Half year report provided

Ryman Healthcare
HALF YEAR REPORT SEPTEMBER 2021

2 Half-year key points
3 Key statistics
5 Report to shareholders
11 Interim financial statements
27 Our village locations
29 Directory
Cover image features Lynette, a resident photographed
during our Pioneers brand campaign.
RYMAN HEALTHCARE
1

43 villages
We own and operate 43 retirement
villages in New Zealand
and Australia and have 11
new villages in the pipeline.
$95.9 million
Unaudited underlying
profit
*
up 8.5%.
*
See key statistics for definition.
38,000+
More than 38,000 vaccine
doses have been delivered to
residents and team members.
$406.4 million
Invested in new and
existing villages.
$9.85 billion
Total assets up 18.1% from
September 2020.
$281.5 million
Reported (IFRS) profit up 32.5%.
$680.5 million
Cash receipts from
residents up 40.9%.
12,800 residents
Our villages are home to
over 12,800 residents.
6,400
We employ 6,400 staff.
6,130
6,130 beds and units in
our land bank.
Half-year key points
HALF YEAR REPORT 2021
2

30 Sept 2021
Six months
30 Sept 2020
Six months
31 March 2021
12 months
Financial
Underlying profit (non-GAAP)$m95.988.4224.4
Reported net profit after tax$m281.5212 .4423.1
Net operating cash flows$m301.196.4413.1
Net assets$m3,033.72,452.22,829.2
Total assets$m9,849.28,337.19,171.6
Interest-bearing debt to
interest-bearing debt plus
equity ratio%45%46%44%
Dividend per sharecents8.88.822 .4
Villages
New sales of occupation rightsno.189121503
Resales of occupation rightsno.514456925
Total sales of occupation rightsno.7035771,428
Land bank (to be developed)
1, 2
no.6,1306,1716,146
Portfolio:
Aged-care bedsno.4,1653,9514,087
Retirement-village unitsno.8,1957,6897, 9 8 3
Total units and bedsno.12,36011,64012,070
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1 Includes retirement-village units and aged-care beds.
2 Of the 6,130 units and beds in the land bank, 2,351 are subject to resource consent.
RYMAN HEALTHCARE
3

Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the period. Underlying profit
does not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial
information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a
measure that the Group uses consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy
has been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables
balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment
properties, and impairment losses on non-trading assets because these items do not reflect the trading
performance of the Company. Underlying profit determines the dividend payout to shareholders.
*Generally Accepted Accounting Principles.

30 Sept 2021
Six months
30 Sept 2020
Six months
31 March 2021
12 months
Underlying profit (non-GAAP)$m95.988.4224.4
Unrealised fair-value
movement on retirement-
village units$m178.7124.1201.2
Deferred tax movement$m6.9(0.1)12 .6
Impairment – loss on disposal$m--(15.1)
Reported net profit after tax$m281.5212 .4423.1
Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
HALF YEAR REPORT 2021
4

Report to
shareholders
RYMAN HEALTHCARE
5

We have had a solid first half
with a lift in profit driven by
continued strong demand for
retirement living and aged
care despite the challenges
of COVID-19.
All our teams have continued
to work extremely hard to
keep everyone safe and we’re
well advanced planning for
the months and years ahead
in the expectation we will be
living with COVID-19 in the
broader community.
Today we are much more
knowledgeable about how
to manage this virus and while
the risks of infection continue,
we’re steadily making the
transition from what might
be described as a pandemic
response to managing this
as an endemic threat.
Solid result despite
challenges of COVID-19
Our unaudited reported
(IFRS) profit, which includes
unrealised fair value gains on
investment property, increased
32.5% to $281.5 million in the
six months to 30 September.
Underlying profit lifted 8.5% on
a year ago to $95.9 million. This
included $7.6 million of COVID-19
related costs spent on staffing,
security, PPE and resident
welfare in the period.
Growth in underlying profit was
driven by a 53.5% lift in resale
earnings, reflecting increased
pricing and higher volumes.
Demand for our villages is
strong with only 101 units, or
1.2% of our retirement village
portfolio, available for resale
at the end of the half.
While our resale margin
lifted to 25% in the half, rising
construction costs, the
geographical mix of units built
and the fact that we pre-sell units
off plan, have resulted in a lower
development margin of 20.7%.
HALF YEAR REPORT 2021
6

