Annual Shareholders Meeting 2023 – Presentation

Promisia
Healthcare
Limited
2023 Annual
Shareholders’ Meeting
1

BOARD
HELEN DOWN
Acting Chair
Stepping down at the Annual Meeting
THOMAS BRANKIN
Executive Director
CRAIG PERCY
Independent Director
Standing for election
RHONDA SHERRIFF
Independent Director
Standing for election
JILL HATCHWELL
Nominated by the Board
Standing for election as an Independent Director
2
MANAGEMENT
KAREN LAKE
Group General Manager
VIRGINIA DYALL-KALLIDAS
General Manager Group Facilities

INTRODUCING KAREN LAKE, GROUP GENERAL MANAGER
•Commenced role with Promisia from 10 August 2023
•Over 15 years’ experience in aged care and healthcare
sectors, in senior leadership, clinical, quality and operational
management roles
•Has worked for publicly listed providers, Oceania and Ryman
Healthcare for a number of years -most recent position as
Regional Operations Manager for Ryman Healthcare
•Expertise in areas that are a priority for Promisia, particularly
in the delivery of high quality personalisedcare for senior
New Zealanders.
3

AGENDA
•Presentations
•Shareholder Discussion
•Resolutions
•Other Business
•Close of the Meeting
4

5
CHAIR’S
PRESENTATION
HELEN DOWN
Acting Chair

OUR PORTFOLIO
Our aim is to be the aged care
provider of choice in our
communities.
Promisiais a New Zealand based aged care and
retirement living provider, with a focus on
delivering quality personalised care.
•Own and operate four facilities that are each
trading profitably, have strong brand
recognition in our local communities and are
delivering excellent care to our residents.
•Our facilities are located in well-established
and well serviced towns and metropolitan
areas, and integrated into local communities.
•RanfurlyManor is the sixth largest aged care
facility in New Zealand and AldwinsHouse is
also in the top 30.
6
As at 31 July 2023:
369 care beds including care suites
26 independent living units
All facilities are fully owned by Promisia
Fielding:
Ranfurly Manor
Nelson St
Dannevirke:
Eileen Mary
Christchurch:
Aldwins House

OUR STRATEGY
PROVIDING THE CARE PEOPLE NEED AS THEY AGE
At the heart of our business is our focus on providing personalisedcare that focuses on respecting and
helping our residents who need more of a helping hand.
7

POSITIVE PROGRESS AGAINS22
STRATEGIC OBJECTIVES
•Investment into people and technology
•Launch of new payroll and rostering
system
•Standardisation of IT platforms and
systems across the group
•Focus on improved efficiencies across the
group – Aldwins House now contributing
profit, turning around FY22 lossmaking
position
•Restructured the Senior Leadership Team
– appointment of Karen Lake as Group
General Manager from August 2023
•Opened new support office location in
Christchurch
•Increased iwi engagement and integration
8
STRONGER
BUSINESS
Invest in our business and
our people, creating a robust
scalable platform for growth,
with strong leadership and
governance

9
•Building occupancy at Aldwins House in
Christchurch
•Early completion of Ranfurly Manor Village
•Strong demand and sales of new villas and
care suites at Ranfurly Manor village
•Dual purpose beds, allowing rapid response
to changing resident needs
•Ability to respond quickly and reconfigure
facilities to meet needs of community
MAXIMISE
OCCUPANCY
Grow revenue through offering
quality care to maximise
occupancy at existing and future
facilities, and repurposing beds as
needed to meet market demand

•Residential aged care funded by
Government and resident payment
•Hospital care generates higher margins
and remains a priority
•Purpose built care suites are a growing
part of our portfolio of care, delivering
higher margins
•Continuing to look at opportunities to
develop independent living villas and care
suites on new and existing sites
•Provide a range of additional services paid
for by residents
•Gains on value of property resales
10
DIVERSE REVENUE
STREAMS
Increase the focus on
independent living options,
broaden the range of services
at each facility and increase the
number of higher acuity beds

