Ryman Healthcare 1H25 half year report

Half Year Results13 December 2024RYMHealthcare

RYMAN HEALTHCARE SEPTEMBER 2024
Half Year Report

Pictured on the front cover Resident Ivon and Ryman team member
Natasha at our Bert Sutcliffe Village.
This image Keith Park Village, 9 September 2024.
2
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Contents
06 Message from the Board Chair
10 Interim financial statements
44 Our villages and directory
04 At a glance
3

At a glance
Ryman,
a trusted brand
10
greenfield sites
(excluding 2 sites held for sale)
4,619
aged care beds
9
sites under construction
(all open and under construction)
Canstar Blue
2024 Most Satisfied
Customers Award
15,085
residents
Aged Advisor
2024 Nationwide Group Winner
9,575
retirement village units
Reader’s Digest
2024 Most Trusted Brand
7,7 27
team members
49
Villages open
(includes 9 villages under construction)
NZ: 40 | AU: 9
4
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

First half performance metrics
827
Total sales of retirement
village unit ORAs
(occupation basis)
($7.8m)
Cash flow from
existing operations
1
$2.56b
Net interest-bearing debt
1

(Gearing
1
: 37.3%)
($14.3m)
Total one-off costs
1
($44.7m)
Cash flow from
development activity
1
($79.8m)
IFRS profit (loss) before
tax and fair value
movements (PBTF)
1
-$24.8m
$0.05b
$132.6m
-$62.0m
$94.4m
Net profit after tax (NPAT)
50%
87. 9 %
Retirement village
unit occupancy
91.7%
Aged care occupancy
(96.4% in mature
care centres)
5%
-1.4pp
-1.5pp
1
This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting
Practice). This non-GAAP measure has been presented to assist investors in understanding Ryman’s performance. It may not be
comparable to similar financial information presented by other entities. Further details on non-GAAP metrics can be found in
our 1H25 results presentation, available on our website.
5

Message from the Board Chair
Sales and stock of occupation rights
Sales of ORAs were up 5% to 827 in 1H25, the strongest
six-month period in the last three financial years,
demonstrating that demand for our offering remains
high. Growth was driven by resales, which were up 9%
on the back of strong move-ins for serviced apartments
and a steady period for independent units.
1H25 ORAs generated gross proceeds of $651.4 million,
also up 5% on 1H24, with ORA pricing similar year on
year at a portfolio level. While maintaining pricing in a
challenging residential property market is considered a
positive outcome, this has translated to a compression
in resale margins per unit year on year, which are
dependent on unit price inflation.
We delivered 387 new retirement units in the period, the
majority of which were in the three new main buildings
we opened in the period.
Unoccupied retirement unit stock is up 182 units from
974 at March 2024 (10.6% of total stock) to 1,156 at
September 2024 (12.1%), predominantly reflecting
serviced apartments delivered in the aforementioned
three main buildings which opened during the period.
Stock at September 2024 includes 522 units
under contract.
As part of our broader focus on improving transparency
and comparability in our financial reporting, we now
recognise ORA sales at the time of occupation in
alignment with reporting in the wider sector and our
cash flow metrics, as most sales are settled when a
resident moves in.
Occupancy remains high at our mature villages, and our
resident sentiment remains positive as demonstrated
by our stable Net Promoter Score (NPS) across care
and independent residents, and continued recognition
through external awards which you can read more about
in the consumer and resident reputation section on
page 8.
Financial performance
Welcome to our Half Year Report covering the six-month
period ended 30 September 2024.
Our performance over this period has been achieved
in a challenging environment in both New Zealand
and Victoria, where residential housing volumes and
pricing continue to be subdued, impacting the ability of
prospective residents to settle on occupational rights
agreements (ORAs).
We are pleased with the operating performance of
our villages in the first half relative to the prior year as
we remain firmly focused on providing great care and
experience for our residents.
We reported a 10% increase in revenue to $366.3 million
for the six months ended 30 September 2024, driven
by increases in care and village revenue following the
opening of one village and three main buildings, and
through growth across our existing portfolio.
Excluding one-offs, our non-village operating costs
were relatively static year-on-year. However, with lower
development activity, we are capitalising less of these
costs, which has impacted reported earnings.
Net profit before tax and fair-value movement was
-$79.8 million in 1H25 down from -$17.8 million in
1H24, reflecting higher growth in reported operating
expenses and finance costs – both largely due to lower
cost capitalisation.
Cash flow from existing operations declined from
$17.1 million in 1H24 to -$7.8 million in 1H25, with
solid growth in village cash flows offset by higher
non-village and interest costs – both also due to
lower cost capitalisation.
Cash flow from development activity has seen a
material improvement from -$177.3 million in 1H24 to
-$44.7 million in 1H25, driven by steady cash inflows
from resident funding and reductions in capital
expenditure on construction as we worked through
our 10 inflight villages and reduced investment in new
land. We provide more detail on our progress in the
development update section on page 8.
6
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Governance and leadership changes
Newly-appointed CEO Naomi James joined on
4 November and I stepped down as Executive Chair,
returning to the role of Board Chair on 29 November,
following a period of handover.
The Board believes that Naomi’s experience leading
people through transformation within capital intensive,
regulated industries in New Zealand and Australia will
make a significant contribution to Ryman.
Scott Pritchard was appointed as an independent
director from 1 November 2024, completing the Board
renewal process with five directors joining the Board
since June 2023. Scott brings significant property
development and company leadership experience
through his current role as CEO of Precinct Properties.
Claire Higgins will step down on 31 December 2024.
The Board thanks Claire for her 10 years’ contribution
to Ryman and in particular stepping into the role of
Interim Chair ahead of the capital raise and Board
renewal process.
The Board is confident that with Naomi’s leadership,
and the other Board and executive changes, Ryman
will deliver more sustainable value for our residents,
team members and shareholders, and will rebuild
trust in our governance and executive teams.
“The Board is confident that with Naomi’s leadership,
and the other Board and executive changes, Ryman will
deliver more sustainable value for our residents, team
members and shareholders, and will rebuild trust in our
governance and executive teams.”
Business improvement programme
We have continued to make progress on our
business improvement programme through
implementing changes including a new pricing model
and driving greater efficiencies in our services and
support structure.
Our new pricing model recognises that our residents
are staying longer and our need to cover rising village
operating costs, particularly rates, insurance and
electricity, which have increased significantly in recent
years. As these changes only apply to new ORA
contracts, the financial benefit of these changes will
take time to be recognised.
The implementation of Ryman’s new services and
support structure has progressed, with several
changes confirmed following a period of consultation.
Our leaner structure has seen the removal of
duplicated functions across New Zealand and
Australia, the flattening of reporting lines, and a
reduction in our inhouse development function as
existing projects complete and we move towards
outsourcing of our design and construction.
We have achieved $18 million of annualised savings
to date in gross non-village operating expenses
and are targeting a similar level of savings across a
broad range of Group expenses by the end of FY26.
To date, one-off costs associated with the business
improvement programme are approximately
$10 million, with $6.5 million recognised in 1H25.
7

