Third Age Health Releases FY24 Preliminary Unaudited Result

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Third Age Health Services Limited
Financial product name/description Third Age Health Services Limited Ordinary Shares
NZX ticker code TAH
ISIN (If unknown, check on NZX
website)
NZTAHE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 4 June 2024
Ex-Date (one business day before the
Record Date)
31 May 2024
Payment date (and allotment date for
DRP)
17 June 2024
Total monies associated with the
distribution
1

$ 279,633.85
Source of distribution (for example,
retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03882193
Gross taxable amount
3
$0.03882193
Total cash distribution
4
$0.02795179
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

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

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

28%
Imputation tax credits per financial
product
$0.01087014
Resident Withholding Tax per
financial product
$0.00194110
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

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Secion 5: Authority for this announcement
Name of person

authorised to make
this announcement
Geraldine Bromley
Contact person for this
announcement
Geraldine Bromley
Contact phone number
022 127 5598
Contact email address geraldineb@thirdagehealth.co.nz
Date of release through MAP

27/5/2024





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

---

Third Age Health delivers 2H underlying NPATA
1
of $983k up 41.7% on
1H, and FY24 underlying NPATA
1
of $1,677k up 163.6% on FY23

FY24 Business Highlights
Third Age Health (TAH) is New Zealand’s leading provider of quality health care services for older
people; supporting those living in care homes, hospital level care, secure dementia units, retirement
villages and in their own homes. TAH currently provide services to over 65 Aged Residential Care
(ARC) facilities throughout the country, including some of the largest aged care providers in New
Zealand. In addition, Third Age Health has a family of general practices providing quality primary
healthcare for local communities.

• Growth: TAH has significantly expanded its national footprint and market share in FY24.
o increased the number ARC patients we provide care to by 18%, with 12.4% of ARC
population across NZ currently supported by TAH and
o Grew our combined enrolled patient population across both ARC and general
practice by 4%.
o Our core Aged Care business revenue grew by 39% over the prior year, while General
Practices revenue grew by 30% over prior year.
• Clinical Team and People: We had 87 clinicians work with us during FY24, a 28% increase
from the prior year, with the number of clinicians across both ARC and GP settings now
making up 74% of the overall Third Age Health team (71%, FY23).

FY24 Financial Highlights
Financial Highlights $'000
TAHS and Controlled Entities
1H 2H % FY24 FY23 %`
Revenue 7,341 7,810 +6.4% 15,151 11,217 +35.1%
Underlying EBIT 1,096 1,168 +6.6% 2,264 1,232 +83.8%
EBIT Margin 15% 15% +0.0% 15% 11% +4.0%
Underlying NPBTA 906 1,314 +45.1% 2,220 1,180 +88.1%
NPBTA
1
%
12% 17% +4.5% 15% 11% +4.1%
Underlying NPATA
1

694 983 +41.7% 1,677 636 +163.6%
NPATA
1
%
9% 13% +3% 11% 6% +5.3%



Statutory NPAT
537 824 +53.4% 1,361 391 +248.1%
Statutory NPAT %
7% 11% +3.2% 9% 3% +5.5%
Ordinary dividends per share (cents)
3.96 6.11 +58.3% 10.07 5.03 +100.2%
Return on Equity
30% 48% +18% 48% 16% +31.7%
Return on Capital Employed
20% 35% +15% 35% 12% +22.7%

1
Underlying NPATA and NPBTA is adjusted for (i) non-cash amortisation charges arising as a result of purchase accounting
rules (ii) non-recurring provision related to the TADH loan

Financial Performance
• Revenue of $ 15.151m (+$3.9m up 35%): Revenue growth was significant across ARC and
General Practice. There were no new acquisitions of practices during the year however
General Practice revenue grew from a combination of the full year impact from last year's
acquisitions, fee increases and higher patient growth. Price review increases across ARC
contributed to Revenue growth alongside growth in the number of ARC facilities serviced.
• Underlying NPATA
1
of $1,677k up 164% from FY23: underlying NPATA is adjusted for non-
cash amortisation charges arising from purchase accounting rules and a non-recurring
provision relating to the impairment of the TADH loan (in the prior year).
• Cashflow: Cash and cash equivalents increased to $1,695k in FY24 (FY23: $1,355k). This
signifies an improved liquidity position, attributed to positive cash flows from operating
activities of $2,676k for FY24 (FY23: $788k).
• Debt: Repayment of debt amounted to $919k in FY24 (FY23: $37k)
Dividends paid in FY24
During the year TAH paid interim dividends in quarters 1, 2 and 3 of FY24 amounting to a total of
7.28 cents per share in ordinary dividends. Paying a final dividend of 2.80 cents per share will bring
the total dividend for FY24 to 10.07 cents per share.
Dividend Declaration
We are pleased to announce a fully imputed dividend per share, in line with our dividend policy, of
2.80 cents per share.

