Annual Report

ANNUAL REPORT 2022
Better
experiences
come from
within.

Our ambition at Oceania is to change the preconceived idea of getting ‘old’.
We’re reimagining retirement living and aged care for the better through
our human centred approach, designing spaces and experiences with
residents at the heart – driven by a desire to do better for our residents,
our team and our investors.
This desire is personal.
A committed desire from within our business for a better resident experience.
Kiwis have a desire for better.

Kiwis have a desire for better.It’s in our DNA.
Letter from the Chair 02
Trading highlights 06
At a glance 08
Our timeline 10
Letter from the CEO 14
Change of balance date 18
COVID-19 leadership 20
How we create value 22
Board of Directors 30
Three year summary 34
Consolidated
Financial statements 35
Corporate governance 98
CONTENTS

I am pleased to present our Annual Report
for the year ended 31 March 2022.
Financial Performance
Last year Oceania changed its
balance date from 31 May to 31 March.
This Annual Report represents the first
full 12 month period under the new
balance date and has a comparative
reporting period of the 10 month
period to 31 March 2021.
Unaudited Underlying EBITDA of
$76.2m for the year ended 31 March
2022 was 16% higher than the prior
corresponding period of $65.6m.
This was largely as a result of strong
sales and resales despite the COVID
lockdowns and the increased premium
charges from previous developments
in the form of growing deferred
management fees.
Oceania’s total assets increased to
$2.2b as at 31 March 2022, compared
with $1.9b as at 31 March 2021.
This material increase is due to the
addition of the Waterford and Franklin
transactions in the period coupled with
growth in asset value on first time sales
of development sites.
For the year ended 31 March 2022,
operating cashflow was $105.5m,
compared to $96.0m for the 10 months
to 31 March 2021, reflecting strong
first time sales and resales during
the period.
Throughout the year, Oceania has
further strengthened its balance sheet
to ensure that it is fit for future growth,
with the issue of a second retail bond
and the refinance and increase in
its banking facilities. Building on the
successful inaugural issue of Oceania’s
$125m retail bond in October 2020,
Oceania issued a second retail bond
of $100m in September 2021. This
second retail bond was again heavily
oversubscribed and strengthens
Oceania’s position to support
future growth.
On 9 May 2022, Oceania announced
that it had entered into an amended
Facilities Agreement which provides
for an increase in facility size from
$350m to $500m and an extension
of maturity date to mid 2027. The
increased facilities will be used to
accelerate Oceania’s development
pipeline and are pivotal to Oceania’s
growth strategy moving forward.
As at 31 March 2022, Oceania had
current drawn down debt and bonds
of $379.8m and $9.7m of cash,
representing $204.9m of undrawn
net debt headroom.
On 9 May 2022, Oceania announced
that it had entered into conditional
agreements to purchase Remuera
Rise (Newmarket, Auckland) and
Bream Bay Village (Northland) for
approximately $57m. Remuera Rise
comprises 58 apartments and 12
care beds, while Bream Bay Village
currently comprises 75 villas, with
an additional eight villas under
construction and development
potential for an additional 124 villas.
This acquisition was undertaken
following exclusive negotiations with
the vendors and will deliver Oceania
an existing vertical village in the
heart of Newmarket, Auckland, with
significant embedded value, as well as
a recently developed village in Bream
Bay and a development opportunity in
the form of a neighbouring parcel of
land. The agreements are conditional
Results from
the heart.
Oceania has remained focused on providing a safe environment
for its people to live and work in and has continued to demonstrate
resilience and strength in its business model despite the demands of
the pandemic and macro environment. These factors have contributed
to a solid financial result for the year ended 31 March 2022.
Better experiencesOCEANIA
02
ANNUAL REPORT 2022
LETTER FROM THE CHAIR

In the coming years, Oceania will be seeking
to leverage its established operating platform
and accelerate its development pipeline,
by pursuing a range of both organic and
inorganic growth opportunities.
Elizabeth Coutts – Chair
Strategy
With the current macro environment
and market context presenting
challenges for all businesses,
including Oceania, Oceania has
been reassessing its strategy and its
approach going forward. Oceania
has developed four key strategic
pillars – offer, resident experience,
people capability and growth – and
is working towards achieving specific
goals for each of these pillars.
With the completion and selldown of
many of its key developments in recent
years, Oceania is now moving beyond
its brownfield development pipeline
opportunities. The next cycle for
Oceania is in both the execution
of acquisitions of premium properties
as demonstrated by the recent
acquisitions of Remuera Rise and
Bream Bay Village together with
a greenfield development strategy.
The acquisition of premium properties
can deliver strong accretion to
underlying earnings per share.
A greenfield development strategy
is attractive to Oceania as it
upon Statutory Supervisor, Ministry
of Health and DHB consent and it is
expected that completion will occur
by July 2022.
Oceania is reviewing its current
portfolio of sites and its development
pipeline to create increased
optionality, which in turn will ensure
optimal capital allocation and the
recycling of cash within the business.
We will update the market on the
outcome of this review in due course.
The Directors have declared a final
dividend of 2.3 cents per share, taking
full year dividends (non-imputed) to
4.4 cents per share, which represents
53.9% of Underlying Net Profit After
Tax. This reflects strong trading and
operating cashflow throughout the
period. A dividend reinvestment plan
for our New Zealand and Australian
shareholders will apply to this dividend,
which is payable on 21 June 2022. This
provides a cost effective and convenient
way for our shareholders to increase
their investment in Oceania without
any brokerage fees, by reinvesting all
or part of any dividend paid on their
shares in additional Oceania shares
instead of receiving that distribution
in cash.
provides greater flexibility to stage
developments, product can be brought
to market more quickly and presales
will be easier to achieve. Oceania has
been investigating greenfield land
acquisitions in key population growth
areas of New Zealand. Any such
acquisitions must be on-strategy
and deliver sustainable value
to shareholders.
In the year ended 31 March 2022,
Oceania completed the acquisition
of 7.9 hectares of land at Franklin.
The development at Franklin represents
a transition to a full service, fully
integrated village including a range
of on-site amenity and community
facilities on a greenfield site.
As part of the greenfield development
strategy, there will be a reweighting
towards the construction of
come from within.
03

independent living villas, rather than
apartments or care rooms. Our
experience in delivering units to market
has demonstrated that while the end
product itself is important, all product
delivered to our residents needs to be
designed, constructed and finished
in such a way as to enhance resident
experience. Initial work on the design
and staging of the development at
Franklin is being undertaken with an
enhanced resident experience in mind.
Oceania’s differentiating factor
has been its commitment to care.
Oceania is continuing to deliver
clinical excellence and explore new
initiatives in care to maximise resident
experience and the quality of care
provided to our residents.
In order to deliver quality care and
services to its residents, Oceania is
focused on attracting and retaining
the best people. Oceania is committed
to fostering and developing people
capabilities across Oceania.
In the coming years, Oceania will be
seeking to leverage its established
operating platform and accelerate its
development pipeline, by pursuing a
range of both organic and inorganic
growth opportunities.
Governance
We welcomed Rob Hamilton and Peter
Dufaur to the Board in September
2021. Rob and Peter bring extensive
experience in the capital markets,
finance and property development
sectors respectively and have made a
significant contribution since joining
the Board, particularly in relation to
the refinance and the acquisition of
Remuera Rise and Bream Bay Village.
Patrick McCawe resigned from the
Board with effect from 16 February
2022 and we thank him for his
contribution over the last five years,
in particular his work on Oceania’s
retail bonds and the capital raise in
recent years.
As foreshadowed at the Annual
Shareholders Meeting in June 2021,
the Board has undertaken a review
of Director fees. A resolution to
authorise an increase in Directors’
fees will be put to shareholders at
the Annual Shareholders Meeting
on 23 June 2022. It is important to
note that fees paid to each Director
have not changed since Oceania’s
listing in 2017 and the workload has
increased significantly since that
time. The additional work undertaken
by Directors since 2017 has provided
Oceania with a strong platform for
growth. Looking forward, Directors’
workload is expected to continue to
increase with more legislative and
regulatory changes being proposed
and stakeholders’ expectations
increasing to consider and monitor
a broader range of non-financial
measures. It is also necessary to set
fees at a sufficient level to attract
directors with the necessary skills and
experience. Further information on the
resolution to authorise an increase in
Directors’ fees will be included in the
forthcoming Notice of Meeting.
Sustainability
We have also made significant
progress with our ESG initiatives
and reporting over the last six months.
With the changes in the macro
environment over the last two years,
we have updated the materiality
matrix, setting out what matters
most to our stakeholders, being our
residents and their families, our people
and local communities, our investors
and funders, our suppliers, industry
bodies and the Government.
The updated materiality matrix set out
in this Annual Report forms the pillars
of our strategy and key performance
indicators for success.
Work is well underway on Oceania’s
sustainable finance framework,
including the development of key
performance indicators, and this will
be finalised in the coming months.
Oceania is also in the process
of developing its climate related
disclosures against the standards
based on the TCFD framework and this
will be available on Oceania’s website
later in the year.
Looking Ahead
In the five years since Oceania’s
listing on NZX and ASX, Oceania has
made tremendous progress having
completed a number of key brownfield
developments and has demonstrated
clinical excellence in the delivery
of care to its residents. As we look
beyond the COVID-19 lockdowns of
2020-2021, we are looking forward
to executing on Oceania’s strategic
priorities and developments in order to
deliver performance and growth.
On behalf of the Board, I would like
to thank the Directors and our team
of dedicated staff for their continued
hard work and effort during what has
been another demanding year.
Yours sincerely
Elizabeth Coutts
Chair
Better experiencesOCEANIAANNUAL REPORT 2022
04

Resident
opening
story.
350-450 words
Building
connections.
he attended “2 births, 19 deaths and
countless interventions that saved
lives. Typically, he gives the credit for
allowing him to do this to his family,
who helped run the Four Square.
“I like to get involved,” says Gary.
When he retired, he and Shirley moved
to Waihi Beach and Gary started
“working at living” in earnest. As he
puts it “the work just started then!”
He extensively remodelled the house
and built a substantial home with
room for all the family. He also built a
6-metre boat to take the family fishing.
His ‘man shed’ was a hive of activity,
“I’ve always enjoyed having a project,”
he says.
And of course, giving back to the
voluntary community continued too,
he got involved with building the Waihi
Beach RSA, putting in bar tops and
seating areas.
Now as a resident at The BayView
nothing has changed; Gary is finding
other ways to give back, and his story
continues... (page 113)
As you enter Gary and wife
Shirley’s apartment, there's a
plaque on the wall that says,
“Retirement is when you stop
living at work and begin to
work at living.”
Gary’s embracing that mantra at
The BayView and enjoying life within
the village.
A softly spoken, modest man with
kind blue eyes and a firm handshake,
Gary's a giver who understands the
value of community. Throughout his
life he’s given back more than most
and has always been connected to
the heart of his community. He knows
exactly what it means to be an active
community member.
In his home town of Piopio, he not only
owned the Four Square supermarket
where he was proprietor for 47 years,
(he sold the shop in 1998), but for 18
years was Volunteer Fire Chief and a
paramedic with St John's Ambulance
at the same time. As he puts it,
2 births, 19 deaths and
countless interventions that
saved lives...
Gary – Ex Volunteer Fire Chief and
St John's paramedic
come from within.
05

A better experience
is the bottom line.
TRADING HIGHLIGHTS 12 months to 31 March 2022
Operating Cash Flow
12 months to 31 March 2022
Reported Total
Comprehensive Income
12 months to 31 March 2022
compared to 10 months
to 31 March 2021 reported
total comprehensive
income of $167.9m
compared to 10 months
to 31 March 2021 reported
operating cash flow
of $96.0m
$
105.5m
$
114.4m
Underlying Earnings Before Interest,
Tax, Depreciation and Amortisation
12 months to 31 March 2022
Total assets
as at 31 March 2022
$
2.2bn
$
76. 2m
ahead of 12 months to 31 March 2021
proforma underlying earnings before
interest, tax, depreciation and
amortisation of $65.6m
16.2%
higher than 31 March 2021
total assets of $1.9bn
16.6%
Financial 12 month period to 31 March 2022
Better experiencesOCEANIA
06
ANNUAL REPORT 2022
06
Better experiences

Operational 12 month period to 31 March 2022
New unitsResale units
92118
450
ahead of total sales for the
comparative 12 month period
to 31 March 2021 of 434
3.7%
Total sales
Developments 12 month period to 31 March 2022
Units + care suitesUnits + care suitesUnits + care suitesUnits + care suites
80
Consents
secured
Resource consents
received during
FY2022:
–Waterford
(Hobsonville, Auckland)
–Woodlands (Motueka)
–St Johns Wood (Taupō)
550
Under
construction
Completed
To complete
in FY2023
Units and care suites
under construction as
at 31 March 2022:
–Lady Allum Stage 1
(Milford, Auckland)
–The Helier
(St Heliers, Auckland)
–Redwood (Blenheim)
–The Bellevue Stage 2
(Christchurch)
–Elmwood Stage 1
(Manurewa, Auckland)
–Woodlands (Motueka)
–The BayView Stage 3
(Tauranga)
–Awatere Stage 3
(Hamilton)
171
Units and care suites
completed in FY2022
at:
–Eden (Mt Eden,
Auckland)
–Gracelands Stage 3
(Hastings)
–Stoke (Nelson)
–The BayView Stage 2b
(Tauranga)
–Awatere Stage 2
(Hamilton)
300
Units and care suites
expected to complete
in FY2023:
–Lady Allum Stage 1
(Milford, Auckland)
–The Helier
(St Heliers, Auckland)
–The Bellevue Stage 2
(Christchurch)
–Woodlands (Motueka)
–St Johns Wood (Taupō)
–Stoke (Nelson)
New care
suites
Resale care
suites
17466
come from within.
0707
TRADING HIGHLIGHTS
come from within.