Development update
During this period we have achieved several
development milestones:
• Three main buildings were completed, and the first
care residents were welcomed at Miriam Corban,
Keith Park and James Wattie
• Hubert Opperman (Mulgrave) was opened in
August; and
• Miriam Corban was completed.
Following the opening of Hubert Opperman, the total
number of operational villages in our portfolio is
now 49, with nine in Victoria and 40 in New Zealand.
We have nine sites under active construction (all
of which are open). Before financial year-end, it is
anticipated that both Bert Newton and James Wattie
will be completed, which will reduce sites under active
construction to seven.
These new main buildings are a fabulous addition for
our residents who can now enjoy all of the amenities
and experience of living in a Ryman village.
The 1H25 build rate totalled 667 units and beds,
including 142 independent units, 245 serviced
apartments and 280 aged care beds (all on a
completed basis). We expect to deliver at the top
end of our 850-950 build target for FY25.
We do not intend to commence construction on a
new development outside of the nine in-flight before
March 2026. This allows us time to make further
progress on completing these priority villages, to
thoroughly prioritise our current land bank of 10
sites, to build the internal capability and external
relationships to successfully transition to a developer
rather than constructor model as well as time to
sell-down our current levels of available units and beds.
Continued commitment to sustainability
We remain committed to delivering our
sustainability strategy and are on track to achieve
our science-based target initiative (SBTi) aligned
emissions reduction target of 42% for scopes 1 and 2,
to be achieved by 2030 relative to a base year of 2021.
We took a step closer to achieving our ambition to
build climate-resilient villages and to achieve 100%
electricity from renewable sources in New Zealand
through construction starting on Papareireiā Solar
Farm in Northland in August. The Solar Farm is a joint
venture between Tupu Tonu (the Ngāpuhi Investment
Fund Ltd), Purpose Capital and Harbour Infrastructure,
and Ryman will be the sole recipient of energy when it
is completed mid-2025.
Consumer and resident reputation
We are proud to be recognised by our residents and
the industry through achieving the following awards
in 2024 and for the first time, holding all three:
• 2024 Canstar Blue Most Satisfied
Customers Award
• 2024 Reader’s Digest Most Trusted Brand; and
• 2024 Aged Advisor Nationwide Group Winner.
Our residents are at the heart of everything that we
do, and these awards recognise the care, passion
and hard work of our dedicated team members.
Capital management
The financial focus of the Board remains on
strengthening cash flow outcomes and reducing
our debt position over time.
At September 2024, net interest-bearing debt was
$2.56 billion, up $0.05 billion from March 2024.
Total funding headroom at September 2024 was
$455 million (undrawn facilities and cash).
Dividends remain suspended and we intend to
undertake a further review of the dividend policy
at FY26, noting that any future dividend policy is
expected to be based on cash flow performance.
8
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Financial reporting progress
We continue to undertake an extensive review of
our financial reporting with the goal of enhancing the
transparency of our financial results and ensuring
greater comparability with others in the sector.
Several changes have been implemented in the period.
These changes have impacted 1H25 accounts and
resulted in restatements of prior period financials.
Key accounting changes include:
• Changing the recognition point for occupancy
advances to when a resident takes possession of
a unit (previously on signing an application form)
• Increasing the expected periods of tenure used
to recognise DMF revenue to nine years for
independent units and four and a half years for
serviced apartments (previously seven years and
three years respectively)
• Reclassifying development land as investment
property which is held at fair value (previously
classified as property, plant and equipment held
at cost)
• Adjusting the treatment of occupation advances
within the investment property valuation (which
previously included a discount to the DMF
component).
We believe we are nearer the end of what has been a
period of significant change to our financial reporting
over the last two reporting periods.
FY25 guidance
• Cash flow: We expect to have negative free cash
flow between $50–100 million as settlements are
deferred into FY26 (previous guidance: targeting
positive free cash flow)
• Capex: We expect to spend $625–675 million
on total capex, as a result of the slow-down of
some inflight projects, and lower investment in
land bank sites. This includes $540–580 million
on development activity and $85–95 million
on existing operations (previous guidance:
$700–820 million total, $600–700 million on
development activity, and $100–120 million on
existing operations)
• Build rate: We expect to deliver at the top end
of the previously indicated 850–950 retirement
village units and aged care beds.
Ryman’s outlook for FY25 is based on current market
conditions and its assessment of the future.
Outlook
We unfortunately expect the challenging economic
conditions in New Zealand and Victoria to continue
through to the end of FY25.
Previous cash flow guidance assumed higher 2H25
settlements of new ORAs, which are now expected
to be deferred to FY26.
We are delivering our programme of main buildings
– acknowledging that the capital release from
these takes time. We have moderated the pace of
development at some of our existing inflight projects,
reflecting current stock levels and market conditions.
Recent interest rate reductions in New Zealand,
and projections of further to come whilst welcomed,
will very likely take time to rebuild liquidity and
momentum in the New Zealand residential property
market – a key bellwether of retirement village
settlements and pricing.
Thank you
We wish to thank our team members for their
dedication to providing high-quality care and
exceptional experiences for our residents every day.
This has been a challenging period, and we thank
them for their continued dedication to their roles and
delivering our purpose of providing freedom, connection
and wellbeing for people as they grow older, during a
time of change.
We also acknowledge the patience and support of
our shareholders as we progress towards delivering
better financial returns. We are confident that Ryman’s
history of industry-leading innovation and clear focus
on what is good enough for mum and dad provides us
with the foundation to deliver a stronger future, and
one that once again balances great care with great
financial performance.
And finally, thank you to our residents. It has been
wonderful getting around the villages and seeing the
strong connections and sense of community that our
residents build at Ryman.
Dean Hamilton
Chair
Ryman Healthcare

9

Consolidated income statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Note
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Care and village fees277,016249,014510,380
Deferred management fees (DMF)65,79867,6 57140,154
Interest received1,1121 , 2 742,326
Imputed income on refundable
accommodation deposits15,71510,67124,455
Other income6,6225,01712,571
Total revenue366,263333,633689,886
Operating expenses2(351,706)(297,332)(651,883)
Depreciation and amortisation expenses(25,403)(21,710)(43,803)
Finance costs(53,204)(2 1,702)(50,642)
Imputed interest charge on refundable
accommodation deposits(15,715)(10,671)(24,455)
Impairment loss--(32 ,7 71)
Total expenses(4 46,028)(351,415)(803,554)
Loss before income tax and
fair-value movements (PBTF)(79,765)(1 7,7 8 2 )(113,668)
Fair-value movement of investment properties 4,5254,570141,411(71,907)
Profit/(loss) before income tax174,805123,629(185,575)
Income tax (expense)/credit3(80,440)63,450107,165
Net profit/(loss) after tax (NPAT)94,3651 8 7,0 7 9(78,410)
Earnings per share (cents per share)
Basic 613.727. 2(11.4)
Diluted 613.627. 2(11.4)
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
Loss before income tax and fair-value movements (PBTF) is a non-GAAP measure which does not have a
standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure
has been presented to assist investors in understanding Ryman’s performance. It may not be comparable to
similar financial information presented by other entities.
The accompanying notes form part of these consolidated interim financial statements.
10
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Consolidated statement of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Net profit/(loss) after tax94,3651 8 7,0 7 9(78,410)
Items that will not be later reclassified to profit or loss
Revaluation of property, plant and equipment--(251,774)
--(251,774)
Items that may be later reclassified to profit or loss
Fair-value movement and reclassification of cash flow
hedge reserve(31,433)17,015(15,977)
Deferred tax movement recognised in cash flow hedge reserve8,687(4,859)5,796
Gain/(loss) on hedge of foreign-owned subsidiary net assets175(257)(1,552)
(Loss)/gain on translation of foreign operations(1,402)1,83912,795
(23,973)13,7381,062
Other comprehensive income/(loss)(23,973)13 ,7 3 8(250,712)
Total comprehensive income/(loss)70,392200,817(329,122)
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
The accompanying notes form part of these consolidated interim financial statements.
11

The accompanying notes form part of these consolidated interim financial statements.
Consolidated statement of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Issued
capital
Asset
revaluation
reserve
Cash flow
hedge
reserve
Foreign
translation
reserve
Treasury
stock
Share based
payments
reserve
Retained
earnings
Total
equity
$000$000$000$000$000$000$000$000
As at 1 April 2023
– reported
953,239610,34130,955(7,136)(34,729)-3,111,2274,663,897
Adjustment for
prior period
------(108,317)(108,317)
As at 1 April 2023
– restated
953,239610,34130,955(7,136)(34,729)-3,002,9104,555,580
Net profit after tax
------1 87,07 91 87,07 9
Other comprehensive
income
--12,1561,582---13,738
Total comprehensive
income
--12,1561,582--1 87,07 9200,817
Share issue –
subsequent costs
(352)------(352)
Treasury stock
movement
----(1)--(1)
As at 30 September
2023 – restated952,887610,34143,111(5,554)(34,730)-3,189,9894,756,044
As at 1 April 2023
– reported953,239610,34130,955(7,136)(34,729)-3,111,2274,663,897
Adjustment for
prior period------(108,317)(108,317)
As at 1 April 2023
– restated 953,239610,34130,955(7,136)(34,729)-3,002,9104,555,580
Net loss after tax - - - - - -(78,410) (78,410)
Other comprehensive
income/(loss) - (251,774) (10,181) 11,243 - - - (250,712)
Total comprehensive
income/(loss) - (251,774) (10,181) 11,243 - -(78,410)(329,122)
Share issue –
subsequent costs(352)------(352)
Treasury stock
movement----(1)--(1)
As at 31 March 2024
– restated 952,887 358,567 20,774 4,107 (34,730) -2,924,500 4,226,105
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
12
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

The accompanying notes form part of these consolidated interim financial statements.
Note
Sep 2024Sep 2023
(restated)
Mar 2024
(restated)
Mar 2023
(restated)
$000$000$000$000
Assets
Cash and cash equivalents22,57333,29541,80927, 87 9
Trade and other receivables7174,539172,955172,583140,243
Inventory1,8758,3502,38614,618
Advances to employees4,64912,9486,16914,217
Derivative financial instruments10-48,15610,3313 6 ,474
Assets held for sale453,46070,71986,42431,379
Property, plant and equipment1,515,1881,724,8781,470,5961,681,565
Investment properties510,797,71210,131,71110,261,8099,652,392
Intangible assets77,50085,71085,06584,832
Deferred tax asset 3167,382183,784239,593125,152
Total assets12,814,87812,472,50612,376,76511,808,751
Equity
Issued capital6952,887952,887952,887953,239
Reserves336,607613,168348,718599,431
Retained earnings3,010,4763,189,9892,924,5003,002,910
Total equity4,299,9704,756,0444,226,1054,555,580
Liabilities
Trade and other payables8148,289146,054150,620205,784
Employee entitlements80,47755,21476,28949,7 73
Revenue in advance160,841118,657140,85799,271
Refundable accommodation deposits469,124364,183423,163300,314
Derivative financial instruments1029,9517,1505,6885,988
Interest-bearing loans and borrowings92 ,579,6472,496,7102,546,9472,330,950
Occupancy advances (non-interest
bearing)115,023,2004,514,1244,784,9794,247,304
Lease liabilities23,37914,37022 ,11713,787
Total liabilities8,514,9087,716,4628,150,6607,253,171
Total equity and liabilities12,814,87812,472,50612,376,76511,808,751
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
Consolidated statement of financial position
AS AT 30 SEPTEMBER 2024
14
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

