Green Cross Health Full Year Results to 31 March 2024

1
From continuing operations (the Community Health division was divested on 28 February 2023)


Green Cross Health (NZX: GXH)
Full Year Result Announcement for the audited twelve months ended 31 March 2024
GREEN CROSS HEALTH REPORTS FULL-YEAR PROFIT OF $12.0M
30 May 2024, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the Group
behind Unichem, Life Pharmacy and The Doctors, reported Net Profit After Tax Attributable to
Shareholders of $12.0m
1
.
Result Summary
• Operating Revenue
1
of $503.9m, up 2%
• Operating Profit (EBIT)
1
of $31.8m, down 7% due to inflationary pressures, lower retail
spending and reduced higher margin COVID-19 activity
• Net Profit After Tax Attributable to Shareholders
1
down 20% to $12.0m
• Pharmacy Operating Revenue up 1% and Operating Profit down 8% to $19.3m
• Medical Operating Revenue up 5% and Operating Profit down 8% to $15.0m
• Investment in growth of $17.9m, including seven new medical centres and one
pharmacy
• 2.0cps dividend declared, to be paid on 21 June 2024.
Group Commentary
Green Cross Health Group CEO Rachael Newfield, commented, “It has been a challenging twelve
months as the Group has navigated significant headwinds relating to workforce shortages and
inflationary pressures impacting consumer spending and profit margins. Funding levels have not
kept pace with cost increases and our teams in both Pharmacy and Medical are adapting
operations to improve performance.
“Pharmacy saw strong performance in dispensary and vaccination services, supported by the
company’s on-going investment in expert care and advice. Seven investments in medical centres
were completed in the year to take the general practice network to 423,000 enrolled patients
across 66 medical centres, representing New Zealand’s largest general practice enrolled patient
base.”
Green Cross Health Chair Kim Ellis added, "The Company’s strong financial position and narrowed
focus following the sale of the Community Health division ensure the Group is well positioned to
deliver on its strategy of organic and acquisitive growth in medical and pharmacy.”
Pharmacy Division
Revenue in Pharmacy increased 1% to $363.6m while Operating Profit for the period decreased by
$1.8m to $19.3m due to labour cost pressures and inflation impacting margins. Dispensary

continued to grow with initial prescriptions up 7% for same stores, with growth accelerated by the
Government removing the standard pharmacy co-payment on 1 July 2023, a change which Green
Cross Health has lobbied over many years to ensure equitable access to healthcare.
Vaccination activity also remained strong throughout the period; Unichem and Life pharmacies
administered over 320,000 vaccinations, a 5% growth over the prior year’s record result. While flu
vaccinations accounted for the majority of vaccinations, the increased reliance on pharmacies as
accessible primary health providers led to a significant year-on-year rise in other vaccinations
(excluding flu).
Same store retail sales were down 3% compared to prior year. Store optimisation led to two stores
relocating, three stores merging and two closing during the period. The division continues to
selectively invest in new pharmacies with one investment completed during the year, bringing the
number of pharmacies in which the division holds an equity interest to 84. Investment in
differentiated products remains a priority.
The Living Rewards programme once again grew and membership surpassed the two million mark
during the year. The programme was rebranded to refresh and modernise interactions with
existing members and to attract new members given members spend 50% more than non-Living
Rewards members. Additional investment was made in the systems supporting the programme
including introducing further technology to assist targeting of retail offers through audience
profiles, along with giving the company the ability to engage with customers about key health
services and vaccinations as they become due, aligned to the division’s care and advice strategy.
Medical Division
Medical Revenue increased 5% to $140.3m, with Operating Profit down $1.2m to $15.0m. A
reduction in higher margin COVID-19 activity and labour cost pressures impacted profitability,
particularly in the first half of the year. As a result, restructuring of the cost base was completed
in the second half of the year, contributing to a lift in performance.
The Medical division continued to expand. The portfolio’s national footprint grew to 66 centres
following investment in seven medical centres. Enrolled patients as at 31 March 2024 totalled
423,000, an increase of 37,000 (+9%) since 31 March 2023. Three practices underwent
refurbishments during the year to enhance the patient environment and increase efficiencies in the
delivery of patient care. Further investment was made in the rebranding programme, with 44
centres now operating under The Doctors brand.
Investment in technology was an area of focus throughout the year with the roll-out of a
standardised practice management system now complete at 53 medical centres. An integrated
invoice payment solution was implemented at 33 medical centres, improving the ease with which
patients can make payments. The implementation of The Doctors App progressed, with 30 medical
centres onboarded and additional centres planned for FY25 launch.

Green Cross Health is funded by 12 different Primary Health Organisations (PHOs) for its 66 medical
centres. During the year approval was received to migrate 28 centres to National Hauora Coalition
(NHC) PHO on or before 1 July 2024, of which two were completed by 31 March 2024. The transition
is on track and the company continues to advocate for further simplification of funding
arrangements, to achieve efficiencies and maximise time spent on patient care.
Outlook and Dividend
The Board expects macro-economic challenges, particularly workforce shortages, inflationary
pressures and tightening of consumer spending, to remain in the new financial year. The company
will focus on improving labour efficiency and cost management, utilising technology to support
change. In-store execution, extension of product range and expansion of service offerings are a
priority. Green Cross Health urges the Government to address funding levels to primary healthcare
to ensure services remain accessible to those most in need in communities across New Zealand.
The Board has declared a final dividend of 2.0 cents per share.
Contact:
Kalpana Goundar
kalpana.goundar@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 330 Unichem and
Life Pharmacies covering almost every New Zealand community, as well as 66 medical centres
caring for 423,000 enrolled patients.

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GXH Annual Results Presentation 30 May 2024Pg 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. 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 period
ended 31 March 2024.

GXH Annual Results Presentation 30 May 2024 Pg 3
GXH Annual Result - Financial Overview
Group
Revenue*
Operating Profit
(EBIT)*
Net Profit After Tax*
(attributable to shareholders)
Medical
Operating Profit
Pharmacy
Operating Profit
$$$$
$503.9m
2% increase vs FY23
*continuing operations
$31.8m
*continuing operations
7% decrease vs FY23
$12.0m
20% decrease vs FY23
$19.3m
8% decrease vs FY23
$15.0m
8% decrease vs FY23
*continuing operations

GXH Annual Results Presentation 30 May 2024 Pg 4
Milestones
Acquired St
Heliers Medical
Centre, High
Street Health Hub
and invested in
Plimmerton
Medical Centre
Acquisitions
After years of sector
lobbying, funders
introduce free
prescriptions for all
Free Co-payment
2015
2016
2015
April/May ‘23
July ‘23
Insert photo
Rebrand of
Living Rewards
loyalty
programme
Living Rewards
September ‘23
Acquired Woodham
Road Medical and
Papakura East
Medical; the Medical
Division now
exceeds 400,000
enrolled patients
Enrolled Patients
2016
November ‘23
Completed
refinancing of
group debt
facilities
Refinance
December ‘23
Received approval
to move 28
medical centres to
National Hauora
Coalition PHO
Primary Health
Organisation
February ‘24
Acquired Richmond
Road Medical
Centre
Acquisition
2016
January ‘23
Invested in
Tarawera Medical
Centre and Onerahi
Pharmacy
Acquisitions
2016
March ‘24

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

GXH Annual Results Presentation 30 May 2024 Pg 6
316.8
367.1
360.4
363.6
FY21FY22FY23FY24
Pharmacy Operating Revenue ($m)
Pharmacy Performance
FY21FY22FY23FY24
•Revenue up 1% to $363.6m
•Operating Profit down $1.8m to $19.3m
due to labour cost pressures and inflation
impacting margins
•Initial scripts items up 7% on same store
basis
•36 million script items dispensed
representing over 40% of New Zealand’s
volume
24.1
35.9
21.1
19.3
FY21FY22FY23FY24
Pharmacy Operating Profit ($m)
FY21FY22FY23
FY24

GXH Annual Results Presentation 30 May 2024 Pg 7
Continued Growth in Vaccination Income
Following record numbers last year, flu vaccinations continued to grow (5% increase year-on-year), driven
by investment in staffing capability and nationwide marketing
More than 45,000 flu vouchers redeemed in Green Cross Health pharmacies from investment in wellbeing
partnerships with various New Zealand companies
Other vaccinations saw a significant growth, through expansion of the types of vaccines that pharmacies
can administer (Boostrix, Shingrix, Bexsero, Gardasil and MenQuadfi)
294
324
FY23FY24
Total Vaccinations - Green Cross Health
Network (‘000)
FY23
FY24
Total Vaccinations - Green Cross Health Network (‘000)

