GREEN CROSS HEALTH REPORTS HALF YEAR PROFIT OF $5.6M

Green Cross Health (NZX: GXH)
Half-Year Result Announcement for the unaudited six months ended 30 September 2023
GREEN CROSS HEALTH REPORTS HALF-YEAR PROFIT OF $5.6M
29 November 2023, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the
Group behind Unichem, Life Pharmacy and The Doctors, reported Operating Revenue of $250m for
the six months to 30 September 2023, up 1% on the prior period. Net Profit After Tax Attributable to
Shareholders of $5.6m represents a 21% decrease on the prior period on a continuing operations
basis
1
.
Result Summary:
• Operating Revenue of $250m, up 1%
• Operating Profit (EBIT) of $14.9m, down 17% due to reduced higher-margin COVID-19 activity
• Net Profit After Tax Attributable to Shareholders of $5.6m, down 21%
1

• Pharmacy Operating Revenue up 1% and Operating Profit down 25% to $8.7m
• Medical Operating Revenue up 1% and Operating Profit down 21% to $7.3m
• Investment in growth of $7.9m in three new medical centres and eight site refurbishments; two
further medical centres acquired post interim balance date
• 2.5cps interim dividend declared, to be paid on 20 December 2023.

Group Commentary
Green Cross Health Group CEO Rachael Newfield, commented, “The first half of the year has been
challenging. The result for the six months to 30 September 2023 reflects the drop-off in higher-
margin COVID-19 activity compared to the prior period, along with the impact of inflationary labour
costs and reduced consumer retail spending. Our teams have worked hard, and are still working
hard, to refine our operating models in Pharmacy and Medical given the mismatch between current
funding levels and labour cost increases.
“Despite the headwinds of the economic backdrop, we have been selectively growing our primary
care national footprint. With the largest pharmacy network in New Zealand, we have seen
dispensary growth of 5.9% (same store initial scripts) and following three medical centre acquisitions
during the period, we now have New Zealand's largest general practice enrolled patient base with
399,000 enrolled patients over 63 medical centres."





1
Comparative (FY23 H1) of $7.1m excludes profit from discontinued operation of $4.3m.

Pharmacy Division
Revenue in Pharmacy increased 1% to $182m, while Operating Profit for the period decreased 25% to
$8.7 million. This result reflects diminished levels of higher-margin COVID-19 activity, a challenging
retail environment and significantly increased labour costs. Dispensary growth remains strong with
total prescriptions up 3.3% compared to the prior period on a same-store basis, and dispensary
performance starting to see some upside from the removal of the $5 prescription co-payment in July
2023.

Throughout the influenza season, Green Cross Health's pharmacies played a vital role in supporting
their communities. Nearly 300,000 vaccinations were administered across the pharmacy network,
representing an increase of 3.3% on the prior period and accounting for 23% of vaccinations provided
across New Zealand. An integral part of this effort was the 'protect and save' campaign, a Living
Rewards promotion run during the season to reward new and existing members, positioning pharmacies
to further engage with these valuable customers. Total Living Rewards’ members now sit at 1.99m.

Investment in core IT infrastructure also took place during the period with an upgrade of the Finance
ERP system to Microsoft Dynamics 365, and the implementation of a new product information system
which significantly reduces the time for new products to be made available for sale online.

A shortfall in annual funding when coupled with increasing labour costs and workforce shortages is
exerting significant pressure on the viability of some pharmacies. As a result, the Pharmacy portfolio
continues to be optimised, with the closure of two stores in Hastings and Christchurch, and the
consolidation of two stores in Dunedin. Roster reviews have been conducted at all pharmacies, with
a number of initiatives underway to reduce costs and increase operational efficiency, including through
further investment in technology. Green Cross Health remains committed to growth opportunities
including new service offerings and differentiated products; a market-leading skin care brand along
with an exclusive Australia premier weight loss product were both successfully launched during the
period.

Medical Division
Medical Revenue grew 1% to $69m, with Operating Profit down to 21% $7.3m. Performance reflects a
decline in COVID-19 activity and increased labour costs. The portfolio grew during the period, with
three new Medical Centres acquired, one in Auckland and two within the Wellington region. These
acquisitions increase the size of the Medical portfolio to 63 centres. Enrolled patients at 30 September
2023 totalled 399,000, an increase of 54,000 (+16%) since September 2022.

