Ryman Healthcare Limited - Annual Report 2024

Annual Report
RYMAN HEALTHCARE 2024

Founded in Christchurch, New Zealand in 1984, Ryman Healthcare
is a leader in retirement living and aged care. Our driving purpose is
to enhance freedom, connection and wellbeing for people as we
grow older.
We own and operate 48 retirement villages across New Zealand and Victoria, Australia which are
home to over 14,600 residents, offering a range of retirement living and aged care options that
allow residents to choose the lifestyle that’s right for them.
For forty years, our guiding principles have been to provide great care and exceptional resident
experience alongside great financial performance. At the heart of our business, everything we
do must be ‘Good enough for mum and dad.’


On the front cover: Logan Campbell Village resident Dora and caregiver Gurpreet, in the Logan Campbell gardens.
About Ryman
About this report
Our latest Annual Report covers Ryman’s business operations for the period 1 April 2023 to
31 March 2024. The report has been prepared in accordance with the guiding principles of the
International Integrated Reporting Framework as well as the NZX Listing Rules and the Corporate
Governance Code. The Framework encourages businesses to report against issues most material
to their stakeholders, as well as provide insights into how their businesses create value and how
this value contributes to sustainable returns over the long term.
Patrick Hogan Village.

Contents
04 Review
04 Directors’ report
12
Our strategy in action: Fit for the future
13
Creating value for our stakeholders
14 The best continuum of care for ageing well
16 Unparalleled resident experience
18 Positive expansion
22 Great financial performance
24 Creating a performance culture
30 Our role in the community
33 Results
105 Corporate governance
141 Climate-Related Disclosures
166 Our villages and directory
02 At a glance
1

Operator
of the Year
Ageing in Place
2024 Asia-Pacific Eldercare
Innovation Awards
At a glance
48
villages open
10x winner
Reader’s Digest
Most Trusted Brand
$500,000+
donated to our annual
charity partner, the
Fred Hollows Foundation
(in association with our
teams and residents)
Aged Care and
Retirement Villages category
10
greenfield sites
(excluding 3 sites held for sale)
4,339
aged care beds
10
sites under construction
(includes 9 open villages)
14,606
residents
9,187
retirement village units
7,6 9 1
team members
(includes 9 villages under construction)
RYMAN HEALTHCARE ANNUAL REPORT 2024
2

1,498
settled sales of
occupation rights
$43.3m
Cash flow from
existing operations
1
$2.51b
Net interest-bearing debt
Gearing: 36.2%
($283.9m)
Total one-off costs
1
($230.2m)
Cash flow from
development activity
1
($324.5m)
IFRS profit (loss) before
tax and fair value
movements (PBTF)
$51.8m
$0.21b
$150.8m
-$99.2m
$4.8m
Net profit after tax (NPAT)
98%
1,500
new residents welcomed
into our retirement villages
2,200
new residents welcomed
into our aged care facilities
1

Cash flow from existing operations, cash flow from development activity and total one-off costs are non-GAAP (Generally Accepted
Accounting Principles) measures and do not have a standardised meaning prescribed by GAAP, and so may not be comparable
to similar financial information presented by other entities.
2%
3

Directors’ report
Ryman continues to set the benchmark for retirement living and quality of care for our residents.
However, in terms of returns to shareholders we have fallen considerably short in recent years.
We look forward to working with the team, and eventually our new Group CEO, as we focus intently
on restoring our financial performance and with that our returns to shareholders.
Achievements in the year
This year we celebrate several significant milestones
including our 40th anniversary and the 10-year anniversary
of opening our first village in Victoria, Australia. In FY24,
we were proud to open three new villages, welcoming
our first residents into Northwood (Christchurch),
Patrick Hogan (Cambridge) and Bert Newton (Highett)
in Australia. In addition, we opened a new care centre at
Deborah Cheetham in Melbourne, finishing the year with
48 operating villages, home to some 14,600 residents.
We continued to be recognised by the industry for
delivering great care and by the community for their trust
in our brand. We were proud to be named Reader’s Digest
Most Trusted Brand in aged care and retirement living
in New Zealand for the tenth time, as well as winning four
awards at the 2024 Asia-Pacific Eldercare Innovation
Awards, including ‘Operator of the Year – Ageing in Place’
for the second year running.
We also continued to play an important role in our local
communities, working with our teams and residents to
raise over $500,000 for the Fred Hollows Foundation
across New Zealand and Australia, who work tirelessly
to put an end to avoidable blindness.
Financial results
For FY24, Ryman reported an 18% increase in revenue
to $689.9 million, driven by growth in care, village
and deferred management fees. However, the
combined impact of impairments and other one-off
costs ($283.9 million, FY23: $175.4 million) and a lower
fair value gain on investment properties, has led to
a significant reduction in reported net profit after
tax (NPAT) to $4.8 million against the $257.8 million
achieved in FY23.
This result has been achieved against a particularly
challenging operating environment with residential
property markets subdued and cost inflation impacting
all areas of the business.
The reported profit result was clearly disappointing.
We took the hard decision to reassess the carrying
value of a number of assets in light of the current
economic environment and also place higher hurdles
on new developments. Despite these non-cash
write-downs, it was pleasing that we achieved an
improvement in cash flow from existing operations
to $43.3 million (-$8.5 million in FY23). Contributing
to this was a record number of Occupation Right
Agreement (ORA) resale settlements, which continues
to underline the attractiveness of the Ryman offering.
Ryman achieved an underlying profit of $270.0 million,
down 11% on the $301.9 million achieved in the prior
year, and within our February 2024 guidance range
of $265–285 million. The reduction in underlying profit
on FY23 was primarily a result of lower margins on new
developments which have suffered from higher costs
to complete through construction inflation, the impact
of delays and higher interest costs.
Getting fit for the future
Welcome to our 2024 Annual Report. This year has been one of significant change
as we embark on getting fit for the future.
RYMAN HEALTHCARE ANNUAL REPORT 2024
4

Cash flow from existing operations of $43.3 million
(an improvement of $51.8 million on the prior year)
$43.3 million
IFRS profit (loss) before tax and fair value movements
(down -$99.2 million on the prior year)
Per share: -47.2cps, FY23: -43.6cps
Cash flow from development activity of -$230.2 million
(an improvement of $150.8 million on the prior year)
-$230.2 million
-$324.5 million
Changing our financial performance metrics
Ryman has traditionally used underlying profit as
the key measure of its financial performance. We now
believe that there are better indicators of performance
that are also more closely tied to our audited
financial accounts.
We have turned our focus to three key financial
performance metrics:
1. Cash flow from existing operations
1
;
2. Cash flow from development activity
1
; and
3. IFRS profit before tax and fair value movements
per share.
The first two are cash measures. We believe cash
flow, like in any traditional business, is the most
objective measure of performance. We have split that
measurement between existing operations (that is,
our current open villages and their share of support
and services costs and interest) and development
(which incorporates our land bank, construction,
delivery, sale of new occupancy rights and their share
of support and services costs and interest). Existing
operations and new developments have very different
performance drivers and cash flows and we believe
are best reported on separately. The combination of
these two measures we term as free cash flow.
IFRS profit before tax and fair value movements
measures the operating performance of the existing
operations. This measure excludes activities related
to our investment property portfolio, specifically
development margin, refinancing gains and the
unrealised valuation movement in the portfolio
between the start and finish of the year. The latter will
fluctuate year to year and over time and we believe,
while it is relevant to the growth in shareholders’
equity, it is unrealised (as we don’t sell the underlying
properties to residents, we instead grant a licence
to occupy).
1

Cash flow from existing operations and cash flow from development activity are non-GAAP (Generally Accepted Accounting
Principles) measures and do not have a standardised meaning prescribed by GAAP, and so may not be comparable to similar
financial information presented by other entities.
5

Governance refresh
The year has seen a significant refresh on the Board and
at management level. Over the last year, three directors
have retired from the Board and four new directors
have been appointed, demonstrating our commitment
to refreshing Board membership and bringing new
capability and experience to governing the company.
Dean Hamilton joined the Board on 1 June 2023 and
became Chair on 1 August 2023. Dean subsequently
transitioned to Executive Chair, following the resignation
of Richard Umbers in April 2024, in an interim capacity
until a new Group CEO is in place. Dean has an extensive
background in governance, large company leadership
and financial markets, across both New Zealand and
Australia. James Miller joined the Board on 1 June
2023, and has since become the Audit, Finance and
Risk committee Chair. James is the current Chair of
Channel Infrastructure and a director of Mercury NZ
and Vista Group. He was previously Chair of NZX and
brings extensive knowledge in both audit and risk and
financial markets. Kate Munnings joined the Board on
1 November 2023. Kate brings extensive commercial
healthcare experience from senior roles at Virtus and
Ramsay in Australia, as well as construction and
property management experience from prior roles.
In addition, in March 2024 we announced the
appointment of David Pitman as a director. He brings
strong leadership, strategic and transformation
experience across a range of sectors, including
retirement living in Australia, and joined the Board
on 1 May 2024. At the same time, we announced that
Dr Bernadette Eather would join Ryman’s Clinical
Governance committee as a Clinical Advisor. She
started her role on 2 April 2024, replacing Dr David Kerr
who retired at 31 March 2024.
Director George Savvides retired 1 June 2023, while
Warren Bell and Jo Appelyard retired at the 2023
Annual Shareholder Meeting (ASM). Geoffrey Cumming
and Claire Higgins also announced that they will step
down at the 2024 ASM and the end of the calendar
year respectively. We thank all the retiring directors
for their contributions and dedication to Ryman.
We also made several changes to Board committee
memberships and have introduced a new minimum
share purchase plan for directors.
More details can be found in the corporate
governance section of this Annual Report.
Health, safety & wellbeing
Care is a core part of our DNA at Ryman. It’s therefore
natural that we take health and safety very seriously.
At our villages we need to provide a safe environment
for our residents, visitors and our teams. At our
construction sites we need to ensure our teams,
contractors and subcontractors work together to
create a safe environment for everyone on site. After
a thorough review we’ve taken action to reconfigure
our health, safety and wellbeing systems. This includes
implementing measures to improve data capture
moving forward.
We are also prioritising the development and upskilling
of our teams in safety performance, with a specific
focus on understanding and mitigating our critical risks
and reducing our Total Recordable Injury Frequency
(TRIF). We are pleased to report that over the course
of the year there were no critical injuries across
the company.
RYMAN HEALTHCARE ANNUAL REPORT 2024
6

Capital management
Ryman continues to be committed to prudent capital
management. The Board made the decision during
the year to suspend dividends. The need to continue
to spend capital to complete committed village buildings
and the desire to limit increased borrowings are key
factors behind the decision.
As previously communicated the company intends
to undertake a further review of the dividend policy
at FY26. Any future dividend policy is expected to be
based on cash flow.
At March 2024, net interest bearing debt was $2.51 billion,
up $0.21 billion from March 2023 and in-line with the
position at September 2023. Total funding headroom
at March 2024 was $508 million (undrawn facilities
and cash).
Gearing of 36.2% has increased 3.1 percentage
points reflecting both higher debt and the impact on
shareholders equity from valuation movements and
impairments. This sits slightly above our medium-term
target of 30–35%.
The financial focus of the Board is to strengthen cash
flow outcomes from existing operations and to recycle
capital on new developments. Over time, we aim to
grow the value of Ryman while gradually reducing our
net debt position.
Development update
During the year Ryman completed developments
at both John Flynn (Melbourne) and William Sanders
(Devonport). These are fabulous new villages for
our residents, with state-of-the-art amenities and
a continuum of care.
At year end, 10 villages are under active construction,
nine of which have already opened to residents. The
current build programme is unusually skewed to main
buildings, of which four are expected to be completed
in FY25.
There were 736 units and beds recognised in our
FY24 build rate, which includes both complete and
near complete units and beds. Going forward, Ryman
intends to adopt a simpler measure with build rate
reported on a complete basis, including only units and
beds which are able to be occupied.
We have increased our focus on the efficiency of our
new
village developments, with a much stronger lens
on expected cash recycling and net present value.
As a result of this, sites in our land bank at Kohimarama,
Karori and Newtown (decision taken in FY23) are
being held for sale, and our sites at Takapuna and
Ringwood
East have been put back into the land bank.
Carrying values for these sites, and our site at Mt Eliza,
have been written down to either an unconditional sale
value (for Newtown) or a market value, resulting in an
impairment of $211.0 million being recognised in FY24.
Ryman acquired a further parcel of land at
Deborah Cheetham in Victoria. This 2.0ha site will
support an additional 58 two- and three-bedroom
townhouses. These new properties will enjoy the
recently opened main building.
Our land bank at 31 March 2024 has 5,371 units and
beds available for development, including 2,627 at
sites currently under active development, and 2,744
at the balance of sites.
“The financial focus of the Board is to strengthen cash
flow outcomes from existing operations and to recycle
capital on new developments.”
7

Leaders in retirement living
The Retirement Village Residents Association released
its best practice scorecard for New Zealand operators in
February 2024, which grades operators on 19 key terms
found in ORAs. Ryman’s score was the highest of the
10 largest retirement village operators in New Zealand.
Our innovative MyRyman Resident App was recognised
for its outstanding utilisation of technology at the
Australian Good Design Awards in September 2023,
which celebrate cutting-edge design projects from
around the world that foster positive change in
society. The App also won a Good Design Tick at the
Australian Good Design Awards in conjunction with
partner Journey Digital.
We continue to innovate and improve our care services,
with significant growth across our home care offering
within our villages in Australia. Residents receiving
funded home care packages delivered by Ryman
increased by 77% to 234 in the period.
Find our 2024 Sustainability Report on our website.
Embedding our sustainability strategy
Ryman is committed to our sustainability journey and
decarbonising our operations. We have released our
first Sustainability Report which showcases progress
across three key priority areas: climate change, quality
care and Indigenous engagement.
During the year we announced that our greenhouse
gas emissions targets have been validated by the
Science Based Targets initiative (SBTi). This achievement
has been reached following Ryman formally setting an
emissions reduction target of 42% for scopes 1 and 2,
to be achieved by 2030 relative to a base year of 2021.
In addition, later in this Annual Report we have
published our first Climate-Related Disclosures
(CRD) Report,
as required by the New Zealand External
Reporting Board
. The CRD Report outlines how we are
embedding climate considerations into our business
model, as well as the impact our business has on the
climate. This is an important step in identifying and
improving our understanding of Ryman’s long-term
climate-related risks and opportunities and outlining
our path to decarbonisation.
Demand for our units and beds
Despite a more challenging economic environment,
we saw continued strong demand for our Ryman
offering in FY24, welcoming 1,500 residents to our
independent and serviced retirement units.
Total booked sales of occupation rights (contracts
signed but not yet settled) were 1,510 in FY24, broadly
in-line with the prior year (1,519). Booked new sales of
occupation rights declined 24%, reflecting lower unit
deliveries in the period and a competitive market.
This was offset by a 10% uplift in booked resales of
occupation rights, a solid result which reflects the
maturing of our existing village portfolio. Notably we
saw a 34% increase in booked resales in Australia,
which increased from 91 in FY23 to 122 in FY24.
Total settlements of occupation rights in FY24 were
1,498, up 2% on 1,466 in the prior year. A similar trend
to booked sales was observed, with settled new sales
down 17%, offset by growth in settled resales, which
were up 13% to 1,060.
At March 2024 we had 436 completed units
available for sale, including 238 new units and 198
resale units. This reflects 4.7% of 9,187 completed
retirement-village units at March 2024.
We also welcomed over 2,200 residents into our aged
care facilities and occupancy in our mature aged care
centres has returned to pre-COVID levels at 96.3%,
up from 94.6% in FY23. We believe these occupancy
levels represent best in class across aged care providers
in New Zealand and Australia and underline our strong
reputation for providing great care to our residents.
RYMAN HEALTHCARE ANNUAL REPORT 2024
8

New Zealand
As the ageing population expands and longevity
increases, more older people are occupying hospital
beds and require care, putting huge pressure on
healthcare systems. As highlighted in the first phase of
a Health New Zealand – Te Whatu Ora commissioned
review, the sector is facing unprecedented challenges
and financial pressures, leading to bed closures and
limited new builds in the face of growing demand.
Funding for aged residential care has proven to be
far too low for a sustainable aged care sector in
New Zealand. As providers, we are limited by law as
to what we are paid by health authorities and what we
can charge residents for added services.
The model needs urgent change to ensure bed
numbers are not only retained but there are incentives
for significant new beds to be built.
Australia
We welcomed the news that the coalition Government
has recently confirmed the Health Select Committee
will carry out an inquiry into aged care, starting in
July 2024. New Zealanders deserve to have a choice
in the products and services they wish to receive as
they age. We’re optimistic that the new Government
will create positive change to enable sustainable and
equitable access.
During the year we also provided a submission to
the review by the Ministry of Housing and Urban
Development (MHUD) of the Retirement Villages Act
2003 (the Act), which closed on 20 November 2023.
We operate at a high standard and already meet
the majority of the changes proposed by the MHUD
as standard business practice. We expect to see
recommended changes to the Act prior to the end
of the year.
We continue to take a leading role in the public
conversation about how to address Australia’s aged
care crisis. We believe Ryman’s continuum of care
model can provide better quality of care for older
Australians, reduce the cost of the aged care system
for the taxpayer, alleviate pressure on the public health
system, and increase housing supply.
We provided a submission to the Aged Care Taskforce
which subsequently provided recommendations to
the Government in March 2024, including support
for a co-contribution model. This a positive sign
for the industry and while there are several details
to be confirmed, Ryman believes the report’s
recommendations would, if implemented, help
secure the sector’s long-term financial sustainability.
Aged care legislative environment
Throughout the year, Ryman continued to advocate for change to the current aged care funding models in
both New Zealand and Australia. Governments in both countries need to acknowledge the crucial role the
retirement living sector has to play in meeting the housing and health needs of the growing ageing population.
9

