GREEN CROSS HEALTH REPORTS HALF YEAR PROFIT OF $11.4M

Green Cross Health (NZX: GXH)
Half Year Result Announcement for the unaudited six months ended 30 September 2022
GREEN CROSS HEALTH REPORTS HALF YEAR PROFIT OF $11.4M
25 November 2022, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the
Group behind Unichem and Life Pharmacy, The Doctors and Access Community Health, reported
Operating Revenue of $355m for the six months to 30 September 2022, up 15% on the comparative
period. Net Profit After Tax Attributable to Shareholders of $11.4m represents an 18% increase on
the prior period.
Result Summary:
 Operating Revenue of $355m, up 15%
 Operating Profit (EBIT) of $24.7m, up 21%
 Net Profit After Tax Attributable to Shareholders of $11.4m, up 18%
 Pharmacy Operating Revenue up 6% and Operating Profit down 13% to $11.6m
 Medical Operating Revenue up 48% and Operating Profit up 63% to $9.3m
 Community Health Operating Revenue up 14%, Operating Profit up 166% to $6.6m
 Investment of $4.0m in four new medical centres
 Net cash position of $18.9m (up $13.0m) - 3.5cps dividend declared.
Group commentary:
Green Cross Health Group CEO Rachael Newfield, commented, “The result for the six months to 30
September 2022 is pleasing, with increased revenue performance in all three divisions. As a leading
provider of primary healthcare services across New Zealand, Green Cross Health once again formed a
key part of New Zealand’s COVID-19 response during the six-month period. We expect the second
half of the FY23 financial year to see diminishing levels of COVID-19 activity, with focus returning to
core business priorities.
“Given the challenges of the current labour environment, it was fantastic to be recognised by the
Randstad Employer Brand Research as one of the Top 10 most desirable places to work in New Zealand.
This is great recognition for the people-centric culture we have built at Green Cross Health, with our
priority being to care for people, which includes our employees and the New Zealand communities we
serve.”

 

Unichem & Life Pharmacy Division
Revenue in Pharmacy increased 6% to $180m and Operating Profit for the period decreased 13% to
$11.6m. The decline in profit was largely driven by reduction in COVID-19 vaccination activity and
increased labour costs compared to the prior period. Dispensary performance was strong, with total
prescriptions up 15% compared to the prior period.
Pharmacies supported their communities throughout the influenza season, with the number of
vaccinations administered up 92% on prior period. This growth was the result of a drive to increase
workplace influenza vaccinations along with heightened consumer awareness around the types of
vaccines that can now be provided by pharmacies, with no appointment required.   
A partnership with technology company MedAdvisor has allowed the launch of an exclusive Unichem
and Life Pharmacy App. The App has been widely taken up by Green Cross Health pharmacies,
assisting medicine adherence and supporting customers to stay connected and loyal to their local
pharmacy. Features include the ability for repeat prescriptions to be ordered, to view prescription
history, booking of services and the ability to facilitate customer and pharmacist conversations.
In July 2022, investment in a new Living Rewards digital platform provided enhanced functionality
that enables pharmacies to deliver targeted offers to customers, increasing average spend per
customer. The Living Rewards customer loyalty programme has now reached 1.9 million members
throughout New Zealand.
With the economic headwinds expected over the next 12-18 months, Green Cross Health urges the
Government to review its medicine co-payment policy and remove cost barriers to ensure the most
vulnerable are able to access their medicines.
The Doctors Medical Division
Medical Revenue grew 48% to $68m, with Operating Profit up 63% to $9.3m. Performance was the
result of COVID-19 activity and acquired growth. Acquisitions from the previous year have integrated
into the division, and throughout the half year four centres were acquired in Whanganui, Bay of Plenty
and Invercargill (2). These additions, along with an amalgamation of The Doctors Golf Road into The
Doctors New Lynn, bring the size of the medical portfolio to 57 centres. Enrolled patients as at 30
September 2022 totalled 345,000, an increase of 57,000 (+20%) since September 2021.

Operationally and clinically, assisting medical practices to service the additional demand created by
COVID-19 has been a priority. Medical teams provided care directly to COVID-19 positive patients while
in isolation and the national HouseCall virtual care service bolstered local clinical capacity when
practices needed extra support. Plans are underway to further develop HouseCall and the raft of
services this virtual care team provides to patients, clinical teams and the medical centre network.