The board of directors of Third Age Health Services Limited has approved the release of this
document to the market.

About Third Age Health (NZX:TAH)
Third Age Health is New Zealand’s only specialised provider of general practice health care services
for older people living in retirement villages, private hospitals, secure dementia units as well as in
communities across New Zealand. A dedicated Third Age Health clinical team provides onsite clinics,
rostered rounds and after hours on-call healthcare services aimed at supporting the health and
wellbeing of older people to improve quality of life. As well as providing clinical services for over 65
aged care facilities throughout New Zealand, Third Age Health owns several general practices
providing quality primary healthcare to people of all ages.
www.thirdagehealth.co.nz

---

1



FY24 Results Update: Third Age Health Services
Dear Shareholders,

We are pleased to report our full year results for FY24. During the year we progressed in
creating more customer value across our core business of providing primary medical care into
Aged Residential Care (ARC) settings and our Community General Practices, resulting in a
more sustainable growth trajectory.

A focus on continuously improving processes and systems was crucial for stabilising our
operations and strengthening the groundwork for sustainable future growth. Initiatives
aimed at improving clinician and client retention and attraction showed positive results as
the year progressed. Pleasingly we were also able to recruit more clinicians, which enabled
us to meet growing demand, and further strengthened our service delivery and client
engagement, leading to net organic growth in our core ARC-related business.

Unfortunately, some of our Auckland based Community General Practices continue to
underperform. The root causes have been identified and all efforts are being expended to
ensure performance is improved in the near future.

Creating Customer Value

Our commitment to creating value and delivering results for our customers saw us execute
on several initiatives across our ARC business:

• Completed the build of our proprietary digital clinical platform with the pilot release
planned for Q1 FY25 for several customer facilities. This platform is a unique solution
that streamlines a range of workflow issues faced by clinicians and facilities. It
significantly enhances the quality of care we provide and highlights our commitment
to innovation in the provision of primary care to older adults.
• Took over and transformed a practice at Selwyn Village providing primary care to its
independent living retirement village residents. A cornerstone of our service at
Selwyn Village is the KARE program, a clinical care model for older people’s health.
Offering nurse-based screenings, check-ins, and assessments, the KARE program
ensures that doctor’s time is utilised optimally while delivering better patient
outcomes.
• Expanded our Nurse Practitioner development program by setting up a physical
training base enabling us to facilitate additional intake of nurses who wish to pursue
this pathway with us. Nurse Practitioners are an important means of building long-
term resilience across our network.
• Produced the Navigating Wellness book, a guide to primary health care for older
adults in New Zealand, which will be freely available for use throughout the sector.
We are grateful to the CHT Aged Care Fund for helping fund this initiative and the
excellent work by our team compiling it.

2



• We are also piloting new innovative mixed-model virtual / physical services,
encouraging collaborative team-based care which over time we plan to extend
further across the country.

These investments in improving delivery and engagement with customers are starting to pay
off as demonstrated by significant year on year improvements in our Net Promoter Scores
(NPS). This has also resulted in positive word of mouth which has been instrumental in driving
our strong organic growth with practitioners and new ARC clients requesting our services.

Continuous Improvement

The roll out Kaizen (aka Lean) across the business has now evolved into our Third Age Health
Way of Working (TAH WOW). We are particularly proud of what has been achieved by our
team in terms of process improvement, waste reduction and embedding this way of working
into our operational DNA. The progress made also resulted in the company being recognised
as a top three finalist at the NZ Kaizen awards.


Financial Performance

Our core ARC-related business continues to experience strong organic growth with enrolled
patients of 4,360 up 18% compared with the number of aged residential care patients
enrolled with us at 31 March 2023. This increase drove organic revenue growth for the period
of 39% on pcp
1
to $8.823 million.

Community General Practices maintained patient numbers during this year with enrolled
patients of 20,430 up 4% compared to 31 March 2023. General Practice revenue in total of
$6.868 million is up 30% on pcp.

Throughout the year we have adjusted pricing across both our ARC and General Practice
businesses to align with the rising cost of resourcing while ensuring our rates remain
competitive with current market demands.