Auditors
Deloitte has been our auditor since we listed on the
NZX and over this period have rotated the audit
partner, as required under NZX Listing Rules. We’ve
recently updated our external auditor independence
policy and have subsequently commenced a tender
for audit services for FY25 and beyond. We expect to
have completed this prior to the ASM.
FY25 outlook
Current economic conditions remain challenging
in both New Zealand and Victoria, and it is unclear
when interest rates will begin to decline and support
improved housing markets conditions and liquidity.
Incoming residents to independent retirement
living in most cases need to sell their home to fund
the ORA upon entry and as a result residential
market conditions have an impact on timing and
affordability for potential new residents. Most market
commentators are expecting these conditions to
continue for the balance of 2024.
At Ryman we can do little about those external factors,
however we do need to be focused on improving our
own performance. There continues to be demand
for living in a Ryman village, as evidenced by strong
demand for our retirement village units (over 1,500
ORA sales in FY24), our high care bed occupancy at
our mature villages and the growing occupancy at our
new care facilities.
Key to our performance in FY25 will be our ability to
maintain high occupancy in our existing facilities and
settle new units and beds as they come onstream
throughout the year.
FY25 guidance
• We continue to target positive free cash flow
(representing the combination of cash flow
from existing operations and cash flow from
development activity)
• We expect to complete 850–950 retirement
village units and aged care beds, which includes
650 aged care beds and serviced apartments
in four main buildings that will be opened, and
200–300 independent retirement village units
• We expect to spend $700–820 million on capex
including $600–700 million on development
activity, and $100–120 million on existing operations
(including unit refurbishments).
Ryman’s outlook for FY25 is based on current market
conditions and its assessment of the future.
Turnaround underway
FY24 marked a year of significant change for the
company as it embarks on getting fit for the future.
We are clear on two things – our residents remain at
the heart of what we do, and our villages are the place
where we create value. Everything else we do is in
support of these two principles.
We’re refining our strategy and driving a transformation
programme that will place stronger emphasis on our
financial performance, while maintaining our commitment
to purpose-driven care and exceptional resident
experience. We know we need to create a more
sustainable balance.
Our areas of financial focus are on improving the
financial performance of our existing villages, improving
the efficiency of our new developments and creating
a sustainable and fit for purpose structure to support
our village and new development activities.
RYMAN HEALTHCARE ANNUAL REPORT 2024
10

Thank you for your support
Our purpose is to enhance freedom, connection
and wellbeing for people as we grow older. Our team
of Rymanians come together each day to deliver
this purpose through providing high-quality care and
exceptional resident experiences.
Our people make our culture unique and are integral
to the success of our business. We would like to thank
our teams for their continued commitment to Ryman.
It is their hard work and dedication that ensures our
residents have a great experience, for which we are
very grateful.
We wish to acknowledge the patience of our
shareholders at a time of disappointing shareholder
returns. We look forward to working with the team,
and eventually the new Group CEO, as we focus
intently on restoring our financial performance and
with that over time, our returns to shareholders.
Paula Jeffs
Lead independent director
Ryman Healthcare

Dean Hamilton
Executive Chair
Ryman Healthcare

Our future opportunity
We have an exciting future at Ryman. Over the next
30 years, New Zealand's population of seniors (65+)
will grow from around 850,000 (17% of the population)
to around 1.5 million (24% of the population)
1
. By 2066,
it is projected that older people in Australia will make
up between 21% and 23% of the total population
2
.
Ryman is well placed to benefit from this ongoing
demographic change. We have an industry-leading
reputation in retirement living and aged care. We have
scale with 48 operating villages across New Zealand
and Victoria.
We have over 14,600 residents and a high satisfaction
rating by our residents of their Ryman experience.
Importantly, we have a strong sense of purpose amongst
our 7,700 team members. We are committed to
balancing care with commerciality. We know we need
to improve the profitability of our operations and the
efficiency of our new developments in order to achieve
improved financial performance.
We are focused on getting fit for the future.
1

hud.govt.nz/news/the-long-term-implications-of-our-ageing-population-for-our-housing-and-urban-futures/#:~:text=Over%20
the%20next%2030%20years,growing%20numerically%2C%20but%20also%20structurally
2

aihw.gov.au/reports/older-people/older-australians/contents/demographic-profile
11

Our strategy in action:
Fit for the future
To achieve this, we are refining our strategy and
driving organisational change that will place stronger
emphasis on our financial performance, while
maintaining our commitment to purpose-driven
care and exceptional resident experience. We need
to create a sustainable balance.
The four pillars of our strategy cover the breadth
of our business:
1. The best continuum of care for ageing well
2. Unparalleled resident experience
3. Positive expansion; and
4. Great financial performance.
Image: Keith Park Village resident Mary, and her grandson.
Our commitment is to get Ryman fit for the future.
12
We are applying a commercial lens across all pillars of
our strategy, which will also serve to retain our position
as a sector leader. At the same time we are working with
our teams to create a performance culture that enables
our focus on financial performance to comfortably
co-exist with our care DNA.
We remain committed to our sustainability journey
and decarbonising our operations. Following the
launch of our sustainability strategy in late 2022, we
have developed
our first Sustainability Report which
showcases progress made across our strategic pillars
of Our People, Our Places, and Our Purpose.
12
RYMAN HEALTHCARE ANNUAL REPORT 2024

Creating value for our stakeholders
The best continuum
of care for ageing well
Positive
expansion
Unparalleled
resident experience
Great financial
performance
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good enough for
mum and dad
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13

The best continuum of care
for ageing well
To ensure our residents’ changing needs are met with seamless transitions across
an expanding continuum of care – uniquely fit for the needs of our market. We are
focused on developing services to enhance residents’ wellbeing at every life stage.
Our care model provides a managed transition for residents as they age. We offer
a range of care options that can be customised based on their needs and preferences.
We continually assess ways to better support our residents, and the ageing populations
of New Zealand and Australia. This includes introducing new services to improve our
total offering and operating returns, as well as advance our care model.
Image: A Ryman resident receiving home care services.
Our strategy
RYMAN HEALTHCARE ANNUAL REPORT 2024
14

Leadership in dementia care
Almost 70,000 New Zealanders are living with
dementia today and almost 170,000 are likely to
be living with dementia by 2050
1
. In Australia it is
estimated that over 400,000 Australians live with
the condition in 2023
2
. This number is expected
to rapidly grow as the population ages.
We believe governments on both sides of the Tasman
will need to increase their funding in this area to
support this growing need.
In FY24 we progressed our programme of work to
update the Ryman dementia care model. This includes
partnerships with family carers, revised training and
development for teams, and a focus on developing
interactive, dementia-friendly spaces within our
current and new village communities.
More information about our dementia care leadership
is outlined in our 2024 Sustainability Report.
Progressing home care in Australia
Ryman has achieved significant growth across our
home care offering in Australia. Funded home care
packages delivered by Ryman to our residents increased
by 77% to 234 in the period, with 15% of our residents
in Australia accessing one of these packages. With
a significant number of residents on a waiting list to
receive funding, and positive evidence that we can
deliver this service profitably, we’re ready to grow this
service further within our villages in FY25.
The Aged Care Act is currently under review and will
be updated to strengthen the Federal Government’s
Support at Home program, which we expect will be
implemented from mid-2025. Ryman’s care model
is well set up to offer a more flexible approach to
home care.
Growing private home care in New Zealand
In New Zealand, Ryman’s home care model has now
been formalised for our serviced and independent
residents, which is predominantly privately funded.
Since March 2023, we have seen a 21% increase in
uptake of home care services, however, this service
remains in its infancy.
During the year we made our home care service
more accessible by making it available through our
myRyman Resident App, the digital platform that
enables residents to book activities and keep up to
date with the latest village news and information.
We continue to engage with Health New Zealand –
Te Whatu Ora to allow us to provide funded home care
services in our villages. If successful, our independent
residents would be able to access funded care and
support services from Ryman instead of from external
agencies. This would enable us to support their health
needs and independence in their preferred living setting.
Digital innovation in care
Our home care digital platform was configured
throughout FY24 and will be launched in FY25. The
selected product, AlayaCare, equips our serviced
apartment workforce in Australia with a suite of
comprehensive tools tailored to oversee all aspects
of home care operations, including scheduling, client
management, billing, and reporting.
This will streamline administrative tasks and
reduce paperwork. The platform will enable better
communication among caregivers and residents,
including care plan updates and real-time visit
notifications, ensuring all stakeholders remain
informed and connected.
1
alzheimers.org.nz/explore/facts-and-figures/
2
aihw.gov.au/reports/dementia/dementia-in-aus/contents/summary#Common
15

Unparalleled resident
experience
To leverage our scale and invest in digital innovation to deliver a resident experience
that eclipses the competition.
Resident experience is a critical competitive advantage. Our residents are looking
for freedom, connection and wellbeing when they move into a Ryman village.
We put great care into creating communities that challenge the conventions of ageing
and support an active and connected lifestyle for our residents. Central to this is
enhancing their experience through digital engagement. This not only deepens our
customer proposition but also drives resident loyalty to our brand.
Image: Nellie Melba Village resident, Liz, leads a team of residents during our Walking for Wellness event.
Our strategy
RYMAN HEALTHCARE ANNUAL REPORT 2024
16

Our award-winning resident app
The introduction of our myRyman Resident App has
transformed our resident experience and is now a
central part of how we communicate with our residents.
The digital platform enables residents to manage
their village calendars, keep up to date with notices
and attend a diverse range of events and activities
including yoga, dance lessons, aqua aerobics,
creative writing and art classes.
In September 2023, the App was recognised for its
outstanding utilisation of technology at the Australian
Good Design Awards. It was also named ‘Innovation
of the Year – Technology Social Engagement’ at the
2024 Asia Pacific Eldercare Innovation Awards.
As of March 2024, the App was accessible to
77% of independent residents across 45 villages.
Inter-village events
Our inter-village events connect our residents across
our network of villages. Residents can also connect
through virtual events such as book clubs, language
clubs, dance classes, guest speakers and more. These
events make sense commercially, strengthening
resident support for our brand.
Our ‘Walking for Wellness – Everest Challenge’ in
September 2023 was the latest event in our annual
active ageing inter-village events. The event and virtual
progress-tracking was designed to promote active
ageing, celebrate older athletes, and foster community
across our villages.
Understanding our resident experience
During FY24 we reviewed our customer journey in
detail, seeking to gain an even better understanding
of customer preferences both before they sign up
to our villages, and once a resident arrives to settle into
village life. We leverage the continual improvement
of our Salesforce software and workflows and the
positive uptake of the myRyman Resident App to
support our understanding of the customer journey.
In FY24 we conducted a research project looking at
resident wellbeing, using an internationally validated
wellbeing for older populations assessment tool.
More details on this can be found in our 2024
Sustainability Report.
Over 1,000 residents united virtually across
New Zealand and Victoria to ‘climb Mount Everest’
over 30 days individually and in groups. Participants
combined to walk one of two challenge options: 68km
– the equivalent of reaching the Mount Everest summit,
or a 136km challenge – equivalent to a return trip.
Investment in our brand
Ryman is consistently recognised for the strength
of our brand, as an innovator and for the quality of care
we provide.
This year we were thrilled to be voted Reader’s Digest
Most Trusted Brand in aged care and retirement living
in New Zealand for the tenth time. The annual awards
are a coveted measure of the brands Kiwis love and
trust, and the win highlights our relentless commitment
to enriching the lives of our residents and the strong
trust they have in us.
A key focus has also been investment in strategic
partnerships that align with our brand and lift our
profile to resonate with our current and future
residents and their families.
We launched bold new partnerships with high
profile sporting organisations the Black Ferns and
the Black Ferns Sevens in New Zealand, and the
Australian Football League’s (AFL) Hawthorn Football
Club (across both of their men’s and women’s
programmes) in Melbourne, consistent with our active
culture and embedded role in our local communities.
We also increased our visibility in the living rooms
of New Zealanders through our TVNZ Breakfast
show partnership.
These partnerships have helped drive stronger
brand metrics and general awareness in what is
a competitive market. Based on Kantar New Zealand’s
Q1 2024 Brand Health Tracker, Ryman’s brand
awareness remains industry leading at 93%. It also
maintains the highest active consideration of all
operators at 63%.
As a newer player in the Australian market, we continue
to build awareness of our brand and our care model.
Following our industry leading brand campaign ‘The
Measure Of ’, and a newly launched partnership with
Qantas, we’ve seen a significant year on year increase
in our brand awareness and familiarity in Victoria,
according to brand metrics from strategic insights
consultancy, Nature.
17

Positive
expansion
Deliver targeted growth by developing new villages in attractive locations with strong
market demand that can deliver positive financial returns for shareholders. Create
villages that reflect consumer preference, built and maintained to protect returns
over the village life cycle.
Image: Artist’s impression of our Mulgrave Village.
18
Our strategy
18
RYMAN HEALTHCARE ANNUAL REPORT 2024

Bringing the Ryman experience to
new communities
In FY24, we were proud to open three new villages,
welcoming our first residents into Northwood and
Patrick Hogan in New Zealand and Bert Newton in
Australia. Ryman’s portfolio now spans across 48
operational villages, with 40 in New Zealand and
eight in Australia.
We also opened the main building at Deborah Cheetham
in Ocean Grove, welcoming residents into our sixth
main building in Australia. In addition to housing
our aged care and serviced apartment residents,
main buildings offer a wide range of village amenities
and are a key part of our value proposition for
independent residents.
Development activity across 10 sites
10 villages are under active construction, a reduction
of four on last year due to the completion of John Flynn,
William Sanders and current stages at Murray Halberg,
the pausing of early stage construction activity at
Takapuna and Ringwood East, with these sites being
returned to the land bank, and the commencement
of construction at Mulgrave. Nine of the 10 villages
under construction have already opened to residents.
Due to historical delays through the COVID period
and the prioritisation of capital expenditure required
in a much higher construction cost and interest rate
environment, current activity remains unusually
skewed to main buildings with five under construction.
Four of these main buildings are in the advanced
stages of construction and are expected to open
throughout FY25.
Reported build rate to be based on complete
units and beds going forward
736 units and beds were recognised in the FY24 build
rate, which includes both complete and near complete
units and beds. Going forward our build rate will be
reported on a complete basis, including only units
and beds which are able to be occupied. With respect
to independent townhouses and apartments, units
will be recognised on practical completion. Serviced
apartment units and care beds will be recognised at
the date which the main building is open. Reflecting
this change in methodology, we have rebased our
asset base at March 2024 to remove units and beds
which were previously recognised in the build rate
as near complete.
Moving to a complete basis will give stakeholders
a clearer understanding of unit and bed deliveries
in each financial year. It also aligns to the business’
increased focus on cash flow given residents can move
in and settle when units and beds can be occupied.
An emphasis on positive expansion
Over the last several years we have developed a
number of fantastic new villages for residents. They
have modern, high quality, independent living units and
residents have access to a wide range of amenities
within the village. The care facilities at these villages
are best in class and provide a continuum of care
across rest home, hospital and dementia levels
of care.
These new villages have however come at a significant
capital cost, in most cases considerably more than
originally intended and have therefore come at a
substantial cost to shareholders through increased
debt. This is unsustainable and we cannot continue
to repeat this.
A critical part of our positive expansion strategy going
forward has to be to only build new villages that deliver
positive value for residents and deliver positive value
for shareholders. We need to ensure we develop on the
right sites, that our cost of design and construction
is
as efficient as it can be and, until respective governments
fix the care funding model, we build the minimum level
of care facilities and these are oriented towards use by
our own serviced and independent residents as they
require it.
In FY24, we were proud to open three new
villages, welcoming our first residents into
Northwood and Patrick Hogan in New Zealand
and Bert Newton in Australia.
3 village
openings
19

A challenging year for development
performance
A number of large, capital intensive, projects which
started several years ago have continued to be
impacted by programme delays and cost escalations.
These issues have been driven by a multitude of
factors including delays from the COVID period, high
construction cost inflation, changing scopes and the
active reprioritisation of the development programme
due to capital management considerations. Our teams
have been working hard to deliver the current active
projects to a reset programme and cost estimate.
Compounding these issues, a challenging housing
market and competitive retirement living market has
meant we haven’t been able to recover the higher
development costs through higher pricing for sales
of new ORAs.
As a result, we had negative cash flow from
development in FY24.
We know we need to work through the current sites
under active construction the best we can. We need
to deliver the main buildings as these have been
promised to the independent residents who have
moved in, and to encourage potential new residents
who are considering moving in. We continue to believe
that the best value for shareholders is to complete the
sites, release the built-up capital by selling down the
ORAs and build occupancy in the care beds.
The end result will be fabulous retirement villages, but
these have come at a financial cost to shareholders.
Re-evaluating land bank sites
A more disciplined approach is being applied to
feasibilities for new developments to ensure that we
only invest in positive value projects. Our investment
criteria prioritises net present value (NPV) and
capital recycling.
Kohimarama, Karori and Newtown no longer meet
our investment criteria and are being held for sale at
year end. Newtown has been unconditionally sold. We
paused construction at Ringwood East and Takapuna
and returned these sites to the land bank. Carrying
values for all of these sites have been reviewed,
resulting in an impairment of $211.0 million being
recognised in FY24.
In January 2024 we acquired a third parcel of land
at Deborah Cheetham which will provide capacity
for a further 58 townhouses.
Development outlook
We are expecting to reach completion on 850-950 units
and beds in FY25, including 650 aged care beds and
serviced apartments within the four main buildings
opening, and 200-300 independent units.
Depending on economic conditions, we expect to
complete a combined 1,000–1,200 aged care beds
and retirement village units across FY26 and FY27.
Our intention going forward is to provide a 3-year
projection of completed build rate, with greater clarity
in year one and an aggregate forecast for years two
and three.
RYMAN HEALTHCARE ANNUAL REPORT 2024
20

Design
Council
approved
Under
construction
Village
open
Main
building
open
Target
village
complete
Miriam Corban
Henderson, Auckland
James Wattie
Havelock North
Patrick Hogan
Cambridge
Northwood
Christchurch
Keith Park
Hobsonville, Auckland
Kevin Hickman
Christchurch
Takapuna
Auckland
Park Terrace
Christchurch
Rolleston
Karaka
Ta u p ō
FY25
TBC
FY26
TBC
FY27
TBC
FY27
TBC
FY28
TBC
FY29
Development pipeline
Bert Newton
Highett
Nellie Melba
Wheelers Hill
Deborah Cheetham
Ocean Grove
Mulgrave
Ringwood East
Mt Eliza
Essendon
Kealba
Coburg North
FY25
TBC
FY26
TBC
FY27
TBC
FY29
TBC
TBC
Sites under
construction

