Financial Results for the Half Year Ended 30 June 2024

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz
NZX & ASX RELEASE
26 August 2024
Summerset HY Results 2024
SUMMERSET FIRST HALF UNDERLYING PROFIT $89.9M, UP 3%
 Underlying profit for 1H24 of NZ$89.9m, up 3% on 1H23
 Reported (IFRS) profit after tax of NZ$102.2m
 Total assets of NZ$7.4 billion, up 17% on 1H23
 Gearing ratio of 36.2%
 352 new units delivered
 588 sales of occupation rights for the half
 Development margin of 28.3%
 New site acquired in New Zealand
Retirement village operator Summerset Group Holdings Limited has announced an
underlying profit of $89.9 million for the six months ended 30 June 2024, a 3% increase on
the first half of 2023.
Summerset CEO Scott Scoullar said the company had delivered an underlying profit at the
upper end of the guidance provided to investors in early July ($87-90m).

“We feel, in the current market, we’ve shown the continued strength of our sales pipeline,
our disciplined approach to costs and the demand for our retirement living option despite the
weak macroeconomic conditions we find ourselves in,” says Mr Scoullar.

Summerset recorded 588 sales comprising 290 new sales and 298 resales in the six months
to 30 June 2024. Total sales for the first half of the year were the highest first half the
company has recorded, with resales being particularly strong.

“The New Zealand property market saw a softer than anticipated start to 2024, restrained by
high interest rates, weak consumer confidence and cost of living pressures. This has meant
that some of our prospective residents have taken longer to sell their homes to enable them
to move into our villages.”
The Summerset Board has declared an unimputed interim dividend of NZ11.3 cents per
share. The record date will be 9 September 2024, with payment on 20 September 2024.
Summerset adds to land bank
Summerset has also announced the purchase of a new site in New Zealand in Napier
(Hawke’s Bay).

“We’re pleased to continue to find quality sites to grow our business where we’ll be able to
introduce more New Zealanders to our retirement village lifestyle.”

Napier is a highly desirable location to retire. There is already a strong demand for
retirement village homes, with Summerset’s existing villages in Napier maintaining low levels

of stock and having very strong waitlists which will only increase with the forecast population
growth for those aged 75 years.

“Our proposed Napier village will complement our two existing villages in the city,
Summerset in the Bay (Greenmeadows) and Summerset Palms (Te Awa) and will be our
fifth village in the Hawke’s Bay.”
The new site will offer approximately 300 units and further boost Summerset’s land bank of
units, the largest in New Zealand’s retirement village sector.
Progress in Australia
“Our first Australian residents moved into our Cranbourne North village in March of this year.
We’ve recently completed the village’s first stage of independent living homes and have
commenced the second stage of deliveries. We broke ground on the main building in July
also – another major milestone for us in Australia”, said Mr Scoullar.
“We’ve made excellent progress at our other sites too with civil works well underway at our
Chirnside Park site in Melbourne’s northeast while we’ve had unanimous approval for our
plans for our Oakleigh South village from the Monash Council and we have an approved
development plan for our Torquay site as well.”
Aged Care Funding Failures
Mr Scoullar said Summerset and other aged care sector operators, continue to be very
concerned about government underfunding in the wider aged care sector.
“Despite the industry’s continued raising of this issue, successive governments have failed to
take the risks to aged New Zealanders and the wider health system seriously.”
Mr Scoullar says this will mean more and more elderly New Zealanders end up reverting to
the public healthcare system where they will occupy hospital beds required by Kiwis of all
ages.

“Health New Zealand’s most recent offer of a 3.2% increase in aged care funding is well
below the 11% required to simply cover aged care providers’ rising costs over the last 12
months.

“We’ll continue to provide care, as it’s highly valued by our residents, but with the funding
model the way it is we are focusing our care offering on smaller care facilities that are
targeted at our village residents only.

“The wider aged care sector faces systemic challenges with over 60% of aged care provided
by not-for-profits or charities, many of which are closing or reducing aged care beds. We will
continue to strongly support the New Zealand Aged Care Association’s work to highlight the
underfunding of aged care and the consequences for us all.”
ENDS
For investor relations enquiries: For media enquiries:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications Advisor
will.wright@summerset.co.nz louise.mcdonald@summerset.co.nz
021 408 215

ABOUT SUMMERSET
 Summerset is one of the leading operators and developers of retirement villages in
New Zealand, with 39 villages completed or in development nationwide
 In addition, Summerset has six proposed sites at Rotorua (Bay of Plenty), Mission
Hills (Napier), Palmerston North (Manawatu), Masterton (Wairarapa), Rolleston
(Christchurch), Mosgiel (Dunedin)
 Summerset also has two villages in development (Cranbourne North and Chirnside
Park) and five other properties in Victoria, Australia (Craigieburn, Drysdale, Mernda,
Oakleigh South and Torquay)
 Summerset provides a range of living options and care services to more than 8,400
residents

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H a l f Ye a r
Report
2024

Cover: Summerset Wigram residents Ian and Gloria Peterson love the freedom their retirement village lifestyle
gives them. Inside front cover: Summerset’s flagship St Johns village with commanding views over Auckland city
and the Waitemata harbour opens in the second half of 2024.

