Radius Care announces half year results of FY22

RADIUS RESIDENTIAL CARE LIMITED
Level 4, 56 Parnell Road, Parnell, Auckland, New Zealand
Phone 09 304 1670 www.radiuscare.co.nz
Caring is our calling
29 November 2021
RADIUS CARE REPORTS STRONG PROGRESS WITH GROWTH STRATEGY
Highlights:
•Acquisition of land and buildings for four facilities with associated $48 million
capital raise.
•Acquisition of 69 bed / 25 unit facility in Invercargill shortly after period end.
•Occupancy at 92.0% at period end vs industry average of 87.3%
•Total revenue of $66.3 million, up from $61.4 million on comparative period.
•Underlying EBITDA of $11.2 million, down $1.2m on comparative period.
•AFFO of $2.3m, similar to comparative period.
•Gross Interim Dividend of 0.7 cps, up 20%.
Radius Residential Care Limited (NZX: RAD) has announced unaudited half
year underlying EBITDA
1
of $11.2 million for the six months ended 30
September 2021, a reduction of $1.2 million compared to the prior
corresponding period (prior period). Revenue increased 8% on the prior
period to $66.3 million. AFFO
1
was consistent with the prior period at $2.3
million.
Brien Cree, Executive Chairman, noted good progress with key
performance metrics: high care bed occupancy levels; increasing
accommodation supplements, consistent EBITDA per care bed as well as
strong progress against Radius Care’s strategic pillars. In addition, there
had been several key events in the first half of the 2022 financial year that
saw Radius Care continue to deliver significant milestones against strategy.
“In July we were able to secure the opportunity to acquire the land and
buildings of four aged care facilities that Radius Care has leased for quite a
number of years. And in early October we announced the acquisition of an
integrated care facility and retirement village in Invercargill. Our portfolio
now stands at 23 properties, 1,784 beds and 101 village units located
between Paihia and Invercargill. We currently have a landbank of 194 care
beds and 166 independent living units” said Mr Cree.
1
Earnings before interest, tax, depreciation and amortisation (EBITDA) and Available
funds from operations (AFFO) are non-GAAP financial measures used by management to
assess the performance of the business. The numbers have been derived from the
Financial Statements. A reconciliation to Profit for the period is included at Appendix 6 of
the investor presentation.

Business performance
“Operationally we continue to perform well, despite having had seven
facilities in the Northland, Auckland and Waikato regions being managed
under Alert Level 4 restrictions during the period.
However we continue to see costs across the business rising, particularly
for labour, food and consumables. Some of these cost increases are
directly attributable to COVID-19 related border restrictions affecting
labour supply and others to supply chain issues affecting food and
consumable goods prices: said Mr Cree.

Occupancy levels have remained above historic levels. Occupancy at 30
September was 92.0%, slightly than the 93.4% recorded at the end of
March 2021. Increasingly many of our facilities are operating at 100% for
periods of time.

Financial performance
Direct private revenue of $5.4 million was earned for the half year, down
from $6.2 million earned in the prior period.

Accommodation supplements revenue increased to $3.1 million from $2.7
million.

Underlying EBITDA per care bed was $10,300, compared with $10,700 for
the prior period.

Wage costs represent the single largest cost stream for Radius and
accounted for 54.3% of revenue for the period compared with 53.2% for
the prior period.

Financial position
Some $48.2 million of new capital was raised during the period of which
$31.4m was used to settle the Ohaupo acquisitions, around $8m was
applied to debt reduction and $6.3m of cash available for investment in
growth.
A $62m new funding facility has been negotiated with ASB, and was used
to settle t he Clare House acquisition on 1 November. The ASB facility was
drawn to $18.7m and $6.7m of cash was on hand as at 30 September.

Development update
Brownfields developments are underway or planned to start at four
facilities. At Taupaki Gables at Kumeu and Windsor Court at Ohaupo, two
of the four properties which we bought in early August, an additional 20
care beds will be added at each facility. Planning for Taupaki Gables is well
underway with initial works expected to start in May 2022. Construction
work will start shortly at Thornleigh Park to add 20 additional Care Beds. A
resource consent application will be lodged for Lexham Park in the second
half of FY22.

Northwood, a greenfields development on 4.3ha at Belfast, Christchurch is
planned to open in June 2024 and will offer 70 Care Beds, 30 Care Suites
and 94 Retirement Village Units. Occupation rights for the retirement
village will go on sale in mid-2023.

Dividend
A dividend of 0.7 cents per share including full imputation credits has been
declared for the half year and will be paid on 23 December 2021. The
dividend payout for the first half represents 60% of forecast reported FY22
AFFO, in line with the policy to distribute to target a pay-out ratio of 50%
to 70% of AFFO. The interim and final dividends in total are expected to be
similar to the 1.46 cents per share paid for the FY21 year.

Outlook
Mr Cree commented “Radius Care is in good shape and is well placed to
continue its growth phase, guided by a clear and deliverable strategy. In
the near term, COVID-19 continues to present a significant challenge with
a proportion of the additional costs of operating an essential service
unable to be recovered from income set under annual negotiations with
the Government”.

The Radius Care board expects underlying EBITDA of $21.5m-$23.0m for
the full year, slightly lower than the $23.4m earned in FY21, and AFFO of
$4.0m-$5.0m compared with FY21’s $3.7m. On a pro forma basis,
underlying EBITDA of $22.4m-$23.9m and AFFO of $5.2m-$6.2m is
expected.



ENDS

Media and Investor Contacts:

Brien Cree Annabel Cotton
Executive Chair and Managing Director Merlin IR
: +64 21 955 769 : +64 27 473 7330
: brien.cree@radiuscare.co.nz

---

Investor
Letter
Radius Residential Care Ltd | www.radiuscare.co.nz
Caring is our calling
HALF YEAR REPORT 2022

Radius Care at a Glance
SitesBedsILUsTotal
Leased
2188-188
Owned
160-60
SitesBedsILUsTotal
Owned1692594
Auckland
Invercargill
SitesBedsILUsTotal
Leased3155-155
Northland
SitesBedsILUsTotal
Leased2266-266
Owned16363
Bay
Of Plenty
SitesBedsILUsTotal
Leased3258-258
Owned1762298
Waikato
SitesBedsILUsTotal
Owned2118-118
New
Plymouth
SitesBedsILUsTotal
Leased2193-193
Owned213854192
Canterbury
SitesBedsILUsTotal
Leased145-45
Napier
SitesBedsILUsTotal
Leased162-62
Palmerston
North
SitesBedsILUsTotal
Leased193-93
Otago
Denotes Leasehold Site
Denotes Freehold Site
Rest HomeHospitalDementia
Young
Disabled
RespitePalliative
LEVELS OF CARE
OUR PRESENCE
1,780+ Beds
OUR PEOPLE
1,600+ Radius
Team Members
ILUs are independent living units
2
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

OUR PEOPLE
Operational and
Strategic Highlights
PURCHASES
Bought land and buildings
for four facilities.
CAPITAL
Raised $48.2 million
capital from existing and
new investors.
NORTHWOOD DEVELOPMENT
Exercised option to acquire
Christchurch land to develop
Northwood (Belfast) facility of
70 care beds and 124 ILUs.
DEVELOPMENT PIPELINE
Development pipeline grows to
194 care beds and 166 ILUs.
BANKING
Secured a $62m debt facility
with ASB.
CLARE HOUSE
Announced Clare House
acquisition in Invercargill - adds
69 care beds, 25 ILUs.
Residents protected
from COVID-19
Industry leader
in Specialist Care
Offerings
Occupancy
outperforms
Industry
3
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

Financial Overview
Down from $2.1m
in 1H21
Reported Profi t
After Tax
$1.3m
Down from $12.4m
in 1HY21
Underlying
EBITDA
$11.2m
Down from $6m
on 1HY21
Pre-NZ IFRS 16
Underlying EBITDA
$5.1m
Up from $24.1m at
31 March 2021
Net Assets
$70.1m
Down from 10%
at FY21
Bank Debt/
Total Assets
7%
Down from 11%
at FY21
Direct Private
Revenue
(non-government)
8.3%
Consistent with
$10.7k at 1HY21
Underlying EBITDA
per Care Bed
$10.3k
Up from $2.7m
at 1HY21
Accommodation
Supplements
$3.1m
Consistent with
$2.4m at 1HY21
AFFO
$2.3m
Up from 0.58 cps at 1HY21. Targeting equivalent full year
cents per share payment to last year.
Gross Interim Dividend
0.7cps
Up from $61.4m
in 1HY21
Reported
Revenue
$66.3m
4
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

Looking back on the first half of the
2022 financial year, it’s pleasing to report
good progress with our key performance
metrics: high care bed occupancy levels;
increasing accommodation supplements,
consistent EBITDA per care bed as well
as strong progress against Radius Care’s
strategic pillars.
While operationally we continue to
perform well, the six-month period has
presented a range of challenges. Against
a backdrop of the ever-present threat
of a COVID-19 outbreak in a facility or
its neighbourhood, we have seen rising
costs across the business, particularly for
labour and consumables. Some of these
cost increases are directly attributable
to COVID-19 related border restrictions
affecting labour supply and other supply
chain issues affecting consumable
goods prices.
BUSINESS PERFORMANCE
Occupancy levels have remained above
historic levels. Average occupancy for
the six-months ended slightly higher
than the 91.6% recorded in the prior
comparative period. Facilities operating
at 100% for periods of time is becoming
increasingly common for us.
Direct private revenue earned for the
half year was $5.4 million, a decrease of
$0.8 million from the prior period. This
revenue stream represents payment by
residents for services not covered by
Government payments, sales and resales
of independent living units (ILUs), revenue
from the Radius online shop and other
privately paid revenues. Accommodation
supplement revenue grew by 16% to $3.1m.
This is revenue that is paid by residents
“COVID-19 creates a challenging
operating environment for
Radius. I am incredibly proud
of how the staff responded and
kept our residents safe. With the
focus on safety I am pleased to
report a consistent underlying
EBITDA per bed return.”
Brien Cree
Message from Brien Cree
EXECUTIVE CHAIRMAN AND
MANAGING DIRECTOR
5
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

for additional room amenities such as a larger
room, an ensuite or a view.
Underlying EBITDA per care bed was $10,313
consistent with $10,671 for the prior period.
Wage costs represent the single largest cost item
for Radius and accounted for 54.3% of revenue
for the period compared with 53.2% for the prior
period. The Government’s recent announcement
of 300 MIQ rooms being allocated each month to
health and disability sector workers is welcomed.
This will go some way to addressing the growing
skills shortage our sector experiences on a
daily basis.
PROPERTY PURCHASES AND
DEVELOPMENT
The acquisition of the land and buildings of four
facilities previously owned by Ohaupo Holdings
Limited and leased by Radius Care was settled
on 5 August, contributing a reduction in lease
costs for the period of $0.4 million. The benefit
for FY22 will be $1.4 million and $2.2 million on
an annual basis.
The acquisition of Clare House in Invercargill just
after the end of the six-month period will add
$0.6m in pre-NZ IFRS 16 Underlying EBITDA
in FY22 and $1.5m on a pro forma (annualised)
basis including resale gains of $0.3m. AFFO* of
$0.4m is forecast for FY22, $1.2m on a pro forma
(annualised) basis.
Brownfields developments are under way or
planned to start in the current year at four
facilities. At Taupaki Gables at Kumeū and
Windsor Court at Ohaupo, properties which we
bought in early August, an additional 20 care
beds will be added at each facility. Planning for
Taupaki Gables is well under way with initial
works expected to start in May 2022. Completion
is expected by June 2023 at a total budgeted
cost of $5.2m which will fall into the FY23/ FY24
financial years. Construction work will start at
Thornleigh Park to add 20 additional Care Beds.
Planning for the expansion of Windsor Court is
underway. A resource consent application will
be lodged for Lexham Park in the second half
of FY22.
Northwood, a greenfields development on 4.3ha
at Belfast, Christchurch, is expected to settle in
the first half of FY23 at a cost of $5.5 million.
Planned to open in June 2024, the facility will
offer 70 Care Beds, 30 Care Suites and 94
Retirement Village Units. Occupation rights
for the retirement village will go on sale in
mid 2023.
FINANCIAL POSITION
Some $48.2 million of new capital was raised
during the period of which $31.4m was used
to settle the Ohaupo acquisitions, around $8m
was applied to debt reduction and $6.3m of
cash available for investment in growth.
A $62m new funding facility has been
negotiated with ASB. The Clare House
purchase was settled on 1 November. The
4.3ha Northwood property in Belfast,
Christchurch, is expected to settle in the first
half of FY23 at a price of $5.5 million. As at
30 September the ASB facility was drawn
to $18.7m, and $6.7m was held in cash on hand.
GOVERNMENT FUNDING AND HEALTH
SECTOR POLICY CHANGE
Government payments for care beds are
renegotiated annually but separately by each
DHB. An average 7% funding increase has been
agreed and is effective from 1 July 2021.
The Government’s announcement that it will
abolish all 20 District Health Boards and create
a single health organisation is welcomed. New
Zealand’s aged care funding model requires
Radius Care to enter separate contracts
with each DHB. Little information is as yet
available as to when the new system will be
operational, replacing the current fragmented
system, however Radius Care looks forward
to receiving the benefits of a single set of
funding negotiations.
COVID-19
From an operational perspective the period has
been notable for the recurrence of COVID-19
in the Auckland community in mid-August,
causing a lift to alert level 4 across New
Zealand, after we had enjoyed several months
at lower alert levels. As a result we have had
seven of our facilities operating at the highest
alert level. The safety of our residents and
staff is of the highest priority for Radius Care
and I am pleased to say that we have had no
instances of COVID-19 in any of our facilities or
staff members’ families. The double vaccination
6
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half
*AFFO is a non-GAAP estimate of cash generated. It is the financial metric on which Radius Care’s dividend policy is based.