 

As medical practices transition back to providing day-to-day clinical services, they remain vigilant and
prepared for the everchanging COVID-19 environment. Investment in the development of The Doctors’
recruitment brand continues with targeted campaigns internationally and locally to source talent.
Access and Total Care Health Community Health Division
Revenue in Community Health increased 14% to $107m for the period with Operating Profit increasing
166% to $6.6m. Performance was supported by a focus on a people-centred service delivery model,
ensuring the division is the provider of choice for people with higher clinical and complex support
needs.
The improved EBIT margin is a result of investment in rostering and communications systems enabling
workforce efficiency and initiatives in telehealth clinical support, particularly in the Total Care
Health specialist nursing division, which will aid expansion into new regions during the second half of
the financial year.
With the introduction of Te Whatu Ora (Health New Zealand), Whaikaha (Ministry of Disabled People)
and Te Aka Whai Ora (Māori Health Authority) on 1 July 2022 as part of the new health reforms, work
with funders is ongoing to ensure financial sustainability for the community health sector during times
of change and labour cost pressures and workforce shortages.
Community Health continues to advocate for Government funded pay parity for all nurses across the
health sector to secure a workforce who relieve the burden on hospital admissions with care provided
by primary and community nursing teams in home. The division is working alongside Kaupapa Māori
providers to encourage equity of access for communities.

Outlook and Dividend
Green Cross Health acknowledges that the current labour market is challenging with workforce
shortages and inflationary pressure. Focus is on managing this labour challenge and delivering
sustained earnings growth through acquisitions, refinements in its operating model and ongoing
investment in service offerings.
The Board has declared an interim dividend of 3.5cps for the half-year ending 30 September 2022,
reflecting the strong half year period and a robust balance sheet. COVID-19 related earnings are
expected to continue to reduce over the coming months, with a return to Group pre COVID-19
profitability levels, adjusted for acquisitions.
As part of the Government’s health reforms and the transition to the new health entities as of July
2022, Green Cross Health is targeting opportunities to collaborate across the primary healthcare

 

sector to address equity of access challenges that exist and to strengthen primary healthcare’s
offering in order to take pressure off hospital admissions.



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 healthcare provider with
multidisciplinary healthcare teams with the purpose of working together to support healthier
communities. Green Cross Health is focused on creating sustainable healthcare 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 healthcare with 345 Unichem and Life Pharmacies
covering almost every New Zealand community, Green Cross Health makes more than 3.8m home
visits to more than 33,000 community health clients and cares for 345,000 enrolled patients at
medical centres.

---

Green Cross Health Limited
Consolidated interim financial statements
Half year ended 30 September 2022

Contents
Page
Half-year financial statements
Consolidated interim statement of comprehensive income2
Consolidated interim statement of changes in equity3
Consolidated interim statement of financial position4
Consolidated interim statement of cash flows5
Notes to the financial statements6
Company Directory12
-1-

Green Cross Health Limited
Consolidated interim statement of comprehensive income
For the six months ended 30 September 2022
Six months
ended
30 Sep 2022
Six months
ended
30 Sep 2021
(Unaudited)(Unaudited)
Note$'000$'000
Operating revenue3355,115309,925
Operating expenditure4.2(319,348)(278,746)
Depreciation and amortisation(3,456)(3,781)
Depreciation - leases(8,456)(7,695)
Share of equity accounted net earnings815759
Operating profit before interest and tax24,67020,462
Interest income35316
Interest expenses(643)(315)
Interest expense - leases(3,126)(2,469)
Net interest expense(3,416)(2,768)
Profit before tax21,25417,694
Income tax expense(6,447)(4,749)
Profit after tax for the period14,80712,945
Other comprehensive income for the period, net of tax--
Total comprehensive income for the period
14,80712,945
Attributable to:
Shareholders of the Parent11,3599,662
Non-controlling interest3,4483,283
Attribution of profit and comprehensive income to shareholders and non
controlling interest
14,80712,945
Earnings per share:
Basic earnings per share (cents)7.936.75
Diluted earnings per share (cents)7.906.75
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
-2-

