GREEN CROSS HEALTH REPORTS STRONG HALF YEAR PROFIT OF $9.7M

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Green Cross Health (NZX: GXH)
Half Year Result Announcement for the unaudited six months ending 30 September 2021


GREEN CROSS HEALTH REPORTS STRONG HALF YEAR PROFIT OF $9.7M
26 November 2021, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the
Group behind Unichem and Life Pharmacy, The Doctors and Access Community Health, reported
Revenue of $310m in the six months to 30 September 2021, up 12% on the prior period. Net Profit
After Tax Attributable to Shareholders of $9.7m represents a 9% increase on the prior period. The
Group has supported New Zealand communities throughout the COVID-19 pandemic, continuing to
provide its essential services, ramping up swabbing efforts over the COVID-19 surge period from August
2021 and rolling out vaccinations at both pharmacies and medical centres.
Result Summary:
 Revenue of $310m, up 12%
 Operating Profit (EBIT) of $20.5m, up 14%
 Net Profit After Tax Attributable to Shareholders of $9.7m, up 9%
 Pharmacy Revenue up 11% and Operating Profit up 9% to $13.3m
 Medical Revenue up 12% and Operating Profit up 13% to $5.7m
 Community Health Revenue up 14% and Operating Profit up 38% to $2.5m
 Group net cash position of $5.9m
 Dividend declared of 3.0 cps for the half year ended 30 September 2021.
Green Cross Health Group CEO Rachael Newfield, says, “The performance for the six months to 30
September 2021 reflects an increase in activity across all three divisions. Our COVID-19 response
efforts have been a huge focus for our business, and our front-line workers have been pivotal in
helping to ensure the country can cope with the strain that COVID-19 places on the healthcare system.
As an essential service, our pharmacies and medical centres have remained open to support
communities, despite a drop in demand associated with lockdown periods, particularly in Auckland.
We have also continued to provide essential homecare services to New Zealand’s most vulnerable, via
our Community Health operations. As one of the leading providers of primary healthcare in New
Zealand, we’ve been able to ramp up our swabbing efforts to meet the COVID-19 delta surge that
arose from August 2021 and move quickly into providing COVID-19 vaccinations to substantially support
the Government’s 90% vaccination target.

“Earlier in the year, the quality of Green Cross Health’s primary healthcare services was
acknowledged at the New Zealand Primary Healthcare awards, with all three Green Cross Health
divisions winning first place awards. These included team members winning the pharmacist of the

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year and the pharmacy technician of the year awards, one of our medical centres winning an award
for its recent extensive refurbishment and winning an excellence in information technology award for
our support worker app developed in-house in our Community Health division.
“In addition, we are pleased to have progressed our strategy of acquisitive growth, adding two
pharmacies and four medical centres, increasing our shareholding in two pharmacies and one medical
centre, plus investing in an online digital health company.
“During the period, we promoted Alison Van Wyk into the newly created role of Chief Operating
Officer. This appointment follows the addition of Wayne Woolrich, who joined as General Manager of
the Medical division. Alison’s extensive primary healthcare experience, and Wayne’s experience
leading Health Hawke’s Bay, adds further depth and expertise to the Green Cross Health management
team.”

Unichem & Life Pharmacy Division
Pharmacy Revenue for the period saw an increase of 11% to $170m. Operating Profit for the period
was up 9% to $13.3m, with growth driven by a higher dispensary gross profit and earnings from COVID-
19 vaccinations. Retail sales were flat year-on-year, with the impact of lockdowns, particularly in
Auckland, softening retail sales in the six months to 30 September 2021. Auckland retail sales typically
represent 37% of total retail sales.
Pharmacies have scaled up their vaccination capability to support the roll-out of the COVID-19 vaccine
and to help increase the vaccine uptake within New Zealand’s communities. The Green Cross Health
Pharmacy network is providing a significant number of New Zealand’s COVID-19 vaccinations in
pharmacies, workplaces, homes and through co-ordinating joint programmes together with the
District Health Boards to reach NZ’s most vulnerable communities. The network is also poised to
support the Government’s ongoing COVID-19 vaccine response for younger age groups and to support
booster vaccinations.
Despite a lessening of retail restrictions post period end, retail sales performance is expected to
continue to experience a headwind in the second half of the financial year due to the lockdown
impacts and reduced demand for certain items. Pricing and margin management is being reviewed
carefully, with exclusive distribution arrangements and strategic brand relationships being sought.
The ongoing optimisation of our pharmacy investment portfolio remains a priority. In the period, the
company acquired two partner pharmacies in Whakatane and increased its shareholding in Walls and
Roche and Whanganui pharmacies. Acquisitions include PillDrop, an online health technology company
that sorts and delivers prescription medicine and provides care, advice and support to customers. The

