Promisia Healthcare Interim Results

Interim Report 2023
FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2022

2
PROMISIA HEALTHCARE LIMITED
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1H23 Snapshot 4
Chair and CEO Review 5
Unaudited Consolidated Interim Financial Statements
Directory 8
Condensed Consolidated Statement of Comprehensive Income 9
Condensed Consolidated Statementof Financial Position 10
Condensed Consolidated Statement of Changes in Equity 11
Condensed Consolidated Statement of Cash Flows 12
Notes to the Condensed Consolidated Statements 13
3
iNTERIM REPORT 2023

1H23 Snapshot
For the six months ended 30 September 2022
STRATEGIC PROGRESS
• Acquisition of Aldwins House on 1 April 2022
• Appointment of Stuart Bilbrough as CEO in
May 2022
• Expansion of the leadership and support
office team
• Investment into technology and systems
• Increasing occupancy at Aldwins House
• Good progress being made on the Ranfurly
Manor Village development with strong local
demand for new villas
• Board changes with appointment of industry
expert Craig Percy and Helen Down stepping
into the role of Acting Chair. Andrew Mitchell
and Stephen Underwood both stepped down
from the Board at the Annual Meeting.
FINANCIAL PERFORMANCE
• Revenue $11.7 million, an increase of 33% yoy
• EBITDAF
1
$1.8 million, an increase of 56% yoy
• Net Profit After Tax $0.4 million, up from a
prior year comparative loss of $0.1 million
• Total Assets $65.9 million and Debt $29.8
million as at 30 September 2022
Promisia Healthcare Limited
operates four aged care facilities,
specialising in high needs and
specialised aged care (being
resthome, hospital and dementia
care). It also offers independent
living in retirement villas and
apartments. Promisia’s facilities
are located in well established
and well serviced towns with
strong communities and close to
main centres. The company has
a diversified growth strategy that
includes growing its portfolio,
developing existing facilities and
extending its revenue mix.
1
EBITDAF is operating earnings before interest, tax, depreciation, amortisation and fair value adjustments and is a non-GAAP number.
4
PROMISIA HEALTHCARE LIMITED

Chair and CEO Review
Dear Shareholder
We are pleased to report an uplift in both revenue
and profit for the half year (1H23) as we continue to
strengthen the business foundation and position
Promisia for future growth.
Good progress has been made over the six months,
as our management team has focused on ensuring the
appropriate fundamentals are in place for Promisia’s
growth journey. We are investing in systems and our
people, while continuing to focus on efficiencies across
the business.
The investments we are making today are positioning
our company to take advantage of the growth and
higher value revenue opportunities we have identified.
Our focus on growth and development, such as at
Ranfurly Manor, is delivering valued new retirement
living options to our communities and is underpinned by
local demand.
Promisia’s villages play an important part in our local
communities, providing a supportive and welcoming
home for senior New Zealanders. Our thanks go to our
incredible team of carers and support staff, who are
committed to providing high quality, personalised care
to our residents every day.
1H23 FINANCIAL PERFORMANCE
Revenue of $11.7 million for the six months, was a 33%
increase on the prior comparative period (pcp). Across
Promisia’s two villages offering villas and care suites,
there were five new sales and four resales of occupation
rights agreements (ORAs) completed during the period.
Earnings excluding fair value movements (EBITDAF)
increased by 56% year on year to $1.8 million for the
period. Promisia has reported a net profit after tax of
$0.4 million. The company is reinvesting into its growth
strategy and no interim dividend has been declared.
At 30 September 2022, total assets were $65.9 million,
an increase of $8.9 million, and included cash and cash
equivalents of $2.2m, with debt increasing to $29.8
million. The increase in assets and debt is due to the
acquisition of Aldwins House which successfully settled
on 1 April 2022.
STRATEGIC PROGRESS
We continue to execute on our strategy, with the focus
increasingly moving to growth opportunities as a
stronger business foundation, people and systems are
established.
Strengthening the business
Stuart Bilbrough was appointed as CEO in May 2022
and the leadership and support office team has been
expanded, with a focus on value adding roles that will
support and grow the Promisia business. In particular,
we have welcomed Simon Cheeseman as the new
Facility Manager at Aldwins House in Christchurch, and
Leanne Ramlose leading village unit and care suite sales
at Ranfurly Manor in Feilding. Investment has been
made into technology, with systems being standardised
across the group and the rollout of a new payroll and
rostering system planned for completion in early 2023.
The Board appointed industry expert, Craig Percy, as an
independent director in August 2022. Andrew Mitchell
and Stephen Underwood stepped down from the
Board at the Annual Shareholders’ Meeting, with Helen
Down taking on the role of Acting Chair. The Board
thanks Stephen and Andrew for their contributions.
In particular, Stephen provided significant value,
leading the Board for a number of years and overseeing
Promisia’s transition into an aged care business in
2020. We have engaged an external advisor and are
undertaking a Board review to ensure the appropriate
governance structure and skills to lead the company
forward.
5
iNTERIM REPORT 2023

