GXH: Annual Shareholders’ Meeting: Speeches & Presentation

1


Green Cross Health (NZX: GXH)
Annual Shareholders’ Meeting, Monday, 25 July 2022 at 2.30pm.

Chair & Group CEO Speeches
Kim Ellis, Chair
Slide 3 - 4:
First, a few words from me before Rachael takes the floor.
FY22 produced an excellent earnings result. The company threw its weight behind
NZ’s response to the COVID-19 pandemic and in turn saw enhanced performance
across all three divisions. The exceptional result however was once-off and while it
has been useful to bank the cash the emphasis now returns to the delivery of
sustained underlying earnings.
Pharmacy had a strong year, growing dispensary revenue and holding retail sales
constant in a difficult market, while vaccinating the nation. Improving the
pharmacy business in the face of increased competition and challenging retail
conditions is the priority for Board and Management.
Medical continued its upward earnings trend assisted by eight acquisitions. And
there is a healthy acquisition pipeline in place for the year ahead.
Community Health also delivered a pleasing performance notwithstanding
continued inadequate funding from the Labour Government.
The FY22 earnings performance has left the company a strengthened balance sheet
with no net debt at parent level and therefore well-positioned for shareholder
distributions and acquisitions.
Following the pause of dividends in the FY21 year, the Board reinstated dividends
in FY22, paying both an interim and a final dividend for a total of 6.5c per share
for the year. Dividends were able to be resumed as a result of cash preservation
and tight working capital management throughout the last two years.
In FY22 the company invested $18.7M in acquisitions (vs $8.1M in FY21). The
Board’s appetite for a substantial investment was demonstrated last year when the
company entered a process for the potential acquisition of Tamaki Health in
conjunction with PEP a leading Australian-based private equity firm. While Green
Cross Health/PEP and the vendor ultimately did not share the same view on value,
the Board remains focused on accelerating acquisition activity.
The Board has seen a couple of changes as FY23 unfolds.
Peter Williams is retiring at this Annual Meeting after five years. Peter is highly
experienced in the pharmacy sector and has been an intelligent, forthright and
valuable contributor around the table. Peter, you will be missed!
And Craig Brockliss representing our third largest shareholder has been appointed
to the Board (and is up for election at this meeting). More on that later.

2

Now over to Rachael to take you through the FY22 results and her plans going
forward.
Rachael Newfield, Group CEO
Slide 6 - 23:
Before I take you through the results for the group and then each of the divisions,
I’ll touch on some operational highlights for the year.
It was a busy year!
Working down the left-hand side of the slide:
• Group Revenue increased 18%.
• In Pharmacy, initial script volumes were up 6% with same store dispensary
up 7%.
• We added 9 new medical centres and same store medical centre revenue
grew 8%.
• In Community Health we lifted margin to 2.9%.
And looking at the right-hand side of the slide:
• We saw the $100m increase in Revenue contribute to a 47% increase in Net
Earnings Attributable to Shareholders.
• We made some internal promotions, with Alison Van Wyk (who has over 12
years experience with the group), promoted to Chief Operating Officer, and
Androulla Kotrotsos appointed to lead the Community Health Division. We
also appointed Wayne Woolrich as GM Medical.
• We acquired five new pharmacies, and as mentioned, eight new medical
practices and a greenfield medical centre.
And what did it look like on the ground?
A bit different, than it has historically.
The spread of COVID, provided an opportunity for Green Cross Health to showcase
the valuable services it provides to the communities of Aotearoa.
90% of our medical centres provided COVID vaccinations.
Our nationwide network of pharmacies stepped up with Green Cross Health
pharmacies representing 51% of all New Zealand pharmacies vaccinating.
And 96% of eligible medical centres provided PCR swabbing services in their
communities.
On to the financials.
That activity translated to some positive results.
Group Revenue lifted to $670m, Operating Profit to $54.1m and Net Profit After
Tax Attributable to Shareholders to $24.6m.
All three divisions delivered increases in Operating Profit with Pharmacy at
$35.9m, Medical at $16.0m and Community Health at $5.6m. We continued to

