Annual Report

Annual Report 2025
Delivering
Better.

Delivering
Better.
Better Performance.
Better Progress.
Better Care.
At Oceania, striving for better is in our DNA.
Just as our residents have always sought more – more independence,
more connection, more fulfilment – we do the same. In FY25, that drive
came to life through decisive action and focused execution.
Backed by a clear strategy and new leadership, we turned ambition
into momentum. Every decision was guided by purpose, every effort
anchored in outcomes: from stronger financial performance to deeper
community impact.
This report captures how we’re delivering real progress – and sets
a foundation for long term, sustainable success.

3
A year in review
4
Trading highlights
5
Letter from the Chair
8
Letter from the CEO
12
Our value creation model
14
Our sustainability framework
15
Our performance against strategic pillars
15
– Our offer
18
– Our resident experience
21
– Our people capability
24
– Our growth
28
Board of directors
32
Three year summary
33
Consolidated financial statements
71
Independent auditor’s report
73
Corporate governance
85
Risk management
Contents
1
Oceania
Annual Report 2025
“At Oceania, we are focused on delivering more than care:
we’re creating connected communities where residents can live
with dignity and purpose. This year’s progress reflects the strength
of our people, our commitment to innovation, and the values that
guide everything we do.”
Suzanne Dvorak – Chief Executive Officer

The year in review.
Our results and progress.
2
Oceania
Annual Report 2025

From Ruakākā in the
north, to Riccarton in
the south, we create
places where older
New Zealanders
can live with
purpose, dignity
and connection.
StaffResidents
Care beds and care suitesUnits
About us
Existing sites with
mature operations
Existing sites
with current and
planned developments
Total sites
201737
2,7003,9 0 0
2,1582,003
Section Title / Article Title
3
Oceania
Annual Report 2025
A year in review
3

A year of
strategic
progress
Financial
31 March 2025
Operational
31 March 2025
Developments
31 March 2025
ESG
31 March 2025
Total assets
As at 31 March 2025
higher than 31 March 2024
total assets of $2.8bn
5.7%
4.1%5.8%6.7%
1.9%
Units and care suites substantially completed in FY2025
Employee NPS (eNPS) (+/-100)
Units and care suites under construction as at 31 March 2025
and expected to be completed in FY2026
• Franklin Stage 1 (Auckland)
• Meadowbank Stage 6 (Auckland)
• Awatere Stage 3 (Christchurch)
• Elmwood Stage 1 (Manurewa)
• Waterford Stage 1 (Hobsonville, Auckland)
Underlying Earnings Before Interest,
Tax, Depreciation and Amortisation
31 March 2025
$
86.0m
71224
41
23
$
2 .9 b n
$
74.6m
$
110.3m
94.5
%
ahead of 31 March 2024 earnings
Before Interest, Tax, Depreciation
and Amortisation of $82.6m
Reported Total
Comprehensive Income
31 March 2025
compared to 31 March 2024
reported total comprehensive
income of $70.5m
Operating Cash Flow
31 March 2025
compared to 31 March 2024
reported operating cash
flow of $103.4m
higher than occupancy for
the year to 31 March 2024
of 92.6%
(excluding development sites)
Compared to 31 March 2024 eNPS of 24
Care resident NPS (+/-100)
Compared to 31 March 2024
care resident NPS of 41
Total sales
GHG emissions (t CO2e)
(market based)
3,151
Compared to 31 March 2024
scope 1+2 emissions of 3,560
Scope 1 + 2
higher than total sales for the
year to 31 March 2024 of 476
9. 2 %
87206
520
97130
Construction waste diverted from landfill
85.1
%
Compared to 31 March 2024 construction
waste diverted from landfill of 79.0%
79.8
%
Compared to 31 March 2024 construction
waste diverted from landfill of 62.9%
Auckland
Non-Auckland
New care suites
Resale
care suites
Care Occupancy
New unitsResale units
4
Oceania
Annual Report 2025
Trading highlights