6 NZ 4 AU
Greenfield sites
in land bank

5 NZ 5 AU
Units and beds
in land bank

3,161 NZ 2,210 AU
10105,371
New Zealand
Australia
21

Drive improvement in financial performance across the business. Focusing on
improving the financial performance of our existing villages, the efficiency of new
developments and the support and services required to deliver these.
Image: Residents John and Bev at our Northwood Village.
Great financial
performance
Our strategy
22
RYMAN HEALTHCARE ANNUAL REPORT 2024

Financial performance of our villages
We know that the value we create for shareholders
occurs at our villages. We are looking at the
performance of both our retirement living operations
and our care operations – collectively our village
performance. We believe there is an opportunity to
improve the financial performance of our villages.
In retirement living, we are investigating whether we
are earning sufficient revenue to support the level of
capital being invested to build, maintain and refurbish
our units and shared amenities as well as the cost of
the services being provided.
In terms of cost efficiency, Salesforce, our customer
relationship management platform, has enabled us to
streamline our sales processes, unit modifications and
maintenance services across our villages.
Further Salesforce development will improve the
resident experience in new and efficient ways as we
optimise our customer journey.
In terms of aged care, the key area of focus to improve
our financial performance is improving our revenue. We
provide a high quality of care in our facilities delivered
by passionate team members, however over time the
revenue received from governments to provide those
services has not kept pace with the inflation in either
the capital cost to build a care bed or the operating
costs, primarily staff, to deliver the care. We are working
hard with governments on both sides of the Tasman
to promote a sustainable solution. The current funding
structures, which delivers an estimated return of well
under 5% on the cost of a new bed at Ryman, doesn’t
support any new build, or for a number of operators,
the refurbishment of existing
facilities. We continue
to see bed closures in the industry.
We are enhancing our food services. In 2023 we
completed the implementation of Saffron, a technology
platform to streamline meal planning, preparation, and
delivery processes, to all remaining villages across
Australia and New Zealand.
Saffron enhances food quality, drives efficiencies and
improves services across our bar, café and dining rooms,
ultimately improving resident experience and wellbeing.
We are the first aged care provider in the Asia
Pacific region to implement the Saffron platform,
highlighting our commitment to technology innovation
that enhances resident experience and operational
efficiency.
Efficiency of new developments
As discussed earlier in this report, we need to improve the
financial performance of our development activities.
The majority of our portfolio of recently completed and
under construction new villages have, or will, fall materially
short of fully recycling their capital cost on the initial
sell down of new ORAs and collection of Refundable
Accommodation Deposits (RADs). This will leave a debt
burden to service going forward. The reasons behind
the much higher than expected final cost to construct
and deliver these developments in some cases lies in
challenging sites, changes in scope, delays in construction,
high construction costs, inflation during and after COVID,
challenges in managing so many active sites, as well as
higher overhead and interest costs with the lapse of time.
We need to be confident that going forward, we select
the right land sites, we can deliver a fit for purpose product
that residents will really value, at an all-in cost that will
allow us to recycle our capital efficiently, and generate
future earnings and capital gains that will support the
ongoing investment.
We need to build a balance in our active construction
portfolio to ensure affordability, to balance the capital
intensity as well as the timing of main building delivery.
In terms of delivery, we need a structure that provides
flexibility, efficiency and innovation. Ryman has traditionally
insourced much of the entire delivery of new villages – land
procurement, design and construction. While this can have
its advantages, we expect to adopt a more developer-led
mindset in future to deliver greater benefits to Ryman.
Addressing our support and services approach
Our rapid expansion over the past decade, both across
Auckland and into Australia has contributed to substantial
growth in our support and services activities that reside
outside of our villages. The cost of this support has however,
been increasing at a faster rate than our village and resident
numbers. While the cost of doing business, be it staff,
insurance, rates, interest or investments in technology
has gone up for most businesses, we have not achieved
economies of scale through village and resident growth.
Fundamentally, we need to improve the financial
performance of our support and services activities.
Our focus through our transformation will be on reviewing
the critical support and services activities that drive value
at our villages and the organisational structure needed to
deliver those efficiently across existing operations and
new developments.
23

Creating a
performance culture
Image: Caregivers at our Anthony Wilding Village.
Our thanks goes out to our 7,700 committed team members. They are the
foundation of our diverse community delivering exceptional care for our
residents through striving for excellence and delivering care that is
‘Good enough for mum and dad.’
In FY24, we commenced refreshing our people
and culture strategy to centre around enhancing
a performance culture that is agile and innovative and
creates experiences that matter to our team members,
our residents and our external stakeholders.
Ryman is the first healthcare company in Australia and
New Zealand to be Wellbeing Tick accredited for year
one of the programme.
Wellbeing Tick
24
RYMAN HEALTHCARE ANNUAL REPORT 2024

Everyone home safe and well
Health and safety is vitally important at Ryman and
our senior leaders continue to refine Ryman’s critical
risk processes and procedures and build leadership
capability to identify and mitigate risk of serious harm
at our construction sites and villages.
We are also prioritising the development and upskilling
of our teams in safety performance, with a specific
focus on understanding and mitigating our critical risks
and reducing our Total Recordable Injury Frequency
(TRIF). We are pleased to report that over the course
of the year there were no critical injuries across
the company.
Through our ‘everyone home safe and well’ approach,
we strive to continuously strengthen our controls to
eliminate risk to our people where practically possible.
Investing in our teams’ wellbeing
Investing in wellbeing is crucial to ensure that our
people can deliver our purpose – providing freedom,
connection and wellbeing for people as we grow
older. We are proud to employ high performers and
to provide wellbeing initiatives that ensure our teams
continue to strive for, and deliver, excellence.
In January 2024, Ryman was awarded the
Wellbeing Tick making it the first healthcare company
in Australia and New Zealand to be Wellbeing Tick
accredited for year one of the programme. The Tick
is a workplace accreditation programme that recognises
organisations that commit to the wellbeing of their
people and are ready to make systemic changes to the
way they operate.
Under the Occupational Health and Safety Amendment
(Psychological Health) regulations, employers in
Australia must effectively manage psychosocial risks
in the workplace. This requires employers to not only
prioritise employees’ physical wellbeing but also to
safeguard their psychological health, considering the
stresses and challenges inherent in work environments.
While the regulation applies to Australia, we acknowledge
its broader importance to all Ryman team members
and have implemented similar assessments and
control measures in New Zealand. We established
the Psychosocial Steering Group in September 2023,
tasked with delegating, executing, and reporting on
the progress of prevention plans with Ryman.
Insights to keep our people safe through digital
safety management
The successful implementation of our Donesafe
platform across our New Zealand business has
transformed our health and safety management system.
Since its rollout, Donesafe has made it significantly
easier for team members to report incidents, improving
risk management at villages, construction sites and
offices. Our teams now operate with a paperless
system, providing increased oversight into risks and
trends to ensure everyone goes home safe and well
every day.
Committed to Diversity, Equity & Inclusion
We updated our Diversity, Equity & Inclusion (DEI)
policy to clearly articulate Ryman’s commitment
to creating a diverse and inclusive work environment
for all our team members. DEI is not just about
supporting employees to have the freedom to be
themselves, but also providing a supportive work
environment that allows everyone to do their best
work to drive business outcomes.
Ryman aims for a minimum of 40% representation
for males and females, with the remaining 20% open
to any gender, for our senior leaders. As of March 2024,
we have 40% female representation in the
Senior Leadership Team (SLT), 43% on the Board
of Directors, and a notable 60% across all leadership
positions. This data affirms our dedication to achieving
gender diversity.
In 2023 we conducted a comprehensive gap analysis
aligned with the Ngā Paerewa Health and Disability
Services standards in New Zealand. The analysis
highlighted areas where we could do more and led to
the establishment of our inaugural Māori and Pasifika
Nursing Scholarship. The first of these scholarships
was awarded in 2023.
25

Managing critical workforce shortages for
sustainable business performance
In 2023, we launched a work programme aimed
at decreasing turnover rates, focusing on our
critical workforce. This programme concentrated
on improving the recruitment process, enhancing
induction procedures, facilitating career development,
and providing targeted recruitment assistance for
high-turnover areas. Over the past year, team turnover
has decreased significantly.
Indigenous engagement
We are committed to being an equitable and inclusive
workplace for all team members in the communities
that we operate in.
We work continuously to empower an Indigenous
perspective across our business. We are dedicated
to the cultural learning needed to ensure Māori and
First Nations People are well served by Ryman. You
can read a detailed review of work across Indigenous
engagement in our 2024 Sustainability Report.
Celebrating our people
We held our Ryman Awards Gala in October 2023. The
awards night celebrated the extraordinary efforts of
all Rymanians that contributed to our business over the
last 12 months. The awards give us a chance to pause
and reflect as we acknowledge our high performers
and celebrate their success and hard work.
Our Kiri Te Kanawa Retirement Village was crowned
Village of the Year for 2023, receiving a congratulatory
video message from Dame Kiri Te Kanawa on the night.
Enhancing our leadership and
development offering
During FY24, over 400 of our team members
participated in one of our tailored leadership
development programmes.
We also conducted a full review of our leadership
development programmes to ensure we deliver
tailored and targeted learning that meets the different
needs of our leadership groups. Delivery on our new
programmes commenced in April 2024.

Ryman Awards Leader of the Year winner, Raelene Boyle Village Manager Anthony Mammone, and Chief Executive Officer – Australia,
Cameron Holland.
RYMAN HEALTHCARE ANNUAL REPORT 2024
26

Mona achieves walking goals on Stewart Island
During the year Mona Robertson combined her
dream of returning to beautiful Stewart Island with
participation in Ryman’s annual walking challenge,
even overcoming a disability to win her age category.
The Rowena Jackson Village resident is totally
committed to walking, describing herself as a
‘busy bee’ who is ‘always on the move’.
Her fellow residents at Ryman’s southernmost village
in Invercargill often see her walking around the village
grounds and following her success in the 2022 Walking
for Wellness challenge, Mona was keen to keep the
momentum going in the 2023 event.
What makes Mona’s achievement all the more
remarkable is the fact she is hearing and vision
impaired. “I’m completely blind in my right eye, but
I do have a bit of vision still in my left eye,” she said.
But armed with her badge and trusty walking stick,
Mona stays motivated to keep active and fit and
when the idea to join family members for 3 days on
Stewart Island was mooted, the then 88-year-old
jumped at the chance.
To then win her age group category was the icing on
the cake: “I feel very happy about that, very happy.
My goal is to get to 100 and keep walking.”
WW2 Prisoner of War celebrates his
107th birthday
Grace Joel Retirement Village resident James (Jim)
Easton celebrated his 107th birthday with an afternoon
tea held at the St Heliers, Auckland village on the
12th December 2023.
Believed to be New Zealand’s oldest man and Australia’s
oldest surviving World War II veteran, Jim was joined by
Australian Army representatives, Captain Shani Edwards
and Corporal Matthew Woods, who flew in specially to
celebrate Jim, alongside extended family
members from
the Hunter Valley, New South Wales.
Hailing originally from Scotland, and a Signalman in the
8th Division Signals of the Australian Army, his wartime
service in Singapore spanned just three months before
his capture, where he spent three and a half years as a
prisoner of war in Singapore, Thailand and Burma.
Following his release, Jim moved to Auckland in 1947
where he worked in show business, managing crews
who set up games and equipment for A&P shows around
New Zealand – many of whom still visit him each week
and celebrated his special day with him.
When released from the prison camp, malnourished and
underweight, medics told him the experience would likely
knock at least 10 years off his life. Jim has well and truly
defied these assumptions, putting his longevity down to
never drinking or smoking, and reading lots of books.
Celebrating our residents
Captain Shani Edwards, Grace Joel Village resident Jim,
and Corporal Matthew Woods celebrate Jim’s 107th birthday.
Rowena Jackson Village resident Mona Robertson won Ryman’s
annual walking challenge in 2023.
27

Connell Bergin
Project Manager, Melbourne
I am the Project Manager at our Mulgrave
developmen
t in Melbourne and I’m responsible for
ensuring that company goals are met by delivering
on time, cost, quality and safety outcomes.
I achieve this by developing and implementing
the construction programme, coordinating and
managing the site team, overseeing the contract
administration process and cost reporting, and
driving a culture of both physical and psychological
safety within the Ryman team and wider site.
Having worked at several private sector
construction companies, I often found that the
We spoke to some of our team members about what they love about
their roles and what drives them each day to succeed....
experience of the end-user can become lost amongst
the competing priorities and deliverables. At Ryman
however, our residents are at the core of everything
we do, as is the benefit that our villages bring to the
communities in which they are developed.
I love the construction industry. I have seen and
experienced the opportunities that it can provide,
and I am passionate about ensuring that this
opportunity extends to people from all backgrounds.
Construction and the built environment are essential
to our economies and to providing healthy, diverse,
and connected communities.
RYMAN HEALTHCARE ANNUAL REPORT 2024
28

Jincy Jacob
Clinical Manager, Auckland
I lead a team to achieve the best resident care
standards as well as providing holistic care to our
residents in accordance with established standards.
My responsibilities include collaborating with my team
and assisting each resident in maintaining a dignified
quality of life.
Ryman emphasises person-centred care, offering
a wonderful and safe environment for both residents
and employees. I admire the Ryman characteristics,
particularly kindness and the manner in which residents
are treated with compassion and dignity. The best
thing about being a Rymanian is being a part of the
mission to improve residents’ lives. Residents and
employees have a strong sense of camaraderie
and teamwork.
My team and my residents are the sources of my
constant inspiration. Making a difference in the lives of
residents and staff gives me energy. As a leader, I enjoy
providing consistent support to my team. I find great
fulfilment and motivation in my work. My daily goal has
been to positively impact the lives of my residents, and
their satisfaction has always come first.
For me, creating a solid team is the key to success and
establishing a welcoming workplace where everyone
feels secure and collaborates towards the common
goal of enhancing residents’ lives with dignity.
Navdeep Kaur
Unit Coordinator, Melbourne
I am a Unit Coordinator across two care units – low
care and special care units. I work closely with our
residents and their families. I am the conduit between
them and any external appointments such as their
GP or specialists.
Ryman culture is always about kindness and support.
Ryman recognises hard work and I feel supported to
develop professionally. I started my career as a nurse
and have transitioned into more senior roles. Ryman
also recognises and nurtures many different cultures.
I’ve been working with Ryman since 2016. Last year
my family moved to Melbourne, and Ryman supported
me to transfer from Auckland in the same role. This
level of support and encouragement from leadership
is something I value, and has meant a lot to me.
My residents and team members motivate me each
day at work. We make a promise to them to care for
them, so ensuring our residents are happy motivates
me to come to work every day. I work with dementia
patients, and it’s so meaningful to support them, and
see a smile on their faces. Seeing their families happy
because they know their loved ones are looked after
motivates me to do better every day.
At Ryman, it isn’t just about the job,
it’s about being part of something bigger.
29

Image:
Our role
in the community
Embracing our community partnerships is also
central to driving engagement and connection with
prospects and lifting awareness of the Ryman brand.
Throughout FY24, we continued our involvement
through hundreds of community partnerships.
Across New Zealand and in Victoria, Australia we believe in the power
of community. We’re deeply committed to the communities we operate
in through long-standing partnerships, and our residents enjoy community
connection inside and outside of our villages.
In association with our teams and residents, we raised
over $500,000 NZD for the Fred Hollows Foundation
across New Zealand and Australia.
$500,000
Image: New Zealand Prime Minister Christoper Luxon and Ryman Prize recipient, Professor Vladimir Hachinski.
30
RYMAN HEALTHCARE ANNUAL REPORT 2024

Our annual charity partnership
Each year we have a proud tradition of selecting a
charity partner to work with over the next 12 months.
Our residents and teams then actively fundraise
throughout the year and we match the total
amount raised.
In FY24 we raised over $500,000 for the Fred Hollows
Foundation across New Zealand and Australia, who
work tirelessly to put an end to avoidable blindness.
Supporting the passions of our residents
Since 2015, Ryman has partnered with the
Royal New Zealand Ballet and this year we
elevated our support, becoming principal partner.
We celebrated with our ‘Love to Dance’ community
grant programme that supports local dance groups
across New Zealand with three $5,000 grants, and
brought magic to attendees of The Ryman Healthcare
season of Hansel & Gretel, with gingerbread making
classes in ballet venues.
We are a long-term sponsor of the Senior New Zealander
of the Year Award Te Mātāpuputu o te Tau – part of
the Kiwibank New Zealander of the Year awards. The
2024 prize, won by seven-term Mayor of Masterton,
Bob Francis, celebrates people who are creating
a legacy for tomorrow and are making a positive
contribution to New Zealand later in their life.
We are in our fifth year of partnership with the
Melbourne Symphony Orchestra (MSO), whose
audience profile fits well with our prospect and
resident population. The recent audience survey
by the MSO indicates that awareness of Ryman
as a corporate partner of the MSO has increased
significantly, with recognition amongst single ticket
buyers increasing from 9% in 2022 to 33% in 2023.
Celebrating achievement that enhances the
quality of life for older people
The Ryman Prize is an annual $250,000 grant for the
world’s best discovery, development, advancement
or achievement that enhances quality of life for
older people.
Canadian clinical neuroscientist and researcher
Professor Vladimir Hachinski was awarded this year’s
prize by Prime Minister Christopher Luxon during
a ceremony hosted at our Logan Campbell Village
in March 2024 in Auckland.
The event celebrated the major contribution
Professor Hachinski has made to the diagnosis,
treatment, prevention, and the links between
‘the terrible three’ – stroke, dementia and coronary
heart disease.
In addition, Professor Hachinski advocates for
prevention by promoting the idea of ‘holistic brain health’,
linking cerebral health with mental and social health.
As a leading provider of residential dementia care
in New Zealand, we strive to ensure that our villages
are places that promote holistic brain health, through
active, healthy, socially connected lifestyles and his
work resonated deeply with us.
Empowering potential through scholarships
Scholarships play a pivotal role at Ryman by fostering
a culture of continuous learning and development.
Not only do they empower individuals to achieve
their full potential but also contribute to the overall
growth and success of Ryman and our communities.
Our scholarships include the Graeme Rabbits
Scholarship, James Wattie Scholarship and the Cashin
Scholarship which focus on providing funding support
to Rymanians and individuals in our communities for
education and development.
Senior New Zealander of the Year Award recipient, Bob Francis and
Ryman’s Chief Executive Officer – New Zealand, Cheyne Chalmers.
31

