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


21

Segment assets and liabilities

Segment assets
30 September 2021 30 March 2021

(Unaudited) (A udited)

NZ$ NZ$
Aged medical care services 2,438,844 2,870,345
General practice medical services 1,569,160 759,863
Total segment assets
4,008,004 3,630,208



Intercompany consolidation (130,936) (59,736)
Total segment assets 3,877,068 3,570,472


Segment liabilities
30 September 2021 30 March 2021

(Unaudited) (Audited)

NZ$ NZ$
Aged medical care services
739,751 1,069,451
General practice medical services
1,000,743 584,723
Total segment liabilities
1,740,494 1,654,174


Intercompany consolidation
(130,936) (59,736)
Total segment liabilities 1,609,558 1,594,438


4. Revenue

Revenues from agreements and contracts with customers and public health organisations

Revenue from contracts with customers:


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Capitation revenue
1,099,299 1,031,367
Consultation revenue
1,680,169 1,563,016
Vaccination revenue
29,266 69,857
Other revenue
30,993 93,281
Total revenue from contracts with customers
2,839,727 2,757,521


5. Professional and consulting fees

During the period, the Company incurred professional and consulting fees of $262,382 (2020: $59,034). Fees
for the current period include a number of one-off items such as external accounting fees incurred prior to the
appointment of the Acting CFO in June 2021 and other one off fees.

The fees for the current period also reflect the additional ongoing costs associated with being a listed entity
(since February 2021).

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


20


3. Segment Information

Products and services from which reportable segments derive their revenue

The Group's reportable segments are as follows:
• Aged medical care services: the provision of medical care services to the aged care sector.
• General practice medical services: the provision of general medical care services to the community.


Segment revenues and results

The following is an analysis of the Group’s revenue and results from continuing operations by reportable
segment


Segment revenue Segment profit


30 September
2021
30 September
2020
30 September
2021
30 September
2020

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

NZ$ NZ$ NZ$ NZ$
Aged medical care services

2,401,186

2,387,058

760,345

741,025
General practice medical services

438,541

370,463

173,267

91,533
Total for continuing operations

2,839,727

2,757,521

933,612

832,558


Segment profit includes the following items:

EBITDA
Depreciation
&
amortisation
Finance
costs
Interest
income
Income tax
expense

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
As at 30 September 2021 NZ$ NZ$ NZ$ NZ$ NZ$
Aged medical care services 761,008 661 2

- 213,058
General practice medical services 233,285 55,676 4,342

- 48,515




EBITDA
Depreciation
&
amortisation
Finance
costs
Interest
income
Income tax
expense

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
As at 30 September 2020 NZ$ NZ$ NZ$ NZ$ NZ$
Aged medical care services 749,023 859 21,432 14,293 208,815
General practice medical services 152,808 55,907 5,368

- 26,637





Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


21

Segment assets and liabilities

Segment assets
30 September 2021 30 March 2021

(Unaudited) (A udited)

NZ$ NZ$
Aged medical care services 2,438,844 2,870,345
General practice medical services 1,569,160 759,863
Total segment assets
4,008,004 3,630,208



Intercompany consolidation (130,936) (59,736)
Total segment assets 3,877,068 3,570,472


Segment liabilities
30 September 2021 30 March 2021

(Unaudited) (Audited)

NZ$ NZ$
Aged medical care services
739,751 1,069,451
General practice medical services
1,000,743 584,723
Total segment liabilities
1,740,494 1,654,174


Intercompany consolidation
(130,936) (59,736)
Total segment liabilities 1,609,558 1,594,438


4. Revenue

Revenues from agreements and contracts with customers and public health organisations

Revenue from contracts with customers:


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Capitation revenue
1,099,299 1,031,367
Consultation revenue
1,680,169 1,563,016
Vaccination revenue
29,266 69,857
Other revenue
30,993 93,281
Total revenue from contracts with customers
2,839,727 2,757,521


5. Professional and consulting fees

During the period, the Company incurred professional and consulting fees of $262,382 (2020: $59,034). Fees
for the current period include a number of one-off items such as external accounting fees incurred prior to the
appointment of the Acting CFO in June 2021 and other one off fees.

