Radius Care shows Profitable Underlying Growth in Aged Care

29 May 2023
Radius Care Continues to Demonstrate Profitable Underlying Growth in Aged Care
Radius Residential Care Limited (NZX: RAD) today announced its results for the year ended
31 March 2023
1
.
Highlights:
• Revenue of $146.3m, up 10% on the comparative period.
• Net Loss After Tax of ($2.1m), down from a profit $2.7m in FY22 due to property
valuation movements and higher interest costs.
• Underlying EBITDA of $14.2m
2
, 32% up on comparative period.
• Industry leading EBITDAR per bed of $19.9k
2
in line with the comparative period.
• AFFO of $4.0m
2
, down from $4.2m in the comparative period.
• Total Assets of $356.6m, up $66.5m from 31 March 2022.
• Occupancy at 93.3% at period end vs industry average of 86.1% (March 2023 quarter).
• Completion of a 24-bed extension at Thornleigh Park on budget.
“Our business continues to operate profitably in the aged care sector. Essential to this
result is the commitment of our people who continue to deliver exceptional care to our
residents and the resilience of the Radius operating model. Together this has enabled
Radius to deliver a record underlying EBITDA and maintain its market leading position in
the aged care sector” said Andrew Peskett, Radius Care’s CEO.
People
Radius Care’s aim is to be the leader in care. To achieve this, FY23 has seen a huge effort
in direct recruitment of nurses and health-care staff internationally to allow Radius Care
to fully staff our care homes with quality candidates and improve our staff wellbeing. We
have achieved this at a time when there is a New Zealand-wide shortage of nurses.
“FY23 was extremely challenging with ongoing COVID-19 impacts and extreme weather
events and I want to again personally thank our Exceptional People for their resilience
and commitment to offer the very best of care every day to our residents. More recently,
we have been successful in recruiting a large number of internationally qualified nurses
to help to fill our vacancies which will support our existing teams and place us in a strong
position moving forward” said Mr Peskett.
Leveraging the success of its recruitment programme has allowed Radius to establish a
nursing bureau which will provide greater flexibility for its people and reduce the cost of
external bureau providers. Radius Care has also been successful in using innovation to
support its people introducing virtual nurses to our offering enabling experienced nurses
to assist in remote care and alleviate staffing pressures.

1
This announcement is based on financial statements that are in the process of being audited.
2
Underlying EBITDA and AFFO are non-GAAP (unaudited) financial measures. A reconciliation is
included within the Investor Presentation.

In FY23 Radius Care rewarded its highly valued employees who have been with Radius
Care for over ten years and awarded 57 employees an issue of shares valued at $1,000
each to recognise their support and commitment.
Business performance
On the property side of the business, Radius Care has aimed to acquire facilities it leases,
acquire value accretive aged care facilities from third parties, develop new facilities and
expand its existing facilities. In FY23 Radius Care was able to demonstrate its ability to
execute on this strategy and deliver growth across its main strategic pillars.
Radius Care has now undertaken four large property transactions in the past two years
acquiring the land and buildings of eight of its leased facilities and two acquisitions of
integrated care facilities and retirement villages. Ownership of key facilities is important
to maximise value and drive value-enhancing development opportunities.
Radius Care’s portfolio has grown to 24 facilities of which 13 are owned and 11 leased.
There were 1,889 available beds as at 31 March 2023, an increase of 105 during the year.
Occupancy levels have remained strong and significantly above industry averages.
Radius Care’s development bank is now 76 care beds and 311 units or care suites at the
end of the period.
“We have been delighted with the performance of Matamata Country Lodge since it was
acquired in September 2022. Radius has been able to significantly improve its returns
within six months of acquisition and it has already delivered a valuation uplift of $4.3m.
We were also extremely pleased to successfully complete a 24-bed extension at our
Thornleigh Park care facility in New Plymouth in February 2023 on budget elevating the
care home to a best-in-class facility” said Mr Brien Cree, Radius Care’s Executive Chair.
The remaining building programme timing will be subject to review given the need to
ensure suitable debt levels and a strong capital structure heading into FY24.
Financial performance
Revenue increased 10% on the prior period to $146.3m excluding other income.
Radius Care’s key financial performance measure, underlying EBITDA was $14.2m
compared to $10.7m achieved for the comparative period. In part this was driven by
direct private revenue paid by residents for non-government funded services and
accommodation supplement income increasing to $7.9m, up 17% from $6.8m in the prior
comparable period. Over 68% of our rooms now attract premium income.
Underlying EBITDAR per bed was $19.9k in FY23 in line with FY22 and remains market
leading relative to key listed peers and industry averages. This key performance metric
demonstrates Radius Care’s ongoing ability to deliver profitable performance in the
sector.
AFFO of $4.0m was generated compared with $4.2m in the comparative period as higher
underlying income was offset by higher interest costs.
On 31 March 2023 Radius Care confirmed a continuation of the $23 million bridge
facilities (put in place on 6 May 2022) to 6 October 2023. A new event of review requires

the company to have received equity commitments of not less than $30m by 31 July 2023
and to have completed an equity raise and apply at least $25m to repay the current ASB
facilities by 6 October 2023. As noted below the company is currently assessing portfolio
optimisation options as alternatives or additions to an equity raise.
On 3 May 2023 Radius Care agreed to repay $1m of the vendor loan relating to the
September 2022 acquisition of the Matamata Country Lodge business. The company also
agreed to a step up in interest rate on the loan from 8% per annum to 18% per annum
(6% capitalised) and to extend the time for repayment of the remaining $10.5m loan until
23 October 2023.
On 15 May 2023 the trustee of the Providence Trust, a related party of director Brien
Cree, agreed to lend the group subsidiaries that own the Matamata Country Lodge
business $1m at 18% per annum also repayable on 23 October 2023.
Dividend
In FY23 Radius Care paid a gross interim dividend of 0.7c per share totalling $1.4m. Radius
Care will not pay a final dividend in respect of the FY23 financial year.
Summary
“Radius has been through a period of significant growth in the past two years as it has
provided several proof points in the execution of its strategy. With the current economic
and care home funding environments remaining challenging, Radius Care is focusing on
the recently commenced business improvement programme including streamlining
operations and portfolio optimisation. The fundamental industry drivers of increased
demand for high acuity and specialist care services places Radius Care in a strong position
to continue to drive market leading returns as it has demonstrated in FY23.” said Mr
Peskett.