Artist’s impression of our Northwood Village.
32
RYMAN HEALTHCARE ANNUAL REPORT 2024

Results
34 6-year summary42 Notes to the consolidated
financial statements
36 Consolidated financial statements
100 Independent Auditor’s Report
33

RYMAN HEALTHCARE ANNUAL REPORT 2024
34
202420232022202120202019
Financials
Net profit after tax (NPAT)$m4.82 57. 8692.9423.1264.7326.0
Profit before income tax and
fair-value movements (PBTF)$m(324.5)(225.3)(23.8)(6.3)26.736.5
Underlying profit (non-GAAP)
1
$m270.0301.9255.0224.4242.02 27.0
Cash flow from existing operations
(non-GAAP)
2
$m43.3(8.5)----
Cash flow from development activity
(non-GAAP)
2
$m(230.2)(381.0)----
Free cash flow (non-GAAP)
2
$m(186.9)(389.6)----
Net interest-bearing debt$m2,505.12,303.12,548.42,253.91 ,707. 21,324.0
Total equity$m4,417.64,663.93,434.52,829.22,301.02 ,170.1
Gearing
3
%36.233.143.044.242.23 7. 9
Per share (cps)
Weighted shares on issue000687,642516,323500,000500,000500,000500,000
NPAT per sharecents0.749.9138.684.652.965.2
PBTF per sharecents(47. 2 )(4 3.6)(4.8)(1.3)5.37.3
Dividend per sharecents-8.822 .422 .424.222 .7
NTA per sharecents601.5658.1669.6550.94 4 8.1434.0
Booked sales
New sales of occupation rightsno.352462
560503513414
Resales of occupation rightsno.1,1581,057983925923824
Total sales of occupation rightsno.1,5101,5191,5431,4281,4361,238
Asset base
4
Retirement-village unitsno.9,1879,1428,5387, 9 8 37,4 2 36,878
Aged-care bedsno.4,3394,4564,2394,0873,9113,660
Total units and bedsno.13,52613,59812,77712,07011,33410,538
Land bank (to be developed)
5
no.5,3715,8686,3066,1466,5956,593
6-year summary
FOR THE YEAR ENDED 31 MARCH 2024

35
202420232022202120202019
Underlying profit (non-GAAP)
1
$m270.0301.9255.0224.4242.02 27.0
Unrealised fair-value movement on
retirement-village units$m(131.1)73.74 67.1201.2(70.9)102.4
Deferred tax movement
$m
149.751.6(29.2)12 .693.6(3.4)
Impairment loss
$m
(243.6)(11.0)-(15.1)--
Costs relating to USPP prepayment
and swap amendments$m
(10.4)(158.3)----
Close out of employee share schemes
$m
(11.2)-----
Holiday Act 2003 remediation
$m
(18.7)-----
Reported net profit after tax$m4.82 5 7. 8692.94 2 3 .12 6 4 .7326.0
1
Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS (International
Financial Reporting Standards) profit for the year. Underlying profit does not have a standardised meaning prescribed by GAAP and
so may not be comparable to similar financial information presented by other entities. The Group uses underlying profit, with other
measures, to measure performance. Underlying profit is a measure that the Group uses consistently across reporting periods.
Underlying profit includes realised movement on investment property for units in which a right-to-occupy has been sold during the
period and for which a legally binding contract is in place at the reporting date. The occupancy advance for these units may have
been received or be included within the trade receivables balance at reporting date.
• The realised gain for each resale is determined to be the difference between the price for the previous occupation right for
a unit and the occupation right resold for that same unit during the period. The recognition point is the date the contract is
entered. Realised resale gains exclude deferred management fees, refurbishment costs and other direct selling expenses.
• Realised development margin is the margin earned on the first-time sale of an occupation right following the development
of a unit. The margin for each new sale is determined to be the price for the occupation right, less the cost of developing that
unit. This excludes costs relating to the community facilities, amenities and other direct selling expenses. The recognition
point is the date the contract is entered for units which are either complete or capable of having fair value determined
(near complete).
Underlying profit excludes deferred taxation, taxation expense, unrealised movement on investment properties, impairment losses
on non-trading assets, costs relating to the close out of employee share schemes, Holidays Act 2003 provision and the costs
relating to USPP prepayment and swap amendments.
The Group has reconsidered the treatment of the Holidays Act 2003 provision which was previously included in underlying profit
(2023: $6.0 million). The current year quantification has led to a significant increase in the provision, which relates to remediation
of previous years. Consequently, excluding the $18.7 million impact for the current year is deemed appropriate.
2
Cash flow from existing operations, cash flow from development activity and free cash flow are non-GAAP measures and do not
have a standardised meaning prescribed by GAAP, and so may not be comparable to similar financial information presented by
other entities. For detail on how these measures are calculated, please refer to Ryman’s 2024 full year result presentation, available
at rymanhealthcare.co.nz/investors.
3
Gearing calculated as net interest-bearing debt to net interest-bearing debt plus total equity.
4
The reported asset base in FY24 includes retirement-village units and aged care beds which are complete and able to be
occupied. The reported asset base in FY23 and prior years includes retirement-village units and aged beds which are complete
and near complete. For detail on these measures please refer to Ryman’s 2024 full year result presentation, available at
rymanhealthcare.co.nz/investors.
5
Includes retirement-village units and aged-care beds.

RYMAN HEALTHCARE ANNUAL REPORT 2024
36
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated income statement
FOR THE YEAR ENDED 31 MARCH 2024
Notes20242023
$000$000
Care and village fees510,3804 3 7,3 4 1
Deferred management fees (DMF)140,154122 ,769
Interest received2,3262 ,140
Imputed income on refundable accommodation deposits24,45512,777
Other income12,5718,727
Total revenue2689,886583,754
Operating expenses3(651,883)(542,160)
Depreciation and amortisation expenses4(43,803)(3 7,7 1 6 )
Finance costs5(50,642)(205,374)
Imputed interest charge on refundable accommodation deposits 2(24,455)(12,777)
Impairment loss9(243,573)(11,034)
Total expenses(1,014,356)(809,061)
Loss before income tax and fair-value movements (PBTF)(324,470)(225,307)
Fair-value movement of investment properties10179,545431,503
(Loss)/profit before income tax(144,925)206,196
Income tax credit6149,70051,640
Net profit after tax (NPAT)4 ,7 75257,836
Earnings per share (cents per share)
Basic and diluted120.749.9
All net profit after tax and total comprehensive income/(loss) is attributable to parent company shareholders and is derived from
continuing operations.
Consolidated financial statements

37
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2024
Notes20242023
$000$000
Net profit after tax4 ,7 75257,836
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment9,13a(251,774)156,773
(251,774)156,773
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of cash flow hedge reserve13b(15,977)21,470
Deferred tax movement recognised in cash flow hedge reserve13b5,796(6,006)
Movement in cost of hedging reserve13c-(1,554)
Reclassification adjustment to income statement13c-(3,518)
Deferred tax movement in cost of hedging reserve13c-1,420
(Loss)/gain on hedge of foreign-owned subsidiary net assets13d(1,552)670
Gain/(loss) on translation of foreign operations13d12,795(8,306)
1,0624,176
Other comprehensive (loss)/income(250,712)160,949
Total comprehensive (loss)/income(245,937)418,785
All net profit after tax and total comprehensive income/(loss) is attributable to parent company shareholders and is derived from
continuing operations.

RYMAN HEALTHCARE ANNUAL REPORT 2024
38
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2024
Notes
Issued
capital
Asset
revaluation
reserve
Cash flow
hedge
reserve
Cost of
hedging
reserve
Foreign-
currency
translation
reserve
Treasury
stock
Retained
earnings
Total
equity
$000$000$000$000$000$000$000$000
2024
Balance at
1 April 2023953,239610,34130,955-(7,136)(34,729)3,111,2274,663,897
Net profit after tax
(NPAT)13------4,7 754,7 75
Other comprehensive
(loss)/income for the year13-(251,774)(10,181)-11,243--(250,712)
Total comprehensive
(loss)/income for the year13-(251,774)(10,181)-11,243-4,7 75(245,937)
Issue of ordinary
shares – equity raise
(subsequent costs)12(352)------(352)
Treasury stock
movement13-----(1)-(1)
Dividends paid
to shareholders13--------
Balance at
31 March 2024952,887358,5672 0,7 74-4 ,1 0 7(34,730)3,116,0024,417,607
2023
Balance at
1 April 202233,290453,56815,4913,652500(38,174)2,966,193
3,434,520
Net profit after tax
(NPAT)13------257,836257,836
Other comprehensive
income for the year13-156,77315,464(3,652)(7,636)--160,949
Total comprehensive
income for the year13-156,77315,464(3,652)(7,636)-257,836418,785
Issue of ordinary
shares – dividend
reinvestment plan1243,911------43,911
Issue of ordinary
shares – equity raise12876,038------876,038
Treasury stock
movement13-----3,445-3,445
Loss on treasury shares13------(802)(802)
Dividends paid
to shareholders13------(112,000)(112,000)
Balance at
31 March 2023953,239610,34130,955-(7,136)(34,729)3,111,2274,663,897

39
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated statement of financial position
AT 31 MARCH 2024
Notes20242023
$000$000
Assets
Cash and cash equivalents741,80927, 87 9
Trade and other receivables8688,398719,121
Inventory2,38614,618
Advances to employees256,16914,217
Derivative financial instruments18,2110,3313 6 ,474
Assets held for sale975,51431,379
Property, plant and equipment91,936,9692,205,428
Investment properties1010,041,3699,322,902
Intangible assets1185,06584,832
Deferred tax asset 6196,0725 3 ,7 74
Total assets13,084,08212,510,624
Equity
Issued capital12952,887953,239
Reserves13348,718599,431
Retained earnings133,116,0023,111,227
Total equity4,417,6074,663,897
Liabilities
Trade and other payables14150,620205,784
Employee entitlements1576,28949,7 73
Revenue in advance2140,85799,271
Refundable accommodation deposits16423,163300,314
Derivative financial instruments18,215,6885,988
Interest-bearing loans and borrowings172,546,9472,330,950
Occupancy advances (non-interest bearing) 195,300,7944,826,182
Lease liabilities2022 ,11713,787
Deferred tax liability 6-14,678
Total liabilities 8,666,4757,846,727
Total equity and liabilities13,084,08212,510,624
Net tangible assets (cents per share) 12601.5658.1

RYMAN HEALTHCARE ANNUAL REPORT 2024
40
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2024
Notes20242023
$000$000
Operating activities
Receipts from residents
• Care and village fees518,781442,915
• Net refundable accommodation deposits108,651100,619
• New sale and resales of occupation rights1,145,9671,058,984
Interest received2,3942,198
Payments to suppliers and employees(624,518)(478,529)
Repayment of occupational rights(459,194)(437,375)
Interest paid(33,599)(46,864)
Net operating cash flows658,482641,948
Investing activities
Purchase of property, plant and equipment(99,719)(145,158)
Purchase of land(56,998)(169,713)
Proceeds of land sales15,28419,652
Purchase of intangible assets(15,482)(20,106)
Purchase of investment properties(582,551)(608,784)
Capitalised interest paid(107,703)(108,069)
Advances to employees5,1161,199
Net investing cash flows(842,053)(1,030,979)
Financing activities
(Subsequent costs)/proceeds from equity raise (net)12(352)876,038
Drawdown of bank loans (net)201,2181 4 6 ,574
Proceeds from issue of US Private Placement notes -290,149
Prepayment of US Private Placement notes-(748,924)
Prepayment of cross-currency interest rate swaps-(106,594)
Dividends paid and dividend reinvestment plan costs12-(68,089)
Sale of treasury stock (net)-2 ,643
Repayment of lease liabilities (3,365)(3,196)
Net financing cash flows197,501388,601
Net increase/(decrease) in cash and cash equivalents13,930(4 30)
Cash and cash equivalents at the beginning of the year27, 87 928,309
Cash and cash equivalents at the end of the year41,8092 7, 8 7 9

41
The accompanying notes form part of these consolidated ffnancial statements.
Consolidated statement of cash flows (continued)
FOR THE YEAR ENDED 31 MARCH 2024
Reconciliation of net profit after tax with net cash flow from operating activities
20242023
$000$000
Net profit after tax4 ,7 75257,836
Adjusted for:
Movements in statement of financial position items
Occupancy advances615,056620,700
Deferred management fees(136,677)(91,850)
Refundable accommodation deposits108,651100,619
Revenue in advance41,58618,019
Trade and other payables(2,654)41,114
Trade and other receivables41,086(46,554)
Inventory12,23211,632
Employee entitlements26,5169,961
Non-cash or non-operating items
Depreciation and amortisation40,03234,344
Depreciation of right-of-use assets3,7 713,372
Close out of employee share scheme2,931-
Impairment243,57311,034
Deferred tax(149,700)(51,640)
Unrealised foreign exchange (gain)/loss(13,151)(3,459)
Fair-value movement of investment properties(179,545)(431,503)
Costs relating to swap amendments and US Private Placement (USPP)
prepayment -158,323
Net operating cash flows658,482641,948
Net operating cash flows includes the following:
20242023
$000$000
Deferred management fees collected66,53060,284
Accounting policy: Statement of cash flows
The statement of cash flows is prepared exclusive of Goods and Services Tax (GST). This is consistent with
the method used in the income statement.
Operating activities are the principal revenue-producing activities of the Group and other activities that are
not investing or financing activities. Cash flows from operating activities include receipts and repayments of
occupancy advances and refundable accommodation deposits.
Investing activities are the acquisition and disposal of property, plant and equipment, investment properties,
intangible assets, and other investments.
Financing activities are activities relating to changes in the equity and debt structure of the Group, and include
dividends paid.

RYMAN HEALTHCARE ANNUAL REPORT 2024
42
The notes to the consolidated financial statements include information that is considered relevant and material
to assist the reader in understanding changes in the Group’s financial position and performance. Information is
considered relevant and material if:
• the amount is material because of its size or nature
• it is important for understanding the results of the Group
• it helps explain changes in the Group’s business
• it relates to an aspect of the Group’s operations that is important to future performance.
1. GENERAL INFORMATION
Reporting entity
The consolidated financial statements presented are those of Ryman Healthcare Limited (the Company)
and its subsidiaries (the Group).
The Company is a profit-oriented entity incorporated and registered in New Zealand under the Companies
Act 1993. The Company’s registered office is at 92d Russley Road, Christchurch. The Company is listed on the
New Zealand Stock Exchange (NZX). The Group develops, owns and operates integrated retirement villages,
rest homes, and hospitals for older people within New Zealand and Australia.
All trading subsidiaries operate in the aged-care sector in New Zealand and Australia, are 100% owned and
have balance dates of 31 March. The operating subsidiaries are listed below.
• Anthony Wilding Retirement Village Limited
• Bert Newton Retirement Village Pty Ltd
• Bert Sutcliffe Retirement Village Limited
• Bob Owens Retirement Village Limited
• Bob Scott Retirement Village Limited
• Bruce McLaren Retirement Village Limited
• Café Ryman Russley Road Limited
• Charles Brownlow Retirement Village Pty Ltd
• Charles Fleming Retirement Village Limited
• Charles Upham Retirement Village Limited
• Deborah Cheetham Retirement Village Pty Ltd
• Diana Isaac Retirement Village Limited
• Edmund Hillary Retirement Village Limited
• Ernest Rutherford Retirement Village Limited
• Essie Summers Retirement Village Limited
• Evelyn Page Retirement Village Limited
• Frances Hodgkins Retirement Village Limited
• Grace Joel Retirement Village Limited
• Hilda Ross Retirement Village Limited
• James Wattie Retirement Village Limited
• Jane Mander Retirement Village Limited
• Jane Winstone Retirement Village Limited
• Jean Sandel Retirement Village Limited
• John Flynn Retirement Village Pty Ltd
• Julia Wallace Retirement Village Limited
• Keith Park Retirement Village Limited
• Kevin Hickman Retirement Village Limited
• Kiri Te Kanawa Retirement Village Limited
• Linda Jones Retirement Village Limited
• Logan Campbell Retirement Village Limited
• Malvina Major Retirement Village Limited
• Margaret Stoddart Retirement Village Limited
• Miriam Corban Retirement Village Limited
• Murray Halberg Retirement Village Limited
• Nellie Melba Retirement Village Pty Ltd
• Ngaio Marsh Retirement Village Limited
• Patrick Hogan Retirement Village Limited
• Possum Bourne Retirement Village Limited
• Raelene Boyle Retirement Village Pty Ltd
• Rita Angus Retirement Village Limited
• Rowena Jackson Retirement Village Limited
• Ryman Aged Care (Australia) Pty Ltd
• Ryman Construction Pty Ltd
• Ryman Healthcare (Australia) No. 11 Pty Ltd
Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2024

43
Notes to the consolidated financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
• Ryman Healthcare (Australia) Pty Ltd
• Ryman Napier Limited
• Ryman Northwood Retirement Village Limited
• Shona McFarlane Retirement Village Limited
• Weary Dunlop Retirement Village Pty Ltd
• William Sanders Retirement Village Limited
• Yvette Williams Retirement Village Limited
Statement of compliance
The Company is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013 and
the Financial Markets Conduct Act 2013. Its consolidated financial statements comply with these Acts.
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Principles in New Zealand (NZ GAAP), International Accounting Standards (IFRS), the New Zealand equivalents
to International Accounting Standards (NZ IFRS) and other applicable financial reporting standards, as
appropriate for a Tier 1 for-profit entity.
Basis of preparation
Accounting policies are selected and applied in a way that ensures the resulting financial information satisfies
the concepts of relevance and reliability, and the substance of the underlying transactions or other events is
reported. In all material respects, the accounting policies adopted have been consistently applied in preparing
the consolidated financial statements for the current period and the prior comparative period.
During the year, the Group has adopted a new accounting policy on the treatment of its refundable
accommodation deposits (RAD). This new policy is set out in note 2.
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations in the current year.
None had a material impact on these consolidated financial statements.
There are a number of NZ IFRS Standards or Interpretations that have been issued but are not yet effective.
None are expected to have a material impact on the Group’s consolidated financial statements when adopted.
The information is presented in thousands of New Zealand dollars (NZD), except when otherwise indicated.
The functional currency of the Company and its New Zealand subsidiaries is NZD. The functional currency for
its Australian subsidiaries is Australian dollars (AUD).
The consolidated financial statements have been prepared on a historical cost basis, except when:
• certain property, plant and equipment is subject to revaluation (note 9)
• assets held for sale are measured at the lower of their carrying amounts and fair value less costs to sell
(note 9)
• investment property is measured at fair value (note 10)
• certain financial assets and liabilities are measured at fair value (notes 18 and 21).
Critical judgements and significant accounting estimates
In applying the Group’s accounting policies, management has made judgements, estimates, and assumptions
about the carrying values of assets and liabilities and the reported amounts of income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that
are reasonable under the circumstances. Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis, with the effect of any change in an accounting estimate
recognised prospectively.