The accompanying notes form part of these consolidated interim financial statements.
Consolidated statement of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Operating activities
Receipts from residents
• Care and village fees284,131251,641518,781
• Net refundable accommodation deposits51,44554,495108,651
• New sale and resales of occupation rights611,686562,7961,145,967
Interest received1,1631,3022,394
Payments to suppliers and employees(343,892)(294,262)(624,518)
Repayment of occupational rights(272,834)(220,970)(459,194)
Interest paid(48,908)(21,564)(33,599)
Net operating cash flows 282,791333,438658,482
Investing activities
Purchase of property, plant and equipment(72,481)(53,654)(95,653)
Purchase of land(18,304)(55,394)(56,998)
Proceeds from land sales7,1 2 8-15,284
Purchase of intangible assets(2,510)(8,479)(15,482)
Purchase of investment properties(220,002)(320,828)(586,617)
Capitalised interest paid(31,598)(53,518)(107,703)
Repayments from employees828695,116
Net investing cash flows(336,939)(491,804)(842,053)
Financing activities
Subsequent costs from equity raise -(352)(352)
Drawdown of bank loans (net)33,246166,000201,218
Sale of treasury stock (net)3,763--
Repayment of lease liabilities(2,097)(1,866)(3,365)
Net financing cash flows34,912163,782197,501
Net (decrease)/increase in cash and cash equivalents(19,236)5,41613,930
Cash and cash equivalents at the beginning of the period41,80927, 87 927, 87 9
Cash and cash equivalents at the end of the period 22,57333,29541,809
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
15

The accompanying notes form part of these consolidated interim financial statements.
Reconciliation of net profit/(loss) after tax with net cash flow from operating activities
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Net profit/(loss) after tax94,3651 8 7,0 7 9(78,410)
Adjusted for:
Movements in statement of financial position items
Occupancy advances305,435335,138678,119
Deferred management fees(56,7 72)(66,681)(136,677)
Refundable accommodation deposits51,44554,495108,651
Revenue in advance19,98419,38741,586
Trade and other payables13,9843,549(2,025)
Trade and other receivables(6,801)(26,934)(21,976)
Inventory5116,26712,232
Employee entitlements4,1885,44126,516
Non-cash or non-operating items
Depreciation and amortisation24,22120,79441,946
Depreciation of right-of-use assets1,1829161,857
Close out of employee share scheme1,0781,2002,931
Share based payment reserve127--
Impairment--32 ,7 71
Inventory write off1,878--
Deferred tax80,440(63,450)(107,165)
Unrealised foreign exchange loss/(gain)2,096(2,352)(13,781)
Fair-value movement of investment properties(254,570)(141,411)71,907
Net operating cash flows282,791333,438658,482
Net operating cash flows includes the following:
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000$000
Deferred management fees collected41,43433,03366,530
The financial statements for the period ended 31 March 2024 were audited by Deloitte Limited, and certain
balances have been restated. The effects of these restatements for all periods are outlined in note 1.
Consolidated statement of cash flows (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
16
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
1. GENERAL INFORMATION
The consolidated interim financial statements presented are those of Ryman Healthcare Limited (the Company)
and its subsidiaries (the Group). These consolidated interim financial statements were approved by the Board of
Directors on 27 November 2024.
The Company is a profit-oriented entity incorporated and registered in New Zealand under the Companies
Act 1993. The Company’s registered office is at 92d Russley Road, Christchurch. The Company is listed on the
New Zealand Stock Exchange (NZX). The Group develops, owns and operates integrated retirement villages,
rest homes and hospitals for older people within New Zealand and Australia.
Statement of compliance
The Company is a Financial Markets Conduct reporting entity under the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. Its consolidated interim financial statements comply with these Acts.
The consolidated interim financial statements have been prepared in accordance with Generally Accepted
Accounting Principles in New Zealand (NZ GAAP). The statements comply with New Zealand equivalents to
International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting
Standard 34 (IAS 34) Interim Financial Reporting.
Basis of preparation
These consolidated interim financial statements have been prepared on a going concern basis, which requires
the Board to have reasonable grounds to believe that the Group will be able to pay their debts as and when they
become due.
The information is presented in thousands of New Zealand dollars (NZ$), except when otherwise indicated. The
functional currency of the Company and its New Zealand subsidiaries is New Zealand dollars. The functional
currency for its Australian subsidiaries is Australian dollars (A$).
The consolidated interim financial statements for the six months ended 30 September 2024 and the comparative
six months ended 30 September 2023 are unaudited. The periods ended 31 March 2024 and 31 March 2023 were
subject to external audit by Deloitte Limited; however, balances have been restated. NZ IAS 34 – Interim Financial
Reporting does not require the presentation of the opening balance sheet position, however this has been
included as additional information to assist the reader of the consolidated interim financial statements.
These consolidated interim financial statements do not include all the notes included in the Group’s financial
statements. Accordingly, these consolidated interim financial statements should be read in conjunction with the
financial statements and related notes included in the Group’s Annual Report for the year ended 31 March 2024.
In applying the Group’s accounting policies, the Board makes judgements, estimates and assumptions that may
have an impact on the Group. The significant judgements, estimates and assumptions made in the preparation
of these consolidated interim financial statements were the same as those applied to the consolidated financial
statements as at and for the year ended 31 March 2024, except as otherwise stated.
17

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Changes in financial reporting
The Group is continuing an extensive review of its financial reporting with the goal of enhancing the transparency
of its results and ensuring greater comparability with others in the sector.
Changes at 31 March 2024 related to investment property and property, plant and equipment, including the
removal of the directors’ range assumption (market participant assumption), no longer including an allowance
for value provided by the care facility to independent residents and inclusion of completed unsold investment
property in the valuation.
Further changes have been implemented in the current period. These have been summarised below, with the
impact of these on the comparative periods reported in the table following.
(a) Investment properties
The carrying value of completed investment property and investment property under development, where fair
value is able to be reliably measured, is based on the independent valuers’ reports and also includes occupancy
advances liability, adjusted for accrued deferred management fees and revenue in advance. As required by
NZ IAS 40 – Investment Property, the fair value was adjusted for assets and liabilities already recognised on
the balance sheet which are also reflected in the cash flow analysis. This included the impact of discounting the
accrued deferred management fees within the valuation.
The Group has reviewed this treatment and has determined that it would be more appropriate to remove the
adjustment to discount the accrued deferred management fees. The occupancy advance is not discounted in
the same way, and this creates a divergence in assumptions. Both the occupancy advance and accrued deferred
management fees are recorded at face value on the balance sheet, as they are technically repayable when due,
despite their expected long-term nature. The removal of the discounting of accrued deferred management fees
results in a reduction in the fair value of investment property and has flow on impacts to the deferred tax expense
and asset. This change allows for enhanced comparability of the Group’s financial statements. This change has
been retrospectively applied and the comparatives have been restated.
(b) Recognition of occupancy advance receivable and liability
The Group previously recognised a receivable for an occupancy advance when a legally binding contract with a
resident was in place, and the retirement-village unit was either complete or considered to have met the threshold
for inclusion in the investment property valuation. At the same time, the corresponding occupancy advance
liability was recognised. Occupancy advance receivables were typically cash-settled by residents on occupation
of a retirement-village unit.
Following a review of this treatment, the Group has determined that recognising the occupancy advance
receivable and liability at the point when the resident takes possession of the unit provides more reliable and
relevant information to the users of the financial statements. Possession marks the point at which the resident
will typically have fully paid the occupancy advance and begun occupying the unit, as well as the point at which
deferred management fees begin to accrue and weekly fees become payable. This change allows for enhanced
comparability of the Group’s financial statements. This change has been retrospectively applied and has resulted
in a restatement of occupancy advance receivables and liabilities.
The remaining occupancy advance receivable relates to residents who have transferred within the village and
whose units have not been cash-settled, as their equity is retained in their previous unit, or to residents who have
been granted possession of a unit prior to cash receipt, primarily for health-related reasons.
The Group has assessed the impact of this change on the fair value of its investment property and determined it
is immaterial. This assessment is supported by external valuers’ views and sample testing of the valuations as at
31 March 2024, using the revised population of unit contracts. The effect of the change is limited to adjustments
within the investment property reconciliation, as shown in note 5.
18
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
The previous practice of earlier recognition of the occupancy advance receivable and liability led to a population
of units under development being included in the valuation, where it was determined that the fair value could be
reliably measured. Following this change, the Group now only includes units in the investment property valuation
which are complete. The population of units included in the valuation will be adjusted on a go-forward basis.
(c) Development land classification and measurement
Development land, including land held for the future development of care centres and retirement villages, was
previously classified as property, plant, and equipment and measured at cost. On acquisition of a site, the split
between investment property and property, plant, and equipment is uncertain. Land is allocated upon the
commencement of construction when the site’s overall design is known and there is a reduced likelihood of changes.
The Group has reviewed this treatment and determined that it would be more appropriate to classify this land as
investment property in accordance with NZ IAS 40 – Investment Property where this land has an undetermined
future use. The Group’s accounting policy for investment property is to measure it at fair value. This change allows
for enhanced comparability of the Group’s financial statements.
There may be two components to development land: the land itself and capitalised work in progress (WIP).
Land will be valued by external valuers in line with the investment property valuation cycle. Capitalised WIP for
investment property under development is carried at cost until its fair value becomes reliably measurable or when
the development is completed, whichever is earlier. It is subject to impairment testing and will be monitored for any
indicators of impairment, such as if the development is no longer feasible.
This change requires retrospective application, but the Group has found it impractical to restate comparative
amounts to fair value. This is due to the external valuer’s inability to conduct visual inspections for prior periods,
changes in site conditions under development, and fluctuating market conditions. Management’s assessment of
a sample of valuations and market appraisals shows no significant difference between the historical cost of the
land and its fair value. Therefore, the Group believes the impact on the comparative periods is immaterial and the
comparatives have not been restated.
(d) Assets held for sale measurement
Investment property within assets held for sale were previously measured at the lower of carrying value or fair
value less costs to sell. Due to the reclassification of development land as investment property, the measurement
criteria previously applied under NZ IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations no
longer applies to this class of asset. NZ IFRS 5 states that the measurement provisions of the standard do not
apply to investment property, which are covered by NZ IAS 40 – Investment Property instead. Consequently,
assets held for sale are now recorded at fair value.
As the assets were previously measured at fair value less costs to sell, the Group has determined that the
difference is immaterial in the comparative periods, and therefore, has not restated these balances. Any
previously recorded impairments across the comparative periods have been reclassified from impairments
to fair value movements.
As part of this change process, it was identified that Nellie Melba land which has been held for sale since
March 2024 was previously incorrectly included in investment property and omitted from assets held for sale.
The March 2024 assets held for sale balance has been restated to correctly reflect this.
19

