Financial Results for the Half Year Ended 30 June 2023

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz
NZX & ASX RELEASE
23 August 2023
Summerset HY Results 2023

SUMMERSET FIRST HALF UNDERLYING PROFIT OF $87.2M, UP 5.7%
• Underlying profit for 1H23 of NZ$87.2m, up 5.7% on 1H22
• Reported (IFRS) profit after tax of NZ$133.1m
• Total assets of NZ$6.3 billion, up 17.2% on 1H22
• Gearing ratio of 35.5%
• Two new sites acquired in New Zealand
• 152 new retirement units delivered
• 483 sales of occupation rights for the half
• Development margin of 33.5%
• Interim dividend of NZ11.3 cents per share
Retirement village operator Summerset Group Holdings Limited has announced an
underlying profit of $87.2 million for the six months ended 30 June 2023, a 5.7% increase on
the first half of 2022.
Summerset CEO Scott Scoullar said the result is pleasing as the business performed solidly
through a challenging economic environment over the first six months and continues to lay
the platform for ongoing growth.
In the six months to 30 June 2023, Summerset recorded 483 sales comprising 241 new
sales and 242 resales. The first quarter of 210 total sales reflected the lower turnover in the
property market, whereas the second quarter saw a record result for resales with 147 units
settled.

Summerset reported a development margin of 33.5% up from 28.1%, for the same period
last year, above the company’s longer-term expectations of development margins in the 20-
25% range.
Summerset delivered 152 total units in the first six months.
“Our deliveries are weighted towards the second half of this year and we remain on track to
deliver approximately 625-675 units this year. In the second half, we expect to deliver two
new village centre buildings at our Bell Block (New Plymouth) and Te Awa (Napier) villages
with both sites already seeing good levels of presales interest”, said Mr Scoullar.
Summerset has also announced the purchase of two new sites in New Zealand at Rolleston
(Christchurch) and Mosgiel (Dunedin).

“We’re pleased to continue to find quality sites to grow our business where we’ll be able to
introduce more New Zealanders to our retirement village lifestyle.”

Rolleston, in the Selwyn District is in one of New Zealand’s high growth areas, with Statistics
New Zealand estimating Rolleston will see the highest population growth in New Zealand
over the next 30 years. The site is Summerset’s sixth in the Canterbury region.

The site in Mosgiel is 15km west of Dunedin’s city centre and will complement the existing
Dunedin village. Offering access to a high level of amenities and recreational areas with flat,
open spaces, the site is also within 3km of Mosgiel town centre’s vibrant shops, cafés,
restaurants and monthly markets.
The new New Zealand sites will each offer over 300 units and further boost Summerset’s
land bank of units, the largest in New Zealand’s retirement village sector, and gives
Summerset enough secured land to more than double the size of its current New Zealand
business.
“In Australia, construction is well underway at our Cranbourne North village, with presales
marketing having recently commenced and the first homes expected to be finished by the
end of this year”, said Mr Scoullar.

Once complete, the village will provide a variety of purpose-built homes including two- and
three-bedroom independent living villas and townhouses, as well as serviced apartments for
residents requiring extra support. There will also be extensive recreational amenities and
aged care on-site offering options for residents in our aged care or memory care facility.
Of its six other Australian sites, Summerset has both the Chirnside Park and now Oakleigh
South sites consented and is working through the process at its other proposed villages.
“We were very pleased to receive consent for our Oakleigh South site from Victoria’s City of
Monash Council. It’s our first inner suburban approval in Victoria with excellent amenities
and access to nearby Melbourne city.
“We are excited to soon introduce Australians to our high-quality integrated model of village
living”, said Mr Scoullar.
The Summerset Board has declared an unimputed interim dividend of NZ11.3 cents per
share. The record date will be 6 September 2023, with payment on 19 September 2023.
ENDS
For investor relations enquiries: For media enquiries:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications Advisor
will.wright@summerset.co.nz louise.mcdonald@summerset.co.nz
021 490 251 021 408 215

ABOUT SUMMERSET
• Summerset is one of the leading operators and developers of retirement villages in
New Zealand, with 38 villages completed or in development nationwide

• In addition, Summerset has six proposed sites at Half Moon Bay (Auckland), Rotorua
(Bay of Plenty), Kelvin Grove (Palmerston North), Masterton (Wairarapa), Rolleston
(Christchurch), and Mosgiel (Dunedin)
• Summerset also has one village in development (Cranbourne North) and six other
properties in Victoria, Australia (Chirnside Park, Craigieburn, Drysdale, Mernda,
Oakleigh South and Torquay)
• Summerset provides a range of living options and care services to more than 7,600
residents

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H a l f Ye a r
Report
2023

Cover: Summerset by the Lake resident and model plane enthusiast, Alex Brodie, proudly displays some of his treasures and collections
in his garage at the village. Inside cover: Artist impression of Summerset Waikanae.

Cover: Summerset by the Lake resident and model plane enthusiast, Alex Brodie, proudly displays some of his treasures and collections
in his garage at the village. Inside cover: Artist impression of Summerset Waikanae.