GXH Annual Results Presentation 30 May 2024 Pg 8
Living Rewards Programme
4% growth in Living Rewards members to 2.03m
Rebranded the Living Rewards programme to refresh and modernise interaction with existing
members and to attract new members
Retained 75% of members from the previous year and reactivated 120,000 lapsed members
Developed and introduced interactive marketing programmes to build audience profiles and increase
customer engagement
Living Rewards members spend 50% more than non-members
2.03m
Members
1.81
1.89
1.95
2.03
FY21FY22FY23FY24
Continued Growth in Living Rewards
Members (millions)
FY23FY22FY21FY24
$0
$10
$20
$30
$40
$50
$60
UnichemLifeTotal
$ spend per transaction
Living Rewards Members Spend More
Non-membersMembers
Continued Growth in Living Rewards Members
(millions)

GXH Annual Results Presentation 30 May 2024 Pg 9
Investment in Stores and People
Stores
Six pharmacy refurbishments completed as part of
continued investment in pharmacy portfolio
Eight new robots purchased to improve efficiencies
and customer experience by automating dispensing
activities
People
Focus on people development with over 37,000
training modules completed in the year
Green Cross Health recognised by Randstad as a Top
15 most desirable place to work in New Zealand

GXH Annual Results Presentation 30 May 2024 Pg 10
Green Cross Health Pharmacy Network
Licensee, 246
Equity, 84
Pharmacy Count by Ownership
•New Zealand’s largest network of health retailers
with 330 stores nationwide
•Extended equity store footprint to Northland
through investment in Unichem Onerahi
277
53
330
pharmacies
nationwide
High Street
10
Large Mall 11
Medium Mall
9
Community
Pharmacy 26
Co-located 28
Equity Pharmacy Locations
0
10
20
30
40
50
60
70
80
Pharmacies by Region
Life
Unichem

GXH Annual Results Presentation 30 May 2024 Pg 11
Pharmacy Future Focus
Brand &
customer
Retail
disciplines
Omni-channel
experience
Network scale &
leadership
Cost focus
Differentiated brands
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

Growth, leadership and sustainable
models of care
Medical
Division
Growth, leadership and sustainable
models of care
Medical
Division

GXH Annual Results Presentation 30 May 2024 Pg 13
Medical Performance
9.3
16.0
16.2
15.0
FY21FY22FY23FY24
Medical Operating Profit ($m)
82.2
111.0
133.2
140.3
FY21FY22FY23FY24
Medical Operating Revenue ($m)
Revenue up 5% to $140.3m
Operating Profit down $1.2m to
$15.0m, with labour cost pressures
and reduced COVID-19 services
impacting margin
423,000 enrolled patients as at 31
March 2024, an increase of 37,000
(+9%) since 31 March 2023
Ownership in 66 medical centres at
31 March 2024
FY21FY22FY23
FY24
FY21FY22FY23
FY24

GXH Annual Results Presentation 30 May 2024 Pg 14
Focus on Operational Improvement
•EBIT margin in line with pre-COVID
performance
•Inflationary labour cost pressures continued
resulting in cost at 75% of revenue, with
restructures completed in the second half
beginning to benefit
•Ongoing review and increase of co-payments
to improve margins
•Roll-out of standardised practice
management system completed at 80% of
medical centres to improve patient
experience and gain operational efficiency
0%
2%
4%
6%
8%
10%
12%
14%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY21FY22FY23FY24
EBIT %
Cost %
Operational Efficiency
Employee costs %Other costs %EBIT %
FY24FY21FY22FY23

GXH Annual Results Presentation 30 May 2024 Pg 15
Growth through Acquisitions
•Continued acquisition activity with
investment in seven centres in year,
to close with 66 medical centres
•The Doctors has New Zealand’s
largest general practice enrolled
patient base
•One additional acquisition
completed post year-end
423,000 enrolled patients
3
9
8
7
FY21FY22FY23FY24
Medical Acquisitions
FY21FY22FY23
FY24
0
5
10
15
20
25
30
Medical Centres by Region

GXH Annual Results Presentation 30 May 2024 Pg 16
Investment in Practice Portfolio
•Three significant refurbishments
completed (Ti Rakau, Hastings, Te Whare
Hapara) to enhance patient environment
and the delivery of patient care
•Rebrand programme continued with 44
centres now operating under The Doctors
brand
1
33
3
FY21FY22FY23FY24
Centre Refurbishments
FY21FY22FY23
FY24

GXH Annual Results Presentation 30 May 2024 Pg 17
Medical Future Focus
Patient & BrandScaleTechnologyOperations
improvement
Cost &
margin
High quality patient
care
Targeted centre
acquisitions
Utilising data and
systems & omni-
channel offering
Continuous
improvement & clinical
development
Workforce
productivity &
margin
management

GXH Annual Results Presentation 30 May 2024 Pg 18
Group Financial Result
12 months ended 31 March 2024

GXH Annual Results Presentation 30 May 2024 Pg 19
Group Revenue and Operating Profit
•Revenue of $504m, up 2%
•FY24 Revenue increase a result of
acquisitive growth in Medical, along with
strong dispensary performance in Pharmacy
•Operating Profit from continuing operations of
$31.8m, down $2.5m
•FY24 Operating Profit decrease due to labour
cost pressures, lower retail revenue and
reduced COVID-19 related services compared
to FY23
399
478
494
504
FY21FY22FY23FY24
GXH Operating Revenue From Continuing
Operations ($m)
FY21FY22FY23FY24
31.4
48.5
34.3
31.8
FY21FY22FY23FY24
FY21FY22FY23FY24
GXH Operating Revenue From Continuing Operations ($m)
GXH Operating Profit From Continuing Operations ($m)

GXH Annual Results Presentation 30 May 2024 Pg 20
Group NPAT, EPS & Dividend
•EPS at 8.4 cps*
•Special dividend of 28cps ($40.1m) paid 28
April 2023 following successful divestment of
Community Health division
•Final FY24 dividend of 2.0cps declared –
payment date 21 June 2024
Based on dividends declared during the financial year
13.4
20.2
15.0
12.0
FY21FY22FY23FY24
GXH NPAT Attributable to Shareholders* ($m)
FY21FY22FY23FY24
0.0
6.57.0
34.0
FY21FY22FY23FY24
Dividends Per Share (cps)
FY21FY22FY23FY24
9.4
14.1
10.5
8.4
FY21FY22FY23FY24
GXH NPAT Attributable to Shareholders* (cps)
FY21FY22FY23FY24
*From Continuing Operations

GXH Annual Results Presentation 30 May 2024 Pg 21
Working Capital Management Disciplines
Supporting Further Acquisition Activity
•Gearing ratio of 17.3% in FY24
•Undrawn debt facilities of $32.5m as at 31 March 2024
•Net debt position of $11.5m as at 31 March 2024
•Refinance of debt facilities has positioned GXH well to
continue strategy of acquisitive growth
•Financing ratios:
–Debt / pre IFRS16 EBITDA – 1.1x
–Operating Profit / Interest – 12x
•Operating Cash Flow of $46.0m
Enabling investment ($17.9m) in:
•Investment in seven medical centres and one pharmacy
•Three significant refurbishments in Medical and six major
upgrades in Pharmacy
•Ongoing investments in technology including eight
pharmacy robots
14.0%
12.3%
10.4%
17.3%
FY21FY22FY23FY24
Gearing Ratio (debt / debt + equity)
FY21FY22FY23FY24
70.9
65.8
45.9
46.0
FY21FY22FY23FY24
GXH Operating Cash Flow ($m)
FY21FY22FY23FY24

GXH Annual Results Presentation 30 May 2024 Pg 22
Climate Related Disclosures
Aotearoa New Zealand Climate Standards were
published in December 2022
As a climate-reporting entity under the Financial Markets
Conduct Act 2013, Green Cross Health is required to
report against the new standards for the year ended 31
March 2024
The company will include climate disclosures in its 2024
Annual Report

GXH Annual Results Presentation 30 May 2024 Pg 23
About Green Cross Health

Who We Are
Our Purpose: 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.