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PillDrop investment ensures Green Cross Health stays close to the increased demand for digital
services and the changing needs of customers.
As the pressures on the health sector increase, additional innovative professional services have been
scaled up within the company’s network that enhance the role of the pharmacist and promote easier
access to healthcare. While the Government continues to refine its design for New Zealand’s Health
& Disability sector with a focus on equity of access, a review of the prescription co-payment policy is
warranted to ensure alignment with equity of healthcare access for all.
The Doctors Medical Division
Medical Revenue grew 12% to $46m, with Operating Profit up 13% to $5.7m. Performance was
supported by the impact of acquisitions prior to 31 March 2021, as well the acquisition of Muritai
Health Centre in Wellington and an increase in shareholding in The Doctors Napier. After period end,
on 1 October 2021, the acquisitions of three further centres were completed: The Doctors Wakatipu
(Frankton and Shotover centres) and Apollo Medical Centre in Auckland. These acquisitions bring the
division to 50 Medical centres, with 317,000 enrolled patients, an increase of 32,000 patients since
31 March 2021.
Operationally, COVID-19 again had a significant impact on acute patient presentations, particularly in
urgent care and walk-in settings and Auckland-based practices. Some medical practices were able to
mitigate this decline by providing COVID-19 swabbing and vaccinations. Medical practices were well-
prepared to provide patient services virtually through this period of operational restrictions, including
operationalising telehealth solutions
The clinical focus has been to keep staff and patients safe throughout the COVID-19 pandemic,
respond to community outbreaks, provide COVID-19 testing and COVID-19 vaccinations. Medical
centres have been working diligently to ensure routine care is not compromised. Clinical leadership
for the network has been enhanced with the appointment of Dr Stephanie Taylor into the role of
Clinical Director. Recruitment of clinical staff has been a priority, with the development of an internal
recruitment service to source talent from New Zealand and overseas.
Whilst managing the COVID-19 operating environment is ongoing, the underlying strategy remains to
grow earnings both organically and via further acquisitions, reduce the operational cost per patient
and to provide high-quality equitable services for patients and communities across New Zealand.

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Access and Total Care Health Community Health Division
Revenue in the Community Health division for the period increased by 14% to $94m with Operating
Profit up 38% to $2.5m. The division’s strategy is to support clients in the community with higher
clinical and complex support needs, improve service delivery, tight cost management and utilise IT
systems to enhance workforce efficiency and client outcomes.
A slender operating margin of 2.6% highlights the pressure on financial sustainability of the community
health sector, with challenging funding arrangements, labour cost increases and the costs associated
with workforce shortages in the sector.
Again, our COVID-19 pandemic response shows the value of the Home & Community support sector in
reducing the pressure on an already stretched healthcare system. Support from all funders is called
for to return the sector to a position of financial sustainability and to recognise the value of supporting
vulnerable populations so they may live within their communities for longer. Green Cross Health also
advocate strongly with funders for pay parity for all nurses, in line with the recent Government
funding uplift for all DHB nurses.
Outlook and Dividend
Green Cross Health has delivered a positive first half performance, reflecting both increased activity
across all divisions and ongoing investment in acquisitions, including $7.2m of acquisition investment
during the six-month period.
The Company performs a key role in supporting New Zealand’s COVID-19 response, with 161
pharmacies and 28 medical centres administering COVID-19 vaccinations. Green Cross Health
pharmacies currently represent 52% of all pharmacies vaccinating in New Zealand. The network’s role
will evolve with booster vaccinations and as further age groups become eligible for the vaccination.
The Board has declared an interim dividend of 3.0cps for the half-year ending 30 September 2021,
reflecting the strong half year period and a robust balance sheet that can support both an acceleration
of acquisitions and the payment of dividends.

