Oceania Continues to Deliver to Strategy

MEDIA RELEASE 24 MAY 2024
OCEANIA CONTINUES TO DELIVER TO STRATEGY

Oceania today announced audited Total Comprehensive Income of $70.5m and unaudited Underlying EBITDA of
$82.6m for the 12 months ended 31 March 2024.
Highlights for the 12 months ended 31 March 2024
• Total Comprehensive Income of $70.5m, up 104.3% on pcp.
• Reported Net Profit after Tax of $31.5m, up 104.5% on pcp.
• Unaudited Underlying NPAT of $62.1m, up 6.0% on pcp.
• Total Assets increased to $2.8b and Net Assets increased to $1.0bn at 31 March 2024, up 9.3% and 6.7%
respectively.
• Total sales volumes were up 16.7% on pcp including a 22.7% uplift in new sale volumes to 157
independent living units (ILU) and care suites.
• Operating Cashflow increased to $85.4m, 21.7% above pcp, and included total cash receipts from
occupation right agreements of $226.3m, up 26.6% on pcp.
• Undrawn net debt headroom of $88.5m as at 31 March 2024 increasing to circa $100.0m as at 23 May
2024.
• During FY2024 six sites were exited or closed as part of a divestment programme, with aggregate gross
sales proceeds of $21.0m.
• Post balance date, the sale of two further sites were settled with gross sale proceeds of $16.2m, and a
further site is currently under conditional contract for sale.

31 March 2024 GAAP statutory measures 12months vs 12 months
$m’s
12 months to
31 March
12 months to
31 March
Growth
2024 2023 $m %
Operating Revenue
265.5 247.2 18.3 7.4%
Reported Net Profit after Tax
31.5 15.4 16.1 104.5%
Reported Total
Comprehensive Income
70.5 34.5 36.0 104.3%
Operating Cashflow
85.4 70.2 15.2 21.7%
Dividend (cents per share) - 3.2
$m’s
As at
31 March
As at
31 March
Growth
2024 2023 $m %
Total Assets
2,782.3 2,544.9 237.4 9.3%
Net Assets
1,026.5 962.3 64.2 6.7%

31 March 2024 unaudited non-GAAP
1
trading measures 12 months vs 12 months
$m’s
12 months to
31 March
12 months to
31 March
Growth
2024 2023 $m %
Underlying EBITDA
82.6 80.0 2.6 3.2%
Underlying NPAT
62.1 58.6 3.5 6.0%
Sales Volume
476 408 68 16.7%
Occupancy %
91.1% 90.4%

1
Underlying NPAT is a non-GAAP (unaudited) financial measure and differs from Reported NPAT by replacing the unrealised fair value adjustment in property values with the Board’s
estimate of realised components of movements in investment property value and to eliminate other unrealised, deferred tax and one-off items. A reconciliation is included within the Interim
Report and the Investor Presentation.

MEDIA RELEASE 24 MAY 2024
Total Comprehensive Income of $70.5m and Net Profit after Tax of $31.5m for the year ended 31 March 2024
were 104.3% and 104.5% higher than the prior corresponding period of $34.5m and $15.4m respectively.
Oceania’s total assets increased to $2.8b as at 31 March 2024, compared with $2.5b as at 31 March 2023. This
increase is largely due to the continued development across 10 sites during the period, as well as the acquisition
of parcels of land adjacent to Bream Bay Village and The Helier. "The significant increase in total assets over the
last few years has been an intentional capital investment in the transformation and delivery of quality boutique
and bespoke resident amenity across the entire portfolio”, says CEO Brent Pattison
Mr Pattison said “I am delighted to see the portfolio transform further with the delivery of 32 private care residences
at The Helier in Auckland, a further innovation in the care suite model. As at 31 March 2024, 43.4% of Oceania’s
total care residences are care suites, licensed to residents under an occupation right agreement model. Care
suites deliver additional capital and deferred management fee income (DMF) to the business and improve free
cash flow growth as DMF for care suites is realised faster than DMF for villas and apartments. We continue to
see high levels of demand for our care suites, with 258 care suites sold in the year ended 31 March 2024 (256 in
the year ended 31 March 2023).
For the year ended 31 March 2024, operating cashflow was $85.4m, compared to $70.2m for the year ending
31 March 2023, reflecting increased proceeds from first time sales and resales during the period relative to pcp,
with total cash receipts from occupation right agreements of $226.3m up 26.6% on pcp. As at 31 March 2024,
Oceania had current drawn down debt and bonds of $644.0m, $7.5m of cash and $88.5m of undrawn net debt
headroom, increasing to circa $100.0m at 23 May 2024.
During the reporting period, as part of a divestment programme, six sites were exited and closed, with aggregate
gross sales proceeds of circa $21.0m. Post balance date, two further site sales have been settled with gross sale
proceeds of $16.2m, and a further site is currently under conditional contract for sale.
Unaudited underlying EBITDA of $82.6m for the year ended 31 March 2024 was 3.2% higher than the prior
corresponding period of $80.0m. Total realised gains for the year ended 31 March 2024 of $67.9m increased
$8.5m, or 14.4%, from capital gains in the prior corresponding period of $59.4m.
Oceania Chair, Liz Coutts said “Oceania is designated as a Climate Reporting Entity (CRE) under the Aotearoa
New Zealand mandatory Climate-Related Disclosures (CRDs) regime. During the reporting period, Oceania has
made significant progress in identifying and understanding the risks and opportunities associated with climate
change and has invested considerable effort in enhancing its knowledge of potential climate impacts. Oceania is
set to publish its first mandatory CRD for FY2024 shortly.”
Oceania Chair Liz Coutts advises that “Consistent with the approach taken at the interim dividend, the Directors
have resolved not to pay a final dividend to provide for ongoing investment in Oceania’s growth and portfolio
transformation after taking into consideration cash flow, market conditions and growth opportunities.”

ENDS
For all enquiries, please email investor@oceaniahealthcare.co.nz or phone 0800 333 688.

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 15 November 2023

Results for announcement to the market
Name of issuer Oceania Healthcare Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$265,463 7%
Total Revenue $265,463 7%
Underlying earnings before
interest, tax, depreciation
and amortisation
$82,607 3%
Total net profit/(loss) $31,474 104%
Total Comprehensive
Income
$70,495 104%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not applicable
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
$1.41 $1.33
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to attached documents (consolidated financial
statements and annual report, media release and results
presentation).
Authority for this announcement
Name of person

authorised
to make this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number 0800 333 688
Contact email address Claire.Fisher@oceaniahealthcare.co.nz
Date of release through MAP

24 May 2024

Audited annual financial statements accompany this announcement.