Green Cross Health Limited
Consolidated interim statement of changes in equity
For the six months ended 30 September 2022
Share capital
Share based
payment
reserve
Retained
earnings
Non-
controlling
interest
Total equity
Note$'000$'000$'000$'000$'000
Balance at 1 April 2022 (Restated)
(Audited)
590,610-65,24314,485170,338
Profit for the period--11,3593,44814,807
Total comprehensive income for the
period
--11,3593,44814,807
Transactions with owners, recorded
directly to equity:
Dividends to shareholders8--(5,036)-(5,036)
Distributions to non-controlling
interests
---(4,954)(4,954)
Impacts of other transactions with non-
controlling interests
--(606)(445)(1,051)
Performance share rights charged to
SOCI
-753--753
Performance share rights vested150(150)---
Balance at 30 September 2022
(Unaudited)
90,76060370,96012,534174,857
Balance at 1 April 2021 (Restated)
(Audited)
590,610-47,2968,452146,358
Profit for the period--9,6623,28312,945
Total comprehensive income for the
period
--9,6623,28312,945
Transactions with owners, recorded
directly to equity:
Distributions to non-controlling
interests
---(1,142)(1,142)
Impacts of other transactions with non-
controlling interests
--(175)(405)(580)
Balance at 30 September 2021
(Restated) (Unaudited)
90,610-56,78310,188157,581
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
-3-

Green Cross Health Limited
Consolidated interim statement of financial position
As at 30 September 2022
As at
30 Sep 2022
As at
30 Sep 2021
As at
31 Mar 2022
(Unaudited)
(Restated)
(Unaudited)
(Restated)
(Audited)
Note$'000$'000$'000
ASSETS
Current assets
Cash and cash equivalents43,64832,21445,154
Trade and other receivables33,62933,10831,186
Contract assets14,43515,05816,124
Inventories32,41432,51232,165
Income taxes refundable6881,179-
Total current assets124,814114,071124,629
Non-current assets
Other receivables2,210-2,127
Property, plant and equipment19,86419,61019,729
Right-of-use assets85,83372,74284,045
Intangible assets162,185147,200159,806
Deferred tax assets13,85712,12913,719
Equity accounted group investments5,7428,0934,720
Total non-current assets289,691259,774284,146
Total assets414,505373,845408,775
LIABILITIES
Current liabilities
Payables and accruals5106,82097,598106,134
Contract liabilities12,34910,89410,786
Income taxes payable--4,076
Borrowings1,7582,1161,908
Lease liability18,40711,94914,291
Total current liabilities139,334122,557137,195
Non-current liabilities
Borrowings23,00824,18922,126
Lease liability77,30669,51879,116
Total non-current liabilities100,31493,707101,242
Total liabilities239,648216,264238,437
Net assets
174,857157,581170,338
EQUITY
Share capital790,76090,61090,610
Share based payment reserve603--
Retained earnings70,96056,78365,243
Total equity attributable to shareholders of the Parent162,323147,393155,853
Non-controlling interest12,53410,18814,485
Total equity
174,857157,581170,338
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
-4-

Green Cross Health Limited
Consolidated interim statement of cash flows
For the six months ended 30 September 2022
Six months
ended
30 Sep 2022
Six months
ended
30 Sep 2021
(Unaudited)(Unaudited)
Note$'000$'000
Cash flows from operating activities
Dividends received787499
Receipts from customers352,672294,069
Interest received35316
Payments to suppliers and employees(314,452)(271,633)
Income taxes paid(10,500)(5,189)
Net cash inflow from operating activities628,86017,762
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(3,027)(2,095)
Acquisition of interests in equity accounted investments(993)(725)
Acquisition of interests in subsidiaries and non-controlling interests(3,038)(6,528)
Net cash outflow from investing activities(7,058)(9,348)
Cash flows from financing activities
Proceeds from borrowings2,3765,314
Repayment of borrowings(1,644)(3,328)
Payment of lease liabilities(7,940)(7,299)
Interest expense(643)(315)
Interest expense - leases(3,126)(2,469)
Distribution and loans to non-controlling interests(7,295)(5,405)
Dividend paid(5,036)-
Net cash outflow from financing activities(23,308)(13,502)
Net increase / (decrease) in cash and cash equivalents(1,506)(5,088)
Add opening cash and cash equivalents45,15437,302
Closing cash and cash equivalents
43,64832,214
Reconciliation of closing cash and cash equivalents to the consolidated
interim statement of financial position:
Cash and cash equivalents
43,64832,214
Closing cash and cash equivalents
43,64832,214
The accompanying Notes to the Financial Statements on pages 6 to 11 form part of the consolidated interim financial
statements.
-5-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
1 Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct Act
2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the NZX