---

Green Cross Health Limited
Group consolidated financial
statements
for the year ended 31 March 2024

Contents
Page
Directors' declaration2
Independent auditor's report3
Financial statements
Consolidated statement of comprehensive income7
Consolidated statement of changes in equity8
Consolidated statement of financial position9
Consolidated statement of cash flows10
Notes to the consolidated financial statements11
-1-

© 2024 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
3
Independent Auditor’s Report
To the shareholders of Green Cross Health Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the consolidated financial statements
of Green Cross Health Limited (the ’company’) and
its subsidiaries (the 'group') on pages 7 to 33
present fairly, in all material respects:
i. the Group’s financial position as at 31 March
2024 and its financial performance and cash
flows for the year ended on that date;
in accordance with New Zealand Equivalents to
International Financial Reporting Standards issued
by the New Zealand Accounting Standards Board
and International Financial Reporting Standards
issued by the International Accounting Standards
Board.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated statement of financial position
as at 31 March 2024;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for
the year then ended; and
— notes, including a summary of significant
accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to tax compliance and advisory and a retail
strategy review. Subject to certain restrictions, partners and employees of our firm may also deal with the group
on normal terms within the ordinary course of trading activities of the business of the group. These matters have
not impaired our independence as auditor of the group. The firm has no other relationship with, or interest in, the
group.

4
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements
as a whole was set at $1.1m determined with reference to a benchmark of group Profit Before Tax. We chose the
benchmark because, in our view, this is a key measure of the group’s performance.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely for the
purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not express
discrete opinions on separate elements of the consolidated financial statements.
The key audit matter How the matter was addressed in our
audit
Impairment of non-current assets
Refer to note 14 of the consolidated financial
statements.
The Group has grown significantly through
acquisitions in its Pharmacy and Medical
business units which has resulted in the
recognition of goodwill in the amount of $86.6
million, $77 million respectively.
In the event the business units underperform
compared to their business cases, there is a risk
that the goodwill arising on acquisition may no
longer be supported.
As disclosed in note 14, the Group performs an
annual impairment test of goodwill and uses a
discounted cash flow model to determine the
recoverable amount of its business units to which
goodwill has been allocated.
In performing this assessment, assumptions are
made in respect of future economic and market
conditions. Cashflow forecasts include
consideration of the Group’s strategic business
plan for each business unit and their impact on
forecast sales and operating costs. Additionally,
management determined terminal growth rates
and discount rates which reflect an assessment
Our audit procedures included:
 Ensuring the allocation of goodwill to the Group’s
business units is appropriate;
 Evaluating the methodology, mathematical
accuracy and assumptions applied in the
discounted cash flow models. We used our own
valuation specialists to assist us with the
consideration of terminal growth and discount
rates;
 Challenging management’s cash flow
assumptions over projected cash, and the
expected impact of the Group’s business plans for
each business unit by reference to their historical
performance and the internal and external factors
that influence their operations;
 Performing sensitivity analysis around the key
assumptions used in the models; and
 Reviewing the appropriateness of related
disclosures in the consolidated financial
statements.
 Challenged management on whether the market
capitalisation deficit is an indicator of impairment

5
The key audit matter How the matter was addressed in our
audit
of the time value of money and the risks specific
to each business unit.
The annual impairment test performed by the
Group was significant to our audit due to the
magnitude of the goodwill balance and because
the assessment process involved judgment about
the future performance of the business units.
The market capitalisation deficit that exists at
balance date is an indicator of impairment.
and challenged management’s earnings
assumptions used in the value in use calculations.
We did not identify any factors that were materially
inconsistent with management’s overall conclusions.
Other information
The Directors, on behalf of the group, are responsible for the other information included in the group’s Annual
Report. Other information includes the Directors Declaration and the other information included in the Annual
Report. Our opinion on the consolidated financial statements does not cover any other information and we do not
express any form of assurance conclusion thereon.
The Annual Report is expected to be made available to us after the date of this Independent Auditor's Report. Our
responsibility is to read the Annual Report when it becomes available and consider whether the other information
it contains is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the
audit, or otherwise appear misstated. If so, we are required to report such matters to the Directors.
Use of this independent auditor’s r eport
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the shareholders as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated
financial statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards issued by the New Zealand
Accounting Standards Board;

6
— implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Jodi Newth
For and on behalf of
KPMG
Auckland
29 May 2024

Green Cross Health Limited
Consolidated statement of comprehensive income
For the year ended 31 March 2024
20242023
Notes$'000$'000
Continuing operations
Operating Revenue5
503,915493,614
Operating expenditure7.2(452,080)(438,398)
Depreciation and amortisation expense12,14(6,254)(6,820)
Depreciation - leases13(14,269)(15,266)
Impairment12,14(716)(129)
Share of equity accounted net earnings16
1,1981,315
Operating profit before interest and tax31,79434,316
Interest income900584
Interest expense(2,549)(1,453)
Interest expense - leases
(7,725)(6,348)
Net interest expense(9,374)(7,217)
Profit before tax22,42027,099
Income tax expense8
(6,591)(6,804)
Profit from continuing operations15,82920,295
Discontinued operation
(Loss)/profit from discontinued operation, net of tax4
(276)30,254
Profit for the year
15,55350,549
Other comprehensive income for the year, net of tax
--
Total comprehensive income for the year
15,55350,549
Attributable to:
Shareholders of the Parent11,75745,234
Non-controlling interest
3,7965,315
15,55350,549
Earnings per share:
Basic earnings per share (cents)98.2031.57
Diluted earnings per share (cents)98.1831.46
Earnings per share - continuing operations
Basic earnings per share98.3910.45
Diluted earnings per share98.3710.42
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
33 form part of the Financial Statements.
-7-

Green Cross Health Limited
Consolidated statement of changes in equity
For the year ended 31 March 2024
Share Capital
Share Based
Payment
Reserve
Retained
earnings
Non-
controlling
interest
Total equity
Notes$'000$'000$'000$'000$'000
Balance as at 1 April 202290,610-66,07114,485171,166
Profit or loss for the year
--45,2345,31550,549
Total comprehensive income for the
year
--45,2345,31550,549
Distributions to non-controlling
interests
---(8,859)(8,859)
Impacts of other transactions with non-
controlling interest
--(1,167)(344)(1,511)
Dividends to shareholders10--(10,073)-(10,073)
Performance share rights charged to
SOCI
-733--733
Performance share rights vested21
150(150)---
Balance as at 31 March 2023
90,760
583100,06510,597202,005
Balance as at 1 April 202390,760583100,06510,597202,005
Profit or loss for the year
--11,7573,79615,553
Total comprehensive income for the
year
--11,7573,79615,553
Distributions to non-controlling
interests
---(3,543)(3,543)
Impacts of other transactions with non-
controlling interest
--(52)1,4901,438
Dividends to shareholders10--(48,895)-(48,895)
Performance share rights charged to
SOCI
-50--50
Performance share rights vested21
183(183)---
Balance as at 31 March 2024
90,94345062,87512,340166,608
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
33 form part of the Financial Statements.
-8-

Green Cross Health Limited
Consolidated statement of financial position
As at 31 March 2024
20242023
Notes$'000$'000
ASSETS
Current assets
Cash and cash equivalents23,40258,215
Trade and other receivables1125,54926,496
Inventories30,44531,961
Income taxes refundable11
404-
Total current assets
79,800116,672
Non-current assets
Other receivables112,6932,421
Property, plant and equipment1218,97919,248
Right-of-use assets1397,08488,798
Intangible assets14165,937155,030
Deferred tax asset1511,97711,691
Equity accounted group investments16
6,8167,147
Total non-current assets
303,486284,335
Total assets
383,286
401,007
LIABILITIES
Current liabilities
Trade payables and accruals1772,09574,656
Income taxes payable17-1,531
Borrowings182,5731,903
Lease liabilities13
13,09813,025
Total current liabilities
87,76691,115
Non-current liabilities
Borrowings1832,37221,634
Lease liabilities13
96,54086,253
Total non-current liabilities
128,912107,887
Total liabilities
216,678199,002
Net assets
166,608202,005
EQUITY
Share capital90,94390,760
Share based payment reserve450583
Retained earnings
62,875100,065
Total equity attributable to shareholders of the Parent154,268191,408
Non-controlling interest
12,34010,597
Total equity
166,608202,005
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
33 form part of the Financial Statements.
-9-