Total booked sales for the half
of 703 units were up 21.8% on
the same period last year. This
was a great achievement given
the restrictions in both Auckland
and Victoria, which are our two
biggest markets.
Our cash receipts from residents
were $680.5 million for the
half, an increase of 40.9% and
operating cash flows were
$301.1 million, up 212% on the
same period last year.
Our gearing ratio at the end
of the half was stable at 44.5%
with interest-bearing debt
of $2.43 billion. Our debt is a
function of our growth plans. It is
productive working capital debt
and reflects the investment that
we’ve been making in our land
bank and building
new villages.
Continuing to bring Ryman
to more communities
Work has continued throughout
the half to develop our pipeline
of projects and maintain our
future momentum.
We invested $406.4 million
during the period into building
new villages, replenishing our
land bank and upgrading existing
villages to further enhance the
resident experience.
We’ve started work on three
new sites – Takapuna in
Auckland, and Highett and
Ringwood East in Melbourne.
This brings our total villages
under construction to 15, and
we have a further 11 sites in our
land bank.
We purchased additional
property at Ocean Grove and
Essendon in Victoria to extend
existing sites and welcomed
residents to two new villages –
Kevin Hickman in Christchurch
and Keith Park in Auckland.
Another highlight was receiving
consent for our village at
Park Terrace in Christchurch.
When completed, these villages
will provide critically needed
healthcare infrastructure,
beautiful homes and security
for thousands of people.
Embedded value
continues to grow
We are in a healthy financial
position with total assets of $9.85
billion, up 18.1% on a year ago.
RYMAN HEALTHCARE
7

We have seen our net assets
more than double over the last
five years to $3.03 billion.
This shows the value we have
created from building new
villages and the revaluation
of our existing portfolio.
Alongside our net assets
doubling over the last five years,
our gross occupancy advances
have grown from $2.21 billion
to $4.44 billion, a compound
average growth rate of 14.9%.
The resales bank on our portfolio
is $1.67 billion. The embedded
value, which includes the resale
bank, accrued management
fees and resident loans, is now
$2.21 billion.
Increased flexibility provided
by a reset of the dividend
payment range
The board has adjusted the
dividend policy from 50%
of underlying profit to a
30%-50% range.
We have strong long-term
growth plans and this change
will enhance our ability to
continue to deliver the Ryman
experience to more communities
through the retention of capital
within the business.
Shareholders will receive an
interim dividend of 8.8 cents per
share, unchanged from last year.
The record date for entitlements
was 10 December, with payment
on 17 December 2021.
Vaccines critical to
protecting our residents
The gradual easing of COVID-19
restrictions in New Zealand and
Victoria, high vaccination rates in
both countries and the decision
made by the Governments
on both sides of the Tasman
to mandate vaccinations for
healthcare workers is all
welcome news.
Vaccines are critical to protecting
our residents and team.
Since April, we have delivered
over 38,000 vaccine doses to
our Ryman community including
residents, team members, their
families and our contractors.
We are delighted to have
confirmation that we can now
proceed with our booster
programme in New Zealand as
well as Australia.
We have also done a lot of work
to develop additional safeguards
such as rapid antigen testing,
which we have used in Australia,
and saliva testing.
HALF YEAR REPORT 2021
8

These measures are likely to
offer an extra level of protection
for us as we learn to live with
COVID-19 in the community.
We expect to see pent-up
demand come through in the
market as restrictions lift and
we are cautiously optimistic
about the months ahead.
Thank you
We would like to thank all of the
team for another period of hard
work in difficult circumstances.
Their dedication and commitment
through this difficult period has
been unwavering.
They have coped with every
challenge thrown at them so far,
and they never falter.
During lockdowns they have
worked tirelessly in protective
equipment and have gone the
extra mile to protect residents.
Our teams have innovated and
adapted to keep our residents
happy and entertained.
Most importantly, they are well
drilled, equipped and prepared
for whatever comes next.
Richard Umbers
GROUP CHIEF EXECUTIVE
RYMAN HEALTHCARE
Dr David Kerr
CHAIR
RYMAN HEALTHCARE
The extremely
high vaccination
rates, and the roll
out of booster
shots, mean we are
well placed for the
months ahead.
RYMAN HEALTHCARE
9