The belief in better.
2,900
2,579
4,000
1,625
Staff
Care beds and care suites
Residents
Units
AT A GLANCE
In our quest to reimagine the aged care and
retirement living experience we constantly
challenge ourselves to deliver better. We have
committed to a future development delivery of
over 300 units per annum, underpinned by our
current development pipeline of over 1,957 new
residences of which 71.3% is already consented.
OCEANIA
08
ANNUAL REPORT 2022Better experiences
08

As at 31 March 2022
Total sites
46
Existing sites with
mature operations
25
Undeveloped sites
1
Existing sites
with brownfield
developments
20
(current and planned)
We drove up and loved
the location and the view.
Then we met Trudi, and
she was great. We bought
off the plans, and you
know, it couldn’t be nicer.
Shirley – The BayView resident
09
come from within.AT A GLANCE
09

In the five years since Oceania listed on the NZX and
ASX a journey of performance and growth has seen a
significant number of proof points.
Celebrating our 5
th

Listing Anniversary.
OCA listed on
NZX and ASX on
5 May 2017
Sale of 95m
shares by Oceania
Healthcare
Holdings Limited
Sale of five sites to
Heritage Lifecare
Appointment of
Sally Evans and
Greg Tomlinson
as Directors
Acquisition of
Waimarie Street
properties
Completion of
new care centre
at The BayView,
Tauranga
(comprising
81 care suites)
OUR TIMELINE
May 2017
March 2018
September 2018
October 2018
OCEANIAANNUAL REPORT 2022
10
Better experiences

Inaugural $125m
retail bond offer
Sale of 251m
shares by Oceania
Healthcare
Holdings Limited
OCA joined
the NZX50 on
3 May 2019
Completion of The
Sands (comprising
63 apartments and
44 care suites)
Completion of
new care centre at
Awatere, Hamilton
(comprising 90
care suites)
Completion of
Meadowbank Stage
Five (26 apartments)
– the last stage of
independent living
apartments to be
constructed at
Meadowbank
Completion
of Green
Gables, Nelson
(28 apartments,
61 care suites)
January 2020
May 2020
September 2020
May 2019
11
OUR TIMELINE
come from within.

March 2021
April 2021
May 2021
Aug/Sept 2021
$100m retail
bond offer
Appointment of
Rob Hamilton
and Peter Dufaur
as Independent
Directors
Completion of
49 apartments at
Eden (Auckland)
$100m capital raise
and acquisition
of Waterford
(Hobsonville Point,
Auckland) and
Franklin care centre
and adjacent land
(Pukekohe, Auckland)
Completion of
The Bellevue
(22 apartments and
71 care suites)
Appointment of Brent
Pattison as Chief
Executive Officer
OUR TIMELINE cont.
OCEANIAANNUAL REPORT 2022
12
Better experiences

December 2021
January 2022
Mar/Apr 2022
May 2022
Completion of
72 Apartments
at The BayView,
Tauranga
Appointment
of Andrew
Buckingham as
Group General
Manager Property
and Development
Completion of
63 Apartments at
Awatere, Hamilton
Oceania enters
into an agreement
with its lenders
to increase total
facility limits from
$350m to $500m
Oceania
announced that it
has entered into
agreements to
acquire Remuera
Rise, Auckland
and Bream Bay
Village, Northland
13
OUR TIMELINE
come from within.

At Oceania we continue to invest
for the future. Instead of letting
current challenging times slow
our ambitions, we have prudently
increased our investment levels
demonstrating our commitment
to building an even better future
for Oceania, our residents,
their families, our people
and shareholders.
The year began with the completion
of the acquisition of Waterford
(Hobsonville Point, Auckland) in
April 2021. This property has added
significant value to the portfolio and
achieved 19 new apartment sales plus
a greenfield opportunity with consent
granted for the development of 50
independent living apartments to be
commenced in May 2022.
The strengthening of our balance
sheet has provided a solid platform for
ongoing growth and is a highlight of
the period. In addition to the second
retail bond of $100m in September
2021, we were pleased to announce
an increase in the banking facilities,
from $350m to $500m, and an
extension in tenor to mid 2027.
This will enable Oceania to accelerate
its development pipeline and grow
the business through organic and
inorganic opportunities.
Our growth
and performance.
LETTER FROM THE CEO
John, a resident at Meadowbank, sharing some
stories with Brent, our Chief Executive Officer
Oceania is committed to growing
critical infrastructure and services
that enhance our residents’
lives and provide a better living
experience for New Zealand’s
ageing population.
OCEANIA
14
ANNUAL REPORT 2022Better experiences

Oceania has always
been, and continues to
be, a people business.
Our people are at the
heart of everything we
do and are key to the
provision of high quality
care and other services
to our residents.
Brent Pattison –
Chief Executive Officer
We are also very pleased to announce
that we have recently entered into
agreements to acquire a further two
prime retirement living properties and
a greenfield landbank.
Remuera Rise is a prestigious
retirement living apartment complex
located in Newmarket, Auckland
offering commanding views to the
Hauraki Gulf. Residences include
58 luxury independent living
apartments and 12 specialist care
residences. Bream Bay Village is in
Ruakaka, Northland. It comprises
75 quality independent living villas
and an additional 8 under
construction on 4.7 hectares.
Oceania has also entered into
an option agreement to acquire
6.7 hectares of greenfield
development land adjacent to
Bream Bay Village. Preliminary
design plans comprise 124 villas
and high-quality resident amenity.
The opportunity was a targeted
strategic investment and conducted
under exclusivity with the vendor
and successfully executed in a short
time frame, demonstrating the value
of Oceania’s belief in developing
positive partnerships.
These notable achievements were
achieved against a challenging
macroeconomic backdrop.
Oceania has continued to navigate
through the challenges arising from
COVID-19. Its upfront investment in its
clinical quality platform has proved to
be valuable for managing the risks of
COVID-19 over the last two years. We
adopted a risk management approach
to dealing with COVID-19 and allowed
family members and friends to
continue visiting our residents during
alert levels. This connection provided
significant wellness benefits to all.
This was also reflected in the results
of the InterRai data (the mandatory
clinical assessment data used by all
aged care operators in New Zealand)
which shows that Oceania’s residents
have felt happier and less lonely than
residents of other aged care providers.
In addition, the level of team absences
was low compared to other aged care
providers, which meant that our teams
could continue providing the same
high level of care to our residents.
We can’t express enough our gratitude
for our amazing people who continue
to go the extra mile during these
demanding times.
Our People
Oceania has always been, and
continues to be, a people business.
Our people are at the heart of
everything we do and are key to the
provision of high quality care and
other services to our residents. Given
the current employment market, we
are focused on ensuring Oceania
attracts the right people, and then
retains these people within our
business. The workforce crisis facing
the sector is ongoing, and we are
continuing to implement new initiatives
to address staff shortages, including
the introduction of additional learning
and development opportunities,
wellness initiatives and improved
employee benefits.
We were delighted to welcome
Andrew Buckingham as Group
General Manager Property and
Development in January 2022.
Andrew has been actively involved
in the initial work on the design of
the Franklin development, as well
as the acquisition of Remuera Rise
and Bream Bay Village. Andrew’s
LETTER FROM THE CEO
15
come from within.

passion is in the curation of great
resident experience that is evidenced
in intelligent, award winning and
sustainable living spaces for our
residents, staff and guests.
We have also made further investment
in our sustainability team, with the
appointment of a senior manager
who brings significant experience in
sustainability in the aged care sector
and will be instrumental in delivering
the next phases of Oceania’s
sustainability journey.
Our employee share scheme was
offered again to our people in late
2021. This scheme gives our people
the opportunity to own a stake in
Oceania and to share in our growth.
Permanent staff are invited to
participate in the scheme and receive
an allocation of $800 per annum (for
full-time employees) and $400 per
annum (for part-time employees)
of Oceania shares. There was a 82%
uptake in December 2021, which is
the highest uptake since the scheme
began in September 2019. We are
looking forward to the vesting of shares
in September 2022 for those employees
who joined the first scheme in 2019, and
are delighted that we can recognise our
people in this way for the crucial part
they play in Oceania’s success.
As noted in our Interim Report,
Oceania became a member of ACC’s
Accredited Employer Programme on
1 April 2021. During the year ended
31 March 2022, Oceania enjoyed
the benefits of this, with better case
management, early prevention and
a significant reduction in the number
of lost time injuries compared to prior
periods. Following the audit in April
2022, Oceania has been awarded
tertiary status in the programme,
which is the highest rating and an
outstanding achievement given
Oceania has only been in the
programme for one year. In the audit,
we were commended on the positive
health and safety culture within our
business. We are very pleased to
receive this result and look forward to
continuing to build upon the health
and safety culture within the business.
In addition to providing care and
village services to our residents,
Oceania has also invested in the
development and operation of
Wesley Institute of Nursing Education.
The Wesley Institute provides both a
conversion Competency Assessment
Programme for internationally
qualified nurses and provides a
route for these people to practice as
registered nurses in New Zealand, as
well as a Return to Nursing Programme
for New Zealand nurses wanting to
return to the workforce after five years
or more of absence. These courses
provide a valuable service to people
wishing to pursue nursing as a career
in New Zealand, at a time when
registered nurse shortages are at
an all-time high.
Developments
We continue to make good progress
on the execution of our development
pipeline in the year ended
31 March 2022.
In the year ended 31 March 2022,
171 units were completed across our
developments at Eden (Auckland),
Gracelands (Hastings), Stage Two at
The BayView (Tauranga) and Stage
Two at Awatere (Hamilton). The year
started with the completion of 50 new
independent living apartments at
Eden in April 2021 and we welcomed
our first residents into the Bremner
apartments at this time. 18 new villas
were completed at Gracelands in
September/October 2021 and these
have all been sold. This was the last
stage of development at Gracelands,
which now comprises 119 independent
living villas. 35 independent living
apartments were completed at
The BayView in March 2021 and the
remaining 39 apartments in Stage Two
were completed in December 2021.
Oceania Waterford
Why it’s personal
for our CEO, Brent:
“My passion for the
sector began with
my grandparents
who were my biggest champions,
and for whom I had the deepest
respect. They were everyday
people, who lived in a railway house
alongside Paekakariki Station.
They understood the importance
of community and worked hard to
ensure that everyone around them
felt purpose and inclusion. I have
learnt some of my most important
life lessons from them including
overcoming adversity, always taking
a positive approach to life, and
the importance of forging strong
relationships. One of my happiest
memories is turning up to see Nana
and Grandad, chatting with them,
and helping them complete their
latest jigsaw puzzle. Now when you
turn up to my house, there’s always
a new jigsaw puzzle on the go.”
Finally, 63 new independent living
apartments at Awatere were delivered
in March 2022.
As at 31 March 2022, there were 550
units under construction at 8 sites
across New Zealand.
The development of 113 new care suites
at Lady Allum (Milford, Auckland)
was initially scheduled to be delivered
in FY2022 but this project has been
OCEANIA
16
ANNUAL REPORT 2022Better experiences

