Annual Report

Better
connection.
ANNUAL REPORT 2023

We know the value of connection — connection
to people, places, interests and treasured
possessions — we understand its importance
in the lives of our residents.
Our focus at Oceania is to ensure that our
residents retain connection to what matters
to them, continuing to lead lives filled with
purpose. We create homes in the heart of
communities, and design spaces and services
that enhance social relationships, both within
our villages and the local neighbourhood.
We forge valuable connections with our
providers and keep pace with the wider world,
bringing in ideas to innovate and improve.
Every life is rich with connection, and it is
our privilege to honour that.

Letter from the Chair04
Trading highlights07
At a glance08
Letter from the CEO09
Weather event recovery13
How we create value17
Sustainability18
Customer led design and service26
Board of Directors28
Couple’s care suite32
Three year summary33
Consolidated financial statements34
Corporate Governance73
Contents.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS3

LETTER FROM THE CHAIR
Oceania has capitalised on
premium care earnings when
margins on traditional care
beds are difficult to achieve.
As at 31 March 2023, 37% of
Oceania’s total care beds are
care suites, licensed to residents
under an occupation right
agreement model. Care suites
deliver additional capital and
DMF to the business and improve
free cash flow growth as DMF for
care suites is realised faster than
DMF for villas and apartments.
Care suite DMF has grown from
$7.0m in FY2020 to $14.9m in
FY2023 and this will continue to
grow as the pipeline of care suite
developments is completed.
In providing premium care
services to our residents,
Oceania continues to have a
relatively high ratio of nurses to
residents. This level of investment
is required in order to provide
the highest standard of resident
experience and deliver the level
of care expected by our current,
and future, residents.
Oceania has once again demonstrated its resilience
and strength, delivering a solid financial performance
in a challenging economic environment with a slowing
residential property market, labour shortages and
severe weather events.
Financial Performance
Unaudited Underlying EBITDA
of $80.0m for the year ended 31
March 2023 was 5% higher than
the prior corresponding period
of $76.2m. This was largely as a
result of the continued maturity of
our portfolio supporting increased
deferred management fee (DMF)
and resale gains. Total capital
gains for the year ended 31 March
2023 of $59.4m increased $3.1m,
or 5%, from capital gains in
the prior corresponding period
of $56.3m.
Oceania’s total assets increased
to $2.5b as at 31 March 2023,
compared with $2.2b as at 31
March 2022. This increase is
largely due to 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, partially offset by
broadly unfavourable changes
in valuation assumptions which
are reflective of market conditions
over the last year.
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 a lower number of
new sales in the current year and
an investment in future growth
through the buy back of some
units at development sites.
As at 31 March 2023, Oceania
had current drawn down
debt and bonds of $557.8m,
$7.4m of cash and $174.6m of
undrawn net debt headroom.
Care
Oceania has long been regarded
as the leader in the provision
of high quality residential care
services to older New Zealanders.
Oceania has a higher weighting
of care beds relative to its peers,
and was the pioneer of care suites,
as a premium model of care, back
in 2008. Oceania has invested
heavily in the care suite model
to reduce reliance on Government
funding and maintain attractive
returns on capital. Since the
inception of its care suite product,
Positioning
for future growth.
I am pleased to present our Annual Report
for the year ended 31 March 2023.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS4LETTER FROM THE CHAIR

Looking ahead, Oceania is further
investing in premium models of
care, with its first fully privately
funded care centre opening at
The Helier (Auckland) in FY2024,
providing further premium
revenue growth in the business.
In addition to exiting our
arrangement with Airedale
Property Trust in respect of
Everil Orr, we have entered into
an agreement to sell two of our
smaller Auckland care sites
to another existing aged care
operator. These divestments will
enable cash to be released for
reinvestment with higher returns.
Village
With the significant headwinds
facing the construction sector
over the last year, Oceania has
been introducing measures
to maintain the delivery of a
strong development and sales
pipeline. Oceania is focused on
its cash recovery profile and
the development of independent
living villa products as the
backbone of the next phase of
Oceania’s development projects
will assist this. This is because
villa developments deliver faster
recycling of cash than apartment
or care suite developments, as
well as providing greater flexibility
for staging and settlement
of product. Oceania has key
development sites in the near
term development pipeline that
are exclusively villa product to
allow for staging and presales,
compared to the more complex
and capital intensive apartment
and care developments.
As part of the execution
of Oceania’s greenfield
development strategy, there
will be a reweighting towards the
construction of independent living
villas, rather than apartments or
care suites. As at 31 March 2023,
Oceania’s independent living unit
portfolio comprises 53% villas
and 47% apartments, with most
of these apartments having
been completed in the last four
years. As we come to the end of
our existing site developments,
we will be looking to acquire
land which would be suitable
for villa product to extend our
pipeline. This in turn will result in
a higher portion of villa products
in our portfolio.
Strategic Capital Management
Oceania’s capital structure and
capital management remain a
key area of focus for Directors.
While capital management
has always been a focus for
Oceania, with significant capital
markets experience at both the
Board and management level,
this is becoming increasingly
important in the current economic
environment. Rising interest rates
and economic uncertainty are
seeing a greater focus on cash
generation and balance sheet
management for Oceania, as
well as the sector as a whole.
Oceania has a proven record
of cash generation from its
existing site developments and,
going forward, remains focused
on consistently achieving
positive outcomes in recycling
cash. Oceania’s current pipeline
includes a significant number of
developments at existing sites
which do not require the holding
cost of land banking. Oceania
recognizes 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 move to extend the pipeline.
Although current challenges in
the residential property market
are seeing the average number
of days to sell independent living
units increase, there remains a
strong demand from the market
for high quality and bespoke
product. We continue to see
high levels of enquiry for both
our independent living units and
care suites across the country.
Furthermore, settlements of
independent living units continue
to be achieved, albeit a couple
of months later than we were
observing a couple of years ago.
Over 28% of Oceania’s
independent living villas and
apartments and care suites
have been developed since 2016.
We have seen the rewards from
our first flagship developments
at Meadowbank and The Sands,
with net development cash on
cash return from first time sales
and resales, particularly with our
care suite product. Once a site
becomes fully mature, the site
generates not only a significant
increase in resale gains, but also
realised DMF and increases in
weekly village fees.
With a relatively new portfolio,
Oceania’s operating costs and
maintenance capital expenditure
are well controlled. Having said
that, it is important to ensure
that repairs and maintenance
are funded in order to maintain
an appropriate level of condition
and refurbishment of the portfolio.
Oceania has a proven track record of cash
generation for its existing site developments
and remains focused on consistently achieving
positive outcomes in recycling cash.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS5LETTER FROM THE CHAIR

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 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 by August
2023. In the meantime, Oceania
will be working with the purchaser
to ensure a well-managed
transition period for both staff
and residents of these sites.
Dividend Policy and Dividend
Directors have declared a final
dividend of 1.3 per share, taking
full year dividends (non-imputed)
to 3.2 cents per share, which
represents 39% of Underlying
Net Profit After Tax. The Directors
have approved a change in the
dividend policy to the pay out
ratio, now being from 30% to
50% of Underlying Net Profit
After Tax, in order to provide
investment in growth.
A dividend reinvestment plan for
our New Zealand and Australian
shareholders will apply to this
dividend, which is payable on
21 June 2023. This provides a cost
effective and convenient way for
our shareholders to increase their
investment in Oceania without
any brokerage fees, by reinvesting
all or part of any dividend paid on
their shares in additional Oceania
shares instead of receiving that
distribution in cash.
Sustainability
Oceania has made tangible
progress over the last year in
progressing its sustainability
ambitions. Over the last year,
Oceania has committed to the
Science Based Target initiative
and is currently working
towards the implementation
of the Climate-Related Financial
Disclosures regime and climate
risk disclosures.
Oceania has also prepared
its updated Sustainability
Framework, set out on pages 18
to 25 of this report, following an
extensive process gaining insights
from a wide range of stakeholders,
including our people. This
framework will guide Oceania’s
sustainability journey, resetting
our sustainability aspirations
and enabling the preparation
of a clear programme of work
to embed sustainability into
everything we do.
As part of its commitment to
sustainability, the Board has
also established a dedicated
Sustainability Committee.
The Committee (comprising Rob
Hamilton (Chair), Sally Evans and
me) is responsible for assisting the
Board in providing leadership and
policy for sustainability initiatives,
reviewing progress towards
achieving sustainability targets,
overseeing the implementation of
Oceania’s sustainability strategy
and reviewing progress towards
identifying and addressing
climate-related issues.
Governance
During the year, Directors
have continued to meet with
residents at many of our sites
around the country. It is great
to meet our people onsite and
observe the culture and day
to day operations. We always
enjoy the opportunity to meet
with our residents and receive
their feedback which is then
incorporated into our continuous
improvement processes.
I would also like to thank
Directors for their dedication,
commitment and wisdom and
support that they have provided
to the executive team during
these challenging times.
Looking ahead
Oceania will continue to
focus on its care and village
strategy to improve resident
experience, capital management,
sustainability and position itself
for future growth.
On behalf of the Board, I would
like to thank our people for their
enthusiasm, resilience and
dedication throughout the year.
Yours sincerely
Elizabeth Coutts
Chair
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS6LETTER FROM THE CHAIR

TRADING HIGHLIGHTS — 31 March 2023
Aligned for
better outcomes.
Financial
31 March 2023
Operational
31 March 2023
Developments
31 March 2023
Total assets
As at 31 March 2023
$
2.5bn
higher than 31 March 2022
total assets of $2.2bn
15.8%5%
Units and care suites under construction
as at 31 March 2023
Units and care suites completed
in FY2023
Units and care suites expected
to be completed in FY2024
409233200-250246
• The Helier Stage 2
(St Heliers, Auckland)
• Redwood (Blenheim)
• The Bellevue Stage 2
(Christchurch)
• Elmwood Stage 1
(Manurewa, Auckland)
• The BayView Stage 3
(Tauranga)
• Awatere Stage 3
(Hamilton)
• Stoke (Nelson)
• Waterford Stage 1
(Hobsonville, Auckland)
• Lady Allum Stage 1
(Milford, Auckland)
• Woodlands (Motueka)
• The Helier Stage 1
(St Heliers, Auckland)
• St Johns Wood (Taupō)
• Stoke (Nelson)
• Franklin (Pukekohe)
Underlying Earnings Before Interest,
Tax, Depreciation and Amortisation
31 March 2023
Resource consents secured during
FY2023 for units and care suites
$
80.0m
ahead of 31 March 2022 proforma underlying
earnings before interest, tax, depreciation and
amortisation of $76.2m
Reported Total
Comprehensive Income
31 March 2023
$
34.5m
compared to 31 March 2022 reported
total comprehensive income of $114.4m
Operating Cash Flow
31 March 2023
$
70.2m
compared to 31 March 2022 reported
operating cash flow of $105.5m
Resale unitsResale care suites
98182
Total sales
408
Lower than total sales for the period
to 31 March 2022 of 4509.3%
74
54
New care suites
New units
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS7TRADING HIGHLIGHTS

AT A GLANCE
21
Existing sites with
current and planned
developments
In our quest to reimagine the aged care and
retirement living experience we constantly
challenge ourselves to deliver better.
27
Existing sites with
mature operations
As at 31 March 2023
Staff
~3,000
Residents
~4,000
Care beds and care suites
2,635
Units
1,820
Better
experiences.
48
Total sites
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS8AT A GLANCE

LETTER FROM THE CEO
We have been executing on
our five year strategy that we
outlined in last year’s Annual
Report, despite the challenges
that have been driven by global,
economic and climate events
that were outside of our control
over the last year. Although there
have been significant pressures
that have been placed on our
residents, staff and portfolio, we
have shown a tremendous ability
to remain agile and achieve
strong performance through
the disruption, exemplifying the
resilience of our business and our
wonderfully dedicated team.
Weather events
Oceania’s operations were
affected by the unprecedented
weather events in the North
Island in January/February 2023.
Oceania stood up its Emergency
Management Team, which met
regularly to manage Oceania’s
response to these events and
coordinate efforts to support
our residents and staff during
this time. After the worst of the
weather had passed, our focus
turned to the health, safety
and wellbeing of our residents
and staff. Our team worked
tirelessly, standing shoulder to
shoulder in supporting efforts,
providing solutions and ensuring
we delivered great outcomes for
our residents and staff during
this difficult time. The weather
events required significant team
resource reallocation with many
people across the organisation
allocated activities in providing
support to our residents as well
as working on the recovery and
restoration of our sites. The deeper
connections made with our
residents and their families and
friends, during these challenging
weather events, have reinforced
the real sense of community,
connection, respect and dignity
that comes from living at Oceania.
Our purpose is to reimagine the
retirement and aged care living experience
in New Zealand, and we constantly challenge
ourselves to deliver better.
Executing on
our strategy.
Four of our Auckland sites were
affected by flooding following
the weather event on Friday
27 January 2023. It was very
pleasing to see three of these
sites restored to full operations
in the following week. This is a
testament to the hard work of
our team on the ground who
stepped in to help support our
residents and clean up after
the flooding. There was extensive
flooding at our Lady Allum site
(Milford, Auckland) and all of
our independent living apartment
residents were relocated to
alternative accommodation while
repairs to buildings and building
services were undertaken. After
months of hard work, we are very
pleased to see nearly all of our
Lady Allum residents back in the
apartments. We acknowledge
that this has been a confronting
and emotional time for our
residents and we would like to
thank everyone involved for their
efforts in supporting our residents
at Lady Allum during this time.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSLETTER FROM THE CEO9