ENDS
Media and Investor Contacts:
Andrew Peskett Wendy Jenkins
Chief Executive Officer Chief Financial Officer
Ph 021 747 363 Ph 027 471 2377

---

Investor Presentation
Full Year Result FY23

2FY23 Investor Presentation
Presenting
Today
WendyJenkins
Chief Financial Officer
MCom, MBA, CA
Andrew Peskett
Chief Executive Officer
BA (Hons), LLB

3FY23 Investor Presentation
Agenda
OVERVIEW OF FY23
PERFORMANCE
Demonstrating profitable growth
ANALYSIS OF
RESULT
Continuation of a strong track record
POSITIONING
RADIUS CARE
Strategy update
APPENDICESKey operational and financial metrics
Summary Profit and Loss, Balance
Sheet and Cash Flow

Radius Potter Home
Overview
of
DEMONSTRATING PROFITABLE
GROWTH
FY23 Performance

5FY23 Investor Presentation
FY23 Business Highlightsand Key Events
Profitable Growth
10% increase in revenue and 32%
increase in underlying EBITDA.
Strong Occupancy
Maintaining well above industry average
occupancy with higher mix of high acuity
and specialist care.
Increased Property Ownership
Acquisition of four strategic leased sites in
Auckland, Hamilton, Palmerston North
and Dunedin.
Strategic Acquisitions
Acquisition of Matamata Country Lodge, an
integrated care home and retirement village with
81 care beds and 46 ORA units with a strong first six
months of performance.
Growth of Development Pipeline
Successful completion of the Thornleigh Park 24
care bed extension on budget.
Successful Nurse Recruitment
Over 140 international nurses recruited directly to
help fill vacancies and support our team.

6FY23 Investor Presentation
FY23 FinancialHighlights
Financial Performance
•Reported Net Loss After Tax of ($2.1m) down from a
profit of $2.7m due to property revaluations and
higher interest costs.
•Underlying EBITDA up 32% to $14.2m.
•AFFO of $4.0m down from $4.2m due to higher
interest costs.
•Underlying EBITDAR per care bed in line with FY22 at
$19.9k.
•Accommodation supplements increased 17% to
$7.9m.
Balance Sheet Position
•Total assets of $356.6m.
•Investment properties of $70.1m, up $24.1m
from FY22.
•Property, plant and equipment of $133.9m, up
$60.0m from FY22.
•Lease liabilities of $121.5m, down from $142.5m
in FY22.
•Updated freehold going concern valuations
indicates $9m of intrinsic goodwill not captured
in net asset values.

7FY23 Investor Presentation
Our People
Successfully recruited over 140 international nurses via direct
channels filling vacancies in the portfolio from domestic
nursing shortages.
The success of the international nurse recruitment program
has led Radius Care to set up a subsidiary to provide bureau
nursing services, both internally and externally.
Innovative use of virtual nurses to reduce health and safety
incidents and improve well-being.
After several years of ongoing COVID-19 management, the
Radius Care values of Commitment, Courage and
Compassion were strongly on display in an extraordinary way
during the floods and storms of early 2023.
Steady gains in Net Promotor Score (NPS) survey results every
six months.

8FY23 Investor Presentation
Radius St Helenas
Analysis of
Result
CONTINUATION OF
STRONG TRACK
RECORD

9FY23 Investor Presentation
122.3
133.4
146.3
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
$m
FY21FY22FY23
Financial
Performance
Overview
Our strong operational
performance drove
improvements in
financial performance
despite challenging
market conditions.
$m
1 Total revenue excludes other income
10.5
10.7
14.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
FY21FY22FY23
Underlying EBITDA
Underlying EBITDA of $14.2m, up 32% vs pcp
Total Revenue
1
FY23 Revenue of $146.3m up 10% vs pcp

10FY23 Investor Presentation
Occupancy
1 Source: Industry Information based on NZACA Occupancy – Te Whatu Ora Aged Residential Care Quarterly Reporting Survey as at 31 March 2023. Includes ORA ARRC-certified beds and their residents
Strong occupancy of 93.3% at 31 March 2023 remaining well above industry averages.
90.1%
89.6%
90.4%
91.6%
91.0%
92.7%
93.7%
93.4%
93.1%
92.0%
92.3%
92.0%
91.4%
91.9%
91.7%
93.3%
87.2%
87.2%
86.5%
87.1%
86.8%
88.0%
87.8%
87.2%
87.3%
86.1%
86.2%
85.8%
85.2%
85.4%
86.1%86.1%
84
85
86
87
88
89
90
91
92
93
94
95
Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23
Occupancy rate %
Radius Care (monthly) Industry average (quarterly)
1

11FY23 Investor Presentation
87% of the
portfolio are beds
certified for high
acuity and
specialist care
with significant
flexibility of care.
This aligns with the
sector dynamics
of ‘aging in
place’ reducing
the need for rest
home level care
and increasing
the need for
higher acuity
care.
1 Source: CBRE analysis, October 2022
BedMix
33.9%
42.3%
13.3%
49.1%
42.6%
69.7%
11.0%
13.3%
11.0%
5.6%
1.8%
5.1%
0.4%
0.8%
FY23
FY23
Industry
1
Rest homeHospitalDementiaPsychogeriatric & Other Non ORAPhysical and intellectual
~58% high acuity and specialist
Care Bed Type
Care Bed Use
~87% of Radius Care Beds are certified for high acuity
~66% of Radius Care Beds are used for high acuity, vs industry of ~53%

12FY23 Investor Presentation
19.5
19.9
19.9
15.0
16.0
17.0
18.0
19.0
20.0
21.0
FY21FY22FY23
ContinuedStrong Underlying EBITDAR per Care Bed
Underlying EBITDAR per care bed
1
($000)
1 Underlying EBITDAR for aged care segment divided by the average number of care beds occupied during the period
Market leading returns relative to key listed peers and
industry averages.

13FY23 Investor Presentation
AFFO and
Dividends
Dividends
FY23 Total Dividends
Radius Care paid a gross interim dividend
of 0.7c per share totalling $1.4m. Radius
Care will not pay a final dividend in
respect of the FY23 financial year.
DRP
A Dividend Reinvestment Plan (DRP) was
implemented for the interim dividend paid
in January 2023.
$m
3.7
4.2
4.0
0.0
1.0
2.0
3.0
4.0
5.0
FY21FY22
FY23
AFFO of $4.0m, down
from $4.2m in the
comparative period due
to higher interest costs.
Adjusted Funds From Operations ($m)

14FY23 Investor Presentation
Strategy
Update
Radius Glaisdale

15FY23 Investor Presentation
StrategyUpdate
Since listing Radius has demonstrated successful execution against its core strategic pillars
Greater control over strategic
sites, allowing value
enhancing initiatives to be
implemented.
Acquired four Ohaupo Properties (settled 5 August 2021).
Acquired four UCG Properties (settled 6 May 2022).
Acquisition of
strategically important
facilities operated by
Radius Care
Opportunistic
value accretive
acquisitions
Grow the portfolio organically
by taking advantage of a
higher fragmented market.
Acquisition of Clare House (settled 1 November 2021).
Acquisition of Matamata Country Lodge (settled 29 September 2022).
Brownfield
developments
Greenfield
developments
Add value to the portfolio
while expanding into new
products like care suites while
reducing execution risk.
Selective development of
new villages aligned with
Radius Care’s focus on care.
Completed Thornleigh Park 24 bed extension on budget.
Brownfield potential identified at owned sites comprising six care
beds, 169 care suites and 18 independent living units.
Further work undertaken to prepare for Northwood village
development in Belfast, Christchurch likely to commence in FY25.

