Half year report provided

Ryman Healthcare
HALF YEAR REPORT SEPTEMBER 2022

Pictured on the front cover is Annie and Dementia Care Coordinator Pooja Karan
at our Murray Halberg Village in Auckland. We recently launched our inaugural
Sustainability Strategy, with a priority project to deliver future-focused dementia design.
2
RYMAN HEALTHCARE

05
06
08
12
30
33
At a glance
Key statistics
Interim Chair and Group Chief Executive report
Interim financial statements
Village locations
Directory
HALF YEAR REPORT SEPTEMBER 2022
3

4
RYMAN HEALTHCARE

45 operational
villages
15
sites under
construction
12,966
total retirement-village
units and aged-care beds
6 ,7 1 0
retirement-village units
and aged-care beds in
the landbank
8.8c
interim dividend per share
$138.8m
underlying
profit
2

44.8% vs last year
$3.63bn
net assets
5.6% vs March 2022
unchanged from the prior year and eligible
for the dividend reinvestment plan
$12.03bn
total assets
9.7% vs March 2022
1.7% available
retirement-village
unit resale stock
0.3%
1
vs March 2022
24.1%
gross new
sales margin
32.1%
gross resales margin
3.5%
1
vs last year
7.0 %
1
vs last year
At a glance
1 Percentage points
2 Refer to page 29 for a definition of underlying profit.
$194.0m
reported
(IFRS) profit
-31.1% vs last year
-3%
1
vs last year
94%
aged-care occupancy
for mature villages
772
booked sales of
occupation rights
9.8% vs last year
HALF YEAR REPORT SEPTEMBER 2022
5

Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

30 Sept 2022
6 months
30 Sept 2021
6 months
31 March 2022
12 months
Financial
Underlying profit (non-GAAP)
$m138.895.9255.0
Reported net profit after tax
$m194.0281.5692.9
Net operating cash flows
$m24 3.7301.1586.0
Net assets
$m3,628.13,033.73,434.5
Total assets
$m12,033.39,849.210,966.1
Interest-bearing debt to interest-bearing debt
plus equity ratio
%45%45%43%
Dividend per share
cents8.88.822 .4
Villages
New sales of occupation rights
no.216189560
Resales of occupation rights
no.556514983
Total sales of occupation rights
no.7727031,543
Land bank (to be developed)
1, 2
no.6,7106,1306,306
Portfolio:
Aged-care beds
no.4,2994,1654,239
Retirement-village units
no.8,6678,1958,538
Total units and beds
no.12,96612,36012,777
1 Includes retirement-village units and aged-care beds.
2 Of the 6,710 units and beds in the land bank, 3,114 are subject to resource consent.
RYMAN HEALTHCARE
6

Key statistics
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

30 Sept 2022
6 months
30 Sept 2021
6 months
31 March 2022
12 months
Underlying profit (non-GAAP)
$m138.895.9255.0
Unrealised fair-value movement on retirement-village units
$m89.3178.74 67.1
Deferred tax movement
$m(23.3)6.9(29.2)
Impairment loss
$m(10.8)--
Reported net profit after tax
$m194.0281.5692.9
Underlying profit is a non-GAAP* measure and differs from NZ IFRS profit for the period. Underlying profit does not
have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial information
presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that
the Group uses consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy
has been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables balance
at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties,
and impairment losses on non-trading assets because these items do not reflect the trading performance of the
Company. Underlying profit determines the dividend payout to shareholders.
*Generally Accepted Accounting Principles.
HALF YEAR REPORT SEPTEMBER 2022
7

We are pleased with this result, but it is important to remember
that the previous corresponding period was marked by the COVID
lockdowns, particularly in Auckland and Victoria, and that the
coming six months will likely bring fresh challenges.
We are currently in a rapidly changing and uncertain macro-economic
environment. We are mindful of the impact this is having on our
business, but also recognise the opportunities that lie ahead of us.
We know that continuing to grow and develop the range of services
we provide will enhance both the experience for our residents and
the returns we can generate.
Strong trans-Tasman sales delivers pleasing result
A reduction in unrealised fair-value gains on investment property
compared to the same period last year saw our reported profit
decrease by 31.1 percent to $194.0 million. Despite the softening
housing market, we were still able to achieve price increases, posting
unrealised gains of $89.3 million for the half.
Our underlying profit of $138.8 million was up 44.8 percent on last
year. Consistent with last year, we will again provide shareholders
with an interim dividend of 8.8cps.
Operating revenue, which includes care fees and village fees, was up
10.6 percent to $274 million.
Our embedded value, which consists of our resales bank and accrued
deferred management fees, has grown to $2.57 billion.
The resales bank, which sits at $1.95 billion, is the resales earnings
we would expect to realise over the coming years without any further
price increases.
A change during the half to our deferred management fee (DMF)
on independent living units has resulted in it now accruing over four
years, rather than five, but it remains capped at 20 percent. Market
research has reaffirmed the value of our 20 percent DMF as a
powerful sales driver.
Gross resales margins were up seven percentage points to
32.1 percent and demand remained steady, with 1.7 percent of our
retirement-village portfolio available for resale at the end of the half.
Kia ora koutou
We have had an
encouraging start to the
current financial year.
These results reflect the
continuing demand for
the Ryman way of living,
manifested in a strong
sales performance.
Interim Chair and
Group Chief Executive report
RYMAN HEALTHCARE
8

