Oceania delivers improved performance despite COVID-19

MEDIA RELEASE
29 November 2021

OCEANIA DELIVERS IMPROVED PERFORMANCE DESPITE COVID-19 BACKDROP

Oceania today announced unaudited proforma Underlying Earnings before interest, tax,
depreciation and amortisation (EBITDA) of $36.5m for the six month period ended 30
September 2021, a 19.7%, ($6.0m) increase on the six month period ended 30 September
2020
1
.

Highlights:
• A 19.7% increase ($6.0m) in unaudited [proforma] underlying EBITDA compared to
the six month period ended 30 September 2020.
• Aged care business continued to perform well throughout the period despite COVID-
19 disruptions.
• Sales volumes (for both independent living apartments and villas, as well as care
suites) being 10.6% ahead of the six month period ended 30 September 2020,
despite ongoing COVID-19 lockdown restrictions.
• Completion of the acquisition of Waterford (Hobsonville Point, Auckland) in April
2021 and a resource consent for 50 independent living apartments and a basement
carpark has been secured.
• The completion of 49 apartments at Eden (Auckland) in April 2021 and eight villas at
Gracelands (Hastings) in September 2021.
• 545 units (apartments, villas and care suites) under construction as at 30 September
2021.
• Oceania’s total assets are now $2.1b, representing 9.7% growth since 31 March
2021.
• Entry into a conditional sale and purchase agreement to acquire land adjacent to our
Franklin site.
• Completion of a heavily oversubscribed retail bond offer in August 2021, raising
$100m.
• Appointment of Rob Hamilton and Peter Dufaur as independent Directors.
• Appointment of Andrew Buckingham as Group General Manager Property &
Development.

1
On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy totalling $1.8m. This amount has
subsequently been repaid in full on 18 May 2021 and as a result has been excluded from proforma results in this media release. This
proforma adjustment increases underlying EBITDA and underlying NPAT in relation to the six month period to 30 September 2021 by
$1.8m and reduces the underlying EBITDA and underlying NPAT position in relation to the six month period to 30 September 2020 by
$1.8m.

• Interim dividend of 2.1 cents per share (not imputed) announced (30 November
2020: 1.3 cents). This will have a record date of 6 December 2021 and will be paid
on 20 December 2021. The Dividend Reinvestment Plan will apply to this dividend.

As a result of Oceania previously changing its balance date to 31 March, the comparative
trading performance noted below is reported on the basis of the six month period to 30
September 2021 compared to the six month period to 30 September 2020:
30 September 2021 unaudited non-GAAP six months trading measures vs six months
to 30 September 2020
$m’s

6 months to 30
September
2021
6 months to
30 September
2020
Growth
$m %
Underlying EBITDA (6 v 6 proforma) 36.5 30.5 6.0 19.7%
Underlying NPAT (6 v 6 proforma) 27.5 22.5 5.0 22.2%
Sales 230 208 22 10.6%
Occupancy 92.5% 91.1%

Statutory measures for the six month period to 30 September 2021 are reported below
compared to the six month period to 30 November 2020.
30 September 2021 unaudited GAAP six month statutory measures vs six months to
30 November 2020
$m’s

6 months to 30
September
2021
6 months to
30 November
2020
Growth
$m %
Operating Revenue (6 v 6 stat) 113.9 103.9 10.0 9.6%
Reported NPAT (6 v 6 stat) 36.9 24.8 12.1 48.8%
Operating Cashflow (6 v 6 stat) 52.5 74.5 (22.0) (29.5%)
Total Assets (Sept v March stat) 2,064.3 1,882.2 182.1 9.7%
Dividend (cents per share) 2.1 1.3

Oceania CEO Brent Pattison advised that “Oceania has continued to provide a safe, vibrant
and well connected community for our residents despite the extended Governmental
restrictions and costs associated with COVID-19. The business has responded well through
high levels of vaccination, regular communications with staff, residents and their families, as
well as a significant investment in surveillance, including declarations, online bookings and
saliva testing.”
Oceania has been working with Government officials and Ministry of Health representatives
with regard to health policy. Oceania has also taken an industry leadership position in

calling for our Auckland residents to be allowed to reconnect with their loved ones safely.
Oceania remains well-prepared to manage any infections that occur at its sites, with
industry-leading infection control policies and a highly experienced clinical team.
Mr Pattison explained that “Prior to the Alert Level Four lockdown being announced on 17
August 2021, sales volumes were strong and development activities were progressing well.
The extended lockdowns, particularly in the Auckland region, have temporarily impacted
Oceania’s sales, delayed building works and have added direct costs associated with
COVID-19.”
Village sales have remained strong throughout the period, despite ongoing COVID-19
restrictions. In the six months to 30 September 2021, there was a total of 102 independent
living (apartment and villa) sales, comprising 57 new sales and 45 resales. This is an
increase of 25.9% from the six month period ended 30 September 2020.
Oceania’s total assets increased to $2.1 billion, up 9.7% ($182.1m) on 31 March 2021,
primarily due to significant capital expenditure and the acquisition of the Waterford and
Franklin sites during the period.
“We have continued to make good progress with the execution of our development pipeline
during the six month period to 30 September 2021, despite the challenges presented by the
COVID-19 lockdown restrictions. As at 30 September 2021, there were 545 units under
construction across New Zealand.” said Mr Pattison.
The appointment of Andrew Buckingham as Group General Manager Property &
Development is a strategic appointment that will further enhance Oceania’s performance in
this area.
Oceania’s total funding positions the company well for future growth. A heavily
oversubscribed seven year retail bond issue of $100m in September 2021, following a
capital raise of $100m undertaken in March/April 2021, and Oceania’s inaugural seven year
retail bond issue in October 2020.
Oceania Chair Liz Coutts noted “We were delighted to have welcomed Rob Hamilton and
Peter Dufaur to the Board as independent Directors during September 2021. They bring an
extensive range of skills and we are looking forward to them making a significant contribution
to the future performance and growth of Oceania.”
Mrs Coutts advises the Board declared an interim dividend of 2.1 cents per share
(unimputed) (30 November 2020: 1.3 cents). The record date for the dividend is 6
December 2021 and the payment date is 20 December 2021. The Dividend Reinvestment
Plan will apply to the dividend payable on 20 December 2021 at a discount of 2.5% to the
volume weighted average price of shares sold on the NZX Main Board over the period of the
five trading days starting on 3 December 2021.
ENDS

For all enquiries, please email investor@oceaniahealthcare.co.nz or phone 0800 333 688

---

Believe
in b et t er.
INTERIM REPORT 2022

Change of balance date 02
At a glance 04
Trading highlights 06
Chair and CEO's report 08
Three year summary 17
Consolidated Interim
Financial statements 18
Notes to the Consolidated
Interim Financial Statements 23
Independent Auditor's Review Report 67

Oceania Healthcare
|
Interim Report 2021
01
01
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
In the six months to 30 September
2021, Oceania has achieved a
20% growth in unaudited underlying
EBITDA compared to the prior
corresponding period, with a solid
performance across its sales and
developments despite the ongoing
COVID-19 restrictions. The business
has responded well through high
levels of vaccination, regular
communications with staff, residents
and their families, as well as a
significant investment in surveillance.

During the six month period to 30 September 2021, New Zealand has been subject to Alert
Level 3 restrictions or higher for a total of 21 days (12% of the reporting period). In addition
to national lockdowns the Auckland region has been subject to Alert Level 3 restrictions or
higher for a further 23 days (13% of the reporting period) as depicted below.
CHANGE OF BALANCE DATE
This represents the first Interim Report since the change
of balance date to 31 March.
18 August 2021 —
31 August 2021
1 September 2021 —
7 September 2021
LEVEL 4 — NZ
1 September 2021 —
21 September 2021
LEVEL 4 — AKL
22 September 2021 —
30 September 2021
LEVEL 3 — AKL
LEVEL 3 — NZ EXCL AKL
7 September 2021 —
30 September 2021
LEVEL 2 — NZ EXCL AKL
2020
2021
26 March 2020 —
27 April 2020
12 August 2020 —
30 August 2020
31 August 2020 —
23 September 2020
28 April 2020 —
13 May 2020
LEVEL 4 — NZLEVEL 3 — AKL
1 APRIL 2020
30 SEPTEMBER 2020
30 SEPTEMBER 2021
1 APRIL 2021
LEVEL 2.5 — AKLLEVEL 3 — NZ
02
OCEANIAINTERIM REPORT 2022

The proforma comparative underlying earnings position
is set out below.
Financial Metrics
The following six month trading position represents the trading position of the
company. The periods represent:
— six months to 30 September 2021; and
— six months to 30 September 2020 (comparative period)
This forms the basis of the trading highlights pages in the Interim Report.
Underlying earnings six month comparative position
$NZ000’s
Unaudited
6 months to
September 2021
Unaudited
6 months to
September 2020
Care
10,9919,135
Village operating
11,399 7,646
Resales cap gain
10,639 6,201
Development margin
15,252 16,782
Corporate
1

(11,814) (9,253)
Group U/L EBITDA
36,467 30,511
Interest
(3,900) (3,622)
Depreciation
(5,059) (4,351)
Underlying NPAT
27,508 22,538
Care Suite depreciation
(4,807) (3,408)
Adjusted Underlying NPAT
22,701 19,130

Occupied beds per day
2,336 2,273
Effective bed capacity per day
2,526 2,495
Effective occupancy (%)
92.5% 91.1%
Existing ORAs sold
45 24
New ORAs sold
57 57
Existing Care Suites sold
84 62
New Care Suites sold
44 65
Total ORAs sold
230 208
03
CHANGE OF BALANCE DATE
1
On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy
totalling $1.8m. This amount has subsequently been repaid in full on 18 May 2021 and as a result
has been excluded from the table above. This proforma adjustment increases underlying EBITDA
and underlying NPAT in relation to the six month period to 30 September 2021 by $1.8m and
reduces the underlying EBITDA and underlying NPAT position in relation to the six month period
to 30 September 2020 by $1.8m.

AT A GLANCE
Oceania is a leading provider of premium healthcare
services to older people in New Zealand. We are
dedicated to delivering exceptional and innovative
hospitality services that delight our residents and
lead the sector.
We have a substantial development pipeline with
545 units under construction across New Zealand.
Better experiences.
OCEANIAINTERIM REPORT 2022
04

As at 30 September 2021
Existing sites
with mature
operations
Existing sites
with brownfield
developments
Undeveloped
sites
Total sites
25201
46
2,800
2,652
4,000
1,509
Staff
Care beds and care suites
Residents
Units
(current and planned)
AT A GLANCE
05

OCEANIAINTERIM REPORT 2022
06
TRADING HIGHLIGHTS Six months to 30 September 2021
Operating Cash Flow
six months to 30 September 2021
Reported Total
Comprehensive Income
six months to 30 September 2021
higher than six months
to 30 November 2020
of $57.0m
compared to six months
to 30 November 2020
of $74.5m
$
52.5m
$
62.7m
Underlying Earnings Before
Interest, Tax, Depreciation
and Amortisation
six months to 30 September 2021
Total assets
as at 30 September 2021
higher than six months
to 30 September 2020
of $30.5m
19.7 %
$
2.1bn
$
36.5m
higher than 31 March 2021 of $1.9bn
9.7 %
Financial Six months to 30 September 2021
Delivering better.
10.5%

TRADING HIGHLIGHTS
07
Operational Six months to 30 September 2021
Developments Six months to 30 September 2021
230
New units
57
New care suites
44
Resale units
45
Resale care suites
84
ahead of total sales for the
six months to 30 September 2020
10.6%
Total sales
Units + care suites
40
Units + care suites
59
Consents securedCompleted
Resource consents received during
the six months to 30 September 2021
Units and care suites completed in the
six months to 30 September 2021 at:
Units + care suites
545
Under construction
Units and care suites under construction
as at 30 September 2021:
– Awatere Stage 2 (Hamilton)
– The BayView Stage 2B (Tauranga)
– Lady Allum Stage 1 (Milford)
– Waimarie Street (St Heliers, Auckland)
– Redwood (Blenheim)
– The Bellevue Stage 2 (Christchurch)
– Elmwood Stage 1 (Manurewa, Auckland)
– Gracelands (Hastings)
– Eden (Mt Eden, Auckland)
– Gracelands (Hastings)
– Stoke (Nelson)
Units + care suites
112
Further expected to complete in FY2022
Units and care suites expected to
complete in FY2022:
– The BayView Stage 2B (Tauranga)
– Awatere Stage 2 (Hamilton)
– Gracelands (Hastings)