rate is high due to the awareness of our residents
and our staff as to how important it is to protect
yourself and others.
In March 2020, as cases of COVID-19 started to
be identified in New Zealand, I took the decision
to put our facilities in to lockdown ahead of the
New Zealand Government’s moves to do so.
In late October 2021, just after the end of the
half year and with the Auckland and Northland
regions at alert level 4, subsequently joined by
the Waikato, we determined that our residents’
mental health was suffering by not being able
to have family visit. We therefore announced a
change to our visitor policy allowing visitors who
are double-vaccinated and meet certain other
conditions to visit our facilities by appointment.
We are pleased to see others in the aged care
industry also adopt similar policies.
DIVIDEND
A gross dividend of 0.7 cents per share has been
declared for the half year. The fully imputed
dividend will be paid on 23 December 2021. The
dividend payout for the first half represents 60%
of forecast reported FY22 AFFO, in line with
the policy to target a pay-out ratio of 50% to
70% of AFFO, with each dividend comprising
approximately half of the expected full year
dividend. The dividend level was supported by
the strong growth in pro forma AFFO and, while
20% higher than the prior year, a similar rate for
the full year is targeted.
FY22 SECOND HALF INITIATIVES
The second half of the year will see us seeking to
finalise the appointment of our Chief Executive
following the resignation of Stuart Bilbrough
in August.
We will also continue with our programme of
preparing for the introduction of climate change
reporting. Workstreams are under way to ensure
we are well placed to measure and report in line
with the standards, once introduced.
Occupancy is expected to be consistent with
2HY21 average levels. Lease costs will be lower
compared with the second half of last financial
year, reflecting our ownership of four facilities.
Adverse labour market conditions are expected
to continue into the second half.
OUTLOOK
As reported at the 2021 annual meeting in
September, Radius Care is in good shape.
Financially, COVID-19 continues to present a
significant challenge for us with a proportion
of the additional costs of operating an
essential service unable to be recovered from
income set under annual negotiations with
the Government.
The Radius Care board expects underlying
EBITDA of $21.5m-$23.0m for the full year,
slightly lower than the $23.4m earned in FY21,
and AFFO of $4.0m-$5.0m compared with
FY21’s $3.7m. On a pro forma basis underlying
EBITDA of $22.4m-$23.9m and AFFO of
$5.2m-$6.2m.
Radius Care gives investors a unique exposure
to a high acuity, specialised care provider
in a sector with strong, long-term growth
fundamentals. With almost 20 years’ experience
in this industry our day-to-day operations
are supported by robust operations and
systems. The need for care beds will continue
to increase, underpinned by population
demographics, and with that need comes
increasing demand for additional services,
paid for by the resident. These dynamics place
Radius Care in a strong position and well placed
to continue our growth phase which is guided
by a clear and deliverable strategy.
A THANK YOU TO OUR STAFF
The COVID-19 pandemic has presented
significant challenges to our frontline staff
and those who support them across New
Zealand. They do a tremendous job every
day keeping our residents safe. The Board of
Directors extends a heart-felt thank you to
each and every member of the Radius Care
team for their commitment and dedication over
the last six months. Your contribution is very
much appreciated.
Thank you.
Brien Cree
Executive Chairman and Managing Director
7
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

$M
1HY22
UNAUDITED
1HY21
UNAUDITED
Total revenue and other income66.361.4
Underlying EBITDA11.212.4
Pre-NZ IFRS 16 Underlying EBITDA 5.16.0
Pre-NZ IFRS 16 Underlying NPAT 2.01.9
AFFO2.32.4
Total assets271.6273.4
Financial Highlights
Underlying EBITDA
to AFFO Reconciliation
$M
1HY22
UNAUDITED
1HY21
UNAUDITED
Underlying EBITDA11.212.4
Include: Pre-NZ IFRS 16 operating lease expense(6.1)(6.4)
Pre-NZ IFRS 16 Underlying EBITDA5.16.0
Include: Depreciation and amortisation (Pre-NZ IFRS 16)(2.2)(2.1)
Include: Net interest expense (Pre-NZ IFRS 16)(0.4)(0.4)
Include: Current tax expense(0.3)(1.7)
Include: Income tax impact from adjustments(0.2)0.1
Pre-NZ IFRS 16 Underlying NPAT2.01.9
Remove: Depreciation and amortisation (Pre-NZ IFRS 16)2.22.1
Include: Maintenance capital expenditure(1.9)(1.6)
AFFO2.32.4
8
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

$’000
1HY22
UNAUDITED
1HY21
UNAUDITED
REVENUE
Revenue from contracts with customers64,45859,471
Deferred management fees449389
Total revenue64,90759,860
Fair value movement of investment properties(65)716
Government subsidy received– 794
Interest income3230
Gain on acquisition of leased property assets1,403–
Total revenue and other income66,27761,400
EXPENSES
Employee costs (39,292)(35,645)
Depreciation expense(5,746)(5,728)
Finance costs(4,590)(4,998)
Other expenses(14,987)(12,406)
Total expenses(64,615)(58,777)
Profit before income tax 1,6622,623
Income tax expense(328)(558)
Profit for the period1,3342,065
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Total comprehensive income1,3342,065
Statement of
Comprehensive Income
9
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

$’000
1HY22
Unaudited
FY21
Audited
ASSETS
Cash and cash equivalents6,7412,761
Trade and other receivables10,5027,74 4
Inventories629548
Investment properties31,77331,675
Property, plant and equipment64,24732,896
Right-of-use assets137,038177,170
Intangible assets16,99616,996
Deferred tax assets3,6363,635
Total assets271,562273,425
LIABILITIES
Trade and other payables15,23014,911
Current tax liabilities1971,135
Borrowings18,71227,212
Deferred management fee1,3991,178
Refundable occupation right agreements21,53420,591
Lease liabilities144,366184,305
Total liabilities201,438249,332
Net assets 70,12424,093
EQUITY
Share capital 51,757 5,932
Asset revaluation reserve 6,812 6,812
Retained earnings 11,555 11,349
Total equity 70,124 24,093
Statement of
Financial Position
10
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

$’000
1HY22
Unaudited
1HY21
Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from residents for care fees and village fees62,670 60,788
Receipts of Government subsidy – 353
Payments to suppliers and employees(54,899)(48,875)
Proceeds from the sale of Refundable Occupation Right Agreements1,6101,656
Settlement of Refundable Occupation Right Agreements – (290)
Interest received3230
Interest paid - borrowings(421)(468)
Interest paid - lease liabilities(4,169)(4,530)
Income tax paid(1,268)(1,351)
Net cash provided by operating activities 3,5557,313
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of property, plant and equipment47 –
Payments for the purchase of property, plant and equipment(33,771)(1,451)
Payments for village developments(98)(841)
Net cash used in investing activities(33,822)(2,292)
CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from issue of shares 48,229 –
Repayment of bank borrowings(8,500)(839)
Repayment of lease liabilities(1,950)(1,871)
Share issue costs(2,404) –
Dividends paid(1,128) –
Net cash provided by /(used in) financing activities34,247(2,710)
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of the period2,7612,317
Net increase in cash held3,9802,311
Cash and cash equivalents at end of the period6,7414,628
Statement of
Cash Flows
The unaudited financial statements for Radius Residential Care Limited for the six months to 30 September 2021
are available at Results and Reports on radiuscare.co.nz/investors-centre/
11
Radius Residential Care Investor Letter for 2022 First Half
Radius Residential Care Investor Letter for 2022 First Half

Radius Residential Care
ADDRESS
Level 4, 56 Parnell Road, Parnell, Auckland
PHONE
+64 9 304 1670
EMAIL
investor@radiuscare.co.nz
Caring is our calling

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Radius Residential Care LimitedInterim Results30 September 2021

Radius Care
2
Presenting Today
Brien Cree
Executive Chairman / Managing Director
•
Founded Radius Care in 2003, then part of Radius Health Group
•
Moved into Executive Chairman role in June 2020 focusing on growth opportunities through development and acquisition
•
Previously majority shareholder, maintains a significant interest through Wave Rider Trust
•
Board member of the New Zealand Aged Care Association for more than 10 years
•
Over 30 years’ experience in the Aged Care sector
•
Joined Radius Care in 2016
•
Has nearly 25 years’ experience in finance roles
•
Industries worked in include healthcare and financial services
•
Michelle trained with PricewaterhouseCoopers in South Africa
•
New Zealand Chartered Accountant.
Michelle Slabber
General Manager, Finance

Radius Care
3

Radius Care
4
Radius Care at a Glance PROVIDING SPECIALISTAND AGED CARE SERVICESACROSS NEW ZEALANDRadius Care operates 23 aged care facilities nationally, comprising more than 1,780 aged care beds. We own eight of these facilities and lease 15 from 3rd party property investors. We also own three retirement villages comprising of 101 units.
Radius Care Owned
Leased from 3
rd
Parties*
Total
Existing PortfolioSites
81523
Aged Care Beds
524
1,260
1,784
Independent Living Units
101
-
101
Total Places
625
1,260
1,885
Existing Facility - Landbank
Aged Care Beds
154
40
194
Independent Living Units
146
20
166
Total Existing + Landbank
925
1,320
2,245
* All leases are triple net lease and long term in nature - with an
average term to next renewal of 9.7 years but 23.8 years aft
er
accounting for all renewals.
Portfolio summary as at 29th November 2021Portfolio summary as at 29th November 2021
Includes Clare House settled 1 November 2021

Radius Care
5
5.4% 94.6%
ILUs
Care Beds
Radius Careat a Glance
National aged care focused portfolio with strong regional presenceNational aged care focused portfolio with strong regional presence
Residents and EmployeesResidents and Employees
1,600+
employees
1,780+
beds
Denotes leasehold sites
Denotes freehold sites
AUCKLAND
Sites
Beds
ILUs
Total
Leased
2
188
-
188
Owned
1
60
-
60
WAIKATO
Sites
Beds
ILUs
Total
Leased
3
258
-
258
Owned
1
76
22
98
NEW PLYMOUTH
Sites
Beds
ILUs
Total
Owned
2
118
-
118
NORTHLAND
Sites
Beds
ILUs
Total
Leased
3
155
-
155
BAY OF PLENTY
Sites
Beds
ILUs
Total
Leased
2
266
-
266
Owned
1
63
-
63
NAPIER
Sites
Beds
ILUs
Total
Leased
1
45
-
45
PALMERSTON NORTH
Sites
Beds
ILUs
Total
Leased
162 -
62
CANTERBURY
Sites
Beds
ILUs
Total
Leased
2
193
-
193
Owned
2
138
54
192
ILUs vs Care BedsILUs vs Care Beds
OTAGO
Sites
Beds
ILUs
Total
Leased
193 -
93
INVERCARGILL
Sites
Beds
ILUs
Total
Owned
1
69
25
94
(cont)

Radius Care
6
Agenda
Appendix—
Key operational and
financial metrics
—
Summary P&L, Balance
Sheet, Cash Flow
44
Overview of 1HY22 financial performance
22
Analysis of result
Strong strategic growth and continued operational excellence
33Executing Radius Care Growth phase, strategy update and FY22 revised guidance
11

Radius Care
7
Overview of 1HY22 FinancialPerformance

Radius Care
8
1HY22 Highlights and Key Events
Strong strategic growth and continued operational excellence
Progress on Strategy-
Raised $48.2m in growth capital and acquired 4 strategic
properties previously leased
-
Pipeline of brownfield developments grows to 124 care beds and
42 ILUs
-
Exercised option to acquire Christchurch land to develop
Northwood (Belfast) facility of 70 care beds and 124 ILUs
-
Acquisition of Clare House in In
vercargill with 69 care beds and 25
ILUs (Subsequent to period end).
-
New $62m ASB Facility
Progress on Strategy-
Raised $48.2m in growth capital and acquired 4 strategic
properties previously leased
-
Pipeline of brownfield developments grows to 124 care beds and
42 ILUs
-
Exercised option to acquire Christchurch land to develop
Northwood (Belfast) facility of 70 care beds and 124 ILUs
-
Acquisition of Clare House in In
vercargill with 69 care beds and 25
ILUs (Subsequent to period end).
-
New $62m ASB Facility
Operational Excellence-
Residents protected from COVID-19
-
Industry leader in Specialist Care Offerings
-
Occupancy outperforms Industry
-
Continued growth in accommodation supplements
Operational Excellence-
Residents protected from COVID-19
-
Industry leader in Specialist Care Offerings
-
Occupancy outperforms Industry
-
Continued growth in accommodation supplements