The fees for the current period also reflect the additional ongoing costs associated with being a listed entity
(since February 2021).

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


22


6. Reconciliation of profit for the period to net cash from operating activities


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Profit before income tax 933,612 832,558

Adjustments to reconcile profit before tax to net cash flows:

Depreciation and other amortisation 56,337 56,766
Share based payments expense 1,095 149,600
Interest charged on loan (3,782) -


Working capital adjustments:

Trade and other receivables (36,272) (50,744)
Trade and other payables (65,744) 92,010

885,246 1,080,190
Income tax paid (514,549) (48,609)

Net cash from operating activities 370,697 1,031,581


7. Earnings per share

Basic and diluted earnings per share


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Net profit attributable to the ordinary shareholders of the Group,
used in the calculation of basic earnings per share
672,039 597,106



Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
9,750,000 9,078,542

Adjustments for calculation of diluted earnings per share 71,578 70,784

Weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted
earnings per share
9,821,578 9,149,326


Number of ordinary shares excludes treasury stock and any shares held by the Third Age Employee Purchase
Plan Share Trust (note 11) not held on behalf of SPP participants.
Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


23


8. Loan receivable


30 September 2021 30 March 2021

(Unaudited) (audited)

NZ$ NZ$
Current
Third Age Digital Health Limited loan note 65,452 59,066
Non -current:

Third Age Digital Health Limited loan note 273,715 297,317

339,167 356,383


Third Age Digital Health Limited (TADH) has a loan agreement with the Company. Up to 31 May 2021 interest
was charged and paid at a rate of 6.35%. A variation to the agreement was signed during the period, applying a
variable interest rate commencing June 2021 and requiring monthly repayments. Total interest charged on the
loan for the 6 months to September 2021 was $10,523 (2020: $11,460). Total repayments during the period
were $27,738.

Former CEO, Michael Haskell (resigned 30 September 2021) and Director Bevan Walsh are both directors and
shareholders of TADH. Both are able to exert significant influence over TADH due to the size of their respective
shareholdings in TADH.

The TADH loan note is unsecured and is repayable by 31 March 2026 with early repayment permitted.


9. Related party transactions

Name of related party Nature of
relationship
Transaction 30 September
2021
30 September
2020

(Unaudited) (Unaudited)

NZ$ NZ$
Michael Haskell, CEO (resigned 30
September 2021)
Shareholder Contractor
fee

132,500

97,882

Bonus
accruals

(22,727)

64,091

Shares - 100,000
Bevan Walsh Director &
Shareholder
Director
fees

17,500

6,000
John Fernandes Director &
Shareholder
Director
fees

17,500

6,000
Norah Barlow Director &
Shareholder
Director
fees

17,500

6,000
Wayne Williams (appointed 10 June 2021) Director Director
fees

9,333

-
Diane Budres (appointed 14 September
2021)
Director &
Shareholder
Director
fees

1,000

-
David Kerr (resigned 29 October 2020) Director &
Shareholder
Director
fees

-

6,000

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


22


6. Reconciliation of profit for the period to net cash from operating activities


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Profit before income tax 933,612 832,558

Adjustments to reconcile profit before tax to net cash flows:

Depreciation and other amortisation 56,337 56,766
Share based payments expense 1,095 149,600
Interest charged on loan (3,782) -

Working capital adjustments:

Trade and other receivables (36,272) (50,744)
Trade and other payables (65,744) 92,010

885,246 1,080,190
Income tax paid (514,549) (48,609)

Net cash from operating activities 370,697 1,031,581


7. Earnings per share

Basic and diluted earnings per share


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Net profit attributable to the ordinary shareholders of the Group,
used in the calculation of basic earnings per share
672,039 597,106



Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
9,750,000 9,078,542

Adjustments for calculation of diluted earnings per share 71,578 70,784

Weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted
earnings per share
9,821,578 9,149,326


Number of ordinary shares excludes treasury stock and any shares held by the Third Age Employee Purchase
Plan Share Trust (note 11) not held on behalf of SPP participants.
Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


23


8. Loan receivable


30 September 2021 30 March 2021

(Unaudited) (audited)

NZ$ NZ$
Current
Third Age Digital Health Limited loan note 65,452 59,066
Non -current:

Third Age Digital Health Limited loan note 273,715 297,317

339,167 356,383


Third Age Digital Health Limited (TADH) has a loan agreement with the Company. Up to 31 May 2021 interest
was charged and paid at a rate of 6.35%. A variation to the agreement was signed during the period, applying a
variable interest rate commencing June 2021 and requiring monthly repayments. Total interest charged on the
loan for the 6 months to September 2021 was $10,523 (2020: $11,460). Total repayments during the period
were $27,738.

Former CEO, Michael Haskell (resigned 30 September 2021) and Director Bevan Walsh are both directors and
shareholders of TADH. Both are able to exert significant influence over TADH due to the size of their respective
shareholdings in TADH.

The TADH loan note is unsecured and is repayable by 31 March 2026 with early repayment permitted.


9. Related party transactions

Name of related party Nature of
relationship
Transaction 30 September
2021
30 September
2020

(Unaudited) (Unaudited)

NZ$ NZ$
Michael Haskell, CEO (resigned 30
September 2021)
Shareholder Contractor
fee

132,500

97,882

Bonus
accruals

(22,727)

64,091

Shares - 100,000
Bevan Walsh Director &
Shareholder
Director
fees

17,500

6,000
John Fernandes Director &
Shareholder
Director
fees

17,500

6,000
Norah Barlow Director &
Shareholder
Director
fees

17,500

6,000
Wayne Williams (appointed 10 June 2021) Director Director
fees

9,333

-
Diane Budres (appointed 14 September
2021)
Director &
Shareholder
Director
fees

1,000

-
David Kerr (resigned 29 October 2020) Director &
Shareholder
Director
fees

-

6,000

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


24

Transactions with related parties

Michael Haskell (CEO until the appointment of new CEO, Tony Wai on 27 September 2021) resigned effective
30 September 2021. Retentions bonuses accrued at 31 March 2021, of $ 22, 727. payable on the provision of
services to 1 April 2022 were reversed following his departure.

Directors’ fees for Bevan Walsh and Diane Budres include an accrual for a performance fee payable should the
Company achieve agreed net profits growth targets.

Monthly repayments of the loan receivable (note 8) were made from Concierge Medical Services Limited, a
company in which TADH has a substantial shareholding.

Services provided by former CEO Michael Haskell were contracted through an overseas resident entity and
were paid gross. During financial years ended 31 Match 2018 to 2020, the CEO was resident overseas, visiting
New Zealand periodically on business for the Company. The Company has identified that gross payments made
during those financial years, while working in New Zealand, were subject to non-resident withholding tax
(NRWT). Accordingly, the Company has made payment and submitted a voluntary disclosure to the Inland
Revenue (IRD) for the NRWT due. The former CEO has paid the Company the NRWT submitted to the IRD and
has also provided an indemnity to the Company for any penalties or further taxes that may be incurred.


10. Leases

Hawkes Bay Wellness Centre Limited, a subsidiary of the Company, lease the premises at 536 Kennedy Road,
Napier, New Zealand. The lease is for a term of 5 years with one right of renewal of 5 years and a final expiry
date of 31 March 2030. Initially, the 5-year right of renewal was excluded from the lease term on the basis it
was not reasonably certain to be exercised. As at reporting date the Group are now reasonably certain to
exercise the right of renewal given substantial renovations have been carried out on the premises in the last 6
months. As a result, the Group have reassessed the lease liability as at the reporting date. The reassessment
has resulted in an increase to the right-of-use asset and lease liability of $334,087.