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
(e) Revenue recognition of deferred management fees
Deferred management fees are recognised on a straight-line basis over the periods of service. The period of
service is determined as being the greater of the expected period of tenure and the contractual right to deferred
management fees. Previously the expected periods of tenure, based on historical experience across our villages,
was estimated to be 7 years for independent units and 3 years for serviced units.
Following a review of the existing modelling methodology, the Group applied alternative techniques, including
the use of actuarial tables and analysis of customer mix trends. This resulted in a revised estimate of 9 years for
independent units and 4.5 years for serviced units. The internal modelling underwent an independent external
review to ensure it was fit for purpose.
The timing of deferred management fee recognition is an accounting estimate, and as such, adjustments
must be made prospectively. Accounting standards require that all existing contracts with remaining deferred
management fee income have the income spread over the revised tenure periods. This adjustment would result
in a lower deferred management fee in the current and future periods for those contracts.
However, after consultation with the Group’s data specialists and the external software provider, it was determined
that it is impracticable to apply the change as required by accounting standards due to system limitations and
data integrity risk. Instead, the change has been applied only to contracts where residents have occupied the
unit since 1 April 2024. The financial impact of this change was a $1.8 million reduction in deferred management
fee revenue for the six months ended 30 September 2024. The $1.8 million reduction is not material to the Group
financial statements.
The expected periods of tenure will be reviewed annually and adjusted as necessary in the event of a
material change.
In addition to the above, a historical cumulative $8.3 million overstatement of deferred management fee revenue
due to the incorrect inclusion of GST has been identified and corrected in the current period. This created a
timing difference in the financial statements, although tax obligations were correctly reported. The adjustment
is not material to the Group financial statements and has not been retrospectively restated.
(f ) Reclassifications
Certain comparative balances have been reclassified to ensure consistency with the classification in the
31 March 2024 financial statements which disclosed these changes.
1. In accordance with NZ IFRS 16 – Leases, the fair value of non-cash consideration, in the form of an
interest-free loan received from a resident who has elected to pay a refundable accommodation deposit,
must be recognised as income. A corresponding interest expense is also recognised, resulting in no net
impact on the income statement. This was first disclosed by the Group at 31 March 2024. Imputed interest
income and expense on refundable accommodation deposits has been reclassified for 30 September 2023
totalling $10.7 million.
2. Prior period capitalised depreciation has been reclassified from operating expenses to depreciation for prior
interim periods, ensuring a more accurate reflection of net depreciation expense. This reclassification was
adjusted and disclosed in the 31 March 2024 financial statements. The adjustment to 30 September 2023
totalled $4.5 million.
3. Additional breakdown within the statement of cash flows to align with the enhanced categorisation disclosed
in the 31 March 2024 financial statements.
4. The Group reclassified issue costs for bank loans from trade and other receivables to interest-bearing loans
and borrowings in the 31 March 2024 financial statements. Issue costs for bank loans have been reclassified
for 30 September 2023 totalling $3.0 million.
20
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Comparative period impact – consolidated statement of financial position
NoteSep 2023Mar 2024Mar 2023
$000$000$000
Assets
Trade and other receivables – reported67 7,6 9 8688,398719,121
Adjustment – occupancy advance recognition1b(501,782)(515,815)(578,878)
Reclassification – bank issue costs 1f.4(2,961)--
Trade and other receivables – restated172,955172,583140,243
Held for sale – reported 70,71975,51431,379
Adjustment – Nellie Melba land1d-10,910-
Held for sale – restated70,71986,42431,379
Property, plant and equipment – reported 2,237,7231,936,9692,205,428
Adjustment – development land1c(512,845)(466,373)(523,863)
Property, plant and equipment – restated1,724,8781,470,5961,681,565
Investment properties – reported 9,833,04510,041,3699,322,902
Adjustment – discount of accrued DMF1a(214,179)(235,023)(194,373)
Adjustment – development land1c512,845466,373523,863
Adjustment – Nellie Melba land1d-(10,910)-
Investment properties – restated 10,131,71110,261,8099,652,392
Deferred tax asset – reported
7 7,5 2 8196,0725 3 ,7 74
Adjustment – discount of accrued DMF1a106,25643,52171,378
Deferred tax asset – restated 183,784239,593125,152
Liabilities
Net occupancy advances – reported 5,015,9065,300,7944,826,182
Adjustment – occupancy advance recognition1b(501,782)(515,815)(578,878)
Net occupancy advances – restated 4,514,1244,784,9794,247,304
Deferred tax liability – reported --14,678
Adjustment – discount of accrued DMF1a--(14,678)
Deferred tax liability – restated ---
Interest-bearing loans and
borrowings – reported2,499,6712,546,9472,330,950
Reclassification – bank issue costs1f.4(2,961)--
Interest-bearing loans and
borrowings – restated2,496,7102,546,9472,330,950
21

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
NoteSep 2023Mar 2024Mar 2023
$000$000$000
Retained earnings
Retained earnings – reported 3,297,9123,116,0023,111,227
Adjustment (107,923)(191,502)(108,317)
Retained earnings – restated 3,189,9892,924,5003,002,910
Comparative period impact – consolidated income statement
Note
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000
Expenses
Operating expenses – reported (292,853)(651,883)
Reclassification – capitalised depreciation1f.2(4,479)-
Operating expenses – restated(297,332)(651,883)
Depreciation and amortisation expenses – reported (26,189)(43,803)
Reclassification – capitalised depreciation1f.24,479-
Depreciation and amortisation expenses – restated(21,710)(43,803)
Impairment loss – reported (15,824)(243,573)
Adjustment – write down of development WIP1c-147,472
Adjustment – write down on held for sale land1d15,82463,330
Impairment loss – restated-(32 ,7 71)
Fair value movement
Fair-value movement of investment properties – reported 1 7 7,0 4 1179,545
Adjustment – discount of accrued DMF 1a(19,806)(40,650)
Adjustment – development land WIP1c-(147,472)
Adjustment – write down on held for sale land1d(15,824)(63,330)
Fair-value movement of investment properties – restated 141,411(71,907)
Income tax
Income tax credit – reported43,250149,700
Adjustment – discount of accrued DMF1a20,200(42,535)
Income tax credit – restated63,450107,165
22
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Comparative period impact – consolidated statement of cash flows
Note
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000
Operating activities
Payments to suppliers and employees – reported (289,783)(624,518)
Reclassification – capitalised depreciation1f.2(4,479)-
Payments to suppliers and employees – restated(294,262)(624,518)
Investing activities
Purchase of property, plant and equipment – reported (131,178)(99,719)
Reclassification – capitalised depreciation1f.2-(8,477)
Reclassification – purchase of land1f.355,394-
Adjustment – development land 1c22 ,13012,543
Purchase of property, plant and equipment – restated (53,654)(95,653)
Purchase of land – reported-(56,998)
Reclassification – purchase of land1f.3(55,394)-
Purchase of land – restated(55,394)(56,998)
Purchase of investment property – reported(303,177)(582,551)
Reclassification – capitalised depreciation1f.24,4798,477
Adjustment – development land 1c(22,130)(12,543)
Purchase of investment property – restated(320,828)(586,617)
Comparative period impact – earnings per share (EPS)
Note
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000
Net profit after tax – reported 186,6854,7 75
Adjustments394(83,185)
Net profit after tax – restated61 87,07 9(78,410)
Weighted average number of shares (in ’000)6687,642687,642
Basic and diluted EPS – reported27.10.7
Basic and diluted EPS – restated 627. 2(11.4)
23

