Radius Residential Care Limited/Announcement

Radius Residential Care Limited – Annual Report 2023

Annual Report27 June 2023RADHealthcare

We Care
About Care
Caring is our calling
Annual Report 2023

Contents
OUR YEARLEADERSHIP
Business Highlights4Board Of Directors42
Growth Drivers8Senior Management44
Executive Chair & CEO Report10
Creating A Better Tomorrow16FINANCIAL STATEMENTS47
Financial Report18Financial Statements48
People & Operations23Notes 53
Assets & Development28Independent Auditor's Report89
Marketing33
Sustainability36CORPORATE GOVERNANCE97
OUR PEOPLEOTHER DISCLOSURES105
Using Technology to Reshape Aged Care20
A Passionate Leader21CORPORATE DIRECTORY111
A Precious Taonga 26
Making Sustainable Choices 41
This report is dated 28 June 2023. The annual report has been
approved by the Board and is signed on behalf of Radius
Residential Care Limited by Brien Cree, Executive Chair,
and Hamish Stevens, Director.
Brien Cree Hamish Stevens
2
RADIUS CARE
ANNUAL REPORT 2023

Over the last 19 years, Radius Care has become New Zealand’s
leading provider of specialised high-acuity aged care services. We
know that New Zealand has an ageing population and want to
ensure that everyday Kiwis feel safe, knowing that we are here
if they need help or support to live a full life. We care about care.
Whether it’s for our residents, their families and friends, our
staff or our local communities.
We are focused on optimising and future-proofing our business
and steadily increasing our revenue.
We aim to maintain our position as New Zealand’s leader in
high-acuity care, continuously improving our provision of care,
supporting residents and their families, and ensuring that the
elderly remain a part of their community.
3
RADIUS CARE
ANNUAL REPORT 2023
WELCOME

AVERAGE
OCCUPANCY
Valuing Exceptional Care
Delivering portfolio growth and an expanded service offering across New Zealand
AGED CARE
FACILITIES
13
11
FY23
FY22
LEASED
OWNED
RETIREMENT
VILLAGES
FY23
FY22
4
3
CARE BEDS
1889
1784
FY22
FY23
INDEPENDENT
LIVING UNITS
FY23
FY22
10
1
148
% BEDS WITH
ACCOMMODATION
SUPPLEMENT
96
8.
91.8
92.5
FY23FY23
FY22FY22
68.1
8
15
65.8
4
RADIUS CARE
ANNUAL REPORT 2023

Commitment and
compassion of our
exceptional people
to deliver the highest
quality of care
strongly on display
during a period
heavily impacted
by COVID-19 and
floods and storms in
early 2023.
Successfully
recruited over
140 international
nurses via direct
channels filling many
vacancies in the
portfolio arising from
domestic nursing
shortages.
Innovative
approaches to
support our people,
such as introducing
virtual nurses to our
offering and enabling
experienced nurses
to assist in remote
care and alleviate
staffing pressures.
PEOPLE HIGHLIGHTS
PROPERTY PORTFOLIO
Completion of
a 24-care bed
extension at Radius
Thornleigh Park in
New Plymouth.
Settlement of
acquisition of four
properties previously
leased comprising 339
beds and an additional
80 to 100 care beds/
suites added to the
development pipeline.
Acquisition of 46
unit, 81 care bed
Matamata Country
Lodge together with
three neighbouring
properties.
SUSTAINABILITY AND CARBON REPORTING
Expansion of the
Company-wide
sustainability
programme.
Implementation of
a carbon emissions
measurement
programme.
Planning for adoption
of and reporting
under Aotearoa New
Zealand Climate
Standard 1 for the
2024 financial year.
The success of
the international
nurse recruitment
programme has
led Radius Care to
set up a subsidiary
to provide bureau
nursing services and
reduce the cost of
sourcing nurses from
other agencies.
5
RADIUS CARE
ANNUAL REPORT 2023
BUSINESS HIGHLIGHTS

FY23
Financial Overview
$146.3M
TOTAL REVENUE
$14.2M
UNDERLYING
EBITDA*
$19.9K
UNDERLYING
EBITDA* PER
CARE BED
$7.9M
ACCOMMODATION
SUPPLEMENTS
$72.9M
NET ASSETS
$(2.1)M
10%
32%
0%
179%
FROM $133.4M
FROM $10.7M
FROM $19.9K
$4.0M
OPERATING
CASH FLOW
59%
FROM $9.9MFROM $6.8M
FROM $70.1M
FROM $2.7M
NET PROFIT/(LOSS)
AFTER TAX
$4.0M
5%
FROM $4.2M
AVAILABLE FUNDS
FROM OPERATIONS
(AFFO)*
17%
4%
$356.6M
TOTAL ASSETS
FROM $290.1M
23%
*Earnings before interest,
tax, depreciation and
amortisation. Underlying
EBITDA and AFFO are
non-GAAP
1
(unaudited)
financial measures and
were reconciled to GAAP
measures in the Investor
Presentation dated
29 May 2023.
6
RADIUS CARE
ANNUAL REPORT 2023

7
RADIUS CARE
ANNUAL REPORT 2023

FAVOURABLE
LONG TERM
DEMAND
DRIVERS
HIGH
BARRIERS TO
ENTRY
Capitalising on a
Strong Market Demand
Radius Care provides unique exposure to a market with strong demand
growth, high barriers to entry, growing per bed profitability and a
focused land acquisition strategy.
New Zealand has an ageing population with longer
average life expectancy.
Increasing levels of dependency underpins strong
forecast growth for aged care, particularly high
acuity and specialist care.
Continuity of care allowing ageing in place.
Our portfolio is highly specialised and oriented to
high acuity and specialist care, the highest margin,
most needs-based segment of the care market.
Extensive industry knowledge developed over a
long period of time creates high barriers to entry.
Compliance with healthcare regulations combined
with property development and management.
8
RADIUS CARE
ANNUAL REPORT 2023

INCREASING
DIVERSIFICATION
OF CORE REVENUE
STREAMS
FOCUSED
LAND
ACQUISITION
STRATEGY
Providing a choice of room types at each
care home ensures wide market appeal.
Growth rate in resident payments
for premium room facilities is strong.
Premium revenue diversifies revenue away from
reliance on core Government-funded contracts.
Radius Shop and new bureau services provide
alternative but aligned revenue streams.
Purchase the land and buildings of
strategically important leased facilities.
Develop existing sites to add
additional beds or village units.
Leverage existing capabilities
to develop greenfield sites.
Acquire high quality facilities from third parties.
9
RADIUS CARE
ANNUAL REPORT 2023
GROWTH DRIVERS

10
RADIUS CARE
ANNUAL REPORT 2023
Brien Cree
Executive Chair
Andrew Peskett
Chief Executive Officer
Demonstrating
Profitable
Growth

We are very proud to present the annual
report for the year ended 31 March
2023 which saw us making significant
progress on a number of fronts. While
FY23 has not been without its challenges,
Radius Care has ended the year on a
positive note. We have emerged from
the challenges of the COVID-19 affected
past three years in a strong position, and
with substantial growth opportunities
ahead of us. For this we owe enormous
thanks to our amazing residents and
their families for their support and to our
exceptional people for their resilience
and delivery of care.
We have delivered a record underlying earnings
performance in the 2023 financial year. Our
occupancy levels are up and our residents are
increasingly choosing to pay for additional
personalised services over and above what
are covered by government contracts. We
have executed on two significant property
transactions in line with our stated strategy
further strengthening our property portfolio.
To achieve what we have requires all parts of
the operations to be working in unison. With
the restructured management team in place
since August 2022, we have assessed the
business holistically and identified areas where
there are opportunities to do things differently,
where investing capital can deliver stronger
outcomes and where Radius Care’s experience
is supporting practices that are already optimal
and market leading. In a number of areas our
performance is significantly better than both
the industry average and several of Radius’s
major competitors and once again in FY23 this
was the case.
The theme adopted for this report is we care
about care. Time and time again we hear from
our residents and their families that Radius
Care has a very special culture and offers an
extremely high level of care for its residents. We
are delighted to hear this feedback that so often
comes to us completely unprompted. We trust
you will get a strong sense of the Radius Care
way in this report.
Our Exceptional People
While the impact of COVID-19 diminished during
the period we would still like to acknowledge
the commitment and compassion of our people
to deliver the highest quality of care during a
period heavily impacted by COVID-19 outbreaks
and extreme weather events.
LABOUR PRESSURES REMAIN
A key area of focus for Radius Care is work
force planning, as we ensure we have front-line
nurses and caregivers available 24/7 in our care
homes and that those members of staff are well
supported by management across the regions
and our Auckland-based support centre. The
Ministry recognised during the year that the
disparity in wages between nurses in the private
and public sectors was unsustainable and
unjustified leading to a pay disparity payment
for nurses at the end of the year. While this
helped to close the gap there is still some way
to go before aged care nurses have true pay
parity with those in public hospitals.
The operating environment was made more
challenging by the New Zealand-wide shortage
in nurses estimated to have peaked at 5,000,
with around 1,000 in the aged care sector alone.
In order to address these challenges Radius
Care bought its nurse recruitment in-house
levering existing capability and this has seen
us recruit more nurses to work in New Zealand
than there are positions available to be filled.
The nurses started arriving in early 2023. We
are pleased that we now have a number of
our internationally qualified nurses working as
nurses across the Company. This is critical to
supporting our existing teams and improving
staff wellbeing.
INNOVATION
Given the success of the recruitment programme
Radius Care has recently established a bureau
nurse division that places available nurses in
other companies’ facilities as well as internally
providing an alternative revenue stream for the
business. Radius Care also established a virtual
nurse network to assist in remote care and
alleviate staffing pressures.
During the year, a one-off issue of shares to the value of $1,000 was
made to each Radius Care employee with a tenure of 10 or more years.
This employee loyalty bonus will continue into the future. The shares
were issued and allocated to 57 employees, recognising the support and
commitment of this highly valued group of staff members.
188,385
SHARES GIFTED
CHAIR AND CEO REPORT
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RADIUS CARE
ANNUAL REPORT 2023

12
RADIUS CARE
ANNUAL REPORT 2023
Strategy Update
Radius Care’s strategy is to acquire facilities it
leases, acquire value accretive aged care homes
from third parties, develop new facilities and
expand its existing facilities. In the past financial
year, Radius Care was able to demonstrate
its ability to execute this strategy and deliver
growth across its main strategic pillars.
PROPERTY ACQUISITIONS
In the past two years, Radius Care has completed
four large property transactions, acquiring the
land and buildings of eight of its leased care
homes and two acquisitions of integrated care
homes and retirement villages. The aim of these
transactions is to maximise value and drive
value-enhancing development opportunities.
Radius Care now owns 13 of its 24 care home and
retirement village assets which is a substantial
shift in its ownership model.
In September 2022 Radius Care acquired
Matamata Country Lodge, a beautiful care home
in the centre of Matamata converted from an old
maternity hospital. The package of an 81 bed
care home, 46 unit/apartment retirement village
together with three neighbouring properties will
enable us to, in time, add more units to the site.
Matamata has a high net latent demand for aged
care due to there being few major competitors in
the area.
DEVELOPMENT
With Radius Care now owning the land and
buildings at a number of sites, this has increased
the opportunity for brownfield developments to
expand these facilities without adding significant
additional fixed overhead.
Building consents are in place or underway for
brownfields developments at Taupaki Gables
in West Auckland and Lexham Park in Katikati
to extend both sites, and for a greenfield
development of a full-service retirement and
care home in Belfast, Christchurch. Matamata
Country Lodge has development potential for
further villas. The construction commencement
date for all developments is subject to review
given the need to ensure suitable debt levels
and a strong capital structure.
24
NEW ROOMS
In early 2023 we were
pleased to complete
an expansion at Radius
Thornleigh Park, a 63
bed care home in New
Plymouth. An additional
net 24 premium care rooms
were completed on budget
and opened in February
2023 elevating it to a best-
in-class facility.
RADIUS THORNLEIGH
PARK WING OPENING

13
RADIUS CARE
ANNUAL REPORT 2023
CHAIR AND CEO REPORT
Capital Management
BORROWINGS
Radius Care was successful in extending its
short-term banking facilities with ASB at the
end of the 2023 financial year to provide more
time for capital structure initiatives to be
pursued. The Company was also able to extend
the terms for the repayment of the vendor
loan put in place for the Matamata Country
Lodge acquisition. The Company has recently
developed a debt management programme as
an alternative or in addition to an equity raise to
help with the repayment of these facilities.
DIVIDEND
In FY23 Radius Care paid a gross interim
dividend of 0.7c per share totalling $1.4m.
Radius Care will not pay a final dividend in
respect of the FY23 financial year.
A dividend reinvestment plan was implemented
for the interim dividend paid in January 2023.
The scheme offers shareholders the opportunity
to reinvest their dividends in new shares in the
Company that are issued without brokerage.
Shareholders can change their election at any
time by notifying Radius Care’s share registrar,
Computershare. To change their election
shareholders simply log on to Computershare’s
website and go to the ‘Reinvestment Plans’
under the ‘My Profile’ section or notify
Computershare in writing of their preference.
A link to Computershare’s website is available
at the Investor Centre page on the Radius
Care website.
Sustainability
Sustainability at Radius Care is an area
that has seen a considerable increase in
focus. Sustainability within our business
involves treating our people well, treating the
environment well and ensuring that there is
transparency at all stages of our supply chain.
Our Sustainability Committee represents
all facets of the business from facilities
management to Board level representation.
There is no shortage of desire to partner with
sustainable suppliers, reduce our waste to
landfill and our energy consumption, and
to reduce our overall carbon impact on our
communities. By drawing on the skills of
champions within our facilities together with
those who have governance responsibilities on
behalf of shareholders, we know we have a high
level of engagement across our business.
We have expanded the sustainability section
within this report and are on track to meet
the requirements of NZ CS1, the XRB’s carbon
reporting standard for the 2024 year.
Notable recent achievements have included the
first-time measurement of our carbon emissions
data, new recycling initiatives for a variety of
frequently-used items and the introduction of a
supplier Code of Conduct.
Caring for our environment has
seen a number of new work streams
implemented. We have been delighted
by the high level of engagement from staff
across the country and the ideas put forward.
We are continuing to develop the detail and
nature of our sustainability disclosures and
are working towards our first report on carbon
emissions. Further information on this is in the
Sustainability section of this report.
RADIUS MATAMATA COUNTRY
LODGE VILLAGE

CHAIR & CEO REPORT
RADIUS MATAMATA COUNTRY LODGE
14
RADIUS CARE
ANNUAL REPORT 2023

15
RADIUS CARE
ANNUAL REPORT 2023
CHAIR AND CEO REPORT
Governance and
Leadership
BOARD
Radius Care’s Board comprises five Directors
of whom three are independent and two are
executives. Director tenure ranges from just
over two years to 19 years. As part of our
annual governance work programme, the Board
monitors and considers Board composition,
performance and succession. During the year
a full evaluation of the Board was carried out
and the results were considered by the Board.
Some specific recommendations coming out of
that review are the introduction of risk deep
dives at Board meetings, post-acquisition and
event learnings presentations, and to continue
to have more visibility of senior management at
Board meetings.
At this stage of the Company’s growth path
it is the Board’s view that it possesses the
right balance and mix of director skills,
experience and diversity. In line with the skills
matrix included in the Corporate Governance
Statement, when a new appointment is made
the Board will give consideration to looking
for candidates with expertise in sustainability,
development and construction management.
A full review of the Board’s governance policies
was undertaken during the year.
EXECUTIVE TEAM
The recruitment of Wendy Jenkins as Chief
Financial Officer and Richard Callander as
Chief Operations Officer completed the senior
executive team based out of Radius Care’s
support office. The Board’s Remuneration and
People Committee oversaw the development
of both a short-term incentive plan and a long-
term incentive plan for the senior executive
team designed to incentivise the performance
of this group of senior leaders of the business.
Further details of the plans are set out in the
full Corporate Governance Statement available
at www.radiuscare.co.nz/investor-centre in the
Investor Centre on Radius Care’s website.
Looking Forward
The 2023 financial year was a year where we
saw the Radius Care business achieve a record
operational performance and deliver against
its strategy. Looking ahead, Radius Care is
pursuing initiatives to set itself up for ongoing
success. The Company has recently commenced
on a business improvement programme
including streamlining operations and portfolio
optimisation. The fundamental industry drivers
of increased demand for high acuity and
specialist care services place Radius Care in
a strong position to continue to drive market
leading returns and we look forward to updating
you further on Radius Care’s performance at the
Annual Shareholders Meeting on 3 August 2023.
The Board and senior executive team wish
to extend our thanks to our dedicated team
members across New Zealand, each and
every one of whom is a valued member of an
exceptional team.
Brien Cree Andrew Peskett
EXECUTIVE CHAIR CHIEF EXECUTIVE

The Resources We Employ
Improved health and wellbeing
for residents and sta.
Safe, engaged and
empowered team.
Optimising our assets
and developments.
We care about care.
Our Unique Output
Market-leading
care quality.
Development of beds.
Innovation in stang.
Stronger and healthier
communities.

Long-term growth in
financial returns.
Measuring our carbon
and creating new
initiatives.
Improved employment
opportunities, health
infrastructure, aged
care support and
housing for our local
communities.

Our Value Drivers
The Value We Create
Making sustainable
changes.
Our intellectual property
and experience developed
over 19+ years.
Guaranteed income streams
and support.
Our world-class team.
Our knowledge.
The talent, skill and
experience of our team.
A focus on high acuity
and specialist care.
Our growth-supporting
strategy.
A clear direction forward.
Our health sector funded
by the Government.
Technology & Innovation
Elevating our resident and
employee experience while
adapting to a changing
environment.
Sustainability
Utilising and creating
technologies and the
ecient use of resources
reducing our carbon
footprint.
People
Upskilling, professional
development and training
creates exceptional people,
identifying new talent and
retaining existing leads to
growth.
Assets and Development
Acquiring facilities, villages and
leased properties, as well as the
development of existing
properties.
Customer and Stakeholders
Further strengthening
relationships with families and
residents, regulators and
suppliers. Ensuring stakeholders
share our values of Courage,
Commitment and Compassion.
More than a million people
aged 65+ by 2028.
Our aged care services
in demand.
Our operating environment.
Stats NZ data 2022
To bring good old-fashioned Kiwi
values back into aged care and
positively influence the lives of residents
and their families

The Resources We Employ
Improved health and wellbeing
for residents and sta.
Safe, engaged and
empowered team.
Optimising our assets
and developments.
We care about care.
Our Unique Output
Market-leading
care quality.
Development of beds.
Innovation in stang.
Stronger and healthier
communities.

Long-term growth in
financial returns.
Measuring our carbon
and creating new
initiatives.
Improved employment
opportunities, health
infrastructure, aged
care support and
housing for our local
communities.

Our Value Drivers
The Value We Create
Making sustainable
changes.
Our intellectual property
and experience developed
over 19+ years.
Guaranteed income streams
and support.
Our world-class team.
Our knowledge.
The talent, skill and
experience of our team.
A focus on high acuity
and specialist care.
Our growth-supporting
strategy.
A clear direction forward.
Our health sector funded
by the Government.
Technology & Innovation
Elevating our resident and
employee experience while
adapting to a changing
environment.
Sustainability
Utilising and creating
technologies and the
ecient use of resources
reducing our carbon
footprint.
People
Upskilling, professional
development and training
creates exceptional people,
identifying new talent and
retaining existing leads to
growth.
Assets and Development
Acquiring facilities, villages and
leased properties, as well as the
development of existing
properties.
Customer and Stakeholders
Further strengthening
relationships with families and
residents, regulators and
suppliers. Ensuring stakeholders
share our values of Courage,
Commitment and Compassion.
More than a million people
aged 65+ by 2028.
Our aged care services
in demand.
Our operating environment.
Stats NZ data 2022
To bring good old-fashioned Kiwi
values back into aged care and
positively influence the lives of residents
and their families
Creating a Better Tomorrow
16
RADIUS CARE
ANNUAL REPORT 2023

18
RADIUS CARE
ANNUAL REPORT 2023
FINANCIAL PERFORMANCE
We regard underlying EBITDA and underlying
EBITDAR per bed as the most important
performance metrics for our business. For FY23 we
recorded a 32% increase in underlying EBITDA to
$14.2m, a record result for the Company. A large
contributing factor to the operating performance
was the increase of 10% to $146.3m. A significant
contributor to revenue growth has been an uplift
in demand for Radius Care’s premium service
packages. These are payments made by residents
for facilities or services over and above those
delivered under the contracts with the Ministry
of Health.
Radius Care’s business model is somewhat
different to others in that around 86% of our
revenue comes from long-term contracts with
the Government to provide beds for some of New
Zealand’s highest needs citizens. This underpins the
operating performance of the business with direct
private revenue sources being accommodation
supplements, retirement village revenues, Radius
Shop revenue and other privately paid revenues.
Radius Care delivers a record
underlying profit and maintains
market leading returns
We’re pleased to report
that Radius Care has
been able to deliver
growth across a number
of key metrics measuring
business performance in
the 2023 financial year.
Robust Growth and
Strong Performance

19
RADIUS CARE
ANNUAL REPORT 2023
FINANCIAL REPORT
EBITDA
Underlying EBITDAR per care bed remained stable
at $19.9k and continues to be market leading
relative to key listed peers and industry averages.
Overall expenses increased $20.1m to $153.0m.
With some 1,756 staff employed, labour represents
our largest single area of cost. Employment costs
increased 13% to $93.1m and have increased an
average of 7.7% per annum over the past three
years. We are pleased to see the Government
will provide additional funding towards nursing
costs from FY24 onwards even if it still will not
bridge the gap to nurse wages of those working in
public hospitals.
Net loss after tax was ($2.1m) a reduction from
a net profit after tax of $2.7m in FY22. This was
largely due to higher interest costs from higher
levels of debt and higher interest rates and
property valuation movements.
BALANCE SHEET
In May 2022 Radius Care settled the $46.7m
purchase of four properties committed in FY22
with a new $23.7m loan facility and $23m of
bridge facilities. Radius Care recently confirmed
the bridge facilities put in place on 6 May 2022
for the purchase of these four properties had
been extended to 6 October 2023. In September
2022 Radius Care settled the $17.1m purchase of
Matamata Country Lodge through the issue of
shares to the value of $5m and vendor loans of
$11.5m. The Company has received an extension on
the vendor loan to 21 October 2023.
CASH FLOW
Cash flow from operating activities was $4.0m,
down $5.9m compared with FY22’s $9.9m. Net
cash used in investing activities was $59.2m,
up $6.4m on the prior year. Net cash provided
by financing activities was $50.7m up $8.5m
compared with FY22’s $42.2m.
051015
2022
2023
10.7
14.2
UNDERLYING EBITDA
ACCOMMODATION
SUPPLEMENTS
Increase of 17%
$7.9M
Up $66.5m
$356.6M
TOTAL ASSETS
Up $24.1m
$70.1M
INVESTMENT
PROPERTIES OWNED
Up $60.0m
$133.8M
PROPERTY, PLANT &
EQUIPMENT
Down $21.0m
$121.5M
LEASE
LIABILITIES

course of action for a particular
case, now have ready support.
For those who are new to aged
care, the programme has proven
to be an invaluable resource.
“The programme offers our staff
the support of always having
someone to call if they’re not
quite sure.”
It’s not just the nurses who
benefit from the programme, it
has also enabled a flexible role
for the virtual senior nurses
based around New Zealand. Trish
notes that the programme has
also been a relief for managers,
who could take a break from
being on-call. “I’ve got feedback
from the managers who all love
Trish Evers, the General Manager
People at Radius Care, has
been with the Company for
over five years. Growing up, she
often visited rest homes with
her mother who worked as a
caregiver. This allowed her to see
first-hand the challenges that
come with providing quality care
to an ageing population while
dealing with staff shortages
in the health sector. But she
used this experience to set
up an initiative to help deal
with this issue: the Virtual
Nurses programme.
Like the rest of the country,
Radius Care experienced a
severe shortage of nurses in
2022. Radius Care had recruited
nurses from overseas, but care
homes needed urgent support
in the meantime. Trish and her
team quickly realised a common
problem that many of the staff
faced: support when dealing with
complex cases. This is particularly
true for nurses who were new
to aged care and didn’t have
the same level of experience as
their colleagues who have been
working in the field for years. To
address this challenge, Trish’s
team introduced a new initiative
to Radius Care, virtual nurses. A
virtual pool of highly experienced
senior nurses who are available
to provide support, guidance and
advice to healthcare staff around
the clock.
As the programme provides
peer review service, it has been
particularly helpful for nurses
on the ground in terms of
giving them the support they
need to do their jobs well. “All
the care homes have access to
the Virtual Nurses programme,
whether it’s night shifts or
weekend shifts. It has led to a
significant improvement in our
clinical outcomes and patient
care,” Trish explains. Staff who
used to be unfamiliar with the
types of conditions they see in
older patients, or the appropriate
Using Technology to
Reshape Aged Care
MEET TRISH EVERS - TACKLING STAFF SHORTAGES
Virtual Nurses because basically
it reduces their on-call time,”
Trish says. “It means that there’s
always a virtual nurse that’s
available to provide support.”
Trish and her team are exploring
the possibility of offering the
Virtual Nurses programme to
smaller rest homes who may be
shorter on resources. “We want
to look at how we can actually
support smaller rest homes
that don’t have enough nurses
across the whole shift.” For
Trish, what’s particularly exciting
about this initiative is that it
demonstrates how innovation and
a commitment to excellence can
go hand-in-hand.
"Radius Care is a company that
is always open to innovative
solutions.” This willingness to
think outside the box has led
to a programme that is making
a real difference to the lives of
staff and residents alike. As New
Zealand’s population continues
to age, initiatives like the Virtual
Nurses programme will become
increasingly important in
providing quality care to those
who need it most.
“The programme
offers our staff the
support of always
having someone to
call if they’re not
quite sure.”
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RADIUS CARE
ANNUAL REPORT 2023

