Promisia Healthcare Interim Results

Interim Report
FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2023

2
PROMISIA HEALTHCARE LIMITED

Half Year Snapshot 4
Chair’s Report 5
Unaudited Consolidated Interim Financial Statements
Condensed Consolidated Statement of Comprehensive Income 8
Condensed Consolidated Statement of Financial Position 9
Condensed Consolidated Statement of Changes in Equity 10
Condensed Consolidated Statementof Cash Flows 11
Notes to the Condensed Consolidated Statements 12
Directory 20
3
INTERIM REPORT

Half Year Snapshot
For the six months ending 30 September 2023
Strategic Progress
• Welcomed new Board leadership with
appointment of industry expert, Rhonda Sherriff,
as Chair
• Restructured and strengthened the leadership
team with appointment of Karen Lake as Group
GM, along with new GM of Finance and new
Clinical and Quality Manager
• Review of strategy and reset of objectives to drive
commercial growth
• Continuing improvement in occupancy across
the Group
• Continue to explore expansion and growth
opportunities
Financial Snapshot
• Revenue $12.9m ▲ 11%
• EBITDAF
1
$1.6m ▼ 11%
• Net Loss After Tax $(152)k, down from a profit
of $382k in prior year, reflecting one-off costs
associated with the leadership and Board
transition
• Total assets $73.6m ▲ 12%
• Borrowings $30.4m ▲ 2%
Promisia is a New Zealand-based aged
care and retirement living provider,
with a focus on delivering quality
personalised care. Our aim is to be
the aged care provider of choice in our
communities.
Our strategy is founded on identified pathways
which we believe will deliver long term growth.
1
EBITDAF is operating earnings before interest, tax, depreciation,
amortisation and fair value adjustments and is a non-GAAP number.
Stronger
Business
Invest in our business
and our people, creating
a robust scalable
platform for growth, with
strong leadership and
governance
Maximise
Occupancy
Grow revenue through
offering quality care to
maximise occupancy at
existing and future facili-
ties; and repurposing beds
as needed to meet market
demand
Diverse
Revenue Streams
Increase the focus on
independent living
options, broaden the
range of services at
each facility and increase
the number of higher
acuity beds
Network
Expansion
Grow our network
through strategically
located value-accretive
acquisitions, brownfield
and greenfield
developments
4
PROMISIA HEALTHCARE LIMITED

Chair’s Report
Dear Shareholder
I am pleased to report to you for the first time since
commencing as Chair of Promisia in August this year.
Throughout the first half of the 2024 financial year
(1H 2024), we continued to focus on our commercial
objectives, delivering increasing occupancy, strong new
villa sales and resales, and a relentless focus on high
quality, personalised care.
Over the past six months, we have refreshed and
strengthened our Board and transitioned to a new,
restructured leadership team. We were pleased to
welcome Jill Hatchwell to the board as an independent
director in August 2023. Jill has extensive financial and
corporate governance experience in both public and
private companies and has been appointed chair of
Promisia’s Audit and Risk Management Committee.
We now have high quality, very experienced people
governing and managing your business. This has
provided an opportunity to revisit our strategy and
commercial objectives. We have reconfirmed our
four strategic pathways and management has set out
a strong plan to achieve our goals, which has been
endorsed by the Board. While the first half of the year
was a time of transition, we now have a strong platform
in place and expect to see benefits start to flow through
from the second half of the financial year.
Financial Performance
1H 2024 revenue increased to $12.9m as a result of
rising occupancy and increasing deferred management
fees from the sale of independent villas.
Expenses increased year on year, however a large
portion of the additional administration expenses are
considered to be one-off in nature as they relate to
the recruitment of the leadership team and additional
consultant costs during the transition period.
Inflation, higher interest rates and increased wage costs
were also factors in the uplift in expenses and had a
downward impact on cashflow. Cash at period end was
$364k, down from $2.1m at 31 March 2023.
Borrowings reduced slightly to $30.4m with principal
repayments from cashflows. Promisia has commenced a
review of its banking facilities, with the objectives being
to consolidate borrowings, reduce funding costs and
adjust covenants to be appropriate for Promisia in the
prevailing market conditions.
The company reported a net loss after tax of $(152)k for
1H 2024, however, is expecting a return to profit for the
full year.
Stronger Business
One of the highlights of the past six months has been
the development of a strengthened leadership team.
We were particularly pleased to welcome Karen Lake
as Promisia’s new Group General Manager in August
2023. Karen has extensive experience in the aged care,
retirement and healthcare sectors, having worked for
NZX listed providers, Oceania and Ryman Healthcare
for a number of years. She brings a passion for
excellence, innovative thinking and extensive industry
knowledge.
Karen has continued to build the strength of the
leadership team, with the appointment of Francisco
Rodriguez Ferrere as the new GM Finance and Blesster
Saga as the new Clinical and Quality Manager. Blesster
comes into a newly created role that separates clinical
and operational management of our business, with long
standing team member, Virginia Dyall-Kalidas, taking
on the role of Group Operations Manager. All these
individuals have a track record of excellence in their
fields, are passionate about the aged care industry and
will play an important role as we grow the business and
shareholder value.
Promisia is now well positioned with a strong Board and
management team to take the company forward and
achieve our goals. We have a stable workforce and have
seen labour pressures ease, with positive recruitment
and retention of our people. This in turn has a positive
impact on resident satisfaction.
5
INTERIM REPORT