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Contact:
Ben Doshi
ben.doshi@gxh.co.nz
Rachael Newfield
rachael.newfield@gxh.co.nz

About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with multi-
disciplinary healthcare teams with the purpose of working together to support healthier communities.
Green Cross Health’s is focused on creating sustainable healthcare solutions with positive outcomes
and experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups Unichem and
Life Pharmacies, The Doctors medical centres, Total Care Health community nursing services and
Access Community Health to provide support, care and advice to diverse New Zealand communities.
Providing convenient access to professional healthcare with 351 Unichem and Life Pharmacies
covering almost every New Zealand community, Green Cross Health’s makes more than 3.6m home
visits to more than 42,000 community health clients and cares for 317,000 enrolled patients at medical
centres.

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Green Cross Health Limited
Consolidated interim financial statements
Half year ended 30 September 2021

Contents
Page
Half-year financial statements
Consolidated interim statement of comprehensive income2
Consolidated interim statement of changes in equity3
Consolidated interim statement of financial position4
Consolidated interim statement of cash flows5
Notes to the financial statements6
Company Directory12
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Green Cross Health Limited
Consolidated interim statement of comprehensive income
For the six months ended 30 September 2021
Six months
ended
30 Sep 2021
Six months
ended
30 Sep 2020
(Unaudited)(Unaudited)
Note$'000$'000
Operating revenue4.1309,925277,160
Operating expenditure4.2(278,746)(248,042)
Depreciation and amortisation(3,781)(4,105)
Depreciation - leases(7,695)(7,915)
Share of equity accounted net earnings759836
Operating profit before interest and tax20,46217,934
Interest income1619
Interest expenses(315)(698)
Interest expense - leases(2,469)(2,245)
Net interest expense(2,768)(2,924)
Profit before tax17,69415,010
Income tax expense(4,749)(3,995)
Profit after tax for the period12,94511,015
Other comprehensive income for the period, net of tax--
Total comprehensive income for the period
12,94511,015
Attributable to:
Shareholders of the Parent9,6628,846
Non-controlling interest3,2832,169
Attribution of profit and comprehensive income to shareholders and non
controlling interest
12,94511,015
Earnings per share:
Basic earnings per share (cents)6.756.18
Diluted earnings per share (cents)6.756.17
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
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Green Cross Health Limited
Consolidated interim statement of changes in equity
For the six months ended 30 September 2021
Share capital
Retained
earnings
Non-
controlling
interest
Total equity
Note$'000$'000$'000$'000
Balance at 1 April 2021 (Audited)90,61050,5858,452149,647
Profit for the period-9,6623,28312,945
Total comprehensive income for the period-9,6623,28312,945
Transactions with owners, recorded directly to equity:
Distributions to non-controlling interests--(1,142)(1,142)
Impacts of other transactions with non-controlling interests-(175)(405)(580)
Balance at 30 September 2021 (Unaudited)90,61060,07210,188160,870
Balance at 1 April 2020 (Audited)90,61033,80210,307134,719
Profit for the period-8,8462,16911,015
Total comprehensive income for the period-8,8462,16911,015