New sales margins also increased compared
to the prior period: up 3.5 percentage points to
24.1 percent, which demonstrates our ability
to keep a tight rein on costs.
Our average new sale price has increased to
$870,000. Within that, the average new sale price
for independent living units is now over $1 million.
Our strategy of developing villages in higher-value
locations will over time also improve our resale
pricing, which has now lifted to $710,000.
The quality and scale of our developments
continues to increase; we are creating assets
that we believe will be very sought after for
many years to come.
During the past 12 months, Australia has
contributed around one quarter of total
sales across the group, a significant lift.
Ryman is now an established trans-Tasman
business, with a compelling retirement village
and aged-care proposition in both markets.
Sector trends and issues
While cash receipts from residents were up
five percent on the same period last year at
$714.7 million, receipts from residents have been
impacted by construction supply chain challenges
and longer settlement times due to the wider
housing market slowdown.
This was a key driver of lower operating cash
flows, which fell 19.1 percent on the same period
last year to $243.7 million.
While demand for our villages remains strong,
these trends in the wider housing market,
particularly the increase in the median number
of days to sell a residential property, are affecting
the time it takes for our residents to move in.
We also continue to face headwinds in the
construction space, including the availability
of materials and subcontractors.
As a result, the value of our contracts not settled
has increased by around $100 million to over
$500 million at September.
Maintaining our momentum
The wealthiest generation in history, the baby
boomers, is now approaching retirement, and
our market is set to grow dramatically over the
next 30 years.
At the same time, aged-care beds are closing in
New Zealand faster than they are being built, with
1,100 lost this year so far, and operators are under
pressure due to reduced government funding in
real terms.
Ryman is in the right place at the right time: able to
charge a premium for an increasingly scarce – and
increasingly sought after – quality care offering.
In Victoria, we recently completed our
Raelene Boyle and Charles Brownlow villages,
and have now received planning permission to
build on our site at Mulgrave.
In New Zealand, we have begun construction at
our Cambridge site in the Waikato and have also
applied for resource consents for our proposed
villages at Karaka, south of Auckland, and Rolleston
in Canterbury.
In both Australia and New Zealand, we are
continuing to deliver projects that reflect our
strategy of placing our villages in higher-value
locations, and we continue to shape our offering
to capitalise on the market's changing needs.
HALF YEAR REPORT SEPTEMBER 2022
9

Capital management and the
Dividend Reinvestment Plan
Our debt is a function of the investments that
we’ve been making, including $540.2 million in the
past six months, of which $115.3 million related to
land payments. This has resulted in debt lifting to
$3 billion. Our gearing ratio is now 45.2 percent.
Our total assets are over $12 billion – up from just
under $11 billion six months ago. Our debt to total
assets ratio is now 24.9 percent.
Last year we adjusted our dividend payout
from 50 percent of underlying profit to a range
of 30 percent to 50 percent.
This year, shareholders will for the first time have
the opportunity to reinvest dividends payable
on existing shares by taking up new shares. Our
Dividend Reinvestment Plan gives shareholders
a convenient way to increase their investment
in Ryman without any brokerage fees and at a
discount to market price at the time entitlements
are determined.
It also gives us another tool to strengthen
our balance sheet and to fund our future
growth opportunities.
Further details on the dividend reinvestment plan,
including how to participate, can be found in the
Investors section on our website.
Capital management is a primary focus of the
board, and the leadership team is committed
to delivering improved capital deployment and
efficiency, without compromising our commitment
to care and our strong culture.
Our sustainability strategy
Our recently released sustainability strategy
is an important investment in our future, and
something our stakeholders – from shareholders to
residents, to our financial partners and our team –
increasingly expect of us as a leader in our sector.
In this first 12 months we will focus particularly
on three priorities: in relation to climate change,
developing a science-based target that will set
out how much and how quickly we need to act to
reduce our emissions; building on the amazing and
award-winning work we already have under way in
dementia care; and improving our engagement
with indigenous communities on both sides of
the Tasman.
Ryman Chair Greg Campbell standing
down for health reasons
Ryman Healthcare’s board has received the
resignation of Chair Greg Campbell who has made
the difficult decision to step down from the board
due to ongoing health issues.
Mr Campbell is disappointed he has been unable
to continue to lead this important company.
Claire Higgins, a long-serving board member of the
Company has been appointed as interim Chair, and
Anthony Leighs as Deputy Chair, pending a formal
process to nominate a successor.
The board and team at Ryman would like to thank
Greg for his contribution and wish him all the best
for the future.
RYMAN HEALTHCARE
10

“
We want to
thank every
member of the
Ryman family
for what you
have done and
continue to do.”
Claire Higgins
INTERIM CHAIR,
RYMAN HEALTHCARE
Richard Umbers
GROUP CHIEF EXECUTIVE,
RYMAN HEALTHCARE
Richard Umbers,
Group Chief Executive
Thank you
We would also like to note George Savvides’ decision to retire from
the board at the next Annual Meeting, after a decade of service to
Ryman. We mentioned earlier the growing contribution our Australian
business was making to the Group's results: as our first Australian-
based director, George has greatly helped to support that growth.
Finally, we would like to acknowledge the extraordinary commitment
that our team members bring to their work, and the strong bonds they
form with our residents.
While COVID has not dominated our daily life in the way it did a year
ago, it remains something we have had to work with and around.
Yet again, our teams haven’t missed a beat.
Our team members’ dedication creates the sense of community
that sets Ryman apart, and realises our philosophy that the measure
of a full life is one that gets richer with age.
We want to thank every member of the Ryman family for what
you have done and continue to do to help create and maintain
our unique culture.
HALF YEAR REPORT SEPTEMBER 2022
11

Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Notes
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Care fees210,187194,603398,206
Management fees5 9,74 650,959105,552
Interest received3644241
Other income3,9422,2604,998
Total revenue2 74 , 2 3 9247,864508,797
Fair-value movement of investment properties 3261,346285,14 3745,885
Total income535,585533,0071,254,682
Operating expenses(265,148)(225,380)(466,238)
Depreciation and amortisation expenses(22,996)(17,854)(35,698)
Finance costs(19,355)(15,250)(30,664)
Impairment loss2(10,784)--
Total expenses(318,283)(258,484)(532,600)
Profit before income tax217,3022 74 ,5 2 3722,082
Income tax (expense) / credit(23,316)6,944(29,209)
Profit for the period193,986281,467692,873
Earnings per share
Basic and diluted (cents per share)38.856.3138.6
All profit and total comprehensive income is attributable to parent company shareholders and is derived from continuing operations.
The accompanying notes form part of these consolidated interim financial statements.
RYMAN HEALTHCARE
12

Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Profit for the period193,986281,467692,873
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of cash-flow
hedge reserve59,8189,71138,410
Deferred tax movement recognised in cash-flow hedge reserve(16,849)(2,719)(10,857)
Movement in cost of hedging reserve(234)(1,222)1,319
Deferred tax movement in cost of hedging reserve66342(369)
(Loss) / Gain on hedge of foreign-owned subsidiary net assets
(4, 213)2,888690
Gain / (Loss) on translation of foreign operations25,530(12,754)(1,977)
64,118(3,754)27, 2 1 6
Other comprehensive income64,118(3,754)2 7, 2 1 6
Total comprehensive income258,1042 7 7,7 1 3720,089
All profit and total comprehensive income is attributable to parent company shareholders and is derived from continuing operations.
The accompanying notes form part of these consolidated interim financial statements.
HALF YEAR REPORT SEPTEMBER 2022
13

The accompanying notes form part of these consolidated interim financial statements.
Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Issued
capital
Asset
revaluation
reserve
Cash-flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity
$000$000$000$000$000$000$000$000
Six months ended
30 Sept 2021
unaudited
Opening balance33,290453,568(12,062)2 ,70 21,7 87(35,389)2,385,3202,829,216
Profit for the period------281,467281,467
Other comprehensive
income for the period--6,992(880)(9,866)--(3,754)
Total comprehensive
income for the period--6,992(880)(9,866)-281,46727 7,7 1 3
Treasury stock
movement-----(5,185)-(5,185)
Dividends paid to
shareholders------(68,000)(68,000)
Balance at
30 Sept 202133,290453,568(5,070)1,822(8,079)(40,574)2,598,7873,033,744
Year ended
31 March 2022 audited
Opening balance
33,290453,568(12,062)2 ,70 21,7 87(35,389)2,385,3202,829,216
Profit for the period
------692,873692,873
Other comprehensive
income for the period
--27,553950(1,287)--27, 2 1 6
Total comprehensive
income for the period
--27,553950(1,287)-692,873720,089
Treasury stock
movement
-----(2 ,785)-(2 ,785)
Dividends paid to
shareholders
------(112,000)(112,000)
Balance at
31 March 2022
33,290453,56815,4913,652500(38,174)2,966,1933,434,520
Six months ended
30 Sept 2022
unaudited
Opening balance33,290453,56815,4913,652500(38,174)2,966,1933,434,520
Profit for the period------193,986193,986
Other comprehensive
income for the period--42,969(168)21,317--64,118
Total comprehensive
income for the period--42,969(168)21,317-193,986258,104
Treasury stock
movement-----3,445-3,445
Dividends paid to
shareholders------(68,000)(68,000)
Balance at
30 Sept 202233,290453,56858,4603,48421,817(34,729)3,092,1793,628,069
RYMAN HEALTHCARE
14

The accompanying notes form part of these consolidated interim financial statements.
Consolidated balance sheet
AT 30 SEPTEMBER 2022
Notes
30 Sept 2022
unaudited
30 Sept 2021
unaudited
31 March 2022
audited
$000$000$000
Assets
Cash and cash equivalents2 5, 87415,23928,309
Trade and other receivables791,864509,418671,463
Inventory23,12324,57226,312
Advances to employees15,15216,25115,415
Derivative financial instruments7105,3717,8571 9,574
Property, plant and equipment22,229,6641,846,7922,091,001
Investment properties38,737,0127,338,9048,027,267
Intangible assets60,36353,88551,684
Deferred tax asset 44,91636,30135,057
Total assets12,033,3399,849,21910,966,082
Equity
Issued capital433,29033,29033,290
Reserves502,600401,667435,037
Retained earnings3,092,1792,598,7872,966,193
Total equity3,628,0693,033,7443,434,520
Liabilities
Trade and other payables5248,473181,000264,254
Employee entitlements43,59136,73539,812
Revenue in advance88,68976,17281,251
Refundable accommodation deposits251,998146,883199,783
Derivative financial instruments78,5248,67727, 2 9 1
Interest-bearing loans and borrowings63,025,9512,450,0152 ,576,737
Occupancy advances (non-interest bearing) 84,631,5503,902,1494,286,459
Lease liabilities16,66213,84413,494
Deferred tax liability89,832-42 ,481
Total liabilities 8,405,2706,815,4757,531,562
Total equity and liabilities12,033,3399,849,21910,966,082
Net tangible assets
Basic and diluted (cents per share)713.5596.0676.6
HALF YEAR REPORT SEPTEMBER 2022
15