Capital Allocation

In evaluating our approach to allocating capital, we adhered to the principles such as the $1
rule which we outlined in last year’s letter. We accelerated the repayment of $1m in high-
cost bank debt during the year while also investing in our digital capabilities. After careful
consideration, we determined that the acquisition of Hub Aged Care which closed after year
end, would deliver solid accretion in intrinsic value per share

During the year, in line with our dividend policy, we distributed 75% of our net profit after
tax as dividends along with accelerating this return of capital by shifting from semi-annual to
quarterly dividend payments. Notably the total ordinary dividend per share paid during the
year was the highest in the company’s history.


1
Pcp: Previous corresponding period

3


Looking ahead, in FY25 we plan to grow our dividend per share on the FY24 baseline on a
cents per share basis. However, we will gradually over the long-term be targeting a dividend
payout ratio of 50-60%. This new payout ratio will provide us with the flexibility to accelerate
the repayment of high-cost debt taken on to acquire Hub Aged Care and make other capital
allocation choices with a view to ultimately driving average annual growth in intrinsic value
per share.

Dividend

We are pleased to announce a final FY24 fully imputed dividend per share, in line with our
75% payout ratio dividend policy of 2.80 cents per share.

Outlook

While the health sector landscape remains complex, marked by an ageing population,
practitioner resource constraints and limited, we remain optimistic about ongoing growth
prospects of our core ARC related business as we reap the benefits of the investments in
processes, systems, and our team. This along with our digital roadmap, has laid the
groundwork for further organic growth.

We expect both our organic revenue and underlying profit in FY25 to outpace those of FY24,
albeit much more moderately than FY24 outpaced FY23.

In conclusion we want to express our sincere thanks to our customers, partners, team and to
you, our shareholders, for your continued trust and support.

Sincerely,

John Fernandes Tony Wai
Chairman CEO

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019

Results for announcement to the market
Name of issuer Third Age Health Services Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency New Zealand Dollar
Amount ($000) Percentage change
Revenue from continuing
operations
$15,151 35.1%
Total Revenue $15,151 35.1%
Net profit from continuing
operations
$1,361 248.1%
Total net profit $1,361 248.1%
Final Dividend
Amount per Quoted Equity
Security (net)
$0.02795179
Imputed amount per Quoted
Equity Security
$0.01087014
Record Date 4 June 2024
Dividend Payment Date 17 June 2024
Current period Prior comparable period
31 March 2023
Net tangible assets per
Quoted Equity Security
-$0.088 -$0.117
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For a detailed commentary on the performance for the period please refer to the
attachment market announcement and Preliminary Report.
The NTA is negative due to a large proportion of our assets being intangible assets,
notably goodwill from acquisitions which are excluded in calculated tangible assets.
Further impacted by IFRS16 adjustments for RoU assets and lease liabilities combined
with a bank loan facility (see note 16 of the Interim Report) drawn to fund acquisitions,
increasing total liabilities. The movement in our NTA from 31 March 23 relates to
principle repayments of the bank loan.
Authority for this announcement
Name of person

authorised
to make this announcement
Tony Wai - CEO
Contact person for this
announcement
T
ony Wai

Contact phone number 021 739 199
Contact email address
tonyw
@thirdagehealth.co.nz
Date of release through MAP

27 M
ay
2024

Unaudited financial statements accompany this announcement.

---

Third Age Health Services Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024






Restated*

2024 2023

$000 $000
Revenue 15,151 11,217
Cost of services (6,735) (5,174)
Gross profit 8,416 6,043



Other income 85 35



Employees and contractors (3,652) (2,814)
Professional and consulting fees (437) (503)
Other expenses (1,419) (970)
Operational expenses (5,508) (4,287)



Loan impairment - (233)



EBITDA 2,993 1,558



Depreciation (413) (319)
Amortisation of intangibles (316) (240)
Finance costs (360) (292)



Profit before income tax 1,904 707



Income tax expense (543) (316)

Profit for the period

1,361 391



Other comprehensive income

- -



Total comprehensive income for the period

1,361 391



Profit and total comprehensive income attributable to:

Shareholders of the parent

1,381 418
Non-controlling interests

(20) (27)



Profit for the year

1,361 391



Earnings per share

Basic earnings per share (cents)

13.81 4.18
Diluted earnings per share (cents)

13.81 4.18


These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.
* Refer note 10

Third Age Health Services Limited
Consolidated statement of changes in equity
For the year ended 31 March 2024