LETTER FROM THE CEO
delayed as a result of COVID-19
construction delays and this is now
expected to be completed in July 2022.
The premium Waimarie Street
development in St Heliers, Auckland,
is progressing well and is expected
to be completed in March 2023.
This flagship village, comprising
79 premium independent living
apartments and 32 care suites, will
be called “The Helier” to reflect the
private label nature of this offering.
We are in the process of registering
the village and will start taking
applications for the independent living
apartments in the coming months.
The extension of the care centre at
Woodlands (Motueka) is progressing
well. Stage One, which involves the
construction of 14 new care suites,
is currently on track for completion
in June 2022. Stage Two, which
comprises the internal reconfiguration
of eight standard rooms to create four
new care suites, will commence at the
completion of Stage One.
Construction of 57 care suites at
Redwood (Blenheim) is well underway,
with Stage One (comprising the new
kitchen, staff room, dining room and
temporary reception) completed in
February 2022, and the care centre on
track for completion in March 2023.
Stage Two of the development at The
Bellevue (Christchurch), comprising 46
new independent living apartments is
also progressing well, with completion
scheduled for March 2023.
The construction of 106 care suites
at Elmwood (Auckland) commenced
in September 2021 and is progressing
on programme at present. Construction
is expected to be completed by
July 2023.
Finally, following the conclusion of
Stage Two at The BayView (Tauranga)
in December 2021, we have started
detailed excavation work for the
building foundations of Stage Three,
comprising 28 independent living
apartments. This next stage of the
development is scheduled to be
complete in October 2023.
Resident Experience
Oceania’s ambition is to be the leader
in the delivery of resident centred
retirement and aged care living in
New Zealand.
Oceania has always been an innovator
in the sector and has led the evolution
of the resident experience including
the transformation from aged care
rooms to premium care suites and
the creation of Nurse Practitioners to
provide primary healthcare services to
our aged care residents.
And our “Believe in Better” promise
doesn’t stop there.
Oceania is now taking the concept
of resident experience further. Fresh
thinking has generated exciting
new innovative services that will be
launched at our premium site The
Helier (St Heliers, Auckland) in 2023.
Oceania is also intending to introduce
the concept of private hospital care
at The Helier. A private care model
will provide residents a world-leading
care experience and allow Oceania
to work outside of the restrictions of
the current DHB and Age Related
Residential Care funding model.
Outlook
The retirement village and aged care
sector continues to expand as the
New Zealand population ages. Whilst
there is a natural market growth
opportunity, the true opportunity
lies with innovation and consistently
delivering great resident experience.
Along with our ongoing growth and
performance ambitions, our focus is set
to reimagine the resident experience to
deliver unprecedented services across
both retirement and aged care living.
We will continue to confidently invest
in developing critical infrastructure to
support our ambitions.
We have an exciting future and I thank
you for your support.
Brent Pattison
Chief Executive Officer
17
come from within.

CHANGE OF BALANCE DATE
This represents the second Annual Report since the
change of balance date to 31 March and the first for a
full 12 month period. Provided below are the proforma
underlying earnings positions for the 12 month period
to 31 March 2022 with comparative 12 month period to
31 March 2021.
Underlying Earnings 12 month comparative position
The following 12 month trading position as provided below
represents the trading position of the Company.
The periods represent:
• 12 months to 31 March 2022; and
• 12 months to 31 March 2021 (comparative period)
This forms the basis of the trading highlights pages in this Annual Report.
$NZ000’s
Audited
12 months to
31 March 2022
Unaudited
12 months to
31 March 2021
Care
22,05321,313
Village Operating
22,243 16,458
Resales Cap Gain
23,492 18,959
Development Margin
32,850 29,524
Corporate
(24,397) (20,699)
Group Underlying EBITDA
76,24165,555
Interest
(9,303)( 7, 8 7 9)
Depreciation
(10,217) (8,705)
Underlying NPAT
56,72148,971
Occupied Beds per day
2,3122,305
Effective Bed Capacity per day
2,5142,504
Effective Occupancy (%)
92.0%92.0%
Existing ORAs sold
9288
New ORAs sold
118107
Existing Care Suites Sold
174124
New Care Suites Sold
66115
Total ORAs Sold
450434
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 earnings in relation to the 12 month period to 31 March 2022 by $1.8m. The proforma 12 month period to 31 March 2021 has been
restated to remove the impact of the subsidy claim.
2. 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.
1
2
1,2
1,2
OCEANIA
18
ANNUAL REPORT 2022Better experiences

The connection
culture
One example? The tools shed, (the
man cave), where resident Gary
(featured here) and mate Terry have
made bowls carriers for their fellow
bowlers. The newly-finished indoor
pool complex now hosts aqua aerobic
classes, which are a huge hit, and
the regular yoga classes are already
well attended.
“Not everything suits everyone, but
there’s something for everyone”, says
Trudi, explaining there’s a residents'
suggestion box in the café at The
BayView, where residents can suggest
any activities they want to do, or
movies they want see at the on-site
cinema. The village staff are only too
keen to make it happen. The latest
suggestion is Bridge classes and
matches - it’s underway.
The light, versatile and appealing
shared spaces encourage residents
to enjoy the company of others
and enjoy activities together. The
main lounge has breakout areas for
cards; there’s a private lounge which
residents can use to host family
gatherings, or just watch the tennis.
The library is a lovely space.
The bus is there for shopping and
any trips (suggestions in the box
please!). Happy hour on Fridays is
very popular!
Residents are empowered by this
connectivity culture. Early resident
Raewyn started teaching Mah-jong -
now there’s a game going regularly.
The construction manager at the
village bought a Mah-jong board on
Trade Me and brought it in for the
growing group of players to use.
The BayView Tauranga may be
one of our newer villages, but
already the residents are making
it their own, and the village
management and staff could not
be happier about it.
There is no ‘us’ (residents) and ‘them’
(staff), as can sometimes be the
case in retirement villages. At The
BayView, its genuinely one big family,
connected by a shared view to create
an environment that feels like a close
knit community, so they can enjoy
great experiences together.
Sales Manager Trudi explains.
“It’s all about the residents, we want to
hear what they want to do, and create
a village that they want to live in – it’s
their village. Linda (Village Manager)
has been instrumental in creating that
culture, she’s amazing.”
That cohesive vision is already taking
shape. The village has been designed
and built to cater for wide variety of
interests and activities, so residents
can ‘do their own thing’.
Villa residents (with their own vege
patches) bring up avocados or
rhubarb they’ve grown to share with
everyone, other residents just take
what they want. That’s the culture
at The BayView and residents love it.
Trudi explains they know they’re
doing something right when visitors or
prospective residents coming into The
BayView feel the vibe and mention it.
They feel all the positivity of our
connection culture, there’s no better
statement I could make about our
village, they feel it, we all love it.
19
come from within.

Its upfront investment in clinical
quality, as well as the adoption of
a risk management approach and
ethical reasoning in its decision
making, have served Oceania well
throughout this period.
We are very grateful to our people
for their hard work and going the
extra mile during these difficult times.
Oceania introduced its own vulnerable
staff assessments in March 2020. In
contrast to the then current guidance
from the Ministry of Health, Oceania
applied a risk assessment process
to determine which of our staff were
Best practice for
a better industry.
COVID-19 LEADERSHIP
Oceania has continued to successfully
navigate the challenges associated
with operating an aged care and
retirement village business throughout
the COVID-19 pandemic.
Ana and Lois, Nurse Educators, enjoying connecting with colleagues at the
Oceania International Nurse’s Day Clinical Leaders Symposium
Oceania has adopted rigorous
procedures and infection control
practices to ensure the safety of our
residents and our people. Given the
high levels of vaccination and the risk
mitigants in place, Oceania chose to
adopt a risk management approach
based on a risk assessment framework
in responding to COVID-19 and
allowed visiting to continue during the
pandemic except where we had
outbreaks. Even during outbreaks,
compassionate visiting with full PPE
has always been permitted. This
meant that our residents were not
unnecessarily subjected to lockdown
measures and this has positively
impacted on our residents as
demonstrated in our feelings of
loneliness indicator through InterRai
where Oceania’s score was significantly
below the national average.
In late January 2022, we established
an Emergency Management Team (led
by Dr Frances Hughes) to provide a
coordinated response when more than
one site was affected by COVID-19.
All members of the Emergency
Management Team brought extensive
incident management experience from
across a range of industries including
healthcare, armed forces and
intelligence. The range of experiences
of the team members was pivotal in
providing a coordinated response to
our sites in managing the risks arising
from COVID-19. Having an Emergency
Management Team structure in place
meant that we were able to provide
early logistical support to our sites,
consolidate levels of PPE stock and
implement regional stockpiles, manage
discussions with the DHBs and Public
Health Units on a consistent basis,
identify when and where to deploy
staff and provide consistent decision-
vulnerable and unable to continue
working during the COVID-19 outbreak
in early 2020. This model was later
adopted by the DHBs.
Oceania’s response to COVID-19 was
assisted by high levels of vaccination
for both residents and staff, including
boosters. We introduced mandatory
vaccination for our staff early on
in the pandemic, before this was
required by the Government mandate.
As part of this, our clinical team
spent a significant amount of time
communicating with our people and
educating them about the benefits
of vaccination.
Better experiencesOCEANIA
20
ANNUAL REPORT 2022

making and advice to our people.
The Emergency Management Team
framework used by Oceania was
based on the Coordinated Incident
Management System (CIMS) model
used by Government agencies and
other organisations. During this
period, wider organisational personnel
attended a one day CIMS training
workshop to increase skill development
in the Emergency Management
Team and ensure sustainability.
The adoption of this Emergency
Management Team structure has led
to an overall improvement in Oceania’s
readiness to deal with other non-
pathogenic events in the future, such
as fires or earthquakes.
Our people continued coming to work
when it was safe to do so and, unlike
many other aged care providers, the
most staff we had off work at one time
was 87 (out of 2,900). This was as a
result of the Emergency Management
Team measures that we put in place,
as well as the provision of support to
our sites, including providing clear
guidelines on when people need
to be off work and when they can
safely come back to work again. We
provided pastoral care to our staff and
supported them in their return to work,
and provided mental health material
to explain how to manage stress.
We also provided bespoke recognition
to our people for their efforts, with
Brent Pattison and Dr Frances Hughes
personally calling sites where staff
were under pressure to acknowledge
the work and ensure our people were
feeling valued by the business. Our
residents were also very grateful for
the efforts of our people during this
time, with many stories shared of how
our people respected the residents’
personal preferences during isolation
periods, and how residents enjoyed
receiving their favourite meals in their
rooms accompanied by personalised
get well cards and best wishes from
our staff.
Our expertise in managing COVID-19
risks has also provided unique
opportunities for Oceania. One of our
independent living residents suffered a
medical event while in Australia in mid-
2021 and when this resident returned
to New Zealand, Oceania managed
the MIQ period for this resident in one
of our aged care centres, rather than
the resident staying in a Government
MIQ facility for the 14 day isolation
period. We worked in conjunction
with the Regional Public Health
Service and the DHB to facilitate this
outcome for the resident. We received
additional Government funding
for this arrangement, as well as
acknowledgement from the both the
Regional Public Health Service and the
DHB of Oceania’s high standards of
clinical care.
On 30 March 2022, Dr Frances
Hughes was awarded the Risk
Professional of the Year in the Risk
New Zealand Awards for her work in
managing COVID-19 risks for both
Oceania and the aged care industry
as a whole. The judges commended
Dr Hughes on thinking about the
important role of risk culture and noted
that that is what specifically stood out
in her nomination. We are delighted
that Dr Hughes’ hard work throughout
the pandemic has been recognised in
this way.
The lens of COVID-19 has given
Oceania a completely different risk
assessment process for everything
that we do. It means that we need
to constantly adapt and respond to
change and ensure that Oceania, as
an organisation, is nimble to respond
to any challenges that arise in
the future.
Dr Frances Hughes was awarded the Risk
Professional of the Year in the Risk New
Zealand Awards for her work in managing
COVID-19 risks for both Oceania and the
aged care industry as a whole.
COVID-19 LEADERSHIPcome from within.
21

How we
create value
Our purpose
To reimagine the retirement and aged care living experience in New Zealand
Our people
Highly motivated, passionate and safe staff
Our expertise
The capability of our people and quality
of our systems
Our villages
The quality of our villages and landbank
Our relationships
The strength of the relationships we have with
our key stakeholders and our brand reputation
Our financial capital
The combination of shareholder funds,
banking facilities and operating cash flow
employed to maintain and grow our business
Our natural capital
The quality of the natural resources we rely
on to run our business today and in the future
Our value drivers
$ Growth
Development of
our landbank by
recycling capital
from sales
From superior
care and
independent
living experiences
$ Yield
+
Our business
OCEANIAANNUAL REPORT 2022
22
Better experiences

WORKING ON WHAT MATTERS
Residents love living in
our communities
We delight our residents
with hospitality inspired,
customer led services
We are passionate about
the wellbeing of our staff,
residents and their families
We lead the way in
how we do things
Our value outcomes
Develop
Sell
The
pursuit
of
better
23
come from within.