16FY23 Investor Presentation
Transforming a recent acquisition
Matamata Country Lodge
81 care beds46 retirement
village units
18 villa development
pipeline
Radius Care has a strong track record of undertaking
opportunistic value accretive acquisitions.
The acquisition of Matamata Country Lodge has provided an
opportunity to realise cost efficiencies in the Care Facility, such as
the reduction in wage to revenue costs through more efficient
rostering.
Scale efficiencies have also been realised with the ability of being
able to incorporate corporate functions such as IT, marketing and
finance and corporate contracts such as food services.
$4.2m of company-owned ORA units are currently being actively
marketed for sale or have contracts on them which is likely to
deliver strong cash generation in FY24.
Matamata Country Lodge has increased in value since
acquisition by $4.3m.

17FY23 Investor Presentation
Development Completed
Thornleigh Park
24 care beds
Opened and being
occupied in FY24

18FY23 Investor Presentation
Care beds
RV units
Future PortfolioDevelopments
Care beds
Care
suites
RV units
1 Indicative only and assuming all planned developments (including those currently still in the concept stage) are completed.
~2,035
units / beds
Current portfolio
Future portfolio
1
~2,425
units / beds

19FY23 Investor Presentation
FY24Outlook
Improved operating performance focused on continuing to
drive market leading returns.
Execution of a comprehensive business improvement program
including streamlining operations.
Timing of selective developments to be assessed based on
market conditions.
Establish sustainability programme and prepare for climate-
related disclosure reporting.

20FY23 Investor Presentation
Appendices
Radius Arran Court

1.0
0.5
0.5
0.2
0.8
RadiusOceaniaArvidaSummersetRyman
The Radius Care growth pipeline provides unique exposure to a high acuity, specialised care provider that remains committed to and focused on
delivering compassionate and outstanding clinical care outcomes.
1.
Demand
2. Portfolio
3.
Systematic
Approach
4
. Growing
Non-
Government
Revenues
5. Growth
Pathway
6. Strong
Founder
Backed
Team
Key Investment Highlights
1
Demand underpinned by population demographics
1
2
Portfolio oriented to high acuity and specialist care
2
Systematic approach to provision of care
1) Centralised head-office systems and support
2) High level of audit Continuous Improvement awards
3) Immigration accreditation and nursing innovation
4) Early engagement through Radius Online Shop
3
Growing direct non-Government revenues
3
4
5
Clear growth pathway via
1) Purchase of strategically important
facilities’ land and buildings
2) Brownfield and greenfield development
with ownership of land and buildings
3) Opportunistic acquisitions
Strong founder backed team
Brien Cree
Founder and Executive Chair
Andrew Peskett
Chief Executive Officer
6
1 Source: Statistics New Zealand
2 Source: Ministry of Health audit reports as disclosed on Ministry of Health website –https://www.health.govt.nz/your-
health/certified-providers/aged-care/based on data as at 20 October 2022
3 Includes accommodation supplements, retirement village units, Radius Online Shop and other privately paid revenues
APPENDIX 1
Average additional offerings (Psychogeriatric, Physical, Intellectual,
Dementia) per facility
0.0%
2.0%
4.0%
6.0%
8.0%
2003200820132018202320282033
Rolling 5-year pop
CAGR (%)
65 - 85 5-yr CAGR85+ 5-yr CAGR
3.4%
12.5%
0%
5%
10%
15%
FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
Proportion of total
revenue (%))

At a Glance
1,880+
Beds
1,750+
Employees
92.7%
Care Beds
7.3%
ILUs
National aged care focused portfolio with strong regional presence, owing
13 and leasing 11 of the 24 sites nationwide
ILUs are Independent Living Units
APPENDIX 2

Key operational and financial metrics
Operating Metrics
FY23FY22FY21FY20
Number of Care Beds (period end)
1
1,8891,7841,7151,704
Average Care Bed Occupancy
2
91.8%92.5%92.4%90.0%
Underlying EBITDAR per Care Bed
3
(000s)$19.9$19.9$19.5$17.2
Number of Units (period end)
4
1481017673
Number of new Unit sales-468
Number of existing Unit resales887-
Realised gains on resales (m)$0.8$0.4$0.5-
Realised development margins (m)-$0.1$0.3$0.4
Cash DMF realised upon resale (000s)$295$476$525-
Average resale price (000s)$464$389$407-
Average new unit sale price (000s)-$403$408$403
1 Comprises Care Beds occupied, available to be occupied or unavailable due to refurbishment
2 Total occupied Care Bed days divided by total Care Bed days available during the period
3 Pro forma Underlying EBITDAR for aged care (as set out in the lower right table) divided by the average number of Care Beds occupied during the period
Accommodation Supplements
FY23FY22FY21FY20
Accommodation Supplements Revenue
$7.9m$6.8m$5.6m$4.9m
Number of Care Beds (period end)
1
1,8891,7841,7151,704
Number of Available Care Beds with
Accommodation Supplements
1,2871,1741,1461,138
Percentage of Care Beds with
Accommodation Supplements
68.1%65.8%66.8%66.8%
Revenue Split
$mFY23FY22FY21FY20
Aged Care
142.3 130.6119.5112.2
Retirement Village
2.82.01.61.1
Other
1.20.81.20.7
Total revenue
5
146.3 133.4122.3114.0
•30% over three years
•average resident tenure during FY23 is 4.2 years
4 Comprises Units occupied, available to be occupied or unavailable due to refurbishment
5 Total revenue excludes Other income
DMF terms for Retirement Village units
APPENDIX 3