The accompanying notes form part of these consolidated interim financial statements.
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Operating activities
Receipts from residents714,728680,4711,396,155
Interest received380225266
Payments to suppliers and employees(252,421)(203,059)(4 35,170)
Payments to residents(201,629)(161,941)(346,030)
Interest paid(17,377)(14,608)(29,243)
Net operating cash flows 243,681301,088585,978
Investing activities
Purchase of property, plant and equipment(191,913)(123,055)(284,288)
Purchase of intangible assets(12,287)-(14,346)
Purchase of investment properties(295,024)(260,930)(434,395)
Capitalised interest paid(41,581)(22 ,416)(50,006)
Advances to employees263(5,111)(4, 275)
Net investing cash flows(540,542)(411,512)(787,310)
Financing activities
Drawdown / (repayment) of bank loans (net)70,443(81,802)57,6 74
Proceeds from institutional term loan-261,808269,243
Proceeds from US Private Placements notes290,149--
Dividends paid(68,000)(68,000)(112,000)
Sale / (purchase) of treasury stock (net)3,445(5,185)(2 ,785)
Repayment of lease liabilities(1,611)(1,329)(2,662)
Net financing cash flows294,426105,492209,470
Net (decrease) / increase in cash and cash equivalents(2,435)(4,932)8,138
Cash and cash equivalents at the beginning of the period28,30920,17120,171
Cash and cash equivalents at the end of the period 25,87415,23928,309
RYMAN HEALTHCARE
16

The accompanying notes form part of these consolidated interim financial statements.
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
RECONCILIATION OF NET PROFIT AFTER TAX WITH NET OPERATING CASH FLOWS
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Net profit after tax193,986281,467692,873
Adjusted for:
Movements in balance sheet items
Occupancy advances376,455234,123659,608
Accrued management fees(40,979)(34,573)(73,827)
Refundable accommodation deposits45,04029,9388 6 ,474
Revenue in advance7,4 3 84,3559,435
Trade and other payables1,5123,5619,172
Trade and other receivables(120,725)36,099(129,017)
Inventory3,5792,012390
Employee entitlements3,7 794,7017,7 78
Non-cash items:
Depreciation and amortisation21,38516,52533,026
Depreciation of right-of-use assets1,6111,3292 ,672
Impairment loss10,784--
Deferred tax23,316(6,944)29,209
Unrealised foreign-exchange (gain) / loss(22,154)13,6384,070
Adjusted for:
Fair-value movement of investment properties(261,346)(285,14 3)(745,885)
Net operating cash flows243,681301,088585,978
Net operating cash flows includes the following:
• Net occupancy advance receipts from retirement-village residents of $456.4 million (six months ended
30 September 2021: $452.4 million and year ended 31 March 2022: $908.1 million)
• Net receipts from refundable accommodation deposits of $45.0 million (six months ended 30 September 2021:
net receipts of $33.9 million and year ended 31 March 2022: net receipts of $87.4 million)
• Management fees collected of $29.0 million (six months ended 30 September 2021: $23.1 million and
year ended 31 March 2022: $50.2 million).
HALF YEAR REPORT SEPTEMBER 2022
17

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
1. GENERAL INFORMATION
The consolidated interim financial statements presented are those of Ryman Healthcare Limited (the Company),
and its subsidiaries (the Group). Ryman Healthcare Limited is a profit-oriented entity incorporated in
New Zealand. The Group develops, owns, and operates integrated retirement villages, resthomes, and hospitals
for the elderly within New Zealand and Australia.
Statement of compliance
Ryman Healthcare Limited is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013
and the Financial Markets Conduct Act 2013. Its consolidated interim financial statements comply with these Acts.
The unaudited condensed consolidated interim financial statements have been prepared in line with Generally
Accepted Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand
equivalents to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International
Accounting Standard 34 (IAS 34) Interim Financial Reporting.
Basis of preparation
The consolidated interim financial statements for the six months ended 30 September 2022 and the comparative
six months ended 30 September 2021 are unaudited.
Except as otherwise stated below, these consolidated interim financial statements have been prepared under
the same accounting policies and methods as the Group’s Annual Report at 31 March 2022. These consolidated
interim financial statements should be read in conjunction with the financial statements and related notes
included in the Group’s Annual Report for the year ended 31 March 2022.
These consolidated interim financial statements were approved by the Board of Directors on 17 November 2022.
The information is presented in thousands of New Zealand dollars (NZD).
All reference to AUD refers to Australian dollars.
All reference to USD refers to US dollars.
RYMAN HEALTHCARE
18

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
1. GENERAL INFORMATION (CONTINUED)
Adoption of new and revised standards and interpretations
In the current period, the Group adopted all mandatory new and amended standards and interpretations.
Implementation of International Financial Reporting Interpretations Committee’s (IFRIC’s) April 2021
agenda decision in relation to software-as-a-service (SaaS) arrangements
The Group revised its accounting policy in relation to upfront configuration and customisation costs incurred in
implementing SaaS arrangements in response to the IFRIC agenda decision clarifying its interpretation of how
current accounting standards apply to these arrangements. Costs incurred to configure or customise, and the
ongoing fees to obtain access to the SaaS provider's application software, are recognised as operating expenses
when the services are received. However, where costs incurred are for the development of software code that
enhances or modifies, or creates additional capability to, existing software assets and meets the definition of
and recognition criteria for an intangible asset, those costs are recognised as intangible software assets and
amortised over the useful life of the software on a straight-line basis.
The impact of this change is not material and the Group has applied the revised accounting policy from
1 April 2022.
Standards and Interpretations on issue but not yet adopted
We are not aware of any New Zealand equivalents to International Financial Reporting Standards (NZ IFRS)
or Interpretations that have recently been issued or amended that have not yet been adopted by the Group
that would materially impact the Group for the current period ending 30 September 2022.
2. ASSET HELD FOR SALE
Following a review of the Group’s land portfolio, the land at Mt Martha in Victoria is being actively marketed for
sale. An impairment loss of $10.8 million writing down the carrying value of this land to its fair value less costs to
sell has been included in the income statement. Due to the commercial sensitivity associated with this valuation
while negotiations continue, this has not been separately disclosed as held for sale on the balance sheet. A sale
is expected to take place within 12 months.
HALF YEAR REPORT SEPTEMBER 2022
19