Strategy
We have refreshed our strategy, taking into consideration what
is important to key stakeholders and evaluating which risks and
opportunities have the greatest impact on our ability to create value in
the short and long term.
Our strategy is to achieve sustainable performance by delivering on our four
strategic pillars – Offer, Resident Experience, People Capability and Growth –
underpinned by technology, innovation and our sustainability framework.
Working on
what matters
OCEANIAANNUAL REPORT 2022
24
Better experiences

WORKING ON WHAT MATTERS
Our value outcomes
Residents love living
in our communities
We delight our
residents with
hospitality inspired,
customer led services
We are passionate
about the wellbeing of
our staff, residents and
their families
We lead the way in
how we do things
Our purpose
To reimagine the retirement and aged care living experience in New Zealand.
Offer
To design, develop,
build and sell premium
properties for our
residents of the future
Resident Experience
To be the leader
in the delivery of
resident experience in
retirement villages and
aged care centres
People Capability
To build capability
and develop a culture,
which enables our
people to perform their
life’s best work
Growth
To deliver outstanding
financial performance
and sustainable
growth
Our strategic pillars
Our drivers
Our people — Our expertise — Our villages — Our financial capital — Our natural capital
Our goals
We delight our residents and staff
by caring for them and making
a difference to their happiness
every day.
Our measure
Employee wellness engagement,
resident engagement, health
and safety.
People
Our goals
Through better use of our
resources we will substantially
reduce our environmental impact
enabling carbon neutrality in
the future.
Our measure
Waste to landfill, energy efficiency,
greenhouse gas emissions.
Planet
Our goals
Integrated thinking will be
embedded in our strategy,
decision making, long term
planning and reporting by 2022.
Our measure
Financial returns and shareholder
value growth.
Prosperity
Our enablers
Technology – Innovation – our Sustainability Framework:
25
come from within.

Offer
We are curating great spaces
through the design, development
and provision of services to our
residents of the future and are
doing so in a sustainable manner.
Oceania has a well-established and
proven brownfield development-
led growth strategy, facilitated by
a strong development team and
investment in an operational platform
built for scale.
With the recent strategy to undertake
greenfield developments and
acquisitions, as well as brownfield
developments, Oceania is well
positioned to leverage its established
operational platform to pursue a
wide range of organic and inorganic
growth opportunities.
Building design and construction has a
significant impact on the sustainability
of our business in terms of our
future emissions, building efficiency,
revenue, profitability, safety, resident
satisfaction, staff engagement and
waste generation.
We evaluate the sustainable impact
of a project prior to undertaking
any acquisition, construction or
refurbishment project.
Resident Experience
We are leading in the delivery of
resident-centred aged care and
retirement village experience
in New Zealand through our
Model of Care and excellence
service offerings.
Oceania is committed to ensuring
that it provides outstanding clinical
excellence in care and enhanced
services to its residents.
Oceania continues to distinguish itself
from other aged care and retirement
village operators with its focus on the
provision of care and services, which
is a needs based product, rather than
the delivery of built form products.
Oceania provides resident-centred
care and services that enhance the
quality of our residents’ lives.
Oceania is focused on delivering
an incremental and sustained
improvement in the resident
experience, with an improvement
in clinical indicators, delivering an
evidence-based practice, and an
expansion in our clinical offerings
to cover full scope services.
Furthermore, Oceania’s reputation
for the delivery of high quality care is
providing opportunities for Oceania
to partner with other organisations to
bring a high quality care offering to
older New Zealanders in those regions
that need it most.
People Capability
We have a culture which enables
our people to be engaged,
included and valued and perform
their life’s best work at Oceania.
Our people are at the very heart
of what we do. It is the passion of
our people that allows Oceania to
continue to build on its success for
future growth.
Oceania maintains a strong focus on
learning and development as part of
our commitment to provide a career
development pathway for our staff.
Our Wesley Institute of Nursing
Education provides CAP (Competence
Assessment Programme) training
to internationally-qualified nurses
(IQNs) that meets Nursing Council
requirements and provides a route
for IQNs to practice in New Zealand.
Our aged care education centre is
generating research and opportunities
for partnerships with universities.
This evidence base is crucial to our
offering in the future for our residents
and staff.
We have also established good
relationships with some governments
overseas who are starting to refer IQNs
to our conversion courses through the
Wesley Institute of Nursing Education.
OCEANIAANNUAL REPORT 2022
26
Better experiences

PROVEN EXPERIENCES
PeoplePlanetProsperity
Materiality matrix
At the end of 2021, we refreshed our materiality matrix, building on the deep dive
work we started in 2020, where we looked into what mattered most to our key
stakeholders, and where Oceania could have the greatest impact.
These material topics inform both the pillars of our strategy, and our sustainability
framework that underpins our strategy. In the year ahead we will look to refresh our
sustainability framework goals and measures, aligned to the refreshed materiality matrix.
1. Resident Experience
2. Product design and service
3. Selling practices
4. Competitive behaviour
5. Community relations
6. Access and affordability
7. Employee health, safety
and wellbeing
8. Employee practices
9. Employee engagement
diversity and inclusion
10. Te Ao Maori
11. Governance oversight
and reporting
12. Critical incident
risk management
13. Systemic risk management
14. Management of legal and
regulatory requirements
15. Business ethics
16. Data security and privacy
17. Waste management
18. GHG emissions
19. Sustainable supply
chain management
20. Physical impacts of
climate change
21. Water management
22. Energy management
LowBUSINESS IMPACT
STAKEHOLDER IMPORTANCE
Low
High
High
1
16
11
14
13
12
15
2
7
1017
18
19
20
21
22
89
4
56
3
27
come from within.

We have completed a Task Force on
Climate-related Disclosures (TCFD)
maturity assessment, with an external
provider, in order to support our
climate-related disclosures journey.
From this we have established a TCFD
roadmap that we will implement
over the next two years. We are
also establishing a management
sustainability committee.
We have amended our car
procurement requirements
so that all new lease cars for
residents and corporates are
either EV or hybrid, and we
are working on incorporating
sustainability into our RFP
process for material suppliers.
We are building our new
developments to 6 HomeStar and
we are a member of the
New Zealand Green Building
Council. In the past year we
have achieved 6 HomeStar
rating across four of our sites.
Oceania continues its work with
MyNoke, a large worm farming
company, on an incontinence
product vermicomposting trial.
Waste from six care centres has
been processed and studied at
MyNoke’s Taupo worm farm.
Following energy audits at a
selection of our high energy
consuming sites last year, we
have been working through
energy efficiency measures
starting with retrofitting LED
lighting and shower restrictors.
The majority of our care
centres are now diverting
food waste through a
variety of methods including
onsite Bokashi composting,
vermicomposting, pig buckets
and commercial composting.
We have started rolling out
Oceania’s signature exercise
programme “Move & Groove”,
currently available at some of
our centres, to independent
living residents. Move & Groove
Village has been designed by
fitness industry professionals
and created against the
ACC criteria of 'Strength
and Balance' designed to
reduce falls and fractures
amongst over 65s.
Key ESG highlights for FY22
Our “I love music” programme now has over 600 residents
enrolled. Since the launch of the programme in 2017, we have
provided personalised playlists to over 1200 of our residents.
Remote sign-up options mean families can enroll and choose
music for their loved ones from anywhere in the world.
OCEANIAANNUAL REPORT 2022
28
Better experiences

PROVEN EXPERIENCES
Val got on board with the bowls
momentum at The BayView.
She’s energised by the bowling
group interaction and enjoys the
camaraderie and company. She
saw a need, and set about finding
a solution!
Val joined the growing bowling group
at The BayView, (there are now nine
players and more to come). She
quickly saw the need for the supply
of more essentials - the expanding
membership needed more bowls
to accommodate the influx of
new players at the Monday and
Wednesday morning rollups.
Val was onto it.
She placed an advertisement in
the local free newspaper and got a
reply from a retiring member of the
Bayswater Bowling Club, who as Val
says, was able to sell not only his wife’s
bowls, but his own as well.
Rolling
with it.
Val gratefully snapped up both sets.
So now the group has eight.
Linda (Village Manager) saw to it
that Val was not out of pocket for
her efforts. She was keen for the
centre to support the bowls group
in any way possible and ensured
Val was reimbursed.
Val’s on a roll now, she’s since
organised the supply of two more sets,
as and when needed, so everyone can
play. Gary and Terry could be busy
in the workshop building a few more
personalised carriers!
29
come from within.

Our Board has a broad and deep range of complementary
skills backed by years of experience. We were pleased
to announce two additional Board members with
Rob Hamilton and Peter Dufaur joining the Board
as Independent Directors during the year.
Elizabeth Coutts – Chair and Independent Director / ONZM, BMS, FCA
Liz Coutts has been a Director of Oceania since 5
November 2014 and was appointed Chair in 2014. Liz is
also the Chair of Skellerup Holdings Limited and EBOS
Group Limited. Liz is a Fellow of Chartered Accountants
Australia and New Zealand. She is a past President of
the Institute of Directors NZ Inc and was made an
Officer of the New Zealand Order of Merit in 2016.
Liz has previously been Chief Executive of Caxton
Group, Chairman of Meritec Group Limited, Industrial
Research Limited, Life Pharmacy Limited and Ports of
Auckland Limited, Deputy Chairman of Public Trust,
and a Commissioner of both the Commerce
Commission and Earthquake Commission. She has
been a Director of Sanford Limited, Ravensdown
Fertiliser Cooperative, the Health Funding Authority,
PHARMAC, Air New Zealand, Sport and Recreation
New Zealand and Trust Bank New Zealand, and a
member of both the Financial Reporting Standards
Board of the New Zealand Institute of Chartered
Accountants and the Monetary Policy Committee
of the Reserve Bank of New Zealand.
Liz is a member of all Board Committees.
Alan Isaac – Independent Director / CNZM, BCA, FCA
Alan Isaac has been a Director of Oceania since
1 October 2015. Alan is a professional director with
extensive experience in accounting, finance and
governance. He is the immediate past President of
the Institute of Directors NZ Inc. and is Chairman of
New Zealand Community Trust and Basin Reserve Trust.
He is also a former President of the International Cricket
Council. Alan is a Director of Scales Corporation Limited
and Skellerup Holdings Limited. He is also a Board
member of the Wellington Free Ambulance.
Alan is a former national Chairman of KPMG, and was
made a Companion of the New Zealand Order of Merit
(CNZM) in 2013. He is a Fellow of Chartered
Accountants Australia and New Zealand.
Alan is Chair of the Audit Committee and is a member
of the People and Culture Committee.
Dame Kerry Prendergast – Independent Director / DNZM, CNZM, MBA (VUW), NZRN, NZM
Dame Kerry Prendergast has been a Director of
Oceania since 22 December 2016. Dame Kerry is a
professional director. She was Mayor of Wellington
(2001-2010) and is currently the Chair of the New
Zealand Film Commission, Wellington Free Ambulance,
Wellington Opera and Royal New Zealand Ballet. Dame
Kerry is also a trustee of New Zealand Community Trust.
For 25 years Dame Kerry was an independent midwife
after training as a general nurse in 1970, and
consequently gaining a Diploma in Intensive Care.
She was made a Companion of the New Zealand
Order of Merit (CNZM) in 2011 and was promoted
to Dame Companion of the New Zealand Order of
Merit in January 2019 for services to governance
and the community.
Dame Kerry is Chair of the Clinical and Health &
Safety Committee.
Leading with
heart.
BOARD OF DIRECTORS
Better experiencesOCEANIA
30
ANNUAL REPORT 2022

Gregory Tomlinson – Independent Director / AME
Greg Tomlinson has been a Director of Oceania since
23 March 2018. Greg is a Christchurch domiciled
businessman and investor with experience in a variety
of New Zealand industries. One of the original pioneers
of the aquaculture industry in Marlborough, he has also
established construction and aged care businesses.