Main Board ("NZX").
The consolidated interim financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its
interest in associates and joint ventures (together referred to as the “Group”).
2 Basis of preparation of financial statements
(a) Statement of compliance
These consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 Interim Financial Reporting, and other applicable Financial Reporting
Standards as appropriate for profit oriented entities. These consolidated interim financial statements do not include all of
the information required for full annual financial statements and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 31 March 2022.
The consolidated interim financial statements for the six months ended 30 September 2022 and the comparative
information for the six months ended 30 September 2021 are unaudited.
These financial statements have been approved for issue by the Board of Directors on 25 November 2022.
(b) Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c) Changes in accounting policy
The accounting policies applied by the Group in these consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 March 2022.
(d) Significant estimates and judgments
In authorising the consolidated interim financial statements for the six months ended 30 September 2022, the Directors
have ensured that the specific accounting policies necessary for the proper understanding of the financial statements have
been disclosed, and that all accounting policies adopted are appropriate for the Group’s circumstances and have been
consistently applied throughout the period for all Group entities for the purposes of preparing the consolidated interim
financial statements.
Inherent in the application of certain accounting policies, judgments and estimates are required. The Directors note that
the actual results may differ from the judgments and estimates made.
The significant judgments made by management in applying the Group’s accounting policies and the key sources of
estimation uncertainty were the same as those described in the last annual financial statements.
-6-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
(continued)
3 Segment reporting
The Group has three reportable segments: pharmacy services, medical services and community health.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres, as well as medical centres outside
the Group. The community health segment provides services direct to the community to support independent living.
Operating segments
Information about reportable segments
September 2022 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
30 September 2022
External revenues4.1179,48968,206106,455-354,150
Other income*2402723-965
Cost of products sold(102,925)(134)--(103,059)
Employee benefit expense(39,136)(48,498)(96,798)-(184,432)
Lease expenses(1,462)(136)(104)-(1,702)
Other expenses(16,834)(7,754)(2,800)(2,767)(30,155)
Depreciation and amortisation(2,562)(752)(142)-(3,456)
Depreciation - leases(5,295)(2,428)(733)-(8,456)
Share of equity accounted net
earnings
69746--815
Segment Profit
11,5849,2526,601(2,767)24,670
Interest income353
Interest expense(643)
Interest expense - leases
(3,126)
Profit before tax21,254
Tax expense
(6,447)
Profit after tax14,807
Non-controlling interest
(3,448)
Net Profit attributable to the
shareholders of the parent
11,359
Reportable segment assets267,726102,66255,195(11,078)414,505
Reportable segment liabilities124,52483,38942,813**(11,078)239,648
*Other income includes New Zealand Government wage subsidies received of $0.2m within Pharmacy services and $0.7m
within Community Health services under the Government's Covid-19 leave support scheme available to eligible
businesses impacted by the Covid-19 pandemic.
**Intersegmental elimination
-7-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
(continued)
3 Segment reporting(continued)
September 2021 (Unaudited)Note
Pharmacy
services
Medical
services
Community
HealthCorporateTotal
$'000$'000$'000$'000$'000
30 September 2021
External revenues4.1168,90746,06493,723-308,694
Other income*1,0026223-1,231
Cost of products sold(99,401)---(99,401)
Employee benefit expense(32,431)(32,738)(87,330)-(152,499)
Lease expenses(721)(120)(71)-(912)
Other expenses(15,755)(6,076)(3,061)(1,042)(25,934)
Depreciation and amortisation(3,035)(549)(197)-(3,781)
Depreciation - leases(5,187)(1,704)(804)-(7,695)
Share of equity accounted net
earnings
(38)797--759
Segment Profit
13,3415,6802,483(1,042)20,462
Interest income16
Interest expense(315)
Interest expense - leases
(2,469)
Profit before tax17,694
Tax expense
(4,749)
Profit after tax12,945
Non-controlling interest
(3,283)
Net Profit attributable to the
shareholders of the parent
9,662
Reportable segment assets271,74369,87343,307(11,078)373,845
Reportable segment liabilities
(Restated)132,39457,06037,888**(11,078)216,264