FINANCIAL NOTES
Matamata Country Lodge, a
beautiful retirement village and
residential aged care home,
was purchased by Radius Care
in 2022. Since then, Darrell
Shaw, the manager at Matamata
Country Lodge, has been
working tirelessly to ensure a
smooth transition into the Radius
Care family. With 30 years of
management and leadership
experience, including 17 years in
the health sector in New Zealand
and the United Kingdom, Darrell
brings a wealth of knowledge and
expertise to his role.
Having visited aged care facilities
overseas, he was inspired to
move into aged care. Matamata
Country Lodge, which is a
combined retirement village and
a residential aged care home, was
the perfect fit. “I was particularly
drawn to Matamata Country
Lodge because of its unique
position in the community and
its history as a former maternity
hospital, as several residents
became parents here, and some
of the team were even born here,”
said Darrell.
A Passionate Leader
MEET DARRELL SHAW - FACILITY MANAGER
Darrell has worked hard to ensure
excellent care for residents while
also embracing being a part of a
leading aged care provider like
Radius Care. He notes that being
part of the Radius Care family
has given Matamata Country
Lodge access to a wider pool
of knowledge and resources,
which has been invaluable for
the care home.
Having more people involved in
the decision-making process also
allows for a more collaborative
and informed approach to
leading the care home. This
has fostered a strong sense of
community and teamwork among
the staff at Matamata Country
Lodge, who are all dedicated to
providing the best care possible
for their residents.
One of the highlights of Darrell's
tenure at Matamata Country
Lodge was the fantastic
Christmas lights display last
December. All of the residents,
family, visitors and staff enjoyed
the dazzling lights holiday
experience, both inside and
outside the care home. “Great
feedback continued throughout
the Christmas season, and we
plan to build on this success for
future displays,” he said.
Looking ahead, Darrell's goal
for Matamata Country Lodge
in 2023 is to achieve the 4-year
accreditation for rest homes
from the Ministry of Health. As
someone who is committed
to enabling and supporting
individuals and teams to be their
very best, Darrell Shaw is an asset
to Matamata Country Lodge and
the aged care industry. With his
passion for aged care and his
commitment to the well-being of
residents and staff, Darrell is sure
to continue leading the team at
Matamata Country Lodge to great
success in the years to come.
Thank you Darrell.
“I was particularly
drawn to Matamata
Country Lodge because
of its unique position in
the community.."
RADIUS CARE
ANNUAL REPORT 2023
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RADIUS CARE
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Celebrating our
People and Operational
Achievements
While most of the world would like to forget
the pandemic and move on, in the aged care
industry we still have to take great care to
keep our residents safe. Central to health
and safety efforts for the past year has been
ongoing COVID-19 management. The Radius
Care team has had to soldier on through
adhering to long-standing but important
strict infection control procedures such as
continued mask wearing and RAT testing
while also managing occasional outbreaks.
We remain very grateful to our resident
families for their understanding and support
as we did our best to keep the lines of
communication open with their loved ones
even if they could not visit in person.
Even though the threat of COVID-19 began to
diminish in 2023, New Zealand has also had
to deal with some significantly challenging
weather events. The Radius Care values of
Commitment, Courage and Compassion were
displayed in an extraordinary way during the
floods and storms of early 2023. The care
teams at our care homes in regions affected
COVID-19 AND
WEATHER
EVENTS
by weather events including
Cyclone Gabrielle made the Radius
Care residents their priority. Staff
came to work even when their
own homes were in danger or
stayed overnight to make sure
care homes were well-staffed and
residents were well supported.
The Support Office team moved
to being available 24/7 to support
our care homes. Emergency
communications systems were
activated and a generator was
installed at Hampton Court
in Taradale, Napier to provide
electricity for the days when
normal service was unavailable.
We are very proud of the Radius
Care team working through
COVID restrictions as well as
flooding and storms, constantly
displaying the Radius Care values.
Thank you team!
Pastoral care and staff well-being has been
a high priority area of focus for the People
team this year to ensure our international
and local recruits feel they are valued
members of the Radius Care team and given
the stressors that have occurred in the past
year, particularly with COVID-19. Wellbeing
measures are continuously being improved.
WELLBEING
One such initiative is the roll out
of the Take a Breath platform,
an application which focuses on
effective breathing as a means
of reducing stress and improving
wellbeing outcomes. A financial
wellbeing support module is also
being developed.
In January 2022, Radius Care started carrying
out a regular staff engagement survey. These
surveys use standard Net Promoter Score
methodologies for measuring satisfaction and
are now carried out every six months. The
ENGAGEMENT
results indicate steady increases
in staff satisfaction, evidence
that the new staff wellbeing
programmes and support is
working as intended.
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RADIUS CARE
ANNUAL REPORT 2023
PEOPLE AND OPERATIONS

RECRUITMENT
Over the past few years, the shortage
of nurses in New Zealand has been well-
publicised. Radius Care’s difficulty in
attracting staff has been no different to any
other industry operator. Our People team
was determined to find a solution. The team
was ready with a plan when New Zealand’s
borders reopened in mid-2022. That plan has
had impressive success at addressing the
staff shortage issue for Radius Care.
Despite the difficulties of immigration and
the delays in obtaining visas following
the pandemic, the team has successfully
recruited internationally and we have
managed to substantially fill all registered
nurse vacancies. Building on that success,
we now have established pipelines to enable
ongoing recruitment of overseas nurses, and
we are now in the strong position of being
able to explore how we can support the
recruitment of registered nurses within the
wider sector in New Zealand.
When recruiting international candidates,
pastoral care is top of mind for us. We want
to ensure that our new team members have a
great first impression and feel secure in their
career choice when moving to New Zealand
to join Radius Care. Starting from
their decision to immigrate, we
support them through every step
of the process, ensuring each
nurse who walks in the door of our
facilities is fully qualified to work
in New Zealand. The induction
package we have designed
welcomes internationally qualified
nurses to New Zealand and assists
them with the adjustment to
Kiwi life.
As an example, Radius Baycare,
located at Haruru Falls just a few
minutes from Paihia, has employed
a group of nurses who have come
to us from the Marshall Islands.
Rental accommodation in Paihia is
in short supply so Radius Care has
arranged shared accommodation
for these employees. Following the
culture shock of a move to New
Zealand, being able to live together
has eased the transition and given
the nursing team a comforting
sense of community.
NURSE
Radius Care’s focus on innovation to support
its front-line nursing staff delivered another
successful solution with the implementation
of a virtual nurse programme. Our virtual
nurses are experienced professionals who
require more flexible work situations and
are no longer available to work on-site or
in-person. The creation of this pool enables
them to provide online healthcare advice to
our on-site nurses and healthcare assistants.
Due to the fabulous work done by our People
and Recruitment team in recruiting nurses we
can now provide support to other aged care
facilities looking for staff. We have leveraged
this into a new opportunity for us, a nursing
bureau. Our nursing bureau, RConnect is
specialising in supplying desperately needed
aged care nurses to Radius Care homes and
beyond to the wider industry.
2023 has seen substantial progress being
made on systems and processes for
supporting the delivery of excellence in care
right across the business.
During FY23 our Learning and Development
team has successfully transitioned the
majority of Radius Care’s orientation and
learning modules to an online platform.
The platform is used by staff, with cultural
training recently being introduced
in relation to the new Nga Paerewa
Standards. Continuing education
is an important feature of each
member of Radius Care’s team
and the online platform provides
flexibility to allow each person
to do their training at a time that
suits their work responsibilities
and individual learning programme.
The Radius Care Quality team is
excited about the implementation
of Medimap, an electronic
medication management system.
The new system is now available
in all Radius Care facilities.
Medimap is specifically designed
for aged care. It is cost effective,
and ensures any risk of errors
in prescribing, dispensing and
administration are minimised.
INNOVATION
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RADIUS CARE
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NGĀ PAEREWA
STANDARDS
The Ngā Paerewa Health and Disability
Services standard is a health care audit
standard that is being implemented across
New Zealand and replaces the previous set
of standards under which Radius Care’s
facilities and delivery of care was assessed.
The first audits under the new standard were
conducted in late 2022.
The standard requires inclusion of Māori in
decision-making and implementation across
Te Whatu Ora services. This enables delivery
of the standard’s protocols in relation to
health care services and to ensure equity of
experience and outcomes for Māori.
Examples of how Radius Care has adapted its
services in line with the standard include:
• Development of a Māori Health Strategy
for governance level;
• Incorporating Māori Health
initiatives into our Strategic Plan and
Business/Quality Plan;
• Implementation of a National Cultural
Committee with representatives from
support office and facilities;
• Improving our gathering of
ethnicity data for residents and
staff. This includes education
and training for office staff
to ensure our ethnicity data
aligns with the Ministry
of Health ethnicity data
protocols;
• Encouraging all facilities to
incorporate Māori cultural
activities into the everyday life
of our residents; and
• Using the ethnicity data to
develop programmes and
quality activities to reduce
health inequity for Māori and
Pacific Island peoples.

PEOPLE AND OPERATIONS
RADIUS CARE
ANNUAL REPORT 2023
25

Culture and diversity is keenly
expressed by our multi-cultural
staff and the ways in which they
incorporate their cultural roots
into their roles at Radius Care.
Bernie Ake has been the
Diversional Therapist at Radius
Althorp for over 16 years. She is
bright, humorous, and incredibly
humble to chat with. Bernie says
that her Māori heritage “means
everything to me, it defines who
I am, my culture is the maanaki
culture, we look after people.”
Maanaki is central to Māori
culture and means to cherish,
conserve, and sustain. These
values clearly follow Bernie in
her work. She describes her
recent meeting with the team
at Althorp where she discussed
how to welcome new residents
gently. People of all ethnicities
are welcomed through a
whakatō. Whakatō means to
plant, a wonderfully accurate
concept for welcoming a new
resident, planting them into the
community so they can grow and
belong. The whakatō is generally
meeting fellow residents in an
informal setting, Bernie explains,
and that this gentle introduction
means there is no intimidation,
A Precious Taonga
Honouring the Cultural Heritage of
Korowai Aroha
MEET BERNIE AKE - DIVERSIONAL THERAPIST
breaks barriers and creates a
sense of belonging.
Another way Bernie draws Māori
culture into Althorp is through
introducing tours at Te Wānanga
o Aotearoa. Te Wānanga o
Aotearoa’s teaching and research
aims to maintain, advance and
disseminate knowledge and
application of āhuatanga Māori
(tradition) according to tikanga
Māori (custom). Groups of
residents from Radius Althorp
have visited Te Wānanga o
Aotearoa annually for over five
years to view students work. The
visits have become so popular
that Bernie took three separate
groups from Althorp in FY23.
Bernie recently completed hand-
crafting a Korowai (traditional
Māori cloak). She has named it:
Korowai Aroha. Aroha means
to love, feel compassion and
empathy in Māori. And that is
exactly what Bernie’s Korowai
represents at Radius Althorp.
Bernie was inspired to take on
the project due to the clinical
and pōuri (sad) feeling of saying
final goodbyes to those who pass
away at the care home, and a
Korowai is the highest honour for
the deceased, and is steeped in
mana (respect, spiritual power).
The tikanga behind Korowai
Aroha is to be used in Althorp’s
walk-out ceremony. When a
resident passes away, staff,
friends and whanau walk the
departed out of the care home.
The Korowai Aroha is laid over
the body and Bernie will karanga
the departed from the care home.
Friends and whanau are invited
to say a karakia. Korowai Aroha
is as important for sending off
the departed correctly as it is
for comforting those still living.
Bernie insists that the Korowai
Aroha belongs to Althorp’s
residents now, “I made it for
the residents,” she says, “it
stays here.”
These ceremonies are
always special occasions.
Thank you teams.
“I made it for the
residents...it stays
here.”
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RADIUS CARE
ANNUAL REPORT 2023

FACILITY AUDIT RESULTS
All Radius Care sites have
3-year and 4-year certifications
(except Matamata Country
Lodge which expects a 4-year
certification following its post
acquisition audit).
Radius Care has a high level
of Continuous Improvement
Awards, recognising
commendable elements
above the required levels
of performance.
63%
SITES WITH 3-YEAR
CERTIFICATION
33%
SITES WITH 4-YEAR
CERTIFICATION
19%
IMPROVEMENT IN NPS
SCORE
60
NATIONALITIES
92%
OF FACILITY MANAGERS
ARE FEMALE
2.9+
AVERAGE YEARS OF
SERVICE
19+
LONGEST INDIVIDUAL
YEARS OF SERVICE
27
CURRENTLY
COMPLETING NURSING
TRAINING
83
INTERNATIONALLY
QUALIFIED NURSES
COMPLETED NZ
TRAINING
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RADIUS CARE
ANNUAL REPORT 2023
PEOPLE AND OPERATIONS
People and
Operations Highlights

OUR PROPERTY STRATEGY
Building Assets
and Enriching
Communities
Radius Care aims to acquire facilities it leases,
acquire value accretive aged care facilities from
third parties, develop new facilities and expand its
existing facilities. In the last financial year Radius
Care was able to demonstrate its ability to execute
on this strategy and deliver growth across its main
strategic pillars.
Radius Care has now undertaken four large
property transactions in the past two years
acquiring the land and buildings of eight of its
leased facilities and two acquisitions of integrated
care facilities and retirement villages.
Ownership of key facilities is important to maximise
value and drive value-enhancing development
opportunities. Radius Care’s portfolio has grown to
24 facilities of which 13 are owned and 11 leased.
There were 1,889 available beds as at 31 March
2023, an increase of 105 during the year. Occupancy
levels have remained strong and significantly above
industry averages. Radius Care’s development bank
is now 76 care beds and 311 units or care suites at
the end of the period.
Bringing life to the strategy means assessing the
opportunity to add new units and additional beds
to our care portfolio. When we look at acquiring
facilities we currently lease, we carefully assess
the size of the opportunity to deliver more
from the site. The property portfolio is always
under review to ensure that Radius holds the
properties which offer the best revenue and
development opportunities.
The factors we take into account in building
a case for a care home or retirement village
development involves us considering the
property size, the availability or likely availability
of adjacent properties together with the
demographics of the local community and the
existing availability of care facilities. While there
are strong demand factors driving the aged
care industry in New Zealand not all areas offer
equal opportunities.
More recently we have also needed to consider
building costs, availability of builders and the
direction of the property market.
Our development programme sees us
take a carefully considered approach to
increasing the number of care beds, as well as
premium care suites, in both brownfield and
greenfield developments.
Acquire strategically
important facilities
operated by Radius Care.
Acquire opportunistic
aged care facilities from
third parties.
Develop new facilities
and expand its existing
facilities.
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RADIUS CARE
ANNUAL REPORT 2023

Beds
ILUs
BED
NUMBERS
ACROSS
NEW
ZEALAND
ASSETS AND DEVELOPMENT
Completion of
a net 24 care
bed extension at
Thornleigh Park in
New Plymouth.
Settlement of
UCG acquisition
consisting of
four strategic
leased sites in
Auckland, Hamilton,
Palmerston North
and Dunedin with an
option to buy a fifth
site in Hamilton.
May
2022
February
2023
Acquisition of the
Matamata Country
Lodge, an integrated
care home and
retirement village
with 81 care beds
and 46 independent
living units.
September
2022
050010001500
20222023
ACQUISITIONS & DEVELOPMENT
GROWTH
Property
Overview
29
RADIUS CARE
ANNUAL REPORT 2023

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RADIUS CARE
ANNUAL REPORT 2023
ACQUISITIONMATAMATA COUNTRY LODGE
Radius Care acquired the beautiful Matamata
Country Lodge in September 2022. A
combination of an 81 bed care home and a 46
unit/apartment retirement village together with
three neighbouring properties will enable us to,
in time, add more units to the site. Matamata
offers a great opportunity for Radius Care
as there are few major competitors in the
area. Radius Care has already realised cost
efficiencies at the site and delivered a valuation
uplift of $4.3m since acquisition.
BROWNFIELD DEVELOPMENTSTHORNLEIGH PARK
A highlight of the Radius Care calendar for
FY23 was the opening of an additional 24 beds
at Thornleigh Park in February 2023 on budget.
The Thornleigh Park care home offers rest
home care, hospital care, respite care, palliative
care and young disabled care.
GREENFIELD DEVELOPMENTSNORTHWOOD
Northwood is a development that will see a
4.3 hectare bare block in Belfast, Christchurch
transformed into a comprehensive full service
retirement and care home. The project has
progressed to the stage of having a resource
consent granted and building consents are
progressing. The proposed 67 independent living
villas, 27 apartments together with an aged care
home with 100 beds including 30 care suites.
Our development pipeline includes
plans for development of an
additional 128 beds/suites at our
facilities in Ohaupo, Auckland,
Hamilton and Palmerston North.
We expect to introduce care suites to our portfolio
at Lexham Park in Katikati and also at Northwood
in Christchurch. Residents who choose the care
suite product will enter into an occupation rights
agreement, giving the resident a long-term
licence to occupy the room. Care suites are larger
apartments which include separate bathrooms and
other amenities. Residents may choose a care suite
to allow an easier transition from their previous
home to a new level of care.
ADDITIONAL
BROWNFIELD
DEVELOPMENTS
CARE SUITES
Growing our Value

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RADIUS CARE
ANNUAL REPORT 2023
ASSETS AND DEVELOPMENT
BROWNFIELD DEVELOPMENTSTAUPAKI GABLES AND LEXHAM PARK
With building plans complete and consents
almost finalised, we are anticipating
construction commencement dates for
further development at Taupaki Gables
in West Auckland and Lexham Park in
Katikati later in 2024.

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RADIUS CARE
ANNUAL REPORT 2023
Authentic
Care
Being genuine and authentic is important in
fostering honest relationships with friends and
families as we care for their loved ones.

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RADIUS CARE
ANNUAL REPORT 2023
MARKETING
FACEBOOK
Our Facebook page is
still a powerhouse in the
industry, with over eight
thousand likes and growing.
New stories are regularly
posted celebrating the
lives of residents. Posts
consistently reach more than
20,000 people and generate
fantastic engagement via
likes, comments and shares.
The audience consists mainly
of families and staff, but
we also encourage any new
enquirers to follow us for an
authentic look into life at a
Radius Care home.
BEING
SUSTAINABLE
How one facility is
leading the group.
TANGY RHUBARB
Muffins with a crumble
topping.
CELEBRATING OUR
STAFF
10 and 15 year working
anniversaries.
THANK YOU
To the team at Radius
Hampton Court after
Cyclone Gabrielle
hit Napier.
PARTIES HERE
THERE AND
EVERYWHERE
Enjoy photos from
Christmas and New
Years.
RADIUS CARE PUBLICATION
1 / 2023
Caring is our calling
radiuscare.co.nz/
magazine-and-news/
ADVERTISING
A series of articles appeared in the NZ Herald, which included
interviews with a Clinical Nurse Manager, Care Home Manager,
Regional Manager and a resident. Showcasing their personal
experiences; real people living and working in our real care
homes. These were well received by the public.
ORBITER
Our Company magazine, Orbiter, is another an important part
of showing what life at a Radius Care home is truly like. A
warm-hearted celebration of the diverse lives of residents at
our 24 care homes. In an effort to reduce our carbon footprint,
we have decreased the print runs of the Orbiter, focusing on
promoting the digital format.
Captivating Connections

Offering Support Beyond Aged Care
34
RADIUS CARE
ANNUAL REPORT 2023
In 2016, Radius Shop launched to
connect with New Zealanders, stocking
a range of healthcare products with
the priority of having the same
products used in our care homes
available for use at home. Website
traffic and sales have consistently
increased year-on-year, with our most
popular ranges being incontinence and
mobility products.

The Radius Shop has refreshed its branding, to
be more customer friendly. Improvements have
been made to the user experience, resulting in
improved site speed and enhanced navigation
making it easier for customers to find what
they need.
A major goal has been mobile compatibility,
as most of our traffic comes from mobile
users. This update has directly led to higher
conversion rates and has received positive
feedback from our customers.
We have streamlined our processes and
communication, with a focus on regular email
marketing and growing our customer list.
We will be introducing new products in the
coming months.
RADIUS SHOP
FY23 VS FY22
DEVICE USAGE
$1.06M
TOTAL SALES
Increase of 46%
22K
SITE VISITORS
Increase of 38%
Mobile
Desktop
Tablet

FINANCIAL NOTES
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RADIUS CARE
ANNUAL REPORT 2023
We're here so
you can get on
with living
The Radius Shop online store provides a variety
of pr oducts to help you live your best life.
Feel confi dent, stable and capable with our wide range of products to
help you around home and out and about.
Whether you need a chair with more seat support, a walking sti ck or a
stroller for more stability while moving about or incontinence
products you can trust.
We have these products and more so you can do all your favourite
things without worrying.
radiusshop.co.nz
Need help choosing the right product?
Call 0800 213 313
Several frequency
opti ons
Cancel any
ti m e
5% off
every order
Manage it
online
Remove the fear of
running out.
Autoship your
incontinence products.
Inconti nence
Product Ranges
Mobility
Daily Living
Bedroom
Furniture
Bracing & Support
Bathroom

Radius Care is committed to ongoing sustainability
initiatives that support our residents, our people
and the broader community.
Embracing
Sustainable Practices
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RADIUS CARE
ANNUAL REPORT 2023

0%20%40%60%80%100%
Overall
Board
Support O
ce
Senior Leadership Team
Facilities
RConnect
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RADIUS CARE
ANNUAL REPORT 2023
SUSTAINABILITY
Inclusivity and Care
We’re excited that in October we will celebrate
our 20th year in business and with our team and
residents with us, we’ll continue to create a lasting
difference to the lives of our people.
Our staff continued to work throughout another
year of disruptions and we were reassured with
the results of our recent Net Promoter Score
(NPS) staff engagement survey, showing good
improvement. The NPS survey is carried out
every six months. We know that high levels of
engagement and wellness are critical to being a
business that people want to work at.
Employee consultation has resulted in a refinement
of our work policies and we have experimented
with adding virtual nurses to our employment
pool and offering our team members employment
opportunities through our new bureau.
Radius Care’s commitment to supporting a diverse
and inclusive workplace is behind an objective
RADIUS CARE TEAM ETHNICITY BREAKDOWN
to embed diversity and inclusion into our
recruitment strategy. We recognise the value of
attracting and retaining people with different
backgrounds, knowledge, experiences, and
abilities. Residents and staff are proud of their
culture and share their festivals, food and
national dress. Over the past year residents
enjoyed celebrating Matariki, Diwali, Chinese
New Year and other cultural events; shared
foods from other cultures and enjoyed other
activities such as dance performances from
cultural groups.
Radius Care understands that diversity not
only encompasses gender but extends to
age, ethnicity, religious beliefs, cultural
background, language, marital or family status,
sexual orientation, gender identity, disability,
socio-economic background, perspective,
and experience.
AsianEuropeanMāoriMiddle Eastern/Latin America/AfricanPacific PeoplesOtherUnknown

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Caring about Sustainability
Radius Care is rolling out a sustainability plan to all care homes and retirement
villages covering waste reduction, recycling, community activities and other
sustainability initiatives. A sustainability framework is being developed to cover
the whole organisation, including our development activities and support office
functions. These initiatives are promoted by the Sustainability Committee.
Sustainability
Committee
Purpose
Develop policy for sustainable initiatives across Radius Care.
Provide opportunities to improve our sustainable approach, by
reducing carbon emissions and costs.
Running a sustainable business improves our brand and
competitiveness.
Promote environmentally and socially responsible actions across
Radius Care.
Stakeholders
To give the committee a holistic viewpoint and combine perspectives
and expertise the committee is made up of representatives from
various departments including compliance and risk, quality, finance,
operations, development, people, procurement, facility managers and
the Board.
Baseline
Carbon
Footprint
We have recently completed our baseline carbon footprint calculation
to measure our carbon emissions for the year 2022.
This baseline will be used to set targets for emissions reduction
throughout the business in years to come and is a first step in allowing
Radius Care to implement new climate-related disclosure reporting.
Our Compliance and Risk members keep us updated on reporting
sustainability measures for the Board.

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ANNUAL REPORT 2023
CARBON EMISSIONS
During the FY23 financial year, Radius Care
carried out our first carbon footprint calculation,
in collaboration with our sustainability partner,
thinkstep-anz. Our inaugural emissions profile
has been prepared based on the year to 31
March 2022 being our benchmark (or base) year.
Radius Care’s scope 1 and 2 emissions are small,
particularly when compared to the scale of
emissions from our indirect Scope 3 emissions.
However, we acknowledge that we need to be
mindful of our direct footprint and take steps to
reduce it.
For the 12 months to 31 March 2022 we recorded
total scope 1, 2 and 3 emissions of 16,620 tCO2e.
From here we will set targets for our carbon
emissions and report each year on our key
performance indicators.
OUR TOP 3 EMISSION CONTRIBUTORS
62%14%10%
Purchased
goods and
services
Employee
commuting
On-site
energy use
WASTE MANAGEMENT
In the process of formulating our Sustainability
Framework and our base-line carbon calculation
we have considered new ways of approaching
waste and recycling. We are aiming for a more
streamlined approach across our care homes,
and our waste contractor is reviewing our waste
collections to ensure we can recycle as much
of our waste as possible. Feedback on areas
for easy wins includes collection of commonly
used products such as hearing aid batteries and
pill packets for recycling and timer switches
on lights.
INDUSTRY COLLABORATION
We are collaborating with the Retirement Village
Association (RVA) Sustainability Committee as
we work on our response to the XRB’s climate-
related disclosure standards.
SUPPLY CHAIN MANAGEMENT
Radius Care has recently developed a Supplier
Code of Conduct. The purpose and intent of
this Code is to allow Radius Care suppliers
to understand and fulfil our sustainability
expectations around ethical business, social
responsibilities, health and safety, wellbeing,
and environment. We expect our suppliers to
apply comparable standards downstream in their
own supply chains. We aim to use green and
recyclable products where possible. Our People
team have recently introduced new procedures
to minimise risks of modern slavery in our
workforce when recruiting internationally.
With the introduction of New Zealand climate-
related disclosure standards (CRD), we are
actively looking to work with suppliers that
provide more sustainable goods and services.
At the same time, we have observed that our
suppliers are increasingly motivated to show
how they can do business in a more sustainable
way. CRD has also raised the profile of long-term
climate impacts and the subject of adapting to
physical risk from climate change.
SUSTAINABILITY

40
RADIUS CARE
ANNUAL REPORT 2023
Our Top Priorities
This year, we undertook a business stakeholder engagement and materiality
assessment to identify which topics are regarded as most important and impactful
to our business.
LOW
LOW
IMPACT
IMPORTANCE
HIGH
HIGH
Internally we consulted with a range of senior
staff to narrow the set of material topics for
our survey. We then distributed the survey to
a range of interested parties and to the Board.
Participants remain anonymous.
The results identified the matters that are most
important to stakeholders and help guide our
strategy, in order to improve Radius Care’s
performance. The results did not reveal any
surprises as they were consistent with other
results from the aged care industry. Our focus on
care, health and safety and resident experience
was reinforced.
The matrix can also be used to prioritise Radius
Care reporting on sustainability topics. We
intend to engage and gather insights from a
wider group of stakeholders when we run the
survey again.
78910
Care Quality
Clinical Management
Resident
Experience
Sta Recruitment &
Retention
Care Access & Aordability
Corporate Governance
Business
Ethics
Sta Development & Wellbeing
IT Data Security & Privacy
Hazard
Management
Community
Integration
Sustainable
Design &
Development
Environmental Management
Innovations
7
8
9
10
Environment
Environmental Management
Sustainable Design & Development
Hazard Management
Social
Care Quality
Clinical Management
Resident Experience
Staff Recruitment & Retention
Care Access & Affordability
Staff Development & Wellbeing
Community Integration
Innovations
Governance
Corporate Governance
Business Ethics
IT Data Security & Privacy