Greg established Qualcare before it was sold
into the Oceania Group in early 2008 and he
was a director of Oceania from 2008 until 2016.
Greg holds directorships on the boards of a number
of New Zealand based companies and is currently
a director of Heartland Bank Limited.
Greg is Chair of the Development Committee.
Sally Evans – Independent Director / BHSc, MSc, FAICD, GAIST
Sally Evans has been a Director of Oceania since
23 March 2018. Sally has over 30 years’ experience
in the private, government and social enterprise sectors
in Australia, New Zealand, the United Kingdom and
Hong Kong.
Sally is a Director of Healius Limited in Australia, Rest
(Australian Super Fund), Allianz Australian Life Insurance
Limited and Ingenia Communities. She has previously
held Directorships on the boards of Opal Specialist
Aged Care and Blue Cross Aged Care, was an
inaugural member of the Australian Federal
Government’s Aged Care Financing Authority and
held executive roles as Healthcare Director at the
FTSE Compass Group plc and Head of Aged Care
at AMP Capital.
Sally is Chair of the People and Culture Committee
and is a member of the Clinical and Health &
Safety Committee.
Core Competencies
Core Strengths
Markets & Customers
Building & Maintaining Relationships
Delivering Sustainable Growth
Property & Construction
Rob Hamilton – Independent Director / BSc, BCom
Rob has been a Director of Oceania since
17 September 2021. He 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 SkyCity Entertainment 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 Dufaur – Independent Director / BProp
Peter has been a Director of Oceania since
17 September 2021. He 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.
come from within.
31
BOARD OF DIRECTORS
Our Board Skill Set.

Core Strengths
Governance
7/ 7
7/ 7
7/ 7
7/ 7
7/ 7
6/7
Regulatory knowledge and experience
Finance and accounting
Human resources
Health and safety
Capital markets and structure
Better experiencesOCEANIAANNUAL REPORT 2022
32
Markets & Customers
Clinical experience
Aged care, hospitality & customer service market experience
Customer advocacy
7/ 7
7/ 7
4/7
• Experience and understanding of sales, marketing and
brand strategy and practices.
• Experience and understanding (either at Board,
leadership or senior consulting level) of the dynamics of
the international and/or domestic aged care, hospitality
and customer services markets, and opportunities and
challenges within those markets.
• Experience and understanding of the clinical requirements
of the healthcare sector at a governance, leadership and/
or practitioner level.
• Commitment to the highest standard of governance.
• Board experience (NZX 50 or equivalent) or experience
as an advisor to Boards for at least 5 years.
• An ability to assess effectiveness of senior management.
• Senior executive or board experience in financial accounting
and reporting, corporate finance and internal controls.
• Understanding of business and property valuation
principles and their implications on the financial
performance and position.
7/ 7
Risk management
• Developing and overseeing an appropriate risk framework
and culture.
• Experience evaluating and managing financial and
non-financial risks.
• Experience with equity and debt markets, capital
structuring and investment analysis.
• An understanding of the regulatory environment in which
we operate and the role that plays in ensuring sustainable
custodianship of our assets and providing benefit to
our customers.
• Familiarity with people and best practice development and
performance structures.
• Experience and understanding of health and safety and
wellbeing requirements.
Better experiences

Delivering Sustainable Growth
Growth
7/ 7
7/ 7
7/ 7
7/ 7
Strategy
Operational leverage
Business model and technology disruption
Building & Maintaining Relationships
5/7
6/7
Government relationships
Shareholder/investment community relationships
come from within.
33
• An understanding of the functioning of Government
and experience developing and maintaining a
constructive relationship and interactions with
Government and regulators.
• Experience in and understanding of shareholder and
investment community concerns and developing
constructive relationships.
Property & Construction
Property and Construction
4/7
• Experience as an investor, leader or adviser in the property
development market
• Experience as an investor, leader or adviser in the
construction industry.
• A track record of developing and implementing a
successful and sustainable strategy of growth in business.
• Ability to think strategically and assess strategic options
and business plans.
• Experience in leading or advising organisational
change and creating value for the benefit of
customers and shareholders.
• Understanding of differing business models and the
potential for disruptive models and practices to impact
customers and the supply chain.
• Understanding of the opportunity and risks provided by
technology development.
BOARD OF DIRECTORS come from within.

THREE YEAR SUMMARY
For the year ended 31 March 2022
1 This is a non-GAAP measure, refer to note 2.1 in the consolidated financial statements for further details.
2 Underlying Net Profit after Tax has been restated in the May 2020 comparative period 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
earnings in relation to the 12 month period to 31 March 2022 by $1.8m. Underlying EBITDA and underlying earnings in relation to the 12 months to 31 May
2020 has also been restated to remove the impact of the subsidy claim. The statutory comparative period of 10 months to 31 March 2021 is not impacted.
4 Includes an adjustment for the impact of change in accounting policy in regards to the accounting for Software-as-a-Service arrangements.
Refer to note 1.2.
OCEANIAANNUAL REPORT 2022
34
Better experiences
Financial Metrics
$NZm
March 2022
12 months
March 2021
10 months
May 2020
12 months
Underlying Net Profit after Tax
1,2,3,4
56.7 41.9 43.7
Underlying EBITDA
1,3,4
76.2 56.0 64.3
Profit / (loss) for the Period
4
61.1 85.7 (12.8)
Total Comprehensive Income
4
114.4 167.9 10.7
Total Assets
4
2,197.7 1,882.2 1 , 5 4 7. 3
Operating Cash Flow
4

105.5 96.0 98.4
Operating Metrics
March 2022
12 months
March 2021
10 months
May 2020
12 months
Units
1,625 1,367 1,285
Care Suites
854 847 679
Care Beds
1,725 1,807 1,882
Total
4,204 4,021 3,846
New Sales
184 194 189
Resales
266 194 166
Total
450 388 355
Occupancy
92.0%92.4%91.5%

Consolidated Statement of Comprehensive Income 36
Consolidated Balance Sheet 37
Consolidated Statement of Changes in Equity 38
Consolidated Cash Flow Statement 39
Notes to the Consolidated Financial Statements 41
Independent Auditor's Report 91
Consolidated
Financial
Statements
For the year ended 31 March 2022
35
FINANCIAL STATEMENTScome from within.

$NZ000’s Notes
March 2022
12 months
March 2021
10 months
Revenue2.2231,140 175,417
Change in fair value of investment property3.163,475 79,969
Change in fair value of right of use investment property3.4- 2,299
Gain on purchase of business assets1.310,358-
Other income 2.33,508 2,069
Total income
308,481 259,754
Employee benefits and other staff costs
2.4156,446 115,728
Depreciation (buildings)
2.4, 3.2, 3.411,487 8,615
Depreciation and amortisation
(chattels, leasehold improvements and software)
2.4, 3.2, 3.47, 1 3 3 4,919
Impairment / (reversal of impairment) of property, plant and
equipment and right of use asset
2.4, 3.24,741 (4, 267 )
Impairment of right of use investment property
2.4115-
Impairment of goodwill
2.4, 5.2412 1,220
Rental expenditure in relation to right of use investment property
2.4, 3.42,497 4,115
Finance costs
2.49,380 6,795
Other expenses
2
2.460,020 4 7, 3 4 5
Total expenses
252,231 184,470
Profit before income tax
56,25075,284
Income tax benefit 5.14,87910,396
Profit for the period
61,12985,680
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, 5.146,359 78,583
Gain on revaluation of right of use assets for the period, net of tax
3.4, 5.1229 61
46,588 78,644
Items that may be subsequently reclassified to profit or loss
Gain on cash flow hedges, net of tax
6,7163,609
Other comprehensive income for the period, net of tax
53,30482,253
Total comprehensive income for the period attributable
to shareholders of the parent
114,4331 6 7, 9 3 3
Basic earnings per share (cents per share)
4.28.7 13.8
Diluted earnings per share (cents per share)
4.28.7 13.8
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 12 months to 31 March 2022 is a repayment of $1.8m in respect of the COVID-19 wage subsidy.
1
1
1
1
1
1
1
Better experiencesOCEANIA
36
ANNUAL REPORT 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2022

$NZ000’s NotesMarch 2022March 2021
Assets
Cash and cash equivalents
9,74579,906
Trade and other receivables
5.3
69,1364 7, 9 9 2
Derivative financial instruments
5.6
3,922-
Investment property
3.1
1,378,552 1,099,803
Property, plant and equipment
3.2
686,592 604,273
Right of use assets
3.4
41,139 41,714
Intangible assets
5.2
8,603 8,468
Total assets
2,197,689 1,882,156
Liabilities
Trade and other payables
5.4
40,980 44,308
Derivative financial instruments
5.6
- 5,486
Deferred management fee
3.3
42,067 41,499
Refundable occupation right agreements
3.3
775,765 618,433
Lease liabilities
3.4
9,894 11,513
Borrowings
4.4
380,140 3 2 7, 2 9 2
Deferred tax liabilities
5.1
--
Total liabilities
1,248,8461,048,531
Net assets
948,843833,625
Equity
Contributed equity
4.1
705,291 675,625
Retained deficit
(54,735) (86,983)
Reserves
298,287 244,983
Total equity
948,843833,625
The above Consolidated Balance Sheet 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.
1
1
1
1
1
1
1
come from within.
37
FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
As at 31 March 2022

$NZ000’s Notes
Contributed
equity
Retained
deficit
Asset
revaluation
reserve
Cash flow
hedge
reserveTotal equity
Balance as at 31 May 2020 588,389(157,630)170,205(7,475)593,489
Profit for the period - 85,680 - -85,680
Other comprehensive income
Revaluation of cash flow hedge
net of tax
---3,6093,609
Revaluation of assets net of tax3.2, 5.1 - -78,583-78,583
Revaluation of right of use assets
net of tax
3.4, 5.1 - -61-61
Total comprehensive income - 85,68078,6443,6091 6 7, 9 3 3
Transactions with owners
Dividends paid
4.1-(15,476)--(15,476)
Share issue4.180,000---80,000
Directly attributable transaction costs
deducted from equity
4.1(1,939)---(1,939)
Share issue: dividend reinvestment
scheme
4.19,175---9,175
Employee share scheme4.1-443--443
Total transactions with owners8 7, 2 3 6(15,033) - -72,203
Balance as at 31 March 2021675,625(86,983)248,849(3,866)833,625
Profit for the year-61,129--61,129
Other comprehensive income
Revaluation of cash flow hedge
net of tax
---6,7166,716
Revaluation of assets net of tax3.2, 5.1--46,359-46,359
Revaluation of right of use assets
net of tax
3.4, 5.1--229-229
Total comprehensive income-61,12946,5886,716114,433
Transactions with owners
Dividends paid
4.1-(29,559)--(29,559)
Share issue4.120,000---20,000
Directly attributable transaction costs
deducted from equity
4.1(475)---(475)
Share issue: dividend
reinvestment scheme
4.110,141---10,141
Employee share scheme4.1-678--678
Total transactions with owners29,666(28,881)--785
Balance as at 31 March 2022705,291(54,735)295,4372,850948,843
The above Consolidated Statement of Changes in Equity 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.
11
11
11
11
Better experiencesOCEANIA
38
ANNUAL REPORT 2022
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2022