Focus on Care
Providing high quality care that is sensitive and
appropriate to people’s individual requirements is at
the core of our business. The appointment of a Clinical
and Quality Manager further cements our commitment
to care, with a refresh of clinical processes and
procedures, reporting and investment in continuous
training to enhance our care delivery. We are pleased to
have received payment and an increase in funding from
Manatū Hauora Ministry of Health which enables us to
offer a competitive rate to retain our registered nurse
workforce .
Outlook
Good progress is being made and Promisia is well
positioned to take advantage of market opportunities.
The care sector and funding thereof continue to be
challenging; however, we are committed to ensuring our
communities continue to have access to high quality
care.
The investments we are making into our business will
deliver long term gains and benefits. Our business is
in good shape, with a strong and experienced Board
and management team, and we are looking forward
to delivering another year of increased earnings and
business growth in FY24.
Ngā mihi
Rhonda Sherriff
Chair
Maximise Occupancy
Maximising occupancy at all our facilities continues
to be a priority, with increased sales resource and
management focus dedicated to our efforts. We have
continuing local demand for our facilities in Fielding
and Dannevirke, and Aldwins House in Christchurch is
steadily filling up. There has been strong demand for
the new villas at Ranfurly Manor village, with 30 of the
32 new villas either under contract, sold or occupied.
Diverse Revenue Streams
In addition to our standard care and accommodation
offers, we offer premium care suites, which carry an
additional supplement in return for greater space,
amenities and aesthetics. Following the success of
the Ranfurly Manor village development, we will also
continue to consider opportunities to develop more
independent living units (villas and apartments), with
occupational rights agreements and management fees
paid for by the resident.
One of our key strengths is the ability to respond and
reconfigure our facilities to meet the needs of our
communities. Our skills, focus on care excellence and
dedicated staff allow us to provide for a range of care
needs, from low level to high needs and other specialist
care services. This helps to ensure occupancy levels are
maximised across our facilities.
Network Expansion
Following several land acquisitions in FY23, we continue
to explore opportunities to either strategically add to
our land bank or acquire facilities with development
potential or that offer strong returns.
6
PROMISIA HEALTHCARE LIMITED