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Comparative period impact – net tangible assets (NTA) per share
Note
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000
NTA ($000) – reported 4,700,7294,136,470
Adjustments(214,179)(235,023)
NTA ($000) – restated64,486,5503,901,447
Ordinary shares at reporting date (in ’000)6687,642687,642
NTA per share (cents per share) – reported683.6601.5
NTA per share (cents per share) – restated 6652.55 67.4
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
New and amended standards and interpretations
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations in the current period.
None had a material impact on these consolidated interim financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
NZ IFRS 18 – Presentation and Disclosure in Financial Statements.
This standard becomes effective for reporting periods beginning on or after 1 January 2027. NZ IFRS 18 introduces
new requirements on presentation within the statement of comprehensive income, including specified totals
and subtotals. It also requires disclosure of management-defined performance measures and includes new
requirements for the aggregation and disaggregation of financial information based on the identified ‘roles’ of
the primary financial statements and the notes.
Climate change risk
The Group recognises that climate-related risks, if not appropriately managed, will impact the way the Group
currently operates. Physical climate risks such as storms, flooding and heat have the potential to create significant
impacts on the business and its operations. The Group continues to assess the impact of climate change on its
assets and operations. Potential impacts of climate change include:
• Costs of regeneration and remediation of the Group’s existing portfolio of villages because of an increase in
susceptibility to physical risks such as flood, storm, and heat.
• Increased expenditure required to develop new villages that are more resilient to physical risks resulting from
climate change.
These risks are specifically addressed in the selection of new development sites, the design and construction of
new retirement villages and aged care centres, and the refurbishment and enhancement of the existing portfolio
of villages.
While there currently is no significant impact identified for asset valuations, this may change in the future.
For more information the Group’s climate-related disclosure was published in the 2024 annual report.
24
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Seismic risk
New Zealand is susceptible to seismic activity due to its position along the boundary of the Pacific and Australian
tectonic plates. With buildings located across New Zealand, the Group is continuing to take steps to assess its
buildings against relevant seismic standards and guidance. This could result in significant costs if the Group
is required to carry out seismic strengthening works on its buildings. In addition, future changes to seismic
requirements, or the interpretation and application of existing seismic standards, or changes in science and
knowledge relating to earthquakes and the performance of buildings or geotechnical conditions could result in
the Group’s buildings no longer meeting the minimum seismic standards. The valuation of investment properties
has not made adjustment for any seismic strengthening which could be required. None of the Group’s properties
have been notified to Ryman by a territorial authority in New Zealand as being potentially ‘earthquake prone’.
2. OPERATING EXPENSES

6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Employee expenses247, 275221,166484,880
Operations43,32042 ,17588,184
Building and grounds46,7843 7,74 875,449
Direct selling expenses11,8519,22928,422
Marketing11,2108,7892 1,145
Software and technology11,33712,04424,339
Administration13,94614,34825,684
Gross operating expenses385,723345,499748,103
Capitalised to qualifying assets(34,017)(48,167)(96,220)
Reported operating expenses351,706297,332651,883
There has been no change to the provision held for Holiday Act 2003 remediation. The methodology proposed by
the Group is currently under review by the Ministry of Business, Innovation and Employment (MBIE).
25

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
3. INCOME TAX
The income tax expense recognised during the period is primarily attributable to an increase in the expected
future taxable cash flows (deferred management fees) from the Group’s investment properties, resulting in
additional deferred tax liability for investment properties. The expected future taxable cash flows are
determined based on data provided by independent valuers using an assumed contract type for future residents.
In September 2024, the Group announced a change in the Group’s pricing structure, effective from 1 October
2024, which changed the standard contractual deferred management fee from 20% to a choice between 30% or
25% deferred management fee, the latter with a higher entry price. The independent valuers have assumed that all
future residents will have a maximum 30% deferred management fee. At 31 March 2024, the independent valuers
had assumed all future residents were subject to a 20% deferred management fee, consistent with the Group’s
standard pricing structure at the time.
The tax expense is partially offset by a deferred tax benefit recognised for the write-down of work-in-progress
asset within investment properties and for additional hedge losses in respect of the Group’s interest rate derivatives.
Deferred tax asset/liability
Opening
balance
Recognised
in income
Recognised
in equity
Closing
balance
$000$000$000$000
6 MONTHS Sep 2024
Property, plant and equipment(104,499)2,05012(102,437)
Investment properties24,432(88,223)(16)(63,807)
Deferred management fee( 1 3 7,6 9 0)3,35455(134,281)
Derivative financial instruments(2,897)-9,8646,967
Other18,6339401519,588
Tax losses carry-forwards recognised441,6141,439(1,701)441,352
Total deferred tax asset239,593(80,440)8,229167,382
6 MONTHS Sep 2023 (restated)
Property, plant and equipment(67,333)(985)(6)(68,324)
Investment properties(4 3,610)31,051(10)(12,569)
Deferred management fee(111,821)(12,091)(30)(123,942)
Derivative financial instruments(12,158)-(4,868)( 1 7,0 2 6 )
Other11,71850(1)11,767
Tax losses carry-forwards recognised348,35645,42597393,878
Total deferred tax asset125,15263,450(4,818)183,784
12 MONTHS Mar 2024 (restated)
Property, plant and equipment(67,333)(37,047)(119)(104,499)
Investment properties(4 3,610)67,91812424,432
Deferred management fee(111,821)(25,439)(4 30)( 1 3 7,6 9 0)
Derivative financial instruments(12,158)-9,261(2,897)
Other11,7186,8912418,633
Tax losses carry-forwards recognised348,35694,842(1,584)441,614
Total deferred tax asset125,152107,1657, 2 7 6239,593
26
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Unrecognised deductible temporary differences – tax losses
During the period, the Group has decided to not recognise any further deferred tax asset on additional tax losses
generated in New Zealand and Australia. The Group continues to recognise deferred tax asset on previously
generated tax losses based on management’s internal forecasts of expected taxable earnings in future periods.
One of the key drivers for this will be the uplift in the taxable deferred management fees as new occupation rights
are entered into at higher prices within the next 15–20 years and the increase in the deferred management fee
percentage captured through the new standard contractual terms. The Group also expects improved profitability
from its care business as villages move into a mature phase. The Group can carry forward these tax losses
indefinitely subject to the Group maintaining the required shareholding continuity threshold or satisfying the
business continuity test.
The table below shows the amounts of tax losses available to the Group in New Zealand and Australia, along with
the amounts of recognised and unrecognised tax losses.
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000$000
New Zealand
Tax losses – revenue1,247,0661,073,5431,168,442
Tax losses – capital---
Total tax losses available1,247,0661,073,5431,168,442
Recognised tax losses1,168,4421,073,543
1,168,442
Unrecognised tax losses
78,624
-
-
Total tax losses1,247,0661,073,543
1,168,442
Australia
Tax losses – revenue
377,305
289,972
349,606
Tax losses – capital
25,619
-
25,605
Total tax losses available
402,924
289,972
375,211
Recognised tax losses349,606289,972
349,606
Unrecognised tax losses
53,318
-
25,605
Total tax losses402,924289,972
375,211
Unrecognised deductible temporary differences – other
In Australia, the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and
Transparency) Act 2024, which received royal assent in April 2024, introduced amended thin capitalisation
interest limitation rules which came into effect for the Group’s Australian subsidiaries from 1 April 2024. These
rules limit net interest deductions to 30% of an entity’s tax EBITDA (which is broadly based on the concept of
taxable income before interest and depreciation). The Australian subsidiaries’ current tax profile means they are
denied a deduction for their net interest costs in the current period but are permitted to carry forward the denied
interest deductions for up to 15 years. The Group has decided to not recognise a deferred tax asset in respect of
its denied net interest deductions balance of A$25.9 million.
27

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
4. ASSETS HELD FOR SALE
Investment property held for sale is measured at fair value. Revaluations to fair value are based on an independent
valuation report prepared by registered valuers, CBRE Limited, at the reporting date in line with NZ IFRS 13 – Fair
Value Measurement.
The land at Karori (Wellington, New Zealand) and Kohimarama (Auckland, New Zealand) continues to be held for
sale. Expressions of interest for the Karori land were solicited through a competitive process, and the outcome
of this process was not determined at balance date. The land at Kohimarama has not received any formal offers.
As at 30 September 2024, the surplus land at Nellie Melba (Melbourne, Australia) was subject to a conditional
sale and purchase agreement and valued based on the agreed sale price at that time. Settlement took place in
September 2024 for the land at Newtown (Wellington, New Zealand).
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
(restated)
$000$000$000
Opening balance86,42431,37931,379
Net additions/(disposals)(6,966)677(14,766)
Transfer from investment property-38,66379,685
Fair value movement(25,998)-(9,874)
Closing balance53,46070,7 1 986,424
As described in note 1, the Nellie Melba land has been held for sale since March 2024 but was previously
incorrectly included in investment property. The March 2024 balance has been restated to correctly reflect this.
28
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
5. INVESTMENT PROPERTIES
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Opening balance10,261,8099,652,3929,652,392
Additions (including transfers to/from property, plant
and equipment)259,518331,6666 3 3 ,74 8
Fair-value movement280,568141,411(62,033)
Net foreign-currency exchange differences(4,183)6,2423 7,70 2
Closing balance1 0,7 97,7 1 210,131,71110,261,809
The Group has revised its accounting policy, now recognising development land within investment property.
This was previously included in property, plant and equipment. The Group has restated the comparative period,
with further detail in note 1.
Nellie Melba land has been held for sale since March 2024 but was previously incorrectly included in investment
property. The March 2024 balance has been restated to correctly reflect this as held for sale.
Property under development
There may be two components to development land: the land itself and capitalised WIP. Capitalised WIP for
investment property under development is carried at cost until its fair value becomes reliably measurable or
when the development is completed, whichever is earlier. It is subject to impairment testing and is monitored
for any indicators of impairment, such as if the development is no longer feasible.
Following a review in the period, the Group has impaired the value of capitalised WIP at some sites, which is
included in the fair-value movement in the period. This relates to Park Terrace (Christchurch, New Zealand)
$26.2 million, Jean Sandel extension (New Plymouth, New Zealand) $4.2 million where the current site plans
do not meet the required financial hurdles and Murray Halberg (Auckland, New Zealand) $21.3 million where
the decision has been made to suspend future development on the site. Additional costs spent in relation to the
Takapuna site (Auckland, New Zealand) $6.5 million as part of the process to decontaminate and secure the site
have also been impaired to bring the site back to the fair value of the land in line with the accounting treatment at
31 March 2024.
29

