Ryman unaudited first half underlying profit of $138.8m

Results for announcement to the market
Name of issuer Ryman Healthcare Limited
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $274,239 10.6%
Total Revenue (see explanation
below)
$535,585 0.5%
Net profit/(loss) from continuing
operations
$193,986 -31.1%
Total net profit/(loss) $193,986 -31.1%
Interim/Final Dividend
Amount per Quoted Equity Security 8. 8 cents
Imputed amount per Quoted Equity
Security
Not imputed
Record Date 9 December 2022
Dividend Payment Date 16 December 2022
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (cents per share)
713.5 596.0
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Total revenue
The figure detailed as total revenue is total income per the
financial statements of the group. Total income includes total
revenue of the group plus the fair-value movements of
investment property.

Underlying profit
Amount (000s): $138,806 Percentage change: 44.8%

Underlying profit is a non-GAAP (Generally Accepted
Accounting Principles) measure and differs from NZ IFRS

profit for the year. Underlying profit does not have a
standardised meaning prescribed by GAAP and so may not be
comparable to similar financial information presented by other
entities. The Group uses underlying profit, with other
measures, to measure performance. Underlying profit is a
measure that the Group uses consistently across reporting
periods.
Underlying profit includes realised movement on investment
property for units in which a right-to-occupy has been sold
during the period and for which a legally binding contract is in
place at the reporting date. The occupancy advance for these
units may have been received or be included within the trade
receivables balance at reporting date.
Underlying profit excludes deferred taxation, taxation
expense, unrealised movement on investment properties, and
impairment losses on non-trading assets because these items
do not reflect the trading performance of the Company.
Underlying profit determines the dividend pay-out to
shareholders.
Authority for this announcement
Name of person authorised to make
this announcement
Deborah Marris
Contact person for this
announcement
Deborah Marris
Contact phone number +64 3 366 4069
Contact email address Deborah.Marris@rymanhealthcare.com
Date of release through MAP 18 November 2022

Unaudited financial statements accompany this announcement.

1


RYMAN HEALTHCARE LIMITED
Consolidated income statement
For the six months ended 30 September 2022


Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
Notes unaudited unaudited audited
$000 $000 $000



Care fees

210,187 194,603 398,206
Mana
gement fees

59,746 50,959 105,552
Interest received

364 42 41
Other income

3,942 2,260 4,998
Total revenue

274,239 247,864 508,797

Fai
r-value movement of
investment
properties 3 261,346 285,143 745,885
Total income

535,585 533,007 1,254,682

O
perating expenses

(265,148) (225,380) (466,238)
Depreciation and
amortisation ex
penses

(22,996) (17,854) (35,698)
Finance costs

(19,355) (15,250) (30,664)
Im
pairment loss
2
(10,784) - -
Total ex
penses

(318,283) (258,484) (532,600)

Profit before income tax 217,302 274,523 722,082
Income tax
(expense) / credit (23,316) 6,944 (29,209)
Profit for the period

193,986 281,467 692,873

Earnings per share


Basic and diluted (cents per share) 38.8 56.3 138.6





















All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these consolidated interim financial statements.

2


RYMAN HEALTHCARE LIMITED
Consolidated statement of comprehensive income
For the six months ended 30 September 2022



Six months ended Six months ended Year ended
30 Sept 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000

Profit for the period 193,986 281,467 692,873

Items that may be later reclassified to profit or loss
Fai
r-value movement and reclassification
of cash-flow hedge reserve 59,818 9,711 38,410
Deferred tax movement recognised in
cash-flow hed
ge reserve (16,849) (2,719) (10,857)
Movement in cost of hed
ging reserve (234) (1,222) 1,319
Deferred tax movement in cost of
hed
ging reserve 66 342 (369)
(Loss) / Gain on hedge of foreign-owned
subsidiar
y net assets (4,213) 2,888 690
Gain / (Loss) on translation of foreign
operations 25,530 (12,754) (1,977)

64,118
(3,754) 27,216

Other com
prehensive income 64,118 (3,754) 27,216
Total comprehensive income 258,104 277,713 720,089



























All profit and total comprehensive income is attributable to parent company shareholders and is derived from
continuing operations.

The accompanying notes form part of these consolidated interim financial statements.

3


RYMAN HEALTHCARE LIMITED
Consolidated statement of changes in equity
For the six months ended 30 September 2022



Issued
capital
Asset
revaluation
reserve
Cash-
flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnin
gs
Total
equity

$000 $000 $000 $000 $000 $000 $000 $000
Six months ended
30 Sept 2021
unaudited




Opening balance 33,290 453,568 (12,062) 2,702 1,787 (35,389) 2,385,320 2,829,216
Profit for the period - - - - - - 281,467 281,467
Other comprehensive
income for the period - - 6,992 (880) (9,866) - - (3,754)
Total comprehensive
income for the period - - 6,992 (880) (9,866) - 281,467 277,713
Treasury stock
movement - - - - - (5,185) - (5,185)
Dividends paid to
shareholders - - - - - - (68,000) (68,000)
Balance at
30 Sept 2021 33,290 453,568 (5,070) 1,822 (8,079) (40,574) 2,598,787 3,033,744



Year ended
31 March 2022
audited




Opening balance 33,290 453,568 (12,062) 2,702 1,787 (35,389) 2,385,320 2,829,216
Profit for the period - - - - - - 692,873 692,873
Other comprehensive
income for the period - - 27,553 950 (1,287) - - 27,216
Total comprehensive
income for the period - - 27,553 950 (1,287) - 692,873 720,089
Treasury stock
movement - - - - - (2,785) - (2,785)
Dividends paid to
shareholders - - - - - - (112,000) (112,000)
Balance at
31 March 2022 33,290 453,568 15,491 3,652 500 (38,174) 2,966,193 3,434,520



Six months ended
30 Sept 2022
unaudited




Opening balance 33,290 453,568 15,491 3,652 500 (38,174) 2,966,193 3,434,520
Profit for the period - - - - - - 193,986 193,986
Other comprehensive
income for the period - -
42,969 (168) 21,317
- - 64,118
Total comprehensive
income for the period - -
42,969 (168) 21,317
- 193,986 258,104
Treasury stock
movement - - - - - 3,445 - 3,445
Dividends paid to
shareholders - - - - - - (68,000) (68,000)
Balance at
30 Sept 2022 33,290 453,568
58,460 3,484 21,817
(34,729) 3,092,179 3,628,069







The accompanying notes form part of these consolidated interim financial statements.

4


RYMAN HEALTHCARE LIMITED
Consolidated balance sheet
At 30 September 2022








The accompanying notes form part of these consolidated interim financial statements.

30 Sept 2022 30 Sept 2021 31 March 2022
Notes unaudited unaudited audited
$000 $000 $000

Assets
Cash and cash e
quivalents 25,874 15,239 28,309
Trade and other receivables 791,864 509,418 671,463
Inventory 23,123 24,572 26,312
Advances to em
ployees 15,152 16,251 15,415
Derivative financial instruments
7
105,371 7,857 19,574
Property, plant and equipment 2 2,229,664 1,846,792 2,091,001
Investment
properties
3
8,737,012 7,338,904 8,027,267
Intan
gible assets

60,363 53,885 51,684
Deferred tax asset

44,916 36,301 35,057
Total assets

12,033,339 9,849,219 10,966,082



Equity


Issued ca
pital
4
33,290 33,290
33,290
Reserves

502,600 401,667
435,037
Retained earnin
gs

3,092,179 2,598,787 2,966,193
Total e
quity

3,628,069 3,033,744 3,434,520



Liabilities


Trade and other payables 5
248,473 181,000 264,254
Employee entitlements
43,591 36,735 39,812
Revenue in advance
88,689 76,172 81,251
Refundable accommodation deposits
251,998 146,883 199,783
Derivative financial instruments 7
8,524 8,677 27,291
Interest-bearing loans and borrowings 6
3,025,951 2,450,015 2,576,737
Occupancy advances
(non-interest bearing) 8 4,631,550 3,902,149 4,286,459
Lease liabilities
16,662 13,844 13,494
Deferred tax liability
89,832 - 42,481
Total liabilities 8,405,270 6,815,475 7,531,562

Total equity and liabilities 12,033,339 9,849,219 10,966,082

Net tangible assets
Basic and diluted
(cents per share) 713.5 596.0 676.6

5


RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
For the six months ended 30 September 2022


Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000

Operating activities
Recei
pts from residents 714,728 680,471 1,396,155
Interest received 380 225 266
Payments to suppliers and
em
ployees (252,421) (203,059) (435,170)
Payments to residents (201,629) (161,941) (346,030)
Interest
paid (17,377) (14,608) (29,243)
Net o
perating cash flows 243,681 301,088 585,978

Investing activities
Purchase of property, plant and
e
quipment (191,913) (123,055) (284,288)
Purchase of intan
gible assets (12,287) - (14,346)
Purchase of investment
properties (295,024) (260,930) (434,395)
Ca
pitalised interest paid (41,581) (22,416) (50,006)
Advances to employees 263 (5,111) (4,275)
Net investing cash flows (540,542) (411,512) (787,310)

Financin
g activities
Drawdown / (repayment) of bank
loans (net) 70,443 (81,802) 57,674
Proceeds from institutional term
loan - 261,808 269,243
Proceeds from US Private
Placements notes 290,149 - -
Dividends
paid (68,000) (68,000) (112,000)
Sale / (purchase) of treasury stock
(net) 3,445 (5,185) (2,785)
Repayment of lease liabilities (1,611) (1,329) (2,662)
Net financing cash flows 294,426 105,492 209,470

Net (decrease) / increase in
cash and cash e
quivalents (2,435) (4,932) 8,138
Cash and cash equivalents at the
be
ginning of the period 28,309 20,171 20,171
Cash and cash equivalents at
the end of the
period 25,874 15,239 28,309









The accompanying notes form part of these consolidated interim financial statements.

6


RYMAN HEALTHCARE LIMITED
Consolidated statement of cash flows
For the six months ended 30 September 2022


Reconciliation of net profit after tax with net operating cash flows

Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000

Net profit after tax 193,986 281,467 692,873

Ad
justed for:
Movements in balance sheet items
Occu
pancy advances 376,455 234,123 659,608
Accrued mana
gement fees (40,979) (34,573) (73,827)
Refundable accommodation deposits 45,040 29,938 86,474
Revenue in advance 7,438 4,355 9,435
Trade and other
payables 1,512 3,561 9,172
Trade and other receivables
(120,725) 36,099 (129,017)
Inventory 3,579 2,012 390
Em
ployee entitlements 3,779 4,701 7,778

Non-cash items:
De
preciation and amortisation 21,385 16,525 33,026
De
preciation of right-of-use assets 1,611 1,329 2,672
Im
pairment loss 10,784 - -
Deferred tax 23,316 (6,944) 29,209
Unrealised forei
gn-exchange (gain) / loss (22,154) 13,638 4,070

Ad
justed for:
Fai
r-value movement of investment
properties (261,346) (285,143) (745,885)

Net o
perating cash flows 243,681 301,088 585,978

Net operating cash flows includes the following:

 Net occupancy advance receipts from retirement-village residents of $456.4 million (six months ended 30
September 2021: $452.4 million and year ended 31 March 2022: $908.1 million).

 Net receipts from refundable accommodation deposits of $45.0 million (six months ended 30 September
2021: net receipts of $33.9 million and year ended 31 March 2022: net receipts of $87.4 million).

 Management fees collected of $29.0 million (six months ended 30 September 2021: $23.1 million and year
ended 31 March 2022: $50.2 million).











The accompanying notes form part of these consolidated interim financial statements.

7


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


1. General information

The consolidated interim financial statements presented are those of Ryman Healthcare Limited (the Company),
and its subsidiaries (the Group). Ryman Healthcare Limited is a profit-oriented entity incorporated in New
Zealand. The Group develops, owns, and operates integrated retirement villages, resthomes, and hospitals for
the elderly within New Zealand and Australia.

Statement of compliance

Ryman Healthcare Limited is a Financial Markets Conduct reporting entity under the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013. Its consolidated interim financial statements comply with
these Acts.

The unaudited condensed consolidated interim financial statements have been prepared in line with Generally
Accepted Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand
equivalents to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International
Accounting Standard 34 (IAS 34) Interim Financial Reporting.

Basis of preparation

The consolidated interim financial statements for the six months ended 30 September 2022 and the comparative
six months ended 30 September 2021 are unaudited.

Except as otherwise stated below, these consolidated interim financial statements have been prepared under the
same accounting policies and methods as the Group’s Annual Report at 31 March 2022. These consolidated interim
financial statements should be read in conjunction with the financial statements and related notes included in the
Group’s Annual Report for the year ended 31 March 2022.

These consolidated interim financial statements were approved by the Board of Directors on 17 November 2022.

The information is presented in thousands of New Zealand dollars (NZD).

All reference to AUD refers to Australian dollars.

All reference to USD refers to US dollars.

Adoption of new and revised standards and interpretations

In the current period, the Group adopted all mandatory new and amended standards and interpretations.

Implementation of International Financial Reporting Interpretations Committee’s (IFRIC’s) April 2021
agenda decision in relation to software-as-a-service (SaaS) arrangements

The Group revised its accounting policy in relation to upfront configuration and customisation costs incurred in
implementing SaaS arrangements in response to the IFRIC agenda decision clarifying its interpretation of how
current accounting standards apply to these arrangements. Costs incurred to configure or customise, and the
ongoing fees to obtain access to the SaaS provider's application software, are recognised as operating expenses
when the services are received. However, where costs incurred are for the development of software code that
enhances or modifies, or creates additional capability to, existing software assets and meets the definition of and
recognition criteria for an intangible asset, those costs are recognised as intangible software assets and amortised
over the useful life of the software on a straight-line basis.

The impact of this change is not material and the Group has applied the revised accounting policy from 1 April
2022.

8


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


1. General information (continued)

Standards and Interpretations on issue but not yet adopted

We are not aware of any New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) or
Interpretations that have recently been issued or amended that have not yet been adopted by the Group that
would materially impact the Group for the current period ending 30 September 2022.


2. Asset held for sale

Following a review of the Group’s land portfolio, the land at Mt Martha in Victoria is being actively marketed for
sale. An impairment loss of $10.8 million writing down the carrying value of this land to its fair value less costs to
sell has been included in the income statement. Due to the commercial sensitivity associated with this valuation
while negotiations continue, this has not been separately disclosed as held for sale on the balance sheet. A sale is
expected to take place within 12 months.


3. Investment properties

Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000
At fair value
Balance at beginning of financial period 8,027,267 6,837,278 6,837,278

Additions 386,645 183,162 452,068

Fai
r-value movement:
Realised fai
r-value movement:

 New retirement-villa
ge units 45,389 28,493
110,681
 Existin
g retirement-village units 126,677 77,989
168,071
172,066 106,482 278,752
Unrealised fair-value movement 89,280 178,661 467,133
261,346 285,143 745,885

Net foreign-currency exchange
differences 61,754 33,321 (7,964)

Net movement for
period 709,745 501,626 1,189,989

Balance at end of financial
period 8,737,012 7,338,904 8,027,267


The realised fair-value movement arises from the sale and resale of rights to occupy to residents. Investment
properties are not depreciated and are fair valued.

As the fair value of investment property is determined using inputs that are unobservable, the Group has
categorised investment property as Level 3 under the fair-value hierarchy in line with NZ IFRS 13 – Fair Value
Measurement. NZ IFRS 13 requires that the inputs are consistent with the characteristics of the asset that a market
participant would take into account in a transaction for the asset.

9


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


3. Investment properties (continued)

Valuation reports are produced by independent registered valuers, CBRE Limited, CBRE Valuations Pty Limited
and Jones Lang LaSalle Limited, at the reporting date. These reports combine discounted future cash flows and
occupancy advances received from residents for retirement-village units for which the Directors have determined
that the fair value is able to be reliably measured. From time-to-time, the Directors may obtain additional
independent valuations for consideration in their determination of investment property carrying value.

The carrying value of completed investment property and investment property under development where fair
value is able to be reliably measured as determined by the Directors is based on the independent valuers’ reports
and also includes occupancy advances received from residents, adjusted for accrued deferred management fees
and revenue in advance.

A key judgement in determining the fair value of investment property is which units to include in the valuation.

Determining whether fair value can be reliably measured

The table below details the considerations made in assessing whether the fair value of a unit can be reliably
measured at reporting date and whether the unit should therefore be included in the valuation.


Considerations made in determining if fair value can be reliably measured
Units that are or can be occupied at
re
porting date
Units that are under development at
reporting date
Agreement to
occupy in place
The Directors have deemed that fair value
can only be reliably measured if there is an
agreement to occupy in place.