Oceania has five sites in the
Hawkes Bay and we were very
fortunate to only suffer from
limited surface flooding at one
of these sites, with residents
at Atawhai (Taradale, Napier)
evacuated as a precaution
under the direction of Civil
Defence when floodwaters began
to rise. Although our Hawkes Bay
sites suffered limited physical
damage, the entire environment
was severely compromised and
all of our Hawkes Bay sites were
affected by power cuts, limited
means of communication and
disruption as infrastructure and
supply chains were affected. A
number of our people in the
Hawkes Bay were also impacted
by Cyclone Gabrielle. In the
days following the cyclone, we
managed to make contact with
all of our people in the affected
areas to check they were safe and
we provided immediate financial
assistance to these staff to help
them buy day-to-day essentials
and help get them back on their
feet. We have more recently
established a fund to provide
such emotional, physical and
financial support as is required
to help those most affected.
In looking back at these weather
events and capturing the
learnings from our response,
we recognise that Oceania has
the benefit of well designed and
newer sites, with smaller resident
confusion on immigration
settings and uncompetitive
wages relative to international
markets continue to drive acute
shortages in skilled labour. We
are seeing this particularly in the
case of clinical staff. Although the
actual Government funding being
provided to address pay parity
and equity for aged residential
care nurses is significantly short
of what is required, this additional
funding may assist the sector
in the medium term and in any
event with the increased public
awareness should be an area of
focus for Government in ensuring
New Zealand remains competitive
in a global war for skilled labour.
The impacts of inflation are being
felt across Oceania’s business
operations in our key inputs and
it shows up in increased cost
pressure on wages, food, energy,
medication and development
costs. Oceania has responded
to this in its resident value
proposition, by offering certainty
on entry price for its independent
living villas and apartments and
by providing confidence on the
cost of weekly fees, so residents
do not need to worry about rising
costs such as Council rates,
insurance and maintenance
costs. Oceania is also well
placed relative to its peers as
we are a boutique provider of
services with a smaller resident
population at each village,
which allows us to dynamically
price the scarcity value of the
great environment and service
package that we offer.
Market commentators rightly
draw parallels between a cooling
residential property market and
the corresponding impact on the
retirement village sector. However,
this narrative is overly simplistic
and fails to differentiate between
residents who are making a
lifestyle choice to move into a
retirement village and those
residents who make a needs-
based decision to move into a
village or care centre. The current
residential property market
conditions are irrelevant for the
large number of residents who
make a needs-based decision to
come into an Oceania village or
care centre and we are continuing
to see high levels of demand for
our care suite product. While
Oceania has certainly seen 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.
This is in part due to Oceania
offering an attractive downsizing
option for residents within
their local community, which
allows residents to crystallize
wealth that has been trapped
in a larger residential home.
In addition, Oceania provides
a trusted pathway to high
quality care through our highly
successful care suite product.
The tail of COVID-19 is continuing
to impact the construction sector
and while projects are being
delivered, they are taking longer
to complete as contractors are
finding it challenging to have a
full complement of teams working
on site.
Strategic Pillars
Oceania has developed four
foundational strategic pillars
in order to meet its ambition to
create sustainable retirement
and aged care living experiences
for today, and for our people of
tomorrow. These pillars are Offer,
Resident Experience, People
Capability and Growth.
populations to look after. Like
many of our peers, Oceania had
already invested in resilience
measures to mitigate the risks
associated with these type of
events. These natural events once
again highlighted the value that
retirement and aged care living
provides for our residents.
Market conditions
In addition to the challenges
presented by the weather
events, the New Zealand
economy has also come under
pressure in the last year from
labour shortages, increasing
inflation and a falling residential
property market. Oceania has
adapted and evolved to respond
to many of these challenges,
while also looking ahead to the
opportunities that have emerged
from this challenging and
changing environment.
In order to overcome
difficult market
conditions, Oceania
is maintaining its focus
on quality, managing
its balance sheet and
maintaining maximum
optionality within
its business.
Oceania has undoubtedly been
adversely affected by ongoing
labour shortages. Closed borders,
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSLETTER FROM THE CEO10

Offer
A cornerstone of Oceania’s
business is its Offer – the design,
development, build and sale
of perfect properties for our
residents of the future. Amidst
challenging construction market
conditions, we have taken a
more targeted approach to
development execution. This
has led to the premiumisation
of Oceania’s built form and
a bespoke “right product,
right place” approach when
undertaking new developments.
Oceania contracts out
its construction to a small
number of trusted high quality
and capable construction
partners. This has served us well
and has allowed us to focus our
attention on the replenishment
of the development pipeline.
This approach has also allowed
us to take a disciplined approach
to our design and development
activities, which in turn protects
development margins.
Over the last 18 months, we
have been re-evaluating our
development pipeline to take a
more targeted approach to our
development activities. In the
past, Oceania was exclusively
a developer of brownfield sites.
This caused a volatility in earnings
as well as additional complexities
and costs with the construction,
as we needed to work around
existing residents and operations.
As we foreshadowed in last
year’s Annual Report, we are
coming to the end of this type
of development and are now
accenting to the development
of greenfield sites.
Oceania has sites
around New Zealand and has
intentionally designed smaller
boutique villages. Most of
our villages have a resident
population of well below 200
and we have built recent new
developments on less than one
hectare of land. These smaller
developments enable us to
recycle cash more efficiently than
from other larger developments.
In the year ended 31 March
2023, Oceania completed 66
independent living units and
167 care suites across five sites
in Auckland, Taupo, Nelson
and Motueka.
As at 31 March 2023, Oceania
had 409 units under construction
on eight sites in Auckland,
Tauranga, Hamilton, Nelson,
Blenheim and Christchurch.
Despite the headwinds facing
the construction sector, which
have resulted in slight delays
to two of our projects that
were originally anticipated to
be delivered in FY2023, we
are making good progress
on these developments. We
expect to complete Stage Two
of The Helier (Auckland) which
comprises 17 apartments and
32 care suites by the end of
2023, 46 apartments at The
Bellevue (Christchurch) in July
2023, 55 care suites at Redwood
(Blenheim) in August 2023 and
28 apartments at The BayView
(Tauranga) in November 2023.
In addition to this we are forecast
to complete the development of
our 106 care suite development
at Elmwood (Auckland) at the
end of FY2024.
When Oceania acquired
Bream Bay Village in July 2022,
we also entered into an option
agreement to acquire 6.7 hectares
of greenfield development land
adjacent to the village. The option
agreement may be exercised
once a plan change that is
currently before the Whangarei
District Council has become
operative. Once this land has
been acquired by Oceania,
we will look to start building
villas in a staged development.
Resident Experience
While Oceania has been
on a quest to modernise
and premiumise its physical
building, landscapes and assets,
we recognise that this alone will
not deliver the required outcomes
if our service offering has not
been tailored to match the
physical build.
Oceania is therefore reimagining
retirement living through its
service offering, focusing on
resident health and wellbeing,
recreation and convenience.
We were delighted to receive
a Highly Commended award in
the Readers Digest Trusted Brand
Awards this year, recognising
that Oceania’s vision to Believe
in Better is resonating well
with consumers.
Oceania is well known for
pioneering its innovative care
suite product to reduce reliance
on Government funding and to
maintain attractive returns on
capital. The care suite model is
now well accepted by the market.
We are continuing to see high
levels of demand for our care
suites, with 256 care suites sold
in the year ended 31 March 2023
(up from 240 in the year ended
31 March 2022). Moving on
beyond the concept of care suites,
Oceania is continuing to innovate
in this space, with its first fully
privately funded care offering.
This will provide residents with
bespoke, personalised care while
maintaining utmost comfort and
enjoyment. Our residents will have
the opportunity to decide the level
of care services that match their
needs and circumstances, without
the restrictions imposed by the
aged related residential care
contract. We are excited by this
new opportunity and are looking
forward to welcoming our first
privately funded care residents
into The Helier later in the year.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSLETTER FROM THE CEO11

People Capability
Oceania is, and has always
been, a people business. We
have approximately 3,000 staff
delivering outstanding resident
experience and service to our
4,000 residents every single day.
Given the challenging labour
market, Oceania is focused on
becoming an employer of choice
and on developing a “Believe
in Better” culture for its people.
Over the last year, we have been
refining our employee value
proposition. It was great to see
75% of new staff participate in
our Employee Share Scheme
offer again in September 2022,
as well as the vesting of shares
in September 2022 for those
employees who joined the
first scheme in 2019.
We have recently completed
our annual employee
engagement survey and it was
great to see not only a much
higher level of participation but
also an increased employer NPS
score across the board. The
survey showed that, despite
the challenges presenting
the sector, there is improved
employee sentiment overall.
We are reviewing the feedback
that we received from the
survey and are looking into
how we can provide other
financial and non-financial
benefits to our people in order
to appropriately reward and
recognise them.
Oceania is also committed
to growing the capability of
its people. There has been
a noticeable shift in the
professionalisation of its
people over the last year.
We are developing our learning
and development programmes
across all teams and continue
to invest and grow our people.
An example of this is Oceania’s
Wesley Institute of Nursing
Education. This provides both
a Competency Assessment
Programme for internationally
qualified nurses to gain
registration as a registered nurse
in New Zealand, as well as a
Return to Nursing Programme
for New Zealand nurses wanting
to return to the workforce after
a period of absence. We have
seen a significant increase in
class sizes in recent intakes and
it is great to be able to support
the sector in developing career
pathways for these individuals.
Growth
Oceania’s fourth strategic pillar
is to deliver outstanding financial
performance and sustainable
growth. Oceania is a disciplined,
prudent investor of its capital and
we are taking a long term lens
with respect to creating value.
Despite the current head winds
facing 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.
Furthermore, we are continuing
to observe strong development
margins and resale capital gains
from sales of our independent
living villas and apartments
and care suites.
Oceania is well underway in
the execution of its strategy of
delivering quality, sustainable
and well curated environments.
Oceania’s properties have
substance, purpose and create
wonderful community and
connection for our residents. This
coupled with an increased offer of
tailored services, for our growing
resident population, support our
growth ambitions ahead.
The Helier
Our premier development,
The Helier, in St Heliers (Auckland)
is an example of how the four
strategic pillars have come
together to create something
that is really special. The Helier
is reimagining the future of later
life and will give our residents
the opportunity to live in a
way that has not been seen
before in New Zealand. The
independent living apartments
boast bespoke details and are
fitted out with quality materials
and finishes. However, the
amenities and services are what
set The Helier apart from other
retirement villages, with a range
of dining, wellbeing and health
wellbeing opportunities. Through
the delivery of these first class
services and facilities, The Helier
allows its residents to maintain
the luxurious and independent
lifestyles they are accustomed
to and value so highly, in a
community that they love.
We are seeing strong levels
of enquiry from prospective
residents who are looking to move
into The Helier later in the year.
Looking ahead
This year has been an
important year for Oceania
as we demonstrate the
advancement and successful
execution of our strategy.
Oceania continues to position
itself well as the provider of
critical infrastructure and
essential services for older
New Zealanders.
Our team have continued
their absolute dedication
to delivering the very best
of services, particularly
with the observed weather
events and more challenging
macro-economic environment.
We welcome our new residents,
alongside our wonderful existing
residents. We have enjoyed
your company, your stories,
connections and daily life at
Oceania and look forward to
another rewarding year of growth.
Brent Pattison
Chief Executive Officer

Oceania is focused on becoming an employer
of choice and on developing a “Believe in Better”
culture for its people.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSLETTER FROM THE CEO12

This is an uplifting story about
the power of kindness, how
a community facing disaster
looked to each other for help.
No one could foresee the damage
Cyclone Gabrielle would inflict.
Knowing it was coming was one
thing, knowing how the day
would unfold was a mystery
that developed by the hour.
Mark Renwick, our Atawhai
Village Manager, exudes a
gentle confidence and quiet
resolve. He spent a restless night
listening to the rain pound on
It was supposed to be a Valentine’s Day
celebration – a shared meal, a few winks
and a laugh, a smile or two shared but
556mm of rain overnight put a dampener on
that. February 14th, 2023 was a day like no
other at Atawhai Village, a tale of a dark day
that was illuminated by human warmth and
compassion. This is how it played out.
his roof, the phone at his bedside,
ready to respond if there was an
emergency at the home. But that
night passed peacefully, however,
he still had a gnawing doubt
about the day ahead.
He made sure he arrived at the
village early the next morning
and did a quick tour of the
property with the maintenance
man, Gavin. Everything looked
good. They were a bit short-
staffed and there were a few
puddles, but apart from that,
there was no apparent damage.
All for one,
one for all.
They thought they’d dodged a
bullet. What they didn’t know
was that about a quarter of
Napier’s annual rainfall had
just fallen on the surrounding
hills overnight. All that water
was funnelling down the
valley, picking up steam and
debris, and one by one at least
six bridges would be swept
aside. And as each bridge and
riverbank collapsed a surge of
water rushed toward them.
At nine o’clock in the morning,
Mark heard a rumour that
the nearby river Tutaekuri had
breached its banks. He jumped
in his car and drove down
toward the river and found a
lone policewoman. He asked if
the river had breached but she
did not know. All communications
and power in the area had
suddenly gone down at 8.00 am.
He told her, “I am from Atawhai
with 130 residents,”
She replied, “Just be ready
to evacuate.”
Atawhai Village Manager, Mark Renwick, with resident Phyllis
WEATHER EVENT RECOVERY
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS13WEATHER EVENT RECOVERY