11
•Focus on growing our network through
acquisition and greenfield & brownfield
developments
•Investment criteria including strategic
objectives, risk profile, value accretive
•Assessed five potential acquisitions and
greenfield development opportunities in
FY23 – several discarded, others still under
consideration
•Three small but strategically important land
acquisitions in FY23, leveraging current
investments and providing development
opportunities
NETWORK
EXPANSION
Grow our network through
strategically located value-accretive
acquisitions, brownfield and
greenfield developments

FY23 SUMMARY OF FINANCIAL PERFORMANCE
Profitable business with strong cashflows and balance sheet
12
Financial Year
NZ $000’s
FY22FY23
Operating Revenue19,93923,834
1
Fair value movement(222)47
EBITDAF
2
4,473
3
3,535
Underlying EBITDAF
4
3,5304,107
Net gain for the period2,027692
Total assets51,53571,761
Cash and cash equivalents2,4112,059
Debt17,15430,872
Net operating cashflow4,7917,074
•Total income of $23.8m, up 20% on prior year
•Careful cost management helping to mitigate
increased costs (inflation and workforce)
•Underlying EBITDAF up 16% year on year
•Total assets $71.8m, including cash and cash
equivalents of $2.1m
•Total comprehensive income (including fair
value increase to properties not classed as
investment properties) of $1.4m
•Increase in net debt to $30.9m reflects
acquisition of AldwinsHouse and other
properties
1.Includes gain on sale of investment properties of $0.4m
2. EBITDAF is operating earnings before interest, tax, depreciation, amortisationand fair value adjustments and is a non-GAAP number.
3.Includes FY22 adjustment for gain on lease termination of $0.9m
4. Underlying EBITDAF is EBITDAF excluding transactions considered to be non-trading in nature or size. Excluding these transactions from normalisedearnings can assist users in
forming a view of the underlying performance of the Group. Non-trading adjustments of $0.44m are included in the FY23 results.

13
NETWORK
EXPANSION
TOM BRANKIN
Director
BROWNFIELD DEVELOPMENT: Expand or enhance
existing facilities and maximise development
opportunities

GREENFIELD DEVELOPMENT: Acquire new sites that
offer the potential to build new facilities
FACILITY ACQUISITION: Further growth opportunities
through the acquisition of other aged care facilities,
particularly in provincial New Zealand.
FUNDING: PHL expects additional lending/capital will be
required to fund acquisitions and expects to debt fund
at least 50% of any purchase price
We will pursue acquisition opportunities based on quality,
geographic and cultural fit, demand for services, growth
potential and contribution to profitability.

STRATEGIC APPROACH TO NETWORK EXPANSION
•Five potential acquisitions and greenfield development opportunities were assessed over the FY23 year
•Any acquisition must meet Promisia’sinvestment criteria, including strategic objectives and risk profile, and be
value accretive for shareholders
•Being small but entrepreneurial, we also consider different finance and partnership options for each potential
acquisition
•Continue to assess new opportunities to either switch accommodation types within our facilities, build on
existing land we own; or acquire new sites to develop
•Also see opportunities to grow through the acquisition of existing aged care facilities with development
potential or that offer strong returns develop.
14

EXISTING LANDBANK AND FACILITY DEVELOPMENT OPPORTUNITIES
15
•Ranfurly Manor: All 32 Villas completed and
selling strongly. 14 care suites also completed and
selling
•Eileen Mary: Acquisition of adjoining property
securesa development opportunity to scale up,
leverage the existing infrastructure, meet latent
demand with potential to build 5 villas
•Aldwin’s Road, Christchurch: Acquisition of two
properties adjoining Aldwin’s House in March
2023. Provides opportunity to expand Aldwin’s
House in the future to offer a broader continuum
of care

16
FOCUS ON CARE
KAREN LAKE
Group General Manager
We embrace personal care with genuine compassion and
empathy and our team go the extra mile to ensure every
resident feels valued and cherished, and receives the
respect, attention and support they deserve.