*Other income includes New Zealand Government wage subsidies received of $1.0m within Pharmacy services and $0.2m
within Community Health services under the Government's wage subsidy scheme available to eligible businesses
impacted by the Covid-19 pandemic.
**Intersegmental elimination
-8-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
(continued)
4 Operating performance
4.1Revenue
The Group's operations and revenue streams are those described in the last annual financial statements. The Group's
revenue is derived from contracts with customers.
Six months
ended
30 Sep 2022
Six months
ended
30 Sep 2021
(Unaudited)(Unaudited)
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary159,525151,433
Other pharmacy revenue19,96417,474
Medical fee income68,20646,064
Home care
106,45593,723
354,150308,694
Disaggregation of contract revenueReportable segments
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2022 (Unaudited)
Timing of revenue recognition
Transferred at a point in time173,56826,09371,988271,649
Transferred over time
5,92142,11334,46782,501
179,48968,206106,455354,150
Pharmacy
services
Medical
services
Community
HealthTotal
$'000$'000$'000$'000
Six months ended 30 September 2021 (Unaudited)
Timing of revenue recognition
Transferred at a point in time161,86219,18068,306249,348
Transferred over time
7,04526,88425,41759,346
168,90746,06493,723308,694
-9-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
(continued)
4 Operating performance(continued)
4.2 Operating expenditure
Six months
ended
30 Sep 2022
Six months
ended
30 Sep 2021
(Unaudited)(Unaudited)
$'000$'000
Cost of products sold103,05999,401
Employee benefit expense184,432152,499
Lease expenses1,702912
Other expenses
30,15525,934
319,348278,746
5 Trade and other payables
As at
30 Sep 2022
As at
30 Sep 2021
As at
31 Mar 2022
(Unaudited)
(Restated)
(Unaudited)
(Restated)
(Audited)
$'000$'000$'000
Trade payables32,66529,92934,399
Payable to non-controlling interest5,0117,6797,399
Accruals33,51128,49431,187
Employee entitlements
35,63331,49633,149
106,82097,598106,134
Based on a review undertaken, a provision for Employee Entitlements has been accounted for as a prior period adjustment
to correct historic leave liability amounts paid to employees and to adjust leave entitlement owing. These amendments
have led to the restatement of Employee Entitlements and Retained Earnings in the Statement of Financial Position as at
30 September 2021 (provision of $3.3m and retained earnings reduction of $3.3m) and 31 March 2022 (provision of $3.6m
and retained earnings reduction of $3.6m).
6 Operating cash flow reconciliation
Six months
ended
30 Sep 2022
Six months
ended
30 Sep 2021
(Unaudited)(Unaudited)
$'000$'000
Profit for the period14,80712,945
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment11,91211,476
Other non-cash items2,3261,342
Add/(deduct) changes in working capital items:
Receivable and accruals movement(1,525)(7,671)
Inventory(249)(2,124)
Payable and accruals movement(1,827)(974)
Add/(deduct) items classified as cash flows from financing activities:
Interest expense290299
Interest expense - leases
3,1262,469
Net cash inflow from operating activities
28,86017,762
-10-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2022
(continued)
7 Shares on issue
As at
30 Sep 2022
As at
30 Sep 2021
As at
31 Mar 2022
(Unaudited)
(Restated)
(Unaudited)
(Restated)
(Audited)
'000'000'000
Shares authorised and on issue
Opening number of shares143,153143,303143,303
Shares issued - fully paid132--
Shares issued - partly paid---
Shares cancelled - partly paid
-(150)(150)
143,285143,153143,153
Performance Share Rights
533-497
143,818143,153143,650
Net tangible assets per share (cents)^(0.83)(1.22)(2.23)
Net assets per share (cents)*122.03110.08118.99
^The calculation of Net tangible assets / (liabilities) per share is based on net assets less deferred tax and intangible
assets and the closing number of ordinary shares.
*The calculation of net assets per share is based on net assets and the closing number of ordinary shares.
Performance share rights of 532,710 are on issue as at 30 September 2022. These were issued to senior executives on
23 October 2020, 28 June 2021 and 27 June 2022.
8 Distribution to owners
On 9 June 2022 Green Cross Health Limited paid a final dividend for the March 2022 year of 3.5 cents per qualifying
ordinary share to shareholders, which was fully imputed at 28%.
30 September30 September31 March
202220212022
cents per
share
cents per
share
cents per
share
Dividends per share
3.5-3.0
9 Subsequent events
On 25 November 2022 Green Cross Health Limited declared an interim dividend of 3.5 cents per qualifying ordinary share
amounting to $5.0m, which will be fully imputed at 28%. The dividend record date is 2 December 2022 and payment will
occur on 16 December 2022.
No adjustment is required to these consolidated interim financial statements in respect of this event.
-11-