3

diversify our earnings base with Medical and Community Health representing just
under 40% of Operating Profit for F22.
On this slide, you can see the lift in 2022 in both Operating Revenue (in the left
hand chart) and Operating Profit (the right hand chart).
Each of the three divisions improved its Operating Profit margin and each
increased Operating Profit by at least 49%.
Moving to Net Profit after Tax Attributable to Shareholders, in the top left you can
see the lift to $24.6m in F22.
At a per share level, (which is shown in the bottom left) this translated to 17.2c.
On to the right hand side, as you remember, in the initial F21 COVID period the
company chose to pause dividends and preserve cash during a period of great
uncertainty. In the F22 year the company resumed dividends, declaring a final
divided of 3.5c, bringing the total dividends for the year to 6.5c per share.
Looking at the balance sheet, the company’s gearing ratio ended at 12%, with
undrawn debt facilities of $44m at year end.
And the Operating Cashflow (which is shown on the right) was $44.3m for the year.
Or for those that like to talk IFRS16, it was $65.8m. This supported investment of
just under $25m in:
• Five pharmacy acquisitions
• Eight medical centres
• The opening of a greenfield development
• Investment in PillDrop, which is an online pharmacy that sorts and delivers
prescription medicines throughout New Zealand
• Plus other digital capability and ongoing site capex requirements.
Now I’ll talk to the performance and strategy of each division.
First a recap of the three divisions.
At year end the Pharmacy division comprised 345 pharmacies. The Living Rewards
loyalty programme continued to grow, ending the year with 1.9m members.
Following the investments, the Medical division ended the year with 53 centres
supporting 329,000 enrolled patients.
Finally, Community Health conducted 3.8 million home visits, with a workforce of
2,800 support workers and 158 clinical staff supporting 36,000 clients across New
Zealand communities.
This slide shows Pharmacy Division results for the year.
Revenue was up 16% with Operating Profit lifted 49%. This was on the back of
script volume and the phenomenal efforts of the team with COVID vaccinations.
The five new stores I spoke of were four in the Bay of Plenty (two in Whakatane,
and two in Katikati) and one in Onehunga, Auckland.

4

You may recall in F21 Pharmac put in place a temporary pause on the dispensing of
3 months’ medicine supply at one time which led to a temporary increase in script
numbers. In F22 Pharmac reinstated three monthly dispensing and, despite that
change, we achieved a 2% growth in script numbers.
Just touching on some of the highlights of the year:
Personalisation is key to our pharmacy strategy. We added over 81,000 Living
Rewards loyalty members in the year. This is important because Living Rewards
customers spend 62% more than non-Living Rewards customers.
Another element of our strategy is to differentiate our retail offer. In the last two
years we’ve worked hard to create points of difference in our range with
differentiated brands now 20% of retail sales for the last two years. This ensures
customers come to Unichem and Life Pharmacies for their unique product needs
and elevates us out of the price game.
The Pharmacy strategy is clear. We will win by focusing on the customer.
Our strategy includes differentiating our brand and products and rewarding
customer loyalty. We’re currently implementing a new loyalty management
system to increase our segmentation and personalisation capability.
Retail disciplines are key – like all retailers, ensuring we keep evolving the store
experience is crucial, pricing and margin management is exceptionally important.
We’ve invested in specialised pricing resource and will extend this capability in the
coming year.
COVID has further highlighted the need for an omni-channel customer offering. In
the year ahead we’ll be supporting PillDrop in the home delivery space. We’ll be
enhancing our online booking tool (which took 200,000 bookings last year) and
working with MedAdvisor who we recently signed a contract with to expand our
digital offer.
Green Cross Health fills over 30 million scripts per year. Given that scale, we
advocate for equitable health outcomes for all New Zealanders, including the
removal of the $5 prescription tax. Pharmacy is well positioned to support the
objectives of the newly established Health New Zealand and Māori Health
Authority. We’re pleased that following extensive sector lobbying, pharmacy has
gained approval to administer children’s flu vaccinations for the first time in F23.
And last, cost – it’s a tough time for all businesses right now and pharmacy is no
different. Like others, we’re seeing workforce shortages and inflationary pressure.
We are focused on providing tools and training to our teams to maximise
productivity and also making sure store occupancy costs are appropriate.
Next, the Medical division.
As you can see from the graphs on the right hand side of the slide, F22 was a
growth year for Medical, with revenue up 35% to $111m and Operating Profit up
71% to $16m. As well as day to day patient services, the division provided COVID
swabbing and vaccinations throughout New Zealand communities.