Share
Capital
Share
Based
Payments
Reserve
Retained
earnings
Non-
controlling
Interest Total

$000 $000 $000 $000 $000
Balance at 1 April 2022

515 643 1,538 - 2,696

Profit for the year (restated)

- - 418 (27) 391
Total comprehensive income for the year (restated)

- - 418 (27) 391

Shares issued

81 - - - 81
Dividend

- - (647) - (647)
Tax credit on share based payments

- 4 - - 4
Deferred tax credit on share based payments - (10) - - (10)
Share based payments

- 8 - - 8
Balance at 31 March 2023 (restated)

596 645 1,309 (27) 2,523

Balance at 1 April 2023

596 645 1,309 (27) 2,523
Retained earnings adjustment (note 11) - - (61) - (61)
Revised balance at 1 April 2023 596 645 1,248 (27) 2,462

Profit for the year

- - 1,381 (20) 1,361
Total comprehensive income for the year

- - 1,381 (20) 1,361


Shares issued - - - - -
Dividend - - (984) - (984)
Tax credit on share based payments - - - - -
Deferred tax credit on share based payments - - - - -
Share based payments

- 12 - - 12
Balance at 31 March 2024

596 657 1,645 (47) 2,851















These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.
* Refer note 10

Third Age Health Services Limited
Consolidated Statement of Financial Position
For the year ended 31 March 2024





Restated*

2024 2023


$000 $000
Current assets

Cash and cash equivalents

1,695 1,355
Trade and other receivables
1,173 1,326
Loan receivable
- 80
Total current assets
2,868 2,761




Non-current assets



Property, plant and equipment
224 255
Right-of-use-assets
2,500 2,967
Intangible assets
4,191 4,370
Trade and other receivables
20 20
Total non-current assets
6,935 7,612




Total assets
9,803 10,373




Current liabilities



Trade and other payables
1,931 1,582
Current tax liabilities
344 94
Bank Loan
1,342 281
Lease liabilities
306 283
Total current liabilities
3,923 2,240



Non current liabilities



Other payables 1 2
Lease liabilities 2,399 2,755
Provisions 167 163
Deferred tax liability 462 630
Bank Loan - 2,060
Total non current liabilities
3,029 5,610
Total liabilities

6,952 7,850



Net assets

2,851 2,523
Equity



Share capital

596 596
Share based payment reserve

657 645
Retained earnings

1,598 1,282
Equity attributable to the Group

2,851 2,523




Shareholders of the parent

2,860 2,528
Non-Controlling Interests

(9) (5)



Total Equity

2,851 2,523

These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.
* Refer note 10

Third Age Health Services Limited
Consolidated Statement of Cash Flows
For the year ended 31 March 2024






2024 2023

$000 $000
Cash flows from operating activities

Receipts from customers

15,351 10,402
Payments to suppliers and employees

(11,891) (8,989)
Interest received

38 7
Interest paid

(372) (244)
Income taxes paid

(450) (390)
Net cash flows from operating activities 2,676 786



Cash flows from investing activities
Payments purchase for property, plant and equipment (18) (52)
Payments for investment in software development (132) -
Acquisition of general practices - (2,004)
Net cash flows used in investing activities (150) (2,056)



Cash flows from financing activities
Share purchase plan deposits applied to acquire shares - (76)
Proceeds from issuing shares - 72
Loan repayments (919) (37)
Payment of lease liabilities (283) (198)
Dividend paid (984) (638)
Proceeds from bank loan - 2,378
Net cash flows from financing activities

(2,186) 1,501


Net increase in cash and cash equivalents

340 231


Cash and cash equivalents at the beginning of the period

1,355 1,124
Cash and cash equivalents at the end of the period

1,695 1,355
















These Consolidated Financial Statements are to be read in conjunction with the accompanying notes.