Transactions with owners, recorded directly to equity:
Distributions to non-controlling interests--(312)(312)
Impacts of other transactions with non-controlling interests-185(200)(15)
Balance at 30 September 2020 (Unaudited)90,61042,83311,964145,407
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
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Green Cross Health Limited
Consolidated interim statement of financial position
As at 30 September 2021
As at
30 Sep 2021
As at
30 Sep 2020
As at
31 Mar 2021
(Unaudited)(Unaudited)(Audited)
Note$'000$'000$'000
ASSETS
Current assets
Cash and cash equivalents32,21444,92237,302
Trade and other receivables33,10822,47725,099
Contract assets15,05811,66113,834
Inventories32,51233,63530,388
Income taxes refundable1,179-1,831
Total current assets114,071112,695108,454
Non-current assets
Property, plant and equipment19,61021,72919,517
Right-of-use assets72,74282,45776,355
Intangible assets147,200133,288140,815
Deferred tax assets12,12916,15712,018
Equity accounted group investments8,0937,7707,724
Total non-current assets259,774261,401256,429
Total assets373,845374,096364,883
LIABILITIES
Current liabilities
Payables and accruals94,30988,19598,183
Contract liabilities10,8946,3227,994
Income taxes payable-2,686-
Borrowings2,1161,9142,035
Lease liability11,94913,67113,570
Total current liabilities119,268112,788121,782
Non-current liabilities
Borrowings24,18939,25722,338
Lease liability69,51876,64471,116
Total non-current liabilities93,707115,90193,454
Total liabilities212,975228,689215,236
Net assets
160,870145,407149,647
EQUITY
Share capital690,61090,61090,610
Retained earnings60,07242,83350,585
Total equity attributable to shareholders of the Parent150,682133,443141,195
Non-controlling interest10,18811,9648,452
Total equity
160,870145,407149,647
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
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Green Cross Health Limited
Consolidated interim statement of cash flows
For the six months ended 30 September 2021
Six months
ended
30 Sep 2021
Six months
ended
30 Sep 2020
(Unaudited)(Unaudited)
Note$'000$'000
Cash flows from operating activities
Dividends received499255
Receipts from customers294,069268,191
Interest received1619
Payments to suppliers and employees(271,633)(223,167)
Income taxes paid(5,189)(6,151)
Net cash inflow from operating activities517,76239,147
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(2,095)(1,450)
Acquisition of interests in equity accounted investments(725)(129)
Acquisition of interests in subsidiaries and non-controlling interests(6,528)(349)
Net cash outflow from investing activities(9,348)(1,928)
Cash flows from financing activities
Proceeds from borrowings5,3141,158
Repayment of borrowings(3,328)(16,550)
Payment of lease liabilities(7,299)(7,549)
Interest expense(315)(698)
Interest expense - leases(2,469)(2,245)
Distribution and loans to non-controlling interests(5,405)(312)
Net cash outflow from financing activities(13,502)(26,196)
Net increase / (decrease) in cash and cash equivalents(5,088)11,023
Add opening cash and cash equivalents37,30233,899
Closing cash and cash equivalents
32,21444,922
Reconciliation of closing cash and cash equivalents to the consolidated
interim statement of financial position:
Cash and cash equivalents
32,21444,922
Closing cash and cash equivalents
32,21444,922
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
1 Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct Act
2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the NZX