5

The acquisition of eight centres, along with the opening of The Doctors Greenlane
greenfield development took our enrolled patient base to 329,000 and our centre
total to 53 at 31 March.
As well as supporting the country’s COVID efforts, during the year we focused on
operational efficiency initiatives in day to day operations.
In the left hand graph you can see the results of initiatives to improve
productivity, leading to a year on year reduction in the employee cost percentage.
We also implemented a number of cost management initiatives in the year,
particularly in the IT and recruitment space, to lift margins. Combined these led
to a lift in our EBIT margin to 14.4%.
In the top right you can see acquisition progress. We’ve consistently stated we’re
targeting inorganic growth. In the last two years we have invested in internal
clinical and commercial capability and, as a result, we have developed a strong
pipeline of potential acquisitions. The 9 new clinics were two in each of
Whakatipu, Christchurch and Wellington, along with three in Auckland.
And in the bottom right you can see the continued growth in patient numbers. We
now have 329,000 enrolled patients – the largest enrolled patient base of any
primary care provider in New Zealand.
Medical’s strategy is to grow organically and inorganically.
The Doctors brand is gaining traction, becoming synonymous with high quality
patient care delivered by our expert teams.
Scale is important, with a plan to continue acquiring in F23.
COVID has elevated the importance of technology in the Medical division. We have
invested in HouseCall, our virtual consultation platform. Also, in the year ahead,
we will improve our systems to provide richer data to support decision making.
As you’ve seen the division is focused on operational improvement – we continue
to look for opportunities to both lift margin and provide superior clinical services.
And finally, given the workforce challenges facing New Zealand right now, we’re
supporting our teams to provide care for their patients as cost effectively as
possible.
The third division – Community Health.
F22 was another year of growth with Revenue up 12% to $192m and Operating
Profit lifting $1.9m to $5.6m.
Our strategy of focusing on the higher clinical needs segment has driven top line
growth. The relentless focus on cost efficiencies has led to the bottom line
improvement. This is especially important in this division given the low margins.
Given low margins are synonymous with this sector, we continue to advocate for
additional Government funding to support sector sustainability.
And to look in a bit more detail at both the revenue and cost drivers:

6

On the left graph you can see the lift in revenue to $192m in F22. The blue is the
higher clinical needs revenue, our target segment. In F22 this reached 20% of
revenue. Our investment in systems, processes and people is paying off.
And to the right, you see the relationship between employee costs and EBIT. As
we have implemented processes and reporting to deliver services more efficiently,
we have improved results. Our digital initiatives such as our client portal (which
had a 61% increase in users year on year) and our support worker virtual assistant
have allowed us to reduce costs, while improving the client experience.
The strategy in Community Health is to target profitable market segments.
We are focused on higher clinical needs growth and providing this cohort of clients
an excellent service.
As with the other divisions, technology has a critical role. We will be expanding
use of our client portal in the year ahead, as well as investing in systems to deliver
further back office efficiencies.
While we have lifted EBIT, the division is still only returning 2.9%. We continue to
advocate for sustainable funding. We look after many of New Zealand’s most
vulnerable and will be looking for the newly created Health New Zealand and the
Māori Health Authority to support the sector.
Given the slim margins, workforce productivity and tight contract management
remain key.
So to pre-empt the question, what does the year ahead look like?
As you’ve seen, F22 was an exceptional year, with the results buoyed by COVID
activity.
Given New Zealand has now moved to living with COVID, we expect F23 to be more
in line with pre-COVID profitability levels, adjusted for acquisitions.
Further, the balance sheet allows for dividends as well as accelerated acquisition
activity. On that note, we have already added two new medical centres since
balance date, so as at today we actually have 55 centres.
Finally, I would like to say thank you to the Green Cross Health teams. Last year
was a challenging year. The teams in all three divisions rapidly adapted our
business model, time and time again, and went above and beyond to support New
Zealand communities during a time of huge uncertainty. We are very grateful.
I’ll now pass you back to Kim.