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
3. INVESTMENT PROPERTIES
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
At fair value
Balance at beginning of financial period8,027,2676, 8 3 7, 2786, 8 3 7, 278
Additions 386,645183,162452,068
Fair-value movement:
Realised fair-value movement:
• New retirement-village units45,38928,493110,681
• Existing retirement-village units126,67777,989168,071
172,066106,482278,752
Unrealised fair-value movement89,280178,6614 67,1 3 3
261,3462 8 5 ,1 4 3745,885
Net foreign-currency exchange differences61,75433,321(7,964)
Net movement for period70 9,74 5501,6261,189,989
Balance at end of financial period8,737,0127,338,9048,027,267
The realised fair-value movement arises from the sale and resale of rights to occupy to residents.
Investment properties are not depreciated and are fair valued.
As the fair value of investment property is determined using inputs that are unobservable, the Group has
categorised investment property as Level 3 under the fair-value hierarchy in line with NZ IFRS 13 – Fair Value
Measurement. NZ IFRS 13 requires that the inputs are consistent with the characteristics of the asset that a
market participant would take into account in a transaction for the asset.
Valuation reports are produced by independent registered valuers, CBRE Limited, CBRE Valuations Pty Limited
and Jones Lang LaSalle Limited, at the reporting date. These reports combine discounted future cash flows and
occupancy advances received from residents for retirement-village units for which the Directors have determined
that the fair value is able to be reliably measured. From time-to-time, the Directors may obtain additional
independent valuations for consideration in their determination of investment property carrying value.
The carrying value of completed investment property and investment property under development where fair
value is able to be reliably measured as determined by the Directors is based on the independent valuers’ reports
and also includes occupancy advances received from residents, adjusted for accrued deferred management fees
and revenue in advance.
A key judgement in determining the fair value of investment property is which units to include in the valuation.
Determining whether fair value can be reliably measured
The table below details the considerations made in assessing whether the fair value of a unit can be reliably
measured at reporting date and whether the unit should therefore be included in the valuation.
RYMAN HEALTHCARE
20

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
3. INVESTMENT PROPERTIES (CONTINUED)
Considerations made in determining if fair value can be reliably measured
Units that are or can be occupied at reporting date
Units that are under development at reporting date
Agreement to
occupy in place
The Directors have deemed that fair value can
only be reliably measured if there is an agreement
to occupy in place.
The unit will not be subjected to valuation
unless there is an agreement to occupy in place
for the unit.
Units without an agreement to occupy are carried
at cost.
The Directors have deemed that fair value can
only be reliably measured if there is an agreement
to occupy in place.
The unit will not be subjected to valuation
unless there is an agreement to occupy in place
for the unit.
Units without an agreement to occupy are carried
at cost.
Development
progress
The stage and site costs incurred to date are
considered with reference to the forecast total
costs of the stage and site under development to
determine the progress of the development.
The proportion of units from the site included in the
valuation is compared to the costs incurred to date
as a proportion of total costs.
The number of units included in the valuation
should not exceed the proportion of costs incurred
to date.
Units that are under development that cannot be
reliably measured are carried at cost.
Resident
move-in date
The date when the resident will be able to take
possession of their unit is considered relative to the
development timetable.
Units that are under development at reporting date and, after the considerations detailed above, the Directors
determine that fair value cannot be reliably measured are carried at cost.
Management and the Directors undertake regular physical inspections of villages under development to verify
progress, particularly around reporting period end, to help inform their judgements.
At 30 September 2022 8,426 units were included in the valuation (30 September 2021: 7,821 units and
31 March 2022: 8,190 units).
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
No. of unitsNo. of unitsNo. of units
Units included in the valuation
Able to be occupied at reporting date and fair value
is judged as being able to be reliably measured8,2227,75 27,968
Under development at reporting date and fair value
is judged as being able to be reliably measured20469222
Total units included in the valuation8,4267,8218,190
HALF YEAR REPORT SEPTEMBER 2022
21