$NZ000’s
March 2022
12 months
March 2021
10 months
Cash flows from operating activities
Receipts from residents for village and care fees
190,096 142,290
Payments to suppliers and employees( 2 07, 8 1 4)(145,324)
Rental payments in relation to right of use investment property(2,497) (4,1 1 5)
Receipts from new occupation right agreements214,188 171,387
Payments for outgoing occupation right agreements(69,998) (52,157)
Net Goods and Services Tax paid(7,672)(8,088)
Interest received77 24
Interest paid(10,171) ( 7, 3 0 7 )
Interest paid in relation to right of use assets(680) (757)
Net cash inflow from operating activities105,52995,953
Cash flows from investing activities
Proceeds from sale and / or disposal of property, plant and equipment
and investment property
(6)-
Payments for property, plant and equipment and intangible assets(56,289)(36,185)
Payments for investment property and investment property under development(106,317) (66,005)
Payments for business assets(56,208)-
Net cash outflow from investing activities(218,820)(102,190)
Cash flows from financing activities
Proceeds from borrowings
162,513 9 0,274
Repayment of borrowings(115,476) (89,652)
Proceeds from bond issuance100,000 125,000
Repayment of bank borrowing from bond proceeds(100,000) (125,000)
Proceeds from share placement20,000 80,000
Capitalised costs in relation to share placement(475) (1,939)
Capitalised borrowing costs(1,194) (1,861)
Principal payments for right of use assets(2,820) (2,002)
Dividends paid(19,418) (6,301)
Net cash inflow from financing activities43,13068,519
Net decrease in cash and cash equivalents(70,161)62,282
Cash and cash equivalents at the beginning of the period79,9061 7, 6 2 4
Cash and cash equivalents at end of period
9,74579,906
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.
1
1
1
1
come from within.
39
FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2022

Reconciliation of profit after income tax to net cash inflow from operating activities
$NZ000’s Notes
March 2022
12 months
March 2021
10 months
Profit for the period61,12985,680
Non cash items included in profit for the period
Deferred management fees accrued but not settled
2.2( 57, 5 2 7 ) (32,901)
Depreciation (buildings and care suites)2.411,487 8,615
Depreciation and amortisation (chattels, leasehold improvements
and software)
2.47, 1 3 34,920
Impairment of goodwill 2.4412 1,220
Net loss on disposal of property, plant and equipment1,149 995
Fair value adjustment to investment property3.1(63,475) (79,969)
Fair value adjustment to right of use investment property and
right of use land and buildings
3.4115 (2,262)
Impairment / (reversal of impairment) of property, plant and equipment3.24,741 (4,3 0 4)
Loss allowance for trade and other receivables 2.441 18
Interest accrued but not paid(2,097) (1,723)
Fair value movement on residents’ share of resale gains2.4825 2,026
Fair value loss on cash flow hedges5.6 (58) -
Deferred tax benefit5.1(4,879) (10,396)
Employee share scheme4.3678 443
Gain on purchase of business assets(10,358)-
Other non cash items 670557
(111,143)(112,761)
Cash items excluded from profit for the period
Receipts from new occupation right agreements
214,188171,387
Payments for outgoing occupation right agreements(69,998)(52,157)
144,190119,230
Increase in operating assets and liabilities
Increase / (Decrease) in trade and other receivables
13,110(2,271)
(Decrease) / Increase in trade and other payables(1,757)6,075
Net cash inflow from operating activities105,52995,953
The Board of Directors of the Company authorised these consolidated financial statements for issue on 20 May 2022.
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
1
1
1
1
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.
Better experiencesOCEANIA
40
ANNUAL REPORT 2022
CONSOLIDATED CASH FLOW STATEMENT (continued)
For the year ended 31 March 2022

1. General Information 42
1.1 Basis of Preparation 42
1.2 Accounting Policies 43
1.3 Significant Events and Transactions 44
2. Operating Performance 46
2.1 Operating Segments 46
2.2 Revenue 54
2.3 Other Income 55
2.4 Expenses 56
3. Property Assets 58
3.1 Village Assets: Investment Property 60
3.2 Care Assets: Property, Plan
and Equipment 64
3.3 Refundable Occupation
Right Agreements 69
3.4 Leases 71
4. Shareholder Equity and Funding 74
4.1 Shareholder Equity and Reserves 74
4.2 Earnings per Share 76
4.3 Employee Share Based Payments 76
4.4 Borrowings 77
5. Other Disclosures 80
5.1 Income Tax 80
5.2 Intangible Assets 83
5.3 Trade and Other Receivables 85
5.4 Trade and Other Payables 86
5.5 Related Party Transactions 86
5.6 Financial Risk Management 87
5.7 Contingencies and Commitments 90
5.8 Events After Balance Date 90
Independent Auditor's Report 91
Notes to the
Consolidated
Financial
Statements
For the year ended 31 March 2022
FINANCIAL STATEMENTS
41
come from within.

1. General Information
1.1 Basis of Preparation
(i) Entities Reporting
The consolidated 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 for details of the Group structure.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Oceania Healthcare Limited
as at 31 March 2022 and the results of all subsidiaries for the year then ended.
The Group owns and operates various care centres and retirement villages throughout New Zealand. During the year the
Group Corporate 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 Mary’s 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 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 financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (‘NZ GAAP’). They comply with New Zealand equivalents to International Financial Reporting
Standards (‘NZ IFRS’), International Financial Reporting Standards (‘IFRS’) and other applicable New Zealand Financial
Reporting Standards, as appropriate for for-profit entities. The Group is a Tier 1 for-profit entity in accordance with XRB A1.
The consolidated 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 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 and derivatives.
(iv) Key Estimates and Judgements
The preparation of the consolidated 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 assets acquired in 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)
Better experiencesOCEANIA
42
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2022

1.2 Accounting Policies
Accounting policies that summarise the measurement basis used and which are relevant to understanding the consolidated
financial statements are provided throughout the notes to these consolidated financial statements.
Other relevant policies are provided as follows:
(i) Principles of Consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
They are deconsolidated from the date that control ceases.
Intercompany transactions and balances between Group companies are eliminated. Accounting policies of subsidiaries
are consistent with the policies adopted by the Group.
(ii) Functional and Presentational Currency
These consolidated financial statements are presented in New Zealand Dollars which is the Company’s functional currency
and the Group’s presentation currency. Unless otherwise stated the consolidated financial statements are presented in
round thousands of dollars. The use of $m signifies millions of dollars.
(iii) Goods and Services Tax (‘GST’)
The Consolidated Statement of Comprehensive Income and Consolidated Cash Flow Statement have been prepared so
that all components are stated exclusive of any GST that can be claimed with the net amount of GST payments/receipts
being shown in the cash flow statement under operating activities. GST is only deductible by the Group to the extent
that it relates to care operations. All items in the Consolidated Balance Sheet are stated net of GST, with the exception of
receivables and payables, which include GST invoiced.
(iv) Comparative Information
Where a change has been made to the presentation of the consolidated financial statements to that used in prior periods,
comparative figures have been restated accordingly. Changes to comparative disclosures has been detailed in note 1.2 (v).
(v) New Accounting Standards
During the year, 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 year 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 year 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 capitalised 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 period ended 31 March 2021 profit and loss is a net increase to Net Profit after Tax of $146k comprising:
– a decrease to amortisation, recognised in depreciation and amortisation (chattels, leasehold improvements and
software), of $274k;
– 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 $69k.
come from within.
43
FINANCIAL STATEMENTS

1.2 Accounting Policies (continued)
A net decrease to Net Assets as at 31 March 2021 of $1.6m comprises a decrease in intangible assets of $2.1m, an increase
in chattels of $0.2m and an increase in prepayments, recognised in trade and other receivables, of $0.3m. The opening
retained deficit increased by $1.5m.
An increase in payments to suppliers and employees of $84k and a corresponding decrease in payments for property,
plant and equipment and intangible assets within the Consolidated Cash Flow Statement.
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 $0.6m.
(vi) 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).
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 initial 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. In the time from the
emergence of the virus in New Zealand during March 2020 until 2 December 2021 this strategy involved a framework of
Alert Levels and lockdowns which various regions moved through as cases were detected.
On 2 December 2021 the New Zealand Government moved to a strategy of minimisation and protection. This framework
aims to protect both those who are the most at risk of severe disease/outcomes as well as the health system that is required
to treat these people and continue to function to maintain other health services. Rather than Alert Levels and lockdowns the
minimisation and protection framework focuses on vaccinations and the use of traffic lights – 3 settings that are designed
to help prevent and managed outbreaks and cases. Rather than generalised lockdowns the traffic light system uses
vaccine mandates, capacity limits and localised protections and lockdowns.
The pandemic has had an immaterial impact on Oceania's income as providers of an essential service. There has however
been an impact on the Group's expenditure as wages increase as a result of staff absences and increased costs associated
with the provision of personal protective equipment.
Certain key judgements and estimates are applied in the consolidated annual 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.
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.
Better experiencesOCEANIA
44
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

(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, being the date of acquisition.
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 annual financial statements.
Purchase consideration and fair value of net assets acquired
The purchase price of $56.2m, settled in cash, 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
104,022
Development Land8,950
Chattels63
Liabilities
Resident liabilities
(4 6,4 37 )
Employee entitlements(19)
Net assets acquired66,579
Total consideration56,221
Gain on purchase of business asset10,358
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 above differs from what was disclosed in the 30 September 2021 interim consolidated financial statements due to a
revision of Deferred Tax treatment of DMF (Sept 2021: $8.5m).
The operation of Waterford added $13.2m to Net Profit before Tax in the period since acquisition to 31 March 2022, of which
$3.0m is operating revenue. The impact on the fair value movements in the year is disclosed in note 3.1.
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 consolidated 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 and its subsidiaries to 31 March. The comparatives represent a period of ten 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 4.4 for the impact on the year to 31 March 2022.
come from within.
45
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.
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 corporate office
and corporate expenses and
rental costs relating to the
Group’s two leasehold sites
(2021: three).
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
Better experiencesOCEANIA
46
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

CareVillageOther
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.
Corporate office assets are
recognised as property, plant
and equipment. Assets include
intangibles (e.g. software).
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.
come from within.
47
FINANCIAL STATEMENTS

2.1 Operating Segments (continued)
12 months ended 31 March 2022
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 1 8 7, 4 3 441,6072,099231,140
Change in fair value of investment property - 63,475 - 63,475
Gain on purchase of business assets - 10,358 - 10,358
Other income 1,270 1,921 240 3,431
Total income 188,704 1 1 7, 3 61 2,339 308,404
Operating expenses(168,410)(23,719) (26,834)(218,963)
Impairment of goodwill(412) - - (412)
Impairment of right of use investment property-(115)-(115)
Impairment of property, plant and equipment (4,741) - - (4,741)
Segment EBITDA15,141 93,527 (24,495) 84,173
Interest income - 7 70 77
Finance costs - - (9,380) (9,380)
Depreciation (buildings and care suites) (10,899) (3) (585) (11,487)
Depreciation and amortisation (chattels, leasehold
improvements and software)
(5,780) - (1,353) (7,133)
(Loss) / profit before income tax(1,538)93,531 (35,743) 56,250
Income tax benefit1,156(4,380) 8,103 4,879
(Loss) / profit for the period attributable
to shareholders
(382)89,151(27,640)61,129
Other comprehensive income
Gain on revaluation of property, plant and equipment
for the period, net of tax
46,359 - - 46,359
Gain on revaluation of right of use asset for the period,
net of tax
229 - - 229
Loss on cash flow hedges, net of tax - - 6,716 6,716
Total comprehensive income for the year
attributable to shareholders of the parent
46,20689,151(20,924)114,433
Better experiencesOCEANIA
48
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 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.
10 months ended 31 March 2021
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 146,572 28,199 646 175,417
Change in fair value of investment property - 79,969 - 79,969
Change in fair value of right of use investment property - 2,299 - 2,299
Other income 512 1,524 9 2,045
Total income 1 47, 0 8 4 111,991 655 259,730
Operating expenses (128,602) (20,517) (18,069) ( 1 6 7, 1 8 8 )
Impairment of goodwill (1,220) - - (1,220)
Reversal of impairment of property, plant and equipment 4,169 98 - 4,267
Segment EBITDA 21,431 91,572 ( 1 7, 4 1 4) 95,589
Interest income - 4 20 24
Finance costs - - (6,795) (6,795)
Depreciation (buildings and care suites) (8,410) - (205) (8,615)
Depreciation and amortisation
(chattels, leasehold improvements and software)
(4,16 4) - (755)(4,91 9)
Profit / (loss) before income tax8,857 91,576 (25,149) 75,284
Income tax benefit 10,112 594 (310) 10,396
Profit / (loss) for the period attributable to shareholders 18,969 92,170 (25,459)85,680
Other comprehensive income
Gain on revaluation of property, plant and equipment
for the period, net of tax
78,583 - - 78,583
Gain on revaluation of right of use asset for the period,
net of tax
61 - - 61
Loss on cash flow hedges, net of tax - - 3,609 3,609
Total comprehensive income for the period
attributable to shareholders of the parent
97,613 92,170 (21,850) 1 6 7, 9 3 3
1
1
1
1
1
1
1
1
1
1
1
1
come from within.
49
FINANCIAL STATEMENTS