Main Board ("NZX").
The consolidated interim financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its
interest in associates and joint ventures (together referred to as the “Group”).
2 Basis of preparation of financial statements
(a) Statement of compliance
These consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 Interim Financial Reporting, and other applicable Financial Reporting
Standards as appropriate for profit oriented entities. These consolidated interim financial statements do not include all of
the information required for full annual financial statements and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 31 March 2021.
The consolidated interim financial statements for the six months ended 30 September 2021 and the comparative
information for the six months ended 30 September 2020 are unaudited.
These financial statements have been approved for issue by the Board of Directors on 26 November 2021.
(b) Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c) Changes in accounting policy
The accounting policies applied by the Group in these consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 March 2021 except as outlined below.
The IFRS Interpretations Committee released a decision in March 2021 which clarified how implementation costs incurred
in cloud computing arrangements should be treated and whether they should be expensed as incurred, or capitalised. The
impact of the decision, and subsequent framework has been assessed by the Group and it is not material to this set of
consolidated interim financial statements.
(d) Significant estimates and judgments
In authorising the consolidated interim financial statements for the six months ended 30 September 2021, the Directors
have ensured that the specific accounting policies necessary for the proper understanding of the financial statements have
been disclosed, and that all accounting policies adopted are appropriate for the Group’s circumstances and have been
consistently applied throughout the period for all Group entities for the purposes of preparing the consolidated interim
financial statements.
Inherent in the application of certain accounting policies, judgments and estimates are required. The Directors note that
the actual results may differ from the judgments and estimates made.
The significant judgments made by management in applying the Group’s accounting policies and the key sources of
estimation uncertainty were the same as those described in the last annual financial statements.
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
(continued)
3 Segment reporting
The Group has three reportable segments: pharmacy services, medical services and community health.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres, as well as medical centres outside
the Group. The community health segment provides services direct to the community to support independent living.
Operating segments
Information about reportable segments
September 2021 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
30 September 2021
External revenues4.1168,90746,06493,723-308,694
Other income*1,0026223-1,231
Cost of products sold(99,401)---(99,401)
Employee benefit expense(32,431)(32,738)(87,330)-(152,499)
Lease expenses(721)(120)(71)-(912)
Other expenses(15,755)(6,076)(3,061)(1,042)(25,934)
Depreciation and amortisation(3,035)(549)(197)-(3,781)
Depreciation - leases(5,187)(1,704)(804)-(7,695)
Share of equity accounted net
earnings
(38)797--759
Segment Profit
13,3415,6802,483(1,042)20,462
Interest income16
Interest expense(315)
Interest expense - leases
(2,469)
Profit before tax17,694
Tax expense
(4,749)
Profit after tax12,945
Non-controlling interest
(3,283)
Net Profit attributable to the
shareholders of the parent
9,662
Reportable segment assets271,74369,87343,307(11,078)373,845
Reportable segment liabilities132,39457,06034,599**(11,078)212,975
*Other income includes New Zealand Government wage subsidies received of $1.0m within Pharmacy services and $0.2m
within Community Health services under the Government's wage subsidy scheme available to eligible businesses
impacted by the Covid-19 pandemic.
**Intersegmental elimination
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
(continued)
3 Segment reporting(continued)
September 2020 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
30 September 2020
External revenues4.1146,70440,56181,445-268,710
Other income*6,9764651,009-8,450
Cost of products sold(88,622)---(88,622)
Employee benefit expense(29,262)(28,656)(76,525)-(134,443)
Lease expenses(693)(13)(37)-(743)
Other expenses(14,265)(5,918)(2,949)(1,102)(24,234)
Depreciation and amortisation(3,286)(484)(335)-(4,105)
Depreciation - leases(5,584)(1,519)(812)-(7,915)
Share of equity accounted net
earnings
231605--836
Segment Profit
12,1995,0411,796(1,102)17,934
Interest income19
Interest expense(698)
Interest expense - leases
(2,245)
Profit before tax15,010
Tax expense
(3,995)
Profit after tax11,015
Non-controlling interest
(2,169)
Net Profit attributable to the
shareholders of the parent
8,846
Reportable segment assets279,60167,00238,746(11,253)374,096
Reportable segment liabilities147,86557,99634,081**(11,253)228,689
*Other income includes New Zealand Government wage subsidies received of $7.0m within Pharmacy services, $0.5m
within Medical services and $1.0m within Community Health services under the Government's wage subsidy scheme
available to eligible businesses impacted by the Covid-19 pandemic.
**Intersegmental elimination
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
(continued)
4 Operating performance
4.1Revenue
The Group's operations and revenue streams are those described in the last annual financial statements. The Group's
revenue is derived from contracts with customers.
Six months