There was an emergency plan in
place, but the plan was designed
for flooding from the sky, but
this was flooding from the river.
The official evacuation point was
at the front of the property.
“If we’d followed the laid out plan,
the residents would be up to their
waists in water.”
At this point, things could have
gone badly wrong. It was at
this moment when everyone
at Atawhai, residents and team
members showed what their
community meant to them.
There was no hesitation, everyone
wanted to help. That day, only
twenty out of thirty-five staff had
been able to get into work and
many of them were not able to
do their jobs because the power
was out. They also had their
own homes and families to worry
about but their first thought was
to look after the residents of
A number of village residents took
responsibility to organise their
fellow residents from the village
so they could self-evacuate with
their cars. Everyone knew what
to do and where to go.
Phyllis Jane, a six year resident
of Atawhai summed it up,
“Everything just seemed to go
so well, we were informed what
we needed to do and it just fell
into place. We just all supported
each other.”
Within a few hours, all 130
residents had been safely
relocated to an emergency
evacuation centre at a local
intermediate school. Although
safe, it was still not an ideal
situation for the residents.
Atawhai. And when Mark asked for
volunteers, there were no qualms.
Everyone rolled into action.
The water was creeping ever
closer, so the first step was to
evacuate the residents from
the care centre to the main hall.
Many of them were bedridden
and with no power their beds
were frozen in whatever position
they were in when the power went
out, so they had to be moved.
Mark’s flight to the riverbank had
brought Atawhai to the attention
of the emergency services but
they were stretched all over the
Napier area. They were told they
would have to evacuate. Gina,
the laundry supervisor, had a
brainwave. They would use the
laundry truck to move bed-bound
residents. It had a powered
tailgate, so for the next five hours,
they moved beds into the truck
and ferried them to safety.
Oceania laundry team, Kirsty and Kim
Evacuating care centre residents
Everything just seemed
to go so well, we were
informed what we
needed to do and it just
fell into place. We just all
supported each other.
Phyllis – village resident
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS14WEATHER EVENT RECOVERY

All they’d been able to take with
them were their emergency bags.
Keith is a resident of the care
centre, he’d made sure his wife
was safe and was able to grab his
treasured walking stick he’s had
since his fortieth birthday (given
to him by a young employee and
with the words “happy birthday
you old stick” engraved on it)
but very little else. “There was no
panic whatsoever. I thought the
organisation was excellent. The
worst part of the day from my
point of view was I spent about
two hours sitting on a school chair.
The most uncomfortable thing
I ever sat on in my life.”
Everyone was back home but
the hard work was just beginning.
The pragmatism of staff and
residents would set the tone.
Two residents, Helen and Val,
wheeled out their barbecue and
set up a meal station in the village
hall. Two barbecues that would
feed fifty people, two meals a
day for a week.
Val remembers, “The first day I
had mince and macaroni. I took
them all out and we warmed
them up. Someone else had some
bread and someone else brought
some sausages. There was no
power so everything in the fridges
would go off, so people offered
up their food to the group.”
The kitchen staff from the home
were fully aware of everyone’s
plight. They had thought they
were going to make a Valentine's
meal in the dining hall that day,
but instead, they collected all
the food and took it down to
the Evacuation Centres, so the
residents and staff were fed and
sustained with teas and coffees.
It wasn’t ideal but it was a start.
What struck Mark was that
everything the residents needed
was back at Atawhai. There were
no beds or no facilities for older
people. Later that day, the water
started to recede and with it,
Mark’s reservations. After a few
consultations, the decision was
made to take everyone back to
Atawhai. There was no power or
lighting but it was their home.
It turned into a very long day.
The water had receded but left
a thick layer of slippery silt
around the property. Six villas
were totally flooded, and water
had risen to within an inch of
the care centre's front step.
Keith’s treasured walking stick
Deborah Dillon, the Business
and Care Manager had been
desperate to get in to help her
team the day before. She tried
every road and every bridge
but could not get through. She
was devastated and arrived two
days later expecting the worst
but found calm and order.
“There were systems in place
the kitchen was running, I was
incredibly proud. You expect
great things out of your people
but to see it delivered...it’s the
team...incredibly proud.”
It took a day to get a generator
up and running for the emergency
lighting and three days before
another generator arrived to
help power the kitchens.
Regional Facilities Manager, Clark, with residents Phyllis and ValGuest Services Manager, Mata, and resident Helen
You expect great things out of your people
but to see it delivered...it’s the team...
incredibly proud.
Deborah – Business and Care Manager
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS15WEATHER EVENT RECOVERY

The clean-up was a whole other
story. Everyone came out to help
shovel the silt out of the way to
make safe passageways. They
just rolled up their sleeves and
got on with it. Residents came
out to help. Staff came in with
family members to help. Atawhai's
loyal local plumber brought his
family with shovels. Everyone
went above and beyond because
they cared deeply.
Oceania fosters a sense of
connection and commitment
to fulfilling the needs of their
residents and the people of
Atawhai exemplify that. What
was high on Mark Renwick’s
priorities after things had settled
down? Finding out what could
they have done better. What
could they learn from that day
from feedback sessions with
the residents?
You cannot minimise the
destruction that Cyclone
Gabrielle left in its wake. Many
people, including residents and
staff at Atawhai lost everything,
their homes, possessions and
precious memories that those
possessions captured. But this
is a story of hope and humanity,
about people who came together
because they cared for each
other. Words can’t convey how
the people at Atawhai feel for
each other, but their actions can.
Care centre residents Keith and Caroline
THE LADY WHO THOUGHT
SHE’D LOST EVERYTHING
At first glance, it looked like a disaster, but
Village manager Mark Renwick was able to
salvage some hope from a destroyed home.
“I managed to find some things in her villa
when I was cleaning through. There was a little
Highlanders doll, and she loves her rugby, I got
that and gave it to her and when she saw that,
her eyes lit up.”
KEITH’S STORY
“Our daughter lives in Knightsbridge. Her
phone was out, our phone was out, no way
of contacting her. We didn’t know whether
Knightsbridge was underwater. How do we
find out about her? I was talking to Nicky (a
carer at Atawhai). We asked her if she knew
what was happening in Knightsbridge and she
came back the next day and said ‘I went out
and talked to your daughter and she’s all fine.’
I was so thankful – she was a lovely person.”
Oceania fosters a sense
of connection and
commitment to fulfilling
the needs of their residents
and the people of Atawhai
exemplify that.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS16WEATHER EVENT RECOVERY

Our value outcomes
Residents love living
in our communities
We delight our residents with
hospitality inspired, customer
led services
We are passionate about the
wellbeing of our staff, residents
and their families
We lead the way in
how we do things
Offer
To design, develop, build and
sell premium properties for our
residents of the future
Resident Experience
To be the leader in the delivery of
resident experience in retirement
villages and aged care centres
People Capability
To build capability and develop a
culture which enables our people
to perform their life’s best work
Growth
To deliver outstanding
financial performance and
sustainable growth
Our strategic pillars
Our value drivers
Our purpose
We are creating sustainable
retirement and aged care
living experiences for today,
and for our people of tomorrow.
Working on
what matters.
HOW WE CREATE VALUE
Our people | Our expertise | Our villages | Our relationships | Our financial capital | Our natural capital
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS17HOW WE CREATE VALUE

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SUSTAINABILITY
Over the course of FY2023, we have
refreshed our Sustainability Framework
that underpins our strategy.
Through the implementation of Oceania’s
refreshed Sustainability Framework 2023-
2030, we will create long term value for our
stakeholders and partners whilst taking
care of the environment for generations to
come. We recognise that when our people
feel happy and valued, they provide the
best experience for our residents.
Oceania’s
Sustainability
Framework.
We are creating
sustainable retirement
and aged care living
experiences for today,
and for our people
of tomorrow
Aspiration
We use resources
sustainably to
build homes that
seamlessly integrate
with, and benefit,
the local community
Aspiration
We are an employer
of choice
Aspiration
We enable our
residents to live
a sustainable
and fulfilled life
Aspiration
We integrate
sustainability
into our thinking,
strategy and
growth initiatives
Goals
We design with
a focus on the
local environment,
community needs
and cultural values
of each location.
We minimise our
environmental
impact and support
a circular economy.
Goals
We attract, grow and
retain great people.
We provide a safe,
diverse, equitable and
inclusive workplace
that fosters our
people’s development
and capability.
Goals
We prioritise resident wellbeing
through conscious design and
exceptional services.
We actively engage with our residents,
people and local community to create
positive social and environment outcomes.
Goals
We adopt a long-term value focus
when making investment decisions
and allocating capital.
We reduce our GHG emissions in
line with our science based target
and integrate climate resilience
into our business.
Offer
Resident
Experience
People
Capability
Growth
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS18SUSTAINABILITY

Oceania is on a
sustainability journey.
Through the implementation
of our refreshed Sustainability
Framework, we will work to
enhance the positive impacts
we have as a company
and minimise or prevent
the potential negative
impacts. We will learn from
experience and adapt our
approach accordingly.
Identifying our material impacts
We have determined Oceania’s
most significant economic, social
and environmental impacts
and these have informed the
development of our refreshed
Sustainability Framework.
The process for identifying and
assessing Oceania’s material
impacts across the company’s
value chain, included 20
one-to-one interviews with
members of the Board, external
independent experts, and
stakeholder representatives,
internal workshops with Oceania’s
“future thinkers” and the executive,
conversations with residents, and
impact related sector research.
The material impacts were
then ranked according to
their significance and grouped
into themes. The prioritisation
of the material topics has
been reviewed and approved
by Oceania’s executive
and leadership.
Although these material
topics have been determined
using the impact focused
GRI standard, many of our
previous material topics are still
incorporated.
1
Resident wellbeing
and experience, as well as our
people’s wellbeing, continues
to be highly material and core
to everything we do.
Oceania takes an integrated
approach to strategy, and
we have grouped the material
topics under the company’s
four strategic pillars - Offer,
Resident Experience, People
Capability and Growth - to
inform the aspirations and goals
in our refreshed Sustainability
Framework, out to 2030. Overall,
this process has helped us to
identify our most material impacts
and prioritise our sustainability
efforts accordingly.
We undertook a review of our most material impacts,
using the latest Global Reporting Initiative (GRI)
standards that came into effect on 1 January 2023.
The updated GRI standards
required us to evaluate
our actual and potential,
positive and negative, direct
and indirect, impacts on
the environment, society
and economy, including
human rights.
Material topic Description of the material impacts
Greenhouse Gas
emissions and climate
GHG emissions from corporate, village and aged care
centre operations and embodied carbon.
Waste and
environmental impact
The impact we have on the environment including waste
going to landfill, biodiversity and ecosystems, emissions
and pollution from operations, water, and the opportunity
to support a circular economy.
Resident wellbeingResident safety and security, provision of quality care,
social connectedness as well as health equity of older
Māori and Pacific peoples and the capacity and capability
of clinical staff.
Employment practicesStaff health and wellbeing can be affected by issues such as
national workforce shortages, pay equity, health and safety
and opportunities for professional development, and diversity
and inclusion.
Community and
social wellbeing
Impacting the cultural value of land, accessibility
and affordability of aged residential care options for
older New Zealanders, supporting the public health system
by helping to free up public hospital beds and training NZ
and internationally qualified nurses.
Economic contributionThrough economic activity and job creation and adding
to housing supply.
Sustainable supply chain Environmental and social impacts of procurement choices
and supply chain practices.
Governance, ethics
and trust
Trust levels with residents and their whānau through
the provision of services to residents and ethical
business conduct.
1 Many of the FY2022 material topics have been grouped together e.g. those in the former Prosperity pillar would fit under governance
and ethics. Others, such as competitive behaviour, are no longer considered to be material topics under the new GRI standard
“materiality” methodology.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS19SUSTAINABILITY

Our FY2023 journey
Waste
Oceania has been measuring
its key operational waste
streams for a number of years
and looking for ways to address
waste. During FY2023, we
successfully concluded the
first phase of a trial focused on
vermicomposting for incontinence
waste management and we
intend to initiate a phase two
trial in FY2024. In collaboration
with several other retirement
village operators, we have also
conducted research with the
University of Otago's Toitū Te
Taiao Sustainability Office,
to report on international and
national best practice with
respect to reducing and dealing
with incontinence waste products.
In FY2023, we set targets, linked
to our sustainability linked loan,
to increase the diversion rate
of construction waste away
from landfill. As we continue
to grow to meet the needs of
New Zealand’s ageing population,
sustainable management of
construction waste will help
to reduce our environmental
impact. In FY2023, we exceeded
our regional diversion target,
and narrowly missed the target
for Auckland by 0.5%.
Our sustainability goals
We want our villages to deliver true
connection with communities, and
tread lightly on the environment.
Place based design
We acknowledge that every place is different and has its
own set of cultural, environmental, community and social
factors that shape its identity and character. We have an
impact on the cultural value of land and on the community.
Through conscious design choices and engagement
Oceania will seek to reinforce the identity of each place
and create a sense of belonging among the people who
live and work there. We will work to codify our approach
in respect of new developments to “design with a focus
on the local environment, community needs and cultural
values of each location”.
Minimising environmental impact and supporting
a circular economy
Through the design, build, and operation of our villages
and care centres, we have an impact on the environment
by consuming energy, water, and resources, generating
waste and pollution, all of which can affect the land,
ecosystem, and biodiversity. We are mindful of this impact
and recognise that our goal to “minimise our environmental
impact and support a circular economy” is important as
we develop more villages and care centres into the future.
Offer
Sustainable refurbishments
Following a pilot at our Eden
Village in FY2023, Oceania
has partnered with Waste
Management and All Heart
NZ to roll out sustainable
deconstruction practices across
Oceania’s portfolio, starting with
the Auckland region.
In the year ahead, Oceania
will review its sustainable
deconstruction options in relation
to its build pipeline. As we review
our Oceania Design Principles,
we will also look to incorporate
circular economy principles.
These initiatives and pilots are a
first step for us to gather data
and set the foundation for
future targets.
Eden, Mt Eden, Auckland
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS20SUSTAINABILITY

Our FY2023 journey
Increasing our ambition
for Homestar and Greenstar
Oceania is designing and
building new retirement
villages to the Green Building
Council’s Homestar certification,
prioritising environmental and
health performance for the
wellbeing of residents.
Our design team are specifying
our new development in Franklin,
Auckland to 7 Homestar, as well
as exploring the feasibility of
Greenstar for its community
building and care centre.
We are exploring the use of
the Green Building Council’s
HomeFit programme for our
refurbishments to enable greater
resident comfort and wellbeing.
Evidence-led design
for dementia
We have completed our evidence-
led design of the new dementia
centre in Meadowbank, Auckland.
The design has been underpinned
by ten research-led design
principles developed by Oceania’s
clinical team in collaboration with
Dementia Auckland.
Care resident wellbeing
As part of our sustainability
linked loan, Oceania set a
target in FY2023 to improve care
resident wellbeing and experience
through excellent quality care.
We designed a tailored metric
that focuses on Oceania’s model
of care excellence, providing
person-centred care, resident
engagement, and including the
residents’ own expression of their
health and wellbeing. Oceania is
pleased to report that it exceeded
its FY2023 target.
Positive outcomes from the
Nurse Practitioner model
Over one third of our care
centres have dedicated
Nurse Practitioners, in place of
contracted General Practitioners.
Access to a Nurse Practitioner
provides greater service flexibility
and responsiveness leading to an
improved care resident experience.
Five Ways to
Wellbeing Programme
Following a successful trial
we adopted the Five Ways to
Wellbeing framework throughout
our villages. This framework is
an evidence-based approach to
improving health and wellbeing
and is endorsed by the Mental
Health Foundation. We have
trained our team members and
redesigned our activity plans
to ensure our residents have
an opportunity to be actively
involved in each important pillar.
Collaboration with Fair Food NZ
In FY2023, Oceania collaborated
with Fair Food NZ, a non-profit
that repurposes donated food to
support vulnerable communities.
Fair Food NZ enlisted Oceania
residents to curate recipes for
the donated food through a
recipe competition. 170 entries
were received, and the compiled
recipes now serve as a repertoire
for Fair Food NZ to create
delicious meals by repurposing
surplus food for those in need.
Our sustainability goals
As a leader in resident experience,
our aspiration is to enable residents
to live a sustainable and fulfilled life.
Conscious design and exceptional services
We recognise that we have an impact on residents’
wellbeing and feelings of safety and security.
We have set a goal to “prioritise resident wellbeing
through conscious design and exceptional services”.
Engaging residents, our people and communities
for social and environmental outcomes
With over 4,000 residents and 3,000 staff, Oceania
recognises it has a real opportunity to enable
residents and staff to help create positive social
and environmental outcomes for the community.