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
3. INVESTMENT PROPERTIES (CONTINUED)
Independent valuers key assumptions
The valuers used significant assumptions that include growth rate (ranging from 0.00 percent to 4.33 percent
nominal) (30 September 2021: 0.50 percent to 4.00 percent and 31 March 2022: 0.50 percent to 4.24 percent)
and discount rate (ranging from 11.75 percent to 16.00 percent) (30 September 2021: 12.00 percent to
16.50 percent and 31 March 2022: 12.00 percent to 16.00 percent).
Sensitivity
A 0.5 percent decrease in the 5-year plus growth rate would result in a $194 million lower fair-value measurement.
Conversely, a 0.5 percent increase in the 5-year plus growth rate would result in a $209 million higher fair-value
measurement.
A 0.5 percent decrease in the discount rate would result in a $94 million higher fair-value measurement.
Conversely, a 0.5 percent increase in the discount rate would result in a $88 million lower fair-value measurement.
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy period. A significant increase in the average age of entry of residents or a
decrease in the occupancy period would result in a significantly higher fair-value measurement. Conversely,
a significant decrease in the average age of entry of residents or increase in the occupancy period would result
in a significantly lower fair-value measurement.
Work in progress
Investment property includes investment property work in progress of $702.4 million (six months ended
30 September 2021: $633.4 million and year ended 31 March 2022: $494.7 million), which has been valued at cost.
The Directors have determined that for work in progress cost represents fair value. No independent valuation of
investment property work in progress is obtained.
Operating expenses
Direct operating expenses arising from investment property that generated income from management fees
during the period amounted to $6.8 million (30 September 2021: $6.2 million and year ended 31 March 2022:
$13.1 million). All investment property generated income from management fees during the period for the Group,
except for investment property work in progress.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the occupancy agreement, the resident receives a unit title
for life and a first mortgage over the residual interest for security purposes, or a first mortgage is held over the
individual title by the statutory supervisor.
Acquisition of Essendon Terrace
During the period, the Group has settled the acquisition of the Essendon Terrace Retirement Village in Victoria.
The Essendon Terrace site neighbours another site owned by the Group, where it plans to build a new retirement
village. The transaction has been accounted for as an asset acquisition. The consideration paid has been
allocated to the investment properties acquired and liabilities assumed based on their relative fair values at the
acquisition date.
RYMAN HEALTHCARE
22

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
4. SHARE CAPITAL
Issued and paid-up capital consists of 500,000,000 fully paid ordinary shares (30 September 2021:
500,000,000 and 31 March 2022: 500,000,000). All shares rank equally in all respects.
Basic and diluted earnings and net tangible assets per share have been calculated on the basis of
500,000,000 ordinary shares (30 September 2021: 500,000,000 and 31 March 2022: 500,000,000).
Shares purchased on market under the leadership share scheme are treated as treasury stock until they are
vested to the employees.
5. TRADE AND OTHER PAYABLES
Trade payables are typically paid within 30 days of invoice date or the 20th of the month following the
invoice date.
Other payables at 30 September 2022 includes $127.8 million for the purchase of land (30 September 2021:
$112.4 million and 31 March 2022: $174.4 million).
HALF YEAR REPORT SEPTEMBER 2022
23

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
6. INTEREST-BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings include secured bank loans, institutional term loan (ITL), unsubordinated
fixed-rate retail bonds and United States Private Placement (USPP) notes.
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Bank loans1,878,8801,625,0141,780,619
Institutional term loan (ITL)284,706261,808269,658
Retail bonds – RYM010150,000150,000150,000
USPP notes – using contracted fixed USD FX rate708,644415,255416,557
3,022,2302,452,0772,616,834
FX movement of USD USPP notes162,06216,7 7014,615
Total loans and borrowings at face value3,184,2922,468,8472,631,449
Issue costs for the ITL capitalised(849)(922)(876)
Issue costs for the retail bond capitalised(2,380)(2,873)(2,605)
Issue costs for the USPP capitalised(3,298)(1,956)(2,170)
Total loans and borrowing at amortised cost3,177,7652,463,0962,625,798
Revaluation of ITL debt in fair-value hedge relationship(8,966)-(5,690)
Revaluation of USPP debt in fair-value hedge relationship(142,848) (13,081)(43,371)
Total loans and borrowings3,025,9512,450,0152 ,576,7 3 7
USPP notes
In April 2022, the Group completed its second USPP notes issuance, securing US$200 million of long-term
debt. These USPP notes have maturity dates of between 10 and 15 years and coupon interest rates between
5.24 percent and 5.54 percent. The proceeds from the issuance were used to repay bank loans.
In conjunction with the issuance, the Group entered into cross-currency interest rate swaps to hedge the foreign
currency risk and interest rate risk in relation to the USPP notes. Refer note 7 for further details.
Security
The bank loans, ITL, retail bonds and USPP notes are secured by a general security agreement over the parent
and subsidiary companies and supported by first mortgages over the freehold land and buildings (excluding
retirement-village unit titles provided as security to residents – note 3).
The subsidiary companies have all provided guarantees for the Group’s secured loans as parties to the general
security agreement.
RYMAN HEALTHCARE
24

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
6. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
Fair value
Below is a comparison of the carrying amounts and fair values of the interest-bearing loans and borrowings.
The carrying amount of bank loans are the same as their fair value in all material aspects due to their interest
rate profiles.
Six months ended 30 Sept 2022
unaudited
Six months ended 30 Sept 2021
unaudited
Year ended 31 March 2022
audited
Carrying amount Fair valueCarrying amount Fair valueCarrying amountFair value
$000$000$000$000$000$000
Institutional
term loan (ITL)274,891275,052260,886284,349263,092272,035
Retail bonds
147,620131,5651 47,1 27150,135147,3951 3 7,7 75
USPP notes
724,560817,841416,988496,050385,631442,017
The fair value of the fixed-rate portion of the institutional term loan has been determined at reporting date on
a discounted cash flow basis and applying discount factors to the future AUD interest payment and principal
payment cash flows. The fair value of the floating rate portion is assumed to be the same as its carrying amount.
The fair value of the institutional term loan is categorised as Level 2 under the fair value hierarchy in accordance
with NZ IFRS 13 – Fair Value Measurement.
The fair value of the retail bonds is based on the price traded at on the NZX at the reporting date. The fair value
of the retail bonds is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13.
The fair value of the USPP notes has been determined at reporting date on a discounted cash flow basis and
applying discount factors to the future USD interest payment and principal payment cash flows. The fair value
of the USPP notes is categorised as Level 2 under the fair-value hierarchy in accordance with NZ IFRS 13.
HALF YEAR REPORT SEPTEMBER 2022
25

