Green Cross Health Full Year Results to 31 March 2023

1
Includes profit from discontinued operation (Community Health division) plus gain on divestments, totalling $30.3m net of tax


Green Cross Health (NZX: GXH)
Full Year Result Announcement for the audited twelve months ended 31 March 2023
GREEN CROSS HEALTH REPORTS FULL YEAR PROFIT OF $45.2M
30 May 2023, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the Group
behind Unichem, Life Pharmacy and The Doctors, reported Net Profit After Tax Attributable to
Shareholders of $45.2m, an increase on the prior year of 89%. The result included a gain of
$21.8m from the divestment of the Community Health division.
Result Summary:
• Operating Revenue from Continuing Operations of $493m, up 3%
• Operating Profit (EBIT) from Continuing Operations of $34.3m, down 29% on last year’s
record profit
• Net Profit After Tax Attributable to Shareholders up 89% to $45.2m
1

• Pharmacy Operating Revenue down 2% and Operating Profit down 41% to $21.1m following a
record profit in the prior year
• Medical Operating Revenue up 20% and Operating Profit up 1% to $16.2m
• Profit from Community Health plus gain on divestment totalled $30.3m net of tax
• Investment in growth of $24.3m, including acquisitions of eight new medical centres
• Net cash position as at 31 March 2023 of $34.7m, up $13.6m on last year
• Net assets per share increased by 18% to $1.41 per share
• 28cps ($40.1m) special dividend paid on 28 April 2023 following divestment of Community
Health
• 3.5cps dividend declared to be paid on 23 June 2023.
Group Commentary:
Green Cross Health Group CEO Rachael Newfield commented, “The result for the year ended 31
March 2023 reflects the hard work of all team members at Green Cross Health as we continue to
support New Zealand communities through unprecedented times in healthcare. COVID-19 activity,
whilst down on the prior year, was still a significant focus for our teams, as well as investment in
growth and the delivery of new services to communities.
“During the year, it was pleasing to be recognised by the Randstad Employer Brand Research as
one of the Top 10 most desirable places to work in New Zealand. This comes at a time where
we’re experiencing significant workforce pressure in terms of rate and availability of workforce.
1
Includes profit from discontinued operation (Community Health division) plus gain on divestment, totalling $30.3m net of tax. Excluding the
discontinued operation, NPAT attributable to shareholders decreased 26% to $15.0m.

“The sale of Access Community Health and Total Care Health to Anchorage Capital Partners on 28
February 2023 at an enterprise value of $50.0m contributed $21.8m to the result and supported
the payment of a 28 cents per share special dividend on 28 April 2023.”
Green Cross Health Chair Kim Ellis added, “The sale of Access Community Health and Total Care
Health in the year took a significant effort and the Board is pleased with the successful outcome.
Whilst Access Community Health performed well over the COVID-19 period, the divestment allows
the company to sharpen its focus on the Pharmacy and Medical divisions, with the strategy of
acquisitive & organic growth and commitment to sustainable healthcare solutions for all New
Zealanders still very much the priority.”
Pharmacy Division
Revenue in Pharmacy decreased 2% to $360m and Operating Profit for the period decreased 41% to
$21.1m, following a record profit in the prior year. The decline in profit was driven by a change in
revenue mix with higher margin COVID-19 vaccination activity replaced by retail and dispensary
revenue, as well as increased labour costs compared to the prior period. Dispensary performance
was strong, with total prescriptions up 10% versus prior year.
During the year the Green Cross Health Pharmacy network dispensed over 34 million prescriptions,
accounting for 40% of total prescription volumes across New Zealand. In addition, the increase in
customer awareness around the breadth of vaccinations that can now be provided by pharmacies
without an appointment helped drive growth in the number of influenza vaccinations
administered, which were up by 93% year-on-year.
Retail sales, up 2.3%, have shown some recovery despite the impact that global supply chain
disruptions have had on stock availability. The retail strategy of providing services and ranging
products that are differentiated from competitors, continued with expansion of the Green Cross
Health branded range into everyday health and beauty essentials along with the launch of a
pharmacy sleep apnoea service offering.
The exclusive Unichem and Life Pharmacy App launched in the year has now been rolled out to
over 200 pharmacies across the network. The App enables customers to order repeat
prescriptions, view prescription history, book services and order over-the-counter products. In
addition, customers and pharmacists can connect and interact, enabling pharmacies to further
support communities with their healthcare needs whilst fostering customer loyalty.

Investment in a new Living Rewards digital platform which successfully went live in July 2022
provided enhanced functionality that enables pharmacies to deliver targeted offers to customers,
increasing average spend per customer. The Living Rewards customer loyalty programme has now
reached 1.95 million members throughout New Zealand, with Living Rewards customers spending
65% more than non-Living Rewards members.
Unichem and Life Pharmacy featured in KPMG’s global customer experience excellence survey,
placing second and fourth respectively within the New Zealand non-grocery retail sector, a survey
which was undertaken by 6,500 New Zealand consumers across 130 brands.
Green Cross Health is pleased the Government has announced the removal of the $5 prescription
co-payment from July 2023. This comes after years of advocacy by Green Cross Health, Unichem
& Life Pharmacies, the Pharmacy Guild and other industry representatives. This change will
improve access to essential medicines for all, particularly those in the community who are most
vulnerable.
Medical Division
Medical Revenue grew 20% to $133m, with Operating Profit up 1% to $16.2m. A reduction in higher
margin COVID-19 swabbing and increased labour costs put downward pressure on profitability in the
year.
The Medical division once again achieved year-on-year growth, with the portfolio’s national
footprint increasing to 61 following the purchase of eight medical centres. Enrolled patients at 31
March 2023 totalled 386,000, an increase of 57,000 (+17%) since 31 March 2022.
Integration of previous medical centre purchases continued, with five practices rebranded to The
Doctors in year. Three practices underwent major refurbishments to support an improved patient
experience along with enhancing the operational environment and promoting efficiencies. Same
centres delivered a 3% increase in revenue year-on-year, the result of a focus on organic growth.
Acute and routine care presentations remained lower than pre COVID-19 levels, although patient
visit numbers have lifted versus the levels experienced over the core COVID-19 period. Throughout
the financial year the demand for COVID-19 testing services declined and clinical teams moved to
caring for COVID-19 positive patients in their homes through telehealth consultations. These were
delivered locally by practices as well as centrally by a newly formed COVID-19 Care virtual team to
relieve workload pressure on local clinical teams.

Investment in the HouseCall online healthcare service offering resulted in growing a dedicated team
and expanding the services offered. This service offering now delivers virtual consultations for
casual patients, clinician support to network practices, virtual locums to relieve workforce
challenges and workforce wellness services to New Zealand organisations to support their
employees.
Investment in IT solutions that deliver practice efficiencies, enable new services and improved
patient experience, came from leveraging the division’s scale and building stronger business
partnerships. These included commencing a roll-out of a standardised practice management system
across the network, an integrated patient invoice payment solution, a national SMS text messaging
solution and The Doctors App, an own-branded patient portal.

The Medical strategy is to build on employer and medical centre brand equity to grow organically
and through acquisitions. Innovation to support the division’s workforce to maintain high performing
clinical teams is key to success. Increased scale provides opportunities to strengthen relationships
with funders and to work more closely with Te Whatu Ora, Te Aka Whai Ora and locally with partners
to improve how care is delivered more equitably to communities across New Zealand.
Dividend
The Board was pleased to pay a 28.0 cents per share dividend on 28 April 2023 post the
divestment of the Community Health division. The Board has declared a further dividend of 3.5
cents per share (final FY23 dividend) to be paid in June 2023. This final FY23 dividend brings total
dividends declared in respect of FY23 to 35.0 cents per share.
Outlook
In the period ahead the Board is expecting to see a return to more normal trading conditions,
with patient and customer numbers starting to increase back to pre-COVID-19 levels, though
workforce shortages and inflationary pressures will continue to provide headwinds in the near
term. Green Cross Health calls on Government to significantly increase funding to help offset cost
inflation, enabling the most vulnerable to access healthcare services.

Whilst the last three years have been heavily impacted by COVID-19, the business has been
working to improve underlying performance, particularly in the Pharmacy division. Organic and
acquisitive growth remains the priority, and the strength of the Balance Sheet will support the
execution of this strategy.

Contact:
Ben Doshi
ben.doshi@gxh.co.nz

Rachael Newfield
rachael.newfield@gxh.co.nz
About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with
multidisciplinary healthcare teams with the purpose of working together to support healthier
communities. Green Cross Health is focused on creating sustainable healthcare solutions with
positive outcomes and experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups Unichem,
Life Pharmacy and The Doctors medical centres, to provide support, care and advice to diverse
New Zealand communities.
Green Cross Health provides convenient access to professional healthcare with 342 Unichem and
Life Pharmacies covering almost every New Zealand community, as well as 61 medical centres
caring for 386,000 enrolled patients.

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GXH Annual Results Presentation 30 May 2023Pg 2
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor
any other person shall have 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 may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it
thinks are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter.
Except as required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if thingschange
materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer
to sell or a solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXHsecurities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance
with GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statementsfor the
period ended 31 March 2023.