Resident experience
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS21SUSTAINABILITY

Our FY2023 journey
Employee engagement
We had higher participation
rates and an increased employer
Net Promoter Score (NPS) from
our latest annual employee
engagement survey. The results
from the survey show that
despite the challenges in our
sector, employee sentiment has
improved overall.
In FY2023 Oceania introduced
a sector leading parental leave
policy, which tops up the amount
received from the Government
over 26 weeks to employees’
usual pay for that period.
Health, safety and wellbeing
Keeping our people safe is a key
part of employee health, safety
and wellbeing.
In FY2023, during Mental
Health Awareness Week,
Oceania launched its Te
Whare Tapa Whā employee
wellbeing portal. Te Whare Tapa
Whā is a metaphor based on
the four pillars of a wharenui
(meeting house) recognising when
we look after all four aspects, we
look after our hauora (wellbeing).
Our Employee Assistance
Programme services continue
to support our employees
who require counselling for
both personal and work-
related issues. In FY2023, we
expanded our Employee
Assistance Programme to provide
support to our residents who were
affected by the Auckland flooding
and Cyclone Gabrielle.
Training and development
We continued with our
clinical training and
leadership programmes for
Oceania registered nurse
and healthcare assistants.
In the year ahead, we will
focus on developing learning
and development programmes
for our non-clinical staff.
People capability
Our sustainability goals
Oceania is working to build capability
and develop a culture which enables
its people to perform their life’s best
work at Oceania.
We recognise that we impact the health and wellbeing of
our people through our workforce practices, professional
development programmes and approach to diversity and
inclusion, and that our people’s feelings of engagement
and value can have a direct effect on resident experience.
We know that external factors such as national workforce
shortages, and pay equity, also impact on staff health
and wellbeing.
Our aspiration is to be an employer of choice. We have
goals to “attract, grow and retain great people”, and to
“provide a safe, diverse, equitable and inclusive workplace
that fosters our people’s development and capability”.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS22SUSTAINABILITY

Our FY2023 journey
Commitment to a science-
based greenhouse gas
emissions reduction target
We recognise the impact we have
on the environment by generating
greenhouse gas emissions
through building and operating
our villages and care centres.
In FY2023, Oceania committed
to the best practice international
Science Based Targets initiative
(SBTi) to set its GHG emissions
reduction targets. Oceania has
been measuring and managing its
scopes 1, 2 and certain categories
of scope 3 greenhouse gas
emissions since 2019. Oceania has
taken a detailed and considered
approach in measuring its up
front carbon that involved using
the New Zealand Green Building
Council embodied carbon
calculations. Our emissions
from embodied carbon relating
to our developments and
refurbishments is the main
source of our total emissions
profile
2
. We have undertaken
a detailed measurement of
this scope 3 capital goods
emissions category and we will
account for these emissions in
the year that the construction
or refurbishment completes.
Emissions reduction plan
We are committed to reducing
our corporate emissions and have
updated our emissions reduction
plan for how we will meet our
proposed science based targets.
The use of natural gas and LPG
in operating our villages and care
centres is a significant source of
these emissions. Transitioning off
gas is a key pillar of our emissions
reduction plan and we no longer
design for gas.
Both the targets and
emissions reduction plan will
be submitted to the SBTi in
FY2024 for verification.
Energy efficiency
In FY2023, Oceania
continued to implement
energy efficiency measures.
All new developments are
designed and built with LED
lighting. We also piloted a hot
water heat pump system at our
Te Mana care centre. The results
have been pleasing, with a 30%
gain in efficiency at the same
time as increasing the much
needed amount of hot water
capacity required for Te Mana
care centre.
With Oceania building to
Homestar certification, and
investigating the feasibility of
Greenstar, these certifications
ensure that buildings are
designed and built efficiently
to minimise greenhouse gas
emissions once they are
operational, through measures
such as better insulation.
Growth
Our sustainability goals
Oceania is pleased to make a positive
economic contribution for its investors
and stakeholders.
In FY2023, Oceania delivered 233 units and care suites
helping to free up homes for purchase or rent as residents
move into our villages, at a time when New Zealand faces a
housing shortage. As an employer of 3000 staff, we create
jobs for the local community and stimulate demand for
goods and services. As part of our growth, we are mindful
about integrating sustainability into our thinking, strategy
and initiatives. We have set a goal to “adopt a long-
term value focus when making investment decisions
and allocating capital.” This may require higher up front
spending particularly in relation to development spend, but
with the potential to create better long term value.
We know that as we grow, we will impact, and be impacted
by, climate change. We have set a goal to “reduce our
GHG emissions in line with our science based target
and integrate climate resilience into our business.”
2 In FY2023 we rebaselined our emissions using a FY2022 base year, and conducted a full scope 3 (indirect emissions)
materiality assessment. See our GHG Emissions Report for FY2023 and FY2022 on our website.
The Helier, St Heliers, Auckland
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS23SUSTAINABILITY

Oceania has developed a
roadmap to prepare the business
for meeting the requirements in
the External Reporting Board’s
climate-related financial
disclosure standards.
In FY2023, Oceania has made
progress on a number of key
roadmap milestones. These
include our governance structure
relating to sustainability and
climate, with the establishment of
a Board Sustainability Committee
and Management Sustainability
Steering Group. Climate has been
a key agenda item for both the
Committee and Steering Group
meetings since their inception.
Oceania recognises it needs
to proactively manage its
climate risks and opportunities.
In FY2023, we conducted a
physical climate risk exposure
assessment of our assets, and
we are progressing with a full
risk assessment. We were part
of the Technical Working Group
coordinated by the NZ Green
Building Council to develop the
sector scenario analysis for
the building and construction
sector. This analysis will help to
inform our risk and opportunities
assessment, including identifying
transition risks.
Preparation for
Climate Risk Disclosures
We recognise that our strategy
and sustainability framework
needs to be responsive to the
identified risks and opportunities,
over the short, medium and
long term and we will adapt
our response accordingly.
Our refreshed Sustainability
Framework details our goals
in relation to climate and
sustainability.
Oceania will release its first
full mandatory Climate Related
Disclosures report next year.
Oceania recognises it needs to proactively
manage its climate risks and opportunities.
The Sands, Browns Bay, Auckland
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS24SUSTAINABILITY

Sustainability – FY2023 highlights
Increased our green
building ambition to
7 Homestar certification
Measured all our material
scope 3 greenhouse gas
emissions sources for the
first time
Linked
sustainability
performance
to remuneration
RVA Sustainability
Awards finalist for the
resident-led category
Diverted 880.7 tonnes
of construction waste
from landfill
Awarded ACC’s Employer
Accreditation Programme
tertiary level status
Implemented a sector
leading parental leave policy
Trained 633 internationally
qualified registered nurses
through our Nursing
Council accredited
CAP (Competency
Assessment Programme)
Improved
our employer
NPS engagement
scores
Completed a sustainable
refurbishments pilot at
Eden Village, collecting more
than 1,600kg of materials
and avoiding 1.05tCO2e
Residents collaborated
with Fair Food NZ to provide
170 recipes to repurpose
donated food into meals
for vulnerable communities
Launched our
Five Ways
to Wellbeing
programme
Completed a
physical climate risk
exposure assessment
Committed to the Science
Based Targets initiative for
reducing our GHG emissions
Completed a new materiality
assessment and refreshed
our Sustainability Framework,
out to 2030
Established our first
sustainability linked loan
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS25SUSTAINABILITY

It is retirement and aged care
living that have been rethought
from every angle. This stunning
property has been developed
with a deep familiarity and
understanding of what is
important to the residents
in the local area.
Located in the heart of St
Heliers, on the edge of Glover
Park, this bespoke Village offers
residents 360-degree views over
Waitemata Harbour and the
Auckland CBD. It is the scenery
We thought, let’s wipe the slate clean
and re-imagine the future of retirement and
aged care living in a way that has never been
seen in New Zealand. The result is The Helier
by Oceania. This unique lifestyle design is
equivalent to living in a 5-star hotel every day.
The Helier
by Oceania.
that makes living in Auckland
so special and The Helier by
Oceania takes full advantage
of this stunning panorama
with its considered design.
The Village is nestled in a
suburban street. From the
road frontage, it appears
to be only two storeys high,
as a clever and thoughtful
design, which is stepped back
into the cliff face, provides a
sympathetic approach to the
surrounding neighbourhood.
CUSTOMER LED DESIGN AND SERVICE
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS26CUSTOMER LED DESIGN AND SERVICE

This boutique private nursing
model is unique to The Helier
and provides residents with
bespoke, personalised care while
maintaining utmost comfort and
enjoyment, thanks to the Village’s
premier hospitality-led services.
This exciting new Village
was launched via a private
function held in September
2022 at Mantells in Mission
Bay. Sir Graham Henry hosted
this popular event and, like
the experience at The Helier,
it epitomised luxury. Initial
demand has been strong.
We are committed to providing
personalised retirement and
aged care living experiences
that have the bespoke needs
of the local communities at their
heart. One size does not fit all,
and it is our pleasure to develop
living spaces and experiences
that allow our residents to
continue to live the lives they
have been accustomed to.
Naturally, health and wellbeing
are front and centre at The Helier.
A private gym and swimming pool
make it simple to maintain fitness
and a luxurious day spa will help
residents to relax and unwind.
There is also much to enjoy
for gastronomes. Dining
opportunities include a café,
bar, 5-star restaurant and
wine lovers can make use of
an exclusive wine library. An
executive chef service will also
be available to deliver a private
culinary experience to residents
and guests in their apartments.
Through these first-class services
and amenities, The Helier allows
its residents to maintain the
luxurious and independent
lifestyles they are accustomed to
and value highly. We offer a place
to live from not a place to live at.
There are also care residences
for those requiring a little bit
more support.
The Helier’s Private Care
Residences provide premium
healthcare, within luxurious
surroundings, a level of care
second to none.
While aesthetics are important,
it is the amenities and services
that take The Helier from lovely
to luxury. The high-end hotel
experience begins the moment
you arrive at the door thanks
to valet parking. The in-house
concierge service allows residents
to experience their own city in new
and exciting ways, and a personal
chauffeur is on hand to whisk
them away to their destination.
We are committed to providing
personalised retirement and aged care living
experiences that have the bespoke needs of
the local communities at their heart.
CUSTOMER LED DESIGN AND SERVICEOCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS27

BOARD OF DIRECTORS
Heart-centred leadership.
Our Board has a broad and deep range of complementary
skills backed by years of experience.
Elizabeth Coutts
Chair and Independent Director
ONZM, BMS, FCA
Liz Coutts has been a Director of
Oceania since 5 November 2014
and was appointed Chair in 2014.
Liz is also the Chair of EBOS Group
Limited and Voyage Digital (NZ)
Limited trading as Two Degrees. Liz
is a Fellow of Chartered Accountants
Australia and New Zealand. She is
a past President of the Institute of
Directors NZ Inc and was made an
Officer of the New Zealand Order of
Merit in 2016.
Liz has previously been Chief
Executive of Caxton Group, Chairman
of Skellerup Holdings Limited, Meritec
Group Limited, Industrial Research
Limited, Life Pharmacy Limited and
Ports of Auckland Limited, Deputy
Chairman of Public Trust, and a
Commissioner of both the
Commerce Commission and
Alan Isaac
Independent Director
CNZM, BCA, FCA
Alan Isaac has been a Director
of Oceania since 1 October 2015.
Alan is a professional director with
extensive experience in accounting,
finance and governance. He is the
immediate past President of the
Institute of Directors NZ Inc. and
is Chairman of New Zealand
Community Trust and Basin Reserve
Trust. He is also a former President of
the International Cricket Council. Alan
is a Director of Scales Corporation
Limited and Skellerup Holdings
Limited. He is also a Board member
of the Wellington Free Ambulance.
Alan is a former national Chairman of
KPMG, and was made a Companion
of the New Zealand Order of Merit
(CNZM) in 2013. He is a Fellow of
Chartered Accountants Australia
and New Zealand.
Alan is Chair of the Audit Committee
and is a member of the People and
Culture Committee.
Earthquake Commission. She has
been a Director of Sanford Limited,
Ravensdown Fertiliser Cooperative,
the Health Funding Authority,
PHARMAC, Air New Zealand,
Sport and Recreation New Zealand
and Trust Bank New Zealand, and
a member of both the Financial
Reporting Standards Board of the
New Zealand Institute of Chartered
Accountants and the Monetary
Policy Committee of the Reserve
Bank of New Zealand.
Liz is a member of all
Board Committees.
Dame Kerry Prendergast has
been a Director of Oceania since
22 December 2016. Dame Kerry is
a professional director. She was
Mayor of Wellington (2001-2010) and
is currently the Chair of Wellington
Free Ambulance, Wellington Opera
and Royal New Zealand Ballet. Dame
Kerry is also a trustee of New Zealand
Community Trust.
For 25 years Dame Kerry was an
independent midwife after training
as a general nurse in 1970, and
consequently gaining a Diploma
in Intensive Care. She was made
a Companion of the New Zealand
Order of Merit (CNZM) in 2011 and
was promoted to Dame Companion
of the New Zealand Order of Merit
in January 2019 for services to
governance and the community.
Dame Kerry is Chair of the Clinical
and Health & Safety Committee.
Dame Kerry Prendergast
Independent Director
DNZM, CNZM, MBA (VUW), NZRN, NZM
Core Strengths
Markets & Customers
Building & Maintaining Relationships
Delivering Sustainable Growth
Capital Structure & Management
Executive Leadership
Australian Experience Property & Construction
Our Board Skill Set.
Core Competencies
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS28BOARD OF DIRECTORS