17
•Prioritisingquality care
•Strong relationships
•Respecting all members of the
communities that we foster
•Strong financial performance
•Enhancing brand and culture
•Compliance and risk
WHAT’S IMPORTANT

18
Ranfurly Manor
Fielding
Resthome/Hospital 74
Resthome – dementia care25
Apartments62
Villas38
Nelson Street
Fielding
Resthome 49
Eileen Mary
Dannevirke
Resthome/Hospital39
Care suites19
Villas5
Aldwins House
Christchurch
Resthome/Hospital 145

19
OUTLOOK

ATTRACTIVE SECTOR OPPORTUNITY
20
Strong demand underpinned
by favourable population
demographics
The number of people in New Zealand aged over 65 rose from 12% to 16.4%
of the population between 2001 and 2022. It is expected to reach between
21% and 25% by 2048. The aged care facilities currently available in New
Zealand cannot accommodate the expected increase in demand and new
facilities will need to be built.
Growing demand for high
needs and specialist aged care,
particuarly in regional New
Zealand
12% of people over 75 are in care. 3,000 new care beds are required in New
Zealand each year. There are insufficient beds being built to cater for the
demand, particularly in regional New Zealand
Increasing compliance driving
sector consolidation
Smaller owner operator facilities (fewer than 50 beds) are closing as they
lack the ability to remain profitable and compliant without significant capital
investment.
Variety of care and business
models in the sector, with
different care offerings
Business models range from companies focused on building retirement
villages with villas and apartments which do not provide care (independent
living), through to higher needs care providers. Growing demand for
continuity of care with higher care offerings on site.

OUTLOOK
•Pleasing progress being made against strategy as we
continue to focus on delivering quality personalised
care to our residents
•Positioned well to take advantage of market trends
•Investment into business expected to deliver
efficiency gains and benefits from FY24 onwards
•Continued focus on growth pathways
21
Your Board and Management are preparing for
another year of increased earnings and business
growth in FY24, as Promisiacontinues to deliver
high quality care and positions itself to be the aged
care facility of choice in each of our communities.

OUR PEOPLE
Our thanks go to our incredible team of
carers, nurses and support staff who
provide our residents with care,
friendship, joy and respect every day.
22

23
SHAREHOLDER
DISCUSSION

RESOLUTIONS
Resolution 1: To record the re-appointment of William Buck New Zealand as auditor of the Company and to
authorise the Directors to fix the auditor’s remuneration for the ensuing year.
Resolution 2: That Craig Percy, who was appointed as a Director by the Board during the year, be elected as
a Director of the Company.
Resolution 3: That Rhonda Sherriff, who was appointed as a Director by the Board during the year, be
elected as a Director of the Company.
Resolution 4: That Jill Hatchwell, who has been nominated by the Board, be elected as a Director of the
Company
All voting will be by way of a poll.
24

OTHER
BUSINESS
CLOSE OF THE
MEETING
25

NON-GAAP RECONCILIATION
$000FY22FY23
EBITDA4,2513,582
Fair value movement in property222(47)
EBITDAF4,4733,535
Gain on termination of lease(943)-
Discretionary executive payment-250*
Holiday pay provision-322
Underlying EBITDAF$3,5304,107
26
Non-GAAP financial information: Promisiareports on
several non-GAAP measures when discussing financial
performance including EBITDAF and Underlying EBITDAF.
The company believes that these measures provide useful
information on the underlying performance of Promisia’s
business. They may be used internally to evaluate
performance, analysetrends and allocate resources. Non-
GAAP financial measures should not be viewed in isolation
nor considered as a substitute for measures reported in
accordance with NZ IFRS.
Non-trading adjustments/Unusual transactions: The
financial results for FY23 include transactions considered
to be non-trading in either their nature or size. Unusual
transactions can be as a result of specific events or
circumstances or major acquisitions, disposals or
divestments that are not expected to occur frequently.
Excluding these transactions from normalisedearnings can
assist users in forming a view of the underlying
performance of the Group. Non-trading adjustments of
$(0.6) million were included in the FY23 results.
*Payment made to Tom Brankin for services rendered during the financial year