The rollout of enabling technology continued with the latest MedTech Evolution practice management
solution being deployed to a further 25 practices. The recently launched Doctors App saw further
enhancement with the ability added to access virtual consult services through the HouseCall virtual

care offering. These new offerings increase the range of services available to patients, workplaces,
and to the Medical Centre network.

The constraints of the current funding model for primary healthcare in New Zealand present
challenges, particularly given the increased labour costs in the sector. Medical teams have been
restructuring the cost base across centres to help minimise the impact of increased labour costs and
a shortfall in the annual capitation uplift.

Outlook and Dividend
Green Cross Health acknowledges that the challenging economic environment is expected to remain
in the short term. The Company is focused on cost control and leveraging new technologies to
enhance its service offerings as well as expanding product offerings, whilst maximising earnings
through acquisitions and the addition of funding streams.
The Board has declared an interim dividend of 2.5cps for the half-year ending 30 September 2023,
noting that the balance sheet remains strong. Whilst net earnings for 1H24 are down 21% on the prior
comparative period, in part due to higher margin COVID-19 activity in 1H23, earnings for 2H24 are
expected to track more in line with 2H23.
As the new government works through its initial priorities, Green Cross Health will engage with other
primary healthcare providers to advocate for addressing sector funding shortfalls and inequitable
access to healthcare. Following the removal of the $5 prescription co-payment in July 2023, Green
Cross Health encourages the new government to retain these co-payment settings, underscoring the
improvement this has on access to medicines, particularly for those in the community who are most
vulnerable.

Contact:
Ben Doshi
ben.doshi@gxh.co.nz

Rachael Newfield
rachael.newfield@gxh.co.nz
About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with
multidisciplinary healthcare teams with the purpose of working together to support healthier
communities. Green Cross Health is focused on creating sustainable healthcare solutions with
positive outcomes and experiences.

New Zealand owned and operated, Green Cross Health operates under branded groups Unichem, Life
Pharmacy and The Doctors medical centres, to provide support, care and advice to diverse New
Zealand communities.

Green Cross Health provides convenient access to professional healthcare with 338 Unichem and Life
Pharmacies covering almost every New Zealand community, as well as 63 medical centres caring for
399,000 enrolled patients.

---

Green Cross Health Limited
Consolidated interim financial statements
Half year ended 30 September 2023

Contents
Page
Half-year financial statements
Consolidated interim statement of comprehensive income2
Consolidated interim statement of changes in equity3
Consolidated interim statement of financial position4
Consolidated interim statement of cash flows5
Notes to the financial statements6
Company Directory13
-1-

Green Cross Health Limited
Consolidated interim statement of comprehensive income
For the six months ended 30 September 2023
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022*
(Unaudited)(Unaudited)
Note$'000$'000
Operating revenue4250,179247,937
Operating expenditure5.2(226,270)(219,646)
Depreciation and amortisation(2,704)(3,314)
Depreciation - leases(7,000)(7,723)
Share of equity accounted net earnings728815
Operating profit before interest and tax14,93318,069
Interest income357277
Interest expense(1,176)(643)
Interest expense - leases(3,597)(2,935)
Net interest expense(4,416)(3,301)
Profit before tax10,51714,768
Income tax expense(2,848)(4,244)
Profit from continuing operations7,66910,524
Discontinued operation
Profit from discontinued operation, net of tax
3
-4,283
Profit for the half-year
7,66914,807
Other comprehensive income for the period, net of tax
--
Total comprehensive income for the period
7,66914,807
Attributable to:
Shareholders of the Parent5,60711,359
Non-controlling interest2,0623,448
Attribution of profit and comprehensive income to shareholders and non
controlling interest
7,66914,807
Earnings per share:
Basic earnings per share (cents)3.917.93
Diluted earnings per share (cents)3.907.90
Earnings per share - continuing operations:
Basic earnings per share (cents)3.914.94
Diluted earnings per share (cents)3.904.92
*Comparative information includes re-presentations for consistency with the current period, refer Note 3.
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-2-