OUTLOOK
The focus on building a strong business foundation
will continue in 2H23 and we are expecting continued
earnings growth in the second half of the financial year
as strategic initiatives are progressed. Revenue growth
is expected to be driven by increasing sales of the new
villas and care suites at Ranfurly Manor and the focus on
increasing occupancy at Aldwins House.
While a smaller player in the NZX listed retirement and
aged care sector, we have ambitious goals and Promisia
is well positioned for growth, with strong cashflows and
a growing balance sheet. We have a clear strategy being
led by a new CEO with many years’ industry experience
and supported by an expanded management team.
Industry dynamics point to increasing demand for
quality care options and we are well positioned to build
off Promisia’s small base and grow.
Thank you to our shareholders for your continued
support.
Helen Down Stuart Bilbrough
Acting Chair Chief Executive Officer
Continue to grow occupancy at existing facilities
A priority for FY23 is to maximise occupancy at
Aldwins House. Aldwins House is a significant new
facility for Promisia and one of the top 30 largest
aged care facilities in New Zealand. It is in a high
demand area in Christchurch and offers a good mix of
hospital, resthome and young people dependent care.
Occupancy was 91 of the 145 available beds as at
30 September 2022.
Broaden the revenue mix through the sale of
retirement villas and increasing the range of
services offered
The Ranfurly Manor Village development is progressing
well with strong local demand for the new villas. Sales
are expected to be boosted further in 2H23, following
the appointment of Leanne Ramlose as Village Sales
Executive. Leanne is highly experienced, has worked
in the industry for many years and is well known in the
local community.
The Ranfurly Manor Village development is being
undertaken on a fixed cost basis where the developer
is repaid from the proceeds of each initial sale of an
ORA for a new villa or care suite. This funding model
is proving successful and we will consider a similar
model for future developments. Promisia has strong
cashflow and this will support future growth. We are
actively looking for and assessing development sites in
provincial areas which are near to urban centres.
We are conscious of the restraints of Government
funding for the aged care industry and future
developments will support a shift towards retirement
village and independent living which are less dependent
on Government funding. We continue to look at
opportunities to develop independent living villas and
care suites on new and existing sites.
6
PROMISIA HEALTHCARE LIMITED