Operating cash flow increased to $110.3m, up 6.7% compared
to $103.4m for the year ending 31 March 2024. This uplift
reflects increased cash receipts from occupation right
agreements which rose to $294.5m, a 30% increase on the
prior corresponding period (pcp) – driven by improved sales
of development stock and increased care earnings per bed.
Sales volumes were also up 9.2% on pcp including a 17.2%
uplift in new sale volumes to 184 independent living units (ILU)
and care suites.
Total Comprehensive Income of $74.6m for the 12 months
ending 31 March 2025, is up 5.8%% from pcp and Net Profit
after Tax of $30.4m, is down 3.5% on pcp.
Total Assets increased to $2.9b and Net Assets increased to
$1.1b at 31 March 2025, up 5.7% and 7.3% respectively. This
increase largely reflects the completion of Elmwood (Auckland),
Waterford (Auckland) and Awatere (Hamilton), alongside the
fair value movements due to the sell down of ILU’s at other sites.
As at 31 March 2025, undrawn net debt headroom was
$97.0m and gearing reduced to 36.3% down from 38.3% as at
31 March 2024. This improvement reflects continued capital
discipline, divestment of non core assets, a sharpened sales
focus and a targeted cost optimisation programme.
Focused Execution
and Solid Returns
Operating cash flow
I am pleased to present the Oceania Healthcare
Annual Report for the year ended 31 March 2025.
This year Oceania has continued to successfully transform
its portfolio and optimise its operating model. Under new
leadership, Oceania’s purpose, strategy and growth plans
have been further developed for the next 5 years.
Financial Performance
Oceania delivered a solid financial result in FY25 with an
increase in underlying EBITDA and sales volumes despite market
conditions. New development stock continued to be sold down,
a number of developments were completed and, or progressed,
and the divestment of six older non core sites were settled.
↑
$$
110.3m
Elizabeth Coutts
– Chair
5
Oceania
Annual Report 2025
Letter from the Chair

Final Dividend
The Directors have resolved not to declare a final dividend.
Work is underway to review our Dividend Policy so that it better
aligns with the operating cashflows of the business. Our revised
Dividend Policy will be announced at the time of the ASM in June.
Leadership and Strategic Execution
Suzanne Dvorak joined as Chief Executive Officer in July 2024 and
has significant sector expertise and a strong focus on operational
delivery and people leadership. She also brings the clarity and
capability to lead the execution of Oceania’s strategic direction
and deliver operational excellence, meaningful outcomes for
residents, employees and stakeholders and sustainable growth.
Under a new sales leadership structure this year, it was pleasing
to see that both new and resales volumes increased by 17.2% and
5.3% respectively.
With respect to the portfolio, this year Waterford (Auckland),
Elmwood (Auckland), Awatere (Hamilton) and Redwood (Blenheim)
developments were completed. Meadowbank Dementia (Auckland)
was completed in May 2025, and good progress was made at
the new development in Franklin (Auckland), with the first villas
and community centre expected to be complete in June 2025.
Planning and site redesign have also been advanced at Lady
Allum (Auckland) and Elmwood (Auckland).
This year, six sites were divested for $33.6m, and the
divestment programme of non core sites continues.
These programmes will contribute to the strengthening of the
Balance Sheet and enable the next phase of growth.
Integrated Thinking, Sustainability and Climate
FY25 marks Oceania’s second year preparing mandatory
climate related disclosures under the Aotearoa New Zealand's
climate reporting regime. During the year, the organisation
built on the progress made in identifying and assessing climate-
related risks and opportunities, advancing this work through
the development of its first transition plan. Oceania’s FY25
disclosures are scheduled for publication in June 2025.
Progress also continued under Oceania’s Sustainability
Framework, launched in FY23, with a continued focus on
sustainable design standards, managing operational waste,
energy efficiency initiatives, and emissions reduction.
Recognition as a finalist in the Sustainability Leadership
category at the Deloitte Top 200 Business Awards reflects
the growing maturity of sustainability as a value driver for
the organisation, and underscores Oceania’s commitment
to embedding sustainability principles into strategy,
operations, and future growth planning.
The Sands, Browns Bay, Auckland
6
Oceania
Annual Report 2025
Letter from the Chair
“Suzanne Dvorak
joined as Chief
Executive Officer
in July 2024 and
has significant
sector expertise
and a strong focus
on operational
delivery and people
leadership.”
Elizabeth Coutts – Chair