7

Contact:
Ben Doshi
ben.doshi@gxh.co.nz


Rachael Newfield
rachael.newfield@gxh.co.nz


About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary health care
provider with multi-disciplinary health care teams with the purpose of working
together to support healthier communities. Green Cross Health is focused on
creating sustainable health care solutions with positive outcomes and experiences.
New Zealand owned and operated, Green Cross Health operates under branded
groups Unichem and Life Pharmacies, The Doctors medical centres, Total Care
Health community nursing services and Access Community Health to provide
support, care and advice to diverse New Zealand communities.
Providing convenient access to professional health care with 345 Unichem and Life
pharmacies covering almost every New Zealand community, Green Cross Health
make more than 3.8m home visits to more than 36,000 community health clients and
care for 329,000 enrolled patients at medical centres.

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GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 2
Kim Ellis
Chair

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 3
Agenda
•
Chair’s address
•
Group CEO’s address
•
Voting on Resolutions
•
General Q&A

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 4
Business Update
Earnings
Balance sheetDividend
Director appointment

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 5
Rachael Newfield
Group CEO

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 6
Operational Highlights
GXH
Highlights
Group Revenue up 18%
Initial script volumes up 6%
Same store dispensary revenue up 7%
9 new medical centres
Community Health EBIT margin 2.9% (LY 2.2%)
Same medical centre revenue growth of 8%

$100m increase in Group Revenue year-on-year

47% increase in Net Earnings Attributable to Shareholders versus last year

Internal promotion of Alison Van Wyk to Chief Operating Officer, and Androulla Kotrotsos to GM Community Health division

Appointment of Wayne Woolrich to GM Medical

Acquisition of five new pharmacies

Acquisition of eight new medical practices, plus one greenfield

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 7
Supporting Communities Through COVID-19
of eligible GXH medical
centres vaccinating
of eligible medical
centres swabbing
GXH pharmacies represented
51%
of all New Zealand
pharmacies vaccinating

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 8
GXH Annual Result Overview
Group Revenue$670.3m
18% increase vs FY21
Medical Operating Profit$16.0m
71% increase vs FY21
Operating Profit/EBIT$54.1m
54% increase vs FY21
Net Profit After Tax$24.6m
47% increase vs FY21
(attributable to shareholders)
Pharmacy Operating Profit$35.9m
49% increase vs FY21
Community HealthOperating Profit$5.6m
51% increase vs FY21

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 9
Group Revenue and Operating Profit
•
Revenue of $670.3m, up 18%
•
FY22 revenue supported by COVID-19 activity
567.2
568.5
570.4
670.3
2019
2020
2021
2022
GXH Operating Revenue ($m)
29.4
31.0
35.1
54.1
2019
2020
2021
2022
GXH Operating Profit ($m)
•
Operating Profit of $54.1m, up 54%
•
In FY22, all divisions increased Operating Profit by 49% or more

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 10
Group NPAT, EPS & Dividend
11.3
9.4
11.7
17.2
2019
2020
2021
2022
GXH Net Profit After Tax A
ttributable to Shareholders
(cps)
16.1
13.5
16.8
24.6
2019
2020
2021
2022
GXH Net Profit After Tax A
ttributable to Shareholders
($m)
•
EPS at 17.2 cps, an increase
of 47% on the prior year
•
Final FY22 dividend of 3.5cps declared – payment date of 23 June 2022 (interim dividend was 3cps)
7.0
3.5
0.0
6.5
2019
2020
2021
2022
Dividends Per Share
Based on dividends declared during the year

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 11
Strong Working Capital Management and Cash Flow
26.8%
29.5%
14.0%
12.1%
2019
2020
2021
2022
Gearing Ratio (debt / debt + equity)
•
Gearing ratio of 12% in FY22
•
Undrawn debt facilities
of $44m as at 31 March 2022
•
Net cash position of
$21.1m as at 31 March 2022
31.4
34.8
51.2
44.3
54.3
65.8
2019
2020
2021
2022
GXH Operating Cash Flow ($m)
IFRS 16 adjustment
Enabling investment ($24.9m) in:•
Five pharmacy acquisitions
•
Eight medical centre acquisitions
•
One medical greenfield development
•
PillDrop, and other digital capability
•
Ongoing site capex requirements
70.9