($000)FY23FY22FY21
Revenue
Revenue from contracts with customers144,467132,052121,217
Deferred management fees1,8011,3281,081
Total revenue146,268133,380122,298
Change in fair value of investment property7651,0882,879
Government subsidy received189-794
Interest income676271
Gain on acquisition of previously leased property assets1,7811,403-
Gain on business acquisition927--
Total revenue and other income149,997135,933126,042
Expenses
Employee costs(93,097)(82,368)(74,457)
Depreciation expense(9,979)(11,194)(11,552)
Finance costs(12,479)(9,091)(9,706)
Loss on valuation of revalued land and buildings(3,028)--
Other expenses(34,398)(30,199)(28,298)
Total expenses(152,981)(132,852)(124,013)
Profit/(Loss) before income tax(2,984)3,0812,029
Income tax refund/(expense)878(408)(324)
Profit/(Loss) for the year
(2,106)
2,6731,705
Other comprehensive income for the year
Items that will not be reclassified subsequently to profit
and loss
Revaluation of property, plant and equipment, net of tax3,558-1,104
Income tax on other comprehensive income(874)--
Other comprehensive income for the year2,684-1,104
Total comprehensive income5782,6732,809
•Underlying EBITDA up 32% to
$14.2m.
•Reported Net Loss After Tax of
($2.1m) down from a profit of
$2.7m in FY22 due to property
revaluations and higher interest
costs.
•Underlying EBITDAR per Care
Bed flat at $19.9k.
Financials
Statement of
Comprehensive Income
APPENDIX 4

($000)FY23FY22FY21
Assets
Cash and cash equivalents5152,0882,761
Trade and other receivables13,0719,8827,181
Held for sale assets891--
Inventories753768548
Current tax asset1,321--
Investment properties70,14346,01431,675
Property, plant and equipment133,87073,83933,459
Right-of-use assets112,464133,912177,170
Intangible assets19,79719,75716,996
Deferred tax assets3,7703,8853,635
Total assets356,595290,145273,425
Liabilities
Cash and cash equivalents (overdraft)2,894--
Trade and other payables20,54316,90114,911
Current tax liabilities-4441,135
Borrowings97,68730,00027,212
Deferred management fees6,9731,5531,178
Refundable occupation right agreements34,10428,61620,591
Lease liabilities121,530142,543184,305
Total liabilities283,731220,057249,332
Net assets72,86470,08824,093
Equity
Share capital56,81351,7325,932
Reserves9,5296,8126,812
Retained earnings6,52211,54411,349
Total equity72,86470,08824,093
•Investment properties of $70.1m,
up $24.1m from FY22.
•Property, plant and equipment
of $133.9m, up $60.0m from FY22.
•Lease liabilities of $121.5m, down
from $142.5m in FY22
.
Financials
Statement of
Financial Position
APPENDIX 5

Financials
Statement of Cash Flows
($000)FY23FY22FY21
Cash flows from operating activities
Receipts from residents for care fees and village fees140,699129,796122,337
Receipts of Government subsidy1,269-1,210
Payments to suppliers and employees(124,697)(111,696)(101,161)
Proceeds from the sale of Refundable Occupation Right Agreements3,7154,7263,927
Payments for the repurchase of Refundable Occupation Right
Agreements
(2,847)(1,766)(464)
Interest received676271
Interest paid – borrowings(6,506)(1,436)(883)
Interest paid – lease liabilities(5,934)(7,655)(8,823)
Income tax paid(1,729)(2,154)(1,744)
Net cash provided by operating activities
4,037
9,87714,470
Cash flows from investing activities
Proceeds from the sale of property, plant and equipment75054
Acquisitions, net of cash acquired, and other(500)(14,000)-
Payments for the purchase of property, plant and equipment(58,681)(38,431)(4,140)
Payments for village developments(53)(411)(965)
Net cash used in investing activities
(59,227)
(52,792)(5,051)
Cash flows from financing activities
Proceeds from issue of shares capital-48,229-
Share issue transaction costs-(2,429)-
Proceeds from bank borrowings56,1692,788-
Repayment of bank borrowings--(4,215)
Principal payments of lease liabilities(2,554)(3,868)(4,028)
Dividends paid(2,892)(2,478)(732)
Net cash provided by/(used in) financing activities50,72342,242(8,975)
Reconciliation of cash and cash equivalents
Cash and cash equivalents at beginning of the year2,0882,7612,317
Net (decrease)/increase in cash and cash equivalents held(4,467)(673)444
Cash and cash equivalents at end of year
(2,379)
2,0882,761
APPENDIX 6

Financials
Underlying Earnings and
AFFO Calculation
APPENDIX 7
($000)FY23FY22FY21
Net Profit Before Tax(2,984)3,0812,029
Remove: Change in fair value of investment property(765)(1,088)(2,879)
Remove: Gain on acquisition of previously leased properties(1,781)(1,403)-
Remove: Gain on business acquisition(927)--
Remove: Loss on revaluation3,028--
Include: Realised gains on asset sales796351480
Include: Realised development margins-90343
Remove: Depreciation expense9,97911,19411,552
Remove: Interest Income(67)(62)(71)
Remove: Interest Expense12,4799,0919,706
Include: Pre-NZ IFRS 16 operating lease expense(8,488)(11,522)(12,850)
EBITDA11,2709,7328,310
Underlying Adjustments:
COVID-19 Adjustments1,588730(204)
Other Adjustments1,3442782,395
Underlying EBITDA14,20210,74010,501
Net interest expense (bank and other loans)(6,439)(1,374)(812)
Current tax expense18(1,331)(2,155)
Income tax impact from adjustments(736)(282)(270)
Maintenance capital expenditure(3,068)(3,574)(3,543)
AFFO3,9774,1793,721

LEASED
FACILITYLOCATIONCARE BEDSUNITS
CURRENT LEASE
TERM
TIME TO NEXT
RENEWAL
RIGHTS OF RENEWAL
TIME TO FINAL
EXPIRY
LANDLORD
KensingtonHamilton96-10 yrs1.1 yrs2 x 10 yrs11.1 yrsA
Potter HomeWhangarei55-20 yrs6.6 yrs2x 15 yrs36.6 yrsB
Rimu ParkWhangarei55-20 yrs6.6 yrs2x 15 yrs36.6 yrsB
WaipunaAuckland86-30 yrs23.8 yrs-23.8 yrsC
Hampton CourtNapier45-10 yrs5.9 yrs-5.9 yrsD
BaycareNorthland45-12 yrs3.0 yrs3x 12 yrs39.0 yrsE
MatuaTauranga149-30 yrs19.6 yrs-19.6 yrsF
AlthorpTauranga117-15 yrs5.4 yrs3x 10 yrs35.4 yrsG
Millstream
1
Ashburton80-35 yrs28.3 yrs-28.3 yrsH
Millstream Apartments
1
Ashburton19-5 yrs1.4 yrs2x 5 yrs11.4 yrsH
GlaisdaleHamilton80-15 yrs9.2 yrs2x 15 yrs39.2 yrsI
HawthorneChristchurch94-10 yrs7.1 yrs2x 10 yrs17.1 yrsJ
Total leased921-n/an/an/an/a
Average leased77-17.7 yrs9.8 yrsn/a25.4 yrs
Directory
offacilities
APPENDIX 8
1 Millstream and Millstream Apartments are one facility but Millstream Apartments has a separate lease to the main facility
.