Governance
Directors maintained close engagement with the business
throughout the year, including onsite visits to a number of
villages across the portfolio. These visits included morning teas
with residents and frontline teams, along with operational site
walkthroughs and health and safety reviews. This engagement
continues to be an important part of the Board’s governance
approach, ensuring that operational realities and resident
experiences are actively reflected in Board level discussions
and decision making.
Oceania advanced its enterprise risk management capability
during FY25, strengthening its resilience across cyber
security, climate risk, regulatory, care funding and care
governance domains.
The Board will continue to oversee the delivery and execution
of the next strategic cycle ensuring Oceania is positioned for
sustainable long term growth.
Looking Ahead
New Zealand’s population is aging and the demand for senior’s
care and accommodation is projected to grow considerably in
line with projected growth in New Zealand’s senior population.
The total population aged 75 years and over is expected to
almost double by 2050, growing from approximately 414,000
today to over 810,000.
The current supply of aged residential care in New Zealand is
inadequate to meet projected growth in the older population.
Rising demand for care, combined with insufficient Government
funding, continues to place significant pressure on aged care
and retirement living providers to ensure adequate supply.
Oceania is and will be well positioned for the future to provide
for the needs of the elderly. The Board remains confident
in the organisation’s ability to complete the delivery of the
current strategic cycle with discipline, while ensuring a smooth
transition to the new Strategic Direction.
The Board extends its thanks to Oceania’s residents and their
families, dedicated employees, and all stakeholders for their
ongoing support and partnership.
Yours sincerely,
Elizabeth Coutts
Chair
$$
2.9bn
Total Assets
7
Oceania
Annual Report 2025
Letter from the Chair

This year we have focused on improving sales,
streamlining operations, and building on our
strong foundations.
We have already seen positive momentum, delivering a solid
financial result, including increased sales, notwithstanding
market conditions.
As we move into FY26 we are focused on further strengthening
the business and finalising a clear strategic framework to guide
Oceania through its next phase. We are looking forward to
sharing this framework with our shareholders later this year.
Focus on Sales Momentum
Sales momentum accelerated in the second half of FY25, with
new sales volumes increasing by 17.2% and resales up 5.3% on
prior year, despite challenging market conditions. This growth
was driven by a revitalised sales and marketing approach,
refined pricing strategies, and enhanced leadership in sales.
Strong selldown results were achieved across key development
sites. Occupancy increased at The Helier in Auckland with 41%
occupancy as at 20 May 2025 compared to 14% at 31 March 2024.
Driving Change and
Strengthening Foundations.
Suzanne Dvorak
– Chief Executive Officer
Additionally, Oceania successfully completed the full
selldown of independent living apartments at The Bellevue
in Christchurch shortly after year end, within just 24 months.
The new care suite centre at Redwood in Blenheim has reached
62% occupancy in record time with expectations to be fully
occupied within 12 months.
The resultant reduction of unsold stock from $353m to $342m
was the biggest lever to reduce borrowings, which finished the
year at $627.8m, down from $640.5m in March 2024.
Oceania refinanced its syndicated banking facilities in March
2025. The refinance extended debt maturity profiles and
secured optimal terms, including competitive pricing and
unchanged covenant conditions. The refinancing, supported
by existing lenders ANZ, ASB, ICBC and new lender BNZ,
underscores lender confidence and positions Oceania
effectively for continued growth.
8
Oceania
Annual Report 2025
Letter from the CEO