Unaudited Consolidated Interim
Financial Statements
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2023
7
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 12,92611,673
12,92611,673
Less: expenses
Administration expenses(2,024)(1,315)
Operational expenses(9,306)(8,555)
Depreciation(386)(409)
Finance costs(1,339)(1,047)
(13,055)(11,326)
Profit / (loss) before income tax expense(129)347
Income tax (expense) / credit(23)35
Net profit / (loss) from continuing operations(152)382
Total other comprehensive income--
Total comprehensive income gain / (loss)
(152)382
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 7 (0.0007) 0.0018
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 12,92611,673
12,92611,673
Less: expenses
Administration expenses(2,024)(1,315)
Operational expenses(9,306)(8,555)
Depreciation(386)(409)
Finance costs(1,339)(1,047)
(13,055)(11,326)
Profit / (loss) before income tax expense(129)347
Income tax (expense) / credit(23)35
Net profit / (loss) from continuing operations(152)382
Total other comprehensive income--
Total comprehensive income gain / (loss)
(152)382
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 7 (0.0007) 0.0018
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2023
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
Assets
Cash and cash equivalents3642,2162,059
Trade receivables and other assets2,2792,2051,827
Related party advances8145538145
Current tax assets7-6
Property, plant and equipment217,70117,25117,910
Investment properties352,64643,27549,320
Deferred tax assets472394494
Total assets73,61465,87971,761
Liabilities
Trade and other payables3,4533,2353,695
Revenue received in advance1,6491,1131,472
Current tax liabilities-169-
Related party payables8175-175
Borrowings430,43129,84730,872
Occupancy rights agreements17,97012,55415,459
Total liabilities53,67846,91851,673
Net assets
19,93618,96120,088
Equity
Share capital577,42677,27677,426
Reserves6(50)(717)(50)
Accumulated losses(57,440)(57,598)(57,288)
Total equity
19,93618,96120,088
Net tangible asset backing per share (cents) 0.0910.0870.092
Signed
on behalf of the board of directors, dated
Director:
Rhonda Sherriff
Director:
Thomas Brankin
The accompanying notes form part of these condensed consolidated financial statements.
- 3 -
8
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
Assets
Cash and cash equivalents3642,2162,059
Trade receivables and other assets2,2792,2051,827
Related party advances8145538145
Current tax assets7-6
Property, plant and equipment217,70117,25117,910
Investment properties352,64643,27549,320
Deferred tax assets472394494
Total assets73,61465,87971,761
Liabilities
Trade and other payables3,4533,2353,695
Revenue received in advance1,6491,1131,472
Current tax liabilities-169-
Related party payables8175-175
Borrowings430,43129,84730,872
Occupancy rights agreements17,97012,55415,459
Total liabilities53,67846,91851,673
Net assets
19,93618,96120,088
Equity
Share capital577,42677,27677,426
Reserves6(50)(717)(50)
Accumulated losses(57,440)(57,598)(57,288)
Total equity
19,93618,96120,088
Net tangible asset backing per share (cents) 0.0910.0870.092
Signed on behalf of the board of directors, dated
Director:
Rhonda Sherriff
Director:
Thomas Brankin
The accompanying notes form part of these condensed consolidated financial statements.
- 3 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 12,92611,673
12,92611,673
Less: expenses
Administration expenses(2,024)(1,315)
Operational expenses(9,306)(8,555)
Depreciation(386)(409)
Finance costs(1,339)(1,047)
(13,055)(11,326)
Profit / (loss) before income tax expense(129)347
Income tax (expense) / credit(23)35
Net profit / (loss) from continuing operations(152)382
Total other comprehensive income--
Total comprehensive income gain / (loss)
(152)382
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 7 (0.0007) 0.0018
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2023
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
Assets
Cash and cash equivalents3642,2162,059
Trade receivables and other assets2,2792,2051,827
Related party advances8145538145
Current tax assets7-6
Property, plant and equipment217,70117,25117,910
Investment properties352,64643,27549,320
Deferred tax assets472394494
Total assets73,61465,87971,761
Liabilities
Trade and other payables3,4533,2353,695
Revenue received in advance1,6491,1131,472
Current tax liabilities-169-
Related party payables8175-175
Borrowings430,43129,84730,872
Occupancy rights agreements17,97012,55415,459
Total liabilities53,67846,91851,673
Net assets
19,93618,96120,088
Equity
Share capital577,42677,27677,426
Reserves6(50)(717)(50)
Accumulated losses(57,440)(57,598)(57,288)
Total equity
19,93618,96120,088
Net tangible asset backing per share (cents) 0.0910.0870.092
Signed
on behalf of the board of directors, dated
Director:
Rhonda Sherriff
Director:
Thomas Brankin
The accompanying notes form part of these condensed consolidated financial statements.
- 3 -
Signed on behalf of the board of directors, dated 28 November 2023
9
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
Contributed
equityReserves
Accumulated
LossesTotal equity
$ '000$ '000$ '000$ '000
Consolidated
Balance as at 1 April 2022
77,276(717)(57,980)18,579
Profit for the period--382382
Other comprehensive income for
the 6 months----
Total comprehensive income for
the period--382382
Balance as at 30 September 2022
(UNAUDITED)
77,276(717)(57,598)18,961
Balance as at 1 April 2023
77,426(50)(57,288)20,088
Loss for the period--(152)(152)