Unaudited Consolidated Interim
Financial Statements
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2022
7
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
DIRECTORY
Registered office c/- Lay Associate
66 High Street
PO Box 66, Leeston 7656
DirectorsStephen Underwood (resigned 19th August 2022)
Thomans Brankin
Helen Down
Andrew Mitchell (resigned 19th August 2022)
Craig Percy (appointed 19th August 2022)
AuditorWilliam Buck Audit (NZ) Limited
BankBank of New Zealand
Kiwibank
SolicitorsDuncan Cotterill, Wellington
- 1 -
DIRECTORY
8
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 11,673
8,766
11,6738,766
Less: expenses
Administration expenses(1,315)(1,147)
Operational expenses(8,555)(6,466)
Depreciation(409)(433)
Finance costs(1,047)
(837)
(11,326)(8,883)
Profit / (loss) before income tax expense347(117)
Income tax credit35
6
Net profit / (loss) from continuing operations382(111)
Net profit from discontinued operations-19
Profit / (loss) for the period382(92)
Total other comprehensive income--
Total comprehensive income gain / (loss)
382
(92)
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 8 0.0018 (0.0005)
Basic & diluted earnings per share from
discontinued operations 8 - 0.0001
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 11,6738,766
11,6738,766
Less: expenses
Administration expenses(1,315)(1,147)
Operational expenses(8,555)(6,466)
Depreciation(409)(433)
Finance costs(1,047)(837)
(11,326)(8,883)
Profit / (loss) before income tax expense347(117)
Income tax credit356
Net profit / (loss) from continuing operations382(111)
Net profit from discontinued operations-19
Profit / (loss) for the period382(92)
Total other comprehensive income--
Total comprehensive income gain / (loss)
382(92)
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 8 0.0018 (0.0005)
Basic & diluted earnings per share from
discontinued operations 8 - 0.0001
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2022
9
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
Assets
Cash and cash equivalents2,2161,1922,411
Trade and other receivables2,2051,3342,091
Related party advances9538516558
Right of use assets-8,951-
Property, plant and equipment317,2513,8194,100
Investment properties443,27540,67742,015
Deferred tax assets394
302360
Total assets65,87957,00351,535
Liabilities
Trade and other payables4,3483,2274,167
Current tax liabilities169197198
Borrowings529,84717,46017,154
Lease liabilities-9,702-
Occupancy rights agreements12,554
9,78111,437
Total liabilities46,91840,36732,956
Net assets
18,961
16,63618,579
Equity
Share capital677,27677,27677,276
Reserves7(717)(541)(717)
Net tangible asset backing0.089 cents0.078 cents0.087 cents
Accumulated losses(57,598)
(60,099)(57,980)
Total equity
18,961
16,63618,579
Director:
Helen Down
Director:
Thomas Brankin
The accompanying notes form part of these condensed consolidated financial statements.
- 3 -
Signed on behalf of the board of directors, dated
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 11,6738,766
11,6738,766
Less: expenses
Administration expenses(1,315)(1,147)
Operational expenses(8,555)(6,466)
Depreciation(409)(433)
Finance costs(1,047)(837)
(11,326)(8,883)
Profit / (loss) before income tax expense347(117)
Income tax credit356
Net profit / (loss) from continuing operations382(111)
Net profit from discontinued operations-19
Profit / (loss) for the period382(92)
Total other comprehensive income--
Total comprehensive income gain / (loss)
382(92)
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 8 0.0018 (0.0005)
Basic & diluted earnings per share from
discontinued operations 8 - 0.0001
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
Assets
Cash and cash equivalents2,2161,1922,411
Trade and other receivables2,2051,3342,091
Related party advances9538516558
Right of use assets-8,951-
Property, plant and equipment317,2513,8194,100
Investment properties443,27540,67742,015
Deferred tax assets394
302360
Total assets65,87957,00351,535
Liabilities
Trade and other payables4,3483,2274,167
Current tax liabilities169197198
Borrowings529,84717,46017,154
Lease liabilities-9,702-
Occupancy rights agreements12,554
9,78111,437
Total liabilities46,91840,36732,956
Net assets
18,96116,63618,579
Equity
Share capital677,27677,27677,276
Reserves7(717)(541)(717)
Net tangible asset backing0.089 cents0.078 cents0.087 cents
Accumulated losses(57,598)(60,099)(57,980)
Total equity
18,96116,63618,579
Director:
Helen Down
Director:
Thomas Brankin
The accompanying notes form part of these condensed consolidated financial statements.
- 3 -
Signed on behalf of the board of directors, dated
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2022
Signed on behalf of the board of directors, dated 28 November 2022
10
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
Contributed
equityReserves
Accumulated
LossesTotal equity
$ '000$ '000$ '000$ '000
Consolidated
Balance as at 1 April 2021
77,060(541)(60,007)16,512
Loss for the period-
-(92)(92)
Total comprehensive income for
the period-
-(92)(92)
Transactions with owners in their
capacity as owners:
Contributions216
--216
Total transactions with owners in
their capacity as owners216
--216
Balance as at 30 September 2021
(UNAUDITED)
77,276
(541)(60,099)16,636
Balance as at 1 April 2022
77,276(717)(57,980)18,579
Profit for the period-
-382382
Total comprehensive income for
the period-
-382382
Balance as at 30 September 2022
(UNAUDITED)
77,276
(717)(57,598)18,961
The accompanying notes form part of these condensed consolidated financial statements.
- 4 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 11,6738,766
11,6738,766
Less: expenses
Administration expenses(1,315)(1,147)
Operational expenses(8,555)(6,466)
Depreciation(409)(433)
Finance costs(1,047)(837)
(11,326)(8,883)