↑ 17. 2 %
Despite challenging market conditions –
9
Oceania
Annual Report 2025
increase in new sales volumes, and
increase in resales
↑5.3%
Letter from the CEO
Leading in Care and Resident Experience
Care remains Oceania’s greatest strength. Reflecting this, in
FY25 clinical leadership was elevated to the executive level.
We embedded new initiatives under our Fundamentals of Care
framework to strengthen clinical practice and resident outcomes.
This framework defines the essential elements of care that every
resident should consistently experience and underpins Oceania’s
commitment to excellence in care.
Our development strategy includes a significant pipeline of
premium care suites, designed to meet future demand. This
positions Oceania to respond to the sector wide care capacity
gap highlighted in recent reports and media commentary.
Oceania also remained actively engaged in the sector wide review
of the Retirement Villages Act, advocating for reforms that improve
transparency, enhance resident wellbeing, and support the long
term sustainability of the sector.
These initiatives reinforce Oceania’s commitment to enabling
residents to live well with dignity, connection, and choice.
Shaping a Stronger Portfolio for the Future
Oceania maintained a disciplined approach to development,
now focused on capital efficient, staged projects in regions with
particularly strong demand. A flexible near term pipeline has been
established, which balances growth opportunities with prudent
capital management.
Significant progress was made during FY25, including at
Meadowbank in Auckland, where the dementia care centre will
open in early June 2025. At Franklin, construction of the stage
one villas and a community centre is underway, scheduled for
FY26 completion.
Planning continues across Oceania’s strategic land bank to ensure
readiness for future opportunities. During the year we purchased
2.6 hectares of land adjoining our Graceland’s site in Hastings.
This land will be used to extend our existing village with villa
product and care suites.
Work has commenced at Lady Allum in Milford. The demolition
of the old care building has been completed making way for
the construction of a new central precinct which will include
penthouse apartments. Finally, six sites were divested during the
year, enhancing and modernising the portfolio and reducing debt.
With changes to the certification pathways for overseas nurses
recently introduced, a decision was made during the year ended
31 March 2025 to close the Wesley Institute of Nursing Education.
The final course concluded in April 2025.

10
Oceania
Annual Report 2025
Letter from the CEO
Empowering our People and Culture
Since joining Oceania in July 2024, I’ve had the opportunity to
visit many of our villages and meet with residents, families, and
team members across New Zealand. These visits have reinforced
that Oceania has a sense of care and responsibility that defines
its culture and fuels the pride our people take in delivering
exceptional experiences.
This year we have simplified our organisational structures and
strengthened leadership capability. This focus on organisational
culture and leadership development has laid important
foundations for the future.
Investment in core systems – including the rollout of
HumanforceHR and SafetyHub – has already delivered
improved workforce insights and more consistent people
management practices.
While there is more work ahead, we are strengthening
the foundation for building a high performing and
connected workforce.
Strengthening the Core
We initiated a right sizing programme in FY25 to reshape the
business and align with Oceania’s future strategy. To date, this
programme has implemented cost savings of $5m that will be
realised in FY26.
Building on this, a broader business optimisation programme is
underway, targeting $10m to $15m of sustainable annualised
savings. So far in FY26, a further $5.2m of cost savings have
been identified with benefits to be realised from 2HY26. Full
benefits will be realised in FY27, with a focus on system
consistency, margin discipline, and operational simplicity.
Over the next 12 months, we will build on recent progress –
sharpening execution and reinforcing leadership capability
ensuring we are well placed to activate our new strategy
from FY27.
This operational optimisation focus is a key step in unlocking
future value as part of our new strategic direction.
“This year we have simplified our organisational structures, strengthened
leadership capability, and increased focus on recognition and reward.”