Green Cross Health Limited
Consolidated statement of cash flows
For the year ended 31 March 2024
20242023
Notes$'000$'000
Cash flows from operating activities
Dividends received161,8521,260
Receipts from customers504,862692,836
Interest received900584
Payments to suppliers and employees(453,638)(639,647)
Income taxes paid
(8,019)(9,124)
Net cash inflow from operating activities19
45,95745,909
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(7,399)(5,714)
Acquisition of interests in equity accounted investments16(323)(2,880)
Acquisition of interests in subsidiary and non-controlling interests(10,178)(15,725)
Disposal of discontinued operation, net of cash disposed of4
(276)29,747
Net cash (outflow)/inflow from investing activities
(18,176)5,428
Cash flows from financing activities
Proceeds from borrowings41,2202,376
Repayments of borrowings(29,812)(2,873)
Payment of lease liabilities(12,641)(14,734)
Interest expense(2,467)(1,453)
Interest expense - leases(7,725)(6,348)
Distributions to non-controlling interest(3,061)(6,996)
Dividend paid10
(48,895)(10,073)
Net cash outflow from financing activities
(63,381)
(40,101)
Net (decrease)/increase in cash and cash equivalents(35,600)11,236
Cash and cash equivalents at the beginning of the financial year58,21545,154
Cash acquired: business combinations6
7871,825
Cash and cash equivalents at end of year
23,40258,215
Reconciliation of closing cash and cash equivalents to the consolidated
statement of financial position:
Cash and cash equivalents
23,40258,215
Closing cash and cash equivalents
23,402
58,215
The accompanying Statement of Accounting Policies and Notes to the Consolidated Financial Statements on pages 11 to
33 form part of the Financial Statements.
-10-

Notes to the consolidated financial statements
For the year ended 31 March 2024
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 New