The unit will not be subjected to valuation
unless there is an agreement to occupy in
place for the unit.

Units without an agreement to occupy are
carried at cost.

The Directors have deemed that fair value can
only be reliably measured if there is an
agreement to occupy in place.

The unit will not be subjected to valuation
unless there is an agreement to occupy in place
for the unit.

Units without an agreement to occupy are
carried at cost.
Development
progress
The stage and site costs incurred to date are
considered with reference to the forecast total
costs of the stage and site under development
to determine the progress of the development.

The proportion of units from the site included
in the valuation is compared to the costs
incurred to date as a proportion of total costs.

The number of units included in the valuation
should not exceed the proportion of costs
incurred to date.

Units that are under development that cannot
be reliably measured are carried at cost.

Resident move-
in date
The date when the resident will be able to take
possession of their unit is considered relative
to the development timetable.

10


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


3. Investment properties (continued)

Units that are under development at reporting date and, after the considerations detailed above, the Directors
determine that fair value cannot be reliably measured are carried at cost.

Management and the Directors undertake regular physical inspections of villages under development to verify
progress, particularly around reporting period end, to help inform their judgements.

At 30 September 2022 8,426 units were included in the valuation (30 September 2021: 7,821 units and 31 March
2022: 8,190 units).

Six months ended Six months ended Year ended
30 Sept 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
No. of units No. of units No. of units
Units included in the valuation
Able to be occupied at reporting date
and fair value is judged as being able to
be reliably measured 8,222 7,752 7,968

Under development at reporting date
and fair value is judged as being able to
be reliably measured 204 69 222

Total units included in the
valuation 8,426 7,821 8,190

Independent valuers key assumptions

The valuers used significant assumptions that include growth rate (ranging from 0.00 percent to 4.33 percent
nominal) (30 September 2021: 0.50 percent to 4.00 percent and 31 March 2022: 0.50 percent to 4.24 percent) and
discount rate (ranging from 11.75 percent to 16.00 percent) (30 September 2021: 12.00 percent to 16.50 percent
and 31 March 2022: 12.00 percent to 16.00 percent).

Sensitivity

A 0.5 percent decrease in the 5-year plus growth rate would result in a $194 million lower fair-value measurement.
Conversely, a 0.5 percent increase in the 5-year plus growth rate would result in a $209 million higher fair-value
measurement.

A 0.5 percent decrease in the discount rate would result in a $94 million higher fair-value measurement.
Conversely, a 0.5 percent increase in the discount rate would result in a $88 million lower fair-value measurement.

Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy period. A significant increase in the average age of entry of residents or a
decrease in the occupancy period would result in a significantly higher fair-value measurement. Conversely, a
significant decrease in the average age of entry of residents or increase in the occupancy period would result in a
significantly lower fair-value measurement.

Work in progress

Investment property includes investment property work in progress of $702.4 million (six months ended
30 September 2021: $633.4 million and year ended 31 March 2022: $494.7 million), which has been valued at cost.
The Directors have determined that for work in progress cost represents fair value. No independent valuation of
investment property work in progress is obtained.

11


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


3. Investment properties (continued)

Operating expenses

Direct operating expenses arising from investment property that generated income from management fees during
the period amounted to $6.8 million (30 September 2021: $6.2 million and year ended 31 March 2022: $13.1
million). All investment property generated income from management fees during the period for the Group, except
for investment property work in progress.

Security

Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the occupancy agreement, the resident receives a unit title
for life and a first mortgage over the residual interest for security purposes, or a first mortgage is held over the
individual title by the statutory supervisor.

Acquisition of Essendon Terrace

During the period, the Group has settled the acquisition of the Essendon Terrace Retirement Village in Victoria.
The Essendon Terrace site neighbours another site owned by the Group, where it plans to build a new retirement
village. The transaction has been accounted for as an asset acquisition. The consideration paid has been allocated
to the investment properties acquired and liabilities assumed based on their relative fair values at the acquisition
date.


4. Share capital

Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September 2021: 500,000,000 and
31 March 2022: 500,000,000). All shares rank equally in all respects.

Basic and diluted earnings and net tangible assets per share have been calculated on the basis of 500,000,000
ordinary shares (30 September 2021: 500,000,000 and 31 March 2022: 500,000,000).

Shares purchased on market under the leadership share scheme are treated as treasury stock until they are vested
to the employees.


5. Trade and other payables

Trade payables are typically paid within 30 days of invoice date or the 20th of the month following the invoice date.

Other payables at 30 September 2022 includes $127.8 million for the purchase of land (30 September 2021: $112.4
million and 31 March 2022: $174.4 million).

12


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


6. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings include secured bank loans, institutional term loan (ITL), unsubordinated
fixed-rate retail bonds and United States Private Placement (USPP) notes.

Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000

Bank loans 1,878,880 1,625,014 1,780,619
Institutional term loan
(ITL) 284,706 261,808 269,658
Retail bonds
– RYM010 150,000 150,000 150,000
USPP notes
– using contracted fixed
USD FX rate

708,644

415,255

416,557
3,022,230 2,452,077 2,616,834
FX movement of USD USPP notes 162,062 16,770 14,615
Total loans and borrowings at face
value 3,184,292 2,468,847 2,631,449
Issue costs for the ITL capitalised (849) (922) (876)
Issue costs for the retail bond ca
pitalised (2,380) (2,873) (2,605)
Issue costs for the USPP ca
pitalised (3,298) (1,956) (2,170)
Total loans and borrowing at
amortised cost 3,177,765 2,463,096 2,625,798

Revaluation of ITL debt in fair-value
hedge relationship

(8,966) -

(5,690)
Revaluation of USPP debt in fai
r-value
hed
ge relationship (142,848) (13,081) (43,371)
Total loans and borrowings 3,025,951 2,450,015 2,576,737

USPP notes

In April 2022, the Group completed its second USPP notes issuance, securing US$200 million of long-term debt.
These USPP notes have maturity dates of between 10 and 15 years and coupon interest rates between 5.24
percent and 5.54 percent. The proceeds from the issuance were used to repay bank loans.

In conjunction with the issuance, the Group entered into cross-currency interest rate swaps to hedge the foreign
currency risk and interest rate risk in relation to the USPP notes. Refer note 7 for further details.

Security

The bank loans, ITL, retail bonds and USPP notes are secured by a general security agreement over the parent
and subsidiary companies and supported by first mortgages over the freehold land and buildings (excluding
retirement-village unit titles provided as security to residents – note 3).

The subsidiary companies have all provided guarantees for the Group’s secured loans as parties to the general
security agreement.

13


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


6. Interest-bearing loans and borrowings (continued)

Fair value

Below is a comparison of the carrying amounts and fair values of the interest-bearing loans and borrowings. The
carrying amount of bank loans are the same as their fair value in all material aspects due to their interest rate
profiles.

Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended 31
March 2022
audited
Carrying
amount
$000
Fair
value
$000
Carrying
amount
$000
Fai
r
value
$000
Carrying
amount
$000
Fai
r
value
$000
Institutional term loan
(ITL) 274,891 275,052 260,886 284,349 263,092 272,035
Retail bonds 147,620 131,565 147,127 150,135 147,395 137,775
USPP notes 724,560 817,841 416,988 496,050 385,631 442,017

The fair value of the fixed-rate portion of the institutional term loan has been determined at reporting date on a
discounted cash flow basis and applying discount factors to the future AUD interest payment and principal payment
cash flows. The fair value of the floating rate portion is assumed to be the same as its carrying amount. The fair
value of the institutional term loan is categorised as Level 2 under the fair value hierarchy in accordance with NZ
IFRS 13 – Fair Value Measurement.

The fair value of the retail bonds is based on the price traded at on the NZX at the reporting date. The fair value
of the retail bonds is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13.

The fair value of the USPP notes has been determined at reporting date on a discounted cash flow basis and
applying discount factors to the future USD interest payment and principal payment cash flows. The fair value of
the USPP notes is categorised as Level 2 under the fair-value hierarchy in accordance with NZ IFRS 13.


7. Financial instruments

Derivative financial instruments

The Group’s derivative financial instruments consist of interest rate swaps, caps, floors, collars and cross-currency
interest rate swaps (CCIRS).