DISCLAIMER
•This presentation has been prepared by Promisia Healthcare Limited (“PHL”). The information in this presentation is of a general nature
only. It is not a complete description of PHL.
•This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for
such offers.
•This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not
take into account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to
contain all the information that a prospective investor may require. Any person who is considering an investment in PHL securities should
obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
•Past performance information contained in this presentation should not be relied upon (and is not) an indication of future performance.
This presentation may also contain forward looking statements with respect to the financial condition, results of operations and business,
and business strategy of PHL. Information about the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in
this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome referred to in
this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to
future matters may prove to be incorrect.
•A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the
information provided in PHL’s financial statements available at www.promisia.com
•PHL and its related companies and their respective directors, employees and representatives make no representation or warranty of any
nature (including as to accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any
errors in or omissions from, or for any loss (whether foreseeable or not) arising in connection with the use of or reliance on, information in
this presentation.
27

---

Market Announcement
28 August 2023
PROMISIA 2023 ANNUAL SHAREHOLDERS’ MEETING SPEECHES

HELEN DOWN, ACTING CHAIR OF PROMISIA
During the last year, your Board initiated a review of our composition, governance structure and
practices, conducted by governance expert, Westlake Consulting. We agreed with Westlake that four
particular areas of expertise would be beneficial to add to Promisia’s Board, being:
• clinical experience;
• accounting, finance and audit experience;
• more general governance experience; and
• more publicly listed governance experience.
In line with this, the Board appointed Rhonda Sherriff in July 2023 as an independent director for her
extensive clinical and governance experience. If elected by shareholders today, the Board intends to
appoint her as the new Chair from the conclusion of the meeting.
The Board has also nominated Jill Hatchwell to stand as an independent director for her accounting,
audit and finance background along with her listed company governance experience.
Craig Percy was also appointed to the Board during the year and will be standing for election by
shareholders today. He has significant and valuable sector experience, having worked in the aged
care and retirement village industries for more than two decades.
We believe that the refreshed Board offers valuable skills, industry and governance experience that
will be of benefit to Promisia.
As my second 3 year term at Promisia comes to a close today I have chosen to not stand for re-
election. It has been a privilege to lead the Board over the last year as we have appointed new
directors, invested into growth and appointed a new Group General Manager.
I’d like to acknowledge and thank all of Promisia’s people, whose resilience, commitment and efforts
over the last three years have been nothing less than extraordinary.
Karen Lake
I am particularly pleased to welcome Karen Lake, Promisia’s new Group General Manager, who
started with our company just a few weeks ago.
Karen has extensive experience in the aged care and healthcare sectors, and worked for publicly
listed providers, Oceania and Ryman Healthcare for a number of years, with her most recent
position as Regional Operations Manager for Ryman Healthcare.

Karen’s appointment was the result of an extensive recruitment process. She has expertise in areas
that are a priority for Promisia, particularly in the delivery of high quality personalised care for senior
New Zealanders. Her passion for excellence, innovative thinking and extensive industry knowledge
were evident throughout the recruitment process and her ability to build strong teams will continue
to lift the standard of Promisia’s offer.
I would like to take this opportunity to thank Stuart Bilbrough who stepped down from the CEO role
earlier this year, after completing key objectives including strengthening the business operations and
establishing a platform for growth.
The Board would also like to acknowledge and thank Virginia Dyall-Kallidas, Promisia’s GM Group
Facilities. Virginia has been key to this business for several years and is fundamental in driving many
of the improvements in each of our facilities. Her passion for the industry, her commitment to our
business, and her expertise is very much valued by the Board, her teams and our residents. Virginia
is also our lead on iwi engagement and our commitment under the Treaty of Waitangi
About Us
FY23 was our second full year of operating in the aged care and retirement village sector and we are
pleased with progress being made as we focus on delivering value for our residents, their families,
our communities, people and shareholders.
Promisia owns and operates four facilities, all of which are trading profitably, have strong brand
recognition in their communities and are delivering excellent care to their residents.
While a small group compared to other listed providers, two of Promisia’s facilities are in the top 30
aged care facilities by bed numbers in New Zealand. Ranfurly Manor in Fielding is actually the sixth
largest aged care facility in the country.
Our Strategy
Our mission is to provide the care people need as they age ... our focus is very much on quality,
personalised care for senior New Zealanders who need higher levels of specialised care and support.
We have a carefully considered strategy based on four pathways which we believe will deliver long
term growth.
Stronger Business
This year a lot of effort has been put into strengthening our business to create a robust and scalable
platform for sustainable growth.
Previously our facilities were run on an individual basis; we are now consolidating and integrating
these into one group, standardising policies and systems, establishing a new senior leadership team
and transitioning to a unified group culture. Investment in new IT systems has been an important
part of this transition.