Zealand Stock Exchange ("NZX").
The consolidated 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”).
2Basis of preparation of financial statements
(a)Statement of compliance
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”). They comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”), and
other applicable Financial Reporting Standards, and authoritative notices as appropriate for a Tier one for profit entity. They
also comply with International Financial Reporting Standards.
The financial statements were approved by the Board of Directors on 29 May 2024.
(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 Group has consistently applied the following accounting policies to all periods presented in these consolidated financial
statements, except as mentioned below.
(d)Comparatives
Comparative information for the prior year has been represented in respect of the disposal of the Community Health
division (refer to Note 4).
(e)Functional and presentation currency
These financial statements are presented in New Zealand dollars ($), which is the functional currency of the entities of the
Group. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.
(f)Significant estimates and judgments
The preparation of financial statements in conformity with NZ IFRS requires the Directors to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values
of some assets and liabilities. Actual results may differ from these estimates.
In authorising the financial statements for the year ended 31 March 2024, 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 year for all Group entities for the purposes of preparing the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision
and future periods if the revision affects both current and future periods. Information about the significant areas of judgment
exercised or estimation in applying accounting policies that have had a significant impact on the amounts recognised in the
financial statements are described as follows:
-
11-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
2Basis of preparation of financial statements(continued)
(f)Significant estimates and judgments(continued)
(i) Classification of investments
Classifying investments as either subsidiaries, associates or joint ventures requires the Directors to assess the degree of
influence which the Group holds over the invested. In arriving at a conclusion the Directors take into account the
constitutional structure of the invested, governance arrangements, current and future representation on the Board of
Directors, and all other arrangements which might allow influence over the operating and financial policies of the invested.
(ii) Impairment of goodwill and indefinite life intangible assets
The carrying values of goodwill and intangible assets with an indefinite useful life, are assessed at least annually to ensure
that they are not impaired. This assessment requires the Directors to estimate future cash flows to be generated by cash
generating units to which goodwill and intangible assets with indefinite useful lives have been allocated. Estimating future
cash flows entails making judgments including the expected rate of growth of revenues and expenses, margins and market
shares to be achieved, and the appropriate rate to apply when discounting future cash flows. Note 14 of these financial
statements provides more information on the assumptions the Directors have made in this area and the carrying values of
goodwill and indefinite life intangible assets. As the outcomes in the next financial period may be different to the
assumptions made, it is impracticable to predict the impact that could result in a material adjustment to the carrying amount.
(iii) Accounting for leases under NZ IFRS 16
In determining the right of use assets and lease liabilities a number of estimates and judgments have been made by
management. These include determining the applicable incremental borrowing rates and assessment of the lease terms,
including any rights of renewal and whether it is reasonably certain they will be exercised. See Note 13.
(g)Subsidiaries
Subsidiaries are entities that are controlled by the Group. Control exists when the Group is exposed to, or has rights to,
variable returns from its involvement in the investee and has the ability to affect those returns through its power over the
investee. Power arises when the Group has existing rights to direct the relevant activities of the investee, i.e. those that
significantly affect the investee’s returns. Control is assessed on a continuous basis.
The Group consolidates the results of its subsidiaries from the date that control commences until the date on which control
ceases. At such point as control ceases, it derecognises the assets, liabilities and any related non-controlling interests and
other components of equity. Any interest retained in the former subsidiary is measured at fair value when control is lost.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate
or a joint venture. At the date the equity method is discontinued, the difference between the carrying amount of the
associate or a joint venture and the fair value of any retained interest and any proceeds from disposing of a part interest in
the associate or a joint venture is included in the determination of the gain or loss on disposal of the associate or joint
venture.
The Group's ownership interests in subsidiaries ranges from 25% to 100% (2023: 25% to 100%). The Group consolidates
34 out of 49 entities where it holds less than half of the voting rights. This is on the basis that the Group's contractual
arrangements with these entities result in them meeting the definition of being subsidiaries as set out above.
(h)Non-controlling interests
Non-controlling interests are present ownership interests and are initially measured at either fair value or the non-controlling
interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is determined on a
transaction-by-transaction basis. Under the proportionate interest method, goodwill is not attributed to the non-controlling
interest and the Group recognises only its share of goodwill whereas under fair value, the non-controlling interest includes
its proportionate share of goodwill.
Changes in the Group’s interest in a subsidiary that do not result in a change in the control conclusion are accounted for as
transactions with equity-holders in their capacity as equity holders.
While the group has 52 (2023: 48) subsidiaries with non-controlling interests, there are no subsidiaries with individually
material non-controlling interest.
-12-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
2Basis of preparation of financial statements(continued)
(i)Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees
are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated
in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(j)Goods and Services Tax (GST)
The statement of comprehensive income has been stated so that all components are exclusive of GST. All items in the
statement of financial position are stated net of GST with the exception of receivables and payables, which include GST
invoiced.
(k)Statement of cash flows
The statement of cash flows has been prepared using the direct method subject to the netting of certain cash flows.
Cash flows in respect of investments and borrowings that have been rolled-over under arranged banking facilities have
been netted in order to provide meaningful disclosures.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Operating activities include all cash received from all revenue sources and all cash disbursed for all expenditure sources
including taxation refunds or payments and other transactions that are not classified as investing or financing activities.
Investing activities reflect the acquisition and disposal of property, plant and equipment and intangibles, loans to
associates, and investments in associates, subsidiaries and joint ventures.
Financing activities reflect changes in borrowings and equity.
(l)Inventory
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a weighted
average principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other
costs incurred in bringing them to their existing location and condition. Inventory comprises of pharmacy goods held for
sale.
(m)Government grants
Grants that compensate the Group for expenses incurred are recognised in profit and loss as other income on a systematic
basis in the periods in which the expenses are recognised.
3New standards and interpretations issued and not yet effective
A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31
March 2024. These have been assessed for applicability to the Group and the Directors have concluded that they will not
have a significant impact on future financial statements, except for amendment to NZ IAS 1 which will require additional
disclosures in the financial statements in respect of covenants.
-
13-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
4Discontinued operations
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 to the
date of disposal is set out below.
The completion process associated with the sale of the Community Health division has concluded and an adjustment to the
sale price of $276,000 has been reflected the current year result.
Financial performance and cash flow information
The financial performance and cash flow information presented are for the eleven months ended 28 February 2023 (2023
column).
20242023
$'000$'000
Discontinued operations
Revenue-197,443
Expenses
-(185,096)
Results from operating activities-12,347
Income tax expense
-(3,898)
Result from operating activities, net of tax
-8,449
(Loss)/gain on sale of discontinued operation
(276)21,805
(Loss)/profit from discontinued operation, net of tax
(276)30,254
Cash flow
Net cash inflow from operating activities-8,765
Net cash outflow from investing activities-(153)
Net cash outflow from financing activities
-(15,490)
Net decrease in cash generated by the discontinued operations
-(6,878)
Consideration (paid)/received, satisfied in cash(276)31,971
Cash and cash equivalents disposed of
-(2,224)
Net cash flows
(276)
29,747
20242023
$'000$'000
Effect of disposal on the financial position of the Group
Cash and cash equivalents-(2,224)
Trade and other receivables-(19,034)
Inventories-(139)
Property, plant and equipment-(423)
Right-of-use assets-(3,679)
Intangible assets-(19,210)
Deferred tax asset
-(6,595)
Total assets
-(51,304)
Trade payables and accruals-37,537
Lease liabilities-3,809
Income taxes payable
-2,119
Total liabilities
-43,465
Net assets and liabilities
-
(7,839)
-14-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
5Segment reporting
Segment information provided in this note reflects the Group's performance from continuing operations only. The
Community Health business was discontinued last year and has been excluded from the disclosure in this note. Please see
Note 4 Discontinued operations for further information.
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 Group’s main operations are in the pharmacy industry providing pharmacy services through 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.
The Board monitors the various revenue streams within each reportable segment separately however, they do not meet the
criteria for separate disclosure due to the following:
Aggregation of the operating segments within each reportable segment is consistent with the core principle of NZ
IFRS 8, i.e. aggregating will not distort the interpretation of the financial statements for the users;
The operating segments within each reportable segment share the same economic characteristics; and
The nature of the products and services, and the nature of the regulatory environment are the same for the
operating segments.
Operating segments
Information about reportable segments from continuing operations
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2024
External revenues7.1363,559140,254-503,813
Other income
8517-102
Total Revenue
363,644140,271-503,915
Cost of products sold(214,321)(271)-(214,592)
Employee benefit expense(80,028)(100,784)-(180,812)
Lease expenses(3,598)(722)-(4,320)
Other expenses(33,095)(16,776)(2,485)(52,356)
Depreciation and amortisation(4,299)(1,955)-(6,254)
Depreciation - leases(8,793)(5,476)-(14,269)
Impairment(565)(151)-(716)
Share of equity accounted net earnings
377821-1,198
Segment Profit
19,32214,957(2,485)31,794
Interest income900
Interest expense(2,549)
Interest expense - leases
(7,725)
Profit before tax22,420
Tax expense
(6,591)
Profit after tax15,829
Loss from discontinued operation, net of tax(276)
Non-controlling interest
(3,796)
Net Profit attributable to the shareholders of
the Parent
11,757
Reportable segment assets274,352119,693(10,759)383,286
Reportable segment liabilities135,38392,054*(10,759)216,678
*Intersegmental elimination.
-15-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
5Segment reporting(continued)
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2023
External revenues7.1360,030132,541-492,571
Other income*
356687-1,043
Total Revenue
360,386133,228-493,614
Cost of products sold(212,120)(328)-(212,448)
Employee benefit expense(78,435)(95,687)-(174,122)
Lease expenses(2,813)(185)-(2,998)
Other expenses(30,361)(15,477)(2,992)(48,830)
Depreciation and amortisation(5,204)(1,616)-(6,820)
Depreciation - leases(10,302)(4,964)-(15,266)
Impairment(179)50-(129)
Share of equity accounted net earnings
1431,172-1,315
Segment Profit
21,11516,193(2,992)34,316
Interest income584
Interest expense(1,453)
Interest expense - leases
(6,348)
Profit before tax27,099
Tax expense
(6,804)
Profit after tax20,295
Profit from discontinued operation, net of tax30,254
Non-controlling interest
(5,315)
Net Profit attributable to the shareholders of
the Parent
45,234
Reportable segment assets302,011110,074(11,078)401,007
Reportable segment liabilities121,73188,349**(11,078)199,002
*Other income includes:
Government wage subsidies and resurgence support payments received of $0.4m within Pharmacy Services.
Gain on step acquisition, $0.7m within Medical Services.
**Intersegmental elimination
-
16-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
6Business combinations
Business combinations during the year include; High Street Health Hub Limited, St Heliers Health Partnership, Papakura
East Medical Centre, Woodham Road Healthcare Limited, Richmond Road Medical Centre Limited and Onerahi Pharmacy
Limited. None of these acquisitions are individually material to the Group's result.
Carrying
ValueFair value
$'000$'000
Identifiable assets acquired and liabilities assumed
Total assets2,2532,253
Total liabilities
(1,143)(1,143)
Identifiable net assets
1,1101,110
Included in the acquired assets is additional goodwill of $1.4m.
Consideration transferred
Satisfied by:
Cash consideration10,712
Deferred consideration-
Contingent consideration
392
Total consideration11,104
Less cash acquired (included in assets above)
(787)
Net consideration
10,317
Goodwill
Goodwill recognised as result of the acquisitions are as follows:
Total consideration11,104
Identifiable net assets
(1,110)
Goodwill
9,994
The goodwill is attributable mainly to the various patient databases acquired and the synergies expected to be achieved.
None of the goodwill recognised is expected to be deductible for tax purposes.
The amount of revenue included in the consolidated statement of comprehensive income is $8.3m million with a net profit
after tax of $0.6 million in respect of the entities acquired during the year.
If the acquisitions had occurred on 1 April 2023, management estimates that consolidated operating revenue would have
been $512.4m, and consolidated profit after tax for the year would have been $16.4m for continuing operations.
7Operating performance
7.1Revenue
20242023
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary323,799309,014
Other pharmacy services39,76051,016
Medical services
140,254132,541
503,813492,571
-17-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
7Operating performance(continued)
Disaggregation of contract revenue
Reportable segments
Pharmacy
Services
Medical
ServicesTotal
$'000$'000$'000
Year ended 31 March 2024
Timing of revenue recognition
Transferred at a point in time351,86361,804413,667
Transferred over time
11,69678,45090,146
363,559140,254503,813
Year ended 31 March 2023
Timing of revenue recognition
Transferred at a point in time344,33859,774404,112
Transferred over time
15,69272,76788,459
360,030132,541492,571