Directory
offacilities
APPENDIX 9
OWNED
FACILITYLOCATION
CARE
BEDS
UNITS
St HelenasChristchurch52-
Thornleigh ParkNew Plymouth87-
Lexham ParkKatikati63-
HeatherleaNew Plymouth55-
Taupaki GablesKumeu60-
Windsor CourtOhaupo76-
Elloughton GardensTimaru86-
Clare House Invercargill69-
Clare House VillageInvercargill-26
Arran CourtAuckland102-
PeppertreePalmerston North62-
St JoansHamilton82-
Fulton HomeDunedin93-
Windsor Court VillageOhaupo-22
Elloughton Grange VillageTimaru-54
Matamata Country LodgeMatamata81-
Matamata Retirement Village Matamata-46
Total owned968148
Average owned7437
TOTAL
FACILITYCARE BEDSUNITS
Leased921-
Owned 968148
TOTAL
1,889148

30FY23 Investor Presentation
Important Notice
and Disclaimer
This presentation has been prepared by Radius Residential Care Limited (“Radius Care”), for informational purposes. This disclaimer applies to this
document and the verbal or written comments of any person presenting it.
This presentation sets out information relating to Radius Care’s full year result for the period to 31 March 2023. As such, it should be read in
conjunction with the preliminary results for Radius Care and its subsidiaries for the period ended 31 March 2023 (“Preliminary Results”) and other
material that Radius Care has released to NZX along with this presentation. That material is also availableat www.radiuscare.co.nz.
In certain sections of this presentation, Radius Care has chosen to present certain financial information exclusive of the impact of significant items. A
number of non-GAAP financial measures are used in this presentation which are used by management to assess the performance of the business
and have been derived from the Preliminary Results. You should not consider any of these financial measures in isolation from, or as a substitute for
the information provided in the Preliminary Results.
This presentation may contain forward-looking statements and projections. Such forward-looking statements are based on current expectations,
estimates and assumptions and are subject to a number of risks and uncertainties, including material adverse events, significant one-off expenses
and other unforeseeable circumstances. There is no assurance that results contemplated in any of these projections and forward-looking
statements will be realised. Actual results may differ materially from those projected. Except as required by law, or the NZX Listing Rules, no person is
under any obligation to update this presentation at any time after its release or to provide further information about Radius Care.
The information in this presentation has been prepared in good faith by Radius Care. Neither Radius Care nor any of its directors, employees,
shareholders nor any other person give any representations or warranties (either express or implied) as to the accuracy or completeness of the
information in this presentation and to the maximum extent permitted by law, no such person shall have any liability whatsoever to any person for
any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection
with it.
This presentation is not a product disclosure statement or other disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
The information in this presentation does not constitute financial product, legal, financial, investment, tax or any other advice or a
recommendation.
This presentation has been prepared by Radius Residential Care Limited (“Radius Care”), for informational purposes. This disclaimer applies to this
document and the verbal or written comments of any person presenting it.
This presentation sets out information relating to Radius Care’s full year result for the period to 31 March 2023. As such, it should be read in
conjunction with the preliminary results for Radius Care and its subsidiaries for the period ended 31 March 2023 (“Preliminary Results”) and other
material that Radius Care has released to NZX along with this presentation. That material is also availableat www.radiuscare.co.nz.
In certain sections of this presentation, Radius Care has chosen to present certain financial information exclusive of the impact of significant items. A
number of non-GAAP financial measures are used in this presentation which are used by management to assess the performance of the business
and have been derived from the Preliminary Results. You should not consider any of these financial measures in isolation from, or as a substitute for
the information provided in the Preliminary Results.
This presentation may contain forward-looking statements and projections. Such forward-looking statements are based on current expectations,
estimates and assumptions and are subject to a number of risks and uncertainties, including material adverse events, significant one-off expenses
and other unforeseeable circumstances. There is no assurance that results contemplated in any of these projections and forward-looking
statements will be realised. Actual results may differ materially from those projected. Except as required by law, or the NZX Listing Rules, no person is
under any obligation to update this presentation at any time after its release or to provide further information about Radius Care.
The information in this presentation has been prepared in good faith by Radius Care. Neither Radius Care nor any of its directors, employees,
shareholders nor any other person give any representations or warranties (either express or implied) as to the accuracy or completeness of the
information in this presentation and to the maximum extent permitted by law, no such person shall have any liability whatsoever to any person for
any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection
with it.
This presentation is not a product disclosure statement or other disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
The information in this presentation does not constitute financial product, legal, financial, investment, tax or any other advice or a
recommendation.

31FY23 Investor Presentation
Thank You

---

Preliminary
Results
2023
Caring is our calling

For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
REVENUE
Revenue144,467132,052
Deferred management fees1,8011,328
Total revenue146,268133,380
Change in fair value of investment property7651,088
Government subsidy received189 —
Interest income6762
Gain on acquisition of previously leased property assets1,781 1,403
Gain on business acquisition927—
Total revenue and other income149,997135,933
EXPENSES
Employee costs(93,097)(82,368)
Depreciation expense(9,979)(11,194)
Finance costs(12,479)(9,091)
Loss on valuation of revalued land and buildings(3,028)—
Other expenses(34,398)(30,199)
Total expenses(152,981)(132,852)
Profit/(Loss) before income tax (2,984)3,081
Income tax benefit/(expense)878(408)
Profit/(Loss) for the year(2,106)2,673
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will not be reclassified subsequently to profit and loss
Revaluation of property, plant and equipment, net of tax 3,558 —
Income tax on other comprehensive income(874)—
Other comprehensive income for the year2,684 —
Total comprehensive income5782,673
EARNINGS PER SHARE
Basic and diluted earnings per share (cents per share)(0.76) 1.13
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
PRELIMINARY RESULTS
2
RADIUS CARE
PRELIMINARY RESULTS 2023