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Contents
Chair and CEO's Report04
Highlights12
Snapshot
12
Half Year Financial Highlights
14
Financial Statements15
Directory
38
Company Information
41
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Half Year Report 2024
Chair and
CEO's report
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
Welcome to Summerset’s half year
report for the six months ended
30 June 2024.
The business has performed well
in a very challenging market. The
New Zealand property market saw
a softer than anticipated start to
2024, restrained by high interest
rates, weak consumer confidence
and cost of living pressures. At the
same time the cost of doing business
has escalated with construction
costs, interest rates and overheads
all having increased.
Despite these conditions we
recorded a $102.2 million IFRS net
profit after tax in the first half of 2024
- down 23% on the same period last
year, reflective of a smaller increase
in property values and a higher
income tax expense. Our underlying
profit for the first half of the year was
$89.9m, up 3% on the first six months
of 2023, driven by the strength of our
sales pipeline.
This result puts us at the upper end
of the underlying profit guidance
we provided investors in early July.
We feel, in the current market, this
is a strong result and that we’ve
shown the continued strength of
our sales pipeline, our disciplined
approach to costs and demand
for our retirement living option,
despite the weak macroeconomic
conditions we find ourselves in. 
We recorded 588 sales of
occupation rights comprising 290
new sales and 298 resales in the six
months to 30 June 2024. Total sales
for the first half of the year were
the highest first half the company
has recorded, with resales being
particularly strong.
Demand continues to be strong
across the country. Our prospective
residents are still highly motivated,
however the sluggish property
market is restricting them from
selling their home as quickly as they
would like. This is slowing some
moves to our villages.
We delivered 352 total units in
the first half, of which 331 will
be sold under Occupation Rights
Agreements (ORA), and we remain
on track to deliver between 675-725
units for the full year 2024.
While that range provides flexibility,
currently we expect to deliver
closer to the lower end as we
actively and prudently manage
deliveries in the context of property
market conditions.
In the second half of this year, we
are looking forward to opening our
flagship St Johns village in Auckland.
Four of the seven multi-level
buildings will be officially opened
later this year which will include the
village centre, care centre and 60%
of the village’s apartments. Featuring
spectacular amenities in a luxurious
environment, with commanding
views of the established bush
surrounds, city and the Waitemata
harbour, these premium residences
have received good levels of
presales and interest.
The Board of Directors (“the Board”)
has declared an interim dividend of
11.3 cents per share for the first half.
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C H A I R A N D C E O ' S R E P O R T
Village operations and care
We have a wonderful array of
activities and events that we develop
and bring to our residents to
participate in, or to simply enjoy.
In recognising the financial
challenges New Zealanders are
experiencing, associated with the
cost of living, we have recently
launched Retire Ready, a financial
wellbeing series for those planning
for, or at retirement age. Retire Ready
is a partnership between Summerset
and financial planner, Liz Koh, to help
future residents to understand what
steps they need to take to create
the retirement they want, and for our
current residents it provides advice
on savings, investment and estate
planning too.
The roll out of our resident
experience services platform Lumin
has progressed well and is now
installed in 15 of our villages with
a further three to be completed by
the end of this year. With Lumin,
residents can easily access their
favourite Summerset entertainment
programmes, receive newsletters
and activities schedules, book into
village events, order services and
message the village team or other
residents. Summerset remains one
of the few village operators in the
country to offer similar technology
to residents.
To ensure we continue
to provide the best
possible experience
for our care residents
and adapt to their
changing needs, we
have commenced a
pilot with six villages
where we have created
a remote nursing
service we’ve called
the National Clinical
Support (NCS) Service.
The NCS is a 24/7 team of
Summerset Registered Nurses who
support the pilot village teams online
or by phone. Our safe staffing ratios
in our care centres (our registered
nurses and caregivers to resident
ratios), remain the same meaning
that our care centre teams have
an extra layer of suuport when
caring for residents, and it allows
us to share the expertise of highly
qualified Registered Nurses among
a number of villages. Proactive
support from the centralised team
has replaced the need for more
clinical leadership onsite.
The pilot, along with other changes
we’ve made in our care centres,
will run for the rest of the year as
we assess its potential for rolling
out further.
We continue to look at what
changes we need to make to
provide the care our residents
need and expect. Our care centre
refurbishment programme, where
we are upgrading the Care Centres
at our Levin, Trentham and Havelock
North villages, is progressing well.
The Care Centres at all three villages
are all under construction, with each
to have new modern facilities that
will meet the needs of our current
and future residents.
In addition to upgrading our
older care centres we've been
moving more of our care suites
to Occupation Rights Agreements
(ORAs). We are moving to Care ORAs
as they are a better product for
residents and a better funding model
for Summerset. Rather than having
to use their fixed income to fund
daily care charges residents can
use the equity from their home to
purchase a Care ORA.
Our villages have a vast range of events and activites,
delighting residents - like Americana at Pohutukawa Place, Bell Block
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Half Year Report 2024
Aged Care Sector
Funding Failures
Summerset, and many other aged
care sector operators, continue to be
very concerned about government
underfunding in the wider aged
care sector. Despite the industry’s
continued highlighting of this issue,
successive governments have failed
to take the risks to aged New
Zealanders, and the wider health
system, seriously.
The population of New Zealanders
over 85 is approximately 93,000 and
is estimated to reach 200,000 by
2040. With 54% of those aged 85+
requiring residential care at some
point in their lives, New Zealand will
need 54,000 care beds next year
whereas it currently has 40,000.
With 66% of aged care provided by
small not-for-profits or charities, an
appropriate funding model needs to
be found to allow these operators to
continue to offer aged care services
to elderly New Zealanders. At the
moment they are having to close
beds and facilities or charge for
care which many elderly people
can’t afford.
This will mean more and more elderly
New Zealanders end up reverting
to the public healthcare system
where they will occupy hospital beds
required by Kiwis of all ages. The
recent 3.2% increase in aged care
funding from Health New Zealand -
Te Whatu Ora is insufficient when an
estimated 11% increase is required
just for aged care providers to
break even. It is obvious the current
situation is unsustainable.
Summerset’s care offering, and our
continuum of care model, is a very
important part of why residents
choose to live at Summerset. As a
large company Summerset can, and
will, continue to keep providing care.
We are committed to
continuing to provide
high quality care for
our village residents,
in case they need it
later in life, and we
will continue to invest
in care.
However, our ability to provide care
to people from outside our villages
is reducing as we’re not funded
adequately to do so. We need to
think of our residents first and we
can’t continue to subsidise other’s
care with our profits.
With this funding issue continuing to
be ignored, our future care centres
will be smaller and we will have fewer
memory care beds instead of putting
them into almost all our new builds,
as we have been until now.
While we will continue to offer
care and memory care, it is the
wider sector that faces systemic
challenges. We will continue to
strongly support the New Zealand
Aged Care Association’s work to
highlight the underfunding of aged
care and the consequences for us all.
Our people
Summerset is a people centred
business employing almost 3,000
staff across New Zealand and
Victoria, Australia. Without great
people supporting our residents
we wouldn’t be able to achieve
our purpose of bringing the best
of life. We regularly run staff
engagement surveys with our
people. Our engagement score for
this half was 8.2 out of 10 which
puts us in the top 25 per cent of
global healthcare providers using
the same engagement survey. This
is a testament to the environment
we foster at our offices, villages and
construction sites.
In March, we celebrated Frontliner
Day. It's a day dedicated to thanking
and celebrating all our hardworking
Summerset on Summerhill Village Manager, Tarsh McConchie,
was named the Supreme Award winner at the Summerset Applause Awards 2024
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C H A I R A N D C E O ' S R E P O R T
frontline staff – nurses, therapists,
office staff, property and gardening
teams, food services teams,
kaitiaki, housekeepers, laundry staff,
caregivers, activities coordinators
and people leaders working in our
villages. Village staff received gifts
and we created "gratitude walls"
which were displayed front and
centre in each village for frontliners'
colleagues, residents and residents'
families to express their appreciation
for the work of village staff, with
handwritten notes. For those unable
to make it into a village a digital
gratitude wall was created with
hundreds of messages from around
New Zealand and the world. We
publicly thanked our people too
with full page ads in a number of
newspapers and digital advertising.
In May, we had the opportunity to
celebrate our people at our annual
Applause Awards, Summerset’s staff
recognition event. We had a record
2,200 nominations across the 37
award categories, and finalists were
hosted at a gala event that was also
live-streamed to our villages and
on Facebook for residents, friends,
family and colleagues to share in
the occasion.
We believe that technology will have
a major role to play in making our
resident’s lives easier and it is a
large part of our 10-year strategy.
In light of this we have created a
new Chief Digital Officer role and
appointed Robyn Gillespie who will
join Summerset later this year. Robyn
has over 30 year's experience in
senior tech roles and joins us from
WSP where she has been the Chief
Information and Operating Officer
for the past nine years. Robyn, and
her Group Technology team, will play
a key role in investigating and rolling
out technology that will add to our
residents’ experience with us.
Growth, development
and construction
Our design and consenting
programme remains very well
positioned in both New Zealand
and Australia and we maintain
very strong levels of product and
geographic differentiation, building
in 19 locations across both countries.
As a largely broadacre developer, we
build our villages in stages, meaning
that we have the ability to respond
quickly to any change in demand
and/or market pressures, including
making decisions around timing to
start building new villages and main
buildings. It also allows us to recycle
capital quickly to continue investing
in our growth.
New Zealand
In New Zealand our development
pipeline continues to grow and
we’re very pleased to announce
the acquisition of a new site
at Mission Hills in Napier, to
complement our two existing Napier
villages (Summerset Palms, Te
Awa and Summerset in the Bay,
Greenmeadows). It will be our fifth
village in the Hawke’s Bay region.
Napier is a highly desirable location
to retire. There is already a strong
demand for retirement village
homes, with our existing villages
in Napier maintaining low levels
of stock and having very strong
waitlists, which will only increase
with the forecast population growth
for those aged 75 years.
The site is located within the new
Mission Hills subdivision, a high-
quality, master planned community,
southeast of Napier City’s CBD that
will have up to 800 new homes built
in the next decade. The elevated site
offers expansive views of the coast
and surrounding rural landscape.
The subdivision has a proposed
neighbourhood centre which will
feature boutique retail outlets and
a community reserve. It's also just
a six-minute drive from Taradale
village, providing future residents
with convenient access to a variety
Summerset's recently acquired site for a proposed village
at Mission Hills, Napier (boundary line is indicative only)
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Half Year Report 2024
of specialty stores, shopping, cafés,
restaurants, a medical centre and
weekly markets.
At the end of 2023 we received
resource consent for our Kelvin
Grove village in Palmerston North
and have also since been granted
consent for an extension to the
land. Our Masterton and Rotorua
villages have their resource consent
applications in progress as well.
Purchasing land adjacent to our
existing villages is a continued
focus of our development. These
opportunities allow us to meet
demand, and increase the cost-
effectiveness of our villages, as
we add high-margin independent
units to a village that already
has an established village centre
building, complete with care
and the recreational facilities our
residents desire.
We have prudently managed our
build rates to align with market
demand and economic conditions.
During the first half of 2024, we
delivered 352 new homes and
have made significant progress with
construction underway at a total
of 17 villages across ten regions in
New Zealand, including three care
centre refurbishments.
Construction commenced at our
Rangiora site, and work is
progressing well on our two
lightweight (timber) regional village
centre buildings at our Cambridge
and Whangārei villages.
At Boulcott, in Lower Hutt, we
delivered the village centre’s
administration, recreational and
dining spaces along with the
Memory Care centre and Serviced
Apartments at the end of May. These
facilities are further enhanced by the
stunning outlook they have over the
neighbouring golf course towards
the Hutt River.
In Auckland, our St Johns village
is nearing the first stage of
completion, and we look forward
to welcoming our first residents
in the coming months. We have
now fully completed our Summerset
on Cavendish village at Casebrook
in Christchurch and opened the
village centre at Summerset by
the Dunes in Pāpāmoa. The new
village centre, which in addition
to providing our superb range
of recreational amenities for the
village’s residents to enjoy, includes
Serviced Apartments, Care and
Memory Care centres.
We were pleased that our work
to deliver Summerset on the
Landing in Kenepuru was this year
awarded Gold at the Master Builders
Commercial Project Awards. This
prestigious awards programme sets
the benchmark for commercial
construction in New Zealand
and celebrates collaboration and
innovation across the building
industry. What sets these awards
apart is that they focus on
recognising the contribution of the
whole project team, the people who
brought the project to life, rather
than just the building itself.
Australia
Having laid the foundations
for growth, we are carefully
building momentum with our
Australian portfolio.
We have reached a number of
important milestones in the first half
of 2024 including further progress at
our first village in Cranbourne North,
ground broken at our second village
of Chirnside Park, and have secured
approvals for plans at our Oakleigh
South and Torquay villages.
•The first homes at our
Cranbourne North village were
completed at the end of
2023 and we welcomed our
first residents this year. The
village provides independent
living homes in a mix of villas
and cottages. With the first
stage of independent living now
complete, and with sales tracking
well, we have commenced
Independent living villas at our Cranbourne North village
Melbourne, designed with the Australian climate in mind
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C H A I R A N D C E O ' S R E P O R T
delivery of the second stage
of homes.
•Construction is due to
commence in the coming
months on the Cranbourne
North village centre building
which will be the hub of
the community with extensive
amenities including a wellness
centre, pool, café, library, theatre,
dining areas, alfresco terrace
together with a range of serviced
apartments and residential aged
care. Plans are in place for the
creation of a pocket-park for
public use to open later this year.
•We have also broken ground at
our second village site, Chirnside
Park, in Melbourne’s northeast.
The village is located within
the Chirnside Park town centre
precinct with panoramic views to
the Yarra Valley.
•In May, Monash Council
unanimously approved our plans
for a new village at Oakleigh
South in Melbourne’s inner
east. Located next door to
the Metropolitan Golf Club, this
village is a boutique offering.
•In June we lodged a planning
permit with Surf Coast Council
for a new village in the
coastal town of Torquay. This
follows Council’s approval of
our development plan in
April this year which allows
up to 290 independent and
assisted retirement units and
80 residential aged care beds.
Our development will also
see the creation of a large
new public park as well as
providing long awaited upgrades
to surrounding streets.
The design and planning processes
for our other Australian sites at
Drysdale and Mernda continue to
progress well, and we have now
received consent for Cragieburn.
Our place in the community
Summerset residents and staff
are engaged and active in their
communities, and we consider it
important to support initiatives
that are local, and of interest to
each village. We have supported
around 220 community groups,
clubs and associations, such as
bowling, bridge, golf, theatre groups
and more over the last year.
With our increased presence
in Australia, our community
involvement is also increasing with
our most recent local partnership
with the Torquay Bowls Club to
support their activities and includes
prizemoney towards a Summerset
sponsored Tournament.
Additionally, Summerset has
national sponsorship partnerships
and is proud to continue to
support the following organisations
in New Zealand:
•New Zealand
Symphony Orchestra
•Netball New Zealand
•Bowls New Zealand
•Dementia New Zealand
•Alzheimers New Zealand
•Hato Hone St Johns
•GT NZ Championship
Our long-term success in building
and maintaining our brand in a
highly competitive market has been
rewarded with Summerset being
announced as a finalist in the 2024
New Zealand Marketing Awards. In
the period following the launch
of new brand work in 2019 up
until Q1 2024, Summerset’s brand
awareness grew significantly. Our
ability to reflect vitality and freedom
of aging and retirement in our
communications, saw the number
of people who would consider
Summerset for their retirement
living increase and this has been
reflected in increased sales leads for
our villages.
Over the last five years, we’ve
consistently been recognised as
a Highly Commended Trusted
Brand by Reader’s Digest. Most
recently we took out Aged Advisor’s
People’s Choice award 2023, and
Gold in Readers’ Digest Quality
Service Award 2024. This external
recognition tells us Summerset
is a liked and trusted brand,
demonstrating the strength of our
brand and marketing strategy in
breaking down old perceptions of
the retirement sector.
Our commitment to sustainability
Our ambition is to develop, build
and manage more sustainable
retirement villages in both New
Zealand and Australia.
We are committed to providing a
workplace where our people can
grow and excel, to provide the
best care for our most vulnerable
residents and to develop villages
with the resident, and their needs,
at the core of everything we
do. In February this year our
Sustainability Review and Climate-
Related Disclosures FY23 Report
was released, the first time the
company has reported climate-
related disclosures. 
We’ve been measuring, managing
and reporting on our carbon
footprint since 2017. We take our
commitment to sustainability very
seriously and we’ve worked hard
to embed sustainable practices
right across our business. Waste
reduction in our construction
business continues to be a major
focus for our business. At all
construction sites we work hard to
reduce waste wherever possible.
A great deal of work has also
been done reviewing the entire
building life cycle from design,
procurement, pre-construction
through to waste treatment. 
Our sustainability initiative “Building
out waste by Thinking Green”
runs across our Australia and
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Half Year Report 2024
New Zealand construction sites.
We started our construction waste
avoidance programme in New
Zealand in October 2021, when
we made the commitment to
mandating the separation of waste
at all New Zealand construction sites.
To date, through this initiative, we
have diverted over 7,000 tonnes of
construction waste from landfill.
This work continues to be
recognised as we demonstrate
the positive incremental results of
reducing our environmental impact.
Firstly by the Retirement Villages
Association (RVA) Sustainability
Awards where, following our win of
the category in 2023, we have been
announced as a 2024 finalist in the
operator-led category for our waste
reduction work.
Our waste avoidance initiative was
recognised as a Sustainability Leader
in the Property & Construction
category by the Australian Financial
Review too. The Sustainability
Leaders list is run in association
with Boston Consulting Group and
recognises those businesses who
are taking steps in Australia to make
their businesses more sustainable.
With two villages now under
construction in Australia, our entry
showcased the achievements of
this initiative in both countries,
and also importantly for Australia
the potential benefits as our
development pipeline grows.
Our solar panels initiative at
our Summerset Richmond Ranges
village has also been made a
finalist for the RVA's operator -led
sustainability award. This work
involved the installation of 310
solar panels on the main building
to harness renewable energy,
significantly reduce the village’s
carbon footprint, with the additional
benefits of delivering cost savings
and energy resilience.
We're proud to be recognised
by these organisations as a
market leader for retirement village
operators and in the construction
sector for this initiative.
Looking ahead
We remain on track to deliver
the 675-725 new homes in 2024,
including significant deliveries in
the second half of the year, with
the planned opening of our St
Johns village.
The economic outlook remains
constrained and we continue
to see broader tough property
market conditions, but we have
demonstrated that we can continue
to grow and deliver during
challenging times like these.
Our results,
during a very
challenging economic
environment, show that
the demand and the
core drivers for people
wanting to enter our
villages remain very
strong. The comfort
and security we offer
elderly New Zealanders
is highly prized and we
believe that demand
for this will continue
to grow.
We are conscious that our year end
result is dependent on an uplift in
new sales in the second half of
this year. We have confidence at
this point that those sales will be
achieved as our physical deliveries of
new stock remain on track.
We will keep working hard to
deliver positive financial results for
shareholders, while also ensuring
the standard of our retirement
living and care services meets the
expectations of our residents now
and into the future.
We would like to thank our residents,
their families, and our hard-working
staff for everything they contribute
towards making Summerset a
wonderful place to live and work.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer
26 August 2024
1 0

C H A I R A N D C E O ' S R E P O R T
1 1

Half Year Report 2024
Snapshot
Our people
8,400+
Residents
2,900+
Staff members
Our care
1,359
Care units
(which includes beds)
in portfolio
1,337
Care units
(Which includes beds)
in land bank in
New Zealand and Australia
Our portfolio
6,364
Retirement units
$7.4b
Total assets
5,301
Retirement
units
in land bank in
New Zealand
and Australia
41
Villages completed or
under development
588
Sales of
Occupation Rights
11
Greenfield sites
Our performance
$102.2m
Net profit after tax
$89.9m
Underlying profit
$191.6m
Operating cash flow
1 2

H I G H L I G H T S
1 3

Half Year Report 2024
Half Year
Financial
Highlights
1H20241H2023% ChangeFY2023
Net profit before tax (NZ IFRS) ($000)
120,760128,108-6%422,480
Net profit after tax (NZ IFRS) ($000)
102,160133,061-23%436,319
Underlying profit ($000)
1
89,92587,1553.2%190,289
Total assets ($000)7,362,7096,298,01916.9%6,941,681
Net tangible assets (cents per share)1,143.00987.7115.7%1,110.41
Net operating cash flow ($000)
191,619146,66530.7%398,175
1 Underlying profit differs from NZ IFRS profit for the period
1H20241H2023% ChangeFY2023
New sales of Occupation Rights
29024120.3%560
Resales of Occupation Rights
29824223.1%543
Realised development margin ($000)51,71655,981-7.6%121,231
Realised gains on resales ($000)45,69434,55932.2%88,131
New Occupation Right units delivered331152117.8%643
Non-GAAP Underlying Profit
$0001H20241H2023% ChangeFY2023
Profit for the period
1
102,160133,061-23%436,319
Less: fair value movement of investment property
1
(128,388)(131,493)-2%(441,553)
Add impairment of assets and other non-cash items
1
143---
Add: realised gain on resales45,69434,55932.2%88,131
Add: realised development margin51,71655,981-7.6%121,231
(Less)/add: deferred tax (credit)/expense
1
18,600(4,953)-475.5%(13,839)
Underlying profit89,92587,1553.2%190,289
1 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to Note 2 of the financial
statements for definitions of the components of underlying profit.
1 4