0 2

Contents
Chair and CEO's Report04
Highlights12
Snapshot
12
Half Year Financial Highlights
14
Financial Statements15
Directory
36
Company Information
38
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Half Year Report 2023
Chair and
CE
O's report
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to Summerset’s half year
report for the six months ended
30 June 2
023.
The business has performed solidly
through a challenging economic
environment over the last six
months, and we continue to lay the
platform for ongoing growth.
We are pleased to report in the
first half of 2023 we recorded
$133.1 million IFRS net profit after
tax, down 1% on the same period last
year, and $87.2 million underlying
profit, up 5.7% on the first six months
of 2022.
While some uncertainty continues,
we are pleased to be seeing
early signs that suggest the
tough property market may have
bottomed and some of the
pressures from earlier in the year
appear to be easing.
In the six months to 30 June 2023, we
recorded 483 sales comprising 241
new sales and 242 resales. The first
quarter of 210 total sales reflected
the lower turnover in the property
market, whereas the second quarter
saw us achieve record resales of
147 units.
We delivered 152 new units sold
under occupation right agreement
(ORA) in the first half and we remain
on track to deliver approximately
625-675 units to be sold under
ORA for the full year 2023. While
that range provides for flexibility,
currently we expect to deliver
closer to the lower end as we
actively and prudently manage
deliveries in the context of property
market conditions.
In the second half of this year we
are opening two new village centre
main buildings, in Bell Block (New
Plymouth) and Te Awa (Napier).
These sites have already seen good
levels of presales interest.
The Board of Directors ("the Board")
has declared an interim dividend of
11.3 cents per share for the first half.
Village operations and care
In the last two years, our half
year reports have had a heavy
focus on our response to Covid-1
9
and keeping our residents and
staff safe. The safety and health
measures we took and the
procedures we implemented have
now been incorporated into our
“living with Covid-19” business as
usual practices.
It was exciting for us to be
able to return to providing our
much-enjoyed Summerset Sessions
and village events and activities
in person again. Our “Cooking
with a Masterchef”, “An Interview
With....” and a “Summerset Sings”
concert were all eagerly awaited
and welcomed opportunities for
our residents to interact together.
These events also continued to be
provided on our online platforms for
other residents to enjoy at the same
time as the live events or later at
their leisure.
During uncertain times, the
importance of safety, security
and community, which a
retirement village lifestyle provides,
is heightened.
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C H A I R A N D C E O ' S R E P O R T
This was particularly evident for our
residents and staff, and their friends
and families in those areas impacted
by Cyclone Gabrielle. Our four
Hawke’s Bay villages became vibrant
hubs for connecting, supporting and
helping each other and their wider
communities to recover during a
time when contact with the outside
world was exceedingly difficult.
The cyclone and its impacts were
a demonstration of the resources a
large company can bring to bear in a
crisis situation. With power out for an
extended period at our Summerset
Palms (Te Awa) and Summerset
in the Bay (Napier) villages, we
brought in extra generators, staff
from around the country and
supplies by both helicopter and
truck where necessary. Our kitchen
staff provided hot meals every day
for two weeks to residents at each
of these villages and we set up
Wi-Fi hotspots to enable residents
to stay connected to their family
and friends.
Bringing loved ones closer together
was at the heart of a new
“Holiday Home” initiative we started
trialling in February. The trial
involves three villages offering short-
term accommodation exclusively
for Summerset residents, families
and friends within the village.
It offers on-site convenience
and best value for money for
residents and their families in a
fully furnished, comfortable, self-
contained apartment. For the trial
we have apartments available at
our Hobsonville, Hastings and
Richmond villages and it allows
residents to travel and stay in familiar
surroundings while also giving our
residents the opportunity to host
their
family in their village. There has
been a lot of demand and bookings
so far and we intend to roll this
out nationwide.
We continue to focus on providing
high quality aged care for our
residents already living in our
care facilities and offering an
ongoing continuum of care with
guaranteed priority placement for
our village residents.
Our care business saw occupancy
for the first six months of this year at
92% in our developed villages.
Our care centre refurbishment
programme continued to progress
well in our Havelock North, Trentham
and Levin villages, where extensive
refurbishment work at all three
villages will ensure our facilities
meet the needs and expectations
of our residents now and in the
future. Outside of these villages,
we continue to look at equipment
and technology to make our care
residents more comfortable and to
help our staff be more efficient. This
year we've commenced installing
ceiling hoists above beds in all our
care centres to help residents who
cannot get in and out of bed on their
own and have just completed our
first rollout in Kenepuru. The ceiling
hoists are far more comfortable and
residents tell us they feel safer than
the manual hoists.
Aged care sector operators continue
to be very concerned about
underfunding in the wider aged
care sector. The population of New
Zealanders over 85 is set to triple
over the next 25 years, and in 2040
there will be 233,300 people aged
85-plus. At least an extra 40,000
aged residential care beds,
Summerset Avonhead staff receive their COVID-1
9 response recognition award
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Half Year Report 2023
Summerset’s new Mosgiel site
Our recently acquired Rolleston site
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C H A I R A N D C E O ' S R E P O R T
including those providing hospital-
level
care, will be needed – doubling
the industry’s current capacity
to 80,000.
The Government have recently
increased the funding to aged care
facilities via:
•an increase to reduce the
pay disparity between Aged
Residential Care and public
hospital nurses. This is a fixed
amount and is the same across all
Territorial Local Authorities; and
•a five percent cost pressures
uplift, added to the funding
for nurses.
These increases are collectively
expected to be just over 10%,
and while this is a meaningful
change it only largely covers the
inflationary pressures we have faced
over the last 12 months and
does not systemically address the
pressures the sector is under and the
pay relativity challenges between
funding for staff in aged care and
staff in public hospitals. 
With this in mind, Summerset
will continue to focus on small
high-quality facilities for our
village residents and providing our
continuum of care which is so
important to many of them.
We can continue to provide care
because we are a large business
– however, our wider sector faces
systemic challenges. The current
funding model is pushing the
industry backwards and there’s no
way we’ll meet future demand.
Underfunding contributed to 1,000
aged care beds being permanently
closed across New Zealand in the
past year and we are acutely
aware that with nowhere else to
go our elderly will fall back on
the public health system. With the
cost of providing a day in hospital-
level Aged Residential Care being
$1,300 less than the cost of a
day in a public hospital, the aged
care sector is supplementing the
public health system to the tune of
$
7 billion annually which is unfair
and unsustainable.
To address this, we, along with
a number of companies in the
aged care industry, continue to
support the New Zealand Aged
Care Association ("NZACA") in their
work to highlight the underfunding
of aged care with government
and policy makers. The NZACA
released their latest campaign, the
'Domino Effect', in August - which
highlights the far-reaching impacts
that chronic underfunding of the
aged residential care sector will have
on all New Zealanders. If elderly New
Zealanders can't get into aged care
facilities they will end up staying
in hospital, meaning people of all
ages won't get access to surgeries
and care as hospitals won't have
the capacity.
The current situation is not
sustainable, nor is it fair to
New Zealanders.
Growth and development
Our design and consenting
programme is very well positioned
in both New Zealand and Australia
and this continues well in 2
023.
As a largely broadacre developer, we
build our villas in stages, meaning
that we have the ability to respond
quickly to any change in demand,
including making decisions around
timing to start to build new villages
and main buildings. 
We also retain the ability to slow
down or speed up the entry
into Australia and we maintain
very strong levels of product and
geographic differentiation, building
in 17 locations across New Zealand
and Australia.
New Zealand
In New Zealand our development
pipeline continues to grow
and we’re very pleased to
announce two new land acquisitions
at Mosgiel (Dunedin) and
Rolleston (Christchurch).
The site in Mosgiel is 15km west
of the Dunedin city centre and will
complement our existing Dunedin
village. Offering access to a high
level of amenities and recreational
areas with flat, open spaces, the
site is also within 3km of Mosgiel
town centre’s vibrant shops, cafés,
restaurants and monthly markets.
Rolleston, in the Selwyn District
is in one of New Zealand’s high
growth areas, with Statistics New
Zealand estimating Rolleston will
see the highest population growth
in New Zealand over the next 30
years The site is our sixth in the
Canterbury region.
In the first half of this year, we gained
consent for our Half Moon Bay
development in east Auckland, and
we are at various consenting stages
for several other developments
including applying for a consent fast
track process for our Rotorua village.
We have
now completed a strategic
review of our Parnell village
development and decided to sell
the site. The economics of this
village, while being strong over
the longer term, would require
a significant amount of up-front
investment (funded through debt)
throughout the development stage
beyond what we feel is prudent in
the current economic and property
market climate.
We have been the top listed
retirement village builder in New
Zealand for several years and this
year our build rate over the last 12
months has made us the second
highest residential home builder in
the country. We are proud to be
providing high-quality warm homes
at reasonable prices for retirees,
and we have the capacity, the
consents, and the construction team
to continue to do so.
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Half Year Report 2023
Australia
We are excited to soon introduce
Australians to our high-quality
integrated model of village living.
We now have seven sites either
proposed or in development in
Victoria, giving us excellent capacity
looking forward, with a land bank
now over 2,100 units (including 4
66
care beds) and an aggregate project
investment of $1 billion.
At our Cranbourne North village,
construction is well underway with
presales marketing having recently
commenced and the first homes
expected to be finished by the end of
the year. Once complete, the village
will provide a variety of purpose-
built homes including two and three-
bedroom independent living villas
and townhouses, as well as serviced
apartments for residents requiring
extra support. There will also be
extensive recreational amenities and
aged care on-site offering options
for residents in our aged care or
memory care facility.
At the end of June, we received
unanimous development plan
approval for our Oakleigh South
site from City of Monash Council.
The Oakleigh South site is also our
first inner suburban approval for
a boutique medium-density village,
and it is important to note that the
up-front funding required to build
this village is similar to our broadacre
village model. We undertook
extensive community engagement
to ensure we developed a
proposal that met the community
needs and expectations and were
pleased that the local community
were supportive.
Our site in Chirnside Park was
consented following a unanimous
vote from the local council at the end
of 2022 and we have since seen the
first sod turned.
Construction
During the first half of 2
023, we
delivered 152 new homes and
have made significant progress at
a number of our sites including
Rangiora, Blenheim and Papamoa.
At Boulcott, in Lower Hutt, we have
delivered the first homes ready
for residents to move in over the
second half of the year, and at
Waikanae (Kāpiti Coast) our sales
villa was completed and presales
commenced in June.
In Auckland, our St Johns village
is taking shape with buildings
being enclosed and roofed, with
construction of other blocks
progressing well.
Supply chain constraints that had
plagued the building sector during
Covid-1
9 have now eased, assisted
by a slowdown in the broader
residential construction market in
general. The latter has also meant
that there is an increased availability
of construction staff.
It is paramount our sites are safe,
and to this end we continue to use
SiteWise pre-qualification as well as
quarterly external Site Safe audits
to check our performance against
best practice. These measures
are in addition to the extensive
processes and practices we used
to manage the health and safety
of our residents and staff at our
villages because of Covid-19, which
are now part of standard business as
usual practices.
The first villas under construction at our Cranbourne North village, Victoria
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C H A I R A N D C E O ' S R E P O R T
As noted in last year’s annual report,
sadly Marin Construction scaffolder,
Michael Noche, died on our St
Johns construction site in November
last year. This was devastating for
his family and colleagues. Since
Michael’s death we have run our
own investigation and continue to
enhance our worksite health and
safety protocols to ensure we have
the best systems and protections
in place for the people building our
villages. We also await the outcome
of WorkSafe's investigation which
will conclude later this year.
Our people
We strive to ensure we create a
great place to work where people
can thrive. We are committed to
the
protection and promotion of the
health and wellbeing of all our staff
so they can be at their best both
at home and at work. Focussing on
the priority areas of mental, physical,
financial and workplace wellbeing,
we have so far this year delivered
resilience training and mental health
awareness to frontline managers,
through programmes including
Mindfulness Month, Mental Health
Awareness Week, the GoodYarn and
MATES in Construction.
In March, we celebrated Frontliner
Day which is dedicated to thanking
all our hardworking frontline staff
– nurses, therapists, office staff,
property and gardening teams,
food services teams, housekeepers,
caregivers, activities coordinators
and people leaders working in
our villages. Heartfelt messages of
gratitude for our frontliners were
received from their colleagues, our
residents and their families, and
displayed front and centre in our
villages to show appreciation for all
that they do.
We've also launched a new monthly
staff recognition programme
“Surprise
and Delight”, that supports
employees to nominate their peers
for their exceptional day-to-day
successes and achievements and
that demonstrate our core values
(one team, strong enough to care,
strive to be the best). Surprise and
Delight is designed to complement
our annual Applause Awards - to
allow our hardworking staff the
opportunity to be recognised more
regularly. Nominees go into the draw
for prizes with approximately 40
on offer each month across every
village, our construction business,
and head offices.
Again in 2023 we have offered free
Summerset shares to our staff to say
thank you for their part in bringing
the best of life to our residents.
We provide eligible employees with
$1,000 worth of Summerset shares
at no cost, and the shares vest
after employees have worked for
us continuously for three years.
We have just completed our eighth
share offer, and the fifth tranche of
shares (issued in 2020) will vest for
over 600 staff this year.
Our place in the community
Summerset residents and staff
are engaged and active in their
communities, and we consider it
is important to support initiatives
that are local and of interest to
each village. We have supported
around 1
80 community groups,
clubs and associations, such as
bowling, bridge, golf, theatre groups
and more throughout the country.
Care centre residents and staff in purple had a short good walk from the care centre to the nearby villas while making sound
or noise using recycled instruments to make everyone aware of World Elder Abuse Awareness Day and their rights as elders
in the community.
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Half Year Report 2023
This year we were also proud
to sponsor the Dementia Hawke’s
Bay Matariki Charity Ball and
Auction held in July. It’s our way
of recognising the support that
Dementia Hawke’s Bay provides to
the community and by assisting to
raise funds we know that they will be
able to continue to expand current
services and spread their support
throughout the region. 
Additionally, Summerset has
national sponsorship partnerships
with the following organisations:
•New Zealand
Symphony Orchestra
•Netball New Zealand
•Wellington Free Ambulance
•Bowls New Zealand
•Dementia New Zealand
•Alzheimers New Zealand
•Hato Hone St John Therapy
Pet Programme
Our commitment to sustainability
In April we published our
Summerset Sustainability Review
2
023, which outlines our progress
on environmental, social and
governance (ESG) management and
performance over the last five years.
Our ambition is to develop, build
and manage more sustainable
retirement villages in both New
Zealand and Australia. We are
committed to providing a workplace
where our people can grow and
excel, to provide the best care for
our most vulnerable residents, and
to develop villages with the resident
and their needs at the core of
everything we do.
Over the last five years Summerset
has significantly reduced our
waste, become the first New
Zealand retirement village operator
to obtain sustainability linked
lending, introduced a science-
aligned emissions target, and joined
the Climate Leaders Coalition. We
have just completed the last year of
our short-term goal which was set off
our 2
017 base.
The goal was to reduce
our emissions intensity
by 5% per million
dollars of revenue
– a target we’re
pleased
to say we have
overachieved with a
16% reduction.
One of our biggest areas of
environmental focus has been
waste reduction in our construction
business. Our construction teams
have worked extremely hard to
identify where we can do better
and have teamed up with Waste
Management New Zealand to look
at waste across our sites. This
has seen 2,4
77 tonnes of waste
diverted from landfill to date and
has motivated us to review the
entire building lifecycle from design,
procurement of materials and pre-
construction techniques, through to
waste treatments.
In the embodied carbon space we
are currently setting the baseline for
our standard typologies to allow us
to monitor and build lower carbon
and energy efficient homes and look
forward to reporting back on this in
the future.
We have also installed solar
photovoltaic panels at our Nelson
and Karaka villages to power parts of
the village. All our new village centre
main buildings will have solar panels,
starting with our Whāngarei village
and we’re looking at where we can
retrofit them in other existing and
developing villages.
We were recently announced
winner of the Retirement Villages
Association (RVA) Sustainability
Awards in the operator-led category.
Our entry centred on our Think
Green programme and the huge
amount of work we’ve done over
the last five years to reduce our
carbon emissions. The Think Green
programme focused on reducing
our environmental impact in the
key areas of energy (electricity and
gas), waste, paper, fertilisers and
travel.  A key achievement is the
implementation of our construction
waste avoidance programme which
is delivering benefits right across
the organisation.  The judges
of the award were looking for
clearly measurable projects that
demonstrate genuine benefits to
residents and the community.
The judges were impressed with
how much we’d learned, how we
had embedded sustainability across
the organisation, how we have taken
residents on the journey with us, and
our commitment to do more. We are
delighted to be recognised by the
industry for our work in this area.
Climate change and how companies
respond and adapt has become
a big focus for the government
and investors. The government
has introduced mandatory climate-
related disclosure requirements for
climate-reporting entities which
include large publicly listed
companies such as Summerset
to publicly disclose from
1 January 2
023.
We’ve made huge strides since we
started our sustainability focus in
integrating it into our strategy and
work. We know there is a long way
to go but we believe we are on the
right track to meet our sustainability
targets and comply with disclosure
requirements. Summerset expects
this to remain a constant focus both
now and in the future.
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C H A I R A N D C E O ' S R E P O R T
$87.2m
Underlying profit
Regulatory environment
Aspects of our industry and its
practices have been under the
spotlight, with the Commerce
Commission announcing that they
were
launching an investigation into
the retirement village sector, and the
review of the Retirement Villages Act
2003 led by the Ministry of Housing
and Urban Development.
The latter has released a discussion
paper in August with submissions
due in November 2023. We are
considering our response but are
pleased that our current business
practices align with the vast majority
of the recommendations in that
discussion paper already.
For the Commerce Commission,
there have been concerns that
some operators' ORAs have been
unfair and some of the advertising
from the industry was potentially
misleading, while the review of
the Retirement Villages Act 2003
looks at a range of issues including
consumer protection and the rights
and responsibilities of residents
and operators.
Like every industry around the
country there are a range of
practices between the different
operators in the retirement village
sector and some have terms that are
fairer than others. 
We are very comfortable with
the services we offer and that
we are not engaging in practices
that disadvantage our residents.
We do not charge weekly fees
after our residents have vacated
their units, we don’t charge
additional fees for maintenance or
repairs and our advertising does
not guarantee services which are
subject to availability.
We have developed plain English,
clear and fair contract terms and
conditions for our residents. We
work hard to make sure people
joining our villages around the
country have easy to understand
contracts, and of course all residents
must get independent legal advice
before they join one of our villages. 
We welcome these reviews
especially where it requires
operators to raise the bar if they are
not already doing so.
Looking ahead
When Summerset was founded
almost 2
6 years ago, our goal was
to build 20 villages in 20 years. Now,
with 39 villages completed or in
development, a further six proposed
sites in New Zealand, and another
six proposed villages in Australia, we
have a strong pipeline of growth
ahead of us and every reason to feel
confident about the future.
Our integrated care
model has continued
to play an important
part in our business as
the population ages –
as does the innovative
approach we take
to giving residents
choice, certainty
and community.
We are optimistic about
Summerset’s ability to grow this
year and beyond. Our results,
during a very challenging economic
environment, show that the demand
and the core drivers for people
wanting to enter our villages
remain very strong. The comfort
and security we offer elderly New
Zealanders is highly prized and
we believe that demand for this
will grow.
As always, it is a pleasure to present
this half year report to our investors.
We will keep working hard to deliver
financial results for shareholders,
while also ensuring the standard
of our retirement living and care
services is at a level we can continue
to be proud of.
We would like to thank our residents,
their families, and our hard-working
staff for everything they contribute
towards making Summerset a
wonderful place to live and work.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
23 August 2023
1 1