Oceania has continued to deliver a safe,
vibrant and well connected community
for our residents despite the last six weeks
of the period being dominated by
Governmental restrictions and costs
associated with COVID-19. We thank
our team who have worked tirelessly
to deliver the very best quality of care
and resident experience.
Prior to the Alert Level Four lockdown
being announced on 17 August 2021,
sales volumes were strong and
development activities were progressing
well. The extended lockdowns, particularly
in the Auckland region, have temporarily
impacted Oceania’s sales, delayed
building works and added direct
costs associated with COVID-19.
Oceania’s continued focus on the
health and safety of its residents has
been recognised, with many residents
moving into Oceania’s independent living
apartments and villas once the Alert Level
Four lockdown restrictions were lifted
around the country, to take advantage
of the security and other benefits that
retirement living offer. In addition,
Oceania continued to take admissions to
its care centres (including to care suites)
throughout Alert Levels Four and Three.
This feature of Oceania’s aged care
business makes it more resilient to changes
in market conditions and property price
cycles, thereby reducing the impact of
uncertain future economic conditions on
the business.
Oceania supports the recent Government
announcement of the Public Health Order
for mandatory vaccinations for all frontline
healthcare staff, as this provides clarity
and certainty for our workforce both
today and in the future.
Dear Shareholder,
We are pleased to present our Interim Report

for the six month period to 30 September 2021.
08
OCEANIAINTERIM REPORT 2022

The key highlights for the first half of
FY2022 have included:
–A 19.7% increase ($6.0m) in unaudited
underlying EBITDA compared to the six
month period ended 30 September 2020.
–Unaudited Reported Net Profit After Tax
(NPAT) of $36.9m, up $12.1m on the six
month period ended 30 November 2020.
–Sales volumes (for both independent
living apartments and villas, as well as
care suites) being 10.6% ahead of the
six month period ended 30 September
2020, despite ongoing COVID-19
lockdown restrictions.
–Completion of the acquisition of
Waterford (Hobsonville Point, Auckland)
in April 2021 and a resource consent for
50 independent living apartments and
a basement carpark has been secured.
–The completion of 49 apartments
at Eden (Auckland) in April 2021 and
eight villas at Gracelands (Hastings)
in September 2021.
–545 units (apartments, villas and
care suites) under construction as
at 30 September 2021.
–Oceania's aged care business
continued to perform well throughout
the period despite COVID-19 disruptions,
with occupancy of 92.5% as at
30 September 2021.
–Entry into a conditional sale and
purchase agreement to acquire land
adjacent to our Franklin site.
–Appointment of Andrew Buckingham
as Group General Manager Property
and Development.
–Oceania’s total assets are now
$2.1b, representing 9.7% growth
since 31 March 2021.
–Completion of a heavily oversubscribed
retail bond offer in September 2021,
raising $100m.
–Interim dividend of 2.1 cents per
share (not imputed) announced
(30 November 2020: 1.3 cents). This will
have a record date of 6 December 2021
and will be paid on 20 December 2021.
The Dividend Reinvestment Plan will
apply to this dividend.
Financial Performance
Oceania’s unaudited underlying EBITDA
was $36.5m for the six month period ended
30 September 2021, representing a $6.0m
or 19.7% increase on the six month period
ended 30 September 2020. This result
was primarily due to growth in deferred
management fees across both village and
care segments as Oceania executes its
pipeline of premium developments.
Unaudited Reported Net Profit After Tax
increased 48.9% to $36.9m for the six
month period ended 30 September 2021.
This was supported by positive fair value
movements in Oceania’s investment
property portfolio as sell down of key
development sites takes place, as well
as growth in recurring care and village
segment revenue streams.
Oceania’s total assets are now $2.1b,
representing 9.7% growth since
31 March 2021.
Operating cashflow decreased 29.5% to
$52.5m as a result of increased wage costs
and timing of village settlements. As at 30
September 2021, Oceania had outstanding
bank loans and bonds of $350.8m, $16.8m
of cash and undrawn bank facilities of
$224.2m. This represents a gearing ratio
of 27.4% as at 30 September 2021.
Following its successful inaugural seven
year retail bond issue in October 2020,
Oceania completed another heavily
oversubscribed seven year retail bond
issue in September 2021, raising $100m.
This further funding strengthens Oceania’s
position to support future growth.
09
CHAIR AND CEO'S REPORT

The Directors have declared an
interim dividend of 2.1 cents per share
(not imputed) (30 November 2020:
1.3 cents). The record date for entitlement
is 6 December 2021 and the dividend
will be paid on 20 December 2021.
The dividend reinvestment plan for our
New Zealand and Australian shareholders
will apply to this dividend payment.
COVID-19 and continuing response
High vaccination rates of more than 90%
across our residents and staff have made
a fundamental difference to Oceania’s
response this year and processes have
been refined based on the learnings from
the 2020 lockdowns. During the nationwide
Level Four lockdown, management held
daily calls with Regional Operations and
Clinical Managers, and calls with all
staff three times a week, both to provide
guidance to staff and to provide an
opportunity for staff to give their
feedback to management.
Before the August 2021 lockdown,
Oceania had introduced voluntary saliva
surveillance testing, an innovation for the
sector, for staff at some higher risk sites
and this was rolled out further during the
lockdown. Over 6,000 saliva tests were
taken in the period 18 August 2021
to 30 September 2021, all of which
produced negative results.
At the height of the outbreak, Dr Hughes
and her team sourced additional vaccines
and established pop-up vaccination
centres to offer vaccinations to Oceania
staff members and their families.
This initiative was very well received
by staff and their families as these
vaccination centres were more accessible
and smaller in size than many of the
community vaccination centres. Over
320 vaccinations were given to staff
and family members at the six pop-up
vaccination centres in August and
September, with most of these being first
vaccinations. As part of this initiative, we
gave away cookies, chocolate brownies,
kit kat bars, hand sanitisers and goodie
bags to those being vaccinated, with
leftovers being included in food parcels
provided to those in need in our community.
Throughout the period, Oceania has been
working proactively and directly with
Government officials, Ministry of Health
representatives and sector peers with
regard to health policy. Small policy
changes have a significant effect on
businesses and management has been
successful in many of its discussions with
Government officials and Ministry of
Health representatives which has led to
improved outcomes for the sector and,
ultimately, for residents.
We have also taken an industry leadership
position in calling for our Auckland residents
to be allowed to reconnect with their loved
ones safely. This initiative struck a chord
with New Zealanders and was followed
with extensive media coverage including
numerous spots on talkback radio. We
received a lot of positive feedback from
residents and their family members, in
adding our voice to theirs, not just for
Oceania but for all older citizens.
In addition, management has
representation on the boards of both
the New Zealand Aged Care Association
and the Retirement Villages Association.
Both of these groups have been lobbying
the Government for clarity and certainty
in the current COVID-19 environment.
In recognition of our staff going the extra
mile, both for our residents and for each
other, Oceania paid a gratitude payment
to all staff throughout New Zealand of $150
(gross) for full-time staff and $75 (gross)
for part-time staff on 2 September 2021.
OCEANIAINTERIM REPORT 2022
10

This payment recognised the difficulties
and disruptions faced by all staff, and the
ongoing uncertainty which impacted
everyone. The payment was very well
received by our staff.
The duration of the lockdown restrictions
in Auckland has affected one of Oceania’s
key development projects, being the
construction of the new care centre at
Lady Allum (Milford, Auckland). This
development (comprising 113 care suites)
was expected to be completed by 31 March
2022 but with the ongoing lockdown
restrictions in place in Auckland, it is
now likely to be completed in May 2022.
Looking ahead, Oceania maintains good
levels of stock of PPE including N95 masks
and inventory is being recorded on a daily
basis. Oceania remains well-prepared to
manage any infections that occur at its
sites, with industry-leading infection
control policies and a highly experienced
clinical team.
Operations
We have continued to see aged care
earnings increase during the period.
Care suite sales have remained strong,
with a total of 44 new care suite sales
and 84 resale care suite sales in the
six month period to 30 September 2021.
This demonstrates the resilience of
Oceania’s care business and the
attractiveness of the care suite product
to prospective residents. It was also
pleasing to see occupancy of 92.5%
compared with 92.4% as at 31 March 2021.
Village sales have remained strong
throughout the period, despite ongoing
COVID-19 restrictions. In the six months
to 30 September 2021, there was a total
of 102 independent living (apartment
and villa) sales, comprising 57 new sales
and 45 resales. This is an increase of
25.9% from the six month period ended
30 September 2020. As noted above,
CHAIR AND CEO'S REPORT
11

there were strong sales volumes prior to the
Alert Level Four lockdown announcement
on 17 August 2021. Many of the new sales
were sales of the remaining units that
were completed in regional villages during
the prior financial years, including at
Whitianga, Woodlands and Elderslea.
During Alert Level Four, residents who
had already signed application forms
were generally not able to move into their
independent living apartments and villas
and our sales team were unable to show
prospective residents through our villages.
With the easing of lockdown restrictions,
we saw residents who had already signed
application forms and sold their houses
move in to their new apartments and
villas in September 2021.
Oceania is maintaining its focus on
improving and refining the resident
experience. We adopt a resident-centric
approach in everything that we do and are
constantly striving to deliver on our brand
promise to Believe in Better. We have made
an intentional change in strategic focus
from product to customer needs and
associated services and, with that, we are
designing our buildings with the needs of
the customers at a specific village in mind,
rather than the other way around. We are
also continuing our work with the
University of Auckland in robotics and
biomedics to develop leading initiatives
in resident-focused clinical care.
Sustainability
Oceania is continuing its work on
sustainability initiatives. We are in the
process of developing our roadmap in
relation to climate related disclosures
against the standards based on the TCFD
recommendations, details of which will be
incorporated into the FY2022 Annual
Report. In addition, given the recent
changes to the Board and management
team, Oceania’s ESG framework and
materiality matrix is being refreshed and
the outcomes of this will also be included
in the Annual Report.
Food service delivery is a key component
of Oceania’s aged care business and this
has been enhanced by the roll out of new
food service contracts across our sites
during the period. In addition to achieving
significant efficiencies and uniformity
across the group and ensuring that all
of our residents’ dietary requirements are
being met, this initiative has reduced the
number of vehicle deliveries to our sites
and has improved the overall sustainability
of this aspect of the supply chain.
People
Oceania’s people are at the very heart of
its business. We are focused on creating
and maintaining a great employee
experience and culture, to enable our
people to perform their life’s best work.
The aged care industry is facing a workforce
crisis, which has been exacerbated by the
impact of the COVID-19 border restrictions
on arrivals of registered nurses from
overseas. We have implemented a number
of initiatives to try to address the staff
shortages, including additional professional
development, improved employee benefits
and a review of remuneration levels.
In addition, we have recently rolled out
a new recruitment system, which is
designed to be linked to our brand promise
of Believe in Better. As part of this new
system, we have also introduced new
employment agreements, automatic
contract generation and online reference
checking to enhance the overall employee
experience. Feedback to date has been
very positive and we are excited about
embedding our brand promise through
our people systems.
OCEANIAINTERIM REPORT 2022
12

Oceania became a member of ACC’s
Accredited Employer Programme on
1 April 2021. We are already starting to
see the benefits of this, with better case
management, early prevention and a
significant reduction in the number of
lost time injuries compared to the prior
corresponding period.
We are pleased to announce the
appointment of Andrew Buckingham
as Group General Manager Property
and Development.
Andrew has extensive senior executive
experience in property development after
CHAIR AND CEO'S REPORT
13
over 35 years working for leading property
development companies in New Zealand
and Australia. Previously the General
Manager of Development at Precinct
Properties, Andrew was responsible
for the delivery of Commercial Bay in
Auckland. Andrew was also responsible
for the ASB North Wharf development
and the development of the Sylvia Park
retail complex during his tenure at Kiwi
Income Property Trust. We are looking
forward to Andrew starting at Oceania
in February 2022.

1414
OCEANIAINTERIM REPORT 2022
Developments
We have continued to make good progress
with the execution of our development
pipeline during the six month period to
30 September 2021, despite the challenges
presented by the COVID-19 lockdown
restrictions. As at 30 September 2021,
there were 545 units under construction
across New Zealand.
Oceania completed the acquisition of
Waterford, in Hobsonville Point (Auckland)
in April 2021. Since taking ownership in
April 2021, Oceania has secured resource
consent for the development of 50
independent living apartments over five
storeys and a basement carpark on the
site. Work has commenced on the design
elements required for the building consent
for this development and, at this stage,
it is likely that construction will commence
in April 2022.
We completed the construction of 49
apartments and a new community centre at
Eden Village (Auckland) in April 2021. With
the completion of these new apartments,
the village now comprises 67 care suites
and 89 independent living apartments as
well as outstanding community spaces.
We were seeing good levels of interest in the
independent living apartments prior to the
Alert Level Four restrictions being imposed
in August 2021 and are implementing new
sales initiatives at Eden Village for the
second half of FY2022.
We also completed eight new villas in
September 2021 and ten new villas in
October 2021 at Gracelands (Hastings).
Most of these new villas were presold, with
residents taking occupation of seven new
villas by 30 September 2021. The high level
of presales at Gracelands demonstrates
the strength of Oceania’s regional offering
and the successful development of units
that meet the specific needs of the
particular community in which the village
is located.
Awatere, Hamilton
14

1515
CHAIR AND CEO'S REPORT
Construction of Stage 2B of The BayView
(Tauranga) comprising 39 independent
living apartments is scheduled for
completion in December 2021. 35
independent living apartments were
completed at The BayView in March 2021
and we have already seen strong sales
from this premium development.
Construction of 63 new independent
living apartments at Awatere (Hamilton)
is progressing well and this stage of
development is currently expected to be
completed by 31 March 2022, provided
there are no further material delays as a
result of COVID-19 lockdown restrictions.
Marketing for these apartments has
already commenced and we have seen
good levels of interest in these apartments
to date.
Other development projects are also
underway and remain on programme,
including the development of 79
independent living apartments and
31 care suites at Waimarie Street
(St Heliers, Auckland), the construction
of 57 new care suites at Redwood
(Blenheim) and the construction of
46 new independent living apartments
at The Bellevue (Christchurch). We have
also just started the site works for the
first stage of the redevelopment of our
Elmwood site (Manurewa, Auckland),
which comprises the construction of
106 new care suites on land that we
acquired in 2018.
Governance
We welcomed two new independent
Directors, Rob Hamilton and Peter Dufaur,
to the Board in September 2021. Rob has
extensive experience in the capital markets
and finance sectors and has been appointed
a member of our Audit Committee. Peter
has extensive experience in the property
sector and has been appointed a member
of our Development Committee. We are
looking forward to Rob and Peter making
a significant contribution to the future
performance and growth of Oceania.
Looking ahead
Oceania has entered into an exclusive
partnership with the Bay of Plenty District
Health Board to explore and develop a
new service model for high needs and
complex aged care residents. We are
looking forward to working with this
District Health Board to enhance services
for this group of residents.
We will continue to pursue growth
opportunities, including the purchase
of additional land. We recently entered
into a conditional sale and purchase
agreement to acquire land adjacent to
our Franklin site.
Once again, we would like to thank our
Directors and staff for their ongoing work
in what has been another challenging
period due to the ongoing uncertainties
associated with COVID-19. To date
Oceania has managed these risks well
and is well-placed to continue to do so.
We are committed to becoming the
provider of choice for critical infrastructure
and essential services for older people in
New Zealand.
Brent Pattison
Chief Executive Officer
Elizabeth Coutts
Chair
15

16
OCEANIAINTERIM REPORT 2022

1717
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE YEAR SUMMARY
For the six months ended 30 September 2021
Financial Metrics
$NZm
Unaudited
Sept 2021
Unaudited
Nov 2020
Unaudited
Nov 2019
Underlying net profit after tax
1, 2, 3, 4
27.526.924.3
Underlying EBITDA
1, 3, 4

36.535.337.1
Profit / (loss) for the period
4
36.924.814.4
Total comprehensive income
62.757.023.5
Total assets
4
2,064.31,672.21,495.3
Operating cash flow
4
52.574.556.5
Operating Metrics
$NZm
Unaudited
Sept 2021
Unaudited
Nov 2020
Unaudited
Nov 2019
Units
1,5091,3101,209
Care Suites
849772655
Care Beds
1,8031,8301,940
Total
4,1613,9123,804
New Sales
10114584
Resales
129123102
Total
230268186
Occupancy
92.5%92.1%91.6%
1
This is a non-GAAP measure, refer to note 2.1 in the consolidated interim financial statements
for further details.
2
Underlying Net Profit after Tax has been restated in comparative periods to exclude depreciation
in respect of care suites in line with the current period.
3
On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy totalling
$1.8m. This amount has subsequently been repaid in full on 18 May 2021 and as a result has
been excluded from the table above. This proforma adjustment increases underlying EBITDA and
underlying NPAT in relation to the six month period to 30 September 2021 by $1.8m. The six month
period to 30 November 2020 is not impacted by this proforma adjustment.
4
Includes an adjustment for the impact in change in accounting policy in regards to the accounting
for Software as a Service arrangements. Refer to note 1.2.

CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 September 2021
Consolidated Statement of Comprehensive Income 19
Consolidated Balance Sheet 20
Consolidated Statement of Changes in Equity 21
Consolidated Cash Flow Statement 22
Notes to the Consolidated Interim Financial Statements 23
Independent Auditor's Review Report 67
1818
OCEANIAINTERIM REPORT 2022

1919
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2021
$NZ000’s Notes
Unaudited
Six months
30 Sept 2021
Unaudited
Six months
30 Nov 2020
Revenue
113,935103,885
Change in fair value of investment property
3.1
31,29926,651
Change in fair value of right of use investment property
3.4
9862,276
Gain on purchase of business assets
1.3
8,538-
Other income
1,2231,145
Total income
155,981133,957
Employee benefits and other staff costs
1
77,00268,370
Depreciation (buildings)
3.2, 3.4
6,3375,049
Depreciation and amortisation (chattels, leasehold
improvements and software)
1
3.2, 3.4
3,5292,894
Impairment of property, plant and equipment and right
of use asset
3.2
193517
Impairment of goodwill
338815
Rental expenditure in relation to right of use investment
property
3.41,9283,330
Finance costs
4,1214,011
Other expenses
1, 2
29,07728,597
Total expenses
1
122,525113,583
Profit before income tax
1

33,45620,374
Income tax benefit
5.1
3,4844,436
Profit for the period
1
36,94024,810
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment for
the period, net of tax
3.2, 5.122,48831,231
Gain on revaluation of right of use assets for the period,
net of tax
3.4, 5.111927
22,60731,258
Items that may be subsequently reclassified to profit or loss
Gain on cash flow hedges, net of tax
3,108918
Other comprehensive income for the period, net of tax
25,71532,176
Total comprehensive income for the period attributable to
shareholders of the parent
1
62,65556,986
Basic earnings per share (cents per share)
4.2
5.34.0
Diluted earnings per share (cents per share)
4.2
5.34.0
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the
accompanying notes.
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.
2
Included in Other Expenses for the six months to 30 September 2021 is a payment of $1.8m
in respect to the wage subsidy.

2020
OCEANIAINTERIM REPORT 2022
CONSOLIDATED BALANCE SHEET
As at 30 September 2021
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.
$NZ000’s NotesUnaudited
30 Sept 2021
Audited
31 Mar 2021
Assets
Cash and cash equivalents
16,79679,906
Trade and other receivables
1
57,49647,992
Investment property
3.1
1,294,7551,099,803
Property, plant and equipment
3.2
645,079604,052
Right of use assets
3.4
41,14441,714
Intangible assets
1
9,0558,689
Total assets
1
2,064,3251,882,156
Liabilities
Trade and other payables
33,84144,308
Derivative financial instruments
1,4875,486
Deferred management fee
3.3
46,03341,499
Refundable occupation right agreements
3.3
716,539618,433
Lease liabilities
3.4
8,77611,513
Borrowings
4.3
350,729327,292
Deferred tax liabilities
5.1
--
Total liabilities
1,157,4051,048,531
Net assets
1
906,920833,625
Equity
Contributed equity
4.1
700,717675,625
Retained deficit
1
(64,495)(86,983)
Reserves
270,698244,983
Total equity
1
906,920833,625
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.

2121
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2021
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.
$NZ000’s NotesContributed
equity
Retained
deficit
Asset
revaluation
reserve
Cash
flow
hedge
reserve
Total
equity
Balance as at 1 June 2020 (audited)
1
588,389(157,630)170,205(7,475)593,489
Profit for the period
1
- 24,488 - -24,488
Other comprehensive income
Revaluation of cash flow hedge net of tax
---918918
Revaluation of assets net of tax
3.2, 5.1
- -31,231-31,231
Revaluation of right of use
assets net of tax
3.4, 5.1
- -27-27
Total comprehensive income
1
- 24,48831,25891856,664
Transactions with owners
Dividends paid
4.1
-(7,377)--(7,377)
Share issue: dividend
reinvestment scheme
4.1
7,028---7,028
Employee share scheme
4.1
-307--307
Total transactions with owners
7,028(7,070) - -(42)
Balance as at 30 November 2020
(unaudited)
1
595,417(140,212)201,463(6,557)650,111
Balance as at 1 April 2021 (audited)
675,625(86,983)248,849(3,866)833,625
Profit for the period
-36,940--36,940
Other comprehensive income
Revaluation of cash flow hedge net of tax
---3,1083,108
Revaluation of assets net of tax
3.2, 5.1
--22,488-22,488
Revaluation of right of use
assets net of tax
3.4, 5.1
--119-119
Total comprehensive income
-36,94022,6073,10862,655
Transactions with owners
Dividends paid
4.1
-(14,730)-- (14,730)
Share issue
4.1
20,000---20,000
Directly attributable
transaction costs deducted
from equity
4.1
(475)---(475)
Share issue: dividend
reinvestment scheme
4.1
5,567---5,567
Employee share scheme
4.1
-278--278
Total transactions with owners
25,092(14,452)--10,640
Balance as at 30 September 2021
(unaudited)
700,717(64,495)271,456(758)906,920
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.

2222
1
22
OCEANIAINTERIM REPORT 2022
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2021
$NZ000’s
Unaudited
Six Months
30 Sept 2021
Unaudited
Six months
30 Nov 2020
Cash flows from operating activities
Receipts from residents for village and care fees
97,04382,829
Payments to suppliers and employees
1
(113,058)(84,378)
Rental payments in relation to right of use investment property
(1,928)(3,330)
Receipts from new occupation right agreements
109,323113,436
Payments for outgoing occupation right agreements
(35,664)(29,882)
Interest received
2118
Interest paid
(2,986)(3,711)
Interest paid in relation to right of use assets
(301)(463)
Net cash inflow from operating activities
1
52,45074,519
Cash flows from investing activities
Proceeds from sale and / or disposal of property, plant and
equipment and investment property
--
Payments for property, plant and equipment and intangible assets
1
(25,238)(20,871)
Payments for investment property and investment property
under development
(61,031)(39,152)
Payments for business assets(56,208)-
Net cash outflow from investing activities
1
(142,477)(60,023)
Cash flows from financing activities
Proceeds from borrowings
70,88048,369
Repayment of borrowings
(51,686)(60,646)
Proceeds from bond issuance
100,000125,000
Repayment of bank borrowing from bond proceeds
(100,000)(125,000)
Proceeds from share placement
20,000-
Capitalised costs in relation to share placement
(475)-
Capitalised borrowing costs
(1,194)(1,861)
Principal payments for right of use assets
(1,445)(1,264)
Dividends paid
(9,163)(349)
Net cash inflow from financing activities
26,917(15,751)
Net decrease in cash and cash equivalents
(63,110)(1,255)
Cash and cash equivalents at the beginning of the period
79,90617,624
Cash and cash equivalents at end of period16,79616,369
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
Elizabeth Coutts Alan Isaac
Chair Director
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.

2323
1
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2021
1. General Information 24
1.1 Basis of Preparation 24
1.2 Accounting Policies 26
1.3 Significant Events and Transactions 27
2. Operating Performance 31
2.1 Operating Segments 31

3. Property Assets 41
3.1 Village Assets: Investment Property 43
3.2 Care Assets: Property, Plant
and Equipment 47
3.3 Refundable Occupation
Right Agreements 50
3.4 Leases 52
4. Shareholder Equity and Funding 55
4.1 Shareholder Equity and Reserves 55
4.2 Earnings per Share 58
4.3 Borrowings 59
5. Other Disclosures 62
5.1 Income Tax 62
5.2 Contingencies and Commitments 66
5.3 Events After Balance Date 66
Independent Auditor's Review Report 67
23

24
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
24
OCEANIAINTERIM REPORT 2022
1. General Information
1.1 Basis of Preparation
(i) Entities Reporting
The consolidated interim financial statements of the Group are for the economic
entity comprising Oceania Healthcare Limited (the “Company”) and its subsidiaries
(together “the Group”). Refer to note 5.5 of the 31 March 2021 annual report for
details of the Group structure.
The consolidated interim financial statements incorporate the assets and liabilities
of all subsidiaries of Oceania Healthcare Limited as at 30 September 2021 and the
results of all subsidiaries for the six months then ended.
The Group owns and operates various care centres and retirement villages
throughout New Zealand. Post balance date the Group Support Office functions
were relocated to new premises. The Group's registered office is Level 11, 80 Queen
Street, Auckland 1010, New Zealand (31 March 2021: 2 Hargreaves Street, St Marys
Bay, Auckland 1011).
(ii) Statutory Base
Oceania Healthcare Limited is a limited liability company which is domiciled and
incorporated 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 also listed on the NZX Main Board (“NZX”) and the Australian
Securities Exchange (“ASX”) as a foreign exempt listing. The consolidated interim
financial statements have been prepared in accordance with the requirements of
the NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated interim financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They
comply with New Zealand Equivalent 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.
The accounting policies that materially affect the measurement of the Consolidated
Statement of Comprehensive Income, Consolidated Balance Sheet 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.
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 International Financial Reporting Standards (“NZ IFRS”).

2525
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The consolidated interim financial statements for the six months ended
30 September 2021 and comparatives for the six months ended 30 November 2020
are unaudited. 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. They are presented in New Zealand dollars which is the
Group’s presentation currency.
The consolidated interim financial statements have been prepared in accordance
with the going concern basis of accounting, which assumes that the Group will be
able to realise its assets and discharge its liabilities in the normal course of business
as they come due into the foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format.
(iii) Measurement Basis
These consolidated interim financial statements have been prepared under the
historical cost convention, as modified by the revaluation of certain assets and
liabilities, including investment properties, certain classes of property, plant and
equipment, right of use assets, assets held for sale and cash flow hedges.
(iv) Key Estimates and Judgements
The preparation of the consolidated interim financial statements in conformity
with NZ IFRS requires the use of certain critical accounting estimates. It also requires
management to exercise their judgement in the process of applying the Group’s
accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements
are disclosed in the following notes:
– Fair value of business combination (note 1.3)
– Classification of accommodation with a care or service offering (note 3)
– Fair value of investment property and investment property under development
(note 3.1)
– Fair value of freehold land and buildings (note 3.2)
– Revenue recognition of deferred management fees (note 3.3)
– Fair value of right of use assets (note 3.4)
– Recognition of deferred tax (note 5.1)

26
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
26
OCEANIAINTERIM REPORT 2022
1.2 Accounting Policies
(i) New Accounting Standards
During the period, the Group revised its accounting policy in relation to upfront
configuration and customisation costs incurred in implementing Software as a
Service (‘SaaS’) arrangements. This was in response to the IFRIC agenda decision
in April 2021 clarifying its interpretation of how current accounting standards apply
to these types of arrangements. The new accounting policy is presented below.
No other changes to accounting policies have been made during the period and
the Group has not early adopted any standards, amendments or interpretations
to existing standards that are not yet effective.
Software as a Service (“SaaS”) arrangements
SaaS arrangements are service contracts providing the Group with the right to
access the cloud provider’s application software over the contract period but
where the Group does not control the underlying software used in the arrangement.
Under the new accounting policy, where costs incurred to configure or customise
SaaS arrangements result in the creation of a resource which is identifiable, and
where the Group has the power to obtain the future economic benefits flowing from
the underlying resource and to restrict the access of others to those benefits, such
costs are recognised as a separate intangible software asset and amortised over
the useful life of the software on a straight-line basis. If costs do not meet the
recognition criteria, they are expensed when incurred. The useful lives of the
intangible assets are reviewed at least at the end of each financial year, and any
change accounted for prospectively as a change in accounting estimate.
During the period the Group reviewed the agreements supporting documentation
for all capitalised software and associated projects. In light of guidance from the
IFRIC agenda decision, one item of software which was procured during the year
ended 31 May 2020 no longer met the criteria for capitalisation. The Group has
applied the required treatment retrospectively and the effect of this change in
treatment is shown below.
Comparative information has been restated to reflect the retrospective application
of SaaS guidance with respect to one item of software held by the Group which
was purchased in 2017.
The impact of this to the six months to 30 November 2020 profit and loss is a net
increase to Net Profit after Tax of $26k comprising:
– a decrease to amortisation, recognised in depreciation and amortisation
(chattels, leasehold improvements and software), of $131k;
– an increase in staff costs, recognised in employee benefits and other staff costs,
of $59k; and
– an increase to IT costs, recognised in other expenses, of $46k.
A net decrease to Net Assets as at 31 March 2021 of $1.6m comprises a decrease
in intangible assets of $1.9m and an increase in prepayments, recognised in trade
and other receivables, of $0.3m. The opening retained deficit increased by $1.5m.

2727
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The balance of the impact to Net Profit after Tax was incurred in the periods from
November 2017 to 31 May 2020. The total impact on Net Profit after Tax comprised
a decrease to amortisation of $0.3m offset by an increase in staff costs of $1.2m
and an increase to IT costs of $0.7m.
(ii) Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy
that reflects the significance of the inputs used in making the measurements.
The fair value hierarchy has the following levels.
Level 1: Quoted prices (unadjusted) in active markets for the identical assets
or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
The carrying amount of all financial assets and liabilities is considered to
approximate their fair value.
1.3 Significant Events and Transactions
(i) COVID-19
On 11 March 2020, the World Health Organisation declared COVID-19 to be a global
pandemic. COVID-19 has impacted the health and wellbeing of people around the
world and in turn the outbreak and the associated restrictions put in place to fight
the virus have had a significant adverse impact on the global economy.
The New Zealand Government’s overall public health strategy in respect of the
COVID-19 pandemic affecting New Zealand was elimination with the overall goal to
stop community transmission in New Zealand. Refer to note 1.3 of the 31 March 2021
Annual Report for specific details of events to 31 March 2021.
– New Zealand was in Alert Level 1 at the time of signing the 31 March 2021
Annual Report.
– At 11:59pm on 17 August 2021 all of New Zealand entered Alert Level 4.
– At 11.59pm on 31 August 2021 all of New Zealand with the exception of the greater
Auckland region and Northland entered Alert Level 3. The greater Auckland region
and Northland remained at Alert Level 4.
– At 11.59pm on 1 September 2021 Northland entered Alert Level 3 with no alert level
changes in other areas.
– At 11.59pm on 7 September 2021 Alert Level 2 came into force for all regions except
the greater Auckland region which remained at Alert Level 4.
– At 11.59pm on 21 September 2021 Alert Level 3 came into force for the greater
Auckland region and Upper Hauraki.