Other comprehensive income for
the 6 months----
Total comprehensive income for
the period--(152)(152)
Balance as at 30 September 2023
(UNAUDITED)
77,426(50)(57,440)19,936
The accompanying notes form part of these condensed consolidated financial statements.
- 4 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 12,92611,673
12,92611,673
Less: expenses
Administration expenses(2,024)(1,315)
Operational expenses(9,306)(8,555)
Depreciation(386)(409)
Finance costs(1,339)(1,047)
(13,055)(11,326)
Profit / (loss) before income tax expense(129)347
Income tax (expense) / credit(23)35
Net profit / (loss) from continuing operations(152)382
Total other comprehensive income--
Total comprehensive income gain / (loss)
(152)382
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 7 (0.0007) 0.0018
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2023
10
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Cash flow from operating activities
Receipts from residents for care fees and services12,51211,232
Receipts of residents' loans from new sales4,0332,215
Payments to suppliers and employees(12,247)(9,845)
Repayments of residents' loans(883)(595)
Interest paid(1,339)(1,047)
Income tax paid(2)(28)
Net cash provided by operating activities2,0741,932
Cash flow from investing activities
Payment for property, plant and equipment(177)(13,560)
Payment for investment property(3,326)(1,260)
Net cash used in investing activities(3,503)(14,820)
Cash flow from financing activities
Repayment of related party advance-20
Net proceeds from / (repayment of) borrowings(266)12,673
Net cash provided by / (used in) financing activities(266)12,693
Reconciliation of cash
Cash at beginning of the financial period2,0592,411
Net decrease in cash held(1,695)(195)
Cash at end of financial period
3642,216
The accompanying notes form part of these condensed consolidated financial statements.
- 5 -
PROMISIA HEALTHCARE LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
Revenue and other income
Revenue 12,92611,673
12,92611,673
Less: expenses
Administration expenses(2,024)(1,315)
Operational expenses(9,306)(8,555)
Depreciation(386)(409)
Finance costs(1,339)(1,047)
(13,055)(11,326)
Profit / (loss) before income tax expense(129)347
Income tax (expense) / credit(23)35
Net profit / (loss) from continuing operations(152)382
Total other comprehensive income--
Total comprehensive income gain / (loss)
(152)382
Earnings per share (cents per share)
Basic & diluted earnings per share from continuing
operations 7 (0.0007) 0.0018
The accompanying notes form part of these condensed consolidated financial statements.
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2023
11
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements presented are those of Promisia Healthcare Limited (the
Company), and its subsidiaries (the Group). Promisia Healthcare Limited is a profit-oriented entity
incorporated in New Zealand. Promisia Healthcare Limited’s principal activities are the ownership and
operation of retirement villages, rest homes, and hospitals for the elderly within New Zealand.
Promisia Healthcare Limited is a Financial Markets Conduct Act reporting entity under the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013.
These condensed consolidated financial statements have been approved for issue by the Board of Directors
on
(a) Basis of preparation of the condensed financial report
The condensed consolidated financial statements comprise the following: condensed consolidated
statement of comprehensive income, condensed consolidated statement of financial position, condensed
consolidated statement of changes in equity, condensed consolidated statement of cash flows, and
condensed accounting policies and notes to the condensed consolidated financial statements.
These condensed consolidated financial statements have been prepared in accordance with NZ IAS 34
Interim Financial Reporting, and should be read in conjunction with the Groups' last consolidated financial
statements as at and for the year ended 31 March 2023 (‘last annual financial statements’). These do not
include all of the information required for a complete set of NZ IFRS financial statements. However,
selected explanatory notes are included to explain events and transactions that are significant to an
understanding of changes in the Groups' financial position and performance since the last consolidated
financial statements.
The Group's accounting policies have been applied consistently to all periods presented in these condensed
financial statements.
The information is presented in New Zealand dollars, the Group’s functional and presentation currency, and
rounded to the nearest thousand dollars unless stated otherwise.
There is no seasonality or cyclically of the operations.
(b) Going concern
The condensed consolidated financial statements have been prepared on a going concern basis, which
contemplates continuity of normal business activities and the realisation of assets and the settlement of
liabilities in the ordinary course of business.
The Directors are comfortable that based on the historic performance, detailed cash flow projections, and
the support provided by Directors, the Group will be able to meet their cash flow requirements as they fall
due. The Group has reported a net loss before tax of $0.129 million.
- 6 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENT
For the six months ended 30 September 2023
12
PROMISIA HEALTHCARE LIMITED
28 November 2023.