FINANCIAL NOTES
As stead-fast sustainability
heroes, Radius Taupaki Gables
in Auckland are making eco-
conscious choices every day, and
things like collecting rainwater,
using old packaging pallets to
build gardens, and recycling milk
bottle lids as bingo counters
are all daily norms for residents
and staff.
Laurel Winwood, Taupaki Gables’
Facility Manager, says “being
rural is a big inspiration to
making sustainable choices”.
As a rural community, Taupaki
Gables has always had a use
and reuse mindset. Laurel calls
it a tendency “to number-8
wire everything,” a call to
good old Kiwi ingenuity and
resourcefulness. “Working with
what you’ve got and re-using
everything is a lifestyle. You don’t
make sustainable choices once;
you make them every day.”
“Taupaki Gables has always
thought in terms of ‘what can we
do with this?’” says Laurel. As a
result, they already have multiple
initiatives and are always thinking
Making Sustainable Choices
Everyday
MEET RADIUS TAUPAKI GABLES - FACILITY LEADERS IN SUSTAINABILITY
forward. “The swap station is
probably my favourite,” says
Laurel “and it has the biggest
impact on the local community.”
The little stall, built by Taupaki
Gables’ maintenance man, has
a constant flow of loved goods
passing through, from children’s
shoes and jigsaw puzzles to bags
of grapefruit from the tree in the
back garden. “Our swap station
functions like a little opportunity
shop, my mum will buy a puzzle
and when she’s done she’ll tape
it up and send it to me, I’ll put it
out for the residents and when
they’ve had a go it gets put into
the swap station for someone
else” Laurel says. The swap
station was started up just before
the first lockdown, so it’s been
running for almost three years.
Taupaki Gables’ residents
are active contributors to
the sustainability efforts of
their home and next moves
are discussed in the resident
meetings. Laurel says the
residents are “full of ideas for
sustainable initiatives.” Having
recently discussed how milk
bottles used to be delivered and
then returned to be reused over
and over is how Taupaki Gables
found that some milk brands
do enable customers to return
clean empty milk bottles to reuse
them again. Taupaki Gables has
adopted this into their routine,
collecting and returning their
used milk bottles to their dairy
company. Adopting a mindset
like this, where small actions are
seen as accomplishments will
result in long-term changes if you
are consistent.
Taupaki Gables’ next step is
gaining access to a soft plastics
bin. Soft plastic recycling bins
are costly, so Taupaki Gables are
considering buying a joint bin or
possibly fundraising for one.
“...it has the
biggest impact
on the local
community.”
41
RADIUS CARE
ANNUAL REPORT 2023

42
RADIUS CARE
ANNUAL REPORT 2023
Leadership
Our Board brings many years
of experience in aged care,
development and commerce
alongside broader business
experience in New Zealand and
internationally. The Directors
consider that a Board functions
effectively when it is well
chaired, the Directors respect all
contributions, access to expert
advice is available and where the
Directors challenge themselves to
keep getting better.
BRIEN CREE
Formed Company June 2003
EXECUTIVE CHAIR
DUNCAN COOK
Joined 2010 (LLB)
EXECUTIVE DIRECTOR
LEGAL COUNSEL
CHAIR OF REMUNERATION
AND PEOPLE COMMITTEE
Brien Cree is a founding shareholder of Radius Care and
was the CEO from the Company’s inception in 2003 and the
Managing Director from 2010. Brien has built Radius Care’s
portfolio from nothing to its current 24 aged care facilities and
four retirement villages. As Executive Chair, Brien is focused
on the formulation and execution of Radius Care’s strategic
growth objectives.
Brien has more than 30 years’ experience in the aged care
sector and is a longstanding Board member of the NZACA and
past Board member of the Retirement Villages Association.
Duncan Cook has worked with Radius Care’s founders to
establish, structure and grow Radius Care’s business. Duncan
is a consultant at Sharp Tudhope Lawyers (Tauranga and
Auckland) having been a partner in the firm for 31 years.
His key areas of practice are mergers and acquisitions with a
focus on consolidating primary and secondary health services.
Duncan is a member of the New Zealand Law Society, Institute
of Directors New Zealand (Inc) and Restructuring Insolvency &
Turnaround Association New Zealand Incorporated.
Duncan has governance experience across a range of industry
sectors, including fishing, exports and housing construction.
He has volunteered on the Boards of the Tauranga Chamber
of Commerce and agencies associated with economic
development in the Tauranga region.
Board of
Directors

43
RADIUS CARE
ANNUAL REPORT 2023
LEADERSHIP
HAMISH STEVENS
Joined 2020 (MCom (Honours),
MBA, CA, CFInstD)
INDEPENDENT DIRECTOR
CHAIR OF AUDIT
AND RISK COMMITTEE
Hamish Stevens is an Auckland-based Independent Director
having held directorships in both the listed and private company
sectors since 2010.
He is also currently Chair of Embark Education Group, East
Health Services and Pharmaco and a Director of Marsden
Maritime Holdings, Northport and Counties Energy. Prior to his
governance career, Hamish held senior finance positions with
Heinz Wattie, Tip Top Ice Cream and DB Breweries.
Hamish is a qualified Chartered Accountant and a Chartered
Fellow of the Institute of Directors.
MARY GARDINER
Joined 2020 (BCom, FCA,
FCIS, CMInstD)
INDEPENDENT DIRECTOR
Mary Gardiner is Chair of the Audit and Risk Committee of
Southern Cross Pet Insurance, Director of Unity Credit Union,
Chair of Netball Northern Zone, trustee of Mangere Mountain
Education Trust, an Auckland Council-controlled organisation
and a Director of Women in Sport Aotearoa.
Mary has previously been Chair of Auckland Netball Centre
and Badminton NZ. Her commercial experience includes roles
as Chief Financial Officer of Instant Finance and Radius Health
Group, and Governance Risk Manager at Air New Zealand,
following a career focused primarily in financial services with
KPMG in New Zealand, Germany and Australia.
Mary is a Chartered member of the Institute of Directors, Fellow
of Governance New Zealand and is a New Zealand Fellow
Chartered Accountant.
Bret Jackson is an experienced business professional spanning
all facets of business including entrepreneurship, leadership,
private equity investment and governance (both private and
public boards).
Bret held corporate roles at Mobil Oil New Zealand, as a
management consultant at Boston Consulting Group (Sydney
and London) and has founded and successfully operated his
own private businesses.
He is also a past President of the Harvard Business School
Alumni Association of New Zealand.
BRET JACKSON
Joined 2014 (BCom (Honours),
MBA (Harvard Business School))
INDEPENDENT DIRECTOR

44
RADIUS CARE
ANNUAL REPORT 2023
Senior
Management
Sam
Carey
Wendy
Jenkins
Richard
Callander
Andrew
Peskett
Gared
Thomas
Trish
Evers

45
RADIUS CARE
ANNUAL REPORT 2023
LEADERSHIP
ANDREW PESKETT
CHIEF EXECUTIVE OFFICER
(BA (Hons), LLB)
Andrew brings extensive experience in the
retirement village and aged care industry, having
previously been a senior executive at Metlifecare,
a leading New Zealand retirement village
operator. Andrew held roles including Acting
Chief Executive Officer, GM Corporate Services,
Acting GM Operations and General Counsel and
Company Secretary.
Andrew enjoys the privilege of leading the
team at Radius Care.
WENDY JENKINS
CHIEF FINANCIAL OFFICER
(MCom (Hons), MBA (MGSM), CA)
Wendy joined Radius Care in July 2022 bringing
strong finance, property, capital markets and
investor relations skills with experience in the UK,
Australia and New Zealand.
Most recently Wendy was the GM Management
Information at ASB Bank and previously held
GM roles at Genesis Energy across its corporate
finance, investor relations, customer and technology
and digital functions.
RICHARD CALLANDER
CHIEF OPERATIONS OFFICER
Richard joined Radius Care in August 2022, after
senior executive level experience at Metlifecare
and executive roles in the gaming industry in
New Zealand and Australia. In his role as Chief
Operations Officer, his extensive experience
managing people and passion for improving
customer service is of great value.
TRISH EVERS
GENERAL MANAGER PEOPLE
(MSc in Applied Psychology)
Trish has over 15 years’ experience in the HR
sector and has worked in various fields, in both
government and listed companies, including
government agencies, health and transportation.
She joined Radius Care in 2017. Trish has a strong
background in employee and industrial relations,
and is particularly interested in areas related to
building highly effective teams.
SAM CAREY
GENERAL MANAGER, SALES, MARKETING AND RETAIL
(Bachelor of Business)
After completing his studies at AUT in 2008,
Sam ventured overseas briefly before returning
to start a career in marketing with Radius.
Coming on board at just 24 years old, he
brought a youthful and energetic attitude to an
aged industry with an aged mentality.
Twelve years on and while he’s not as youthful,
he retains the same energy and passion for the
Company and the industry as a whole, focusing
on helping the New Zealand public understand
the complexities of our vital industry. His
innovative approach has resulted in several new
key revenue drivers for Radius, most notably, the
development and implementation of the Radius
retail arm, The Radius Shop.
GARED THOMAS
GENERAL MANAGER, PROPERTY & DEVELOPMENT
(Bachelor of Business)
Gared Thomas completed a Bachelor of
Business, majoring in Management at AUT in
2010. Gared has extensive experience in the
construction sector.
Gared joined Radius Care in 2019 and is
passionate about delivering our village and care
home residents with high-quality, well designed,
and enjoyable spaces to live.

When Family Ties Lead to a
Passionate Career
MEET LEE HERON - ACTIVITIES COORDINATOR
Lee Heron’s journey to becoming
an Activities Coordinator at
Radius Elloughton Gardens in
Timaru was quite unconventional.
She started off working in health
and safety management and
training at Silver Fern Farms
Pareora before joining the aged
care industry.
It was her mother’s stay at
Elloughton Gardens in 2014 that
gave her a newfound appreciation
for the importance of aged care.
Lee recalls spending a lot of time
visiting her mother and became
familiar with the residents and
staff. “By having Mum here,
I had the time to sit and talk
with everyone. We also came
and did activities with her and
with residents. I could tell that
this was a career path for me,”
Lee explains.
She started working casually in
administration and filled in for
the activities team while they
were on leave, and this gave
her an opportunity to interact
with residents and get to know
them better. Lee’s excellent work
ethics and dedication caught the
attention of the management,
and she was offered a full-time
role as an Activities Coordinator
in 2016, a role that she enjoys
every day.
She feels rewarded when
seeing the residents smile,
have fun and living their lives
to the fullest. For her, being an
activities coordinator is about
creating special memories for
the residents and their families.
“I believe that even though some
residents have dementia, I can
tell by their reactions that there
is some still some recollection,
and they still feel a strong sense
of joy and happiness during
activities,” Lee explains. But her
impact on the residents goes
far beyond organising activities.
She takes time to listen to their
stories, hold their hands and offer
a hug when they need it.
Lee’s passion for aged care is
evident in the way she talks
about her work. Her passion
for aged care shines through
in everything she does, from
organising activities to simply
sitting down for a chat with the
residents. Additionally, Lee’s
expertise in health and safety has
made her an excellent candidate
to chair the South Canterbury
Diversional Therapy Support
Group, a position she has held for
four years. She is often asked to
speak at various workshops on
risk assessments.
Lee is not only a committed and
passionate employee but is also
known for her contagious energy,
and her warm and kind nature.
She goes out of her way to
make residents feel comfortable,
cared for, and loved. Her career
transition was driven by her love
for her mother, and her passion
for providing residents with
enjoyable activities has led her to
become a valuable staff member
at Radius Elloughton Gardens.
As she continues to make a
positive impact on the lives of the
residents, it is clear that she has
found her calling in aged care.
Thank you Lee for your passion
and commitment.
“...and they
still feel a strong
sense of joy and
happiness during
activities.”
46
RADIUS CARE
ANNUAL REPORT 2023

Financial
Statements
2023
47
RADIUS CARE
ANNUAL REPORT 2023

For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
REVENUE
Revenue2.1144,467132,052
Deferred management fees2.11,8011,328
Total revenue146,268133,380
Change in fair value of investment property3.17651,088
Government subsidy received189 —
Interest income6762
Gain on acquisition of previously leased property assets3.41,781 1,403
Gain on business acquisition5.6927—
Total revenue and other income149,997135,933
EXPENSES
Employee costs(93,097)(82,368)
Depreciation expense2.2(9,979)(11,194)
Finance costs2.2(12,479)(9,091)
Loss on revaluation of land and buildings3.2(3,028)—
Other expenses2.2(34,398)(30,199)
Total expenses(152,981)(132,852)
Profit/(Loss) before income tax (2,984)3,081
Income tax refund/(expense)5.1878(408)
Profit/(Loss) for the year(2,106)2,673
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will not be reclassified subsequently to profit and loss
Revaluation of land and buildings, net of tax3.2 3,558 —
Income tax on other comprehensive income5.1(874)—
Other comprehensive income for the year2,684 —
Total comprehensive income5782,673
EARNINGS PER SHARE
Basic and diluted earnings/(loss) per share (cents per share)4.2(0.76) 1.13
The Consolidated Statement of Comprehensive Income should
be read in conjunction with the accompanying notes
.
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
48
RADIUS CARE
ANNUAL REPORT 2023

For the year ended 31 March 2023
In thousands of New Zealand dollars
NOTE
Contributed
Equity
Asset
Revaluation
Reserve
Other
Reserve
Retained
Earnings Total
BALANCE AS AT 1 APRIL 2022 51,732 6,812 — 11,544 70,088
Profit/(Loss) for the year — — — (2,106)(2,106)
Share based payments reserve——33— 33
Other comprehensive income for the year3.2 — 2,684 — — 2,684
Total comprehensive income for the year — 2,684 33 (2,106) 611
Transactions with owners
Issue of share capital (net of transaction costs and tax)4.1 5,057 — — — 5,057
Dividends paid4.1 24 — — (2,916)(2,892)
Total transactions with owners4.1 5,081 — — (2,916) 2,165
BALANCE AS AT 31 MARCH 2023 56,813 9,496 33 6,522 72,864
BALANCE AS AT 1 APRIL 2021 5,932 6,812 — 11,349 24,093
Profit/(Loss) for the year — — — 2,673 2,673
Other comprehensive income for the year3.2 — — — — —
Total comprehensive income for the year — — — 2,673 2,673
Transactions with owners
Issue of share capital (net of transaction costs and tax)4.1 45,800 — — — 45,800
Dividends paid4.1 — — — (2,478)(2,478)
Total transactions with owners 45,800 — — (2,478) 43,322
BALANCE AS AT 31 MARCH 2022 51,732 6,812 — 11,544 70,088
The Consolidated Statement of Changes in Equity should
be read in conjunction with the accompanying notes.
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
49
RADIUS CARE
ANNUAL REPORT 2023
FINANCIAL RESULTS

CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
ASSETS
Cash and cash equivalents5152,088
Trade and other receivables5.313,0719,842
Held for sale assets891 —
Inventories753768
Current tax assets1,321 —
Investment properties3.170,14346,014
Property, plant and equipment3.2133,87073,839
Right-of-use assets3.4112,464133,912
Intangible assets5.219,79719,797
Deferred tax assets5.13,7703,885
Total assets 356,595 290,145
LIABILITIES
Cash and cash equivalents (overdraft)2,894 —
Trade and other payables5.420,54316,901
Current tax liabilities — 444
Borrowings4.397,68730,000
Deferred management fees3.36,9731,553
Refundable occupation right agreements3.334,10428,616
Lease liabilities3.4121,530142,543
Total liabilities 283,731220,057
NET ASSETS72,86470,088
EQUITY
Share capital4.156,813 51,732
Reserves 4.19,529 6,812
Retained earnings6,522 11,544
Total equity 72,864 70,088
The Consolidated Statement of Financial Position should be read
in conjunction with the accompanying notes.
The Board of Directors of the Company authorised these consolidated financial statements for issue on 28 June 2023.
For and on behalf of the Board.
Hamish Stevens
Chair, Audit and Risk Committee
Brien Cree
Chair, Board of Directors
50
RADIUS CARE
ANNUAL REPORT 2023

CONSOLIDATED
STATEMENT OF CASH FLOWS
For the year ended 31 March 2023
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
Receipts from residents for care fees and village fees140,699129,796
Receipts of government subsidy1,269 —
Payments to suppliers and employees(124,697)(111,696)
Proceeds from the sale of Refundable Occupation Right Agreements3,7154,726
Payments for the repurchase of Refundable Occupation Right Agreements(2,847)(1,766)
Interest received6762
Interest paid - borrowings(6,506)(1,436)
Interest paid - lease liabilities(5,934)(7,655)
Income tax paid(1,729)(2,154)
Net cash provided by operating activities 4,0379,877
Proceeds from the sale of property, plant and equipment750
Acquisition of subsidiaries, net of cash acquired5.6(500)(14,000)
Payments for the purchase of property, plant and equipment(58,681)(38,431)
Payments for village developments(53)(411)
Net cash used in investing activities(59,227)(52,792)
Proceeds from issue of share capital — 48,229
Share issue transaction costs—(2,429)
Proceeds from bank borrowings56,1692,788
Principal payments of lease liabilities(2,554)(3,868)
Dividends paid(2,892)(2,478)
Net cash provided by/(used in) financing activities50,72342,242
Cash and cash equivalents at beginning of the year2,0882,761
Net (decrease)/increase in cash and cash equivalents held(4,467)(673)
Cash and cash equivalents at end of year(2,379)2,088
COMPRISING OF
Cash and cash equivalents5152,088
Cash and cash equivalents (overdraft)(2,894)—
Cash and cash equivalents at end of year(2,379)2,088
The Consolidated Statement of Cash Flows should be read
in conjunction with the accompanying notes.
51
RADIUS CARE
ANNUAL REPORT 2023
FINANCIAL RESULTS

For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
RECONCILIATION OF PROFIT/(LOSS) FOR THE YEAR TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Profit/(Loss) for the year(2,106)2,673
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation9,97911,194
Share based payments88 —
Net loss/(gain) on disposal of property, plant and equipment(1)174
Gain on acquisition of previously leased property assets(1,781)(1,403)
Fair value adjustment to investment properties(765)(1,088)
Movement in deferred tax(860)(923)
Gain on business acquisition(927) —
Loss on revaluation of land and buildings3,028 —
CHANGES IN OPERATING ASSETS AND LIABILITIES
- Trade and other receivables and other assets(3,157)(2,414)
- Inventories15(180)
- Trade and other payables and other liabilities7,1321,172
- Current tax liabilities(1,759)(692)
- Refundable Occupation Right Agreements(4,849)1,364
Net cash provided by operating activities 4,0379,877
The Consolidated Statement of Cash Flows should be
read in conjunction with the accompanying notes.
In thousands of New Zealand dollarsShare CapitalBorrowingsLease LiabilitiesTotal
BALANCE AS AT 1 APRIL 202251,73230,000142,543224,275
- Proceeds from bank borrowings— 56,169— 56,169
- Repayment of bank borrowings and lease liabilities— — (2,554)(2,554)
Total changes from financing cash flows— 56,169(2,554)53,615
Non-cash changes
- Financing of the Matamata Business acquisition5,00011,518— 16,518
- Shares issued to employees and service providers57— — 57
- Dividend reinvestment plan24— — 24
- Remeasurements— — 18,68518,685
- Disposals— — (37,144)(37,144)
Balance as at 31 March 202356,81397,687121,530276,030
BALANCE AS AT 1 APRIL 20215,93227,212184,305217,449
- Proceeds from issue of share capital48,229— — 48,229
- Share issue transaction costs(2,429) — — (2,429)
- Proceeds from bank borrowings — 2,788 — 2,788
- Repayment of bank borrowings and lease liabilities — — (3,868)(3,868)
Total changes from financing cash flows45,8002,788(3,868)44,720
Non-cash changes
- Remeasurements — — 794794
- Disposals — — (38,688)(38,688)
Balance as at 31 March 202251,73230,000142,543224,275
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Liabilities arising from financing activities are liabilities for which cash flows are, or will be, classified as ‘cash flows from financing activities’ in the
statement of cash flows.
CONSOLIDATED
STATEMENT OF CASH FLOWS (CONTINUED)
52
RADIUS CARE
ANNUAL REPORT 2023