Half Year Report 2023
Snapshot
Our people
7,600+
Residents
2,500+
Staff members
Our care
1,161
Care units
(which includes beds)
in portfolio
1,435
Care units
(Which includes beds)
in land bank in
New Zealand and Australia
Our portfolio
5,670
Retirement units
$6.3b
Total assets
6,060
Retirement
units
in land bank in
New Zealand
and Australia
39
Villages completed or
under development
483
Sales of
Occupation Rights
12
Greenfield sites
Our performance
$133.1m
Net profit after tax
$87.2m
Underlying profit
$146.7m
Operating cash flow
1 2

H I G H L I G H T S
1 3

Half Year Report 2023
Half Year
F
inancial
Highlights
1H20231H2022% ChangeFY2022
Net profit before tax (NZ IFRS) ($000)128,108134,921-5%265,117
Net profit after tax (NZ IFRS) ($000)133,061134,639-1%269,072
Underlying profit ($000)
1
87,15582,4635.7%171,420
Total assets ($000)6,298,0195,375,17817.2%5,840,322
Net tangible assets (cents per share)987.71891.3110.8%943.93
Net operating cash flow ($000)146,665190,440-23.0%369,179
1 Underlying profit differs from NZ IFRS profit for the period
1H20231H2022% ChangeFY2022
New sales of Occupation Rights241289-16.6%537
Resales of Occupation Rights2422229.0%470
Realised development margin ($000)55,98152,3377.0%104,869
Realised gains on resales ($000)34,55931,8658.5%70,191
New Occupation Right units delivered152223-31.8%625
Non-GAAP Underlying Profit
$0001H20231H2022% ChangeFY2022
Profit for the period
1
133,061134,639-1%269,072
Less: fair value movement of investment property
1
(131,493)(136,660)-4%(268,757)
Add: impairment of assets
1
----
Add: realised gain on resales34,55931,8658.5%70,191
Add: realised development margin55,98152,3377.0%104,869
(Less)/add: deferred tax (credit)/expense
1
(4,953)282-1856.4%(3,955)
Underlying profit87,15582,4635.7%171,420
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to Note 2 of the financial
statements for definitions of the components of underlying profit.
1 4

Financial
statements
1 5

Half Year Report 2023
Income Statement
For the six months ended 30 June 2023
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
NOTE$000$000$000
Care fees and village services77,50968,709144,631
Deferred management fees49,81043,90392,332
Other income9281,5251,749
Total revenue128,247114,137238,712
Fair value movement of investment property6131,493136,660268,757
Total income259,740250,797507,469
Operating expenses3(111,685)(101,990)(211,795)
Depreciation and amortisation expense(7,348)(6,614)(13,597)
Total expenses(119,033)(108,604)(225,392)
Operating profit before financing costs140,707142,193282,077
Finance costs(12,599)(7,272)(16,960)
Profit before income tax128,108134,921265,117
Income tax credit/(expense)44,953(282)3,955
Profit for the period133,061134,639269,072
Basic earnings per share (cents)1057.3158.51116.66
Diluted earnings per share (cents)1057.2058.36116.36
The accompanying notes form part of these financial statements.
1 6

Statement of Comprehensive Income
For the six months ended 30 June 2023
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Profit for the period133,061134,639269,072
Fair value movement of interest rate swaps(3,500)21,70530,272
Tax on items of other comprehensive income1,024(6,211)(8,718)
Loss on translation of foreign currency operations(1,010)(1,565)(68)
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
(3,486)13,92921,486
Net revaluation of property, plant and equipment--4,566
Tax on items of other comprehensive income--(1,278)
Other comprehensive income that will not be
reclassified subsequently to profit or loss for the period
net of tax
--3,288
Total comprehensive income for the period129,575148,568293,846
The accompanying notes form part of these financial statements.
1 7

Half Year Report 2023
Statement of Changes in Equity
For the six months ended 30 June 2023
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
RETAINED
EARNINGS
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January 2022324,899(2,705)60,2721,542,04621,924,514
Profit for the period---134,639-134,639
Other comprehensive
income for the period
-15,494--(1,565)13,929
Total comprehensive
income for the period
-15,494-134,639(1,565)148,568
Dividends paid---(19,926)-(19,926)
Shares issued9,364----9,364
Employee share plan
option cost
(85)----(85)
As at 30 June
2
022 (unaudited)
334,17812,78960,2721,656,759(1,563)2,062,435
Profit for the period---134,433-134,433
Other comprehensive
income for the period
-6,0603,288-1,49710,845
Total comprehensive
income for the period
-6,0603,288134,4331,497145,278
Dividends paid---(24,724)-(24,724)
Shares issued9,265----9,265
Employee share plan
option cost
769----769
As at 31 December
2
022 (audited)
344,21218,84963,5601,766,468(66)2,193,023
Profit for the period---133,061-133,061
Other comprehensive
income for the period
-(2,476)--(1,010)(3,486)
Total comprehensive
income for the period
-(2,476)-133,061(1,010)129,575
Dividends paid---(26,909)-(26,909)
Shares issued9,281----9,281
Employee share plan
option cost
1,628----1,628
As at 30 June
2
023 (unaudited)
355,12116,37363,5601,872,620(1,076)2,306,598
The accompanying notes form part of these financial statements.
1 8

Statement of Financial Position
As at 30 June 2023
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
NOTE$000$000$000
Assets
Cash and cash equivalents34,96436,62225,347
Trade and other receivables40,54463,16336,727
Interest rate swaps25,83418,26427,228
Asset held for sale545,000--
Property, plant and equipment348,082295,106326,050
Intangible assets8,3466,8517,251
Investment property65,795,2494,955,1725,417,719
Total assets6,298,0195,375,1785,840,322
Liabilities
Trade and other payables169,296199,457178,556
Employee benefits23,84621,14327,565
Revenue received in advance171,559151,517161,569
Interest rate swaps9,8946,48310,299
Residents’ loans72,286,6562,008,4952,165,352
Interest-bearing loans and borrowings81,293,814886,1561,060,494
Lease liability14,92911,68815,970
Deferred tax liability421,42727,80427,494
Total liabilities3,991,4213,312,7433,647,299
Net assets2,306,5982,062,4352,193,023
Equity
Share capital355,121334,178344,212
Reserves78,85771,49882,343
Retained earnings1,872,6201,656,7591,766,468
Total equity attributable to shareholders2,306,5982,062,4352,193,023
The accompanying notes form part of these financial statements.
Authorised for issue on 22 August 2023 on behalf of the Board
Mark Verbiest
Director and Chair of the Board
Fiona Oliver
Director and Chair of the Audit and Risk Committee
1 9

Half Year Report 2023
Statement of Cash Flows
For the six months ended 30 June 2023
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Cash flows from operating activities
Receipts from residents for care fees and village services77,82668,222142,482
Interest received92993413
Payments to suppliers and employees(113,167)(94,322)(206,871)
Receipts for residents' loans - new occupation right agreements158,192183,004347,278
Net receipts for residents' loans - resales of occupation right agreements22,88533,44385,877
Net cash flow from operating activities146,665190,440369,179
Cash flows to investing activities
Sale of investment property-6,3356,335
Payments for investment property:
- land(53,847)(72,836)(185,469)
- construction of retirement units and village facilities(215,853)(157,966)(385,096)
- refurbishment of retirement units and village facilities(7,727)(4,817)(9,727)
Payments for property, plant and equipment:
- construction of care centres(24,495)(19,385)(42,819)
- refurbishment of care centres(370)(677)(1,246)
- other(4,581)(3,517)(7,580)
Payments for intangible assets(1,331)(283)(1,908)
Capitalised interest paid(23,901)(13,826)(24,235)
Net cash flow to investing activities(332,105)(266,972)(651,745)
Cash flows from financing activities
Net proceeds from borrowings51,871122,481342,207
Proceeds from issue of retail bonds175,000--
Proceeds from issue of shares-1,6331,633
Interest paid on borrowings(12,988)(6,306)(14,258)
Payments in relation to lease liabilities(1,178)(946)(1,920)
Dividends paid(17,743)(12,221)(28,166)
Net cash flow from financing activities194,962104,641299,496
Net increase in cash and cash equivalents9,52228,10916,930
Cash and cash equivalents at beginning of period25,3478,4228,422
Foreign currency translation adjustment9591(5)
Cash and cash equivalents at end of period34,96436,62225,347
The accompanying notes form part of these financial statements.
2 0

Reconciliation of Operating Results and Operating Cash Flows
For the six months ended 30 June 2023
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Profit for the period133,061134,639269,072
Adjustments for:
Depreciation and amortisation expense7,3486,61413,597
Fair value movement of investment property(131,493)(136,660)(268,757)
Finance costs paid12,5997,27216,960
Gain on sale of investment property-(1,336)(1,336)
Income tax (credit)/expense(4,953)282(3,955)
Deferred management fees amortisation(49,810)(43,903)(92,332)
Employee share plan option cost1,7441,3151,196
Other non-cash items31(8)(26)
(164,534)(166,424)(334,653)
Movements in working capital
Net increase in trade and other receivables(5,684)(546)(8,371)
Net (decrease)/increase in employee benefits(3,795)(475)5,985
Net increase in trade and other payables6,0837,3685,485
Net increase in residents’ loans net of non-cash amortisation181,534215,878431,661
178,138222,225434,760
Net cash flow from operating activities146,665190,440369,179
The accompanying notes form part of these financial statements.
2 1

Half Year Report 2023
Notes to the
financial
s
tatements
For the six months ended 30 June 2023
1. Summary of accounting policies
The consolidated interim financial statements presented for the six months ended 30 June 2
023 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock Exchange (NZX), being
the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
as appropriate for profit-oriented entities. These consolidated interim financial statements also comply with NZ IAS 34 –
Interim
Financial Reporting and IAS 34 – Interim Financial Reporting, and are prepared in accordance with the Financial Markets Conduct
Act 2013.
The consolidated interim financial statements for the six months ended 30 June 2023 are unaudited and have been the subject of
review by the auditor, pursuant to NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of
the Entity, issued by the External Reporting Board. They are presented in New Zealand dollars, which is the Company's and its New
Zealand subsidiaries' functional currency. The functional currency of the Company's Australian subsidiaries is Australian dollars. All
financial information has been rounded to the nearest thousand, unless otherwise stated.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read in
conjunction with, the Group’s financial statements for the year ended 31 December 2022.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. The services provided across all of the
Group’s villages are similar, as are the type of customer and the regulatory environment. The chief operating decision makers, the
Chief Executive Officer and the Board, review the operating results of the Group as a whole on a regular basis. On this basis, the Group
has one reportable segment, and the Group results are the same as the results of the reportable segment. All resource allocation
decisions across the Group are made to optimise the consolidated Group’s result.
The Group continues to proceed with its expansion into Australia with seven sites purchased to date. These sites are either currently
being,
or will be, developed into retirement villages. To date the activities in Australia have been immaterial to the Group and so are
not reported as a separate operating segment as at 30 June 2023.
Te Whatu Ora is a significant customer of the Group, as the Group derives care fee revenue in respect of eligible government
subsidised aged care residents. Fees earned from Te Whatu Ora for the period ended 30 June 2023 amounted to $18.9 million (Jun
2022: $19.0 million, Dec 2022: $36.1 million). No other customers individually contribute a significant proportion of the Group revenue.
All revenue is earned in New Zealand, apart from a small amount of interest income earned in Australia.
Comparative information
No comparatives have been restated in the current period.
2 2