These derivatives are initially recognised at fair value on the date the derivative contract is entered into and
remeasured to their fair value at each reporting date. The fair value of these derivatives is categorised as Level 2
under the fair value hierarchy contained within NZ IFRS 13 – Fair Value Measurement. The fair value of these
derivative instruments is derived using inputs supplied by third parties that are observable, either directly (prices)
or indirectly (derived from prices).

Cross-currency interest rate swaps (CCIRS) as fair value and cash flow hedges

In April 2022, the Group entered into additional cross-currency interest rate swaps (CCIRS) to hedge the foreign
currency risk and interest rate risk in relation to the additional USPP notes issued. The CCIRS transform a series
of known fixed interest rate USD cash flows to floating rate NZD cash flows.

For hedge accounting purposes, the CCIRS are aggregated and designated as both fair-value hedges and cash-flow
hedges. The hedge ratio is 1:1. The face value of the CCIRS is the same value as the face value of the USPP notes.
The maturity of the USPP notes and associated CCIRS is matched. As the critical terms of the CCIRS contracts
and the hedged USPP notes are the same, significant hedge ineffectiveness is not expected.

14


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


8. Occupancy advances (non-interest bearing)

Six months ended Six months ended Year ended
30 Se
pt 2022 30 Sept 2021 31 March 2022
unaudited unaudited audited
$000 $000 $000
Gross occu
pancy advances (see below) 5,254,185 4,439,228 4,864,713
Less management fees and resident loans (622,635) (537,079) (578,254)
Closing balance 4,631,550 3,902,149 4,286,459

Movement in gross occupancy advances
O
pening balance 4,864,713 4,205,105 4,205,105
Plus net increases in occu
pancy advances:
 New retirement-villa
ge units
187,951 137,651 455,855
 Existin
g retirement-village units. 126,677 77,989 168,072



Net foreign-currency exchange differences 41,128 (19,415) (4,640)

Increase in occu
pancy advance balances 33,716 37,898 40,321
Closin
g balance 5,254,185 4,439,228 4,864,713

Gross occupancy advances are non-interest bearing and are not discounted.

The change in occupancy advance balances shows the net movement in occupancy advances that has resulted from:
 units that have been resold but the previous resident has yet to be repaid; and
 units that have been repaid but the unit remains unsold at balance date.
YMAN HEALTHCARE LIMITED

9. Segment information

The Group operates in one industry, being the provision of integrated retirement villages for older people in New
Zealand and Australia. The service provision process for each of the villages is similar, and the class of customer
and methods of distribution and regulatory environment is consistent across all the villages.

In presenting information based on geographical areas, net profit, underlying profit, and revenue are based on the
geographical location of operations. Assets are based on the geographical location of the assets.

15


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


9. Segment information (continued)


New Zealand Australia Group
$000 $000 $000
Six months ended 30 Sept 2022 unaudited

Revenue 240,984 33,345 274,239

Underlying profit (non-GAAP) 111,683 27,123 138,806
Deferred tax
(expense) / credit (32,609) 9,293 (23,316)
Unrealised fai
r-value movement 49,594 39,686 89,280
Impairment loss - (10,784) (10,784)
Profit for the period 128,668 65,318 193,986

Non-current assets 8,887,153 2,290,173 11,177,326

Six months ended 30 Sept 2021 unaudited

Revenue 226,841 21,023 247,864

Underlying profit (non-GAAP) 92,831 3,031 95,862
Deferred tax credit /
(expense) (11,903) 18,847 6,944
Unrealised fai
r-value movement 178,533 128 178,661
Profit for the
period 259,461 22,006 281,467

Non-current assets 7,744,652 1,539,087 9,283,739

Year ended 31 March 2022 audited (restated
1
)

Revenue 462,772 46,025 508,797

Underlying profit (non-GAAP) 203,763 51,186 254,949
Deferred tax (expense) / credit (50,923) 21,714 (29,209)
Unrealised fai
r-value movement 436,804 30,329 467,133
Profit for the
year 589,644 103,229 692,873

Non-current assets 8,322,236 1,902,347 10,224,583

Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS
profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and so may not
be comparable to similar financial information presented by other entities.

The Group uses underlying profit, with other measures, to measure performance. Underlying profit determines
the dividend pay-out to shareholders. Underlying profit is a measure that the Group uses consistently across
reporting periods.

Underlying profit includes realised movement on investment property for units in which a right-to-occupy has
been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables balance at
reporting date.

Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties,
and impairment losses on non-trading assets because these items do not reflect the trading performance of the
Company.


1
The segment revenue figures for 31 March 2022 have been restated due to a misclassification between the Australian and NZ segments.
The reclassification was $27.4m. The Group revenue figure for that comparative period has remained unchanged.

16


RYMAN HEALTHCARE LIMITED
Notes to the consolidated interim financial statements
For the six months ended 30 September 2022


10. Commitments

The Group had commitments relating to construction contracts amounting to $314.7 million at 30 September
2022 (30 September 2021: $247.9 million and 31 March 2022: $361.5 million).

The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement villages,
resthomes, and hospitals.


11. Subsequent events

Dividends

On 18 November 2022, an interim dividend of 8.8 cents per share was declared and will be paid on
16 December 2022 (prior year: 8.8 cents per share). The record date for entitlements is 9 December 2022.

Dividend Reinvestment Plan

On 16 November 2022, the Board approved the implementation of a dividend reinvestment plan, to take effect
from the dividend payable on 16 December 2022.

---

MEDIA RELEASE November 18, 2022

Ryman reports unaudited first half underlying profit of $138.8 million, up 44.8%;
announces introduction of dividend reinvestment plan


Ryman Group results for six months to 30 September 2022

• Unaudited underlying profit of $138.8 million, up 44.8% on the same period last year,
driven by strong resale margins
• Unaudited reported (IFRS) profit decreased 31.1% to $194.0 million due to lower
unrealised revaluation gains of investment property
• Interim dividend of 8.8 cents per share (unchanged from last year), representing
31.7% of underlying profit, and eligible for the dividend reinvestment plan
• Total assets of $12.03 billion, up 9.7% from $10.97 billion as at 31 March 2022
• Cash receipts from residents of $714.7 million, up 5.0% on the first half last year
• Booked sales of occupation rights up 9.8% driven by strong growth in Australia
• Resales stock remains low at 1.7% despite softening housing market conditions
• Resilient aged care occupancy of 94% for our mature villages, notwithstanding the
re-emergence of COVID through the winter months

Ryman Healthcare has reported an unaudited first half underlying profit of $138.8 million, up
44.8% on the same period last year, driven by strong resales margins as well as continued
strong growth in its Australian business.

Unaudited (IFRS) profit decreased 31.1% to $194.0 million, reflecting lower unrealised fair
value gains on investment property.

Shareholders will receive an interim dividend of 8.8 cents per share, unchanged from last
year, representing 31.7% of underlying profit. The record date for entitlements is December
9, and the dividend will be paid on December 16, 2022.

As part of today’s announcement, Group CEO Richard Umbers advised that the Board of
Directors has approved the establishment of a dividend reinvestment plan, which will apply
to the interim dividend.

“This reflects feedback from our shareholders and provides us with more flexibility to
manage our balance sheet as part of our ongoing capital management,” said Mr Umbers.

“We are currently in a rapidly changing and uncertain macro-economic environment in both
our markets, and the Board and management are mindful of the impact this is having on our
business. We are therefore closely monitoring our cashflows and capital management.”

Participation in the dividend reinvestment plan is optional and investors can choose to
reinvest their dividends into Ryman shares or continue receiving a cash dividend. An offer
document and details on how to participate will be provided to shareholders in the coming
days.

In reflecting on the result, Mr Umbers said that it demonstrated Ryman was now an
established trans-Tasman business, with a compelling proposition in both New Zealand and
Australia.

He highlighted the increase in booked sales of occupation rights, which were up 9.8% on the
first half of last year.

Ryman’s development programme continues to progress, with work under way on 10 sites
in New Zealand and another five in Australia.

First half development highlights included commencing construction in Cambridge, New
Zealand, and in Australia receiving planning approval for the Mulgrave site and completing
the Charles Brownlow and Raelene Boyle villages.

Mr Umbers reflected on the recent investor day and village tour, held in Auckland last
month.

“At our recent investor day, I was pleased to present a number of initiatives already under
way that are improving the performance of our business, and while this is a good result for
the half, we want to do better. I am confident that we have the strategy, the team, and the
ability to deliver and we look forward to expanding this programme of work.”

