Oceania delivers solid result

MEDIA RELEASE
24 May 2023
OCEANIA DELIVERS SOLID RESULT AND EXECUTES ON FIVE YEAR PLAN

Oceania today announced unaudited Underlying Earnings before interest, tax, depreciation and
amortisation (u/EBITDA) of $80.0m for the year ended 31 March 2023, a $3.8m or 5% increase on the
year ended 31 March 2022.
Highlights
• Total assets increased during the year by $347m to $2.5b as at 31 March 2023. The increase
comprised the Remuera Rise and Bream Bay Village acquisitions of $57.0m, capital
expenditure of $164.0m and fair value increases of $31.0m (pcp fair value increase $105.2m).
• Realised gains from new sales and resales increased by 5% to $59.4m (pcp $56.3m) with
strong development and resale margin performance.
• 233 units and care suites delivered across Stage One of the Helier, Auckland, Lady Allum in
Auckland, St Johns Wood in Taupo, Stoke in Nelson and Woodlands in Motueka sites.
• Current level of drawn down debt and bonds is $550.3m, net of cash. Undrawn net debt
headroom is $174.7m. Loan to value ratio is 36.9%.
• Launched our 2023-2030 sustainability framework and committed to the Science Based Target
Initiative for reducing our GHG emissions.
• Change in Dividend Policy to 30% to 50% of Underlying Earnings before Interest and Tax to
provide investment for growth.
• Declared final dividend of 1.3 cents per share (not imputed). Record date is 7 June 2023 and
will be paid on 21 June 2023.

31 March 2023 unaudited non-GAAP trading measures 12 months vs 12 months
$m’s
12 months to
31 March
12 months
to 31 March
Growth
2023 2022 $m %
Underlying EBITDA 80.0 76.2 3.8 5.0%
Underlying NPAT
1
58.6 56.7 1.9 3.4%
Sales Volume 408 450
Occupancy % 90.4% 92.0%

31 March 2023 audited GAAP statutory measures 12 months vs 12 months
$m’s
12 months to
31 March
12 months
to 31 March
Growth
2023 2022 $m %
Operating Revenue 247.2 231.1 16.1 7.0%
Reported NPAT 15.4 61.1 (45.7) (74.8%)
Operating Cashflow 70.2 105.5 (35.3) (33.5%)
Total Assets 2,544.9 2,197.7 347.2 15.8%
Dividend (cents per
share)
3.2 4.4
1
Underlying NPAT is a non-GAAP (unaudited) financial measure and differs from Reported NPAT by replacing the unrealised fair
value adjustment in property values with the Board’s estimate of realised components of movements in investment property value
and to eliminate other unrealised, deferred tax and one-off items. A reconciliation is included within the Annual Report and the
Investor Presentation.