Pharmacy retail and dispensing services
Pharmacy retail and dispensary services include retail sales, dispensing, professional advisory and care services. For all
these services control is considered to pass to the customer at the point when the customer can use or otherwise benefit
from the goods and services. For retail sales, control passes at point of sale. Retail sales are predominantly by credit card,
debit card or in cash.
The Group operates its own Living Rewards loyalty programme. When a retail sale is made and points are earned, the
resulting revenue is allocated between the loyalty programme and the other components of the sale. The amount allocated
to the loyalty programme is deferred, and is recognised as revenue when the points are redeemed under the terms of the
programme or when it is no longer probable that the points under the programme will be redeemed.
Other pharmacy services
These mainly include franchise fees, supplier income and other service revenue. Control for franchise services pass over
time as the services are delivered over the term of the franchise agreement. Payment terms for franchise fees is generally
20 to 30 days. Supplier income is earned, as promotional services are rendered over a specified time period by the Group.
Payment terms are generally 20 to 30 days.
Medical services
Medical services include capitation and health services and patient fees. Control for capitation and health services passes
over time as the healthcare services are delivered to the patient over a certain time period. Payments terms are generally
20 to 30 days. Patient fees are earned at a point in time. Control passes to the customer when service has been delivered
to a customer. Patient fees are predominantly by credit card, debit card or in cash.
-18-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
7Operating performance(continued)
Contract assets and contract liabilities
Current contract assets represent revenue where the service has been provided but not yet invoiced to the customer. When
the customer has been invoiced, any outstanding balances are included in receivables. Contract liabilities reflect payments
received for services that have not yet been provided and the payments will be recognised as revenue over time.
Costs directly related to the acquisition of a contract or renewal of an existing contract are capitalised and amortised over
the life of the contract. Cost relating to fulfilling a contract are only capitalised if they meet the recognition criteria under NZ
IFRS 15. Costs incurred in obtaining a contract are only capitalised to the extent they are incremental.
Contract balances
The following table provides information, about receivables, contract assets and contract liabilities from contracts with
customers:
31 Mar 202431 Mar 2023
$'000$'000
Trade receivables which are included in trade and other receivables11,00813,692
Contract assets12,51411,457
Contracts liabilities(9,021)(8,003)
Significant changes in the contract assets and the contract liabilities during the period are as follows:
2024202420232023
Contract
Assets
Contract
liabilities
Contract
Assets
Contract
liabilities
Revenue recognised that was included in the contract
liability balance at the beginning of the period-8,003-10,786
Transfer from contract assets recognised at the
beginning of the period to receivables11,457-16,124-
As at 31 March 2024, the amount of revenue deferred and recognised as a contract liability for the loyalty programme is
$8.3m (2023: $7.7m). This will be recognised as revenue as the loyalty points are redeemed or expire, which is expected to
occur over the next fifteen months.
7.2Operating expenditure
20242023
$'000$'000
Cost of products sold214,592212,448
Employee benefit expense180,812174,122
Lease expenses4,3202,998
Other expenses51,15547,551
Audit fees347312
Other services provided by auditors288174
Directors’ fees in respect of the Parent company453437
Directors’ fees in respect of the subsidiary companies254278
Bad debts written off and movement in doubtful debt provision
(141)78
452,080438,398
Auditor’s remuneration to KPMG comprises:
Annual audit of financial statements322293
Annual audit of financial statements - Prior year
2519
347312
-19-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
7Operating performance(continued)
20242023
$'000$'000
Other services provided by auditors:
Taxation services143171
Other services
1453
288174
Taxation services relate to compliance and related services, and tax support.
Other services relate to a retail product category review.
8Income tax expense
20242023
Notes$'000$'000
Current tax expense(6,877)(3,763)
Deferred tax benefit/(expense)15
286(3,041)
Total current tax
(6,591)(6,804)
Imputation credit account:
Available for use in subsequent periods $19.2m (2023: $34.2m).
20242023
$'000$'000
Numerical reconciliation between tax expense and pretax accounting profit
Profit before tax22,42027,099
Income tax expense at 28% (6,278)(7,588)
(Add)/Deduct tax effects of adjustments:
Other
(313)784
(6,591)(6,804)
Taxation accounting policy
Income tax expense is charged to profit and loss and comprises current tax and deferred tax, unless it relates to an item
recognised in other comprehensive income or equity in which case it is recognised in other comprehensive income or
equity.
Current tax is the estimated tax payable on the current period’s taxable income using current tax rates, adjusted for any
under or over accrual in respect of prior periods.
Deferred tax is recognised using the balance sheet approach, allowing for temporary differences between the carrying
amounts of assets and liabilities for accounting purposes and the carrying amounts for tax purposes. A deferred tax asset is
recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related benefit will be realised.
-20-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
9Earnings per share
The earnings per share and dividend per share is calculated using the Group’s result divided by the weighted average
number of shares for the listed entity, Green Cross Health Limited.
20242023
cents per
share
cents per
share
Basic earnings per share
8.2031.57
The calculation of basic earnings per share is based on the profit attributable to equity holders of the Parent and a weighted
average number of ordinary shares issued during the year of 143,431,640 (2023: 143,284,396).
Diluted earnings per share
8.1831.46
The calculation of diluted earnings per share is based on the profit attributable to equity holders of the Parent and a
weighted average number of ordinary shares issued during the year after adjustment for the effects of all dilutive ordinary
shares of 143,744,827 (2023: 143,801,893).
Net tangible (liabilities)/assets per share
(7.88)24.63
The calculation of net tangible (liabilities)/assets per share is based on net (liabilities)/assets less deferred tax and
intangible assets (refer Note 14 and Note 15) and the closing number of ordinary shares at the end of the year.
Net assets per share
116.13140.98
The calculation of net assets per share is based on net assets and the closing number of ordinary shares at the end of the
year.
20242023
$'000$'000
Earnings per share - continuing operations
Profit from continuing operations15,82920,295
Profit from continuing operations attributable to minority interests
(3,796)(5,315)
Profit from continuing operations attributable to the ordinary equity holders of the company
used in calculating basic earnings per share
12,03314,980
20242023
cents per
share
cents per
share
Basic earnings per share - continuing operations8.3910.45
Diluted earnings per share - continuing operations
8.3710.42
10Dividends
20242023
cents per
share
cents per
share
Dividends per share
34.007.00
In December 2023, Green Cross Health Limited paid an interim dividend of 2.5 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28% (2022: 3.5 cents).
In June 2023, Green Cross Health Limited paid a final dividend of 3.5 cents per qualifying ordinary share to shareholders,
which was fully imputed to 28% (2022: 3.5 cents).
In April 2023, Green Cross Health Limited paid a special dividend of 28.0 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28% (2022: nil).
-21-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
11Trade and other receivables and income taxes refundable
20242023
$'000$'000
Trade receivables11,00813,692
Provision for doubtful debts(1,748)(1,989)
Contract assets12,51411,457
Accrued income8551,309
Other receivables and prepayments
2,9202,027
25,54926,496
Other receivable - non-current asset
2,6932,421
Income taxes refundable
404-
12Property, plant and equipment
20242023
$'000$'000
Opening Cost90,16486,024
Acquisitions through business combinations6441,909
Additions6,4406,049
Disposals(2,600)(3,727)
Assets written off
(3,844)(91)
Closing cost
90,80490,164
Opening accumulated depreciation71,17766,485
Acquisitions through business combinations2421,454
Depreciation for the period6,1816,568
Disposals(2,225)(3,294)
Assets written off
(3,431)(36)
Closing accumulated depreciation
71,94471,177
Closing book value18,86018,987
Work in progress
119261
Total property, plant and equipment
18,97919,248
Property, plant & equipment accounting policy
Property, plant & equipment owned by the Group consists primarily of leasehold improvements and is stated at cost less
accumulated depreciation and any impairment losses. Property, plant & equipment acquired in stages is not depreciated
until the asset is ready for its intended use.
Depreciation is provided on a straight-line basis on all property, plant & equipment components to allocate the cost of the
asset (less any residual value) over its useful life or if it relates to assets in a leased premises, the life of the lease if shorter.
The residual values and remaining useful lives of asset components are reviewed at least annually.
Current estimated useful lives of property, plant and equipment are between two and twelve years.
Subsequent expenditure is capitalised only if it is probable that future economic benefit associated with the expenditure will
flow to the Group. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an asset is recognised in the profit and loss in the period in which the asset is
disposed of.
-22-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
13 Leases
As a lessee
The Group’s leased assets include property leases for pharmacies, medical centres and support office. The lease terms of
these leases typically range from 2 to 30 years (inclusive of any renewal options). Some leases provide for additional rent
payments that are based on changes in CPI or market rental rates. The Group also leases motor vehicles and equipment,
which typically run for a period of 3 to 5 years.
As a lessee, the Group recognises right-of-use assets and lease liabilities for the majority of its leases – i.e. these leases
are on-balance sheet.
The carrying amounts of right-of-use assets and lease liabilities are as below:
Right-of-use assetsProperty
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2024
Balance as at 1 April 202387,61734883388,798
Balance as at 31 March 202495,5832171,28497,084
Depreciation13,39813074114,269
2023
Balance as at 1 April 202280,2992,6061,14084,045
Balance as at 31 March 202387,61734883388,798
Depreciation14,38113075515,266
Additions to property of $16.4m (2023: $15.3m) and remeasurements of $5.0m (2023: $8.0m) have been made to right-of-
use assets during the current year.
Low value leases of $4.3m (2023: $3.6m) have been expensed (under lease exemption).
Lease liabilities
Property
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2024
Balance as at 1 April 202397,98337691999,278
- Current liability12,31212159213,025
- Non-current liability85,67125532786,253
Balance as at 31 March 2024108,0242551,359109,638
- Current liability12,27013968913,098
- Non-current liability95,75411667096,540
2023
Balance as at 1 April 202289,6102,6211,17693,407
- Current liability13,06057066114,291
- Non-current liability76,5502,05151579,116
Balance as at 31 March 202397,98337691999,278
- Current liability12,31212159213,025
- Non-current liability85,67125532786,253
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted
for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
-
23-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
13 Leases(continued)
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made. It is re-measured when there is:
a change in future lease payments arising from a change in an index or rate; or
a change in the estimate of the amount expected to be payable under a residual value guarantee; or
changes in assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised; or
any other change in the future lease payments or the lease term due to a lease modification that’s not accounted
for as a separate lease.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include
renewal options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease
term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.
20242023
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year19,81417,972
Two to five years62,08753,803
More than five years
88,75970,130
170,660141,905
As a lessor
The Group sub-leases some of its properties. Income in relation to these subleases is $1.7m (2023: $1.6m). The right-of-
use assets recognised from the head leases are measured at cost. The sub-lease contracts are classified as operating
leases under NZ IFRS 16.
20242023
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year9831,280
Two to five years1,4052,267
More than five years
262382
2,6503,929
-24-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
14Intangible assets
20242023
Notes$'000$'000
Other intangible assets
Opening costs11,96615,608
Acquisitions through business combinations611
Additions59243
Disposals(171)(2,826)
Asset impairment
(1,090)(1,070)
Closing cost
10,77011,966
Opening accumulated amortisation9,45212,636
Acquisitions through business combinations19
Amortisation for the period73519
Disposals(8)(2,669)
Asset impairment
(1,078)(1,043)
Closing accumulated amortisation
8,4409,452
Closing book value
2,3302,514
Goodwill
Opening costs152,516156,834
Other acquired goodwill61,388647
Additions69,99414,197
Disposals
(291)(19,162)
Closing cost
163,607152,516
Total intangible assets
165,937
155,030
Intangible assets accounting policy
Intangible assets recognised by the Group are stated at cost less accumulated amortisation and any impairment losses with
the exception of goodwill (see below).
Intangible assets acquired in stages are not amortised until the asset is ready for its intended use.
Other intangible assets represent franchisee store rebranding costs and have an indefinite life.
Subsequent expenditure is capitalised if future economic benefit will flow to the Group and the requirements of the standard
are met. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an intangible asset is recognised in the profit and loss in the period in which the
intangible asset is disposed of.
Intangible assets disclosed in the financial statements relate to trademarks and other indefinite life intangible assets.
Indefinite life intangible assets are tested annually for impairment.
Goodwill accounting policy
Goodwill arises on the acquisition of businesses. Goodwill represents the excess of the purchase consideration over the fair
value of the net identifiable tangible and intangible assets at the time of acquisition.
Goodwill is allocated to the relevant cash generating units (CGU) expected to benefit from the acquisition and tested for
impairment annually, or earlier at any interim reporting dates if there are indicators of impairment.
The value of each CGU is determined by its value in use. If the recoverable amount is less than the carrying amount of the
CGU then an impairment loss is recognised in profit and loss and the carrying amount of the asset is written down.
The relative value of the goodwill allocated to the relevant cash generating unit is included in the determination of any gain
or loss on disposal.
-25-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
14Intangible assets(continued)
Impairment testing
Discounted cash flow (DCF) models have been based on three-year forecast cash flow projections. The budget for the
year-ending 31 March 2025 is the basis for the first year's projections and projections for subsequent periods have been
based on this plus growth. Terminal cash flows are projected to grow in line with the New Zealand long-term inflation rate.