GXH Annual Results Presentation 30 May 2023Pg 3
Operational Highlights
Group
Highlights
Pharmacy
Division
Medical Division
•$15.5m increase in Group Revenue year-on-year
•89% increase in reported Net Profit After Tax attributable
to shareholders
1
•Divestment of Community Health division on 28 February
2023, gain of $21.8m
•GXH recognised as a Top 10 most desirable place to
work in New Zealand by Randstad
•Retail sales up 2%, with CBD and Large Mall stores
up 6% combined
•Script volumes up 10%
•Flu vaccination volumes increased 93%
•KPMG global customer experience survey placed
Unichem and Life Pharmacy 2
nd
and 4
th
respectively
within the NZ non-grocery retail sector
•Gross Revenue up 20%
•Same centre revenue growth of 3%
•Acquisition of eight new medical practices
•5 rebrands and 3 centre refurbishments in year
1
Includes profit from discontinued operation (Community Health division) plus gain on divestment, totalling $30.3m net of tax.Excluding the discontinued operation, NPAT attributable to shareholders decreased 26% to $15.0m.

GXH Annual Results Presentation 30 May 2023Pg 4
Community Health Division Divested
•In February 2023, Access Community Health and Total Care
Health were divested to Anchorage Capital Partners
•The sale valued the Community Health Division at an enterprise
value of $50.0m
•Gain on sale of $21.8m
•Net cash sale proceeds supported the payment of special
dividend at 28 cents per share on 28 April 2023
•Divestment allows GXH to increase focus on the Pharmacy and
Medical divisions

GXH Annual Results Presentation 30 May 2023Pg 5
GXH Annual Result -Financial Overview
Group Revenue(continuing operations)
$493.6m
3% increase vs FY22
Group Performance
Operating Profit/EBIT (continuing operations)
$34.3m
29% decrease vs FY22
Net Profit After Tax (attributable to shareholders)
$45.2m*
89% increase vs FY22
Divisional Performance
41% decrease vs FY22
Pharmacy Operating Profit
$21.1m
Medical Operating Profit
$16.2m
1% increase vs FY22
*Includes profit from discontinued operation (Community Health division) plus gain on divestment, totalling $30.3m net of tax

Pharmacy Division
New Zealand’s largest network of health retailers: supporting easy access to
quality health care

GXH Annual Results Presentation 30 May 2023Pg 7
Pharmacy Performance
25.2
24.1
35.9
21.1
FY20FY21FY22FY23
Pharmacy Operating Profit ($m)
336.4
316.8
367.1
360.4
FY20FY21FY22FY23
Pharmacy Operating Revenue ($m)
•Revenue of$360.4m
•Operating Profit at $21.1m
•Following record profit in FY22 driven
by COVID-19 vaccination activity,
Operating Profit down 41% with shift
in revenue mix and labour cost
pressures
•Revenue from retail activity lifting
from COVID-19 lows, up 2%
•Script numbersup 10%

GXH Annual Results Presentation 30 May 2023Pg 8
Record Year For Flu Vaccinations
•COVID-19 vaccination resource diverted to focus on flu
vaccinations, with volumes up 93% year on year
40
49
57
110
74
91
91
175
0
50
100
150
200
250
300
FY20FY21FY22FY23
Thousands
GXH Equity pharmaciesGXH Licensee pharmacies
285
140
148
114

GXH Annual Results Presentation 30 May 2023Pg 9
Living Rewards Members Spend 65% More
Than Non-members
✓3.5% growth in Living Rewards members to 1.95m
✓Successful new member acquisition campaigns
added 66,583 new members
✓Transitioned to new specialty loyalty platform in
year, increasing segmentation and personalisation
capability
✓Increased communications and offers to Living
Rewards members, lifting member spend per
transaction 13% year-on-year
✓Life Pharmacy Living Reward members spend 65%
more than non-members and Unichem Living
Reward members spend 41% more than non-
members
1,952,661 Living
Rewards Members
1.55
1.60
1.65
1.70
1.75
1.80
1.85
1.90
1.95
2.00
FY20FY21FY22FY23
Million members
Continued Growth in Living Rewards Members
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
UnichemLifeTotal
$ spend per transaction
Living Rewards Members Spend More
Non-membersMembers

GXH Annual Results Presentation 30 May 2023Pg 10
Differentiated Products Increased to 23%
of Retail Sales
✓While online volumes have settled from the pre-COVID
peak, they remain strong at 4% of retail sales
✓Average order value up 6% year-on-year
✓Over 11.5 million page views with conversion rate 88%
higher than pre-COVID levels
✓Differentiation strategy through supplier partnerships
continued with strategic and exclusive brands now
accounting for 23% of retail sales
✓Over 20% growth in total differentiated sales year on
year
✓Expansion of differentiated over-the-counter product
offering with a year-on-year increase in sales of over 5%
✓Strategies to lift the basket size and protect margin
progressed, leading to 1.6% increase
0%
1%
2%
3%
4%
5%
6%
7%
$0
$20
$40
$60
$80
$100
FY20FY21FY22FY23
% of retail sales
Average order value
Average E-commerce Order Value Lifted
Average order value% of Retail sales
0%
5%
10%
15%
20%
25%
FY20FY21FY22FY23
% of retail sales
Growth in Differentiated Brand Sales

GXH Annual Results Presentation 30 May 2023Pg 11
Investment in Technology and People
Technology
•Digital capability enhanced through partnership
with technology company MedAdvisor
•223 stores now using SMS alerts, reaching
almost 500,000 customers
•Unichem and Life Pharmacy branded app to
support omni-channel customer interaction built
and launched just prior to year end, with 208
stores already subscribed
People
•Appointment of Paul Webber to General
Manager -Equity Pharmacies and Edwina
Neilson to General Manager -Marketing
•Significant investment in staff with almost 30,000
online training modules completed in year

GXH Annual Results Presentation 30 May 2023Pg 12
LargestNational Pharmacy Network
30
31
32
33
34
35
FY20FY21FY22FY23
Total Scripts (m)
High Street
14
Large Mall
11
Medium Mall
10
Community
Pharmacy
26
Co-located
29
Equity Pharmacy Locations
Licensee, 252
Equity, 90
Pharmacy Count by Ownership
285
57
342
pharmacies
nationwide
✓New Zealand’s largest network of health retailers with 342 stores nationwide
✓Dispensed over 34 million scripts, representing ~40% of all New Zealand volumes
✓Year-on-year growth in GXH equity store script volumes, with initial script volumes up 11%
and total script volumes up 10%
✓KPMG global customer experience survey placed Unichem and Life Pharmacy 2nd and 4th
respectively within the NZ non-grocery retail sector

GXH Annual Results Presentation 30 May 2023Pg 13
Pharmacy Will Win By Focusing on the Customer
Brand &
customer
Retail
disciplines
Omni-channel
experience
Network scale &
leadership
Cost focus
Differentiated brand and
products, recognising
customer loyalty
Professional instore
experience, margin
management
Care & advice accessible to the
customer in multiple channels
Leveraging our trusted
brands, advocating for equity
for all New Zealanders
Workforce productivity
& occupancy cost
control

Medical Division
Growth, leadership and sustainable models of care

GXH Annual Results Presentation 30 May 2023Pg 15
Medical Performance
6.6
9.3
16.0
16.2
FY20FY21FY22FY23
Medical Operating Profit ($m)
76.5
82.2
111.0
133.2
FY20FY21FY22FY23
Medical Operating Revenue ($m)
Revenueup 20% to $133.2m, driven
by COVID-19 activity in the first half
of the year, along with acquisitions
Operating Profit up 1% to $16.2m,
with labour cost pressures and
reduced COVID-19 swabbing
impacting margin
386,000 enrolled patients as at 31
March 2023, an increase of 57,000
(+17%) since 31 March 2022
Ownership in 61 medical centres

GXH Annual Results Presentation 30 May 2023Pg 16
Acquiring and Integrating New Centres
✓Another year of accelerated
acquisition activity with eight
centres acquired in year, to close
with 61 medical centres
✓Two more acquisitions completed
post year-end
✓Strong pipeline of future
acquisitions
✓The Doctors has New Zealand’s
largest general practice enrolled
patient base
267
285
329
386
FY20FY21FY22FY23
Enrolled Patients
1
3
9
8
FY20FY21FY22FY23
Medical Acquisitions
386,400 enrolled patients

GXH Annual Results Presentation 30 May 2023Pg 17
Growing The Doctors Brand
1
33
FY20FY21FY22FY23
Refurbishments
The Doctors rebrand programme continues with
five centres completed in year
Upgrades to modernise three medical centres,
improving operational efficiencies and enhancing
the patient experience
0

GXH Annual Results Presentation 30 May 2023Pg 18
0%
2%
4%
6%
8%
10%
12%
14%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY20FY21FY22FY23
EBIT %
Cost %
Double Digit EBIT Margin Through Operational
Efficiency and Cost Management
Employee costs %Other costs %EBIT %
Operational Improvement Initiatives Continue
✓Following record-high COVID-19 earnings in
FY22, EBIT margin came in at 12% for
FY23, despite inflationary labour pressures
✓Other costs reduced to ~17% of revenue
through successful cost reduction initiatives
✓Delivering efficiency gains through
operational improvement and leveraging
scale
✓Commenced roll-out of standardising
practice management systems to improve
patient experience and gain operational
efficiency

GXH Annual Results Presentation 30 May 2023Pg 19
Focus on Technology
Further investment in newly created Virtual Care
Team and expansion of HouseCalldigital
consultation capability
No. of SMS texts
sent 3,072,671
No. of website
hits 520,038
Page views
1,300,206
Patient emails sent via
Chatterbox 411,466

GXH Annual Results Presentation 30 May 2023Pg 20
Medical Strategy of Organic Growth & Acquisitions
Patient &
Brand
Scale
Technology
Operational
improvement
Cost & margin
focus
High quality patient care
Targeted centre
acquisitions
Utilising data and systems, omni-
channel offering
Continuous improvement
focus, clinical development
Workforce productivity
& margin management

