FPH announces results for the first half of FY23

News Release
STOCK EXCHANGE LISTINGS: NEW ZEALAND (FPH), AUSTRALIA (FPH)

Fisher & Paykel Healthcare announces results for the first half of the 2023 financial year

Auckland, New Zealand, 29 November 2022 - Fisher & Paykel Healthcare Corporation Limited
(NZX:FPH, ASX:FPH) today announced its results for the first half of the 2023 financial year.

For the six months ended 30 September 2022, total operating revenue was $690.6 million,
above the $670 million guided by the company in its August trading update.

While revenue was down 23% on the first half of the prior year (or 27% in constant currency),
this was a 21% increase on the comparable pre-pandemic period, being the first half of the
2020 financial year ($570.9 million). Net profit after tax for the first half was $95.9 million, a 57%
decline from the prior comparable period, or a 65% decline in constant currency.

Managing Director and CEO Lewis Gradon said, “Consistent with what we signalled in August,
first half revenue was down on the prior corresponding period as we lapped significant COVID-
19-driven demand. Compared to pre-pandemic levels, this represents solid growth.”

In the Hospital product group, which includes humidification products used in respiratory, acute
and surgical care, revenue for the first half was $438.7 million. This marks a decline of 35% on
the prior comparable period, or 37% in constant currency. This represents an increase of 24%
on the first half of the 2020 financial year. Of total Hospital product group revenue, 87% was
from the sale of consumables and 13% was from the sale of hardware.

“Customer stock levels of hospital consumables continued to reflect purchases of considerable
amounts during our prior half, in preparation for an Omicron hospitalisation wave which proved
less severe than originally anticipated,” said Mr Gradon.

“Through the first half, there are positive signs that our hospital customers are working through
their excess inventory holdings, and total group sales of our hospital consumables have
increased sequentially on a month-by-month basis since May. This trend has continued in the
second half to date.

“While we believe the number of hospitals which continue to be overstocked is declining,
ultimately, these stocking dynamics are short term, and the fundamentals of our sales strategy
remain the same. Our teams are committed to helping improve clinical practice and ensuring
the hardware our customers have purchased during the pandemic is used to benefit a broader
range of patients requiring respiratory support.”

In the Homecare product group, which includes products used in the treatment of obstructive
sleep apnea (OSA) and respiratory support in the home, revenue was $249.9 million, a 10%
increase over the prior comparable period, or 4% in constant currency. OSA masks and
accessories revenue increased 16% on the prior comparable period, or 10% in constant
currency.

“It has been pleasing to see a strong reception for our new Evora Full mask, which we began
selling into the United States in April following 510(k) approval,” said Mr Gradon. “Initial
feedback from clinicians and end users has been positive, and this provides added momentum
for our team working hard on a robust product pipeline.”

Gross margin was 59.8%, down from 63.1% in the prior period and below the company’s long-
term target of 65%. Although global freight rates are seeing prices soften, legs in and out of
New Zealand lag this trend, which continues to weigh on margin. The company has also been

impacted by manufacturing inefficiencies, as it carefully balances demand fluctuations while
managing manufacturing throughput and higher rates of sickness-related absenteeism in the
manufacturing workforce.

The company reached a number of infrastructure milestones over the half to support continued
growth. This includes the announcement in September that the company had entered into a
conditional agreement to purchase a 105-hectare site for an additional campus in Karaka,
Auckland. This acquisition is subject to Overseas Investment Office (OIO) approval, and the
company expects a response from the agency in the first half of the 2023 calendar year.

The company’s directors have approved an increased interim dividend of 17.5 cents per share
(H1 FY22: 17.0 cents per share). The interim dividend, carrying full New Zealand imputation
credit, will be paid on 21 December 2022 with a record date of 9 December 2022.

The company is also reactivating its dividend reinvestment plan, as noted in an additional news
release issued today, through which eligible shareholders can opt to invest all or part of their
cash dividends in additional shares with an applicable discount of 3%. Details of this plan are
available on the company website at www.fphcare.com/drp.

Looking ahead

“Our second half will be impacted by a number of factors, including:
• The rate of COVID-19 hospitalisations and the related intensity of respiratory support
required;
• The severity and duration of a Northern Hemisphere flu season;
• The magnitude of RSV (respiratory syncytial virus) hospitalisation surges currently
experienced in some regions; and
• The impact of ongoing hospital staffing challenges on the surgical procedure backlogs in
many countries.

“Given these current uncertainties, we are not providing full-year quantitative revenue or
earnings guidance at this time.

“However, we expect second half revenue for the 2023 financial year will be higher than in the
first half.

“In our Hospital product group, pre-COVID-19 seasonal patterns have typically resulted in
higher sales of hospital consumables in the second half compared to the first half. In the 2018
and 2019 financial years (being our most recent years that were unimpacted by COVID-19), our
hospital consumable sales were 19% higher in constant currency during the second half
compared to the first half. In addition, it is likely that a proportion of customers have worked
through Omicron-driven consumables stock during our first half.

“In our Homecare product group, we believe the recent launch of our new Evora Full face mask,
combined with improving global supply of CPAP hardware, will contribute to continued growth
for the remainder of the year.

“Assuming current, slightly lower freight costs and reduced manufacturing inefficiencies,
constant currency gross margin for the second half would improve from the first half by
approximately 200 basis points,” said Mr Gradon.

The company is now targeting constant currency operating expense growth of approximately
8% for the full year.

“We remain committed to sustainable, profitable growth,” said Mr Gradon. “Our confidence in
the future is unchanged, evidenced by the significant level of investment in new product
development, our global sales force and our infrastructure.”

Overview of key results for the first half of the 2023 financial year

• 57% decline in net profit after tax to $95.9 million, 65% decline in constant currency.
• 23% decline in operating revenue to $690.6 million, 27% decline in constant currency.
• 35% decline in Hospital operating revenue to $438.7 million, 37% decline in constant
currency.
• 23% decline in constant currency for new applications consumables (products used in
noninvasive ventilation, Optiflow nasal high flow and surgical applications) accounting
for 68% of Hospital consumables revenue.
• 10% growth in Homecare operating revenue, 4% growth in constant currency.
• Investment in R&D was 12% of revenue, or $84.2 million.
• 3% increase in interim dividend to 17.5 cps (H1 FY22: 17.0 cps).

About Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of products and
systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive
sleep apnea. The company’s products are sold in over 120 countries worldwide. For more
information about the company, visit our website www.fphcare.com.

Ends

Media & Investor Contacts

Karen Knott
GM Corporate Communications
karen.knott@fphcare.co.nz
+64 (0) 21 713 911
Hayden Brown
Investor Relations Manager
hayden.brown@fphcare.co.nz
+64 (0) 27 807 8073


Authorised by Fisher & Paykel Healthcare Corporation Limited’s Board of Directors.

Accompanying Documents

Attached to this news release are the following additional documents:
• Results in Brief
• Interim Report 2023
• Investor Presentation
• NZX Results Announcement
• NZX Distribution Notice

Constant Currency Information

Constant currency information included within this news release is non-GAAP financial
information, as defined by the NZ Financial Markets Authority, and has been provided to assist
users of financial information to better understand and track the company’s comparative
financial performance without the impacts of spot foreign currency fluctuations and hedging
results and has been prepared on a consistent basis each year. A constant currency analysis is
included on page 14 of the company’s Interim Report 2023, and the company’s constant
currency framework can be found on the company’s website at www.fphcare.com/ccf.