For the year ended 31 March 2023
In thousands of New Zealand dollars
Contributed
Equity
Asset
Revaluation
Reserve
Other
Reserve
Retained
Earnings Total
BALANCE AS AT 1 APRIL 2021 5,932 6,812 — 11,349 24,093
Profit/(Loss) for the year — — — 2,673 2,673
Other comprehensive income for the year — — — — —
Total comprehensive income for the year — — — 2,673 2,673
Transactions with owners
Issue of share capital (net of transaction costs and tax) 45,800 — — — 45,800
Dividends paid — — — (2,478)(2,478)
Total transactions with owners 45,800 — — (2,478) 43,322
BALANCE AS AT 31 MARCH 2022 51,732 6,812 — 11,544 70,088
BALANCE AS AT 1 APRIL 2022 51,732 6,812 — 11,544 70,088
Profit/(Loss) for the year — — — (2,106)(2,106)
Share based payments reserve——33— 33
Other comprehensive income for the year — 2,684 — — 2,684
Total comprehensive income for the year — 2,684 33 (2,106) 611
Transactions with owners
Issue of share capital (net of transaction costs and tax) 5,057 — — — 5,057
Dividends paid 24 — — (2,916)(2,892)
Total transactions with owners 5,081 — — (2,916) 2,165
BALANCE AS AT 31 MARCH 2023 56,813 9,496 33 6,522 72,864
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
PRELIMINARY RESULTS
3
RADIUS CARE
PRELIMINARY RESULTS 2023

CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
In thousands of New Zealand dollars
31 March 2023 31 March 2022
ASSETS
Cash and cash equivalents5152,088
Trade and other receivables13,0719,882
Held for sale assets891 —
Inventories753768
Current tax assets1,321 —
Investment properties70,14346,014
Property, plant and equipment133,87073,839
Right-of-use assets112,464133,912
Intangible assets19,79719,757
Deferred tax assets3,7703,885
Total assets 356,595 290,145
LIABILITIES
Cash and cash equivalents (overdraft)2,894 —
Trade and other payables20,54316,901
Current tax liabilities — 444
Borrowings97,68730,000
Deferred management fees6,9731,553
Refundable occupation right agreements34,10428,616
Lease liabilities121,530142,543
Total liabilities 283,731220,057
NET ASSETS72,86470,088
EQUITY
Share capital56,813 51,732
Reserves9,529 6,812
Retained earnings6,522 11,544
Total equity 72,864 70,088
PRELIMINARY RESULTS
4
RADIUS CARE
PRELIMINARY RESULTS 2023

CONSOLIDATED
STATEMENT OF CASH FLOWS
For the year ended 31 March 2023
In thousands of New Zealand dollars
31 March 2023 31 March 2022
Receipts from residents for care fees and village fees140,699129,796
Receipts of government subsidy1,269 —
Payments to suppliers and employees(124,697)(111,696)
Proceeds from the sale of Refundable Occupation Right Agreements3,7154,726
Payments for the repurchase of Refundable Occupation Right Agreements(2,847)(1,766)
Interest received6762
Interest paid - borrowings(6,506)(1,436)
Interest paid - lease liabilities(5,934)(7,655)
Income tax paid(1,729)(2,154)
Net cash provided by operating activities 4,0379,877
Proceeds from the sale of property, plant and equipment750
Acquisition of subsidiaries, net of cash acquired(500)(14,000)
Payments for the purchase of property, plant and equipment(58,681)(38,431)
Payments for village developments(53)(411)
Net cash used in investing activities(59,227)(52,792)
Proceeds from issue of share capital — 48,229
Share issue transaction costs—(2,429)
Proceeds from bank borrowings56,1692,788
Principal payments of lease liabilities(2,554)(3,868)
Dividends paid(2,892)(2,478)
Net cash provided by/(used in) financing activities50,72342,242
Cash and cash equivalents at beginning of the year2,0882,761
Net (decrease)/increase in cash and cash equivalents held(4,467)(673)
Cash and cash equivalents at end of year(2,379)2,088
COMPRISING OF
Cash and cash equivalents5152,088
Cash and cash equivalents (overdraft)(2,894)—
Cash and cash equivalents at end of year(2,379)2,088
PRELIMINARY RESULTS
5
RADIUS CARE
PRELIMINARY RESULTS 2023

For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
RECONCILIATION OF PROFIT FOR THE YEAR TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Profit/(Loss) for the year(2,106)2,673
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation9,97911,194
Share based payments88 —
Net loss/(gain) on disposal of property, plant and equipment(1)174
Gain on acquisition of previously leased property assets(1,781)(1,403)
Fair value adjustment to investment properties(765)(1,088)
Movement in deferred tax(860)(923)
Gain on business acquisition(927) —
Loss on valuation of revalued of land and buildings3,028 —
CHANGES IN OPERATING ASSETS AND LIABILITIES
- Trade and other receivables and other assets(3,155)(2,414)
- Inventories15(180)
- Trade and other payables and other liabilities7,1301,172
- Current tax(1,759)(692)
- Refundable Occupation Right Agreements(4,849)1,364
Net cash provided by operating activities 4,0379,877
In thousands of New Zealand dollarsShare CapitalBorrowingsLease LiabilitiesTotal
BALANCE AS AT 1 APRIL 202251,73230,000142,543224,275
- Proceeds from bank borrowings— 56,169— 56,169
- Repayment of bank borrowings and lease liabilities— — (2,554)(2,554)
Total changes from financing cash flows— 56,169(2,554)53,615
Non-cash changes
- Financing of the Matamata Business acquisition5,00011,518— 16,518
- Shares issued to employees and service providers57— — 57
- Dividend reinvestment plan24— — 24
- Remeasurements— — 18,68518,685
- Disposals— — (37,144)(37,144)
Balance as at 31 March 202356,81397,687121,530276,030
BALANCE AS AT 1 APRIL 20215,93227,212184,305217,449
- Proceeds from issue of share capital48,229— — 48,229
- Share issue transaction costs(2,429) — — (2,429)
- Proceeds from bank borrowings — 2,788 — 2,788
- Repayment of bank borrowings and lease liabilities — — (3,868)(3,868)
Total changes from financing cash flows45,8002,788(3,868)44,720
Non-cash changes
- Remeasurements — — 794794
- Disposals — — (38,688)(38,688)
Balance as at 31 March 202251,73230,000142,543224,275
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Liabilities arising from financing activities are liabilities for which cash flows are, or will be, classified as ‘cash flows from financing activities’ in the
statement of cash flows.
CONSOLIDATED
STATEMENT OF CASH FLOWS (CONTINUED)
PRELIMINARY RESULTS
6
RADIUS CARE
PRELIMINARY RESULTS 2023

---

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



Results for announcement to the market
Name of issuer Radius Residential Care Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $146,268 9.7%
Total revenue $149,997 10.3%
Net profit/(loss) from continuing
operations
($2,106) (178.8%)
Total net profit ($2,106) (178.8%)
Interim/Final Dividend
Amount per Quoted Equity Security Not proposed to pay dividends
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets (000s) $49,297 $46,447
Net tangible assets per Quoted Equity
Security
$0.17 $0.17
A brief explanation of any of the figures
above necessary to enable the figures to
be understood

Authority for this announcement
Name of person

authorised to make this
announcement
Wendy Jenkins
Contact person for this announcement Wendy Jenkins
Contact phone number 027 471 2377
Contact email address Wendy.jenkins@radiuscare.co.nz
Date of release through MAP

29 May 2023

This announcement is based on financial statements that are in the process of being
audited.