GXH Annual Results Presentation 30 May 2023Pg 21
Group Financial Result
12 months ending 31 March 2023

GXH Annual Results Presentation 30 May 2023Pg 22
Group Revenue and Operating Profit
•Revenue of $494m, up 3%
•FY23 revenue increase a result of acquisitive
growth in Medical, along with 3% growth in same
centre revenue in Medical, plus retail and script
growth in Pharmacy
413
399
478
494
FY20FY21FY22FY23
GXH Operating Revenue From Continuing Operations
($m)
29.8
31.4
48.5
34.3
FY20FY21FY22FY23
GXH Operating Profit From Continuing Operations
($m)
•Operating Profit from continuing operations of
$34.3m, down 29% (up 9% on FY21)
•FY23 Operating Profit decline the result of
reduced COVID-19 related services compared to
FY22, and increased labour pressure

GXH Annual Results Presentation 30 May 2023Pg 23
Group NPAT, EPS & Dividend
9.4
11.7
16.7
31.6
FY20FY21FY22FY23
GXH Net Profit After Tax Attributable to Shareholders
(cps)
13.5
16.8
23.9
45.2
FY20FY21FY22FY23
GXH Net Profit After Tax Attributable to Shareholders
($m)
•EPS at 31.6 cps, an increase of 89% on prior year
•Final FY23 dividend of 3.5cps declared –payment date
23 June 2023 (interim dividend was 3.5cps)
•Special dividend of 28cps ($40.1m) paid 28 April 2023
following successful divestment of Community Health
division
3.5
0.0
6.5
7.0
FY20FY21FY22FY23
Dividends Per Share
(cps)
Based on dividends declared during the financial year

GXH Annual Results Presentation 30 May 2023Pg 24
Working Capital Management Disciplines Supporting
Further Acquisition Activity
29.5%
14.0%
13.3%
11.0%
FY20FY21FY22FY23
Gearing Ratio (debt / debt + equity attributable to
shareholders)
•Gearing ratio of 11.0% in FY23
•Undrawn debt facilities of $40.2m as at 31 March 2023
•Net cash position of $34.7m as at 31 March 2023
•Improved working capital management has positioned
GXH well to continue strategy of acquisitive growth
•Financing ratios:
–Debt / pre IFRS16 EBITDA –0.7x
–Operating Profit / Interest –24x
54.3
70.9
65.8
45.9
FY20FY21FY22FY23
GXH Operating Cash Flow ($m)
•Operating Cash Flow of $45.9m
Enabling investment ($24.3m) in:
•Eight medical centre acquisitions
•Ongoing site capex requirements including three
refurbishments and five rebrand projects in Medical

GXH Annual Results Presentation 25 June 2020 Pg 25GXH Annual Results Presentation 27 May 2022Pg 25
About Green Cross Health

GXH Annual Results Presentation 25 June 2020 Pg 26GXH Annual Results Presentation 27 May 2022Pg 26
Working together to support healthier communities.
We are passionately committed to the health and wellness of New Zealand, and to providing the
best support, care and advice to our communities.
This is our promise.
Our Purpose

GXH Annual Results Presentation 30 May 2023Pg 27
Who We Are
Pharmacies providing extensive range of health, wellness and
beauty related products and services across communities
throughout New Zealand, supported by digital offerings
General practice networks across New
Zealand, offering in-practice and virtual
services
As at May 2023

---

Green Cross Health Limited
Group consolidated financial
statements
for the year ended 31 March 2023

Contents
Page
Directors declaration2
Independent auditor's report3
Financial statements
Consolidated statement of comprehensive income7
Consolidated statement of changes in equity8
Consolidated statement of financial position9
Consolidated statement of cash flows10
Notes to the financial statements11
-1-

Green Cross Health Limited
Directors' declaration
31 March 2023
In the opinion of the Directors of Green Cross Health Limited, the financial statements and notes, on pages 7 to 34:
Comply with New Zealand generally accepted accounting practice and give a true and fair view of the financial
position of the Green Cross Health Limited Group as at 31 March 2023 and the results of its operations and
cash flows for the year ended on that date.
Have been prepared using appropriate accounting policies, which have consistently applied and supported by
reasonable judgements and estimates.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial
Reporting Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and
detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide reasonable
assurance as to the integrity and reliability of the financial statements.
The Directors are pleased to present the financial statements of Green Cross Health Limited for the year ended 31 March
2023.
For and on behalf of the Board of Directors:
Kim EllisCarolyn Steele
ChairDirector
29 May 202329 May 2023
-2-

© 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.

Independent Auditor’s Report
To the shareholders of Green Cross Health Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the consolidated financial statements
of Green Cross Health Limited (the ’company’) and
its subsidiaries (the 'group') on pages 7 to 34
present fairly, in all material respects:
i. the Group’s financial position as at 31 March
2023 and its financial performance and cash
flows for the year ended on that date;
ii. in accordance with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated statement of financial position
as at 31 March 2023;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for
the year then ended; and
— notes, including a summary of significant
accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to tax compliance and support services and
cybersecurity testing. Subject to certain restrictions, partners and employees of our firm may also deal with the
group on normal terms within the ordinary course of trading activities of the business of the group. These matters
have not impaired our independence as auditor of the group. The firm has no other relationship with, or interest
in, the group.

Materiality

The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements
as a whole was set at $1.3 million determined with reference to a benchmark of group Profit Before Tax. We
chose the benchmark because, in our view, this is a key measure of the group’s performance.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely for the
purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not express
discrete opinions on separate elements of the consolidated financial statements
The key audit matter How the matter was addressed in our
audit
Impairment of goodwill ($152.5 million)
Refer to note 14 of the consolidated financial
statements.
The Group has grown significantly through
acquisitions in its Pharmacy and Medical
business units which has resulted in the
recognition of goodwill in the amount of $85.7
million, $66.8 million respectively.
The goodwill relating to Community Health
division of $19 million has been written off as a
part of the sale of the business.
In the event the business units underperform
compared to their business cases, there is a risk
that the goodwill arising on acquisition may no
longer be supported.
As disclosed in note 14, the Group performs an
annual impairment test of goodwill and uses a
discounted cash flow model to determine the
recoverable amount of its business units to which
goodwill has been allocated.
In performing this assessment, assumptions are
made in respect of future economic and market
conditions, including the impact of COVID-19.
Cashflow forecasts include consideration of the
Group’s strategic business plan for each
business unit and their impact on forecast sales
and operating costs. Additionally, management
determined terminal growth rates and discount
rates which reflect an assessment of the time
value of money and the risks specific to each
business unit.
The annual impairment test performed by the
Group was significant to our audit due to the
magnitude of the goodwill balance and because
the assessment process involved judgment about
the future performance of the business units.
Our audit procedures included:
 Ensuring the allocation of goodwill to the Group’s
business units is appropriate;
 Evaluating the methodology, mathematical
accuracy and assumptions applied in the
discounted cash flow models. We used our own
valuation specialists to assist us with the
consideration of terminal growth and discount
rates;
 Challenging management’s cash flow
assumptions over projected cash flows taking into
consideration COVID-
19, and the expected impact
of the Group’s business plans for each business
unit by reference to their historical performance
and the i
nternal and external factors that influence
their operations;
 Performing sensitivity analysis around the key
assumptions used in the models; and
 Reviewing the appropriateness of related
disclosures in the consolidated financial
statements.
We did not identify any factors that were materially
inconsistent with management’s overall conclusions.
4

Emphasis of matter
We draw attention to Note 25 to the consolidated financial statements which describes the prior period
restatement to adjust the provision for employee entitlements following a review to ensure compliance with
legislative requirements. Our opinion is not modified in respect of this matter.
Other information
The Directors, on behalf of the group, are responsible for the other information included in the group’s Annual
Report. Other information includes the Directors Declaration and the other information included in the Annual
Report. Our opinion on the consolidated financial statements does not cover any other information and we do not
express any form of assurance conclusion thereon.
The Annual Report is expected to be made available to us after the date of this Independent Auditor's Report. Our
responsibility is to read the Annual Report when it becomes available and consider whether the other information
it contains is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the
audit, or otherwise appear misstated. If so, we are required to report such matters to the Directors.
Use of this independent auditor’s r eport
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the shareholders as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated
financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards issued by the New Zealand
Accounting Standards Board;
— implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations or have no realistic alternative but to do so.
5

Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Jodi Newth.
For and on behalf of
KPMG
Auckland
29 May 2023
6

Green Cross Health Limited
Consolidated statement of comprehensive income
For the year ended 31 March 2023
2023
2022*
(Restated)
Notes$'000$'000
Continuing operations
Operating Revenue5493,614478,086
Operating expenditure7.2(438,398)(407,616)
Depreciation and amortisation expense12,14(6,820)(7,070)
Depreciation - leases13(15,266)(15,907)
Impairment12,14(129)(841)
Share of equity accounted net earnings161,3151,893
Operating profit before interest and tax34,31648,545
Interest income58478
Interest expense(1,453)(878)
Interest expense - leases(6,348)(5,305)
Net interest expense(7,217)(6,105)
Profit before tax27,09942,440
Income tax expense8(6,804)(13,021)
Profit from continuing operations20,29529,419
Discontinued operation
Profit and gain from discontinued operation, net of tax430,2543,675
Profit for the year
50,54933,094
Other comprehensive income for the year, net of tax
--
Total comprehensive income for the year
50,54933,094
Attributable to:
Shareholders of the parent45,23423,902
Non-controlling interest5,3159,192
50,54933,094
Earnings per share:
Basic earnings per share (cents)931.5716.70
Diluted earnings per share (cents)931.4616.64
Earnings per share - continuing operations
Basic earnings per share910.4514.13
Diluted earnings per share910.4214.08
*Comparative information includes re-presentations for consistency with the current period and restatements, refer Note 25.
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
34 form part of the Financial Statements.
-7-