Movements in the amounts r ecognised in the balance sheet

Right -of -use -asset

30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Opening balance
227,174 -
Additions and reassessments
334,087 283,968
Depreciation
(28,397) (28,397)
Closing balance 532,864 255,571

Lease liabilities

30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Opening balance
233,057 -
Additions and reassessments
334,087 283,968
Interest
4,341 5,369
Repayments
(30,571) (30,571)
Closing balance
540,914 258,766
Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


25


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$

Current
49,318 51,938
Non-current
491,596 206,828

540,914 258,766

Amounts recognised in the statement of profit or loss


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Depreciation of right-of-use assets
28,397
0
Interest expense (included in finance cost)
4,341
5,368


The total cash outflow for leases in in the 6 month period ended September 2021 was S30, 571 (2020:
$30,571).


11. Third Age Employee Share Purchase Plan

The Company operates a share purchase plan ('SPP') for certain employees and contractors ('participants').
Under the SPP, participants are provided with a ""loan"" to purchase an agreed number of shares in the
Company at a share price established by the Board. The share price is estimated by the Board based on their
assessment of the fair value of the Company at the time. The loans are typically for a 36 or 60 month term,
interest free with monthly repayments and are repayable at any time.

The Company has established a Share Trust, the Third Age Employee Share Purchase Plan Trust ('Share Trust').
The Share Trust holds shares in the Company either on Trust for participants in the SPP or as a pool. The Share
Trust is controlled by the Company and is therefore consolidated. Any shares held by the Share Trust are
treated as treasury stock and not included within the Group number of shares on issue.

As at 30 September there were 250,000 (March 2021: 250,000) shares held by the Share Trust. Of these
shares, 250,000 (March 2021:250,000) were held on behalf of SPP participants.

Subsequent to the end of the period one participant settled their loan in respect of 200,000 shares, which will
be transferred to the participant.


12. Employee Share Option Plan

On the 4 September 2021 (grant date) the Board approved the offer of 300,000 options under a Company
Employee Share Option Plan (ESOP) to the CEO, Tony Wai on the following terms:

• The options were issued at an exercise price of $2.3623, being the Volume Weighted Average Price
(WVAP) for the Company’s shares on the NZX for the 20 Business Days prior to the issue date
• The Options will vest in three tranches on 27 September 2024, 27 September 2025, and 27 September
2026. Vesting is subject to continued employment and achievement of agreed performance targets at
each vesting date

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


24

Transactions with related parties

Michael Haskell (CEO until the appointment of new CEO, Tony Wai on 27 September 2021) resigned effective
30 September 2021. Retentions bonuses accrued at 31 March 2021, of $ 22, 727. payable on the provision of
services to 1 April 2022 were reversed following his departure.

Directors’ fees for Bevan Walsh and Diane Budres include an accrual for a performance fee payable should the
Company achieve agreed net profits growth targets.

Monthly repayments of the loan receivable (note 8) were made from Concierge Medical Services Limited, a
company in which TADH has a substantial shareholding.

Services provided by former CEO Michael Haskell were contracted through an overseas resident entity and
were paid gross. During financial years ended 31 Match 2018 to 2020, the CEO was resident overseas, visiting
New Zealand periodically on business for the Company. The Company has identified that gross payments made
during those financial years, while working in New Zealand, were subject to non-resident withholding tax
(NRWT). Accordingly, the Company has made payment and submitted a voluntary disclosure to the Inland
Revenue (IRD) for the NRWT due. The former CEO has paid the Company the NRWT submitted to the IRD and
has also provided an indemnity to the Company for any penalties or further taxes that may be incurred.