Financial
statements
1 5

Half Year Report 2024
Income Statement
For the six months ended 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
NOTE$000$000$000
Care fees and village services93,10077,509165,945
Deferred management fees57,95449,810104,557
Other income5929281,701
Total revenue151,646128,247272,203
Fair value movement of investment property5, 6128,388131,493441,553
Total income280,034259,740713,756
Operating expenses
3(137,334)(111,685)(247,983)
Depreciation and amortisation expense
(9,183)(7,348)(15,797)
Total expenses(146,517)(119,033)(263,780)
Operating profit before financing costs133,517140,707449,976
Finance costs
(12,757)(12,599)(27,496)
Profit before income tax120,760128,108422,480
Income tax (expense)/credit4(18,600)4,95313,839
Profit for the period102,160133,061436,319
Basic earnings per share (cents)
1043.5457.31187.43
Diluted earnings per share (cents)
1043.4757.20187.09
The accompanying notes form part of these financial statements.
1 6

Statement of Comprehensive Income
For the six months ended 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
NOTE$000$000$000
Profit for the period102,160133,061436,319
Fair value movement of interest rate swaps8,621(3,500)(24,627)
Tax on items of other comprehensive income4(2,482)1,0247,082
Loss on translation of foreign currency operations(1,980)(1,010)(200)
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
4,159(3,486)(17,745)
Net revaluation of property, plant and equipment
--33,793
Tax on items of other comprehensive income
4--(9,462)
Other comprehensive income that will not be
reclassified subsequently to profit or loss for the period
net of tax
--24,331
Total comprehensive income for the period106,319129,575442,905
The accompanying notes form part of these financial statements.
1 7

Half Year Report 2024
Statement of Changes in Equity
For the six months ended 30 June 2024
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
RETAINED
EARNINGS
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January 2023344,21218,84963,5601,766,468(66)2,193,023
Profit for the period---133,061-133,061
Other comprehensive
income for the period
-(2,476)--(1,010)(3,486)
Total comprehensive
income for the period
-(2,476)-133,061(1,010)129,575
Dividends paid---(26,909)-(26,909)
Shares issued9,281----9,281
Employee share plan
option cost
1,628----1,628
As at 30 June
2023 (unaudited)
355,12116,37363,5601,872,620(1,076)2,306,598
Profit for the period
---303,258-303,258
Other comprehensive
income for the period
-(15,069)24,331-81010,072
Total comprehensive
income for the period
-(15,069)24,331303,258810313,330
Dividends paid---(26,351)-(26,351)
Shares issued10,220----10,220
Employee share plan
option cost
1,571----1,571
As at 31 December
2023 (audited)
366,9121,30487,8912,149,527(266)2,605,368
Profit for the period
---102,160-102,160
Other comprehensive
income for the period
-6,139--(1,980)4,159
Total comprehensive
income for the period
-6,139-102,160(1,980)106,319
Dividends paid---(30,926)-(30,926)
Shares issued13,834----13,834
Employee share plan
option cost
1,929----1,929
As at 30 June
2024 (unaudited)
382,6757,44387,8912,220,761(2,246)2,696,524
The accompanying notes form part of these financial statements.
1 8

Statement of Financial Position
As at 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
NOTE$000$000$000
Assets
Cash and cash equivalents20,97934,96412,648
Trade and other receivables46,27640,54444,330
Interest rate swaps18,13725,83419,308
Asset held for sale543,50045,00045,000
Property, plant and equipment428,918348,082403,248
Intangible assets8,1058,3468,421
Investment property66,793,5515,795,2496,407,150
Investments
3,243-1,576
Total assets7,362,7096,298,0196,941,681
Liabilities
Trade and other payables166,829169,296172,670
Employee benefits
30,80323,84630,753
Revenue received in advance
197,911171,559185,514
Interest rate swaps
9,5629,89416,628
Residents’ loans
72,671,4672,286,6562,507,112
Interest-bearing loans and borrowings81,539,4161,293,8141,393,523
Lease liability13,06014,92914,130
Deferred tax liability437,13721,42715,983
Total liabilities4,666,1853,991,4214,336,313
Net assets2,696,5242,306,5982,605,368
Equity
Share capital382,675355,121366,912
Reserves93,08878,85788,929
Retained earnings2,220,7611,872,6202,149,527
Total equity attributable to shareholders
2,696,5242,306,5982,605,368
The accompanying notes form part of these financial statements.
Authorised for issue on 23 August 2024 on behalf of the Board
Mark Verbiest
Director and Chair of the Board
Fiona Oliver
Director and Chair of the Audit and Risk Committee
1 9

Half Year Report 2024
Statement of Cash Flows
For the six months ended 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Cash flows from operating activities
Receipts from residents:
- care fees and village services89,92177,826165,341
- residents' loans - new occupation right agreements168,777158,192362,713
- residents' loans - resales of occupation right agreements (net)65,69522,885104,576
Interest received4509291,701
Payments to suppliers and employees(133,224)(113,167)(236,156)
Net cash flow from operating activities191,619146,665398,175
Cash flows to investing activities
Sale of investment property
507--
Payments for investment property:
- land(1,746)(53,847)(56,489)
- construction of retirement units and village facilities
(215,774)(215,853)(479,809)
- refurbishment of retirement units and village facilities
(9,900)(7,727)(19,391)
Payments for property, plant and equipment:
- construction of care centres
1
(18,482)(24,495)(45,230)
- refurbishment of care centres(296)(370)(128)
- other(8,667)(4,581)(10,760)
Payments for intangible assets(690)(1,331)(2,281)
Capitalised interest paid
(37,129)(23,901)(52,794)
Acquisition of long-term investments
(1,614)-(1,587)
Net cash flow to investing activities(293,791)(332,105)(668,469)
Cash flows from financing activities
Net proceeds from borrowings18,05851,871247,928
Proceeds from issue of retail bonds125,000175,000175,000
Repayment of retail bonds--(100,000)
Interest paid on borrowings(13,703)(12,988)(28,374)
Payments in relation to lease liabilities(1,500)(1,178)(2,614)
Dividends paid(17,424)(17,743)(34,288)
Net cash flow from financing activities110,431194,962257,652
1 Included in the construction of care centres is $3.2m relating to care centre upgrades. (Jun 2023: nil, Dec 2023: $1.7m)
The accompanying notes form part of these financial statements.
2 0

Statement of Cash Flows (continued)
For the six months ended 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Net increase/(decrease) in cash and cash equivalents8,2599,522(12,642)
Cash and cash equivalents at beginning of period12,64825,34725,347
Foreign currency translation adjustment7295(57)
Cash and cash equivalents at end of period20,97934,96412,648
The accompanying notes form part of these financial statements.
Reconciliation of Operating Results and Operating Cash Flows
For the six months ended 30 June 2024
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Profit for the period102,160133,061436,319
Adjustments for:
Depreciation and amortisation expense9,1837,34815,797
Fair value movement of investment property(128,388)(131,493)(441,553)
Finance costs paid
12,75712,59927,496
Income tax expense/(credit)
18,600(4,953)(13,839)
Deferred management fees amortisation
(57,954)(49,810)(104,557)
Employee share plan option cost
2,3341,7443,764
Other non-cash items
1473126
(143,321)(164,534)(512,866)
Movements in working capital
Net increase in trade and other receivables(2,337)(5,684)(7,596)
Net increase/(decrease) in employee benefits483(3,795)3,614
Net (decrease)/increase in trade and other payables(720)6,0837,369
Net increase in residents’ loans net of non-cash amortisation235,354181,534471,335
232,780178,138474,722
Net cash flow from operating activities191,619146,665398,175
The accompanying notes form part of these financial statements.
2 1

Half Year Report 2024
Notes to the
financial
statements
For the six months ended 30 June 2024
1. Summary of accounting policies
The consolidated interim financial statements presented for the six months ended 30 June 2024 are for Summerset Group Holdings
Limited (the "Company”) and its subsidiaries (collectively referred to as the "Group”). The Group develops, owns and operates
integrated retirement villages.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The Company is listed on the New Zealand Stock Exchange (NZX), being
the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The consolidated interim financial statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP), except for Note 2: Non-GAAP underlying profit, which is presented in addition to NZ GAAP compliant
information. NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) as
appropriate for profit-oriented entities. These consolidated interim financial statements also comply with NZ IAS 34 –
Interim Financial
Reporting and IAS 34 – Interim Financial Reporting, and are prepared in accordance with the Financial Markets Conduct Act 2013.
The consolidated interim financial statements for the six months ended 30 June 2024 are unaudited and have been the subject of
review by the auditor, pursuant to NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of
the Entity, issued by the External Reporting Board. They are presented in New Zealand dollars, which is the Company's and its New
Zealand subsidiaries' functional currency. The functional currency of the Company's Australian subsidiaries is Australian dollars. All
financial information has been rounded to the nearest thousand, unless otherwise stated.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read in
conjunction with, the Group’s financial statements for the year ended 31 December 2023.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages. The services provided across all of the
Group’s villages are similar, as are the type of customer and the regulatory environment. The chief operating decision makers, the
Chief Executive Officer and the Board, review the operating results of the Group as a whole on a regular basis. On this basis, the Group
has one reportable segment, and the Group results are the same as the results of the reportable segment. All resource allocation
decisions across the Group are made to optimise the consolidated Group’s result.
The Group continues to proceed with its expansion into Australia with seven sites purchased to date. These sites are either currently
being, or will be, developed into retirement villages.
Te Whatu Ora is a significant customer of the Group, as the Group derives care fee revenue in respect of eligible government
subsidised aged care residents. Fees earned from Te Whatu Ora for the period ended 30 June 2024 amounted to $24.7 million (Jun
2023: $18.9 million, Dec 2023: $44.3 million). No other customers individually contribute a significant proportion of the Group revenue.
2 2

Comparative information
The statement of Cash Flows presentation has been amended to remove the separate disclosure of cash receipts from residents
relating to deferred management fees. The amendment has been applied retrospectively and the impact on the comparative periods
is shown below:
12 MONTHS
DEC 2023
AUDITED
12 MONTHS
DEC 2023
AUDITED
ReportedReclassReclassified
$000$000$000
Statement of Cash Flows
Receipts from residents:
- residents' loans - new occupation right agreements266,70396,010362,713
- residents' loans - resales of occupation right agreements (net)44,78459,792104,576
- deferred management fees155,802(155,802)-
2. Non-GAAP underlying profit
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Ref$000$000$000
Profit for the period
102,160133,061436,319
Less fair value movement of investment propertya)
(128,388)(131,493)(441,553)
Add impairment of assets and other non-cash itemsb)143--
Add realised gain on resalesc)45,69434,55988,131
Add realised development margind)51,71655,981121,231
Add/(less) deferred tax expense/(credit)e)
18,600(4,953)(13,839)
Underlying profit89,92587,155190,289
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property, impairment and tax expense in the Group’s income
statement. The measure is used internally in conjunction with other measures to monitor performance and make investment
decisions. Underlying profit is a measure that the Group uses consistently across reporting periods. Underlying profit is used to
determine the dividend pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying
profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Less fair value movement of investment property: reversal of investment property valuation changes recorded in NZ IFRS profit
for the period, which comprise both realised and non-realised valuation movements. This is reversed and replaced with realised
development margin and realised resale gains during the period, effectively removing the unrealised component of the fair
value movement of investment property.
b)Add impairment of assets and other non-cash items: remove the impact of non-operating one-off items and non-cash care
centre valuation changes recorded in NZ IFRS profit for the period. Care centres are valued annually, with fair value gains
flowing through to the revaluation reserve unless the gain offsets a previous impairment to fair value that was recorded in NZ
IFRS profit for the period. Where there is any impairment of a care centre, or reversal of a previous impairment that impacts NZ
IFRS profit for the period, this is eliminated for the purposes of determining underlying profit.
2 3

Half Year Report 2024
Notes to the financial statements (continued)
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a unit and the
occupation right resold for that same unit during the period. Realised resale gains are a measure of the cash generated from
increases in selling prices of occupation rights to incoming residents, less cash amounts repaid to vacated residents for the
repayment of the price of their refundable occupation right purchased in an earlier period, with the recognition point being
the cash settlement. Realised resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. 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
licence price for the occupation right, less the cost of developing that unit.
Components of the cost of developing units include directly attributable construction costs and a proportionate share of the
following costs:
◦Infrastructure costs
◦Land cost on the basis of the purchase price of the land
◦Interest during the build period
◦Head office costs directly related to the construction of units
All costs above include non-recoverable GST
Development margin excludes the costs of developing common areas within the retirement village (including a share of the
proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not just
the new sale, but for all subsequent resales. It also excludes the costs of developing care centres.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the
nature of the cost.
Where a unit not previously sold under occupation right agreement is converted to a unit sold under occupation right
agreement, realised development margin recognised on the new sale of these units includes the following costs:
◦Conversion costs
◦A fair value apportionment reflecting the value of the property immediately prior to conversion 
e)Add/(less) deferred tax expense/(credit): reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that are
included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Employee expenses89,96568,703153,478
Property-related expenses14,40812,37426,643
Repairs and maintenance expenses4,9334,56110,041
Other operating expenses28,02826,04757,821
Total operating expenses
137,334111,685247,983
2 4