Green Cross Health Limited
Consolidated statement of changes in equity
For the year ended 31 March 2023
Share Capital
Share Based
Payment
Reserve
Retained
earnings
Non-
controlling
interest
Total equity
Notes$'000$'000$'000$'000$'000
Balance as at 1 April 2021 (As
reported)
90,610-50,5858,452149,647
Restatement of Employee
Entitlements
25--(2,131)-(2,131)
Balance as at 1 April 2021 (Restated)90,610-48,4548,452147,516
Profit or loss for the year--23,9029,19233,094
Total comprehensive income for the
year
--23,9029,19233,094
Distributions to non-controlling
interests
---(3,013)(3,013)
Impacts of other transactions with non-
controlling interest
--(1,971)(146)(2,117)
Dividends to shareholders10-(4,314)-(4,314)
Balance as at 31 March 202290,610-66,07114,485171,166
Balance as at 1 April 202290,610-66,07114,485171,166
Profit or loss for the year--45,2345,31550,549
Total comprehensive income for the
year
--45,2345,31550,549
Distributions to non-controlling
interests
---(8,859)(8,859)
Impacts of other transactions with non-
controlling interest
--(1,167)(344)(1,511)
Dividends to shareholders10--(10,073)-(10,073)
Performance share rights charged to
SOCI
-733--733
Performance share rights vested150(150)---
Balance as at 31 March 202390,760583100,06510,597202,005
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
34 form part of the Financial Statements.
-8-

Green Cross Health Limited
Consolidated statement of financial position
As at 31 March 2023
2023 2022*
(Restated)
Notes$'000$'000
ASSETS
Current assets
Cash and cash equivalents58,21545,154
Trade and other receivables1126,49647,309
Inventories31,96132,165
Total current assets116,672124,628
Non-current assets
Other receivables112,4212,127
Property, plant and equipment1219,24819,729
Right-of-use assets1388,79884,045
Intangible assets14155,030159,806
Deferred tax asset1511,69114,732
Investments accounted for using the equity method167,1474,720
Total non-current assets284,335285,159
Total assets401,007409,787
LIABILITIES
Current liabilities
Trade payables and accruals1774,656116,920
Income taxes payable171,5314,260
Borrowings181,9031,908
Lease liabilities1313,02514,291
Total current liabilities91,115137,379
Non-current liabilities
Borrowings1821,63422,126
Lease liabilities1386,25379,116
Total non-current liabilities107,887101,242
Total liabilities199,002238,621
Net assets
202,005171,166
EQUITY
Share capital90,76090,610
Share based payment reserve583-
Retained earnings100,06566,071
Total equity attributable to shareholders of the parent191,408156,681
Non-controlling interest10,59714,485
Total equity202,005171,166
*Comparative information has been restated, refer Note 25.
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
34 form part of the Financial Statements.
-9-

Green Cross Health Limited
Consolidated statement of cash flows
For the year ended 31 March 2023
The Cash Flow Statement presents total Group cash flows from continuing and discontinued operations.
20232022
Notes$'000$'000
Cash flows from operating activities
Dividends received161,2601,983
Receipts from customers692,836661,950
Interest received58478
Payments to suppliers and employees(639,647)(588,090)
Income taxes paid(9,124)(10,086)
Net cash inflow from operating activities1945,90965,835
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(5,714)(4,090)
Acquisition of interests in equity accounted investments16(2,880)(725)
Acquisition of interests in subsidiary and non-controlling interests(15,725)(17,947)
Investments and loans-(2,122)
Disposal of discontinued operation, net of cash disposed of429,747-
Net cash inflow/(outflow) from investing activities5,428(24,884)
Cash flows from financing activities
Proceeds from borrowings2,3765,314
Repayments of borrowings(2,873)(5,967)
Payment of lease liabilities(14,734)(16,108)
Interest expense(1,453)(701)
Interest expense - leases(6,348)(5,480)
Distributions to non-controlling interest(6,996)(2,035)
Dividend paid10(10,073)(4,314)
Net cash outflow from financing activities(40,101)(29,291)
Net increase in cash and cash equivalents11,23611,660
Cash and cash equivalents at the beginning of the financial year45,15437,302
Cash acquired: business combinations61,825(3,808)
Cash and cash equivalents at end of year
58,21545,154
Reconciliation of closing cash and cash equivalents to the consolidated
statement of financial position:
Cash and cash equivalents
58,21545,154
Closing cash and cash equivalents
58,21545,154
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
34 form part of the Financial Statements.
-10-

Notes to the consolidated financial statements
For the year ended 31 March 2023
1Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the