Chairman Greg Campbell commented, “in a year characterised by increasing uncertainty this
is a pleasing result which gives us confidence as we face into some continuing and new
market headwinds, including a cost inflationary environment, a challenging property market
and an underfunded aged care sector.”

Mr Campbell also advised that after ten years on Ryman’s Board, George Savvides would be
retiring at the next annual meeting of shareholders in July 2023.

“I want to take this opportunity to thank George for his contribution to Ryman since he
joined the board in 2013. As our first Australian-based director his input has been invaluable
in supporting our growth in the Australian market," he said.



Fifteen new villages currently under construction
New Zealand (10) Australia (5)
Lynfield, Auckland (Murray Halberg) Brandon Park, Melbourne (Nellie Melba)
Devonport, Auckland (William Sanders) Burwood East, Melbourne (John Flynn)
River Rd, Hamilton (Linda Jones) Ocean Grove, Victoria (Deborah Cheetham)
Lincoln Rd, Auckland (Miriam Corban) Highett, Melbourne (Bert Newton)
Havelock North, Hawkes Bay (James Wattie) Ringwood East, Melbourne
Hobsonville, Auckland (Keith Park)
Riccarton Park, Christchurch (Kevin Hickman)
Northwood, Christchurch
Takapuna, Auckland
Cambridge, Waikato

Twelve sites in the land bank
New Zealand (7) Australia (5)
Kohimarama, Auckland Mt Eliza, Victoria
Park Terrace, Christchurch Essendon, Melbourne
Karori, Wellington Coburg North, Melbourne
Newtown, Wellington Kealba, Melbourne
Karaka, Auckland Mulgrave, Melbourne
Rolleston, Canterbury
Taupō, Waikato

About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 45
retirement villages in New Zealand and Australia. Ryman villages are home to 13,900
residents, and the company employs 6,800 staff.

Contacts:
For investor relations information contact Hayden Strickett, Head of Investor Relations, on
027 303 1132 (+64 27 303 1132) or email hayden.strickett@rymanhealthcare.com

For media information or images contact John Redwood (GRC Partners), on 021 2509 657
(+64 21 2509 657) or email mediacontact@rymanhealthcare.com

RYMAN HEALTHCARE LIMITED
KEY STATISTICS



Sept 22 Sept 21 Mar 22
Half Year Half Year Full Year
Unaudited Unaudited Audited

Underlying profit (non-GAAP)
1
$m 138.8 95.9 255.0
Unrealised fair-value movement on
retirement-village units $m 89.3 178.7 467.1
Deferred tax movement $m (23.3) 6.9 (29.2)
Impairment loss $m (10.8) - -
Reported net profit after tax $m 194.0 281.5 692.9

Net operating cash flows $m 243.7 301.1 586.0

Earnings per share - basic and diluted cents 38.8 56.3 138.6
Dividend per share cents 8.8 8.8 22.4
Net tangible assets - basic and diluted cents 713.5 596.0 676.6

Sales of Occupation Right Agreements
New sales of occupation rights no. 216 189 560
Resales of occupation rights no. 556 514 983
Total sales of occupation rights no. 772 703 1,543

New sales of occupation rights $m 188.0 137.7 455.9
Resales of occupation rights $m 394.7 311.1 623.9
Total sales of occupation rights $m 582.6 448.8 1,079.8

Portfolio:
Aged-care beds no. 4,299 4,165 4,239
Retirement-village units no. 8,667 8,195 8,538
Total units and beds no. 12,966 12,360 12,777

Land bank (to be developed)
2

Aged-care beds no. 1,623 1,575 1,635
Retirement-village units no. 5,087 4,555 4,671
Total units and beds no. 6,710 6,130 6,306

_________________________________
1. Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other entities.

The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses
consistently across reporting periods.

Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the period
and for which a legally binding contract is in place at the reporting date. The occupancy advance for these units may have been received or
be included within the trade receivables balance at reporting date.

Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, and impairment losses on
non-trading assets because these items do not reflect the trading performance of the Company. Underlying profit determines the dividend
payout to shareholders.

2.

The land bank is subject to resource and building consent and various regulatory approvals.

*Generally Accepted Accounting Principles

---

1
30 September 2022
Half year result
RYMAN HEALTHCARE

2
First half
financials
Underlying profit
1
$138.8m
44.8%
1: Underlying profit is a non-GAAP measure and differs from NZ IFRS profit forthe period.
Refer to slide 23 for a breakdown of underlying profit.
* Change relative to March 2022
8.8c
Interim dividend
per share
unchanged
from the
prior year
Totalassets
$12.03bn
9.7%*
$714.7m
Cash receipts
from residents
5.0%
Net assets
$3.63bn
5.6%*
$194.0m
Reported (IFRS) profit
-31.1%

Booked sales of
occupation rights
24.1%
Gross new sales
margin
Total revenue
$274.2m772
10.6%
3.5%*
Available RV
unit resale stock
* Percentage points
1.7%
0.3%
2
*
9.8%
32.1%
Gross resales
margin
7.0%*
Aged care
occupancy for
mature villages
94%
-3%*
Half year
metrics
vs last year
vs last year
vs last year
vs last year
vs March 2022
vs last year
3

Development
highlights
Charles Brownlow, Victoria
Cambridge, Waikato
Mulgrave, Melbourne
Raelene Boyle, Melbourne
Image: Raelene Boyle Village.
Artist’s impressions: Cambridge, Mulgrave
and Charles Brownlow Village.
New Zealand
•Cambridge - works commenced
•Karaka - resource consent lodged
•Rolleston- resource consent lodged
Australia
•Mulgrave - planning permit received
•Charles Brownlow - completed
•Raelene Boyle - completed
4

Strategic initiatives
Pricing reviews delivering margin
improvement
DMF phasing for independent RV units
decreased to four years
Expansion into home care commenced
Australian aged care policy discussion
paper published in August (link here
)
Sustainability Strategy launched in
October (link here)
Image: Raelene Boyle Village in Aberfeldie, Melbourne which includes
a host of sustainable design features such as rain gardens and a solar
energy generation system.
5

Climate change
Quality care
Indigenous engagement
6
Establish science-based emission targets
Deliver future-focused dementia design
Enhance indigenous engagement
Sustainability
Strategy:
Top three
priorities

Demographics underpinning demand
7
-
200,000
400,000
600,000
800,000
1,000,000
20012006201120162021202620312036204120462051
NZ 75+ (historical)NZ 75+ (forecast)
2.4x
-
200,000
400,000
600,000
800,000
1,000,000
20012006201120162021202620312036204120462051
VIC 75+ (historical)VIC 75+ (forecast)
2.1x
1:Forecast based on Stats NZ TataurangaAotearoa national population projections, released July 2022 (based to 2022).
2: Forecast based on Australian Bureau of Statistics population projections, released November 2018 (based to 2017).
New Zealand 75+ population
1
2021–2051
Victoria 75+ population
2
2021–2051

At Ryman, we believe
the measure of a full life
is one that gets richer
with age
8

9
Ian, Jan and Joyce, recent stars of our Full Life brand campaign, are friends and residents from our Nellie Melba Village, Melbourne.

RV units and Aged Care beds
10
7,848
Complete
Sold RV units
Near
complete
Total units included in independent valuation
(units fair valued to date)
1,2
8,190
222
120
Vacant RV
resale stock
-
4,165
Aged Care beds
74
241
Unsold new
RV units
2
107
Total
8,070
120
4,239
348
Total RV units and Aged Care beds12,777
As at 31 March 2022
8,078
Complete
Sold RV units
Near
complete
Total units included in independent valuation
(units fair valued to date)
1,2
8,426
204
144
Vacant RV
resale stock
-
4,239
Aged Care beds
60
181
Unsold new
RV units
2
60
Total
8,282
144
4,299
241
Total RV units and Aged Care beds12,966
As at 30 September 2022
Increase in RV units
and Aged Care beds
189
1:Units included in the independent valuation are consistent with those
booked in underlying profit to date (new sales margin realised) and
represents completed units and units under development that the Directors
have determined fair value can be reliably measured at reporting date.
Included within the total units in the independent valuation as at September
2022 are 36 RV units added to the portfolio through the acquisition of
Essendon Terrace.
2: Units included in the carrying value of investment property comprise: units
which the Directors have determined fair value can be reliably measured at
reporting date and have been independently valued (8,426 at September
2022), units for which fair value would be able to be reliably measured if an
agreement to occupy was in place at reporting date but, as they remain
unsold at reporting date, they are not included in the valuation and are
held at cost (241 at September 2022).