Green Cross Health Limited
Consolidated interim statement of changes in equity
For the six months ended 30 September 2023
Share capital
Share based
payment
reserve
Retained
earnings
Non-
controlling
interest
Total equity
Note$'000$'000$'000$'000$'000
Balance at 1 April 2022 (Restated)
(Audited)
11
90,610-66,07114,485171,166
Profit for the period--11,3593,44814,807
Total comprehensive income for the
period
--11,3593,44814,807
Transactions with owners, recorded
directly to equity:
Dividends to shareholders9--(5,036)-(5,036)
Distributions to non-controlling
interests
---(4,954)(4,954)
Impacts of other transactions with non-
controlling interests
--(606)(445)(1,051)
Performance share rights charged to
SOCI
-753--753
Performance share rights vested150(150)---
Balance at 30 September 2022
(Unaudited)
90,76060371,78812,534175,685
Balance at 1 April 2023 (Audited)90,760583100,06510,597202,005
Profit for the period--5,6072,0627,669
Total comprehensive income for the
period
--5,6072,0627,669
Transactions with owners, recorded
directly to equity:
Dividends to shareholders9--(45,296)-(45,296)
Distributions to non-controlling
interests
---(1,991)(1,991)
Impacts of other transactions with non-
controlling interests
--12971200
Performance share rights charged to
SOCI
-50--50
Performance share rights vested183(183)---
Balance at 30 September 2023
(Unaudited)
90,94345060,50510,739162,637
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-3-

Green Cross Health Limited
Consolidated interim statement of financial position
For the six months ended 30 September 2023
As at
30 Sep 2023
As at
30 Sep 2022
As at
31 Mar 2023
(Unaudited)
(Restated)*
(Unaudited)(Audited)
Note$'000$'000$'000
ASSETS
Current assets
Cash and cash equivalents18,45043,64858,215
Trade and other receivables17,70533,62915,039
Contract assets11,88014,43511,457
Inventories32,77732,41431,961
Income taxes refundable1,193503-
Total current assets82,005124,629116,672
Non-current assets
Other receivables2,5532,2102,421
Property, plant and equipment20,18219,86419,248
Right-of-use assets91,58285,83388,798
Intangible assets159,809162,185155,030
Deferred tax assets11,98414,87011,691
Equity accounted group investments6,8235,7427,147
Total non-current assets292,933290,704284,335
Total assets374,938415,333401,007
LIABILITIES
Current liabilities
Payables and accruals670,320106,82066,653
Contract liabilities8,17312,3498,003
Income taxes payable--1,531
Borrowings1,8781,7581,903
Lease liability12,79618,40713,025
Total current liabilities93,167139,33491,115
Non-current liabilities
Borrowings29,50123,00821,634
Lease liability89,63377,30686,253
Total non-current liabilities119,134100,314107,887
Total liabilities212,301239,648199,002
Net assets
162,637175,685202,005
EQUITY
Share capital890,94390,76090,760
Share based payment reserve450603583
Retained earnings60,50571,788100,065
Total equity attributable to shareholders of the Parent151,898163,151191,408
Non-controlling interest10,73912,53410,597
Total equity
162,637175,685202,005
*Comparative information has been restated, refer Note 11.
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-4-

Green Cross Health Limited
Consolidated interim statement of cash flows
For the six months ended 30 September 2023
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022
(Unaudited)(Unaudited)
Note$'000$'000
Cash flows from operating activities
Dividends received888787
Receipts from customers247,513352,672
Interest received225353
Payments to suppliers and employees(223,455)(314,452)
Income taxes paid(6,419)(10,500)
Net cash inflow from operating activities718,75228,860
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(3,184)(3,027)
Acquisition of interests in equity accounted investments(233)(993)
Acquisition of interests in subsidiaries and non-controlling interests(4,439)(3,038)
Net cash outflow from investing activities(7,856)(7,058)
Cash flows from financing activities
Proceeds from borrowings11,1002,376
Repayment of borrowings(3,258)(1,644)
Payment of lease liabilities(6,181)(7,940)
Interest expense(1,184)(643)
Interest expense - leases(3,597)(3,126)
Distribution and loans to non-controlling interests(2,245)(7,295)
Dividend paid(45,296)(5,036)
Net cash outflow from financing activities(50,661)(23,308)
Net decrease in cash and cash equivalents(39,765)(1,506)
Add opening cash and cash equivalents58,21545,154
Closing cash and cash equivalents
18,45043,648
Reconciliation of closing cash and cash equivalents to the consolidated
interim statement of financial position:
Cash and cash equivalents
18,45043,648
Closing cash and cash equivalents
18,45043,648
The accompanying Notes to the Financial Statements on pages 6 to 12 form part of the consolidated interim financial
statements.
-5-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
1Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the