=== IR PAGE TRANSCRIPT: FY23 Annual Results – call transcript ===

RADIUS RESIDENTIAL CARE LIMITED
FY23 RESULTS BRIEFING

Call host: Thank you for standing by, and welcome to the Radius Residential Care FY '23 Annual Results
Call. All participants are in a listen-only mode. There will be a presentation, followed by a
question and answer session. If you wish to ask a question, you'll need to press the star key,
followed by the number one on your telephone keypad. I would now like to hand the
conference over to Mr. Andrew Peskett, Chief Executive. Please go ahead.
Andrew Peskett: Thank you, Harmony, and good morning, all. Thank you for joining this call to discuss our
results for the year to 31 March, 2023. As Harmony said, I will lead the discussion starting
with some highlights of the period, then hand over to Wendy Jenkins, our Chief Financial
Officer, who will talk in detail to the numbers. And then I will pick up with strategy execution
and some statements on our outlook. Following that, we'll open the call to questions.
Slide 5 So in terms of the slide deck that was posted this morning at 8:30, I turn to slide five,
Business Highlights and Key Events. And we'll do slide by slide. So I'll just let you know when
we are changing slides. And I'd like to highlight in this slide the excellent outcomes in the
year, in particular executing our stated strategy, 93% occupancy at period end, which is
some 7% above our competitors in the industry. And very importantly, filling our registered
nurse pipeline, and having a recent surplus of registered nurses, which we'll talk to later in
this slide deck. We've also maintained our industry-leading profit per bed at $19,900, and
again, we'll talk to that metric later.
Slide 6 Turning to slide six, financial highlights. You could see we have had significant increases to
our key metric of underlying EBITDA, which is 32% up on prior comparable period, being
FY22. And then accommodation supplements again are 17% up, now also known as PACs or
premium charges. We have had, and we've talked in the past about the significant focus on
this aspect of the business, which we've delivered a $1.2 million uplift in the year, as
previously promised. And we are very pleased with that result. And also on the right-hand
side there, just to note on balance sheet, we have increased our total assets by around
about $66.5 million. And the going concern valuation indicates potentially another $9 million
uplift in future periods.
Slide 7 My final slide before I hand over to Wendy is a very important slide, our people. I'd just like
to say thank you to our nearly 1800 exceptional people that do incredible work every day in
providing exceptional care to our residents. Thank you all.
As set out on the slide, I'd like to particularly call out the recruitment of registered nurses
and virtual nurses, and the great work undertaken by the people team, as led by Trish Evers
in this respect. Thanks, Trish. And the surplus of registered nurses that we've had of late to
help to fill internal vacancies and potentially some external demand under the R-Connect

nursing bureau is an excellent innovation, again led by our general manager Shereen Singh.
So thank you, Shereen, for leading this work stream.
Also, as you know, we've had some pretty difficult times with COVID and some, I was going
to say once-in-a-lifetime, but not really once-in-a-lifetime storms earlier in the year. They
seem to be more common. And yet our people have continued to show courage,
commitment, and compassion. So thank you for that during some exceptionally difficult
times during the year. And we've managed to, despite this, increase our eNPS or our net
promoter score of employees period-on-period, which was pleasing. So again, thank you to
you all. I'll pass you now on to Wendy to continue with a more in-depth look at the
financials, and join you all later on the call.
Wendy Jenkins: Thank you, Andrew, and kia ora. I'm very pleased to be here today presenting the FY '23
results for Radius Care.
Slide 9 Turning to slide nine, as Andrew's mentioned, it has been a very strong year for Radius with
total revenue, excluding other income, up 10%, and underlying EBITDA up 32% to a record
$14.2 million for the company. What is even more pleasing is that we've been able to deliver
these results in challenging market conditions, with COVID impacting on our operations
significantly in the first half of the year, which combined with shortages of nursing staff,
impacted occupancy at some facilities. And then this was followed by the extreme weather
events early in 2023. Underpinning our revenue and profit growth was a benefit of new
acquisitions, improving both our care and village income, and a significant improvement, as
Andrew mentioned, in accommodation supplements up 17%, with over 68% of our rooms
now attracting premium income.
Slide 10 Turning to slide 10, our occupancy finished strongly, ending the period at 93.3%, following a
positive trend upwards in the last quarter. What is also very pleasing when looking at this
chart is that Radius is still maintaining a substantially higher occupancy than the industry
average, continuing and indeed improving on a long-term trend.
Slide 11 Turning to slide 11, this slide highlights one of the key reasons why Radius is able to maintain
occupancy well above industry averages. This is in large part due to the fact that we have a
higher proportion of beds certified for high acuity and specialist care at 87% of our portfolio,
compared with an average of 58% in the industry. What we're finding is that increasingly,
customers coming into care are older, as the trend of ageing in place at home grows, and
therefore have different and specialist needs. We expect the need for rest home-level care
to reduce over time as this trend continues. So being able to provide higher levels of acuity
sets us apart from other aged care providers.
Slide 12 Turning now to slide 12, where we have a lovely picture of one of our residents and two of
our care workers at Arran Court. One of our key metrics of performance is underlying
EBITDA per care bed, which continues to perform well during the period remaining in line
with FY22. A large part of the reason for this is our drive to improve premium charging,
which is somewhat necessary, given that government funding is not keeping up with the