RYMAN HEALTHCARE ANNUAL REPORT 2024
44
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
Critical judgements and significant accounting estimates that have the most significant effects on the amounts
recognised in the consolidated financial statements are described in the following notes.
• Valuation of property, plant and equipment – note 9
• Valuation of investment property – note 10.
The key changes in estimates applied in the current year are discussed further in the relevant notes and the
impact is shown below.
2024 impact Notes
Property, plant &
equipment impact
Investment
property impact
$000$000
Removal of directors range assumption10-(398,587)
Allowance for value provided by care facility reduced to zero9,10(370,659)429,724
Completed unsold investment property inclusion in valuation10-14,168
Total(370,659)45,306
The difference in the care facility allowance between property, plant and equipment and investment property
relates to villages where there are investment properties and no care centres which are subject to valuation.
Climate change risk
The Group recognises that climate-related risks, if not appropriately managed, will impact the way the Group
currently operates. Physical climate risks such as storms, flooding and heat have the potential to create significant
impacts on the business and its operations.
The Group continues to assess the impact of climate change on its assets and operations. Potential impacts
of climate change include:
• Costs of regeneration and remediation of the Group’s existing portfolio of villages because of an increase
in susceptibility to physical risks such as flood, storm, and heat.
• Increased expenditure required to develop new villages that are more resilient to physical risks resulting
from climate change.
These risks are specifically addressed in the selection of new development sites, the design and construction
of the Group’s new integrated retirement villages and aged care centres, and the refurbishment and enhancement
of its existing portfolio of villages.
While there currently is no significant impact identified for asset valuations; this may change in the future. Refer
to the valuation of property, plant and equipment (note 9) and the valuation of investment property (note 10).
Seismic risk
The Board continues to monitor the compliance of its buildings with required standards and is kept informed
of the results of all seismic engineering assessments that are undertaken. In addition, the process undertaken
and standards which are applied in seismic assessments evolve over time as the engineering profession’s
understanding of seismic events develops. This means that the outcome of seismic assessments may be subject
to change over time. Changes to seismic requirements, or the interpretation and application of existing seismic
standards, or changes in science and knowledge relating to earthquakes and the performance of buildings or
geotechnical conditions could result in Ryman’s buildings no longer meeting the minimum seismic standards.
This could result in significant costs if Ryman is required to carry out seismic strengthening works on its buildings.
Neither the independent valuers, nor Ryman have made any adjustment for any seismic strengthening which
could be required.
None of Ryman’s properties have been notified to Ryman by a territorial authority in New Zealand as being
potentially ‘earthquake prone’ (being a New Building Standard (NBS) rating of less than 34%).

45
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
Summary of material accounting policies
Material accounting policies that are pervasive throughout the consolidated financial statements are set out
below. Material accounting policies that are specific to certain balances or transactions are set out within the
notes to which they relate.
Basis of consolidation
The consolidated financial statements are prepared by combining the financial statements of all the entities
that comprise the Group, being the Company (the parent entity) and its subsidiaries as defined in NZ IFRS 10 –
Consolidated Financial Statements. The financial statements of subsidiaries are prepared for the same reporting
period as the parent company, using consistent accounting policies. All significant inter-company transactions
and balances are eliminated in full on consolidation.
Income and expenses for each subsidiary whose functional currency is not NZD are translated at exchange
rates that approximate the rates at the actual dates of the transactions. Assets and liabilities of such subsidiaries
are translated at exchange rates at balance date. All resulting exchange differences are recognised in the
foreign-currency translation reserve.
Foreign currency translation
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange
rates that approximate the rates at the actual dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the
reporting date. Non-monetary items that are measured at historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial transactions. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated using the exchange rates at the date when the fair values
were determined.
Foreign exchange differences are generally recognised in profit or loss. However, exchange differences relating
to the translation of a foreign operation and the effective portion of a hedge of a net investment in foreign
operations are recognised in other comprehensive income.
Goods and Services Tax (GST)
Revenue, expenses, assets and liabilities are recognised net of GST except when:
• the GST incurred is not recoverable from the taxation authority, in which case the GST is recognised as part
of the cost of the asset or expense, as applicable.
• receivables and payables are stated with the amounts of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of the
receivables or payables in the statement of financial position.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to,
the taxation authority.

RYMAN HEALTHCARE ANNUAL REPORT 2024
46
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s statement of financial position when
the Group becomes party to the contractual provisions of the instruments.
Impairment of non-financial assets
At each interim and annual reporting date, the Group reviews the carrying amounts of its assets to determine
whether there is any indication that those assets have suffered an impairment loss. If such an indication exists,
the recoverable amount of the asset is estimated to determine the extent of any impairment loss.
Where an asset does not generate cash flows that are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present values. The Group uses a discount rate that
reflects current market assessments of the time value of money and the risks specific to the assets, for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment
loss is immediately recognised as an expense unless the asset is carried at fair value in which case the impairment
loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount. However, this is only to the extent that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is
immediately recognised as income unless the asset is carried at fair value in which case the reversal of the
impairment loss is treated as a revaluation increase.

47
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
2. REVENUE
Accounting policy: Revenue
The Group recognises revenue from the following major sources.
• Care and village fees
• Deferred management fees
• Imputed income on refundable accommodation deposits.
Care and village fees
Care fees relates to the provision of accommodation, care and related services to aged care residents.
Village fees relates to the provision of accommodation and related services to independent residents in
the Group’s retirement villages.
Care-facility and retirement-village service fees are linked to providing services on specific days (service dates).
Revenue from care-facility and retirement-village service fees is recognised on completion of the service dates.
Deferred management fees
Residents of the Group’s independent-living units and serviced apartments pay a deferred management fee
for lifetime occupation (or a shorter period at the residents’ discretion) and the right to share in the use of the
community facilities. The deferred management fee is calculated as a percentage of the occupation-right
agreement amount. The fee accrues monthly, for a set period, based on the terms of individual contracts.
Deferred management fees are recognised on a straight-line basis over the periods of service. The period of
service is determined as being the greater of the expected period of tenure and the contractual right to deferred
management fees.
The expected periods of tenure, based on historical experience across our villages, are estimated to be 7 years
for independent units and 3 years for serviced units. The estimated expected periods of tenure are unchanged
from last year.
The timing of when deferred management fees are recognised is an accounting estimate. Historical experience
across all villages is used in determining periods of tenure.
Imputed income on refundable accommodation deposits
Imputed income from the provision of accommodation is accounted for as a lease under NZ IFRS 16 – Leases.
Under NZ IFRS 16 – Leases, the fair value of non-cash consideration (in the form of an interest-free loan) received
from a resident that has elected to pay a RAD is required to be recognised as income and correspondingly,
interest expense with no net impact on profit or loss.
The Group has determined the use of the Maximum Permissible Interest rate (‘MPIR’) as the interest rate to
be used in the calculation of the imputed income on Australian RADs and Bonds. The MPIR is a rate set by
the Australian Government and is used to calculate the Daily Accommodation Payment (‘DAP’) to applicable
residents. In New Zealand, the implicit interest rate used to convert a room premium to a RAD is used to calculate
the imputed income.
The comparative period has been reclassified to align with this policy and to ensure comparability with the
current period. There is no impact on the net profit of the Group.
Accounting policy: Revenue in advance
Revenue in advance represents those amounts by which the deferred management fees over the contractual
period exceed recognition of the deferred management fees based on expected tenure.

RYMAN HEALTHCARE ANNUAL REPORT 2024
48
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
3. OPERATING EXPENSES
20242023
$000$000
Employee expenses484,880418,923
Operations88,18486,162
Building and grounds75,44964,269
Direct selling expenses28,42220,370
Marketing2 1,14516,110
Software and technology24,33921,803
Administration25,68419,14 4
Gross operating expenses748,103646,781
Capitalised to qualifying assets(96,220)(104,621)
Reported operating expenses651,883542,160
Increased disclosure in respect of operating expenses has been provided for the current period and
comparatives. In the current year the Group has reclassified capitalised depreciation from operating expenses
to depreciation in note 4, as this more appropriately reflects the net depreciation expense. The prior period
comparatives have also been reclassified, increasing the reported operating expenses by $8.9 million.
20242023
$000$000
Employee expenses include:
Post-employment benefits (KiwiSaver/Superannuation)1 7,5 2414,291
Holiday Act 2003 remediation18,0006,000
Cash-settled share-based payments (note 25)1,194-
Other Leadership Share Scheme (LSS) costs (note 25)3,802-
Employee Share Scheme (ESS) loan write-off (note 25)1,277-
Other ESS costs (note 25)2,827-
Administration includes:
Directors’ fees (note 24)1,1621,319
Close out of employee share schemes2,080-
Holiday Act 2003 remediation 705-
Auditor’s remuneration to Deloitte Limited comprises:
Audit of financial statements573563
Other assurance services related to Australia aged care1110
Climate-related disclosure assurance-readiness services13-
Marketing includes:
Donations^699347
^ No donations have been made to any political party (2023: $Nil).

49
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
4. DEPRECIATION AND AMORTISATION EXPENSE
Accounting policy: Depreciation and amortisation
Property, plant and equipment
Depreciation is provided on all property, plant and equipment, other than freehold land, at straight-line (SL) rates
calculated to allocate the asset’s cost or valuation, less estimated residual value, over their estimated useful lives,
starting from the time the assets are ready for use, as follows.
• Buildings 2% SL
• Plant and equipment 4–25% SL
• Furniture and fittings 10–20% SL
• Motor vehicles 20% SL
• Right of use assets Term of lease SL.
Software
Amortisation is provided on internally generated software assets and acquired software assets as follows.
• Internally generated software 10–20% SL
• Acquired software 10–25% SL.
The estimated useful lives, residual value and depreciation/amortisation method are reviewed at the end of
each reporting period, with the effects of any changes in estimates accounted for on a prospective basis.
20242023
$000$000
Depreciation (note 9)
Buildings12,60712,680
Plant and equipment13,77212,930
Furniture and fittings4,9644,261
Motor vehicles1,3931,612
Right-of-use assets3,7 713,372
Gross depreciation36,50734,855
Capitalised to qualifying assets(6,726)(6,846)
Reported depreciation2 9,7 8 128,009
Amortisation (note 11)
Software16,0731 1 ,74 2
Capitalised to qualifying assets(2,051)(2,035)
Reported amortisation14,0229,707
Total43,8033 7,7 1 6
The 2023 comparatives have been reclassified to present the capitalised depreciation and amortisation against
the gross expense above, as this more appropriately reflects the net depreciation expense. This has reduced the
reported expense by $8.9 million. This has also been applied to the face of the income statement.

RYMAN HEALTHCARE ANNUAL REPORT 2024
50
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
5. FINANCE COSTS
Accounting policy: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets (assets
that take a substantial period of time to get ready for their intended use) are added to the costs of those assets
until the assets are substantially ready for use.
All other borrowing costs are recognised in profit or loss in the periods in which they are incurred.
Notes20242023
$000$000
Total interest paid on loans and borrowings (including related fees)175,992119,175
Amortisation of issue costs on loans and borrowings173,194709
Release of cash flow hedge reserve 13(30,323)35,049
Amount of interest capitalised 9,11(107,703)(108,069)
Net interest expense on borrowings41,16046,864
Interest on lease liabilities 20250187
Lease modification20(1,17 7)-
Costs relating to USPP prepayment-152,140
Costs relating to swap amendments10,4096,183
Total finance costs50,642205,374
Costs relating to swap amendments and USPP prepayment
are comprised of:
Fair value changes on derivatives (swap amendment)18c14,8728,044
Reclassification adjustment – modified interest rate swaps
(swap amendment)13b,18c(4,463)(1,861)
Loss on USPP notes prepayment -62 ,137
Foreign currency movement on USPP notes -24,405
Loss on close-out of cross-currency interest rate swaps -75,512
Reclassification adjustment – close-out of cross-currency
interest rate swaps-(9,914)
Total costs relating to swap amendments and USPP prepayment 10,409158,323
For further information in relation to the swap amendment costs refer to note 18(c).

51
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
6. INCOME TAX
Accounting policy: Income tax
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except
when it relates to items recognised in other comprehensive income or directly in equity. In this case, tax expense
is recognised in other comprehensive income or in equity.
Deferred tax is provided for temporary differences between the carrying amount of assets and liabilities for
financial reporting and the amounts used for taxation purposes. Deferred tax is not provided for on land and on
temporary differences arising from the initial recognition of assets or liabilities that affect neither accounting profit
nor taxable profit, and do not give rise to equal taxable and deductible temporary differences.
The amount of deferred tax provided is based on the way the carrying amount of assets and liabilities are
expected to be realised and settled. The Group assesses deferred tax on investment properties on the basis
that the asset value will be realised through use. The carrying value of the Group’s investment properties is
determined on a discounted cash flow basis and includes cash flows that are both taxable and non-taxable
in the future. The Group recognises deferred tax on cash flows with a future tax consequence.
A deferred tax asset is recognised to the extent that the entity has sufficient taxable temporary differences
or it is probable that future taxable profits will be available against which the asset can be used.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation
authority and the Group intends to settle current tax assets and liabilities on a net basis.
a. Income tax recognised in income statement
20242023
$000$000
Tax expense comprises:
Current tax expense--
Deferred tax credit(149,700)(51,640)
Total income tax credit(149,700)(51,640)
Reconciliation between prima facie taxation and tax expense
2024202420232023
$000%$000%
(Loss)/profit before income tax (144,925)206,196
Income tax expense calculated at 28%(40,579)28.0%57,73 528.0%
Tax effects of:
• non-taxable fair value movement
of investment property(52,011)35.9%(123,496)(59.9)%
• buildings tax base adjustment81,682(56.4)%--
• property movements(167,131)115.3%41,38220.1%
• capitalised interest deducted for tax(30,979)21.4%(30,681)(14.9)%
• non-deductible impairment55,395(38.2)%3,14 31.6%
• other3,923(2.7)%2770.1%
Total income tax credit(149,700)103.3%(51,640)(25.0)%

RYMAN HEALTHCARE ANNUAL REPORT 2024
52
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
6. INCOME TAX (CONTINUED)
a. Income tax recognised in income statement (continued)
The tax rate used in the above reconciliation is the corporate tax rate in New Zealand of 28% (2023: 28%).
The corporate tax rate in Australia is 30% (2023: 30%).
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Act, which received
Royal Assent on 28 March 2024, removes tax depreciation deductions for commercial buildings with
effect from the beginning of the 2025 income year. This legislative change reduces the tax base of serviced
apartments, care centres and village centres in New Zealand. This change increased the deferred tax
liability recognised in respect of property, plant and equipment, and investment properties by $81.7 million.
The impact of this change is recognised in the current year tax expense.
b. Deferred tax asset/liability
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000$000
2024
Property, plant and equipment(67,333)(22,710)(4)(90,047)
Investment properties(129,665)96,1157(33,543)
Deferred management fee (111,821)(25,439)(4 30)( 1 3 7,6 9 0)
Derivative financial instruments(12,158)-9,261(2,897)
Other11,7176,8922618,635
Tax loss carry-forwards recognised348,35694,842(1,584)441,614
Total deferred tax asset/(liability)39,096149,7007, 2 7 6196,072
2023
Property, plant and equipment(59,958)( 7,4 2 9)54(67,333)
Investment properties(67,999)(61,663)(3)(129,665)
Deferred management fee(89,541)(22,526)246(111,821)
Derivative financial instruments( 7,675 )-(4,4 83)(12,158)
Other8,3233,414(20)11,717
Tax loss carry-forwards recognised209,426139,844(914)348,356
Total deferred tax asset/(liability)(7,424)51,640(5,120)39,096
The 31 March 2024 deferred tax position is an asset in both countries, resulting in a deferred tax asset of
$196.1 million. In the comparative period the net deferred tax asset of $39.1 million is reflected in the statement
of financial position as a deferred tax asset of $53.8 million and a deferred tax liability of $14.7 million as they
relate to different tax jurisdictions.