The challenging economic environment including inflationary pressure and a tight labour market,
have led to increased costs. We have been particularly conscious of this and our team has been
focused on driving efficiencies to create a stronger and more efficient business.
Maximise Occupancy
One of the key drivers in our business is occupancy levels. We have continuing local demand for our
facilities in Fielding and Dannevirke and have been working hard to build occupancy at our newest
facility, Aldwins in Christchurch. This facility has now moved into a cashflow positive position and
made a positive contribution to Promisia’s EBITDA for the current FY23 financial year.
The development at Ranfurly Manor Village has been accelerated, with strong demand and sales of
the new villas and care suites. This development is now completed, having created a further 14 care
suites and 32 villas.
Many of our beds are dual purpose, allowing us to respond quickly to residents’ changing needs and
adapt our services to suit.
In addition to dual purpose beds, one of our key strengths is our ability to respond and reconfigure
our facilities to meet the needs of our communities.
This all helps to ensure occupancy levels are maximised across our facilities.
Diverse Revenue Streams
While we have historically been a provider of residential aged care, a key part of our strategy is to
broaden our revenue base and reduce our reliance on Government funding. In line with this, we
have a number of strategic pathways. We are investing in more care suites, which carry an additional
supplement in return for greater service levels, amenities and aesthetics; and we are developing
more independent living units (villas and apartments), with occupational rights agreements paid for
by the resident.
Promisia also benefits from additional services paid for by the residents, as well as gains on the value
of the property on resale.
We are strategically shifting the mix of revenue to generate a greater share from private payment
for care suites and independent living units.
Network Expansion
Growing our network is also an important part of our strategy, through potential brownfield,
greenfield developments or acquisition.
We have a carefully considered approach and any investment or acquisition must meet strict
criteria, including strategic objectives and risk profile, and be value accretive for shareholders.
Being small but entrepreneurial, we also consider different finance and partnership options for each
potential acquisition.

Over the last year, we assessed five potential acquisitions and greenfield development
opportunities. We undertook extensive modelling and due diligence on several facilities and
properties with some opportunities discarded and others still under consideration. This process
requires significant effort and time and is work expertly carried out by our executive director, Tom
Brankin, with the support of external expertise if and when required.
In March this year, we announced three small but strategically important land acquisitions, which
abut existing properties and provide immediate and future development potential. Acquisition of
these properties also leverages and protects Promisia’s investment in two of its key facilities.
FY23 Financial Performance
Results for the year were pleasing during a period of investment in the business especially given our
focus on consolidation and investment to prepare ourselves for future growth and operation at
scale.
Income for the period increased by 20% to $23.8 million, excluding a $0.9 million gain on lease
termination related to the acquisition of Aldwins House land and buildings in FY22, revenue
increased by 25% year on year.
The challenging macro-economic trends including rising interest rates, inflationary pressure and a
very tight labour market, particularly for nurses and care givers, led to increased costs. Careful cost
management helped to mitigate some of this impact but it is a constantly moving target.
Earnings excluding fair value movements were $3.5 million for the period, down 23% on FY22 which
included a $0.9 million gain on lease termination.
Underlying EBITDAF, which excludes non-trading and one-off transactions, was $4.1 million, 16%
higher year on year.
The Group reported an FY23 net profit after tax of $0.7 million. There was a further fair value
increase to properties, not classed as investment properties, of $0.7 million bringing comprehensive
income for the year to $1.4 million.
At 31 March 2023, total assets were $71.8 million. The increase of $20.2 million was due to the
acquisition of Aldwins House land and buildings, the Ranfurly Manor village expansion and the
purchase of three development properties.
Cash and cash equivalents were $2.1 million as at 31 March 2023.
Debt increased by $13.7 million to $30.9 million, which includes debt associated with the acquisition
of Aldwins House and other properties.