ended
30 Sep 2021
Six months
ended
30 Sep 2020
(Unaudited)(Unaudited)
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary151,433133,247
Other pharmacy revenue17,47413,457
Medical fee income46,06440,561
Home care
93,72381,445
308,694268,710
Disaggregation of contract revenueReportable segments
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2021 (Unaudited)
Timing of revenue recognition
Transferred at a point in time161,86219,18068,306249,348
Transferred over time
7,04526,88425,41759,346
168,90746,06493,723308,694
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2020 (Unaudited)
Timing of revenue recognition
Transferred at a point in time141,78418,17757,420217,381
Transferred over time
4,92022,38424,02551,329
146,70440,56181,445268,710
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
(continued)
4 Operating performance(continued)
4.2 Operating expenditure
Six months
ended
30 Sep 2021
Six months
ended
30 Sep 2020
(Unaudited)(Unaudited)
$'000$'000
Cost of products sold99,40188,622
Employee benefit expense152,499134,443
Lease expenses912743
Other expenses
25,93424,234
278,746248,042
5 Operating cash flow reconciliation
Six months
ended
30 Sep 2021
Six months
ended
30 Sep 2020
(Unaudited)(Unaudited)
$'000$'000
Profit for the period12,94511,015
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment11,47612,020
Other non-cash items1,342(731)
Add/(deduct) changes in working capital items:
Receivable and accruals movement(7,671)8,969
Inventory(2,124)1,085
Payable and accruals movement(974)3,865
Add/(deduct) items classified as cash flows from financing activities:
Interest expense299679
Interest expense - leases
2,4692,245
Net cash inflow from operating activities
17,76239,147
6 Shares on issue
As at
30 Sep 2021
As at
30 Sep 2020
As at
31 Mar 2021
(Unaudited)(Unaudited)(Audited)
$'000$'000$'000
Shares authorised and on issue
Opening number of shares143,303143,303143,303
Shares issued - fully paid---
Shares issued - partly paid---
Shares cancelled - partly paid
(150)--
143,153143,303143,303
Shares held as treasury stock
-(150)(150)
143,153143,153143,153
Net tangible assets per share (cents)^1.08(2.82)(2.23)
Net assets per share (cents)*112.38101.57104.54
^The calculation of Net tangible assets / (liabilities) per share is based on net assets less deferred tax and intangible
assets and the closing number of ordinary shares.
*The calculation of net assets per share is based on net assets and the closing number of ordinary shares.
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Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2021
(continued)
6 Shares on issue(continued)
497,009 performance share rights were issued to senior executives on 23 October 2020 and 28 June 2021.
7 Distribution to owners
Green Cross Health Limited elected not to pay a final dividend for the year ended 31 March 2021 (31 March 2020: Nil).
8 Subsequent events
On 26 November 2021 Green Cross Health Limited declared an interim dividend of 3.0 cents per qualifying ordinary share
amounting to $4.3m, which will be fully imputed at 28%. The dividend record date is 8 December 2021 and payment will
occur on 22 December 2021.
On 15 November 2021 Green Cross Health announced that it along with its consortium partner, Pacific Equity Partners
(PEP), formally withdrew from a process to acquire Tamaki Health. Green Cross Health's costs associated with the
process to acquire Tamaki Health are expected to be approximately $1.5m.
No adjustments are required to these consolidated interim financial statements in respect to these events.
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Green Cross Health Limited
Company Directory
BoardK Ellis
Independent Chair
J A Bagnall
Non-Executive Director
J B Bolland
Non-Executive Director
P M Merton
Non-Executive Director
K A Orr
Independent Director
C M Steele
Independent Director
PJ Williams
Independent Director
OfficersRachael Newfield
Group CEO
Ben Doshi
Group CFO/Company Secretary
Registered officeGreen Cross Health Limited
Ground Floor, Building B
602 Great South Road
Ellerslie. Auckland 1051
Telephone: +64 9 571 9080
Share registerComputershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Managing your shareholding online:
To change your address, update your payment instructions and to view your
registered details including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting your CSN or shareholder number.
AuditorKPMG
KPMG Centre
18 Viaduct Harbour Avenue
Auckland
BankersBank of New Zealand
80 Queen Street
Auckland 1010
Investor relationsFor investor relations enquiries:
Phone: 09 571 9088
Email: investorrelations@gxh.co.nz
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Green Cross Health Limited
Company Directory(continued)
Websiteswww.greencrosshealth.co.nz
www.access.org.nz
www.lifepharmacy.co.nz
www.livingrewards.co.nz
www.thedoctors.co.nz
www.unichem.co.nz
www.housecall.co.nz
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GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 26/11/2021
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$309,925 +11.8%
Total Revenue
$309,925 +11.8%
Net profit from continuing operations attributable
to shareholders
$9,662 +9.2%
Total net profit attributable to shareholders
$9,662 +9.2%
Interim Dividend
Amount per Quoted Equity Security $0.03000000
Imputed amount per Quoted Equity Security $0.01166667
Record Date 08 December 2021
Dividend Payment Date 22 December 2021
Current period Prior comparable period
Net tangible assets per Quoted Equity Security* $0.01 -$0.03
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* Due to the nature of the Company’s business,
intangible assets are a major component of total assets.
Net assets per quoted equity security are $1.12 (30
September 2020: $1.02).