Green Cross Health Limited
Company Directory
BoardK Ellis
Independent Chair
J A Bagnall
Non-Executive Director
J B Bolland
Non-Executive Director
C M Brockliss
Non-Executive Director
P M Merton
Non-Executive Director
K A Orr
Independent Director
C M Steele
Independent Director
OfficersRachael Newfield
Group CEO
Ben Doshi
Group CFO/Company Secretary
Registered officeGreen Cross Health Limited
Ground Floor, Building B
602 Great South Road
Ellerslie. Auckland 1051
Telephone: +64 9 571 9080
Share registerComputershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Managing your shareholding online:
To change your address, update your payment instructions and to view your
registered details including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting your CSN or shareholder number.
AuditorKPMG
KPMG Centre
18 Viaduct Harbour Avenue
Auckland
BankersBank of New Zealand
80 Queen Street
Auckland 1010
Investor relationsFor investor relations enquiries:
Phone: 09 571 9088
Email: investorrelations@gxh.co.nz
-12-

Green Cross Health Limited
Company Directory(continued)
Websiteswww.greencrosshealth.co.nz
www.access.org.nz
www.housecall.co.nz
www.lifepharmacy.co.nz
www.livingrewards.co.nz
www.pilldrop.co.nz
www.thedoctors.co.nz
www.unichem.co.nz
-13-

---

GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 25 /11 /2022
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$355,115 +14.6%
Total Revenue
$355,115 +14.6%
Net profit from continuing operations attributable
to shareholders
$11,359 +17.6%
Total net profit attributable to shareholders
$11,359 +17.6%
Interim Dividend
Amount per Quoted Equity Security $0.03500000
Imputed amount per Quoted Equity Security $0.01361111
Record Date 02/12/2022
Dividend Payment Date 16/12/2022
Current period Prior comparable period
Net tangible assets per Quoted Equity Security* -$0.01 -$0.01
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* Due to the nature of the Company’s business,
intangible assets are a major component of total assets.
Net assets per quoted equity security are $1.22 (30
September 2021: $1.10).

Please refer to the attached unaudited Financial
Statements for the six months ended 30 September 2022.

Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this
announcement
Ben Doshi – Group CFO
Contact phone number +64 9 580 6846
Contact email address ben.doshi@greencrosshealth.co.nz
Date of release through MAP

25/11/2022

Unaudited financial statements accompany this announcement.

---

25 November 2022

GXH Half Year Results Presentation 25 November 2022 Pg 2
GXH Half Year Result -Financial Overview
Group Revenue
$355.1m
15% increase vs FY22
Medical Operating
Profit
$9.3m
63% increase vs FY22
Operating Profit/EBIT
$24.7m
21% increase vs FY22
Net Profit After Tax
$11.4m
18% increase vs FY22
(attributable to shareholders)
Pharmacy
Operating Profit
$11.6m
13% decrease vs FY22
Community Health
Operating Profit
$6.6m
166% increase vs FY22

GXH Half Year Results Presentation 25 November 2022 Pg 3
Operational Highlights
GXH
Highlights
Group Revenue up 15%
Total script volumes up
15%
Same store retail revenue
up 5%
Four new medical centres
Community Health EBIT
margin 6% (LY 3%)
Same medical centre
revenue growth of 8%
➢$45m increase in Group Revenue year-on-
year
➢18% increase in Net Earnings Attributable to
Shareholders versus last year
➢Rollout of new Unichem and Life Pharmacy
App –MedAdvisor
➢HouseCall virtual care continues to expand
services
➢GXH recognised as a Top 10 most desirable
place to work in New Zealand by Randstad