10. Leases

Hawkes Bay Wellness Centre Limited, a subsidiary of the Company, lease the premises at 536 Kennedy Road,
Napier, New Zealand. The lease is for a term of 5 years with one right of renewal of 5 years and a final expiry
date of 31 March 2030. Initially, the 5-year right of renewal was excluded from the lease term on the basis it
was not reasonably certain to be exercised. As at reporting date the Group are now reasonably certain to
exercise the right of renewal given substantial renovations have been carried out on the premises in the last 6
months. As a result, the Group have reassessed the lease liability as at the reporting date. The reassessment
has resulted in an increase to the right-of-use asset and lease liability of $334,087.

Movements in the amounts r ecognised in the balance sheet

Right -of -use -asset

30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Opening balance
227,174 -
Additions and reassessments
334,087 283,968
Depreciation
(28,397) (28,397)
Closing balance 532,864 255,571

Lease liabilities

30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Opening balance
233,057 -
Additions and reassessments
334,087 283,968
Interest
4,341 5,369
Repayments
(30,571) (30,571)
Closing balance
540,914 258,766
Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


25


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$

Current
49,318 51,938
Non-current
491,596 206,828

540,914 258,766

Amounts recognised in the statement of profit or loss


30 September 2021 30 September 2020

(Unaudited) (Unaudited)

NZ$ NZ$
Depreciation of right-of-use assets
28,397
0
Interest expense (included in finance cost)
4,341
5,368


The total cash outflow for leases in in the 6 month period ended September 2021 was S30, 571 (2020:
$30,571).


11. Third Age Employee Share Purchase Plan

The Company operates a share purchase plan ('SPP') for certain employees and contractors ('participants').
Under the SPP, participants are provided with a ""loan"" to purchase an agreed number of shares in the
Company at a share price established by the Board. The share price is estimated by the Board based on their
assessment of the fair value of the Company at the time. The loans are typically for a 36 or 60 month term,
interest free with monthly repayments and are repayable at any time.

The Company has established a Share Trust, the Third Age Employee Share Purchase Plan Trust ('Share Trust').
The Share Trust holds shares in the Company either on Trust for participants in the SPP or as a pool. The Share
Trust is controlled by the Company and is therefore consolidated. Any shares held by the Share Trust are
treated as treasury stock and not included within the Group number of shares on issue.

As at 30 September there were 250,000 (March 2021: 250,000) shares held by the Share Trust. Of these
shares, 250,000 (March 2021:250,000) were held on behalf of SPP participants.

Subsequent to the end of the period one participant settled their loan in respect of 200,000 shares, which will
be transferred to the participant.


12. Employee Share Option Plan

On the 4 September 2021 (grant date) the Board approved the offer of 300,000 options under a Company
Employee Share Option Plan (ESOP) to the CEO, Tony Wai on the following terms:

• The options were issued at an exercise price of $2.3623, being the Volume Weighted Average Price
(WVAP) for the Company’s shares on the NZX for the 20 Business Days prior to the issue date
• The Options will vest in three tranches on 27 September 2024, 27 September 2025, and 27 September
2026. Vesting is subject to continued employment and achievement of agreed performance targets at
each vesting date

Third Age Health Services Limited and subsidiaries
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2021


26

• A portion of the options may be settled in cash to offset any income tax liability arising for the employee
on exercise of the options
• The options expire one year after the date of vesting

The Group considers this arrangement to be a compound financial instrument under NZ IFRS 2 Share -based
payment given the arrangement allows a portion of the options to be settled in cash at the request of the
option holder. The Group accounts for the equity settled portion and the cash settled portion of the
arrangement in accordance with the respective requirements for equity and cash settled share based
payments under NZ IFRS 2.

The Group recognised a total expense of $1,095 in relation to the arrangement during the period ending 30
September 2021, w ith the equity settled portion recognised in the share based payment reserve and the cash
settled portion recognised in trade and other payables. The arrangement did not have a material impact on
the amounts recognised in the financial statements for the period ended 30 September 2021.