NZX Main Board ("NZX").
The consolidated financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its interest
in associates and joint ventures (together referred to as the “Group”).
2Basis of preparation of financial statements
(a)Statement of compliance
The 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”), and
other applicable Financial Reporting Standards, and authoritative notices as appropriate for a Tier one for profit entity.
They also comply with International Financial Reporting Standards.
The financial statements were approved by the Board of Directors on 29 May 2023.
(b)Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c)Changes in accounting policy
The Group has consistently applied the following accounting policies to all periods presented in these consolidated
financial statements, except as mentioned below.
(d)Comparatives
Comparative information has been represented in respect of the disposal of the Community Health division (refer Note 4)
and restated for the prior period in relation to Employee Entitlements (refer Note 25).
(e)Functional and presentation currency
These financial statements are presented in New Zealand dollars ($), which is the functional currency of the entities of the
Group. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.
(f)Significant estimates and judgments
The preparation of financial statements in conformity with NZ IFRS requires the Directors to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values
of some assets and liabilities. Actual results may differ from these estimates.
In authorising the financial statements for the year ended 31 March 2023, the Directors have ensured that the specific
accounting policies necessary for the proper understanding of the financial statements have been disclosed, and that all
accounting policies adopted are appropriate for the Group’s circumstances and have been consistently applied throughout
the year for all Group entities for the purposes of preparing the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision
and future periods if the revision affects both current and future periods. Information about the significant areas of
judgment exercised or estimation in applying accounting policies that have had a significant impact on the amounts
recognised in the financial statements are described as follows:
-11-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
2Basis of preparation of financial statements(continued)
(f)Significant estimates and judgments(continued)
(i) Classification of investments
Classifying investments as either subsidiaries, associates or joint ventures requires the Directors to assess the degree of
influence which the Group holds over the invested. In arriving at a conclusion the Directors take into account the
constitutional structure of the invested, governance arrangements, current and future representation on the Board of
Directors, and all other arrangements which might allow influence over the operating and financial policies of the invested.
(ii) Impairment of goodwill and indefinite life intangible assets
The carrying values of goodwill and intangible assets with an indefinite useful life, are assessed at least annually to ensure
that they are not impaired. This assessment requires the Directors to estimate future cash flows to be generated by cash
generating units to which goodwill and intangible assets with indefinite useful lives have been allocated. Estimating future
cash flows entails making judgments including the expected rate of growth of revenues and expenses, margins and
market shares to be achieved, and the appropriate rate to apply when discounting future cash flows. Note 14 of these
financial statements provides more information on the assumptions the Directors have made in this area and the carrying
values of goodwill and indefinite life intangible assets. As the outcomes in the next financial period may be different to the
assumptions made, it is impracticable to predict the impact that could result in a material adjustment to the carrying
amount.
(iii) Accounting for leases under NZ IFRS 16
In determining the right of use assets and lease liabilities a number of estimates and judgments have been made by
management. These include determining the applicable incremental borrowing rates and assessment of the lease terms,
including any rights of renewal and whether it is reasonably certain they will be exercised. See Note 13.
(g)Subsidiaries
Subsidiaries are entities that are controlled by the Group. Control exists when the Group is exposed to, or has rights to,
variable returns from its involvement in the investee and has the ability to affect those returns through its power over the
investee. Power arises when the Group has existing rights to direct the relevant activities of the investee, i.e. those that
significantly affect the investee’s returns. Control is assessed on a continuous basis.
The Group consolidates the results of its subsidiaries from the date that control commences until the date on which control
ceases. At such point as control ceases, it derecognises the assets, liabilities and any related non-controlling interests and
other components of equity. Any interest retained in the former subsidiary is measured at fair value when control is lost.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate
or a joint venture. At the date the equity method is discontinued, the difference between the carrying amount of the
associate or a joint venture and the fair value of any retained interest and any proceeds from disposing of a part interest in
the associate or a joint venture is included in the determination of the gain or loss on disposal of the associate or joint
venture.
The Group's ownership interests in subsidiaries ranges from 25% to 100% (2022: 25% to 100%). The Group consolidates
36 out of 45 entities where it holds less than half of the voting rights. This is on the basis that the Group's contractual
arrangements with these entities result in them meeting the definition of being subsidiaries as set out above.
(h)Non-controlling interests
Non-controlling interests are present ownership interests and are initially measured at either fair value or the non-
controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is
determined on a transaction-by-transaction basis. Under the proportionate interest method, goodwill is not attributed to the
non-controlling interest and the Group recognises only its share of goodwill whereas under fair value, the non-controlling
interest includes its proportionate share of goodwill.
Changes in the Group’s interest in a subsidiary that do not result in a change in the control conclusion are accounted for
as transactions with equity-holders in their capacity as equity holders.
While the group has 48 (2022: 50) subsidiaries with non-controlling interests, there are no subsidiaries with individually
material non-controlling interest.
-12-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
2Basis of preparation of financial statements(continued)
(i)Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted
investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(j)Goods and Services Tax (GST)
The statement of comprehensive income has been stated so that all components are exclusive of GST. All items in the
statement of financial position are stated net of GST with the exception of receivables and payables, which include GST
invoiced.
(k)Statement of cash flows
The statement of cash flows has been prepared using the direct method subject to the netting of certain cash flows.
Cash flows in respect of investments and borrowings that have been rolled-over under arranged banking facilities have
been netted in order to provide meaningful disclosures.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Operating activities include all cash received from all revenue sources and all cash disbursed for all expenditure sources
including taxation refunds or payments and other transactions that are not classified as investing or financing activities.
Investing activities reflect the acquisition and disposal of property, plant and equipment and intangibles, loans to
associates, and investments in associates, subsidiaries and joint ventures.
Financing activities reflect changes in borrowings and equity.
(l)Inventory
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a weighted
average principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other
costs incurred in bringing them to their existing location and condition.
(m)Government grants
Grants that compensate the Group for expenses incurred are recognised in profit and loss as other income on a
systematic basis in the periods in which the expenses are recognised.
3New standards and interpretations issued and not yet effective
A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31
March 2023. These have been assessed for applicability to the Group and the Directors have concluded that they will not
have a significant impact on future financial statements, except for amendment to NZ IAS 1 Classification of Liabilities
which was early adopted by the Group in the financial year ended 31 March 2020.
-13-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
4Discontinued operations
The Community Health division was sold on 28 February 2023 with effect from 1 March 2023 and is reported in the current
period as a discontinued operation. Financial information relating to the discontinued operation for the period to the date of
disposal is set out below.
The completion process associated with the sale of the Community Health division is ongoing at the date of this report.
Any adjustment to the sale price at the completion of this process will be reflected in the 2024 results.
Financial performance and cash flow information
The financial performance and cash flow information presented are for the eleven months ended 28 February 2023 (2023
column) and the year ended 31 March 2022.
20232022
$'000$'000
Discontinued operations
Revenue197,443192,242
Expenses
(185,096)(187,296)
Results from operating activities12,3474,946
Income tax expense
(3,898)(1,271)
Result from operating activities, net of tax
8,4493,675
Gain on sale of discontinued operation
21,805-
Profit from discontinued operation, net of tax
30,2543,675
Cash flow
Net cash inflow from operating activities8,7655,405
Net cash outflow from investing activities(153)(188)
Net cash outflow from financing activities
(15,490)(1,582)
Net increase/(decrease) in cash generated by the discontinued operations
(6,878)3,635
Consideration received, satisfied in cash31,971
Cash and cash equivalents disposed of
(2,224)
Net cash flows
29,747
2023
$'000
Effect of disposal on the financial position of the Group
Cash and cash equivalents(2,224)
Trade and other receivables(19,034)
Inventories(139)
Property, plant and equipment(423)
Right-of-use assets(3,679)
Intangible assets(19,210)
Deferred tax asset
(6,595)
Total assets
(51,304)
Trade payables and accruals37,537
Lease liabilities3,809
Income taxes payable
2,119
Total liabilities
43,465
Net assets and liabilities
(7,839)
-14-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
5Segment reporting
Segment information provided in this note reflects the Group's performance from continuing operations only. The
Community Health business is considered discontinued operation and has been excluded from the disclosure in this note.
Please see Note 4 Discontinued operations for further information.
The Group has two reportable segments: pharmacy services and medical services. The pharmacy services segment
provides retail and dispensary services and the medical services segment provides GP, nursing and urgent care services.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres, as well as medical centres outside
the Group.
The Board monitors the various revenue streams within each reportable segment separately however, they do not meet
the criteria for separate disclosure due to the following:
Aggregation of the operating segments within each reportable segment is consistent with the core principle of NZ
IFRS 8, i.e. aggregating will not distort the interpretation of the financial statements for the users;
The operating segments within each reportable segment share the same economic characteristics; and
The nature of the products and services, and the nature of the regulatory environment are the same for the
operating segments.
Operating segments
Information about reportable segments from continuing operations
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2023
External revenues7.1360,030132,541-492,571
Other income*
356687-1,043
Total Revenue
360,386133,228-493,614
Cost of products sold(212,120)(328)-(212,448)
Employee benefit expense(78,435)(95,687)-(174,122)
Lease expenses(2,813)(185)-(2,998)
Other expenses(30,361)(15,477)(2,992)(48,830)
Depreciation and amortisation(5,204)(1,616)-(6,820)
Depreciation - leases(10,302)(4,964)-(15,266)
Impairment(179)50-(129)
Share of equity accounted net earnings
1431,172-1,315
Segment Profit
21,11516,193(2,992)34,316
Interest income584
Interest expense(1,453)
Interest expense - leases
(6,348)
Profit before tax27,099
Tax expense
(6,804)
Profit after tax20,295
Profit (loss) from discontinued operation, net of
tax30,254
Non-controlling interest
(5,315)
Net Profit attributable to the shareholders
of the parent
45,234
Reportable segment assets302,011110,074(11,078)401,007
Reportable segment liabilities121,73188,349**(11,078)199,002
*Other income includes:
Government wage subsidies and resurgence support payments received of $0.4m within Pharmacy Services.
Gain on step acquisition, $0.7m within Medical Services.
**Intersegmental elimination.
-15-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
5Segment reporting(continued)
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2022
External revenues7.1364,478110,551-475,029
Other income*
2,636421-3,057
Total Revenue
367,114110,972-478,086
Cost of products sold(209,995)(169)-(210,164)
Employee benefit expense(72,641)(77,156)-(149,797)
Lease expenses(77)(313)-(390)
Other expenses**(30,422)(13,562)(3,281)(47,265)
Depreciation and amortisation(5,599)(1,471)-(7,070)
Depreciation - leases(11,858)(4,049)-(15,907)
Impairment(841)--(841)
Share of equity accounted net earnings
1741,719-1,893
Segment Profit
35,85515,971(3,281)48,545
Interest income78
Interest expense(878)
Interest expense - leases
(5,305)
Profit before tax42,440
Tax expense
(13,021)
Profit after tax29,419
Profit (loss) from discontinued operation, net of
tax3,675
Non-controlling interest
(9,192)
Net Profit attributable to the shareholders
of the parent
23,902
Reportable segment assets280,40590,066(11,078)359,393
Reportable segment liabilities133,73374,164***(11,078)196,819
*Other income includes:
Government wage subsidies and resurgence support payments received of $1.9m within Pharmacy Services.
Gain on step acquisitions, $0.7m within Pharmacy Services and $0.4m within Medical Services.
**Other expenses within Corporate includes one-off transaction costs of $1.4m associated with the process to acquire
Tamaki Health. Green Cross Health along with its consortium partner formally withdrew from the process in November
2021.
***Intersegmental elimination
-16-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
6Business combinations
Business combinations acquired during the year include; Fairfield Medical Limited, Waihi Medical Centre Limited,
Marshlands Family Health Centre Limited, Medplus Lake Road Limited and The Doctors Massey Medical Limited. None of