53
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
6. INCOME TAX (CONTINUED)
c. Tax losses
The Group has the following amounts of tax losses available in New Zealand and Australia.
2024202420232023
NZ
NZ$000
AU
AU$000
NZ
NZ$000
AU
AU$000
Tax losses – revenue1,168,442349,606974,319235,556
Tax losses – capital-25,605-17,111
Total tax losses available1,168,442375,211974,319252,667
Recognised tax losses1,168,442349,606974,319235,556
Unrecognised tax losses-25,605-17,111
Total tax losses1,168,442375,211974,319252,667
Recognition of deferred tax asset on tax losses is based on management’s internal forecasts of expected
taxable earnings in future periods. One of the key drivers for this will be the uplift in the taxable deferred
management fees as new occupation rights are entered into at higher prices within the next 15–20 years.
The Group also expects improved profitability from its care business as villages move into a mature phase.
d. Imputation credit memorandum account
20242023
$000$000
Closing balance1,295105
Imputation credits available directly and indirectly
to shareholders of the parent company, through:
• parent company1,294104
• subsidiaries11
Closing balance1,295105

RYMAN HEALTHCARE ANNUAL REPORT 2024
54
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
7. CASH AND CASH EQUIVALENTS
Accounting policy: Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash in banks and on-demand deposits, and other short-term,
highly liquid investments readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value. This includes all call borrowing, such as bank overdrafts, used by the Group as part of its
day-to-day cash management.
The Group has an arrangement with ANZ that on a nightly basis a sweep is performed across all transactional
bank accounts. This consolidates all transactional bank accounts into a single account.
There is a right to offset cash balances against bank debt documented in the Group’s facility agreement.
In accordance with the Construction Contracts (Retention Money) Amendment Act 2023, commencing
5 October 2023 retention money is held in a separate bank account on trust. This is held in a compliant account
with a registered bank and is not subject to the nightly sweep. This amounts to $13.9 million at 31 March 2024.
The Group has access to an overdraft facility. The bank overdraft facility is secured by a general security
agreement and mortgages over the freehold land and buildings of the Group in the same manner as the bank loans
(note 17). Interest is payable at the 3-month BKBM rate, plus a specified margin. The interest rate on all overdraft
facilities at 31 March 2024 was 10.75% (2023: 13.45%).
The Group has no bank accounts outside of the regions in which we currently trade (New Zealand and Australia).

55
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
8. TRADE AND OTHER RECEIVABLES
Accounting policy: Trade and other receivables
Trade receivables are measured at amortised cost, less any impairment. This is equivalent to fair value, being
the receivable face (or nominal) value, less appropriate allowances for estimated irrecoverable amounts.
The allowance recognised is the lifetime expected credit losses based on an assessment of each individual debtor.
It is estimated based on the Group’s historical credit loss experience and general economic conditions. Expected
credit loss represents the expected credit losses that will result from all possible default events in the expected life
of a debtor. The Group has currently concluded that this amount is immaterial.
Trade receivables are written off when there is no realistic chance of recovery.
20242023
$000$000
New sales receivables (occupancy advance)241,137322,016
Resales receivables (occupancy advance)389,632351,180
Care and village fees receivables21,67716,998
Refundable accommodation deposit receivables18,0917,7 2 8
Prepayments and other receivables17,86121,199
Total trade and other receivables688,398719,121
The receivable for an occupancy advance is recognised when a legally binding contract with the resident is in
place and the unit is either complete or is considered to have met the threshold for inclusion in the investment
property valuation (see note 10). At the same time as recognising the occupancy advance receivable the Group
recognises the corresponding occupancy advance liability. Occupancy advances are cash settled by residents
on occupation of a retirement-village unit.
Care fees from residents are payable monthly in advance in New Zealand and two weeks in advance and two
weeks in arrears in Australia. Village fees are payable two weeks in advance and two weeks in arrears in both
countries. Government-agency payment terms vary but the fees are typically paid fortnightly in arrears for care
services provided to residents.
These debtors are non-interest bearing, although the Group has the right to charge interest on overdue
settlements of occupancy advances or overdue care and village fees.
Credit risk
There is no significant concentration of credit risk as trade debtors are either individual residents or government
agencies. No changes have been made in the techniques or significant assumptions used in determining expected
credit losses during the reporting period.

RYMAN HEALTHCARE ANNUAL REPORT 2024
56
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT
Accounting policy: Property, plant and equipment
Property, plant and equipment includes land (including long-term leases of land), completed care facilities,
care facilities under development, corporate assets and right-of-use assets (refer note 20).
All property, plant and equipment is initially recorded at cost. Cost includes cost of land, materials, wages
and interest incurred during the period required to complete and prepare an asset for its intended use. It also
includes head office costs related to the construction of the care centres.
Completed care facilities that have residents but have not been operating for more than a full financial year
are classified as ‘immature’ care centres. These care centres are not subject to an independent valuation
and held at cost, but are assessed to determine if the carrying value is significantly different to fair value.
Completed care-facility land and buildings included within the definition of freehold land and buildings
and with sufficient trading history are carried at a revalued amount, which is the fair value at the date of the
revaluation, less any subsequent accumulated depreciation on buildings. The revaluations are undertaken
annually (previously every 2 years), unless there is sustained market evidence of a significant change in fair
value, in which case an earlier valuation will be obtained.
Revaluations to fair value are based on an independent valuation report prepared by registered valuers, CBRE
Limited and CBRE Valuations Pty Limited, at the reporting date in line with NZ IFRS 13 – Fair Value Measurement.
All valuers are registered valuers and industry specialists in valuing the aged care sector. The valuers used
multiple valuation techniques to estimate and determine fair value. As the fair value of land and buildings is
determined using inputs that are unobservable (such as capitalisation rates and market value per care bed),
the Group has categorised property, plant and equipment as Level 3 under the fair-value hierarchy in line with
NZ IFRS 13 – Fair Value Measurement.
Any revaluation surplus is recorded in other comprehensive income, unless it reverses a revaluation decrease
of the same asset previously recognised in the income statement. In this case, the increase is credited to the
income statement to the extent of the decrease previously charged. Any revaluation deficit is recognised in the
income statement unless it directly offsets a previous surplus of the same asset in the asset revaluation reserve,
in which case the revaluation deficit is recorded in other comprehensive income.
Any accumulated depreciation at the revaluation date is eliminated against the gross carrying amount of the
asset, and the net amount is restated to the revalued amount of the asset.
All other plant and equipment is stated at historical cost less depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
An item of property, plant and equipment is derecognised on disposal or when no future economic benefits
are expected to arise from the continued use of the asset. On disposal, any resulting gain or loss is included
in the income statement and any revaluation reserve relating to a particular asset being sold is transferred
to retained earnings.
Accounting policy: Assets held for sale
Non-current assets are classified as assets held for sale if it is highly probable that they will be recovered
primarily through sale rather than through continuing use.
Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell.
Where a contracted sale price is available, the asset is carried at that value less associated costs as this is the
best indicator for fair value. Where no contracted price is available, the fair value is determined by independent
registered valuers. Any impairment losses on their initial classification as assets held for sale and any subsequent
gains and losses on remeasurement are recognised in profit or loss.

57
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Freehold
land at
valuation
Buildings
at valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2024
Gross carrying amount
Balance at 1 April 2023772,336594,661747, 87 8133,05069,98117,56227,8902,363,358
Additions1,5394,563152,2252,1901,55848015,926178,481
Net foreign-currency
exchange difference3,7833,1527,366189131185014,689
Transfer from property
under development20,9164 4 ,74 6(71,061)2 ,1373,262---
Transfer (to)/from
investment property(540)1,462130,869237263--132,291
Transfer (to)/from
assets held for sale--(122,289)----(122,289)
Disposals------(7,950)(7,950)
Impairment(23,647)-(156,350)----(179,997)
Revaluation(244,948)( 1 7, 873 )-----(262,821)
Balance at 31 March 2024529,439630,711688,638137,80375,19518,06035,9162,115,762
Accumulated depreciation
Balance at 1 April 2023-
(5,912)-(68,139)(56,362)(12,766)(14,751)(157,930)
Depreciation-(12,607)-(13,772)(4,964)(1,393)(3,771)(36,507)
Depreciation capitalised
to property under
development------(2 ,646)(2 ,646)
Disposals------7,2437,243
Revaluation-11,047-----11,047
Balance at 31 March 2024-( 7, 47 2 )-(81,911)(61,326)(14,159)(13,925)(178,793)
Total book value529,439623,239688,63855,89213,8693,90121,9911,936,969

RYMAN HEALTHCARE ANNUAL REPORT 2024
58
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Freehold
land at
valuation
Buildings
at valuation
Property
under
development
at cost
Plant and
equipment
at cost
Furniture
and fittings
at cost
Motor
vehicles
at cost
Right-of-
use
assetsTotal
$000$000$000$000$000$000$000$000
2023
Gross carrying amount
Balance at 1 April 2022565,318502,910922,349144,46062,39416,80036,4272,250,658
Additions1,6257,355204,86911,9981,28176211,640239,530
Net foreign-currency
exchange difference(1,018)(347)(4,926)(3)13-(11)(6,292)
Transfer from property
under development53,793106,302(158,693)(7,695)6,293---
Transfer (to)/from
investment property(4,155)(4,546)(173,308)----(182,009)
Transfer (to)/from
assets held for sale--(42 ,413)----(42 ,413)
Transfer (to)/from
intangible assets---(15,710)---(15,710)
Disposals------(20,166)(20,166)
Revaluation156,773( 1 7,0 1 3 )-----139,760
Balance at 31 March 2023772,336594,661747, 8 7 8133,05069,98117,56227,8902,363,358
Accumulated depreciation
Balance at 1 April 2022
-(10,245)-(62,929)(52,101)(11,154)(23,228)(159,657)
Depreciation-(12,680)-(12,930)(4,261)(1,612)(3,372)(34,855)
Depreciation capitalised
to property under
development------( 7, 27 9)( 7, 27 9)
Transfer to/(from)
intangible assets---7,7 2 0---7,7 2 0
Disposals------19,12819,128
Revaluation-1 7,0 1 3-----1 7,0 1 3
Balance at 31 March 2023-(5,912)-(68,139)(56,362)(12,766)(14,751)(157,930)
Total book value772,336588,749747, 8 7 864,91113,6194 ,7 9 613,1392,205,428

59
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Independent valuers’ key assumptions
The valuers used a range of significant assumptions as follows:
Year ended 31 March 2024Year ended 31 March 2023
Capitalisation rate10.75%–14.75%10.25%–13.75%
Market value per care bed$70,000–$250,000$70,000–$235,000
The land and building valuation within property, plant and equipment contains an allowance for the value
provided by the care facility to the Group’s independent-living and serviced apartment residents. The value
of this allowance is determined based on a portion of the deferred management fees paid by the Group’s
independent-living and serviced apartment residents. This portion of deferred management fees is excluded
from the investment property carrying value. In the current year, this accounting estimate has been reviewed for
appropriateness prompted by recent changes in the economic conditions, financial returns and strategic plans.
As a result this allocation has been reduced from 25% to zero. The allowance included in the comparative period
carrying value was $320.7 million. If the allowance had been applied consistently in the current year the allowance
would have increased to $370.7 million. This allowance has been added back to the investment property valuation.
Sensitivity
A change in the independent valuers’ assumptions, all else equal, would impact the fair-value measurement
as follows:
0.5% decrease0.5% increase
$000$000
Capitalisation rate (nominal)34,759(31,985)
Impact of climate change
The Group has considered the impact of climate change on the business and valuation of completed care-facility
land and buildings. The Group acknowledges that the impact of climate change will likely have a greater influence
on valuations in the future as markets place a greater emphasis on the risks and impacts of climate change.
To date, the independent valuers have made no explicit adjustments to valuations in respect of climate change.
Cost model
If freehold land and buildings were measured using the cost model, the carrying amounts would be as follows.
Freehold landBuildingsTotal
$000$000$000
Carrying amount under cost model at 31 March 2024203,519613,815817,334
Carrying amount under cost model at 31 March 2023179,034577,195756,229

RYMAN HEALTHCARE ANNUAL REPORT 2024
60
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Property under development at cost
Property under development includes land held pending the development of care centres and retirement villages
amounting to $466.4 million (2023: $523.9 million) which is valued at cost less any impairment losses.
Interest for the Group of $107.1 million (2023: $106.5 million) was capitalised during the period of construction
in the current year. The weighted-average capitalisation rate on funds borrowed is 5.82% per annum
(2023: 5.66% per annum).
Right-of-use assets
Included within property, plant and equipment are the right-of-use assets relating to leases.
Buildings
Plant and
equipmentTotal
$000$000$000
Balance at 1 April 2023
11,5491,59013,139
Additions13,5342,39215,926
Net foreign-currency exchange difference50-50
Depreciation(3,771)-(3,771)
Depreciation capitalised to property under development-(2 ,646)(2 ,646)
Disposals(707)-(707)
Balance at 31 March 202420,6551,33621,991
Balance at 1 April 20228,3094,89013,199
Additions7,5314,10911,640
Net foreign-currency exchange difference(11)-(11)
Depreciation(3,372)-(3,372)
Depreciation capitalised to property under development(4 4)(7,235)( 7, 27 9)
Disposals(864)( 1 74 )(1,038)
Balance at 31 March 202311,5491,59013,139
Assets held for sale
Following a review of the Group’s land portfolio, the land at Newtown (Wellington, New Zealand), Karori (Wellington,
New Zealand) and Kohimarama (Auckland, New Zealand) are being held for sale. In addition, excess land at
Nellie Melba (Melbourne, Australia) is also being held for sale. These assets are measured at the lower of their
carrying amount and fair value less costs to sell.
A previous offer supporting the carrying value of the Newtown site was ended due to non-satisfaction of
the conditions by the purchaser to the agreement. Management obtained revised market valuations and an
unconditional sale with a new purchaser has now been agreed. This is expected to settle in September 2024.
An impairment loss has been recognised for $9.4 million reflecting the revised sales price. This is in addition
to impairments recognised in previous financial periods.

61
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
9. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The Group has recognised an impairment loss of $16.3 million for Kohimarama (acquired in 2018) and $37.6 million
for Karori (acquired in 2017). A sale is expected within 12 months. These sites were valued by Jones Lang LaSalle
Limited using a comparable transactions and hypothetical development method.
Excess land at Nellie Melba is being actively marketed for sale and a sale is expected to take place within
12 months. There has been no impairment recognised in respect of this site.
20242023
$000$000
Balance at 1 April 202331,379-
Less sale realised(14,578)-
Add transfers from property, plant and equipment122,28942 ,413
Less impairment expense(63,576)(11,034)
Balance at 31 March 202475,51431,379
Property under development
The Group has also undertaken a review of sites for which no decision to sell has been made, but where there
is uncertainty about future plans to develop or where early-stage construction has been suspended with no
known date for resuming. This included the sites at Takapuna (Auckland, New Zealand) acquired in 2020,
Ringwood East (Victoria, Australia) acquired in 2019 and Mt Eliza (Victoria, Australia) acquired in 2016. These
sites have been impaired by $56.5 million, $55.0 million and $36.0 million respectively. The market value of these
sites were determined based on a direct comparison approach taking into consideration inputs from independent
valuers. Given the current status of the Takapuna and Ringwood East projects, a value-in-use analysis is not
deemed appropriate at this stage. Instead the Group considers that market value is the best estimate of the
recoverable amount of these assets.
Impairment loss
20242023
$000$000
Assets held for sale(63,576)(11,034)
Property under development(156,350)-
Care centre impairment
1
(23,647)-
Balance at 31 March 2024(243,573)(11,034)
1
The care centre impairment relates to Frances Hodgkins Retirement Village Limited, Linda Jones Retirement Village Limited,
Murray Halberg Retirement Village Limited, William Sanders Retirement Village Limited and Charles Brownlow
Retirement Village Pty Ltd.

RYMAN HEALTHCARE ANNUAL REPORT 2024
62
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES
Accounting policy: Investment properties
Investment properties include land and buildings (including long-term leases of land), equipment and furnishings
relating to retirement-village units and community facilities, including units and facilities under development.
They are intended to be held for the long term to earn rental income and for capital appreciation. Rental income
from investment properties, being the management fee and retirement-village service fees, is accounted for in
line with note 2.
Investment properties are not depreciated.
Retirement-village units and community facilities are revalued on a semi-annual basis and restated to fair value.
Fair value is determined by independent registered valuers, CBRE Limited, CBRE Valuations Pty Limited and
Jones Lang LaSalle Limited, at the reporting date. All valuers are registered valuers and industry specialists in
valuing the aged care sector. These valuations consider the requirement of NZ IFRS 13 – Fair Value Measurement
to assume that market participants act in their economic best interests. Where multiple valuations are obtained,
a midpoint of the two valuations is applied to provide a stable and balanced estimate of value without bias.
Previously the directors used their judgement in arriving at an adopted valuation using a range of data points
including both a 20% and 30% deferred management fee rate. In developing the previous view, the deferred
management fee was benchmarked against industry peers resulting in a 30% assumption being applied on future
rollovers. In the current year the assumptions related to deferred management fee have been reassessed. This
is based on the valuers view that Ryman’s preferred contractual terms are appropriate in determining the fair
value of the operators interest, despite the difference in the maximum deferred management fee with the wider
sector as other key variables in the discounted cash flows, for example the discount rate, sufficiently allow for the
opportunity for change given the interdependency of other variables. As a result, the current year assessment
of fair value has been determined using the value of operators interest from the independent registered valuers
which is based on current contractual terms (predominately 20% deferred management fee) and includes
consideration of the impact on associated valuation inputs. In the current year the directors are satisfied that the
assumptions adopted by the independent registered valuers result in valuations which reflect the price that would
be received to sell an asset in an orderly transaction between market participants at the measurement date. The
impact of this change is $398.6 million reduction in the investment property valuation.
Where fair value is able to be reliably measured, valuers utilise a discounted cash flow approach to assess the fair
value of retirement-village units.
As the fair value of investment property is determined using inputs that are unobservable, the Group has
categorised investment property as Level 3 under the fair-value hierarchy, in line with NZ IFRS 13 – Fair Value
Measurement. NZ IFRS 13 requires that the inputs are consistent with the characteristics of the asset that a
market participant would take into account in a transaction for the asset.

