Full Year Results to 31 March 2023

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



Results for announcement to the market
Name of issuer Promisia Healthcare Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$23,881 20%
Total Revenue $23,881 20%
Net profit/(loss) from
continuing operations
$614 -69%
Total net profit/(loss) $614 -70%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for FY23.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.000914 $0.000856
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
A detailed results commentary accompanies this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Helen Down
Contact person for this
announcement
Helen Down
Contact phone number 021 776 212
Contact email address Helen.down@advisoryboards.co.nz
Date of release through MAP

30/05/2023

Unaudited financial statements accompany this announcement.

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Market Announcement
30 May 2023
PROMISIA FY23 RESULTS
Year of investment as growth strategy progressed.

FY23 Results Snapshot:

• Revenue up 20% year on year, to $23.8 million.
• EBITDAF
1
of $3.5 million.
• Underlying EBITDAF
2
of $4.0 million, up 13% year on year.
• Net profit after tax of $0.6 million.
• Comprehensive income of $1.3 million.
• Total assets of $71.8 million.
• Good progress on growth initiatives including the Ranfurly Manor development, acquisition of Aldwins
House land and buildings and investment into systems and people.
• Well positioned to deliver increased earnings and growth in FY24.

Promisia Healthcare Limited (NZX: PHL) has released its unaudited, preliminary results for the year ended
31 March 2023 (FY23), reporting a year of continued strategic progress and solid returns.
The primary focus over the past year has been to establish strong foundations for Promisia’s future growth.
Investment has been made into systems and people, while continuing to drive efficiencies across the business.
Growth initiatives have also been progressed including advancing the Ranfurly Manor village development in
Fielding and increasing occupancy at Aldwins House in Christchurch, with the land and buildings acquired at
the start of the financial year.
Acting Chair of Promisia, Helen Down, said: “We are pleased with the progress being made as we continue to
focus on delivering quality personalised care to our residents. Promisia is a small but well positioned and
nimble business. Our strategy positions us to take advantage of market trends – our focus on provincial New
Zealand, our reputation for quality care and respect for our residents, and our growth strategy. The
investment we have made into our business in FY23 will deliver efficiency gains and benefits from FY24 and
onwards.
“Once again, our heartfelt thanks go to our wonderful people, for their dedication and the care they provide
for our residents and each other, despite the ongoing challenges of the pandemic and extreme weather
events. We are pleased to have welcomed a number of new team members in recent months from overseas,
who will help support our vision of delivering the care people need as they age.”
Income for the period increased by 20% to $23.8 million. Revenue is sourced primarily from Government
funding (approximately 70%) with the remainder from private payment. Promisia is strategically shifting the
mix of revenue to generate a greater share from private payment for care suites and independent living units.
During the year, there were 11 new sales and 9 resales of occupation rights agreements (ORAs) completed.

1
EBITDAF is operating earnings before interest, tax, depreciation, amortisation and fair value adjustments and is a non-
GAAP number.
2
Underlying EBITDAF is EBITDAF excluding transactions considered to be non-trading in nature or size. Excluding these
transactions from normalised earnings can assist users in forming a view of the underlying performance of the Group.
Non-trading adjustments of $0.52 million are included in the preliminary FY23 results. A reconciliation is provided at the
end of this announcement.