Please refer to the attached unaudited Financial
Statements for the six months ended 30 September 2021.

Authority for this announcement
Name of person

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

26/11/2021

Unaudited financial statements accompany this announcement.

---

Half Year Results Presentation
26 November 2021

GXH Half Year Results Presentation 26 November 2021 Pg 2GXH Half Year Results Presentation 26 November 2021 Pg 2
Community Health
Operating Profit
$2.5m
Revenue
$309.9m
Operating Profit /EBIT
$20.5m
Net Profit After Tax
$9.7m
(attributable to shareholders)
Pharmacy Operating Profit
$13.3m
Medical Operating Profit
$5.7m
GXH Half Year Result - Financial Overview
+12%
+14%
+9%
+9%
+13%
+38%

GXH Half Year Results Presentation 26 November 2021 Pg 3
Our Purpose
Working together to
support healthier
communities.
We are passionately
committed to the health
and wellness of New
Zealand, and to providing
the best support, care and
advice to our communities.
This is our promise.

GXH Half Year Results Presentation 26 November 2021 Pg 4
Who We Are
The above information is presented as at 1 October 2021

GXH Half Year Results Presentation 26 November 2021 Pg 5
Our Role in the COVID-19 Pandemic
•All three divisions continued to provide essential
primary healthcare services throughout the
period
•Staff across all three divisions contributed to the
COVID-19 pandemic response
•45 Medical centres providing COVID-19
swabbing services
•28 Medical centres providing COVID-19
vaccination services
•161 Pharmacy stores providing COVID-19
vaccination services
– 52% of all NZ Pharmacies providing
COVID-19 vaccination services
– 63% of all Auckland Pharmacies providing
COVID-19 vaccination services

Pharmacy
Division
New Zealand’s largest network of
health retailers: supporting easy
access to quality health care

GXH Half Year Results Presentation 26 November 2021 Pg 7
Pharmacy Performance
Comments:
•Revenue up 11% to $170m
– Strong dispensary performance due to high
value dispensing
– Strong revenue from COVID-19 vaccination
services
– Retail sales constant with the prior period.
Auckland in lockdown from mid-August
(Auckland retail sales typically represent 37%
of total retail sales)
•Operating Profit up 9% to $13.3m
•Two new stores acquired in April 2021 in
Whakatane (Unichem Adamsons & Unichem Kope)
170
162
154
170
1H191H201H211H22
Pharmacy Operating Revenue ($m)
13.9
12.212.2
13.3
1H191H201H211H22
Pharmacy Operating Profit ($m)

GXH Half Year Results Presentation 26 November 2021 Pg 8
Pharmacy Future Focus
Retail
Disciplines
•Evolve retail
offering to
changing consumer
behaviour post
COVID-19
•Development of
further professional
service offers
•Continue lifting
retail standards to
deliver an
exceptional
customer
experience
Customer
Focus
•Strengthen digital
capability around
1.8m Living
Rewards database
•Grow e-commerce
•Provide new
services to support
patients in our
communities
•Advocate for
sustainability of
community
pharmacies and
equity of access
Network
Scale
•Optimise equity
store network
•Leverage national
footprint and
trusted Unichem
and Life Pharmacy
brands
•Contribute to
design of NZ health
system reforms
•Support New
Zealand’s COVID-19
response
Financial
Returns
•Adapt to
changing market
conditions
•Right-size labour
and occupancy
costs by store

Medical
Division
Growth, leadership and sustainable
models of care

GXH Half Year Results Presentation 26 November 2021 Pg 10
Medical Performance
Comments:
•Revenue up 12% to $46m, with organic patient
growth and acquisitions
•Operating Profit up 13% to $5.7m, reflecting
growth in patients and improved operational
efficiency
•288,000 enrolled patients as at 30 September
2021 (+7%) across 47 Medical centres
•317,000 enrolled patients as at 1 October 2021
across 50 Medical centres, following acquisition
of three centres just after period end
34
38
41
46
1H191H201H211H22
Medical Operating Revenue ($m)
2.0
3.8
5.0
5.7
1H191H201H211H22
Medical Operating Profit ($m)

GXH Half Year Results Presentation 26 November 2021 Pg 11
Medical Future Focus
Sector
Representation
•Contribute to
design of NZ health
system reforms
•Work closely with
funders to ensure
equitable access
for all New
Zealanders
Patient
Engagement
•Improve utilisation
via systematic
triaging of patients
•Deploy digital
technology to
increase efficiency
and enhance
delivery of high
quality patient care
•Support New
Zealand’s COVID-
19 response
Network
Scale
•Continue to build
The Doctors brand
•Network and patient
number growth
through targeted
acquisitions and
organic revenue
growth
Financial
Returns
•Continuous
improvement in
operational
efficiency and
scale
•Integrate
acquisitions to
deliver results

Community
Health
Division
Delivering sustainable services to
maintain and support clients’
independence within their own home

GXH Half Year Results Presentation 26 November 2021 Pg 13
Community Health Performance
Comments:
•Revenue up 14% to $94m
•Operating Profit up 38% to $2.5m
•Continued focus on supporting clients with
higher clinical needs, ongoing service
improvement along with cost control measures
•Continued advocacy for additional sector funding
to ensure viability of business and sustainability
of sector
78
75
82
94
1H191H201H211H22
Community Health Operating Revenue ($m)
-0.1
1.1
1.8
2.5
1H191H201H211H22
Community Health Operating Profit ($m)