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Valuation reconciliation
A reconciliation between the valuation and the amount recognised as investment property is as follows:
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Subject to valuation
Independent valuation – units occupied at least once3,963,885 --
Independent valuation – units subject to occupancy agreement- 3,872,4583,552,034
Transaction costs included in independent valuation
- 32,573 30,770
Independent valuation – completed never occupied units392,744 - -
Independent valuation – completed stock not subject to agreement
to occupy - - 224,668
Development land – land bank 338,495 - -
Development land – construction sites 80,171 - -
Held at cost
Completed stock not subject to agreement to occupy - 119,083 -
Development land – land bank - 318,823 331,210
Development land – land bank WIP128,135 194,022 135,162
Work in progress – construction WIP481,571 928,622 691,877
Adjustments
Revenue in advance160,841 118,657 140,857
Gross occupancy advance 5,901,249 5,253,936 5,596,912
Accrued DMF(766,183)(651,547)(713,757)
Occupancy advance adjustments116,804 265,190 272,076
Allowance for the value provided by care facilities - (320,106) -
Total investment property10,797,712 10,131,711 10,261,809
The occupancy advance adjustments relate to differences between the value of net occupancy advances
included for future repayment within the independent valuation and the net occupancy advances on the
balance sheet. These differences may arise when an occupancy advance has been repaid but is still included
in the valuation or when a unit has multiple occupancy advances and only the most recent occupancy advance
is included within the valuation cash flows. This adjustment is made to ensure the total adjustment to the
independent valuation of completed units is consistent with the liabilities included within the independent
valuation of completed units.
The previous reconciliation has been restated due to the accounting policy change for the recognition of the
occupancy advance asset (debtor) and liability, resulting in reclassification of certain amounts. In addition, the
removal of the discounting of the accrued deferred management fee from prior periods led to a reduction in the
value of investment property. Additional details can be found in note 1.
30
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
No. of unitsNo. of unitsNo. of units
Units included in the valuation
Able to be occupied at reporting date and fair value is judged
as being able to be reliably measured9,0118,7808,949
Completed never occupied units564--
Completed but not yet subject to occupancy agreement--238
Under development at reporting date and fair value is judged
as being able to be reliably measured-2663
Total units included in the valuation9,5758,8069,250
Independent valuation
Fair value is determined by independent registered valuers, CBRE Limited and Jones Lang LaSalle Advisory
Services Pty Ltd, at the reporting date. All valuers are registered valuers and industry specialists in valuing the
aged care sector. These valuations consider the requirement of NZ IFRS 13 – Fair Value Measurement to assume
that market participants act in their economic best interests. The valuation performed was a desktop review
based on the full valuations completed at 31 March 2024, except for development land which underwent a full
valuation as it had not been previously valued for financial reporting purposes. Previously, transaction costs
were included in independent valuations and the Group made an adjustment to add these back in accordance
with NZ IFRS 13 – Fair Value Measurement. No transaction costs have been included in the 30 September 2024
independent valuations.
Where fair value is able to be reliably measured, valuers utilise a discounted cash flow approach to assess the
fair value of retirement-village units. As the fair value of investment property is determined using inputs that are
unobservable, the Group has categorised investment property as Level 3 under the fair-value hierarchy, in line with
NZ IFRS 13 – Fair Value Measurement. NZ IFRS 13 requires that the inputs are consistent with the characteristics of
the asset that a market participant would take into account in a transaction for the asset.
The valuers used a range of significant assumptions as follows:
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
%%%
Growth rate (nominal)0.00–3.500.50–6.300.50–4.70
Discount rate13.00–16.5012.00–16.5012.00–16.50
The land and building valuation within property, plant and equipment previously contained an allowance for the
value provided by a care facility to the Group’s independent-living and serviced apartment residents. The value
of this allowance was determined based on a portion of the deferred management fees paid by the Group’s
independent-living and serviced apartment residents. This portion of deferred management fees was excluded
from the investment property value. At 31 March 2024 the allocation was reduced to zero, and continues to be zero.
31

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Sensitivity
A change in the independent valuers’ assumptions would impact the fair-value measurement of investment
property as follows:
0.5% decrease0.5% increase
$000$000
Growth rate (nominal)(244,032)267,503
Discount rate169,831(158,091)
Other inputs used in the fair-value measurement of the Group’s investment property portfolio include the average
age of residents and the occupancy periods. A significant increase in the average age of entry of residents or a
decrease in the occupancy periods would result in a significantly higher fair-value measurement. Conversely, a
significant decrease in the average age of entry of residents or increase in the occupancy periods would result in
a significantly lower fair-value measurement.
Market risk
The valuers comment that property markets both nationally and globally are being heavily impacted by the high
interest rate environment instigated by central banks to combat high inflation. Markets are also impacted by
ongoing geopolitical instability in certain regions. The valuers reiterate that their conclusions are based on data
and market sentiment as at the date of valuation. For the avoidance of doubt, this does not constitute a ‘material
valuation uncertainty’.
Impact of climate change
The Group has considered the impact of climate change on the business and valuation of investment property.
The independent valuers have made no explicit adjustments to valuations in respect of climate change.
Operating expenses
Direct operating expenses arising from investment property that generated income from deferred management
fees during the period amounted to $37.4 million (six months ended 30 September 2023: $29.7 million and year
ended 31 March 2024: $70.7 million). All investment property generated income for the Group from deferred
management fees, except for investment property work in progress and development land.
Security
Residents make interest-free advances (occupancy advances) to the retirement villages in exchange for the right
to occupy retirement-village units. Under the terms of the majority of New Zealand occupancy agreements, the
occupancy advance is secured by a registered first mortgage in favour of the Statutory Supervisor over the assets
of the retirement village. There are a relatively small number of older occupancy agreements where the residents
instead received a life interest in their unit, with Ryman holding the reversionary interest. These residents’
occupancy advances are secured by a registered first mortgage over that residual interest. Residents in Victoria,
Australia have the benefit of a charge over the title for the land under the Retirement Villages Act 1986.
32
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
6. SHARE CAPITAL
Issued and paid-up capital consists of 687,641,738 fully paid ordinary shares (30 September 2023: 687,641,738
and 31 March 2024: 687,641,738) less treasury stock of 1,651,093 shares (30 September 2023: 2,494,282 and
31 March 2024: 2,494,282). All shares rank equally in all respects.
Shares purchased on market under the leadership share scheme are treated as treasury stock until they are
vested to the employees.
Basic and diluted earnings per share (EPS)
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
Net profit after tax ($000)94,3651 87,07 9(78,410)
Weighted average number of shares (in ’000)687,642687,642687,642
Basic EPS (cents per share)13 .72 7. 2(11.4)
Net profit after tax ($000)93,5781 87,07 9(78,410)
Weighted average number of shares (in ’000)687,642687,642687,642
Diluted EPS (cents per share)13.62 7. 2(11.4)
Diluted earnings per share has been calculated with the assumption that shares are purchased from market to
settle the share rights, rather than issuing new shares. The Board has not yet determined their preferred approach.
The purchase of shares from the market to settle share rights does not affect the number of outstanding ordinary
shares or the income statement. However, it does impact equity and is considered dilutive when the share rights
are out of the money.
Net tangible asset (NTA) per share
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
NTA ($000)4,055,0884,486,5503,901,447
Ordinary shares at reporting date (in ’000)687,642687,642687,642
NTA per share (cents per share)589.7652.55 6 7. 4
NTA is calculated as total assets less intangible assets and deferred tax assets, and less total liabilities.
33