2. Non-GAAP underlying profit
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
Ref$000$000$000
Profit for the period133,061134,639269,072
Less fair value movement of investment propertya)(131,493)(136,660)(268,757)
Add impairment of assetsb)---
Add realised gain on resalesc)34,55931,86570,191
Add realised development margind)55,98152,337104,869
(Less)/add deferred tax (credit)/expensee)(4,953)282(3,955)
Underlying profit87,15582,463171,420
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property, impairment and tax expense in the Group’s income
statement. The measure is used internally in conjunction with other measures to monitor performance and make investment
decisions. Underlying profit is a measure that the Group uses consistently across reporting periods. Underlying profit is used to
determine the dividend pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Less fair value movement of investment property: reversal of investment property valuation changes recorded in NZ IFRS
profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and replaced with
realised
development margin and realised resale gains during the period, effectively removing the unrealised component of
the fair value movement of investment property.
b)Less reversal of impairment on assets / add impairment of assets: remove the impact of non-cash care centre valuation
changes recorded in NZ IFRS profit for the period. Care centres are valued annually, with fair value gains flowing through to
the revaluation reserve unless the gain offsets a previous impairment to fair value that was recorded in NZ IFRS profit for the
period. Where there is any impairment of a care centre, or reversal of a previous impairment that impacts NZ IFRS profit for the
period, this is eliminated for the purposes of determining underlying profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a unit and the
occupation right resold for that same unit during the period. Realised resale gains are a measure of the cash generated from
increases in selling prices of occupation rights to incoming residents, less cash amounts repaid to vacated residents for the
repayment of the price of their refundable occupation right purchased in an earlier period, with the recognition point being
the cash settlement. Realised resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a unit. The margin for each new sale is determined to be the
licence price for the occupation right, less the cost of developing that unit.
Components of the cost of developing units include directly attributable construction costs and a proportionate share of the
following costs:
◦Infrastructure costs
◦Land cost on the basis of the purchase price of the land
◦Interest during the build period
◦Head office costs directly related to the construction of units
All costs above include non-recoverable GST
Development margin excludes the costs of developing common areas within the retirement village (including a share of the
2 3

Half Year Report 2023
Notes to the financial statements (continued)
proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not just
the new sale, but for all subsequent resales. It also excludes the costs of developing care centres.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the
nature of the cost.
Where a unit not previously sold under occupation right agreement is converted to a unit sold under occupation right
agreement, realised development margin recognised on the new sale of these units includes the following costs:
◦Conversion costs
◦A fair value apportionment reflecting the value of the property immediately prior to conversion 
e)(Less)/add deferred tax (credit)/expense: reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that are
included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Employee expenses68,70361,682132,937
Property-related expenses12,37410,10522,479
Repairs and maintenance expenses4,5613,5487,771
Other operating expenses26,04726,65548,608
Total operating expenses111,685101,990211,795
4. Income tax
Tax expense comprises current and deferred tax, calculated using the tax rate enacted or substantively enacted at balance date and
any adjustment to tax payable in respect of prior years. Tax expense is recognised in the income statement, except when it relates to
items
recognised directly in the statement of comprehensive income, in which case the tax expense is recognised in the statement
of comprehensive income.
Deferred tax expense is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is
probable it will be utilised. Temporary differences for the initial recognition of assets or liabilities that affect neither accounting nor
taxable profit, unless they arise from business combination, are not provided for.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
a) Income tax recognised in the income statement
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of
temporary differences
(4,953)282(3,955)
Total tax (credit)/expense reported in income statement(4,953)282(3,955)
2 4

The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000
%
$000
%
$000
%
Profit before income tax128,108134,921265,117
Income tax using the corporate tax rate35,87028.0%37,77828.0%74,23328.0%
Capitalised interest(6,240)(4.9%)(2,815)(2.1%)(7,138)(2.7%)
Other non-deductible expenses2320.2%950.1%3480.1%
Non-assessable investment
property revaluations
(38,140)(29.8%)(34,130)(25.3%)(70,917)(26.7%)
Other3,3252.6%(646)(0.5%)(560)(0.2%)
Prior period adjustments-0.0%-0.0%790.0%
Total income tax (credit)/expense(4,953)(3.9%)2820.2%(3,955)(1.5%)
The Group tax losses are as follows:
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
$000$000$000
Tax losses available
522,314
395,716450,670
Tax effected
146,905
111,212126,662
Unrecognised tax losses
3,375--
(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
$000$000$000
Tax expense comprises:
Net gain on revaluation of property, plant and equipment--1,278
Fair value movement of interest rate swaps(1,024)6,2118,718
Total tax (credit)/expense reported in statement of
comprehensive income
(1,024)6,2119,996
(c) Amounts charged or credited directly to equity
6 MONTHS
JUN 2023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to employee share option plans(90)1,3751,517
Total tax (credit)/expense reported directly in equity(90)1,3751,517
2 5

Half Year Report 2023
Notes to the financial statements (continued)
(d) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2
023 is nil (Jun 2022 and Dec
2022: nil).
(e) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2
023
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2
023
UNAUDITED
$000$000$000$000$000
Property, plant and equipment30,32145--30,366
Investment property54,4352,086--56,521
Revenue in advance66,1599,175--75,334
Interest rate swaps7,717--(1,024)6,693
Income tax losses not yet utilised(126,662)(16,868)--(143,530)
Other items(4,476)609(90)-(3,957)
Net deferred tax liability27,494(4,953)(90)(1,024)21,427
BALANCE
1 JAN 2
022
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2
022
UNAUDITED
$000$000$000$000$000
Property, plant and equipment28,896(233)--28,663
Investment property42,6648,025--50,689
Revenue in advance49,4658,211--57,676
Interest rate swaps(1,001)--6,2115,210
Income tax losses not yet utilised(95,779)(15,433)--(111,212)
Other items(4,309)(288)1,375-(3,222)
Net deferred tax liability19,9362821,3756,21127,804
BALANCE
1 JAN 2
022
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
3
1 DEC 2022
AUDITED
$000$000$000$000$000
Property, plant and equipment28,896147-1,27830,321
Investment property42,66411,771--54,435
Revenue in advance49,46516,694--66,159
Interest rate swaps(1,001)--8,7187,717
Income tax losses not yet utilised(95,779)(30,883)--(126,662)
Other items(4,309)(1,684)1,517-(4,476)
Net deferred tax liability19,936(3,955)1,5179,99627,494
* Other comprehensive income
2 6

5. Asset held for sale
Following a review of the Group’s land portfolio, land at Parnell in Auckland is being held for sale. The land is being actively marketed
for sale and a sale is expected to take place within 1
2 months. The land is being held at its fair value less costs to sell. The fair value
of the land at 30 June 2023 was determined by independent registered valuers Jones Lang LaSalle Limited (“JLL”) using the direct
comparison approach.
6. Investment property
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Balance at beginning of period5,417,7194,580,1964,580,196
Additions286,611235,949573,389
Transfer to asset held for sale(45,000)--
Disposals-(4,999)(4,999)
Fair value movement131,493136,660268,757
Foreign exchange movement4,4267,366376
Total investment property5,795,2494,955,1725,417,719
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
$000$000$000
Development land measured at fair value
1
595,635559,021603,829
Retirement villages measured at fair value
2
4,599,6434,004,8754,351,031
Retirement villages under development measured at cost599,971391,276462,859
Total investment property5,795,2494,955,1725,417,719
1 Included in development land is land that was acquired close to balance date. These pieces of land have been accounted for at fair value, which has been determined to be
cost due to the proximity of the transaction to balance date. At 30 June 2023 the land at cost was $51.9 million (Jun 2022: $60.5 million, Dec 2022: $162.5 million).
2 Included in retirement villages measured at fair value is nil related to completed retirement units at cost, which reflects fair value due to the proximity of completion to balance
date (Jun 2022: nil, Dec 2022: $45.0 million).
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Manager's net interest3,368,7932,818,4993,116,800
Plus: revenue received in advance relating to investment property169,232149,882159,694
Plus: liability for residents' loans relating to investment property2,257,2241,986,7912,141,225
Total investment property5,795,2494,955,1725,417,719
The Group is unable to reliably determine the fair value of the non-land portion of retirement villages under development at 30 June
2
023 and therefore these are carried at cost. This equates to $600.0 million of investment property (Jun 2022: $391.3 million, Dec
2022: $462.9 million).
The fair value of investment property as at 30 June 2023 was determined by independent registered valuers CBRE Limited ("CBRE
NZ") and JLL for villages and land in New Zealand and CBRE Valuations Pty Limited ("CBRE AU") for land in Australia. The fair value of the
Group’s investment property is determined on a semi-annual basis, based on market values, being the estimated amount for which
2 7

Half Year Report 2023
Notes to the financial statements (continued)
a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
As required by NZ IAS 4
0 - Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the discounted cash flow analysis.
To assess the fair value of the Group's interest in each New Zealand village, CBRE NZ and JLL have undertaken a discounted cash
flow analysis to derive a net present value. The Group's development land has been valued by CBRE NZ using the direct comparison
approach. A desktop valuation was completed as at 30 June 2023.
It is the valuers' view that the most pressing issues now facing the property market both nationally and globally are rising inflation and
high interest rates. With these factors in mind, they advise a degree of caution should be exercised when relying upon the valuations.
Significant assumptions used by CBRE NZ and JLL in relation to the New Zealand investment property are included in the table below:
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
Discount rate13.5% - 16.5%13.5% - 16.25%13.5% - 16.5%
Growth rate (long-term nominal house
price inflation rate)0% - 3.5%0% - 3.5%0% - 3.5%
Average entry age of residents73 years - 89 years73 years - 89 years73 years - 88 years
Stabilised departing occupancy periods
of units3.8 years - 8.8 years3.7 years - 8.9 years3.9 years - 8.6 years
Sites under development in Australia have been valued separately by CBRE AU under the same methodology as development land
in New Zealand.
As the fair value of investment property is determined using inputs that are significant and unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 1
3 – Fair Value Measurement.
Classification between investment property and property, plant and equipment
On initial recognition, the Group performs an assessment to determine whether a unit type should be classified as investment
property or property, plant and equipment. The assessment is based on the significance of ancillary services provided to residents
who occupy accommodation under an occupation right agreement. For the purposes of this assessment, the Group considers
that portion of weekly fees that gives rise to a separate performance obligation for the Group, as ancillary services. In addition
to a quantitative assessment, the business model (being the provision of accommodation) is considered when determining the
classification of the property as either investment property or property, plant and equipment. Subsequent reclassification of unit
types between investment property or property, plant and equipment, occur only when there has been a change in use.
Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE NZ and JLL have undertaken a discounted cash flow
analysis to derive a net present value.
2 8

The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+5
0 bp
Discount rate
-5
0 bp
Growth rates
+5
0bp
Growth rates
-5
0bp
30 June 2023
Valuation ($000)1,824,735
Difference ($000)(66,765)72,095112,030(102,455)
Difference (%)
(3.7%)4.0%6.1%(5.6%)
30 June 2022
Valuation ($000)1,633,375
Difference ($000)(45,645)49,12596,065(88,320)
Difference (%)
(2.8%)3.0%5.9%(5.4%)
31 December 2022
Valuation ($000)1,705,010
Difference ($000)(61,655)66,100102,685(94,300)
Difference (%)
(3.6%)3.9%6.0%(5.5%)
1 Completed units excluding unsold stock.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of units. A significant decrease (increase) in the occupancy period of units would result in a significantly higher (lower) fair
value measurement, and a significant increase (decrease) in the average entry age of residents would result in a significantly higher
(lower) fair value measurement.
Security
At 30 June 2023, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are
subject to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
7. Residents' loans
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
$000$000$000
Balance at beginning of period2,681,8372,276,9452,276,945
Net (payments)/receipts for residents' loans - resales of occupation
right agreements
(566)14,26951,481
Receipts for residents' loans - new occupation right agreements167,272186,755353,411
Total gross residents’ loans2,848,5432,477,9692,681,837
Deferred management fees and other receivables(561,887)(469,474)(516,485)
Total residents’ loans2,286,6562,008,4952,165,352
2 9