NZX Main Board ("NZX").
The consolidated interim financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its
interest in associates and joint ventures (together referred to as the “Group”).
2 Basis of preparation of financial statements
(a)Statement of compliance
These consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 Interim Financial Reporting, and other applicable Financial Reporting
Standards as appropriate for profit oriented entities. These consolidated interim financial statements do not include all of
the information required for full annual financial statements and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 31 March 2023.
The consolidated interim financial statements for the six months ended 30 September 2023 and the comparative
information for the six months ended 30 September 2022 are unaudited.
These financial statements have been approved for issue by the Board of Directors on 28 November 2023.
(b)Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c)Changes in accounting policy
The accounting policies applied by the Group in these consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements for the year ended 31 March 2023.
(d)Comparatives
Comparative information has been represented in respect of the disposal of the Community Health division (refer Note 3)
and restated for the prior period in relation to Employee Entitlements (refer Note 11).
(e)Significant estimates and judgments
In authorising the consolidated interim financial statements for the six months ended 30 September 2023, the Directors
have ensured that the specific accounting policies necessary for the proper understanding of the financial statements have
been disclosed, and that all accounting policies adopted are appropriate for the Group’s circumstances and have been
consistently applied throughout the period for all Group entities for the purposes of preparing the consolidated interim
financial statements.
Inherent in the application of certain accounting policies, judgments and estimates are required. The Directors note that
the actual results may differ from the judgments and estimates made.
The significant judgments made by management in applying the Group’s accounting policies and the key sources of
estimation uncertainty were the same as those described in the last annual financial statements.
-6-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
3 Discontinued operation
The Community Health division was sold on 28 February 2023 with effect from 1 March 2023 and is reported in the prior
period as a discontinued operation. Financial information relating to the discontinued operation for the prior period is set
out below.
Financial performance information
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022
(Unaudited)(Unaudited)
$'000$'000
Discontinued operation
Revenue-107,178
Expenses
-(100,691)
Results from operating activities-6,487
Income tax expense
-(2,204)
Profit from discontinued operation, net of tax
-4,283
As at
30 Sep 2023
As at
30 Sep 2022
(Unaudited)(Unaudited)
$'000$'000
Effect of discontinued operation on segment reporting
Reportable segment assets-56,023
Reportable segment liabilities-42,813
-7-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
4 Segment reporting
Segment information provided in this note reflects the Group's performance from continuing operations only. The
Community Health business is considered a discontinued operation and has been excluded from the disclosure in this
note for the prior period.
The Group has two reportable segments: pharmacy services and medical services. The pharmacy services segment
provides retail and dispensary services and the medical services segment provides GP, nursing and urgent care services.
The pharmacy services segment includes consolidated stores, equity accounted investments and franchise stores. The
medical services segment includes fully owned and equity accounted medical centres, and support services provided to
these medical centres, as well as medical centres outside the Group.
Operating segments
Information about reportable segments from continued operations
September 2023 (Unaudited)Note
Pharmacy
services
Medical
servicesCorporateTotal
$'000$'000$'000$'000
30 September 2023
External revenues5.1181,46968,627-250,096
Other income6914-83
Cost of products sold(106,030)(149)-(106,179)
Employee benefit expense(40,577)(49,183)-(89,760)
Lease expenses(2,511)(194)-(2,705)
Other expenses(18,047)(8,530)(1,049)(27,626)
Depreciation and amortisation(1,756)(948)-(2,704)
Depreciation - leases(4,314)(2,686)-(7,000)
Share of equity accounted net earnings
349379-728
Segment Profit
8,6527,330(1,049)14,933
Interest income357
Interest expense(1,176)
Interest expense - leases
(3,597)
Profit before tax10,517
Tax expense
(2,848)
Profit after tax7,669
Non-controlling interest
(2,062)
Net Profit attributable to the shareholders
of the parent
5,607
Reportable segment assets259,641126,375(11,078)374,938
Reportable segment liabilities132,36191,018*(11,078)212,301
*Intersegmental elimination
-8-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
4 Segment reporting(continued)
September 2022 (Unaudited)Note
Pharmacy
services
Medical
servicesCorporateTotal
$'000$'000$'000$'000
30 September 2022
External revenues5.1179,48968,206-247,695
Other income2402-242
Cost of products sold(102,925)(134)-(103,059)
Employee benefit expense(39,136)(48,498)-(87,634)
Lease expenses(1,462)(136)-(1,598)
Other expenses(16,834)(7,754)(2,767)(27,355)
Depreciation and amortisation(2,562)(752)-(3,314)
Depreciation - leases(5,295)(2,428)-(7,723)
Share of equity accounted net earnings
69746-815
Segment Profit
11,5849,252(2,767)18,069
Interest income277
Interest expense(643)
Interest expense - leases
(2,935)
Profit before tax14,768
Tax expense
(4,244)
Profit after tax10,524
Profit from discontinued operation, net of tax4,283
Non-controlling interest
(3,448)
Net Profit attributable to the shareholders
of the parent
11,359
Reportable segment assets267,726102,662(11,078)359,310
Reportable segment liabilities124,52483,389*(11,078)196,835
*Intersegmental elimination
-9-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
5 Operating performance
5.1Revenue
The Group's operations and revenue streams are those described in the last annual financial statements. The Group's
revenue is derived from contracts with customers.
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022*
(Unaudited)(Unaudited)
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary160,743159,525
Other pharmacy revenue20,72619,964
Medical fee income
68,62768,206
250,096247,695
Disaggregation of contract revenueReportable segments
Pharmacy
services
Medical
servicesTotal
$'000$'000$'000
Six months ended 30 September 2023 (Unaudited)
Timing of revenue recognition
Transferred at a point in time175,89030,684206,574
Transferred over time
5,57937,94343,522
181,46968,627250,096
Pharmacy
services
Medical
servicesTotal
$'000$'000$'000
Six months ended 30 September 2022 (Unaudited)*
Timing of revenue recognition
Transferred at a point in time173,56826,093199,661
Transferred over time
5,92142,11348,034
179,48968,206247,695
5.2Operating expenditure
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022*
(Unaudited)(Unaudited)
$'000$'000
Cost of products sold106,179103,059
Employee benefit expense89,76087,634
Lease expenses2,7051,598
Other expenses
27,62627,355
226,270219,646
*Comparative information includes re-presentations for consistency with the current period.
-10-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
6 Trade and other payables
As at
30 Sep 2023
As at
30 Sep 2022
As at
31 Mar 2023
(Unaudited)(Unaudited)(Audited)
$'000$'000$'000
Trade payables32,70232,66529,271
Payable to non-controlling interest5,4545,0115,283
Accruals21,60933,51122,549
Employee entitlements
10,55535,6339,550
70,320106,82066,653
7 Operating cash flow reconciliation
Six months
ended
30 Sep 2023
Six months
ended
30 Sep 2022
(Unaudited)(Unaudited)
$'000$'000
Profit for the period7,66914,807
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment9,70411,912
Other non-cash items(113)2,326
Add/(deduct) changes in working capital items:
Receivable and accruals movement(4,414)(1,525)
Inventory(816)(249)
Payable and accruals movement2,306(1,827)
Add/(deduct) items classified as cash flows from financing activities:
Interest expense819290
Interest expense - leases
3,5973,126
Net cash inflow from operating activities
18,75228,860
8 Shares on issue
As at
30 Sep 2023
As at
30 Sep 2022
As at
31 Mar 2023
(Unaudited)
(Restated)
(Unaudited)(Audited)
'000'000'000
Shares authorised and on issue
Opening number of shares143,285143,153143,153
Shares issued - fully paid176132132
Shares issued - partly paid---
Shares cancelled - partly paid
---
143,461143,285143,285
Performance Share Rights
489533517
143,950143,818143,802
Net tangible assets/(liabilities) per share (cents)^(6.38)(0.96)24.63
Net assets per share (cents)*113.37122.61140.98
^The calculation of Net tangible assets / (liabilities) per share is based on net assets less deferred tax and intangible
assets and the closing number of ordinary shares.
*The calculation of net assets per share is based on net assets and the closing number of ordinary shares.
Performance share rights of 489,481 are on issue as at 30 September 2023. These were issued to senior executives on
28 June 2021, 27 June 2022 and 26 June 2023.
-11-