these acquisitions are individually material to the Group's result.
Carrying
ValueFair value
$'000$'000
Identifiable assets acquired and liabilities assumed
Total assets3,4023,402
Total liabilities
(1,635)(1,635)
Identifiable net assets
1,7671,767
Consideration transferred
Satisfied by:
Cash consideration13,914
Deferred consideration867
Effect of step acquisitions
1,183
Total consideration15,964
Less cash acquired (included in assets above)
(1,825)
Net consideration
14,139
Goodwill
Goodwill recognised as result of the acquisitions are as follows:
Total consideration15,964
Identifiable net assets
(1,767)
Goodwill
14,197
The amount of revenue included in the consolidated statement of comprehensive income is $6.6 million with a net profit
after tax of $0.9 million in respect of the entities acquired during the year.
If the acquisitions had occurred on 1 April 2022, management estimates that consolidated operating revenue would have
been $501.9m, and consolidated profit after tax for the year would have been $21.9m for continuing operations.
7Operating performance
7.1Revenue
20232022*
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary309,014305,739
Other pharmacy services51,01658,739
Medical services
132,541110,551
492,571475,029
-17-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
7Operating performance(continued)
Disaggregation of contract revenue
Reportable segments
Pharmacy
Services
Medical
ServicesTotal
$'000$'000$'000
Year ended 31 March 2023
Timing of revenue recognition
Transferred at a point in time344,33859,774404,112
Transferred over time
15,69272,76788,459
360,030132,541492,571
Year ended 31 March 2022*
Timing of revenue recognition
Transferred at a point in time349,27544,438393,713
Transferred over time
15,20366,11381,316
364,478110,551475,029
*Comparative information includes re-presentations for consistency with the current period.
Pharmacy retail and dispensing services
Pharmacy retail and dispensary services include retail sales, dispensing, professional advisory and care services. For all
these services control is considered to pass to the customer at the point when the customer can use or otherwise benefit
from the goods and services. For retail sales, control passes at point of sale. Retail sales are predominantly by credit card,
debit card or in cash.
The Group operates its own Living Rewards loyalty programme. When a retail sale is made and points are earned, the
resulting revenue is allocated between the loyalty programme and the other components of the sale. The amount allocated
to the loyalty programme is deferred, and is recognised as revenue when the points are redeemed under the terms of the
programme or when it is no longer probable that the points under the programme will be redeemed.
Other pharmacy services
These mainly include franchise fees, supplier income and other service revenue. Control for franchise services pass over
time as the services are delivered over the term of the franchise agreement. Payment terms for franchise fees is generally
20 to 30 days. Supplier income is earned, as promotional services are rendered over a specified time period by the Group.
Payment terms are generally 20 to 30 days.
Medical services
Medical services include capitation and health services and patient fees. Control for capitation and health services passes
over time as the healthcare services are delivered to the patient over a certain time period. Payments terms are generally
20 to 30 days. Patient fees are earned at a point in time. Control passes to the customer when service has been delivered
to a customer. Patient fees are predominantly by credit card, debit card or in cash.
-18-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
7Operating performance(continued)
Contract assets and contract liabilities
Current contract assets represent revenue where the service has been provided but not yet invoiced to the customer.
When the customer has been invoiced, any outstanding balances are included in receivables. Contract liabilities reflect
payments received for services that have not yet been provided and the payments will be recognised as revenue over
time.
Costs directly related to the acquisition of a contract or renewal of an existing contract are capitalised and amortised over
the life of the contract. Cost relating to fulfilling a contract are only capitalised if they meet the recognition criteria under NZ
IFRS 15. Costs incurred in obtaining a contract are only capitalised to the extent they are incremental.
Contract balances
The following table provides information, about receivables, contract assets and contract liabilities from contracts with
customers:
31 Mar 202331 Mar 2022
$'000$'000
Trade receivables which are included in trade and other receivables13,69231,066
Contract assets11,45716,124
Contracts liabilities(8,003)(10,786)
Significant changes in the contract assets and the contract liabilities during the period are as follows:
2023202320222022
Contract
Assets
Contract
liabilities
Contract
Assets
Contract
liabilities
Revenue recognised that was included in the contract
liability balance at the beginning of the period-10,786-7,994
Transfer from contract assets recognised at the
beginning of the period to receivables16,124-13,834-
As at 31 March 2023, the amount of revenue deferred and recognised as a contract liability for the loyalty programme is
$7.7m (2022: $7.5m). This will be recognised as revenue as the loyalty points are redeemed or expire, which is expected
to occur over the next fifteen months.
7.2Operating expenditure
20232022*
$'000$'000
Cost of products sold212,448210,164
Employee benefit expense174,122149,797
Lease expenses2,998390
Other expenses47,55145,476
Audit fees312250
Other services provided by auditors174226
Directors’ fees in respect of the parent company437450
Directors’ fees in respect of the subsidiary companies278224
Bad debts written off and movement in doubtful debt provision
78639
438,398407,616
*Comparative information includes re-presentations for consistency with the current period.
Auditor’s remuneration to KPMG comprises:
Annual audit of financial statements293250
Annual audit of financial statements - Prior year
19-
312250
-19-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
7Operating performance(continued)
20232022
$'000$'000
Other services provided by auditors:
Taxation services171224
Other services
32
174226
Taxation services relate to compliance and related services, and tax support.
Other services relate to cyber security testing.
8Income tax expense
20232022*
Notes$'000$'000
Current tax expense(3,763)(15,735)
Deferred tax benefit/(expense)15
(3,041)2,714
Total current tax
(6,804)(13,021)
Imputation credit account:
Available for use in subsequent periods $34.2m (2022: $24.9m).
20232022*
$'000$'000
Numerical reconciliation between tax expense and pretax accounting profit
Profit before tax27,09942,440
Income tax expense at 28% (7,588)(11,883)
(Add)/Deduct tax effects of adjustments:
Other
784(1,138)
(6,804)(13,021)
*Comparative information includes re-presentations for consistency with the current period.
Taxation accounting policy
Income tax expense is charged to profit and loss and comprises current tax and deferred tax, unless it relates to an item
recognised in other comprehensive income or equity in which case it is recognised in other comprehensive income or
equity.
Current tax is the estimated tax payable on the current period’s taxable income using current tax rates, adjusted for any
under or over accrual in respect of prior periods.
Deferred tax is recognised using the balance sheet approach, allowing for temporary differences between the carrying
amounts of assets and liabilities for accounting purposes and the carrying amounts for tax purposes. A deferred tax asset
is recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related benefit will be realised.
-20-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
9Earnings per share
The earnings per share and dividend per share is calculated using the Group’s result divided by the weighted average
number of shares for the listed entity, Green Cross Health Limited.
2023 2022
(Restated)
cents per
share
cents per
share
Basic earnings per share
31.5716.70
The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent and a
weighted average number of ordinary shares issued during the year of 143,284,396 (2022: 143,152,759).
Diluted earnings per share
31.4616.64
The calculation of diluted earnings per share is based on the profit attributable to equity holders of the parent and a
weighted average number of ordinary shares issued during the year after adjustment for the effects of all dilutive ordinary
shares of 143,801,893 (2022: 143,649,768).
Net tangible assets/(liabilities) per share
24.63(2.36)
The calculation of net tangible assets/(liabilities) per share is based on net assets/(liabilities) less deferred tax and
intangible assets (refer Note 14 and Note 15) and the closing number of ordinary shares at the end of the year.
Net assets per share
140.98119.57
The calculation of net assets per share is based on net assets and the closing number of ordinary shares at the end of the
year.
20232022
$'000$'000
Earnings per share - continuing operations
Profit from continuing operations20,29529,419
Profit from continuing operations attributable to minority interests
(5,315)(9,192)
Profit from continuing operations attributable to the ordinary equity holders of the
company used in calculating basic earnings per share
14,98020,227
20232022
cents per
share
cents per
share
Basic earnings per share10.4514.13
Diluted earnings per share
10.4214.08
10Dividends
20232022
cents per
share
cents per
share
Dividends per share
7.003.00
In December 2022, Green Cross Health Limited paid an interim dividend of 3.5 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28%. (2021: 3.0 cents).
In June 2022, Green Cross Health Limited paid a final dividend of 3.5 cents per qualifying ordinary share to shareholders,
which was fully imputed to 28%. (2021: nil).
-21-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
11Trade and other receivables
20232022
$'000$'000
Trade receivables13,69231,066
Provision for doubtful debts(1,989)(2,138)
Contract assets11,45716,124
Accrued income1,309495
Other receivables and prepayments
2,0271,762
26,49647,309
Other receivable - non-current asset
2,4212,127
12Property, plant and equipment
20232022
$'000$'000
Opening Cost86,02482,516
Acquisitions through business combinations1,9093,456
Additions6,0494,135
Disposals(3,727)(498)
Assets written off
(91)(3,585)
Closing cost
90,16486,024
Opening accumulated depreciation66,48563,540
Acquisitions through business combinations1,454-
Depreciation for the period6,5686,319
Disposals(3,294)(494)
Assets written off
(36)(2,880)
Closing accumulated depreciation
71,17766,485
Closing book value18,98719,539
Work in progress
261190
Total property, plant and equipment
19,24819,729
Property, plant & equipment accounting policy
Property, plant & equipment owned by the Group consists primarily of leasehold improvements and is stated at cost less
accumulated depreciation and any impairment losses. Property, plant & equipment acquired in stages is not depreciated
until the asset is ready for its intended use.
Depreciation is provided on a straight-line basis on all property, plant & equipment components to allocate the cost of the
asset (less any residual value) over its useful life or if it relates to assets in a leased premises, the life of the lease if
shorter. The residual values and remaining useful lives of asset components are reviewed at least annually.
Current estimated useful lives of property, plant and equipment are between two and twelve years.
Subsequent expenditure capitalised only if it is probable that future economic benefit associated with the expenditure will
flow to the Group. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an asset is recognised in the profit and loss in the period in which the asset is
disposed of.
-22-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
13Leases
As a lessee
The Group’s leased assets include property leases for pharmacies, medical centres and offices. The lease terms of these
leases typically range from 2 to 30 years (inclusive of any renewal options). Some leases provide for additional rent
payments that are based on changes in CPI or market rental rates. The Group also leases motor vehicles and equipment,
which typically run for a period of 3 to 5 years.
As a lessee, the Group recognises right-of-use assets and lease liabilities for the majority of its leases – i.e. these leases
are on-balance sheet.
The carrying amounts of right-of-use assets and lease liabilities are as below:
Right-of-use assetsProperty
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2023
Balance as at 1 April 202280,2992,6061,14084,045
Balance as at 31 March 202387,61734883388,798
Depreciation14,38113075515,266
2022
Balance as at 1 April 202175,28362644676,355
Balance as at 31 March 202280,2992,6061,14084,045
Depreciation16,01891050517,433
Additions to property of $15.3m (2022: $21.4m) and remeasurements of $8.0m (2022: $0.4m) have been made to right-of-
use assets during the current year.
Low value leases of $3.6m (2022: 0.6m) have been recognised (under lease exemption).
Lease liabilitiesProperty
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2023
Balance as at 1 April 202289,6102,6211,17693,407
- Current liability13,06057066114,291
- Non-current liability76,5502,05151579,116
Balance as at 31 March 202397,98337691999,278
- Current liability12,31212159213,025
- Non-current liability85,67125532786,253
2022
Balance as at 1 April 202183,51368648784,686
- Current liability12,39768648713,570
- Non-current liability71,116--71,116
Balance as at 31 March 202289,6102,6211,17693,407
- Current liability13,06057066114,291
- Non-current liability76,5502,05151579,116
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
-23-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
13Leases(continued)
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made. It is re-measured when there is:
a change in future lease payments arising from a change in an index or rate; or
a change in the estimate of the amount expected to be payable under a residual value guarantee; or
changes in assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised; or
any other change in the future lease payments or the lease term due to a lease modification that’s not accounted
for as a separate lease.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include
renewal options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease
term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.
20232022
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year17,97218,633
Two to five years53,80350,117
More than five years
70,13054,716
141,905123,466
As a lessor
The Group sub-leases some of its properties. The right-of-use assets recognised from the head leases are measured at
cost. The sub-lease contracts are classified as operating leases under NZ IFRS 16.
-24-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
14Intangible assets
20232022
Notes$'000$'000
Software and other intangible assets
Opening costs15,60817,475
Acquisitions through business combinations1136
Additions243137
Disposals(2,826)(1,162)
Assets written-off/impairment
(1,070)(878)
Closing cost
11,96615,608
Opening accumulated amortisation12,63612,666
Acquisitions through business combinations9-
Amortisation for the period5191,279
Disposals(2,669)(567)
Assets written-off/impairment
(1,043)(742)
Closing accumulated amortisation
9,45212,636
Closing book value
2,5142,972
Goodwill
Opening costs156,834136,006
Other acquired goodwill6472,177
Additions614,19718,765
Disposals
(19,162)(114)
Closing cost
152,516156,834
Total intangible assets
155,030159,806
Intangible assets accounting policy
Intangible assets recognised by the Group are stated at cost less accumulated amortisation and any impairment losses
with the exception of goodwill (see below).
Intangible assets acquired in stages are not amortised until the asset is ready for its intended use.
Amortisation is provided on a straight-line basis for software to allocate the cost of the asset (less any residual value) over
its useful life. The residual values and remaining useful lives of software are reviewed at least annually. Other intangible
assets represent franchisee store rebranding costs and have an indefinite life.
Estimated useful lives of the asset classes are:
Software 3-5 years
Subsequent expenditure is capitalised if future economic benefit will flow to the Group and the requirements of the
standard are met. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an intangible asset is recognised in the profit and loss in the period in which the
intangible asset is disposed of.
Intangible assets disclosed in the financial statements relate to computer software, trademarks and other indefinite life
intangible assets. Indefinite life intangible assets are tested annually for impairment.
Goodwill accounting policy
Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the purchase consideration over the
fair value of the net identifiable tangible and intangible assets at the time of acquisition.
Goodwill is allocated to the relevant cash generating units expected to benefit from the acquisition and tested for
impairment annually, or earlier at any interim reporting dates if there are indicators of impairment.
-25-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
14Intangible assets(continued)
If the recoverable amount is less than the carrying amount of the cash generating unit then an impairment loss is
recognised in profit and loss and the carrying amount of the asset is written down. Recoverable amount is calculated as
the greater of the fair value less cost to sell and value in use.
The relative value of the goodwill allocated to the relevant cash generating unit is included in the determination of any gain
or loss on disposal.
Impairment testing
Discounted cash flow (DCF) models have been based on three-year forecast cash flow projections. The budget for the
year-ending 31 March 2023 is the basis for the first year's projections and projections for subsequent periods have been
based on this plus growth. Terminal cash flows are projected to grow in line with the New Zealand long-term inflation rate.
The discount rate was a post-tax measure based on the rate of 10-year government bonds issued by the government in
the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased
risk of investing in equities generally and the systematic risk of the specific CGU.
Impairment test assumptions 2023Pharmacy
Services
Medical
Services
Community
Health
$'000$'000$'000
Discount rate - post tax%9.53%9.53%-
Terminal growth rate%3.50%3.50%-
Carrying amount of goodwill allocated to the unit ($000)85,65766,859-
Carrying value of other intangible assets with indefinite useful lives ($000)2,048--
Impairment test assumptions 2022Pharmacy
Services
Medical
Services
Community
Health
Discount rate - post tax%8.45%10.30%11.73
Terminal growth rate%2.50%2.50%2.50
Carrying amount of goodwill allocated to the unit ($000)85,75852,01519,061
Carrying value of other intangible assets with indefinite useful lives ($000)2,048--
For the purpose of impairment testing, goodwill is allocated to the Group's operating divisions which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is allocated across
all operations within a division that have similar economic characteristics and collectively benefit from acquisitions that
increase the Group's portfolio.
Sensitivities
No impairment was identified for Pharmacy Services and Medical Services as a result of this review, nor under any
reasonable possible change, in any of the key assumptions described above.
-26-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
15Deferred tax assets
The movement in deferred tax asset and liability during the year is made up of the following:
OpeningNet additions
Recognised in
profit and lossClosing
$'000$'000$'000$'000
Group - 2023
Property, plant and equipment2,809-2283,037
Provisions and accruals9,285-(6,344)2,941
Tax losses17-2,7622,779
Right of use assets(23,533)(6,635)5,305(24,863)
Lease liabilities
26,1546,635(4,992)27,797
14,732-(3,041)11,691
Group - 2022*
Property, plant and equipment2,317-4922,809
Provisions and accruals6,922-2,3639,285
Tax losses446-(429)17
Right of use assets(21,379)(7,035)4,881(23,533)
Lease liabilities
23,7127,035(4,593)26,154
12,018-2,71414,732
*Comparative information has been restated, refer Note 25.
16Equity accounted group investments
20232022
$'000$'000
The movement in equity accounted investments comprises:
Opening carrying amount4,7207,724
Investment in associates and joint ventures2,880725
Disposal of associates and joint ventures(508)(3,639)
Share of net earnings1,3151,893
Dividends23
(1,260)(1,983)
7,1474,720
There are no individually material associates or joint ventures.
Amount of goodwill within the carrying amount of equity accounted group
investments:
Opening carrying amount1,9874,024
Disposal of associates and joint ventures
(621)(2,037)
Closing carrying amount
1,3661,987
Summary associate and joint venture financial information
The aggregate results of the associates and joint venture financial position and current year's profit are as follows:
AssetsLiabilitiesRevenue
Net profit after
tax
$'000$'000$'000$'000
As at and for the year ended 31 March 202319,6765,29637,2734,950
As at and for the year ended 31 March 202213,4736,68834,7624,539
-27-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
16Equity accounted group investments(continued)
Investments in associates and joint ventures accounting policy
An associate is an investee over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee but not to control or jointly control those policies.
A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Joint control is the contractually agreed sharing of control of the arrangement which only exists
when decision about the relevant activities require the unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated into the financial statements of the
Group using the equity method of accounting. Under the equity method, the initial investment in the Group financial
statements is measured at cost and adjusted thereafter for the Group’s share of profit and loss and other comprehensive
income of the associate and joint venture. Any goodwill arising on the acquisition of an associate or joint venture
investment is included in the carrying amount of the investment net of dividends received. Where the Group’s share of
losses of the associate of joint venture exceeds the Group’s interest in that associate or joint venture, the Group
discontinues recognising its share of losses unless it has a legal or constructive obligation to continue doing so. The equity
method is discontinued where the Group ceases to exert significant influence or joint control over the investee.
Accounting policies adopted by associates and joint ventures are generally consistent with those of the Group. Where a
material difference does exist, appropriate adjustments are applied to ensure congruence with the policies of the Group,
the most significant of these being the recognition of deferred tax.
17Trade and other payables and income taxes payable
2023 2022*
(Restated)
$'000$'000
Payables and accruals
Trade payables29,27134,399
Payable to non-controlling interest5,2837,399
Contract liabilities8,00310,786
Accrued expenses22,54931,187
Employee entitlements
9,55033,149
74,656116,920
Income taxes payable
1,5314,260
Employee entitlements accounting policy
Employee entitlements for salaries, bonuses, long service, alternate and annual leave are provided for and recognised as
a liability when benefits are earned by employees but not paid at the reporting date.
*Comparative information has been restated, refer Note 25.
-28-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
18Borrowings
20232022
$'000$'000
Current1,9031,908
Non-current
21,63422,126
23,53724,034
The Group's interest rate on outstanding loans is calculated based on BKBM or cost of funds plus a margin. The current
interest rate is between 6.50% and 8.49% (2022: 2.16% - 5.20%). A 0.5% increase/decrease in the effective interest rate
would result in a decrease/increase in after tax profit of $85,000.
Green Cross Health Limited and all its subsidiaries provided guarantees and indemnities in favour of BNZ covering all
loans held by the parent and subsidiary companies. Loans within partnership subsidiaries are covered by a GSA
agreement over the individual business assets.
The Group's primary lender is the BNZ. As at balance date, the Group has undrawn banking facilities of $40.2m (2022:
$44m). The maturity of the debt facility with BNZ is 31 August 2024.
Borrowings and advances accounting policy
Borrowings and advances are initially recognised at fair value, including directly attributable transaction costs. Subsequent
to initial recognition, borrowings and advances are measured at amortised cost using the effective interest method, less
any impairment losses on advances.
19Operating cash flow reconciliation
2023 2022*
(Restated)
$'000$'000
Profit for the year50,54933,094
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment22,21525,735
Other non-cash items(2,146)3,274
Gain on disposal of Community Health division(21,805)-
Add/(deduct) changes in working capital:
Receivable and accruals movement1,779(8,377)
Inventory65(1,777)
Payable and accruals movements(11,965)7,783
Add/(deduct) items classified as cash flows from financing activities:
Interest expense869623
Interest expense - leases
6,3485,480
Net cash inflow from operating activities
45,90965,835
*Comparative information has been restated, refer Note 25.
-29-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
20Shares on issue
20232022
$'000$'000
Shares authorised and on issue
Opening number of shares143,153143,303
Shares issued - fully paid132-
Shares issued - partly paid--
Shares cancelled - partly paid
-(150)
143,285143,153
Shares held as treasury stock--
Performance share rights
517497
143,802143,650
All ordinary shares carry equal rights in terms of voting, dividend payments and distribution upon winding up.
Share capital
Incremental costs directly attributable to the issue of ordinary shares, share options and share capital are recognised as a
deduction from equity.
21Share-based payments
Performance Share Rights
Performance Share Rights (PSRs) were offered to some senior executives, commencing 1 April 2019. Under the scheme
PSRs are issued to participants which give them the rights to receive ordinary shares in the Company after a three year
period, subject to certain vesting and other conditions being met. The fair value is measured at grant date and amortised
over the vesting period. The vesting of the PSRs is subject to the Company achieving performance hurdles relating to the
growth of its earnings per share over a three year measurement period. There is no exercise price for these performance
rights and there is no right to dividends during the vesting periods.
Vesting is contingent upon audited financial statements, therefore PSRs which meet the vesting criteria will vest in the
financial year following the end of the PSR period.
The total expense recognised in the year to 31 March 2023 in relation to the PSRs was $194,000 (2022: $90,000).
131,637 PSR's were vested during the year.
PSRs granted are summarised as below:
Grant DatePSR PeriodPSRs grantedPSRs vested
PSRs
forfeited
PSRs end of
period
23/10/2020 01/04/2019 - 31/03/2022131,637(131,637)--
23/10/202001/04/2020 - 31/03/2023176,693--176,693
28/06/202101/04/2021 - 31/03/2024188,679--188,679
27/06/2022
01/04/2022 - 31/03/2025
167,338-(15,213)152,125
Total664,347(131,637)(15,213)517,497
-30-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
22Financial instruments
The Group is party to financial instruments as part of its normal operations. Financial instruments include cash and cash
equivalents, borrowings, trade and other receivables and trade and other payables.
Financial instruments are initially recognised at their fair value less transaction costs, and subsequently measured at their
amortised cost. A financial instrument is recognised if the Group becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets
expire or if the Group transfers the financial asset to another party without retaining control or substantially all risks and
rewards of the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets and financial liabilities are recognised at amortised cost.
Risk management policies are used to mitigate the Group’s exposures to credit risk, liquidity risk and market risk that arise
in the normal course of operations.
Credit Risk
The Group’s maximum credit risk resulting from a third party defaulting on its obligations to the Group is represented by
the carrying amount of each financial asset on the statement of financial position. The Group is not exposed to any
material concentrations of credit risk other than its exposure within the retail pharmacy and government sectors. The
Group monitors credit limits on a monthly basis. All credit facilities to external parties are provided on normal trade terms
(unsecured, to a maximum of 45 days). At any one time, the Group generally has amounts owed to and amounts owed by
the same counterparty, although no legal right of set-off exists. The Parent company holds direct debit authorities for
amounts payable under the contractual terms of its franchise agreements. The Parent regularly monitors the credit ratings
issued, and any qualifications to those ratings, to the financial institutions (and those of the ultimate parent financial
institution) used by the Group.
The status of trade receivables at reporting date is as follows:
Gross
receivable
2023
Impairment
2023
Gross
receivable
2022
Impairment
2022
$'000$'000$'000$'000
Trade and other receivables
Not past due25,248-40,931-
Past due 0-30 days538-4,300-
Past due 31-120 days3,131-4,206-
Past due more than 120 days
1,989(1,989)2,138(2,138)
Total
30,906(1,989)51,575(2,138)
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity
requirements on an ongoing basis. In general, the Group generates sufficient cash flows from its operating activities to
meet its obligations arising from its financial liabilities and has credit lines in place to cover potential shortfalls. The
following table sets out the contractual cash flows for financial liabilities that are settled on a gross cash flow basis:
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2023
Borrowings23,53725,2621,9513,34319,968
Trade and other payables
57,10357,10357,103--
Total non-derivative
liabilities
80,64082,36559,0543,34319,968
-31-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
22Financial instruments(continued)
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2022
Borrowings24,03425,9861,9561,50022,530
Trade and other payables
72,98572,98572,985--
Total non-derivative
liabilities
97,01998,97174,9411,50022,530
Market Risk
Refer to note 18 for details of the interest rates for the group loans and borrowings, which are the most significant financial
instruments.
Capital management
The Group’s capital includes share capital and retained earnings. The Group is not subject to any externally imposed
capital requirements.
The allocation of capital between its specific business segments’ operations and activities is, to a large extent, driven by
the optimisation of the return achieved on the capital allocated. The process of allocating capital to specific business
segment operations and activities is undertaken independently of those responsible for the operation.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
The carrying amount of the Group’s on-balance sheet financial instruments including trade and other receivables, cash
and cash equivalents, borrowings and trade payables, closely approximate their fair values as at 31 March 2023 and 31
March 2022. The assessment of fair value relating to borrowings was determined by reference to observable market data
(level 2).
23Related parties
The Group has commercial franchise agreements with stores relating to marketing levies and franchise fees. The Group
also enters into transactions on behalf of the stores which are on-charged. These transactions comprise items such as
training courses, supplier agreements, central advertising campaigns, loyalty card costs, and IT related costs. The Parent
has leased some equipment which is on-leased to associate companies. The Parent performs accounting services, based
on agreed terms, for some of the stores and medical centres.
The Parent has shareholder agreements with the other shareholders of the associates. The agreements set out the return
on investment/profit sharing arrangements relating to these investments. Payable to non-controlling interests represents
loans advanced to the Group.
Related party transactions for the group:
Transaction value Balance outstanding
2023202220232022
$'000$'000$'000$'000
Franchise fees and on-charged costs to equity
accounted investments496238
Management service charges and on charged
costs to equity accounted investments35330558121
Dividend Income1,2601,983--
Receivable from other related parties--2,5442,464
-32-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
23Related parties(continued)
Key management personnel remuneration
The Group provides compensation to key management personnel which comprises the directors and executive officers.
Some senior executives also participate in the performance share rights. Key management personnel (includes the Group
CEO, the Group CFO, some senior executives and company directors) compensation comprised:
20232022
$'000$'000
Remuneration and Directors fees2,2242,163
Short term employee benefits393433
Long term incentives
19490
2,8112,686
24Subsequent events
On 28 April 2023, Green Cross Health Limited paid a special dividend of 28.0 cents per qualifying ordinary share
amounting to $40.2m, which was fully imputed at 28%.
On 29 May 2023, Green Cross Health Limited declared a final dividend of 3.5 cents per qualifying ordinary share
amounting to $5.0m, which will be fully imputed at 28%. The dividend record date is 9 June 2023 and payment will occur
on 23 June 2023.
No adjustment is required to these consolidated financial statements in respect of these events.
-33-