A final word from the chair
Following 27 years of service on the Ryman board,
I have decided to step down as chair and hand over
to my colleague, Greg Campbell.
I have worked with Greg for a number of years and he has
had a long association with Ryman. I have great respect for
his skills and experience, and I believe that, as chair, he is very
well equipped to assist the board and management team.
I will be continuing as a director and I remain committed
to serving the company.
It’s been a wonderful 27 years and I’d like to thank the
company’s founders, Kevin Hickman and John Ryder,
and all the directors and management I’ve worked with
for their support.
I’d also like to thank the thousands of residents whom I’ve
had contact with over the years, our shareholders, and the
many Rymanians who work so hard to make this such a
special company.
Dr David Kerr
HALF YEAR REPORT 2021
10

Notes
Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Care fees194,603175,774359,241
Management fees50,9594 4,76393,170
Interest received4292103
Other income2,2601,4923,280
Total revenue247,864222,121455,794
Fair-value movement of
investment properties3285,14 3201,073416,847
Total income533,007423,194872,641
Operating expenses(225,380)(185,442)(395,306)
Depreciation and
amortisation expense(17,854)(15,660)(32,368)
Finance costs(15,250)(9,590)(19,365)
Loss on disposal--(15,102)
Total expenses(258,484)(210,692)(4 6 2 ,1 4 1 )
Profit before income tax2 74 ,5 2 3212,502410,500
Income-tax credit/(expense)6,944(101)12,561
Profit for the period281,467212,401423,061
Earnings per share
Basic and diluted
(cents per share) 56.342.584.6
All profit and total comprehensive income is attributable to parent company shareholders
and is derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
RYMAN HEALTHCARE
11

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Profit for the period281,467212,401423,061
Items that will not be later
reclassified to profit or loss
Revaluation of property, plant
and equipment (unrealised)--195,793
--195,793
Items that may be later
reclassified to profit or loss
Fair-value movement and
reclassification of cash-flow
hedge reserve9,711(3,893)7,0 57
Deferred tax movement
recognised in cash-flow
hedge reserve
(2,719)1,090(1,976)
Movement in cost of
hedging reserve(1,222)-3,753
Deferred tax movement
in cost of hedging reserve342-(1,051)
Gain / (Loss) on hedge
of foreign-owned subsidiary
net assets
2,888(3,961)(4,414)
(Loss) / Gain on translation
of foreign operations
(12,754)14,50116,546
(3,754)7,73 719,915
Other comprehensive income(3,754)7,737215,708
Total comprehensive income2 7 7,7 1 3220,138638,769
All profit and total comprehensive income is attributable to parent company shareholders
and is derived from continuing operations.
The accompanying notes form part of these interim financial statements.
Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
HALF YEAR REPORT 2021
12

Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021

Issued
capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Tr e a s u r y
stock
Retained
earnings
To t a l
equity
$000$000$000$000$000$000$000$000
Six months ended 30 Sept 2020 unaudited
Opening
balance33,2902 5 7,7 7 5(1 7,1 4 3 )-(10,345)(32,359)2,069,7592,300,977
Profit for the
period------212,401212,401
Other
comprehensive
income for the
period--(2,803)-10,540--7,73 7
Total
comprehensive
income for the
period--(2,803)-10,540-212,401220,138
Treasury stock
movement-----(3,463)-(3,463)
Dividends paid
to shareholders------(63,500)(63,500)
Balance at
30 Sept 202033,2902 5 7,7 7 5(19,946)-195(35,822)2,218,6602,454,152
Year ended 31 March 2021 audited
Opening
balance33,2902 5 7,7 7 5(1 7,1 4 3 )-(10,345)(32,359)2,069,7592,300,977
Profit for the
period------423,061423,061
Other
comprehensive
income for the
period-195,7935,0812 ,70212,132--215,708
Total
comprehensive
income for the
period-195,7935,0812 ,70212,132-423,061638,769
Treasury stock
movement-----(3,030)-(3,030)
Dividends paid
to shareholders------(107,500)(107,500)
Balance at
31 March 202133,290453,568(12,062)2 ,70 21,7 87(35,389)2,385,3202,829,216
RYMAN HEALTHCARE
13

Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021

Issued
capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Tr e a s u r y
stock
Retained
earnings
To t a l
equity
$000$000$000$000$000$000$000$000
Six months ended 30 Sept 2021 unaudited
Opening
balance33,290453,568(12,062)2 ,70 21,7 87(35,389)2,385,3202,829,216
Profit for the
period------281,467281,467
Other
comprehensive
income for the
period--6,992(880)(9,866)--(3,754)
Total
comprehensive
income for the
period--6,992(880)(9,866)-281,46727 7,7 1 3
Treasury stock
movement-----(5,185)-(5,185)
Dividends paid
to shareholders------(68,000)(68,000)
Balance at
30 Sept 202133,290453,568(5,070)1,822(8,079)(40,574)2,598,7873,033,744
The accompanying notes form part of these interim financial statements.
HALF YEAR REPORT 2021
14

Notes
30 Sept 2021
unaudited
30 Sept 2020
unaudited
31 March 2021
audited
$000$000$000
Assets
Cash and cash equivalents15,23920,87720,171
Trade and other receivables509,418452 ,729542,798
Inventory24,57227,1 2 326,738
Advances to employees16,25113,50211,141
Property, plant and equipment1,846,7921,476,7881,658,583
Investment properties37,338,9046,277,0686, 8 3 7, 278
Intangible assets53,88545,21042,444
Derivative financial instruments7,857--
Deferred tax asset (net)36,30123,82532,456
Total assets9,849,2198,337,1229,171,609
Equity
Issued capital633,29033,29033,290
Reserves7401,667202,202410,606
Retained earnings2,598,7872,218,6602,385,320
Total equity3,033,7442,454,1522,829,216
Liabilities
Trade and other payables8181,000155,659106,072
Employee entitlements36,73528,93032,034
Revenue in advance76,17267,54971,817
Derivative financial
instruments8,67727,70 228,611
Refundable
accommodation deposits146,88391,396113,666
Interest-bearing loans
and borrowings92,450,0152 ,130, 2872,274,093
Occupancy advances
(non-interest bearing)43,902,1493,367,8763,702,215
Lease liabilities13,84413,57113,885
Total liabilities6,815,4755,882,9706,342,393
Total equity and liabilities9,849,2198,337,1229,171,609
Net tangible assets
Basic and diluted
(cents per share)596.0481.85 57.4
The accompanying notes form part of these interim financial statements.
Consolidated balance sheet
AT 30 SEPTEMBER 2021
RYMAN HEALTHCARE
15

Notes
Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Operating activities
Receipts from residents680,471483,0701,176,401
Interest received225178229
Payments to suppliers
and employees(203,059)(229,957)(421,135)
Receipt from Government
for wage subsidy
-14,22714,227
Repayment to Government
for wage subsidy--(14,227)
Payments to residents(161,941)(160,988)(323,810)
Interest paid(14,608)(10,087)(18,566)
Net operating cash flows 2301,08896,443413,119
Investing activities
Purchase of property,
plant and equipment(123,055)(112,080)(219,416)
Purchase of intangible assets-(9,462)(9,462)
Purchase of investment properties(260,930)(267,496)(577,504)
Capitalised interest paid(22 ,416)( 1 7, 2 5 5 )(37,179)
Advances to employees(5,111)(3,278)(917)
Net investing cash flows(411,512)(409,571)(844,478)
Financing activities
(Repayment) / Drawdown of
bank loans (net)(81,802)367,931(36,712)
Proceeds from the issue of
retail bonds--150,000
Proceeds from US Private
Placements notes--416,874
Proceeds from institutional
term loan261,808--
Dividends paid(68,000)(63,500)(107,500)
Purchase of treasury stock (net)(5,185)(3,463)(3,030)
Repayment of lease liabilities(1,329)(1,337)(2 ,476)
Net financing cash flows105,492299,631417,156
Net decrease in cash and
cash equivalents(4 , 93 2)(13,497)(14,203)
Cash and cash equivalents at
the beginning of the period20,1713 4 , 3 743 4 , 3 74
Cash and cash equivalents
at the end of the period
15,23920,87720,171
The accompanying notes form part of these interim financial statements.
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
HALF YEAR REPORT 2021
16