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b) Going concern (Continued)
On 16 November 2023, the Group advised that it had breached the EBITDA / Interest banking covenant for
the quarter ended 30 September 2023 for loans held with Bank of New Zealand. The Group is having
constructive discussions with Bank of New Zealand regarding this breach and is preparing more information
for their consideration. The Group will then seek the agreement of Bank of New Zealand to either a waiver
or variation of the covenant. It is expected discussions to be concluded by the end of this calendar year. As
at the date of the signing of the these financial statements, no demand for repayment has been made.
It is the continuing opinion of the board of directors that there are reasonable grounds to believe that its
operational and financial plans in place are achievable, and accordingly the Group is able to continue as a
going concern and meet its debts as and when they fall due. Accordingly, use of the going concern
assumption remains appropriate in these circumstances.
(c) Segment reporting
The Group operates a number of rest homes and retirement villages. These facilities all provide a similar
product to a similar customer in the same regulatory environment.
The Group operates in one operating segment being the provision of aged-care in New Zealand. The chief
operating decision maker, the Board of Directors, reviews the operating results on a regular basis and
makes decisions on resource allocation based on the review of Group results and cash flows as a whole.
Therefore, it is appropriate to report solely on the Group performance.
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
NOTE 2: PROPERTY, PLANT AND EQUIPMENT
Land and buildings
At fair value17,26216,43717,261
Accumulated depreciation(927)(401)(714)
16,33516,03616,547
Plant and equipment
Other at cost1,9011,4611,724
Accumulated depreciation(535)(246)(361)
1,3661,2151,363
Total property, plant and equipment
17,70117,25117,910
- 7 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
13
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
NOTE 2: PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
(a) Reconciliations
Reconciliation of the carrying amounts of property, plant
and equipment at the beginning and end of the current
financial period
Land and buildings at fair value
Opening carrying amount16,5473,1613,161
Additions513,18713,249
Net amount of revaluation increments less decrements--762
Depreciation expense(217)(312)(625)
Closing carrying amount
16,33516,03616,547
Other at cost
Opening carrying amount1,363939939
Additions172373637
Depreciation expense(169)(97)(213)
Closing carrying amount
1,3661,2151,363
NOTE 3: INVESTMENT PROPERTIES
During the period, investment properties have increased from $49.320m at 31 March 2023 to $52.646m at
30 September 2023 being an increase of $3.326m (2022: Increased from $42.015m at 31 March 2022 to
$43.275m at 30 September 2022 being an increase of $1.060m). This increase relates to further
development of the Ranfurly Manor Village located next to the Ranfurly Manor Residential Care Centre in
Fielding.
- 8 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
14
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
NOTE 4: BORROWINGS
Current portion19,931 477 11,727
Term portion
10,500 29,370 19,145
30,431 29,847 30,872
Comprises of:
- Advantage Finance540-1,040
- Hunter Funding Limited - insurance funding515120104
- Monument Finance Limited - insurance funding-26-
- BNZ - Aldwins House Limited7,5007,5007,500
- BNZ - Eileen Mary Age Care Property Limited2,9002,9002,900
- BNZ - Ranfurly Manor No: 1 Limited5,4305,4305,430
- BNZ - Ranfurly Manor No: 1 Limited1,5012,2011,853
- BNZ - Nelson Street Resthome Limited1,1701,1701,170
- Senior Trust- Ranfurly Manor No: 1 Limited6,5006,5006,500
- Teltower Limited4,0004,0004,000
- First Mortgage Trust375-375
30,43129,84730,872
BNZ Loans
On 16 November 2023, the Group advised that it had breached the EBITDA / Interest banking covenant for
the quarter ended 30 September 2023 for the BNZ loans. As the breach entitles BNZ to demand repayment,