Notes to the consolidated financial statements
For the year ended 31 March 2023
(continued)
25Prior period restatements
As part of the sale of the Community Health division, a review was undertaken to ensure compliance with legislative
requirements. As a result of this review, it was determined that the liability for Employee Entitlements had been
understated. This resulted in a prior period restatement to adjust the provision for Employee Entitlements.
The following tables reconcile the impact on key line items in the Group's statement of comprehensive income and
statement of financial position from restatements. There is no impact on the Group's statement of cash flows.
As at
1 April 2021
AuditedAdjustments
As at
1 April 2021
Restated
$'000$'000$'000
Consolidated statement of financial position
Deferred tax asset12,01882912,847
Others
352,865-352,865
Total assets
364,883829365,712
Trade payables and accruals106,1772,960109,137
Others
109,059-109,059
Total liabilities
215,2362,960218,196
Retained earnings50,585(2,131)48,454
Others
99,062-99,062
Total equity
149,647(2,131)147,516
Year ended
31 March 2022
AuditedAdjustments
Year ended
31 March 2022
Restated
$'000$'000$'000
Consolidated statement of comprehensive income (extract)
Profit and gain from discontinued operation, net of tax
4,333(658)3,675
As at
31 March 2022
AuditedAdjustments
As at
31 March 2022
Restated
$'000$'000$'000
Consolidated statement of financial position
Deferred tax asset13,7191,01314,732
Others
395,055-395,055
Total assets
408,7741,013409,787
Trade payables and accruals113,3023,619116,921
Income taxes payable4,0761844,260
Others
117,440-117,440
Total liabilities
234,8183,803238,621
Retained earnings68,861(2,790)66,071
Others
105,095-105,095
Total equity
173,956(2,790)171,166
Operating cash flow reconciliation (Note 19)
Profit for the year33,752(658)33,094
Payable and accruals movements7,1256587,783
Others
24,958-24,958
Net cash inflow from operating activities
65,835-65,835
-34-