28
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
28
OCEANIAINTERIM REPORT 2022
1.3 Significant Events and Transactions (continued)
– At 11.59pm on 25 September 2021 Upper Hauraki moved to Alert Level 2.
– At 11.59pm on 3 October 2021 Alert Level 3 came into force for Raglan,
Te Kauwhata, Huntly, Ngaruawahia, Hamilton City and some surrounding areas.
– At 11.59pm on 5 October 2021 Alert Level 3 restrictions eased for the greater
Auckland region and it entered Alert Level 3 Step 1.
– At 11.59pm on 7 October 2021 the Waikato Alert Level 3 boundary was extended to
include Waitomo District, including Te Kuiti, Waipa District and Otorohanga District.
– At 11.59pm on 8 October 2021 Alert Level 3 came into force for Northland.
– At 11.59pm on 19 October 2021 Northland moved to Alert Level 2.
– At 11.59pm on 27 October 2021 Alert Level 3 restrictions eased and the parts of
the Waikato at Alert Level 3 moved to step 1 of Alert Level 3.
– At 11.59pm on 2 November 2021 parts of Waikato moved to Alert Level 3 step 2,
and Upper Northland moved to Alert Level 3.
– At 11.59pm on 9 November 2021 Auckland moved to Alert Level 3 step 2.
– At 11.59pm on 11 November 2021 Upper Northland moved to Alert Level 2.
– At 11.59pm on 16 November 2021 parts of Waikato moved to Alert Level 2.
Certain key judgements and estimates are applied in the consolidated
interim financial statements.
The Directors have assessed the impact of COVID-19 on these judgements and
estimates and concluded that no changes are necessary. This is primarily due
to Oceania providing an essential service. The following key matters were
considered and undertaken with regards to the financial impact of COVID-19
on the 30 September 2021 consolidated interim financial statements:
– CBRE Limited as independent valuers undertook a valuation as at 30 September
2021. CBRE Limited at 30 September 2021 note in their report that, given the
ongoing uncertainty and unknown impact that COVID-19 might have on real
estate markets in the future, a degree of caution should be exercised when relying
upon the valuation. Values and incomes may change more rapidly and significantly
than during standard market conditions. To this end CBRE Limited recommend that
their valuation is reviewed periodically over the coming months.
– No changes to the methodology or input estimates in relation to expected credit
losses have been required as a result of continued strong collection levels in
respect of private care fees and deferred settlement of Occupation Right
Agreement (“ORA”) contracts.

2929
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(ii) Acquisition: Waterford on Hobsonville Point (“Waterford”)
On 23 March 2021, Oceania Village Company Limited entered into a Sale and
Purchase Agreement to purchase the business assets of Waterford on Hobsonville
Point. Waterford is an established retirement village with 64 independent living
villas and 36 independent living apartments. The Sale and Purchase Agreement
was conditional on the parties obtaining Statutory Supervisor consent. This consent
was received on 8 April 2021 and the transaction was settled on 23 April 2021.
The business assets have been recognised as at the date of settlement and the
future operating results consolidated from that point forward. The financial effects
of this transaction have been recognised in these interim financial statements.
Purchase consideration and fair value of net assets acquired
The purchase price of $56.2m was linked to the 31 March 2020 CBRE Limited
valuation of Waterford. The acquisition was accounted for using the acquisition
method as prescribed in NZ IFRS 3 Business Combinations. This standard requires
that all identifiable assets and liabilities be assumed at their acquisition date
fair value.
$NZ000’s
Fair value on
acquisition
Assets
Investment Property
105,662
Development Land
8,950
Chattels
63
Liabilities
Resident liabilities
(48,077)
Employee entitlements
(19)
Net Assets Acquired
66,579
Total Consideration
56,221
Deferred Tax on Acquisition
(1,820)
Gain on purchase of business assets
8,538

The gain on acquisition is due to the difference in the key assumptions within
CBRE Limited’s valuations, including growth rate and discount rate, between
31 March 2020, being the reference date for the acquisition, and 23 April 2021
being the settlement date, largely reflecting a reversal of COVID-19 impacts.
The impact of the acquisition on the operating results and underlying earnings
of the Group for the six months ended 30 September 2021 are not material.
The impact of the acquisition on the fair value movements in the period
is disclosed in note 3.1.

30
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
30
OCEANIAINTERIM REPORT 2022
1.3 Significant Events and Transactions (continued)
Contingent liabilities
No material contingent liabilities with respect to this transaction were noted during
the due diligence process or since acquisition. Should any future contingent
liabilities arise, they will be disclosed in future financial statements.
(iii) Balance Date
On 9 July 2020 the Group received approval from the Commissioner of Inland
Revenue to change the balance date for the Group to 31 March. These consolidated
interim financial statements are the first adopting a 30 September interim balance
date. Both this period and the comparatives represent a period of six months.
(iv) Capital Raise
On 16 April 2021, a total of 15,619,810 ordinary shares ($20.0m, $1.2796 per share)
were issued in relation to the Retail Offer announced on 24 March 2021. These
shares rank equally in all aspects with existing shares.
(v) Retail Bond
On 30 August 2021 Oceania Healthcare Limited announced an offer of up to $75m
(with the ability to accept up to an additional $25m in oversubscriptions) of 7 year
secured fixed rate bonds. On 13 September 2021 bonds totalling $100.0m were
issued to New Zealand retail investors. These bonds mature on 13 September 2028.
A fixed interest rate of 3.3% per annum applies to the Bonds. Refer to note 4.3 for
the impact on the six months to 30 September 2021.

3131
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
2. Operating Performance
2.1 Operating Segments
The Group's chief operating decision maker is the Board of Directors.
The operating segments have been determined based on the information reviewed
by the Board of Directors for the purposes of allocating resources and assessing
performance. The assets and liabilities of the Group are reported to the chief
operating decision maker in total not by operating segment.
The Group operates in New Zealand and comprises three segments; care
operations, village operations and other.
Information regarding the operations of each reportable segment is included above.
Amongst other criteria, performance is measured based on segmental underlying
earnings before interest, tax, depreciation and amortisation (“EBITDA”), which is the
most relevant measure in evaluating the performance of segments relative to other
entities that operate within the aged care and retirement village industries.
Additional segmental reporting information
Capital expenditure: Refer to notes 3.1, 3.2 and 3.4 for details on capital
expenditure.
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all
segments under NZ GAAP. It includes fair value movements relating to the
Group’s care centres and cash flow hedges.

32
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
32
OCEANIAINTERIM REPORT 2022
CareVillageOther
ProductIncludes traditional care beds and care suites.Includes independent living and rental
properties.
N/A
ServicesThe provision of accommodation, care and
related services to Oceania’s aged care
residents.
Includes the provision of services such as
meals and care packages to independent
living residents.
The provision of accommodation and
related services to independent residents
in the Group’s retirement villages.
Provision of support services to the Group
(includes administration, marketing and
operations).
In addition this segment includes the
provision of training by the Wesley Institute
of Learning.
Recognition of Operating
Revenue and Expenses
The Group derives Operating Revenue from the
provision of care and accommodation. The daily
fee is set annually by the Ministry of Health.
In relation to the provision of superior
accommodation above the Government
specification the Group derives revenue from
Premium Accommodation Charges (“PACs”) or,
in the case of care suites, through Deferred
Management Fees (“DMF”).
Operating Expenses primarily include staff
costs, resident welfare expenses and overheads.
The Group derives Operating Revenue
from weekly service fees and rental income.
Operating Revenue also includes DMF
accrued over the expected occupancy
period for the relevant accommodation.
Operating Expenses include village property
maintenance, sales and marketing, and
administration related expenses.
Includes support office and corporate
expenses and rental costs relating to the
Group’s two leasehold sites.
Finance costs relate to the cost of bank debt
acquired for the purchase and development
of villages.
Income and expenditure relating to the
Wesley Institute of Learning is recognised
in this segment.
Recognition of Fair Value
movements on New
Developments
Fair value increases or decreases are recognised
in other comprehensive income (i.e. not in profit
or loss) for the fair value movement above
historical cost.
Impairments below historical cost are recognised
in comprehensive income (i.e. profit or loss).
Fair value movements are recognised in
comprehensive income (i.e. profit or loss).
N/A
Recognition of Fair Value
movements on Existing
Care Centres and
Retirement Villages
Fair value movements are treated the same
as above.
When sites are decommissioned for development
this results in an impairment of the buildings and
chattels which is recognised in comprehensive
income (i.e. profit or loss).
Fair value movements are recognised in
comprehensive income (i.e. profit or loss).
N/A
Recognition in Underlying
Profit (refer note 2.1 overleaf)
Fair value movements are removed.Fair value movements are removed. Realised
gains on resales and the development
margins from the sale of independent living
units and care suites are included, reflective
of the ownership structure of the assets.
No material adjustments.
Asset CategorisationAssets used, or, in the case of developments, to
be used, in the provision of care are recognised
as property, plant and equipment.
Assets used for village operations are
recognised as investment property.
Support office assets are recognised as
property, plant and equipment. Assets
include intangibles (e.g. software).
2.1 Operating Segments (continued)

3333
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CareVillageOther
ProductIncludes traditional care beds and care suites.Includes independent living and rental
properties.
N/A
ServicesThe provision of accommodation, care and
related services to Oceania’s aged care
residents.
Includes the provision of services such as
meals and care packages to independent
living residents.
The provision of accommodation and
related services to independent residents
in the Group’s retirement villages.
Provision of support services to the Group
(includes administration, marketing and
operations).
In addition this segment includes the
provision of training by the Wesley Institute
of Learning.
Recognition of Operating
Revenue and Expenses
The Group derives Operating Revenue from the
provision of care and accommodation. The daily
fee is set annually by the Ministry of Health.
In relation to the provision of superior
accommodation above the Government
specification the Group derives revenue from
Premium Accommodation Charges (“PACs”) or,
in the case of care suites, through Deferred
Management Fees (“DMF”).
Operating Expenses primarily include staff
costs, resident welfare expenses and overheads.
The Group derives Operating Revenue
from weekly service fees and rental income.
Operating Revenue also includes DMF
accrued over the expected occupancy
period for the relevant accommodation.
Operating Expenses include village property
maintenance, sales and marketing, and
administration related expenses.
Includes support office and corporate
expenses and rental costs relating to the
Group’s two leasehold sites.
Finance costs relate to the cost of bank debt
acquired for the purchase and development
of villages.
Income and expenditure relating to the
Wesley Institute of Learning is recognised
in this segment.
Recognition of Fair Value
movements on New
Developments
Fair value increases or decreases are recognised
in other comprehensive income (i.e. not in profit
or loss) for the fair value movement above
historical cost.
Impairments below historical cost are recognised
in comprehensive income (i.e. profit or loss).
Fair value movements are recognised in
comprehensive income (i.e. profit or loss).
N/A
Recognition of Fair Value
movements on Existing
Care Centres and
Retirement Villages
Fair value movements are treated the same
as above.
When sites are decommissioned for development
this results in an impairment of the buildings and
chattels which is recognised in comprehensive
income (i.e. profit or loss).
Fair value movements are recognised in
comprehensive income (i.e. profit or loss).
N/A
Recognition in Underlying
Profit (refer note 2.1 overleaf)
Fair value movements are removed.Fair value movements are removed. Realised
gains on resales and the development
margins from the sale of independent living
units and care suites are included, reflective
of the ownership structure of the assets.
No material adjustments.
Asset CategorisationAssets used, or, in the case of developments, to
be used, in the provision of care are recognised
as property, plant and equipment.
Assets used for village operations are
recognised as investment property.
Support office assets are recognised as
property, plant and equipment. Assets
include intangibles (e.g. software).

34
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
34
OCEANIAINTERIM REPORT 2022
2.1 Operating Segments (continued)
Six months ended 30 September 2021
(unaudited)
$NZ000’s
Care
Operations
Village
Operations
OtherTotal
Revenue
93,34119,733861113,935
Change in fair value of
investment property
-31,299-31,299
Change in fair value of right
of use investment property
-986-986
Gain on purchase of business assets
-8,538-8,538
Other income
147982731,202
Total income
93,48861,538934155,960
Operating expenses
(84,264)(11,195)(12,548)(108,007)
Impairment of goodwill
(338)--(338)
Impairment of property, plant
and equipment
(193)--(193)
Segment EBITDA
8,69350,343(11,614)47,422
Interest income
-31821
Finance costs
--(4,121)(4,121)
Depreciation (buildings and
care suites)
(6,193)-(144)(6,337)
Depreciation and amortisation
(chattels and software)
(2,949)-(580)(3,529)
Profit / (loss) before income tax
(449)50,346(16,441)33,456
Income tax benefit
583(877)3,7783,484
Profit / (loss) for the period
attributable to shareholders
13449,469(12,663)36,940
Other comprehensive income
Gain on revaluation of property,
plant and equipment for the
period, net of tax
22,488--22,488
Gain on revaluation of right of
use asset for the period, net of tax
119--119
Gain on cash flow hedges, net of tax
--3,1083,108
Total comprehensive income / (loss)
for the period attributable to
shareholders of the parent
22,74149,469(9,555)62,655

3535
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Six months ended 30 November 2020
(unaudited)
$NZ000’s
Care
Operations
Village
Operations
OtherTotal
Revenue
86,89916,569417103,885
Change in fair value of
investment property
-26,651-26,651
Change in fair value of right
of use investment property
-2,276-2,276
Other income
369747101,126
Total income
87,26846,243427133,938
Operating expenses
1
(76,287)(13,270)(10,740)(100,297)
Impairment of goodwill
(815)--(815)
Impairment of property, plant and
equipment and right of use buildings
(517)--(517)
Segment EBITDA
1
9,64932,973(10,313)32,309
Interest income
-31619
Finance costs
--(4,011)(4,011)
Depreciation (buildings and
care suites)
(4,925)-(124)(5,049)
Depreciation and amortisation
(chattels and software)
1
(2,481)-(413)(2,894)
Profit / (loss) before income tax
1
2,24332,976(14,845)20,374
Taxation benefit
1,298(6,667)9,8054,436
Profit / (loss) for the period
attributable to shareholders
1
3,54126,309(5,040)24,810
Other comprehensive income
Gain on revaluation of land and
buildings for the period, net of tax
31,231--31,231
Gain on revaluation of right of use
asset for the period, net of tax
27--27
Gain on cash flow hedges, net of tax
--918918
Total comprehensive income / (loss)
for the period attributable to
shareholders of the parent
1
34,79926,309(4,122)56,986
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.