2.1 Operating Segments (continued)
Underlying Net Profit after Tax (‘Underlying Profit’)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance and considered in the
determination of dividends. The calculation of Underlying Profit and Underlying EBITDA 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 and Underlying EBITDA do not represent cash flow
generated during the period.
The Group calculates Underlying Profit and Underlying EBITDA 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 but excluding hedge ineffectiveness)
Add backDepreciation and amortisation (including right of use and property, plant and equipment)
=Underlying EBITDA
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.
Better experiencesOCEANIA
50
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

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.
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.
come from within.
51
FINANCIAL STATEMENTS

2.1 Operating Segments (continued)
12 months ended 31 March 2022
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income for the period
attributable to shareholders of the parent
46,20689,151(20,924)114,433
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
(41,84 8) (63,359)(6,716)(111,923)
Add: Impairment of goodwill412- - 412
Add: Rental expenditure in relation to right of use asset - 2,497 - 2,497
Add: Depreciation (care suites) 8,403 - - 8,403
Add: Loss / gain on sale, decommissioning or
purchase of assets and business assets
(8)(10,422)98(10,332)
Add: Realised resale gain - 23,492 - 23,492
Add: Realised development margin - 32,850 - 32,850
Underlying net profit before tax14,93374,209(27,542)61,600
Less: Deferred tax benefit (1,156)4,380(8,103)(4,879)
Underlying net profit after tax13,77778,589 (35,645)56,721
Less: Interest income - (7) (70) (77)
Add: Finance costs (excluding hedge ineffectiveness) - - 9,380 9,380
Add: Depreciation (buildings) 2,496 3 585 3,084
Add: Depreciation and amortisation
(chattels, leasehold improvements and software)
5,780 - 1,353 7, 1 3 3
Underlying EBITDA22,05378,585 (24,397)76,241
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 12 month period to 31 March 2022 by $1.8m and reduces the underlying EBITDA and underlying NPAT position in relation to the 12 month
period to 31 March 2021 by $1.8m. The statutory comparative period being the 10 months to 31 March 2021 is not impacted by this proforma adjustment.
Better experiencesOCEANIA
52
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

10 months ended 31 March 2021
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income for the period
attributable to shareholders of the parent
97,613 92,170 (21,850)1 6 7, 9 3 3
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
(82,811) (82,367) (3,609) (168,787)
Add: Impairment of goodwill 1,220 - - 1,220
Add: Rental expenditure in relation to right of use asset - 4,115 - 4,115
Add: Depreciation (care suites)6,173--6,173
Add: Loss / gain on sale, decommissioning or
purchase of assets and business assets
--(84)(84)
Add: Realised resale gain - 17,913 - 17,913
Add: Realised development margin - 23,815 - 23,815
Underlying net profit before tax 22,195 55,646 (25,543)52,298
Less: Deferred tax benefit (10,112) (594) 310 (10,396)
Underlying net profit after tax 12,083 55,052 (25,233)41,902
Less: Interest income - (4) (20) (24)
Add: Finance costs (excluding hedge ineffectiveness) - - 6,795 6,795
Add: Depreciation (buildings) 2,237 - 206 2,443
Add: Depreciation and amortisation
(chattels, leasehold improvements and software)
4,164 - 7554,919
Underlying EBITDA 18,484 55,048 ( 1 7, 4 97 )56,035
1
1
1
1
1
1
1
1
1
1
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.
come from within.
53
FINANCIAL STATEMENTS

2.2 Revenue
How We Earn Revenue
CareVillageOther
Daily care fees for long term and
short term rest home, hospital and
dementia residents
Deferred management fees –
independent living
Training income
Premium accommodation chargesVillage service fees – independent livingInterest income
Deferred management fees –
care suites
Rental income – residents without a
long term occupation right agreement
Accounting Policy
Revenue is recognised in accordance with NZ IFRS 15 Revenue from Contracts with Customers (‘NZ IFRS 15’). Deferred
management fees and rental income are considered leases under NZ IFRS 16 Leases (‘NZ IFRS 16’), and are therefore
excluded from the scope of NZ IFRS 15. None of the Group’s revenue, as defined by NZ IFRS 15, contains significant
financing components.
Rest Home and Hospital Service Fees
A contract is in place with all care residents by means of an admission agreement. The resident receives the benefit as the
care is administered and each resident incurs a contracted daily care fee set by the Government each year. Rest home and
hospital service fees are recognised at the point in time the services are rendered which is specifically linked to the day the
service is delivered. Where applicable these are recognised net of any associated rebates to residents.
Aged care subsidies received from the Ministry of Health, included in rest home, hospital and dementia fee revenue within
the care segment, for the year to March 2022 amounted to $99.7m (10 months to March 2021: $82.8m).
Premium Accommodation Charges
Premium accommodation charges are payable by residents who occupy a premium room above the level specified
by the Government. The charge is included in their admission agreement and the charge is recognised when the
accommodation is provided.
Deferred Management Fees
Deferred management fees are considered leases and are payable by residents of the Group's units, apartments and care
suites under the terms of their ORA or unit title rights. Refer to note 3.3.
Management fees are typically payable on termination of the ORA up to a maximum percentage of a resident's occupation
licence or unit title rights deposit for the right to share in the use and enjoyment of common facilities.
The timing of the recognition of deferred management fees is a critical accounting estimate and judgement. The deferred
management fee is recognised on a straight line basis over the longer of the term specified in a resident's ORA or the
average expected occupancy. The expected periods of occupancy are based on historical Group averages, for the relevant
accommodation they are estimated to be 7 years for units, 5 years for apartments and 3 years for care suites from the
date of occupation. Estimates of deferred management fee tenure are reviewed periodically. Where a change is made, it
is the Group’s policy to recognise the aggregate impact of this change in the period in which the change in estimate occurs.
Deferred management fees are recognised with respect to the leased retirement village site as per note 3.4.
Better experiencesOCEANIA
54
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

Village Service Fees
Village service fees are charged to residents to recover a portion of village operating costs associated with services
provided including staff wages, rates, and electricity. An ORA is in place with all village residents who receive the benefit
of services throughout their stay. Village service fees are recognised over time as services are rendered.
Training Income
Training income is received from students attending short term training courses at the Wesley Institute of Nursing
Education. Income is recognised when the course is provided.
Rental Income
Rental agreements are in place with all rental residents and set out the relevant weekly / monthly rental fee.
The resident receives the benefit throughout their stay and revenue is recognised as it is earned.
$NZ000’s
March 2022
12 months
March 2021
10 months
Rest home, hospital, dementia fees 1 6 7, 8 0 4132,780
Premium accommodation charge4,8203,606
Deferred management fees – independent living 30,751 20,234
Deferred management fees – care suites 14,107 9,479
Deferred management fees – leased site 2,360 1,869
Village service fees 7, 6 0 5 5,208
Training income 2,094 663
Rental income 877 914
Other services provided to residents 722 664
231,140 175,417
2.3 Other Income
Interest Income
Interest income is recognised on an accruals basis using the effective interest method.
Other Income
Other income includes administration and legal income derived from the settlement of ORAs.
$NZ000’s
March 2022
12 months
March 2021
10 months
Interest income 77 24
Change in fair value of ineffective cash flow hedges 58 -
Other income 3,373 2,045
3,508 2,069
come from within.
55
FINANCIAL STATEMENTS

2.4 Expenses
Accounting Policy
All operating expenses are recognised on an accrual basis.
$NZ000’s Notes
March 2022
12 months
March 2021
10 months
Profit before income tax includes the following expenses:
Employee benefits and other staff costs
Wages and salaries
151,693113,183
Termination benefits686281
Employee share scheme expense4.3414255
Other staff costs
1
3,6532,009
156,446115,728
Depreciation and amortisation
Depreciation of buildings
3.2 2,210 1,948
Depreciation of care suites3.2 8,403 6,173
Depreciation of right of use assets (buildings)3.4 874 494
Depreciation of chattels 3.2 4,827 3,136
Depreciation of right of use assets (chattels)3.4 1,867 1,609
Amortisation of software 5.2 439 174
18,620 13,534
Finance costs
Interest on senior debt facilities
3,427 3,468
Interest on Retail Bond 4,681 1,291
Agency, commitment and line fees 2,990 2,782
Interest rate swaps 2,236 2,302
Capitalised interest and line fees (5,114)(4, 261)
Amortisation of bank fees 626 455
Bank interest - 1
Interest on right of use assets 534 757
9,380 6,795
Impairment / (reversal of impairment) of property, plant and equipment 3.2 4,741 (4,267)
Impairment of right of use investment property115-
Rental expenditure in relation to right of use investment property3.4 2,497 4,115
Impairment of goodwill5.2 412 1,220
1 Other staff costs include costs such as staff training, uniforms and recruitment.
2 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.
3 Includes the repayment of a Covid Subsidy.
32
1
1
2
2
2
Better experiencesOCEANIA
56
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

$NZ000’s Notes
March 2022
12 months
March 2021
10 months
Other expenses
Fees paid to Auditor
Audit and review of consolidated financial statements
540 396
Other assurance services – Trustee reporting 7 6
Other services – Proxy voting (Annual Shareholders Meeting) 7 -
Task Force on Climate-Related Financial Disclosures (TCFD) gap analysis
and materiality matrix
62 -
Total fees paid to auditor 616 402
Repairs and maintenance of property, plant and equipment including
leasehold care centres
3,049 2,410
Repairs and maintenance of investment property including leasehold
investment property
1,567 1,301
Loss / (gain) on disposal of property, plant and equipment 27 (84)
Donations 33 3
Loss allowance for trade and other receivables5.3 28 18
Resident consumables 1 7, 4 6 0 14,340
Increase in Residents’ share of resale gains 825 2,026
Insurance 4,332 2,928
Legal and professional services 3,676 2,867
Other expenses (no items of individual significance) 28,40721,134
60,0204 7, 3 4 5
Total Expenses252,231184,470
1 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.
1
1
1
come from within.
57
FINANCIAL STATEMENTS

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.
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58
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

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:
1 ARRC refers to age-related residential care.
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
come from within.
59
FINANCIAL STATEMENTS