the loans have been recorded as current. As at the date of the signing of these financial statements,
repayment has not been demanded and the Group is in discussions with BNZ to seek variation or waiver of
the covenant. The standard terms of the BNZ loan are as follows:
The term loans are secured by first mortgage security over the aged care facilities. The loans have interest
rates of2.29% to 9.79% at 30 September 2023 (30 September 2022: 5.15% to 7.57% and 31 March 2023:
2.29% to 9.13% p.a). BNZ loans consist of:
$1.5m (30 September 2022: $2.2m and 31 March 2023:$1.9m) with a maturity date of 30 October 2025
(30 September 2022: 30 October 2025 and 31 March 2023: 30 October 2025). The full amount of this
loan is current (30 September 2022: $700,470 and 31 March 2023: $708,000)
 $7.5m (23 September 2022: $7.5m and 31 March 2023: $7.5m) with a maturity date of 31 March 2025
(30 September 2022: 31 March 2025 and 31 March 2023: 31 March 2025)
 $9.5m (30 September 2022: $9.5m 31 March 2023: $9.5m) with a maturity date of 20 October 2023
(30 September 2022: 20 October 2023 and 31 March 2023: 20 October 2023)
There is an all obligations unlimited interlocking company guarantee between the following entities in the
Group; Eileen Mary Age Care Limited, Promisia Healthcare Limited, Aged Care Holdings Limited, Ranfurly
Manor Limited, Nelson Street Resthome Limited and Aldwins House Limited.
- 9 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
15
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
NOTE 4: BORROWINGS (CONTINUED)
Advantage Finance Ltd
A loan of $1.0m was entered into during the year ended 31 March 2023. This loan has an interest rate of
12.0% p.a. Repayment in full was required by 27 November 2023. Subsequent to reporting date this was
extended to 27 March 2024. The loan is secured by 74 and 76 Aldwins Road, Christchurch.
Senior Trust
Senior Trust Retirement Village Income Generator Limited holds second mortgage security over the aged
care facilities. The loan is interest only with a fixed interest rate of 10.75% (30 Sep 2022: 10.75% and 31
March 2023: 10.75%) p.a. Repayment is required in full on 30 October 2024.
Teltower Limited Loan
A term loan of $4.0m was entered into during the year ended 31 March 2023. This loan has an interest rate
of 6.0% p.a. (30 September 2022: 6.0% p.a. 31 March 2023: 6.0% p.a.). Repayment is required in full on 1
April 2027. There is no commitment to repay principal until two years from term expiry (1 April 2025). The
loan is secured by the present properties at 56 McPhee Street, Dannevirke and 62 Aldwins Road,
Phillipstown as well as any after acquired property.
Insurance premium funding
Funding was provided by Hunter Funding Limited for the payment of insurance premiums during the
period. In the comparative period funding was provided by Monument Finance Limited.
First Mortage Trust
A loan of $0.4m was entered into during the year ended 31 March 2023. This is an interest only loan with
an interest rate of 8.75% p.a. (31 March 2023: 8.75% p.a.) The intial maturity date of the loan was 10
November 2023. Subsequent to reporting date this was extended to 10 March 2024 and the interest rate
was increased to 9.50%. The loan is secured by 60 Aldwins Road, Christchurch.
NOTE 5: SHARE CAPITAL
30 September 2023
UNAUDITED
30 September 2022
UNAUDITED
Number
(000's)$ '000
Number
(000's)$ '000
At reporting date
21,434,97577,42621,284,97577,276
The Group's share capital includes fully paid shares.
- 10 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
16
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
Note
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
31 March
2023
AUDITED
$ '000$ '000$ '000
NOTE 6: RESERVES
Asset revaluation reserve667-667
Interest pooling reserve(717)(717)(717)
(50)(717)(50)
The interest pooling reserve has been used to record the value on acquisition of an aged care facility on 30
October 2020.
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
NOTE 7: EARNINGS PER SHARE
Net gain/ (loss) from continuing operations(152)382