Half Year Results Conference Call
Fisher & Paykel Healthcare will host a conference call on Tuesday, 29 November 2022 to
discuss the half year result. The conference call is scheduled to begin at 10:00am NZDT,
8:00am AEDT (4:00pm USEST, Monday, 28 November) and will be webcast.

To listen to the webcast, access the company’s website at www.fphcare.com/investor. An online
archive of the event will be available approximately two hours after the webcast and will remain
on the site for two weeks.
To listen and participate in the conference call via phone, please register via ‘GlobalMeet’ by
clicking this link. Once registered, click ‘Call Me’ and you will receive a phone call connecting
you through to the conference line.

---

Results in Brief


Six Months
Ended
Six Months
Ended
% Change
(Reported)
% Change
(Constant
Currency
1
)
30 Sep 21 30 Sep 22
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)
FINANCIAL PERFORMANCE


Total operating revenue 900.0 690.6 -23% -27%
Cost of sales (332.3) (277.4) -17% -16%
Gross profit 567.7 413.2 -27% -33%
Gross margin 63.1% 59.8% -325bps -533bps
Selling, general and administrative expenses (189.6) (202.3) +7% -%
Research and development expenses (75.7) (84.2) +11% +11%
R&D percentage of operating revenue 8.4% 12.2% +378bps +445bps
Total operating expenses (265.3) (286.5) +8% +3%
Operating profit before financing costs 302.4 126.7 -58% -67%
Operating margin 33.6% 18.3% -1526bps -1770bps
Net financing income (expense) (1.3) (12.4) +854% -125%
Profit before tax 301.1 114.3 -62% -67%
Tax expense (79.3) (18.4) -77%
-74%
Profit after tax 221.8 95.9 -57%
-65%
Effective tax rate 26.3% 16.1%

Effective tax rate excluding R&D tax credit 28.8% 22.7%



Revenue by Region:




North America 329.8 289.5 -12%

Europe 232.0 188.0 -19%

Asia Pacific 267.2 174.2 -35%

Other 71.0 38.9 -45%

Total 900.0 690.6 -23%





Revenue by Product Group:


Hospital 670.2 438.7 -35%

Homecare 226.9 249.9 +10%

Core products sub-total 897.1 688.6 -23%

Distributed and other 2.9 2.0 -32%

Total 900.0 690.6 -23%


FINANCIAL POSITION
As at 31 Mar 22
NZ$M
(except as otherwise
stated)
As at 30 Sep 22
NZ$M
(except as otherwise
stated)

Tangible assets 1,936.6 1,837.8 -5%
Intangible assets
2
170.4 256.7 +51%
Total assets 2,107.0 2,094.5 -1%
Total liabilities (427.3) (616.1) +44%
Shareholders’ equity 1,679.7 1,478.4 -12%
Gearing -16.3% 2.7% +19%
Net tangible asset backing (cents per share) 261 211 -19%
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group’s underlying
comparative financial performance without any impact from changes in foreign exchange rates. The company’s constant currency
framework can be found on the company’s website at www.fphcare.com/ccf. The reconciliation to reported results is included within
the Financial Commentary section of the Interim Report.
2
Includes Intangible and deferred tax assets.

Results in Brief
(continued)



Six Months
Ended
Six Months
Ended
% Change
30 Sep 21 30 Sep 22
NZ$M NZ$M
(except as otherwise
stated)
(except as otherwise
stated)



CASH FLOWS

Net cash flow from operating activities 127.5 1.9 -99%
Net cash flow (used in) investing activities 13.8 75.2 +445%
Net cash flow (used in) financing activities (131.9) (107.5) -19%



SHARES OUTSTANDING

Weighted average basic shares outstanding 576,615,929 577,490,656

Weighted average diluted shares
outstanding
579,772,363 580,504,570

Basic shares outstanding at period end 577,131,310 577,663,664




DIVIDENDS AND EARNINGS PER SHARE

Dividends per share (cents) – declared 17.0 17.5 +3%
Basic earnings per share (cents) 38.5 16.6 -57%

---

Interim Report 2023
COMMITMENT

commitment
The state or quality of being
dedicated to a cause or activity.
Contents
OVERVIEW OF KEY FINANCIAL RESULTS2
HALF YEAR BUSINESS UPDATES3
PRODUCT GROUP OVERVIEW4
HALF YEAR REVIEW6
FINANCIAL COMMENTARY11
FINANCIAL STATEMENTS15
NOTES TO THE FINANCIAL STATEMENTS19
DIRECTORY24
Constant currency information contained within this report
is non-conforming financial information, as defined by the
NZ FMA and has been provided to assist users of financial
information to better understand and assess the company’s
financial performance without the impacts of spot financial
currency fluctuations and hedging results, and has been prepared
on a consistent basis each financial year. A reconciliation between
reported results and constant currency results is available
on page 14 of this report. The company’s constant currency
framework can be found on our website at www.fphcare.com/ccf.
This report is dated 28 November 2022 and is signed on behalf of
Fisher & Paykel Healthcare Corporation Limited by Scott St John,
Board Chair and Lewis Gradon, Managing Director and
Chief Executive Officer.
LEWIS GRADON
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
SCOTT ST JOHN
BOARD CHAIR

HALF YEAR
Overview of key financial results
OPERATING REVENUE
$690.6m
▼

23% | 1H FY22 ($900.0M)
GROSS MARGIN
59.8%

HOSPITAL REVENUE
$438.7m
▼

35% | 1H FY22 (670.2M)
NET PROFIT AFTER TAX
$95.9m
▼

57% | 1H FY22 ($221.8M)
INTERIM DIVIDEND
FULLY IMPUTED
17.5cps
▲

3% | 1H FY22 (17CPS)
SPEND ON R&D
$84.2m
12% OF OPERATING REVENUE
OSA MASKS AND ACCESSORIES
REVENUE GROWTH
10%
(CONSTANT CURRENCY)
INTERIM REPORT 2023
2Fisher & Paykel Healthcare

HALF YEAR
business updates
REVENUE BY REGION
6 MONTHS TO 30 SEPTEMBER 2022
Hospital
Homecare
Distributed & Other
North America
Europe
Asia Pacific
Other
CONTINUED to build
out our anesthesia sales
force in Europe and
North America.
ENTERED into conditional
agreement for land to
construct our second
New Zealand campus.
ADVANCED construction
of our fifth facility at our
existing New Zealand
campus.
COMPLETED the
construction of our third
manufacturing facility
in Tijuana.
42%
27%
25%
6%
120+
COUNTRIES
64%
36%
<1%
REVENUE BY PRODUCT GROUP
6 MONTHS TO 30 SEPTEMBER 2022
PROGRESSED the roll-out
of our new technology,
including Airvo™ 3,
Optiflow™ Switch and
Evora™ Full.
PRESENTED with four
social responsibly awards
by the Association of
Human Resources in
Tijuana.
APPOINTED Cather
Simpson to the Board
of Directors.
INTERIM REPORT 2023
3Fisher & Paykel Healthcare