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 12
Divisional Plans

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 13
Divisional Snapshot
As at 31 March 2022

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 14
Pharmacy Performance
•
Revenue up
16% to $367.1m
•
Operating Profit
up 49% to $35.9m
•
The rise in
Pharmacy Revenue and Operating
Profit
was primarily due to further growth in
dispensary activity and revenue from COVID-19 vaccinations
•
Five new stores
acquired during the year, two
in Whakatane, two in Katikati and one in Onehunga
•
Total script numbers
up 2% (this year returned
to 3-monthly dispensing)
27.3
25.2
24.1
35.9
2019
2020
2021
2022
Pharmacy Operating Profit ($m)
340.2
336.4
316.8
367.1
2019
2020
2021
2022
Pharmacy Operating Revenue ($m)

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 15
Increased our Points of Difference
1.41.51.61.71.81.92.0
F19
F20
F21
F22
Living Rewards members (m)
Continued Growth in Living Rewards Members
1,886,078 Living
Rewards members
0%5%
10%15%20%25%
FY19
FY20
FY21
FY22
% of retail sales
Growth in Differentiated Brands

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 16
Brand & customer
Pharmacy Will Win By Focusing on the Customer
Retail disciplines
Omni-channel
experience
Network scale &
leadership
Cost focus
Differentiated brand and products, recognising
customer loyalty
Professional instore experience, margin management
Care & advice accessible to the customer in multiple
channels
Leveraging our trusted brands, advocating for equity
for all New Zealanders
Workforce productivity & occupancy cost control
Pharmacy Strategy

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 17
Medical Performance
Revenue
up 35% to $111.0m, driven by
COVID-19 testing, vaccinations, other COVID-19 care opportunities and acquisitions Operating Profit
at $16.0m, driven by
COVID-19 services, procurement benefits, cost management and acquisitions 329,000 enrolled patients
as at 31
March 2022, an increase of 44,000 (+15%) since 31 March 2021Ownership
in 53 medical centres
4.4
6.6
9.3
16.0
2019
2020
2021
2022
Medical Operating Profit ($m)
70.5
76.5
82.2
111.0
2019
2020
2021
2022
Medical Operating Revenue ($m)

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 18
Driven Operational Improvement and Acquisitions
*F19 is pre adoption of IFRS16
0%2%4%6%8%10%12%14%16%
0%
10%20%30%40%50%60%70%80%
F19*
F20
F21
F22
EBIT margin %
% of revenue
Increased Efficiency Through Operational Efficiencies and Systematic Triaging
Employee costs %
Other costs %
EBIT margin %
0
50
100150200250300350
F19
F20
F21
F22
Enrolled patients (000s)
Enrolled Patients
4
1
3
9
FY19
FY20
FY21
FY22
Medical Acquisitions*
* includes greenfield sites, 
excludes shareholding changes

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 19
Patient & brand
Medical Focused on Organic Growth and Acquisitions
Scale
Te c h n o l o g y
Operational
improvement
Cost and margin
focus
High quality patient care
Targeted centre acquisitions
Utilising data and systems, omni-channel offering
Continuous improvement focus, clinical development
Workforce productivity & margin management
Medical Strategy

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 20
Community Health Performance
Revenue
up 12% to $192.2m
Operating Profit
increased $1.9m to $5.6m
Improved performance
reflects strategy
of supporting clients with higher clinical needs and improving profitability of contractsCost efficiencies
have resulted from
investment in people, technology and systemsContinued advocacy
for additional funding
to support sector sustainability
156.5
155.6
171.4
192.2
2019
2020
2021
2022
Community Health Operating Revenue ($m)
0.1
1.2
3.7
5.6
2019
2020
2021
2022
Community Health Operating Profit ($m)

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 21
Improved Margin Levers Driving EBIT Growth