Profit / (loss) before income tax expense347(117)
Income tax credit356
Net profit / (loss) from continuing operations382(111)
Net profit from discontinued operations-19
Profit / (loss) for the period382(92)
Total other comprehensive income--
Total comprehensive income gain / (loss)
382(92)
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 8 0.0018 (0.0005)
Basic & diluted earnings per share from
discontinued operations 8 - 0.0001
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2022
11
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Cash flow from operating activities
Receipts from residents for care fees and services11,2328,795
Receipts of residents' loans from new sales2,2153,981
Payments to suppliers and employees(9,845)(7,109)
Repayments of residents' loans(595)(4,388)
Interest paid(1,047)(837)
Income tax paid(28)(268)
Net operating cash flows from discontinued operations-
19
Net cash provided by operating activities1,932193
Cash flow from investing activities
Payment for property, plant and equipment(13,560)(162)
Payment for investment property(1,260)
-
Net cash used in investing activities(14,820)(162)
Cash flow from financing activities
Repayment of related party advance20437
Proceeds from share issue-216
Net proceeds from / (repayment of) borrowings12,673(373)
Payments for lease liabilities-
(338)
Net cash provided by / (used in) financing activities12,693(58)
Reconciliation of cash
Cash at beginning of the financial period2,4111,219
Net decrease in cash held(195)
(27)
Cash at end of financial period
2,216
1,192
The accompanying notes form part of these condensed consolidated financial statements.
- 5 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 11,6738,766
11,6738,766
Less: expenses
Administration expenses(1,315)(1,147)
Operational expenses(8,555)(6,466)
Depreciation(409)(433)
Finance costs(1,047)(837)
(11,326)(8,883)
Profit / (loss) before income tax expense347(117)
Income tax credit356
Net profit / (loss) from continuing operations382(111)
Net profit from discontinued operations-19
Profit / (loss) for the period382(92)
Total other comprehensive income--
Total comprehensive income gain / (loss)
382(92)
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 8 0.0018 (0.0005)
Basic & diluted earnings per share from
discontinued operations 8 - 0.0001
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2022
12
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements presented are those of Promisia Healthcare Limited (the
Company), and its subsidiaries (the Group). Promisia Healthcare Limited is a profit-oriented entity
incorporated in New Zealand. Promisia Healthcare Limited’s principal activities are the ownership and
operation of retirement villages, rest homes, and hospitals for the elderly within New Zealand.
Promisia Healthcare Limited is a Financial Markets Conduct Act reporting entity under the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013.
These condensed consolidated financial statements have been approved for issue by the Board of Directors
on 28 November 2022.
(a) Basis of preparation of the condensed financial report
The condensed consolidated financial statements comprise the following: condensed consolidated
statement of comprehensive income, condensed consolidated statement of financial position, condensed
consolidated statement of changes in equity, condensed consolidated statement of cash flows, and
condensed accounting policies and notes to the condensed consolidated financial statements.
These condensed consolidated financial statements have been prepared in accordance with NZ IAS 34
Interim Financial Reporting, and should be read in conjunction with the Groups' last consolidated financial
statements as at and for the year ended 31 March 2022 (‘last annual financial statements’). These do not
include all of the information required for a complete set of NZ IFRS financial statements. However, selected
explanatory notes are included to explain events and transactions that are significant to an understanding of
changes in the Groups' financial position and performance since the last consolidated financial statements.
The Groups' accounting policies have been applied consistently to all periods presented in these condensed
financial statements.
The information is presented in New Zealand dollars, the Group’s functional and presentation currency, and
rounded to the nearest thousand dollars unless stated otherwise.
There is no seasonality or cyclically of the operations.
(b) Going concern
The condensed consolidated financial statements have been prepared on a going concern basis, which
contemplates continuity of normal business activities and the realisation of assets and the settlement of
liabilities in the ordinary course of business.
The Directors are comfortable that based on the historic performance, detailed cash flow projections, and
the support provided by Directors, the Group will be able to meet their cash flow requirements as they fall
due. The Group has reported a net profit before tax of $0.347 million.
(c) Segment reporting
The Group operates a number of rest homes and retirement villages. These facilities all provide a similar
product to a similar customer in the same regulatory environment.
- 6 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENT
For the six months ended 30 September 2022
13
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Group operates in one operating segment being the provision of aged-care in New Zealand. The chief
operating decision maker, the Board of Directors, reviews the operating results on a regular basis and makes
decisions on resource allocation based on the review of Group results and cash flows as a whole.
Therefore, it is appropriate to report solely on the Group performance.