---

GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 30 /05/2023
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$493,614 +3.2%
Total Revenue
$493,614 +3.2%
Net profit from continuing operations attributable
to shareholders
$14,980 -25.9%
Total net profit attributable to shareholders
$45,234 +89.2%
Final Dividend
Amount per Quoted Equity Security $0.03500000
Imputed amount per Quoted Equity Security $0.01361111
Record Date 09/06/2023
Dividend Payment Date 23/06/2023
Current period Prior comparable period
Net tangible assets per Quoted Equity Security* $0.25 -$0.02
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* Due to the nature of the Company’s business,
intangibles assets are a major component of total assets.
Net assets per quoted equity security are $1.41 (31
March 2022: $1.20).

Please refer to the attached audited Financial Statements
for the twelve months ended 31 March 2023.

Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this
announcement
Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@greencrosshealth.co.nz
Date of release through MAP

30/05/2023

Audited financial statements accompany this announcement.

---

DISTRIBUTION NOTICE 30/05/2023

Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies No
Record date 09/06/2023
Ex-Date (one business day before
the Record Date)
08/06/2023
Payment date (and allotment date for
DRP)
23/06/2023
Total monies associated with the
distribution
$5,014,954
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04861111
Total cash distribution $0.03500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount $0.00617647

Page 2


Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed


If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01361111
Resident Withholding Tax per
financial product
$0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this announcement Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@gxh.co.nz
Date of release through MAP

30/05/2023