4. Income tax
Tax expense comprises current and deferred tax, calculated using the tax rate enacted or substantively enacted at balance date and
any adjustment to tax payable in respect of prior years. Tax expense is recognised in the income statement, except when it relates to
items recognised directly in the statement of comprehensive income, in which case the tax expense is recognised in the statement
of comprehensive income.
Deferred tax expense is recognised in respect of temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is
probable it will be utilised. Temporary differences for the initial recognition of assets or liabilities that affect neither accounting nor
taxable profit, unless they arise from business combination, are not provided for.
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 its current tax assets and liabilities on a net basis.
a) Income tax recognised in the income statement
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to the origination and reversal of
temporary differences
18,600(4,953)(13,839)
Total tax expense/(credit) reported in income statement18,600(4,953)(13,839)
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000
%
$000
%
$000
%
Profit before income tax120,760128,108422,480
Income tax using the corporate tax rate
33,81328.0%35,87028.0%118,29428.0%
Capitalised interest(9,552)(7.9%)(6,240)(4.9%)(14,267)(3.4%)
Other non-deductible expenses4,0023.3%2320.2%6860.2%
Non-assessable investment
property revaluations
(39,451)(32.7%)(38,140)(29.8%)(126,539)(30.0%)
Removal of tax depreciation on non-
residential buildings
28,89423.9%-0.0%-0.0%
Other8940.7%3,3252.6%6,8811.6%
Prior period adjustments-0.0%-0.0%1,1060.3%
Total income tax expense/(credit)
18,60015.3%(4,953)(3.9%)(13,839)(3.3%)
2 5

Half Year Report 2024
Notes to the financial statements (continued)
The Group tax losses are as follows:
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Tax losses available
674,903522,314601,269
Tax effected
189,618146,905169,017
Unrecognised tax losses
10,0813,3757,918
(b) Amounts charged or credited to other comprehensive income
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Tax expense comprises:
Net gain on revaluation of property, plant and equipment
--9,462
Fair value movement of interest rate swaps2,482(1,024)(7,082)
Total tax expense/(credit) reported in statement of
comprehensive income
2,482(1,024)2,380
(c) Amounts charged or credited directly to equity
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Tax expense comprises:
Deferred tax relating to employee share option plans
72(90)(52)
Total tax expense/(credit) reported directly in equity72(90)(52)
(d) Imputation credit account
There were no imputation credits received or paid during the half year and the balance at 30 June 2024 is nil (Jun 2023 and Dec
2023: nil).
2 6

(e) Deferred tax
Movement in the deferred tax balance comprises:
BALANCE
1 JAN 2024
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2024
UNAUDITED
$000$000$000$000$000
Property, plant and equipment37,75726,781--64,538
Investment property58,595153--58,748
Revenue in advance84,59710,207--94,804
Interest rate swaps635--2,4823,117
Income tax losses not yet utilised(161,099)(18,438)--(179,537)
Right of use asset3,989(393)--3,596
Lease liability(4,525)362--(4,163)
Other items(3,966)(72)72-(3,966)
Net deferred tax liability15,98318,600722,48237,137
BALANCE
1 JAN 2023
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
30 JUN 2023
UNAUDITED
$000$000$000$000$000
Property, plant and equipment
30,32145--30,366
Investment property
54,4352,086--56,521
Revenue in advance66,1599,175--75,334
Interest rate swaps7,717--(1,024)6,693
Income tax losses not yet utilised(126,662)(16,868)--(143,530)
Right of use asset
4,699(402)--4,297
Lease liability
(5,271)413--(4,858)
Other items
(3,904)598(90)-(3,396)
Net deferred tax liability27,494(4,953)(90)(1,024)21,427
* Other comprehensive income
2 7

Half Year Report 2024
Notes to the financial statements (continued)
BALANCE
1 JAN 2023
RECOGNISED
IN INCOME
RECOGNISED
DIRECTLY IN
EQUITY
RECOGNISED
IN OCI*
BALANCE
31 DEC 2023
AUDITED
$000$000$000$000$000
Property, plant and equipment30,321(2,026)-9,46237,757
Investment property54,4354,160--58,595
Revenue in advance66,15918,438--84,597
Interest rate swaps7,717--(7,082)635
Income tax losses not yet utilised(126,662)(34,437)--(161,099)
Right of use asset4,699(710)--3,989
Lease liability(5,271)746--(4,525)
Other items(3,904)(10)(52)-(3,966)
Net deferred tax liability27,494(13,839)(52)2,38015,983
* Other comprehensive income
(f) Income tax legislation amendments during the period
During the period, the Taxation (Annual Rates for 2023-24, Multinational Tax and Remedial Matters) Act received royal assent on
28 March 2024, with effect from 1 January 2024. This Act removed the ability to claim tax depreciation on non-residential buildings,
resulting in the removal of the tax base on certain buildings for deferred tax. The removal of the tax base has resulted in a $28.9m
increase to income tax expense and a corresponding increase to the deferred tax liability in respect of property, plant and equipment.
5. Asset held for sale
Following a review of the Group’s land portfolio, land at Parnell in Auckland is being held for sale. The land is being actively marketed
for sale and a sale is expected to take place within 12 months. The land is being held at its fair value. The fair value of the land at 30 June
2024 was determined by independent registered valuers Jones Lang LaSalle Limited (“JLL NZ”) using the direct comparison approach.
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Opening Balance
45,000--
Additions
1,494--
Transfer from investment property-45,00045,000
Fair value movement(2,994)--
Total asset held for sale
43,50045,00045,000
2 8

6. Investment property
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Balance at beginning of period6,407,1505,417,7195,417,719
Additions265,380286,611590,807
Transfer to property, plant and equipment/asset held for sale(5,689)(45,000)(45,000)
Disposals(650)--
Fair value movement131,382131,493441,553
Foreign exchange movement(4,022)4,4262,071
Total investment property6,793,5515,795,2496,407,150
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Development land measured at fair value
1
548,539595,635578,266
Retirement villages measured at fair value
2
5,697,3774,599,6445,302,570
Retirement villages under development measured at cost547,635599,971526,314
Total investment property6,793,5515,795,2496,407,150
1 Included in development land is land that was acquired close to balance date. These pieces of land have been accounted for at fair value, which has been determined to be
cost due to the proximity of the transaction to balance date. At 30 June 2024 the land at cost was nil (Jun 2023: $51.9 million, Dec 2023: $35.7 million).
2 Included in retirement villages measured at fair value is nil related to completed retirement units at cost, which reflects fair value due to the proximity of completion to balance
date (Jun 2023: nil, Dec 2023: $5.4 million). Included in retirement villages measured at fair value is $264.7 million relating to a village under development measured at fair value
(Jun 2023: nil, Dec 2023: $190.4 million).
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Manager's net interest
3,973,8103,368,7933,757,207
Plus: revenue received in advance relating to investment property
194,616169,232182,693
Plus: liability for residents' loans relating to investment property2,625,1252,257,2242,467,250
Total investment property
6,793,5515,795,2496,407,150
The Group is unable to reliably determine the fair value of the non-land portion of retirement villages under development at 30 June
2024 and therefore these are carried at cost, with the exception of one site due to its advance stage of construction. This equates to
$547.6 million of investment property (Jun 2023: $600.0 million, Dec 2023: $526.3 million).
The fair value of investment property, including land, as at 30 June 2024 was determined by independent registered valuers CBRE
Limited ("CBRE NZ") and Jones Lang LaSalle Limited ("JLL NZ"), CBRE Valuations Pty Limited ("CBRE AU") and Jones Lang LaSalle
Australia Pty Limited ("JLL AU"). The fair value of the Group’s investment property is determined on a semi-annual basis, based on
market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing
buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and without compulsion.
2 9

Half Year Report 2024
Notes to the financial statements (continued)
As required by NZ IAS 40 - Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the discounted cash flow analysis.
To assess the fair value of the Group's interest in each New Zealand and Australia villages, CBRE NZ, JLL NZ and CBRE AU have
undertaken a discounted cash flow analysis to derive a present value. The Group's development land has been valued by CBRE NZ,
CBRE AU and JLL AU using the direct comparison approach. A desktop valuation was completed as at 30 June 2024.
Near completed stages of St Johns have been valued using the residual approach where a number of blocks were valued as work in
progress together with residual land. The value of the work in progress was calculated as the market value of completed stock less
selling expenses, and an allowance for profit and risk, holding costs, and costs to complete including a contingent sum.
The valuers' view is that the property markets both nationally and globally are being heavily impacted by high interest rate rises
instigated by central banks to combat inflation. Markets are also impacted by ongoing disruption to global supply chains and
geopolitical instability in certain regions, particularly the ongoing war in Ukraine and recent events in Gaza. With these factors in mind,
the valuers reiterate that their conclusions are based on data and market sentiment as at the date of the valuation and that a degree
of caution should be exercised when relying upon the valuation.
Significant assumptions used by the valuers in relation to the New Zealand and Australian investment property are included in the
table below:
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Discount rate13.5% - 16.5%13.5% - 16.5%13.5% - 16.5%
Growth rate (long-term nominal house price
inflation rate)0.5% - 3.6%0% - 3.5%0.5% - 3.5%
Average entry age of residents72 years - 89 years73 years - 89 years73 years - 91 years
Stabilised departing occupancy periods of units3.8 years - 13.0 years3.8 years - 8.8 years3.8 years - 8.7 years
As the fair value of investment property is determined using inputs that are significant and unobservable, the Group has categorised
investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
Classification
between investment property and property, plant and equipment
On initial recognition, the Group performs an assessment to determine whether a unit type should be classified as investment
property or property, plant and equipment. The assessment is based on the significance of ancillary services provided to residents
who occupy accommodation under an occupation right agreement. For the purposes of this assessment, the Group considers
that portion of weekly fees that gives rise to a separate performance obligation for the Group, as ancillary services. In addition
to a quantitative assessment, the business model (being the provision of accommodation) is considered when determining the
classification of the property as either investment property or property, plant and equipment. Subsequent reclassification of unit
types between investment property or property, plant and equipment, occur only when there has been a change in use.
3 0

Sensitivity analysis to significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, the valuers have undertaken a discounted cash flow analysis
to derive a present value.
The sensitivities of the significant assumptions are shown in the table below:
Adopted
value
1
Discount rate
+50 bp
Discount rate
-50 bp
Growth rates
+50bp
Growth rates
-50bp
30 June 2024
Valuation ($000)2,101,321
Difference ($000)(78,094)84,142134,278(122,821)
Difference (%)
(3.7%)4.0%6.4%(5.8%)
30 June 2023
Valuation ($000)1,824,735
Difference ($000)(66,765)72,095112,030(102,455)
Difference (%)
(3.7%)4.0%6.1%(5.6%)
31 December 2023
Valuation ($000)
2,017,910
Difference ($000)
(74,725)80,050126,025(115,665)
Difference (%)
(3.7%)4.0%6.2%(5.7%)
1 Adopted value differs to figures in other notes. It is the value of completed units, net of related resident liability. The amount does not include unsold stock, work in progress
or development land.
Other key components in determining the fair value of investment property are the average entry age of residents and the average
occupancy of units. A significant decrease (increase) in the occupancy period of units would result in a significantly higher (lower) fair
value measurement, and a significant increase (decrease) in the average entry age of residents would result in a significantly higher
(lower) fair value measurement.
Security
At 30 June 2024, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are
subject to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
7. Residents' loans
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Balance at beginning of period3,121,4002,681,8372,681,837
Net receipts/(payments) for residents' loans - resales of occupation
right agreements
38,613(566)55,521
Receipts for residents' loans - new occupation right agreements182,442167,272384,042
Total gross residents’ loans
3,342,4552,848,5433,121,400
Deferred management fees and other receivables(670,988)(561,887)(614,288)
Total residents’ loans2,671,4672,286,6562,507,112
3 1