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
NOTE 2: OPERATING PROFIT
Included in the profit / (loss) for the period are the following
expenses:
- Legal & professional fees228190
- NZX listing & regulatory fees4148
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
NOTE 3: PROPERTY, PLANT AND EQUIPMENT
Land and buildings
At valuation16,4373,2503,250
Accumulated depreciation(401)
(58)(89)
16,0363,1923,161
Plant and equipment
Other at cost1,4617651,087
Accumulated depreciation(246)
(138)(148)
1,215627939
Total property, plant and equipment
17,251
3,8194,100
- 7 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
14
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
NOTE 3: PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
(a) Reconciliations
Reconciliation of the carrying amounts of property, plant
and equipment at the beginning and end of the current
financial period
Land and buildings at valuation
Opening carrying amount3,1613,2243,250
Additions13,187--
Depreciation expense(312)
(32)(89)
Closing carrying amount
16,036
3,1923,161
Other
Opening carrying amount939532602
Additions373179485
Depreciation expense(97)
(85)(148)
Closing carrying amount
1,215
626939
During April 2022 Aldwins House was purchased by the Group. Independent valuers, CBRE, were engaged by
the Group to complete a purchase price allocation for tax purposes. As part of the purchase price allocation,
at 15 November 2022, CBRE assessed the current market value of the land and improvements at $13 million.
The Aldwins House property is situated in Christchurch and is measured at fair value on acquisition, including
furniture and fittings, as it is an owner operated facility and is not subject to any occupancy rights
agreements. Subsequent to acquisition revaluations are undertaken every three years unless there is
sustained market evidence of a significant change in market value.
NOTE 4: INVESTMENT PROPERTIES
During the period, investment properties have increased from $42.015m at 31 March 2022 to $43.275m at
30 September 2022 being an increase of $1.060m. This increase relates to further development of the
Ranfurly Manor Village located next to the Ranfurly Manor Residential Care Centre in Feilding.
- 8 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
15
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
NOTE 5: BORROWINGS
Current portion 477 346 800
Term portion29,370
17,114 16,354
29,847 17,460 17,154
Comprises of:
- Hunter Funding Limited120--
- Monument Finance Limited - insurance funding2674108
- BNZ - Aldwins House Limited7,500--
- BNZ - Eileen Mary Age Care Property Limited2,9002,9002,900
- BNZ - Ranfurly Manor No: 1 Limited5,4305,4305,430
- BNZ - Ranfurly Manor No: 1 Limited2,2012,8862,546
- BNZ - Nelson Street Resthome Limited1,1701,1701,170
- Senior Trust- Ranfurly Manor No: 1 Limited6,5005,0005,000
- Teltower Limited4,000
--
29,84717,46017,154
During the period, the Group borrowed an additional $13m of debt, to fund the acquisition of Aldwins
House aged care facility. In previous periods borrowings of $17.6m related to the acquisition of aged care
facilities.
BNZ Loans
Term loans are secured by first mortgage security over the aged care facilities. A new term loan of $7.5m
was entered into during the period. This loan has a floating interest rate of 5.43% to 7.68% p.a. Repayment
is required in full on 31 March 2025. The existing loans have interest rates of 5.15% to 7.57% at 30
September 2022 (30 Sep 2021: 4.21% to 4.42% and 31 March 2022: 2.29% to5.15%). One loan of $3.5m is
repayable in 60 equal installments. All other BNZ loans fall due for repayment on 20 October 2023.
Monument Finance Limited
Funding was provided by Monument Finance Limited for the payment of insurance premiums.
Senior Trust Limited
Senior Trust Retirement Village Income Generator Limited holds second mortgage security over the aged
care facilities. An additional $1.5m was drawn down during the period and added to the existing loan of
$5m. This was to fund the Aldwins House acquisition. The loan is interest only with a fixed interest rate of
10.75% (30 Sep 2021: 10.75% and 31 March 2022: 10.75%)p.a. Repayment is required in full on 30 October
2024.
- 9 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
16
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
NOTE 5: BORROWINGS (CONTINUED)
Teltower Limited
A term loan of $4m was entered into during the period. This loan has an interest rate of 6.0% p.a.
Repayment is required in full on 1st April 2027. There is no commitment to repay principal until two years
from term expiry (1st April 2025). The loan is secured by the present properties at 56 McPhee Street,
Dannevirke and 62 Aldwins Road, Phillipstown as well as any after acquired property.
Hunter Funding Limited
New funding was provided by Hunter Funding Limited for the payment of insurance premiums.
NOTE 6: SHARE CAPITAL
30 September 2022
UNAUDITED
30 September 2021
UNAUDITED
Number
(000's)$ '000
Number
(000's)$ '000
(a)
Opening balance21,284,97577,27621,021,20977,060
Shares issued (net)-
-263,766216
At reporting date
21,284,975
77,27621,284,97577,276
The Group's share capital includes fully paid shares.
Note
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
31 March
2022
AUDITED
$ '000$ '000$ '000
NOTE 7: RESERVES
Interest pooling reserve(717)(717)(717)
Foreign currency translation reserve-
176-
(717)(541)(717)
The interest pooling reserve has been used to record the value on acquisition of an aged care facility on 30
October 2020.
The foreign currency translation reserve is used to record the exchange differences arising on translation of a
foreign entity.
- 10 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
17
iNTERIM REPORT 2023