Revenue increased from $171m to $192m

Higher clinical needs now 20% of revenue

Investment in systems and data now providing necessary information for decision making, creating a platform for profitable growth

Process development and resourcing to support service delivery

Given tight margins, management of labour cost critical to profitability

Data and reporting disciplines now well-established

Employee cost reduced to 93% of revenue
0.1
1.2
3.7
5.6
95.4%
93.8%
92.9%
92.7%
91%92%93%94%95%96%
-
1.0 2.0 3.0 4.0 5.0 6.0
2019
2020
2021
2022
EBIT $m
Labour Efficiency Initiatives Delivering EBIT Growth
EBIT $
Employee costs %
0%1%2%3%4%
-
50
100 150 200 250
F19F20F21F22
Revenue $m
Driving Growth in Higher Clinical Needs Segment to Lift Margin
Higher clinical needs revenue
Other revenue
EBIT margin %
EBIT margin %
% of revenue

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 22
Client
Community Health Targeting Profitable Growth
Te c h n o l o g y
Sector
representation
Cost and margin
Higher clinical needs & excellent client experience
Digital and systems development
Advocating for sustainable funding and equity for all
clients
Workforce productivity & contract margin management
Community Health Strategy

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 23
Outlook

GXH experienced a very strong FY22, buoyed by COVID-19 related activity

Expectation for FY23 is a return to pre COVID-19 profitability levels, adjusted for acquisitions

Strong balance sheet allows for dividend pay-outs and an accelerated level of acquisition activity

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25 July 2022
Pg 24
Q&A

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Pg 25
Resolutions & Voting

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Pg 26
Resolutions
•
Resolution 1: Election of Craig Brockliss
•
Resolution 2: Re-election of John Bolland
•
Resolution 3: Re-election of Kim Ellis
•
Resolution 4: Remuneration of the Auditor

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 27
Resolution 1 – Election of Craig Brockliss
Craig Brockliss to be elected as
Director of the Company

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 28
Resolution 2 – Re-election of John Bolland
John Bolland to be re-elected as
Director of the Company

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 29
Resolution 3 – Re-election of Kim Ellis
Kim Ellis to be re-elected as
Director of the Company

GXH Annual Shareholders’ Meeting Presentation
25 July 2022
Pg 30
Resolution 4 – Remuneration of the Auditor
To authorise the Directors to fix the remuneration of the Audit
or
for the ensuing year

GXH Annual Shareholders’ Meeting Presentation
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Pg 31
Q&A

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Pg 32
Disclaimer
The information in this presentation was prepared by Green Cross
Health Limited (GXH) with due care and attention. However, the

information is supplied in summary form and is therefore not neces
sarily complete, and no represen
tation is made as to the accu
racy,
completeness or reliability of the information. In addition, ne
ither GXH nor any of its subsidiar
ies, directors, employees, sha
reholders nor
any other person shall have liability whatsoever to any person
for any loss (including, without limitation, arising from any fa
ult or
negligence) arising from this presentation or
any information supplied in connection with it.
This presentation may contain forward-looking statements and pr
ojections. These reflect GXH current expectations, based on what
it
thinks are reasonable assumptions. GXH give
s no warranty or representation as to its
future financial performance or any future
matter.
Except as required by law or NZX listing rules, GXH is not oblige
d to update this presentation after its release, even if thing
s change
materially. This presentation does not cons
titute financial advice. Further, this pres
entation is not and should not be constru
ed as an offer
to sell or a solicitation of an offer to buy GXH securities and
may not be relied upon in connection with any purchase of GXH se
curities.
This presentation contains a number of non-GAAP financial measur
es, including Operating Revenue and Operating Profit. As they a
re not
defined by GAAP or IFRS, GXH calculation of these measures may
differ from similarly titled measures presented by other compani
es and
they should not be considered in isolatio
n from, or construed as an alternative to,
other financial measures determined in acco
rdance
with GAAP. Although GXH believes they provide useful informatio
n in measuring the financial performance and condition of GXH bu
siness,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.The information contained in this presentation should be consid
ered in conjunction with the consolidated financial statements fo
r the
period ended 31 March 2022.