higher costs of our critical care workers and other expenses. This metric remains industry-
leading relative to our key listed peers and industry averages, and continues to be a core
focus area for growth in the future through revenue enhancement and cost optimization.
A recent example of where we've been able to deliver this is with the Matamata Country
Lodge acquisition, where within six months, we've been able to optimise operations and
turn around what was a loss-making facility into a profitable addition to the Radius portfolio.
Slide 13 Turning now to slide 13, Radius has delivered AFFO of $4 million, which also demonstrates
our ability to deliver profitability in H-care. We've paid out $1.4 million in dividends in FY23
but will not be paying a final dividend. I'll now hand back to Andrew to close out the
presentation.
Andrew Peskett: Thank you, Wendy.
Slide 15 Turning now to slide 15, strategy update. There's a lot on this slide. I'd just like to talk to a
couple of points. It indicates that since listing in December, 2020, the company has
continued to execute its stated strategy, primarily by way of acquisitions of eight former
leasehold sites that we now own the freehold in those care homes. And two great one-off
value-accretive acquisitions of care homes and villages, being Clare House and Matamata
Country Lodge, which we'll talk to and Wendy mentioned before, which we've integrated
well into the portfolio and have had improved performance since we've owned them.
Also, in terms of brownfield and greenfield developments, we have in the pipeline 190
brownfield units and a large development site in northern Christchurch, which is being
prepared for an exciting development next calendar year.
Slide 16 Now slide 16, Matamata Country Lodge. Lovely photo there on the right-hand side. I was
down at Matamata last week, meeting the residents for a belated Mother's Day morning
tea, staff and prospective residents. And it really is a wonderful village and care home. The
key call-outs, as mentioned by Wendy, we have turned around the performance following
the acquisition in terms of the care home. And recently we have seen a big uptick in interest
in the resale units, following a targeted campaign to sell down some of that resale stock,
which is very pleasing. And finally, as mentioned in this slide, we have an over $4 million
valuation uplift in the last eight months since acquisition of this asset to $23 million.
Turning now to Thornleigh Park. As you can see there, we had a wonderful opening of
Thornleigh Park last month, attended by Brien, myself, and several members of the team.
And you can see bottom right, Joyce, our first resident enjoying the ceremony. And it was
wonderful to see so many people there and some vibrancy in the new wing, which we are
looking to fill as quickly as possible. And once completed, this will be an extraordinarily
impressive facility in New Plymouth, and one of our two facilities in New Plymouth, proving
our development capability.

Slide 18 Then moving to slide 18, on the left-hand side, as you can see, we have around 2000 units or
beds currently, and this will increase with the current pipeline of around 290 beds. And as
you can see on the right-hand side, we'll be more varied. We'll have care suites and
retirement village units, which will result in a more diversified portfolio and will increase the
breadth of offering to our customers, which is critical in this time to have full continuum of
care and different options in care, both in terms of care suites and accommodation
supplements.
Slide 19 The final slide is our outlook slide, and I'd just like to point out here that effectively in FY24,
we are hitting the ground running with some pretty significant commercial intensity, and this
means we will be continuing to execute our business improvement programme that we've
commenced in recent months, and streamlining and optimising our operations and the
portfolio critical programme. And this gives us the right to then continue to develop where
appropriate in FY24 and beyond.
We're very excited to drive these improvements to ensure that we maintain our position as
the industry leader in care, as we talked about earlier. And final word before I hand you back
to Harmony is that this is all possible, as I said earlier, due to the exceptional care delivered
by people such as Marina in this slide who is a home care assistant at Arran Court, who's
been working for us for eight and a half years. So thank you, Marina, and all the wonderful
people that make this business so fantastic, and mean that we can deliver the results that
we've just spoken to. Thank you, all. That closes the formal presentation summary. I'll hand
you back to our call host to open the call for questions.
Call host: Thank you. If you wish to ask a question, please press star one on your telephone and wait
for your name to be announced. If you wish to cancel your request, please press star two. If
you're on a speakerphone, please pick up the handset to ask your question. Your first
question comes from Arie Dekker from Jarden. Please go ahead.
Arie Dekker: Oh, good morning. Yeah, first question, just with what the government has, well, Te Whatu
Ora has delivered to date, and I know the industry's been disappointed with it, and also
taking into account the cost inflation you guys are dealing with, what do you see the
prospects in this next financial year for growth in your underlying EBITDA to date?
Andrew Peskett: Thanks, Arie. Look, just to comment on the government, obviously, we do and have been
lobbying very hard through the Aged Care Association and Aged Care Matters to ensure that
the funding round at 1 July is as significant as possible. I think it's a critical point. We, like
others and you've noted the underfunding in the past, have noted that and lobbied very
hard this year. So we'll get to see what that will result in. And we are not going to give
forward guidance on underlying EBITDA, and maybe we can take that offline in terms of
performance. But as we talk to in the outlook, we are very focused on our business
improvement programme and streamlining operations to drive improved performance.
Arie Dekker: And do you think those initiatives can counter the cost inflation you're experiencing?

Andrew Peskett: That's certainly the plan.
Arie Dekker: Great. Just on liquidity, I mean, I think the overdraft's just under $3 million, and your
borrowings are at $97 and a bit, $11.5 of which is vendor financing in a small related party
loan. So $86 million of bank borrowings. Where's the facility limit at balance date?
Wendy Jenkins: Hi, Arie. We're pretty close to our facility limit at balance date at the moment there. We've
got about a couple of millions of headroom sitting in there at the moment.
Arie Dekker: And then just in terms of getting through to the 31 July requirement to have raised equity,
what level of bank funding support have you got? Is the $2 million headroom sufficient to
get through to them?
Wendy Jenkins: It's sufficient for us in the short term, while we work through the portfolio optimization
activities that we're looking at at the moment.
Arie Dekker: Yeah, so just on that, in terms of managing the balance sheet and that, are you suggesting
that there's divestment activity, you are looking at, I think, the held for sale at balance date's
just under $1 million. Can you just expand on what that is in relation to, and if that portfolio
optimization includes any divestment plans?
Andrew Peskett: Yeah, thanks, Arie. Obviously, we've disclosed that by October, we need to have returned
some capital to the bank. And we're looking at all options in terms of yes, potential
divestments and other options.
Arie Dekker: Great. And then just last question, just the Belfast site acquisition, can you just give an
update of where that's at, just a reminder on where the conditions are, and when you think
you need to settle by?
Andrew Peskett: Yeah, sure. So latest is that we are looking to settle, and then potentially future develop
beyond calendar year next year. So middle of next year. That's been delayed by some
relatively minor, but time-consuming boundary issues from the vendor. Not significant, but
probably given the current development climate and real estate market, we are not terribly
unhappy about that. And as said it’s a great project with some great land, close to the village
there, close to the new Countdown and all the facilities and amenities and infrastructure.
We are very excited about it. And probably quite good timing with other developments
around, including Ryman at Northwood.
Arie Dekker: Great, thank you.
Andrew Peskett: Pleasure.
Call host: Thank you. Your next question comes from Tim O’Loan from Nikko Asset Management.
Please go ahead.

Tim: Hi. Morning, Andrew and Wendy. Actually, Arie's just asked my questions on debt and
balance sheets, so that's all good at the moment. Thank you.
Andrew Peskett: Thanks, Tim.
Call host: Thank you. Once again, if you wish to ask a question, please press star one on your
telephone. We'll pause a moment for any further questions to register. Thank you. There are
no further questions at this time. I'll now hand back to Mr. Peskett for closing remarks.
Andrew Peskett: Thanks, Harmony, and thank you again, all, for joining the call. Happy to take calls anytime
during the day, and enjoy the rest of your day and week. Thank you.
Call host: That does conclude our conference for today. Thank you for participating. You may now
disconnect.

[END OF TRANSCRIPT]