STATEMENT OF COMPLIANCE
The financial statements presented are those
of Ryman Healthcare Limited (the Company),
and its subsidiaries (the Group). Ryman
Healthcare Limited is a profit-oriented entity
incorporated in New Zealand that develops,
owns, and operates integrated retirement
villages, resthomes, and hospitals for the
elderly within New Zealand and Australia.
Ryman Healthcare Limited is a Financial
Markets Conduct reporting entity under
the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its
financial statements comply with these Acts.
The unaudited condensed consolidated
interim financial statements have been
prepared in line with Generally Accepted
Accounting Principles in New Zealand
(NZ GAAP). The statements comply with
New Zealand equivalents to International
Accounting Standard 34 (NZ IAS 34)
Interim Financial Reporting and International
Accounting Standard 34 (IAS 34) Interim
Financial Reporting.
BASIS OF PREPARATION
The financial statements for the six
months ended 30 September 2021
and the comparative six months ended
30 September 2020 are unaudited.
These financial statements have been
prepared under the same accounting policies
and methods as the Group’s Annual Report
at 31 March 2021. These financial statements
should be read in conjunction with the financial
statements and related notes included in the
Group’s Annual Report for the year ended
31 March 2021.
The financial statements were approved by
the Board of Directors on 18 November 2021.
The information is presented in thousands of
New Zealand dollars.
All reference to AUD refers to Australian dollars.
All reference to USD refers to US dollars.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
RYMAN HEALTHCARE
17

COVID-19
The outbreak of COVID-19, declared by
the World Health Organization as a global
pandemic on 11 March 2020, resulted in an
increase in uncertainty in both global and
local markets.
Both New Zealand and Australia have
responded well to the virus with strong
public health measures and a range of
economic stimulus packages. However,
despite the response, there remains
uncertainty as to the ongoing impact of the
virus on market conditions in New Zealand
and Australia. In Australia, Victoria has been
through numerous waves of infection and
corresponding lockdowns, succeeding
in reducing the spread of infection, and
New Zealand has responded with localised
increases in alert level to suppress
transmission of the virus.
Throughout the pandemic the Group’s primary
focus has been to protect the safety of both
residents and staff. When necessary access
restrictions have been put in place at villages,
additional personal protective equipment
has been procured for staff, and other costs
incurred in supporting residents and staff.
Under lockdown conditions the ability of new
residents to enter villages is limited, meaning
fewer sales can be settled, and the restrictions
at development sites results in construction
activity being reduced. The Group continues
to adapt its policies and procedures to operate
in the conditions created by COVID-19.
The Group has assessed the impact of
COVID-19 and has concluded that additional
uncertainty regarding the valuation of
property, plant and equipment and valuation
of investment properties has resulted from the
pandemic. Further disclosure as to the impact
of COVID-19 is included in note 3.
1. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Adoption of new and revised standards
and interpretations
In the current period, the Group adopted
all mandatory new and amended standards
and interpretations.
Standards and Interpretations on issue
but not yet adopted
We are not aware of any NZ IFRS Standards
or Interpretations that have recently been
issued or amended that have not yet been
adopted by the Group that would materially
impact the Group for the current period
ending 30 September 2021.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
HALF YEAR REPORT 2021
18

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Net profit after tax281,467212,401423,061
Adjusted for:
Movements in
balance-sheet items
Occupancy advances234,123150,570518,292
Accrued management fees(34,573)(28,665)(59,116)
Refundable accommodation
deposits29,93816,82532 ,470
Revenue in advance4,3553,2487,5 1 5
Trade and other payables3,561(4,548)4,845
Trade and other receivables36,099(26,787)(92,565)
Inventory2,012(27,1 2 3 )(26,738)
Employee entitlements4,7013,2526,356
Non-cash items:
Depreciation and amortisation16,52514,44729,892
Depreciation of right-of-use assets1,3291,2132 ,476
Loss on disposal--15,102
Deferred tax(6,944)101(12,561)
Unrealised foreign-exchange
loss / (gain)13,638(17,418)(19,063)
Adjusted for:
Fair-value movement of
investment properties(285,14 3)(201,073)(416,847)
Net operating cash flows301,08896,443413,119
Net operating cash flows includes net occupancy advance receipts from retirement-village
residents of $452.4 million (six months ended 30 September 2020: $291.0 million and year
ended 31 March 2021: $787.7 million).
Also included in operating cash flows are net receipts from refundable accommodation deposits
of $33.9 million (six months ended 30 September 2020: net receipts of $12.7 million and year ended
31 March 2021: net receipts of $27.9 million).
Net operating cash flows also include management fees collected of $23.1 million (six months
ended 30 September 2020: $22.3 million and year ended 31 March 2021: $48.0 million).
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
2. RECONCILIATION OF NET PROFIT AFTER TAX FOR THE PERIOD
WITH NET CASH FLOW FROM OPERATING ACTIVITIES
RYMAN HEALTHCARE
19