Product group overview
Our business is structured in two parts: Hospital and Homecare.
Hospital
64%
OF OPERATING REVENUE
Our Hospital product group
includes products used in
invasive ventilation, noninvasive
ventilation, nasal high flow,
and laparoscopic and open
surgery. Not only do these
products help healthcare providers
improve patient outcomes, they
often deliver economic benefits
as well, by reducing the need to
escalate care and shortening
patient stays in hospital.
NEW APPLICATIONS CONSUMABLES AS A
% OF HOSPITAL CONSUMABLES REVENUE
68%
OPERATING REVENUE
$438.7M
PRODUCT FEATURED:
INTERIM REPORT 2023
4Fisher & Paykel Healthcare

36%
OF OPERATING REVENUE
OSA MASKS AND ACCESSORIES
CONSTANT CURRENCY REVENUE
10%
OPERATING REVENUE
$249.9M
The Homecare product group
includes devices and systems used
to treat obstructive sleep apnea
(OSA) and provide respiratory
support in the home. These include
our CPAP therapy masks as well as
flow generators, interfaces, and
data management technologies.
Homecare
PRODUCT FEATURED:
INTERIM REPORT 2023
5Fisher & Paykel Healthcare

Half year review
SCOTT ST JOHN
Board Chair
LEWIS GRADON

Managing Director and
Chief Executive Officer
The word ‘commitment’ has long
held significant meaning for us. One
of our five company values, it has
resonated strongly in recent months
as we reflect on the efforts required
through the pandemic period. It
resonates further still as we move
forward, describing the focus on our
long-term aims and the discipline
required to achieve them.
Getting our life-preserving product out to
patients was paramount during the peak of
the pandemic – this came first, and everything
else flowed from that. As we said back in May
at our full-year result, we did not let these
events divert us from our long-term course,
and that is worth repeating now. We remain
committed to sustainable, profitable growth,
and our confidence in the future is unchanged.
We are investing significantly in that future
and, as we do so, our people are focused on
identifying the right near-term actions that
strengthen us for the long term.
FINANCIAL RESULTS
As we said in our trading update in August,
revenue was down on the prior period but
elevated compared with pre-pandemic levels.
For the six months ended 30 September 2022,
total operating revenue was $690.6 million,
23 per cent below the same period last year,
or 27 per cent in constant currency. This
represents a 21 per cent increase on the first
half of the 2020 financial year ($570.9 million).
Net profit after tax was $95.9 million, 57 per
cent below the same period last year, or 65 per
cent in constant currency.
INTERIM REPORT 2023
6Fisher & Paykel Healthcare

Our Hospital product group comprised 64 per
cent of revenue at $438.7 million, representing
a 35 per cent decline on the prior year, or
37 per cent in constant currency. This marks
a 24 per cent increase compared to the
comparable pre-pandemic period, being the
first half of the 2020 year ($353.6 million).
Hospital consumables sales in constant
currency were down 19 per cent on the prior
year, but up 25 per cent on the first half of
2020. We believe customer stock levels have
been elevated during the first half, reflecting
hospital purchases of considerable amounts of
product in preparation for an Omicron wave
which, for the most part, proved less severe
than originally anticipated. Ultimately, we see
these stocking dynamics as short-term, and
the fundamentals of our sales strategy remain
the same. Our teams are committed to helping
improve clinical practice and ensuring the
hardware our customers have purchased is
used to benefit a broader range of patients
requiring respiratory support.
Our Homecare product group delivered
revenue of $249.9 million, representing growth
of 10 per cent on the first half last year or
4 per cent in constant currency. Pleasingly, our
OSA masks and accessories revenue increased
10 per cent in constant currency. The early
reception to our new Evora™ Full mask has
been very favourable. We received 510(k)
approval in the United States in April and have
since seen strong sales volumes and positive
user feedback. This adds to the momentum for
our OSA team who are working hard on a
robust product pipeline.
We have repeatedly signalled
the importance of long-term
infrastructure planning to help us
deliver on our sustainable, profitable
growth strategy and our aspirations
of doubling constant currency
revenue every five to six years. To take
advantage of the opportunities ahead
of us, we need more space, and we
took an important step in securing
this during the first half.
In September, we entered into a
conditional agreement, subject to
approval by the Overseas Investment
Office, to purchase a 105-hectare
site for an additional New Zealand
campus in Karaka, Auckland.
At more than double the size of our
current site, the Karaka campus would
afford us with significant room to
grow. Should we be successful with
our OIO application, development of
the new campus will occur gradually
over a 20 to 30-year period, with
a focus on earthworks and core
infrastructure over the next five years.
These plans reaffirm our confidence
in our long-term opportunities and
demonstrate our strong commitment
to R&D and manufacturing in
New Zealand.
UNLOCKING FUTURE GROWTH: Our proposed Karaka campus
INTERIM REPORT 2023
7Fisher & Paykel Healthcare

Gross margin for the half was 59.8 per cent,
down from 63.1 per cent in the prior period
and below our long-term target of 65 per cent.
Elevated freight rates remain a factor – major
global routes are seeing prices soften, though
legs in and out of New Zealand remain behind
this curve, with prices taking longer to
normalise. The half has also seen us manage
through manufacturing inefficiencies, as we
have been carefully balancing demand
fluctuations with manufacturing throughput
and higher rates of absenteeism in our
manufacturing workforce due to sickness.
STRATEGIC PROGRESS
In May, we introduced our latest anesthesia
products – Optiflow Switch™ and Optiflow
Trace™ – which provide even more compelling
reasons to use F&P’s Optiflow technology
during general anesthesia and procedural
sedation. Adding to our anesthesia salesforce
has been a clear priority in the months since
and will remain so going forward. Feedback
from anesthesiologists continues to be positive
and gives us confidence in both the benefit to
patients and the size of the market opportunity.
We are continuing with a controlled market
release of our new Airvo™ 3 nasal high flow
device in Australasia while seeking regulatory
clearances further afield. We believe the new
device is an attractive proposition, with a
closed loop system for targeted oxygen
delivery and an integrated battery to allow
for more portability through the hospital.
At our first half result last year, we signalled
plans to continue to invest in our infrastructure
to support growth. We have made significant
strides since, including our announcement in
September that we have entered into a
conditional agreement to purchase a
105-hectare site for an additional New Zealand
campus in Karaka, Auckland. This acquisition is
subject to Overseas Investment Office (OIO)
approval, and we expect a response from the
agency in the first half of 2023. If successful,
development of this new campus will occur
over a 20 to 30-year period.
Elsewhere, we saw the completion of our third
building in Tijuana, which adds an additional
50 per cent of space to our manufacturing
footprint in Mexico. We are also continuing
with earthworks for the fifth building on our
existing New Zealand campus in addition to
a multi-storey carpark.
We also indicated that we were investigating
options for an additional offshore
manufacturing location, and we can now
report that we have entered into a lease
agreement for a facility in Guangzhou, China.
Our presence in the city dates back almost
20 years, where we have a well-entrenched
sales operation serving the mainland. The
new facility is aligned with our distributed
manufacturing strategy, and our intent is to
manufacture a select range of products to
service local markets.
In May, we introduced our
latest anesthesia products
– Optiflow Switch™ and
Optiflow Trace™ – which
provide even more
compelling reasons to use
F&P’s Optiflow technology
during general anesthesia
and procedural sedation.
INTERIM REPORT 2023
8Fisher & Paykel Healthcare