Green Cross Health Limited
Notes to the financial statements
For the six months ended 30 September 2023
(continued)
9 Distribution to owners
On 28 April 2023 Green Cross Health Limited paid a special dividend of 28 cents per qualifying ordinary share to
shareholders, which was fully imputed at 28%.
On 23 June 2023 Green Cross Health Limited paid a final dividend for the March 2023 year of 3.5 cents per qualifying
ordinary share to shareholders, which was fully imputed at 28%.
Six months
ended
Six months
endedYear ended
30 Sep 202330 Sep 202231 Mar 2023
cents per
share
cents per
share
cents per
share
Dividends per share
31.53.57.0
10 Subsequent events
On 28 November 2023 Green Cross Health Limited declared an interim dividend of 2.5 cents per qualifying ordinary share
amounting to $3.6m, which will be fully imputed at 28%. The dividend record date is 6 December 2023 and payment will
occur on 20 December 2023.
No adjustment is required to these consolidated interim financial statements in respect of this event.
11 Prior period restatement
As part of the sale of the Community Health division, a review was undertaken to ensure compliance with legislative
requirements. As a result of this review, it was determined that the liability for Employee Entitlements had been
understated. This resulted in a prior period restatement to adjust the provision for Employee Entitlements.
The following tables reconcile the impact on key line items in the Group's statement of financial position from
restatements.
As at
31 March 2022
As at
31 March 2022
AuditedAdjustmentsRestated
$'000$'000$'000
Consolidated statement of financial position
Deferred tax asset13,7191,01314,732
Others
395,055-395,055
Total assets
408,7741,013409,787
Trade payables and accruals113,3023,619116,921
Income taxes payable4,0761844,260
Others
117,440-117,440
Total liabilities
234,8183,803238,621
Retained earnings68,861(2,790)66,071
Others
105,095-105,095
Total equity
173,956(2,790)171,166
-12-