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
7. FINANCIAL INSTRUMENTS
Derivative financial instruments
The Group’s derivative financial instruments consist of interest rate swaps, caps, floors, collars and
cross-currency interest rate swaps (CCIRS).
These derivatives are initially recognised at fair value on the date the derivative contract is entered into and
remeasured to their fair value at each reporting date. The fair value of these derivatives is categorised as
Level 2 under the fair value hierarchy contained within NZ IFRS 13 – Fair Value Measurement. The fair value of
these derivative instruments is derived using inputs supplied by third parties that are observable, either directly
(prices) or indirectly (derived from prices).
Cross-currency interest rate swaps (CCIRS) as fair value and cash flow hedges
In April 2022, the Group entered into additional cross-currency interest rate swaps to hedge the foreign currency
risk and interest rate risk in relation to the additional USPP notes issued. The CCIRS transform a series
of known fixed interest rate USD cash flows to floating rate NZD cash flows.
For hedge accounting purposes, the CCIRS are aggregated and designated as both fair-value hedges and
cash-flow hedges. The hedge ratio is 1:1. The face value of the CCIRS is the same value as the face value of the
USPP notes. The maturity of the USPP notes and associated CCIRS is matched. As the critical terms of the
CCIRS contracts and the hedged USPP notes are the same, significant hedge ineffectiveness is not expected.
RYMAN HEALTHCARE
26

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
8. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
Six months ended
30 Sept 2022
unaudited
Six months ended
30 Sept 2021
unaudited
Year ended
31 March 2022
audited
$000$000$000
Gross occupancy advances (see below)5,254,1854,439,2284,864,713
Less management fees and resident loans(622,635)( 5 3 7,07 9)(578,254)
Closing balance4,631,5503,902,1494,286,459
Movement in gross occupancy advances
Opening balance4,864,7134,205,1054,205,105
Plus net increases in occupancy advances:
• New retirement-village units187,951137,651455,855
• Existing retirement-village units126,67777,989168,072
Net foreign-currency exchange differences41,128(19,415)(4,640)
Increase in occupancy advance balances33,71637,89840,321
Closing balance5,254,1854,439,2284,864,713
Gross occupancy advances are non-interest bearing and are not discounted.
The change in occupancy advance balances shows the net movement in occupancy advances that has
resulted from:
• units that have been resold but the previous resident has yet to be repaid; and
• units that have been repaid but the unit remains unsold at balance date.
HALF YEAR REPORT SEPTEMBER 2022
27

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
9. SEGMENT INFORMATION
The Group operates in one industry, being the provision of integrated retirement villages for older people in
New Zealand and Australia. The service provision process for each of the villages is similar, and the class of
customer and methods of distribution and regulatory environment is consistent across all the villages.
In presenting information based on geographical areas, net profit, underlying profit, and revenue are based
on the geographical location of operations. Assets are based on the geographical location of the assets.
New ZealandAustraliaGroup
$000$000$000
Six months ended 30 Sept 2022 unaudited
Revenue240,98433,3452 74 , 2 3 9
Underlying profit (non-GAAP)111,68327,1 2 3138,806
Deferred tax (expense) / credit(32,609)9,293(23,316)
Unrealised fair-value movement
49,59439,68689,280
Impairment loss-(10,784)(10,784)
Profit for the period128,66865,318193,986
Non-current assets8,887,1532 , 290,17311,177,326
Six months ended 30 Sept 2021 unaudited
Revenue226,84121,023247,864
Underlying profit (non-GAAP)92,8313,03195,862
Deferred tax credit / (expense)
(11,903)18,8476,944
Unrealised fair-value movement178,533128178,661
Profit for the period259,46122,006281,467
Non-current assets7,74 4 ,6 5 21,539,0879, 283,739
Year ended 31 March 2022 audited (restated
1
)
Revenue 462 ,7 7246,025 508,797
Underlying profit (non-GAAP) 203,763 51,186 254,949
Deferred tax (expense) / credit(50,923) 2 1,714 (29,209)
Unrealised fair-value movement436,80430,3294 67,1 3 3
Profit for the year589,644103,229692,873
Non-current assets 8,322,236 1,902,347 10,224,583
1 The segment revenue figures for 31 March 2022 have been restated due to a misclassification between the Australian and
NZ segments. The reclassification was $27.4m. The Group revenue figure for that comparative period has remained unchanged.
RYMAN HEALTHCARE
28

Notes to the consolidated interim financial statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
9. SEGMENT INFORMATION (CONTINUED)
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS
profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and so may not
be comparable to similar financial information presented by other entities.
The Group uses underlying profit, with other measures, to measure performance. Underlying profit determines
the dividend pay-out to shareholders. Underlying profit is a measure that the Group uses consistently across
reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy
has been sold during the period and for which a legally binding contract is in place at the reporting date. The
occupancy advance for these units may have been received or be included within the trade receivables balance
at reporting date.
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties,
and impairment losses on non-trading assets because these items do not reflect the trading performance of
the Company.
10. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $314.7 million at 30 September
2022 (30 September 2021: $247.9 million and 31 March 2022: $361.5 million).
The Group has an ongoing commitment for maintaining the land and buildings of the integrated retirement
villages, resthomes, and hospitals.
11. SUBSEQUENT EVENTS
Dividends
On 18 November 2022, an interim dividend of 8.8 cents per share was declared and will be paid on
16 December 2022 (prior year: 8.8 cents per share). The record date for entitlements is 9 December 2022.
Dividend Reinvestment Plan
On 16 November 2022, the Board approved the implementation of a dividend reinvestment plan, to take effect
from the dividend payable on 16 December 2022.
HALF YEAR REPORT SEPTEMBER 2022
29