1.This excludes occupation right agreements (‘ORA’) as a refundable occupation license payment is repayable to the resident
upon termination (subject to a new ORA being issued to an incoming resident), the fair value is equal to the face value, being
the amount that can be demanded. The expected maturity of the refundable obligations to residents is beyond 12 months as
disclosed in Note 3.3 ‘Refundable Occupation Right Agreements’.
Notes
TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Basis of Preparation
Reporting Entity
The consolidated financial statements are for Radius
Residential Care Limited (‘the Company’) and its
subsidiaries (together ‘the Group’).
The Group provides rest home and hospital care for the
elderly along with development and operation of integrated
retirement villages in New Zealand.
Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability
Company, incorporated and domiciled in New Zealand. It
is registered under the Companies Act 1993 and is a FMC
Reporting Entity in terms of Part 7 of the Financial Markets
Conduct Act 2013. The Company is listed on the NZX Main
Board (“NZX”). The consolidated financial statements have
been prepared in accordance with the requirements of the
NZX, and Part 7 of the Financial Markets Conduct Act 2013.
These consolidated financial statements have been prepared
in accordance with Generally Accepted Accounting
Practice in New Zealand (‘NZ GAAP’). They comply
with New Zealand equivalents to International Financial
Reporting Standards (‘NZ IFRS’), International Financial
Reporting Standards (‘IFRS’) and other applicable New
Zealand Financial Reporting Standards, as appropriate for
for-profit entities. The Group is a Tier 1 for-profit entity in
accordance with XRB A1 Application of the Accounting
Standards Framework.
The consolidated financial statements have been prepared
on a going concern basis, which contemplates continuity
of normal business activities and the realisation of
assets and the settlement of liabilities in the ordinary
course of business.
The Statement of Financial Position for the Group is
presented on the liquidity basis where the assets and
liabilities are presented in the order of their liquidity.
The Group has adopted the liquidity basis presentation
to be consistent with its listed retirement village and
aged care peers.
Functional and Presentation Currency
The consolidated financial statements are presented in New
Zealand dollars which is the Group’s functional currency. All
amounts have been rounded to the nearest thousand, unless
otherwise indicated.
Measurement Basis
These consolidated financial statements have been prepared
under the historical cost convention, with the exception
of investment properties (note 3.1) and land and buildings
included within property, plant and equipment (note 3.2)
Material Uncertainty Around Going Concern
The Group has reported a loss of $2.1m for the year ended
31 March 2023 (2022: profit of $2.6m) and a net decrease
in cash and cash equivalents held of $4.5m (2022: decrease
of $0.7m). As at 31 March 2023, the Group had current
liabilities that exceeded current assets by $45.7m
1
, had
drawn down $2.9m of its $5m overdraft facility (2022: nil)
and had total borrowings of $97.7m (2022: $30m). The
overdraft facility is expected to decrease from $5m to $2m
on 31 July 2023 and $34.5m of borrowings are due for
repayment within the next 12 months (refer note 4.3).
On 31 March 2023, a six-month extension was granted
by ASB Bank (‘ASB’) relating to $23m of finance facilities
(being the current portions of the Committed Money Market
B and E facilities described in note 4.3) that were originally
put in place to enable settlement of the four previously
leased land and buildings property assets from UCG
Investments Limited (described in notes 3.2 and 3.4). These
two finance facilities now need to be repaid on or before
6 October 2023. The amendments include a new ‘event of
review’ that requires the Company to have received equity
commitments of not less than $30m by 31 July 2023 and to
have completed an equity raise and apply at least $25m to
repay the ASB facilities by 6 October 2023.
In response to these obligations, the Board and Management
have developed a debt management programme.
Given the subdued state of equity markets the Board and
Management consider a capital raise would not be in the
best interests of the Company and its stakeholders at this
time and have looked at other options which would enable
repayment of the Group’s borrowing commitments.
The Board and Management have reviewed the Group’s
property asset portfolio with a focus on identifying non-core
properties which are not considered essential to achieving
the Group’s longer term growth strategy. This has seen
$0.9m of non-core assets reclassified to held for sale as at 31
March 2023 with settlement expected to be completed on
these assets on or before August 2023.
On 19 June 2023, the Board entered into a conditional sale
and purchase agreement for one property aged care facility
as a going concern. The facility has little to no development
opportunity and its sale is not expected to materially impact
on the Group’s earnings going forward.
The Board and Management have also identified at least two
properties where only the land and building assets could
be sold while maintaining the aged care facility operations
under a long-term lease. These sites are considered
profitable, but have little to no development potential and
FINANCIAL NOTES
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could likely be sold with settlement completed prior to the
borrowing repayment timelines mentioned above.
The Board and Management estimate that the above
programme will generate $30m which would enable
repayment of $23m of borrowings with ASB prior to
6 October 2023 and provide sufficient working capital
funding for the Group going forward. The Group is currently
preparing these assets for sale in anticipation of ASB’s
consent of the Group’s debt management programme.
While a sale price has not been agreed, the Group expects
that the value achieved through the sale will be materially
consistent with the carrying value of the land and building
assets as at 31 March 2023.
The debt management programme has been submitted to
ASB during June 2023 for their feedback and consent with
agreement expected in July 2023. This remains subject to
ASB’s ongoing review and approval.
The Board and Management anticipate that the debt
management programme will provide a greater level of
options to enable the repayment of the $11.5m of related
party loans currently due for repayment on 21 October 2023.
While it is not currently anticipated that these loans can be
repaid in full based on current cashflow projections, it will
enable other options which include:
• Partial repayment and renegotiation of loan terms
• Refinancing the loan to another lender or the bank with
a longer repayment term and more favourable lending
terms
While the debt management programme is being actioned,
Management is also committed to ongoing actions around
increasing revenue and optimising costs across the
organisation. Since 31 March 2023, a number of conditional
and unconditional agreements have been entered into for
unsold/vacant Occupation Right Agreements (ORA) stock
(refer note 3.1) which are expected to settle in full prior to
31 July 2023. A minimum of $1.3m of recurrent cost savings
have also been identified and are in the process of being
implemented. These changes along with reduced interest
expense on borrowings are expected to have a positive
impact on financial performance over the next 12-18 months.
There has been no non-compliance with the Group’s banking
covenants to date and the Board and Management expect
this to remain unchanged over the next 12-18 months subject
to adjustments to banking covenants being agreed by ASB
as outlined in the debt management programme.
The Board and Management are committed to undertaking
all necessary steps to ensure the Group can meet its
obligations. Should the Group not be able to successfully
implement the above debt management programme or
obtain further lending extensions, this would give rise to
a material uncertainty in relation to the Group’s ability to
continue as a going concern. If the Group were unable to
continue in operational existence for the foreseeable future,
adjustments may have to be made to reflect the situation
that assets may need to be realised other than in the
amounts at which they are currently recorded in the
Statement of Financial Position. In addition, the Group
may need to provide for future liabilities that might
arise and to reclassify non-current liabilities as current
liabilities in the Statement of Financial Position.
The Board and Management have concluded that the
adoption of a going concern basis of accounting is
appropriate based on reasonable expectations that the
above debt management programme and other actions
will enable the Group to continue operations at existing
levels and meet its debts when they fall due for the
foreseeable future and not less than 12 months from
the signing of the consolidated financial statements. In
making their assessment, Management has considered
a range of factors and has made several significant
judgments. This includes an evaluation of the Group’s
budget and forecasts for the 2024 and 2025 financial
years, which project a situation where the Group can
meet its obligations.
The Board and Management have also assessed that the
ASB will not immediately call the facilities due to the
existing relationships and understanding of the Group's
business model. This assumption, however, is reliant on
the success of the Group’s strategies and negotiations
with ASB.
However, these are material uncertainties and significant
judgments. The ability of the Group to continue as a
going concern is dependent on successful execution of
the aforementioned plans, along with positive economic
conditions and sector performance.
Key Estimates and Judgements
The Board of Directors and Management are required
to make judgements, estimates and assumptions in
applying the accounting policies. The estimates and
associated assumptions are based on experience and
other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of
making the judgements. Actual results may differ from
the estimates, judgements and assumptions made by the
Board of Directors and Management.
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
and in any future periods affected.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements
are described in the following notes:
• Material uncertainty around going concern (note 1.1)
• Valuation of investment properties (note 3.1)
• Valuation of land and buildings (note 3.2)
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• Impairment testing of right-of-use assets (note 3.4)
• Recognition of deferred tax assets (note 5.1)
• Impairment testing of goodwill (note 5.2)
• Business combinations (note 5.6)
• Impairment of non-financial assets
At the end of each reporting period, the Group assesses
whether there is any indication that a non-financial asset
or cash-generating unit’s (CGU) may be impaired. If
any such indication exists, the Group will estimate the
recoverable amount of the asset or CGU. Irrespective of
whether there is any indication of impairment, the Group
tests its intangible assets with an indefinite useful life,
currently comprised of only goodwill, for impairment
annually, at the end of the reporting period. In assessing
whether there is any indication that an asset may be
impaired, the Group considers external and internal
sources of information. The recoverable amount of an
asset or CGU is the higher of its fair value less costs of
disposal and its value in use. In assessing value in use, the
estimated future cash flows expected to be derived from
the asset or CGU are discounted to their present values.
The Group uses a discount rate that the estimated future
cash flows are discounted to their present values. This
discount rate reflects current market assessments of the
time value of money and the risks specific to the assets
or CGU, for which the estimates of future cash flows
have not been adjusted. In assessing fair value less costs
of disposal, the fair value is determined in accordance
with the valuation approaches described in notes 3.1 for
Investment properties, 3.2 for Land and buildings, and 5.2
for Impairment testing of goodwill, taking into account an
allowance for costs of disposal, being direct incremental
costs to bring an asset or CGU into condition for sale.
Following on from the disclosures in the Group’s annual
financial statements for the year ended 31 March 2022
and interim financial statements for the period ended
30 September 2022, regarding the ongoing COVID-19
pandemic, the New Zealand Government continued to
maintain a range of public health and economic measures
to mitigate the impact of the COVID-19 pandemic through
the first half of the year. These measures were gradually
removed during the period with the COVID-19 Protection
Framework officially ending on 12 September 2022 and
vaccine mandates being removed on 26 September 2022.
The pandemic and subsequent health measures imposed
did lower overall economic activity across New Zealand.
The Group’s revenue had not been significantly impacted,
but the COVID-19 pandemic did increase the Group’s
expenditures since the outbreak began. In addition to
the COVID-19 pandemic, unfavourable macro and micro
economic conditions and adverse global events during the
year, which include rapidly rising interest rates and inflation,
skill shortages and the flow on effects from the conflict
between Ukraine and Russia has had a significant impact
on energy and financial markets across the globe which
also further impacted the Group’s expenditures. The
Directors have assessed and taken into consideration
the impact of these unfavourable macro and micro
economic conditions and adverse global events on these
key estimates and judgements.
It is not possible to estimate the short and long-term
effects that the above matters will have on operations.
As at the date of these financial statements, all
reasonably known and available information with respect
to these matters has been taken into consideration
and all reasonably determinable adjustments
have been made in preparing these consolidated
financial statements.
New and Amended Accounting Standards and
Interpretations
All mandatory new and amended standards and
Interpretations have been adopted in the current
year. None had a material impact on these financial
statements.
The Group has not early adopted any new standards,
amendments or interpretations to existing standards
that are not yet effective.
Climate Related Disclosures
The External Reporting Board (‘XRB’) of New Zealand
has developed reporting standards to support
mandatory reporting on climate risks. The XRB issued
a climate-related disclosure framework: Aotearoa New
Zealand Climate Standards with three Climate Standards
being issued that set requirements for: Climate-
related Disclosures; First-time adoption; and General
Requirements for Disclosures. The disclosure areas are in
line with the International Task Force on Climate-related
Disclosures (‘TCFD’), being Governance, Strategy, Risk
Management and Metrics & Targets. The XRB issued
these standards in December 2022 and the first climate
statement required under these new standards will be as
at 31 March 2024, with mandatory assurance required on
the Greenhouse Gas emissions included in the climate
statements for the 31 March 2025 Annual Report.
The Group has not early adopted this new standard
and intends to adopt for the financial reporting period
beginning 1 April 2023. The adoption of this new
standard is expected to have a material impact on the
disclosures included in the Group’s financial statements
and other information included in the Group’s annual
reports. Management is yet to fully assess the impact of
this new standard.
FINANCIAL NOTES
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Disclosure of Accounting Policies (Amendments to NZ IAS
1 Presentation of Financial Statements and IFRS Practice
Statement 2)
The amendments were issued by the New Zealand
Accounting Standards Board (NZASB) as part of the
International Accounting Standards Board’s (IASB) overall
disclosure initiative project which aims to help preparers
in deciding which accounting policies to disclose in their
financial statements. Entities are now required to disclose
their ‘material’ accounting policies information instead of
‘significant’ accounting policies. Further amendments to
NZ IAS 1 Presentation of Financial Statements are made to
explain how an entity can identify a material accounting
policy information. Examples of when an accounting policy
is likely to be material have been added.
The amendments clarify that accounting policy information
is material if users of an entity’s financial statements would
need it to understand other material information in the
financial statements, and that accounting policy information
may be material because of its nature, even if the related
amounts are immaterial.
To support the amendments, the IASB has also developed
guidance and examples to explain and demonstrate the
application of the ‘four-step materiality process’ described
in IFRS Practice Statement 2.
The Group has not early adopted this new standard and
intends to adopt for the financial reporting period beginning
1 April 2023. The adoption of this new standard is not
expected to have a material impact on the accounting
policies disclosed in the Group’s financial statements.
Management is yet to fully assess the impact of this
new standard.
Definition of Accounting Estimates (Amendments to
NZ IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors)
The definition of “change in accounting estimates” is
replaced with a definition of “accounting estimates”. Under
the new definition, accounting estimates are “monetary
amounts in financial statements that are subject to
measurement uncertainty”.
The amendments also clarify that:
• a change in accounting estimate that results from new
information or new developments is not the correction of
an error; and
• the effects of a change in an input or a measurement
technique used to develop an accounting estimate are
changes in accounting estimates if they do not result from
the correction of prior period errors.
The amendments are effective for changes in accounting
policies and changes in accounting estimates that occur on
or after 1 January 2023. Earlier application is permitted.
The Group has not early adopted this amended standard
and intends to adopt for the financial reporting period
beginning 1 April 2023. The adoption of this amended
standard is not expected to have a material impact on
the Group, but may have an impact when there is a
change in accounting estimate and its disclosure in the
Group’s financial statements. Management is yet to fully
assess the impact of this amended standard.
Segment Reporting
An operating segment is a component of an entity that
engages in business activities which earn revenue and
incur expenses and where the chief operating decision
maker reviews the operating results on a regular basis
and makes decisions on resource allocation.
The Group operates in one operating segment being
the provision of aged care in New Zealand. The chief
operating decision maker, the Board of Directors,
reviews the operating results on a regular basis and
makes decisions on resource allocation based on the
review of Group results and cash flows as a whole.
The nature of the services provided and the type and
class of residents have similar characteristics within
the operating segment. The Ministry of Health is a
significant customer of the Group as disclosed in note
2.1, as the Group derives care fee revenue in respect of
eligible Government subsidised aged care residents. No
other customers individually contribute a significant
proportion of the Group’s revenue. All revenue earned
and assets held are in New Zealand.
1.2. Accounting Policies
Accounting policies which are relevant to understanding
the consolidated financial statements are disclosed in
each of the applicable notes. They have been applied on
a consistent basis across all periods presented in these
consolidated financial statements.
Other relevant policies are provided as follows:
Goods and Services Tax (GST)
Revenue, expenses and purchased assets are recognised
net of the amount of GST, except where the amount
of GST incurred is not recoverable from the Inland
Revenue Department. In these circumstances the GST
is recognised as part of the cost of acquisition of the
asset or as part of an item of the expense. Receivables
and payables in the consolidated statement of financial
position are shown inclusive of GST.
Cash flows are presented in the consolidated statement
of cash flows on a net basis, except for the GST
component of investing and financing activities, which
are disclosed as operating cash flows.
56
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Measurement of Fair Value
For financial reporting purposes, ‘fair value’ is the
price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between
market participants (under current market conditions)
at the measurement date, regardless of whether that
price is directly observable or estimated using another
valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate in
the circumstances and for which sufficient data is available
to measure fair value, maximising the use of relevant
observable inputs and minimising the use of unobservable
inputs. Inputs to valuation techniques used to measure fair
value are categorised into three levels according to the
extent to which the inputs are observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity can
access at the measurement date.
• Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Further information about the assumptions made in
measuring fair values is included in notes 3.1, 3.2, 4.1,
5.6 and 5.7.
Government Grants
Government grants and subsidies to the Group are not
recognised until there is reasonable assurance that the
Group will comply with the conditions attaching to them
and that the grants will be received. Government grants
are recognised in profit or loss on a systematic basis over
the periods in which the Group recognises as expenses
the related costs for which the grants are intended
to compensate. Grants relating to expense items are
recognised as income over the periods necessary to match
the grant to the costs they are compensating.
1.3. Climate Change Risk
As an aged care and retirement village operator, the Group
recognises that climate change poses potential risks to its
operations and financial performance. The Group operates
24 residential care facilities and homes (13 owned and 11
leased) and 4 retirement villages across New Zealand. the
Group acknowledges that extreme weather events, such
as flooding and storms, can occur in other areas and could
impact the value and condition of its owned and leased
properties. The Group has appropriate material damage
and business interruption insurance coverage in place to
mitigate potential risks. Additionally, the effects of climate
change, including rising temperatures and increased
precipitation, may lead to changes in zoning regulations or
building codes, potentially affecting the Company’s ability
to develop or renovate its properties.
The Group is also aware of the potential for climate
change to impact its supply chain and increase the costs
of essential goods and services, such as medical supplies,
food, and energy, which could have an adverse effect
on its financial performance. The Group is proactively
identifying and managing these risks by monitoring
climate-related developments and assessing their potential
impacts on its operations and financial performance.
Furthermore, the Group recognises the potential impact of
climate change on its assets, including goodwill, property,
plant and equipment, investment properties, and right-
of-use assets. Climate-related factors, such as changes in
market conditions or regulatory requirements, could result
in impairment charges or adjustments to the carrying
amount of these assets.
To address these risks, the Group is in the process of
implementing measures to increase energy efficiency,
reduce its carbon footprint, and contribute to a more
sustainable future. It is identifying the sources of its
greenhouse gas emissions and is taking steps to reduce
them. However, the Group acknowledges that complete
mitigation of these risks cannot be guaranteed, and
failure to do so could have a material adverse effect on its
financial performance.
The Group remains committed to monitoring and
reporting on climate-related risks and opportunities in
its financial statements and other public disclosures.
The Company acknowledges that climate change is an
ongoing and evolving issue and will continue to take
appropriate steps to identify and manage potential
impacts on its operations, financial performance, and
financial assets.
1.4. Market Capitalisation
At balance date the market capitalisation of the Group
(being the 31 March 2023 closing share price, as quoted
on the NZX Main Board, multiplied by the number of
shares on issue) was below the carrying amount of the
Group’s net assets and shareholders’ funds. In considering
the difference, the Group notes that over 85% of total
assets at 31 March 2023 are either non-financial property
assets carried at fair value (52%) as assessed by the
Group’s as independent external property valuers or non-
financial assets subject to annual impairment assessment
(33%). The Group has undertaken an assessment of the
recoverable amount of its assets/CGUs. Management
believes that no reasonably possible changes in any of the
above key assumptions would cause the carrying value of
the non-financial assets to be materially lower than their
recoverable amount.
FINANCIAL NOTES
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2. OPERATING PERFORMANCE
2.1. Revenue
Revenue from Contracts with Customers
Revenue from care and village fees and recoveries income
is recognised in accordance with NZ IFRS 15 Revenue
from Contracts with Customers (“NZ IFRS 15”). Deferred
management fees and rental income are considered leases
under NZ IFRS 16 Leases (“NZ IFRS 16”), and are therefore
excluded from the scope of NZ IFRS 15. None of the Group’s
revenue, as defined by NZ IFRS 15, contains significant
financing components.
Care and Village Fees and Recoveries Income
The Group derives revenue from the provision of residential
care and related services. Rest home, hospital and service
fee charges are governed by the individual care admission
agreement with each care resident. The resident incurs a
daily care fee charged per the agreement, as set by the
Government each year. Care fees are recognised net of any
rebates to residents.
The Group derives care fee revenue in respect of eligible
Government subsidised aged care residents who receive rest
home, dementia or hospital level care. Government aged
care subsidies received from the Ministry of Health included
in care fees and village services amounted to $89.7m
(2022: $83.9m).
There are no elements of variable consideration or
significant financing component associated with care and
village fees and recoveries income.
Village fees are detailed within each resident’s Occupation
Right Agreement (ORA) and relate to the operating costs
of the village. Revenue is recognised based on the daily or
weekly fees charged, reflecting the period a resident has
occupied a unit.
The performance obligation of providing the care and village
services is satisfied over time, as the resident simultaneously
receives and consumes the benefits of the service as it is
provided. Billing and revenue recognition are generally done
during the same period that the performance obligation is
satisfied. Payments received in advance are recorded on
the statement of financial position as a contract liability and
subsequently recognised through profit or loss when the
services are rendered.
For the year ended
In thousands of New Zealand
dollars

2023 2022
Rest home, hospital and dementia
fees
124,364 114,017
Premium accommodation charge 7,931 6,758
Village service fees 793 544
Rental income 116 95
Other services
provided to residents
11,263 10,638
144,467 132,052
Lease income
Deferred Management Fees
Occupation Right Agreements (ORAs) confer the right
to occupy a retirement unit and are considered leases
under NZ IFRS 16 Leases.
A management fee is payable by the residents of the
Group’s independent living units for the right to share
in the use and enjoyment of common facilities. The
management fee is calculated as a percentage of
the ORA amount and accrues either daily, monthly
or annually for a set period, based on the terms of
the individual contracts. The current ORAs accrue
management fees at rates ranging from 6.67% to 10%
per annum.
The management fee is payable in cash by the resident
at the time of repayment (to the resident) of the
refundable ORA amount due. The Group has the right
to set off of the refundable occupation right agreement
amount and the management fee receivable.
At year end, the management fee receivable that has yet
to be recognised through profit or loss as management
fee revenue is recognised as a deferred management fee
liability in the statement of financial position.
Key Accounting Estimates and Judgements
The deferred management fees represents the difference
between the management fees receivable under the
ORA and the portion of the management fee accrued
which is recognised on a straight-line basis over the
longer of the term specified in a resident’s ORA or
the average expected occupancy for the relevant
accommodation i.e., 8 years for villas and 3 to 4 years for
serviced apartments and villas (2022: 8 years for villas
and 3 years for serviced apartments).
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2.2. Expenses
Accounting Policy
Operating expenses are recognised on an accrual basis.
Interest expense is measured in accordance with the effective interest method.
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT
- buildings3.21,286432
- motor vehicles3.2127133
- furniture, fixtures and fittings3.22,8123,003
- information technology3.2871758
- medical equipment3.2112101
5,2084,427
DEPRECIATION OF RIGHT-OF-USE ASSETS
- buildings3.44,7716,767
4,7716,767
Total depreciation 9,97911,194
FINANCE COSTS
- interest - bank and vendor financing6,5051,436
- interest - lease liabilities3.45,9747,655
Total finance costs12,4799,091
OTHER EXPENSES
Fees paid to Auditors
Audit and review of consolidated financial statements271201
Tax compliance services
2342
Total fees paid to auditor
294243
Facility operating expenses25,01222,331
Operating rental expenses relating to low value and short-term leases283
Directors' fees408494
Donations and sponsorships255
Loss/(gain) on sale of property, plant and equipment(1)174
Other expenses (no items of individual significance)8,6586,869
Total other expenses34,39830,199
FINANCIAL NOTES
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ANNUAL REPORT 2023

3. PROPERTY ASSETS
3.1. Investment Properties
Accounting Policy
Investment properties include completed freehold land and buildings, freehold land and buildings under development
comprising retirement villages including common facilities, provided for use by residents under the terms of a Refundable
Occupation Right Agreements (ORAs). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair
value. Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Rental income from investment properties, being deferred management fees, is accounted for as described in note 2.1.
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
INVESTMENT PROPERTIES
Opening carrying amount46,01431,675
Acquisition of Matamata Retirement Village and Clare House
Retirement Vilage
1
5.623,037 12,840
Net fair value gain7651,088
Occupation Right Agreements settled(2,919)(2,420)
Occupation Right Agreements entered2,9194,490
Purchases32767
Unsold/vacant units — (1,610)
Other adjustments — (116)
Closing carrying amount70,14346,014
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial
Position as investment properties is as follows:
Valuation of operator's interest 22,82115,450
Refundable Occupation Right Agreements3.334,10428,616
Deferred management fees3.36,9731,553
Unsold/vacant units3,850395
Residential properties
2,395—
70,14346,014
Valuation Process and Key Inputs
The Group’s investment properties are valued on an annual basis. This year the valuations were undertaken by LVC
Limited (LVC) (prior year by CBRE Limited (CBRE) and Colliers), independent valuers. LVC are registered with
the Property Institute of New Zealand, employs registered valuers and has appropriate recognised professional
qualifications and recent experience in the location and category of properties being valued.
The valuation of investment property is adjusted for cash flows relating to refundable occupation licence payments,
residents’ share of resale gains and management fees receivable recognised separately on the Consolidated Statement
of Financial Position and also reflected in the valuation model.
1
On 29 September 2022, the Group acquired investment properties as part of the Matamata Retirement Village business combination, refer to note 5.6.
On 1 November 2021, the Group acquired investment properties as part of the Clare House business combination, refer to note 5.6 of the Group’s audited
consolidated financial statements for the year ended 31 March 2022.
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Unsold/Vacant Units
Any developed but not yet sold units (unsold/vacant units)
is valued based on recent comparable transactions, adjusted
for disposal costs, holding costs and an allowance for profit
and risk. This represents the fair value of the Group’s interest
in unsold/vacant units at reporting date.
Key Accounting Estimates and Judgements
As the fair value of investment properties is determined
using inputs that are significant and unobservable, the
Group has categorised investment properties as Level 3
under the fair value hierarchy in accordance with NZ IFRS 13
Fair Value Measurement.
Valuation Uncertainty
As at 31 March 2023
As at 31 March 2023, the valuer of all four investment
properties has included a valuation uncertainty clause
in their valuation reports noting that “The markets
experienced strong growth throughout 2021 and much of
2022. However due to recent Government lending controls,
global supply issues, abnormally high inflation and rapidly
rising interest rates we have seen a slowdown in markets
generally with declining asset values, and an economic
downturn (recession) is seen as a risk going forward. Sales
transaction volumes have decreased significantly as there
is a disconnect between vendor expectation and the price
purchasers are prepared to pay due to the large increase
in interest rates over a short time frame. Therefore, less
certainty and a higher degree of caution should be attached
to our valuation than would normally be the case”. Given
the valuation uncertainty, the valuer has recommended
in their reports that the valuations of the properties be
reviewed periodically.
As at 31 March 2022
As at the 31 March 2022 valuation date, the valuers
of two investment properties, CBRE have included a
valuation uncertainty clause in their valuation reports
as a result of the evolving situation with COVID-19, high
and rising inflation and interest rates and its impact on
the New Zealand economy, together with global macro
events including elevated volatility in global financial
markets, surging energy prices, and the current ongoing
conflict between Ukraine and Russia and its flow on
effects. Given the valuation uncertainty, the valuers have
recommended in their reports that the valuations of the
properties be reviewed periodically.
The Valuers of one remaining investment property,
Colliers, have included a market risk clause noting the
ongoing social and economic impact of COVID-19, both
domestically and on a global basis, is providing elevated
market risk at the current time. In some markets there
is more certainty regarding ‘post-COVID pricing’ than
others due to the subsequent transactional evidence,
however there is increased latent risk across all asset
classes and property sectors due to the impact of the
pandemic. They have noted that the current economic
conditions and latent potential volatility should be
considered and factored into future considerations.
Significant Unobservable Inputs
The significant unobservable inputs used in the fair value
measurement of the Group’s portfolio of completed
investment properties are the discount rate and the
property growth rate.
FINANCIAL NOTES
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The following assumptions have been used to determine fair value:

Significant InputDescription
Inter-relationship Between the Key
Inputs and Fair Value Measurement
20232022
Discount
rate
Villas and serviced
apartments
The pre-tax discount rate
A significant increase/(decrease)
in the discount rate would result in
a significantly (lower)/higher fair
value measurement.
13.5% - 17.0%15.25% - 18.0%
Property price growth rate
Villas
Anticipated annual
property price growth
over the cash flow period
0 - 4 years
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
0% - 3.0%0% - 3.0%
Serviced apartments0% - 2.5%0% - 2.5%
Villas
Anticipated annual
property price growth
over the cash flow period
5+ years
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
2.25% - 2.50%3.0%
Serviced apartments2.25%2.25%
Due to the valuation uncertainty (2022: valuation uncertainty) disclosed, the range of reasonably possible changes to key
assumptions is uncertain and could be significantly greater than the ranges used in the sensitivity analysis.
Sensitivities
Adopted Value of
Operator’s Interest
Discount RateProperty Growth Rates
AS AT 31 MARCH 2023+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's22,821
Difference $NZ000's(900)1,000900(650)
Difference %-3.3%3.7%3.3%-2.4%
AS AT 31 MARCH 2022+0.5%-0.5%+0.5%-0.5%
Valuation $NZ000's15,450
Difference $NZ000's(545)5751,000(945)
Difference %-3.5%3.7%6.5%-6.1%
The occupancy period is a significant component of the LVC valuations and is driven from a Monte Carlo simulation. The
simulations are dependent on the demographic profile of the village (age and gender of residents) and the reason for
departing a unit. The resulting stabilised departing occupancy period is an estimate of the long run occupancy term for
residents. An increase in the stabilised departing occupancy period will have a negative impact on the valuation and
a decrease in the stabilised departing occupancy will have a positive impact on the valuation. The valuation calculates
the expected cash flows for a 20 year period (2022: 20 years) with stabilised departing occupancy assumptions set
out below.

SIGNIFICANT INPUT20232022
Stabilised occupancy period - villas8.0 yrs - 9.0 yrs8.0 yrs - 8.6 yrs
Stabilised occupancy period - serviced apartments4 yrs3 yrs
Current ingoing price, for subsequent resales of ORAs, is a key driver of the LVC valuations. A significant increase/
(decrease) in the ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair
value measurement.
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3.2. Property, Plant and Equipment
Accounting Policy
Property, plant and equipment is measured at cost or fair
value less, where applicable, any accumulated depreciation
and any accumulated impairment losses.
Cost includes expenditures that are directly attributable to
the acquisition of the asset. The cost of self constructed
assets includes the cost of materials and direct labour and
any other costs directly attributable to bringing the asset to
a working condition for its intended use. Purchased software
that is integral to the functionality of the related equipment
is capitalised as part of that equipment.
Subsequent costs are added to the carrying amount of an
item of plant and equipment when that cost is incurred if
it is probable that the future economic benefits embodied
with the item will flow to the Group and the cost of the item
can be measured reliably. All other costs are recognised in
the profit or loss as an expense as incurred. The costs of the
day to day servicing of property, plant and equipment are
recognised in profit or loss as incurred.
Freehold land and buildings are measured at revalued
amounts, being the fair value at the date of the revaluation,
less any subsequent accumulated depreciation and any
accumulated impairment losses. At each reporting date the
carrying amount of each asset is reviewed to ensure that
it does not differ materially from the asset’s fair value at
reporting date. Where necessary, independent valuations
are performed and the asset is revalued to reflect its
fair value.
Increases in the carrying amounts arising on revaluation of
land and buildings are recognised in other comprehensive
income and accumulated in equity. To the extent that the
increase reverses a decrease of the same asset previously
recognised in profit or loss, the increase is recognised in
profit or loss. Decreases that offset previous increases of the
same asset are recognised in other comprehensive income;
all other decreases are recognised in profit or loss.
Leasehold improvements are depreciated over the shorter
of either the unexpired period of the lease or the estimated
useful lives of the improvements. When revalued assets are
sold, or held for sale, the amounts included in the reserve
are transferred to retained earnings.
Land is not depreciated. The depreciable amount of all
other property, plant and equipment is depreciated using
the straight line method over their estimated useful lives
commencing from the time the asset is held available for use,
consistent with the estimated consumption of the economic
benefits embodied in the asset.