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
At fair value
Balance at beginning
of financial period6, 8 3 7, 2785,760,0605,760,060
Additions183,162284,131624,926
Fair-value movement:
Realised fair-value movement:
• new retirement-village units28,49326,143108,377
• existing retirement-village units77,98950,815107,317
106,48276,958215,694
Unrealised fair-value movement178,661124,115201,153
285,14 3201,073416,847
Net foreign-currency
exchange differences33,32131,80435,445
Net movement for period501,626517,0081 ,07 7, 2 1 8
Balance at end of financial period7,338,9046,277,0686 , 8 3 7, 2 7 8
The realised fair-value movement arises from the sale and resale of rights to occupy to residents.
Investment properties are not depreciated and are fair valued.
The carrying value of completed investment property is the fair value as determined by an
independent valuation report prepared by registered valuers CBRE Limited, at 30 September 2021.
Uncertainty due to COVID-19
The valuation of investment properties performed by CBRE Limited at 30 September 2021 is
based on the information available to them at the time of the valuation and relies on several inputs.
Given the current situation with COVID-19 there is an increase in the estimation uncertainty in
determining the fair value of investment property at 30 September 2021. CBRE commented on
higher than normal market uncertainty within their valuations.
CBRE also commented on higher than normal market uncertainty in determining the fair value of
investment property at 31 March 2021 (valuation of villages located in New Zealand and Victoria) and
30 September 2020 (valuation of villages located in New Zealand). There was a material valuation
uncertainty included in the valuation of the villages located in Victoria at 30 September 2020.
Given the heightened uncertainty and unknown impact that COVID-19 may have in the future,
a higher 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.
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
3. INVESTMENT PROPERTIES
HALF YEAR REPORT 2021
20

3. INVESTMENT PROPERTIES (CONTINUED)
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
Comparable transactions and market evidence has been limited during the pandemic and
CBRE have placed less reliance on previous market evidence for comparison purposes.
Key assumptions
The valuer used significant assumptions that include house-price inflation (ranging from 0.50 percent
to 4.00 percent nominal) (30 September 2020: 0 percent to 4.05 percent and 31 March 2021:
0.50 percent to 4.20 percent) and discount rate (ranging from 12.0 percent to 16.5 percent)
(30 September 2020: 12.0 percent to 16.0 percent and 31 March 2021: 12.0 percent to 16.5 percent).
Work in progress
Investment property includes investment property work in progress of $633.4 million
(six months ended 30 September 2020: $645.6 million and year ended 31 March 2021:
$653.0 million), which has been valued at cost. For work in progress cost represents fair value.

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Gross occupancy advances
(see below)4,439,2283,837,3834,205,105
Less management fees and
resident loans( 5 3 7,07 9)(469,507)(502,890)
Closing balance3,902,1493,367,8763,702,215
Movement in gross
occupancy advances
Opening balance4,205,1053,686,8133,686,813
Plus net increases in occupancy
advances:
• new retirement-village units137,65190,052395,094
• existing retirement-village units77,98950,815107,317
Net foreign-currency exchange
differences(19,415)19,56821,807
Increase / (Decrease) in
occupancy advance receivables37,898(9,865)(5,926)
Closing balance4,439,2283,837,3834,205,105
4. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
Gross occupancy advances are non-interest bearing.
RYMAN HEALTHCARE
21