Green Cross Health Limited
Company Directory
BoardK Ellis
Independent Chair
J A Bagnall
Non-Executive Director
J B Bolland
Non-Executive Director
C M Brockliss
Non-Executive Director
P M Merton
Non-Executive Director
K A Orr
Independent Director
C M Steele
Independent Director
OfficersRachael Newfield
Group CEO
Ben Doshi
Group CFO/Company Secretary
Registered officeGreen Cross Health Limited
Ground Floor, Building B
602 Great South Road
Ellerslie. Auckland 1051
Telephone: +64 9 571 9080
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Auckland
BankersBank of New Zealand
80 Queen Street
Auckland 1010
Investor relationsFor investor relations enquiries:
Phone: 09 571 9088
Email: investorrelations@gxh.co.nz
-13-

Green Cross Health Limited
Company Directory(continued)
Websiteswww.greencrosshealth.co.nz
www.housecall.co.nz
www.lifepharmacy.co.nz
www.livingrewards.co.nz
www.pilldrop.co.nz
www.thedoctors.co.nz
www.unichem.co.nz
-14-

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GREEN CROSS HEALTH RESULTS ANNOUNCEMENT 29/11/2023
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer
GREEN CROSS HEALTH LIMITED (GXH)
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency
New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations
$250,179 +0.9%
Total Revenue
$250,179 +0.9%
Net profit from continuing operations attributable
to shareholders
$5,607 -20.8%
Total net profit attributable to shareholders
$5,607 -50.6%
Final Dividend
Amount per Quoted Equity Security $0.02500000
Imputed amount per Quoted Equity Security $0.00972222
Record Date 06/12/2023
Dividend Payment Date 20/12/2023
Current period Prior comparable period
Net tangible assets per Quoted Equity Security* -$0.06 -$0.01
A brief explanation of any of the figures above
necessary to enable the figures to be understood
* Due to the nature of the Company’s business,
intangibles assets are a major component of total assets.
Net assets per quoted equity security are $1.13 (30
September 2022: $1.23).

Please refer to the attached unaudited interim financial
statements for the six months ended 30 September 2023.

Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this
announcement
Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@greencrosshealth.co.nz
Date of release through MAP

29/11/2023

Unaudited interim financial statements accompany this announcement.

---

GXH Half Year Results Presentation 29 November 2023Pg 2
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor
any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or
negligence) arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it
thinks are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter.
Except as required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change
materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer
to sell or a solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit (EBIT). As they are
not defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies
and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance
with GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the six
months ended 30 September 2023.