Radius Care
9
1HY22 Highlights and Key EventsProtecting residents from COVID-19 has increased costs.
Financial Performance-
Revenue up 8% to $66.3m
-
Accommodation supplement revenue up 16% to $3.1m
-
AFFO consistent at $2.3m
-
Underlying EBITDA down 9% to $11.2m
-
Underlying EBITDA per bed maintained at $10.3k
-
Reported profit after tax down from $2.1 to $1.3 million
-
Net Assets grew 191% to $70.1m
-
Bank debt / total assets 7% from 10%
-
Gross Interim Dividend of 0.7 cps up 20% and targeting a similar
prior year cents per share level of return.
(vs prior comparative period of Interim Financial Statements)
Financial Performance-
Revenue up 8% to $66.3m
-
Accommodation supplement revenue up 16% to $3.1m
-
AFFO consistent at $2.3m
-
Underlying EBITDA down 9% to $11.2m
-
Underlying EBITDA per bed maintained at $10.3k
-
Reported profit after tax down from $2.1 to $1.3 million
-
Net Assets grew 191% to $70.1m
-
Bank debt / total assets 7% from 10%
-
Gross Interim Dividend of 0.7 cps up 20% and targeting a similar
prior year cents per share level of return.
(vs prior comparative period of Interim Financial Statements)
(cont)

Radius Care
10
3.6
6.0
5.1
0.01.02.03.04.05.06.07.0
$m
1HY20
1HY21
1HY22
Financial performance overviewStrong revenue growth with border issues
and focus on safety constraining EBITDA.
Pre-NZ IFRS 16 Underlying EBITDA-
1HY22 Pre-NZ IFRS 16 Underlying
EBITDA of $5.1m down 15%
Underlying EBITDA-
1HY22 Underlying EBITDA of $11.2m
down 9%
9.3
12.4
11.2
0.02.04.06.08.0
10.012.014.0
$m
1HY20
1HY21
1HY22
Total Revenue-
1HY22 Revenue of $66.3m up 8%
$m
55.9
61.4
66.3
50.052.054.056.058.060.062.064.066.068.0
1HY20
1HY21
1HY22

Radius Care
11
Summary of Key Drivers of 1HY22 Financial PerformanceImproved occupancy, bed rates/mix and accommodation
supplements. Border related labour supply issues
and strong demand increased labour ra
tes. Other inflationary pressures.
6.0 8.0
10.0 12.0 14.0 16.0 18.0 20.0
1HY21 U.EBITDA
Revenue - Bed Days variance
Revenue - Bed Price variance
Revenue - Accomodations
Supplement and others
Staffing - Clinical Hours
Staffing - Clinical hourly rate
Bureau Usage
Other Staffing
Facility
Consumables
Others
1HY22 U.EBITDA
1HY21 U.EBITDA v 1HY22 U.EBITDA
$m

Radius Care
12
Cash Flow and Dividends
AFFO-
1HY22 AFFO of $2.3m
Increased Dividend on consistent AFFO given pro forma Guidance.
Dividends
FY22 Interim Dividend-
Gross fully imputed FY22 interim dividend declared of
0.7 cents per share (which includes 0.2 cents per share of attaching imputation credits)
-
Interim dividend 20% up on prior comparative period.
-
60% targeted AFFO distributed.
-
Ex Dividend date Friday 3 December 2021
-
Record date Monday 6 December 2021
-
Payment date Thursday 23 December 2021
Radius Care’s dividend policy is ta
rget to pay 50% to 70% of AFFO
0.01.02.03.0
1HY21
1HY22
$m

Radius Care
13
Analysis of result CONTINUATION OF STRONG TRACK RECORD

Radius Care
14
Strong revenue growth continues with growing di
rect private (non-Government) revenue streams
Revenue Growth and Diversification
Total revenue Total revenue
Direct private (non-Government) revenue
1
Direct private (non-Government) revenue
1
1
Includes accommodation supplements, reti
rement village units, Radius Online Sh
op and other privately paid revenues
End of Financial
period
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
1HY21
2HY21
1HY22
No. of Beds
1,307
1,382
1,371
1,379
1,525
1,682
1,701
1,704
1,714
1,715
1,715
No. of Units
22
22
22
36
48
55
63
73
76
76
76
2.2
3.0
3.0
4.5
6.2
7.1
10.1
9.2
13.8
6.2
7.6
5.4
0.02.55.07.5
10.012.515.0
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
1HY21
2HY21
1HY22
Direct Private Revenue $m
65.4
70.3
70.0
76.1
87.0
100.2
110.1
113.7
126.0
61.3
64.7
66.2
-
20.0 40.0 60.0 80.0
100.0 120.0 140.0
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
1HY21
2HY21
1HY22
Total revenue
Aged care
Retirement village
Group support
$m

Radius Care
15
Bed Mix Oriented to High Acuity and Specialist CareOver 1HY22, beds certified for high acuity and specialist ca
re have increased from 86% to 87% of the portfolio. Radius
Care continues to provide more care of
ferings and in particular more specialis
t care offerings per facility than peers.
Care Beds by use and typeCare Beds by use and type
1 Source: CBRE analysis, September 20202 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –
https://www.health.govt.nz
/your-health/certified
-providers/aged-care/
based on data as at 12 November 2021
3 Dementia and Specialist offerings include Dementia, Psychogeriatric, Physical and Intellectual but does not include Rest Home
or Hospital – Geriatric or Hospital – Medical care. Average based on simple average of all certified facilities
Total and specialist offerings
2
Total and specialist offerings
2
Total offerings aged care
(per Aged Care facility)
Dementia and Specialist offerings
3
(per Aged Care facility)
1HY22
Care bed
type
1HY22
Care bed
use
47.1%
38.1%
11.1%
3.6%
Industry
average
1
~87% of Radius Care Beds
are certified for high acuity
4.0
3.2
3.3
3.0
3.6
Radius
Oceania
Arvida
Summerset
Ryman
1.0
0.5
0.5
0.2
0.8
Radius
Oceania
Arvida
Summerset
Ryman
32.0% 50.5% 10.9% 5.8%
0.8%
Rest home
Swing
Hospital
Dementia
Psychogeriatric
Physical and intellectual
~68% of Radius Care Beds are used
for high acuity, vs industry of ~53%
12.7% 47.3%
22.5% 11.0% 5.6%
0.9%
52.9% high acuity and specialist

Radius Care
16
Strong Occupancy Growth
1.
Aging New Zealand population
1
1.
Aging New Zealand population
1
Growing Occupancy v.s. industry
3
Growing Occupancy v.s. industry
3
3. Increasing years in dependency3. Increasing years in dependency
•
Life expectancy is increasing but more years are being spent in dependency
0.0%2.0%4.0%6.0%8.0%
Jan-03
Jan-08
Jan-13
Jan-18
Jan-23
Jan-28
Jan-33
Jan-38
Jan-43
Jan-48
Jan-53
Jan-58
Rolling 5-year pop. CAGR
(%)
65 - 85 5-yr CAGR
85+ 5-yr CAGR
Aged care demand peak growth
from 2023 - 2043
Occupancy growth underpinned by supportive industry backdr
op of (1) aging population (2) increasing bed demand
particularly for high acuity and specialist care
and (3) rising years in spent in dependency
Increasing number of high occupancy facilitiesIncreasing number of high occupancy facilities
1 Source: Statistics New Zealand2 Source: EY Aged Residential Care Funding Model Review analysis using ARC model, August 2019. Historical information based on
actual demand data per the ARC demand model which EY have extended using the past 5 year trend over the projection period
3 Source: Industry Information based on NZACA Occupancy – TAS Aged Residential Care Quarterly Reporting Survey as at 30 June 202
1. Includes ORA ARRC-certified beds and residents
2. Increasing high acuity bed demand
2
2. Increasing high acuity bed demand
2
-
2,0004,0006,0008,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Actual
Projection
Bed days (000s of days)
Dementia
Hospital
Psychogeriatric
Resthome
90.1%
89.6%
90.4%
91.6%
91.0%
92.7%
93.7%
93.4%
93.1%
92.0%
87.2%
87.2%
86.5%
87.1%
86.8%
88.0%
87.8%
87.2%
87.3%
85.0%86.0%87.0%88.0%89.0%90.0%91.0%92.0%93.0%94.0%95.0%
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Occupancy rate %
Radius Care (monthly)
Industry average (quarterly)
8
99
5
6
8
4
4
3
5
3
2
05
10152025
1HY20
1HY21
1HY22
Number of Facilities
95.0% to 100%
90.0% to 94.9%
85.0% to 89.9%
<85%

Radius Care
17
Consistent underlying EBITDA per Care Bed
Strong Occupancy
(see previous page)
Underlying EBITDA per care bed
1
Underlying EBITDA per care bed
1
Growing accommodation supplementsGrowing accommodation supplementsWage controlWage control
1 Underlying EBITDA for aged care segment divided by the average number of care beds occupied during the period
30.9
31.2
34.5
56.0%
53.2%
54.3%
0.0%10.0%20.0%30.0%40.0%50.0%60.0%
-
5.0
10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
1HY20
1HY21
1HY22
$m
Direct Employee Costs
% of Direct Revenue
2.4
2.7
3.1
$1,417
$1,588
$1,839
05001,0001,5002,000
0.00.51.01.52.02.53.03.5
1HY20
1HY21
1HY22
Accommodation supplement
per Care Bed $
Accommodation supplements $m
Accommodation supplements (LHS)
Accommodation supplements per available Care Bed (RHS)
Despite additional costs incurred to protect residents
we have maintained Underlying EBITDA per care bed.
8.4
10.7
10.3
-
2.0 4.0 6.0 8.0
10.0 12.0
1HY20
1HY21
1HY22
$ 000

Radius Care
18
Executing Radius Care Growth Phase, Strategy Update and FY22 Revised Guidance

Radius Care
19
GO FORWARD STATERGY
HISTORICAL TRACK RECORD
CURRENT STATUS
1.
Brownfield development
•
Windsor Court (FY18) – 15 Care Beds
•
Waipuna (FY17) – 28 Care Beds
•
Elloughton Gardens (FY17) – 27 Care Beds
Brownfield potential identified at owned sites at:-
Lexham Park (Katikati): Additional 20 Care Suites and 20 Care
Beds.
Status:
Resource consent underway
-
Thornleigh (New Plymouth): Additional 24 Care Beds.
Status:
Resource Consent Obtained
-
Taupaki Gardens (Kumeu, Auckland): Additional 20 Care Beds to
be developed on vacant land
-
Windsor Court (Ohaupo, Waikato): Potential to add an
additional 20 Care Beds
-
Clare House (Invercargill): Further unit to be added during
second half of FY22 and adjoining residential property available for future development
2.
Purchase of strategically
important facilities already operated by Radius
•
Lexham Park (FY20) – 63 Care Beds
•
Thornleigh Park (FY14) – 63 Care Beds
•
St Helenas (FY14) – 52 Care Beds
Acquired 4 Ohaupo Properties (FY22)
3.
Greenfield development
Greenfield Development on owned facilities undertaken and funded by Radius Care:•
Elloughton Grange Village (FY21) – 54 Units
Greenfield Development on leased facilities undertaken with and funded by landlords:•
Glaisdale (FY18) – 80 Care Beds
•
Millstream (FY18) – 80 Care Beds
Purchase of Belfast, Christchurch Greenfield development land•
As announced in April 2021, Radius Care has exercised its right to acquire c. 4.3 hectares of land
•
Settlement of the land ($5.5m) is expected to take place in the first half of FY23.
•
Work progressing on final design, building consents and construction discussions
•
Multi-stage program provides funding flexibility
4.
Opportunistic value accretive
acquisition
•
Acquired the operations of 26 aged
care facilities and retirement
villages comprising 1,998 Residences since 2003
•
Announced acquisition of Clare House, an integrated care facility and retirement village in Waikiwi,
Invercargill with 69 care beds
and 25 ILUs. (Settled 1 November 2021)
Strategy UpdateSignificant strategic de
velopment in the period

Execution of strategy

Growth Strategy as outlin
ed in the Listing Profile



Radius Care
20

Radius Care
21
Aged Care
•
Protecting residents remains the priority.
•
Average occupancy expected to be consistent with 2HY21.
•
Labour cost pressures to continue while border closed.
•
Continued accommodation supplements growth.
•
Arran Court conversion temporarily reducing EBITDA.
•
Clare House integration continues.
•
Ongoing work on brownfield and greenfield initiatives.
Guidance for the 12 months to 31 March 2022
FY22 Revised Outlook and Guidance
FY 22 Reporting Basis Guidance
FY 22 Pro Forma Basis Guidance
($m)
FY21
Actual
Original
Guidance
Pre-
Acquisition
5 Aug 21
Ohaupo
1 Nov 21
Clare House
Revised
Guidance
Ohaupo
Clare
House*
Revised
Guidance
Underlying EBITDA
23.4
23.5 – 25.5
20.9 – 22.4
-
0.6
21.5 – 23.0
-1.5
22.4 – 23.9
Pre-NZ IFRS 16Underlying EBITDA
10.5
10.5 – 12.5
8.0 – 9.5
1.4
0.6
10.0 – 11.5
2.2
1.5
11.7 – 13.2
AFFO
3.7
3.7 – 4.7
2.4 – 3.4
1.2
0.4
4.0 – 5.0
1.6
1.2
5.2 – 6.2
Retirement village
•
Purchase of Clare House Village – 25 ILUs
* Includes $0.3m of ILU resale gains vs $0.6m included in the Colliers Valuation at the time of acquisition.