36
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
ffCONTINUEDfi
For the six months ended 30 September 2021
36
OCEANIAINTERIM REPORT 2022
2.1 Operating Segments (continued)
Underlying net profit after tax (“Underlying Profit”)
Underlying Profit is a non-GAAP measure of financial performance and considered
in the determination of dividends. The calculation of Underlying Profit requires
a number of estimates to be approved by the Directors in their preparation.
Both the methodology and the estimates may differ among companies in the
retirement village sector. Underlying Profit does not represent cash flow generated
during the period.
The Group calculates Underlying Profit by making the following adjustments to
reported Net Profit after Tax:
Net profit after tax
RemoveChange in fair value of investment property, right of use investment
property assets and cash flow hedges and impairment / reversal of
impairment of property, plant and equipment and right of use
property, plant and equipment
Add backImpairment of goodwill
Add backRental expenditure in relation to right of use investment property
assets
Add back /
remove
Loss / gain on sale, decommissioning or purchase of assets and
business assets
Add backDepreciation (Care Suites)
Add backDirectors’ estimate of realised gains on the resale of units and care
suites sold under an ORA
Add backDirectors’ estimate of realised development margin on the first sale
of new ORA units or care suites following the development of an ORA
unit or care suite, conversion of an existing care bed to a care suite
or conversion of a rental unit to an ORA unit
Add backDeferred taxation component of taxation expense so that only the
current tax expense is reflected
=Underlying Profit
RemoveInterest income
Add backFinance costs (including lease interest under NZ IFRS 16 Leases
and excluding hedge ineffectiveness)
Add backDepreciation and amortisation (including right of use property, plant
and equipment)
=Underlying EBITDA

3737
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Change to definition of Underlying Profit
The definition of Underlying Profit was amended for the first time in the 31 March
2021 consolidated annual financial statements to add back depreciation of care
suites. The comparative period figures have been restated to reflect this change.
The change allows for comparability of care suite assets, which are subject to an
ORA, with other village assets subject to an ORA which are treated as Investment
Property for GAAP purposes and are not depreciated. This change is consistent with
the management information used by the company and that which is reported to
the Board. The comparative period has been restated to add back depreciation on
care suites. This has increased Underlying Profit by $3.6m in the comparative period.
Resale gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites
(i.e. the difference between the incoming resident’s ORA licence payment and the
ORA licence payment previously received from the outgoing resident) is calculated
as the net cash flow received, and receivable at the point that the ORA contract
becomes unconditional and has either “cooled off” (the contractual period in which
the resident can cancel the contract) or where the resident is in occupation at
balance date.
Development margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the
ORA licence payment received, and receivable, in relation to the first sale of
new ORA units and care suites, at the point that the ORA contract becomes
unconditional and has either “cooled off” or where the resident is in occupation
at balance date, less the development costs associated with developing the
ORA units and care suites. Where the development has been acquired in a
business combination the development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is
calculated based on the difference between the ORA licence payment received,
and receivable, in relation to sales of newly converted ORA units and care suites,
at the point that the ORA contract becomes unconditional and has either “cooled
off” or where the resident is in occupation at balance date, and the associated
conversion costs.

38
2.1 Operating Segments (continued)
The table below describes the composition of development and conversion costs.
IncludedNew builds:
- the construction costs directly attributable to the relevant project, including
any required infrastructure (e.g. roads) and amenities related to the units
(e.g. landscaping) as well as any demolition and site preparation costs
associated with the project. The costs are apportioned between the ORA
units and care suites, in aggregate, using estimates provided by the project
quantity surveyor. The construction costs for the individual ORA units or care
suites sold are determined on a prorated basis using gross floor areas of the
ORA units and care suites;
- an apportionment of land value based on the gross floor area of the ORA
units and care suites developed. The value for Brownfield
1
development land
is the estimated fair value of land at the time a change of use occurred
2

(from operating as a care centre or retirement village to a development site),
as assessed by an external independent valuer. Greenfield
3
development
land is valued at historical cost; and
- capitalised interest costs to the date of project completion apportioned
using the gross floor area of ORA units and care suites developed.
Conversions:
- of care beds to care suites - the actual refurbishment costs incurred; and
- of rental units to ORA units - the actual refurbishment costs incurred and
the fair value of the rental unit prior to conversion.
Excluded- construction, land (apportioned on a gross floor area basis) and interest
costs associated with common areas and amenities or any operational
or administrative areas.
1
Brownfield land refers to land previously utilised by, or part of, an operational aged care centre
or retirement village.
2
The timing of a change of use is a Directors’ estimate. It is based on a range of factors including
evidence of steps taken to secure a resource consent and/or building consent for a particular
development or stage of a development and the decommissioning of existing operations (either
through the buy-back of existing village ORA units or decommissioning of an existing care centre).
Note the cost of buybacks is not included in the development cost as an independent fair value of
the land on an unencumbered basis is used as the value ascribed to the development land.
3
Greenfield land refers to land not previously utilised by, or as part of, an operational aged
care centre or retirement village. Greenfield land is typically bare (undeveloped) land at the
time of purchase.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
38
OCEANIAINTERIM REPORT 2022

39
Six months ended 30 September 2021
(unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income for the
period attributable to shareholders
of the parent
22,74149,469(9,555)62,655
Adjusted for Proforma items
Add: Repayment of Wage Subsidy
1

1,768--1,768
Adjusted for Underlying Profit items
Less: Change in fair value of
investment property, right of use
assets and cash flow hedges and
impairment of property, plant
and equipment
(22,415)(32,284)(3,108)(57,807)
Add: Impairment of goodwill
338--338
Add: Rental expenditure in relation
to right of use asset
-1,928-1,928
Add: Depreciation (care suites)
4,807--4,807
Add: Loss / gain on sale,
decommissioning or purchase of
assets and business assets
-(8,588)-(8,588)
Add: Realised resale gain
-10,639-10,639
Add: Realised development margin
-15,252-15,252
Underlying net profit before tax
7,23936,416(12,663)30,992
Less: Deferred tax benefit
(583)877(3,778)(3,484)
Underlying net profit after tax
6,65637,293(16,441)27,508
Less: Interest income
-(3)(18)(21)
Add: Finance costs
(excluding hedge ineffectiveness)
--3,9213,921
Add: Depreciation (buildings)
1,386-1441,530
Add: Depreciation and amortisation
(chattels, leasehold improvements
and software)
2,949-5803,529
Underlying EBITDA
10,99137,290(11,814)36,467
1
On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy
totalling $1.8m. This amount has subsequently been repaid in full on 18 May 2021 and as a result
has been excluded from the table above. This proforma adjustment increases underlying EBITDA
and underlying NPAT in relation to the six month period to 30 September 2021 by $1.8m and
reduces the underlying EBITDA and underlying NPAT position in relation to the six month period
to 30 September 2020 by $1.8m. The statutory comparative period being the six months to
30 November 2020 is not impacted by this proforma adjustment.
39
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

40
2.1 Operating Segments (continued)
Six months ended 30 November 2020
(unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income for the
period attributable to shareholders
of the parent
34,79926,309(4,122)56,986
Adjusted for Underlying
Profit items
Less: Change in fair value of
investment property, right of use
assets and
cash flow hedges and impairment
of property, plant and equipment
(30,741)(28,927)(918)(60,586)
Add: Impairment of goodwill
815--815
Add: Rental expenditure in relation
to right of use asset
-3,330-3,330
Add: Loss / gain on sale,
decommissioning or purchase
of assets and business assets
--(84)(84)
Add: Depreciation (care suite)
1

3,576--3,576
Add: Realised gain on resale
-10,364-10,364
Add: Realised development margin
-16,981-16,981
Underlying net profit before tax
1
8,44928,057(5,124)31,382
Less: Deferred tax benefit
(1,298)6,667(9,805)(4,436)
Underlying net profit after tax
7,15134,724(14,929)26,946
Less: Interest income
-(3)(16)(19)
Add: Finance costs
--4,0114,011
Add: Depreciation (buildings)
1,349-1241,473
Add: Depreciation and amortisation
(chattels and software)
2,481-4132,894
Underlying EBITDA
10,98134,721(10,397)35,305
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
40
OCEANIAINTERIM REPORT 2022
1
The comparatives above have been restated to add back depreciation on care suites. This has
increased Underlying Profit by $3.6m in the comparative period.

41
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1,
village sites are typically investment property and care sites are typically property,
plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to
generate revenue either through capital appreciation or through rental income.
As residents occupying our retirement villages live independently, the level of
services provided is seen as secondary to the provision of accommodation.
Accordingly, these buildings are classified as investment property as they are
held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment
when they are used to generate revenue through the provision of goods and
services or for administration purposes.
As residents occupying our care centres, including care suites, require services
including nursing care, meals and laundry the buildings in which they live are
considered to be operated by the Group to generate this revenue and are
classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital
level care. The care suite is located within a care centre. Rather than pay a daily
premium accommodation charge for the provision of the premium room the
residents enter into an ORA with a net management fee.
Basis of valuation
CBRE Limited note in their 30 September 2021 report that, given the ongoing
uncertainty and unknown impact that COVID-19 might have on real estate markets
in the future, a degree of caution should be exercised when relying upon the
valuation. Values and incomes may change more rapidly and significantly than
during standard market conditions. To this end CBRE recommend that their
valuation is reviewed periodically over the coming months. In the comparative
period of 31 March 2021 CBRE Limited reported on the basis of “market uncertainty”
meaning that there remains uncertainty in the market because of the longer
economic impacts of COVID-19.
41
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

42
3. Property Assets (continued)
Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an
ORA, it is the Group’s policy to assess their level of significance in the context of the
overall income derived from the serviced apartment or care suite in ascertaining
whether the serviced apartment or care suite is freehold land and buildings (referred
to as property, plant and equipment) or investment property.
The Group applies the following principles when ascertaining the appropriate
accounting treatment to be applied:
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services
are optional
Services are
compulsory but an
insignificant portion
of total revenue
from the unit
Services are
compulsory and a
significant portion
of the total revenue
from the unit
Full ARRC
1
funded
care is compulsory
for that unit/bed
Independent living
(villa or apartment)
Care suiteServiced apartmentTraditional care bed
Qualitatively the
business model is the
provision of retirement
accommodation
Quantitatively
insignificant
(a guideline of under
20% of total revenue
is adopted) and
qualitatively the
business model is the
provision of retirement
accommodation
Quantitatively
significant.
Qualitatively the
business model is the
provision of care
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price of
accommodation does
not change overall
purpose of the
accommodation
Investment Property
Village Assets
Property, Plant and Equipment
Care Assets
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
42
OCEANIAINTERIM REPORT 2022
1
ARRC refers to age-related residential care.

43
3.1 Village Assets: Investment Property
$NZ000’s Notes
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Investment property under development at fair value
Opening balance
143,720145,020
Capitalised expenditure (including land acquisitions)
56,89963,881
Capitalised interest and line fees
9953,028
Transfer to completed investment property
(7,721) (99,512)
Transfer to property, plant and equipment
(65)-
Change in fair value during the period –
developments as at balance date
6,537 7,826
Change in fair value during the period –
developments completed during the period
411 23,477
Closing balance
200,776 143,720
Completed investment property at fair value
Opening balance
956,083802,060
Acquisition
1

48,077-
Transfer from investment property under
development
3.2
7,721 99,512
Transfer to property, plant and equipment
- (1,329)
Capitalised expenditure
56,802 7,050
Capitalised interest and line fees
945 124
Disposals
- -
Change in fair value during the period –
existing villages
8,383 34,888
Change in fair value during the period –
recently completed developments
2
15,968 13,778
Closing balance
1,093,979 956,083
Total investment property
1,294,7551,099,803
43
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1
Acquisition related to Waterford on Hobsonville Point. Refer to note 1.3 for details.
2
Recently completed developments refers to those developments which were being sold down
during the period.