GXH Half Year Results Presentation 29 November 2023Pg 3
Operational Highlights
Group
Highlights
Pharmacy
Division
Medical Division
•$2.2m increase in Group Revenue year-on-year
•Significant investment in IT infrastructure; ERP
upgrade completed and product information
system replaced
•Total prescriptions up 3.3% on same-store
basis
•$5 co-payment removal
•295,961 flu vaccinations administered
•Five store refurbishments
•399,000 enrolled patients (+16% YOY)
•Acquisition of three new medical centres
•Three centre refurbishments
•Successful rollout of practice management
system upgrade to further 25 medical centres

GXH Half Year Results Presentation 29 November 2023Pg 4
GXH Interim Result -Financial Overview
Group Revenue
$250.2m
1% increase vs 1H23
Group Performance
Operating Profit (EBIT)
$14.9m
17% decrease vs 1H23
Net Profit After Tax (attributable to shareholders)
$5.6m
21% decrease vs 1H23*
Divisional Performance
25% decrease vs 1H23
Pharmacy Operating Profit (EBIT)
$8.7m
Medical Operating Profit (EBIT)
21% decrease vs 1H23
*Comparative (FY23 H1) of $7.1m excludes profit from discontinued operation of $4.3m.
$7.3m
NPAT

Pharmacy Division
New Zealand’s largest network of health retailers: supporting easy access to
quality health care

GXH Half Year Results Presentation 29 November 2023Pg 6
Pharmacy Performance
12.2
13.3
11.6
8.7
1H211H221H231H24
Pharmacy Operating Profit/EBIT ($m)
154
170
180
182
1H211H221H231H24
Pharmacy Revenue ($m)
•Revenue of $182m
•Operating Profit (EBIT) at $8.7m
•Diminished levels of higher-margin
COVID-19 activity and increased
labour costs resulted in Operating
Profit (EBIT) down 25%
•Same store direct labour costs up 11%
given shortages and inflationary
pressures, with initiatives underway
to reduce costs and increase
operational efficiency
•$5 co-payment removalbolstered
dispensary sales

GXH Half Year Results Presentation 29 November 2023Pg 7
Operational Highlights -Pharmacy
1,990,840 Living
Rewards members
Continued growth in influenza vaccination
volumes, up 3.3% on 1H23
Initial scripts up 5.9% vs. 1H23 for same
stores
Increase in loyalty membership to 1.99m
members
Living Rewards members spend 60% more
than non-members
49
57
110
109
91
91
175
183
12
13
14
15
16
17
18
19
20
0
50
100
150
200
250
300
350
1H211H221H231H24
Total Network Scripts (m)
Flu Vaccines (000's)
Flu Vaccines and Total Scripts
GXH Equity pharmaciesGXH Licensee pharmaciesTotal Scripts

GXH Half Year Results Presentation 29 November 2023Pg 8
Pharmacy Will Win By Focusing on the Customer
Brand &
customer
Retail
disciplines
Omni-channel
experience
Network scale &
leadership
Cost focus
Differentiated brand and
products, recognising
customer loyalty
Professional instore
experience, margin
management
Care & advice accessible to the
customer in multiple channels
Leveraging our trusted
brands, advocating for equity
for all New Zealanders
Workforce productivity
& occupancy cost
control

Medical Division
Growth, leadership and sustainable models of care

GXH Half Year Results Presentation 29 November 2023Pg 10
Medical Performance
5.0
5.7
9.3
7.3
1H211H221H231H24
Medical Operating Profit/EBIT ($m)
41
46
68
69
1H211H221H231H24
Medical Revenue ($m)
Revenue up 1% to $69m
Diminished levels of COVID-19
activity and increased labourcosts
resulted in Operating Profit (EBIT)
down 21% to $7.3m
Review of cost base to minimise
impact of labour shortages and
inflationary pressure
399,000 enrolled patients as at 30
September 2023, an increase of
54,000 (+16%) since 30 September
2022
Ownership in 63 medical centres

GXH Half Year Results Presentation 29 November 2023Pg 11
Operational Highlights - Medical
399,000 enrolled patients
285
329
345
399
1H211H221H231H24
Enrolled Patients (‘000)
Successful completion of three
acquisitions to end period with 63
medical centres. Two further acquisitions
completed post Sep-23
Strong pipeline of future acquisitions
HouseCallvirtual care service can now
be accessed via The Doctors App
The Doctors has New Zealand’s largest
general practice enrolled patient base
-
5
10
15
20
25
30
35
-
5
10
15
20
25
FY23FY24 - H1
Registered Users (‘000)
Medical Centres
The Doctors App
Medical Centres on the AppRegistered users of the App