Half Year Report 2023
Notes to the financial statements (continued)
8. Interest-bearing loans and borrowings
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
$000$000$000
Repayable within 12 months
Retail bond - SUM0104.78%
100,000
-100,000
Repayable after 12 months
Secured bank loansFloating756,626521,894699,400
Retail bond - SUM0104.78%-100,000-
Retail bond - SUM0204.20%125,000125,000125,000
Retail bond - SUM0302.30%150,000150,000150,000
Retail bond - SUM0406.59%175,000--
Total loans and borrowings at face value1,306,626896,8941,074,400
Transaction costs for loans and borrowings capitalised:
Opening balance(4,260)(5,096)(5,096)
Capitalised during the period(2,221)-(521)
Amortised during the period8476841,357
Closing balance(5,634)(4,412)(4,260)
Total loans and borrowings at amortised cost1,300,992892,4821,070,140
Fair value adjustment on hedged borrowings(7,178)(6,326)(9,646)
Carrying value of interest-bearing loans and borrowings1,293,814886,1561,060,494
Further interest rate and loan disclosures below:
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
Weighted average interest rate (including impact of
interest rate swaps)5.2%3.0%3.4%
Percentage of floating rate debt covered by swaps73.1%67.4%78.1%
The secured bank loan facility at 30 June 2023 has a limit of approximately $1,160 million (Jun 2022: $1,110 million, Dec 2022:
$1,1
60 million). This includes lending of the following:
CurrencyLending limitExpiration
NZD$310 millionNovember 2024
NZD$50 millionSeptember 2025
AUD$130 millionSeptember 2025
NZD$315 millionSeptember 2026
AUD$185 millionSeptember 2026
AUD$170 millionSeptember 2027
3 0

The Group has issued four retail bonds listed on the NZDX:
IDAmountMaturity
SUM010$100 million11 July 2023
SUM020$125 million24 September 2025
SUM030$150 million21 September 2027
SUM040$175 million9 March 2029
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2
003;
•a second-ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement Villages Act
2003 (behind a first-ranking registered mortgage in favour of the Statutory Supervisor);
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
9. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board adopts policies for
managing each of these risks and there has been no change to the policies presented in the Group's financial statements for the six
months ended 30 June 2
023.
Fair values
The carrying amounts shown in the balance sheet approximate the fair value of the financial instruments, with the exception of retail
bonds. Three of the four retail bonds, SUM010, SUM020 and SUM040 are designated in fair value hedge relationships, which means
that any change in market interest rates results in a change in the fair value adjustment of that debt. The fair value of retail bonds is
based on the price traded at on the NZX market as at balance date. The fair value of interest rate swaps is determined using inputs
from third parties that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Based on this, the Company
and Group have categorised these financial instruments as Level 2 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair
Value Measurement.
10. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
Earnings ($000)133,061134,639269,072
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
232,183230,119230,656
Basic earnings per share (cents per share)57.3158.51116.66
3 1

Half Year Report 2023
Notes to the financial statements (continued)
Diluted earnings per share
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
Earnings ($000)133,061134,639269,072
Weighted average number of ordinary shares for the purpose of diluted
earnings per share (in thousands)
232,622230,722231,233
Diluted earnings per share (cents per share)57.2058.36116.36
Number of shares (in thousands)
6 MONTHS
JUN 2
023
UNAUDITED
6 MONTHS
JUN 2
022
UNAUDITED
12 MONTHS
DEC 2
022
AUDITED
Weighted average number of ordinary shares for the purpose of basic
earnings per share
232,183230,119230,656
Weighted average number of ordinary shares issued under employee
share plans
439603577
Weighted average number of ordinary shares for the purpose of diluted
earnings per share
232,622230,722231,233
At 30 June 2
023, there were a total of 289,142 shares issued under employee share plans held by Summerset LTI Trustee Limited (Jun
2022: 472,310, Dec 2022: 557,242 shares).
Net tangible assets per share
6 MONTHS
JUN 2023
UNAUDITED
6 MONTHS
JUN 2022
UNAUDITED
12 MONTHS
DEC 2022
AUDITED
Net tangible assets ($000)2,298,2522,055,5842,185,772
Shares on issue at end of period (basic and in thousands)232,684230,624231,560
Net tangible assets per share (cents per share)987.71891.31943.93
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This measure is
provided as it is commonly used for comparison between entities.
11. Dividends
On 23 March 2023, a dividend of 11.6 cents per ordinary share was paid to shareholders (2022: on 23 March 2022 a dividend of 8.6
cents
per ordinary share was paid to shareholders and on 19 September 2022 a dividend of 10.7 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 23 March 2023 and 1,077,198 ordinary shares were issued in relation to
the plan (2022: 688,127 ordinary shares were issued in relation to the plan for the 23 March 2022 dividend and 815,721 ordinary shares
were issued in relation to the plan for the 19 September 2022 dividend).
12. Commitments and contingencies
Guarantees
As at 30 June 2023, the Group had the following guarantees in place: 
•NZX Limited holds a guarantee in respect of the Group, as required by the NZX Listing Rules, for $
75,000 (Jun 2022 and Dec
2022: $75,000).
3 2

•Summerset Retention Trustee Limited holds guarantees in relation to retentions on construction contracts on behalf of the
Group. As at 30 June 2
023, $18.0 million was held for the benefit of the retentions beneficiaries (Jun 2022 and Dec 2022:
$13.0 million).
•Auckland Transport holds a performance guarantee for $65,000 (Jun 2022 and Dec 2022: $65,000).
•Tauranga City Council holds a performance guarantee for nil (Jun 2022 and Dec 2022: $350,000).
•Quattro RE Limited holds a demand guarantee in relation to the lease of the office premises for $120,819 (Jun 2022: nil, Dec
2022: $120,819).
•Department of Transport (Melbourne) holds performance guarantees for $147,035 (Jun 2022 and Dec 2022: nil).
Capital commitments
At 30 June 2
023, the Group had $84.1 million of capital commitments in relation to construction contracts (Jun 2022: $293.5 million,
Dec 2022: $63.2 million).
Contingent liabilities
WorkSafe New Zealand is investigating a construction site fatality which occurred at the Group’s St Johns site on 4 November
2022. This investigation is ongoing, and the Group is cooperating fully with this process. The directors of Summerset cannot
reasonably estimate the adverse financial effect (if any) on the Group if the ongoing investigation is ultimately resolved against the
Group’s interests.
There were no other known material contingent liabilities at 30 June 2023.
13. Subsequent events
On 22 August 2
023, the Directors approved an interim dividend of $26.3 million, being 11.3 cents per share. The dividend record date
is 6 September 2023 with a payment date of 19 September 2023.
There have been no other events subsequent to 30 June 2023 that materially impact on the results reported.
3 3

Half Year Report 2023
Independent Auditor's Review Report
To the Shareholders of Summerset Group Holdings Limited (“The Company”) and its subsidiaries
(together “The Group”)
Conclusion
We have reviewed the interim financial statements of Summerset Group Holdings Limited (“the Company”) and its subsidiaries
(together “the Group”) on pages 1
6 to 33 which comprise the statement of financial position as at 30 June 2023, and the income
statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the six month
period ended on that date, and a summary of significant accounting policies and other explanatory information. Based on our
review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements on pages
16 to 33 of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 June 2023, and its
financial performance and its cash flows for the six month period ended on that date, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in a review 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 Company and the Company’s
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of the financial
statements section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Ernst & Young provides other assurance and remuneration advisory services to the Group. Partners and employees of our firm may
deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other
relationship with, or interest in, the Group.
Directors' Responsibility for the Interim Financial Statements
The Directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial statements in
accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such internal
control as the directors determine is necessary to enable the preparation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting.
3 4

A review of interim financial
statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Sam Nicolle.
Chartered Accountants
Wellington
22 August 2
023
3 5

Half Year Report 2023
Directory
New Zealand
Northland
Summerset Mount Denby
7 Par Lane, Tikipunga,
Whangārei 0
112
Phone (09) 470 0282
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0
910
Phone (09) 425 1200
Summerset Milldale
Argent Lane, Milldale,
Wainui 0992
Phone (0800) 786 637
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Half Moon Bay
1
25 Thurston Place,
Half Moon Bay,
Auckland 2012
Phone (09) 306 1422
Summerset St Johns
1
88 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7982
Waikato – Taupō
Summerset down the Lane
206 Dixon Road,
Hamilton 32
06
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3210
Phone (07) 981 7822
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupō 3330
Phone (07) 376 9470
Summerset Cambridge
1 Mary Ann Drive,
Cambridge 3493
Phone (07) 839 9482
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
35 Manawa Road,
Pāpāmoa Beach, Tauranga 3118
Phone (07) 542 9082
Summerset Rotorua
1
171-193 Fairy Springs Road,
Rotorua 3010
Phone (0800) 786 637
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4
112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4
122
Phone (06) 974 1310
Summerset Palms
136 Eriksen Road,
Te Awa, Napier 4110
Phone: (06) 833 5852
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
70 Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8532
Manawatū – Wanganui
Summerset in the River City
40 Burton Avenue, Wanganui East,
Wanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4
410
Phone (06) 354 4964
1Proposed villages
3 6

Summerset Kelvin Grove
1
Stony Creek, Kelvin Grove,
Palmerston North 4
470
Phone (06) 825 6530
Summerset by the Ranges
104 Liverpool Street,
Levin 5
510
Phone (06) 367 0337
Wellington
Summerset Waikanae
28 Park Avenue,
Waikanae 5
036
Phone (04) 293 0002
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5
032
Phone (04) 298 3540
Summerset on the Landing
1-3 Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6722
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
1 Boulcott Street,
Lower Hutt 5010
Phone (04) 568 1442
Summerset Cashmere Oaks
1
Landsdowne
Masterton 5871
Phone (06) 370 1792
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3432
Marlborough
Summerset Blenheim
183 Old Renwick Road, Springlands,
Blenheim 72
72
Phone (03) 520 6042
Canterbury
Summerset Rangiora
141 South Belt, Waimakariri,
Rangiora 7
400
Phone (03) 364 1312
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8042
Phone (03) 357 3202
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8051
Phone (03) 741 3340
Summerset Prebbleton
578 Springs Road,
Prebbleton 7604
Phone (03) 353 6312
Summerset Rolleston
1
153 Lincoln Rolleston Road
Rolleston
Phone (0800) 786 637
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3102
Summerset Mosgiel
1
5
1 Wingatui Road,
Mosgiel
Phone (03) 474 3930
Australia
Victoria
Summerset Cranbourne North
98 Mannavue Boulevard,
Cranbourne North VIC 39
77
Phone (1800) 321 700
Summerset Torquay
1
Grossmans Road and Briody Drive,
Torquay VIC 3228
Phone (1800) 321 700
Summerset Chirnside Park
1
266-268 Maroondah Hwy,
Chirnside Park VIC 3116
Phone (1800) 321 700
Summerset Cragieburn
1
1480 Mickleham Road,
Craigieburn VIC 3064
Phone (1800) 321 700
Summerset Oakleigh South
1
52 Golf Road,
Oakleigh South VIC 3167
Phone (1800) 321 700
Summerset Mernda
1
305 Bridge Inn Road,
Mernda
VIC 3116 Phone
(1800) 321 700
Summerset Drysdale
1
145 Central Road,
Drysdale,
VIC 31
67 Phone
(1800) 321 700
1Proposed villages
3 7

Half Year Report 2023
Company
Information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street
Wellington 6
011,
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 1
26 Phillip Street,
Sydney, NSW, 2000
Auditor
Ernst & Young
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of New Zealand
National Australia Bank Limited
Commonwealth Bank of Australia
Westpac New Zealand Limited
Westpac Banking Corporation
Industrial and Commercial Bank of China Limited
Bank of China Limited
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
Link Market Services,
PO Box 9
1976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Directors
Mark Verbiest
Dr Marie Bismark
Stephen Bull
Venasio-Lorenzo Crawley
Fiona Oliver
Gráinne Troute
Dr Andrew Wong
Company Secretary
Robyn Heyman
3 8

11
Completed villages
In development
Proposed villages
4
Auckland Region
3
1
1
Northland
3
Waikato
1
11
Taranaki
3
Hawke’s Bay
1
3
Manawatū – Wanganui
3
Wellington Region
3
11
Nelson – Tasman
1
Marlborough
2
Canterbury
3
1
Otago
1
Our
villages
Bay of Plenty
1
1
6
Victoria
1
1
1
Torquay
Oakleigh South
Chirnside Park
Craigieburn
Cranbourne North
MELBOURNE
Drysdale
Mernda
3 9

Inside back cover: Our team take pride in maintaining beautiful gardens, like this one at Summerset’s Avonhead village.