Radius Care
22
Radius Care provides unique exposure
to a high acuity, specialised care pr
ovider that remain
s committed to and
focused on delivering compassionate a
nd outstanding clinical care outcomes
1. Demand
2. Portfolio
3.
Systematic
Approach
4. Growing
Non-
Government
Revenues
5. Growth
Pathway
6. Strong
Founder
Backed
Team
Key Investment Highlights
0.0%
2.0%4.0%6.0%8.0%
2003
2008
2013
2018
2023
2028
2033
2038
2043
2048
2053
2058
Rolling 5-year pop. CAGR (%)
65 - 85 5-yr CAGR
85+ 5-yr CAGR
1
Demand underpinned by population demographics
1
2
Portfolio oriented to high acuity and specialist care
2
Systematic approach to provision of care
1)
Centralised head-office systems and support
2)
Leading IT systems
3)
Immigration accreditation
4)
Early engagement through Radius Online Shop
3
Growing direct non-Government revenues
4
5
Clear growth pathway via
1)
Purchase of strategically important
facilities’ land and buildings
2)
Brownfield and greenfield development
with ownership of land and buildings
3)
Opportunistic acquisitions
Strong founder backed team
Brien CreeFounder and Executive Chairman
6
1 Source: Statistics New Zealand2 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –
https://www.health.govt.nz
/your-health/certified
-providers/aged-care/
based on data as at 12 November 2021
3 Includes accommodation supplements, reti
rement village units, Radius Online Sh
op and other privately paid revenues
4.0
3.2
3.3
3.0
3.6
Radius
Oceania
Arvida
Summerset
Ryman
Direct private portion of total revenue
(%)
3.4%
8.3%
0.0%2.0%4.0%6.0%8.0%
10.0%12.0%
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
1HY22

Radius Care
23
Appendices

Radius Care
24
Financial period
1HY22
1HY21
1HY20
$mAged Care
16.3
16.6
12.8
Retirement Village
0.4
0.4
0.5
Group support
(5.5)
(4.6)
(4.0)
Underlying EBITDA
11.2
12.4
9.3
APPENDIX ONEKey operational and financial metrics
Financial period
1HY22
1HY21
1HY20
Number of Care Beds (period end)
1
1,715
1,714
1,704
Average Care Bed Occupancy
2
93.0%
91.6%
89.7 %
Underlying EBITDA per Care Bed
3
(000s)
$10.3
$10.7
$8.4
Number of Units (period end)
4
76
76
68
Number of new Unit sales
4
2
5
Number of existing Unit resales
-
1
-
Realised gains on resales (m)
-
-
-
Realised development ma
rgins (m)
$0.1
$0.2
$0.3
Cash DMF realised upon resale (000s)
-
$15
-
Average resale price (000s)
-
$300
-
Average new unit sale price (000s)
$403
$425
$400
Operating metricsOperating metrics
1 Comprises Care Beds occupied, available to be occupied or unavailable due to refurbishment2 Total occupied Care Bed days divided by total Care Bed days available during the period3 Underlying EBITDA for aged care (as set out in the lower right table) divided by the average number of Care Beds occupied dur
ing the period
4 Comprises Units occupied, available to be occupied or unavailable due to refurbishment
Financial period
1HY22
1HY21
1HY20
Accommodation Supplements Revenue
$3.1m
$2.7m
$2.4m
Number of Care Beds (period end)
1,715
1,714
1,704
Number of Available Care Beds with Accommodation Supplements
1,147
1,146
1,138
Percentage of Care Beds with Accommodation Supplements
66.9%
66.9%
66.8%
Accommodation supplementsAccommodation supplements
Financial period
1HY22
1HY21
1HY20
$mAged Care
63.8
59.0
55.5
Retirement Village
0.7
0.7
0.2
Group support
1.8
1.0
0.2
Total revenue
66.3
61.4
55.9
Revenue by typeRevenue by type
DMF terms for Retirement Village unitsDMF terms for Retirement Village units
•
30% over three years
•
average resident tenure: 4 years
Underlying EBITDA by typeUnderlying EBITDA by type

Radius Care
25
APPENDIX TWOUnderlying EBITDA to AFFO Reconciliation
($m)
1HY22
1HY21
1HY20
Underlying EBITDA
11.2
12.4
9.3
Include: Pre-NZ IFRS 16 operating lease expense
(6.1)
(6.4)
(5.7)
Pre-NZ IFRS 16 Underlying EBITDA
5.1
6.0
3.6
Include: Depreciation and amortisati
on (Pre-NZ IFRS 16)
(2.2)
(2.1)
(1.8)
Include: Net interest expense (Pre-NZ IFRS 16)
(0.4)
(0.4)
(0.6)
Include: Current tax expense
(0.3)
(1.7)
(0.5)
Include: Income tax impact from adjustments
(0.2)
0.1
0.1
Pre-NZ IFRS 16 Underlying Net profit after tax
2.0
1.9
0.8
Remove: Depreciation and amortisation (Pre-NZ IFRS 16)
2.2
2.1
1.8
Include: Maintenance capita
l expenditure
(1.9)
(1.6)
(2.6)
AFFO
2.3
2.4
0.0
Consistent AFFO performance

Radius Care
26
APPENDIX THREEStatement of Comprehensive Income
($000)
1HY22
1HY21
RevenueRevenue from contracts with customers
64,458
59,471
Deferred management fees
449
389
Total revenue
64,907
59,860
Fair value movement of investment properties
(65)
716
Government subsidy received
-
794
Interest income
32
30
Gain on acquisition of leased property assets
1,403
-
Total revenue and other income
66,277
61,400
ExpensesEmployee costs
(39,292)
(35,645)
Depreciation expense
(5,746)
(5,728)
Finance costs
(4,590)
(4,998)
Other expenses
(14,987)
(12,406)
Total expenses
(64,615)
(58,777)
Profit before income tax
1,662
2,623
Income tax expense
(328)
(558)
Profit for the period
1,334
2,065
Other comprehensive income
--
Total comprehensive income
1,334
2,065

Radius Care
27
APPENDIX FOURStatement of Financial Position
($000)
1HY22
FY21
AssetsCash and cash equivalents
6,471
2,761
Trade and other receivables
10,502
7,744
Inventories
629
548
Investment properties
31,773
31,675
Property, plant and equipment
64,247
32,896
Right-of-use assets
137,038
177,170
Intangible assets
16,996
16,996
Deferred tax assets
3,636
3,635
Total assets
271,562
273,425
LiabilitiesTrade and other payables
15,230
14,911
Current tax liabilities
197
1,135
Borrowings
18,712
27,212
Deferred management fee
1,399
1,178
Refundable occupation right agreements
21,534
20,591
Lease liabilities
144,366
184,305
Total liabilities
201,438
249,332
Net assets
70,124
24,093
EquityShare capital
51,757
5,932
Asset revaluation
6,812
6,812
Retained earnings
11,555
11,349
Total equity
70,124
24,093

Radius Care
28
APPENDIX FIVEStatement of Cash flows
($000)
1HY22
1HY21
Cash flows from operating activitiesReceipts from residents for care fees and village fees
62,670
60,788
Receipts of Government subsidy
-
353
Payments to suppliers and employees
(54,899)
(48,875)
Proceeds from the sale of Refundable Occupation Right Agreements
1,610
1,656
Settlement of Refundable Occupation Right Agreements
-
(290)
Interest received
32
30
Interest paid – borrowings
(421)
(468)
Interest paid – lease liabilities
(4,169)
(4,530)
Income tax paid
(1,268)
(1,351)
Net cash provided by operating activities
3,555
7,313
Cash flows from in
vesting activities
Proceeds from the sale of property, plant and equipment
47
-
Payments for the purchase of property, plant and equipment
(33,771)
(1,451)
Payments for village developments
(98)
(841)
Net cash used in investing activities
(33,822)
(2,292)
Cash flows from fi
nancing activities
Net proceeds from issue of shares
48,229
-
Repayment of bank borrowings
(8,500)
(839)
Repayment of lease liabilities
(1,950)
(1,871)
Share issue costs
(2,404)
-
Dividends paid
(1,128)
-
Net cash (used in) / provid
ed by financing activities
34,247
(2,710)
Reconciliation of cash and cash equivalentsCash and cash equivalents at beginning of the period
2,761
2,317
Net increase in cash held
3,980
2,311
Cash and cash equivalent
s at end of the period
6,741
4,628

Radius Care
29
APPENDIX SIXReconciliation of NZ GAAP financial measures to non-GAAP financial measures
($000)
1HY22
1HY21
Profit for the period
1,334
2,065
AdjustmentsNon-recurring or infrequent itemsRemove: COVID-19 related expenses
331
653
Remove: Government COVID-19 Subsidy
-
(857)
Remove: One-off costs
174
-
Structural changes and otherInclude: Listed & other company costs
-
(553)
Remove: Historical governance costs
-
341
Remove: Gain on acquisition of leased property assets
(1,403)
-
Include: Income tax impact from adjustments
(141)
116
Underlying adjustmentsRemove: Change in fair value of investment properties
65
(716)
Include: Realised development margins
90
190
Include: Realised gains on resales
-10
Remove: Deferred tax expense
(1)
(1,143)
Underlying Net pr
ofit before tax
449
106
Remove: Depreciation
5,746
5,728
Remove: Net inte
rest expense
4,558
4,968
Remove: Current tax expense
329
1,701
Remove: Income tax impact from adjustments
141
(116)
Underlying EBITDA
11,223
12,387
Include: Pre-NZ IFRS 16 operating lease expense
(6,118)
(6,400)
Pre-NZ IFRS 16 Underlying EBITDA
5,105
5,987
Include: Depreciation (Pre-NZ IFRS 16)
(2,200)
(2,094)
Include: Net interest expense (Pre-NZ IFRS 16)
(389)
(438)
Include: Current tax expense
(329)
(1,701)
Include: Income tax impact from adjustments
(141)
116
Pre-NZ IFRS 16 Underlying
Net profit after tax
2,046
1,870
Remove: Depreciation and am
ortisation (Pre-NZ IFRS 16)
2,200
2,094
Include: Maintenance capital expenditure
(1,944)
(1,613)
AFFO
2,302
2,351

Radius Care
30
Leased facility
Location
Care Beds
Units
Current lease term Time to
next renewal
Rights of renewal
Time to final expiry
Landlord
Kensington
Hamilton
96
-
10 yrs
2.6 yrs
2 x 10 yrs
12.6 yrs
A
Peppertree
Palmerston North
62
-
10 yrs
3.2 yrs
2 x 10 yrs
13.2 yrs
A
St Joans
Hamilton
82
-
10 yrs
3.6 yrs
2 x 10 yrs
13.6 yrs
A
Fulton Home
Dunedin
93
-
10 yrs
4.1 yrs
2 x 10 yrs
14.1 yrs
A
Arran Court
Auckland
102
-
10 yrs
7.8 yrs
1 x 10 yrs
17.8 yrs
A
Potter Home
Whangarei
55
-
20 yrs
8.1 yrs
2x 15 yrs
38.1 yrs
B
Rimu Park
Whangarei
55
-
20 yrs
8.1 yrs
2x 15 yrs
38.1 yrs
B
Waipuna
Auckland
86
-
30 yrs
25.3 yrs
-
25.3 yrs
C
Hampton Court
Napier
45
-
10 yrs
7.4 yrs
-
7.4 yrs
D
Baycare
Northland
45
-
12 yrs
4.5 yrs
3x 12 yrs
40.5 yrs
E
Matua
Tauranga
149
-
30 yrs
21.1 yrs
-
21.1 yrs
F
Althorp
Tauranga
117
-
15 yrs
6.9 yrs
3x 10 yrs
36.9 yrs
G
Millstream
Ashburton
80
-
35 yrs
29.8 yrs
-
29.8 yrs
H
Millstream Apartments
Ashburton
19
-
5 yrs
2.9 yrs
2x 5 yrs
12.9 yrs
H
Glaisdale
Hamilton
80
-
15 yrs
10.7 yrs
2x 15 yrs
40.7 yrs
I
Hawthorne
Christchurch
94
-
10 yrs
8.6 yrs
2x 10 yrs
18.6 yrs
J
Total leased
1260
-
n/a
n/a
n/a
n/a
Simple average leased
79
-
15.8 yrs
9.7 yrs
n/a
23.8 yrs
Owned facility/villageSt Helenas
Christchurch
52
-
n/a
n/a
n/a
n/a
n/a
Thornleigh Park
New Plymouth
63
-
n/a
n/a
n/a
n/a
n/a
Lexham Park
Katikati
63
-
n/a
n/a
n/a
n/a
n/a
Heatherlea
New Plymouth
55
-
n/a
n/a
n/a
n/a
n/a
Taupaki Gables
Kumeu
60
-
n/a
n/a
n/a
n/a
n/a
Windsor Court
Ohaupo
76
-
n/a
n/a
n/a
n/a
n/a
Elloughton Gardens
Timaru
86
-
n/a
n/a
n/a
n/a
n/a
Windsor Court Village
Ohaupo
-
22
n/a
n/a
n/a
n/a
n/a
Elloughton Grange Village
Timaru
-
54
n/a
n/a
n/a
n/a
n/a
Clare House
Invercargill
69
-
Clare House Village
Invercargill
-
25
Total owned
524
101
Simple average owned
66
34
Total
1784
101
APPENDIX SEVENDirectory of facilities