13. Dividend paid during the period


30 September
2021

30 September
2020


(Unaudited) (Unaudited)


Cent per share NZ$ Cent per share NZ$
Final dividend for year ended 31 March
2021 3.909

381,105

-

-






381,105

-

-


14. Subsequent events

Purchase of Belmont Medical Centre

On 11 October 2021 the Company acquired 100% of the shares in Belmont Medical Centre Limited (BMC) for
cash consideration of $170,564 and was acquired as a continuation of the Group’s growth strategy and to
provide additional medical resource to service the Group’s current aged residential care practice.

Given the short timeframe since acquisition date and the complexity involved, the accounting for the business
combination under NZ IFRS 3 Business Combinations has not been finalised as at the date of this report. The
Company will report the impact of the acquisition on the Group in the annual consolidated financial
statements for the year ending 31 March 2022.

The acquisition of BMC has no impact on the results presented in the condensed consolidated financial
statements for the period ended 30 September 2021 given the acquisition occurred after the end of the
reporting period.

Interim dividend

The Board have declared a fully imputed interim dividend of 4.52 cents per share.

THIRDAGEHEALTH.CO.NZ

---

Company Announcement
22 November 2021

THIRD AGE HEALTH HALF YEAR RESULTS
Unaudited results for the six months ended 30 September 2021 (1H22)
• Third Age Health has reported a 12% year on year increase in net profit before tax as the
business positions itself for future growth
• Solid balance sheet with $1.8m in cash at period end
• Strengthened management team with appointment of new CEO, Tony Wai, effective from
27 September 2021 and Acting CFO, Neil Hopkins, joining the business in June 2021
• Refreshed Board with appointment of two new directors
• Signed agreement for the purchase of Belmont Medical Centre, which was settled on 11
October 2021, with earnings benefits expected from 2H22
• Strategic focus in 2H22 remains on growing Third Age Health’s patient population through
service contracts with aged care facilities; acquisition of primary care medical centres; and
ongoing business improvement.

Aged care medical services provider, Third Age Health Services (NZX: TAH), has today reported its
unaudited results for the six months to 30 September 2021 (1H22).
Revenue for the period was $2.84m, up 3% on the prior comparative period (pcp), with net profit
before tax growing by 12% to $0.93m.
Profit growth was primarily driven by a higher margin revenue mix during the period, partially offset
by increased corporate and governance costs as a result of being a listed company.
The business is in a solid financial position, with zero debt and cash and cash equivalents of $1.8m as
at 30 September 2021.
Following the listing to the NZX in February 2021, the focus has been on positioning the company for
future growth. The Board and leadership team has been refreshed and strengthened, and a business
investment plan is being developed by the newly appointed CEO, Tony Wai, to build the capabilities
of the company and create a strong platform for future growth.
Third Age Health offers a unique care services model for aged care providers and provides medical
care for facilities across six DHB regions, including to some of the largest aged care facility operators
in New Zealand. Meeting the needs of existing customers and diversifying the customer base by
gaining new contracts is a key focus area. Enabling this is the recruitment of suitable medical
practitioners with a growing number of practitioners joining the group.
Supporting this strategy is the acquisition of medical centres in the right location, which provide
both general care to their existing communities and also expand Third Age Health’s pool of
practitioners to assist with the provision of medical care to local aged care facilities. During the six
months, Third Age Health was pleased to announce the acquisition of Belmont Medical on
Auckland’s North Shore, which settled post-period end on 11 October 2021. This is in line with the