Third Age Health Services Limited
Corporate Directory



1. Reporting entity
These Consolidated Financial Statements are for Third Age Health Services Limited and its subsidiaries (the
"Group"). The Parent is incorporated and domiciled in New Zealand and registered under the Companies Act
1993. The parent's shares are publicly traded on the New Zealand Stock Exchange (NZX) and are listed on the
main board of the NZX. The principal trading activity of the Group is the provision of medical services to the
aged care sector.
2. Statement of accounting policies

Accounting policies remain consistent with the prior year ended 31 March 2023 financial statements.
3. Net tangible assets

The Group has net tangible assets as at 31 March 2024 of (8.8) cents per share (2023: net tangible assets (11.7)
cents per share). The movement in net tangible assets is the results of changes in the Statement of Financial
Position composition owing to the repayment of borrowings in the year.
4. Segment information

4.1. Products and services from which reportable segments derive their revenue

The Group's reportable segments are as follows:
 Aged medical residential care services, being the provision of medical care services to the aged care
sector.
 General practice medical services

4.2. Segment revenues and results

The following is an analysis of the Group’s revenue and results from operations by reportable segment:

Restated*
Segment revenue 2024 2023

$000 $000
Aged medical care services 8,283 5,948
General practice medical services 6,868 5,269
Total for continuing operations 15,151 11,217

Segment profit before tax 2024 2023

$000 $000
Aged medical care services 1,830 709
General practice medical services 74 (2)
Total for continuing operations 1,904 707



* Refer note 10

Third Age Health Services Limited
Corporate Directory





Segment profit includes the following items:

Segment profit includes the following items:



For the year ended 31 March 2023 (restated refer note 10)

Aged Care General practice

medical services medical services

$000 $000
EBITDA 713 845
Depreciation (4) (315)
Amortisation of intangibles - (240)
Interest expense on leases - (99)
Interest on ANZ Loan - (150)
Interest on Loss on modification of borrowings - (43)
Profit before tax 709 (2)

Add back: Loan impairment 233 -
Profit before tax from underlying core operations 942 (2)

Income tax expense (268) (48)
Profit for the period 441 (50)

For the year ended 31 March 2024 Aged care General practice

medical services medical services

$000 $000
EBITDA 1,809 1,148
Depreciation (6) (407)
Amortisation of intangibles - (316)
Interest expense on leases - (209)
Interest on ANZ Loan - (151)
Interest income 27 9
Profit before tax 1,830 74


Add back: Loan impairment - -
Profit before tax from underlying core operations 1,830 74


Income tax expense (496) (47)
Profit for the period 1,334 27


EBITDA represents profit before tax excluding amounts for depreciation and amortisation expenses, interest
expenses and interest income.

Third Age Health Services Limited
Corporate Directory





4.3. Segment assets and liabilities

Restated*
Segment assets 2024 2023

$000 $000
Aged medical care services including support functions 2,638 2,444
General practice medical services 8,366 9,114
Total segment assets 11,004 11,558



Intercompany elimination (1,201) (1,185)
Total segment assets 9,803 10,373



Restated*
Segment liabilities
2024
2023

$000 $000
Aged medical care services including support functions 1,461 1,012
General practice medical services
6,692 8,023
Total segment liabilities
8,153 9,035



Intercompany elimination (1,201) (1,185)
Total segment liabilities
6,952 7,850

5. Costs of employees, contractors, and directors includes:


2024
2023


$000 $000
Salaries and wages

2,919 2,334
Short term incentives

197 40
Defined contribution (KiwiSaver)

179 132
Share based payments expense

13 8
Employee benefit expense

3,308 2,514




Contractors

344 300


3,652 2,814

Costs of employees has increased due to the full year impact of salaries and wages for the three new practices.
6. Finance Costs


Restated*


2024
2023

$000 $000
Interest expense on leases 209 150
Interest on ANZ Loan 151 99
Interest on Loss on modification of borrowings - 43

360 292
* Refer note 10

Third Age Health Services Limited
Corporate Directory




7. Share Capital

Ordinary shares
All ordinary shares rank equally with one vote attached to each fully paid share. Total issued share capital is
10,004,149 ordinary shares (2023: 10,004,149). At 1 April 2021 there were 250,000 shares held for specific
participants of the historic Third Age Employee Share Purchase Plan Trust (“Trust”). During the year ended 31
March 2022, 200,000 shares were issued and the remaining 50,000 shares were issued during the year ended
31 March 2023. As at 31 March 2024, of the total number of issued shares, nil (2023: nil) were held in trust for
specific participants under the Employee Share Purchase Plan.



Treasury shares

Authorised

Issued and shares held Total issued and fully

Share Capital in Trust

paid shares

$000 $000 $000 000's
Balance at 1 April 2023

596 - 596 10,004
Shares issued

- - - -
Share issue transaction costs

- - - -
Balance at 31 March 2024

596 - 596 10,004

Balance at 1 April 2022

592 (76) 516 10,000
Shares issued

8 76 84 4
Share issue transaction costs (4) - (4) -
Balance at 31 March 2023

596 - 596 10,004

8. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the parent by
the weighted average number of ordinary shares outstanding during the financial year, excluding treasury
shares.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after-income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares, and the weighted average number of ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.