Radius Care
31
Importance Notice and Disclaimer
This presentation has been prepared by Radius Residential Care Limited (“
Radius Care
”), for informational pur
poses. This disclaimer
applies to this document and the verbal or written comments of any person presenting it.This presentation sets out information relating to Radius Care’s results for the six months to 30 September 2021. As such, it shouldbe read in conjunction with the consolidated interim financial statements for Radius Care and its subsidiaries for the period ended30 September 2021 (“
Interim Financial Statements
”) and other material that Radius Care has released to NZX along with this
presentation. That material is also available at www.radiuscare.co.nz.
In certain sections of this presentation, Radius Care has chosen to present certain financial information exclusive of the impact ofsignificant items. A number of non-GAAP financial measures are used in this presentation which are used by management to assessthe performance of the business and have been derived from the Interim Financial Statements. You should not consider any ofthese financial measures in isolation from, or as a substitute for t
he information provided in the Interim Financial Statements.
This presentation may contain forward-looking statements and projections. Such forward-looking statements are based on currentexpectations, estimates and assumptions and are subject to a number of risks and uncertainties, including material adverse events,significant one-off expenses and other unforeseeable circumsta
nces. There is no assurance that results contemplated in any of
these projections and forward-looking statements will be realised. Actual results may differ materially from those projected. Exceptas required by law, or the NZX Listing Rules, no person is under any obligation to update this presentation at any time after itsrelease or to provide further information about Radius Care.The information in this presentation has been prepared in good faith by Radius Care. Neither Radius Care nor any of its directors,employees, shareholders nor any other person give any representations or warranties (either express or implied) as to the accuracyor completeness of the information in this presentation and to the maximum extent permitted by law, no such person shall haveany liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising fromthis presentation or any information supplied in connection with it.This presentation is not a product disclosure statement or other disclosure document, or an offer of shares for subscription, or sale,in any jurisdiction. The information in this presentation does not constitute financial product, legal, financial, investment, tax or anyother advice or a recommendation.

Radius Care
32
Thank You

---

Interim
Report 2022
Radius Residential Care Ltd | www.radiuscare.co.nz
Caring is our calling
INTERIM FINANCIAL STATEMENTS

Interim Financial
Statements Contents
Consolidated statement of comprehensive income
4
Consolidated statement of changes in equity
5
Consolidated statement of financial position
6
Consolidated statement of cash flows
7
Notes to the consolidated interim financial statements
9
Independent auditor's review report
34
For the six months ended 30 September 2021
3
Radius Residential Care Interim Financial Statement 2022

NOTE
Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
REVENUE
Revenue from contracts with customers64,45859,471
Deferred management fees449389
Total revenue64,90759,860
Fair value movement of investment properties3.1(65)716
Government subsidy received– 794
Interest income3230
Gain on acquisition of leased property assets3.41,403–
Total revenue and other income66,27761,400
EXPENSES
Employee costs (39,292)(35,645)
Depreciation expense(5,746)(5,728)
Finance costs(4,590)(4,998)
Other expenses(14,987)(12,406)
Total expenses(64,615)(58,777)
Profit before income tax 1,6622,623
Income tax expense5.1(328)(558)
Profit for the period1,3342,065
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Total comprehensive income1,3342,065
EARNINGS PER SHARE
Basic and diluted earnings per share (cents per share)4.2 0.64 1.18
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
CONSOLIDATED
Statement of
Comprehensive Income
For the six months ended 30 September 2021
4
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

NOTE
Contributed
equity
$’000
Asset
revaluation
reserve
$’000
Retained
Earnings
$’000
Total
$’000
BALANCE AS AT 1 APRIL 2020
1
4,736 5,708 10,376 20,820
Profit for the period – – 2,065 2,065
Other comprehensive income – – – –
Total comprehensive income – – 2,065 2,065
Transactions with owners
Dividends paid – – – –
Total transactions with owners – – – –
Balance as at 30 September 2020
2
4,736 5,708 12,441 22,885
BALANCE AS AT 1 APRIL 2021
1
5,932 6,812 11,349 24,093
Profit for the period – – 1,334 1,334
Other comprehensive income – – – –
Total comprehensive income –– 1,334 1,334
Transactions with owners
Net proceeds from issue of shares4.1 45,825 – – 45,825
Dividends paid4.1 – – (1,128)(1,128)
Total transactions with owners 45,825 – (1,128)44,697
Balance as at 30 September 2021
2
51,757 6,812 11,555 70,124
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
1
Audited
2
Unaudited
CONSOLIDATED
Statement of
Changes in Equity
For the six months ended 30 September 2021
5
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

NOTE
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
ASSETS
Cash and cash equivalents6,7412,761
Trade and other receivables10,5027,74 4
Inventories629548
Investment properties3.131,77331,675
Property, plant and equipment3.264,24732,896
Right-of-use assets3.4137,038177,170
Intangible assets16,99616,996
Deferred tax assets5.13,6363,635
Total assets271,562273,425
LIABILITIES
Trade and other payables15,23014,911
Current tax liabilities1971,135
Borrowings4.318,71227,212
Deferred management fee3.31,3991,178
Refundable occupation right agreements3.321,53420,591
Lease liabilities3.4144,366184,305
Total liabilities201,438249,332
Net assets 70,12424,093
EQUITY
Share capital4.1 51,757 5,932
Asset revaluation reserve4.1 6,812 6,812
Retained earnings 11,555 11,349
Total equity 70,124 24,093
The Board of Directors of the Company authorised these consolidated interim financial statements for issue on
29 November 2021.
For and on behalf of the Board.
Hamish Stevens - Chair, Audit and Risk Committee
Brien Cree - Chair, Board of Directors
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
CONSOLIDATED
Statement of
Financial Position
As at 30 September 2021
6
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from residents for care fees and village fees62,670 60,788
Receipts of Government subsidy – 353
Payments to suppliers and employees(54,899)(48,875)
Proceeds from the sale of Refundable Occupation Right Agreements1,6101,656
Settlement of Refundable Occupation Right Agreements – (290)
Interest received3230
Interest paid - borrowings(421)(468)
Interest paid - lease liabilities(4,169)(4,530)
Income tax paid(1,268)(1,351)
Net cash provided by operating activities 3,5557,313
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of property, plant and equipment47 –
Payments for the purchase of property, plant and equipment(33,771)(1,451)
Payments for village developments(98)(841)
Net cash used in investing activities(33,822)(2,292)
CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from issue of shares 48,229 –
Repayment of bank borrowings(8,500)(839)
Repayment of lease liabilities(1,950)(1,871)
Share issue costs(2,404) –
Dividends paid(1,128) –
Net cash provided by /(used in) financing activities34,247(2,710)
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of the period2,7612,317
Net increase in cash held3,9802,311
Cash and cash equivalents at end of the period6,7414,628
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED
Statement of
Cash Flows
For the six months ended 30 September 2021
7
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

CONSOLIDATED
Statement of
Cash Flows
continued
Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
RECONCILIATION OF PROFIT FOR THE PERIOD TO NET CASH PROVIDED
BY OPERATING ACTIVITIES
Profit for the period 1,334 2,065
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation 5,746 5,728
Net loss/(gain) on disposal of property, plant and equipment174(4)
Gain on acquisition of leased property assets(1,403) –
Fair value adjustment to investment properties – (716)
Movement in deferred tax(1)(1,143)
CHANGES IN OPERATING ASSETS AND LIABILITIES
- Trade and other receivables and other assets(2,754)200
- Inventories(81)(246)
- Trade and other payables and other liabilities 316 108
- Current tax liabilities(939)350
- Refundable Occupation Rights Agreements 1,163 971
Net cash provided by operating activities 3,555 7,313
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
For the six months ended 30 September 2021
8
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

Notes to the Consolidated
Interim Financial Statements
For the six months ended 30 September 2021
1. GENERAL INFORMATION
1.1. Basis of Preparation
(i) Reporting Entity
The consolidated interim financial statements are for
Radius Residential Care Limited (‘the Company’) and its
subsidiaries (together ‘the Group’).
The Group provides rest home and hospital care for
the elderly along with development and operation of
integrated retirement villages in New Zealand.
(ii) Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability
company, incorporated and domiciled in New Zealand. It
is registered under the Companies Act 1993 and is a FMC
Reporting Entity in terms of Part 7 of the Financial Markets
Conduct Act 2013. The Company is listed on the NZX
Main Board (“NZX”). The consolidated interim financial
statements have been prepared in accordance with the
requirements of the NZX, and Part 7 of the Financial
Markets Conduct Act 2013.
These consolidated interim financial statements have
been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’), except
for Note 2.1: Non-GAAP Underlying Net Profit after tax
(“Underlying Profit”) and Non-GAAP AFFO (“Available
Funds from Operations”), which is presented in addition
to NZ GAAP compliant information. They comply with
New Zealand equivalents to International Accounting
Standard 34 Interim Financial reporting (‘NZ IAS 34’) and
International Accounting Standard 34 Interim Financial
Reporting (‘IAS 34’). The Group is a Tier 1 for-profit entity
in accordance with XRB A1 Application of the Accounting
Standards Framework.
The accounting policies and methods of computation that
materially affect the measurement of the Consolidated
Statement of Comprehensive Income, Consolidated
Statement of Financial Position and the Consolidated
Cash Flow Statement have been applied on a basis
consistent with those used in the audited consolidated
financial statements for the year ended 31 March 2021.
All new standards, amendments and interpretations to
existing standards that came into effect during the current
accounting period have been adopted in the current year.
None of these have had a material impact on the Group.
The consolidated interim financial statements do not
include all the notes of the type normally included in the
consolidated annual financial statements. Accordingly,
these consolidated interim financial statements are to
be read in conjunction with the consolidated annual
financial statements for the year ended 31 March
2021, prepared in accordance with New Zealand
Equivalents to the International Financial Reporting
Standard (‘NZ IFRS’).
The consolidated interim financial statements
for the six months ended 30 September 2021
and comparatives for the six months ended 30
September 2020 are unaudited, but reviewed. The
consolidated annual financial statements for the year
ended 31 March 2021 were audited and form the basis
for the comparative figures for that period in these
statements.
The consolidated interim financial statements have
been prepared on a going concern basis, which
contemplates continuity of normal business activities
and the realisation of assets and the settlement of
liabilities in the ordinary course of business.
The balance sheet for the Group is presented on the
liquidity basis where the assets and liabilities are
presented in the order of their liquidity.
(iii) Functional and Presentation Currency
The consolidated interim financial statements are
presented in New Zealand dollars which is the
Group’s functional currency. All amounts have been
rounded to the nearest thousand, unless otherwise
indicated.
(iv) Measurement Basis
These consolidated interim financial statements have
been prepared under the historical cost convention,
with the exception of investment properties (note
3.1) and land and buildings included within property,
plant and equipment (note 3.2).
(v) Key Estimates and Judgements
The preparation of the consolidated interim financial
statements in conformity with IAS 34 and NZ IAS
34 requires the use of certain critical accounting
estimates. It also requires the Board of Directors
and Management to exercise their judgement in the
process of applying the Group’s accounting policies.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
9
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the consolidated interim financial statements
are described in the following notes:
• Valuation of investment properties (note 3.1)
• Valuation of land and buildings (note 3.2)
• Lease extension and termination options and
incremental borrowing rates (note 3.4)
• Impairment testing of right-of-use assets (note 3.4)
• Recognition of deferred tax (note 5.1)
• Impairment testing of goodwill:
The recoverability of the carrying value of goodwill
is assessed at least annually to ensure that it is not
impaired. Performing this assessment generally
requires management to estimate future cash flows
to be generated by the cash-generating unit, which
entails making judgements, including the expected
rate of growth of revenues based on budgeted
projections of occupancy levels, margins expected to
be achieved, the level of future capital expenditure
required to support these outcomes and the
appropriate discount rate to apply when valuing future
cash flows.
In March 2020, the World Health Organization declared
an ongoing global outbreak of a novel coronavirus
(‘COVID-19’) as a pandemic. In response, the New Zealand
Government implemented a range of public health
and economic measures to mitigate the impact of the
COVID-19 pandemic. Whilst the COVID-19 pandemic and
measures implemented have lowered overall economic
activity, the Group’s earnings, cash flow and financial
position have not been impacted since the outbreak began
and up to the date of the signing of these consolidated
interim financial statements. The Directors have
assessed the impact of COVID-19 on these judgements
and estimates and concluded that limited changes are
necessary. This is primarily due to the Group being
classified as a provider of essential services. This also
takes into consideration the most recent lockdown which
began on 17 August 2021 and has been ongoing since then
up to the signing of these consolidated interim financial
statements.
It is not possible to estimate the impact of the COVID-19
pandemic’s short and long-term effects. As at the date
of the signing of these consolidated interim financial
statements, all reasonably known and available information
with respect to the COVID-19 pandemic, has been taken
into consideration and all reasonably determinable
Notes to the Consolidated Interim Financial Statements continued
adjustments have been made in preparing these
consolidated interim financial statements.
(vi) Comparative Information
During the current year, Management has simplified the
consolidated interim financial statements to provide
more relevant information that is easier to understand.
Consequently, certain comparative information has
been re-ordered, re-labelled; or where considered non-
essential or immaterial, has been removed.
In the 2020 consolidated interim financial statements:
• the Group presented segment reporting
information, however, this was not in accordance
with the way which operating results are reported
to the Group’s chief operating decision maker, and
was included for consistency with retirement village
and aged care listed peers in New Zealand; and
• Cash flows from the sale and repurchase from
refundable occupation right agreements are now
included as part of cash flows from operating
activities instead of cash flows from investing
activities.
The 2021 annual financial statements also reflected the
above changes
(vii) Segment Reporting
An operating segment is a component of an entity that
engages in business activities which earn revenue and
incur expenses and where the chief operating decision
maker reviews the operating results on a regular basis
and makes decisions on resource allocation.
The Group operates in one operating segment being
the provision of aged care in New Zealand. The chief
operating decision maker, the Board of Directors,
reviews the operating results on a regular basis and
makes decisions on resource allocation based on the
review of Group results and cash flows as a whole.
The nature of the services provided and the type and
class of residents have similar characteristics within
the operating segment. The Ministry of Health is a
significant customer of the Group, as the Group derives
care fee revenue in respect of eligible Government
subsidised aged care residents. No other customers
individually contribute a significant proportion of the
Group’s revenue. All revenue earned and assets held are
in New Zealand.
10
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