The discount rate was a post-tax measure (discount rate pre-tax 10.12%) based on the rate of 10-year government bonds
issued by the government in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to
reflect both the increased risk of investing in equities generally and the systematic risk of the specific CGU.
Impairment test assumptions 2024Pharmacy
Services
Medical
Services
Discount rate - post tax%9.69%9.69
Terminal growth rate%3.50%3.50
Carrying amount of goodwill allocated to the unit ($000)86,63776,970
Carrying value of other intangible assets with indefinite useful lives ($000)2,048-
Impairment test assumptions 2023Pharmacy
Services
Medical
Services
Discount rate - post tax%9.53%9.53
Terminal growth rate%3.50%3.50
Carrying amount of goodwill allocated to the unit ($000)85,65766,859
Carrying value of other intangible assets with indefinite useful lives ($000)2,048-
For the purpose of impairment testing, goodwill is allocated to the Group's operating divisions which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is allocated across all
operations within a division that have similar economic characteristics and collectively benefit from acquisitions that
increase the Group's portfolio.
Sensitivities
No impairment was identified for Pharmacy Services and Medical Services as a result of this review, nor under any
reasonable possible change, in any of the key assumptions described above.
15Deferred tax asset
The movement in deferred tax asset and liability during the year is made up of the following:
OpeningNet additions
Recognised in
profit and lossClosing
$'000$'000$'000$'000
Group - 2024
Property, plant and equipment3,037-(111)2,926
Provisions and accruals2,941-1863,127
Tax losses2,779-(238)2,541
Right of use assets(24,863)(6,303)3,982(27,184)
Lease liabilities
27,7976,303(3,533)30,567
11,691-28611,977
Group - 2023
Property, plant and equipment2,809-2283,037
Provisions and accruals9,285-(6,344)2,941
Tax losses17-2,7622,779
Right of use assets(23,533)(6,635)5,305(24,863)
Lease liabilities
26,1546,635(4,992)27,797
14,732-(3,041)11,691
-26-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
16Equity accounted group investments
20242023
$'000$'000
The movement in equity accounted investments comprises:
Opening carrying amount7,1474,720
Investment in associates and joint ventures3232,880
Disposal of associates and joint ventures-(508)
Share of net earnings1,1981,315
Dividends23
(1,852)(1,260)
6,8167,147
There are no individually material associates or joint ventures.
Amount of goodwill within the carrying amount of equity accounted group
investments:
Opening carrying amount1,3661,987
Disposal of associates and joint ventures
-(621)
Closing carrying amount
1,3661,366
Summary associate and joint venture financial information
The aggregate results of the associates and joint venture financial position and current year's profit are as follows:
AssetsLiabilitiesRevenue
Net profit after
tax
$'000$'000$'000$'000
As at and for the year ended 31 March 202412,7495,46344,3223,169
As at and for the year ended 31 March 202319,6765,29637,2734,950
Investments in associates and joint ventures accounting policy
An associate is an investee over which the Group has significant influence, which is the power to participate in the financial
and operating policy decisions of the investee but not to control or jointly control those policies.
A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Joint control is the contractually agreed sharing of control of the arrangement which only exists
when decision about the relevant activities require the unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated into the financial statements of the
Group using the equity method of accounting. Under the equity method, the initial investment in the Group financial
statements is measured at cost and adjusted thereafter for the Group’s share of profit and loss and other comprehensive
income of the associate and joint venture. Any goodwill arising on the acquisition of an associate or joint venture investment
is included in the carrying amount of the investment net of dividends received. Where the Group’s share of losses of the
associate of joint venture exceeds the Group’s interest in that associate or joint venture, the Group discontinues
recognising its share of losses unless it has a legal or constructive obligation to continue doing so. The equity method is
discontinued where the Group ceases to exert significant influence or joint control over the investee.
Accounting policies adopted by associates and joint ventures are generally consistent with those of the Group. Where a
material difference does exist, appropriate adjustments are applied to ensure congruence with the policies of the Group, the
most significant of these being the recognition of deferred tax.
-27-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
17Trade and other payables and income taxes payable
20242023
$'000$'000
Payables and accruals
Trade payables32,42929,271
Payable to non-controlling interest4,5185,283
Contract liabilities9,0218,003
Accrued expenses16,52022,549
Employee entitlements
9,6079,550
72,09574,656
Income taxes payable
-1,531
Employee entitlements accounting policy
Employee entitlements for salaries, bonuses, long service, alternate and annual leave are provided for and recognised as a
liability when benefits are earned by employees but not paid at the reporting date.
18 Borrowings
20242023
$'000$'000
Current2,5731,903
Non-current
32,37221,634
34,94523,537
The Group re-financed its debt facilities during the year, with the Group’s primary lenders now being BNZ and Bank of
China (the lenders).
The Group's interest rate on outstanding loans is calculated based on BKBM or cost of funds plus a margin. The current
interest rate is between 6.59% and 9.72% (2023: 6.50% - 8.49%). A 0.5% increase/decrease in the effective interest rate
would result in a decrease/increase in after tax profit and equity of $126,000.
Green Cross Health Limited and all its subsidiaries provided guarantees and indemnities in favour of the lenders covering
all loans held by the Parent and subsidiary companies. Loans provided by BNZ to partnership subsidiaries are covered by a
General Security Agreement over the individual business assets.
At balance date, the Group has undrawn banking facilities of $32.5m (2023: $40.2m). The debt facilities held with both BNZ
and Bank of China mature December 2027.
Borrowings and advances accounting policy
Borrowings are initially recognised at fair value, including directly attributable transaction costs. Subsequent to initial
recognition, borrowings are measured at amortised cost using the effective interest method.
-28-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
19Operating cash flow reconciliation
20242023*
$'000$'000
Profit for the year15,55350,549
Add/(deduct) non-cash items:
Depreciation, amortisation and impairment21,23922,215
Other non-cash items1,2881,434
Add/(deduct) changes in working capital:
Receivable and accruals movement6751,779
Inventory1,51665
Payable and accruals movements(2,561)(11,965)
Provision for tax movement(2,221)(4,164)
Add/(deduct) items classified as cash flows from investing and financing activities:
Loss/(gain) on disposal of Community Health division276(21,805)
Interest expense2,4671,453
Interest expense - leases
7,7256,348
Net cash inflow from operating activities
45,95745,909
*Comparative information includes re-presentations for consistency with the current period.
20Shares on issue
20242023
'000'000
Shares authorised and on issue
Opening number of shares143,285143,153
Shares issued - fully paid177132
Shares issued - partly paid--
Shares cancelled - partly paid
--
143,462143,285
Shares held as treasury stock--
Performance share rights
367517
143,829143,802
All ordinary shares carry equal rights in terms of voting, dividend payments and distribution upon winding up.
Share capital
Incremental costs directly attributable to the issue of ordinary shares, share options and share capital are recognised as a
deduction from equity.
-29-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
21Share-based payments
Performance Share Rights
Performance Share Rights (PSRs) were offered to some senior executives, commencing 1 April 2019. Under the scheme
PSRs are issued to participants which give them the rights to receive ordinary shares in the Company after a three year
period, subject to certain vesting and other conditions being met. The fair value is measured at grant date and amortised
over the vesting period. The vesting of the PSRs is subject to the Company achieving performance hurdles relating to the
growth of its earnings per share over a three year measurement period. There is no exercise price for these performance
rights and there is no right to dividends during the vesting periods.
Vesting is contingent upon audited financial statements, therefore PSRs which meet the vesting criteria will vest in the
financial year following the end of the PSR period.
The shares granted during the current financial period have a fair value of $200,000 (2023: $220,000) which is calculated
using the weighted average price of shares through the NZX over the one month period prior to the date of the Company’s
results announcement for the financial year ended 31 March 2023 (2023: 31 March 2022).
The total expense recognised in the year to 31 March 2024 in relation to the PSRs was $100,000 (2023: $194,000).
176,693 PSR's were vested during the year.
PSRs granted are summarised as below:
Grant DatePSR PeriodPSRs grantedPSRs vested
PSRs
forfeited
PSRs end of
period
23/10/2020 01/04/2019 - 31/03/2022131,637(131,637)--
23/10/202001/04/2020 - 31/03/2023176,693(176,693)--
28/06/202101/04/2021 - 31/03/2024188,679-(47,170)141,509
27/06/202201/04/2022 - 31/03/2025167,338-(53,244)114,094
26/06/2023
01/04/2023 - 31/03/2026
148,677-(37,169)111,508
Total813,024(308,330)(137,583)367,111
22Financial instruments
The Group is party to financial instruments as part of its normal operations. Financial instruments include cash and cash
equivalents, borrowings, trade and other receivables and trade and other payables.
Financial instruments are initially recognised at their fair value less transaction costs, and subsequently measured at their
amortised cost. A financial instrument is recognised if the Group becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets
expire or if the Group transfers the financial asset to another party without retaining control or substantially all risks and
rewards of the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets and financial liabilities are recognised at amortised cost.
Risk management policies are used to mitigate the Group’s exposures to credit risk, liquidity risk and market risk that arise
in the normal course of operations.
-30-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
22Financial instruments (continued)
Credit Risk
The Group’s maximum credit risk resulting from a third party defaulting on its obligations to the Group is represented by the
carrying amount of each financial asset on the statement of financial position. The Group is not exposed to any material
concentrations of credit risk other than its exposure within the retail pharmacy and government sectors. The Group
monitors credit limits on a monthly basis. All credit facilities to external parties are provided on normal trade terms
(unsecured, to a maximum of 45 days). At any one time, the Group generally has amounts owed to and amounts owed by
the same counterparty, although no legal right of set-off exists. The Parent company holds direct debit authorities for
amounts payable under the contractual terms of its franchise agreements. The Parent regularly monitors the credit ratings
issued, and any qualifications to those ratings, to the financial institutions (and those of the ultimate parent financial
institution) used by the Group.
The status of trade receivables and contract assets at reporting date is as follows:
Gross
receivable
2024
Impairment
2024
Gross
receivable
2023
Impairment
2023
$'000$'000$'000$'000
Trade receivables and contract assets
Not past due24,994-25,248-
Past due 0-30 days1,329-538-
Past due 31-120 days1,919-3,131-
Past due more than 120 days
1,748(1,748)1,989(1,989)
Total
29,990(1,748)30,906(1,989)
The Group’s exposure to credit risk for trade receivables, which includes contract assets with the government is influenced
mainly by the individual characteristics of each customer. The creditworthiness of a customer or counterparty is determined
by a number of qualitative and quantitative factors. Qualitative factors include external credit ratings (where available),
payment history and strategic importance of customer or counterparty. Quantitative factors include transaction size, net
assets of customer or counterparty, and ratio analysis on liquidity, cash flow and profitability.
The Group’s cash balances is held with a number of banks with the level of exposure to credit risk considered minimal with
low levels of cash held.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity
requirements on an ongoing basis. In general, the Group generates sufficient cash flows from its operating activities to
meet its obligations arising from its financial liabilities and has credit lines in place to cover potential shortfalls. The following
table sets out the contractual cash flows for financial liabilities that are settled on a gross cash flow basis:
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2024
Borrowings34,94539,9332,7273,48033,726
Trade and other payables
53,46753,46753,467--
Total non-derivative
liabilities
88,41293,40056,1943,48033,726
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2023
Borrowings23,53725,2621,9513,34319,968
Trade and other payables
57,10357,10357,103--
Total non-derivative
liabilities
80,64082,36559,0543,34319,968
-31-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
22Financial instruments (continued)
Market Risk
Refer to note 18 for details of the interest rates for the group loans and borrowings, which are the most significant financial
instruments.
Capital management
The Group’s capital includes share capital and retained earnings. The Group is not subject to any externally imposed
capital requirements.
The allocation of capital between its specific business segments’ operations and activities is, to a large extent, driven by the
optimisation of the return achieved on the capital allocated. The process of allocating capital to specific business segment
operations and activities is undertaken independently of those responsible for the operation.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
The carrying amount of the Group’s on-balance sheet financial instruments including trade and other receivables, cash and
cash equivalents, borrowings and trade payables, closely approximate their fair values as at 31 March 2024 and 31 March
2023. The assessment of fair value relating to borrowings was determined by reference to observable market data (level 2).
23Related parties
The Group has commercial franchise agreements with stores relating to marketing levies and franchise fees. The Group
also enters into transactions on behalf of the stores which are on-charged. These transactions comprise items such as
training courses, supplier agreements, central advertising campaigns, loyalty card costs, and IT related costs. The Parent
has leased some equipment which is on-leased to associate companies. The Parent performs accounting services, based
on agreed terms, for some of the stores and medical centres.
The Parent has shareholder agreements with the other shareholders of the associates. The agreements set out the return
on investment/profit sharing arrangements relating to these investments.
Related party transactions for the group:
Transaction value Balance outstanding
2024202320242023
$'000$'000$'000$'000
Franchise fees and on-charged costs to equity
accounted investments524953
Management service charges and on charged
costs to equity accounted investments1,10835324858
Dividend Income1,8521,260--
Receivable from other related parties--3,2202,544
Key management personnel remuneration
The Group provides compensation to key management personnel which comprises the Directors, the Group CEO and the
CFO (prior year included some senior executives). Key management compensation comprised:
20242023
$'000$'000
Remuneration and Directors fees1,5592,224
Short term employee benefits73393
Long term incentives (Note 21)
100194
1,7322,811
-32-