Gregory Tomlinson
Independent Director
AME
Greg Tomlinson has been a Director
of Oceania since 23 March 2018.
Greg is a Christchurch domiciled
businessman and investor with
experience in a variety of New
Zealand industries. One of the original
pioneers of the aquaculture industry
in Marlborough, he has also
established construction and
aged care businesses.
Greg established Qualcare before it
was sold into the Oceania Group in
early 2008 and he was a director of
Oceania from 2008 until 2016. Greg
holds directorships on the boards of
a number of New Zealand based
companies and is currently Chair
of Heartland Group Holdings Limited.
Greg is Chair of the
Development Committee.
Rob Hamilton
Independent Director
BSc, BCom
Rob has been a Director of Oceania
since 17 September 2021. He is a
respected member of the capital
markets and finance community
in New Zealand, with more than
30 years’ experience in senior
executive roles. Rob is currently a
Director of Westpac New Zealand
Limited and a Director of Tourism
Holdings Limited. He was previously
Chief Financial Officer at SkyCity
Entertainment Group Limited and
a Managing Director and Head
of Investment Banking at Jarden
(formerly First NZ Capital).
Rob was also previously a member of
the Auckland Grammar School Board
of Trustees and a Board member on
the New Zealand Olympic Committee.
Rob is Chair of the Sustainability
Committee and is a member of
the Audit Committee.
Peter Dufaur
Independent Director
BProp
Peter has been a Director of
Oceania since 17 September 2021.
He has over 25 years’ experience in
the New Zealand property market,
including 10 years as Head of
Development for Goodman Property
Trust. During his time at Goodman
Property Trust, Peter was responsible
for all of the Trust’s development
activity and oversaw more than
$1.5 billion of successful
property development.
Peter also sits on several private
enterprise boards, including until
recently, Chair of building products
manufacturer Thermakraft. Peter is
currently the Managing Director of
Mayfair Group Limited, which is
involved in property development,
asset management and funds
management across a wide variety
of sectors in the New Zealand
property market.
Peter is a member of the
Development Committee.
Sally Evans
Independent Director
BHSc, MSc, FAICD, GAIST
Sally Evans has been a Director of
Oceania since 23 March 2018. Sally
has over 30 years’ experience in the
private, government and social
enterprise sectors in Australia,
New Zealand, the United Kingdom
and Hong Kong.
Sally is a Director of Healius Limited
in Australia, Rest (Australian Super
Fund), Allianz Australian Life Insurance
Limited and Ingenia Communities. She
has previously held Directorships on
the boards of Opal Specialist Aged
Care and Blue Cross Aged Care, was
an inaugural member of the Australian
Federal Government’s Aged Care
Financing Authority and held
executive roles as Healthcare Director
at the FTSE Compass Group plc and
Head of Aged Care at AMP Capital.
Sally is Chair of the People and
Culture Committee and is a member
of the Clinical and Health & Safety
Committee and the Sustainability
Committee.
Core Strengths
Markets & Customers
Building & Maintaining Relationships
Delivering Sustainable Growth
Capital Structure & Management
Executive Leadership
Australian Experience Property & Construction
Our Board Skill Set.
Core Competencies
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS29BOARD OF DIRECTORS

• Commitment to the highest standard of governance.
• Board experience (NZX 50 or equivalent) or experience as
an advisor to Boards for at least 5 years.
• An ability to assess effectiveness of senior management.
• Experience and understanding of sales, marketing and brand
strategy and practices.
• An understanding of the functioning of Government and experience developing
and maintaining a constructive relationship and interactions with Government
and regulators.
• Senior executive or board experience in financial accounting
and reporting, corporate finance and internal controls.
• Understanding of business and property valuation principles
and their implications on the financial performance and position.
• Experience and understanding (either at Board, leadership or senior
consulting level) of the dynamics of the international and/or domestic
aged care, hospitality and customer services markets, and opportunities
and challenges within those markets.
• Experience in and understanding of shareholder and investment
community concerns and developing constructive relationships.
• Developing and overseeing an appropriate risk framework and culture.
• Experience evaluating and managing financial and non-financial risks.
• Experience and understanding of the clinical requirements of the
healthcare sector at a governance, leadership and/ or practitioner level.
• Experience with equity and debt markets, capital structuring
and investment analysis.
• An understanding of the regulatory environment in which we operate
and the role that plays in ensuring sustainable custodianship of our
assets and providing benefit to our customers.
• Familiarity with people and best practice development and
performance structures.
• Experience and understanding of health and safety and wellbeing requirements.
Core Strengths
GovernanceCustomer advocacy
Government relationships
Finance and accounting
Aged care, hospitality & customer service market experience
Shareholder/investment community relationships
7/ 77/ 7
5/7
6/7
7/ 7
6/7
Risk management
Clinical experience
Capital markets and structure
Human resources
Health and safety
7/ 7
4/7
7/ 7
7/ 7
7/ 7
7/ 7
Regulatory knowledge and experience
Markets & Customers
Building & Maintaining Relationships
Our Board skill set
BOARD OF DIRECTORS
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS30BOARD OF DIRECTORS

• A track record of developing and implementing a successful and
sustainable strategy of growth in business.
• Experience as an investor, leader or adviser in the property
development market
• Experience as an investor, leader or adviser in the construction industry.
• Experience with a range of capital structures and management of capital
within an organisation.
• Experience in a senior executive leadership position in a large organisation.
• Experience and understanding (either at Board, leadership or senior
consulting level) of business in Australia.
• Ability to think strategically and assess strategic options and business plans.
• Experience in leading or advising organisational change and creating
value for the benefit of customers and shareholders.
• Understanding of differing business models and the potential for
disruptive models and practices to impact customers and the supply chain.
• Understanding of the opportunity and risks provided by
technology development.
Growth
Property and construction
Capital structure and management
Executive leadership
Australian experience
Strategy
7/ 7
4/7
6/7
7/ 7
2/7
7/ 7
Operational leverage
Business model and technological disruption
7/ 7
7/ 7
Delivering Sustainable Growth
Property & Construction
Capital Structure & Management
Executive Leadership
Australian Experience
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS31BOARD OF DIRECTORS

Take our Couple’s Care Suite
as an example, it enables older
couples to stay together if, and
when, their needs increase. This
ensures they are not separated
from their greatest support
network – each other.
Our Couple’s Care Suite
offering shows how Oceania is
challenging norms and putting
our residents at the heart of every
decision, simply honouring love
and protecting a couple’s right
to age together.
Oceania is on a journey that will never end,
to transform the retirement and aged care
living experience. Listening and adapting,
giving the physical and emotional well-being
of our residents the highest priority.
To celebrate this unique offering,
we developed and launched
a campaign called “The Duet”
that portrays the love story of a
couple through the years they’ve
travelled together through love,
togetherness – and a piano.
Inspired by a true story from
one of our resident couples
at The Bayview, Tauranga,
we were able to authentically
deliver this powerful story with
dignity, empathy and grace.
We produced our own music
to bring the story to life and
shared this with residents and
the general public who wrote
to us asking for it.
Celebrating togetherness
in a Couple’s Care Suite.
COUPLE'S CARE SUITE
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTS32COUPLE’S CARE SUITE

THREE YEAR SUMMARY
For the Year Ended 31 March 2023
Financial Metrics
$NZm
March 23
12 Months
March 22
12 Months
March 21
10 Months
Underlying Net Profit after Tax
1,2,3
58.656.7 41.9
Underlying EBITDA
1,2,3
80.076.2 56.0
Profit for the Year
3
15.461.1 85.7
Total Comprehensive Income34.5114.4 1 6 7. 9
Total Assets
3
2,544.92 , 1 9 7.7 1,882.2
Operating Cash Flow
3
70.2105.5 96.0
Operating Metrics
March 23
12 Months
March 22
12 Months
March 21
10 Months
Units1,8201,625 1,367
Care Suites984854 847
Care Beds1,6511,725 1,807
Total4,4554,204 4,021
New Sales128184 194
Resales280266 194
Total408450 388
Occupancy90.4%92.0%92.4%
1 This is a non-GAAP measure, refer to note 2.1 in the consolidated financial statements for further details.
2 On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy totalling $1.8m. This amount has subsequently
been repaid in full on 18 May 2021 and as a result has been excluded from the table above. This proforma adjustment increases
underlying EBITDA and underlying earnings in relation to the 12 month period to 31 March 2022 by $1.8m.
3 The March 2021 comparative period includes an adjustment for the impact in change in accounting policy in regards to the accounting
for Software-as-a-Service arrangements. Refer to note 1.2 of the March 2022 report.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS33

Consolidated
Financial
Statements
For the year ended 31 March 2023
Consolidated Statement of Comprehensive Income 35
Consolidated Balance Sheet 35
Consolidated Statement of Changes in Equity 36
Consolidated Cash Flow Statement 36
Notes to the Consolidated Financial Statements 37
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS34

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2023
CONSOLIDATED BALANCE SHEET
As at 31 March 2023
$NZ000’sNotesMarch 23March 22
Revenue2.2 247,178 231,140
Change in fair value of investment property3.119,49763,475
Change in fair value of held for sale assets3.31,886-
Gain on purchase of business assets1.3(i)54310,358
Other income 2.316,8663,508
Total income285,970308,481
Employee benefits and other staff costs2.4 164,483 156,446
Depreciation (buildings and care suites)2.4, 3.2, 3.5 11,363 11,487
Depreciation and amortisation (chattels, leasehold improvements
and software)
2.4, 3.2, 3.5 6,561 7, 1 3 3
Impairment of property, plant and equipment and right of
use asset
2.4, 3.26,5314,741
Impairment of right of use investment property2.4, 3.51,431115
Impairment of goodwill2.4, 5.2 2,347 412
Rental expenditure in relation to right of use investment property3.5 158 2,497
Finance costs2.4 14,315 9,380
Other expenses2.4 66,781 60,020
Total expenses273,970252,231
Profit before income tax12,00056,250
Income tax benefit 5.13,4484,879
Profit for the year15,44861,129
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment for the year,
net of tax
3.2, 5.11 7, 5 9 246,359
Gain on revaluation of right of use assets for the year, net of tax3.5, 5.1-229
1 7, 5 9 246,588
Items that may be subsequently reclassified to profit or loss
Gain on cash flow hedges, net of tax
1,5036,716
Other comprehensive income for the year, net of tax19,09553,304

Total comprehensive income for the year attributable to
shareholders of the parent
34,543114,433
Basic earnings per share (cents per share) 4.22.28.7
Diluted earnings per share (cents per share) 4.22.28.7
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the
accompanying notes.
$NZ000’sNotesMarch 23March 22
Assets
Cash and cash equivalents
7, 4 3 9 9,745
Trade and other receivables5.3108,92969,136
Derivative financial instruments5.6 6,026 3,922
Assets held for sale3.3 101,652 -
Investment property3.11 , 5 9 7,7 2 1 1,378,552
Property, plant and equipment3.2712,169686,592
Right of use assets3.5 4,287 41,139
Intangible assets5.2 6,717 8,603
Total assets2,544,9402 , 1 9 7, 6 8 9
Liabilities
Trade and other payables
5.452,28940,980
Deferred management fee3.445,33442,067
Refundable occupation right agreements3.4879,578775,765
Refundable occupation right agreements held for sale3.447, 0 9 2-
Lease liabilities3.54,7989,894
Borrowings4.4553,589380,140
Deferred tax liabilities5.1--
Total liabilities1,582,6801,248,846
Net assets962,260948,843
Equity
Contributed equity
4.1 713,374 705,291
Retained deficit(68,496)(54,735)
Reserves3 1 7, 3 8 2298,287
Total equity962,260948,843
The Board of Directors of the Company authorised these consolidated financial statements for issue
on 24 May 2023.
For and on behalf of the Board
Elizabeth Coutts Alan Isaac
Chair Director
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS35