CategoryUseful Life Range
- Buildings50 years
- Motor vehicles5 years
- Furniture, fixtures and fittings5 - 10 years
- Information technology4 years
- Medical equipment 7 years

The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at each balance date. No
depreciation is charged in the year of sale for all assets
other than buildings in which case depreciation is
charged to the earlier of the date of classification to held
for sale or the date of sale.
Assets are assessed for impairment whenever events
or circumstances arise that indicate the asset may
be impaired. An asset’s carrying amount is written
down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated
recoverable amount. Impairment losses in respect of
individual assets are recognised immediately in profit
or loss unless the asset is measured at a revalued
amount, in which case the impairment loss is treated
as a revaluation decrease and is recognised in other
comprehensive income to the extent that it does not
exceed the amount in the revaluation surplus for the
same asset.
Gains and losses on disposals are determined by
comparing the net disposal proceeds with the carrying
amount of the asset. These are included in the profit
or loss.
Assets Held for Sale
Assets are classified as held for sale when their carrying
amount is to be recovered principally through a sale
transaction and a sale is considered highly probable.
They are measured at the lower of carrying amount
and fair value less costs to sell, except for investment
property assets held for sale which are carried at
fair value.
Carrying Value of Assets
The carrying amount at which both land and buildings
would have been carried had the assets been measured
under historical cost is as follows:
In thousands of
New Zealand dollars

Historical
cost 2023
Historical
cost 2022
Land and buildings93,87241,229
Accumulated Depreciation (1,633)(433)
Total92,23940,796
FINANCIAL NOTES
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ANNUAL REPORT 2023

In thousands of New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures
and Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2023
Opening net book value56,06629310,9992,1202894,07273,839
Additions
1
53,0831963,4044192598,67166,032
Revaluation531 — — — — — 531
Transfers5,007 — 1,224 78 14(6,323)—
Disposals(891) (6)(9) — — (418)(1,324)
Depreciation(1,286)(127)(2,812)(871)(112)—(5,208)
Closing net book value 112,510 356 12,806 1,746 450 6,002 133,870
YEAR ENDED 31 MARCH 2023
Cost
3
112,5271,45938,0246,6671,0546,002165,734
Accumulated Depreciation(17)(1,103)(25,218)(4,921)(605)—(31,864)
Net book value112,51035612,8061,7464506,002133,870
In thousands of New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures
and Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2022
Opening net book value18,32636111,3361,4732561,70733,459
Additions
2
37,641653,4041,1151343,12245,481
Transfers531 — (516) 290 — (757) (452)
Disposals — — (222) — — — (222)
Depreciation(432)(133)(3,003)(758)(101) — (4,427)
Closing net book value 56,066 293 10,999 2,120 289 4,072 73,839
YEAR ENDED 31 MARCH 2022
Cost
3
56,5121,27735,9026,1707824,072104,715
Accumulated Depreciation(446)(984)(24,903)(4,050)(493) — (30,876)
Net book value56,06629310,9992,1202894,07273,839

1. On 6 May 2022, the Group acquired four properties, previously leased from UCG Investments Limited for consideration of $46.7m. At the same time, a sale
and purchase agreement for a fifth property from UCG Investments Limited was also entered into, however the Group entered into a separate nomination
agreement to nominate its purchaser rights for the purchase of this one property, to a related party, Warehouse Storage Limited, related by virtue of common
shareholder (the Nomination). The Group has also been granted an option to acquire the property back from Warehouse Storage Limited from 24 May 2022
onwards, at a purchase price determined based on an agreed yield, calculated on the current market rent at the time the option is taken up. The Nomination
and Option enabled the Group to execute the transaction quickly and efficiently with UCG Investments Limited for the four other properties. The purchase of
the four properties was funded from bank borrowings, refer to note 4.3. Subsequently on 29 September 2022, the Group acquired another property as part of
the Matamata business combination at a fair value of $6.9m, refer to note 5.6.
2. On 5 August 2021, the Group acquired four properties previously leased from Ohaupo Holdings Limited for consideration of $31.4m. The purchase was
funded from the fully underwritten placement and issue of share capital to Ohaupo Holdings Limited, refer to note 4.1. Subsequently on 1 November 2021,
the Group acquired another property, a part of the Clare House business combination at a fair value of $6.6m, refer to note 5.6 of the Group’s audited
consolidated financial statements for the year ended 31 March 2022.
3. The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
64
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Valuations
As at 31 March 2023
The Group’s thirteen properties included in land and
buildings were revalued on 31 March 2023 to $112.5m from
a carrying value immediately prior of $112m, resulting
from a revaluation gain of $3.5m in other comprehensive
income and a revaluation loss of $3.0m in the profit and
loss statement. The fair values of the thirteen revalued
land and buildings on freehold land have been determined
by reference to independent valuations obtained as at
31 March 2023. These valuations were undertaken by a
Property Institute of New Zealand registered valuer, LVC
Limited. LVC, an external independent valuation company
employing registered valuers, have appropriate recognised
professional qualifications.
As at 31 March 2022
Management assessed that these freehold land and
buildings had not experienced any significant and volatile
changes in fair value necessitating a revaluation as at 31
March 2022 (including the consideration of the impact of
the COVID-19 pandemic). This assessment was informed by
advice provided by the Group’s land and buildings Valuer,
LVC Limited (LVC) (who provides valuation services to the
Group) who provided a valuation update letter confirming
that the carrying amounts of these freehold land and
buildings did not differ materially from that which would
be determined using fair value as at 31 March 2022. Of
the eight properties owned by the Group, three were last
revalued on 31 March 2021 at $18.3m and the remaining five
carried at $37.7m were purchased during the year ended
31 March 2022 (four during August 2021 and one during
November 2021). The purchase prices paid were informed
by independent external valuation reports from LVC (four
properties purchased during August 2021) and Colliers
(the property acquired as part of the Clare House business
combination per Note 5.6) obtained by Management to
inform the purchase price.
Valuation Uncertainty
As at 31 March 2023, the valuer of the all thirteen properties
has included a valuation uncertainty clause in their valuation
reports noting that “The markets experienced strong
growth throughout 2021 and much of 2022. However due
to recent Government lending controls, global supply
Adopted Value Capitilisation Rate
As at 31 March 2023
Valuation $NZ000's112,510+0.5%-0.5%
Difference $NZ000's(7,900)9,200
Difference %(7.1%)8.2%
issues, abnormally high inflation and rapidly rising
interest rates we have seen a slowdown in markets
generally with declining asset values, and an economic
downturn (recession) is seen as a risk going forward.
Sales transaction volumes have decreased significantly
as there is a disconnect between vendor expectation
and the price purchasers are prepared to pay due to the
large increase in interest rates over a short time frame.
Therefore, less certainty and a higher degree of caution
should be attached to our valuation than would normally
be the case”. Given the valuation uncertainty, the valuer
has recommended in their reports that the valuations of
the properties be reviewed periodically.
As at 31 March 2022, as at the last revaluation date
of 31 March 2021 for three properties, the valuer, LVC,
had included a valuation uncertainty clause in their
valuation reports as a result of the COVID-19 pandemic.
This clause highlighted the difficulties in undertaking
valuations due to the absence of, or limited relevant
transactional evidence that demonstrates current
market pricing. Therefore, less certainty and a higher
degree of caution should be attached to the point
estimate valuation. This represented an increase in the
significant estimation uncertainty in the valuation of the
properties. Given the valuation uncertainty, the valuers
had recommended in their reports that the valuations of
the properties be kept under frequent review. As at 31
March 2022, the Group had obtained confirmation from
LVC that similar valuation uncertainty clauses would
be included if valuation reports were obtained as at 31
March 2022 for all of the Group’s eight properties.
Key Accounting Estimates and Judgements
Property measurements are categorised as Level 3
(2022: Level 3) of the fair value measurement hierarchy
as the fair value is determined using inputs that
are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the
fair value measurement of the Group’s land and
buildings is the capitalisation rate applied to rentals.
A significant decrease/(increase) in the capitalisation
rate would result in significantly higher/(lower) fair
value measurement.
Sensitivities
FINANCIAL NOTES
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For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation licence payments47,7 7234,316
Less: Management fee receivable (per contract)
(13,668)(5,700)
34,104 28,616
RECONCILIATION OF MANAGEMENT FEES RECOGNISED UNDER NZ IFRS AND
PER ORA
Management fee receivable (per contract)(13,668)(5,700)
Deferred management fees3.16,9731,553
Management fee receivable (per NZ IFRS)(6,695)(4,147)
COMPRISING OF
Current deferred management fees1,900465
Non-current deferred management fees5,0731,088
Deferred management fees6,9731,553
3.3. Refundable Occupation Right Agreements
Accounting Policy
Occupation Right Agreements (ORAs) confer the right to
occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A new resident is charged a refundable security deposit, on
being issued the right to occupy one of the Group’s units,
which is refunded to the resident subject to a new ORA for
the unit being issued to an incoming resident, net of any
amount owing to the Group. The Group has a legal right
to set off any amounts owing to the Group by a resident
against that resident’s security deposit. Such amounts
include management fees, rest home and hospital fees,
service fees and village fees. As the refundable occupation
right is repayable to the resident upon vacating the unit
(subject to a new ORA for the unit being issued to an
incoming resident), the fair value is equal to the face value,
being the amount that can be refunded.
The right of residents to occupy the investment properties
of the Group is protected by the Statutory Supervisor
restricting the ability of the Group to fully control these
assets without undergoing a consultation process with all
affected parties.
A resident is charged a village contribution fee in
consideration for the right to occupy one of the
Group’s units:
• for Windsor Lifestyle Estate Limited, to a maximum of
30% of the entry payment; and
• for Elloughton Grange Village Limited, to a maximum of
30% of the entry payment; and
• for Clare House Retirement Village Limited, to a maximum
of 30% of the entry payment.
• for Matamata Retirement Village Limited, to a
maximum of 30% of the entry payment.
A resident is charged an administration fee for the right
to occupy one of the Group’s units:
• for Clare House Retirement Village Limited, to a
maximum of 3.45% of the entry payment.
The village contribution is payable by the resident
on termination of the ORA. Village contribution is
recognised as deferred management fees, note 2.1. The
management fee receivable is recognised in accordance
with the terms of the resident’s ORA.
The deferred management fees represents the difference
between the management fees receivable under the
ORA and the portion of the management fee accrued
which is recognised on a straight-line basis over the
longer of the term specified in a resident’s ORA or
the average expected occupancy for the relevant
accommodation i.e. 8 to 9 years for villas and 3 to 4
years for serviced apartments (2022 : 8 to 8.6 years for
villas and 3 to 4 years for serviced apartments).
The management fee recognised in the Consolidated
Statement of Comprehensive Income represents income
earned in line with the average expected occupancy.
As a refundable occupation license payment is repayable
to the resident upon termination (subject to a new
ORA being issued to an incoming resident), the fair
value is equal to the face value, being the amount that
can be demanded.
The expected maturity of the refundable obligations to
residents is beyond 12 months.
66
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3.4. Leases
Accounting Policy
At the commencement date of a lease (other than leases
of 12-months or less and leases of low value assets), the
Group recognises a lease asset representing its right to use
the underlying asset and a lease liability representing its
obligation to make lease payments.
Right-of-use Assets
Right-of-use assets are initially recognised at cost,
comprising the amount of the initial measurement of the
lease liability, any lease payments made at or before the
commencement date of the lease, less any lease incentives
received, any initial direct costs incurred by the Group,
and an estimate of costs to be incurred by the Group in
dismantling and removing the underlying asset, restoring
the site on which it is located or restoring the underlying
asset to the condition required by the terms and conditions
of the lease.
Subsequent to initial recognition, right-of-use assets are
measured at cost (adjusted for any remeasurement of the
associated lease liability), less accumulated depreciation
and any accumulated impairment loss. Right-of-use
assets are assessed for impairment whenever events or
circumstances arise that indicate the asset may be impaired.
An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful life of the underlying
asset, consistent with the estimated consumption of the
economic benefits embodied in the underlying asset.
Lease Liabilities
Lease liabilities are initially recognised at the present value
of the future lease payments (i.e., the lease payments that
are unpaid at the commencement date of the lease). These
lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined,
or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, the lease liability is
measured at amortised cost using the effective interest rate
method. Interest expense on lease liabilities is recognised
in profit or loss (as a component of finance costs). Lease
liabilities are remeasured to reflect changes to lease terms,
changes to lease payments and any lease modifications not
accounted for as separate leases.
Variable lease payments not included in the measurement of
lease liabilities are recognised as an expense when incurred.
Leases of 12 Months or Less and Leases of Low Value Assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a lease
asset and a lease liability has not been recognised) are
recognised as an expense on a straight line basis over
the lease term.
Key Accounting Estimates and Judgements
Extension and termination options are included in
a number of leases across the Group. These terms
are used to maximise the operational flexibility of
contracts. The majority of extension and termination
options are exercisable only by the Group and not by
the respective lessor. In determining the lease term,
Management considers all facts and circumstances
that lead to an economic incentive to exercise and
extension option or not exercise a termination option.
Extension options or periods after termination options
are only included in the lease term if the lease is
reasonably certain to be exercised. This assessment is
reviewed if a significant event or significant change in
circumstances occurs which effects this assessment and
that is within the Group’s control. All extension options
have been assumed for the calculations of the Group’s
lease liabilities.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the
Group, the lessee’s incremental borrowing rate is used,
being the rate that the individual lessee would have to
pay to borrow the funds necessary to obtain an asset
of similar value to the right-of-use asset in a similar
economic environment with similar terms, security and
conditions. The weighted average incremental borrowing
rates applied by the Group is 5% (2022: 5%). No new
leases were entered into during the year (2022: none)
and four leases were cancelled during the year (2022:
four leases were cancelled).
FINANCIAL NOTES
67
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ANNUAL REPORT 2023

For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
(A) RIGHT-OF-USE ASSETS
Land and buildings under lease130,552152,980
Accumulated depreciation(18,088)(19,068)
Total carrying amount of right-of-use assets112,464133,912
RECONCILIATIONS
Reconciliation of the carrying amount of right-of-use assets at the beginning and end of the financial year:
Land and buildings
Opening carrying amount133,912177,170
Depreciation(4,771)(6,767)
Remeasurements10,428794
Disposals(27,105)(37,285)
Closing carrying amount112,464133,912
On 6 May 2022, the Group acquired four properties, previously leased from UCG Investments Limited, refer notes
3.2 and 4.1. On acquisition, the disposal of the related right-of-use assets and lease liabilities resulted in a gain on
modification of $1.8m being recognised upon the cancelling lease and derecognition of the related lease liabilities
and right-of-use assets (31 March 2022: a gain on modification of $1.4m relating to acquisition of four properties
previously leased from Ohaupo Holdings Limited that were purchased on 5 August 2021, refer notes 3.2 and 4.1).
(B) LEASE LIABILITIES
Current
Land and buildings 2,4284,023
Non-current
Land and buildings 119,102138,520
121,530142,543
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities 5,974 7,655
Depreciation expense on right-of-use assets 4,771 6,767
Cash outflow in relation to leases8,48811,522
(D) MATURITY ANALYSIS - CONTRACTUAL UNDISCOUNTED CASH FLOWS
- Not later than 1 year8,53610,872
- Later than 1 year and not later than 5 years34,24543,620
- Later than 5 years186,242203,395
229,023257,887
68
RADIUS CARE
ANNUAL REPORT 2023

4. SHAREHOLDER EQUITY AND FUNDING
4.1. Shareholder Equity and Reserves
Accounting Policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax, from the proceeds.
The grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an
expense, with a corresponding increase in equity.
20232022
Shares$000Shares$000
SHARE CAPITAL
Authorised, issued and fully paid up capital284,848,64456,813269,243,08951,732
Total contributed equity284,848,64456,813269,243,08951,732
MOVEMENTS
Opening balance of ordinary shares issued269,243,08951,732176,495,0005,932
Shares issued to Main Family Trust15,328,0195,000 — —
Shares issued to employees and service providers 188,385 57 — —
Dividend reinvestment plan 89,151 24 — —
Fully underwritten placement — — 57,692,30730,000
Shares issued to Ohaupo Holdings Limited — — 19,230,76810,000
Retail offer — — 15,825,0148,229
Share issuance costs—— — (2,429)
Closing balance of ordinary shares issued284,848,64456,813269,243,08951,732
All ordinary shares are authorised and rank equally with one
vote attached to each fully paid ordinary share. The shares
have no par value. The Group incurred no transaction costs
issuing shares during the year (2022: $2.4m).
Shares Issued to the Main Family Trust
On 28 September 2022, allotment of 15,328,019 ordinary
shares were issued at $0.33 per share to the trustees of
the Main Family Trust No. 2 as part consideration for the
purchase price payable for the acquisition of Matamata
Country Lodge business combination as described in
note 5.6.
The share issue was authorised in accordance with the
Directors’ resolution dated 30 August 2022.
Shares Issued to Ohaupo Holdings Limited
On 5 August 2021, allotment of 19,230,768 ordinary
shares were issued at $0.52 to Ohaupo Holdings Limited’s
nominees as part consideration for the purchase price
payable for the acquisition of land and buildings from
Ohaupo Holdings Limited as described in note 3.2.
The share issue was authorised as per the Shareholders’
resolution dated 23 July 2021.
Fully Underwritten Placement
No shares were issued under placement during the
period to 31 March 2023.
On 27 July 2021 and 3 August 2021, 34,062,037 and
23,630,270 ordinary shares were issued under a
placement, at a final price of $0.52 per share.
The share issue was authorised as per the Shareholders’
resolution dated 23 July 2021.
Retail Offer
On 13 August 2021, allotment of 15,825,014 ordinary
shares were issued at $0.52 under a retail offer.
The share issue was authorised as per the Shareholders’
resolution dated 23 July 2021.
Dividend Reinvestment Plan (DRP)
During the year, the Board implemented a DRP which
enabled shareholders to reinvest their dividend in
newly issued ordinary shares in Radius Residential Care
Limited. A total of 89,151 ordinary shares at $0.27 per
share for a total of $24,000 were issued.
FINANCIAL NOTES
69
RADIUS CARE
ANNUAL REPORT 2023

Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
Other Reserve
Other reserve is used to record the reserves arising in relation to share based payments by the Group.
4.3. Borrowings
Accounting Policy
Borrowings are initially recognised at fair value, including
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between
the proceeds (net of transaction costs) and the
redemption amount is recognised in the Statement
of Comprehensive Income over the period of the
borrowings, using the effective interest method.

In thousands of New Zealand
dollars
20232022
SECURED LIABILITIES
Current
Bank Loans 23,000 —
Vendor Loan 11,518 —
Non-current
Bank Loans63,16930,000
97,68730,000

Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared.
20232022
Cents per
share
Total $000
Cents per
share
Total $000
RECOGNISED AMOUNTS:
Prior year final dividend0.761,4810.891,129
Interim dividend
0.701,4350.701,349
2,9162,478
Final dividend declared——0.761,481
4.2. Earnings per share
Basic and Diluted
Basic earnings per share is calculated by dividing the profit
after tax of the Group by the weighted average number
of ordinary shares outstanding during the year. Diluted
earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. As at 31
March 2023, there were no shares with a dilutive effect (31
March 2022: none) and therefore basic and diluted earnings
per share were the same.
In thousands of New
Zealand dollars
20232022
Profit/(Loss) after tax(2,106)2,673
Weighted average
number of ordinary shares
outstanding ('000s)
277,045237,594
Cents per share(0.76) 1.13
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Current
$000
Non-current
$000
Facility Limit
$000
Effective
Interest Rate
%
Expiry Date
31 MARCH 2023
Committed Money Market - A — 20,000 20,000 5.60%1 November 2026
Committed Money Market - B 15,000 — 15,000 5.28%6 October 2023
Committed Money Market - B — 4,994 5,000 5.28%1 November 2026
Committed Money Market - C — 14,500 14,500 4.98%1 November 2026
Committed Money Market - D — 23,675 23,675 6.68%6 May 2027
Committed Money Market - E 8,000 — 8,000 6.70%6 October 2023
Vendor Loan 11,518 — 11,518 8.00%21 October 2023
34,518 63,169 97,693
31 MARCH 2022
Committed Money Market - A — 15,50020,0003.30%1 November 2026
Committed Money Market - B — 14,50020,0002.80%1 November 2026
Committed Money Market - C — — 20,000 — 1 November 2026
— 30,00060,000
Vendor Loan
The vendor loan is deferred consideration payable to the
Main Family Trust as a result of the Matamata business
acquisition (refer note 5.6). The amount represents a
payable of $11.5m bearing interest at 8% per annum as at 31
March 2023. On 3 May 2023 the Company agreed to repay
$1m of the vendor loan and for the interest rate payable
to step up to 18% per annum from 1 April 2023 until an
extended maturity date of 21 October 2023. Interest of 12%
per annum (of the total 18%) is payable monthly in arrears
and 6% per annum is capitalised monthly and repayable
in one lump sum on 21 October 2023. The vendor loan is
secured by a first ranking security over the land and building
assets acquired as part of the Matamata acquisition.
Security
The bank loans of the Group are guaranteed by certain
Group entities and secured by mortgages over the
Group’s care centre freehold land and buildings and rank
second behind the Statutory Supervisors when the land
and buildings are classified as investment property and
investment property under development.
As at 31 March 2023 the balance of the bank loans
over which the properties are held as security is
$86.2m (31 March 2022: $30.0m), the total commitment as
at 31 March 2023 is $86.2m (31 March 2022: $30.0m).
Other
As at 31 March 2023, the Group has a Corporate Banking
Overdraft Facility Agreement with ASB Bank Limited
for $5m (31 March 2022: $2m) of which $3m is due to
expire on 31 July 2023 with the remaining $2m due to
expire on 31 March 2049 (31 March 2022: 31 March 2049).
This facility bears interest at an effective interest rate of
6.28% (31 March 2022: 4.24%) and is secured over the
assets of the Group and guaranteed by certain Group
entities. At 31 March 2023 there was $2.9m drawn down
(31 March 2022: Nil).
Terms and Conditions and Assets Pledged as Security
FINANCIAL NOTES
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Financing Arrangements
Under the Group’s bank loan arrangements with ASB
Bank Limited, the Group must comply with externally
imposed banking covenants. These covenants are tested
and reported to the ASB on a quarterly basis. During the
year ended 31 March 2023, the Group complied with all
externally imposed banking covenant requirements to
which it is subject (2022: complied with all). The Group
has agreed with its bank that the calculation of Adjusted
EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortisation) and Net Interest, for the purposes of the
financial covenants, shall continue to be based on the
accounting treatment in use before the introduction and
adoption of NZ IFRS 16 Leases (2022: The Group has
agreed with its banks that the calculation of Adjusted
EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortisation) and Net Interest, for the purposes of the
financial covenants, shall continue to be based on the
accounting treatment in use before the introduction and
adoption of NZ IFRS 16 Leases). Following the acquisition
of Matamata on 29 September 2022 it was agreed that
the assets, liabilities and operating results arising from this
acquisition would sit outside of the lending group and would
therefore not be included in the calculation of any externally
imposed banking covenants by ASB Bank Limited.
On 31 March 2023, a six-month extension was granted
by ASB relating to $23m of finance facilities (being the
current portions of the Committed Money Market B
and E facilities above) that were originally put in place
to enable settlement of the four previously leased land
and buildings property assets from UCG Investments
Limited. These finance facilities now need to be repaid
on or before 6 October 2023. The amendments include a
new event of review that requires the Company to have
received equity commitments of not less than $30m
by 31 July 2023 and to have completed an equity raise
and apply at least $25m to repay the ASB facilities by 6
October 2023.
Subsequent to 31 March 2023, the Board and
Management have developed a debt management
programme which sets out the Group's intentions for
the repayment of borrowings due for repayment by 6
October 2023. Further information in this can be found
within note 1.1.
On 15 May 2023 the trustee of the Providence Trust, a
related party of Director Brien Cree, agreed to lend
the group subsidiaries that own the Matamata Country
Lodge Business $1m at 18% per annum repayable on 21
October 2023.
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5. OTHER DISCLOSURE
5.1. Income Tax
Accounting Policy
Current income tax expense or credit is the tax payable on
the current period’s taxable income based on the applicable
income tax rate adjusted by changes in deferred tax assets
and liabilities.
Deferred tax assets and liabilities are recognised for
temporary differences at the applicable tax rates when the
assets are expected to be recovered or liabilities are settled.
Deferred tax liabilities are not recognised if they arise from
the initial recognition of goodwill. Deferred income tax is
also not recognised if it arises from the initial recognition
of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for deductible temporary
differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those
temporary differences and losses.
Current and deferred tax balances attributable to amounts
recognised directly in equity are also recognised directly
in equity.
Key Accounting Estimates and Judgements
Deferred Tax on Investment Property
Deferred tax on investment property is assessed on the
basis that the asset value will be realised through use
(“Held for Use”).
An initial recognition exemption has been applied to
newly developed village sites in accordance with NZ IAS
12 Income Taxes.
The Group’s ORAs comprise two distinct cash flows
(being an ORA deposit upon entering the unit and the
refund of this deposit upon exit). In determining the
tax base of investment property, the Group considered
whether taxable cash flows are received at the end of
the ORA period (i.e. upon refund of the ORA deposit by
way of set off on exit by a resident) or at the beginning
of the ORA period (i.e. at time of the receipt of the
ORA deposit). The Group has carefully evaluated all
the available information and considers it appropriate
to recognise and measure the tax base and associated
deferred tax based on the taxable cash flows being
receivable at the end of the ORA period as this best
represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use
methodology, the Group has made significant
judgements to determine taxable temporary differences.
The carrying value of the Group’s investment property is
determined on a discounted cash flow basis and includes
cash flows that are both taxable and non-taxable in the
future. The Group has recognised deferred tax on the
cash flows with a future tax consequence being DMF
as provided by LVC (2022: CBRE and Colliers), to the
extent that it arises from depreciable components (i.e.
buildings) of the investment property. The Group uses
the valuers valuations to estimate the apportionment of
cash flows arising from the depreciable (i.e. buildings)
and non-depreciable components (i.e. land).
FINANCIAL NOTES
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For the year ended
In thousands of New Zealand dollars
2023 2022
(A) COMPONENTS OF TAX EXPENSE
Current tax(18)1,331
Deferred tax(860)(923)
(878)408
(B) INCOME TAX RECONCILIATION
The prima facie tax payable on profit before tax is reconciled to the income tax expense as
follows:
Prima facie income tax payable on profit before tax at 28.0%(836)863
Permanent differences(70)(138)
(Over)/Under provision for income tax in prior year3(317)
Other25 —
Income tax expense attributable to profit(878)408
(C) DEFERRED TAX
Deferred tax relates to the following:
Non-current asset
Deferred tax assets
The balance comprises:
Lease liabilities34,02839,912
Provisions2,0912,444
Deferred management fee income1,2811,025
Tax losses539—
37, 9 3 943,381
Deferred tax liabilities
The balance comprises
Property, plant and equipment2,6792,000
Right-of-use assets31,49037,496
34,16939,496
Net deferred tax assets3,7703,885
(D) DEFERRED INCOME TAX REVENUE COMPRISES:
Through profit included in income tax expense
Decrease/(Increase) in deferred tax assets5,44210,959
Decrease in deferred tax liabilities(6,202)(11,209)
Increase in deferred tax liabiliies as a result of acquisition(100)(673)
(860)(923)
Through other comprehensive income
Increase in deferred tax liabilities874 —
874—
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is
probable that future taxable profits will be available to utilise those temporary differences.
(E) IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT PERIODS
Balance at the beginning of the year6,7355,549
Dividends paid(1,134)(963)
New Zealand tax payments, net of refunds4152,149
Balance at the end of the year6,0166,735
74
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5.2. Intangible Assets
Accounting Policy
Goodwill
Goodwill represents the future economic benefits arising
from other assets acquired in a business combination that
are not individually identifiable or separately recognised.
Goodwill is initially recognised at an amount equal to
the excess of: (a) the aggregate of the consideration
transferred, the amount of any non controlling interest, and
the acquisition date fair value of the acquirer’s previously
held equity interest (in the case of a step acquisition), over
(b) the net fair value of the identifiable assets acquired
and liabilities assumed. For accounting purposes, such
measurement is treated as the cost of goodwill at that date.
Goodwill is not amortised, but is tested for impairment
annually, or more frequently if events or changes
in circumstances indicate that it might be impaired.
Subsequent to initial recognition, goodwill is measured at
cost less any accumulated impairment losses.