63
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES (CONTINUED)
The carrying value of completed investment property and investment property under development, where fair
value is able to be reliably measured, is based on the independent valuers’ reports and also includes occupancy
advances liability, adjusted for accrued deferred management fees and revenue in advance. As required by
NZ IAS 40 – Investment Property, the fair value is adjusted for assets and liabilities already recognised on the
balance sheet which are also reflected in the cash flow analysis. This includes the impact of discounting of the
accrued DMF within the valuation. It also included adjusting gross occupancy advances for units which may
have two occupation advance liabilities recorded against them due to the previous resident not being repaid
at balance date.
Any change in fair value is taken to the income statement.
Where the fair value of investment property under development is unable to be reliably measured it is carried
at cost.
The directors have reviewed the current approach of holding completed investment property without an
agreement to occupy at cost. The directors have determined valuing these units would provide a more fair and
accurate representation of fair value at balance date. Fair value is determined by independent registered valuers
CBRE Limited and Jones Lang LaSalle Limited in the current year. These are valued on the basis of a ‘Sale in One
Line or Single Transaction’. This incorporates an appropriate discount to reflect holding costs and a profit and risk
factor. The operators interest includes a vacancy period before each unit is subject to hypothetical sale. The fair
value uplift at 31 March 2024 relating to the valuation of completed unsold stock is $14.2 million.
A key judgement in determining the fair value of investment property is deciding which units to include in the
valuation. The following table illustrates this.

RYMAN HEALTHCARE ANNUAL REPORT 2024
64
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES (CONTINUED)
Determining whether fair value can be reliably measured
The table below details the considerations made in assessing whether the fair value of a unit can be reliably
measured at reporting date and whether the unit should therefore be included in the valuation.
Considerations made in determining if fair value can be reliably measured
Units that are or can be occupied at
reporting date
Units that are under development at
reporting date
Agreement
to occupy
in place
31 March 2024: The directors have determined
that any units which are complete and capable
of being occupied can be reliably measured,
irrespective of an agreement to occupy in place.
These units will be subject to valuation.
31 March 2023: The directors have determined
that fair value can only be reliably measured if
there is an agreement to occupy in place. These
units will be subject to valuation. Units without
an agreement to occupy are carried at cost.
The directors have determined that fair value
can only be reliably measured if there is an
agreement to occupy in place. These units will be
subject to valuation. Units without an agreement
to occupy are carried at cost.
Development
progress
To determine the progress of the development,
the stage and site costs incurred to date are
considered with reference to the forecast total
costs of the stage and site under development.
The proportion of units from the site included
in the valuation is compared to the costs
incurred to date as a proportion of total costs.
The number of units included in the valuation
should not exceed the proportion of costs
incurred to date.
Units that are under development that cannot
be reliably measured are carried at cost.
Resident
move-in date
The date when a resident will be able to take
possession of their unit is considered relative
to the development timetable.
Units that are under development at reporting date and for which it has been determined, after the considerations
detailed above, that fair value cannot be reliably measured, are carried at cost.
Management and the directors undertake regular physical inspections of villages under development to verify
progress, particularly around reporting period ends, to help inform their judgements.

65
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES (CONTINUED)
20242023
$000$000
At fair value
Balance at 1 April9,322,9028,027,267
Additions (including transfers to/from property, plant and equipment) 506,132873,952
• Realised fair-value movement 310,601357,842
• Unrealised fair-value movement (131,056)73,661
Fair-value movement179,545431,503
Net foreign-currency exchange differences32,790(9,820)
Balance at 31 March10,041,3699,322,902
A reconciliation between the valuation and the amount recognised as investment property is as follows:
20242023
$000$000
Investment property under development (cost)702,787 786,953
Completed stock not subject to agreement to occupy (cost) - 168,661
Investment property held at cost702,787 955,614
Manager’s net interest for units subject to occupancy agreement3,468,870 3,596,087
Completed stock not subject to agreement to occupy224,668 -
Allowance for the value provided by care facilities - (319,981)
Other adjustments required by NZ IAS 40105,217 91,218
Manager’s net interest3,798,7553,367,324
Revenue in advance140,857 99,271
Gross occupancy advance (note 19)6,112,727 5,498,020
Accrued DMF(713,757)(597,327)
Investment property fair valued9,338,582 8,367,288
Total investment property10,041,3699,322,902
Manager’s net interest is the value of the operator’s interest having taken into consideration the range of valuations
produced by independent registered valuers and the requirement of NZ IFRS 13 – Fair Value Measurement to
assume that market participants act in their economic best interests. Manager’s net interest is a non-GAAP
(Generally Accepted Accounting Principles) measure which does not have a standardised meaning prescribed by
GAAP. Manager’s net interest may not be comparable to similar financial information presented by other entities.
In the current year the directors have adopted the mid-point of the valuation reports prepared by the panel of
valuers to provide a stable and balanced estimate of value free from bias. The directors have met with the valuers
to review the inputs in their models and are satisfied that the market participant test has been adequately met.
The directors have also determined that fair value can be determined for completed stock irrespective of whether
an agreement to occupy is in place.

RYMAN HEALTHCARE ANNUAL REPORT 2024
66
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES (CONTINUED)
The land and building valuation within property, plant and equipment contains an allowance for the value provided
by a care facility to the Group’s independent-living and serviced apartment residents. The value of this allowance
is determined based on a portion of the deferred management fees paid by the Group’s independent-living
and serviced apartment residents. This portion of deferred management fees is excluded from the investment
property value. In the current year, this accounting estimate has been reviewed for appropriateness and the
allocation has been reduced to zero. The investment property valuation increased by $429.7 million in 2024
because of this change in estimate. The difference between $429.7 million and the $370.7 million in note 9 relates
to allowances deducted from investment property for which there is no care centre subject to valuation.
The valuation comprises those units for which fair value is judged as being able to be reliably measured.
The breakdown of units is as follows:
Year ended
31 March 2024
Year ended
31 March 2023
No. of unitsNo. of units
Currently (or previously) subject to an occupancy agreement8,9498,499
Completed but not yet subject to occupancy agreement238-
Under development at reporting date 63167
Total units included in the valuation9,2508,666
Independent valuers’ key assumptions
The valuers used a range of significant assumptions as follows:
Year ended
31 March 2024
Year ended
31 March 2023
%%
Growth rate (nominal)0.50–4.700– 4.70
Discount rate12.00–16.5011.75–16.50
Sensitivity
A change in the independent valuers’ assumptions would impact the fair-value measurement as follows:
0.5% decrease0.5% increase
$000$000
Growth rate (nominal)(245,399)222,196
Discount rate134,446(147,045)

67
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTIES (CONTINUED)
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy periods. A significant increase in the average age of entry of residents or a
decrease in the occupancy periods would result in a significantly higher fair-value measurement. Conversely,
a significant decrease in the average age of entry of residents or increase in the occupancy periods would result
in a significantly lower fair-value measurement.
Market risk
The valuers comment that property markets both nationally and globally are being heavily impacted by the high
interest rate environment instigated by central banks to combat high inflation. Markets are also impacted by
ongoing disruption to global supply chains and geopolitical instability in certain regions. The valuers reiterate that
their conclusions are based on data and market sentiment as at the date of valuation. For the avoidance of doubt,
this does not constitute a ‘material valuation uncertainty’.
Impact of climate change
The Group has considered the impact of climate change on the business and valuation of investment property.
The Group acknowledges that the impact of climate change will likely have a greater influence on valuations
in the future as markets place a greater emphasis on the risks and impacts of climate change.
The independent valuers have made no explicit adjustments to valuations in respect of climate change.
Work in progress
Investment property includes investment property under development of $702.8 million (31 March 2023:
$786.9 million), which has been valued at cost. The directors have determined that for work in progress,
cost represents fair value. No independent valuation of investment property work in progress is obtained.
Operating expenses
Direct operating expenses arising from investment property that generated income from deferred management
fees during the period amounted to $70.7 million (31 March 2023: $53.2 million). All investment property generated
income for the Group from deferred management fees, except for investment property work in progress.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the majority of New Zealand occupancy agreements, the
occupancy advance is secured by a registered first mortgage in favour of the Statutory Supervisor over the assets
of the retirement village. There are a relatively small number of older occupancy agreements where the residents
instead received a life interest in their unit, with Ryman holding the reversionary interest. These residents’
occupancy advances are secured by a registered first mortgage over that residual interest. Residents in Victoria,
Australia have the benefit of a charge over the title for the land under the Retirement Villages Act 1986.

RYMAN HEALTHCARE ANNUAL REPORT 2024
68
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
11. INTANGIBLE ASSETS
Accounting policy: Intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Internally generated software assets
An internally generated intangible software asset arising from development (or from the development phase
of an internal project) is only recognised if all the following criteria have been demonstrated.
• It is technically feasible to complete the intangible asset so that it is available for use or sale.
• The Group intends to complete the intangible asset and use or sell it.
• The intangible asset can be used or sold.
• Probable future economic benefits of the intangible asset can be generated.
• Adequate technical, financial, and other resources are available to complete the development and use
or sell the intangible asset.
• The expenditure attributable to the intangible asset can be measured during its development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred
from the date when the intangible asset first meets the recognition criteria listed above. Where no internally
generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the
period in which it is incurred.
After initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation
and accumulated impairment losses.
Acquired software assets
Acquired software assets are reported at cost less accumulated amortisation and any accumulated
impairment losses.
Software-as-a-Service (SaaS)
SaaS arrangements are service contracts providing the Group with the right to access a cloud provider’s
application software over the contract period.
Costs incurred to configure or customise, and the ongoing fees to obtain access to a SaaS provider’s application
software, are recognised as operating expenses when the services are received.
However, where costs incurred are for the development of software code that enhances or modifies, or creates
an additional capability for, existing software assets and meets the definition of and recognition criteria for an
intangible asset, those costs are recognised as software assets and amortised over the useful life of the software
on a straight-line basis.

69
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
11. INTANGIBLE ASSETS (CONTINUED)
20242023
$000$000
Gross carrying amount
Opening balance1 2 2 , 2 7469,664
Additions16,01436,900
Net foreign-currency exchange differences292-
Transfer from property, plant and equipment-15,710
Closing balance138,5801 2 2 , 2 74
Accumulated amortisation
Opening balance(37,442)(17,980)
Transfer from property, plant and equipment-(7,720)
Amortisation (note 4)(16,073)(11,742)
Closing balance(53,515)(37,442)
Total book value85,06584,832
Intangible assets relate to internally generated and acquired software. In the prior year, the Group reclassified
acquired software from property, plant and equipment to intangible assets.
Interest for the Group of $0.6 million (2023: $1.6 million) has been capitalised to intangible assets during the
current year. The weighted-average capitalisation rate on funds borrowed is 5.95% per annum (2023: 5.66%
per annum).
12. SHARE CAPITAL
Accounting policy: Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity.
Although the shares purchased for the leadership share scheme are treated as treasury stock under financial
reporting standards, they are not of the type contemplated by section 67A of the Companies Act 1993. They
carry the usual rights attaching to shares such as the right to receive dividends (albeit subject to contractual
requirements under the share scheme to applying dividend payments to repay loans) and the right to participate
in corporate actions. On this basis, the treasury stock has been included in the calculation of basic and diluted
earnings per share.
Issued and paid-up capital consists of 687,641,738 fully paid ordinary shares (2023: 687,641,738 shares) less
treasury stock of 2,494,282 shares (2023: 2,494,282 shares) (note 25). All shares rank equally in all respects.
Shares purchased on market under the leadership share scheme (note 25) are treated as treasury stock (note 13)
until they are vested to the employees.

RYMAN HEALTHCARE ANNUAL REPORT 2024
70
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
12. SHARE CAPITAL (CONTINUED)
Fully paid ordinary shares
Weighted average number
of ordinary shares
2024202320242023
’000’000’000’000
Total ordinary shares
(including treasury stock) at 1 April687,642500,000687,642500,000
Ordinary shares issued:
• Dividend reinvestment plan-7,166-2,081
• Equity raise-180,476-14,242
Total ordinary shares
(including treasury stock) at 31 March687,642687,642687,642516,323
In the prior year, the Company issued new ordinary shares in respect of a fully underwritten dividend reinvestment
plan (DRP) that applied to the 2023 interim dividend, followed by an equity raise in February and March 2023.
The increase in share capital of $919.9 million was net of directly attributable share issue costs of $26.4 million.
Additional costs of $0.4 million related to the prior year equity raise were paid in the current year. As these costs
are directly attributable to the issuance of shares, they have been recognised in equity.
Basic and diluted earnings per share (EPS)
20242023
Net profit after tax ($000)4,7 75257,836
Weighted average number of shares (in ’000)687,642516,323
Basic and diluted EPS (cents per share)0.749.9
Net tangible asset (NTA) per share
20242023
NTA ($000)4,136,4704,525,291
Ordinary shares at 31 March (in ’000)687,642687,642
NTA per share (cents per share)601.5658.1
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
13. RESERVES
Notes20242023
$000$000
Reserves
Asset revaluation reserve13a358,567610,341
Cash flow hedge reserve13b2 0,7 7430,955
Cost of hedging reserve13c--
Foreign-currency translation reserve13d4,107(7,136)
Treasury stock13e,25(34,730)(34,729)
348,718599,431

71
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
13. RESERVES (CONTINUED)
Notes20242023
$000$000
a. Asset revaluation reserve
Opening balance610,341453,568
Revaluation(251,774)156,773
Closing balance358,567610,341
b. Cash flow hedge reserve
Opening balance30,95515,491
Valuation of interest rate derivatives18,80928,121
Valuation of cross-currency interest rate swap-(33,443)
Released to income statement(30,323)35,049
Reclassification adjustment to income statement – close-out of
cross-currency interest rate swaps18-(6,396)
Reclassification adjustment to income statement – modified interest
rate swaps18(4,463)(1,861)
Deferred tax movement on cash flow hedge reserve5,796(6,006)
Closing balance2 0,7 7430,955
c. Cost of hedging reserve
Opening balance-3,652
Valuation of cross-currency interest rate swap-(1,554)
Reclassification adjustment to income statement 18-(3,518)
Deferred tax movement on cost of hedging reserve-1,420
Closing balance--
d. Foreign-currency translation reserve
Opening balance(7,136)500
(Loss)/gain on hedge of foreign-owned subsidiary net assets(1,552)670
Gain/(loss) on translation of foreign operations12,795(8,306)
Closing balance4 ,1 0 7(7,136)
e. Treasury stock (note 25)
Opening balance(34,729)(38,174)
Acquisitions--
Vesting /forfeiture of shares(1)3,445
Closing balance(34,730)(34,729)
f. Retained earnings
Opening balance3,111,2272,966,193
Net profit attributable to shareholders4,7 75257,836
Loss on disposal of treasury stock-(802)
Dividends paid-(112,000)
Closing balance3,116,0023,111,227

RYMAN HEALTHCARE ANNUAL REPORT 2024
72
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
13. RESERVES (CONTINUED)
Dividends paid
2024202420232023
Cents per share$000Cents per share$000
Recognised amounts
Final dividend paid – prior year--13.6068,000
Interim dividend paid – current year--8.8044,000
-112,000
Full-year dividend – current year--8.8044,000
No dividends have been paid during the current year. In the prior year, the Company adopted a DRP that applied to
the 2023 interim dividend.
The directors have determined that no final dividend will be paid in respect of the 2024 financial year (2023: nil)
and that dividends will remain suspended in the near future. The directors intend to undertake a further review
of the dividend policy in the 2026 financial year. Any future dividend policy is expected to be based on cash flow.
14. TRADE AND OTHER PAYABLES
Accounting policy: Trade and other payables
Trade and other payables are measured at amortised cost. This is equivalent to the face (or nominal) value
of payables, which is assumed to approximate their fair value.
20242023
$000$000
Trade payables117,502108,371
Land accruals27,81971,755
Other payables5,29925,658
Total trade and other payables150,620205,784
Trade payables are typically paid within 30 days of the invoice date or on the 20
th
of the month following the
invoice date.

73
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
15. EMPLOYEE ENTITLEMENTS
Accounting policy: Employee entitlements
A liability for benefits accruing to employees for wages and salaries, annual leave and long-service leave is
accrued and recognised in the statement of financial position when it is probable that settlement will be required
and the liabilities are capable of being measured reliably.
Holidays Act remediation
As disclosed in the prior year contingent liability note, the Group has identified that past and present New Zealand
employees may have received incorrect payments dating back to 2010 due to the complexity of the Holidays Act
2003 and the nature of our dynamic workforce. The issues relate to entitlements under the Holidays Act 2003,
and how a range of allowances and entitlements have been interpreted and calculated. External consultants
are working with the Group to quantify the value and employees affected, which could be as many as 26,000
employees. Based on their quantification, a provision of $24.0 million has been recorded within employee
entitlements at 31 March 2024 (with $18.0 million being recorded in the year to 31 March 2024). This is the
best estimate based on facts and circumstances at 31 March 2024, however this is not final and may be subject
to change.
16. REFUNDABLE ACCOMMODATION DEPOSITS
Accounting policy: Refundable accommodation deposits
Refundable accommodation deposits relate to deposits held on behalf of residents who reside in rooms in the
care centres in Australia and New Zealand. Refundable accommodation deposits confer to residents the right
of occupancy of the rooms for life, or until the residents terminate the agreements. The deposit is repayable
following the termination of the right to occupy.
Amounts payable under refundable accommodation deposits are non-interest bearing and recorded as a liability
in the statement of financial position.
As a resident may terminate their occupancy with limited notice, and the refundable accommodation deposit is
non-interest bearing and has demand features, it is carried at face value, which is the original deposit received.
In New Zealand, a refundable accommodation deposit is repayable within 30 working days of a resident vacating
their care room. The Group is liable to pay interest at 3% above our bank’s normal overdraft rate if it does not
repay the deposit within that period.
In Australia, the repayment obligation is within 14 days of a resident vacating their care room, or of sighting the
probate or letters of administration. The Group is liable to pay interest at a base interest rate (31 March 2024:
2.25%) within the 14-day period, and at the higher maximum permissible interest rate (31 March 2024: 8.38%)
after that.