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
NOTE 8: EARNINGS PER SHARE
Net gain/ (loss) from continuing operations382(111)
Net gain/ (loss) from discontinued operations-19

CentsCents
per share per share
Cents per share
Net gain/ (loss) from continuing operations0.0018(0.0005)
Net gain/ (loss) from discontinued operations-0.0001

Number of Number of
shares shares
000's 000's
Weighted average number of shares for basic and diluted EPS21,284,97521,219,568
The calculation of basic earnings per share is based on the loss from continuing operations attributable to
ordinary shareholders and the weighted average of total ordinary shares on issue during the period. The
calculation of diluted earnings per share is the same calculation as basic earnings per share as there were no
share options to be exercised.
30 September
2022
UNAUDITED
30 September
2021
UNAUDITED
$ '000$ '000
NOTE 9: RELATED PARTY TRANSACTIONS
Related PartyRelationship
Brankin Family Interest TrustRelated to a shareholder and a Director of the Group
In the prior period Teltower Limited was the landlord of Aldwins House and was a related party of The
Wellington Company Limited (previously a substantial shareholder of the Group).
(a) Transactions with related parties
Lease payment to Teltower Limited-(488)
Directors fees*(88)(84)
Funds advanced by Brankin Family Interest Trust-437
* Directors fees are paid monthly to all directors
- 11 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
18
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2022
NOTE 9: RELATED PARTY TRANSACTIONS (CONTINUED)
(b) Balances with related parties
At reporting date $0.538m was receivable from Brankin Family Interest Trust (30 September 2021: $0.516m
and 31 March 2022: $0.558m).
No balances with related parties were written off or forgiven in the period.
NOTE 10: CAPITAL COMMITMENTS
The Group has entered into a fixed price agreement for the development land surrounding the Ranfurly
Residential Care Centre. The agreement provides a period of seven years for the development of ten internal
units, two 1-bedroom villas and thirty 2-bedroom villas to be completed at a fixed price of $14.18m to be
paid from the ORA sale proceeds from individual units.
At the 30th September 2022 six 2-bedroom villas had been completed and sold along with two internal care
suites and a further six deposits were received for villas under construction. Over the second half of the
financial year a further six villas are planned for completion.
NOTE 11: CONTINGENT LIABILITIES
There are no contingent liabilities at 30 September 2022. ( 30 September 2021: $nil)
NOTE 12: EVENTS SUBSEQUENT TO REPORTING DATE
Promisia Healthcare Limited’s subsidy owned aged care business, Ranfurly Manor Limited, has recently gone
through an audit of its holiday pay calculations by the Ministry of Business, Innovation and Employment
Labour Inspectorate and found to have breached sections of the Holidays Act 2003.
Promisia is proactively working with the Labour Inspector to resolve all breaches identified and agreed as
requiring correction. The review period is from the 30th October 2020 when Promisia took possession of the
Feilding based Ranfurly Manor business. The review is in its early stages and Promisia is currently unable to
provide a directional quantification of the potential cost to the business. Managements expectation is to
have any liability quantified prior to the end of the current financial year ending 31st March 2023.
Other than the events described above, there has been no other matter or circumstance, which has arisen
since 30 September 2022 that has significantly affected or may significantly affect:
(a)the operations, in financial period subsequent to 30 September 2022, of the Group, or
(b)the results of those operations, or
(c)the state of affairs, in financial period subsequent to 30 September 2022, of the Group.
- 12 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
19
iNTERIM REPORT 2023