For the year ended
In thousands of New Zealand
dollars
2023 2022
Goodwill at cost19,79717,036
Purchase of Clare House
companies
1
—2,761
19,79719,797

1. On 1 November 2021, the Group acquired the shares in Clare House Care
Limited and Clare House Retirement Village Limited as part of the Clare House
business combination, refer to note 5.6 of the Group’s audited consolidated
financial statements for the year ended 31 March 2022.
Key Accounting Estimates and Judgements
Goodwill has been assessed as having indefinite useful lives,
as there is no foreseeable limit to the period over which the
asset is expected to generate net cash inflow for the Group.
Goodwill is allocated to twenty one (2022: twenty one)
individual CGUs within the residential care business (which
are various individual residential care and village businesses
acquired by the Group). Corporate office cash flows
incurred by the Group is allocated to each CGU based on
bed numbers.
The recoverable amount of CGUs as at reporting date
has been determined based on its fair value less costs
of disposal, determined using discounted cash flows
that includes Management’s estimates based on past
performance and its expectation for the future performance
for up to 5 years. These estimates are based on budgeted
projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter
are estimated using a standard growth rate deemed to be
reasonable by Management.
The key assumptions used for discounted cash flows
calculations are as follows:
• The year 1 through 5 of the forecast cash flows are
based on Management forecasts approved by the
Board of Directors
• The cash flow period used in the calculations was 5
years (2022: 3 years)
• The pre-tax discount rate applied in the calculations
was between 11.2% and 12.4% (2022: pre-tax between
11.48% and 13.99%)
• The terminal growth rate applied in the calculations
was 2.0% (2022: 2.0%)
• Occupancy projections vary between CGU based on
actual and expected occupancy rates.
The recoverable amount as assessed by Management for
each of the CGU’s are in excess of the carrying value of
goodwill for each CGU.
Management believes that no reasonably possible
changes in any of the above key assumptions would
cause the carrying value of the goodwill to be materially
lower than its recoverable amount.
Care CGUs Recoverable Amount
The recoverable amount of the individual care sites as at
31 March 2023 has been determined based on fair value
less costs of disposal, determined using discounted cash
flows . As the recoverable amount of individual care sites
was determined using inputs that are significant and
unobservable, the Group has categorised these inputs
as Level 3 under the fair value hierarchy in accordance
with NZ IFRS 13 Fair Value Measurement. The significant
unobservable inputs used in the fair value measurement
of the recoverable amount of the Group’s individual care
sites were as described above, year 1 to 5 forecast cash
flows, a pre-tax discount rate, a terminal growth rate and
occupancy projections based on actual and expected
occupancy rates.
• A significant increase/(decrease) in the forecast cash
flows, terminal growth rate, and occupancy projections
and rates, assumptions would result in a significantly
higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax
discount rate would result in a significantly (lower)/
higher fair value measurement.
FINANCIAL NOTES
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Recognition, Measurement and Judgements in Applying Accounting Policies
When measuring expected credit losses (‘ECL’) the Group uses reasonable and supportable forward looking information,
which is based on assumptions for future movement of different economic drivers and how these drivers will affect each
other. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default
experience of the debtors and an analysis of the debtors’ current financial positions, adjusted for factors that are specific
to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the
current as well as the forecast direction of conditions at the reporting date.
The Group has the following financial assets subject to the application of the expected credit loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and hospital fees. These are
split between private amounts owed by residents and amounts due from agencies such as the Ministry of Health and
Accident Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment
receivables. These are receivable from residents.
5.3. Trade and Other Receivables
Accounting Policy
Trade receivables are amounts due from residents and Government agencies in the ordinary course of business and are
recognised initially at fair value being the transaction price plus any transaction costs. Subsequent to initial recognition,
receivables from contracts with customers are measured at amortised cost using the effective interest method less
impairment.
For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
CURRENT
Trade receivables10,5839,151
Allowance for credit losses(489)(694)
10,0948,457
NZX listing bond 75 75
Prepayments2,6291,104
Accrued Income273113
Development costs—91
2,9771,383
NON-CURRENT
Prepayments—2
—2
13,0719,842
76
RADIUS CARE
ANNUAL REPORT 2023

12-month Expected Credit Losses
Days Past Due
Not Past Due31-6061-90
91 and
OverTotal
2023
Estimated total gross carrying amount at default ($000)7,1217606312,07110,583
Expected credit loss rate (%)0.2%0.3%1.9%22.3%5.2%
Expected credit loss rate ($000) 13 2 12 462 489
2022
Estimated total gross carrying amount at default ($000)5,1908604622,6399,151
Expected credit loss rate (%)0.3%0.3%2.4%25.2%7.6%
Expected credit loss rate ($000) 14 3 11 666 694
The following table provides information about the risk profile of trade receivables from contracts with residents and
Government agencies using a provision matrix. The information in the below table does not distinguish between resident
or product types as the Group’s historical credit loss experience does not show different patterns for different resident or
product types.
5.4. Trade and Other Payables
Accounting Policy
Trade payables are recognised initially at fair value less
transaction costs and subsequently measured at amortised
costs using the effective interest method.
Employee Benefits
(i) Short-term Employee Benefit Obligations
Liabilities arising in respect of wages and salaries, annual
leave and other employee benefits (other than termination
benefits) expected to be settled wholly before twelve
months after the end of the reporting period are measured
at the (undiscounted) amounts based on remuneration rates
which are expected to be paid when the liability is settled.
(ii) Long-term Employee Benefit Obligations
The provision for other long-term employee benefits,
including obligations for long service leave and annual leave,
which are not expected to be settled wholly before twelve
months after the end of the reporting period, are measured
at the present value of the estimated future cash outflow to
be made in respect of the services provided by employees
up to the reporting date.
When the Group does not have an unconditional right
to defer settlement for at least twelve months after the
reporting date, those employee entitlements are presented
as current. All other long-term employee benefit obligations
are presented as non-current liabilities.
(iii) Retirement Benefit Obligations: Defined Contribution
Superannuation Plan
The Group makes superannuation contributions to the
employee’s defined contribution superannuation plan
of choice in respect of employee services rendered
during the year. These superannuation contributions
are recognised as an expense in the same period
when the related employee services are received. The
Group’s obligation with respect to employee’s defined
contributions entitlements is limited to its obligation for
any unpaid superannuation guarantee contributions at
the end of the reporting period.
For the year ended
In thousands of New Zealand dollars
2023 2022
CURRENT
Unsecured liabilities
Trade creditors4,2813,937
GST payable1,228811
Other payables30914
Accrued expenses2,5961,397
Annual leave6,1566,421
Other employee entitlements4,9204,321
Deferred government grants income1,053 —
20,54316,901
FINANCIAL NOTES
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5.5. Related Party Transactions
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent
accounting policies. Adjustments are made to bring into line any dissimilar accounting policies which may exist.
All intercompany transactions and balances are eliminated. The subsidiaries are consolidated from the date the Group
gains control until the date on which control ceases.
Subsidiaries
The following are the Group’s subsidiaries.
Name of EntityPrincipal Activities
Ownership Interests
and Voting Rights
Class of Shares20232022
Radius Matamata Retirement
Village Limited
Operating entity for Matamata Retirement Village100%N /AOrdinary
Radius SPV Limited
Property owning entity for
Matamata Country Lodge and Matamata
Retirement Village.
100%N /AOrdinary
R Connect Limited
Staff placement company providing short term
staffing solutions
100%N /AOrdinary
Radius Arran Court LimitedLessee entity for Radius Arran Court facility100%100%Ordinary
Windsor Lifestyle Estate LimitedOperating entity for Windsor retirement village100%100%Ordinary
Radius Care Limited (non-trading)Dormant100%100%Ordinary
Elloughton Grange
Village Limited
Operating entity for Elloughton retirement village100%100%Ordinary
Radius Care Holdings Limited
Property owning entity for St Helenas, Thornleigh
Park, Lexham Park, Elloughton Gardens, Heatherlea,
Windsor Court, Taupaki Gables, Peppertree, Arran
Court, St Joans and Fulton facilities
100%100%Ordinary
Clare House Retirement
Village Limited
Operating entity for Clare House Retirement
Village and property owning entity for the Clare
House care facility
100%100%Ordinary
Clare House Care LimitedOperating entity for Clare House Care100%100%Ordinary
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March.
Radius Matamata Retirement Village Limited, Radius SPV Limited and R Connect Limited were incorporated by the Group
during the period.
78
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Key Management Personnel Compensation and Other Related Parties
Key management personnel are all executives and Directors with the authority for the strategic direction and
management of the Group.
Related PartyRelationship
Brien CreeDirector and Ultimate Shareholder (via Wave Rider Holdings Limited)
Duncan CookDirector and Shareholder
Bret JacksonDirector and Ultimate Shareholder (via Takatimu Investments Limited)
Timothy SumnerDirector (until 25 February 2022)
Mary GardinerDirector
Hamish StevensDirector and Shareholder
Wave Rider Holdings LimitedShareholder
Takatimu Investments Limited
Shareholder (The shares increased by 1,705,221 due to the distribution of the Knox Fund IV NZD LP
and Fund IV AUD LP)
Cibus Catering LimitedCommon Director (Brien Cree)
Valhalla Capital LimitedCommon Director (Brien Cree)
Ohaupo Holdings LimitedCommon Shareholder (Neil Foster)
Neil FosterShareholder
Warehouse Storage LimitedCommon Shareholder (Neil Foster)
Main Family TrustShareholder
FINANCIAL NOTES
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For the year ended
In thousands of New Zealand dollars
31 March 2023 31 March 2022
Directors' remuneration and expenses416494
Dividends to Director related entities9901,316
Key management personnel salaries and other short term employee benefits2,8061,911
Key management personnel dividends49
4,2163,730
OTHER RELATED PARTIES
Trade creditors
- Cibus Catering Limited8654
Trade debtors
- Cibus Catering Limited1414
Catering services
- Cibus Catering Limited7,0845,886
Consulting fees
- Tim Sumner—151
- Duncan Cook
1
451200
Purchase of property, plant and equipment
- Ohaupo Holdings Limited
2
—31,400
- Additional fees paid to Directors associated with issue of shares—60
Rent paid
- Ohaupo Holdings Limited
2
—770
- Warehouse Storage Limited 1,040—
Rent received and utility recharges
- Cibus Catering Limited6782
Personal Guarantee fee
- Brien Cree170170
Business acquisition
- Main Family Trust
3
17,018—
Vendor loan interest
- Main Family Trust
3
461—
1. Predominately relates to services provided in respect of the UCG transaction and Matamata business acquisition.
2. Ohaupo Holdings Limited only became a related party after the purchase of the properties described in note 3.2 and the issue of share capital
described in note 4.1 as part of the consideration paid for these properties.
3. Main Family Trust only became a related party after the purchase of the Matamata business described in note 5.6 and the issue of share capital
described in note 4.1 as part of the consideration paid for this business.
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Assignment of an Agreement for the Purchase of
Land From a Director
Brien Cree (Director) and the Group are party to an
agreement (“the Assignment Agreement”), whereby, Mr
Cree has agreed to assign to the Group his rights under
an agreement for sale and purchase of real estate (“Land
SPA”), to acquire a circa 4.3 hectare development property
at Main North Road, Belfast, Christchurch (‘the development
property’) from an unrelated third party.
The purchase price under the Land SPA is $5.8m, of which
a non-refundable deposit of $300k was paid by Mr Cree
during the 2021 financial year. On the date of settlement,
being 16 April 2021, the Group paid Mr Cree $700k of which
$400k was for the assignment of the agreement to purchase
the land and $300k for the reimbursement of the deposit.
A condition of the Assignment Agreement was approval
of the transaction by the Board of the Group by 2 April
2021. On 2 April 2021 the Board (excluding Mr Cree as
an interested Director) exercised its right to approve the
Assignment Agreement and the Group now holds the rights
to acquire the development property.
The Board approved the Assignment Agreement on 2
April 2021 on the basis the Group had obtained:
• resource consent and funding for the development of
an integrated aged care facility and retirement village
on the property and
• an independent valuation had confirmed that the
property’s fair value after resource consent exceeded
the purchase price of the property (including the
additional $400k consideration payable to Mr Cree).
The balance of the purchase price under the land sale
and purchase agreement amounting to $5.5m is payable
to the third party vendor on settlement, which will be
completed when the title of the property is issued. It is
currently expected that title will be issued in mid 2024.
FINANCIAL NOTES
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5.6. Business Combinations
a. Summary of Acquisition
On 29 September 2022 the Company acquired 100% of the assets and liabilities of Matamata Country Lodge Limited and
Matamata Retirement Village Limited, provider of rest home and hospital care for the elderly and a retirement village.
The following are the provisional details of the purchase consideration, the net assets acquired and gain on business
acquisition:
Purchase consideration (refer to (b) below):NOTE
2023
$000
Fair values
Cash paid 500
Deferred Consideration - Vendor Loan4.3 11,518
Ordinary Share capital 15,328,019 share at 32.62 cents per share4.1 5,000
Total 17,018
The assets and liabilities recognised as a result of the acquisition are as follows:
Property, plant and equipment 6,926
Investment Properties23,037
Deferred tax asset (liability)(100)
Provisions(82)
Refundable Occupation Rights Agreements(9,779)
Deferred Management fees (2,057)
Total 17,945
Gain on business acquisition 927

Revenue and Profit Contribution
The acquired business contributed revenues of $3.9m and profit before tax of $0.8m to the group for the period from
29 September 2022 to 31 March 2023.
If the acquisition had occurred on 1 April 2022, consolidated pro-forma revenue and profit before tax for the period
ended 31 March 2023 would have been $7.5m and $1.1m respectively. These amounts have been calculated using
the subsidiaries’ results and adjusting them for:
• differences in the accounting policies between the group and the subsidiaries, and
• the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to
property, plant and equipment had applied from 1 April 2022, together with the consequential tax effects.
b. Purchase Consideration - Cash Outflow
For the year ended
In thousands of New Zealand dollars
2023
Fair values
Outflow of cash to acquire subsidiaries, net of cash acquired
Cash500
Net outflow of cash - investing activities500

The business combination resulted in a gain on business acquisition as the fair value of assets acquired and liabilities
assumed exceeded the total of the fair value of consideration paid.
There was an acquisition of Clare House Care Limited and Clare House Retirement Village Limited in the year ended 31
March 2022.
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5.7. Long Term Incentive Plan (LTIP)
On 18 July 2022 the Board approved a new Long Term
Incentive Scheme for its senior executives (‘LTIP’).
The LTIP has been established to:
• provide an incentive to key executives to commit to
Radius for the long term; and
• align these executives’ interests with the interests of
Radius’ shareholders.
Participants in the Scheme will be granted Performance
Share Rights (PSRs) from time to time which will, on vesting,
convert into an entitlement to receive ordinary shares.
Vesting will depend on achievement of certain conditions
relating to Radius share price.
PSRs become exercisable if the holder remains employed
on the vesting date and conditions are met over the period
from the commencement date to the measurement date,
and in certain other exceptional circumstances.
On becoming exercisable, each PSR will entitle the holder to
receive one fully paid ordinary share in Radius Care Limited,
less an adjustment for tax paid on the holder’s behalf for the
benefit received under the Scheme.
The Share Rights have a nil exercise price.
Performance Hurdles
All PSRs will vest into ordinary shares in Radius if the
10-day VWAP, for the 10 trading days immediately prior
to (and not including) the 18 July 2025, is equal to or
greater than $1.081. This is three times the 10-day VWAP
of 18 July 2022 (“Base Price”).
If the 10-day VWAP is between $1.027 and $1.081 (being
95% and 100% of three times the Base Price), the
Radius Board has discretion to scale the number of a
Participant’s PSRs that will vest.
Recognition and Measurement
• On 18 July 2022, 4,164,844 share rights were issued for
nil consideration and a nil exercise price in relation to
the LTIP.
• On 15 August 2022, 1,109,824 share rights were issued
for nil consideration and a nil exercise price in relation
to the LTIP.
There were no share rights that were forfeited, exercised
or expired during the period. The fair value of the
share rights were determined using the Monte Carlo
valuation approach.

5.8. Financial Risk Management
The Group is exposed to the following financial risks in the normal course of business:
a. Credit risk
b. Liquidity risk
c. Interest rate risk
The Board of Directors reviews and agrees on policies for managing each of these risks as summarised below:
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2023 31 March 2022
FINANCIAL ASSETS
Amortised cost
Cash and cash equivalents 5152,088
Trade and other receivables5.310,0948,457
Total financial assets10,60910,545
FINANCIAL LIABILITIES
Amortised cost
Cash and cash equivalents overdraft2,894—
Trade and other payables5.48,4146,159
Lease liabilities3.4121,530142,543
Borrowings4.397,68730,000
Refundable Occupation Right Agreements3.334,10428,616
Total financial liabilities264,629207,318
FINANCIAL NOTES
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(a) Credit Risk
Credit risk is the risk that one party to a financial instrument
will cause a financial loss for the other party by failing to
discharge an obligation.
The Group’s exposure to credit risk, or the risk of
counterparties defaulting arises mainly from cash at bank,
trade and other receivables.
The maximum exposure to credit risk, excluding the value
of any collateral or other security, at reporting date, of
recognised financial assets is the carrying amount of those
assets, net of any provisions for impairment of those assets,
as disclosed in the consolidated statement of financial
position and notes to consolidated financial statements.
The Group has no significant concentrations of credit
risk. The Group’s trade receivables represent distinct
trading relationships with each of its residents and various
Government agencies. The only large trade receivables
relate to residential care subsidies which are receivable in
aggregate from various District Health Boards and Work
and Income New Zealand. These entities are not considered
a credit risk.
The Group does not have any material credit risk exposure
to any single counterparty or group of counterparties under
financial instruments entered into by the Group.

(i) Cash Deposits and Other Receivables
Credit risk for cash deposits is managed by holding all
cash deposits with high credit rating financial institutions,
i.e., major registered New Zealand banks.
(ii) Trade Receivables
Credit risk with respect to trade receivables is limited
due to the large number of customers who qualify for
Ministry of Health funding in relation to payment of our
services. Amounts owed by the residents are generally
unsecured. Credit risk is managed through the use of
admission agreements for all residents, which gives
contractual rights to the Group in relation to security and
collection of debts in circumstances where there is no
entitlement to Ministry of Health funding. All admissions
are reviewed to ensure a duly completed admission
agreement is available. The loss allowance for expected
credit losses of trade receivables is provided in Note
5.3. As the Group undertakes transactions with a large
number of customers and regularly monitors payment
in accordance with credit terms, the financial assets that
are neither past due nor impaired, are expected to be
received in accordance with the credit risk.
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(b) Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The Group has liquidity risk with respect to its repayment obligations of financial liabilities.
The Group maintains a rolling 90 day forecast of daily cash flows to ensure it will have sufficient liquidity to meet its
liabilities as they fall due. This is linked to a monthly rolling forecast which provides directional liquidity expectations for a
minimum of a further twelve months.
The Group has a bank facility which is subject to certain covenant clauses, whereby it is required to meet certain key
performance indicators. This bank facility is provided by the ASB Bank. Refer to note 4.3 for further information on the
Group’s banking facility and covenant compliance.
The following table outlines the Group’s remaining contractual maturities for non-derivative financial instruments. The
amounts presented in the table are the undiscounted contractual cash flows of the financial liabilities allocated to time
bands based on the earliest date on which the Group can be required to pay.

In thousands of New Zealand dollars
Less than 1 Year
Between 1
and 2 Years
Between 2
and 5 YearsOver 5 Years
2023
Cash and cash equivalents (overdraft)2,894 — — —
Trade and other payables8,414 — — —
Lease liabilities8,5368,54925,695186,242
Borrowings 34,518 — 63,169 —
Refundable Occupation Right Agreements
1
34,104 ———
88,4668,54988,864186,242
2022
Trade and other payables 6,159 — — —
Lease liabilities10,87221,79421,826203,395
Borrowings — — 30,000 —
Refundable Occupation Right Agreements
1
28,616 — — —
45,64721,79451,826203,395

1. The refundable ORAs are repayable to the resident on vacation of the unit or on the termination of the occupation right agreement and subsequent resale of the
unit. The expected maturity of the refundable ORAs is shown in note 3.3.
FINANCIAL NOTES
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c. Interest Rate Risk
The Group is exposed to interest rate risk in relation to its interest earning cash deposits and its interest bank borrowings.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of
changes in market interest rates. The Group manages its interest rate risk by maintaining a mix of variable rate and fixed
rate borrowings.
Interest rates on cash at bank are subject to market risk in the event of changes its interest rates. Interest rates on non-
current bank borrowings are generally subject to review annually or at shorter intervals, and interest rates on current
borrowings can be reviewed at the lender’s discretion.
The following table outlines that Group’s exposure to interest rate risk in relation to future cash flows and the effective
weighted average interest rates on classes of financial assets and financial liabilities:

For the year ended 2023
In thousands of New Zealand dollars
Interest Bearing
Non-interest
Bearing
Total Carrying
Amount
Weighted Average
Effective Interest
Rate
FINANCIAL INSTRUMENTS
Financial assets
Cash515—5150.0% Fixed
Financial liabilities
Cash and cash equivalents (overdraft)(2,894)—(2,894)6.28%
Bank and other loans(97,687)—(97,687)6.08%
Lease liabilities(121,530)—(121,530)5.0% Fixed
(221,596)—(221,596)
For the year ended 2022
In thousands of New Zealand dollars
FINANCIAL INSTRUMENTS
Financial assets
Cash2,088 — 2,0880.0% Fixed
Financial liabilities
Bank and other loans(30,000) — (30,000)3.06% Fixed
1
Lease liabilities(142,543) — (142,543)5.0% Fixed
(172,543) — (172,543)
1.The interest rate on the Group’s bank loans is fixed for a relevant ‘Interest period’ (being either 30, 60, 90 or 180 days) and comprised of the Base Rate (equal
to the BKBM on the first day of the relevant Interest Period), plus a Margin and Line fee in accordance with the Group’s agreement with the bank. The weighted
average interest period term as at 31 March 2023 was 30 days (2022: 90 days).
No other financial assets or financial liabilities are expected to be exposed to interest rate risk.
Sensitivity
If interest rates were to increase/decrease by 100 basis points from the rates prevailing at the reporting date, assuming all
other variables remain constant, then the impact on profit for the year and equity would be as follows:
For the year ended
In thousands of New Zealand dollars
31 March
2023
31 March
2022
+ / - 100 basis points
Impact on profit after tax(977)(300)
Impact on equity(274)(216)
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5.9. Contingent Liabilities
Lester Heights Business
On 26 June 2013, the Group entered into an agreement to
sell the Lester Heights business. The sale was settled on
31 August 2013. One of the conditions of sale is that in the
event that the new business owner defaults on the rental
payments, the Group is required to guarantee the rent. For
the years ended 31 March 2023 and 2022, no amounts were
paid, and no amounts have been paid to date, but in the
event that a default occurs, the potential cost to the Group
is an annual rent of $286,210 per annum until 2029. The
Group will likely assume operations at this facility, in the
event of a default. At reporting date the Group has assessed
the likelihood of the new business owner defaulting on the
rental payment as not probable.
Other
There were no other material contingent liabilities at
reporting date (2022:Nil).
5.10. Commitments
At 31 March 2023, the Group has a commitment to construct
$0.4m of assets (31 March 2022: $4m).
There are no significant unrecognised contractual
obligations entered into for future repairs and maintenance
at balance date.
5.11. Events Subsequent to Reporting Date
New Banking Arrangements
On 31 May 2023 the Group entered into an extension of its
overdraft facilities by $1.25m, taking the total facility limit to
$6.25m.
The overdraft facility is expected to reduce down to $5m
on 30 June 2023 with a further reduction to $2m on 31
July 2023.
Related Party Transactions
On 3 May 2023 the Group agreed to repay $1m of the
vendor loan relating to the September 2022 acquisition of
the Matamata Country Lodge business and to a step up in
the interest rates on the terms set out in Note 4.3.
Capital Raise
Under the terms of the bridge facility extension entered into
on 31 March 2023 the Group is required to have received
$30m equity commitments by 31 July 2023 and to have
completed an equity raise and apply at least $25m to
repay the ASB facilities by 6 October 2023. The Group
has developed a debt repayment programme which will
enable the repayment of at least $25m of borrowings
with ASB. The debt management programme has
been submitted to ASB during June 2023 for their
feedback and consent with agreement expected in July
2023. Further information on the debt management
programme can be found in note 1.1.
Conditional Sale of Facility
Subsequent to reporting date, the Board and
Management have formulated a debt management
programme described in note 1.1. During April 2023,
Management began reviewing the Group’s asset
portfolio with a focus on identifying non-core assets
and properties which are not considered essential to
achieving the Group’s longer term growth strategy.
On 19 June 2023, the Board entered into a conditional
sale and purchase agreement for one property including
its aged care business as a going concern. The sale is
conditional on the completion of due diligence by the
purchaser as well as obtaining the required regulatory
approval and contracts for the provision of aged care
services. The total purchase price for the property
including its aged care business is $5.4m.
The sale of this site is not expected to have a significant
impact on the Group’s profit in future periods. The
Group expects to incur a loss on disposal for the
business assets associated with the facility and selling
costs of $1.4m.
The Group expects to complete the sale during
September 2023.
Dividends
The Board will not pay a final dividend in respect of the
FY23 financial year.
Other
There has been no other matter or circumstance which
has arisen since 31 March 2023 that has significantly
affected or may significantly affect:
a. the operations, in financial years subsequent to 31
March 2023, of the Group or
b. the results of those operations or
c. the state of affairs, in financial years subsequent to 31
March 2023, of the Group.

FINANCIAL NOTES
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Level 9, 45 Queen Street, Auckland 1010
PO Box 3899, Auckland 1140
New Zealand
T: +64 9 309 0463
F: +64 9 309 4544
E: auckland@bakertillysr.nz
W: www.bakertillysr.nz

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Radius Residential Care Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Radius Residential Care Limited and its subsidiaries ('the
Group') on pages 48 to 87, which comprise the consolidated statement of financial position as at 31 March 2023, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including
significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2023, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand Equivalents to International
Financial Reporting Standards ('NZ IFRS') and International Financial Reporting Standards ('IFRS').

Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we might
state to the Shareholders of the Group those matters we are required to state to them in an 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 of the Group as a body, for our audit work, for our report or for the opinions we have formed.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. 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. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor and provider of other assurance services, our firm carries out other assignments
for Radius Residential Care Limited and its subsidiaries in the area of taxation compliance services. The provision of
these other services has not impaired our independence.

Material Uncertainty Related to Going Concern Basis of Accounting
We draw attention to Note 1.1 in the consolidated financial statements, which states that the Group incurred a net
loss of $2.1m during the year ended 31 March 2023 and, as of that date, the Group’s current liabilities exceeded its
current assets by $45.7m. As stated in Note 1.1, these events and conditions, along with other matters as set forth in
Note 1.1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue
as a going concern. If the Group were unable to continue in operational existence for the foreseeable future,
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AUDIT REPORT

adjustments may have to be made to reflect the situation that assets may need to be realised other than in the
amounts at which they are currently recorded in the Statement of Financial Position. In addition, the Group may need
to provide for future liabilities that might arise and to reclassify non-current liabilities as current liabilities in the
Statement of Financial Position. Our opinion is not modified in respect of this matter.

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 of the current year. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going
Concern Basis of Accounting section, we have determined the matters below to be the key audit matters to be
communicated in our report.

Key Audit Matter How our audit addressed the key audit matter
Impairment testing of goodwill
As
disclosed in Note 5.2 of the
Group’s consolidated financial
statements, the Group has
goodwill of $19.8m (2022:
$19.8m) allocated across 21
(2022: 21) cash-generating units
(‘CGUs’) as at 31 March 2023.
Goodwill was significant to our
audit due to the size of the asset
and the subjectivity, complexity
and uncertainty inherent in the
measurement of the recoverable
amount of these CGUs for the
purpose of the required annual
impairment test. The
measurement of a CGUs’
recoverable amount includes the
assessment and calculation of
its ‘fair value less costs of
disposal’.
Management has completed the
annual impairment test for all
CGUs as at 31 March 2023.
This annual impairment test
involves complex and subjective
estimation and judgement by
Management on the future
performance of the CGUs,
discount rates applied to the
future cash flow forecasts, the
terminal growth rates, costs of
disposal and future market and
economic conditions.
Management has also engaged
an external valuation expert to
assist in the annual impairment
testing.

Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the accounting
estimates used to determine the recoverable value of the Group’s CGUs.
•
Evaluating Management’s determination of the Group’s CGUs based on our
understanding of the nature of the Group’s business and the economic environment in
which the segments operate. We also analysed the internal reporting of the Group to
assess how CGUs are monitored and reported.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external valuation expert and the appropriateness of the expert's work as audit
evidence for the relevant assertions.
• Challenging Management’s assumptions and estimates used to determine the
recoverable value of the Group’s CGUs, including those relating to forecasted revenue,
costs, capital expenditure, discount rates, by adjusting for future events and
corroborating the key market-related assumptions to external data.
Procedures included:
o Evaluating the logic of the ‘fair value less costs of disposal’ calculations supporting
Management’s annual impairment test and testing the mathematical accuracy of
these calculations;
o Evaluating Management’s process regarding the preparation and review of forecasts
(balance sheet, income statement, and cash flow statement);
o Comparing forecasts used in the calculations to Board approved forecasts;
o Evaluating the accuracy of the Group’s forecasting to actual historical performance;
o Evaluating the forecast growth assumptions;
o Evaluating the inputs to the calculation of the discount rates applied;
o Engaging our own internal valuation experts to evaluate the logic of the ‘fair value
less costs of disposal’ calculations and the inputs to the calculations of the discount
rates applied;
o Evaluating the forecasts, inputs and any underlying assumptions with a view to
identifying Management bias;
o Evaluating Management’s sensitivity analysis for reasonably possible changes in key
assumptions; and
o Performing sensitivity analysis for reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate and forecast growth
assumptions.
• Evaluating the related disclosures (including the accounting policies and accounting
estimates) about goodwill assets in the Group’s consolidated financial statements.

Key Audit Matter How our audit addressed the key audit matter
Valuation of investment properties
As disclosed in Note 3.1 of the Group’s consolidated
financial statements, as at 31 March 2023, the Group
has investment properties (operated by the Group as
retirement villages) totalling $70.1m (2022: $46.0m)
(referred to, together as ‘the investment properties’).
Investment properties were significant to our audit
due to the size of the assets and the subjectivity,
complexity and uncertainty inherent in estimating the
fair value of the investment properties.
Management has engaged an independent external
valuer (‘the Valuer’) to determine the fair value of the
Group’s investment properties as at 31 March 2023.
The Valuer performed their work in accordance with
the International Valuation Standards and the
Australia and New Zealand Valuation and Property
Standards, NZ IFRS 13 Fair Value Measurement and
NZ IAS 40 Investment Property. The Valuer engaged
by the Group has appropriate experience in the sector
in which the Group operates.
For each investment property, the Valuer considered
property-specific information such as the income
generated by departures and the re-sale of
independent living units. They then applied
assumptions in relation to, the timing of unit re-sale,
the length of occupancy of existing residents, the
price paid by new residents, price movements, type of
Occupancy Right Agreement, discount rate, growth
rate and terminal yield. The Valuer also considered
the individual characteristics of each village, its
location, its nature, its resident profile and the
expected future cash flows for that particular village.
The Group has adopted the assessed values
determined by the Valuer.
As at the 31 March 2023 valuation date, the Valuer,
has included a valuation uncertainty clause in their
reports stating that the property markets experienced
strong growth throughout 2021 and much of 2022.
However, due to recent Government lending controls,
global supply issues, abnormally high inflation and
rapidly rising interest rates, they have seen a
slowdown in markets generally with declining asset
values, and an economic downturn (recession) is
seen as a risk going forward. Sales transaction
volumes have decreased significantly as there is a
disconnect between vendor expectation and the price
purchasers are prepared to pay due to the large
increase in interest rates over a short timeframe.
Therefore, less certainty and a higher degree of
caution should be attached to their valuation than
would normally be the case. The Valuer
recommended that the valuations are revisited more
frequently. This clause represents an increase in the
significant estimation uncertainty in the valuation of
investment properties.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls
relevant to the accounting estimates used to determine the fair
value of the Group’s investment properties.
• Reading and evaluating the external valuation reports for the
Group’s investment properties as at 31 March 2023.
• Confirming that the valuation approaches for the investment
properties were in accordance with NZ IFRS 13 and NZ IAS 40,
and suitable for determining the fair value of the Group’s
investment properties as at 31 March 2023.
• Evaluating the competence, capabilities, objectivity and expertise
of Management's external valuation expert and the
appropriateness of the expert's work as audit evidence relevant
to the valuation assertion.
• Agreeing property-related data provided by Management to the
Valuer, to the Group’s records.
• Engaging our own external property valuation expert to assist in
understanding and evaluating the following, based on their
specialist knowledge from performing and reviewing valuations
of similar properties, known relevant transactional evidence and
available market data:
o the work and findings of the Group’s external valuation
expert engaged by Management;
o the Group’s valuation methods and assumptions to assist
us in challenging the appropriateness of valuation
methods and assumptions used by Management; and
o the acceptable range of values considered reasonable to
evaluate Management’s adopted valuation estimate.
This involved discussing and corresponding with Management,
the Valuer engaged by the Group and our own external property
valuation expert.
• Evaluating the selection of valuation methods, inputs and
assumptions with a view to identifying Management bias.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to the investment properties
which are included in the Group’s consolidated financial
statements (including disclosure on the valuation uncertainty
clauses included by Management's external valuation expert in
their valuation reports).

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Key Audit Matter How our audit addressed the key audit matter
Valuation of investment properties
As disclosed in Note 3.1 of the Group’s consolidated
financial statements, as at 31 March 2023, the Group
has investment properties (operated by the Group as
retirement villages) totalling $70.1m (2022: $46.0m)
(referred to, together as ‘the investment properties’).

Investment properties were significant to our audit
due to the size of the assets and the subjectivity,
complexity and uncertainty inherent in estimating the
fair value of the investment properties.
Management has engaged an independent external
valuer (‘the Valuer’) to determine the fair value of the
Group’s investment properties as at 31 March 2023.
The Valuer performed their work in accordance with
the International Valuation Standards and the
Australia and New Zealand Valuation and Property
Standards, NZ IFRS 13 Fair Value Measurement and
NZ IAS 40 Investment Property. The Valuer engaged
by the Group has appropriate experience in the sector
in which the Group operates.

For each investment property, the Valuer considered
property-specific information such as the income
generated by departures and the re-sale of
independent living units. They then applied
assumptions in relation to, the timing of unit re-sale,
the length of occupancy of existing residents, the
price paid by new residents, price movements, type of
Occupancy Right Agreement, discount rate, growth
rate and terminal yield. The Valuer also considered
the individual characteristics of each village, its
location, its nature, its resident profile and the
expected future cash flows for that particular village.

The Group has adopted the assessed values
determined by the Valuer.

As at the 31 March 2023 valuation date, the Valuer,
has included a valuation uncertainty clause in their
reports stating that the property markets experienced
strong growth throughout 2021 and much of 2022.
However, due to recent Government lending controls,
global supply issues, abnormally high inflation and
rapidly rising interest rates, they have seen a
slowdown in markets generally with declining asset
values, and an economic downturn (recession) is
seen as a risk going forward. Sales transaction
volumes have decreased significantly as there is a
disconnect between vendor expectation and the price
purchasers are prepared to pay due to the large
increase in interest rates over a short timeframe.
Therefore, less certainty and a higher degree of
caution should be attached to their valuation than
would normally be the case. The Valuer
recommended that the valuations are revisited more
frequently. This clause represents an increase in the
significant estimation uncertainty in the valuation of
investment properties.

Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls
relevant to the accounting estimates used to determine the fair
value of the Group’s investment properties.
• Reading and evaluating the external valuation reports for the
Group’s investment properties as at 31 March 2023.
• Confirming that the valuation approaches for the investment
properties were in accordance with NZ IFRS 13 and NZ IAS 40,
and suitable for determining the fair value of the Group’s
investment properties as at 31 March 2023.
• Evaluating the competence, capabilities, objectivity and expertise
of Management's external valuation expert and the
appropriateness of the expert's work as audit evidence relevant
to the valuation assertion.
• Agreeing property-related data provided by Management to the
Valuer, to the Group’s records.
• Engaging our own external property valuation expert to assist in
understanding and evaluating the following, based on their
specialist knowledge from performing and reviewing valuations
of similar properties, known relevant transactional evidence and
available market data:
o the work and findings of the Group’s external valuation
expert engaged by Management;
o the Group’s valuation methods and assumptions to assist
us in challenging the appropriateness of valuation
methods and assumptions used by Management; and
o the acceptable range of values considered reasonable to
evaluate Management’s adopted valuation estimate.
This involved discussing and corresponding with Management,
the Valuer engaged by the Group and our own external property
valuation expert.
• Evaluating the selection of valuation methods, inputs and
assumptions with a view to identifying Management bias.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to the investment properties
which are included in the Group’s consolidated financial
statements (including disclosure on the valuation uncertainty
clauses included by Management's external valuation expert in
their valuation reports).

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Key Audit Matter How our audit addressed the key audit matter
Valuation of freehold land and buildings
As disclosed in Note 3.2 of the Group’s consolidated
financial statements, as at 31 March 2023, the Group
has freehold land and buildings (operated by the
Group for provision of care services) totalling
$112.5m (2022: $56.0m) (referred to, together as ‘the
freehold land and buildings’).

Freehold land and buildings were significant to our
audit due to the size of the assets and the
subjectivity, complexity and uncertainty inherent in
estimating the fair value of the freehold land and
buildings.
Management has engaged an independent external
valuer (‘the Valuer’) to determine the fair value of the
Group’s freehold land and buildings as at 31 March
2023. The Valuer performed their work in accordance
with the International Valuation Standards and the
Australia and New Zealand Valuation and Property
Standards, NZ IFRS 13 Fair Value Measurement and
NZ IAS 16 Property, Plant and Equipment. The Valuer
engaged by the Group has appropriate experience in
the sector in which the Group operates.
For each freehold land and building property, the
Valuer considered property-specific information such
as capitalisation rates and earnings per care bed. The
Valuer also considered the individual characteristics
of each property, its location, and its nature.

As at the 31 March 2023 valuation date, the Valuer,
has included a valuation uncertainty clause in their
reports stating that the property markets experienced
strong growth throughout 2021 and much of 2022.
However due to recent Government lending controls,
global supply issues, abnormally high inflation and
rapidly rising interest rates they have seen a
slowdown in markets generally with declining asset
values, and an economic downturn (recession) is
seen as a risk going forward. Sales transaction
volumes have decreased significantly as there is a
disconnect between vendor expectation and the price
purchasers are prepared to pay due to the large
increase in interest rates over a short timeframe.
Therefore, less certainty and a higher degree of
caution should be attached to their valuation than
would normally be the case. The Valuer
recommended that the valuations are revisited more
frequently. This clause represents an increase in the
significant estimation uncertainty in the valuation of
freehold land and buildings.

Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls
relevant to the accounting estimates used to determine the fair
value of the Group’s freehold land and buildings.
• Understanding and evaluating the Group’s internal controls
relevant to monitoring the progress of land and buildings under
development (including understanding and evaluating actual
costs incurred to date vs. budgeted at a project milestone level,
consideration of cost overruns and estimated project completion
timelines and costs).
• Reading the external valuation reports for the Group’s freehold
land and building properties as at 31 March 2023.
• Evaluating the recoverability of each development by enquiring
with the Group’s key development / project personnel, inspecting
the Group’s internal and external reporting and reading any
external valuation reports or advice.
• Confirming that the valuation approach for the properties is in
accordance with NZ IFRS 13 and NZ IAS 16, and suitable for
determining the fair value of the Group’s freehold land and
building properties as at 31 March 2023.
• Evaluating the competence, capabilities, objectivity and expertise
of Management's external valuation expert and the
appropriateness of the expert's work as audit evidence relevant
to the valuation assertion.
• Agreeing property-related data provided by Management to the
Valuer to the Group’s records.
• Engaging our own external property valuation expert to assist in
understanding and evaluating the following, based on their
specialist knowledge from performing and reviewing valuations
of similar properties, known relevant transactional evidence and
available market data:
o the work and findings of the Group’s external valuation
expert engaged by Management;
o the Group’s valuation methods and assumptions to assist
us in challenging the appropriateness of valuation
methods and assumptions used by Management; and
o the acceptable range of values considered reasonable to
evaluate Management’s adopted valuation estimate.
This involved discussing and corresponding with Management,
the Valuer engaged by the Group and our own external property
valuation expert.
• Evaluating the selection of valuation methods, inputs and
assumptions with a view to identifying Management bias.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to the freehold land and buildings
which are included in the Group’s consolidated financial
statements (including disclosure on the valuation uncertainty
clauses included by Management's external valuation experts in
their valuation reports).

Key Audit Matter How our audit addressed the key audit matter
Acquisition accounting for Matamata Country
Lodge Limited and Matamata Retirement
Village Limited
As disclosed in in Note 5.6 of the Group’s
consolidated financial statements, the
Group acquired the assets, liabilities, and
business of Matamata Country Lodge
Limited and Matamata Retirement Village
Limited (‘the Matamata business’) during
the year ended 31 March 2023.
The acquisition of the Matamata business
was significant to our audit due to the size
of the acquisition (consideration
transferred of $17.0m, in cash, deferred
consideration and Radius Residential Care
Limited’s ordinary share capital) and the
subjectivity and complexity inherent in
business acquisitions.
Management has completed a process to
identify the acquirer, determine the
acquisition date, measure the
consideration transferred, and allocate the
consideration transferred to the identifiable
assets acquired and the liabilities assumed
at their acquisition-date fair values.
Management ensured that the initial
measurement of consideration paid, the
assets acquired and liabilities assumed
(also known as purchase price allocation
process) is recognised at fair value in
accordance with NZ IFRS 3 Business
Combinations.
This process involved complex and
subjective estimation and judgement by
Management on the following:
• the accounting treatment of the
acquisition;
• the determination of the acquisition
date;
• identification of the assets acquired
and liabilities assumed;
• the valuation of acquired investment
properties and freehold land and
buildings; and
• the determination of the gain on
bargain purchase.
Management has engaged external experts
to assist in:
• the determination of the fair values of
the investment property and freehold
land and building properties acquired;
and
• tax due diligence and advice on the
current and deferred tax liabilities
related to the acquired investment
property and freehold land and
building properties.
We reviewed Management’s purchase price allocation in respect of the
acquisition of the Matamata business at acquisition date and assessed the
appropriateness of the fair values attributed to the consideration paid; and the
fair values attributed to the assets acquired (including intangible assets) and
liabilities assumed.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the fair value of the Group’s
acquired business.
• Reading the sale and purchase and other agreements relating to the
acquisition to understand key terms and conditions and confirming our
understanding of the transaction with Management.
• Evaluating the measurement of the consideration transferred.
• Evaluating the identified assets and liabilities against the terms of the sale
and purchase agreements.
• For the measurement of the identified assets and liabilities, evaluating:
o the fair values of the identified assets and liabilities at acquisition
date; and
o the competence, capabilities, objectivity and expertise of
Management's external accounting and valuation experts and the
appropriateness of their work as audit evidence for the relevant
assertions.
• Evaluating the inputs and any underlying assumptions with a view to
identifying Management bias.
• Understanding and evaluating the determination of the gain on bargain
purchase.
• For the investment property and freehold land and building property assets
acquired, reading the external valuation reports, and:
o Confirming that the valuation approach for the properties is in
accordance with NZ IFRS 13, NZ IAS 16 and NZ IAS 40, and suitable
for determining the fair value of the Group’s investment property and
freehold land and building properties as at acquisition date.
o Evaluating the competence, capabilities, objectivity and expertise of
Management's external valuation expert and the appropriateness of
the expert's work as audit evidence for the relevant assertions.
o Agreeing property related data provided by Management to the
Valuer to the Group’s records.
o Engaging our own external property valuation expert to assist in
understanding and evaluating the following, based on their specialist
knowledge from performing and reviewing valuations of similar
properties, known relevant transactional evidence and available
market data:
▪ the work and findings of the Group’s external valuation expert
engaged by Management;
▪ the Group’s valuation methods and assumptions to assist us
in challenging the appropriateness of valuation methods and
assumptions used by Management; and
▪ the acceptable range of values considered reasonable to
evaluate Management’s adopted valuation estimate.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to the acquisition of the Matamata business
which are included in the Group’s consolidated financial statements.
92
RADIUS CARE
ANNUAL REPORT 2023

Key Audit Matter How our audit addressed the key audit matter
Acquisition accounting for Matamata Country
Lodge Limited and Matamata Retirement
Village Limited

As disclosed in in Note 5.6 of the Group’s
consolidated financial statements, the
Group acquired the assets, liabilities, and
business of Matamata Country Lodge
Limited and Matamata Retirement Village
Limited (‘the Matamata business’) during
the year ended 31 March 2023.
The acquisition of the Matamata business
was significant to our audit due to the size
of the acquisition (consideration
transferred of $17.0m, in cash, deferred
consideration and Radius Residential Care
Limited’s ordinary share capital) and the
subjectivity and complexity inherent in
business acquisitions.

Management has completed a process to
identify the acquirer, determine the
acquisition date, measure the
consideration transferred, and allocate the
consideration transferred to the identifiable
assets acquired and the liabilities assumed
at their acquisition-date fair values.
Management ensured that the initial
measurement of consideration paid, the
assets acquired and liabilities assumed
(also known as purchase price allocation
process) is recognised at fair value in
accordance with NZ IFRS 3 Business
Combinations.
This process involved complex and
subjective estimation and judgement by
Management on the following:

• the accounting treatment of the
acquisition;
• the determination of the acquisition
date;
• identification of the assets acquired
and liabilities assumed;
• the valuation of acquired investment
properties and freehold land and
buildings; and
• the determination of the gain on
bargain purchase.
Management has engaged external experts
to assist in:
• the determination of the fair values of
the investment property and freehold
land and building properties acquired;
and
• tax due diligence and advice on the
current and deferred tax liabilities
related to the acquired investment
property and freehold land and
building properties.

We reviewed Management’s purchase price allocation in respect of the
acquisition of the Matamata business at acquisition date and assessed the
appropriateness of the fair values attributed to the consideration paid; and the
fair values attributed to the assets acquired (including intangible assets) and
liabilities assumed.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the fair value of the Group’s
acquired business.
• Reading the sale and purchase and other agreements relating to the
acquisition to understand key terms and conditions and confirming our
understanding of the transaction with Management.
• Evaluating the measurement of the consideration transferred.
• Evaluating the identified assets and liabilities against the terms of the sale
and purchase agreements.
• For the measurement of the identified assets and liabilities, evaluating:
o the fair values of the identified assets and liabilities at acquisition
date; and
o the competence, capabilities, objectivity and expertise of
Management's external accounting and valuation experts and the
appropriateness of their work as audit evidence for the relevant
assertions.
• Evaluating the inputs and any underlying assumptions with a view to
identifying Management bias.
• Understanding and evaluating the determination of the gain on bargain
purchase.
• For the investment property and freehold land and building property assets
acquired, reading the external valuation reports, and:
o Confirming that the valuation approach for the properties is in
accordance with NZ IFRS 13, NZ IAS 16 and NZ IAS 40, and suitable
for determining the fair value of the Group’s investment property and
freehold land and building properties as at acquisition date.
o Evaluating the competence, capabilities, objectivity and expertise of
Management's external valuation expert and the appropriateness of
the expert's work as audit evidence for the relevant assertions.
o Agreeing property related data provided by Management to the
Valuer to the Group’s records.
o Engaging our own external property valuation expert to assist in
understanding and evaluating the following, based on their specialist
knowledge from performing and reviewing valuations of similar
properties, known relevant transactional evidence and available
market data:
▪ the work and findings of the Group’s external valuation expert
engaged by Management;
▪ the Group’s valuation methods and assumptions to assist us
in challenging the appropriateness of valuation methods and
assumptions used by Management; and
▪ the acceptable range of values considered reasonable to
evaluate Management’s adopted valuation estimate.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to the acquisition of the Matamata business
which are included in the Group’s consolidated financial statements.
93
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ANNUAL REPORT 2023
AUDIT REPORT

Key Audit Matter How our audit addressed the key audit matter
Valuation and completeness of lease
liabilities and right-of -use assets
As disclosed in Note 3.4 of the Group’s
consolidated financial statements, the
Group has lease liabilities of $121.5m
(2022: $142.5m), and, right-of-use assets
of $112.5m (2022: $133.9m) as at 31
March 2023.

Lease liabilities and right-of-use assets
were significant to our audit due to the size
of the assets and liabilities and the
subjectivity, complexity and uncertainty
inherent in the application of NZ IFRS 16
Leases and the assumptions required by
Management for the calculations of the
lease balances and interest and
depreciation expenses.

Management completed calculations of the
lease balances for all leases for the year
ended, and as at, 31 March 2023. These
calculations required estimates regarding
the lease term and the incremental
borrowing rates. During the year ended 31
March 2023, no new leases were entered
into and, the underlying land and building
assets were purchased for four leases.

Management has exercised their
judgement in determining the recoverability
of right-of-use assets. No impairment has
been recognised.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the expected term of the Group’s
leases and applicable incremental borrowing rates.
• Evaluating Management’s process relating to the identification, recording,
recognition and measurement of leases within the scope of NZ IFRS 16.
• For all leases:
o Agreeing key inputs in the lease calculation to the underlying lease
agreement(s);
o Recalculating the lease liability and right-of-use assets based on the
key inputs noted above and comparing our recalculations to the
balances recognised by the Group; and
o Checking the appropriateness of the classification of the lease
liability between current and non-current based on the remaining
term of the lease.
• For all existing leases, evaluating Management’s calculations for the
subsequent measurement of the leases, including lease modifications and
rent revisions.
• For any leases where the underlying asset was purchased, evaluating
Management’s calculations for the derecognition of the lease liability and
right-of-use asset, and the resulting gain / (loss) on derecognition of the
lease.
• Evaluating the completeness of identified lease contracts by checking that
all leased facilities were included in the calculation.
• Evaluating Management’s estimates regarding the terms of the leases and
Management’s consideration of options to extend or terminate the leases.
• Evaluating Management’s assessment of the incremental borrowing rates
applied to individual leases or portfolios of leases.
• Evaluating the inputs and any underlying assumptions with a view to
identifying Management bias.
• Evaluating Management’s assessment of any indicators of impairment for
the right-of-use assets in accordance with NZ IAS 36 Impairment of Assets.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to leases which are included in the Group’s
consolidated financial statements.

Other Information
The Directors are responsible for the other information. The other information comprises the information included in
the Group’s annual report for the year ended 31 March 2023 (but does not include the consolidated financial
statements and our auditor’s report thereon).

Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine
is necessary to enable the preparation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an 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 and 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 the auditor’s responsibilities for the audit of the consolidated financial statements is located
at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/

94
RADIUS CARE
ANNUAL REPORT 2023

Key Audit Matter How our audit addressed the key audit matter
Valuation and completeness of lease
liabilities and right-of-use assets
As disclosed in Note 3.4 of the Group’s
consolidated financial statements, the
Group has lease liabilities of $121.5m
(2022: $142.5m), and, right-of-use assets
of $112.5m (2022: $133.9m) as at 31
March 2023.
Lease liabilities and right-of-use assets
were significant to our audit due to the size
of the assets and liabilities and the
subjectivity, complexity and uncertainty
inherent in the application of NZ IFRS 16
Leases and the assumptions required by
Management for the calculations of the
lease balances and interest and
depreciation expenses.
Management completed calculations of the
lease balances for all leases for the year
ended, and as at, 31 March 2023. These
calculations required estimates regarding
the lease term and the incremental
borrowing rates. During the year ended 31
March 2023, no new leases were entered
into and, the underlying land and building
assets were purchased for four leases.
Management has exercised their
judgement in determining the recoverability
of right-of-use assets. No impairment has
been recognised.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the expected term of the Group’s
leases and applicable incremental borrowing rates.
• Evaluating Management’s process relating to the identification, recording,
recognition and measurement of leases within the scope of NZ IFRS 16.
• For all leases:
o Agreeing key inputs in the lease calculation to the underlying lease
agreement(s);
o Recalculating the lease liability and right-of-use assets based on the
key inputs noted above and comparing our recalculations to the
balances recognised by the Group; and
o Checking the appropriateness of the classification of the lease
liability between current and non-current based on the remaining
term of the lease.
• For all existing leases, evaluating Management’s calculations for the
subsequent measurement of the leases, including lease modifications and
rent revisions.
• For any leases where the underlying asset was purchased, evaluating
Management’s calculations for the derecognition of the lease liability and
right-of-use asset, and the resulting gain / (loss) on derecognition of the
lease.
• Evaluating the completeness of identified lease contracts by checking that
all leased facilities were included in the calculation.
• Evaluating Management’s estimates regarding the terms of the leases and
Management’s consideration of options to extend or terminate the leases.
• Evaluating Management’s assessment of the incremental borrowing rates
applied to individual leases or portfolios of leases.
• Evaluating the inputs and any underlying assumptions with a view to
identifying Management bias.
• Evaluating Management’s assessment of any indicators of impairment for
the right-of-use assets in accordance with NZ IAS 36 Impairment of Assets.
• Evaluating the disclosures (including the accounting policies and
accounting estimates) related to leases which are included in the Group’s
consolidated financial statements.

Other Information
The Directors are responsible for the other information. The other information comprises the information included in
the Group’s annual report for the year ended 31 March 2023 (but does not include the consolidated financial
statements and our auditor’s report thereon).

Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine
is necessary to enable the preparation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an 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 and 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 the auditor’s responsibilities for the audit of the consolidated financial statements is located
at the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/

95
RADIUS CARE
ANNUAL REPORT 2023
AUDIT REPORT

Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Radius Residential Care Limited and its
subsidiaries for the year ended 31 March 2023 included on Radius Residential Care Limited’s website. The Directors
of Radius Residential Care Limited are responsible for the maintenance and integrity of Radius Residential Care
Limited’s website. We have not been engaged to report on the integrity of Radius Residential Care Limited’s website.
We accept no responsibility for any changes that may have occurred to the consolidated financial statements since
they were initially presented on the website.

The audit report refers only to the consolidated financial statements named above. It does not provide an opinion on
any other information which may have been hyper linked to or from these consolidated financial statements. If
readers of this report are concerned with the inherent risks arising from electronic data communication they should
refer to the published hard copy of the audited consolidated financial statements and related audit report dated 28
June 2023 to confirm the information included in the audited consolidated financial statements presented on this
website.

Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements may
differ from legislation in other jurisdictions.

The engagement partner on the audit resulting in this independent auditor’s report is S N Patel.

BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand

28 June 2023

96
RADIUS CARE
ANNUAL REPORT 2023

This section of the Annual Report provides information
on certain aspects of the Company’s governance
framework. The Company’s full Corporate Governance
Statement is structured to follow the version of the
NZX Corporate Governance Code dated 17 June 2022
(NZX Code) and discloses practices relating to the
NZX Code’s recommendations.
The Board regularly reviews the Company’s corporate
governance structures against the recommendations
in the NZX Code and considers that during the year
ended 31 March 2023 its practices and procedures
substantially met NZX Code recommendations.
The Company’s suite of Governance policies comprises:
CORPORATE GOVERNANCE STATEMENT
CONSTITUTION
CHARTERS
Board Charter
Audit and Risk Committee Charter
Remuneration and People Committee Charter
POLICIES
External Auditor Independence Policy
Financial Product Trading Policy
Fraud Policy
Market Disclosure Policy
Whistleblower Policy
Code of Conduct
Diversity and Inclusion Policy
Privacy Policy
Remuneration Policy
DIVIDEND REINVESTMENT PLAN OFFER DOCUMENT
The documents supporting Radius Care’s
governance framework are available at:
www.radiuscare.co.nz/investor-centre
98
RADIUS CARE
ANNUAL REPORT 2023

DIRECTORS INDEPENDENCE
As at 31 March 2023 and the date of this Annual
Report, the Board comprised five Directors. The
Board has considered which of the Directors
are Independent Directors for the purposes of
the NZX Listing Rules (the Rules). The factors
relevant to determining whether a Director is
an Independent Director are the criteria in the
Rules for Director independence, having regard to
the factors described in the NZX Code that may
impact Director independence. The Company’s
Constitution specifies that the Board shall have a
minimum of three Directors; at least two Directors
shall be ordinarily resident in New Zealand; and
while the Company is listed, it shall have not less
than the minimum number of Independent Directors
prescribed by the Rules. Brien Cree and Duncan
Cook are non-independent Directors. Mary Gardiner,
Bret Jackson and Hamish Stevens are Independent
Directors. Brien Cree is also the Executive Chair.
During the financial year (until 28 July 2022),
Bret Jackson was considered a non-executive
Director. At the time of Radius Care’s NZX listing
in December 2020, Knox Investment Partners, a
private equity firm associated with Bret Jackson,
held 15.2% of the Company’s issued shares through
Knox Fund IV NZD LP and Knox Fund IV AUD
LP (the “Knox Funds”). Following an in-specie
distribution in December 2021 the Knox Funds
no longer hold any Radius Care shares and Knox
Investment Partners no longer has a relevant
interest in any Radius Care shares. Given the Knox
Funds ceased to be a Substantial Product Holder of
Radius Care in December 2021, and having regard
to the definition of “Independent Director” in the
NZX Listing Rules, and factors that may impact
director independence in the NZX Corporate
Governance Code, the Board re-designated Bret
Jackson as an Independent Director. This was
announced to the NZX on 28 July 2022. Following
the re-designation, Radius Care complies with NZX
Code Recommendation 2.8.
DIVERSITY AND INCLUSION
The Board is committed to ensuring diversity
in the skills, attributes, perspectives and
experience of its members across a broad range
of criteria so as to represent the diversity of
shareholders. Diversity, at Board level, among
the Management team and throughout the
Company, is actively considered and reviewed by
the Board.
The Board takes the view that a diverse and
inclusive work environment is critical to the
sustainability of Radius Care in order that
talented people who will contribute to the
achievement of our strategic objectives are
attracted to work at Radius Care and are able to
be retained.
Radius Care recruits, promotes and compensates
on the basis of merit, regardless of gender,
ethnicity, religion, age, nationality, sexual
orientation, union membership or political
opinion. A fundamental tenet of the Company’s
values is Exceptional People, Exceptional Care
together with: Commitment: Leaders in care;
Courage: Do the right thing; Compassion: Act
with empathy.
Responsibility for workplace diversity and the
setting of measurable objectives is held by the
Remuneration and People Committee.
The following table reports gender composition
of the Board and Management team as at 31
March 2023.
31 March 202331 March 2022
MaleFemale
Gender
Diverse
MaleFemale
Gender
Diverse
Directors
41—41—
Management
42—44—
A formal Diversity and Inclusion Policy was
adopted by the Board in July 2021 and is
reviewed annually. Radius Care is monitoring and
working on matters covered by its Diversity and
Inclusion Policy. The Board is comfortable with
the metrics and culture referred to in the policy
and this is an area of continual improvement
and focus.
99
RADIUS CARE
ANNUAL REPORT 2023
CORPORATE GOVERNANCE

BOARD COMMITTEES
The Board currently has two committees – the Audit and Risk Committee and the Remuneration and
People Committee.
The Board may set up ad-hoc committees when required to efficiently and effectively carry out key
governance functions, while retaining ultimate responsibility for all decisions and actions.
Attendance at Meetings
The table below sets out Director attendance at Board and committee meetings during the year ended
31 March 2023.
BoardAudit and Risk Committee
Remuneration and People
Committee
Eligible to
Attend
Attended
Eligible to
Attend
Attended
Eligible to
Attend
Attended
Brien Cree1212————
Duncan Cook1212——66
Mary Gardiner12127766
Bret Jackson12127766
Hamish Stevens121277——
Standing Committees of the Board
Remuneration and People Committee
Members: Duncan Cook (Chair), Mary Gardiner,
Bret Jackson
Composition: At least three members of the
Board. Committee Chair appointed by the Board.
Responsibility for:
1. Establishment of remuneration policies and
practices for the CEO, key management
and Directors;
2. Oversee remuneration-setting and
review; and
3. Oversee the management of human
resources activities.
The Remuneration and People Committee
assists the Board with the establishment of
remuneration policies and practices for the
CEO, key management and Directors, as well
as discharging the Board’s responsibilities
relative to remuneration-setting and review;
and assisting the Board in overseeing the
management of the Company’s people. The
Remuneration and People Committee Charter
can be found at www.radiuscare.co.nz/investors-
centre/governance.
The Remuneration and People Committee met
on six occasions during the year ended 31
March 2023.
Audit and Risk Committee
Members: Hamish Stevens (Chair), Mary Gardiner,
Bret Jackson
Composition: At least three members of the Board;
a majority of members must be independent;
at least one member who has an accounting or
financial background; Committee Chair appointed
by the Board; must be an Independent Director;
must not be the Chair of the Board.
Responsibility for:
1. External financial reporting;
2. Internal control environment;
3. Business Assurance / Internal Audit and
external audit functions;
4. Risk management.
The role of the Audit and Risk Committee is to
assist the Board to fulfil its responsibilities in
relation to external financial reporting, internal
controls, business assurance, internal and external
audit functions and risk management. All members
of the Committee are Independent Directors. The
Committee’s Chair, Hamish Stevens, is a qualified
accountant and an Independent Director.
The Audit and Risk Committee met on seven
occasions during the year to 31 March 2023. The
agenda items for each meeting generally relate to
financial governance, external financial reporting,
external audit, internal audit, risk management,
compliance and insurance.
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ANNUAL REPORT 2023

REMUNERATION OVERVIEW
Radius Care aims to reward employees with a level of remuneration commensurate with their position
and responsibilities, and to ensure total compensation is competitive by market standards. This
overview provides details of Radius Care’s approach to remuneration including incentive plans for
executives that are in place for the year ended 31 March 2023 and remuneration received by the CEO
and the Directors for the year ended 31 March 2023.
Remuneration Principles
It is recognised that in order to support the business and its strategy, the Company must attract and
retain people of a high calibre. Accordingly, the Board will set remuneration with regard to this and
other business objectives.
Specifically, in relation to management, it is the policy of the Company to align executive remuneration
with the performance of the Company and that executive remuneration should be comprised of both
fixed and ‘at risk’ (or performance-based) elements. The purpose of this is to ensure that the interests
of Management are aligned with the interests of the Company and its shareholders.
CEO Remuneration
The remuneration of the CEO, Andrew Peskett, currently comprises total fixed remuneration that is
based on the scale and complexity of the role, market relativities, qualifications and experience. The
CEO’s fixed annual salary for FY23 was $400,000 and is now increased to $416,000 for FY24. Other
benefits, including KiwiSaver and a car park, are additional to the fixed salary.
CEO Remuneration Summary
Fixed
Remuneration
1
Benefits
2
Sub total
Variable Remuneration
- STIP
Total
Remuneration
FY22Stuart Bilbrough
3
$311,389$13,049$324,438$30,000$354,438
Andrew Peskett
4
$60,000$2,511$62,511—$62,511
FY23Andrew Peskett$400,000$17,000$417,000—
5
$417,000
1. Actual salary paid includes holiday pay paid as per NZ legislation and a car allowance where applicable.
2. Benefits include KiwiSaver and car park.
3. Stuart Bilbrough resigned from the position of CEO effective 19 November 2021. He received a cash bonus of $30,000 as a
result of the EBITDA that was achieved for the FY21 year. Salary shown is for the period 1 April 2021 – 19 November 2021.
4. Andrew Peskett was appointed CEO on 1 February 2022. Salary shown is for the period 1 February 2022 – 31 March 2022.
5. The Short Term Incentive Plan (STIP) was introduced in FY23 and incentive payments have not yet been finalised.
CEO Short Term Incentive Plan (STIP) Payment
For the FY23 financial year, the CEO may receive an STIP payment of up to 20% of his base salary
(in FY23 the payment may be up to $80,000). This will be dependent on achieving certain targets as
follows:
1. 50% is to be due on the Company achieving or exceeding its budgeted pre IFRS 16 EBITDA target
for FY23, with scaling to be applied at the discretion of the Board if the result comes within the
range of 95% to 100% of the target; and
2. 50% is to be allocated and scaled entirely at the discretion of the Board. Considerations are to be
given to a range of factors including but not limited to:
• Staff engagement and retention;
• Stakeholder engagement;
• Board engagement and reporting; and
• Health and Safety.
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CORPORATE GOVERNANCE

CEO Long Term Incentive Plant (LTIP) Payment
The Board has approved a long term incentive plan for the Senior Leadership Team (SLT) including
the CEO which aims to provide genuine incentive to achieve the Company’s strategy and increase
shareholder value. The CEO has been allocated share rights to take up 2,774,563 ordinary shares in
Radius Care. The share rights vest if the Radius Care share price is equal to $1.081 before 18 July 2025.
That number of share rights is calculated by dividing $1,000,000 by the weighted average price of
Shares on the NZX Main Board over the 10 NZX trading days (“10 day VWAP”) before 18 July 2022
being $0.36.
The expiry date will be 18 July 2025 and the qualifying period will be the period from the issue date to
the expiry date.
Key Terms of CEO Employee Contract
The table below sets out the key terms of the CEO’s employment contract:
Contract DurationOngoing until terminated
Notice Period - Company6 months unless for cause
Notice Period - CEO6 months
Termination Provision (where notice provided) 6 months
Post-employment RestraintN /A
The CEO’s contract does not include any “golden handshake” provisions.
Director Remuneration
In accordance with best practice corporate governance, the structure of Director remuneration is
separate and distinct from the remuneration of the CEO and other officers and is reviewed on an annual
basis. The Board reviews Director remuneration annually to ensure that the Company’s Directors are
fairly remunerated for their services and that the level of skill and experience required to fulfil the role
is recognised. They have no entitlement to any performance-based remuneration or participation in any
share-based incentive schemes.
Each Director receives a base fee for services as a Director of the Company and an additional fee
is paid for being a member of the Board committees. The payment of an additional fee recognises
the additional time commitment and specific skills required by each Director who serves on those
committees. All Directors are also entitled to be reimbursed for costs associated with carrying out their
duties. Directors do not qualify for the payment of any retirement benefits.
Fees paid to the Directors of the Company (in their capacity as Director) for the year ended 31 March
2023 were as follows:
DirectorsBoard Fees
Audit and Risk Committee
Fees
Remuneration and People
Committee Fees
Total Remuneration
Brien Cree
1
————
Duncan Cook
2
$90,000—$12,000$102,000
Mary Gardiner$90,000$6,000$6,000$102,000
Bret Jackson$90,000$6,000$6,000$102,000
Hamish Stevens$90,000$12,000—$102,000
1.Brien Cree was paid a salary of $856,541 and benefits of $91,547 in his executive capacity as Managing Director of Radius Care.
2.Payment of $451k (including GST) to Prasso Consulting, a division of Barefoot Crue Limited (Duncan Cook is a Director and shareholder of
Barefoot Crue Limited) for consulting and professional services in connection with the UCG transaction and the Matamata Country Lodge
transaction. This amount is not included in his Total Remuneration shown in the table above.
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ANNUAL REPORT 2023

Board Fees
ChairNil
Directors (other than the Chair)
$90,000
Committee Chair
$12,000
Committee Members
$6,000
Employee Remuneration
The number of employees and former employees of
Radius Care, not being a Director of Radius Care,
who received remuneration and other benefits
the value of which exceeded $100,000 during the
financial year ended 31 March 2023 is set out in the
table of remuneration bands below.
The remuneration figures shown in the
“Remuneration” column include all monetary
payments actually paid during the course of the
year ended 31 March 2023. The table does not
include amounts paid after 31 March 2023 that
relate to the financial year ended 31 March 2024.
RemunerationNumber of Employees
$100,000 to $109,9998
$110,000 to $119,9997
$120,000 to $129,9991
$130,000 to $139,9996
$140,000 to $149,9993
$150,000 to $159,9991
$160,000 to $169,9992
$170,000 to $179,9991
$180,000 to $189,9991
$190,000 to $199,9991
$210,000 to $219,9991
$240,000 to $249,9991
$320,000 to $329.9991
$400,000 to $419,9991
TOTAL EMPLOYEES35
Executive STIP Plan
For the FY23 financial year, each member of
the SLT may also receive an STIP payment of
up to 20% of their annual base salary. This will
be dependent on achieving certain targets as
follows:
• 30% (50% for the CFO) is to be due on
the Company achieving or exceeding its
budgeted pre IFRS 16 EBITDA target for
FY23, with scaling to be applied at the
discretion of the Board if the result comes
within the range of 95% to 100% of the
target; and
• 70% (50% for the CFO) is to be allocated
and scaled entirely at the discretion of the
Board. Considerations are to be given to a
range of factors relevant to each executive’s
key performance indicators.
Executive LTIP Plan
The SLT is also able to benefit from a long term
incentive plan. The LTIP aims to provide genuine
incentive to achieve the Company’s strategy and
increase shareholder value. Each member of the
SLT has been allocated share rights to take up a
certain number of ordinary shares in Radius Care.
The share rights vest if the Radius Care share
price is equal to $1.081 before 18 July 2025.
That number of share rights is calculated by
dividing the issue amount by the weighted
average price of Shares on the NZX Main Board
over the 10 NZX trading days (“10 day VWAP”)
before 18 July 2022 being $0.36.
The expiry date will be 18 July 2025 and the
qualifying period will be the period from the
issue date to the expiry date.
The STIP and the LTIP do not apply to Directors.
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CORPORATE GOVERNANCE

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ANNUAL REPORT 2023
OTHER DISCLOSURES
Brien Cree
EntityNature of Interest
Valhalla Capital LimitedDirector
Naturobest LimitedDirector
Cibus Catering LimitedDirector
Wave Rider Holdings LimitedBeneficial interest
Duncan Cook
EntityNature of Interest
Purangi Gold Limited Shareholder as trustee with no beneficial interest
Sharpac Management Limited Director
Barefoot Crue Limited Director and Shareholder
KFT International LimitedShareholder as trustee with no beneficial interest
Barbara Fishing Company LimitedShareholder as trustee with no beneficial interest
Beaver Fishing Company LimitedShareholder as trustee with no beneficial interest
Woodland Kiwi LimitedShareholder as trustee with no beneficial interest
M D C Fishing LimitedShareholder as trustee with no beneficial interest
Beauty Store LimitedDirector and Shareholder
InforME LimitedDirector and Shareholder
Compass Homes Limited
Shareholder. Appointed as Director on 1 April 2022
and resigned as Director effective 3 October 2022.
INTERESTS REGISTER
Disclosure of Directors’ Interests
The following are particulars of general disclosures of interest by Directors holding office as at 31 March
2023, pursuant to section 140(2) of the Companies Act 1993. The Director will be regarded as interested in
all transactions between Radius Care and the disclosed entity. Changes to entries disclosed during the year
to 31 March 2023 are noted for the purposes of section 211(1)(e) of the Companies Act 1993.
Mary Gardiner
EntityNature of Interest
Southern Cross Pet Insurance LimitedDirector
Northern Netball Zone IncorporatedChair
Mangere Mountain Education TrustTrustee
Kidsen LimitedDirector and Shareholder
Women in Sport Aotearoa
(incorporated society and registered charity)
Director
Unity Credit UnionDirector
Other Disclosures

Bret Jackson
EntityNature of Interest
KIP Nominees LimitedDirector
Knox General Partner LimitedDirector
Tasman Advisory LimitedDirector and Shareholder
Takatimu Holdings LimitedDirector and Shareholder
SLP Mag Nation LimitedDirector
Takatimu Investments LimitedDirector and Shareholder
OPO Holdings LimitedDirector and Shareholder
Knox Investment Partners Fund III NZD 2 LimitedDirector
Knox Investment Partners Fund III NZD LimitedDirector
Knox Investment Partners LimitedDirector and Shareholder
Knox Investment Partners Fund III AUD LimitedDirector
Knox Investment Partners Fund III LimitedDirector
Knox Investment Partners Fund III NZD 5 LimitedDirector
Knox Investment Partners Fund III AUD 3 LimitedDirector
Knox Investment Partners Fund III AUD 2 LimitedDirector
Knox Fund IV Carried Interest Partner LimitedDirector
Bret Jackson Trustee LimitedDirector and Shareholder
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RADIUS CARE
ANNUAL REPORT 2023
Hamish Stevens
EntityNature of Interest
Marsden Maritime Holdings LimitedDirector
Pharmaco NZ LimitedDirector
Pharmaco House LimitedDirector
Pharmaco (Australia) LimitedDirector
The Kennedy's LimitedDirector
Botany Health Hub LimitedDirector
Northport LimitedDirector
ECL Group LimitedDirector
Counties Energy LimitedDirector
Governance and Advisory LimitedDirector and Shareholder
East Health Services LimitedDirector
Ormiston Health Properties LimitedDirector
Health Improvement Group LimitedDirector
East Health Clinic Investments LimitedDirector
Embark Education Group Limited (previously Evolve Education
Group Limited until 18 October 2022, and then Embark Education
Limited until 10 February 2023)
Director
Embark NZ Management Group Limited (previously Evolve
Management Group Limited until 18 October 2022)
Director
Embark NZ Educare Holdings Limited (previously Lollipops Educare
Holdings Limited until 18 October 2022)
Director
Lollipops Educare Centres Limited
Resigned as Director effective
3 October 2022

107
RADIUS CARE
ANNUAL REPORT 2023
OTHER DISCLOSURES
SUBSIDIARY COMPANY DIRECTORS
Brien Cree and Duncan Cook are Directors of all Radius Care subsidiaries as at 31 March 2023. No extra
remuneration is payable for any Directorship of a subsidiary.
SPECIFIC DISCLOSURES
See related party note 5.5 in the consolidated financial statements section for any disclosures made by
Directors during the year ended 31 March 2023 of any interests in transactions with Radius Care or any
of its subsidiaries.
USE OF COMPANY INFORMATION
During the year ended 31 March 2023, the Board did not receive any notices from Directors requesting
use of Radius Care’s or any of its subsidiaries’ information.
DIRECTORS’ INTERESTS
Directors of Radius Care have disclosed the following relevant interests in shares as at 31 March 2023:
DirectorNumber of Shares in which Relevant Interest is Held
Brien Cree 95,312,500
Bret Jackson 4,617,783
Duncan Cook 571,153
Hamish Stevens 76,292
SECURITIES DEALINGS OF DIRECTORS
Dealings by Directors in relevant interests in Radius Care’s ordinary shares in the year ended 31 March
2023 as entered in the Interests Register:
DirectorTransaction
No. of
Shares
Nature of Relevant
Interest
Price per
Share
Date of
Transaction
Hamish
Stevens
Acquired shares under the
Dividend Reinvestment Plan
1,292
ordinary
shares
Registered holder and
beneficial owner
27 cents
13 January
2023
INDEMNITY AND INSURANCE
Radius Care has granted indemnities, as permitted by the Companies Act 1993 and the Financial
Markets Conduct Act 2013, in favour of each of its Directors. Radius Care also maintains Directors’ and
Officers’ liability insurance for its Directors and officers.

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ANNUAL REPORT 2023
OTHER INFORMATION
Auditor’s Fees
Baker Tilly Staples Rodway is the external auditor
of Radius Care and its subsidiaries. Total fees paid
by Radius Care and its subsidiaries to Baker Tilly
Staples Rodway in its capacity as auditor during the
financial year ended 31 March 2023 were $271.2k.
Total fees paid to Baker Tilly Staples Rodway
for other professional services (being taxation
compliance services) during the financial year
ended 31 March 2023 were $22.7k. No other fees
were paid to Baker Tilly Staples Rodway for other
professional services.
Donations
For the year ended 31 March 2023, Radius Care and
its subsidiaries paid a total of $8.4k in donations.
No donations were paid to political parties.
Stock Exchange Listings
Radius Care’s shares are listed on the NZX. Radius
Care is required to comply with the NZX Listing
Rules. Radius Care confirms that it has complied
with the NZX Listing Rules for the financial year
ended 31 March 2023.
Waivers
Radius Care did not apply for or rely upon
any waivers from the requirements of the NZX
Listing Rules during the financial year ended
31 March 2023.
Credit Rating
Radius Care has no credit rating.

109
RADIUS CARE
ANNUAL REPORT 2023
SHAREHOLDER INFORMATION
Shareholder Information
TWENTY LARGEST SHAREHOLDERS
AS AT 1 MAY 2023
Registered Shareholder
Number of
shares
% Shares
Wave Rider Holdings Limited 95,312,50033.46
Neil John Foster 15,595,0405.47
Jamie Marion Main & Main Trustee Company No 2 Limited15,328,0195.38
Aaron Snodgrass & Brian Maltby & Simon Curran & Frances Valintine & Peter
Alexander & Jonathan Mason
10,866,430 3.81
Forsyth Barr Custodians Limited 6,646,364 2.33
Perpetual Corporate Trust Limited - Act Private Equity No 3 Fund 5,994,7602.10
Perpetual Corporate Trust Limited - ROC Alternative Investment a/c VI 5,994,7602.10
Perpetual Corporate Trust Limited - ROC Asia Pacific Co-investment Fund II 5,994,7602.10
New Zealand Depository Nominee Limited 5,582,6071.96
BNP Paribas Nominees (NZ) Limited - NZCSD5,568,2821.95
Accident Compensation Corporation - NZCSD5,097,5001.79
Glenn Raymond Miller 4,807,6921.69
Trevor Maxwell Jones 4,807,6921.69
Leveraged Equities Finance Limited 4,701,4351.65
Takatimu Investments Limited 4,617,7831.62
Central Lakes Direct Limited 4,434,1021.56
Quintin Louis Proctor 4,326,9241.52
HSBC Nominees (New Zealand) Limited - NZCD 3,885,6891.36
FNZ Custodians Limited 3,146,4091.10
Andrew John Clark 3,066,5021.08
Total 215,775,25075.75

Size of HoldingNumber of Shareholders%Number of Shares%
1 - 1,000147 10.092,7870.03
1,001 - 5,00052535.741,365,7830.48
5,001 - 10,00021014.301,733,5550.61
10,001 - 100,00045430.9114,796,0235.19
100,001 and over1339.05266,860,49693.69
Total1,469100284,848,644100
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RADIUS CARE
ANNUAL REPORT 2023
SHAREHOLDER INFORMATION
SPREAD OF HOLDINGS
AS AT 1 MAY 2023
SUBSTANTIAL PRODUCT HOLDERS
According to Radius Care’s records and notices given under the Financial Markets Conduct Act 2013,
the following were substantial product holders of Radius Care as at 31 March 2023. The below shares
may not represent the exact amount of shares currently held by these shareholders due to subsequent
changes in shareholding after the lodging of the various Substantial Product Holder Notices.
Substantial Product HolderNumber of Shares
% of Shares Held at
Date of Notice
Date of Notice
Wave Rider Holdings Limited is the registered
holder and beneficial owner of Shares as trustee
for the Wave Rider Trust. As a result of Brien Cree
having the right to appoint and remove trustees
of the Wave Rider Trust, he has a relevant interest
in Shares held by Wave Rider Holdings Limited as
trustee for the Wave Rider Trust.
95,312,500 35.40
22 September
2021
ROC Capital Pty Limited is the manager of
ACT Private Equity No.3 Fund, ROC Alternative
Investment Trust VI and ROC Asia Pacific Co-
Investment Fund II (“ROC Funds”). As a result of
the management role performed by ROC Capital
Pty Limited for the ROC Funds, ROC Capital Pty
Limited has a relevant interest in the Shares held
by Perpetual Corporate Trust Limited as custodian
for the ROC Funds as follows:
• 5,994,760 Shares held on behalf of ACT
Private Equity No.3 Fund;
• 5,994,760 Shares held on behalf of ROC
Alternative Investment Trust VI; and
• 5,994,760 Shares held on behalf of ROC Asia
Pacific Co-Investment Fund II
17,984,280 10.19
10 December
2020
Neil John Foster as registered holder and
beneficial owner
15,595,0405.79
5 August
2022
Jamie Marion Main & Main Trustee Company No 2
Limited
15,328,0195.39
3 May
2023
The total number of ordinary shares (being the only class of quoted voting products) on issue in Radius
Care as at 31 March 2023 was 284,848,644.

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RADIUS CARE
ANNUAL REPORT 2023
CORPORATE DIRECTORY
Corporate Directory
REGISTERED OFFICE
Radius Residential Care Limited
Level 4, 56 Parnell Road,
Parnell, Auckland 1052
PO Box 450, Shortland Street, Auckland
Phone +64 9 304 1670
Email investor@radiuscare.co.nz
www.radiuscare.co.nz
BANKERS
ASB
ASB North Wharf
12 Jellicoe Street, Auckland 1010
AUDITORS
Baker Tilly Staples Rodway
Level 9, Tower Centre
45 Queen Street, Auckland 1010
SHARE REGISTRY
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Phone +64 (9) 488 8700
Private Bag 92119, Victoria Street West
Auckland 1142
Investor Enquiries:
Phone 09 488 8777
www.computershare.co.nz/investorcentre
VALUER
Long Valuation and Consultancy Limited
Moore Markhams Auckland, Floor 1,
103 Carlton Gore Road, Newmarket,
Auckland 1023
LEGAL ADVISORS
Chapman Tripp
Level 34/15 Customs Street West,
Auckland CBD, Auckland 1010
STATUTORY SUPERVISOR
Covenant Trustee Services Limited
Level 6/191 Queen Street, Auckland CBD,
Auckland 1010

Caring is our calling
Radius Residential Care Limited
ADDRESS
Level 4, 56 Parnell Road, Parnell, Auckland

PHONE
+ 64 9 304 1670
EMAIL
investor@radiuscare.co.nz

Capital Change Notice – 10-year employee share scheme Radius Care Notice of Annual Meeting

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.