Pharmacy Division
New Zealand’s largest network of health
retailers: supporting easy access to quality
health care

GXH Half Year Results Presentation 25 November 2022Pg 5
•Revenue up6% to $179.7m
•Operating Profit down 13% to $11.6m
due to reduction in COVID-19 vaccination
activity
•The increase in Pharmacy Revenue was
primarily due to growth in dispensary
activity
•Total script volumes up 15%
Pharmacy Performance
162
154
170
180
1H201H211H221H23
Pharmacy Operating Revenue ($m)
12.212.2
13.3
11.6
1H201H211H221H23
Pharmacy Operating Profit ($m)

GXH Half Year Results Presentation 25 November 2022Pg 6
Operational Highlights -Pharmacy
✓Influenza vaccination volumes up 92%
✓Investment in new Living Rewards platform
✓Partnership with technology company
MedAdvisor
✓1.9m loyalty members
Living Rewards Members Spend More
62%
more than
non-members
48%
more than
non-members
1,916,504 Living
Rewards members
285,000
148,000
110,000
57,000
FY23 flu season - no.of
vaccinations
FY22 flu season - no.of
vaccinations
All Unichem and Life pharmaciesGXH Equity pharmacies

GXH Half Year Results Presentation 25 November 2022Pg 7
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

Medical Division
Growth, leadership and sustainable
models of care

GXH Half Year Results Presentation 25 November 2022Pg 9
Medical Performance
Revenueup 48% to $68.2m, driven by
COVID-19 testing, vaccinations, COVID-
19 care in the community and
acquisitions
Operating Profit up 63% to $9.3m,
driven by COVID-19 activity,
procurement efficiencies, cost
management and acquisitions
345,000 enrolled patients as at 30
September 2022, an increase of 57,000
(+20%) since 30 September 2021
38
41
46
68
1H201H211H221H23
Medical Operating Revenue ($m)
3.8
5.0
5.7
9.3
1H201H211H221H23
Medical Operating Profit ($m)

GXH Half Year Results Presentation 25 November 2022Pg 10
Operational Highlights -Medical
✓Successful completion of four acquisitions, to
close with 57 medical centres
✓Strong pipeline of future acquisitions
✓Continued development of the HouseCall
virtual care service offering
✓The Doctors has New Zealand’s largest general
practice enrolled patient base
345,000 enrolled patients
4
1
3
9
4
F19F20F21F22F23 interim
Acquisitions
255
267
285
329
345
F19F20F21F22F23 interim
Enrolled Patients (‘000)

GXH Half Year Results Presentation 25 November 2022Pg 11
Patient & brand
Medical Focused on Organic Growth and Acquisitions
Scale
Technology
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

Community Health
Division
Delivering sustainable services to maintain
and support clients’ independence within their
own home

GXH Half Year Results Presentation 25 November 2022Pg 13
Community Health Performance
Revenueup 14% to $107.2m
Operating Profit increased 166% to $6.6m
Improved performance reflects strategy
of supporting clients with higher clinical
needs and improving profitability of
contracts
Cost efficiencies have resulted from
investment in people, technology and
systems
Continued advocacy for additional funding
to support sector sustainability
75
82
94
107
1H201H211H221H23
Community Health Operating Revenue ($m)
1.1
1.8
2.5
6.6
1H201H211H221H23
Community Health Operating Profit ($m)

GXH Half Year Results Presentation 25 November 2022Pg 14
in use by 2,060support
workers
Operational Highlights -Community
✓Operating margin of 6% (up from 3%)
✓Improvements in labour efficiency as a result of
investment in systems
✓Access Virtual Assistant (AVA) support worker
digital app well-entrenched
✓Focus on higher and complex support needs
✓Continued advocacy for nurse pay parity
✓Working alongside Kaupapa Māori providers to
support equity of access
88%
89%
90%
91%
92%
93%
94%
95%
-
2.0
4.0
6.0
8.0
10.0
12.0
202020212022LTM
EBIT $M
Labour efficiency initiatives delivering EBIT growth
EBIT $Employee costs %

GXH Half Year Results Presentation 25 November 2022Pg 15
Client
Community Health Targeting Profitable Growth
Technology
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 Half Year Results Presentation 25 November 2022Pg 16
Group Financial Result
6 months ending 30 September 2022