3.1 Village Assets: Investment Property
Accounting Policy
Investment property includes both freehold land and buildings and land and buildings under development, comprising
independent units, serviced apartments and common facilities, provided for use by residents under the terms of an ORA.
Investment property is held for long-term yields and is not occupied by the Group. Investment property is held at fair value.
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 movement in the carrying value of investment property, net of additions, transfers and disposals is recognised as a fair
value movement in the Consolidated Statement of Comprehensive Income.
Fair value measurement on investment property under development is only applied if the fair value is considered to be
reliably measurable. Where the fair value of a property under development can be determined, it is carried at fair value.
Where the fair value of investment property under development cannot be reliably determined, the carrying amount is
considered to be the fair value of the land plus the cost of work undertaken.
$NZ000’s NotesMarch 2022March 2021
Investment property under development at fair value
Opening balance
143,720145,020
Transfer from property, plant and equipment3,750-
Capitalised expenditure (including land acquisitions)99,48163,881
Capitalised interest and line fees2,5853,028
Transfer to completed investment property(89,626) (99,512)
Transfer to property, plant and equipment(65)-
Change in fair value during the period – developments as at balance date 13,643 7, 8 2 6
Change in fair value during the period – developments completed during the period411 23,477
Closing balance173,899 143,720
Completed investment property at fair value
Opening balance
956,083802,060
Acquisition
1
46,437-
Transfer from investment property under development89,626 99,512
Transfer to property, plant and equipment3.2- (1,329)
Capitalised expenditure61,794 7, 0 5 0
Capitalised interest and line fees1,292 124
Disposals- -
Change in fair value during the period – existing villages22,511 34,888
Change in fair value during the period – recently completed developments
2
26,910 13,778
Closing balance1,204,653 956,083
Total investment property1,378,5521,099,803
1 Relates to resident liabilities acquired on acquisition of Waterford on Hobsonville Point, the value of the underlying property is included within
capitalised expenditure. Refer to note 1.3 for details.
2 Recently completed developments refers to those developments which were being sold down during the period.
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60
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

Change in Fair Value Recognised in the Consolidated Statement of Comprehensive Income
$NZ000’s
March 2022
12 months
March 2021
10 months
Increase in fair value of investment property278,749 152,003
Add: Transfers to property, plant and equipment and to right of use assets
during the period
(3,685) 1,329
Less: Capitalised expenditure including capitalised interest(165,152) (74,0 8 3)
Less: Resident obligations on acquisition(46,437)-
Add: Disposals- 720
Change in fair value recognised in
Consolidated Statement of Comprehensive Income
63,47579,969
Included in the above change in fair value is an amount of $9.8m (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 March 2022March 2021
Investment property under development
Valuation
173,899143,720
173,899143,720
Completed Investment Property
Valuation
592,982 474,215
Add: Refundable occupation licence payments 732,714 573,766
Add: Residents’ share of resale gains 6,780 7,205
Less: Management fee receivable (113,066) (84,433)
Less: Resident obligations for units not included in valuation (14,757) (14,670)
1,204,653 956,083
Total investment property at fair value1,378,5521,099,803
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’ is required. An adjustment of $14.8m (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.
come from within.
61
FINANCIAL STATEMENTS

3.1 Village Assets: Investment Property (continued)
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
31 March 2022.
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 $51.1m as at 31 March
2022 (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.
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 31 March 2022 by CBRE Limited at a total of
$592.9m (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 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.
Key Accounting Estimates and Judgements
All investment properties have been determined to be Level 3 (2021: Level 3) in the fair value hierarchy as the fair value is
determined using inputs that are unobservable.
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62
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group's development land is the value per m
2

assumption. Increases in the value per m
2
rate result in the corresponding increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group's portfolio of completed investment
property are the discount rate and property price growth rate. There are no interdependencies or interplays between
unobservable inputs.
The following assumptions have been used to determine fair value:
Significant InputDescription20222021
Discount rateThe pre-tax discount rate14.0% - 20.0%
(median: 15.0%)
14.0% - 20.0%
(median: 15.0%)
Property price
growth rate
Anticipated annual property price growth
over the cash flow period 0-4 years
0.5% - 3.0%0.5% - 3.5%
Property price
growth rate
Anticipated annual property price growth
over the cash flow period 5+ years
2.5% - 3.5%2.5% - 3.5%
Sensitivities
At 31 March 2022
Adopted
Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed investment
property
Valuation $NZ000’s592,982
Difference $NZ000’s(19, 6 5 6)20,28132,693(30,888)
Difference %(3 . 3 %)3.4%5.5%(5.2 %)
At 31 March 2021
Adopted
Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed investment
property
Valuation $NZ000’s474,215
Difference $NZ000’s(1 7, 2 8 8)18,44218,025(31,516)
Difference %(3 . 6 %)3.9 %3.8%(6 . 6 %)
The stabilised occupancy period is a key driver of the CBRE Limited valuation. A significant increase / (decrease) in the
occupancy period would result in a significantly lower/ (higher) fair value measurement.
Significant Input20222021
Stabilised occupancy period2.7 yrs - 8.8 yrs
(median: 7.1 yrs)
2.8yrs - 8.5yrs
(median: 7.0yrs)
Current ingoing price, for subsequent resales of ORAs, is a key driver of the CBRE Limited valuation. A significant increase
/ (decrease) in the ingoing price (as driven by the property growth rates) would result in a significantly higher / (lower) fair
value measurement.
come from within.
63
FINANCIAL STATEMENTS

3.2 Care Assets: Property, Plant and Equipment
Accounting Policy
Property, plant and equipment comprises owner-occupied freehold land and buildings and plant and equipment operated
by the Group for the provision of care services, care suites and land and buildings that are to be developed into care
centres in the future.
Following initial recognition at cost, completed owner occupied freehold land and buildings and land and buildings under
development are carried at fair value. Independent valuations are performed with sufficient regularity to ensure that the
carrying amount does not differ materially from the assets’ fair value at balance date. Any depreciation at the date of
valuation is deducted from the gross carrying value of the asset, and the net amount is restated to the revalued amount of
the asset. In periods where no valuation is carried out, the asset is carried at its revalued amount plus any additions, less
any impairment and less any depreciation incurred since the date of the last valuation.
All other plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
In relation to land and buildings under development, fair value 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, whereas previously the fair value was held at the CBRE Limited valuation plus the cost of work undertaken
in relation to land and buildings under development.
A property under construction is classified as land and buildings within property, plant and equipment where the
completed development will be classified as such and as investment property where the completed development will be
classified as an investment property. Fair value measurement on property under construction is only applied if the fair
value is reliably measurable. Where the fair value of property under construction cannot be reliably determined the value
is the fair value of the land plus the cost of work undertaken. Property under construction classified as land and buildings
under development is revalued annually and is not depreciated.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can
be measured reliably. All other repairs and maintenance are expensed to the Consolidated Statement of Comprehensive
Income during the financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of land and buildings above cost are credited to the asset
revaluation reserve in other comprehensive income; increases that offset previous decreases taken through profit or loss
are recognised in profit or loss. Decreases that offset previous increases of the same asset are charged against the asset
revaluation reserve in other comprehensive income; all other decreases are charged to profit or loss. When revalued assets
are sold, or held for sale, the amounts included in the reserve are transferred to retained earnings.
Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost,
net of their residual values, over their estimated useful lives, as follows:
CategoryUseful Life Range
Weighted Average
Depreciation Rate
– Freehold buildings10 - 50 years2.4% (31 March 2021: 2.75%)
– Chattels and leasehold improvements2 - 50 years20%
– Motor vehicles5 years22%
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64
ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
No depreciation is charged in the year of sale for all assets other than buildings in which case depreciation is charged
to the earlier of the date of classification to held for sale or the date of sale.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount of the
asset. These are included in the Consolidated Statement of Comprehensive Income.
$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Year ended 31 March 2022
Opening net book amount
54,767 92,800 4 3 7,07 9 19,627 604,273
Additions
45,071 1,259 4,919 5,300 56,549
Capitalised interest and line fees
1,067 - 170 - 1,237
Disposals
- - - (115) (115)
Depreciation
- - (10,613) (4,827) (15,440)
Transfer from investment property
3.1
65 (3,750) - - (3,685)
Reclassification within property, plant
and equipment
320 - (320) - -
Revaluation surplus
Comprehensive income
– Existing care centres
- 152 (4,963) - (4,811)
– Care centres recently developed /
under development
- - 70 - 70
Other comprehensive income
1
– Existing care centres
- 22,570 8,024 - 30,594
– Care centres recently developed /
under development
3,860 - 14,060 - 1 7, 9 2 0
Closing net book amount
105,150 113,031 448,426 19,985 686,592
At 31 March 2022
Cost
- - - 56,981 56,981
Valuation
105,150 113,031 448,426 - 666,607
Accumulated depreciation
- - - (36,996) (36,996)
Net book amount
105,150 113,031 448,426 19,985 686,592
1 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
come from within.
65
FINANCIAL STATEMENTS

3.2 Care Assets: Property, Plant and Equipment (continued)
$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Period ended 31 March 2021
Opening net book amount
54,2067 7, 4 9 6339,91618,372489,990
Additions
18,664 - 8,189 4,391 31,224
Capitalised interest and line fees
837 - 271 - 1,108
Disposals
- - - - -
Depreciation
- - (8,121) (3,136) (11,257)
Transfer 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 - 2 7, 0 1 7 - 3 7, 4 5 8
Closing net book amount
54,767 92,800 4 3 7,07 9 19,627 604,273
At 31 March 2021
Cost
- - - 51,79651,796
Valuation
54,767 92,800 4 3 7, 0 7 9 - 584,646
Accumulated depreciation
- - - (32,169)(32,169)
Net book amount
54,767 92,800 4 3 7,07 9 19,627604,273
Land and Buildings Under Development
A valuation in respect of development land was provided by CBRE Limited as at 31 March 2022.
Any costs incurred to 31 March 2022 on the developments are included in arriving at the fair value as at 31 March 2022.
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 $59.1m as at 31 March
2022 (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.
1 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
1
11
11
11
11
11
1
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ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022

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 31 March 2022.
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 financial
statements. The CBRE Limited valuation included $12.4m of goodwill (31 March 2021: $10.4m) in respect of completed
land and buildings.
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.
Critical Judgements and Estimates in Applying Accounting Policies
Classification of Care Suites
An area of significant judgement is determining the classification of those properties which are operated as care suites.
Refer note 3 for further information.
Valuation of Freehold Land and Buildings
The valuation approach for the freehold land and buildings as at 31 March 2022 was an income capitalisation approach
and/or discounted cash flow analysis supplemented by the direct comparison approach. The valuation is determined by
the capitalisation of net cash flow profit/earnings before interest, tax, depreciation, amortisation and rent (‘EBITDAR’) under
the assumption a positive cash flow will be generated into perpetuity. Capitalisation rates used for the 31 March 2022
valuation range from 11.5% to 16.5% with a median value of 13.0% (31 March 2021: 10.9% to 18.5% with a median value
of 13.6%). The valuation was apportioned between land, buildings, chattels / plant and equipment and goodwill to
determine the fair value of the assets.
The significant unobservable input used in the fair value measurement of the Group's development land is the value
per m
2
assumption. Increases in the value per m
2
rate result in corresponding increases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group's portfolio of completed land
and buildings is the capitalisation rate applied to earnings. A significant decrease / (increase) in the capitalisation
rate would result in significantly higher / (lower) fair value measurement.
come from within.
67
FINANCIAL STATEMENTS

3.2 Care Assets: Property, Plant and Equipment (continued)
Sensitivities
At 31 March 2022Adopted ValueCapitalisation Rate +50 bpCapitalisation Rate -50 bp
Freehold land and buildings
Valuation $NZ000’s
561,457
Difference $NZ000’s
(34,642)38,684
Difference %
(6.2%)6.9%
At 31 March 2021Adopted ValueCapitalisation Rate +50 bpCapitalisation Rate -50 bp
Freehold land and buildings
Valuation $NZ000’s
529,879
Difference $NZ000’s
(32,694)36,509
Difference %
(6.2%)6.9%
At 31 March 2022
Adopted
Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed care suite property
Valuation $NZ000’s
188,380
Difference $NZ000’s
(6,244)6,44310,386(9,813)
Difference %
(3.3%)3.4%5.5%(5.2%)
At 31 March 2021
Adopted
Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed care suite property
Valuation $NZ000’s
170,367
Difference $NZ000’s
(6,211)6,6256,476(11,323)
Difference %
(3.6%)3.9%3.8%(6.6%)
Assets Held for Sale
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 measured at the lower of carrying amount and fair value less costs to
sell, except for investment property assets held for sale which are carried at fair value.
Carrying Value of Assets
The carrying amount at which both land and buildings would have been carried had the assets been measured under
historical cost is as follows:
$NZ000’s
Freehold
Land
Freehold
Buildings
Freehold Land and
Buildings Under
DevelopmentTotal
Carrying amount
– Historical cost 2022
31,1612 7 7,0 2 635,138343,325
Carrying amount
– Historical cost 2021
32,008245,8723,052280,932
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ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2022