44
3.1 Village Assets: Investment Property (continued)
Change in Fair Value Recognised in the Consolidated Statement
of Comprehensive Income
$NZ000’s
Unaudited
30 Sept 2021
Unaudited
30 Nov 2020
Increase in fair value of investment property
194,95265,420
Add: Transfers to property, plant and equipment and
to right of use assets during the period
651,329
Less: Capitalised expenditure including capitalised interest
(115,641)(40,818)
Less: Resident obligations on acquisition
(48,077)-
Add: Disposals
-720
Change in fair value recognised in
Consolidated Statement of Comprehensive Income
31,29926,651
Included in the above change in fair value is an amount of $6.6m (increase) in respect
to fair value moments since acquisition date of the Waterford site. The movement in
fair value has arisen predominantly on first sell down of vacant apartments.
A reconciliation between the valuation and the amount recognised on the
Consolidated Balance Sheet as investment property is as follows:
$NZ000’s
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Investment Property under development
Valuation
200,776143,720
200,776143,720
Completed Investment Property
Valuation
528,134 474,215
Add: Refundable occupation licence payments678,896 573,766
Add: Residents' share of resale gains6,480 7,205
Less: Management fee receivable(102,245) (84,433)
Less: Resident obligations for units not included
in valuation
(17,286) (14,670)
1,093,979 956,083
Total investment property at fair value1,294,7551,099,803
Where an incoming resident has an unconditional ORA in respect of a retirement
village unit and the corresponding outgoing resident for that same accommodation
has not yet been refunded, the CBRE Limited valuation is adjusted for the incoming
resident balances only. In certain circumstances accommodation under an ORA is
valued as development land. In these situations the CBRE Limited valuation is not
adjusted for the refundable amounts and consequently no offsetting “gross up”
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
44
OCEANIAINTERIM REPORT 2022

45
is required. An adjustment of $17.3m (31 March 2021: $14.7m) is included in the above
reconciliation to reflect this.
The valuation of investment property is adjusted for cash flows relating to
refundable occupation licence payments, residents' share of resale gains and
management fee receivable recognised separately on the Consolidated Balance
Sheet and also reflected in the valuation model.
Why do we adjust for the liability to residents?
In the CBRE Limited valuation the fair value of investment property includes an
allowance for the amount that is payable by the Group to residents already
in occupation within the property. However, this liability to existing residents is
recognised in the Group’s Consolidated Balance Sheet (referred to as refundable
occupation right agreements – refer to note 3.3). Accordingly, the Group adds
this net liability to residents to the CBRE Limited valuation to “gross up” the fair
value of investment property and avoid double counting the liability to residents.
Valuation Process and Key Inputs
Investment Property under Development
CBRE Limited provided valuations of development land in respect of investment
property under development as at 30 September 2021.
The fair value of investment property is determined by the Directors having taken
into consideration the valuation conducted by CBRE Limited as an independent
registered valuer and the cost of work undertaken in relation to investment property
under development.
The Group has applied the following methodology in relation to the measurement
of investment property under development:
Practical completion not achieved
Where the development still requires substantial work such that practical
completion is not going to be achieved, and a reliable estimate of fair value cannot
be made, at or close to balance date, the fair value recognised is the fair value of
the development land per the Directors’ valuation plus the cost of any work in
progress. An amount of $86.4m as at 30 September 2021 (31 March 2021: $51.6m)
has been recognised in relation to these development sites.
Where an individual development is of both investment property and freehold
buildings in nature, the fair value of land and work in progress is apportioned
between investment property under development and freehold land and buildings
under development, by applying the estimated gross floor area for these respective
areas of the development based on information obtained from the project quantity
surveyors at the planning and design stages.
45
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

46
3.1 Village Assets: Investment Property (continued)
Practical completion achieved
Where a development is practically completed, or likely to be completed at,
or close to, balance date the investment property is measured at its completed
fair value per the Directors’ valuation with an adjustment made for any estimated
costs, in accordance with the project budget, to be incurred to complete the
development, and is then transferred to completed investment property.
Completed Investment Property
As required by NZ IAS 40 Investment Property, the valuation of investment property
is adjusted for cash flows relating to refundable occupation licence payments,
residents’ share of resale gains and management fees receivable recognised
separately on the Consolidated Balance Sheet and also reflected in the valuation
model.
The Group's interest in all completed investment property was valued on
30 September 2021 by CBRE Limited, at a total of $528.5m (31 March 2021:
$472.2m).
Investment Property Held for Sale
Investment property assets are classified as held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is
considered highly probable. They are stated at their fair value.
Property Specific Assumptions
Seismic and Weather Tightness Assessments
The CBRE Limited valuation, and accordingly the fair value of investment property,
incorporates an allowance in relation to remediation to properties where seismic
strength testing has been carried out in prior years.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
46
OCEANIAINTERIM REPORT 2022

47
3.2 Care Assets: Property, Plant and Equipment
$NZ000’s Notes
Freehold
Land and
Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
Improvements Total
Period ended
30 September 2021 (unaudited)
Opening net book amount
54,767 92,800 437,079 19,406 604,052
Additions17,8571,3433,2173,37725,794
Capitalised interest and
line fees
741-170-911
Disposals-----
Depreciation--(6,036)(2,458)(8,494)
Transfer from investment
property
3.165---65
Reclassification within
Property, Plant and
Equipment
320-(320)--
Revaluation surplus
Comprehensive income
Existing care centres
-(108)(205)-(313)
Care centres recently
developed / under
development
--49-49
Other comprehensive
income
1
Existing care centres2,03914,0552,424-18,518
Care centres recently
developed / under
development
--4,497-4,497
Closing net book amount
75,789108,090440,87520,325645,079
At 30 September 2021
(unaudited)
Cost
---54,92054,920
Valuation75,789108,090440,875- 624,754
Accumulated
depreciation
---(34,595)(34,595)
Net book amount75,789108,090440,87520,325645,079
47
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1
The revaluation noted in the Statement of Comprehensive Income differs from the above due to
deferred tax, refer note 5.1.

48
3.2 Care Assets: Property, Plant and Equipment (continued)
$NZ000’s Notes
Freehold
Land and
Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
Improvements Total
Year ended 31 March 2021
(audited)
Opening net book amount
54,20677,496339,91618,372489,990
Additions 18,664 - 8,189 4,138 30,991
Capitalised interest and
line fees
837 - 271 - 1,108
Disposals - - - - -
Depreciation - - (8,121) (3,104)(11,225)
Transfer (to) / from
investment property
3.1 - - 1,329 - 1,329
Reclassification within
property, plant and
equipment
(32,998) (2,105) 35,103 - -
Revaluation surplus
Comprehensive income
Existing care centres
1,610 1,076 1,543 - 4,229
Care centres recently
developed / under
development
- - 75 - 75
Other comprehensive income
1
Existing care centres 2,007 16,333 31,757 - 50,097
Care centres recently
developed / under
development
10,441 - 27,017 - 37,458
Closing net book amount 54,767 92,800 437,079 19,406

604,052
At 31 March 2021 (audited)
Cost
- - - 51,543 51,543
Valuation 54,767 92,800 437,079 -

584,646
Accumulated depreciation - - - (32,137)

(32,137)
Net book amount 54,767 92,800

437,079 19,406

604,052
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
48
OCEANIAINTERIM REPORT 2022

49
Land and Buildings Under Development
A valuation in respect of development land was provided by CBRE Limited as at
30 September 2021.
Any costs incurred to 30 September 2021 on the developments are included in
arriving at the fair value as at 30 September 2021.
The Group has applied the following methodology in relation to the measurement
of land and buildings under development:
Practical completion not achieved
Where the development still requires substantial work such that practical
completion is not going to be achieved, and a reliable estimate of fair value
cannot be made, at or close to balance date, the fair value recognised is the fair
value of the development land per the Directors’ valuation plus the cost of any
work in progress. An amount of $34.0m as at 30 September 2021 (31 March 2021:
$16.2m) has been recognised in relation to these development sites.
Where an individual development is of both investment property and freehold
buildings in nature, the fair value of land and work in progress is apportioned
between investment property under development and freehold land and
buildings under development, by applying the estimated gross floor area for
these respective areas of the development based on information obtained from
the project quantity surveyors at the planning and design stages.
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or
close to, balance date the land and buildings are measured at its completed fair
value per the Directors’ valuation with an adjustment made for any estimated
costs, in accordance with the project budget, to be incurred to complete the
development, and is then transferred to completed land and buildings.
Completed Land and Buildings
A valuation in respect of completed land and buildings was provided by CBRE
Limited as at 30 September 2021.
The valuation of the Group’s care centres was apportioned to land, buildings,
chattels and goodwill. The fair value of land and buildings as calculated by CBRE
Limited is based on the level of rent able to be generated from the maintainable
net cash flow of the site subject to average efficient management. The fair value
of the Group’s land and buildings as determined by the Directors is based on
these apportionments. However, chattels are carried at historic cost less
depreciation and the amount apportioned to goodwill by CBRE Limited is not
recorded in the consolidated interim financial statements. The CBRE Limited
valuation included $10.9m of goodwill (31 March 2021: $10.4m) in respect of
completed land and buildings.
The CBRE Limited valuation used in the determination of the fair value of freehold
buildings, incorporates an allowance in relation to remediation to properties
where seismic strength testing has been carried out in prior years.
49
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

50
3.2 Care Assets: Property, Plant and Equipment (continued)
Care Suites and Serviced Apartments
As discussed earlier in note 3, where services are provided to residents who occupy
accommodation under an ORA, it is the Group’s policy to look at the significance
of these services in the context of the overall revenue derived from the care suite
or serviced apartment in ascertaining whether the care suite or serviced apartment
is property, plant and equipment or investment property. Care suite residents
occupying accommodation under an ORA receive a significant level of services.
Hence, they are included in property, plant and equipment. Care suite land and
buildings are held at fair value.
Key Accounting Estimates and Judgements
All land and buildings have been determined to be Level 3 (31 March 2021: Level 3)
in the fair value hierarchy as the fair value is determined using inputs that are
unobservable.
3.3 Refundable Occupation Right Agreements
What’s an ORA?
An ORA is a contract which sets out the terms and conditions of occupation of
an independent living unit or care suite. A new resident is charged a refundable
occupation licence payment in consideration for the right to occupy one of the
Group's units, apartments or care suites. On termination of the ORA the
occupation licence payment is repaid to the exiting resident.
What’s DMF?
An amount equal to a capped percentage of the occupation licence payment is
charged by the Group as a management fee for the right of use and enjoy the
common areas of the village. The deferred management fee is payable by the
resident on termination of the ORA.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
50
OCEANIAINTERIM REPORT 2022

51
$NZ000’s
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Village
Refundable occupation licence payments
678,896573,766
Residents’ share of resale gains
6,4807,205
Less: Management fee receivable (per contract)
(139,346)(117,300)
546,030463,671
Leasehold Village
Refundable occupation licence payments
39,04537,130
Less: Management fee receivable (per contract)
(7,892)(6,647)
31,15330,483
Care Suites
Refundable occupation licence payments
170,530152,273
Accommodation rebate
137375
Less: Management fee receivable (per contract)(31,311)(28,369)
139,356124,279
Total refundable occupation right agreements716,539618,433
Reconciliation of Management Fees recognised under NZ IFRS and per ORA
$NZ000s
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Village
Management fee receivable (per contract)
(139,346)(117,300)
Deferred management fee
37,10132,867
Management fee receivable (per NZ IFRS)(102,245)(84,433)
Leasehold Villages
Management fee receivable (per contract)
(7,892)(6,647)
Deferred management fee2,9102,590
Management fee receivable (per NZ IFRS)(4,982)(4,057)
Care Suites
Management fee receivable (per contract)
(31,311)(28,369)
Deferred management fee6,0226,042
Management fee receivable (per NZ IFRS)(25,289)(22,327)
51
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

52
3.4 Leases
What’s a right of use asset?
Right of use assets are assets held under a lease arrangement. It represents
the value of the lessee’s right of use an asset over the life of the lease. There is
a corresponding lease liability on the Consolidated Balance Sheet which
represents the present value of the future lease payments.
Right of use Assets
$NZ000’s
Period ended 30 September 2021
Investment
Property
Land and
BuildingsChattelsTotal
Opening net book value
33,4464,1694,09941,714
Additions
5158300463
Disposals
-(1,034)-(1,034)
Depreciation
-(301)(920)(1,221)
Revaluation for the period –
Comprehensive Income
98671-1,057
Revaluation for the period
1
–
Other Comprehensive Income
-165-165
Net book value as at
30 September 2021 (unaudited)
34,4373,2283,47941,144
$NZ000’s
Year ended 31 March 2021
Investment
Property
Land and
BuildingsChattelsTotal
Opening net book value
31,1404,8374,84540,822
Additions
733872912
Disposals
-(266)(9)(275)
Depreciation
-(494)(1,609)(2,103)
Revaluation for the period –
Comprehensive Income
2,299(37)-2,262
Revaluation for the period
1
–
Other Comprehensive Income
-96-96
Net book value as at
31 March 2021 (audited)
33,4464,1694,09941,714
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
52
OCEANIAINTERIM REPORT 2022
1
The revaluation noted in the Statement of Comprehensive Income differs from the above due to
deferred tax, refer note 5.1.

53
$NZ000’s
30 September 2021
Investment
Property
Land and
BuildingsChattelsTotal
Cost
--8,9098,909
Valuation
34,4373,228-37,665
Accumulated depreciation
--(5,430)(5,430)
Net book value as at
30 September 2021 (unaudited)
34,4373,2283,47941,144
A reconciliation between the valuation and the amount recognised on the
Consolidated Balance Sheet as right of use investment property is as follows:
$NZ000’s
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Right of use Investment Property
Valuation
374373
Add: Refundable occupation licence payments
39,04537,130
Less: Management fee receivable
(4,982)(4,057)
34,43733,446
The valuation of right of use investment property is adjusted for cash flows relating
to refundable occupation licence payments and management fee receivable
recognised separately on the Consolidated Balance Sheet and also reflected
in the valuation model.
Lease Liabilities
$NZ000’s
30 September 2021
Investment
Property
Land and
BuildingsChattelsTotal
Opening net book value
-7,0214,49211,513
Additions
-158300458
Disposals
(1,750)-(1,750)
Interest
-133168301
Lease payments made
-(445)(1,301)(1,746)
Lease liabilities as at
30 September 2021 (unaudited)
-5,1173,6598,776
$NZ000’s
31 March 2021
Investment
Property
Land and
BuildingsChattelsTotal
Opening net book value
-7,8655,13613,001
Additions and disposals
-(349)863514
Interest
-352345697
Lease payments made
-(847)(1,852)(2,699)
Lease liabilities as at
31 March 2021 (audited)
-7,0214,49211,513
53
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

54
3.4 Leases (continued)
Lease of Investment Property
The Group leases one site, Everil Orr, which meets the definition of investment
property. The site comprises both apartments and common facilities provided for
use by residents under the terms of an ORA. Payments to the lessor under this lease
are made as ORAs are sold. Subsequent cash flows upon the sale and resale of the
units are shared between the lessor and the Group.
Due to the variability of these payments both the right of use asset and the
corresponding lease liability were initially recognised at nil value. Rental payments
are recognised as a rental expense through the Consolidated Statement of
Comprehensive Income. The right of use asset is held at fair value in accordance
with NZ IAS 40 Investment Property. The fair value is determined by the Directors
having taken into consideration the valuation conducted by CBRE Limited.
The carrying value of the right of use asset as at 30 September 2021 in respect
of this leased site is $34.4m (31 March 2021: $33.4m).
On 15 February 2021 the Group entered into a Sale and Purchase Agreement to
purchase one leased site for a purchase price of $5.0m. Date of settlement was
18 June 2021. NZ IFRS 16 Leases states that any difference in purchase price and
the carrying amount of the lease liability immediately before the purchase shall be
recorded as an adjustment to the carrying amount of the asset. The carrying value
at the date of acquisition was $1.0m with a corresponding liability of $1.8m.
Lease of Property, Plant and Equipment
The Group leases two care centres (31 March 2021: three care centres) which are
valued as right of use assets as well as on one support office building and various
equipment and motor vehicles.
A valuation in respect of right of use property assets was provided by CBRE Limited
as at 30 September 2021.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
54
OCEANIAINTERIM REPORT 2022