Network Expansion
Network expansion is an important part of our strategy. I’d now like to invite director Tom Brankin
to provide more insight into our plans and recent acquisitions.
See ASM Presentation Slides
Focus on Care
Providing a high quality care that is sensitive and appropriate to people’s individual requirements is
very important to us. I’d now like to invite Karen Lake to share with you her philosophy on care and
her key focus areas as she takes on the role of our Group General Manager.
Karen Lake – Focus on Care
My strengths are in delivering clinical and operational excellence. I have held senior management
positions since 2003 and have contributed to a number of significant dementia and care initiatives
during this time.
One of the most important things to me when considering the role with Promisia, was the
company’s values and principles and how these were imbued into the practices of the people both
living and working in our facility based communities.
Retirement living is a lifestyle choice. Places are just places without the people to fill them.
What we know is that people move into a village/facility to be a part of a community, feel safe and
have the assurance that they can be supported at this time in their lives. Amongst other things, this
means having the continuum of care options for that support couples to remain together in the
same community as they age. My focus is on building communities where our residents feel
connected, safe and well supported.
Our people play an essential role in this. I am passionate about continuing to grow a stable, highly
skilled workforce who have Promisia’s core values and principles of care instilled in the fabric of their
practice. I want these people to be happy in their work, have the opportunity to thrive and to feel
that they are a part of a community who deliver the care and support that our residents and their
families deserve.
As my first priority since starting, I have visited all our villages to connect with as many of our people
as possible in order to understand the culture that exists within each and whether the company
values and principles are more than words on a wall.
I have been impressed by the strong teams in our facilities and the sense of comradery and
community that exists.
Outlook
The demographics and future projections for the aged care sector remain attractive, with increasing
demand for care, particularly in provincial New Zealand which is often under-resourced.

The latest industry report indicates that New Zealand will need an extra 61,000 retirement village
units within the next 10 years to keep up with demand.
The number of people in New Zealand aged over 65 rose from 12% to 16.4% of the population
between 2001 and 2022. It is expected to reach between 21% and 25% by 2048. The aged care
facilities currently available in New Zealand cannot accommodate the expected increase in demand
and new facilities will need to be built.
Our strategy positions us to take advantage of market trends – our focus on local communities
around New Zealand, our reputation for quality care and respect for our residents, and our growth
strategy.
We are pleased with the progress being made and are preparing for another year of increased
earnings and business growth in FY24, as Promisia continues to deliver high quality care and
positions itself to be the aged care facility of choice in each of our communities.
The investments we have made into our business are expected to deliver efficiency gains and
benefits from FY24 onwards.
Our People
I would like to end today’s presentation with acknowledgement of our incredible team of carers,
nurses and support staff who provide our residents with care, friendship, joy and respect every day.
They have continued to do this admirably, despite the ongoing challenges of the pandemic and
extreme weather events across the year.
We continue to work hard to ensure a rewarding and enjoyable workforce for our people. Health,
safety and wellbeing remain a priority for us, and we continue to invest in training and development.
We are fortunate to have a strong, long standing workforce at Promisia, with many of our people
recruited from our local communities and through recommendation from current employees. This
helps to create the family environment that is such an important part of who we are. We are also
pleased to have welcomed a number of new team members across the year, who will help support
our vision of delivering the care people need as they age.
Like others in our industry, we have been advocating for higher funding for the sector for some time
and, while we were pleased with the Government’s commitment for additional funding to bring
aged care nurses’ pay up to the level of public hospital nurses, the allocated funding has fallen short.
Pay equity with the public health sector is essential to attract and retain these vital and qualified
members of our team. Without them and our other dedicated carers, we would be unable to deliver
the high levels of care we believe all older New Zealanders deserve.
We continue to work closely with the aged care sector to encourage appropriate funding which will
allow older people to receive quality care where and when they need it.
ENDS