Half Year Report 2024
Notes to the financial statements (continued)
8. Interest-bearing loans and borrowings
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
$000$000$000
Repayable within 12 months
Retail bond - SUM0104.78%
-
100,000-
Repayable after 12 months
Secured bank loansFloating973,279756,626948,957
Retail bond - SUM0204.20%125,000125,000125,000
Retail bond - SUM0302.30%150,000150,000150,000
Retail bond - SUM0406.59%175,000175,000175,000
Retail bond - SUM0506.43%125,000--
Total loans and borrowings at face value1,548,2791,306,6261,398,957
Transaction costs for loans and borrowings capitalised:
Opening balance
(6,182)(4,260)(4,260)
Capitalised during the period(1,662)(2,221)(3,678)
Amortised during the period9858471,756
Closing balance
(6,859)(5,634)(6,182)
Total loans and borrowings at amortised cost1,541,4201,300,9921,392,775
Fair value adjustment on hedged borrowings
(2,004)(7,178)748
Carrying value of interest-bearing loans and borrowings1,539,4161,293,8141,393,523
Further interest rate and loan disclosures below:
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Weighted average interest rate (including impact of
interest rate swaps)
5.4%5.2%5.1%
Percentage of floating rate debt covered by swaps
67.6%73.1%71.0%
The secured bank loan facility at 30 June 2024 has a limit of approximately $1,460 million (Jun 2023: $1,160 million, Dec 2023:
$1,460 million). This includes lending of the following:
Currency
Lending limitExpiration
NZD$50 millionSeptember 2025
AUD$130 millionSeptember 2025
NZD$315 millionSeptember 2026
AUD$185 millionSeptember 2026
AUD$170 millionSeptember 2027
NZD$310 millionNovember 2027
NZD$100 millionSeptember 2028
AUD$200 millionSeptember 2028
3 2

The Group has four retail bonds listed on the NZDX:
IDAmountMaturity
SUM020$125 million24 September 2025
SUM030$150 million21 September 2027
SUM040$175 million9 March 2029
SUM050$125 million8 March 2030
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second-ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement Villages Act
2003 (behind a first-ranking registered mortgage in favour of the Statutory Supervisor);
•a first-ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
9. Financial Instruments
Exposure to credit, market and liquidity risk arises in the normal course of the Group's business. The Board adopts policies for
managing each of these risks and there has been no change to the policies presented in the Group's financial statements for the six
months ended 30 June 2024.
Fair values
The carrying amounts shown in the balance sheet approximate the fair value of the financial instruments, with the exception of retail
bonds. Three of the four retail bonds SUM020, SUM040 and SUM050 are designated in fair value hedge relationships, which means
that any change in market interest rates results in a change in the fair value adjustment of that debt. The fair value of retail bonds is
based on the price traded at on the NZX market as at balance date. The fair value of interest rate swaps is determined using inputs
from third parties that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Based on this, the Company
and Group have categorised these financial instruments as Level 2 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair
Value Measurement.
10. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Earnings ($000)102,160133,061436,319
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
234,616232,183232,786
Basic earnings per share (cents per share)43.5457.31187.43
3 3

Half Year Report 2024
Notes to the financial statements (continued)
Diluted earnings per share
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Earnings ($000)102,160133,061436,319
Weighted average number of ordinary shares for the purpose of diluted
earnings per share (in thousands)
235,024232,622233,211
Diluted earnings per share (cents per share)43.4757.20187.09
Number of shares (in thousands)
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Weighted average number of ordinary shares for the purpose of basic
earnings per share
234,616232,183232,786
Weighted average number of ordinary shares issued under employee
share plans
408439425
Weighted average number of ordinary shares for the purpose of diluted
earnings per share
235,024232,622233,211
At 30 June 2024, there were a total of 406,227 shares issued under employee share plans held by Summerset LTI Trustee Limited (Jun
2023: 289,142, Dec 2023: 409,248 shares).
Net tangible assets per share
6 MONTHS
JUN 2024
UNAUDITED
6 MONTHS
JUN 2023
UNAUDITED
12 MONTHS
DEC 2023
AUDITED
Net tangible assets ($000)
2,688,4192,298,2522,596,947
Shares on issue at end of period (basic and in thousands)
235,208232,684233,872
Net tangible assets per share (cents per share)1,143.00987.711,110.41
Net tangible assets are calculated as the total assets of the Group less intangible assets and less total liabilities. This non-GAAP
measure is provided as it is commonly used for comparison between entities.
11. Dividends
On 22 March 2024 a dividend of 13.2 cents per ordinary share was paid to shareholders (2023: on 23 March 2023 a dividend of 11.6
cents per ordinary share was paid to shareholders and on 19 September 2023 a dividend of 11.3 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 22 March 2024 and 1,258,320 ordinary shares were issued in relation
to the plan (2023: 1,077,198 ordinary shares were issued in relation to the plan for the 23 March 2023 dividend and 1,016,720 ordinary
shares were issued in relation to the plan for the 19 September 2023 dividend).
3 4

12. Commitments and contingencies
Guarantees
As at 30 June 2024, the Group had the following guarantees in place: 
•NZX Limited holds a guarantee in respect of the Group, as required by the NZX Listing Rules, for $75,000 (Jun 2023 and Dec
2023: $75,000).
•Summerset Retention Trustee Limited holds guarantees in relation to retentions on construction contracts on behalf of the Group.
As at 30 June 2024, $20.0 million was held for the benefit of the retentions beneficiaries (Jun 2023: $18.0 million, Dec 2023:
$23.0 million).
•Auckland Transport holds a performance guarantee for $65,000 (Jun 2023 and Dec 2023: $65,000).
•Quattro RE Limited holds a demand guarantee in relation to the lease of the office premises for $120,819 (Jun 2023 and Dec
2023: $120,819).
•Department of Transport (Melbourne) holds performance guarantees for $73,863 (Jun 2023: $147,035, Dec 2023: $72,749).
•South East Water holds guarantees for $13,897 (Jun 2023: nil, Dec 2023: $13,688).
•Casey City Council holds guarantees for $290,552 (Jun 2023: nil, Dec 2023: $229,162).
•Yarra Ranges Shire Council holds guarantees for $401,351 (Jun 2023 and Dec 2023: nil).
Capital commitments
At 30 June 2024, the Group had $83.0 million of capital commitments in relation to construction contracts (Jun 2023: $84.1 million,
Dec 2023: $70.8 million).
Contingent liabilities
There were no other known material contingent liabilities at 30 June 2024.
13. Subsequent events
On 23 August 2024, the Directors approved an interim dividend of $26.6 million, being 11.3 cents per share. The dividend record date
is 9 September 2024 with a payment date of 20 September 2024.
There have been no other events subsequent to 30 June 2024 that materially impact on the results reported.
3 5

Half Year Report 2024
Independent Auditor's Review Report
To the shareholders of Summerset Group Holdings Limited (“the Company”) and its subsidiaries
(together “The Group”)
Conclusion
We have reviewed the interim condensed financial statements of Summerset Group Holdings Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 16 to 35 which comprise the statement of financial position as at 30 June 2024, and
the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the
six month period ended on that date, and explanatory notes. Based on our review, nothing has come to our attention that causes
us to believe that the accompanying interim financial statements on pages 16 to 35 of the Group do not present fairly, in all material
respects, the financial position of the Group as at 30 June 2024, and its financial performance and its cash flows for the six month
period ended on that date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting (NZ IAS 34) ) and International Accounting Standard 34: Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of the financial
statements section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Ernst & Young provides other assurance and remuneration advisory services to the Group. Partners and employees of our firm may
deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other
relationship with, or interest in, the Group.
Directors' responsibility for the interim
financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial statements in
accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to enable the preparation
and fair presentation of the interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim
financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as
a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
3 6

A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express
an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Sam Nicolle.
Chartered Accountants
Wellington
23 August 2024
3 7

Half Year Report 2024
Directory
New Zealand
Northland
Summerset Mount Denby
7 Par Lane, Tikipunga,
Whangārei 0112
Phone (09) 470 0280
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale
Argent Lane, Milldale,
Wainui 0992
Phone (09) 304 1630
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Half Moon Bay
25 Thurston Place, Half Moon Bay,
Auckland 2012
Phone (09) 306 1420
Summerset St Johns
180 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7980
Waikato – Taupō
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3210
Phone (07) 981 7820
Summerset by the Lake
2 Wharewaka Road, Wharewaka,
Taupō 3330
Phone (07) 376 9470
Summerset Cambridge
1 Mary Ann Drive,
Cambridge 3493
Phone (07) 839 9480
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
35 Manawa Road,
Pāpāmoa Beach, Tauranga 3118
Phone (07) 542 9080
Summerset Rotorua
1
171-193 Fairy Springs Road,
Rotorua 3010
Phone (07) 343 5130
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive, Greenmeadows,
Napier 4112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4122
Phone (06) 974 1310
Summerset Palms
136 Eriksen Road,
Te Awa, Napier 4110
Phone (06) 833 5850
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Summerset Mission Hills
1
Puketitiri Road,
Napier
Phone (06) 835 2580
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa Place
70 Pohutukawa Place, Bell Block,
New Plymouth 4312
Phone (06) 824 8530
1
Proposed villages
3 8

Manawatū
– Whanganui
Summerset in the River City
40 Burton Avenue, Whanganui East,
Whanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset Kelvin Grove
1
Stoney Creek, Kelvin Grove,
Palmerston North 4470
Phone (06) 825 6530
Summerset by the Ranges
104 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae
28 Park Avenue,
Waikanae 5036
Phone (04) 293 0000
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5032
Phone (04) 298 3540
Summerset on the Landing
1-3 Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6720
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt
1 Boulcott Street,
Lower Hutt 5010
Phone (04) 568 1440
Summerset Cashmere Oaks
1
Cashmere Oaks Drive, Lansdowne
Masterton 5871
Phone (06) 370 1790
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3430
Marlborough
Summerset Blenheim
183 Old Renwick Road, Springlands,
Blenheim 7272
Phone (03) 520 6040
Canterbury
Summerset Rangiora
141 South Belt, Waimakariri,
Rangiora 7400
Phone (03) 364 1310
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road, Avonhead,
Christchurch 8042
Phone (03) 357 3200
Summerset on Cavendish
147 Cavendish Road, Casebrook,
Christchurch 8051
Phone (03) 741 3340
Summerset Prebbleton
578 Springs Road,
Prebbleton 7604
Phone (03) 353 6310
Summerset Rolleston
1
153 Lincoln Rolleston Road
Rolleston
Phone (03) 353 6980
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3100
Summerset Mosgiel
1
51 Wingatui Road,
Mosgiel
Phone (03) 474 3930
1Proposed villages
3 9

Half Year Report 2024
Australia
Victoria
Summerset Cranbourne North
98 Mannavue Boulevard,
Cranbourne North VIC 3977
Phone (03) 7068 5640
Summerset Chirnside Park
275 Manchester Road,
Chirnside Park VIC 3116
Phone (1800) 321 700
Summerset Torquay
1
Grossmans Road and Briody Drive,
Torquay VIC 3228
Phone (1800) 321 700
Summerset Oakleigh South
1
52 Golf Road,
Oakleigh South VIC 3167
Phone (1800) 321 700
Summerset Craigieburn
1
1480 Mickleham Road,
Craigieburn VIC 3064
Phone (1800) 321 700
Summerset Mernda
1
305 Bridge Inn Road,
Mernda
VIC 3116 Phone
Phone (1800) 321 700
Summerset Drysdale
1
145 Central Road,
Drysdale,
VIC 3167 Phone
Phone (1800) 321 700
1
Proposed villages
4 0

Company
Information
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street
Wellington 6011,
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 126 Phillip Street,
Sydney, NSW, 2000
Auditor
Ernst & Young
Solicitor
Russell McVeagh
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of New Zealand
National Australia Bank Limited
Commonwealth Bank of Australia
Westpac New Zealand Limited
Westpac Banking Corporation
Industrial and Commercial Bank of China Limited
Bank of China Limited
China Construction Bank (New Zealand Limited)
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
MUFG Pension & Market Services,
PO Box 91976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Directors
Mark Verbiest
Dr Marie Bismark
Stephen Bull
Venasio-Lorenzo Crawley
Fiona Oliver
Gráinne Troute
Dr Andrew Wong
Company Secretary
Robyn Heyman
4 1

11
Auckland Region
5
3
1
Northland
Waikato
31
11
Taranaki
Hawke’s Bay
31
Manawatū – Whanganui
Wellington Region
42
1
Marlborough
Canterbury
1
Otago
31
Bay of Plenty
11
11
Nelson – Tasman
1
1
1
1
32
Completed villages
In development
Proposed villages
Our
villages
1
Half Year Report 2024
4 2

Bay of Plenty
PORT
PHILLIP
BASS STRAIT
Victoria
52
Greater
Geelong
Western
Melbourne
North Eastern
Melbourne
Eastern
Melbourne
Southern Melbourne
Frankston-Mornington
Bayside
Chirnside Park
Craigieburn
Cranbourne North
Oakleigh South
Mernda
MELBOURNE
Torquay
Drysdale
WESTERN
AUSTRALIA
4 3

Inside back cover: At our villages Divine Cafe, Summerset residents, friends and family can enjoy onsite
quality meals and service from our team.