ENVIRONMENTAL AND
SOCIAL RESPONSIBILITY
Earlier this year we articulated our intentions
in the form of a new Environmental and
Social Responsibility policy, making it clear
that our aim is to have a lasting positive
impact on society and the environment.
This statement of intent guides our newly
formed governance group, which is comprised
of subject matter experts from around the
business working together to identify
improvements and step-changes we can
make as a business globally. It is good to see
this group build momentum.
We have again achieved inclusion in the Dow
Jones Sustainability Indices for Asia Pacific and
Australia in addition to the FTSE4Good Index,
and were recently nominated as a finalist in the
Sustainable Business Leadership category as
part of the Deloitte Top 200 awards, which
celebrate outstanding performance among
New Zealand’s largest companies.
BOARD UPDATE
We were pleased to welcome Cather Simpson,
PhD, as a non-executive director in June,
bringing our board up to full strength in
advance of Geraldine McBride’s farewell at
the close of our Annual Shareholders’ Meeting
in August. Cather is a valuable addition,
bringing extensive experience commercialising
scientific research.
DIVIDEND
The Board of Directors has approved an interim
dividend of 17.5 cents per share for the six
months to 30 September 2022, marking an
increase of 3 per cent from the first half of the
prior financial year. The dividend will be paid
on 21 December 2022 with a record date of
9 December. This year, we are re-activating
our dividend reinvestment plan through which
eligible shareholders can opt to invest all or
part of their cash dividends in additional
shares, with an applicable 3 per cent discount.
Details of this plan are available on our website.
PROFIT SHARE
Our people remain our strength and have
once again responded admirably during a
challenging year. To recognise their efforts,
the Board has approved a discretionary
profit-sharing payment of $4 million for
employees who have worked for the company
for a qualifying period.
THANK YOU
Again, we want to recognise the ongoing
efforts of those right across the healthcare
sector. While it has been pleasing to see a
normalisation of sorts after the peak pandemic
period, we acknowledge conditions remain
challenging. With travel restrictions relaxing,
our global teams have relished re-connecting
with our customers, suppliers and clinical
partners at events and healthcare facilities
throughout the world. This has reinforced how
our business is a relational one, and we look
forward to more of this.
We also wish to acknowledge the unique
challenges over the last six months for our
people as a combination of seasonal illnesses
and COVID-19 have meant extended periods of
home isolation and continued disruption to
work environments for many. Thanks to all
of you for your work in oftentimes trying
circumstances. And a final word of thanks to
our shareholders: your continued support
makes all this possible.
Scott St John
Board Chair
Lewis Gradon
Managing Director and
Chief Executive Officer
INTERIM REPORT 2023
9Fisher & Paykel Healthcare

Financial report
INTERIM REPORT 2023
10Fisher & Paykel Healthcare

Financial commentary
INCOME STATEMENTS
For the six months ended
30 September
2021
NZ$M
2022
NZ$M
Change
Reported
%
Change
CC
1

%
Operating revenue 900.0690.6-23-27
Gross profit 567.7413.2-27-33
Gross margin 63.1%59.8%-325bps-533bps
SG&A expenses (189.6)(202.3)+7–
R&D expenses (75.7)(84.2)+11+11
Total operating expenses (265.3)(286.5)+8+3
Operating profit 302.4126.7-58-67
Operating margin 33.6%18.3%-1,526bps-1,770bps
Net financing (expense) (1.3)(12.4)+854-125
Profit before tax 301.1114.3-62-67
Tax expense(79.3)(18.4)-77-74
Profit after tax221.895.9-57-65
1
Constant currency (CC) removes the impact of exchange rate movements. This approach is used to
assess the Group’s underlying comparative financial performance without any impact from changes
in foreign exchange rates. See further details on page 14.
Total profit after tax for the period was $95.9 million, a 57% decline from the same period
last year, or 65% in constant currency.
Revenue
Operating revenue was $690.6 million, a 23% decline from the prior comparable
period (PCP) or 27% in constant currency. Hospital revenue decreased 37% in constant
currency as we lapped significant COVID-19 driven demand last year and apparent
elevated customer inventory levels during this period. Homecare revenue grew 4%
in constant currency.
Gross margin
Gross margin at 59.8% decreased by 533 basis points in constant currency from the
same period last year. Continued elevated freight costs and air freight utilisation this
period impacted constant currency gross margin by approximately 290 basis points
compared to pre-COVID-19 rates. Manufacturing inefficiencies were also experienced
this year as we balance demand fluctuations with manufacturing throughput.
Operating expenses
Operating expenses increased 8% (3% in constant currency) to $286.5 million,
reflecting ongoing expenditure to support global sales growth and development
of our product pipeline.
R&D spend of $84.2 million grew 11% reflecting underlying growth and the timing
of R&D and clinical projects. Over the long term we plan for R&D spend to grow in
line with constant currency revenue growth.
Financing expenses
The net financing expense increase reflects the exchange losses on the revaluation of
foreign currency interest bearing liabilities. Excluding the impact of foreign currency
revaluations, net financing expense was in line with the prior period.
Ta x
Our effective tax rate for the period was 16.1%, down from 26.3% in the prior period
reflecting foreign currency translation gains that are non-taxable. The R&D tax credit
this period of $7.6 million (Sep 2021: $7.4 million) represents the estimated eligible R&D
expenditure incurred during the period. Excluding the benefit of the R&D tax credit the
effective tax rate was 22.7% (Sep 2021: 28.8%).
INTERIM REPORT 2023
11Fisher & Paykel Healthcare

FOREIGN CURRENCY IMPACTS
The Group is exposed to movements in foreign exchange rates, with approximately 99%
of operating revenue generated in currencies other than NZD as shown below.
US dollars 45%
Euros 20%
Australian dollars 6%
Japanese yen 6%
British pounds 3%
Canadian dollars 3%
Korean won 3%
Other currencies 9%
Chinese yuan 4%
New Zealand dollars 1%
Approximately 60% of COGS and over 50% of operating expenses are in currencies other
than NZD.
Net profit after tax was increased by $6.1 million compared to the prior period due to the
impact of foreign currency. During the period since 31 March 2022, the NZD weakened
significantly against major currencies.
The effect of balance sheet translations for the period resulted in an increase in operating
revenue of $18.6 million (Sep 2021: $2.5 million increase) and an increase in profit after tax
of $0.8 million (Sep 2021: $2.4 million increase). The hedging programme contributed a
pre-tax gain of $0.5 million (Sep 2021: $21.1 million gain).
The average daily spot rate and the average conversion exchange rate (i.e. the accounting
rate, incorporating the benefit of forward exchange contracts in respect of the relevant
financial year) of the main foreign currency exposures for the reported periods are set out
in the table below.
Average daily spot rateAverage conversion exchange rate
Six months ended
30 September2021202220212022
USD0.70770.63120.67690.6700
EUR 0.59380.60950.5594 0.5445
Foreign exchange hedging position
In line with our hedging programme, additional hedges have been added for future years,
in particular for financial years 2025 to 2031. The hedging position for our main currency
exposures as at 10 November 2022 is:
Year to 31 March202320242025202620272028
2029 –
2031
+
USD % cover of
expected exposure 90% 80% 65% 55% 50%25%5%
USD average rate of cover 0.667 0.658 0.622 0.608 0.5960.5850.526
EUR % cover of
expected exposure 85% 60% 50% 30% 20% 10%–
EUR average rate of cover 0.542 0.536 0.521 0.529 0.517 0.521–
+
2029 – 2031 shows average % cover of expected exposure and rate of cover for the three-year
period
Hedging cover has been rounded to the nearest 5%.
INTERIM REPORT 2023
12Fisher & Paykel Healthcare