Notes to the consolidated financial statements
For the year ended 31 March 2024
(continued)
24Subsequent events
On 29 May 2024, Green Cross Health Limited declared a final dividend of 2.0 cents per qualifying ordinary share amounting
to $2.9m, which will be fully imputed at 28%. The dividend record date is 7 June 2024 and payment will occur on 21 June
2024.
No adjustment is required to these consolidated financial statements in respect of these events.
-
33-

---

Green Cross Health Results Announcement 30/05/2024

(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 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$503,915 +2.1%
Total Revenue $503,915 +2.1%
Net profit/(loss) from
continuing operations
$12,033* -19.7%
Total net profit/(loss) $11,757* -74%
Final Dividend
Amount per Quoted Equity
Security
$0.02000000
Imputed amount per Quoted
Equity Security
$0.00777778
Record Date 07/06/2024
Dividend Payment Date 21/06/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.08) $0.25
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, intangible assets
are a major component of total assets. Net assets per quoted
equity security are $1.16 (31 March 2023: $1.41)
Please refer to the attached audited Financial Statements for the
12 months ended 31 March 2024.
* attributable to shareholders
Authority for this announcement
Name of person

authorised
to make this announcement
Kalpana Goundar - CFO
Contact person for this
announcement
Kalpana Goundar - CFO
Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP

30/05/2024

Audited financial statements accompany this announcement.

---

Distribution Notice 30/05/2024


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

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 X Quarterly
Half Year Special
DRP applies No
Record date 07/06/2024
Ex-Date (one business day before the
Record Date)
06/06/2024
Payment date (and allotment date for
DRP)
21/06/2024
Total monies associated with the
distribution
1

$2,869,222
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02777778
Gross taxable amount
3
$0.02777778
Total cash distribution
4
$0.02000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00352941
Section 3: Imputation credits and Resident Withholding Tax
5


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.

Is the distribution imputed

Fully imputed


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

28%
Imputation tax credits per financial
product
$0.00777778
Resident Withholding Tax per
financial product
$0.00138889
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
Kalpana Goundar – CFO
Contact person for this
announcement
Kalpana Goundar - CFO
Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP

30/05/2024






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