The text of this document is printed on 120gsm Lenza Green 100% recycled
paper sourced from recovered fibre certified FSC ® Recycled, cover is 350gsm
Satin FSC ® Mix board from responsible sources printed using vegetable oil inks and
manufactured under a strict ISO14001 Environmental Management System.

summerset.co.nz
summerset.com.au

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)


Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2024
Previous Reporting Period 6 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$151,646 18.2%
Total Revenue $151,646 18.2%
Net profit/(loss) from
continuing operations after
tax
$102,160 -23.2%
Total net profit/(loss) after tax $102,160 -23.2%
Underlying profit* $89,925 3.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.113 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 9 September 2024
Dividend Payment Date 20 September 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$11.43 $9.88
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (half year report, media
release, results presentation and distribution notice).
* Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not have
a standardised meaning prescribed by GAAP and therefore
may not be comparable to similar financial information
presented by other entities. The Directors have provided an
underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised
components of fair value movement of investment property,
impairment and tax expense in the Group’s income statement.
The measure is used internally in conjunction with other
measures to monitor performance and make investment
decisions. Underlying profit is a measure which the Group
uses consistently across reporting periods. Underlying profit is
used to determine the dividend pay-out to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number 027 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

26 August 2024

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 09/09/2024
Ex-Date (one business day before the
Record Date)
06/09/2024
Payment date (and allotment date for
DRP)
20/09/2024
Total monies associated with the
distribution
1

$26,624,379.40100000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11300000
Gross taxable amount
3
$0.11300000
Total cash distribution
4
$0.11300000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

No imputation

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

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

N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.03729000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
10/09/2024 16/09/2024
Date strike price to be announced (if
not available at this time)
17/09/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
10/09/2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Robyn Heyman
Contact person for this
announcement
Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

26/08/2024






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

---

Summerset at Monterey Park (Hobsonville, New Zealand)
Results presentation
For the six months to 30 June 2024
Summerset Group Holdings Ltd

Agenda
Half Year Report 2024
Half year results presentation
Our highlights
02
03
04
05
06
07
2
01
08
09
Business update
Our community
New Zealand development
Australia development
Financial performance
Business performance
Questions
Appendix

1H24 Reporting updates
Half Year Report 2024
Half year results presentation
Updated reporting measures included within the presentation
3
Cash flows
Underlying profit
and segment reporting
Operating expenses
Definitions
Assurance
•Cash flow presentation reverted to standard IFRS format based on feedback for alignment
across the New Zealand RV sector
•Maintain underlying profit as a key performance measure
•Segment reporting for care EBITDA, village EBITDA and corporate overheads now provided
•Disclosures on care, village and corporate overhead expenses provided
•Operating expenses split by main cost items (e.g. sales and marketing, employee and
property)
•Split of total operating costs and costs capitalised to projects provided
•New disclosure of key definitions for improved clarity – includes clear descriptions of
development margin, annuity EBITDA, operating expenses and project cash profits to assist
with comparison of performance between operators
•2024 external audit RFP underway and expected to be completed by FY24

4
01
Our highlights
Half Year Report 2024

Who we are
Half Year Report 2024
Our highlights
About Summerset
5
Summerset builds, owns and operates integrated retirement villages
We create vibrant, happy communities for residents and our people that
delivers on our purpose – bringing the best of life to our 8,400+ residents
We are the second largest and fastest growing retirement village operator
in New Zealand
Our existing portfolio has 6,300+ retirement units and 1,300+ care units,
including our 30 units in Australia
We have a consistent and structured approach to growing our business - our
land bank has 5,300+ retirement units and 1,300+ care units, includes
expansion in Australia, with a focus on broad acre development

Underlying profit of $89.9m up 3% on 1H23
Half Year Report 2024
Our highlights
First half underlying profit of $89.9m, up 3% on 1H23 with total settlements of 588, up 22% on 1H23
588
4831H23
331
1H23152
Units delivered to be sold
under Occupation Right*
$1.6b
Embedded value
$1.5b1H23
1H237,495
6,638
$102.2m
Net profit after tax
1H23$133.1m
Underlying profit
1H231H23
$191.6m
$146.7m
35.1%
1H2335.2%
$89.9m
$87.2m
28.3%
1H2333.5%
Operating cash flows
Development marginResales cash margin
Sales of
Occupation Rights
New Zealand and Australia
land bank (including care)
6
* 311 units in New Zealand and 20 units in Australia to be sold under Occupation Right Agreement

Investor highlights
Half Year Report 2024
Half Year results presentation
First half underlying profit of $89.9m, up 3% on 1H23 with total settlements of 588, up 22% on 1H23
7
Financial
Development and sales
Acquisitions and Australia
•First half underlying profit of $89.9m, up 3% from $87.2m in 1H23
•Resale gain of $45.7m (up 32% on 1H23) and development margin of $51.7m
•First half operating cash flows of $191.6m, up 31% from $146.7m in 1H23
•Total assets of $7.4b, up 17% on 1H23, with total equity of $2.7b and NTA per share of $11.43
•Total settlements of 588 (290 new sales and 298 resales), up 22% on 1H23. Achieved a
sector leading total of 1,206 combined New Zealand settlements over the past 12 months
•Delivered 352 units and remain on track to conservatively deliver at the lower end of FY24
guidance of 675 to 725 units to be sold under Occupation Right Agreement
•Forecast net cash position from NZ villages under development of over $245.0m with
development assets exceeding the value of net debt by $248.3m, or 16%
•New site announced at Mission Hills, Napier that will deliver approximately 270 independent
homes and a care centre to meet the growing demand for retirement living in Napier
•Welcomed our first Australian residents at Cranbourne North in March
•Commenced construction at our second Australian village at Chirnside Park, Melbourne

Looking back – 1H24 milestones
Half Year Report 2024
Our highlights
FebruaryApril
March
May
June
Civils construction
commences at Chirnside
Park
Oakleigh South receives
planning permit
Boulcott village main
building opens
A showcase of key events from the six months
Development plan
approved for Torquay
8
First Australian residents
move into our Cranbourne
North village
Cambridge village opens
Boulcott main building opens
First graduates complete
Summerset’s Construction
Cadet Programme
Construction cadets graduates
Pāpāmoa Beach main
building opens
Pāpāmoa Beach main building opensCivils underway at Chirnside Park
Construction of Casebrook
village completed
Celebrated Frontliner Day,
thanking our hardworking
frontline staff
First Australian residentsCasebrook village completed

9
Summerset Milldale (Auckland, New Zealand)
02
Business update
Half Year Report 2024

Business update
Summerset remains well placed to navigate the ongoing uncertainty in the wider economy
Business update
10
Half Year Report 2024
Cost controlSales
FY24 delivery guidance maintained
▪FY24 build rate to be at the bottom end
of guidance range of 675 to 725 total
ORA units in New Zealand
▪Conservative build rate will allow
Summerset to manage stock levels at
each village
▪Now in construction at 14 broad acre
sites in New Zealand and two in
Melbourne which ensures strong
diversification of locations
Expenditure review complete
▪Full review of operating expenses
undertaken in 1H24
▪1H24 gross operating expenses up 1%
from 2H23
▪Cost savings supported by a dedicated
procurement team and long-standing
relationships with key suppliers
▪Emphasis will remain on maintaining
cost efficiencies without compromising
on delivering the best of life to our
residents
Sales continue to perform well
▪Strong sales performance under
challenging market conditions. Achieved
over 1,200 total New Zealand
settlements in the past 12 months, the
highest in sector
▪Good levels of enquiry at villages, up
17% on 1H23
▪588 total settlements YTD with over 350
units under contract to start 2H24
▪Sales prices remain robust
FY24 deliveries

Business update
Summerset remains well placed to navigate the ongoing uncertainty in the wider economy
Business update
11
Half Year Report 2024
Balance sheetLand bankSt Johns
Balance sheet remains strong
▪Summerset carries no core debt, with
villages fully recycling the capital
required to build them on completion
▪Forecast capital recycling of $245.0m
from 14 NZ villages under development
▪Gearing ratio of 36.2% with unallocated
facilities of $551.3m available
▪Development assets exceed the value of
net debt by $248.3m, or 16%
Land bank in place to grow the business
▪Business remains well positioned to
deliver sustained growth from diversified
broad acre land bank in NZ and VIC
▪New site announced at Mission Hills,
provides continuity to pipeline with first
units expected from 2027 onwards
▪Large number of quality opportunities in
the market at present
Progress on track
▪Village on track to open in 2H24
▪Care and serviced apartments sales
launched in June 2024
▪Strong level of presales with circa $90m
of sales contracts in place
▪Village now open for prospect viewings
of staged sales apartments
▪Peak working capital for the site still
expected to be in line with the opening of
stage one

12
03
Our community
Half Year Report 2024

Bringing the best of life
Bringing the best of life to residents and staff
Our community
▪We are committed to making Summerset a place where our
residents and staff can live their best life
▪Extended our highly successful holiday home initiative, adding
Casebrook and Ellerslie, with one in Wellington coming soon
▪Launched Retire Ready, a financial wellbeing series for those
planning for, or at retirement age
▪The series is aimed at helping current and future
residents understand the steps they need to take to
create the retirement they want
▪Progressed the roll out of our resident experience services
platform, Lumin, now installed at 15 villages with a further
three to be completed by the end of this year
▪Lumin provides entertainment programmes, newsletters and
activities schedules, allows residents to book village events,
order services, message the village team or other residents
▪Piloting a National Clinical Support Service of Registered
Nurses available 24/7 to support in-village teams
▪Continued health scholarships in collaboration with Waitahaiwi
at Pāpāmoa Beach village to support students to attain their
undergraduate degree in the health sector
▪Staff engagement of 8.2 out of 10, putting Summerset in the
top 25% of global healthcare providers using the same
engagement survey
13
Half Year Report 2024

Our environment
Environmental performance and sustainability
Our environment
14
Half Year Report 2024
Solar implementation – Summerset Richmond Ranges
▪Summerset is a market leader in sustainability in the
retirement and aged care sectors
▪Our ambition is to develop, build and manage sustainable
retirement villages in New Zealand and Australia
▪Named a Sustainability leader in the 2024 Australian Financial
Review (Property and Construction category)
▪Double finalist at the Retirement Village Association (RVA)
Sustainability awards for our national waste free construction
initiative, and our solar panels project at our Richmond village
▪Released our Sustainability Review and Climate-Related
Disclosures Report, the first time the company has reported its
climate-related disclosures
▪Continued focus on waste minimisation - providing items from
care centre upgrades, such as commercial kitchen appliances,
to local community groups for reuse
▪Construction waste avoidance initiative continues, our sites
diverting over 2,500 tonnes of waste from landfill in 1H24
▪Completed our second major solar panel retrofit in May at
Rototuna, consisting of over 280 panels on the main building
▪New solar-powered street lighting trials to commence at our
Havelock North and Paraparaumu villages
▪Extended the rollout of our EV charger network and number of
electric vehicles across our village portfolio with growing
demand for use from our residents
Village EV pool car
Reusing care centre appliancesWaste free construction

Marketing & community support
Promoting and supporting our communities
Our community
▪We have a continued focus on growing our brand and
presence in both New Zealand and Victoria
▪Summerset now works with 220 local community clubs,
including bowls, golf, croquet, bridge and theatre groups
▪Community involvement in Victoria is growing - our most
recent partnership being with the Torquay Bowls Club
▪New national brand campaign launched in April, Summerset
leads the market in brand consideration
▪Positive levels of enquiry achieved in 1H24, total enquiry up
17% on 1H23 and now generating almost double the enquiry
we were five years ago
▪Announced as a finalist in the 2024 New Zealand Marketing
Awards for Excellence in Long-Term Marketing Strategy
▪Consistently recognised as a Highly Commended Trusted
Brand by Reader’s Digest and most recently received gold in
the Quality Service Award category
▪Continue to support and sponsor organisations that align with
our brand and our values - including Netball New Zealand,
Bowls New Zealand, GT NZ Championship, The New Zealand
Symphony Orchestra, Braintree Trust and Hato Hone St Johns
15
Half Year Report 2024
82 bowls clubs
41
golf clubs
21
service
organisations
10
bridge clubs
4
tennis
clubs
5
arts &
music
clubs
18
local clubs
GT NZ Championship
New Zealand Symphony OrchestraHato Hone St Johns
Bowls New Zealand
15
croquet clubs
10
other sports
5
age
concern
clubs
3
nature
clubs
3 indoor
bowls clubs
3
schools
Community engagement

16
Summerset Milldale (Auckland, New Zealand)
04
New Zealand development
Half Year Report 2024

New Zealand development
▪Acquisition of a 10.9ha broad acre site in Napier, to be
home to our third village in the city
▪The site will offer approximately 270 independent homes, a
care centre with rest home and hospital level care and a
wide range of recreation amenities
▪Napier is a highly desirable location for our target audience
and is undersupplied for RV living due to scarcity of land
▪The site sits within a wider development designed to include
approximately 800 homes, a centrally located
neighbourhood centre with boutique retail and amenities,
community reserve and event facilities
▪The site is also well positioned with Napier city and the
Hawke’s Bay Airport both located within an 11-minute drive
▪The catchment for the village has favourable demographics
with a 75+ population of approximately 5,500 people rising
to over 7,000 by 2033
▪We expect the location to complement our existing villages
in the city that both see strong demand from prospective
residents and high occupancy levels
Summerset Mission Hills (Napier)
Summerset Mission Hills (Napier)
New site – announced today
Summerset Mission Hills
17
Half Year Report 2024
Summerset Mission Hills
Summerset in the Bay
Summerset Palms
Napier
CBD