CentsCents
per share per share
Cents per share
Net gain/ (loss) from continuing operations(0.0007)0.0018

Number of Number of
shares shares
000's 000's
Weighted average number of shares for basic and diluted EPS21,434,97521,284,975
The calculation of basic earnings per share is based on the loss from continuing operations attributable to
ordinary shareholders and the weighted average of total ordinary shares on issue during the period. The
calculation of diluted earnings per share is the same calculation as basic earnings per share as there were
no share options to be exercised.
- 11 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
17
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
30 September
2023
UNAUDITED
30 September
2022
UNAUDITED
$ '000$ '000
NOTE 8: RELATED PARTY TRANSACTIONS
Related PartyRelationship
Brankin Family Interest TrustRelated to a shareholder and a Director of the Group
(a) Transactions with related parties
Directors fees*(100)(88)
* Directors fees are paid monthly to all directors
(b) Balances with related parties
At reporting date $0.145m was receivable from Brankin Family Interest Trust (30 September 2022: $0.538m
and 31 March 2023: $0.145m).
During the year ended 31 March 2023 the Brankin Family Interest Trust paid taxes on behalf of the group
amounting to $0.175m. At reporting date $0.175m was payable (30 September 2022: $Nil and 31 March
2023: $0.175m).
No balances with related parties were written off or forgiven in the period.
NOTE 9: CAPITAL COMMITMENTS
The Group has entered into a fixed price agreement for the development land surrounding the Ranfurly
Residential Care Centre. The agreement, initially for 7 years was amended by a contract deed of variation on
6th December 2022, to a period of two years for the development of eight internal units, three 1-bedroom
villas and twenty two 2-bedroom villas to be completed at a fixed price of $12.06m to be paid from ORA
sale proceeds from individual units (30 September 2022: $14.18m and 31 March 2023: $12.06m). The
commitment as at 30 September 2023 is $6.29m (30 September 2022: $Nil and 31 March 2023: $9.13m)
As at 30 September 2023, all internal units, 1-bedroom villas and 2-bedroom villas had been completed.
Fourteen of the villas have been sold, with a further four sold post period end and five under offer. One of
the internal units was sold subsequent to reporting date.
NOTE 10: CONTINGENT LIABILITIES
There are no contingent liabilities at 30 September 2023. (30 September 2022: $Nil)
- 12 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
18
PROMISIA HEALTHCARE LIMITED