The text of this document is printed on 120gsm Lenza Green 100% recycled
paper sourced from recovered fibre certified FSC Recycled, cover is 350gsm
Satin FSC Mix board from responsible sources printed using vegetable oil inks and
manufactured under a strict ISO14001 Environmental Management System.

summerset.co.nz
summerset.com.au

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2023
Previous Reporting Period 6 months to 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$128,247 12.4%
Total Revenue $128,247 12.4%
Net profit/(loss) from
continuing operations after
tax
$133,061 -1.2%
Total net profit/(loss) after tax $133,061 -1.2%
Underlying profit* $87,155 5.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.113 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 6 September 2023
Dividend Payment Date 19 September 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$9.88 $8.91
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (half year report, media
release, results presentation and distribution notice).
* Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore
may not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement.
The measure is used internally in conjunction with other
measures to monitor performance and make investment
decisions. Underlying profit is a measure which the Group
uses consistently across reporting periods. Underlying profit is

used to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address Robyn.heyman@summerset.co.nz
Date of release through MAP

23 August 2023

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 06/09/2023
Ex-Date (one business day before the
Record Date)
05/09/2023
Payment date (and allotment date for
DRP)
19/09/2023
Total monies associated with the
distribution
1

$26,347,243.05900000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11300000
Gross taxable amount
3
$0.11300000
Total cash distribution
4
$0.11300000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.03729000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
07/09/2023 13/09/2023
Date strike price to be announced (if
not available at this time)
14/09/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
07/09/2023
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP 23/08/2023






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Half year
results
presentation
Half Year Report 2023

Agenda
Half Year Report 2023
Half year results presentation
Our highlights
Our strategy
Our community
New Zealand development
Australia development
Financial performance
Business performance
Appendix
02
03
04
05
06
07
08
2
09
01
Market conditions

Market
conditions
Half Year Report 2023
3
Summerset in the Sun (Nelson)

(10.0%)
(7.5%)
(5.0%)
(2.5%)
-
2.5%
5.0%
7.5%
10.0%
12.5%
15.0%
19921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
Market conditions
Market conditions
4
Half Year Report 2023
Summerset continues to perform well despite challenging market conditions over the past 18 months
▪Summerset has operated under dynamic and challenging
wider market conditions over the past 18 months
▪This has included the COVID-19 pandemic and Omicron,
subsequent staff shortages, underfunding of care, a high
inflation environment and the impacts of Cyclone Gabriele
▪These conditions have translated into a residential housing
market with very little sales activity, and limited options for
people wanting to sell their home in a timely manner
▪As a business Summerset has performed well through these
challenges, our villages achieving better sales results than
the wider residential housing market, with total settlements
consistently up around 55% from pre pandemic levels
▪Overall, Summerset’s attractiveness to prospective
residents has been enhanced over the past 18 months. The
sense of community, security and safety our villages provide
are significant drawcards to prospective retirees
▪We see this in the excellent occupancy and resident
satisfaction scores of our villages and care centres
▪Our strong financial discipline also put us in a good position,
our gearing ratio is 35.5% (28.9% with Australia growth
related debt excluded), and we expect this to remain well
within our target range of 30% to 40%
▪We have no core debt and hold sufficient bank headroom to
execute on our strategic growth objectives moving forward
Movement in median residential house price
Volume of residential sales as % of total housing stock
-
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
19921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023

Funding and regulation
Market conditions
5
Half Year Report 2023
Inadequate funding of aged care continues to impact
the sector and wider New Zealand healthcare system
▪Summerset, and all New Zealand aged care operators,
continue to be concerned about underfunding in the wider
aged care sector
▪The Government recently announced a collective 10%
increase to funding. This is a positive step, covering recent
inflationary cost pressures, but does not address the pay
relativity between staff in aged care and in public hospitals
▪This underfunding contributed to more than 1,000 beds
closing across New Zealand in 2022 - with nowhere else to
go our elderly fall back on the public health system
▪This situation is not sustainable, nor fair to New Zealanders,
and we will continue to champion for better outcomes for all
▪Summerset also supports the recent draft findings of the
review into the Retirement Villages Act 2003
▪Our business practices align with the vast majority of the
recommendations within the report - we don’t charge weekly
fees after residents vacate their unit, we don’t charge
additional fees for maintenance or repairs and our
advertising does not guarantee services which are subject to
availability, and we also have plain English contracts that are
easy to understand
▪We are very comfortable with the services we offer and that
we are not engaging in practices that disadvantage our
residents

Our
highlights
Half Year Report 2023
6
Summerset in the Sun (Nelson)

1H23 investor highlights
Our highlights
7
Half Year Report 2023
Two new regional New Zealand sites announced, with underlying profit of $87.2m, up 6% on 1H22
Summerset on the Landing (Kenepuru, Wellington)
Record first half underlying profit of $87.2m, up 6% from
$82.5m in 1H22
Record half year realised development margin of 34%, with
$56.0m realised, up from $52.3m at 1H22
Net profit after tax (NZ IFRS) of $133.1m, down 1% from
$134.6m in 1H22
Total assets now $6.3b, up 17% on 1H22, with total equity of
$2.3b and net tangible assets per share of $9.88
Total new and resale settlements of 483 Occupation Rights for
1H23, including a record quarter of 147 resales in Q2 2023
Uncontracted new sale stock down 17% from FY22
Two new sites announced in Mosgiel (Dunedin) and Rolleston
(Canterbury)
Expect a New Zealand build rate of approximately 625 to 675
units to be sold under Occupation Right in FY23
Villa construction well underway at Cranbourne North
(Melbourne) with first villas expected in Q4 2023

Record first half underlying profit of $87.2m up 6% on 1H22
Half Year Report 2023
Our highlights
Uplift in underlying profit driven by strong development returns and growth in our core business
483
511
1H22
152
1H22
223
Total units
delivered
$1.5b
Embedded value
$1.5b
1H22
1H22
6,947
7,495
$133.1m
Net profit after tax
1H22
$134.6m
Underlying profit
1H22
1H22
$146.7m
$190.4m
35.5%
1H22
29.4%
$87.2m
$82.5m
33.5%
1H22
28.0%
Net operating cash flows
Development marginGearing ratio
Sales of Occupation
Rights
New Zealand and Australia
land bank (including care)
8

Record first half underlying profit of $87.2m up 6% on 1H22
Half Year Report 2023
Our highlights
Consistent asset growth over time continues to strengthen balance sheet
9
Underlying profit
Total settlements
Total assets
Total equity
128
276
302
238
289
248
241
136
245
243
195
222
248
242
-
100
200
300
400
500
600
700
1H202H201H212H211H222H221H23
New salesResales
$87.2m
$89.0m
$82.5m
$65.6m
$75.5m
$53.2m
$45.1m
-
$20m
$40m
$60m
$80m
$100m
1H232H221H222H211H212H201H20
$6,298m
$5,840m
$5,375m
$4,924m
$4,375m
$3,893m
$3,433m
-
$1,000m
$2,000m
$3,000m
$4,000m
$5,000m
$6,000m
$7,000m
1H232H221H222H211H212H201H20
$2,307
$2,193m
$2,062m
$1,925m
$1,618m
$1,355m
$1,113m
-
$500m
$1,000m
$1,500m
$2,000m
$2,500m
$3,000m
1H232H221H222H211H212H201H20

Acquisitions
Our highlights
10
▪Acquired two new sites in New Zealand, in Mosgiel
(Dunedin) and Rolleston (Selwyn District)
▪On completion the combined investment in the two
sites will be in excess of $400 million
▪Mosgiel will be Summerset’s second site in Dunedin,
a city that has a large population aged over 75 years
who have limited options for retirement living
▪Mosgiel is regarded as an aspirational retirement
location for the people of Dunedin and Otago, with its
open spaces and renowned microclimate
▪Rolleston is New Zealand's fastest growing large
town, with forecast growth of over 200% in the 75+
population over the next 15 years
▪Rolleston’s attractiveness is driven by its easy
access to Christchurch, and position as the primary
satellite town for the Selwyn District
▪Both sites are well appointed with excellent amenities
available to residents and they make strong additions
to our land bank
▪First deliveries on these sites are expected from
FY26 onwards
Half Year Report 2023
Two new sites acquired in New Zealand in
1H23, in Mosgiel and Rolleston
Approximately 285
independent homes
Mosgiel,
Dunedin
Rest home and
hospital-level care
Memory
care centre
Rolleston,
Canterbury
Approximately 307
independent homes
Rest home and
hospital-level care
Memory
care centre

Strategic
update
Half Year Report 2023
11

12
D EL I VER
NEW ZEALAND’S
B EST R ET I R EM EN T
VI L L AG ES
I N VEST I N
O U R PEO PL E
C R EAT E
AT T R AC T I VE
N EW PR O D U C T S
AN D SER VI C ES
G R O W I N
AU ST R AL I A
B E A G O O D
C O R PO R AT E
C I T I Z EN
B E A M O R E
EF F I C I EN T
AN D EF F EC T I VE
B U SI N ESS
Summerset builds, owns and operates integrated retirement villages, creating vibrant, happy communities for
residents and staff that delivers on our purpose – bringing the best of life
Our strategy
Half Year Report 2023
Our strategy

Our strategy
Summerset builds, owns and operates integrated retirement villages
Our strategy
13
Half Year Report 2023
Summerset builds, owns and operates integrated retirement villages, creating vibrant, happy communities for
residents and staff that delivers on our purpose – bringing the best of life
DELIVER NEW ZEALAND’S
BEST RETIREMENT VILLAGES
W e create vibrant, connected communities with
skilled, caring and dedicated staff right across New
Zealand. W e want to grow the reach of our
villages by making them available to more retirees
in more locations throughout New Zealand
INVEST IN OUR PEOPLE
Summerset’s people are vital to its success.
W e are committed to providing sustainable,
meaningful career pathways and opportunities.
W e are focused on the health, safety and the
wellbeing of our employees to ensure they can be
at their best at work, and at home
CREATE ATTRACTIVE NEW
PRODUCTS AND SERVICES
To match our customers' expectations we strive to
create new products, amenities and services with a
continuum of care at the heart of our offering. Our
products are tailored to the needs of individual
communities, but will always look to exceed the
demands of customers who may want more
GROW IN AUSTRALIA
Summerset is ambitious about its future in
Australia. W e are excited to be taking our
established brand of retirement village living into
the Australian market - we plan to deliver thriving
communities, grow our team, and expertise as we
open villages in Victoria
BE A GOOD CORPORATE CITIZEN
W e are proud of our industry leading approach to
sustainability, making significant improvements in
this space over the last five years. This is the start
of our journey - we will continue to focus on
finding new opportunities to better ourselves, utilise
sustainable lending and meet our growing
disclosure obligations
BE A MORE EFFICIENT AND
EFFECTIVE BUSINESS
Technology will provide significant opportunities
to make us more effective and efficient in how we
deliver services to residents, without losing the
human touch and care that we’re known for. It will
be used to make the lives of our residents
simpler, giving them more time to enjoy retirement
B R I N G I N G T H E B E S T O F L I F E
Our strategic goals are underpinned by our desire to bring increased
wellbeing to our customers and staff by harnessing the power of
innovation and weaving sustainability into our work

Our
community
Half Year Report 2023
14

Bringing the best of life
Bringing the best of life to residents and staff every day
Our community
▪Our staff are the core of our business, we are very thankful for
the work they do in supporting our residents to live our
purpose – bringing the best of life
▪Successfully trialled a suite of holiday homes offering short
term accommodation for residents and their friends and family
▪Now available in Hobsonville, Richmond and Hastings
with the programme to be extended in 2H23
▪Reintroduced our in-person “Summerset Sessions”
entertainment series, supported by recordings on our online
platforms to be enjoyed by residents at their leisure
▪Launched new education programme for residents on how to
be aware of scams and frauds
▪Lumin roll out progressing well - now in Kenepuru, Te Awa and
Bell Block with six further villages to follow in 2H23
▪Commenced the installation of ceiling hoists above beds in all
care centres, giving staff the ability to assist residents with
more comfortable and safe access to their bed
▪Introduced art and dance therapy placements, starting at our
Levin, Avonhead and Hobsonville villages
▪Continue to grow our Construction Cadet programme, now
have six cadets working to be fully trained Site Supervisors
▪Launched a core leadership programme for our current, future
and aspirational leaders across Summerset
15
Half Year Report 2023
Lumin technology
Summerset Sessions - live
Lumin technology