CASH FLOWS
The full statement of cash flows is provided on page 18.
For the six months ended 30 September
2021
NZ$M
2022
NZ$M
Change
NZ$M
Operating profit before financing costs302.4126.7(175.7)
Plus depreciation and amortisation46.050.54.5
Change in working capital and other(31.2)(97.2)(66.0)
Net interest paid(1.7)(2.0)(0.3)
Net income tax paid(188.0)(76.1)111.9
Operating cash flows127.51.9(125.6)
Lease repayments(6.6)(6.7)(0.1)
Purchase of land and buildings(14.7)(64.0)(49.3)
Purchase of plant and equipment(50.1)(48.0)2.1
Purchase of intangible assets(16.5)(12.8)3.7
Free cash flows
+
39.6(129.6)(169.2)
Dividends paid(126.8)(129.9)(3.1)
+
Free cash flows include lease liability repayments following the adoption of NZ IFRS 16.
Operating cash flows
Cash flows from operations for the period decreased to $1.9 million (Sep 2021:
$127.5 million). Working capital continued to be impacted by increases in raw materials
and finished goods inventories. We have been working to balance demand fluctuations
with manufacturing throughput and continuing supply chain disruption.
Capital expenditure
During the period, $124.8 million was spent on capital expenditure (excluding leased
assets), including earthworks and constructions costs across the East Tamaki and Tijuana
campuses. Spending also includes a $27.5 million deposit to acquire land for a second
New Zealand campus. This purchase is contingent on receiving Overseas Investment
Office (OIO) consent on terms and conditions acceptable to the Company and is
recorded in other receivables on the balance sheet. We continue to invest in production
tooling and equipment additions.
Dividends
Dividends paid of $129.9 million were 2% higher than the prior period.
BALANCE SHEET
As at
31 March
2022
NZ$M
30 September
2022
NZ$M
Change
NZ$M
Trade receivables142.8153.811.0
Inventories358.9398.439.5
Less trade and other payables
+
(132.4)(103.2)29.2
Working capital369.3449.079.7
Property, plant and equipment
++
957.81,044.887.0
Intangible assets86.888.31.5
Lease liabilities (36.0)(55.3)(19.3)
Other net assets (liabilities)80.2(5.8)(86.0)
Net cash (debt)221.6(42.6)(264.2)
Net assets1,679.71,478.4(201.3)
+
Trade and other payables exclude all non-current payables and all employee entitlements
and provisions
++
Property, plant and equipment includes lease assets recognised
Trade receivables increase to 30 September 2022 reflects balance sheet translation of
foreign currency receivable balances. Our debtor days were within the normal range at
42 days (March 2022: 41 days). Inventories balances have increased both in raw materials
and finished goods. Trade and other payables reduction includes timing associated with
key capital projects and payment of suppliers.
Property, plant and equipment increased by $87.0 million in the period. Additions
of $105.2 million and foreign currency translations were offset by $39.2 million of
depreciation. Intangible assets increased by $1.5 million, primarily due to patent
acquisition costs. Included in intangible assets is ERP system capital spending with
our global SAP rollout continuing over the next two to three years.
Other net assets/liabilities movements included a change in derivative financial
instruments from a net asset of $140.7 million at 31 March 2022 to a net liability of
$110.8 million at 30 September 2022. This is due to the currency volatility during the
period, with the corresponding offset in the cash flow hedge reserve. All currency
derivatives continued to be effective hedges. Net tax assets increased by $127.1 million
during the period, primarily reflecting the change in the net derivative financial
instruments balances.
INTERIM REPORT 2023
13Fisher & Paykel Healthcare

Net cash and debt facilities
As at
31 March
2022
NZ$M
30 September
2022
NZ$M
Change
NZ$M
Loans and borrowings
– Current–(33.4)(33.4)
– Non Current(63.0)(70.0)(7.0)
Bank overdrafts(5.3)(9.0)(3.7)
Total interest-bearing liabilities
+
(68.3)(112.4)(44.1)
Cash and cash equivalents89.969.8(20.1)
Short-term investments 200.0–(200.0)
Total cash and investments 289.969.8(220.1)
Net cash (debt)221.6(42.6)(264.2)
Gearing-16.3%2.7%19.0%
Undrawn committed debt facilities184.5156.6(27.9)
Undrawn uncommitted debt and
overdraft facilities
38.385.547.2
+
Excluding lease liabilities

The average maturity of loans and borrowings of $103.4 million was 1.5 years and the
currency split was 68% USD; 27% NZD; 3% Australian dollars; and 2% Canadian dollars.
Within the next 12 months, two facilities totalling $70 million will expire. The Company
is in the process of negotiating additional committed borrowing facilities, to be in place
prior to 31 March 2023.
Cash and cash equivalents, were $69.8 million at 30 September 2022. This balance,
operating cash generated in the second half of FY23 and additional borrowings, will
fund the payment of the interim dividend, ongoing capital expenditure including
building projects in East Tamaki and the purchase of land for a second NZ Campus,
if OIO consent is granted on terms and conditions acceptable to the Company.
Gearing
1
At 30 September 2022 the Group had gearing of 2.7%. Gearing was inside the target
range of -5% to +5%.
1
Net interest-bearing debt (debt less cash and cash equivalents and short-term investments) to net interest-bearing
debt and equity (less hedging reserves). Net interest-bearing debt excludes lease liabilities.
NOTES – CONSTANT CURRENCY
Constant currency analysis is non–Generally Accepted Accounting Practice (GAAP)
financial information, that is not prepared in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS). Constant currency information
has been provided to assist users of financial information to better understand and assess
the Group’s financial performance without the impacts of foreign currency fluctuations,
including hedging results.
Constant currency financial information is prepared each month to enable the Board
and management to monitor and assess the Group’s underlying comparative financial
performance without any distortion from changes in foreign exchange rates. Constant
currency information is prepared on a consistent basis for reported periods restated into
NZD based on “constant” exchange rates, typically the budgeted exchange rates for the
current year. This information excludes the impact of movements in foreign exchange
rates, hedging results and balance sheet translations.
The Group’s constant currency framework can be found on the company’s website
at www.fphcare.com/ccf. PwC perform assurance procedures over the constant
currency information.
RECONCILIATION OF CONSTANT CURRENCY TO REPORTED PROFIT AFTER TAX
For the six months ended 30 September
2021
NZ$M
2022
NZ$M
Change
NZ$M
Profit after tax (constant currency) 204.172.1(132.0)
Spot exchange rate effect 0.122.622.5
Foreign exchange hedging result 15.20.4(14.8)
Balance sheet revaluation 2.40.8(1.6)
Profit after tax (reported) 221.895.9(125.9)
The significant exchange rates used in the constant currency analysis, being the budget
exchange rates for the year ended 31 March 2023, are USD 0.69, EUR 0.61, AUD 0.93,
GBP 0.51, CAD 0.86, JPY 79, MXN 14.0, CNY 4.3, KRW 820, SEK 6.6 and INR 51.
INTERIM REPORT 2023
14Fisher & Paykel Healthcare

CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2022
Notes
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
Operating revenue 3900.0690.6
Cost of sales (332.3)(277.4)
Gross profit 567.7413.2
Selling, general and administrative expenses (189.6)(202.3)
Research and development expenses (75.7)(84.2)
Total operating expenses (265.3)(286.5)
Operating profit 302.4126.7
Financing income 1.21.5
Financing expense (2.4)(1.2)
Exchange gain / (loss) on foreign currency
interest-bearing liabilities
(0.1)(12.7)
Net financing income / (expense) (1.3)(12.4)
Profit before tax 4301.1114.3
Tax expense (79.3)(18.4)
Profit after tax 221.895.9
Basic earnings per share 38.5 cps 16.6 cps
Diluted earnings per share 38.3 cps 16.5 cps
The accompanying notes form an integral part of the financial statements.
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
Profit after tax 221.895.9
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve
Exchange differences on translation of
foreign operations
1.28.8
Hedging reserves
Changes in fair value in hedging reserves (22.2)(248.6)
Transfers to profit before tax from cash flow
hedge reserve
(21.0)(0.6)
Tax on above reserve movements 12.169.8
Other comprehensive income, net of tax (29.9)(170.6)
Total comprehensive income 191.9(74.7)
Financial statements
INTERIM REPORT 2023
15Fisher & Paykel Healthcare

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2022
Notes
Share
capital
NZ$M
Retained
earnings
NZ$M
Reserves
NZ$M
Total
equity
NZ$M
Balance at 31 March 2021 (audited)249.11,029.2242.61,520.9
Total comprehensive income–221.8(29.9)191.9
Dividends paid9–(126.8)–(126.8)
Issue of share capital under employee share plans6.4––6.4
Movement in share based payments reserve ––(1.6)(1.6)
Balance at 30 September 2021 (unaudited)255.51,124.2211.11,590.8
Balance at 31 March 2022 (audited)261.21,181.2237.31,679.7
Total comprehensive income–95.9(170.6)(74.7)
Dividends paid9–(129.9)–(129.9)
Issue of share capital under employee share plans3.7––3.7
Movement in share based payments reserve ––(0.4)(0.4)
Balance at 30 September 2022 (unaudited)264.91,147.266.31,478.4

The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2023
16Fisher & Paykel Healthcare

CONSOLIDATED BALANCE SHEET
As at 30 September 2022
Notes
Audited
31 March
2022
NZ$M
Unaudited
30 September
2022
NZ$M
ASSETS
Current assets
Cash and cash equivalents 89.9 69.8
Short-term investments 200.0 -
Trade and other receivables 174.4 198.2
Inventories 358.9 398.4
Derivative financial instruments5 56.4 33.0
Tax receivable 8.3 24.4
Total current assets 887.9 723.8
Non-current assets
Derivative financial instruments5 87.7 39.7
Other receivables 3.2 29.5
Property, plant and equipment 957.8 1,044.8
Intangible assets 86.8 88.3
Deferred tax assets 83.6 168.4
Total assets 2,107.0 2,094.5
LIABILITIES
Current liabilities
Borrowings 5.3 42.4
Lease liabilities 11.7 14.9
Trade and other payables 226.2 204.6
Provisions 26.3 25.3
Tax payable 31.9 5.7
Derivative financial instruments5 2.5 75.7
Total current liabilities 303.9 368.6
Notes
Audited
31 March
2022
NZ$M
Unaudited
30 September
2022
NZ$M
LIABILITIES
Non-current liabilities
Borrowings 63.0 70.0
Lease liabilities 24.3 40.4
Provisions 11.1 7.7
Other payables 24.1 21.6
Derivative financial instruments 5 0.9 107.8
Total liabilities 427.3 616.1
EQUITY
Share capital 261.2 264.9
Retained earnings 1,181.2 1,147.2
Reserves 237.3 66.3
Total equity 1,679.7 1,478.4
Total liabilities and equity 2,107.0 2,094.5
The accompanying notes form an integral part of the financial statements.
On behalf of the Board
28 November 2022
Scott St John Lewis Gradon
Board Chair Managing Director and Chief Executive Officer
INTERIM REPORT 2023
17Fisher & Paykel Healthcare

CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2022
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers883.1675.4
Interest received1.02.0
Payments to suppliers and employees(565.9)(595.4)
Tax paid(188.0)(76.1)
Interest paid(1.9)(2.9)
Lease interest paid(0.8)(1.1)
Net cash flows from operating activities127.51.9
CASH FLOWS FROM INVESTING ACTIVITIES
Net short-term investments95.1200.0
Purchases of property, plant and equipment(64.8)(112.0)
Purchases of intangible assets(16.5)(12.8)
Net cash flows from investing activities13.875.2
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital under employee share plans1.51.6
New borrowings–27.5
Lease liability payments(6.6)(6.7)
Dividends paid(126.8)(129.9)
Net cash flows from financing activities(131.9)(107.5)
Net increase / (decrease) in cash9.4(30.4)
Opening cash85.484.6
Effect of foreign exchange rates(0.4)6.6
Closing cash94.460.8
RECONCILIATION OF CLOSING CASH
Cash and cash equivalents103.269.8
Bank overdrafts(8.8)(9.0)
Closing cash94.460.8
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
CASH FLOW RECONCILIATION
Profit after tax221.895.9
Add (deduct) non-cash items:
Depreciation - right-of-use assets6.77.7
Depreciation and amortisation - other assets39.342.8
Share based payments3.74.3
Movement in provisions10.4(4.4)
Movement in deferred tax assets / liabilities(11.7)(17.5)
Movement in net tax payables(107.2)(41.9)
Foreign currency translation1.01.2
Other non-cash items(0.3)(1.9)
(58.1)(9.7)
Net working capital movements:
Trade and other receivables(8.4)(22.5)
Inventories(21.3)(39.5)
Trade and other payables(6.5)(22.3)
(36.2)(84.3)
Net cash flows from operating activities127.51.9

The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2023
18Fisher & Paykel Healthcare