Half year
reported
(IFRS) profit
•Reported IFRS profit of
$194.0 million, down 31.1%
on the prior year
•Smaller unrealised fair-value
movement of $89.3 million
in 2022, against $178.7 million
in 2021
•Smaller price increases
compared to same period in
the prior year
11
-
$50m
$100m
$150m
$200m
$250m
$300m
H1 18H1 19H1 20H1 21H1 22H1 23
New ZealandAustralia

-
$25m
$50m
$75m
$100m
$125m
$150m
H1 18H1 19H1 20H1 21H1 22H1 23
New ZealandAustralia
•Group underlying profit
$138.8 million, an increase of
44.8% on same period last year
•Australia’s underlying profit
lifted materially to $27.1 million
from $3.0 million on same
period last year
•COVID peak through winter
months impacting costs and
occupancy
12
Underlying profit
up 44.8%
Note: Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the
period. Refer to slide 23 for a breakdown of underlying profit.

* Embedded value reflects the resale bank, accrued
management fees and resident loans
-
$0.5bn
$1.0bn
$1.5bn
$2.0bn
$2.5bn
$3.0bn
FY 18FY 19FY 20FY 21FY 22H1 23
Resale bankAccrued management fees & resident loans
Embedded
value lifted to
$2.57 billion
•Embedded value
*
now
$2.57 billion, up 4.9% since
March 2022
•Resale bank of $1.95 billion,
underpinning future earnings
•Implied resale margin of 27.7%
13

0%
5%
10%
15%
20%
25%
30%
35%
H1 18H1 19H1 20H1 21H1 22H1 23
New sales marginResales marginCombined margin
Combined
margin increased
to29.5%
14
•Combined margin 29.5%, up
from 23.7%
•Resales margin 32.1%, the highest
recorded to date
•New sales margin 24.1%,
reflecting strong demand,
offsetting rising construction costs
and supply chain challenges

$0k
$200k
$400k
$600k
$800k
$1,000k
FY 99FY 00FY 01FY 02FY 03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY 12FY 13FY 14FY 15FY 16FY 17FY 18FY 19FY 20FY 21FY 22
H1 23
Group new salesGroup resales
Average new
and resale
prices lifted
15
•Average new sales and resale
prices lifted to $870,000 and
$710,000 respectively
•Average new sale pricing for
independent units exceeded
$1,000,000 for the first time
•New sale pricing reflects our
focus on high value locations
•Resale pricing reflects the
maturing of villages in
Auckland and Melbourne

Note: The average price shown for Ryman units is for resales only. The median house
price reflects the average median house price over the last 6 months in the areas
surrounding our villages.
-
$0.2m
$0.4m
$0.6m
$0.8m
$1.0m
$1.2m
$1.4m
$1.6m
$1.8m
Melbourne (A$)Auckland (NZ$)Rest of NZ (NZ$)
Median house price - village areasRyman - 2 bed independent
Ryman - serviced
Affordability
provides
resilience
16
•Offering continues to be
affordable relative to local
house prices
•Independent RV unit pricing in
Auckland and Melbourne 18%
and 43% below local median
house prices respectively
•Residents continue to free up
capital when moving into a
Ryman village

-
$0.1bn
$0.2bn
$0.3bn
$0.4bn
$0.5bn
$0.6bn
$0.7bn
$0.8bn
H1 18H1 19H1 20H1 21H1 22H1 23
Cash receipts
from residents
$714.7 million
•Cash receipts from residents
up 5%
•Market conditions are
slowing settlement times
•Operating cash flows down
19.1% to $243.7 million in H1 23
17

Note: Contracts not settled are unconditional occupation-right agreements which have
been entered into by residents but have not been settled as the resident has not yet
occupied the unit. These are for new sales only.
•Contracts not settled increased
by $100.5 million to $512.5 million
•Reflects both delays in
completing units as well
as slower settlement times
impacted by market conditions
18
$0m
$100m
$200m
$300m
$400m
$500m
$600m
Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Sep-22
Under contract,
not yet settled

-
$2bn
$4bn
$6bn
$8bn
$10bn
$12bn
$14bn
Mar 19Sep 19Mar 20Sep 20Mar 21Sep 21Mar 22Sep 22
Total assetsInterest bearing debt
19
Note: Interest bearing debt represents ‘interest-bearing loans and borrowings’ in the
balance sheet and includes secured bank loans, unsubordinated fixed-rate retail
bonds, USPP notes and institutional term loan (ITL). As documented in the Group's
facility agreement, the Group has a right to offset cash balances held against bank
debt. Included in total interest bearing debt is total secured bank loans net of cash
held at balance date.
Treasury
management
•Investing cash flows of
$540.3 million including
$115.3 on land payments
•Debt to debt-plus-equity
ratio of 45.2%
•Debt to total assets of 24.9%
•Fixed rate debt lifted to
above 50% of total drawn
debt; weighted average
interest rate 4.5%
1
1:As at November 2022. Weighted average fixed interest
rate includes retail bond, portion of fixed-rate USPP which
hasn’t been swapped to floating, proportion of fixed-rate
ITL which hasn’t been swapped to floating, and bank
debt which has been fixed via interest rate swaps (with
the rate for this component including margins and
line fees).

Dividend
Reinvestment
Plan introduced
Capital management initiatives
20
Short-termLong-term
Dividend pay-out range
decreased from 50% to 30-50%
of underlying profit
NZ$290 millionUSPP, lifting total
debt facilities to $3.5 billion with
1/3 of total funding now from
non-bank sources
Dividend reinvestment plan
introduced
Nov
2021
Apr
2022
Nov
2022
•Drawn debt $3,022
1
million at
September 2022, up $405 million from
March 2022
•Debt balance impacted by
development delays and a slowing in
settlement times, reflecting current
market conditions
•DRP complements existing initiatives,
providing flexibility to manage
balance sheet in the short term
•Initiatives underway to address
long-term capital efficiency
1:Debt at face value is the face value of drawn debt, retail bonds, institutional term
loans and USPP notes. This differs from 'interest-bearing loans and borrowings’ in the
balance sheet which includes capitalised and amortised issue costs, fair value
movement on hedged borrowings, and foreign exchange movement of USD
USPP notes.
•Rebalancing care to
independent living
•Introducing care suites
•Increasing RAD take-up
across the group
•Expanding into home care
•DMF phasing for
independent RV units
decreased to four years
•Ongoing review of capital
management and
treasury frameworks

21
Ryman resident Jean and caregiver RonalynHermosa represent the close bond shared between residents and our Ryman team.

22
Questions
A resident at our Murray HalbergVillage in Auckland and recent star of our Full Life
brand campaign, avid rower Judy embraces her freedom and well-being at Ryman.

Appendix 1
Reported (IFRS) profit
23
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS profit for the period. Underlying profit does
not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented byother entities.
The Ryman Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Ryman Group uses consistently
across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the period and for which a legally
binding contract is in place at the reporting date. The occupancy advance for these units may have been received or be included within the trade receivables
balance at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised gains on investment properties, and impairment losseson non-trading assets because
these items do not reflect the trading performance of the Ryman Group. Underlying profit is used as the basis for determiningthe dividend
payout to shareholders.
6 months to
30 Sep 22
6 months to
30 Sep 21
12 months to
31 Mar 22
$mNZAustGroupNZAustGroupNZAustGroup
Underlying profit (non-GAAP)111.727.1
138.8
92.83.0
95.9
203.851.2
254.9
Unrealised revaluations of
investment properties
49.639.7
89.3
178.50.1
178.7
436.830.3
467.1
Deferred tax (expense) / credit(32.6)9.3
(23.3)
(11.9)18.8
6.9
(50.9)21.7
(29.2)
Impairment - loss on disposal-(10.8)
(10.8)
--
-
--
-
Reported net profit after tax128.765.3
194.0
259.522.0
281.5
589.6103.2
692.9

Appendix 2
Booked sales of occupation rights
24
6 months to
30 Sep 22
6 months to
30 Sep 21
12 months to
31 Mar 22
NZAustGroupNZAustGroupNZAustGroup
Existing units
Independent22826
254
23615
251
44434
478
Serviced28517
302
2576
263
47926
505
51343
556
49321
514
92360
983
New units
Independent6969
138
11822
140
251177
428
Serviced3345
78
2524
49
6765
132
102114
216
14346
189
318242
560
Total
615157
772
63667
703
1,241302
1,543