www.promisia.co.nz
Promisia
HEALTH AND CARE
EW
m

---

Market Announcement
28
th
November 2022
PROMISIA HEALTHCARE 1H23 INTERIM RESULTS
Promisia Healthcare Limited (NZX: PHL, “Promisia”) has announced its unaudited results for the six
months ended 30 September 2022 (1H23). The company has reported an uplift in both revenue and
profit as it continues to strengthen the business foundation and position itself for future growth.
New CEO of Promisia, Stuart Bilbrough, said that good progress had been made over the six months,
as management focused on ensuring the appropriate foundations were in place for Promisia’s
growth journey.
“We are investing in systems and our people, while continuing to focus on efficiencies across the
business. Our thanks go to our incredible team of carers and support staff, who are committed to
providing the best possible care to our residents every day. Promisia’s villages play an important part
in our local communities, providing a supportive and welcoming home for senior New Zealanders.
“The investments we are making today are positioning our company to take advantage of the
growth and higher value revenue opportunities we have identified. Our focus on growth and
development, such as at Ranfurly Manor, is delivering valued new retirement living options to our
communities and is underpinned by local demand. We are expecting continued earnings growth in
2H23 as strategic initiatives are progressed.”

1H23 Financial Performance
Revenue of $11.7 million for the six months, was a 33% increase on the prior comparative period
(pcp). Across Promisia’s two villages offering villas and care suites, there were five new sales and
four resales of occupation rights agreements (ORAs) completed during the period.
Earnings excluding fair value movements (EBITDAF
1
) increased by 56% year on year to $1.8 million
for the period. Promisia has reported a net profit after tax of $0.4 million. The company is
reinvesting into its growth strategy and no interim dividend has been declared.
As at 30 September 2022, total assets were $65.9 million, an increase of $8.9 million, and included
cash and cash equivalents of $2.2m, with debt increasing to $29.8 million. The increase in assets and
debt is due to the acquisition of Aldwins House which successfully settled on 1 April 2022. Aldwins
House has now moved into a profit-making position.

Strategic progress
Promisia continues to execute on its strategy, with the focus increasingly moving to growth
opportunities as the business foundation, people and systems are established.


1
EBITDAF is operating earnings before interest, tax, depreciation, amortisation and fair value adjustments and is a non-
GAAP number.