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2022
1. GENERAL INFORMATION
Reporting entity
Fisher & Paykel Healthcare Corporation Limited (the “Company” or “Parent”) together
with its subsidiaries (the “Group”) is a leading designer, manufacturer and marketer of
medical device products and systems for use in both hospital and homecare settings.
Products are sold in over 120 countries worldwide. The Company is a limited liability
company incorporated and domiciled in New Zealand.
Statement of compliance
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
Basis of preparation
These consolidated financial statements for the six months ended 30 September 2022
have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34: Interim Financial Reporting (IAS 34). The Company and Group
are designated as profit-oriented entities for financial reporting purposes.
These consolidated financial statements do not include all of the notes normally included
in an annual financial report. Accordingly, this report should be read in conjunction with
the audited consolidated financial statements for the year ended 31 March 2022.
Presentation currency
These consolidated financial statements are presented in New Zealand dollars (NZD)
to the nearest hundred thousand dollars unless otherwise stated.
Accounting policies
All accounting policies have been applied on a basis consistent with those used
and described in the audited consolidated financial statements for the year ended
31 March 2022.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
The following significant transactions and events affected the financial performance and
financial position of the Group for the six month period ended 30 September 2022:
COVID-19
In March 2020, the World Health Organisation declared the outbreak of COVID-19
as a pandemic. Since the outbreak of COVID-19, the Company’s focus has been on
manufacturing and supplying products that are directly involved in treating patients with
COVID-19. The Company has experienced significant volatility in demand for its products
over the last few years.
Management have assessed the impact of COVID-19 on all aspects of the balance sheet.
Specifically, the carrying value of receivables, inventory and warranty exposure were
considered, with provisioning reflecting management’s best estimate of the impact based
on information available at the time of preparing these financial statements. There has
been no material impact on the balance sheet.
Foreign currency
As a result of currency volatility during this period, the liability relating to the Group’s
portfolio of derivatives has increased, with the corresponding offset in the cash flow
hedge reserve.
Capital expenditure
During the period, a member of the Group, Fisher & Paykel Healthcare Properties Limited
(FPH Properties), entered into a conditional agreement to purchase 105 hectares of land
in Karaka for a second New Zealand campus for $275 million. The purchase is conditional
on Overseas Investment Office (OIO) consent being granted on terms and conditions that
are satisfactory to FPH Properties. A deposit of $27.5 million was paid in September 2022
and recognised in other receivables. Subject to OIO consent being granted on terms and
conditions that are satisfactory to FPH Properties, $189.5 million is expected to be paid in
the first half of FY24. An additional $43 million and $15 million will be payable in FY26 and
FY27 respectively. Additional borrowings will be used to fund the purchase.
In June 2022, a building construction contract was signed for a car park building on our
East Tamaki, New Zealand campus. Capital commitments at 30 September 2022 include
$63.9 million related to this project. To date, spending on this project totals $9.4 million.
The car park is expected to be operational in 2024.
Earthworks continue for the construction of a fifth building on our East Tamaki site.
To date, spending on this project totals $17.3 million.
Share capital
During the six months ended 30 September 2022, the Group issued 257,786 shares
under employee equity plans.
Funding
The Company had total available committed debt funding of $260 million as at
30 September 2022, of which approximately $157 million was undrawn. As at
30 September 2022, the weighted average maturity of committed borrowing facilities
was 1.6 years.
INTERIM REPORT 2023
19Fisher & Paykel Healthcare

3. OPERATING REVENUE AND SEGMENTAL INFORMATION
For the six months ended 30 September
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
Sales Revenue879.6694.5
Foreign exchange (loss) / gain on hedged sales20.4(3.9)
Total operating revenue900.0690.6
Revenue by product group
Hospital products670.2438.7
Homecare products226.9249.9
897.1688.6
Distributed and other products2.92.0
Total operating revenue900.0690.6
Revenue after hedging by geographical location of customer:
North America329.8289.5
Europe232.0188.0
Asia Pacific267.2174.2
Other71.038.9
Total operating revenue900.0690.6
4. OPERATING EXPENSES
For the six months ended 30 September
Unaudited
2021
NZ$M
Unaudited
2022
NZ$M
Profit before tax includes the following expenses:
Depreciation - right-of-use assets 6.77.7
Depreciation and amortisation - other assets 39.342.8
Employee benefits expense 296.3298.0
5. DERIVATIVE FINANCIAL INSTRUMENTS
Financial instruments are either carried at amortised cost, less any provision for impairment,
or fair value. The carrying value of all financial assets and liabilities approximates fair value.
There have been no changes to the Group’s hedging policy during the period. The Group
enters into foreign currency option contracts or forward foreign currency contracts within
policy parameters to manage the net risk associated with anticipated sales or costs.
The Group generally applies hedge accounting to all derivative financial instruments.
All derivative financial instruments continue to be re-measured to their fair value. Derivative
financial instruments continue to be classified as being within Level 2 of the fair value
hierarchy and there were no changes in valuation techniques during the period.
Contractual amounts of derivative financial instruments were as follows:
Audited
31 March
2022
NZ$M
Unaudited
30 September
2022
NZ$M
Foreign currency forward contracts and options
Sale commitments forward exchange contracts 1,860.52,791.3
Purchase commitments forward exchange contracts 97.577.6
Foreign currency borrowing forward exchange contracts 49.7115.1
NZD call option contracts purchased 5.9–
Collar option contracts - NZD call options purchased (i) 18.24.6
Collar option contracts - NZD put options sold (i) 19.44.8
Interest rate derivatives
Interest rate swaps 32.739.3
(i) Foreign currency contractual amounts of put and call options are equal.
Undiscounted foreign currency contractual amounts for outstanding hedges were as follows:
Audited
31 March
2022
M
Unaudited
30 September
2022
M
Sale Commitments
United States dollars US$663.3US$1,169.5
European Union euros €318.2€317.3
Japanese yen ¥9,945.0¥8,080.0
Purchase Commitments
Mexican pesos MXN$1,577.0MXN$1,282.5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTERIM REPORT 2023
20Fisher & Paykel Healthcare

6. COMMITMENTS
Audited
31 March
2022
NZ$M
Unaudited
30 September
2022
NZ$M
Capital expenditure commitments contracted for but
not recognised as at the reporting date:
Within one year 56.986.6
Between one and two years 6.122.3
Between two and five years ––
63.0108.9
The commitments above exclude the conditional commitment of $247.5 million payable
for the second New Zealand campus as set out in note 2.
7. CONTINGENT LIABILITIES
Periodically the Group is party to litigation including product liability and patent claims.
The Directors are unaware of the existence of any claim or contingencies that would have
a material impact on the operations of the Group.
8. RELATED PARTY TRANSACTIONS
During the period the Group has not entered into any material contracts involving related
parties or Directors’ interests. No amounts owed by related parties have been written off
or forgiven during the period. Apart from Directors’ fees, key executive remuneration and
dividends paid by the Group to its Directors as shareholders of the company, there have
been no related party transactions.
9. DIVIDENDS
On 24 May 2022 the Directors approved the payment of a fully imputed 2022 final
dividend of $129.9 million (22.5 cents per share) which was paid on 6 July 2022.
A supplementary dividend of 3.9706 cents per share was also paid to eligible
non-resident shareholders.
Subsequent event - dividend declared
On 28 November 2022 the Directors approved the payment of a fully imputed 2023
interim dividend of $101.1 million (17.5 cents per share) to be paid on 21 December 2022.
A supplementary dividend of 3.09 cents per share was also approved for eligible non-
resident shareholders.
10. SIGNIFICANT EVENTS AFTER BALANCE DATE
Other than the dividend disclosed in Note 9, there are no other significant events after
balance date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTERIM REPORT 2023
21Fisher & Paykel Healthcare

INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholders of Fisher & Paykel Healthcare Corporation Limited
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
OUR CONCLUSION
We have reviewed the consolidated financial statements of Fisher & Paykel Healthcare Corporation Limited (the Company) and its subsidiaries (the Group),
which comprise the consolidated balance sheet as at 30 September 2022, and the consolidated income statement, the consolidated statement of
comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the six months period
ended on that date, and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements of the Group do
not present fairly, in all material respects, the financial position of the Group as at 30 September 2022, and its financial performance and cash flows for the
six months period then ended on that date, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
BASIS FOR CONCLUSION
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of
the consolidated financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as auditor,
our firm carries out other services for the Group in the areas of executive remuneration benchmarking and providing market survey data, regulatory
tax compliance procedures in Mexico, and other assurance services in relation to constant currency disclosures. The provision of these other services
has not impaired our independence.
RESPONSIBILITIES OF DIRECTORS’ FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these consolidated financial
statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the preparation
and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error.
INTERIM REPORT 2023
22Fisher & Paykel Healthcare

AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the consolidated financial statements based on our review. NZ SRE 2410 (Revised) requires us to conclude
whether anything has come to our attention that causes us to believe that the consolidated financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform procedures,
primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing and International Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these consolidated financial statements.
WHO WE REPORT TO
This report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that we might state those matters which
we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Keren Blakey.
For and on behalf of:
Chartered Accountants Auckland, New Zealand
28 November 2022
INDEPENDENT AUDITOR’S REVIEW REPORT
INTERIM REPORT 2023
23Fisher & Paykel Healthcare

DIRECTORS
Scott St John Board Chair, Non-Executive, Independent
Lewis Gradon Managing Director and Chief Executive
Officer
Michael Daniell Non-Executive
Pip GreenwoodNon-Executive, Independent
Lisa McIntyreNon-Executive, Independent
Neville MitchellNon-Executive, Independent
Donal O’Dwyer Non-Executive, Independent
Cather SimpsonNon-Executive, Independent
EXECUTIVE MANAGEMENT TEAM
Lewis GradonManaging Director and
Chief Executive Officer
Lyndal YorkChief Financial Officer
Paul ShearerSenior Vice President – Sales & Marketing
Andrew SomervellVice President – Products & Technology
Winston FongVice President – Surgical Technologies
Brian SchultzVice President – Quality & Regulatory
Affairs
Nicholas FourieVice President – Information &
Communication Technology
Jonti RhodesVice President - Supply Chain,
Facilities & Sustainability
Marcus DrillerVice President – Corporate
Nicola TalbotVice President – Human Resources
REGISTERED OFFICES
New Zealand:
Physical address: 15 Maurice Paykel Place,
East Tamaki, Auckland 2013,
New Zealand
Telephone: +64 9 574 0100
Postal address: PO Box 14348, Panmure,
Auckland 1741, New Zealand
Website: www.fphcare.com
Email: investor@fphcare.co.nz
Australia:
Physical address: 19-31 King St, Nunawading,
Melbourne, Victoria 3131, Australia
Telephone: +61 3 9871 4900
Postal address: PO Box 159, Mitcham
Victoria 3132, Australia
STOCK EXCHANGES
The Company’s ordinary shares are listed on the
NZX Main Board and the ASX.
SHARE REGISTRAR
In New Zealand:
Link Market Services Limited
Physical address: Level 30, PwC Commercial Bay,
15 Customs Street West,
Auckland 1010, New Zealand
Postal address: PO Box 91976,
Auckland 1142, New Zealand
Facsimile: +64 9 375 5990
Investor enquiries: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
In Australia:
Link Market Services Limited
Physical address: Level 12, 680 George Street,
Sydney, NSW 2000, Australia
Postal address: Locked Bag A14, Sydney South,
NSW 1235, Australia
Facsimile: +61 2 9287 0303
Investor enquiries: +61 2 8280 7111
Internet address: www.linkmarketservices.com.au
Email: registrars@linkmarketservices.com.au
Directory
INTERIM REPORT 2023
24Fisher & Paykel Healthcare

INTERIM REPORT 2023
25Fisher & Paykel Healthcare

Fisher & Paykel Healthcare is a leading designer,
manufacturer and marketer of products and systems
for use in acute and chronic respiratory care, surgery
and the treatment of obstructive sleep apnea.
www.fphcare.com
© 2022 Fisher & Paykel
Healthcare Corporation Limited

---



•
•
•

•
•

•
−
−
•
•

•
•
•
•
•
•

•
−
−
−
•

•

•
•
•
•
•
•

•
•
•
•
•
•
•
•
•
•

•
•
−
−
−
−
−
•

•
•
•
•
•
Insert image of products
in action and or Sales
talking with clinician

•
−
−
−
−
•
−
•
−
•

−
−
−

•
•
•
−°
−

•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

•

•
•
•
•
•
•

•
•
•

•
•
•
•
•
•

•
•
•
•
•
•

•

---

29 November 2022
Results announcement
Results for announcement to the market
Name of issuer Fisher & Paykel Healthcare Corporation 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
$690,600 -23%
Total Revenue $690,600 -23%
Net profit/(loss) from
continuing operations
$95,900 -57%
Total net profit/(loss) $95,900 -57%
Interim Dividend
Amount per Quoted Equity
Security
0.17500000 $/share
Imputed amount per Quoted
Equity Security
0.06805556 $/share
Record Date 09 December 2022
Dividend Payment Date 21 December 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
2.11489847 $/share 2.42989359 $/share

A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Not applicable
Authority for this announcement
Name of person

authorised
to make this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 574 0147
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP

29 November 2022

Reviewed financial statements accompany this announcement.

---

29 November 2022
Distribution Notice
Section 1: Issuer information
Name of issuer Fisher & Paykel Healthcare Corporation Limited
Financial product name/description Interim Dividend
NZX ticker code FPH
ISIN NZFAPE0001S2
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies X
Record date 09 December 2022
Ex-Date 08 December 2022
Payment date 21 December 2022
Total monies associated with the
distribution
$101,095,044 million based on shares on issue at 28
November 2022 for cash distribution
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution 0.24305556 $/share
Gross taxable amount 0.24305556 $/share
Total cash distribution 0.17500000 $/share
Excluded amount N/A
Supplementary distribution amount
0.03088235 $/share
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
100%
Imputation tax credits per financial
product
0.06805556 $/share
Resident Withholding Tax per
financial product
0.01215278 $/share
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
3.0 %
Start date and end date for
determining market price for DRP
12 December 2022 16 December 2022
Date strike price to be announced (if
not available at this time)
19 December 2022
Specify source of financial products
to be issued under DRP programme
New Issue

(new issue or to be bought on
market)
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
12 December 2022

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Raelene Leonard
Contact person for this
announcement
Raelene Leonard
Contact phone number +64 9 574 0147
Contact email address companysecretary@fphcare.co.nz
Date of release through MAP 29 November 2022