PROMISIA HEALTHCARE LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2023
NOTE 11: EVENTS SUBSEQUENT TO REPORTING DATE
There has been no matter or circumstance, which has arisen since
30 September 2023 that has significantly
affected or may significantly affect:
(a)the operations, in financial period subsequent to
30 September 2023, of the Group, or
(b)the results of those operations, or
(c)the state of affairs, in financial period subsequent to
30 September 2023, of the Group.
- 13 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2023
19
INTERIM REPORT

PROMISIA HEALTHCARE LIMITED
DIRECTORY
Registered office Duncan Cotterill
Level 5, 50 Customhouse Quay
Wellington, 6011
DirectorsThomas Brankin
Craig Percy
Helen Down (resigned 28 August 2023)
Rhonda Sherriff (appointed 13 July 2023)
Jill Hatchwell (appointed 28 August 2023)
AuditorWilliam Buck Audit (NZ) Limited
BankBank of New Zealand
Kiwibank
SolicitorsDuncan Cotterill, Wellington
- 1 -
DIRECTORY
20
PROMISIA HEALTHCARE LIMITED

www.promisia.co.nz

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Market Announcement
28 November 2023
PROMISIA 1H24 INTERIM RESULTS

Promisia Healthcare Limited (NZX: PHL, “Promisia”) has announced its unaudited results for the six
months ended 30 September 2023 (1H24).
The company continues to focus on its commercial objectives, delivering increasing occupancy,
strong new villa sales and resales, and a relentless focus on high quality, personalised care.
Chair of Promisia, Rhonda Sherriff, commented: “Good progress is being made and Promisia is well
positioned to take advantage of market opportunities. Our business is in good shape, with a strong
and experienced Board and management team, and we are looking forward to delivering another
year of increased earnings and business growth in FY24.”
Six month strategic and financial snapshot:
 Welcomed new Board leadership with appointment of industry expert, Rhonda Sherriff, as
Chair, as well as Jill Hatchwell as Independent Director and Chair of the Audit and Risk
Management Committee
 Restructured and strengthened the leadership team with appointment of Karen Lake as
Group GM, along with a new GM of Finance and new Clinical and Quality Manager
• Review of strategy and re-set of objectives to drive commercial growth
• Continuing improvement in occupancy across the Group
• Continue to explore expansion and growth opportunities
• Revenue $12.9m, +11% yoy
• EBITDAF1 $1.6m, -11% yoy
• Net Loss After Tax $(152)k, down from a profit of $382k in prior year, reflecting one-off costs
associated with the leadership and Board transition
• Total assets $73.6m, +12% yoy
• Borrowings $30.4m, +2% yoy
For further information on Promisia’s six month performance, please read the Interim Report for the
six months ended 30 September 2023.
ENDS

Authority for this announcement: Rhonda Sherriff, Chair, Promisia Healthcare Limited
For more information, please contact: Jackie Ellis, +64 27 246 2505 or e: jackie@ellisandco.co.nz.

About Promisia Healthcare
Promisia is a New Zealand based aged care and retirement living provider, with a focus on delivering
quality personalised care. Our aim is to be the aged care provider of choice in our communities. Our
facilities are located in well-established and well serviced towns and metropolitan areas. Our goal is
to profitably grow our business in a sustainable manner, delivering quality care to our residents,
peace of mind to their families and whanau, and excellent value to our villages, community and
shareholders. Promisia is listed on the NZX (NZX: PHL). www.promisia.com

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


Results for announcement to the market
Name of issuer Promisia Healthcare Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$12,926 10.7%
Total Revenue $12,926 10.7%
Net profit/(loss) from
continuing operations
-$152 -139.8%
Total net profit/(loss) -$152 -139.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend is proposed
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.00091 $0.00087
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached results announcement for commentary
on the result.
Authority for this announcement
Name of person

authorised
to make this announcement
Rhonda Sherriff, Chair
Contact person for this
announcement
Francisco Rodriguez Ferrere, General Manager Finance
Contact phone number 021 245 1801
Contact email address Francisco.rf@promisia.co.nz
Date of release through MAP

28/11/2023

Unaudited financial statements accompany this announcement.