RYMAN HEALTHCARE ANNUAL REPORT 2024
74
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
17. INTEREST-BEARING LOANS AND BORROWINGS
Accounting policy: Interest-bearing loans and borrowings
Bank loans and borrowings are initially recorded at fair value, less directly attributable transaction costs. After
initial recognition, loans and borrowings are measured at amortised cost. Any differences between the initial
amounts recognised and the redemption values are recognised in profit and loss using the effective interest
rate method.
Accounting policy: Hedges of a net investment
Hedges of a net investment in a foreign operation are accounted for in two ways. Gains or losses relating to
the effective portion of a hedge are recognised in other comprehensive income. Any gains or losses relating
to the ineffective portion of the hedge are recognised in profit or loss.
At 31 March 2024 interest-bearing loans and borrowings include secured bank loans, an institutional term loan and
unsubordinated fixed-rate retail bonds (2023: secured bank loans, an institutional term loan and unsubordinated
fixed-rate retail bonds). The Group fully prepaid its USPP notes in March 2023.
Notes20242023
$000$000
Bank loans17a2 ,1 3 7,07 91,922 ,769
Institutional term loan 17b272,807267,265
Retail bonds – RYM01017c150,000150,000
Total loans and borrowings at face value2,559,8862,340,034
Issue costs for the institutional term loan capitalised17b(1,717)(726)
Issue costs for the retail bond capitalised17c(1,557)(2,109)
Issue costs for bank loans capitalised
1
17a(3,805)-
Total loans and borrowings at amortised cost2,552,8072,337,199
Revaluation of institutional term loan debt in fair value hedge relationship17b(5,860)(6,249)
Total loans and borrowings2,546,9472,330,950
Contractual cash outflows in respect of these interest-bearing loans and borrowings are disclosed in note 21(e).
1
During the year, the group reclassified issue costs for bank loans from trade and other receivables to align with the treatment
of the issue costs for the institutional term loan and retail bond. Issue costs for bank loans capitalised were $4.1 million in the
comparative period.

75
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
17. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
a. Bank loans (secured)
The bank loan facilities have varying maturity dates through to April 2029 (2023: May 2027) and are subject
to floating interest rates. The average interest rates disclosed below exclude the impact of interest rate swap
agreements described in note 18.
20242023
$000$000
Bank loans (secured) – NZD1,483,9801,277,590
Bank loans (secured) – AUD in NZD653,099645,179
Total bank loans (secured) 2 ,1 3 7,0 7 91,9 2 2 ,76 9
Issue costs for bank loans capitalised
Opening balance--
Reclassified from trade and other receivables(4,130)-
Capitalised during the year(2,039)-
Amortised during the year2,364-
(3,805)-
Total bank loans at amortised cost2 ,1 3 3 , 2 741,9 2 2 ,76 9
Less cash and cash equivalents (41,809)(27,879)
Net bank loans2,091,4651,894,890
Less than 1 year
1
-117,597
Within 1–5 years2 ,1 3 7,07 91,805,172
Total bank loans (secured)2 ,1 3 7,0 7 91,9 2 2 ,76 9
Average interest rates for bank loans – NZD6.75%7.4 1 %
Average interest rates for bank loans – AUD5.41%5.24%
1
The Group has $251.4 million of bank loan facilities maturing within the next year, however these are undrawn. In April 2024
$136.4 million of these facilities were refinanced with maturity extended past 1 year.

RYMAN HEALTHCARE ANNUAL REPORT 2024
76
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
17. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
b. Institutional term loan (secured)
The Group entered into an AU$250.0 million 7-year institutional term loan in May 2021, which matures in
May 2028. A portion of the loan (AU$153.9 million) is subject to a fixed interest rate. The remaining portion
of the loan (AU$96.2 million) is subject to floating interest rates.
20242023
$000$000
Institutional term loan272,807267,265
Total institutional term loan at face value 272,807267,265
Issue costs for the institutional term loan capitalised
Opening balance(726)(876)
Capitalised during the year(1,259)-
Amortised during the year268150
(1,7 1 7 )(726)
Total institutional term loan at amortised cost271,090266,539
Revaluation of debt in fair value hedge relationship(5,860)(6,249)
Total institutional term loan265,230260,290
Average interest rate (which includes both the fixed and the floating portion)6.49%5.14%
c. Retail bonds (secured)
The Group issued a retail bond for $150.0 million in December 2020. The retail bond has a maturity date of
18 December 2026 and is listed on the NZX Debt Market (NZDX) with the ID RYM010. The coupon rate for
the retail bond is 2.55%.
20242023
$000$000
Retail bond – RYM010150,000150,000
Total retail bonds at face value 150,000150,000
Issue costs for the retail bond capitalised
Opening balance(2,109)(2,605)
Capitalised during the year(10)(63)
Amortised during the year562559
(1,557)(2,109)
Total retail bonds at amortised cost148,443147,891

77
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
17. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
d. Security
The bank loans, institutional term loan and retail bonds are secured by a general security agreement over
the parent and subsidiary companies and supported by first mortgages over the freehold land and buildings
(excluding retirement-village unit titles provided as security to residents – note 10).
The subsidiary companies listed in note 1 have all provided guarantees for the Group’s secured loans as
parties to the general security agreement.
e. Covenants
The Group is subject to capital requirements imposed by its bank and the lenders included in the banking
syndicate through covenants agreed as part of the lending facility arrangements, and bond holders through
covenants in the Master Trust Deed.
In February 2023, the Group’s banking syndicate and institutional term loan lenders agreed to amend the
Interest Coverage Ratio covenant included in the lending facility agreements to 1.75x until 31 March 2025,
increasing to 2.00x at 30 September 2025 and 2.25x at 31 March 2026. The retail bonds are not subject
to the Interest Coverage Ratio covenant.
In September 2023 as part of the renegotiated bank facilities the Interest Coverage Ratio covenant
was further amended to be calculated as adjusted EBITDA to total interest. The covenant levels remain
unchanged at 1.75x for all reporting periods through to 31 March 2025, then moving to 2.00x at
30 September 2025 and 2.25x thereafter.
The Group has met all externally imposed capital requirements for the 12 months ended 31 March 2024
and 31 March 2023.
f. Going concern
These financial statements have been prepared on a going concern basis, which requires the Board to have
reasonable grounds to believe that the Group will be able to pay their debts as and when they become due.
The minimum requirement by NZ IAS 1 – Presentation of Financial Statements being at least, but not limited to,
12 months from the end of the reporting period. The Group has prepared cash flow projections factoring in the
current market, covering a period of at least 12 months after these financial statements have been authorised
for issue. Net cash flow and net profit after tax are both forecast to be positive for the 12 months ended
31 March 2025. In addition, at 31 March 2024 the Group had $507.5 million in cash liquidity, with $41.8 million
in cash and $465.7 million of undrawn syndicated bank facilities. The undrawn facilities have a weighted
average tenor of 2.4 years. Due to the above, the Board determined that the going concern basis of accounting
is appropriate in the preparation of these financial statements.

RYMAN HEALTHCARE ANNUAL REPORT 2024
78
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
18. DERIVATIVE FINANCIAL INSTRUMENTS
Accounting policy: Derivative financial instruments
Derivatives are initially recognised at fair value on the date a contract is entered into and remeasured to their
fair value at each reporting date.
The fair values of these derivatives are categorised as Level 2 under the fair value hierarchy in NZ IFRS 13 –
Fair Value Measurement. The fair values of these derivatives are derived using inputs supplied by third parties
that are observable, either directly (prices) or indirectly (derived from prices). The fair value of interest rate
swaps is determined by discounting the future cash flows using the yield curves at the end of the reporting
period and the credit risk inherent in the contract.
Hedge accounting
The Group designates most of its derivatives as hedging instruments. At inception, each hedge relationship
is formalised in hedge documentation. The Group uses Bancorp Treasury Services Limited (BTSL) as an
independent valuer to determine the existence of an economic relationship between the hedging instrument
and the hedged item based on the currency, amount and timing of respective cash flows, interest rates, tenors,
repricing dates, maturities and notional amounts. BTSL assesses whether the derivative designated in each
hedging relationship is expected to be, and has been, effective in offsetting the changes in cash flows of the
hedged item.
When the derivatives meet the requirements of cash flow hedge accounting, the effective portion of the change
in the fair value of the derivatives are recognised in other comprehensive income and accumulated as a separate
component of equity. Amounts deferred in equity are recycled to profit or loss in the periods when the hedged
item is recognised in profit or loss. The ineffective portion is recognised in the income statement.
When the derivatives meet the requirements of fair value hedge accounting, changes in the fair value of the
derivatives are taken directly to the income statement for the year, to offset the change in fair value of the hedged
item also recorded in the income statement.
Hedge accounting is discontinued when the hedge instrument expires, is terminated or no longer qualifies for
hedge accounting. When hedge accounting for cash flow hedges is discontinued, the amount accumulated in
the hedging reserve remains in equity until it is reclassified to profit or loss in the same periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur,
the amounts accumulated in the hedging reserve are immediately reclassified to profit or loss.

79
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
18. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
At 31 March 2024 the Group’s derivative financial instruments consist of interest rate swaps, caps, floors and
collars (2023: interest rate swaps, caps, floors and collars). The Group closed out its cross-currency interest
rate swaps (CCIRS) in March 2023.
The Group uses these derivative financial instruments to manage cash flow and interest rate risks.
The Group designates most of its derivatives as hedging instruments. All hedging instruments are recorded
under derivative financial instruments in the statement of financial position. The details of the Group’s hedging
instruments are as follows.
CurrencyInterest ratesMaturity
Notional amount of
hedging instrument
Carrying
amount of
the hedging
instrument:
asset/(liability)
Change in
value used for
calculating
hedge
effectiveness
Years NZ$000 NZ$000
2024
Cash flow hedges
Interest rate derivatives
NZD2.309%–4.613%0–6NZ$1,160 million12,688(7,015)
Interest rate derivatives
AUD1.463%– 4.378%0–6AU$535 million(2,357)(4,310)
Fair value hedge
Interest rate swaps
AUDFloating4AU$54 million(5,688)300
4,643(11,025)
2023
Cash flow hedges
Interest rate derivatives
NZD2.309%–4.112%1–5NZ$610 million19,70313,823
Interest rate swaps
AUD1.463%2AU$60 million1,953412
Fair value hedge
Interest rate swaps
AUDFloating5AU$54 million(5,988)(557)
15,66813,678

RYMAN HEALTHCARE ANNUAL REPORT 2024
80
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
18. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
a. Interest rate derivatives as cash flow hedges
The Group holds various interest rate derivatives to provide an effective cash flow hedge against floating
interest rate variability on a defined portion of core debt. The hedge ratio is 1:1. The face value of the interest
rate derivatives is the same value as the face value of the hedged bank loans. As the critical terms of the
interest rate derivative contracts and the hedged item are the same, significant hedge ineffectiveness is
not expected.
At 31 March 2024, the Group had several interest rate derivatives that were designated as cash flow hedges.
These derivatives have a total notional principal amount of approximately NZ$1,744 million, which is made
up of NZ$1,160 million and AU$535 million (2023: NZ$674 million). These derivatives cover terms of up to
6 years (2023: 5 years) and are effective for various periods. Some of these derivatives will become effective
at a future date.
20242023
$000$000
Notional principal amount
Already effective at balance date1,428,333594,144
Forward starting315,47480,000
1,743,8076 74 ,1 4 4
These interest rate derivatives effectively change the Group’s interest rate exposure on the principal covered
from a floating rate to an average fixed rate ranging from 3.991% to 4.297% (2023: 2.443% to 3.198%). The
notional principal amounts covered by these derivatives and the average contracted fixed interest rates for
their remaining maturities are shown below.
Average contracted fixed interest rateNotional principal amount covered
2024202320242023
%%$000$000
Within 1 year3.991%3.198%1,338,333614,144
1–2 years4.040%3.134%1,223,333574 ,1 4 4
2–3 years4.069%2.965%1,115,596310,000
3–4 years4.060%2.931%892,859130,000
4–5 years4.264%2.443%605,56160,000
5–6 years4.297%-339,158-

81
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
18. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
b. Interest rate swap as a fair value hedge
In 2022, the Group entered into an interest rate swap to mitigate its exposure to fair value changes arising
from the fixed-rate portion of the institutional term loan. The swap, which has a total notional principal amount
of AU$53.9 million and a term of 7 years, effectively changes the Group’s interest rate exposure on the
principal covered from a fixed to a floating rate. The Group has designated AU$53.9 million of its institutional
term loan in a fair value hedge relationship.
Under a fair value hedge, the change in the fair value of the hedged risk is attributed to the carrying value of
the underlying institutional term loan. This debt revaluation is recognised in the income statement to offset
the mark-to-market revaluation of the hedging derivative.
c. Modified interest rate swaps
In November 2022 the Group modified four interest rate swaps that had been designated in a cash flow
hedge relationship to maximise its interest rate risk coverage and minimise its near-term interest costs.
The modification resulted in a higher notional principal amount covered and a reduction in the remaining
maturities of those swaps.
Currency
Original notional
principal
Original fixed
interest rates
Original
maturity
Amended
notional
principal
Amended
fixed interest
rates
Amended
maturity
Interest rate swapsNZDNZ$120 million
2.066%–
2.080%Aug 2028NZ$420 million
2.098%–
2.188%Feb 2024
Interest rate swapsAUDAU$70 million1.785%Oct 2026AU$280 million2.110%Jan 2024
The modification resulted in the original hedge relationship being discontinued. Immediately prior to
discontinuation, there were gains of NZ$16.6 million and AU$5.8 million (excluding tax effects) in the cash
flow hedge reserve for these swaps. As the hedged cash flows are still expected to occur, and notwithstanding
the modified swaps have matured during the current year, these gains remain in the cash flow hedge reserve
and will be reclassified to profit or loss over the original hedge period. The amounts reclassified to profit or
loss during the year are NZ$2.8 million and AU$1.5 million (totalling NZ$4.5 million) (2023: NZ$1.2 million and
AU$0.6 million (totalling NZ$1.9 million)). At balance date the unamortised balance (excluding tax effects)
in the cash flow hedge reserve for the amended swaps is NZ$12.6 million and AU$3.7 million (2023:
NZ$15.4 million and AU$5.2 million).
As the modified interest rate swaps did not qualify for hedge accounting, the fair value movement of these
swaps following modification have been recognised directly in profit or loss. The current year fair value loss
on these modified swaps is NZ$14.9 million (2023: NZ$8.0 million loss) (refer note 5).

RYMAN HEALTHCARE ANNUAL REPORT 2024
82
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
19. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
Accounting policy: Occupancy advances
An occupation agreement confers on a resident a right to occupy a retirement-village unit for life, or until the
resident terminates the agreement. The occupancy advance, net of deferred management fee, is repayable
following both the termination of the occupation agreement and the settlement of a new occupancy advance
for the same retirement-village unit. If settlement of a new occupancy advance for the same retirement-village
unit has not occurred within six months, the Group has a policy of repaying the occupancy advance.
Occupancy advances are non-interest bearing and recorded as a liability in the statement of financial position,
net of deferred management fees and suspended contributions receivable. The occupancy advance is initially
recognised at fair value and later at amortised cost.
As a resident may terminate their occupancy with limited notice, and the occupancy advance is non-interest
bearing and has demand features, it is carried at face value, which is the original advance received.
In New Zealand the contractual timeframe for repayment, if settlement of a new occupancy advance for the
same retirement-village unit has not occurred, is three years with interest payable after six months at 3% above
our bank’s normal overdraft rate. The Group has never utilised this contractual right.
20242023
$000$000
Gross occupancy advances
Opening balance5,498,0204,864,713
Plus net increases in occupancy advances:
• new retirement-village units330,379418,322
• existing retirement-village units. 234,550234,901
Net foreign-currency exchange differences20,318(6,540)
Increase/(decrease) in occupancy advance balances29,460(13,376)
Closing balance6,112,7275,498,020
Net occupancy advances
Less deferred management fees(713,757)(597,327)
Less suspended contributions (resident loans)(98,176)(74,511)
Closing balance5,300,7944,826,182

83
Notes to the consolidated ffnancial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
20. LEASE LIABILITIES
Accounting policy: Leases
Group as a lessee
Apart from short-term or low-value assets, leases are included in the statement of financial position through
the recognition of right-of-use assets and associated lease liabilities.
At inception of a lease, a lease liability is calculated based on the present value of the remaining cash flows,
discounted using the Group’s incremental borrowing rate, which is calculated with reference to the external
borrowing facilities available to the Group. The right-of-use asset is initially measured at the value of the initial
lease liability.
The lease liability is subsequently adjusted for interest and lease payments, as well as the impacts of lease
modifications. The right-of-use asset is subsequently measured at cost less accumulated depreciation, adjusted
for any remeasurement of the lease liability.
Depreciation and finance costs associated with right-of-use assets and lease liabilities associated with equipment
used in the construction of assets are capitalised as a cost of constructing the assets.
Where a lease contract contains both lease and non-lease components (for example, tower cranes), the Group
does not separate non-lease components from lease components, and instead accounts for the whole contract
as a lease.
The lease payments for short-term leases and leases of low-value assets are recognised in the profit and loss
over the lease terms.
Group as a lessor
The Group acts as a lessor under occupation-right agreements with village residents. The assets leased by
the Group as a lessor are classified as investment properties. Lease income on occupation right agreements is
generated in the form of deferred management fees and is accounted for in line with note 2. The lease term is
determined to be the greater of the expected period of tenure or the contractual right to deferred management
fees. The Group uses the portfolio approach to account for leases of units to village residents and allocates
individual leases to different portfolios depending on the type of unit.
The Group does not have any sub-leases.
Group as a lessee
The Group leases office buildings, sales offices, office equipment (such as photocopiers) and plant and equipment
used in the construction of retirement-village units and aged-care beds. The right-of-use assets relating to these
leases are included within property, plant and equipment (note 9).
The Group also has long-term leases of land which are recognised within either property, plant and equipment
or investment property.
Amounts recognised in profit and loss
20242023
$000$000
Depreciation of right-of-use assets (note 9)3,7 713,372
Interest expense on lease liabilities (note 5)250187
Lease modification (note 5)(1,17 7)-
Expenses relating to short-term or low-value leases1,3581,826