The challenging macro-economic trends including inflationary pressure and a tight labour market, particularly
for nurses and care givers, have led to increased costs. Careful cost management has helped to mitigate some
of this impact. Earnings excluding fair value movements (EBITDAF) were $3.5 million for the period, down 23%
on FY22 which included a $0.9 million gain on lease termination related to the acquisition of Aldwins House
land and buildings. Underlying EBITDAF, which excludes non-trading and one-off transactions, was $4.0
million, 13% higher year on year. The Group reported an FY23 net profit after tax of $0.6 million. There was a
further fair value increase to properties, not classed as investment properties, of $0.7 million bringing
comprehensive income for the year to $1.3 million.
At 31 March 2022, total assets were $71.8 million, with the increase of $20.2 million due to the acquisition of
Aldwins House land and buildings which occurred on 1 April 2022, growth in the Ranfurly Manor village and
purchase of three properties for development in March 2023. Cash and cash equivalents currently sits at
$2.0 million. Debt increased by $13.7 million to $30.9 million, including debt associated with the acquisition of
Aldwins House.
Positive progress on strategic initiatives
The primary focus areas in FY23 were continuing to strengthen the foundations of the business to support
future growth, progressing the Ranfurly Manor village development, and increasing occupancy and operational
efficiencies at Aldwins House.
Investment has been made into people and technology, including the launch of a new payroll and rostering
system, as well as standardising systems across Promisia’s four facilities.
The development on existing land at Ranfurly Manor village is progressing well, with ten care suites completed
and the 32 villas either completed or under construction. In November 2022, Promisia announced a variation
to the development agreement, agreeing an increase in the fixed cost agreement with the developer, in
recognition of increased construction costs. In return, the developer has agreed to shorten the construction
timeframe from 2027 to 2024. The current expectation is that construction should be completed in mid-2023.
Occupancy has continued to build at Aldwins House and, along with a focus on improved efficiencies, Aldwins
House has now moved from a loss making position in FY22 to a profitable position as at 31 March 2023.
Promisia has historically been a provider of residential aged care, however, a key part of its strategy is to
broaden the revenue base and reduce the reliance on Government funding. In line with this, Promisia is
investing in more care suites, which carry an additional revenue supplement in return for greater service
levels, amenities and aesthetics; as well as developing more independent living units (villas and apartments),
with occupational rights agreements paid for by the resident. Promisia also benefits from additional services
paid for by the residents, as well as gains on the value of the property on resale.
Several potential acquisitions and greenfield development opportunities have been assessed, however, the
Board is mindful that these must meet Promisia’s investment criteria and be value accretive for shareholders.
In March 2023, the company announced three small but important land acquisitions, which abut existing
properties and provide immediate and future development potential. Acquisition of these properties also
protects Promisia’s investment in two of its key facilities. The company also sees opportunities to grow
through the acquisition of existing aged care facilities with development potential or that offer strong returns.

Outlook
The demographics and future projections for the aged care sector remain attractive, with increasing demand
for care, particularly in provincial New Zealand which is often under-resourced. With the number of people
aged over 75 years expected to double to 600,000 in the next 12 years, new facilities will need to be built to
meet demand.
Promisia will continue its successful growth formula, which is underpinned by four key pillars:
• Stronger business – investing in business and people to create a robust scalable platform for growth.
• Maximise occupancy – by offering quality care at existing and future facilities, and repurposing beds as
needed to meet market demand.
• Diverse revenue streams – increase the focus on independent living options, broaden the range of
services at each facility and increase the number of higher acuity beds.
• Network expansion - grow Promisia’s network through strategically located value-accretive
acquisitions, brownfield and greenfield developments.
The Board and management are preparing for another year of increased earnings and business growth in FY24,
as Promisia continues to deliver high quality care and positions itself to be the aged care facility of choice in
each of its communities.
ENDS
For more information, please contact: Acting Chair, Helen Down, 021 776 212
For media assistance, please contact: Jackie Ellis on +64 27 246 2505 or email jackie@ellisandco.co.nz.
About Promisia Healthcare
Promisia’s facilities are located in well-established and well serviced towns that have strong communities.
Currently, Promisia owns and operates four facilities nationally, including two that are in the top 30 largest
aged care facilities in New Zealand. The company has a diversified growth strategy that includes maximising
occupancy at existing facilities, diversifying revenue streams and growing its network through strategically
located value-accretive acquisitions. Promisia also undertakes brownfield and greenfield developments.
Promisia Healthcare Limited is listed on the Main Board of the NZX (NZSX) with the ticker ‘PHL’.
www.promisia.com

NON-GAAP Financial Information
Reconciliation of EBITDA to Underlying EBITDAF
‘000 FY23 FY22
EBITDA 3,504 4,251
Fair value movement in property (47) 222
EBITDAF 3,457 4,473
Gain on termination of lease - (943)
Discretionary Executive Director payment* 120 -
Holiday pay provision 400 -
Underlying EBITDAF $3,977 $3,530
*Payment made to Tom Brankin for services rendered during the financial year

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Promisia Healthcare Limited and subsidiaries
Preliminary Financial Statements
For the year ended 31 March 2023