New Zealand development
▪Delivered 311 units to be sold under Occupation Right and
21 care beds across 11 sites in 1H24
▪Currently have 14 villages in construction across ten
regions in New Zealand, with a further three care centre
upgrades underway at Havelock North, Levin and Trentham
▪Won Gold at the 2024 Master Builders Commercial Project
Awards for our Kenepuru main building
▪Completed our successful Casebrook village, home to
almost 500 residents, and returning a cash margin to the
business of $34.7m
▪Two main buildings delivered at Pāpāmoa Beach and Lower
Hutt in 1H24
▪Bulk earthworks at Rangiora complete with civils works
progressing well and construction of first units underway
(first deliveries expected in 1H25)
▪Construction at St Johns on track, first deliveries due in
2H24 – will include independent apartments, serviced
apartments, memory care apartments, the care centre and
main building recreation spaces
▪Granted resource consent for extension land at Kelvin
Grove, Palmerston North with resource consent
applications being progressed for Masterton and Rotorua
▪Over 70% of NZ landbank now consented
Summerset Milldale (Auckland)
Summerset St Johns (Auckland)
Development activity
New Zealand summary
18
Half Year Report 2024

New Zealand development
Summerset Half Moon Bay (Auckland)Summerset Mt Denby (Whangārei)
Summerset Cambridge (Waipā District)Summerset by the Dunes (Pāpāmoa Beach, Tauranga)
19
Half Year Report 2024

New Zealand development
Summerset Waikanae (Kāpiti Coast)Summerset Palms (Te Awa, Napier)
Summerset Boulcott (Lower Hutt, Wellington)Summerset Richmond Ranges (Tasman)
20
Half Year Report 2024

New Zealand development
Summerset Rangiora (Waimakariri District)Summerset Blenheim (Marlborough District)
Summerset on Cavendish (Casebrook, Christchurch)
21
Half Year Report 2024
Summerset Prebbleton (Selwyn District)

New Zealand development pipeline
New Zealand development
Diversified development pipeline of 20 sites*
22
Half Year Report 2024
* Excludes care centre upgrades at three sites (Havelock North, Levin and Trentham)
** New site purchased

Project cash profits
New Zealand development
23
▪Summerset developments produce positive net cash
flows (net cash position) upon completion, this
means they carry no debt after first sell down
▪The villages currently under development in New
Zealand are expected to return over $245m in
positive net cash profits on completion
▪These net cash flows represent the project cash
profits from village development
▪All expense and revenue inputs are updated
regularly as part of our internal development
management processes
▪Villages in early-stage development are likely to
experience at least one residential property cycle
during construction, improving the net funding
position significantly over the life of the project
▪Overall, the four villages in the ‘last stage’ of
development are forecast to return between $25m
and $50m per project
Half Year Report 2024
Casebrook removed from table since FY23, returning a project cash profit of $34.7m
Project Cash Profit:
The final cash return from developing a village. Incorporates the land cost, ILU costs, recreation and administration facility
costs, care centre costs, management fees (incl. a share of corporate overheads), interest costs and the first-time sales
proceeds for all units sold under Occupation Right
$3.5b+
Forecast capital
investment
$245m+
Projected net cash
position
Development
Stage
Village
Forecast capital
investment
Forecast net
cash position
Last stages
Bell Block
$150m - $200m$25m - $50m
Pāpāmoa Beach
Richmond
Te Awa
Last stage villages$0.7b+$140m+
Mid stages
Cambridge
$200m - $300m($10m) - $20m
Lower Hutt
Prebbleton
Whangarei
Mid stage villages$0.9b+$25m+
Early stages
Blenheim
$150m - $500m($20m) - $90m
Half Moon Bay
Milldale
Rangiora
St Johns
Waikanae
Early stage villages$1.8b+$75m+
Total Group$3.5b+$245m+

Completed villages:
Completed villages includes Avonhead, Ellerslie, Hobsonville, Hobsonville extension, Karaka, Katikati, Kenepuru, Rototuna,
Warkworth extension and Wigram
Project cash profits
Project cash profit
New Zealand development
24
▪Our last 11 villages to complete recycled around
$229.9m of positive cash flow
▪This is an average cash margin from village
development of 14.6% with a per ORA unit cash
margin of $92k
▪While the final cash position requires completion of
the village to be calculated, it is a useful metric to
help understand the average cash return per ORA
unit that is delivered and settled by Summerset
▪Casebrook was completed in 1H24, with cash profit
of $34.7m returned from village development
▪This is an average per ORA unit of $100k
▪Extensions to established villages generate the
highest cash returns as the care and common area
costs are already covered by the existing village
▪These positive net cash flows from development
allow us to recycle capital for new projects, repay
debt and distribute to shareholders through the
payment of dividends
Half Year Report 2024
14.6%
Cash margin from village
development
Average net cash position per unit delivered and settled*
* Chart excludes eight bespoke units within Hobsonville Extension
Year village
completed
20182024
$229.9m
Village
Year
complete
ORA
units
Non-ORA
units
Project cash
profit
Cash
margin
Completed villages 2018 to 20232,154324$195.2m14.1%
Casebrook202434643$34.7m18.0%
Total 2,500367$229.9m14.6%
-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
KarakaKatikatiWigramHobsonvilleHobsonville
(Extn)
Warkworth
(Extn)
EllerslieAvonheadRototunaKenepuruCasebrook

25
Summerset Cranbourne North (Melbourne, Victoria)
05
Australia development
Half Year Report 2024

Australia development
▪Significant milestone for Summerset with the first Australian
residents welcomed at Cranbourne North
▪Stage one now complete at Cranbourne North with 20 villas
delivered in 1H24, bringing total units delivered to 30
▪Construction now underway for stage two at Cranbourne
North, with the main building and stage three scheduled to
commence in 2H24
▪Civil construction underway at our second Australian village,
Chirnside Park
▪Project cash profit from Cranbourne North and Chirnside
Park, both in early-stage construction, currently forecast to
return a cash margin of between breakeven and -$15m
▪Oakleigh South Planning Permit was unanimously approved
by Council in May, construction to commence in 2H24
▪Development Plan for Torquay approved by Council with
Planning Permit lodged and civils expected to commence in
2H24
▪The current Australian pipeline gives us capacity to build
over 2,100 units (including over 450 beds)
▪We continue to look for suitable new village development
opportunities, including sites in Queensland as previously
announced
Development activity
Australia summary
Summerset Australia
26
Site progress - Summerset Chirnside Park (Melbourne)
Half Year Report 2024
Summerset Craigieburn
Summerset Mernda
Summerset Chirnside Park
Summerset Oakleigh South
Summerset Cranbourne North
Summerset Torquay
Summerset Drysdale
Melbourne
CBD

Australia development
Summerset Cranbourne North (Melbourne)
30 independent villas
delivered
27
Half Year Report 2024
Rest home and hospital level
care will be available
Main building with 34 assisted living apartments and 72 care
beds to commence construction in 2H24
Site progress – June 2024

Australia development
Australia development pipeline
Now have seven villages in planning and development across Victoria
28
Half Year Report 2024

29
Summerset Boulcott (Lower Hutt, New Zealand)
06
Financial performance
Half Year Report 2024

Reported profit (IFRS)
Financial performance
30
▪IFRS NPAT of $102.2m, down from $133.1m in
1H23
▪Fair value movement of investment of $128.4m,
including $49.6m from new units delivered
▪Total revenue of $151.6m, up 18% relative to 1H23
▪Summerset has maintained its disciplined approach
to cost control as deliveries and our portfolio size
grows, and wider economic conditions remain
challenging
▪Cost management initiatives in 1H24 resulted in total
expenses of $146.5m, in line with the $144.8m in
2H24 – inclusive of two main buildings opening in
the period at Pāpāmoa Beach and Lower Hutt
▪Summary of key expense movements provided
on slide 34
▪Increase in tax expense resulting from change in tax
rules effective from 1 January 2024 removing
depreciation for ‘non-residential’ buildings in New
Zealand
Half Year Report 2024
NZ$m1H241H23VarianceFY23
Total revenue151.6128.218%272.2
Fair value movement of investment property128.4131.5(2%)441.6
Total income280.0259.78%713.8
Total expenses146.5119.023%263.8
Net finance costs12.812.61%27.5
Net profit before tax120.8128.1(6%)422.5
Tax expense / (credit)18.6 (5.0)(476%)(13.8)
Net profit after tax102.2133.1(23%)436.3
Net profit after tax
23%
Decrease on 1H23
$102.2m
Total expenses
$144.8m
$146.5m
$4.9m
$0.2m
$0.1m
$1.7m
$1.5m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
2H23
expenses
Employee
expenses
Software &
technology
Buildings
& grounds
Sales &
marketing
Admin &
Other
operating
costs
1H24
expenses

Fair value movement
Fair value movement of investment property 1H24
$128.4m
Financial performance
31
▪Fair value movement of $128.4m, in line with 1H23
▪Fair value movement has been driven by:
▪New units built $49.6m: Value of new units
delivered in 1H24
▪Unit pricing $31.4m: Retirement unit price
inflation on existing units within the portfolio
▪Movement in land bank $18.3m: Valuation
movement on St Johns and the undeveloped
land bank
▪Growth rate assumptions $14.5m: Valuers
adopting more standard short term growth rates
within the valuation in line with the residential
property market cycle
▪Discount rates $6.6m: Change in assumptions
used by the valuers
▪Other movements primarily relate to the valuers'
adjustments for OPEX recovery from weekly fees
within the valuation
▪Refer to the appendices (slides 63 and 64) for key
assumptions associated with the investment
property valuation
Fair value movement
Increase from new
units delivered
$49.6m
Half Year Report 2024
$128.4m
$49.6m
$31.4m
$19.4m
$18.3m
$14.5m
$6.6m
$11.4m
-
$20m
$40m
$60m
$80m
$100m
$120m
$140m
$160m
Value of
retirement
units built
Retirement
unit pricing
Reversal of
valuers'
stock
discount
assumptions
Movement
in land
bank
Growth rate
assumptions
Discount
rate
assumptions
OtherFair value
movement
1H24

Underlying profit
Financial performance
$89.9m
Underlying profit
3%
Increase on 1H23
32
Half Year Report 2024
•Underlying profit remains an important financial
measure - used to benchmark performance, show
the core drivers of the business and how they grow
over time, with earnings that are easily understood
•Record first half underlying profit of $89.9m, up 3%
from $87.2m in 1H23
•1H24 underlying profit up 9% when normalised
for the sale of three bespoke villas at
Hobsonville in 1H23 - these units had a
combined margin of $4.9m
•This result was underpinned by strong growth in
village EBITDA, up 22% on 1H23 with village
services, deferred management fees and realised
gain on resale up a combined $22.7m
•Care EBITDA of -$1.4m impacted by the opening of
two main buildings at Pāpāmoa Beach and Lower
Hutt and the cost drag associated with this while the
units fill
•Care fees up 22% reflected the sell down of
main buildings opened in prior periods
•Profit after refurbishment costs up $1.4m to $82.9m
in 1H24
Refurbishment costs incorporate expenditure on
units sold under Occupation Right when vacated
(e.g. paint, carpet, kitchen and bathroom
upgrades, external upgrades, etc)
Underlying Profit:
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised components of fair value movement of investment property, impairment
and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a
measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend
payout to shareholders.
NZ$m1H241H23VarianceFY23
Care fees61.6 50.6 22%109.6
Deferred management fees3.0 2.3 35%4.7
Realised gain on resales0.1 0.2 (24%)0.2
Care operating expenses(66.2)(50.8)30%(115.2)
Care EBITDA(1.4)2.3(1.6)(0.6)
Village services29.3 25.1 17%52.8
Deferred management fees54.9 47.6 15%99.8
Realised gain on resales45.6 34.4 33%87.9
Village operating expenses(36.4)(30.8)18%(66.7)
Village EBITDA93.476.222%173.8
Interest and other revenue2.7 2.7 1%5.4
Head office expenditure (post capitalisation)(34.6)(30.1)15%(66.1)
Annuity EBITDA60.151.118%112.5
Realised development margin51.7 56.0 (8%)121.2
Underlying EBITDA111.9107.14%233.7
Depreciation and amortisation(9.2)(7.3)25%(15.8)
Finance costs(12.8)(12.6)1%(27.5)
Underlying profit89.987.23%190.3
Refurbishment costs(7.1)(5.7)25%(11.6)
Profit after refurbishment costs82.981.52%178.8