2. OPERATING PERFORMANCE
2.1. Non-GAAP financial measures: Non-
GAAP Underlying Net Profit after tax
(“Underlying Profit”) and Non-GAAP
Available Funds from Operations
(“AFFO”)
Underlying Profit and AFFO are non-GAAP (non-Generally
Accepted Accounting Practice) financial measures and
differ from NZ GAAP, NZ IFRS and IFRS Net Profit after
Tax and Net cash provided by Operating Activities,
respectively. Underlying Profit and AFFO do not have a
standardised meaning prescribed by NZ GAAP (Generally
Accepted Accounting Practice in New Zealand) and so
may not be comparable to similar financial information
and measures presented by other entities. The Group
uses Underlying Profit and AFFO, with other measures,
to monitor financial performance and for shareholder
dividend determination considerations. The Group uses
these measures consistently across reporting periods.
The Group believes that these non-GAAP financial
measures, which are not considered to be a substitute
for or superior to NZ GAAP, NZ IFRS and IFRS measures,
provide stakeholders with additional helpful information on
the performance of the business. The non-GAAP measures
are consistent with how the business performance is
planned and reported within the internal management
reporting to the Board of Directors (being the chief
operating decision maker as described in note 1.1 (vii)).
Underlying Profit and AFFO are measured and calculated
in accordance with the basis of preparation described
below.
Underlying Profit
Underlying Profit is a non-GAAP measure of financial
performance and considered in the determination of
shareholder dividends. The calculation of Underlying Profit
requires a number of estimates to be approved by the
Directors in its preparation. Both the methodology and the
estimates may differ among other entities in the retirement
village and aged care sector. Underlying Profit does not
represent cash flow generated during the period.
Basis of preparation: Underlying Profit
The Group calculates Underlying Profit by making the
following adjustments to reported Net Profit after Tax:
Adjustments
Non-recurring or infrequent items
1. COVID-19 related expenses. As part of the
response to COVID-19, the Group incurred
additional expenses, including personal protective
equipment (PPE) costs and expenses in relation
to additional sick leave and isolation leave from
April 2020 to September 2020 and from August
to September 2021. The Group required staff to
take a COVID-19 test before returning to work
following any sick leave or isolation leave, to
ensure the safety of residents and staff in the
aged care facilities.
2. Government COVID-19 related subsidy. As with
other aged care providers in New Zealand, the
Group received funding during the year ended 31
March 2021 from the New Zealand Government
in relation to the increased costs associated with
COVID-19 which covered higher staff and PPE
costs.
3. One-off costs. Radius operated a laundry that
supported four of the facilities in the South Island.
This operation was stopped at the end of May
2021, and some of the laundry assets were sold.
As this operation does not form part of the main
activity of the Group, this is shown as a one-off
cost.
Structural changes and other
1. NZ Listed & other listed entity related costs.
In conjunction with its listing the Group
incurred costs associated with operating in a
listed environment in respect of Directors’ fees
(including the additional independent Directors),
audit costs, listing fees, share registry fees,
enhanced shareholder reporting costs and
additional Director & Officer insurance costs.
From the date of listing, the Group also incurred
a fee of 3.5% per annum of annual rental and
outgoings in relation to the personal guarantee in
place with one landlord.
2. Historical governance costs. These relate to
non-recurring historical Directors, consulting and
management fees previously incurred by the
Group but now replaced by NZ Listed & other
listed entity related costs.
11
Radius Residential Care Interim Report 2022
Radius Residential Care Interim Financial Statement 2022

3. Gain on acquisition of leased property assets. On
5 August 2021, the Group acquired four properties,
previously leased from Ohaupo Holdings Limited. On
acquisition, the disposal of the related right-of-use
assets and lease liabilities resulted in a gain of $1.4m
being recognised. This is further described in notes 3.2
and 4.1.
4. Income tax. Included is the potential income tax
impact of the above adjustments (described under
non-recurring or infrequent items and structural
changes and other above). An effective tax rate of 28%
has been assumed, where applicable.
Underlying adjustments
Underlying adjustments allow for direct comparison to
other NZX listed aged care and retirement village operators
and include:
1. The removal of changes in the fair value of investment
properties relating to the Group’s owned retirement
villages (Elloughton Grange Village and Windsor
Lifestyle Estate Village).
2. Inclusion of realised development margins on the
cash settlement of the first sale of new Refundable
Occupation Right Agreements (ORA) Units following
development.
3. Inclusion of realised gains on Unit resales. Realised
gains are calculated as the net cash flow received
by the Group on the cash settlement of the resale of
pre-existing ORA Units (i.e. the difference between
the value of the ORA licence payment received from
the incoming resident and the ORA licence payment
previously received from the outgoing resident).
Notes to the Consolidated Interim Financial Statements continued
Realised gains are net of incurred refurbishment
costs. The margin on the repurchase of legacy
units under a unit title subsequently sold under
an ORA contract is also included. Note, no
adjustment is made for differences between
accrued deferred management fees (DMF) and
actual cash DMF realised.
4. Removal of deferred tax expenses including those
related to the application of NZ IFRS 16 Leases,
where applicable.
AFFO
AFFO is a non-GAAP measure of available cash used
by the Group to determine the level of shareholder
dividend it may pay.
Basis of preparation: AFFO
AFFO is calculated from Pre-NZ IFRS 16 Underlying
Profit by removing Pre-NZ IFRS 16 depreciation and
amortisation and instead including maintenance
capital expenditure. Pre-NZ IFRS 16 Underlying Profit
is used as the starting point for this calculation as
it reflects the Pre-NZ IFRS 16 operating rental lease
expense which largely represents the actual cash lease
payment made, rather than the NZ IFRS 16 equivalent
which instead includes depreciation on right-of-use
assets and interest expense on lease liabilities, which
materially differs from actual cash operating rental
lease expense payments.
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Reconciliation of NZ GAAP financial measures to non-GAAP financial measures
Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
Profit for the period 1,334 2,065
ADJUSTMENTS
Non-recurring or infrequent items
Remove: COVID-19 related expenses 331 653
Remove: Government COVID-19 Subsidy – (857)
Remove: One-off costs 174 –
Structural changes and other
Include: Listed & other company costs – (553)
Remove: Historical governance costs – 341
Remove: Gain on acquisition of leased property assets(1,403) –
Include: Income tax impact from adjustments(141) 116
Underlying Adjustments
Remove: Change in fair value of investment properties 65 (716)
Include: Realised development margins 90 190
Include: Realised gains on resales – 10
Remove: Deferred tax expense(1)(1,143)
Underlying Net profit before tax449106
Remove: Depreciation 5,746 5,728
Remove: Net interest expense 4,558 4,968
Remove: Current tax expense 329 1,701
Remove: Income tax impact from adjustments141(116)
Underlying EBITDA11,22312,387
Include: Pre-NZ IFRS 16 operating lease expense(6,118)(6,400)
Pre-NZ IFRS 16 Underlying EBITDA5,1055,987
Include: Depreciation and amortisation (Pre-NZ IFRS 16)(2,200)(2,094)
Include: Net interest expense (Pre-NZ IFRS 16)(389)(438)
Include: Current tax expense(329)(1,701)
Include: Income tax impact from adjustments(141)116
Pre-NZ IFRS 16 Underlying Net profit after tax2,0461,870
Remove: Depreciation and amortisation (Pre-NZ IFRS 16)2,2002,094
Include: Maintenance capital expenditure(1,944)(1,613)
AFFO2,3022,351
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Notes to the Consolidated Interim Financial Statements continued
NOTE
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
INVESTMENT PROPERTIES
Opening carrying amount31,67527,831
Development expenditure – 338
Net fair value (loss)/gain(65)2,879
Refundable Occupation Right Agreements settled
–
(2,444)
Refundable Occupation Right Agreements entered1,6105,421
Purchases163100
Unsold units included in Opening carrying amount(1,610)(2,450)
Closing carrying amount31,77331,675
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial
Position as investment properties is as follows:
Valuation of operator's interest8,8408,345
Refundable Occupation Right Agreements3.321,53420,591
Deferred management fee3.31,3991,178
Unsold units – 1,561
31,77331,675
3. PROPERTY ASSETS
3.1. Investment Properties
Accounting policy
Investment properties include freehold land and buildings (completed and under development), comprising retirement
villages including common facilities, provided for use by residents under the terms of a Refundable Occupation Right
Agreements (ORA). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair
value. Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Land acquired with the intention of constructing investment properties is classified as investment properties from the date
of acquisition.
Rental income from investment properties is accounted for as deferred management fees as described in note 3.3.
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Valuation process and key inputs
The Group’s investment properties are valued on an annual
basis by CBRE Limited (CBRE), an independent valuer.
CBRE is registered with the Property Institute of New
Zealand, employs registered valuers and has appropriate
recognised professional qualifications and recent
experience in the location and category of properties being
valued.
Fair value as determined by CBRE is adjusted for assets
and liabilities already recognised (being Refundable
Occupation Right Agreements, management fee receivable
and deferred management fees as described in note 3.3)
in the Consolidated Statement of Financial Position which
are also reflected in the discounted cash flow model. The
valuation of investment properties is then grossed up
for cash flows relating to Refundable Occupation Right
Agreements, which are recognised separately in the
Consolidated Statement of Financial Position (refer also
note 3.3).
Retirement villages under development
The cost of retirement villages includes directly attributable
construction costs and other costs necessary to bring
the retirement villages to working condition for their
intended use. These other costs include professional fees
and consents, borrowing costs during the build period and
head office costs directly related to the construction of the
retirement villages. Where costs are apportioned across
more than one asset, the apportionment methodology
is determined by considering the nature of the cost. The
borrowing costs capitalised during the period was $nil (31
March 2021: $49k). The related borrowing costs were solely
for the villages under development.
If the fair value of investment properties under
development and construction cannot be reliably
determined but it is expected the fair value of the property
can be reliably determined when construction is complete,
then investment properties under construction will be
measured as cost less any impairment, until either its
fair value can be reliably determined or construction is
complete. Impairment is determined by considering the
value of work in progress and Management’s estimate of
the value of the investment properties on completion.
Unsold units
Any developed but not yet sold units (unsold units) are
valued based on recent comparable transactions, adjusted
for disposal costs, holding costs and an allowance for
profit and risk. This represents the fair value of the Group’s
interest in unsold units at reporting date.
Key accounting estimates and judgements
As the fair value of investment properties is
determined using inputs that are significant and
unobservable, the Group has categorised investment
properties as Level 3 under the fair value hierarchy in
accordance with NZ IFRS 13 Fair Value Measurement.
Valuation uncertainty
As at the 31 March 2021 valuation date, the valuers,
CBRE, have included a valuation uncertainty clause
in their valuation reports as a result of the COVID-19
pandemic. This clause highlights the difficulties
in undertaking valuations due to the absence of,
or limited relevant transactional evidence that
demonstrates current market pricing. Therefore,
less certainty and a higher degree of caution should
be attached to the point estimate valuations. This
represents an increase in the significant estimation
uncertainty in the valuation of investment properties.
Given the valuation uncertainty, the valuers have
recommended in their reports that the valuations of
the properties be kept under frequent review.
Management has also confirmed with its valuers as
at 30 September 2021 that there has not been any
material changes or external indicators of impairment
in the valuation of the properties.
Significant unobservable inputs
The significant unobservable input used in the fair
value measurement of the Group’s development land
is the value per square meter assumption. Increases
in the value per square meter rate result in the
corresponding increases in the total valuation.
The significant unobservable inputs used in the
fair value measurement of the Group’s portfolio of
completed investment properties are the discount rate
and the property growth rate.
The stabilised occupancy is a key driver of the CBRE’s
valuation. A significant increase/(decrease) in the
occupancy period would result in a significant lower/
(higher) fair value measurement.
Current ingoing price, for subsequent resales of
ORA’s, is a key driver of the CBRE’s valuation. A
significant increase/(decrease) in the ingoing price (as
driven by the property growth rates) would result in a
significantly higher/(lower) fair value measurement.
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3.2. Property, Plant and Equipment
Accounting policy
Property, plant and equipment is measured at cost or fair value less, where applicable, any accumulated depreciation and
any accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self constructed assets
includes the cost of materials and direct labour and any other costs directly attributable to bringing the asset to a
working condition for its intended use. Purchased software that is integral to the functionality of the related equipment is
capitalised as part of that equipment.
Subsequent costs are added to the carrying amount of an item of plant and equipment when that cost is incurred if it is
probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be
measured reliably. All other costs are recognised in the profit or loss as an expense as incurred. The costs of the day to day
servicing of property, plant and equipment are recognised in profit or loss as incurred.
Freehold land and buildings are measured at revalued amounts, being the fair value at the date of the revaluation, less
any subsequent accumulated depreciation and any accumulated impairment losses. At each reporting date the carrying
amount of each asset is reviewed to ensure that it does not differ materially from the asset’s fair value at reporting date.
Where necessary, the asset is revalued to reflect its fair value.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised in other comprehensive
income and accumulated in equity. To the extent that the increase reverses a decrease of the same asset previously
recognised in profit or loss, the increase is recognised in profit or loss. Decreases that offset previous increases of the same
asset are recognised in other comprehensive income; all other decreases are recognised in profit or loss.
Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated
useful lives of the improvements.
Land is not depreciated. The depreciable amount of all other property, plant and equipment is depreciated using the
straight line method over their estimated useful lives commencing from the time the asset is held available for use,
consistent with the estimated consumption of the economic benefits embodied in the asset.
Notes to the Consolidated Interim Financial Statements continued
CategoryUseful Life Range
- Buildings10 - 50 years
- Motor vehicles3 - 5 years
- Furniture, fixtures and fittings5 - 10 years
- Information technology3 - 4 years
- Medical equipment 5 - 7 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date. No depreciation
is charged in the year of sale for all assets other than buildings in which case depreciation is charged to the earlier of the
date of classification to held for sale or the date of sale.
Assets are assessed for impairment whenever events or circumstances arise that indicate the asset may be impaired. An
asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount. Impairment losses in respect of individual assets are recognised immediately
in profit or loss unless the asset is measured at a revalued amount, in which case the impairment loss is treated as a
revaluation decrease and is recognised in other comprehensive income to the extent that it does not exceed the amount in
the revaluation surplus for the same asset.
Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount of the
asset. These are included in the profit or loss.
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$’000
Land and
Buildings
Motor
vehicles
Furniture,
fixtures and
fittings
Information
technology
Medical
equipmentTotal
UNAUDITED - SIX MONTH
ENDED 30 SEPTEMBER 2021
Opening net book value18,32636112,4801,47325632,896
Additions31,337 – 2,0373237433,771
Disposals – – (227) – – (227)
Depreciation(170)(70)(1,522)(381)(50)(2,193)
Closing net book value 49,493 291 12,768 1,415 280 64,247
UNAUDITED - SIX MONTH
ENDED 30 SEPTEMBER 2021
Cost (Land at valuation)49,6771,21236,1905,08872292,889
Accumulated Depreciation(184)(921)(23,422)(3,673)(442)(28,642)
Net book value49,49329112,7681,41528064,247
$’000
Land and
Buildings
Motor
vehicles
Furniture,
fixtures and
fittings
Information
technology
Medical
equipmentTotal
AUDITED - YEAR
ENDED 31 MARCH 2021
Opening net book value17,26529712,9051,63719932,303
Additions32052,6335871503,578
Net amount of revaluation
increments less decrements*
1,307––––1,307
Disposals–(1)(21)(5)(3)(30)
Depreciation(249)(140)(3,037)(746)(90)(4,262)
Closing net book value18,32636112,4801,47325632,896
AUDITED - YEAR ENDED
31 MARCH 2021
Cost1151,21234,3804,76564841,120
Valuation18,225–––– 18,225
Accumulated Depreciation(14)(851)(21,900)(3,292)(392)(26,449)
Net book value18,32636112,4801,47325632,896