Reconciliation of earnings used in calculating earnings per share


Restated*

2024
2023

$000 $000
Net profit attributable to the ordinary shareholders of the
parent
1,381 418
Earnings used in the calculation of basic earnings per share 1,381 418

Third Age Health Services Limited
Corporate Directory




Weighted average number of shares used as the denominator

2024
2023

Shares Shares

000's 000's
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
10,004 10,004


Adjustments for calculation of diluted earnings per share:

Employee share options - -



Weighted average number of ordinary shares and potential
ordinary shares used as the denominator in calculating diluted
earnings per share
10,004 10,004


Share options issued under Employee share options plan are considered as antidilutive.

9. Dividends

Dividends declared and paid during the year ended 31 March
2024:
Cents per share $000
Interim dividend Q3 3.31 313
Interim dividend Q2 2.34 221
Interim dividend Q1 1.62 154
Final dividend for the year ended 31 March 2023 5.03 403

12.30
1,091

Dividends declared and paid during the year ended 31 March
2023:
Cents per share $000
Interim dividend 2.45 244
Final dividend for the year ended 31 March 2022 4.05 403

6.50
647

10. Restatement on additional provision for ‘make good’ and reclassifications

Upon a further review of IFRS16 para 24(d), the company has made an additional provision allowing for tenant
obligations under its leases for making good on the premises at the end of each lease that it holds. The
provisions are preliminary and have been made on a conservative basis approach. The provision and
subsequent profit impacts, amortising the restated ‘make good’ asset since the inception of the leases has
impacted the current year, as well as the prior year as follows:

Third Age Health Services Limited
Corporate Directory



Extract from Consolidated Statement of Comprehensive Income

Previously
reported Restated

2023
IFRS 16 2023

$000 $000
$000
EBITDA 1,558 - 1,558





Depreciation (304) (15) (319)
Amortisation of intangibles (240) - (240)
Finance costs (286) (6) (292)





Profit before income tax 728 (21) 707





Income tax expense (316) - (316)




Profit for the period

412 (21) 391

As per the table below, reclassifications have been made as at 31 March 2023 in the Consolidated Statement
of Financial Position. These reclassifications have had no impact on net assets or equity as at 31 March 2023.


Restated
Restated Consolidated Statement of Financial Position

2023 IFRS 16
Reclassification 2023


$000 $000
$000 $000
Current assets




Cash and cash equivalents

1,355 -
- 1,355
Trade and other receivables

1,117 -
209 1,326
Loan receivable

80 -
- 80
Total current assets

2,552 -
209 2,761





Non-current assets




Property, plant and equipment

154 120
(19) 255
Right-of-use-assets

2,967 -
- 2,967
Intangible assets

4,351 -
19 4,370
Trade and other receivables

20 -
- 20
Total non-current assets

7,492 120
- 7,612





Total assets

10,044 120
209 10,373





Current liabilities




Trade and other payables

1,395 -
187 1,582
Current tax liabilities

94 -
- 94
Bank Loan - current

281 -
- 281
Lease liabilities

283 -
- 283
Total current liabilities

2,053 -
187 2,240





Non current liabilities




Trade and other payables
2 -
- 2
Lease liabilities
2,755 -
- 2,755
Provisions
- 141
22 163
Deferred tax liability
630 -
- 630
Bank Loan
2,060 -
- 2,060

Third Age Health Services Limited
Corporate Directory






Restated


2023 IFRS 16
Reclassification 2023


$000 $000
$000 $000
Total non current liabilities

5,447 141
22 5,610
Total liabilities

7,500 141
209 7,850







Net assets

2,544 (21)
- 2,523
Equity




Share capital

596 -
- 596
Share based payment reserve

645 -
- 645
Retained earnings

1,303 (21)
- 1,282
Equity attributable to the Group

2,544 (21)
- 2,523




Shareholders of the parent

2,549 (21)
- 2,528
Non-Controlling Interests

(5) -
- (5)



Total Equity

2,544 (21)
- 2,523
11. IFRS 16 lease recalculations

Upon review of IFRS16 and recalculation of our lease obligations, adjustments have been made to current year
retained earnings shown in our Consolidated Statement of Changes in Equity. These changes are not material,
and have been included in the year ending 31 March 2024 (retained earnings reduced by $61k).