Segment earnings
Financial performance
$59.5m
Ongoing operations
$30.4m
Construction activity
33
Half Year Report 2024
•Summerset has two core business segments, being
ongoing operations and construction activity
•Ongoing operations incorporates care and village
EBITDA, head office support (e.g. management
time, IT, sales and marketing costs, administration),
other revenue, depreciation and amortisation
•These are the ongoing earnings of the business that
are generated from operating retirement villages and
care centres
•For 1H24, underlying profit from ongoing
operations was $59.5m
•With refurbishment costs included, profit from
ongoing operations was $52.4m in 1H24
•Construction activity incorporates earnings from the
first-time sale of ORA units (realised development
margin), head office expenditure (such as sales and
marketing costs for first time sell down) and
expensed finance costs
•These are earnings for the business that are
generated from building and selling down ORA units
in our retirement villages and care centres
•For 1H24, underlying profit from construction
activity was $30.4m
Underlying Profit:
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist
readers in determining the realised and unrealised components of fair value movement of investment property, impairment
and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a
measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend
payout to shareholders.
NZ$m
Ongoing
operations
Construction
activity
1H24
Care fees61.6 - 61.6
Deferred management fees3.0 -3.0
Realised gain on resales0.1 - 0.1
Care operating expenses(66.2)- (66.2)
Care EBITDA(1.4)-(1.4)
Village services29.3 - 29.3
Deferred management fees54.9 - 54.9
Realised gain on resales45.6 - 45.6
Village operating expenses(36.4)- (36.4)
Village EBITDA93.4-93.4
Interest and other revenue2.7 - 2.7
Head office expenditure (post capitalisation)(26.0)(8.5)(34.6)
Annuity EBITDA68.7(8.5)60.1
Realised development margin- 51.7 51.7
Underlying EBITDA68.743.2111.9
Depreciation and amortisation(9.2)- (9.2)
Finance costs- (12.8)(12.8)
Underlying profit59.530.489.9
Refurbishment costs(7.1)- (7.1)
Profit after refurbishment costs52.430.482.9

NZ$m1H242H23Variance1H23FY23
Employee expenses
109.3 103.1 6%85.2188.3
Building and grounds
19.9 20.0 (1%)17.4 37.4
Sales and marketing
14.0 15.1 (7%)11.9 27.0
Software and technology
4.44.1 7%3.3 7.5
Administration
2.9 5.0 (41%)4.1 9.1
Other operating expenses
16.4 21.3 (23%)15.6 36.9
Gross operating expenses167.1 168.6 (1%)137.6 306.2
Capitalised to projects
(29.9)(32.3)(7%)(25.9)(58.2)
Reported operating expenses137.2 136.3 1%111.7 248.0
Care expenses66.2 64.4 3%50.8 115.2
Village expenses36.435.9 1%
30.8
66.7
Corporate overheads34.6 36.0 (4%)
30.1
66.1
Reported operating expenses137.2136.3 1%111.7 248.0
Operating expenses
Financial performance
34
Half Year Report 2024
•Gross operating expenses of $167.1m, down 1% on
2H23
•Employee expenses of $109.3m, up 6% on 2H23
across care, village and corporate with the key
drivers being:
•Wage increases for existing staff of $0.7m
•New roles of $5.4m in line with portfolio growth
and the opening of new main buildings
•Building and grounds of $19.9m, in line with 2H23
•Sales and marketing costs of $14.0m, down from
$15.1m with the key change being lower settlements
and commissions
•Administration costs of $2.9m, down from $5.0m in
2H23 with lower travel costs and reduced
consultancy spend in the period
•Decrease in other operating expenses to $16.4m,
down $4.9m with the main drivers being lower land
investigation costs and reduced discretionary spend
within corporate overheads
•No village or care expenses are capitalised
1H24 Gross operating expenses
Care
expenses
Village
expenses
Corporate
overheads
Employee expensesBuilding and groundsSales and Marketing
Software and technologyAdministrationOther operating expenses

NZ$m1H241H23VarianceFY23
Receipts from residents:
Care fees and village services89.9 77.8 16%165.3
Net receipts for residents' loans - resales65.7 22.9 187%104.6
Receipts for residents' loans - new sales168.8 158.2 7%362.7
Interest received0.5 0.9 (50%)1.7
Payments to suppliers and employees(133.2)(113.2)18%(236.2)
Operating cash flows191.6146.731%398.2
Sale and (purchase) of land(1.2)(53.8)(98%)(56.5)
Construction of new IP & care facilities(231.0)(240.3)(4%)(523.3)
Refurb of existing IP & care facilities(10.2)(7.7)32%(19.5)
Care centre upgrades(3.2)(0.4)709%(1.7)
Other investing cash flows(11.0)(5.9)86%(14.6)
Capitalised interest paid(37.1)(23.9)55%(52.8)
Investing cash flows(293.8)(332.1)(12%)(668.5)
Net proceeds from borrowings143.1 226.9 (37%)322.9
Net dividends paid(17.4)(17.7)(2%)(34.3)
Other financing cash flows(15.2)(14.2)7%(31.0)
Financing cash flows110.4195.0(43%)257.7
Cash flows
Financial performance
35
$191.6m
Operating cash flowsIncrease on 1H23
Half Year Report 2024
•Operating cash flows of $191.6m, up 31% from
$146.7m in 1H23
•Increase in operating cash flows driven by increases
in care and village services (up 16%) and net
receipts for residents' loans – resales, up $42.8m
•Increase in resales cash flow reflects an increase in
overall resales (up 23% on 1H23) and a reduction in
buybacks of vacant stock in the period (impacted
1H23 by circa $25m)
•Payments to suppliers and employees increased in
line with the opening of two main buildings at Lower
Hutt and Pāpāmoa Beach
•Investing cash outflows of $293.8m in the period,
down 12% on 1H23 and includes the following:
•Apartment and main building spend at St
Johns and Lower Hutt
•Main buildings at Cambridge, Whangarei and
Milldale
•Civils spend at Chirnside Park, Half Moon Bay,
Waikanae, Rangiora and Blenheim
•Villa construction across our New Zealand and
Australian sites
•Construction of new IP & care facilities of $231.0m,
down 4% from 1H23 compared to a 31% increase in
Operating cash flows over the same the period

31%

NZ$m1H241H23VarianceFY23
Investment property6,7945,79517%6,407
Other assets569.2502.813%534.5
Total assets7,3636,29817%6,942
Residents' loans2,6712,28717%2,507
Face value of bank loans & bonds1,5481,30718%1,399
Other liabilities446.4398.112%430.2
Total liabilities4,6663,99117%4,336
Net assets2,6972,30717%2,605
Embedded value1,6431,5228%1,620
NTA (cents per share)1,143987.716%1,110
Retained earnings2,2211,87319%2,150
Total assets
$7.4b
Balance sheet
Retained
earnings
Financial performance
36
▪Total assets of $7.4b, up 17% on 1H23, driven by
portfolio growth and the underlying value in our
existing villages
▪Investment property of $6.8b, up 17% on 1H23
▪Other assets include buildings, primarily care
centres, which are valued annually
▪Continue to grow shareholder value with net tangible
assets per share of $11.43, up 16% on 1H23
19%17%
Half Year Report 2024
Definitions:
Face value of drawn bank debt and retail bonds. Excludes capitalised and amortised
transaction costs for loans and borrowing, and fair value movement on hedged borrowings
Net assets includes share capital, reserves, and retained earnings
Summerset net tangible assets per share
$11.43
-
$2
$4
$6
$8
$10
$12
FY14FY15FY16FY17FY18FY19FY20FY21FY22FY231H24
NTA per share
$2.2b

-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
FY24FY25FY26FY27FY28FY29FY30
Bank facilityNZ bonds
$1.5b
Funding
Retail bonds
Bank facility
Financial performance
▪Bank facility approximately $1.5b, with existing
$575m of retail bonds at 30 June 2024
▪As at 30 June 2024, 52% of total debt was hedged
at fixed interest rates, resulting in a weighted
average interest rate of 5.43% for 1H24
▪Total facility (incl. bonds) has an average tenor of 3.1
years
▪Bank facility has undrawn capacity of $551.3m as at
30 June 2024
▪Retail bond of $125.0m was issued on 8 March 2024
37
Half Year Report 2024
Funding maturity profile
$575m

$603.0m
$552.8m
$644.4m
$765.1m
$402.5m
$457.7m
-
$250m
$500m
$750m
$1,000m
$1,250m
$1,500m
$1,750m
$2,000m
Net debt
FY23
Underlying assets
FY23
Net debt
1H24
Underlying assets
1H24
Net DebtUndeveloped landDevelopment WIPUnsold new stock
$1.8b
Development assets
38.0%
Bank & bond LVR
Underlying development
assets
Definitions:
Net debt is the face value of drawn bank debt and retail bonds less cash and cash equivalents. Excludes capitalised and
amortised transaction costs for loans and borrowing, and fair value movement on hedged borrowings
Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset Group’s bank and bond LVR
covenant (total debt of the Summerset Group / property value of the Summerset Group)
Net debt to underlying assets
Financial performance
38
▪Development assets exceed the value of net debt by
$248.3m, or 16%
▪Development assets comprise:
▪$552.8m relating to undeveloped land, being the
fair value of our Australia and New Zealand land
bank
▪$765.1m for development WIP at cost (villages
under construction), and
▪$457.7m from unsold new sale stock, which is all
delivered new sale stock that is yet to settle
▪$116.7m of delivered stock was contracted
and awaiting settlement at 30 June 2024
▪Net debt of $1,527m at 1H24, up from $1,386m at
FY23
Half Year Report 2024
$264m excess assets
$1,386m
$1,650m
$248m excess assets
$1,527m
$1,776m
NZ$m1H241H23VarianceFY23
Gearing ratio (%)36.2%35.5%2%34.7%
Bank & bond LVR (%)38.0%39.1%(3%)36.4%

210%
201%
197%
203%
-
50%
100%
150%
200%
250%
Q3 2023Q4 2023Q1 2024Q2 2024
36.2%
Debt measures
ICR coverage
Gearing ratio
Financial performance
▪Gross debt of $1.5b, up from $1.3b at 1H23
▪Uplift in gross debt driven by increased construction
activity across our developing villages in the period
▪Gearing ratio of 36.2%, slightly up on 35.5% at 1H23
▪Summerset remains well placed to execute on its
growth ambitions
▪The business holds no core debt
▪New Zealand gearing ratio with Australian growth
related debt excluded is 28.8%
▪Summerset’s ICR coverage is 203%, more than
double the required covenant measure, providing a
high degree of covenant headroom for the business
ICR coverage ratio
Gross borrowings and gearing
39
Half Year Report 2024
ICR
covenant
level
28.5%
27.8%
29.4%
32.4%
35.5%
34.7%
36.2%
26.3%
23.7%
23.8%
26.4%
28.9%
27.7%
28.8%
-
10%
20%
30%
40%
50%
-
$200m
$400m
$600m
$800m
$1,000m
$1,200m
$1,400m
$1,600m
1H212H211H222H221H232H231H24
Face value of bank loans & retail bondsGearing ratio (%)NZ gearing ratio (%)
Definitions:
Face value of drawn bank debt and retail bonds. Excludes capitalised and amortised
transaction costs for loans and borrowing, and fair value movement on hedged borrowings
Gearing ratio calculation (net debt / net debt plus book equity) differs from the Summerset
Group’s bank and bond LVR covenant (total debt of the Summerset Group / property value of
the Summerset Group)
203%

Interim dividend
Financial performance
Dividend per share
Gross dividend payout per year
▪The Board has declared an unimputed interim
dividend of 11.3 cents per share, being 29.6% of
underlying profit
▪This represents a payout for 1H24 of approximately
$26.6m
▪The dividend reinvestment plan (DRP) will apply to
this dividend enabling shareholders to take shares in
lieu of the cash dividend
▪A discount of 2% will be applied when determining
the price per share of shares issued under the DRP
▪The final dividend will be paid on Friday 20
September 2024. The record date for final
determination of entitlements to the updated
dividend is Monday 9 September 2024
Declared 1H24 interim dividend of 11.3 cents per
share
40
Half Year Report 2024
$13.5m
$14.5m
$13.7m
$22.7m
$24.7m
$26.3m
$26.6m
$16.2m
$17.5m
$16.0m
$19.8m
$26.9m
$30.9m
-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
FY18FY19FY20FY21FY22FY231H24
$millions
InterimFinal
6.0
6.4
6.0
9.9
10.7
11.311.3
7.2
7.7
7.0
8.6
11.6
13.2
-
5
10
15
20
25
30
FY18FY19FY20FY21FY22FY231H24
Cents per share
InterimFinal

41
07
Business performance
Half Year Report 2024

Retirement unit delivery
352 total units delivered with 332 in
New Zealand, and 20 villas in Australia
Business performance
42
Half Year Report 2024
▪352 total units delivered in the period across 12
villages, including 277 retirement units and 75 care
units
▪Of these, 331 will be sold under Occupation Right
Agreement, the remaining 21 being care beds
▪Main buildings delivered at Pāpāmoa Beach
(February) and Lower Hutt (late May)
▪20 retirement units delivered at Cranbourne North,
bringing total Australian portfolio to 30 villas
▪St Johns remains on track to deliver first units in
2H24
▪FY24 deliveries being actively managed to market
conditions – expect to deliver at the lower end of the
675 to 725 guidance range for units to be sold under
Occupation Right Agreement
1H24 unit
delivery
Retirement unitsCare units
Total
units
VillasApartments
Serviced
apartments
Memory care
apartments
Care
suites
Care
beds
Bell Block
18 -----
18
Blenheim
21 -----
21
Cambridge
20 -----
20
Casebrook
6 -----
6
Lower Hutt
4 -35 15 --
54
Milldale
13 -----
13
Pāpāmoa Beach
20 -56 20 19 21
136
Prebbleton
20 -----
20
Richmond
9 -----
9
Te Awa
18 -----
18
Whangārei
17 -----
17
Total NZ166 -91 35 19 21 332
Cranbourne North
20 -----
20
Total Australia20 -----20
Total Group186 -91 35 19 21 352