• Strengthening the business: Stuart Bilbrough was appointed as CEO in May 2022. The
leadership and support office team has been expanded, with a focus on value adding roles
that will support and grow the Promisia business. Promisia has welcomed Simon Cheeseman
as the new Facility Manager at Aldwins House in Christchurch, and Leanne Ramlose leading
village unit and care suite sales at Ranfurly Manor in Feilding. Investment has been made
into technology, with systems being standardised across the group and the rollout of a new
payroll and rostering system planned for completion in early 2023.
• The Board appointed industry expert, Craig Percy, as an independent director in August
2022. Andrew Mitchell and Stephen Underwood stepped down from the Board at the
Annual Shareholders’ Meeting, with Helen Down taking on the role of Acting Chair. The
company thanks Stephen and Andrew for their contributions. In particular, Stephen
provided significant value, leading the Board for a number of years and overseeing
Promisia’s transition into an aged care business in 2020. Promisia has engaged an external
advisor and is undertaking a Board review to ensure the appropriate governance structure
and skills to lead the company forward.
• Continue to grow occupancy at existing facilities: A priority for FY23 is to maximise
occupancy at Aldwins House. Aldwins House is a significant new facility for Promisia and one
of the top 30 largest aged care facilities in New Zealand. It is in a high demand area in
Christchurch and offers a good mix of hospital, rest home and young people dependent care.
Occupancy has increased to 91 of the 145 available beds at 30 September.
• Broaden the revenue mix through the sale of retirement villas and increasing the range of
services offered: The Ranfurly Manor Village development is progressing well with strong
local demand for the new villas and care suites. Sales are expected to be boosted further in
2H23, following the appointment of Leanne Ramlose as Village Sales Executive. Leanne is
highly experienced, has worked in the industry for many years and is well known in the local
community.
• The Ranfurly Manor Village development is being undertaken on a fixed cost basis where the
developer is repaid from the proceeds of each initial sale of an ORA for a new villa or care
suite. This funding model is proving successful, and the Board will consider a similar model
for future developments. Promisia has strong cashflow and this will support future growth.
The company is actively looking for and assessing development sites in provincial areas
which are near to urban centres.
• Promisia is conscious of the restraints of Government funding for the aged care industry and
future developments will support a shift towards retirement village and independent living
which are less dependent on Government funding. The company continues to look at
opportunities to develop independent living villas and care suites on new and existing sites.

Outlook
The focus on building a strong business foundation will continue in 2H23. Revenue growth is
expected to be driven by increasing sales of the new villas and care suites at Ranfurly Manor and the
focus on increasing occupancy at Aldwins House.
Acting Chair, Helen Down, said: “While a smaller player in the NZX listed retirement and aged care
sector, Promisia has ambitious goals and is well positioned for growth, with strong cashflows and
growing balance sheet. Industry dynamics point to increasing demand for quality care options and
Promisia is well positioned to build off its small base and grow. We have a clear strategy being led by
a new CEO with many years’ industry experience and supported by an expanded management team.
The Board thanks the dedicated teams in each of our facilities who are committed to delivering high
quality, personalised care to senior New Zealanders in the communities that we operate.”

ENDS


For more information, please contact:
Stuart Bilbrough, Chief Executive Officer on +64 21 252 5778 or email
stuart.bilbrough@promisia.co.nz.
For media assistance, please contact: Jackie Ellis on +64 27 246 2505 or email
jackie@ellisandco.co.nz.
About Promisia Healthcare
Promisia operates four aged care facilities, specialising in high needs and specialised aged care
(being rest home, hospital and dementia care). It also offers independent living in retirement villas
and apartments. Promisia’s facilities are located in well-established and well serviced towns with
strong communities and close to main centres. The company has a diversified growth strategy that
includes growing its portfolio, developing existing facilities and extending its revenue mix.
Promisia is listed on the NZX (NZX: PHL). www.promisia.com

---

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


15808408_1


Results for announcement to the market
Name of issuer Promisia 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
$11,673 33.2%
Total Revenue $11,673 33.2%
Net profit/(loss) from
continuing operations
$382 444.1%
Total net profit/(loss) $382 515.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend is proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
0.089 cents 0.078 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached Chair and CEO Review
Authority for this announcement
Name of person

authorised
to make this announcement
Helen Down, Acting Chair
Contact person for this
announcement
Stuart Bilbrough, Chief Executive Officer
Contact phone number 021 252 5778
Contact email address stuart.bilbrough@promisia.co.nz
Date of release through MAP

28/11/2022

Unaudited financial statements accompany this announcement.