Village locations
WHANGĀREI
•
Jane Mander
AUCKLAND
Tāmaki-makau-rau
•
Bert Sutcliffe
•
Bruce McLaren
•
Edmund Hillary
•
Evelyn Page
•
Grace Joel
•
Karaka
•
Keith Park
•
Kohimarama
•
Logan Campbell
•
Miriam Corban
•
Murray Halberg
•
Possum Bourne
•
Takapuna
•
William Sanders
WELLINGTON
2
WAIKANAE
PALMERSTON NORTH
WHANGANUI
NEW PLYMOUTH
HAVELOCK
NORTH
NAPIER
GISBORNE
TA U P Ō
TAURANGA
HAMILTON
CAMBRIDGE
WHANGĀREI
AUCKLAND
111
2
11
4
1
HAMILTON
Kirikiriroa
•
Hilda Ross
•
Linda Jones
CAMBRIDGE
Kemureti
•
Cambridge
TA U P Ō
•
Ta u p ō
TAURANGA
•
Bob Owens
GISBORNE
Tūranga-nui-a-Kiwa
•
Kiri Te Kanawa
NEW PLYMOUTH
Ngāmotu
•
Jean Sandel
NAPIER
Ahuriri
•
Princess Alexandra
HAVELOCK NORTH
Karanema
•
James Wattie
WHANGANUI
•
Jane Winstone
PALMERSTON NORTH
Te Papaioea
•
Julia Wallace
WAIKANAE
•
Charles Fleming
WELLINGTON
Te Whanganui a-Tara
•
Bob Scott
•
Karori
•
Malvina Major
•
Newtown
•
Rita Angus
•
Shona McFarlane
NEW ZEALAND NORTH ISLAND
Aotearoa Te Ika-a-māui
1
1
1
1
1
1
1
1
1
1
RYMAN HEALTHCARE
30

INVERCARGILL
DUNEDIN
RANGIORA
CHRISTCHURCH
NELSON
2
1
1
7
1
NELSON
Whakatū
•
Ernest Rutherford
RANGIORA
•
Charles Upham
CHRISTCHURCH
Ōtautahi
•
Anthony Wilding
•
Diana Isaac
•
Essie Summers
•
Kevin Hickman
•
Margaret Stoddart
•
Ngaio Marsh
•
Northwood
•
Park Terrace
•
Woodcote
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
ROLLESTON
Tauwharekākaho
•
Rolleston
DUNEDIN
Ōtepoti
•
Frances Hodgkins
•
Yvette Williams
INVERCARGILL
Waihōpai
•
Rowena Jackson
NEW ZEALAND SOUTH ISLAND
Aotearoa Te Waipounamu
ROLLESTON
1
11
HALF YEAR REPORT SEPTEMBER 2022
31

AUSTRALIA VICTORIA
MELBOURNE
•
Coburg North
•
Essendon
•
Essendon Terrace
•
Bert Newton
•
John Flynn
•
Kealba
•
Mulgrave
•
Nellie Melba
•
Raelene Boyle
•
Ringwood East
•
Weary Dunlop
BELLARINE PENINSULA
•
Charles Brownlow
•
Deborah Cheetham
MORNINGTON PENINSULA
•
Mt Eliza
RYMAN VILLAGE
UNDER CONSTRUCTION
COUNCIL APPROVAL
PROPOSED VILLAGE
In the spirit of reconciliation Ryman Healthcare acknowledges the
Traditional Custodians of country throughout Australia and their
connections to land, sea and community. We pay our respect to their
Elders past and present and extend that respect to all Aboriginal and
Torres Strait Islander peoples today.
CHARLES
BROWNLOW
RAELENE BOYLE
KEALBA
1
DEBORAH
CHEETHAM
WEARY DUNLOP
NELLIE MELBA
COBURG NORTH
JOHN FLYNN
ESSENDON
ESSENDON TERRACE
MULGRAVE
1
1
1
1
1
1
1
BERT NEWTON
1
RINGWOOD EAST
1
1
1
1
MT ELIZA
1
RYMAN HEALTHCARE
32

Directory
REGISTERED OFFICE
Airport Business Park
92 Russley Road
Christchurch
PO Box 771, Christchurch 8042
New Zealand
SHARE REGISTRAR
Link Market Services
PO Box 91976, Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.co.nz
New Zealand
0800 588 222
rymanhealthcare.co.nz
Australia
1800 922 988
rymanhealthcare.com.au
For more information on any of Ryman Healthcare’s retirement villages:
MELBOURNE OFFICE
Level 5, 6 Riverside Quay
Southbank, VIC 3006
PO Box 54
Collins Street West
Melbourne, VIC 8007
Australia
AUCKLAND OFFICE
Building 2, Level 2
Central Park
666 Great South Road
Ellerslie, Auckland 1051
New Zealand
WELLINGTON OFFICE
10B Waterloo Quay
Wellington 6011
New Zealand
HALF YEAR REPORT SEPTEMBER 2022
33

rymanhealthcare.co.nz
rymanhealthcare.com.au