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2023
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2023
$NZ000’sNotes
Contributed
equity
Retained
deficit
Asset
revaluation
reserve
Cash flow
hedge
reserveTotal equity
Balance as at 31 March 2021 675,625(86,983)248,849(3,866)833,625
Profit for the year-61,129--61,129
Other comprehensive income
Revaluation of cash flow hedge net
of tax
---6,7166,716
Revaluation of assets net of tax3.2, 5.1--46,359-46,359
Revaluation of right of use assets net
of tax
3.5, 5.1--229-229
Total comprehensive income-61,12946,5886,716114,433
Transactions with owners
Dividends paid
4.1-(29,559)--(29,559)
Share issue4.120,000---20,000
Directly attributable transaction
costs deducted from equity
4.1(475 )---(475 )
Share issue: dividend reinvestment
scheme
4.110,141---10,141
Employee share scheme4.1-678--678
Total transactions with owners29,666(28,881)--785
Balance as at 31 March 2022705,291(54,735)295,4372,850948,843
Profit for the year-15,448--15,448
Other comprehensive income
Revaluation of cash flow hedge net
of tax
---1,5031,503
Revaluation of assets net of tax3.2, 5.1--1 7, 5 9 2-1 7, 5 9 2
Revaluation of right of use assets net
of tax
3.5, 5.1-----
Total comprehensive income-15,4481 7, 5 9 2 1,503 34,543
Transactions with owners
Dividends paid
4.1-(29,889)--(29,889)
Share issue: dividend reinvestment
scheme
4.18,083---8,083
Employee share scheme4.1-680--680
Total transactions with owners8,083(29,209)--(21,126)
Balance as at 31 March 2023 713,374 (68,496)313,029 4,353 962,260
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.
$NZ000’sNotesMarch 23March 22
Cash flows from operating activities
Receipts from residents for village and care fees
196,601190,096
Payments to suppliers and employees(228,926)( 2 0 7, 8 1 4 )
Rental payments in relation to right of use investment property (158)(2,497)
Receipts from new occupation right agreements 178,842 214,188
Payments for outgoing occupation right agreements (79,267)(69,998)
Net goods and services tax received / (paid) 14,608 ( 7, 6 7 2 )
Receipts from insurance proceeds1.3(iv)1,113-
Interest received 1,759 77
Interest paid(13,921)(10,171)
Interest paid in relation to right of use assets(4 45)(680)
Net cash inflow from operating activities70,206105,529
Cash flows from investing activities
Proceeds from sale and / or disposal of property, plant and
equipment and investment property
-(6)
Payments for property, plant and equipment and intangible assets(55,160)(56,289)
Payments for investment property and investment property
under development
(103,626)(106,317)
Payments for assets held for sale(942)-
Payments for business assets1.3(i)(59,873)(56,208)
Net cash outflow from investing activities(219,601)(218,820)
Cash flows from financing activities
Proceeds from borrowings
228,161 162,513
Repayment of borrowings (54,290)(115,476)
Proceeds from bond issuance-100,000
Repayment of bank borrowing from bond proceeds-(100,000)
Proceeds from share placement-20,000
Capitalised costs in relation to share placement-(475 )
Capitalised borrowing costs (2,171)(1,194)
Principal payments for right of use assets (2,805)(2,820)
Dividends paid (21,806)(19,418)
Net cash inflow from financing activities1 47, 0 8 943,130
Net decrease in cash and cash equivalents (2,306)(70,161)
Cash and cash equivalents at the beginning of the year 9,745 79,906
Cash and cash equivalents at end of year 7, 4 3 9 9,745
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS36

CONSOLIDATED CASH FLOW STATEMENT (continued)
For the year ended 31 March 2023
Reconciliation of profit after income tax to net cash inflow from operating activities
$NZ000’sNotesMarch 23March 22
Profit for the year15,44861,129
Non cash items included in profit for the year
Deferred management fees accrued but not settled
2.2 (70,206)( 5 7, 5 2 7 )
Depreciation (buildings and care suites)2.4 11,363 11,487
Depreciation and amortisation (chattels, leasehold improvements
and software)
2.4 6,561 7, 1 3 3
Impairment of goodwill 2.4 2,347 412
Net loss on disposal of property, plant and equipment 3,171 1,149
Fair value adjustment to investment property3.1 (19,497)(63,475)
Fair value adjustment to right of use investment property and right
of use land and building
3.5 1,431 115
Impairment / (Reversal of impairment) of property, plant and
equipment
3.26,5314,741
Fair value adjustment to held for sale assets3.3 (1,886)-
Loss allowance for trade and other receivables 2.4 37 41
Interest accrued but not paid (1,009)(2,097)
Fair value movement on residents’ share of resale gains2.4 1,724 825
Fair value movement on cash flow hedges5.6 (6) (58)
Deferred tax benefit5.1 (3,448)(4 ,879)
Employee share scheme4.3 680 678
Gain on purchase of business assets1.3(i)(543) (10,358)
Other non cash items 962670
(61,788)(111,143)
Cash items excluded from profit for the year
Receipts from new occupation right agreements
178,842 214,188
Payments for outgoing occupation right agreements (79,267)(69,998)
99,575 144,190
Increase in operating assets and liabilities
Increase in trade and other receivables
5,64313,110
Increase / (Decrease) in trade and other payables11,328(1,757)
Net cash inflow from operating activities70,206105,529
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023
1. General Information 38
1.1 Basis of Preparation 38
1.2 Accounting Policies 38
1.3 Significant Events and Transactions 39
1.4 Market Capitalisation 41
2. Operating Performance 41
2.1 Operating Segments 41
2.2 Revenue 46
2.3 Other Income 47
2.4 Expenses 47
3. Property Assets 48
3.1 Village Assets: Investment Property 49
3.2 Care Assets: Property, Plant and Equipment 52
3.3 Held for Sale 56
3.4 Refundable Occupation Right Agreements 56
3.5 Leases 58
4. Shareholder Equity and Funding 59
4.1 Shareholder Equity and Reserves 59
4.2 Earnings per Share 61
4.3 Employee Share Based Payments 61
4.4 Borrowings 61
5. Other Disclosures 63
5.1 Income Tax 63
5.2 Intangible Assets 64
5.3 Trade and Other Receivables 65
5.4 Trade and Other Payables 66
5.5 Related Party Transactions 66
5.6 Financial Risk Management 66
5.7 Contingencies and Commitments 69
5.8 Events After Balance Date 69
Independent Auditor’s Report 69
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS37

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 March 2023
General Information
1.1 Basis of Preparation
(i) Entities Reporting
The consolidated financial statements of the Group are for the economic entity comprising Oceania
Healthcare Limited (the “Company”) and its subsidiaries (together “the Group”). Refer to note 5.5 for
details of the Group structure.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of
Oceania Healthcare Limited as at 31 March 2023 and the results of all subsidiaries for the year
then ended.
The Group owns and operates various care centres and retirement villages throughout New Zealand.
The Group’s registered office is Level 11, 80 Queen Street, Auckland 1010, New Zealand.
(ii) Statutory Base
Oceania Healthcare Limited is a limited liability company which is domiciled and incorporated
in New Zealand. It is registered under the Companies Act 1993 and is a FMC Reporting Entity in
terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the NZX
Main Board (“NZX”) and the Australian Securities Exchange (“ASX”) as a foreign exempt listing. The
consolidated financial statements have been prepared in accordance with the requirements of the
NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They comply with New Zealand equivalents to
International Financial Reporting Standards (“NZ IFRS”), International Financial Reporting Standards
(“IFRS”) and other applicable New Zealand Financial Reporting Standards, as appropriate for for-
profit entities. The Group is a Tier 1 for-profit entity in accordance with XRB A1.
The consolidated financial statements have been prepared in accordance with the going concern
basis of accounting, which assumes that the Group will be able to realise its assets and discharge
its liabilities in the normal course of business as they come due into the foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format.
(iii) Measurement Basis
These consolidated financial statements have been prepared under the historical cost convention, as
modified by the revaluation of certain assets and liabilities, including investment properties, certain
classes of property, plant and equipment, right of use assets and derivatives.
(iv) Key Estimates and Judgements
The preparation of the consolidated financial statements in conformity with NZ IFRS requires the use
of certain critical accounting estimates. It also requires management to exercise their judgement in
the process of applying the Group’s accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Estimates and judgements
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements are disclosed in the following notes:
– Fair value of assets acquired in business combination (note 1.3(i))
– Insurance proceeds from recent weather event (note 1.3(iv))
– Classification of accommodation with a care or service offering (note 3)
– Fair value of investment property and investment property under development (note 3.1)
– Fair value of freehold land and buildings (note 3.2)
– Classification and fair value of held for sale facilities (note 3.3)
– Revenue recognition of deferred management fees (note 3.4)
– Fair value of right of use assets (note 3.5)
– Recognition of deferred tax (note 5.1)
1.2 Accounting Policies
(i) New Accounting Standards
No changes to accounting policies have been made during the year and the Group has not
early adopted any standards, amendments or interpretations to existing standards that are
not yet effective.
(ii) Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels.
Level 1: Quoted prices (unadjusted) in active markets for the identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The carrying amount of all financial assets and liabilities is considered to approximate their
fair value.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS38

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
1.3 Significant Events and Transactions
(i) Acquisitions
(A) Waterford on Hobsonville Point (“Waterford”)
In the comparative period to 31 March 2022, Oceania Village Company Limited entered into a
Sale and Purchase Agreement to purchase the business assets of Waterford on Hobsonville Point.
Waterford is an established retirement village with 64 independent living villas and 36 independent
living apartments. The Sale and Purchase Agreement was conditional on the parties obtaining
Statutory Supervisor consent. This consent was received on 8 April 2021 and the transaction was
settled on 23 April 2021 being the date of acquisition.
The business assets have been recognised as at the date of settlement and the future operating
results consolidated from that point forward.
Purchase consideration and fair value of net assets acquired
The purchase price of $56.2m, settled in cash, was linked to the 31 March 2020 CBRE Limited
valuation of Waterford. The acquisition was accounted for using the acquisition method as
prescribed in NZ IFRS 3 Business Combinations. This standard requires that all identifiable assets
and liabilities be assumed at their acquisition date fair value.
(B) Remuera Rise and Bream Bay
On 6 May 2022, a number of Sale and Purchase Agreements were entered into in relation to
Remuera Rise and Bream Bay:
a. Oceania Village Company Limited and Oceania Care Company Limited entered into a Sale and
Purchase Agreement with Remuera Rise Limited and Lifecare Residences NZ Limited to purchase
the business assets in relation to Remuera Rise for a value of $38.1m subject to purchase price
adjustments. Remuera Rise is an established village with 58 independent living apartments and
12 rest home beds. The Sale and Purchase Agreement was subject to the parties obtaining the
consent of the Statutory Supervisor, the Ministry of Health and the Auckland District Health
Board. This transaction was settled on 1 July 2022 which is the date of acquisition.
b. Oceania Village Company Limited entered into a Sale and Purchase Agreement with Private
Health Care (NZ) Limited and PGB Investments Limited to purchase the shares of Bream
Bay Village Limited for a value of $18.9m. At the time of acquisition eight villas were under
construction. In accordance with the provisions of the Sale and Purchase Agreement the
sales value of these villas was paid to the vendor as part of the purchase consideration. As at
30 September 2022 this amounted to $3.0m with all villas now occupied. Bream Bay Village is an
established village with 83 independent living villas, including the eight villas under construction
at the time of acquisition. The Sale and Purchase Agreement was subject to the parties obtaining
Statutory Supervisor consent. This transaction was settled on 1 July 2022 which is the date
of acquisition.
c. On 6 May 2022 Oceania Village Company Limited also entered into an option agreement with
GNLC Limited to purchase 6.7 hectares of development land in Bream Bay, adjacent to Bream
Bay Village. This agreement grants Oceania Village Company Limited the option to acquire this
land for a purchase price of $8.4m plus GST if any. Oceania Village Company Limited may
exercise the option agreement for the development land adjacent to Bream Bay Village within 20
working days of the plan change being made operative by Whangarei District Council following
settlement of any appeals. As at 31 March 2023 Oceania Village Company Limited has not yet
exercised this option.
Purchase consideration and fair value of net assets acquired
The purchase price was linked to the 31 March 2021 CBRE Limited valuation in respect of Remuera
Rise and the 8 December 2021 Colliers valuation of Bream Bay Village Limited and both acquisitions
were settled in cash. The acquisitions were accounted for using the acquisition method which
requires that all identifiable assets and liabilities be assumed at their acquisition date fair value.
The operations of Remuera Rise had an immaterial impact on Net Profit before Tax in the period
since acquisition to 31 March 2023, of which $2.3m is operating revenue. If the acquisition had
taken place on 1 April 2022 the impact of the operations on Net Profit before Tax would have been
immaterial. The impact on the fair value movements in the period is disclosed in note 3.1.
The operations of Bream Bay added $1.7m to Net Profit before Tax in the period since acquisition
to 31 March 2023, of which $2.5m is operating revenue. If the acquisition had taken place on 1 April
2022 the impact of the operations on Net Profit before Tax would have been $2.0m. The impact on
the fair value movements in the period is disclosed in note 3.1.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS39