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
7. TRADE AND OTHER RECEIVABLES
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
New sale occupancy advance debtors29,28925,01227,3 57
Resale occupancy advance debtors83,51180,35387,597
Care and village fees receivables21,32818,59421,677
Refundable accommodation deposit receivables13,24616,46618,091
Prepayments and other receivables27,16532,53017,861
Total trade and other receivables174,539172,955172,583
The Group has revised its accounting policy, now recognising the occupancy advance asset and liability at the
point when the resident takes possession of the unit. The Group has restated the comparative period, with further
detail in note 1.
8. TRADE AND OTHER PAYABLES
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000$000
Trade payables122,268113,878117,502
Land purchase accruals9,50021,27227,819
Other payables16,52110,9045,299
Total trade and other payables148,289146,054150,620
Trade payables are typically paid within 30 days of the invoice date or on the 20th of the month following the
invoice date.
Land purchase accruals relate to acquisitions where the Group has settled the purchase but negotiated deferred
payment terms as part of the purchase agreement.
34
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
9. INTEREST-BEARING LOANS AND BORROWINGS
At reporting date, interest-bearing loans and borrowings include secured bank loans, an institutional term loan and
unsubordinated fixed-rate retail bonds.
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
$000$000$000
Bank loans2,168,8692,091,4872 ,1 3 7,07 9
Institutional term loan 272 ,183268,183272,807
Retail bonds – RYM010150,000150,000150,000
Total loans and borrowings at face value2,591,0522,509,6702,559,886
Issue costs for bank loans capitalised(3,244)(2,961)(3,805)
Issue costs for the institutional term loan capitalised(2,188)(657)(1,717)
Issue costs for the retail bonds capitalised(1,276)(1,838)(1,557)
Total loans and borrowings at amortised cost2,584,3442,504,2142,552,807
Revaluation of institutional term loan debt in fair
value hedge relationship
(4,697)(7,504)(5,860)
Total loans and borrowings
2,579,6472,496,7102,546,947
During the year ended 31 March 2024, the Group reclassified issue costs for bank loans from trade and other
receivables to align with the treatment of the issue costs for the institutional term loan and retail bond. The Group
has reclassified the 30 September 2023 balance to also align.
At 30 September 2024, the Group had total debt facilities of $3,023.5 million across its bank syndicate,
institutional term loan and retail bonds.
Security
The bank loans, institutional term loan and retail bonds are secured by a general security agreement over
the parent and subsidiary companies and supported by first mortgages over the freehold land and buildings
(excluding retirement-village unit titles provided as security to residents – note 5).
The subsidiary companies have all provided guarantees for the Group’s secured loans as parties to the general
security agreement.
Covenants
The Group is subject to capital requirements imposed by its bank and the lenders included in the banking
syndicate through covenants agreed as part of the lending facility arrangements, and bond holders through
covenants in the Master Trust Deed.
In September 2024, the Group’s banking syndicate and institutional term loan lenders agreed to amend the
Interest Coverage Ratio covenant included in the lending facility agreements to 1.50x until 31 March 2025,
increasing to 1.75x at 30 September 2025, 2.00x at 31 March 2026 and 2.25x at 30 September 2026. The retail
bonds are not subject to the Interest Coverage Ratio covenant.
35

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Fair value
Below is a comparison of the carrying amounts and fair values of the interest-bearing loans and borrowings.
The carrying amounts of bank loans are the same as their fair values in all material aspects due to their interest
rate profiles.
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
Carrying amount Fair valueCarrying amount Fair valueCarrying amountFair value
$000$000$000$000$000$000
Institutional
term loan 265,298278,836260,022260,330265,230269,505
Retail bond
14 8,724140,490148,162129,870148,443134,910
The fair value of the fixed-rate portion of the institutional term loan has been determined at balance date on a
discounted cash flow basis and by applying discount factors to the future Australian dollar interest payment and
principal payment cash flows. The fair value of the floating rate portion is assumed to be the same as its carrying
amount. The fair value of the institutional term loan is categorised as Level 2 under the fair value hierarchy in
accordance with NZ IFRS 13 – Fair Value Measurement.
The fair value of the retail bond is based on the price traded on the NZX market at the reporting date. The fair
value of the retail bond is categorised as Level 1 under the fair value hierarchy in accordance with NZ IFRS 13 –
Fair Value Measurement.
10. DERIVATIVE FINANCIAL INSTRUMENTS
At reporting date, the Group’s derivative financial instruments consist of interest rate swaps, caps, floors
and collars.
Fair value
These derivatives are initially recognised at fair value on the dates the derivative contract are entered into and
remeasured to their fair values at each reporting date. The fair values of these derivatives are categorised as
Level 2 under the fair value hierarchy in NZ IFRS 13 – Fair Value Measurement. The fair values of these derivative
instruments are derived using inputs supplied by third parties that are observable, either directly (prices) or
indirectly (derived from prices). The fair value of interest rate swaps is determined by discounting the future cash
flows using the yield curves at the end of the reporting period and the credit risk inherent in the contract.
Modified interest rate swaps
In June 2024, the Group modified five further interest rate swaps that had been designated in a cash flow hedge
relationship to reduce near-term interest costs. The modification resulted in a higher notional principal amount
covered and a reduction in the remaining maturities of those swaps.
The modification resulted in the original hedge relationship being discontinued. Immediately prior to discontinuation,
there were gains of $7.5 million (excluding tax effects) in the cash flow hedge reserve for these swaps. As the hedged
cash flows are still expected to occur, and notwithstanding the modified swaps have matured during the current year,
these gains remain in the cash flow hedge reserve and will be reclassified to profit or loss over the original hedge
period. All modified swaps have matured as at 30 September 2024.
In total, the Group has modified eight interest rate swaps. The amounts reclassified to profit or loss during the period
are NZ$2.4 million and A$0.7 million (totalling NZ$3.2 million). At 30 September 2024, the unamortised balance in
the cash flow hedge reserve for the amended swaps is NZ$17.7 million and A$3.0 million (excluding tax effects).
36
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
11. OCCUPANCY ADVANCES (NON-INTEREST BEARING)
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
(restated)
12 MONTHS
Mar 2024
(restated)
$000$000$000
Gross occupancy advances
Opening balance5,596,9124,919,1424,919,142
Plus increases in occupancy advances:
• new retirement-village units (gross)2 14,134218,965419,284
• existing retirement-village units (net)115,950120,863233,330
Net foreign-currency exchange differences(2,369)2,66016,067
(Decrease)/increase in occupancy advance balances(23,378)(7,694)9,089
Closing balance5,901,2495,253,9365,596,912
Net occupancy advances
Less deferred management fees(766,183)(651,547)(713,757)
Less suspended contributions (resident loans)(111,866)(88,265)(98,176)
Closing balance5,023,2004,514,1244,784,979
Occupancy advances are non-interest bearing and recorded as a liability in the statement of financial position,
net of deferred management fees and suspended contributions receivable. The occupancy advance is initially
recognised at fair value and later at amortised cost.
The Group has revised its accounting policy, now recognising the occupancy advance asset and liability at the
point when the resident takes possession of the unit. The Group has restated the comparative period, with further
detail in note 1.
37

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
12. SEGMENT INFORMATION
In late 2023, the Group announced that underlying profit will no longer be a key performance measure, instead
performance measurement will be focused on cash flow from existing operations, cash flow from development
and IFRS profit before tax and fair value movements. As a result, all references to underlying profit have been
removed from the segment note and replaced by the new performance measurements. All other segmentation
remains consistent with 31 March 2024.
New ZealandAustraliaOtherGroup
$000$000$000$000
6 MONTHS Sep 2024
Core revenue (care fees, DMF, other)277,49671,14 3797349,436
Interest received924188-1,112
Imputed interest income on refundable
accommodation deposits4,70111,014-15,715
Total revenue2 8 3 ,1 2 182,345797366,263
Operating expenses
(246,992)(73,472)(31,242)(351,706)
Depreciation and amortisation
(8,805)(4,881)(11,717)(25,403)
Finance costs
(39,266)(13,938)-(53,204)
Imputed interest charge on refundable
accommodation deposits
(4,701)(11,014)-(15,715)
Impairment loss
----
Total expenses
(299,764)(103,305)(42,959)(4 46,028)
Loss before income tax and fair-value
movements (PBTF)
(16,643)(20,960)(42,162)(79,765)
Fair-value movement of investment properties
206,77347,7 97-254,570
Income tax (expense)/credit
(88,499)8,059-(80,440)
Net profit after tax
101,63134,896(42,162)94,365
Non-current assets
9,6 1 7,0782,668,793104,52912,390,400
Loans and borrowings
1,699,416880,231-2 ,579,647
38
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
New ZealandAustraliaOtherGroup
$000$000$000$000
6 MONTHS Sep 2023 – restated
Core revenue (care fees, DMF, other)269,24352,057388321,688
Interest received809465-1 , 2 74
Imputed interest income on refundable
accommodation deposits3,4917,180-10,671
Total revenue273,54359,702388333,633
Operating expenses
(224,075)(56,079)(17,178)(297,332)
Depreciation and amortisation
(8,766)(5,301)(7,643)(21,710)
Finance costs
( 1 7,6 1 4 )(4,088)-(2 1,702)
Imputed interest charge on refundable
accommodation deposits
(3,491)(7,180)-(10,671)
Impairment loss
----
Total expenses
(253,946)(72,648)(24,821)(351,415)
Loss before income tax and fair-value
movements (PBTF)
19,597(12,946)(24,433)(1 7,7 8 2 )
Fair-value movement of investment properties
92,18149,230-141,411
Income tax credit
47,7 1 715,733-63,450
Net profit after tax
159,49552,017(24,433)1 8 7,0 7 9
Non-current assets
9,374,3122,461,588106,39911,942,299
Loans and borrowings
1,636,205860,505-2,496,710
39