Our environment
Environmental performance and sustainability
Our community
▪Summerset continues to be a market leader in sustainability
within the retirement and aged care sector
▪Our aim is to develop, build and manage more sustainable
retirement villages in both New Zealand and Australia
▪Achieved a 16% reduction in emissions intensity per million
dollars of revenue against our 2017-2022 Toitū emissions
target of 5%
▪Winner of Best Operator Led Initiative at the 2023 RVA
Sustainability Awards for this result
▪Confirmed Toitū net carbon zero status for 2023 and set new
five-year science aligned targets through to 2027 which
includes a scope 3 supply chain target
▪In collaboration with Waste Management NZ we have
reviewed waste across our sites, changing our practices and
diverting 3,303 tonnes of waste from landfill to date
▪Published our first Sustainability Review document
summarising our sustainability progress over past five years
▪Electric vehicle charge station roll out progressing well, all
villages having these installed and available for residents’ use
▪Currently setting the baseline for embodied emissions in key
unit typologies - this will enable us to build low carbon, energy
efficient homes
▪Installed solar panels at Nelson and Karaka to power parts of
these villages. Commencing roll out of our main building solar
panel installation in 2H23, starting at Richmond and Rototuna
16
Half Year Report 2023
A focus on construction waste reduction
Solar panels at Summerset in the Sun, Nelson
EV charging stations

Community support
Promoting and supporting our communities
Our community
▪Summerset actively supports a range of organisations that
align with our brand and our values
▪This year we are the proud sponsor of the Dementia Hawke’s
Bay Matariki Charity Ball and Auction
▪Continue to provide support through partnerships with
organisations in key areas important to our residents and their
families. These include:
▪New Zealand Symphony Orchestra
▪Netball New Zealand
▪Wellington Free Ambulance
▪Bowls New Zealand
▪Dementia New Zealand
▪Alzheimers New Zealand
▪Hato Hone St John Therapy Pet Programme
▪Our villages work with over 180 local community clubs,
including bowls, golf, croquet, bridge and theatre groups
17
Half Year Report 2023
Bowls New Zealand
Netball New Zealand
New Zealand Symphony Orchestra
Hato Hone St John Therapy Pets
Wellington Free Ambulance

Community support
Our community
18
Half Year Report 2023
Supporting our communities through over 180 local clubs and associations
75
13
Bowls
clubs
Golf
clubs
Croquet
clubs
Service
organisations
7
4
3
Nature
clubs
Tennis
clubs
3
3
2
Art and
Music clubs
Age concern
associations
Local
clubs
Schools
278
Bridge
clubs
Indoor
bowls clubs
Other sports
clubs
3
4
37

New Zealand
development
Half Year Report 2023
19
Summerset Richmond Ranges (Tasman District)

New Z ealand development
▪In 1H23 we delivered 152 total units over nine sites
▪Now have a total of 16 villages in construction across ten
regions in New Zealand
▪Summerset is now recognised as the second largest
residential home builder in New Zealand*
▪Sales villa now open at Waikanae and good progress
made at our three new villages set to open in 2H23, at
Milldale, Lower Hutt and Waikanae
▪On track to deliver main buildings at Te Awa and Bell Block
in 2H23 with Pāpāmoa to follow early in 2024
▪First residents moved into our recently completed
main building at Kenepuru in February, almost 60% of
all units already contracted or occupied
▪Final units at Hobsonville and Kenepuru will be delivered in
Q3 2023, completing these two highly successful villages
▪Granted resource consent for the Half Moon Bay and St
Johns extensions
▪Received Minister’s approval to use the Fast-track consent
process for Rotorua
▪FY23 New Zealand build rate of approximately 625 to 675
units to be sold under Occupation Right in FY23
▪Wider market conditions in 1H23 mean we expect to
deliver at the lower end of this range to ensure
prudent balance sheet and stock management
Summerset Milldale (Auckland)
Summerset St Johns (Auckland)
Development activity
New Zealand summary
20
Half Year Report 2023
* Based on value of projects ($ millions), Business Desk, June 2023

New Z ealand development
Summerset at Monterey Park (Hobsonville, Auckland)
Summerset Mt Denby (Whangārei)
Summerset Cambridge (Waipā District)Summerset at Pōhutukawa Place (Bell Block, New Plymouth)
21
Half Year Report 2023

New Z ealand development
Summerset by the Dunes (Pāpāmoa Beach, Tauranga)
123 independent villas
delivered
22
Half Year Report 2023
Rest home and hospital level care
to be provided within main building
Main building with 60 serviced apartments, 15 care suites,
21 care beds and 20 memory care apartments due 1H24
Site progress – June 2023

New Z ealand development
Summerset Waikanae (Kāpiti Coast)Summerset Palms (Te Awa, Napier)
Summerset on the Landing (Kenepuru, Wellington)Summerset Boulcott (Lower Hutt, Wellington)
23
Half Year Report 2023

New Z ealand development
Summerset Richmond Ranges (Tasman)
182 independent villas
delivered
24
Half Year Report 2023
Rest home and hospital level
care available
Main building with 56 serviced apartments, 17 care suites,
26 care beds and 20 memory care apartments delivered
Site progress – June 2023

New Z ealand development
Summerset Rangiora (Waimakariri District)Summerset Blenheim (Marlborough District)
Summerset on Cavendish (Casebrook, Christchurch)Summerset Prebbleton (Selwyn District)
25
Half Year Report 2023

New Zealand development pipeline
* New sites purchased in 1H23
New Z ealand development
Diversified development pipeline with 22 sites in 1H23
26
Half Year Report 2023

Project cash profits
New Z ealand development
27
▪Summerset developments produce positive net
cash flows (net cash position) upon completion, this
means they carry no debt once built
▪The 16 villages currently under development in New
Zealand are expected to return around $250.0m in
positive net cash flows on completion
▪These net cash flows represent the project cash
profits from village development
▪They incorporate the land cost, ILU costs,
recreation and administration facility costs,
care centre costs, management fees (incl. a
share of corporate overheads), interest costs
and the first time sales proceeds for all units
sold under Occupation Right
▪All expense and revenue inputs are updated
regularly as part of our internal development
management processes
▪Villages in early-stage development are likely to
experience at least one residential property cycle
during construction, improving the net funding
position significantly over the life of the project
Half Year Report 2023
16
NZ villages under
construction
Projected net cash
position
$250m+
Avonhead and Rototuna removed from table since FY22, total net cash position relating to these two villages $46.1m
Village
Development
Forecast Capital
Investment ($m)
Forecast Net Cash
Position* ($m)
Stage
St JohnsEarly stages
$200m+$0m - $60m
PrebbletonMid stages
WaikanaeEarly stages
CambridgeEarly stages
Lower HuttEarly stages
MilldaleEarly stages
WhangāreiMid stages
CasebrookLast stages
$150m +$5m - $40m
Pāpāmoa BeachMid stages
RichmondLast stages
Te AwaMid stages
Bell BlockMid stages
KenepuruLast stages
RangioraEarly stages
BlenheimEarly stages$100m +$0 - $5m
Hobsonville extensionLast stages$40m +$20m - $25m
Total NZ$3.2b - $3.5b$250m +

Project cash profits
New Z ealand development
28
▪Our last eight villages to complete recycled around
$162.2m of positive cash flow
▪This is an average cash margin of 14.4%
▪The two villages that completed in FY22, Avonhead
and Rototuna, recycled a combined $46.1m from
village development
▪These positive net cash flows from development
allow us to recycle capital for new projects, repay
debt and distribute to shareholders through the
payment of dividends
Half Year Report 2023
14.4%
Cash margin*
Project cash profit
$162.2m
VillageType
Total units
Project cash
profit
Cash
Margin
Retirement
units
Care
units
EllerslieMid rise31353$29.6m11.7%
Hobsonville**Mid rise25052$23.2m14.6%
Warkworth ExtensionBroadacre79-$16.4m42.0%
KarakaBroadacre24150$24.4m23.0%
KatikatiBroadacre18627$9.4m15.0%
RototunaBroadacre24463$20.1m13.7%
AvonheadBroadacre24463$26.0m18.8%
WigramBroadacre21249$13.1m16.7%
Total $162.2m14.4%
* Cash margin is the project cash profit divided by new sales receipts
** Excludes Hobsonville extension still under development

Australia
development
Half Year Report 2023
29
Show suite, Summerset Cranbourne North (Melbourne)

Australia development
▪Our expansion into Australia continues to show excellent
progress
▪Now have seven villages in planning and development
across Victoria
▪The current Australian pipeline gives us capacity to build
over 2,100 units (including 450 beds)
▪Construction works well underway at our first village at
Cranbourne North with first villas on track to be delivered
later this year
▪Planning permit for Chirnside Park in place with enabling
works to start on site in late 2023
▪Development plan for Oakleigh South unanimously
approved by Council in June 2023, construction expected
to start in 2024
▪Planning application processes well advanced for our
sites at Craigieburn, Torquay, Mernda and Drysdale
▪Summerset is a Commonwealth Government approved
provider of both residential aged care and home care
services in Australia
Development activity
Australia summary
Summerset Cranbourne North (Melbourne)
30
Site progress - Summerset Cranbourne North (Melbourne)
Half Year Report 2023
To be updated

Australia development
Australia development pipeline
Now have seven villages in planning and development across Victoria
31
Half Year Report 2023

Financial
performance
Half Year Report 2023
32

$108.6m
$119.0m
$4.0m
$1.2m
$7.4m
$1.3m
$3.5
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
1H22
expenses
Existing cost
base (CPI)
Investment
in staff
New villages
& growth
Other
investment
Reduced
Covid-19
spend
1H23
expenses
NZ$m1H231H22VarianceFY22
Total revenue128.2114.112%238.7
Fair value movement of investment
property
131.5136.7(4%)268.8
Total income259.7250.84%507.5
Total expenses119.0108.610%225.4
Net finance costs12.67.373%17.0
Net profit before tax128.1134.9(5%)265.1
Tax expense / (credit)(5.0)0.3(1,856%)(4.0)
Net profit after tax133.1134.6(1%)269.1
Reported profit (IFRS)
Financial performance
33
▪IFRS NPAT of $133.1m, 1% down on 1H22
▪Fair value movement of investment property of
$131.5m
▪Total revenue of $128.2m, up $14.1m (12%) relative
to 1H22
▪Total expenses of $119.0m, up $10.4m on 1H22 with
71% of the increase relating to growth
▪Key movements in expenses include the following:
▪$7.4m due to growth in our developing villages,
with almost 75% relating to new roles
▪$4.0m for inflationary cost pressures with over
60% directly related to wages, insurance, rates,
and electricity
▪A $3.5m reduction in COVID-19 related
expenditure
▪The increase in net finance costs primarily relates to
land settlements in the period and development in
Australia
Movement in total expenses: 1H22 vs 1H23
Half Year Report 2023

$131.5m
$79.0m
$5.2m
$41.0m
$15.5m
$8.9m
$2.3m
$20.4m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
Value of
retirement
units built
Retirement
unit pricing
Growth rate
assumptions
Reversal of
valuers'
stock
discount
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
1H23
Fair value movement
Fair value movement of investment property 1H23
$131.5m
Financial performance
34
▪1H23 fair value movement of $131.5m, down 4%
on 1H22, primarily due to fewer units delivered in
the period
▪Fair value movement has been driven by:
▪New units built ($79.0m): Value of new units
delivered in 1H23
▪Unit pricing ($5.2m): Retirement unit price
inflation on existing units within the portfolio
▪Stock discount assumptions: Reversal of
previous discount applied to stock settled in
1H23 ($15.5m)
▪Discount rates ($8.9m): Change in
assumptions used by the valuers
▪Movement in land bank (-$12.6m): Valuation
movement on undeveloped land bank
▪Growth rate assumptions ($41.0m): Partial
reversal to more standard short term growth
rates within the valuation in line with the
residential property market cycle
▪Refer to the appendices (slide 62 and 63) for key
assumptions associated with the investment
property valuation
Fair value movement
Increase from new
units delivered
$79.0m
Fair value movement reflects the movement in villas, apartments and serviced apartments only
Half Year Report 2023
$131.5m
$79.0m
$5.2m
$41.0m
$15.5m
$8.9m
$12.6m
$5.4m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
Value of
retirement
units built
Retirement
unit pricing
Growth rate
assumptions
Reversal of
valuers'
stock
discount
assumptions
Discount
rate
assumptions
Movement
in land
bank
OtherFair value
movement
1H23

