Change to full year results

Results announcement

(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Promisia Healthcare Limited
Reporting Period 12 months to 31 March 2022
Previous Reporting Period 15 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$19,939 229%
Total Revenue $20,079 175%
Net profit/(loss) from
continuing operations
$1,665 >1000%
Total net profit/(loss) $1,861 >1000%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for FY22.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.000860 $0.000785
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The prior period reflects 5 months of trading since the
acquisition of, and entering, the aged care business on 30
October 2020.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Underwood
Contact person for this
announcement
Stephen Underwood
Contact phone number 027 499 3387
Contact email address stephen@renouf.co.nz
Date of release through MAP

20/06/2022

Updated results announcement to that of 31
st
May 2022.

---

15018610_1
NZX MARKET ANNOUNCEMENT
20 June 2022

CHANGE TO FULL YEAR RESULTS
Promisia Healthcare Limited (NZX:PHL) previously released to market its unaudited full year results
for the year ending 31 March 2022. Promisia will be releasing its annual report, including its audited
financial statements, by the end of this month.
While completing the audit of these financial statements, Promisia has become aware that the
unaudited results included an error in the carrying value of Ranfurly Manor. The error occurred in
the independent valuation of Ranfurly Manor with respect to when the value of 10 newly
constructed care suites is recognised in the carrying value of Ranfurly Manor. That value should be
recognised only when a new care suite has been sold to a new resident.
The effect of this timing error is that the value of Ranfurly Manor was overstated by approximately
$700,000 in the unaudited full year result.
The audit process has also identified several other small changes in revenue and expenses that have
resulted in a positive impact to profit of $166,000, excluding the valuation correction as noted
above.
The adjustment to the carrying value of Ranfurly Manor and the other smaller adjustments noted
have had the following impact on the full year results for Promisia:
- Income was announced at $21.0 million (including a fair value movement of $0.84 million)
and now decreases to $20.1 million (including a fair value movement of $0.14 million).
- Total assets decrease from $52.1 million to $51.4 million.
- NTA per quoted security decreases from $0.000890 per share to $0.000860 per share.

This correction does not result in any change to reported EBITDAF ($4.5 million), cash or cash
equivalents or debt. The correction does not cause Promisia to cease to comply with its bank
covenants.
An updated results announcement accompanies this announcement.

For further information please contact Stephen Underwood, Chairman, on Ph 027 499 3387
ENDS