25
Independent Serviced Total units
Aged care
beds
Total RV units
and aged
care beds
New Zealand
Linda Jones5-
5
-
5
Miriam Corban22-
22
-
22
Keith Park19-
19
-
19
Kevin Hickman6-
6
-
6
Total build - New Zealand52-52-52
Australia
Nellie Melba41-
41
-
41
Deborah Cheetham--
-
60
60
Total build - Australia41-4160101
Total build - Group93-9360153
Other changes
Essendon Terrace acquisition36-
36
-
36
Total increase in RV units and aged care beds129-12960189
Appendix 3
Development of RV units and Aged Care beds

Appendix 4
Available resales stock
26
* Uncontracted resales stock as a percentage of total RV unit
portfolio (independent and serviced units)
0.8%
0.8%
1.2%
1.0%
1.6%
1.7%
1.9%
1.4%
1.2%
1.4%
1.7%
-
0.5%
1.0%
1.5%
2.0%
2.5%
Sep
17
Mar
18
Sep
18
Mar
19
Sep
19
Mar
20
Sep
20
Mar
21
Sep
21
Mar
22
Sep
22
Sep 22Sep 21Mar 22
Independent living units52 34 45
Serviced apartments92 67 75
Total resales stock144 101 120
Total retirement portfolio8,667 8,195 8,538
Uncontracted stock
percentage*
1.7%1.2%1.4%

Appendix 5
Margins
27
$000sReference30 Sep 2230 Sep 2131 Mar 22
New sales
Realised fair value movement
(Note 3)45,389 28,493 110,681
Sale of occupation rights(Key statistics)187,951 137,651 455,856
Gross development margin24.1%20.7%24.3%
Resales
Realised fair value movement
(Note 3)126,677 77,989 168,071
Resale of occupation rights(Key statistics)394,699 311,157 623,891
Gross resales margin32.1%25.1%26.9%
Group
Group realised fair value movement
172,066 106,481 278,752
Group sale of occupation rights582,650 448,808 1,079,747
Gross group margin29.5%23.7%25.8%

Appendix 6
Investment property valuation summary
Valuers unit price inflation assumption
Discount
rate
As at 30 September 2022Yr1Yr 2Yr 3Yr 4Yr 5+
Auckland0.3%1.1%2.3%3.0%3.5%12.8%
Rest of New Zealand0.4%1.2%2.2%2.8%3.5%13.1%
Australia2.9%3.1%3.4%3.5%3.4%13.5%
Valuers unit price inflation assumption
Discount
rate
As at 31 March 2022Yr 1Yr 2Yr3Yr 4Yr5+
Auckland0.9%1.0%2.1%3.0%3.5%12.8%
Rest of New Zealand0.9%1.0%2.0%2.7%3.4%13.3%
Australia3.2%3.5%3.5%3.5%3.8%14.2%
28

Appendix 7
Cash management fees
29
$000sReferenceSep 22Sep 21Mar 22
Accrued management fees and resident loans – opening
(Note 8)578,254502,890502,890
Less: Accrued management fees and resident loans – closing
(Note 8)(622,635)(537,079)(578,254)
Movement in accrued management fees
(44,381)(34,189)(75,364)
Plus: DMF income
Income statement59,74650,959105,552
Plus: Revenue in advance movement
Cash flow statement7,4384,3559,435
Plus: GST / accommodation credit adjustment / FX movement
Not disclosed3,343(439)1,337
Plus: Movement in resident loans
Not disclosed2,8202,3869,240
Cash management fees
28,96623,07250,200

Appendix 8
Operating cash flows
30
6 months to
Sep 22
6 months to
Sep 21
12 months to
Mar 22$000s
Resident receipts
213,302 194,174 400,618
Refundable accommodation deposits (net)45,040 33,862 87,411
New sale of occupation rights162,710 212,954 383,601
Resales of occupation rights293,676 239,481 524,525
Total receipts from residents714,728 680,471 1,396,155
Interest received380 225 266
Payments to suppliers and employees(252,421)(203,059)(435,170)
Payments to residents(201,629)(161,941)(346,030)
Interest paid(17,377)(14,608)(29,243)
Net operating cash flows per the cash flow statement243,681 301,088 585,978

$35m
$115m
$315m
$358m
$30m
$29m
$26m
$38m
-
$200m
$400m
$600m
H1 22H1 23
Purchase of landNew villages
Care / systems / projectsVillage upgrades
•$540.3 million invested in new
villages and existing portfolio
•Building across 15 sites with a
further 12 sites in the land bank
•$115.3 million of land purchases
reflecting staged settlements
for previously announced sites
31
Appendix 9
Investing cash flows

•Debt balance predominantly
a function of growth
•Debt funded investment in
development WIP increased
$356 million to $1,556 million
32
$384m
$473m
$467m
$1,321m
$1,210m
$1,566m
$208m
$358m
$390m
$229m
$177m
$175m
$293m
$330m
$402m
-
$500m
$1,000m
$1,500m
$2,000m
$2,500m
$3,000m
$3,500m
Sep 21Mar 22Sep 22
Systems and other assetsVillage capex
New sale debtorsDevelopment WIP
Undeveloped land
Appendix 10
Use of debt

33
-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
$900m
F23F24F25F26F27F28F29F30F31F32F33F34F35F36F37F38
Bank facilitiesRetail bondITLUSPP (1)USPP (2)
•Funding diversified and
extended with the addition of
a second USPP in April 2022
•Weighted average tenure on
debt facilities of 5.3 years
Appendix 11
Debt maturity profile

34
•Contractsnot booked (presales)
currently $122.5 million.
Appendix 12
Value of contracts
not booked
-
$50m
$100m
$150m
Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Sep-22

80
81
82
83
84
85
86
87
88
89
90
H1 18H2 18H1 19H2 19H1 20H2 20H1 21H2 21H1 22H2 22H1 23
Average age (current)
IndependentServicedCare centre
Appendix 13
Resident average age
and tenure (years)
35
Average age (current)Sep 22Sep 21Mar 22
Independent82.482.282.4
Serviced87.387.487.5
Care centre86.486.886.8
Average age (on entry)Sep 22Sep 21Mar 22
Independent79.879.079.3
Serviced86.185.585.7
Average tenure (vacated)Sep 22Sep 21Mar 22
Independent5.96.05.8
Serviced3.23.52.9

Appendix 14
Development pipeline: NZ
1Linda JonesMedium
>$0.9m
2023
2James WattieLow
>$1.0m
2024
3Kevin HickmanLow
>$0.7m
2025
4NorthwoodLow
>$0.7m
2026
5CambridgeLow
>$0.9m
2026
6Park TerraceHigh
>$1.1m
TBC
7KaroriHigh
>$0.9m
TBC
8RollestonLow
>$0.8m
TBC
9NewtownLow
>$0.9m
TBC
10TaupōLow
>$0.8m
TBC
Peak capital
requirement
Median
house price
Design Consenting
Council
approval
Construction
Village
open
Village centre
open
Targeted village
completion
1William SandersHigh
>$1.7m
2023
2Murray HalbergHigh
>$1.1m
2026
3Miriam Corban Medium
>$0.9m
2024
4Keith ParkHigh
>$1.0m
2025
5TakapunaMedium
>$1.5m
TBC
6KohimaramaHigh
>$1.8m
TBC
7KarakaLow
>$1.3m
TBC
Rest of New Zealand
Auckland
Note: Median house price is in New Zealand dollars and reflects the median house price in the catchment area. Targeted village completion is
a calendar year date. It is based on current estimates and may vary from the final completion date.
H1 2023 changes
Total
sites
17
Sites under
construction
10
36

1Charles BrownlowLow
>$0.9m
Complete
2Raelene BoyleMedium
>$2.0m
Complete
3Mt MarthaLow
>$1.8m
Under contract
Peak capital
requirement
Median
house price
DesignConsenting
Council
approval
Construction
Village
open
Village centre
open
Targeted village
completion
1John FlynnHigh
>$1.2m
2023
2Nellie MelbaMedium
>$1.5m
2024
3
Deborah CheethamLow
>$1.4m
2024
4Bert NewtonMedium
>$1.8m
2024
5Ringwood EastHigh
>$0.9m
2026
6MulgraveLow
>$1.2m
TBC
7Mt ElizaHigh
>$1.8m
TBC
8EssendonMedium
>$1.4m
TBC
9KealbaLow
>$1.0m
TBC
10Coburg NorthHigh
>$1.0m
TBC
Appendix 14cont.
Development pipeline: Australia
Note: Median house price is in Australian dollars and reflects the median house price in the catchment area. Targeted villagecompletion is a
calendar year date. It is based on current estimates and may vary from the final completion date.
No longer included in development pipeline
Total
sites
10
Sites under
construction
5
H1 2023 changes
37