company’s stated growth strategy and the team continues to identify and assess potential
acquisition opportunities.
Chair of Third Age Health, Bevan Walsh, said: “It was a solid six month performance as we focused
on building our leadership team and delivering quality patient care. We were very pleased to
welcome Tony Wai as our new CEO. Tony has a wealth of sector experience and, along with Acting
CFO, Neil Hopkins, will provide strong leadership as we execute our strategy and deliver value for
our patients, our people and our shareholders.
“While the latest Covid-restrictions have changed how medical services are provided, particularly in
the aged care environment, Third Age Health’s team have adapted and gone to extraordinary
lengths to continue delivering quality care, while maintaining strict infection control measures. Our
standard use of remote management and telehealth services have proved invaluable in this
environment.”
Outlook
The opportunity for revenue growth remains positive, with 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. With a proven care model that delivers value for patients and providers, Third
Age Health remains well positioned to grow market share.
The strategic focus in 2H22 remains on growing Third Age Health’s patient population through
service contracts with aged care facilities; acquisition of primary care medical centres; and ongoing
business improvement.
In particular, the new leadership team will be developing a business investment plan to scale up
Third Age Health’s infrastructure, systems and resources to enable future growth.
CEO, Tony Wai, commented: “We are positioning ourselves to take advantage of the growing
demand in the sector and building our footprint around delivering an integrated and innovative
model of care in the aged care sector. We are not afraid of disrupting traditional models to improve
quality and sustainability and are actively seeking new ways to deliver positive healthcare outcomes
for patients, improved working conditions for our clinicians and better use of healthcare resources
and funding.”
ENDS
For more information, visit www.thirdagehealth.co.nz or contact:
Tony Wai
Chief Executive Officer
E: tonyw@thirdagehealth.co.nz
M: +64 21 739 199
Neil Hopkins
Acting Chief Financial Officer
E: neil@thirdagehealth.co.nz
M: +64 21 760 745

For media assistance or investor queries, please contact: Jackie Ellis M: +64 27 246 2505 or email
jackie@ellisandco.co.nz
About Third Age Health
Third Age Health is the leader in providing health care services to older adults residing in Aged
Residential Care. Our team of health care professionals practice across New Zealand. At the core of
what we do is the provision and management of health care services to Aged Residential Care,
Private Geriatric Hospitals and Secure Dementia facilities.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Third Age Health Services Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency New Zealand dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$2,840 3.0%
Total Revenue $2,840 3.0%
Net profit/(loss) from
continuing operations
$672 12.5%
Total net profit/(loss) $672 12.5%
Interim Dividend
Amount per Quoted Equity
Security (net)
$0.04522613
Imputed amount per Quoted
Equity Security
$0.01758794
Record Date 3/12/2021
Dividend Payment Date 10/12/2021
Current period Prior comparable period
31 March 2021
Net tangible assets per
Quoted Equity Security
(cents per shares)
16.2 13.1
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached market release
Authority for this announcement
Name of person

authorised
to make this announcement
Tony Wai
Contact person for this
announcement
Tony Wai
Contact phone number 021 739 199
Contact email address Tonyw@thirdagehealth.co.nz
Date of release through MAP

22 November 2021

Unaudited financial statements accompany this announcement.

---

Distribution Notice

Please note, dollar amounts per financial product are to 8 decimal places

Section 1: Issuer information
Name of issuer Third Age Health Services Limited
Financial product
name/description
Third Age Health Services Limited Ordinary Shares
NZX ticker code TAH
ISIN (If unknown, check on NZX
website)
NZTAHE0001S0

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP
applies

Record date 3/12/2021
Ex-Date (one business day before
the Record Date)
2/12/2021
Payment date (and allotment date
for DRP)
10/12/2021
Total monies associated with the
distribution
$450,000
Source of distribution (for
example, retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution $0.06281407
Gross taxable amount $0.06281407
Total cash distribution $0.04522613
Excluded amount (applicable to
listed PIEs)
N/A
Supplementary distribution
amount
N/A

Distribution Notice
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01758794
Resident Withholding Tax per
financial product
$0.00314070
Section 4: Distribution re-investment plan (if applicable)
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Tony Wai
Contact person for this
announcement
Tony Wai
Contact phone number 021 739 199
Contact email address Tonyw@thirdagehealth.co.nz
Date of release through MAP

22 November 2021