* The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer to note 5.1.
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Valuations
Three of the Group’s properties: St Helenas, Thornleigh
Park and Lexham Park, which are included in land and
buildings were revalued on 31 March 2021 to $18,225,000
from a carrying value as at 31 March 2020 of $16,918,000
resulting in a revaluation gain of $1,307,000.
The fair values of the three revalued land and buildings
on freehold land have been determined by reference to
independent valuations obtained as at 31 March 2021.
These valuations were undertaken by a Property Institute
of New Zealand registered valuer, LVC. LVC, an external
independent valuation company employing registered
valuers, have appropriate recognised professional
qualifications and recent experience in the location and
category of properties being valued. LVC determined the
fair value of land and buildings on freehold land using the
direct comparison approach and capitalisation of market
income approaches.
There has not been any material changes or external
indicators of impairment in the valuation of the properties
as at 30 September 2021.
On 5 August 2021, the Group acquired the land and
buildings at four leased sites in Auckland, Waikato,
Taranaki and Canterbury from Ohaupo Holdings Limited
for consideration of $31.4m. The acquisition was funded
from the fully underwritten placement and issue of shares
to Ohaupo Holdings Limited - see note 4.1.
Valuation uncertainty
As at the 31 March 2021 valuation date, the valuers, LVC,
have included a valuation uncertainty clause in their
valuation reports as a result of the COVID-19 pandemic.
This clause highlights the difficulties in undertaking
valuations due to the absence of, or limited relevant
transactional evidence that demonstrates current market
pricing. Therefore, less certainty and a higher degree of
caution should be attached to the point estimate valuation.
This represents an increase in the significant estimation
uncertainty in the valuation of the properties. Given the
valuation uncertainty, the valuers have recommended in
their reports that the valuations of the properties be kept
under frequent review.
Key accounting estimates and judgements
Property measurements are categorised as Level 3 (31
March 2021: Level 3) of the fair value measurement
hierarchy as the fair value is determined using inputs
that are unobservable.
Significant unobservable inputs
The significant unobservable input used in the fair
value measurement of the Group’s land and buildings
is the capitalisation rate applied to earnings. A
significant decrease/(increase) in the capitalisation
rate would result in significantly higher/(lower) fair
value measurement.
3.3. Refundable Occupation Right
Agreements
Accounting policy
Refundable Occupation Right Agreements (ORAs)
confer the right to occupy a retirement unit and are
considered leases under NZ IFRS 16 Leases.
A new resident is charged a refundable security
deposit, on being issued the right to occupy one of
the Group’s units, which is refunded to the resident
subject to a new ORA for the unit being issued to
an incoming resident, net of any amount owing to
the Group. The Group has a legal right to set off any
amounts owing to the Group by a resident against
that resident’s security deposit. Such amounts
include management fees, rest home and hospital
fees, service fees and village fees. As the refundable
occupation right is repayable to the resident upon
vacating the unit (subject to a new ORA for the unit
being issued to an incoming resident), the fair value is
equal to the face value, being the amount that can be
refunded.
The right of residents to occupy the investment
properties of the Group is protected by the Statutory
Supervisor restricting the ability of the Group to
fully control these assets without undergoing a
consultation process with all affected parties.
Notes to the Consolidated Interim Financial Statements continued
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A resident is charged a village contribution fee in consideration for the right to occupy one of the Group’s units:
• for Windsor Lifestyle Estate Limited, to a maximum of 21% of the entry payment; and
• for Elloughton Grange Village Limited, to a maximum of 30% of the entry payment.
The village contribution is payable by the resident on termination of the ORA. Village contribution is recognised as deferred
management fees. The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable under the ORA and the
portion of the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in
a resident’s ORA or the average expected occupancy for the relevant accommodation i.e. 8 years (31 March 2021 : 8 years.)
The management fee recognised in the Consolidated Statement of Comprehensive Income represents income earned in
line with the average expected occupancy.
As a refundable occupation license payment is repayable to the resident upon termination (subject to a new ORA being
issued to an incoming resident), the fair value is equal to the face value, being the amount that can be demanded.
The expected maturity of the refundable obligations to residents is beyond 12 months.
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation license payments25,73524,125
Less: Management fee receivable (per contract)(4,201)(3,534)
21,53420,591
RECONCILIATION OF MANAGEMENT FEES RECOGNISED UNDER NZ IFRS AND PER ORA
Management fee receivable (per contract)(4,201)(3,534)
Deferred management fee1,3991,178
Management fee receivable (per NZ IFRS)(2,802)(2,356)
3.4. Leases
Accounting policy
At the commencement date of a lease (other than leases of 12-months or less and leases of low value assets), the Group
recognises a lease asset representing its right to use the underlying asset and a lease liability representing its obligation to
make lease payments.
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Notes to the Consolidated Interim Financial Statements continued
Right-of-use assets
Right-of-use assets are initially recognised at cost,
comprising the amount of the initial measurement of the
lease liability, any lease payments made at or before the
commencement date of the lease, less any lease incentives
received, any initial direct costs incurred by the Group,
and an estimate of costs to be incurred by the Group in
dismantling and removing the underlying asset, restoring
the site on which it is located or restoring the underlying
asset to the condition required by the terms and conditions
of the lease.
Subsequent to initial recognition, lease assets are measured
at cost (adjusted for any remeasurement of the associated
lease liability), less accumulated depreciation and any
accumulated impairment loss. Right-of-use assets are
assessed for impairment whenever events or circumstances
arise that indicate the asset may be impaired. An asset’s
carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful life of the underlying
asset, consistent with the estimated consumption of the
economic benefits embodied in the underlying asset.
Lease liabilities
Lease liabilities are initially recognised at the present value
of the future lease payments (i.e., the lease payments that
are unpaid at the commencement date of the lease). These
lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined,
or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, the lease liability is
measured at amortised cost using the effective interest rate
method. Interest expense on lease liabilities is recognised
in profit or loss (as a component of finance costs). Lease
liabilities are remeasured to reflect changes to lease terms,
changes to lease payments and any lease modifications not
accounted for as separate leases.
Variable lease payments not included in the measurement
of lease liabilities are recognised as an expense when
incurred.
Leases of 12-months or less and leases of low value
assets
Lease payments made in relation to leases of
12-months or less and leases of low value assets
(for which a lease asset and a lease liability has not
been recognised) are recognised as an expense on a
straight line basis over the lease term.
Key accounting estimates and judgements
Extension and termination options are included in
a number of leases across the Group. These terms
are used to maximise the operational flexibility of
contracts. The majority of extension and termination
options are exercisable only by the Group and not by
the respective lessor. In determining the lease term
management considers all facts and circumstances
that lead to an economic incentive to exercise and
extension option or not exercise a termination option.
Extension options or periods after termination options
are only included in the lease term if the lease is
reasonably certain to be exercised. This assessment is
reviewed if a significant event or significant change in
circumstances occurs which effects this assessment
and that is within the Group’s control. All extension
options have been assumed for the calculations of the
Group’s lease liabilities.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases
in the Group, the lessee’s incremental borrowing
rate is used, being the rate that the individual lessee
would have to pay to borrow the funds necessary to
obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar
terms, security and conditions. The weighted average
incremental borrowing rates applied by the Group is
5% (31 March 2021: 5%). No new leases were entered
into during the period (31 March 2021: none) and
four leases were cancelled as these properties were
acquired by the Group during the period (31 March
2021: none was cancelled or modified).