GXH Half Year Results Presentation 25 November 2022Pg 17
16.0
17.9
20.5
24.7
1H201H211H221H23
GXH Operating Profit ($m)
Group Revenue and Operating Profit
•Revenue of $355.1m, up 15%
•Increased revenue performance in all three
divisions
•Operating Profit of $24.7m, up 21% versus prior
period
•Operating profit growth of 54% over three years
•Growth supported by COVID-19 activity and
acquisitions
275
277
310
355
1H201H211H221H23
GXH Operating Revenue ($m)

GXH Half Year Results Presentation 25 November 2022Pg 18
Group NPAT, EPS and Dividend
Dividend / EPS
•NPAT attributable to shareholders of $11.4m, up 18%
•EPS at 7.9 cps, an increase of 17% on the prior year
•EPS growth of 62% over last three years
•Interim dividend of 3.5cps declared –payment date of
16 December 2022
4.89
6.18
6.75
7.93
1H201H211H221H23
GXH Net Profit after Tax Attributable to Shareholders (cps)
7.0
8.8
9.7
11.4
1H201H211H221H23
GXH Net Profit after Tax Attributable to Shareholders ($m)

GXH Half Year Results Presentation 25 November 2022Pg 19
Working Capital and Operating Cash Flow
27.4%
22.1%
14.3%
12.4%
1H201H211H221H23
Gearing Ratio (debt / debt + equity)
•Gearing ratio of 12% in FY22
•Undrawn debt facilities of $44m as at 30 September 2022
•Net cash position of $18.9m as at 30 September 2022 (up
$13.0m on prior period)
•Continued working capital management has positioned
GXH well to take advantage of future investment
opportunities
•Financing ratios (pre IFRS16):
–Debt / EBITDA –0.4x
–Operating Profit / Interest –38.4x
•Operating Cash Flow of $28.9m
Enabling investment ($7.1m) in:
•Four medical centre acquisitions
•Three shareholding increases –medical (2), pharmacy (1)
•Ongoing site capex requirements
•Loyalty, MedAdvisor and other digital capability
22.1
39.1
17.8
28.9
1H201H211H221H23
GXH Operating Cash Flow ($m)

GXH Half Year Results Presentation 25 November 2022Pg 20
Outlook
➢Challenging labour market, with workforce shortages and inflationary pressure
➢Focus remains on growth through acquisitions, operating model refinement and
investment in service offerings
➢COVID-19 related earnings expected to reduce over the remainder of the
financial year, with return to Group pre COVID-19 profitability levels (adjusted
for acquisitions)
➢Dividend of 3.5cps declared for the half-year ended 30 September 2022

GXH Half Year Results Presentation 25 November 2022 Pg 21GXH Annual Results Presentation 27 May 2022Pg 21
About Green Cross Health

GXH Half Year Results Presentation 25 November 2022 Pg 22
Our Purpose
Working together to
support healthier
communities.
We are passionately
committed to the health
and wellness of New
Zealand, and to providing
the best support, care and
advice to our communities.
This is our promise.

GXH Half Year Results Presentation 25 November 2022Pg 23
Who We Are
Pharmacies providing extensive range of
health, wellness and beauty related products
and services across communities throughout
New Zealand, supported by digital offerings
General practice networks across New
Zealand, offering in-practice and virtual
services
Personal care, nursing, rehabilitation and
household assistance delivered within homes
across New Zealand
As at 30 Sept 2022

GXH Half Year Results Presentation 25 November 2022Pg 24
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 necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor
any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or
negligence) arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it
thinks are reasonable assumptions. GXH gives 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 obliged to update this presentation after its release, even if thingschange
materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed 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 GXHsecurities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance
with GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated interim financial statements for
the period ended 30 September 2022.

---

DISTRIBUTION NOTICE 25/ 11 /2022

Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 02/12/2022
Ex-Date (one business day before
the Record Date)
01/12/2022
Payment date (and allotment date for
DRP)
16/12/2022
Total monies associated with the
distribution
$5,014,954
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04861111
Total cash distribution $0.03500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount $0.00617647

Page 2

Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed


If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this announcement Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@gxh.co.nz
Date of release through MAP

25/11/2022