MEDIA RELEASE
24 May 2023
Oceania has delivered 5% growth in Underlying EBITDA for the year ended 31 March 2023 which
primarily reflects the continued maturity of the portfolio supporting increased deferred management fee
and resale gains.
Oceania’s Total Assets increased to $2.5bn as at 31 March 2023 largely as a result of the continued
development across 11 sites during the period as well as the developments at The Helier (Auckland),
Lady Allum (Auckland) and The Bellevue (Christchurch) being valued as complete together with the
acquisition of Bream Bay Village and Remuera Rise in July 2022 and positive fair value increases of
$31.0m (pcp fair value increases $105.2m).
For the year ended 31 March 2023, operating cashflow was $70.2m, compared to $105.5m for the year
ended 31 March 2022. This reflects an investment in future growth through the buy back of units at
development sites and a lower number of new sales in the current year.
Capital structure and capital management remain a key area of focus for the business. Oceania has a
proven record of cash generation from its existing site developments and remains focused on
consistently achieving positive outcomes in recycling cash. Oceania CEO, Brent Pattison noted “We
recognise that an optimal cash recovery profile will be a key driver of value and growth as development
margins come under pressure in future periods and as we continue to extend the development pipeline.”
As part of its capital management programme, Oceania continues to review its current portfolio of sites
in order to ensure optimal capital allocation and the recycling of cash within the business, with an
emphasis on considering the future of sites that no longer fit Oceania’s strategy. Oceania has entered
into an agreement to sell two of its Auckland care sites to a smaller, experienced operator. This
agreement is conditional on the purchaser obtaining the consent of the Ministry of Health and Te Whatu
Ora to the transfer and the sale is expected to settle in August 2023.
Despite the current head winds facing the residential property market and the sector, we continue to
see a good level of enquiry for sales across our 48 sites. The sector continues to be supported by a
growing population of older New Zealanders who are seeking improved security, lifestyle and health
outcomes while remaining part of their local community. Brent Pattison, said “While Oceania has
certainly observed an increase in the average days to sell its independent living villas and apartments,
we have observed higher levels of enquiry for our premium offering. Oceania offers an attractive
downsizing option for residents within their local community as well as providing a trusted pathway to
high quality care through our highly successful care suite product.”
Oceania currently has 409 units and care suites under construction at eight sites across New Zealand.
In the 12 month period to 31 March 2023, 233 care suites and units were delivered at Stage One of The
Helier (St Heliers, Auckland), Lady Allum (Milford, Auckland), St Johns Wood (Taupo), Stoke (Nelson)
and Woodlands (Motueka, Tasman).
Oceania Chair, Liz Coutts said “Oceania has made tangible progress over the last year in progressing
its sustainability ambitions. Oceania has committed to the Science Based Target initiative and is
currently working towards its implementation of climate-related financial disclosures”. We have also
prepared our first Sustainability Framework, following an extensive process gaining insights from a wide
range of stakeholders, including residents and our people.
Oceania Chair Liz Coutts advises the Board have approved a change in the dividend policy, applying
from 1 October 2022 to a pay out ratio of 30% to 50% of Underlying Earnings Before Interest and Tax,
in order to provide investment in growth. In line with this policy the Board have declared a final dividend
of 1.3 cents per share (not imputed). The record date for the dividend is 7 June 2023 and the dividend
will be paid on 21 June 2023. The Dividend Reinvestment Plan will apply to the dividend payable on
21 June 2023 at a discount of 1.0% to the volume weighted average price of shares sold on the NZX
Main Board over a period of five trading days starting on 6 June 2023.

ENDS
For all enquiries, please email investor@oceaniahealthcare.co.nz or phone 0800 333 688.

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Distribution Notice

Updated as at June 2022




Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Oceania Healthcare Limited
Financial product name/description Ordinary Shares
NZX ticker code OCA
ISIN (If unknown, check on NZX
website)
NZOCAE0002S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 7 June 2023
Ex-Date (one business day before the
Record Date)
6 June 2023
Payment date (and allotment date for
DRP)
21 June 2023
Total monies associated with the
distribution
1

9,367,217
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
0.01300000
Gross taxable amount
3
0.01300000
Total cash distribution
4
0.01300000
Excluded amount (applicable to listed
PIEs)
NA
Supplementary distribution amount NA
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed No imputation


1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

NA
Imputation tax credits per financial
product
NA
Resident Withholding Tax per
financial product
0.00429000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1.0%
Start date and end date for
determining market price for DRP
6 June 2023 12 June 2023
Date strike price to be announced (if
not available at this time)
13 June 2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
[TBC]
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
8 June 2023
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Anna Thorburn
Contact person for this
announcement
Anna Thorburn
Contact phone number 0800 333 688
Contact email address Anna.Thorburn@oceaniahealthcare.co.nz
Date of release through MAP

24 May 2023





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019

Results for announcement to the market
Name of issuer Oceania Healthcare Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$247,178 7%
Total Revenue $247,178 7%
Underlying earnings before
interest, tax, depreciation
and amortisation
$80,015 5%
Total net profit/(loss) $15,448 (75%)
Total Comprehensive
Income
$34,543 (70%)
Interim/Final Dividend
Amount per Quoted Equity
Security
0.013000
Imputed amount per Quoted
Equity Security
Not applicable
Record Date 7 June 2023
Dividend Payment Date 21 June 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.33 $1.32
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to attached documents (consolidated financial
statements and interim report, media release and results
presentation).
Authority for this announcement
Name of person

authorised
to make this announcement
Anna Thorburn
Contact person for this
announcement
Anna Thorburn
Contact phone number 0800 333 688
Contact email address Anna.Thorburn@oceaniahealthcare.co.nz
Date of release through MAP

24 May 2023

Audited financial statements accompany this announcement.