Appendix 15
Asset base: New Zealand (ex Auckland)
VillageLocationHospitalDementiaResthomeServicedIndependent Total
Anthony WildingChristchurch80333550110308
Bob OwensTauranga40404079218417
Bob ScottPetone40403489254457
Charles FlemingWaikanae40404079201400
Charles UphamRangiora40404087264471
Diana IsaacChristchurch40404079256455
Ernest RutherfordNelson49252075124293
Essie SummersChristchurch4124305822175
Frances HodgkinsDunedin--513242125
Hilda RossHamilton68404351167369
James WattieHawkes Bay----123123
Jane ManderWhangarei60322071183366
Jane WinstoneWanganui2020295054173
Jean SandelNew Plymouth39333962171344
Julia WallacePalmerston North43212050111245
Kevin HickmanChristchurch----6262
Kiri Te KanawaGisborne461534
62105262
Linda JonesHamilton40404093214427
Malvina MajorWellington90-3039123282
Margaret StoddartChristchurch--46212087
Ngaio MarshChristchurch81-3040119270
Princess AlexandraNapier6024245472234
Rita AngusWellington49-204999217
Rowena JacksonInvercargill70266146103306
Shona McFarlaneLower Hutt59-2050130259
WoodcoteChristchurch--4971874
Yvette WilliamsDunedin5730332-122
Total New Zealand (ex Auckland)1,1525638381,4053,3657,323
38

VillageLocationHospitalDementiaResthomeServicedIndependent Total
Bert SutcliffeBirkenhead40404081225426
Bruce McLarenHowick41404274192389
Edmund HillaryRemuera114305060372626
Evelyn PageOrewa60372065248430
Grace JoelSt Heliers77-207671244
Keith ParkHobsonville----8484
Logan CampbellGreenlane43304380116312
Miriam CorbanHenderson----132132
Murray HalbergLynfield42424086158368
Possum BournePukekohe40404084259463
William SandersDevonport40363677183372
Total Auckland4972953316832,0403,846
Total New Zealand1,6498581,1692,0885,40511,169
Appendix 15 cont.
Asset base: Auckland
39

VillageLocationHospitalDementiaResthomeServicedIndependent Total
Charles BrownlowVictoria4030305980239
Deborah CheethamVictoria202020-48108
John FlynnMelbourne38383896174384
Nellie MelbaMelbourne80397486256535
Raelene BoyleMelbourne2525242764165
Weary DunlopMelbourne30203248200330
Essendon TerraceMelbourne----3636
Total Australia2331722183168581,797
New Zealand and Australia
Total Group1,8821,0301,3872,4046,26312,966
% of
asset baseTotal
Aged care beds (hospital, dementia, resthome)33%4,299
Serviced RV units19%2,404
Independent RV units48%6,263
Total RV units & aged care beds100%12,966
Appendix 15 cont.
Asset base: Australia
40

Existing villagesLocationHospitalDementiaResthomeServicedIndependentTotal
Grace Joel
Auckland----9696
James Wattie
Hawkes Bay3535207824192
Jean Sandel
New Plymouth----5959
Keith Park
Auckland404040101192413
Kevin Hickman
Christchurch20204065169314
Linda Jones
Hamilton----3434
Miriam Corban
Auckland2020207775212
Murray Halberg
Auckland----183183
William Sanders
Auckland----66
Total existing villages1151151203218381,509
New sitesLocationHospitalDementiaResthomeServicedIndependentTotal
Cambridge
Waikato20402060185325
Karaka
Auckland20402060216356
Karori
Wellington20202068180308
Kohimarama
Auckland20204093123296
Newtown
Wellington20152056
40151
Northwood
Christchurch30303064154308
Rolleston
Canterbury20402065218363
Park Terrace
Christchurch20351554155279
Takapuna
Auckland1515153059134
Taupō
Waikato20202064206330
Total new sites2052752206141,5362,850
Total land bank New Zealand 3203903409352,3744,359
Appendix 16
Land bank: New Zealand
41

Existing villagesLocationHospitalDementiaResthomeServicedIndependentTotal
Nellie Melba
Melbourne----7474
Deborah Cheetham
Victoria2020205398211
Total existing villages20202053172285
New sitesLocationHospitalDementiaResthomeServicedIndependentTotal
Coburg North
Melbourne6020-48300428
Essendon
Melbourne3030-40163263
Bert Newton
Melbourne3019304585209
Mt Eliza
Victoria3030-27112199
Kealba
Melbourne2727-73140267
Mulgrave
Melbourne3030-54175289
Ringwood East
Melbourne40404054237411
Total new sites247196703411,2122,066
Total land bank Australia267216903941,3842,351
Total land bank New Zealand & Australia5876064301,3293,7586,710
% of
land bank
Total
Aged care beds (hospital, dementia, resthome)
24%1,623
Serviced RV units
20%1,329
Independent RV units
56%3,758
Total RV units & aged care beds100%6,710
Appendix 16 cont.
Land bank: Australia
42

Appendix 17
Auckland sites
43

Appendix 18
Melbourne sites
44

45 Villages
38 New Zealand | 7 Australia
45

Logan Campbell Village residents Sandra & Sidney.
Disclaimer
This presentation has been prepared by Ryman Healthcare Limited and its group companies
("Ryman") for informational purposes.This disclaimer applies to this document and the verbal
or written comments of any person presenting it.
This presentation provides additional comments on the 2023 half year result for the period to
30 September 2022 presented on 18 November 2022.It should be read in conjunction with all
other material which we have released, or may release, to NZX from time to time.That
material is also available on our website at www.rymanhealthcare.com
.
Purpose of this presentation
This presentation isnot an offer of financial products, or a proposal or invitation to make any
such offer.It is not investment advice, or any otheradvice, or a recommendation in relation to
financial products, and does not take into account any person’s individual circumstances or
objectives. Every investor should make an independent assessment of Ryman on the basis of
expert financial advice.
Forward-looking statements
This presentation contains forward-looking statements and projections.These reflect our
current expectations, based on what we think are reasonable assumptions.However, any of
these forward-looking statements or projections may be materially different due to a range of
factors and risks. Ryman gives no warranty or representation as to our future financial
performance or any future matter.Actual results may differ materially from those
projected.Except as required by law or the NZX Listing Rules, Ryman undertakes no obligation
to update any forward-looking statements whether as a result of new information, future
events, or otherwise.
Non-GAAP information
A number offinancial measures used in this presentation are based on non-generally
accepted accountingprinciples (i.e.non-GAAP financial information).This includes, in
particular, our ‘underlying profit’ which Ryman has used for many years as a means of
showing our profit absent any unrealised valuation movements.Ryman has historically used
underlying profit as the basis for determining dividend payments to shareholders.We show
our underlying profit together with our reported profit based on NZ IFRS (a GAAP measure).
You should not considerany of these statements in isolation from, or in substitution for the
information provided in the Financial Statements for the six months ended 30September 2022.
46

---

Section 1: Issuer information
Name of issuer Ryman Healthcare Limited
Financial product name/description Ordinary shares
NZX ticker code RYM
ISIN NZRYME0001S4
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies X
Record date 09/12/2022
Ex-Date 08/12/2022
Payment date 16/12/2022
Total monies associated with the
distribution
$44,000,000
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.08800000
Gross taxable amount $0.08800000
Total cash distribution $0.08800000
Excluded amount N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed No imputation
If fully or partially imputed, please state
imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per financial
product
$0.02904000

Section 4: Distribution re-investment plan
DRP % discount (if any)
2.5%
Start date and end date for determining
market price for DRP
08/12/2022 14/12/2022
Date strike price to be announced (if
not available at this time)
15/12/2022
Specify source of financial products to
be issued under DRP programme (new
issue or to be bought on market)
New issue
DRP strike price per financial product
Not available at this time
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
12/12/2022
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Deborah Marris
Contact person for this announcement Deborah Marris
Contact phone number +64 3 366 4069
Contact email address Deborah.Marris@rymanhealthcare.com
Date of release through MAP 18 November 2022