PROMISIA HEALTHCARE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
20232022
$ '000$ '000
23,465 18,996
369‐
‐943
47
‐
23,88119,939
(3,146) (1,922)
(17,231) (13,544)
(838)(809)
‐(222)
(2,281)
(1,498)
(23,496)(17,995)
3851,944
229
64
6142,008
‐19
6142,027
667‐
‐
(176)
667(176)
1,281
1,851
0.0029    0.0095
0.0029    0.0095
         ‐        0.0001
Revenue and other income
Revenue from contracts with customers
Gain on sale of investment property
Gain on lease termination
Fair value gain on investment property
Less: expenses
Administration expenses
Operating expenses
Depreciation expense
Fair value loss on investment property
Borrowing costs
Profit before income tax expense
Income tax benefit
Net profit from continuing operations
Net profit from discontinued operations
Profit for the year
Other comprehensive income
Items that will not be reclassified subsequently to profit and loss
Revaluation of property, net of tax
Reversal of foreign currency translation reserve
Other comprehensive income / loss
Total comprehensive income
Earnings per share (cents per share)
Basic earnings per share from continuing operations          
Diluted earnings per share from continuing operations  
Basic earnings per share from discontinued operations
Diluted earnings per share from discontinued operations
           ‐        0.0001

PROMISIA HEALTHCARE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
20232022
$ '000$ '000
2,0592,411
1,2902,153
6‐
682496
17,9104,100
49,320 42,015
494
360
71,76151,535
3,9483,185
‐198
1,472982
15,459 11,437
30,872
17,154
51,75132,956
20,010
18,579
77,426 77,276
(50)(717)
(57,366)
(57,980)
20,010
18,579
Assets
Cash and cash equivalents
Receivables
Current tax assets
Other assets
Property, plant and equipment
Investment properties
Deferred tax assets
Total assets
Liabilities
Payables
Current tax liabilities
Revenue received in advance
Occupancy rights agreements
Borrowings
Total liabilities
Net assets
Equity
Share capital
Reserves
Accumulated losses
Total equity

PROMISIA HEALTHCARE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Contributed
equity Reserves
Accumulated
losses Total equity
$ '000$ '000$ '000$ '000
Consolidated
Balance as at 1 April 2021
77,060(541) (60,007) 16,512
Profit for the year‐‐2,0272,027
Other comprehensive loss for the
year‐
(176)‐(176)
Total comprehensive income for
the year‐
(176)2,0271,851
Transactions with owners in their
capacity as owners:
Contributions
216
‐‐216
Total transactions with owners in
their capacity as owners216
‐‐216
Balance as at 31 March 2022
77,276
(717)(57,980)18,579
Balance as at 1 April 2022
77,276(717) (57,980) 18,579
Profit for the year‐‐614614
Other comprehensive income for
the year‐
667‐667
Total comprehensive income for
the year‐
6676141,281
Transactions with owners in their
capacity as owners:
Contributions
150
‐‐150
Total transactions with owners in
their capacity as owners150
‐‐150
Balance as at 31 March 2023
77,426
(50)(57,366)20,010

PROMISIA HEALTHCARE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
20232022
$ '000$ '000
Cash flow from operating activities
Receipts from residents for care fees and services23,678 18,911
Receipts of residents' loans from new sales6,8813,485
Payments to suppliers and employees(19,941) (14,433)
Repayments of residents' loans(1,263) (1,830)
Interest paid(2,281) (1,093)
Income tax paid‐(275)
Net operating cash flows from discontinued operations‐
26
Net cash provided by operating activities7,0744,791
Cash flow from investing activities
Payment for property, plant and equipment(13,886)(485)
Purchase of investment property (7,258)
(1,560)
Net cash used in investing activities(21,144)(2,045)
Cash flow from financing activities
Proceeds from share issue‐185
Net proceeds from/ (repayment of) borrowings13,718(679)
Principal portion of lease payments‐
(1,060)
Net cash provided by / (used in) financing activities13,718(1,554)
Reconciliation of cash and cash equivalents
Cash at beginning of the financial year2,4111,219
Net increase / (decrease) in cash held(352)
1,192
Cash at end of financial year
2,059
2,411