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Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
(A) RIGHT-OF-USE ASSETS
Land and Buildings under lease154,387191,603
Accumulated depreciation
(17,349)(14,433)
Total carrying amount of right-of-use assets137,038177,170
RECONCILIATIONS
Reconciliation of the carrying amount of lease assets at the beginning and end of the financial year/period:
Land and Buildings
Opening carrying amount177,170181,431
Additions––
Depreciation(3,546)(7,290)
Remeasurements7003,029
Disposals(37,286)–
Closing carrying amount137,038177,170
The Group leased four properties from Ohaupo Holdings Limited. On 5 August 2021, the Group acquired the four
properties, this is further described in notes 3.2 and 4.1. On acquisition of these properties, disposal of the related right-
of-use assets and lease liabilities, a gain of $1.4m was recognised.

(B) LEASE LIABILITIES
Current
Land and Buildings 3,8864,051
Non-current
Land and Buildings 140,480180,254
144,366184,305
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Notes to the Consolidated Interim Financial Statements continued
Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities4,1694,529
Depreciation expense on right-of-use assets3,5463,635
Cash outflow in relation to leases6,1186,400
Gain on acquisition of leased property assets1,403–
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
(D) MATURITY ANALYSIS - CONTRACTUAL UNDISCOUNTED CASH FLOWS
- Not later than 1 year10,826
12,932
- Later than 1 year and not later than 5 years43,53452,035
- Later than 5 years208,819292,002
263,179356,969
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4. SHAREHOLDER EQUITY AND FUNDING
4.1. Shareholder Equity and Reserves
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax.
The grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an
expense, with a corresponding increase in equity.
Unaudited
30-Sep-21
Audited
31-Mar-21
Shares$’000Shares$’000
SHARE CAPITAL
Authorised, issued and fully paid up capital269,243,08951,757176,495,0005,932
Total contributed equity269,243,08951,757176,495,0005,932
MOVEMENTS
Opening balance of ordinary shares issued176,495,0005,93212,500,0004,736
Share split––162,500,000–
Shares issued to employees and service providers––1,495,0001,196
Fully underwritten placement57,692,30730,000––
Ohaupo shares issued19,230,76810,000––
Retail offer15,825,0148,229––
Share issuance costs–(2,404)––
Closing balance of ordinary shares issued269,243,08951,757176,495,0005,932
All ordinary shares are authorised and rank equally with one vote attached to each fully paid ordinary share. The
shares have no par value. The Group incurred $2.4m of transaction costs issuing the shares during the period (31 March
2021:$nil).
Fully underwritten placement
On 27 July 2021 and 3 August 2021, 34,062,037 and 23,630,270 ordinary shares were allotted under a placement, at a final
price of $0.52 per share (being $0.02 above the underwritten floor price of $0.50).
The share issue was authorised as per the Shareholders’ resolution dated 23 July 2021.
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Shares issued to Ohaupo Holdings Limited
On 5 August 2021, allotment of 19,230,768 ordinary shares at $0.52 to Ohaupo Holdings Limited’s nominees as part
consideration for the purchase price payable for the acquisition of land and buildings from Ohaupo Holdings Limited as
described in note 3.2.
The share issue was authorised as per the Shareholders’ resolution dated 23 July 2021.
Retail offer
On 13 August 2021, allotment of 15,825,014 ordinary shares at $0.52 under a retail offer.
The share issue was authorised as per the Shareholders’ resolution dated 23 July 2021.
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On 25 May
2021 a dividend of 0.89 cents per share (fully imputed) was declared and was paid on 21 June 2021 (2021:On 5 February
2021 a dividend of 0.58 cents per share (fully imputed) was declared and was paid on 26 February 2021 ). On 29 November
2021 a dividend of 0.70cents per share (fully imputed) was declared and will be paid on 23 December 2021.
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
4.2. Earnings per share
Basic and diluted
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted average number of
ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. As at 30 September
2021, there were no shares with a dilutive effect (31 March 2021: none) and therefore basic and diluted earnings per share
were the same.
Unaudited
Six Months
30-Sep-21
Unaudited
Six Months
30-Sep-20
Unaudited
Six Months
30-Sep-20*
Profit/ (loss) after tax1,3342,0652,065
Weighted average number of ordinary shares outstanding ('000s)207,02512,500175,000
Cents per share 0.64 16.52 1.18
*As described in the 2021 Annual Financial Statements a share split took place on 8 December 2020, the Group has
also presented the basic earnings per share for the six months ended 30 September 2020 taking into consideration
this share split.
Notes to the Consolidated Interim Financial Statements continued
24
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Radius Residential Care Interim Financial Statement 2022

4.3. Borrowings
Accounting policy
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in the Consolidated Statement of Comprehensive Income over the period of the borrowings, using the effective
interest method.
Specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the
cost of those assets, until such a time as the assets are substantially ready for their intended use. Other borrowing costs
are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred. The
borrowing costs capitalised during the period was $nil (31 March 2021: $49k). The related borrowing costs were solely for
the villages under development (note 3.1).
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
SECURED LIABILITIES
Current
Bank Loans 1,000 1,000
Non-current
Bank Loans17,71226,212
18,71227,212
Terms and conditions and assets pledged as security
Current
$’000
Non-current
$’000
Facility Limit
$’000
Effective
Interest rate
%
Expiry
date
UNAUDITED AS AT 30 SEPTEMBER 2021
Committed Cash Advance–8,88718,0002.01%29 April 2023
Committed Cash Advance–9,8259,8251.76%29 July 2023
–18,71227,825
AUDITED AS AT 31 MARCH 2021
Committed Cash Advance–17,38718,0002.01%29 April 2023
Committed Cash Advance–9,8259,8251.76%29 July 2023
–27,21227,825
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Radius Residential Care Interim Financial Statement 2022

Security
The bank loans of the Group are guaranteed by certain
Group entities and secured by mortgages over the
Group’s care centre freehold land and buildings and rank
second behind the Statutory Supervisors when the land
and buildings are classified as investment property and
investment property under development.
As at 30 September 2021 the balance of the bank loans
over which the properties are held as security is $9,825k
(31 March 2021: $9,825k), the total commitment as at 30
September 2021 is $9,825k (31 March 2021: $9,825k).
Other
The Group has a Corporate Banking Overdraft Facility
Agreement with ASB Bank Limited for $1,500k (31 March
2021: $1,500k) that has an expiry date on 31 March 2049
(31 March 2021: 31 March 2049). This facility bears interest
at an effective interest rate of 3.55% (31 March 2021:
3.75%) and is secured over the assets of the Group and
guaranteed by certain Group entities. At reporting date
this overdraft facility was not drawn (31 March 2021: $Nil).
Financing arrangements
Under the Group’s bank loan arrangements with ASB
Bank Limited, the Group must comply with externally
Notes to the Consolidated Interim Financial Statements continued
imposed banking covenant. These covenants are
tested and reported to the ASB on a quarterly basis.
During the six months ended 30 September 2021, the
Group complied with all externally imposed banking
covenant requirements to which it is subject (31 March
2021: complied with all). The Group has agreed with
its banks that the calculation of Adjusted EBITDA
(Earnings Before Interest, Tax, Depreciation and
Amortisation) and Net Interest, for the purposes of
the financial covenants, shall continue to be based
on the accounting treatment in use before the
introduction and adoption of NZ IFRS 16 Leases.
On 29 October 2021 the Group entered into a new
$62 million 5 year senior facility agreement with its
banking partner ASB.
The agreement is structured to provide:
• a $20 million facility to fund existing
developments and for general corporate
purposes;
• a $20 million development finance facility to
support new and existing developments; and
• a $20 million acquisition funding facility to
support new acquisitions
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Radius Residential Care Interim Financial Statement 2022

5. OTHER DISCLOSURE
5.1. Income Tax
Accounting policy
Current income tax expense or credit is the tax payable
on the current period’s taxable income based on the
applicable income tax rate adjusted by changes in deferred
tax assets and liabilities.
Deferred tax assets and liabilities are recognised for
temporary differences at the applicable tax rates when
the assets are expected to be recovered or liabilities are
settled. Deferred tax liabilities are not recognised if they
arise from the initial recognition of goodwill. Deferred
income tax is also not recognised if it arises from the
initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit
or loss.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to
utilise those temporary differences and losses.
Current and deferred tax balances attributable to amounts
recognised directly in equity are also recognised directly in
equity.
Key accounting estimates and judgements
Deferred tax on Investment Property
Deferred tax on investment property is assessed on the
basis that the asset value will be realised through use
(“Held for Use”).
An initial recognition exemption has been applied to newly
developed village sites in accordance with NZ IAS 12
Income Taxes.
The Group’s Refundable ORAs comprise two distinct cash
flows (being an ORA deposit upon entering the unit and
the refund of this deposit upon exit). In determining the
tax base of investment property, the Group considered
whether taxable cash flows are received at the end of the
ORA period (i.e. upon refund of the ORA deposit by way
of set off on exit by a resident) or at the beginning of the
ORA period (i.e. at time of the receipt of the ORA deposit).
The Group has carefully evaluated all the available
information and considers it appropriate to recognise and
measure the tax base and associated deferred tax based
on the taxable cash flows being receivable at the end
of the ORA period as this best represents the Group’s
contractual entitlement.
In calculating deferred tax under the Held for Use
methodology, the Group has made significant
judgements to determine taxable temporary
differences. The carrying value of the Group’s
investment property is determined on a discounted
cash flow basis and includes cash flows that are both
taxable and non-taxable in the future. The Group
has recognised deferred tax on the cash flows with
a future tax consequence being DMF as provided by
CBRE, to the extent that it arises from depreciable
components (i.e. buildings) of the investment
property. The Group uses the valuers valuations to
estimate the apportionment of cash flows arising from
the depreciable (i.e. buildings) and non-depreciable
components (i.e. land).
27
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Unaudited
Six Months
30-Sep-21
$’000
Unaudited
Six Months
30-Sep-20
$’000
(A) COMPONENTS OF TAX EXPENSE
Current tax3291,701
Deferred tax(1)(1,143)
328558
(B) INCOME TAX RECONCILIATION
The prima facie tax payable on profit before tax is reconciled to the income tax expense as follows:
Prima facie income tax payable on profit before tax at 28.0%465734
Permanent differences180(176)
Over provision for income tax in prior year(317)–
Income tax expense attributable to profit328558
Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
(C) DEFERRED TAX
Deferred tax relates to the following:
Non-current asset
Deferred tax assets
The balance comprises:
Lease liabilities40,42351,605
Provisions1,8151,970
Deferred management fee income862765
43,10054,340
Deferred tax liabilities
The balance comprises
Property, plant and equipment1,0931,098
Right-of-use assets38,37149,607
39,46450,705
Net deferred tax assets3,6363,635
Notes to the Consolidated Interim Financial Statements continued
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Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
(D) DEFERRED INCOME TAX REVENUE COMPRISES:
Through profit / (loss) included in income tax expense
Decrease / (Increase) in deferred tax assets11,240(388)
Decrease in deferred tax liabilities(11,241)(1,443)
(1)(1,831)
Through other comprehensive income
Increase in deferred tax liabilities–202
Through other comprehensive income included in revaluation of property,
plant and equipment
–202
Increase in deferred tax liabilities(1)(1,629)
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is probable
that future taxable profits will be available to utilise those temporary differences.

Unaudited
30-Sep-21
$’000
Audited
31-Mar-21
$’000
(E) IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT PERIODS
Balance at the beginning of the year / period 5,549 4,104
Dividends paid(439)(285)
New Zealand tax payments, net of refunds 1,263 1,744
Other debits–(14)
Balance at the end of the year / period 6,373 5,549
29
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5.2. Related Party Transactions
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent
accounting policies. Adjustments are made to bring into line any dissimilar accounting policies which may exist.
All inter-company transactions and balances are eliminated. The subsidiaries are consolidated from the date the Group
gains control until the date on which control ceases.
Subsidiaries
The following are the Group’s subsidiaries
Ownership interests and voting rights
Name of EntityPrincipal Activities
Unaudited
30-Sep-21
Audited
31-Mar-21
Class of
Shares
Radius Arran Court Limited
Lessee entity for Radius Arran
Court facility
100%100%Ordinary
Windsor Lifestyle Estate
Limited
Operating entity for Windsor
retirement village
100%100%Ordinary
Radius Care
Limited (non-trading)
Dormant100%100%Ordinary
Elloughton Grange Village
Limited
Operating entity for Elloughton
retirement village
100%100%Ordinary
Radius Care Holdings Limited
Property owning entity for St
Helenas, Thornleigh Park, Lexham
Park, Elloughton, Heatherlea,
Windsor Court and Taupaki Gables
facilities
100%100%Ordinary
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March.

Notes to the Consolidated Interim Financial Statements continued
30
Radius Residential Care Interim Report 2022
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