GXH Half Year Results Presentation 29 November 2023Pg 12
Medical Strategy of Organic Growth & Acquisitions
Patient &
Brand
Scale
Technology
Operational
improvement
Cost & margin
focus
High quality patient care
Targeted centre
acquisitions
Utilising data and systems, omni-
channel offering
Continuous improvement
focus, clinical development
Workforce productivity
& margin management

GXH Half Year Results Presentation 29 November 2023Pg 13
Group Financial Result
6 months ending 30 September 2023

GXH Half Year Results Presentation 29 November 2023Pg 14
Group Revenue and Operating Profit (EBIT)
•Revenue of $250m, up 1% vs 1H23
•Fourth consecutive year of revenue growth
195
216
248
250
1H211H221H231H24
Revenue From Continuing Operations ($m)
16.1
17.8
18.1
14.9
1H211H221H231H24
Operating Profit (EBIT) From Continuing Operations
($m)
Operating Profit (EBIT) from continuing
operations of $14.9m, down 17%
1H24 Operating Profit (EBIT) decline is the
result of reduced COVID-19 activity, a
challenging retail environment and increased
labour costs

GXH Half Year Results Presentation 29 November 2023Pg 15
Group NPAT, EPS & Dividend
5.35
5.44
4.93
3.91
1H211H221H231H24
Net Profit After Tax Attributable to Shareholders From
Continuing Operations (cps)
7.7
7.8
7.1
5.6
1H211H221H231H24
Net Profit After Tax Attributable to Shareholders From
Continuing Operations ($m)
•Net Profit After Tax Attributable to
Shareholders down 21% on a continuing
operations basis
•EPS at 3.91 cps, a decrease of 1 cent
•Interim dividend of 2.5 cps ($3.6m)
declared, to be paid on 20 December 2023

GXH Half Year Results Presentation 29 November 2023Pg 16
Working Capital and Operating Cash Flow
22.1%
14.3%
12.4%
16.2%
1H211H221H231H24
Gearing Ratio (debt / debt + equity)
•Gearing ratio of 16.2% as at 30 September 2023
•Robust working capital management ensures GXH
maintains a strong balance sheet to support its
strategy of acquisitive growth
•Financing ratios (pre IFRS16):
–Debt / EBITDA – 1.0x
–Operating Profit (EBIT) / Interest – 10x
•Operating Cash Flow of $18.8m
Enabling investment ($7.9m) in:
•Three medical centre acquisitions
•Ongoing site capex requirements including five
Pharmacy refurbishments and three Medical
refurbishments
39.1
17.8
28.9
18.8
1H211H221H231H24
GXH Operating Cash Flow ($m)

GXH Half Year Results Presentation 29 November 2023Pg 17
Outlook
➢Challenging retail environment, labour cost pressures and funding
shortfalls continue in short-term
➢Maximising labour efficiency and management of costs a priority
➢Focus remains on sustained earnings growth through acquisition and
investment in new product and service offerings
➢Earnings over the remainder of the year are expected to track more in line
with the second half of the prior financial year on a continuing operations
basis
➢Dividend of 2.5cps declared for the half-year ended 30 September 2023

GXH Half Year Results Presentation 29 November 2023 Pg 18
About Green Cross Health

GXH Half Year Results Presentation 29 November 2023 Pg 19
Working together to support healthier communities.
We are passionately committed to the health and wellness of New Zealand, and to providing the
best support, care and advice to our communities.
This is our promise.
Our Purpose

GXH Half Year Results Presentation 29 November 2023Pg 20
Who We Are

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DISTRIBUTION NOTICE 29/11/2023

Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 06/12/2023
Ex-Date (one business day before
the Record Date)
05/12/2023
Payment date (and allotment date for
DRP)
20/12/2023
Total monies associated with the
distribution
$3,586,527
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03472222
Total cash distribution $0.02500000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount $0.00441176

Page 2


Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed


If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.00972222
Resident Withholding Tax per
financial product
$0.00173611
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Ben Doshi – Group CFO
Contact person for this announcement Ben Doshi – Group CFO
Contact phone number +64 9 571 9080
Contact email address
ben.doshi@gxh.co.nz

Date of release through MAP

29/11/2023