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
Fair Value on Acquisition Date
$NZ000’s
Remuera Rise
March 2023
(provisional)
Bream Bay
March 2023
(provisional)
Waterford
March 2022
Assets
Investment Property
73,89964,111104,022
Freehold Land1,000--
Freehold Buildings150--
Development Land--8,950
Chattels--63
Other Assets6432-
Liabilities
Resident liabilities
( 3 7, 5 9 4 )(41 ,6 3 7 )(4 6,4 3 7 )
Employee entitlements(164)(10)(19)
Other Liabilities-(16)-
Net Assets Acquired3 7, 3 5 522,48066,579
Total Consideration3 7, 9 3 621,93756,221
(Goodwill recognised on purchase) / Gain on purchase of
business asset
(581)54310,358
The goodwill on acquisition of Remuera Rise and the gain on purchase of Bream Bay arise due to
differences in the key assumptions within the external valuer’s valuations, including growth rate and
discount rate, between the reference date for the acquisition and the settlement date. Goodwill
created on the acquisition of Remuera Rise has been impaired in the year ended 31 March 2023.
Contingent liabilities
No material contingent liabilities with respect to any of the above mentioned transactions were noted
during the due diligence process or since acquisition.
(ii) Disposal of leasehold interest
The Group has previously leased the Everil Orr site and assumed the role of Operator of both Care
and Village operations. On 3 March 2023, the Group entered into a Deed with Airedale Property
Trust, the lessor of the Everil Orr leasehold facility to exit the Group from the Everil Orr site. As a
result the care operations were closed on 21 March 2023 and the lease terminated on 31 March
2023. On 31 March 2023 the Group’s operating interest in relation to village operations at Everil
Orr met the definition of held for sale. An amount of $1.1m in respect of the purchase of the Group’s
operational interest was received in full on 3 April 2023.
Refer to note 3.5 for the carrying value of the village business.
(iii) Debt refinancing
On 9 May 2022 it was announced an agreement was entered into with the banking syndicate
to increase total debt facility limits from $350m to $500m for a tenure of five years.
The entire debt facility is sustainability-linked for the entire five year period with a penalty in the
event of the Group not satisfying certain ESG targets and a discount in instances where ESG targets
are met.
(iv) Weather Events: Auckland Floods and Cyclone Gabrielle
A number of significant weather events occurred in New Zealand during the second half of the
year. The Group owns and operates a number of sites in the Auckland and Hawkes Bay regions
which were impacted by these events. The Group is currently engaging with insurers in regards to
a number of claims relating to the flooding in Auckland on 27 January 2023 and Cyclone Gabrielle
on and around 14 February 2023. Claims are progressing under both Material Damage and Business
Interruption policies. As at 31 March 2023 the Group has received $1.2m (including GST) from our
insurers as progress payments on claims with a further $0.3m received since 31 March 2023.
Accounting policy in relation to insurance proceeds
Insurance proceeds are accounted for as reimbursements under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets. Insurance income, and related assets are recognised when
recovery is virtually certain.
The insurance proceeds and receivable in relation to these events have been included within the
Consolidated Statement of Comprehensive Income and the Consolidated Balance Sheet and are
summarised below.
$NZ000’s
Auckland
Flooding
Cyclone
Gabrielle
Statement of Comprehensive Income
Insurance Proceeds – Material Damage
- Investment Properties 7,7 3 6 344
-
Freehold Buildings 1,919 23
Insurance Proceeds – Other1,854149
Balance Sheet
Insurance receivable
10,397516
The Group assess impairment impacts as a result of the weather events and treatment of insurance
proceeds for material damage and business interruption as follows.
Material Damage
Amounts incurred in respect of remediation in the period to 31 March 2023 have been recognised as
additions to the properties they relate. Affected properties have been valued by CBRE Limited as if
the remediation has been completed and as such, an estimate of remaining costs to be incurred to
fully remediate properties has been calculated based on third party quotations and assessments
and has been recognised as a reduction to the property value as at 31 March 2023. Refer to notes
3.1 and 3.2 for impact on fair value.
These initial estimates are sensitive to the final remediation and the final insurance recovery for
damage may differ from the initial assessment once final insurance instalments are received.
As a result, the insurance recovery in respect of the material damage claim of $10.0m is subject
to change.
1.3 Significant Events and Transactions (continued)
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS40

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
Other
In addition to recovery of the expected remediation costs, the Group seeks recovery of additional
costs. These costs include business interruption costs and lost gross profit associated with the
Auckland and Hawkes Bay sites which were impacted by the weather events and remediation.
Initial recovery for these items is being sought from insurers where appropriate.
Income in relation to these items is recognised as other revenue when the costs or lost gross profit
are incurred, and it is virtually certain that these costs will be reimbursed. The assessment of
whether recoverability of these costs is virtually certain is a key judgement of the Group.
1.4 Market Capitalisation
At balance date, the market capitalisation of the Group (being the 31 March 2023 closing
share price, as quoted on the NZX Main Board, multiplied by the number of shares on issue)
was significantly below the carrying amount of the Group’s net assets and shareholders’ funds.
In considering the difference, the Group notes that over 90% of total assets at 31 March 2023
are property assets carried at fair value as assessed by CBRE Limited and Colliers Limited as
independent valuers. Colliers Limited was also engaged to perform a review of the CBRE Limited
valuation of certain sites in the portfolio comprising 38.1% of the total value of property assets.
The review supported the CBRE Limited valuation. On 8 May 2023 a sale and purchase agreement
was entered into with respect to two sites held for sale for an amount in line with the CBRE Limited
valuation of these sites.
2. Operating Performance
2.1 Operating Segments
The Group’s chief operating decision maker is the Board of Directors.
The operating segments have been determined based on the information reviewed by the Board
of Directors for the purposes of allocating resources and assessing performance. The assets
and liabilities of the Group are reported to the chief operating decision maker in total not by
operating segment.
The Group operates in New Zealand and comprises three segments; care operations, village
operations and other.
Information regarding the operations of each reportable segment is included above. Amongst other
criteria, performance is measured based on segmental underlying earnings before interest, tax,
depreciation and amortisation (“EBITDA”), which is the most relevant measure in evaluating the
performance of segments relative to other entities that operate within the aged care and retirement
village industries.
Additional segmental reporting information
Capital expenditure: Refer to note 3 for details on capital expenditure.
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all segments under
NZ GAAP. It includes fair value movements relating to the Group’s care centres and cash
flow hedges.
CareVillageOther
ProductIncludes traditional care
beds and care suites.
Includes independent
living and rental
properties.
N/A
ServicesThe provision of
accommodation, care
and related services
to Oceania’s aged
care residents.
Includes the provision
of services such
as meals and care
packages to independent
living residents.
The provision of
accommodation
and related services to
independent residents
in the Group’s
retirement villages.
Provision of support
services to the Group
(includes administration,
marketing and
operations).
In addition this segment
includes the provision of
training by the Wesley
Institute of Nursing
Education.
Recognition
of Operating
Revenue and
Expenses
The Group derives
Operating Revenue from
the provision of care and
accommodation. The
daily fee is set annually
by the Ministry of Health.
In relation to the
provision of superior
accommodation above the
Government specification
the Group derives
revenue from Premium
Accommodation Charges
(“PACs”) or, in the case
of care suites, through
Deferred Management
Fees (“DMF”).
Operating Expenses
primarily include staff
costs, resident welfare
expenses and overheads.
The Group derives
Operating Revenue from
weekly service fees and
rental income. Operating
Revenue also includes
DMF accrued over the
expected occupancy
period for the relevant
accommodation.
Operating Expenses
include village property
maintenance, sales
and marketing,
and administration
related expenses.
Includes corporate office
and corporate expenses
and rental costs relating
to the Group’s two
leasehold sites.
Finance costs relate to
the cost of bank debt
acquired for the purchase
and development of
villages.
Income and expenditure
relating to the Wesley
Institute of Nursing
Education is recognised
in this segment.
1.3 Significant Events and Transactions (continued)
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS41

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
CareVillageOther
Recognition
of Fair Value
movements
on New
Developments
Fair value increases or
decreases are recognised
in other comprehensive
income (i.e. not in profit
or loss) for the fair
value movement above
historical cost.
Impairments below
historical cost
are recognised in
comprehensive income
(i.e. profit or loss).
Fair value movements
are recognised in
comprehensive income
(i.e. profit or loss).
N/A
Recognition
of Fair Value
movements on
Existing Care
Centres and
Retirement
Villages
Fair value movements
are treated the same
as above.
When sites are
decommissioned for
development this results
in an impairment of the
buildings and chattels
which is recognised in
comprehensive income
(i.e. profit or loss).
Fair value movements
are recognised in
comprehensive income
(i.e. profit or loss).
N/A
Recognition
in Underlying
Profit (refer
note 2.1
overleaf)
Fair value movements are
removed.
Fair value movements
are removed. Realised
gains on resales and
the development
margins from the sale
of independent living
units and care suites are
included, reflective of the
ownership structure of the
assets.
No material adjustments.
Asset
Categorisation
Assets used, or, in the
case of developments, to
be used, in the provision
of care are recognised
as property, plant and
equipment.
Assets used for village
operations are recognised
as investment property.
Corporate office assets
are recognised as
property, plant and
equipment. Assets include
intangibles (e.g. software).
2.1 Operating Segments (continued)
March 2023
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 194,520 48,490 4,168 247,178
Change in fair value of investment property - 19,497 - 19,497
Change in fair value of held for sale assets - 1,886 - 1,886
Gain on purchase of business assets - 543 - 543
Other income 1,326 13,771 10 15,107
Total income 195,846 84,187 4,178 284,211
Operating expenses (174,607) (29,185) (27,630) (231,422)
Impairment of goodwill (1,766) (581) - (2,347)
Impairment of property, plant and equipment(6,531) - - (6,531)
Impairment of right of use investment property - (1,431) - (1,431)
Segment EBITDA12,94252,990 (23,452)42,480
Interest income - 411 1,348 1,759
Finance costs - - (14,315) (14,315)
Depreciation (buildings and care suites) (10,659) - (704) (11,363)
Depreciation and amortisation (chattels, leasehold
improvements and software)
(5,024) - (1,537) (6,561)
(Loss) / Profit before income tax(2,741)53,401 (38,660)12,000
Income tax benefit2,751 (18,625) 19,322 3,448
Profit / (Loss) for the year attributable to shareholders1034,776 (19,338)15,448
Other comprehensive income
Gain on revaluation of property, plant and equipment for
the year, net of tax
1 7, 5 9 2 - - 1 7, 5 9 2
Gain on revaluation of right of use asset for the year,
net of tax
- - - -
Gain on cash flow hedges, net of tax - - 1,503 1,503
Total comprehensive income / (loss) for the year
attributable to shareholders of the parent
1 7, 6 0 234,776 (17,835)34,543
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS42

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
March 2022
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 1 8 7, 4 3 441,6072,099231,140
Change in fair value of investment property - 63,475 - 63,475
Gain on purchase of business assets - 10,358 - 10,358
Other income 1,270 1,921 240 3,431
Total income 188,704 1 1 7, 3 6 1 2,339 308,404
Operating expenses (168,410) (23,719) (26,834) (218,963)
Impairment of goodwill(41 2) - - (41 2)
Change in fair value of right of use investment property - (115) - (115)
Impairment of property, plant and equipment (4 ,741) - - (4 ,741)
Segment EBITDA15,141 93,527 (24,495) 84,173
Interest income - 7 70 77
Finance costs - - (9,380) (9,380)
Depreciation (buildings and care suites) (10,899) (3) (585) (11,487)
Depreciation and amortisation (chattels, leasehold
improvements and software)
(5,780) - (1,353) (7,133)
(Loss) / Profit before income tax (1,538) 93,531 (35,743) 56,250
Income tax benefit 1,156 (4 ,3 8 0)8,1034,879
(Loss) / Profit for the year attributable to shareholders(382)89,151 (27,640) 61,129
Other comprehensive income
Gain on revaluation of property, plant and equipment for
the year, net of tax
46,359 - - 46,359
Gain on revaluation of right of use asset for the year, net
of tax
229 - - 229
Gain on cash flow hedges, net of tax - - 6,716 6,716
Total comprehensive income /(loss) for the year
attributable to shareholders of the parent
46,206 89,151 (20,924) 114,433
2.1 Operating Segments (continued)Underlying net profit after tax (“Underlying Profit”)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance and
considered in the determination of dividends. The calculation of Underlying Profit and Underlying
EBITDA requires a number of estimates to be approved by the Directors in their preparation. Both
the methodology and the estimates may differ among companies in the retirement village sector.
Underlying Profit and Underlying EBITDA do not represent cash flow generated during the year.
The Group calculates Underlying Profit and Underlying EBITDA by making the following adjustments
to reported Net Profit after Tax:
Net profit after tax
RemoveChange in fair value of investment property, right of use investment property
assets and cash flow hedges and impairment / reversal of impairment of property,
plant and equipment, right of use property, plant and equipment and held for sale
assets
Add backImpairment of goodwill
Add backRental expenditure in relation to right of use investment property assets
Add back /
remove
Loss / gain on sale, decommissioning or purchase of assets and business assets
including associated costs
Add backDepreciation (care suites)
RemoveInsurance income recognised in relation to material damage due to adverse
weather events
Add backDirectors’ estimate of realised gains on the resale of units and care suites sold
under an ORA
Add backDirectors’ estimate of realised development margin on the first sale of new ORA
units or care suites following the development of an ORA unit or care suite,
conversion of an existing care bed to a care suite or conversion of a rental unit to
an ORA unit
Add backDeferred taxation component of taxation expense so that only the current tax
expense is reflected
=Underlying Profit
RemoveInterest income
Add backFinance costs (including lease interest under NZ IFRS 16 Leases but excluding
hedge ineffectiveness)
Add backDepreciation and amortisation (including right of use and property, plant and
equipment)
=Underlying EBITDA
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS43

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
Resale gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference
between the incoming resident’s ORA licence payment and the ORA licence payment previously
received from the outgoing resident) is calculated as the net cash flow received, and receivable at
the point that the ORA contract becomes unconditional and has either “cooled off” (the contractual
period in which the resident can cancel the contract) or where the resident is in occupation at
balance date.
Development margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the ORA licence payment
received, and receivable, in relation to the first sale of new ORA units and care suites, at the point
that the ORA contract becomes unconditional and has either “cooled off” or where the resident
is in occupation at balance date, less the development costs associated with developing the ORA
units and care suites. Where the development has been acquired in a business combination the
development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is calculated based on the
difference between the ORA licence payment received, and receivable, in relation to sales of newly
converted ORA units and care suites, at the point that the ORA contract becomes unconditional and
has either “cooled off” or where the resident is in occupation at balance date, and the associated
conversion costs.
2.1 Operating Segments (continued)
The table below describes the composition of development and conversion costs.
IncludedNew builds:
– the construction costs directly attributable to the relevant project, including
any required infrastructure (e.g. roads) and amenities related to the units
(e.g. landscaping) as well as any demolition and site preparation costs
associated with the project. The costs are apportioned between the ORA
units and care suites, in aggregate, using estimates provided by the project
quantity surveyor. The construction costs for the individual ORA units or care
suites sold are determined on a prorated basis using gross floor areas of the
ORA units and care suites;
– an apportionment of land value based on the gross floor area of the ORA
units and care suites developed. The value for Brownfield
1
development land
is the estimated fair value of land at the time a change of use occurred
2