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
New ZealandAustraliaOtherGroup
$000$000$000$000
12 MONTHS Mar 2024 – restated
Core revenue (care fees, DMF, other)547,116115,403586663,105
Interest received1,758568-2,326
Imputed interest income on refundable
accommodation deposits7,6 2 616,829-24,455
Total revenue556,500132,800586689,886
Operating expenses
(481,903)(125,710)(44,270)(651,883)
Depreciation and amortisation
(17,458)(8,194)(18,151)(43,803)
Finance costs
(40,228)(10,414)-(50,642)
Imputed interest charge on refundable
accommodation deposits
(7,626)(16,829)-(24,455)
Impairment loss
(31,020)(1,751)-(32 ,7 71)
Total expenses
(578,235)(162,898)(62,421)(803,554)
Loss before income tax and fair-value
movements (PBTF)
(2 1,7 3 5 )(30,098)(61,835)(113,668)
Fair-value movement of investment properties
(49,309)(22,598)-(71,907)
Income tax credit
69,16338,002-107,165
Net profit after tax
(1,881)(14,694)(61,835)(78,410)
Non-current assets
9,203,5412,500,698113,23111,817,470
Loans and borrowings
1,705,651841,296-2,546,947
40
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
13. EQUITY-SETTLED SHARE-BASED PAYMENTS
The Group issued three tranches of performance share rights to eligible members of its senior executive team
pursuant to Ryman’s recently established Long-Term Incentive Plan (‘LTIP’). The grant of Share Rights was
approved by the Board on 23 September 2024.
Tranche 1
The first tranche of 32,592 Share Rights is eligible for vesting over two years (50% on 31 August 2025 and 50%
on 31 August 2026). Tranche 1 does not include any contracted performance hurdles; it only requires that the
Participant remains employed at Ryman for the duration of the term.
As it is assumed that there will be no dividends during the term of the share right, the share price on the valuation
date is expected to represent the most accurate estimate of the share rights, on the assumption that the share
price on valuation date will increase at the Cost of Equity (COE) during the term of the share rights, and then is
discounted back to the valuation date using the same COE.
Tranche 2 and 3
The performance period for the second tranche of 25,639 Share Rights is 13 November 2023 to 13 November
2026. Vesting of these Share Rights is conditional upon meeting targets in relation to relative total shareholder
return and absolute total shareholder return.
Under Tranche 3, a total of 467,130 Share Rights are granted. Of these, 113,108 Share Rights are allocated to the
new CEO, starting from 4 November 2024. The remaining 354,022 Share Rights, excluding those granted to the
CEO, have a performance period that spans from 1 July 2024 to 30 June 2027. Vesting of the Share Rights under
Tranche 3 is conditional upon meeting targets in relation to relative total shareholder return and absolute total
shareholder return.
The valuation of the share options is performed by an independent external party. Fair value is estimated at the
grant date using a Monte Carlo Simulation Model, taking into account the terms and conditions on which the
share options were granted. Valuation is on a per Grant basis and does not account for any non-market condition,
e.g. the service condition.
The model simulates the vesting dates’ 10-day Volume Weighted Average Price (VWAP) and closing share price
of the NZX50 companies (including Ryman) using the 10-day VWAP. The model compares the simulated TSR
against the NZX50 companies. The correlation among the two series is accounted for during the simulation.
For all tranches (1, 2, 3)
The LTIP grants eligible members performance rights that will, if hurdles are achieved, vest as Ryman shares.
Accordingly, the exercise price and contractual term for share rights granted under LTIP is nil.
There are no cash settlement alternatives for the employees. Ryman does not have a past practice of cash
settlement for these awards.
Ryman accounts for the options granted under LTIP as an equity-settled plan.
The expense recognised for employee services received during the year is shown in the following table:
6 MONTHS
Sep 2024
6 MONTHS
Sep 2023
12 MONTHS
Mar 2024
$000$000$000
Expense arising from equity-settled share-based
payment transactions112--
41

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Key assumptions
The following tables list the inputs to the models used for the share rights granted under LTIP.
Tranche 1
Weighted average fair values at the measurement date$3.56
Commencement date1 July 2024
Valuation date23 September 2024
Dividend yield (%)0%
Annualised implied volatility (%)27%–37%
Risk-free interest rate (%)
4.57% for the portion vesting at
31 August 2025 and 3.85% for the
portion vesting at 31 August 2026
Tranche 2Tranche 3
Weighted average fair values at the measurement date$0.49$2 .42
Commencement date13 November 20231 July 2024
Valuation date23 September 202423 September 2024
VWAP at valuation date$4.56$4.56
VWAP at commencement date$ 5.74$3.73
VWAP volatility (%)34%35%
Dividend reinvestment factor (%)100%100%
Dividend yield0%0%
The volatility assumption is representative of the level of uncertainty expected in the movements of the Group’s
share price over the life of the options. VWAP volatilities are based on the Group’s VWAP returns over a historical
period from the valuation date that matches the remaining duration of the respective tranches.
42
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Notes to the consolidated interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
James Miller
Chair of Audit, Finance and Risk committee
Dean Hamilton
Executive Chair
14. COMMITMENTS
The Group had commitments relating to construction contracts amounting to $167.0 million at
30 September 2024 (30 September 2023: $222.6 million and 31 March 2024: $217.2 million).
The Group has an ongoing commitment to maintain the land and buildings of the integrated retirement
villages, rest homes and hospitals.
15. CONTINGENT LIABILITIES
There are no material contingent liabilities at 30 September 2024 (30 September 2023: nil and
31 March 2024: $6.0 million).
16. SUBSEQUENT EVENTS
As announced on 2 September 2024, the Group is transitioning to a new services and support structure. A
provision has been recorded for those redundancies which had been confirmed at reporting date. Consultation
for remaining teams commenced after the reporting date. Costs associated with the business improvement
programme to date, including redundancies, are approximately $10.0 million, with $6.5 million recognised during
the period to 30 September 2024.
The Nellie Melba land sale is now unconditional, with a settlement date of December 2025.
The directors have determined that no final dividend will be paid relating to the interim period.
There have been no other events subsequent to 30 September 2024 that materially impact on the
results reported.
17. AUTHORISATION
The directors authorised the issue of these consolidated interim financial statements on 27 November 2024.
43

WHANGĀREI
Jane Mander
Te Kamo
AUCKLAND
Bert Sutcliffe
Birkenhead
Bruce McLaren
Howick
Edmund Hillary
Remuera
Evelyn Page
Orewa
Grace Joel
St Heliers
Keith Park
Hobsonville
Logan Campbell
Greenlane
Miriam Corban
Henderson
Murray Halberg
Lynfield
Possum Bourne
Pukekohe
William Sanders
Devonport
HAMILTON
Hilda Ross
Hamilton East
Linda Jones
Flagstaff
CAMBRIDGE
Patrick Hogan
Cambridge
TAURANGA
Bob Owens
Bethlehem
Our villages
New Zealand
GISBORNE
Kiri Te Kanawa
Lytton West
NEW PLYMOUTH
Jean Sandel
Whalers Gate
NAPIER
Princess Alexandra
Ahuriri
HAVELOCK NORTH
James Wattie
Havelock North
WHANGANUI
Jane Winstone
St Johns Hill
PALMERSTON NORTH
Julia Wallace
Milson
WAIKANAE
Charles Fleming
Waikanae
LOWER HUTT
Bob Scott
Petone
Shona McFarlane
Avalon
WELLINGTON
Malvina Major
Khandallah
Rita Angus
Kilbirnie
NELSON
Ernest Rutherford
Stoke
CHRISTCHURCH
Anthony Wilding
Halswell
Diana Isaac
Mairehau
Essie Summers
Beckenham
Kevin Hickman
Riccarton Park
Margaret Stoddart
Riccarton
Ngaio Marsh
Papanui
Northwood
Northwood
Woodcote
Hornby
RANGIORA
Charles Upham
Rangiora
DUNEDIN
Frances Hodgkins
St Clair
Yvette Williams
Roslyn
INVERCARGILL
Rowena Jackson
Waikiwi
44
RYMAN HEALTHCARE HALF YEAR REPORT SEPTEMBER 2024

Directory
MELBOURNE
Bert Newton
Highett
Essendon Terrace
Essendon
Hubert Opperman
Mulgrave
John Flynn
Burwood East
Nellie Melba
Wheelers Hill
Raelene Boyle
Aberfeldie
Weary Dunlop
Wheelers Hill
Australia
GEELONG AND
BELLARINE PENINSULA
Charles Brownlow
Highton
Deborah Cheetham
Ocean Grove
REGISTERED OFFICE
Airport Business Park
92D Russley Road
Christchurch 8042
PO Box 771
Christchurch 8140
New Zealand
SHARE REGISTRY
Link Market Services
PO Box 91976
Auckland 1142
New Zealand
P: +64 9 375 5998
E: enquiries@linkmarketservices.co.nz
MELBOURNE OFFICE
Level 5, 6 Riverside Quay
Southbank, VIC 3006
PO Box 54
Collins Street West
Melbourne, VIC 8007
Australia
AUCKLAND OFFICE
Central Park
Building 8, Level 1
666 Great South Road
Ellerslie, Auckland 1051
New Zealand
NEW ZEALAND
0800 588 222
rymanhealthcare.co.nz
AUSTRALIA
1800 922 988
rymanhealthcare.com.au
For more information on any of Ryman Healthcare’s
retirement villages:
In the spirit of reconciliation,
Ryman Healthcare acknowledges
the Traditional Custodians of
country throughout Australia
and their connections to land,
sea and community. We pay our
respect to their Elders past and
present and extend that respect
to all Aboriginal and Torres Strait
Islander peoples today.
45

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rymanhealthcare.com.au

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