55
4. Shareholder Equity and Funding
4.1 Shareholder Equity and Reserves
Unaudited
30 Sept 2021
Shares
Audited
31 Mar 2021
Shares
Unaudited
30 Sept 2021
$NZ000’s
Audited
31 Mar 2021
$NZ000’s
Share capital
Authorised, issued and
fully paid up capital
705,705,859689,276,946700,717675,625
Total contributed equity
705,705,859689,276,946700,717675,625
Movements
Opening balance of
ordinary shares issued
689,276,946618,056,183675,625588,389
Shares issued for employee
share scheme
-1,193,045--
Shares issued for dividend
reinvestment plan
3,963,6598,489,2565,5679,175
Share issue (placement)15,629,81061,538,46220,00080,000
Capitalised costs in relation
to share placement
--(475)(1,939)
Treasury shares reacquired(3,164,556)---
Share issue (rights issue)----
Capitalised costs in relation
to rights issue
----
Closing balance of ordinary
shares issued
705,705,859689,276,946700,717675,625
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 Company
incurred no transaction costs issuing shares during the period (31 March 2021: nil).
Share Issue (Placement)
On 29 March 2021 a total of 61,538,462 shares with a value of $1.30 per share
were issued in relation to an Institutional Placement. These shares rank equally
with existing shares. The Placement was fully underwritten. Fees incurred of
$1.9m have been offset against funds raised.
Share Issue (Rights Issue)
On 16 April 2021, a total of 15,619,810 ordinary shares with a value of $20.0m
($1.2796 per share) were issued in relation to the Retail Offer.
55
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

56
4.1 Shareholder Equity and Reserves (continued)
Dividend Reinvestment Plan (“DRP”)
– 3,963,659 shares with a value of $1.4040 per share were issued in the six months
to 30 September 2021 in relation to the 31 March 2021 dividend reinvestment plan.
– 1,399,054 shares with a value of $1.5331 per share were issued in the four months
to 31 March 2021 in relation to the 30 November 2020 dividend reinvestment plan.
– 2,613,632 shares with a value of $0.9910 per share were issued in the six months
to 30 November 2020 in relation to the 31 May 2020 dividend reinvestment plan.
Further, 4,476,570 shares with a value of $0.9910 were issued in the six months
to 30 November 2020 pursuant to an underwriting agreement with Macquarie
Securities (NZ) Limited.
Recognition and Measurement
– On 6 September 2021, 1,078,125 share rights were issued for nil consideration and
a nil exercise price in relation to the LTI Scheme for the provision of performance
based remuneration.
– On 1 September 2021 the Group acquired 3,164,556 shares held by OCA Employees
Trustee Limited, a subsidiary, in relation to a previously cancelled long term
incentive plan scheme. The shares had been classified as Treasury Shares as the
Group had a beneficial interest in the 3,164,556 shares.
– On 20 November 2020, 1,948,061 share rights were issued for nil consideration
and a nil exercise price in relation to the LTI Scheme for the provision of
performance-based remuneration. Since that point a total of 1,252,325 share
rights that were granted at that time have lapsed as a consequence of executives
leaving employment with the Company.
Group Structure
There are no major shareholders.
Dividends
On 29 November 2021, an interim dividend of 2.1 cents per share (not imputed)
was declared and will be paid on 20 December 2021. The record date for
entitlement is 6 December 2021.
Unaudited
30 Sept 2021
cents per share
Unaudited
30 Sept 2021
$NZ000’s
Audited
31 Mar 2021
cents per share
Audited
31 Mar 2021
$NZ000’s
Final dividend for the prior year
2.114,4751.27,417
Interim dividend for the period --1.38,142
Total dividends declared during
the period
1
-14,475-15,559
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
56
OCEANIAINTERIM REPORT 2022
1
Total dividends declared during the period differs to dividends paid per the Consolidated Statement
of Changes in Equity as a result of dividends payable on shares held within the Group.

57
Dividend Reinvestment Plan
On 25 July 2019, the Board approved the implementation of a dividend reinvestment
plan for New Zealand and Australian shareholders. This plan has been effective for
all subsequent dividends. This plan shall also be effective for the dividend payable
on 20 December 2021 at a discount of 2.5% to the volume weighted average price
of shares sold on the NZX Main Board over a period of five trading days starting on
3 December 2021. The dividend reinvestment plan shall apply to those shareholders
who have provided a participation election by 5:00pm on the dividend election
date, being 7 December 2021.
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and
buildings and land and buildings under development.
Cash Flow Hedge Reserve
The cash flow hedge reserve is used to record gains or losses on instruments used
as cash flow hedges. The amounts are recognised in the Consolidated Statement
of Comprehensive Income when the hedged transaction affects profit or loss.
Refer to note 5.6 of the 31 March 2021 consolidated annual financial statements.
Long Term Incentive Plan
On 15 September 2020 the Board approved a new Long Term Incentive Scheme
for its senior executives (“LTI Scheme”). The LTI Scheme has been established to:
– provide an incentive to key executives to commit to Oceania for the long term; and
– align these executives’ interests with the interests of Oceania’s shareholders.
Participants in the Scheme will be granted Share Rights from time to time which
will, on vesting, convert into an entitlement to receive ordinary shares. Vesting will
depend on achievement of certain performance hurdles relating to Oceania’s total
shareholder return relative to the NZX50, and Oceania’s performance against
EBITDA targets.
Share Rights become exercisable if the holder remains employed on the vesting
date and performance hurdles are met over the period from the commencement
date to the measurement date, and in certain other exceptional circumstances.
On becoming exercisable, each Share Right will entitle the holder to receive one fully
paid ordinary share in Oceania Healthcare Limited, less an adjustment for tax paid
on the holder’s behalf for the benefit received under the Scheme. The Share Rights
have a nil exercise price.
57
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

58
4.1 Shareholder Equity and Reserves (continued)
Performance Hurdles
The Share Rights in each grant are divided between two performance hurdles;
– Share Rights will qualify for vesting on a straight-line basis, from 0%, where the total
shareholder return (“TSR”) from the commencement date to the measurement date
is equal to the 35th percentile of the NZX50 Group, to 100% where the TSR is equal
to or greater than the 75th percentile of the NZX50 Group; and
– For the second performance hurdle, Share Rights will qualify for vesting if the
Group’s annual growth in underlying earnings (before interest, tax, depreciation
and amortisation) per share (UEPS) from the commencement date to the
measurement date is equal to or greater than the target for growth in UEPS
for that period.
Lapse
– Share Rights will lapse where the performance hurdles are not met on a relevant
measurement date or, in general, where the participant ceases to be employed by
the Group before the vesting date (except in certain circumstances).
Employee Share Scheme
On 22 September 2020 1,193,045 shares were issued as part of an employee
share scheme (“ESS”). All permanent employees as at that date were invited to
participate. Full time employee participants were allocated an equivalent of $800
of shares and part time employee participants were allocated an equivalent of
$400 of shares. The shares are held in trust and will be transferred to the employee
if the employee remains employed by Oceania (or any of its subsidiaries) for the
following three years.
4.2 Earnings per Share
Basic
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.

Unaudited
30 Sept 2021
Unaudited
30 Nov 2020
Profit after tax ($’000)
36,94024,810
1
Weighted average number of ordinary shares outstanding
('000s)
702,542619,514
Basic earnings per share (cents per share)
5.34.0
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
58
OCEANIAINTERIM REPORT 2022
1
Comparatives have been restated for the impact of a change in accounting policy in regards
to the accounting for Software as a Service arrangements. Refer to note 1.2.

59
Diluted
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 (30 November 2020: nil).

Unaudited
30 Sept 2021
Audited
30 Nov 2020
Profit / (loss) after tax ($’000)
36,94024,810
Diluted weighted average number of ordinary shares
outstanding ('000s)
702,542619,514
Diluted earnings per share (cents per share)
5.34.0
4.3 Borrowings
$NZ000’s
Unaudited
30 Sept 2021
Audited
31 Mar 2021
Secured
Bank loans
125,785204,930
Deferred payment on acquisition of previously leased site
3,500-
Capitalised loan costs
(371)(473)
Retail bond – OCA010
125,000125,000
Retail bond – OCA020
100,000-
Capitalised bond costs
(3,185)(2,165)
Total borrowings
350,729327,292
Current
3,250-
Non current
351,035329,930
Total borrowings excluding capitalised loan costs
354,285329,930
Recognition and Measurement
Bank Loans
Interest is charged using the BKBM Bill rate plus a margin and line fee. Interest rates
applicable in the six month period to 30 September 2021 ranged from 1.64% to 1.96%
(period to 31 March 2021: 2.40% to 2.58%).
Deferred Payment on Acquisition of Previously Leased Site
Relates to the purchase of a previously leased site. The deferred payment is secured
by a first charge mortgage over the property.
No interest is charged unless the payment is in default. Refer to note 3.4.
59
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

60
4.3 Borrowings (continued)
Retail Bond
On 13 September 2021 the Group issued 100.0m additional bonds totalling $100.0m
with a maturity date of 13 September 2028. The bonds are listed on the NZX Debt
Market (NZDX) with the ID OCA020. The bond has a fixed interest rate of 3.3%.
In the comparative period the Group issued 125.0m retail bonds totalling $125.0m
on 19 October 2020 with a maturity date of 19 October 2027 at a fixed interest rate
of 2.3%. The bonds have the NZDX ID of OC010.
The bonds are quoted on the NZX Debt Market and their fair value at balance
date is based on their listed market price as at balance date. Interest on OCA010
is payable quarterly in January, April, July and October in equal instalments.
Interest on OCA020 is payable quarterly in March, June, September and December
in equal instalments. The bonds were trading as follows:
Yield
Unaudited
30 Sept 2021
Audited
31 Mar 2021
OCA010
2.8%2.7%
OCA020
2.9%n/a
Debt Financing
Total debt facility limits are $350.0m. The General Corporate Facility limit is $85.0m
and the Development Facility limit is $265.0m.
The maturity of the Facilities is 31 July 2023.
Financing Arrangements
At 30 September 2021, the Group held committed bank facilities with drawings
as follows:
Unaudited
30 Sept 2021
Audited
31 Mar 2021
$NZ000’sCommittedDrawnCommittedDrawn
General Corporate Facility
85,0006,00085,000-
Development Facility
265,000119,785265,000204,930
Total
350,000125,785350,000204,930
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
60
OCEANIAINTERIM REPORT 2022

61
The Group’s revolving Development Facility is utilised to cover costs associated with
current development projects. The revolving General Corporate Facility is used for
general corporate purposes as well as for development land and initial costs for
projects not currently funded by the Development Facility.
Interest on the General Corporate Facility is typically payable quarterly. Interest on
the Development Facility is capitalised and repaid together with principal using the
ORA licence proceeds received upon settlement of initial sales of newly developed
units and care suites. Line fees are payable quarterly on the committed General
Corporate Facility and the Committed Development Facility.
The financial covenants in the Group’s senior debt facilities, with which the Group
must comply include:
a) Interest Cover Ratio – the ratio of Adjusted EBITDA to Net Interest Charges is not
less than 2.0x;
b) Loan to Value Ratio – the ratio of total bank indebtedness shall not exceed 50%
of the total property value of all Group’s properties (including the “as-complete”
valuations for projects funded under the Development Facility); and
c) Guarantor Group Coverage – at all times the adjusted EBITDA of the
Guaranteeing Group must be at least 90% of the Adjusted EBITDA of the total
tangible assets of the Group; and
d) Development – At all times the outstanding principal amount under the
Development Facility shall not exceed the Development Value. Development
Value (per the most recent valuation excluding any settled stock) is the
aggregate value of all Residential Facilities in all Developments that are
being funded by the Development Facility less their cost to complete.
The covenants are tested half yearly. All covenants have been complied with
during the year. The Group has agreed with its banks that the calculation of
Adjusted EBITDA and Net Interest, for the purposes of the financial covenants,
shall continue to be based on the accounting treatment in use before the
introduction of NZ IFRS 16 Leases.
Assets Pledged as Security
The bank loans and bonds of the Group are secured by mortgages over the
Group’s care centre freehold land and buildings and rank second behind the
Statutory Supervisors where 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 and bonds over which
the properties are held as security is $350.8m (31 March 2021: $329.9m).
61
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

62
5. Other Disclosures
5.1 Income Tax
What is Current Tax?
Current tax is an estimate of the tax that is payable to Inland Revenue for the
current financial period.
What is Deferred Tax?
Deferred tax is an estimate of income tax that will be payable or recoverable in
respect of temporary differences relating to the accounting and tax values of the
Group’s assets and liabilities. Deferred tax also includes the value of tax losses
that we consider we will use in the future to meet any income tax obligation.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
62
OCEANIAINTERIM REPORT 2022

63
$NZ000’s
Unaudited
30 Sept 2021
Unaudited
30 Nov 2020
Income tax benefit
Current tax
- -
Deferred tax(3,484)(4,436)
(3,484)(4, 436)
Taxation expense is calculated as follows:
Profit / (loss) before income tax
33,45620,491
Tax at the New Zealand tax rate of 28% 9,3685,737
Adjusted by the tax effect of:
Non-deductible impairment of goodwill
95228
Non-deductible expenditure245285
Capitalised interest deductible for tax(798)(745)
Taxable deferred management fees(5,738)(1,934)
Non-assessable revaluation of investment property(9,039)(8,100)
Taxable depreciation(2,810)(3,510)
Accounting depreciation2,4741,856
Right of use asset(28)9
Non-deductible impairment / (reversal of non-
deductible impairment) of fixed asset
54145
Adjustment for timing difference of provisions166832
Other-(39)
Losses generated
6,0115,236
Current tax expense
--
Impact of movements in investment property
(2,256)480
Impact of movements in property, plant and
equipment
(719)(1,671)
Impact of movements in right of use assets
121(92)
Other adjustments
(309)(912)
Deferred management fee
3,2961,934
Other deferred tax assets not recognised
(336)-
Prior period adjustments: other
--
Losses utilised or derecognised
(3,281)(4,175)
Deferred tax benefit
(3,484)(4,436)
Income tax benefit
(3,484)(4,436)
63
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

64
5.1 Income Tax (continued)
Movement in the Deferred Tax Balance:
$NZ000’s
Balance
1 Apr
2021
Audited
Recognised in
Consolidated
Statement of
Comprehensive
Income
Recognised
in Other
Comprehensive
Income
Balance
30 Sept
2021
Unaudited
Investment property
3,189 2,878-6,067
Property, plant and equipment
(13,520)719(527)(13,328)
Right of use assets
902 (121)(46)735
Provisions and other assets /
liabilities
7,979 309(1,091)7,197
DMF revenue in advance
1,786 (5,738)-(3,952)
Tax losses
- 3,281-3,281
Deferred tax assets not recognised
(336)336--
Deferred tax (liabilities) / assets
- 1,664
1
(1,664)-
$NZ000’s
Balance
1 Jun
2020
Audited
Recognised in
Consolidated
Statement of
Comprehensive
Income
Recognised
in Other
Comprehensive
Income
Balance
31 Mar
2021
Audited
Investment property
(960) 4,149 - 3,189
Property, plant and equipment
(14,651) 10,103 (8,972) (13,520)
Right of use assets
929 8 (35) 902
Provisions and other assets /
liabilities
8,645 723 (1,389) 7,979
DMF revenue in advance
5,538 (3,752) - 1,786
Tax losses
499 (499) - -
Deferred tax assets not recognised
- (336) - (336)
Deferred tax (liabilities) / assets
- 10,396 (10,396) -
Recognition and Measurement
No income tax was paid or payable during the year (31 March 2021: nil).
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
64
OCEANIAINTERIM REPORT 2022
1
Included in this movement is a $1.8m liability in regards to deferred tax on the Waterford
business combination. The impact of this offsets the Gain on the Purchase of Business Assets
within the Statement of Comprehensive Income.