(from operating as a care centre or retirement village to a development site),
as assessed by an external independent valuer. Greenfield
3
development
land is valued at historical cost; and
– capitalised interest costs to the date of project completion apportioned using
the gross floor area of ORA units and care suites developed.
Conversions:
– of care beds to care suites - the actual refurbishment costs incurred; and
– of rental units to ORA units - the actual refurbishment costs incurred and the
fair value of the rental unit prior to conversion.
Excluded – Construction, land (apportioned on a gross floor area basis) and interest
costs associated with common areas and amenities or any operational or
administrative areas.
1 Brownfield land refers to land previously utilised by, or part of, an operational aged care centre or retirement village.
2 The timing of a change of use is a Directors’ estimate. It is based on a range of factors including evidence of steps taken to secure a
resource consent and/or building consent for a particular development or stage of a development and the decommissioning of existing
operations (either through the buy-back of existing village ORA units or decommissioning of an existing care centre). Note the cost of
buybacks is not included in the development cost as an independent fair value of the land on an unencumbered basis is used as the
value ascribed to the development land.
3 Greenfield land refers to land not previously utilised by, or as part of, an operational aged care centre or retirement village. Greenfield
land is typically bare (undeveloped) land at the time of purchase.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS44

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
March 2023
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the year
attributable to shareholders of the parent
1 7, 6 0 234,776 (17,835)34,543
Adjusted for Underlying Profit items
Less: Change in fair value of investment property, right
of use assets and cash flow hedges and impairment of
property, plant and equipment and held for sale assets
1
(11,061)(19,952) (1,503)(32,516)
Add: Impairment of goodwill 1,766 581 - 2,347
Add: Rental expenditure in relation to right of use asset - 158 - 158
Add: Depreciation (care suites) 9,040 - - 9,040
Less: Gain on purchase of business assets including
associated costs
(735) (147) - (882)
Less: Insurance income in relation to material damage due
to weather events
- (10,022) - (10,022)
Add: Realised resale gain - 26,992 - 26,992
Add: Realised development margin - 32,363 - 32,363
Underlying net profit before tax 16,612 64,749 (19,338)62,023
Less: Deferred tax benefit (2,751) 18,625 (19,322) (3,448)
Underlying net profit after tax 13,861 83,374 (38,660)58,575
Less: Interest income - (411) (1,348) (1,759)
Add: Finance costs (excluding hedge ineffectiveness) - - 14,315 14,315
Add: Depreciation (buildings) 1,619 - 704 2,323
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)
5,024 - 1,537 6,561
Underlying EBITDA
2
20,504 82,963 (23,452)80,015
2.1 Operating Segments (continued)
March 2022
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the year
attributable to shareholders of the parent
46,206 89,151 (20,924) 114,433
Adjusted for Proforma items
Add: Repayment of Wage Subsidy
1
1,768 - - 1,768
Adjusted for Underlying Profit items
Less: Change in fair value of investment property, right
of use assets and cash flow hedges and impairment of
property, plant and equipment
(41 ,8 4 8) (63,359) (6,716) (111,923)
Add: Impairment of goodwill412- - 412
Add: Rental expenditure in relation to right of use asset - 2,497 - 2,497
Add: Depreciation (care suites) 8,403 - - 8,403
Add: Loss / gain on sale, decommissioning or purchase of
assets and business assets
(8) (10,422) 98 (10,332)
Add: Realised resale gain - 23,492 - 23,492
Add: Realised development margin - 32,850 - 32,850
Underlying net profit before tax 14,933 74,209 (27,542)61,600
Less: Deferred tax benefit (1,156) 4,380 (8,103) (4 ,879)
Underlying net profit after tax 13,777 78,589 (35,645)56,721
Less: Interest income - (7) (70) (77)
Add: Finance costs (excluding hedge ineffectiveness) - - 9,380 9,380
Add: Depreciation (buildings) 2,496 3 585 3,084
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)
5,780 - 1,353 7, 1 3 3
Underlying EBITDA 22,053 78,585 (24,397)76,241
1 On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy totalling $1.8m. This amount has subsequently
been repaid in full on 18 May 2021 and as a result has been excluded from the table above. This proforma adjustment increases
underlying EBITDA and underlying NPAT in relation to the 12 month period to 31 March 2022 by $1.8m.
1 Includes adjustment for material damage insurance in relation to affected properties.
2 Included in this balance remains an amount of $2.0m in relation to other insurance income. This insurance income relates to
compensation for business interruption costs and lost gross profits incurred prior to 31 March 2023.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS45

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
2.2 Revenue
How we earn revenue
CareVillageOther
Daily care fees for long term and
short term rest home, hospital
and dementia residents
Deferred management fees –
independent living
Training income
Premium accommodation
charges
Village service fees –
independent living
Interest income
Deferred management fees –
care suites
Rental income – residents
without a long term occupation
right agreement
Accounting Policy
Revenue is recognised in accordance with NZ IFRS 15 Revenue from Contracts with Customers (“NZ
IFRS 15”). Deferred management fees and rental income are considered leases under NZ IFRS 16
Leases (“NZ IFRS 16”), and are therefore excluded from the scope of NZ IFRS 15. None of the Group’s
revenue, as defined by NZ IFRS 15, contains significant financing components.
Rest Home and Hospital Service Fees
A contract is in place with all care residents by means of an admission agreement. The resident
receives the benefit as the care is administered and each resident incurs a contracted daily care fee
set by the Government each year. Rest home and hospital service fees are recognised at the point in
time the services are rendered which is specifically linked to the day the service is delivered. Where
applicable these are recognised net of any associated rebates to residents.
Aged care subsidies received from the Ministry of Health, included in rest home, hospital and
dementia fee revenue within the care segment, for the year ended March 2023 amounted to $110.7m
(March 2022: $99.7m).
Premium Accommodation Charges
Premium accommodation charges are payable by residents who occupy a premium room above
the level specified by the Government. The charge is included in their admission agreement and the
charge is recognised when the accommodation is provided.
Deferred Management Fees
Deferred management fees are considered leases and are payable by residents of the Group’s units,
apartments and care suites under the terms of their ORA or unit title rights. Refer to note 3.4.
Management fees are typically payable on termination of the ORA up to a maximum percentage
of a resident’s occupation licence or unit title rights deposit for the right to share in the use and
enjoyment of common facilities.
The timing of the recognition of deferred management fees is a critical accounting estimate and
judgement. The deferred management fee is recognised on a straight line basis over the longer of
the term specified in a resident’s ORA or the average expected occupancy. The expected periods
of occupancy are based on historical Group averages, for the relevant accommodation they are
estimated to be 7 years for units, 5 years for apartments and 3 years for care suites from the date
of occupation. Estimates of deferred management fee tenure are reviewed periodically. Where a
change is made, it is the Group’s policy to recognise the aggregate impact of this change in the
period in which the change in estimate occurs.
Village Service Fees
Village service fees are charged to residents to recover a portion of village operating costs
associated with services provided including staff wages, rates, and electricity. An ORA is in place
with all village residents who receive the benefit of services throughout their stay. Village service fees
are recognised over time as services are rendered.
Training Income
Training income is received from students attending short term training courses at the Wesley
Institute of Nursing Education. Income is recognised when the course is provided.
Rental Income
Rental agreements are in place with all rental residents and set out the relevant weekly / monthly
rental fee. The resident receives the benefit throughout their stay and revenue is recognised as it
is earned.
$NZ000’sMarch 23March 22
Rest home, hospital, dementia fees 173,243 1 6 7, 8 0 4
Premium accommodation charge 5,490 4,820
Deferred management fees – independent living 36,666 30,751
Deferred management fees – care suites 14,861 14,107
Deferred management fees – leased site 2,301 2,360
Village service fees8,939 7, 6 0 5
Training income 4,127 2,094
Rental income 608 877
Other services provided to residents 943 722
247,178 231,140
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS46

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
2.3 Other Income
Interest Income
Interest income is recognised on an accruals basis using the effective interest method.
Insurance Income
Insurance income in relation to recent weather events is recognised as per note 1.3(iv).
Other Income
Other income includes administration and legal income derived from the settlement of ORAs.
$NZ000’sMarch 23March 22
Interest income1,759 77
Insurance income12,025-
Change in fair value of ineffective cash flow hedges 6 58
Gain on disposal of property, plant and equipment740-
Other income 2,336 3,373
16,8663,508
2.4 Expenses
Accounting Policy
All operating expenses are recognised on an accrual basis.
$NZ000’sNotesMarch 23March 22
Profit before income tax includes the following expenses:
Employee benefits and other staff costs
Wages and salaries
1
160,007 151,693
Termination benefits 470 686
Employee share scheme expense4.3 606 414
Other staff costs
2
3,400 3,653
164,483 156,446
Depreciation and amortisation
Depreciation of buildings
3.2 1,791 2,210
Depreciation of care suites3.29,040 8,403
Depreciation of right of use assets (buildings)3.5 532 874
Depreciation of chattels 3.2 4,354 4,827
Depreciation of right of use assets (chattels)3.5 1,553 1,867
Amortisation of software 5.2 654 439
17,924 18,620
Finance costs
Interest on senior debt facilities
13,680 3,427
Interest on Retail Bond 6,175 4,681
Agency, commitment and line fees 4,246 2,990
Interest rate swaps 155 2,236
Capitalised interest and line fees (11,356) (5,114)
Amortisation of bank fees 952 626
Bank interest 18 -
Interest on right of use assets445 534
14,315 9,380
Impairment of property, plant and equipment3.26,531 4,741
Impairment of right of use investment property1,431115
Rental expenditure in relation to right of use investment property3.5158 2,497
Impairment of goodwill5.22,347 412
1 Includes the repayment of a Covid Subsidy in the prior year.
2 Other staff costs include costs such as staff training, uniforms and recruitment.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS47

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
$NZ000’sNotesMarch 23March 22
Other expenses
Fees paid to Auditor
Audit and review of consolidated financial statements
647 540
Other assurance services – Trustee reporting 8 7
Other services – agreed upon procedures in respect of proxy voting
at the Annual Shareholder Meeting
7 7
Other services related to understanding the potential impact of
climate related reporting requirements
17 62
Total fees paid to auditor679 616
Repairs and maintenance of property, plant and equipment
including leasehold care centres
3,486 3,049
Repairs and maintenance of investment property including leasehold
investment property
1,855 1,567
Loss on disposal of property, plant and equipment- 27
Donations 13 33
Loss allowance for trade and other receivables5.3 37 28
Resident consumables18,265 1 7, 4 6 0
Movement of Residents’ share of resale gains 1,724 825
Insurance 4,981 4,332
Legal and professional services 4,390 3,676
Other expenses (no items of individual significance) 31,351 28,407
66,781 60,020
Total Expenses273,970252,231
2.4 Expenses (continued)
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1, village sites are
typically investment property and care sites are typically property, plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to generate
revenue either through capital appreciation or through rental income.
As residents occupying our retirement villages live independently, the level of services provided
is seen as secondary to the provision of accommodation. Accordingly, these buildings are
classified as investment property as they are held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment when
they are used to generate revenue through the provision of goods and services or for
administration purposes.
As residents occupying our care centres, including care suites, require services including nursing
care, meals and laundry the buildings in which they live are considered to be operated by the
Group to generate this revenue and are classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital level care.
The care suite is located within a care centre. Rather than pay a daily premium accommodation
charge for the provision of the premium room the residents enter into an ORA with a net
management fee.
What is Held for Sale?
Assets are classified as held for sale when the carrying amount will be recovered principally
through a sale transaction rather than through continuing use.
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS48

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2023
Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an ORA, it is the
Group’s policy to assess their level of significance in the context of the overall income derived from
the serviced apartment or care suite in ascertaining whether the serviced apartment or care suite is
freehold land and buildings (referred to as property, plant and equipment) or investment property.
The Group applies the following principles when ascertaining the appropriate accounting treatment
to be applied:
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services
are optional
Services are
compulsory but an
insignificant portion
of total revenue
from the unit
Services are
compulsory and a
significant portion
of the total revenue
from the unit
Full ARRC
1
funded
care is compulsory
for that unit/bed
Independent living
(villa or apartment)
Care suiteServiced apartmentTraditional care bed
Qualitatively the
business model is the
provision of retirement
accommodation
Quantitatively
insignificant
(a guideline of under
20% of total revenue
is adopted) and
qualitatively the
business model is the
provision of retirement
accommodation
Quantitatively
significant.
Qualitatively the
business model is the
provision of care
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price of
accommodation does
not change overall
purpose of the
accommodation
Investment Property
Village Assets
Property, Plant and Equipment
Care Assets
3.1 Village Assets: Investment Property
Accounting Policy
Investment property includes both freehold land and buildings and land and buildings under
development, comprising independent units, serviced apartments and common facilities, provided
for use by residents under the terms of an ORA. Investment property is held for long-term yields and
is not occupied by the Group. Investment property is held at fair value.
The fair value of investment property is determined by the Directors having taken into consideration
the valuation conducted by CBRE Limited and Colliers Limited as independent registered valuers and
the cost of work undertaken in relation to investment property under development.
The movement in the carrying value of investment property, net of additions, transfers and disposals
is recognised as a fair value movement in the Consolidated Statement of Comprehensive Income.
Fair value measurement on investment property under development is only applied if the fair value is
considered to be reliably measurable. Where the fair value of a property under development can be
determined, it is carried at fair value. Where the fair value of investment property under development
cannot be reliably determined, the carrying amount is considered to be the fair value of the land plus
the cost of work undertaken.
1 ARRC refers to age-related residential care
OCEANIA ANNUAL REPORT 2023BETTER CONNECTIONCONTENTSFINANCIAL STATEMENTS49