11
Oceania
Annual Report 2025
Letter from the CEO
Setting our Strategic Direction
The Board has approved a new strategic direction to guide
Oceania through its next five years. This strategy was
developed through engagement with the Board, executive team,
employees, and independent consumer research with residents
and families. It reflects both the lessons of the past and a clear
vision for the future.
Our refreshed purpose – “Supporting and empowering
people to live well as they age” – is the anchor for our next
strategic phase.
While grounded in Oceania’s existing strengths, this is not
a simple extension. It is a sharper and more ambitious plan,
designed to meet changing resident expectations, increasing
care needs and a more complex operating environment.
Structured around four refined focus areas – Connected Care,
Inspired Living, Empowered People, and Purposeful Impact –
the strategy will guide planning, investment and operational
decision making across the business.
This strategic direction positions Oceania to lead with
clarity and confidence, supported by a plan that is practical,
measurable, focused on creating value for our shareholders
and it is aligned to what matters most: people, purpose
and performance.
Thank you to our residents and families, our dedicated teams,
and the Board for their continued trust and support. I am proud
to lead Oceania into its next phase of growth and opportunity.
Suzanne Dvorak
Chief Executive Officer
“Our refreshed purpose –
Supporting and empowering people to live well as they age –
is the anchor for our next strategic phase.”

How we
create
value
Our team
Our people are our greatest asset. Their dedication
and expertise drive our ability to enrich the lives of
our residents daily and deliver outstanding care.
Our expertise
We use resident insights to drive innovation and
remain at the forefront of retirement and aged care
living and seek to invest in global best practices,
systems and processes, including our nurse led
model of care.
Our retirement villages and care centres
We are dedicated to developing high quality,
environmentally sustainable villages, equipped
with quality amenities.
Our relationships
We are a people business. Building strong relationships
with our residents, their families, our people, suppliers
and stakeholders, is pivotal to everything we do.
Our natural capital
We recognise the environment’s fundamental role in
shaping and sustaining our retirement and aged cared
villages and communities. By adopting sustainable
practices, we are committed to minimising our
environmental impact.
Our financial capital
We employ a combination of shareholder funds,
banking facilities and operating cashflow to
maintain and grow our business.
Our Capitals
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12
Oceania
Annual Report 2025
Our value creation model
At Oceania, value is created
through the alignment of our
people, expertise, assets,
and relationships – all
working together to enhance
resident wellbeing and drive
sustainable growth.
Our value creation model
shows how we use a
broad range of resources
– or ‘capitals’ – to deliver
meaningful outcomes for
our stakeholders.
These capitals are shaped
by our material impacts and
brought to life through our
strategic pillars.

Our
Material Impacts
The Value for
our Stakeholders
Aspirational
Value Outcomes
The pursuit of better
Resident wellbeing
Resident safety and security, provision of quality care, social connectedness, health equity
of ageing Māori and Pacific peoples and the capacity and capability of our people.
Employee practices
The health and wellbeing of our people can be affected by issues such as national
workforce shortages, pay equity, health and safety and opportunities for professional
development, and diversity and inclusion.
Community and social wellbeing
Accessibility and affordability of aged residential care options for older New Zealanders,
supporting the public health system by helping to free up public hospital beds, impacting
the cultural significance of land, and training NZ and internationally qualified nurses.
GHG emissions and climate
GHG emissions from corporate, village and aged care centre operations and
embodied carbon.
Waste and environmental impact
The impact we have on the environment including waste going to landfill, biodiversity
and ecosystems, emissions and pollution from operations, water, and the opportunity
to support a circular economy.
Economic contribution
Through economic activity and job creation and adding to housing supply.
Sustainable supply chain
Environmental and social impacts of procurement choices and supply chain practices.
Ethics, trust and governance
Trust levels with residents and their whānau through the provision of services to
residents and ethical business conduct.
Our investors
Oceania focuses on the financial performance
of its assets and is committed to long term
sustainable growth.
Our team
We grow and develop our team members through
fostering an inclusive culture and training. By doing
so, we enable teams to deliver exceptional services
and improved resident focused experiences.
Our residents
We create vibrant and enjoyable retirement and
aged care living experiences for our residents.
Our society
We seek to create thriving community hubs.
Our retirement villages and care centres go
beyond being residences, as they foster a sense of
belonging and togetherness in the local community.
Our industry
We participate in and advocate for industry wide
issues, to support better outcomes for NZ’s ageing
communities and the people who care for them.
Our environment
We establish more resilient communities for our
ageing population and by adopting sustainable
practices and minimising our negative impact we
not only reduce our environmental footprint, but
aspire to create opportunities for regeneration.
Oceania’s villages are a driving
force of thriving communities
around New Zealand. We
use resources sustainably to
build homes that seamlessly
integrate with, and benefit,
the local community.
Residents thrive in our
hospitality inspired, resident-
led villages. We enable our
residents to live a sustainable
and fulfilled life.
As an employer of choice we
enable our teams to perform
their life’s best work at Oceania.
We create long term value for
our stakeholders by integrating
sustainability into our thinking,
strategy and growth initiatives.
13
Oceania
Annual Report 2025
Our value creation model