65
Key accounting 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.
The Group’s ORAs comprise two distinct cash flows (being an ORA deposit upon
entering the unit and the refund of this deposit upon exit). In determining the tax
base of investment property, the Group considered whether taxable cash flows are
received at the end of the ORA period (i.e. upon refund of the ORA deposit by way
of set off on exit by a resident) or at the beginning of the ORA period (i.e. at time of
the receipt of the ORA deposit). The Group has carefully evaluated all the available
information and considers it appropriate to recognise and measure the tax base
and associated deferred tax based on the taxable cash flows being receivable at the
end of the ORA period as this best represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use methodology, the Group has
made significant judgements to determine taxable temporary differences. The
carrying value of the Group’s investment property is determined on a discounted
cash flow basis and includes cash flows that are both taxable and non-taxable in
the future. The Group has recognised deferred tax on the cash flows with a future
tax consequence being DMF and deductible amounts as provided by CBRE Limited,
to the extent that it doesn’t relate to land. The Group uses the CBRE Limited valuation
of land and improvements to estimate the apportionment of cash flows arising from
the depreciable (i.e. buildings) and non-depreciable components (i.e. land).
Recognition of Deferred Tax on Deferred Management Fee
The interpretation of New Zealand tax laws in relation to DMF involves significant
judgements and uncertainty.
During October 2018, the Group obtained a binding ruling from Inland Revenue,
applicable for ORAs entered into after 1 June 2018 with certain revisions to the
terms and conditions relating to the DMF. Pursuant to this ruling DMF revenue is
recognised as derived on the exit of a unit or care suite by a resident.
Recognition of Deferred Tax on Tax Losses
The Company and its subsidiaries exited the former OHHL tax consolidated group
from 31 May 2015. All tax losses incurred by the Company and its subsidiaries until
31 May 2015 are tax losses of the OHHL consolidated tax group (of which the Group
is no longer a member).
After taking into consideration losses generated in the period to 30 September 2021,
the Group now has an estimated $108.5m (31 March 2021: $86.9m) of available tax
losses as at 30 September 2021.
The Group may recognise deferred tax assets to the extent that it is probable that
the Group will generate future economic profits to offset the deferred tax assets or
to the extent that they offset deferred tax liabilities. All available losses generated
are held off balance sheet.
65
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

66
5.2 Contingencies and Commitments
At 30 September 2021, the Group had no contingent liabilities or assets (31 March
2021: nil).
At 30 September 2021, the Group has a number of commitments to develop and
construct certain sites totalling $108.5m (31 March 2021: $131.4m) of which $108.5m
(31 March 2021: $131.4m) relates to development sites.
As at 30 September 2021, a commitment of $9.3m (31 March 2021: $9.3m) exists in
relation to Stage One and $3.0m (31 March 2021: $5.8m) in relation to Stage Two
in the form of future lease payments in respect of the development of Everil Orr, a
leasehold site. Lease payment obligations arise as ORAs are sold. Refer to note 3.4
for further details.
There are no significant unrecognised contractual obligations entered into for future
repairs and maintenance at balance date.
5.3 Events After Balance Date
Employee Share Scheme
Post balance date, but before the signing of these financial statements, all employees
of the Group were invited to participate in the 2021 employee share scheme. Shares in
relation to those employees who choose to participate will be issued post the signing
date of these interim financial statements.
Dividend
On 29 November 2021 an interim dividend of 2.1 cents per share (not imputed) was
declared and will be paid on 20 December 2021. The record date for entitlement is
6 December 2021. Refer to note 4.1.
Land Purchase
During November 2021 a sale and purchase agreement was entered into to purchase
a piece of bare land neighbouring the Franklin site at market value. The agreement is
conditional on the Group's due diligence process.
There have been no other significant events after balance date.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 30 September 2021
66
OCEANIAINTERIM REPORT 2022

PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Oceania Healthcare Limited
We have audited the consolidated financial statements which comprise:
•the consolidated balance sheet as at 31 May 2019;
•the consolidated statement of comprehensive income for the year then ended;
•the consolidated statement of changes in equity for the year then ended;
•the consolidated cash flow statement for the year then ended; and
•the notes to the consolidated financial statements, which include significant accounting policies.

Our opinion
In our opinion, the accompanying consolidated financial statements of Oceania Healthcare Limited
(the Company), including its subsidiaries (the Group), present fairly, in all material respects, the
financial position of the Group as at 31 May 2019, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the consolidated financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners (PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carries out other services for the Group in the areas of trustee reporting, tax advisory and
market research. The provision of these other services has not impaired our independence as auditor
of the Group.
67
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REVIEW REPORT
To the shareholders of Oceania Healthcare Limited



PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz


Independent auditor’s review report
To the shareholders of Oceania Healthcare Limited

Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Oceania Healthcare Limited (the
“Company”) and its subsidiaries (the “Group"), which comprise the consolidated balance sheet as at
30 September 2021, and the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated cas h flow statement for the six months ended on
that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2021, and its financial
performance and cash flows for the period then ended, in accordance with International Accounting
Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility for the
review of the consolidated financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of trustee reporting, Environmental, Social
and Governance (ESG) reporting and agreed upon procedures in respect of proxy voting at the Annual
Shareholders Meeting. The provision of these other services has not impaired our independence.
Directors’ responsibility for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of consolidated interim financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibility for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a whole,
are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. A review of
consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.

INDEPENDENT AUDITOR'S REVIEW REPORT (CONTINUED)
To the shareholders of Oceania Healthcare Limited
6868
OCEANIAINTERIM REPORT 2022


PwC
2

The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim
financial statements

Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are
required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the shareholders, as a body,
for our review procedures, for this report, or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is Leopino
Foliaki.

For and on behalf of:







Chartered Accountants Auckland
29 November 2021

oceaniahealthcare.co.nz

---

Believe
in better.
RESULTS PRESENTATION FOR THE FINANCIAL HALF YEAR ENDED 30 SEPTEMBER 2021

2
Introduction
3
Our new directors
4
COVID-19 update
5
1HY2022 trading highlights
7
Update on developments
10
Financial results
17
Appendices
29
Agenda

3
•New Zealand was been subject to Alert Level 3 restrictions or higher for 21 days in
1HY2022 (43 days in pcp2021).
•In addition to national lockdowns the Auckland region has been subject to Alert
Level 3 restrictions or higher for a further 23 days in 1HY2022 (i.e. 44 days in total;
43 days in pcp2021).
Introduction
This is the first half-year results presentation since the change of balance date to 31 March
1
.
Oceania recorded a number of highlights in the period despite the disruptions of COVID-19 lockdowns.
1.Oceania changed its balance date to 31 March (previously 31 May) for the financial year ended 31 March 2021
2.The COVID wage subsidy of $1.8m was received in April 2020 and repaid in May 2021. Both 1HY2022 and pcp2021 have been proforma adjusted to exclude the receipt and subsequent repayment of the wage
subsidyrespectively. The unadjusted results for EBITDA and NPAT are $34.7m and $25.8m respectively for 1HY2022 ($32.3m and $24.3m respectively for pcp2021)
The focus of this presentation will be comparing the pro-forma 6 months of
trading to 30 September 2021 (“1HY2022”) with pro-forma comparative 6 month
period to 30 September 2020 (“pcp2021” or prior corresponding period, “pcp”).
Comparison with prior period
COVID-19 impact on periods
6 months to 30 SeptemberGrowth
NZDm
2021
1HY2022
2020
pcp2021
Δ
%
Proforma Group Underlying EBITDA ($m)
2
36.530.56.019.7%
Proforma Underlying NPAT ($m)
27.522.55.022.2%
Sales volume
2302082210.6%
Occupancy
92.5%91.1%1.4%1.5%
•20% increase in underlying EBITDA compared to pcp2021.
•Aged care business continued to perform well despite COVID-19.
•Sales volumes ahead of pcp2021 despite COVID-19.
•Completion of the acquisition of Waterford in April 2021. A resource consent for 50
independent living apartments has been secured.
•545 units under construction (an increase of 150 on 31 March 2021, “10m2021”).
•Completion of 59 new units at Eden, Gracelands and Stoke.
•Total assets are now $2.1b (10% growth since 10m2021).
•Entry into a sale and purchase agreement to acquire land adjacent to our
Franklin site.
•Successful heavily oversubscribed retail bond offer raising $100m.
•Appointment of two new independent directors Rob Hamilton and Peter Dufaur.
•Appointment of Andrew Buckingham as Group General Manager Development &
Property.
•Interim dividend of 2.1 cents per share announced (30 November 2020: 1.3
cents).This will have a record date of 6 December 2021 and will be paid on 20
December 2021.The Dividend Reinvestment Plan will apply to this dividend.
Highlights

4
Our new directors
The Oceania Board appointed and welcomed Rob Hamilton and Peter Dufauras independent non-executive directors.
The appointments were effective from 17 September 2021.
Rob Hamilton BSc, BCom
Peter Dufaur BProp
Rob is a respected member of the capital
markets and finance community in New
Zealand, with more than 30 years’
experience in senior executive roles.
Rob is currently a Director of Westpac
New Zealand Limited and a Director of
Tourism Holdings Limited (including Chair
of the Audit Committee). He was
previously Chief Financial Officer at
SkyCityEntertainment Group Limited and
a Managing Director and Head of
Investment Banking at Jarden (formerly
First NZ Capital).
Rob is also a member of the Auckland
Grammar School Board of Trustees and
has previously been a Board member on
the New Zealand Olympic Committee.
Rob is a member of the Audit Committee.
Peter has over 25 years’ experience in
the New Zealand property market,
including 10 years as Head of
Development for Goodman Property
Trust. During his time at Goodman
Property Trust, Peter was responsible for
all of the Trust’s development activity
and oversaw more than $1.5 billion of
successful property development.
Peter also sits on several private
enterprise boards, including until
recently, Chair of building products
manufacturer Thermakraft. Peter is
currently the Managing Director of
Mayfair Group Limited, which is involved
in property development, asset
management and funds management
across a wide variety of sectors in the
New Zealand property market.
Peter is a member of the Development
Committee.

5
COVID-19 update
The safety of our staff and residents remain our primary focus.
All Oceania sites were placed into immediate lockdown following the Prime Minister’s
announcement on 17 August 2021.
Increased communications
•Central communications updates delivered daily from the business’ leaders to
site managers
•Ensured consistency and timely information distributed across the group in a
fast-changing environment
Vaccinations
•100% of on-site staff fully vaccinated in accordance with the
Ministry of Health public health orders
•96% of residents fully vaccinated. An additional 2% have received
their first dose
Surveillance testing & staff care
•Over 6,000 saliva tests undertaken on staff between 18 August
and 30 September
•Gratitude payment made to all staff ($350k in aggregate)
•Over 320 vaccinations given to staff and family at pop up facilities
Industry advocacy
•CEO and GGM of Nursing & Clinical Strategy lobbying on behalf of the industry
•Media advocating for families to see loved ones safely
Our response to the Delta outbreak
Key COVID operational information
COVID Costs
•$1.0m of additional costs associated with COVID in 1HY2022
(Saliva testing, PPE, additional staffing and gratitude payment)
Care admissions
•Continued throughout all alert levels
Village admissions
•Resumed from Level 3

6
Oceania leading advocacy during COVID
Oceania’s executive team have been at the forefront of the retirement industry’s public voice
during COVID-19, advocating for staff and resident welfare.
“Oceania Healthcare chief executive Brent Pattison said last
week that the current restrictions were weighing heavily on the
mental health of residents.
"We ask the Government to urgently consider our older citizens
and its definition of 'compassionate grounds' for visitation,
extending that to include what's necessary to support the
positive mental health and well-being of aged-care residents,"
Pattison said.”
“The boss of a retirement village operator is calling on the
Government to allow aged care residents to reconnect with
their loved ones...
“The industry can cater for extended bubbles, safely and
carefully – but we need changes from the Government to
make that possible," Pattison said...
“Pattison said he wants to work collaboratively with the
Government to implement these changes and enable residents
to reconnect with their loved ones.”
“At Oceania Healthcare, which runs more than 40 rest homes
across the country, general manager of nursing and clinical
strategy Frances Hughes said staff were constantly looking at
how to change rosters and change systems.
"It may end up that we can't take the admissions we want. We
will always ensure that our services are safe and that may
mean that we have [fewer] people in our facilities," she said.”

7
Total assets
NZDb
Sales volumes
NZDm
1HY2022 trading highlights
Recurring premiumrevenue underpins our result with DMF and PAC revenue for 1HY2022 of $25.0m, a 35% increase on pcp2021.
Resales volume (units)
New sales volume (units)
Premium revenue
Underlying EBITDA
1
NZDm
6 months to 30 September6 months to 30 November
6 months to 30 September6 months to 30 November
101
123
86
129
84
145
122
101
185
268
208
230
1HY20201HY2021pcp20211HY2022
6 months to 30 September6 months to 30 November
1.5
1.7
2.1
1HY20201HY20211HY2022
SeptemberNovemberNovember
1.The COVID wage subsidy of $1.8m was received in April 2020 and repaid in May 2021.Both 1HY2022 and pcp2021 have been proforma adjusted to exclude the receipt and subsequent repayment of the
wage subsidyrespectively.The unadjusted results for EBITDA are $34.7m and $32.3m respectively for 1HY2022 and pcp2021respectively.
37.1
35.3
30.5
36.5
1HY20201HY2021pcp20211HY2022
16.3
20.4
18.6
25.0
1HY20201HY2021pcp20211HY2022