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Asset revaluation reserve453,5682 57,7 75453,568
Cash-flow hedge reserve(5,070)(19,946)(12,062)
Cost of hedging reserve1,822-2 ,702
Foreign-currency
translation reserve(8,079)1951,787
Treasury stock(40,574)(35,822)(35,389)
401,667202,202410,606
5. DIVIDEND
On 19 November 2021 an interim dividend of 8.8 cents per share was declared and will be
paid on 17 December 2021 (prior year: 8.8 cents per share). The record date for entitlements
is 10 December 2021.
6. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September
2020: 500,000,000 and 31 March 2021: 500,000,000). All shares rank equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on the
basis of 500,000,000 ordinary shares (30 September 2020: 500,000,000 and 31 March 2021:
500,000,000).
Shares purchased on market under the leadership share scheme are treated as treasury stock
until vesting to the employee.
7. RESERVES
Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
8. TRADE AND OTHER PAYABLES
Trade payables are typically paid within 30 days of invoice date or the 20th of the month following
the invoice date. Other payables at 30 September 2021 includes $112.4 million for the purchase of
land (30 September 2020: $69.3 million and 31 March 2021: $26.0 million).
HALF YEAR REPORT 2021
22

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
9. INTEREST-BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings include secured bank loans, unsubordinated fixed-rate retail
bonds and USPP notes.

Six months ended
30 Sept 2021
unaudited
Six months ended
30 Sept 2020
unaudited
Year ended
31 March 2021
audited
$000$000$000
Bank loans1,625,0142 ,130, 2871,728,018
Retail bonds – RYM010150,000-150,000
USPP notes432,025-428,736
Institutional term loan (ITL)261,808--
Total loans and borrowings
at face value2,468,8472 ,1 3 0, 2 8 72,306,754
Issue costs for the retail bond
capitalised(2,873)-(3,139)
Issue costs for the USPP
capitalised(1,956)-(2,049)
Issue costs for the ITL capitalised(922)--
Total loans and borrowing at
amortised cost2,463,0962 ,1 3 0, 2 8 72,301,566
Revaluation of debt in fair-value
hedge relationship(13,081)-(27,473 )
Total loans and borrowings2,450,0152 ,1 3 0, 2 8 72,274,093
During the period the Group entered into an AUD$250 million, 7-year institutional term loan (ITL).
Security
The bank loans, retail bonds, USPP notes and ITL are secured by a general security agreement
over the parent and subsidiary companies and supported by first mortgages over the freehold land
and buildings (excluding retirement-village unit titles provided as security to residents – note 3).
The subsidiary companies have all provided guarantees for the Group’s secured loans as parties
to the general security agreement.
RYMAN HEALTHCARE
23

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
New ZealandAustraliaGroup
$000$000$000
Six months ended
30 Sept 2021 unaudited
Revenue226,84121,023247,864
Underlying profit (non-GAAP)92,8313,03195,862
Deferred tax credit / (expense)(11,903)18,8476,944
Unrealised fair-value
movement178,533128178,661
Profit for the period259,46122,006281,467
Non-current assets7,74 4 ,6 5 21,539,0879, 283,739
Six months ended
30 Sept 2020 unaudited
Revenue197,78924,332222,121
Underlying profit / (loss)
(non-GAAP)88,661( 2 74 )88,387
Deferred tax (expense) / credit(5,889)5,788(101)
Unrealised fair-value
movement121,8802,235124,115
Profit for the period204,6527,74 9212,401
Non-current assets6,694,2171,128,6747,822,891
10. SEGMENT INFORMATION
The Ryman Group operates in one industry, being the provision of integrated retirement villages
for older people in New Zealand and Australia. The service provision process for each of the villages
is similar, and the class of customer and methods of distribution and regulatory environment is
consistent across all the villages.
In presenting information based on geographical areas, net profit, underlying profit, and revenue
are based on the geographical location of operations. Assets are based on the geographical
location of the assets.
HALF YEAR REPORT 2021
24