GXH Half Year Results Presentation 26 November 2021 Pg 14
Community Health Future Focus
Service
Offering
•Focus on higher
clinical needs
segments
•Expand geographic
coverage of
Community
Nursing business
•Support New
Zealand’s COVID-
19 response
Technology
•Harness digital
technology to
enhance
workforce
efficiency and
client outcomes
•Systems
development to
support
administrative
improvements
Sector
Representation
•Contribute to
design of NZ health
system reforms
•Advocate for
additional sector
funding to ensure
sustainability
Financial
Returns
•Continue cost
reduction
initiatives
•Focus on
profitability of all
contracts,
targeting growth
in higher margin
areas

GXH Half Year Results Presentation 26 November 2021 Pg 15
Group Financial Result
6 months ending 30 September 2021

GXH Half Year Results Presentation 26 November 2021 Pg 16GXH Half Year Results Presentation 26 November 2021 Pg 16
Half Year Result - Group Revenue and Profit
16
Comments:
•Revenue of $310m, up 12%
•Operating Profit of $20.5m, up 14%
•The performance for the six months to 30
September 2021 reflects an increase in activity
across all three divisions
•The Company performs a key role in supporting
New Zealand’s COVID-19 response, with 161
pharmacies and 28 medical centres
administering COVID-19 vaccinations
282
275
277
310
1H191H201H211H22
GXH Operating Revenue ($m)
14.9
16.0
17.9
20.5
1H191H201H211H22
GXH Operating Profit ($m)

GXH Half Year Results Presentation 26 November 2021 Pg 17GXH Half Year Results Presentation 26 November 2021 Pg 17
Net Profit After Tax (attributable to shareholders)
17
Comments:
•NPAT attributable to shareholders of $9.7m, up
9%
•Positive first half performance, reflecting both
increased activity across all divisions and
continued acquisition activity
•Acquisitions in Pharmacy and Medical divisions
have supported increase in profitability
8.1
7.0
1H191H201H211H22
GXH Net Profit after Tax Attributable to
Shareholders ($m)
8.8
9.7

GXH Half Year Results Presentation 26 November 2021 Pg 18GXH Half Year Results Presentation 26 November 2021 Pg 18
Operating Cash / Investments
18
Comments:
•Operating Cash of $17.8m has enabled investment
of $7.2m in Pharmacy / Medical centres:
•Unichem Adamsons (Whakatane)
•Unichem Kope (Whakatane)
•Muritai Health Centre (Wellington)
•PillDrop – digital pharmacy offering
•The Doctors Napier (Napier) *
•Walls and Roche Pharmacy (Auckland) *
•Unichem Whanganui (Whanganui) *
•Massey Medical *
•1H21 benefitted from tightening of working capital
disciplines. In 1H22 these disciplines were
maintained, leading to cash flow conversion
returning to more normal levels.
*Shareholding increase
9.9
22.1
39.1
17.8
1H191H201H211H22
GXH Operating Cash Flow ($m)
On 1 October 2021, three additional medical centres were acquired - The Doctors Wakatipu (Frankton),
The Doctors Wakatipu (Shotover) and Apollo Medical Centre (Auckland)

GXH Half Year Results Presentation 26 November 2021 Pg 19GXH Half Year Results Presentation 26 November 2021 Pg 19
Earnings Per Share / Dividend
19
Comment:
•EPS at 6.75 cps, an increase of 9% on the prior
period
•The Board has declared an interim dividend of
3.0cps for the half-year ending 30 September
2021
•Dividend reflects strong half year period and a
robust balance sheet that can support both an
acceleration of acquisitions and the payment of
dividends
•Fully imputed dividend declared at 3.0cps
•Record date 8 December 2021
•Payment date 22 December 2021
5.69
4.89
6.18
1H191H201H211H22
GXH Net Profit after Tax Attributable to
Shareholders (cps)
6.75

GXH Half Year Results Presentation 26 November 2021 Pg 20GXH Half Year Results Presentation 26 November 2021 Pg 20
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks
are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as
required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change materially. This
presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a
solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with
GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures. All half year financial information presented in this
document is unaudited.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the period
ended 30 September 2021.

---

DISTRIBUTION NOTICE 26/11/2021

Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 08/12/2021
Ex-Date (one business day before
the Record Date)
07/12/2021
Payment date (and allotment date for
DRP)
22/12/2021
Total monies associated with the
distribution
$4,294,583
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04166667
Total cash distribution $0.03000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00529412

Page 2

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
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this announcement Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@gxh.co.nz
Date of release through MAP

26/11/2021