NZ $m1H231H22VarianceFY22
Care fees and village services77.568.713%144.6
Deferred management fees49.843.913%92.3
Realised gain on resales34.631.98%70.2
Realised development margin56.052.37%104.9
Other income & interest received0.91.5-38%1.7
Total income218.8198.310%413.8
Operating expenses111.7102.09%211.8
Depreciation and amortisation7.36.611%13.6
Net finance costs12.67.373%17.0
Total expenses131.6115.914%242.4
Underlying profit87.282.56%171.4
Underlying profit
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented
by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in
determining the realised and unrealised components of fair value movement of investment property, impairment and tax
expense in the Group’s income statement. The measure is used internally in conjunction with other measures to monitor
performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a measure which
the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend payout to
shareholders.
Financial performance
▪Underlying profit of $87.2m, up 6% on 1H22 and a
record for first half earnings
▪The increase is driven by the following:
▪Realised development margin of $56.0m, a 7%
increase on 1H22 with an average margin of
$232k per unit
▪Care fees and village services of $77.5m, up
13%
▪Deferred management fee of $49.8m, up 13%
▪Realised gain on resales of $34.6m, up 8% and
benefitting from record resale settlements in Q2
2023
$87.2m
Underlying profit
6%
Increase on 1H22
35
Half Year Report 2023

NZ$m1H231H22VarianceFY22
Net operating business cash flow(11.5)7.4(256%)21.9
Receipts for residents' loans - new
sales
158.2183.0
(14%)
347.3
Net operating cash flow146.7190.4(23%)369.2
Sale and purchase of land
(53.8)(66.5)
(19%)
(179.1)
Construction of new IP & care
facilities
(240.3)(177.4)
36%
(427.9)
Refurb of existing IP & care facilities
(8.1)(5.5)
47%
(11.0)
Other investing cash flows
(5.9)(3.8)
56%
(9.5)
Capitalised interest paid
(23.9)(13.8)
73%
(24.2)
Net investing cash flow(332.1)(267.0)24%(651.7)
Net proceeds from borrowings
226.9122.5
85%
342.2
Net dividends paid
(17.7)(12.2)
45%
(28.2)
Other financing cash flows
(14.2)(5.6)
152%
(14.5)
Net financing cash flow195.0104.686%299.5
Cash flows
Financial performance
36
▪Net operating cash flows of $146.7m, down from
$190.4m at 1H22
▪Includes deferred management fees of $62.3m
for 1H23 ($41.8m relating to new sales and
$20.5m for resales)
▪Net operating business cash flows of ($11.5m) in
1H23. This includes our annual insurance levy not
paid in 1H22, and movements in resales cash flows in
line with market conditions in the period, including:
▪Increase in the repurchase of stock from
outgoing residents of $10.0m
▪Increase in advances in resident loans to
residents transferring of $12.5m
▪With these excluded, normalised net operating
business cash flows were $20.6m for 1H23
▪ Investing cash out flows of $332.1m, up 24% on
1H22, reflecting the following:
▪Construction progress on main buildings at Bell
Block, Papamoa and Te Awa, and apartments at
Lower Hutt and St Johns. St Johns on track to
open in Q324, now preselling with over one third
of units released contracted within one month
$146.7m
Net operating cash flows
23%
Decrease on 1H22
Half Year Report 2023

Development cash flows
Financial performance
37
▪Summerset’s internal development model has an
average village construction timeline of approximately
eight to ten years
▪Our broadacre villages see the following development
cashflow profile:
▪In years one and two development spend is
largely related to: land purchase (year one) and
site civils and infrastructure expenditure
▪Construction costs relating to the villa deliveries
are generally incurred from year three onwards
▪First settlement revenue is received in year four
▪Development spend increases in years four and
five due the construction of the main building
▪Once the main building is delivered (year six)
gross debt decreases as new sale receipts now
exceed construction expenditure
▪Village construction is complete by year ten
▪Gross development debt peaks at around year five
with the delivery of the main building
▪All development expenditure (incl. land, interest and
management fee) is fully recycled by year nine
▪On completion, our villages achieve an average
development cash margin of 7.1%
9 years
7.1%
Average development
cash margin
Half Year Report 2023
Broadacre development cash flows
Average development
cash flow recycling
$71.8m
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11
ExpenditureSalesClosing Gross Debt
First
deliveries
Main building
delivered
Final
deliveries
Final units
sold
Cash
recycled
Site
acquisition
Development cash flows incorporate the land cost, ILU costs, recreation and administration facility costs, care centre costs,
management fees (incl. a share of corporate overheads), interest costs and the first-time sales proceeds for all units sold
under Occupation Right. Projectionsbasedoncurrentoperatingconditions

Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
Year
10
Year
11
Year
12
Year
13
Year
14
Year
15
Year
16
Year
17
Resale gainDeferred management feeVillage operating cash flows
Care operating cash flowsAllocation of head office costs
Village cash flows
Financial performance
38
▪Summerset focuses on broadacre development with
villages taking around seven years from final delivery
to reach maturity and generate stabilised cash flows
▪Our villages see the following village operating
cashflow profile:
▪No operating cashflows until the first units are
close to delivery (year four)
▪Once first units are delivered village operating
revenue and costs, and deferred management
fee increase as new stages are sold down
▪Care operating expenses start from year six
with the delivery of the main building. These are
recovered once the serviced apartments and
care centre within the building are fully occupied
▪Resale gain remains low in early years, growing
as the village sells down and matures
▪The allocation of head office costs reduces once
the village matures as the village requires less
input from sales, marketing and other corporate
functions
▪At maturity, our villages generate an average annual
return on assets of 9.5%
7 years
9.5%
Average annual return
on assets at maturity
Half Year Report 2023
Broadacre village cash flows
Average stabilised cash flow
(from final delivery)
Villagecashflowsincorporatecarefeesandvillageservices,paymentstosuppliersand
employees,deferredmanagementfee,resalegain,maintenancecapex,otherinvestingcash
flows,netinterestexpensesandanyleasepayments
Key Assumptions:
•Village operating cash flows: This is the weekly fee, village operating costs and village capex (incl. repairs and
maintenance) associated with running the village
•Care operating cash flows: Includes care EBITDA, service package income and care centre capex (incl. repairs
and maintenance) associated with operating our care centres
•Deferredmanagementfeeandresalegain:Thisincorporatestheresalegain(at3.5%longtermgrowthrate)and
accrueddeferredmanagementfeeearnedonunits
•Othersalescashflows:Refurbishmentcosts,salesandmarketingcostsrelatedtotheresaleofunitsonrollover
•Allocation of head office costs: Allows for a portion of head offices costs (corporate overheads) to be allocated to
the village annually – reducing once the village is fully sold down
•Stabilised cash flow: Village cash flows on maturity, normally achieved around seven years from final delivery
•Return on assets: The annual return on assets being the stabilised cash flow relative to the net tangible assets (the
operators interest) in the village at maturity
Projections based on current operating conditions
First
deliveries
Main building
delivered
Final
deliveries
Village
maturity
Site
acquisition

NZ$m1H231H22VarianceFY22
Investment property5,7954,95517%5,418
Other assets502.842020%422.6
Total assets6,2985,37517%5,840
Residents' loans2,2872,00814%2,165
Face value of bank loans & bonds*1,307896.946%1,074
Other liabilities398.2407.4(2%)407.5
Total liabilities3,9913,31320%3,647
Net assets**2,3072,06212%2,193
NTA (cents per share)987.7891.311%943.9
Balance sheet
$1.9b
Retained
earnings
Total assets
*Facevalueofdrawnbankdebtandretailbonds.excludescapitalisedandamortisedtransactioncostsforloansand
borrowing,andfairvaluemovementonhedgedborrowings
** Net assets includes share capital, reserves, and retained earnings
$6.3b
Financial performance
39
▪Total assets of $6.3b, up 17% on 1H22 driven by
portfolio growth and the underlying value in our
existing villages
▪Investment property valuation of $5.8b, up 17% on
1H22
▪Retained earnings are now $1.9b, up 13% from
$1.7b at 1H22. This continues to positively impact
balance sheet strength and company gearing ratios
▪Other assets include buildings, primarily care
centres which are valued annually
▪Net tangible assets per share of $9.88
13%
17%
Half Year Report 2023

35.5%
30.5%
36.6%
33.1%
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-
$2
$4
$6
$8
$10
$12
$14
$16
SUMPeer 1Peer 2Peer 3
Gearing ratio (%)
NTA per share
Net tangible assets
Strong financial discipline underpinning net tangible assets and gearing
Net tangible assets and gearing*Summerset net tangible assets per share
* Peer results based on most recent NZX disclosures
SUM NTA per share NTA per share Gearing ratio
Financial performance
40
Half Year Report 2023
$9.88
-
$2
$4
$6
$8
$10
$12
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY221H23
NTA per share

NZ$m1H231H22VarianceFY22
Gearing ratio (%)**35.5%29.4%21%32.4%
Bank & bond LVR (%)**39.1%32.9%19%35.3%
Gearing ratio
39.1%
Bank & bond LVR
Gearing ratio
* Face value of drawn bank debt and retail bonds less cash and cash equivalents. Excludescapitalisedandamortised
transactioncostsforloansandborrowing, and fair value movement on hedged borrowings
** Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset Group’s bank and bond
LVR covenant (total debt of the Summerset Group / property value of the Summerset Group)
Net debt to underlying assets
35.5%
Financial performance
41
▪Net debt of $1,272m* at 1H23, up from $1,049m* at
FY22
▪Uplift in gross debt driven by increased construction
activity across our developing villages and land
settlements in the period
▪Gearing ratio of 35.5%, up from 32.4% at FY22
▪Summerset remains well placed to execute on its
growth ambitions
▪The business holds no core debt
▪New Zealand gearing ratio with Australian
growth related debt excluded is 28.9%
▪Development assets exceed the value of net debt
by $264.3m, or 21%
Half Year Report 2023
$507m
$588m
$463m
$674m
$313m
$273m
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
$1,600m
Net debt
FY22
Underlying assets
FY22
Net debt
1H23
Underlying assets
1H23
Net debtUndeveloped landDevelopment WIPUnsold new stock
$234m excess assets
$1,049m
$1,283m
$264m excess assets
$1,272m
$1,536m

Funding
$550m
Retail bonds
Bank facility
* Face value of drawn bank debt and retail bonds. Excludescapitalisedandamortised
transactioncostsforloansandborrowing, and fair value movement on hedged borrowings
less cash and cash equivalents
** Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset
Group’s bank and bond LVR covenant (total debt of the Summerset Group / property value of
the Summerset Group)
$1.2b
Financial performance
▪Bank facility approximately $1.2b, with existing
$550.0m of retail bonds at 30 June 2023
▪Retail bond of $100m was repaid on 11 July 2023
with the total facility (incl. bonds) now having an
average tenor of 3.2 years
▪Our bank facility has undrawn capacity of $446.6m at
1H23
▪54% of drawn debt is hedged at fixed interest rates,
with a weighted average interest rate of 5.06% in
1H23
Gross borrowings and gearing
Funding maturity profile
42
Half Year Report 2023
-
$100m
$200m
$300m
$400m
$500m
$600m
FY22FY23FY24FY25FY26FY27FY28FY29
Bank facilityNZ Bonds
$587m
$635m
$673m
$663m
$750m
$897m
$1,074m
$1,307m
-
5%
10%
15%
20%
25%
30%
35%
40%
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
2H191H202H201H212H211H222H221H23
Face value of bank loans & retail bondsGearing ratio (%)