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
10. SEGMENT INFORMATION (CONTINUED)
New ZealandAustraliaGroup
$000$000$000
Year ended
31 March 2021 audited
Revenue405,39650,398455,794
Underlying profit (non-GAAP)192,28632,163224,449
Deferred tax credit5,8616,70012,561
Unrealised fair-value
movement192,5828,571201,153
Impairment – loss on disposal-(15,102)(15,102)
Profit for the year390,72932,332423,061
Non-current assets7,230,2981,340,4638,570,761
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and
differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning
prescribed by GAAP and so may not be comparable to similar financial information presented by
other entities. The Group uses underlying profit, with other measures, to measure performance.
Underlying profit is a measure that the Group uses consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-
occupy has been sold during the period and for which a legally binding contract is in place at the
reporting date. The occupancy advance for these units may have been received or be included
within the trade receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on
investment properties, and impairment losses on non-trading assets because these items
do not reflect the trading performance of the Company. Underlying profit determines the
dividend pay-out to shareholders.
11. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $247.9 million
at 30 September 2021 (30 September 2020: $211.9 million and 31 March 2021: $180.6 million).
The Group has an ongoing commitment for maintaining the land and buildings of the integrated
retirement villages, resthomes, and hospitals.
12. SUBSEQUENT EVENTS
Other than the dividends in note 5, there are no subsequent events.
RYMAN HEALTHCARE
25

HALF YEAR REPORT 2021
26

v
Our village locations
Our villages in
Victoria, Australia
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
•
Charles Brownlow
•
Deborah Cheetham
•
Essendon
•
Highett
•
John Flynn
•
Mt Eliza
•
Mt Martha
•
Mulgrave
•
Nellie Melba
•
Raelene Boyle
•
Ringwood East
•
Weary Dunlop
CHARLES
BROWNLOW
MT MARTHA
RAELENE BOYLE
DEBORAH
CHEETHAM
WEARY DUNLOP
MULGRAVE
NELLIE MELBA
RINGWOOD EAST
ESSENDON
JOHN FLYNN
HIGHETT
MT ELIZA
RYMAN HEALTHCARE
27

v
WHANGAREI
•
Jane Mander
AUCKLAND
•
Bert Sutcliffe
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Karaka
•
Keith Park
•
Kohimarama
•
Logan Campbell
•
Miriam Corban
•
Murray Halberg
•
Possum Bourne
•
Takapuna
•
William Sanders
HAMILTON
•
Hilda Ross
•
Linda Jones
CAMBRIDGE
•
Cambridge
TAURANGA
•
Bob Owens
GISBORNE
•
Kiri Te Kanawa
NEW PLYMOUTH
•
Jean Sandel
NAPIER
•
Princess Alexandra
HAVELOCK NORTH
•
James Wattie
WHANGANUI
•
Jane Winstone
PALMERSTON NORTH
•
Julia Wallace
WAIKANAE
•
Charles Fleming
WELLINGTON
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
NELSON
•
Ernest Rutherford
RANGIORA
•
Charles Upham
CHRISTCHURCH
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Kevin Hickman
•
Margaret Stoddart
•
Ngaio Marsh
•
Northwood
•
Park Terrace
•
Woodcote
DUNEDIN
•
Frances Hodgkins
•
Yvette Williams
INVERCARGILL
•
Rowena Jackson
Our villages in
New Zealand
INVERCARGILL
1
DUNEDIN
RANGIORA
1
CHRISTCHURCH
7
NELSON
1
WELLINGTON
42
WAIKANAE
1
PALMERSTON NORTH
1
WHANGANUI
1
NEW PLYMOUTH
1
HAVELOCK
NORTH
1
NAPIER
1
GISBORNE
1
TAURANGA
1
HAMILTON
CAMBRIDGE
2
WHANGAREI
1
AUCKLAND
2
11111
1
2
28

SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.co.nz
For more information on any of Ryman Healthcare’s retirement villages:
New Zealand
0800 588 222
rymanhealthcare.co.nz
Australia
1800 922 988
rymanhealthcare.com.au
Directory
REGISTERED OFFICE
Airport Business Park
92 Russley Road, Christchurch
PO Box 771, Christchurch 8042
New Zealand
MELBOURNE OFFICE
Suite 10.03, Level 10
420 St Kilda Road, Melbourne
PO Box 33119
Melbourne VIC 3004
Australia
AUCKLAND OFFICE
Building 2, Level 2
Central Park
666 Great South Road, Ellerslie
Auckland 1051
New Zealand
WELLINGTON OFFICE
10B Waterloo Quay
Wellington 6011
New Zealand
RYMAN HEALTHCARE
29

rymanhealthcare.co.nz
rymanhealthcare.com.au