Our Sustainability
Framework
Oceania published its Sustainability
Framework in FY23, outlining
aspirations and goals for each
of its four strategic pillars. The
metrics and targets we've set
help bring accountability, focus,
monitoring and transparency to
our sustainability journey, enabling
more informed decision making.
Our Sustainability Framework
is enabled by:
• supply chain practices
• partnerships and collaboration
• innovation and technology
• sustainability risk management
• policies and processes
• data and measurement
• transparent reporting
• sustainability capability
• advocacy
Aspiration
We are an employer
of choice
Goals
We attract, grow and
retain great people.
We provide a safe, diverse,
equitable and inclusive
workplace that fosters
our people’s development
and capability.
People
Capability
Aspiration
We enable our
residents to live
a sustainable
and fulfilled life
Goals
We prioritise resident wellbeing through
conscious design and exceptional services.
We actively engage with our residents, people

and local community to create positive social
and environmental outcomes.
Resident Experience
Growth
Aspiration
We integrate
sustainability
into our thinking,
strategy

and growth
initiatives
Goals
We adopt a long term value focus
when making investment decisions
and allocating capital.
We reduce our GHG emissions in line
with our science based target and
integrate climate resilience

into our business.
Aspiration
We use resources
sustainably to build homes
that seamlessly integrate
with, and benefit, the

local community
Goals
We design with a focus on the
local environment, community
needs and cultural values
of each location.
We minimise our
environmental impact and
support a circular economy.
Offer
We are creating
sustainable retirement
and aged care living
experiences for today,
and for our people
of tomorrow.
14
Oceania
Annual Report 2025
Our Sustainability Framework

Our Offer
Design, develop, build and sell modern
properties for our residents of the future
Our villages are more than places to
reside – they are homes where quality,
care, and connection create meaningful
living experiences.
From modern residences to innovative
care models, every decision is guided by a
understanding of what makes life fulfilling at
every stage. Our design philosophy ensures
we build vibrant communities that stand the
test of time.
Oceania proudly owns and operates 37
retirement villages and care centres across
New Zealand, offering independent living and
aged care services, all shaped by a commitment
to quality and community. Many of our villages
are intentionally smaller and more intimate,
fostering deeper connections and a strong
local presence.
Recognising every resident has unique
needs, our portfolio offers a diverse range of
living options. One example is our Couples
Care Suites, offered at select sites, enabling
loved ones to stay together as care needs
evolve, easing the stress of separation
during vulnerable times.
We’ve made sustained investment in our care
suite model to ensure it meets resident needs
while delivering sustainable returns. Looking
ahead, Oceania is strategically rebalancing its
portfolio to achieve the right mix of care suites
and independent living units, combining high
density sites with broadacre, integrated villages.
Sustainability is central to our approach. We
design and build with local communities and
the environment in mind. Increasingly, our
independent residences are achieving Homestar
certification from the New Zealand Green
Building Council (NZGBC), reflecting higher
standards of energy efficiency and healthier
living. These credentials support wellbeing
while strengthening Oceania’s position in an
investment landscape that places increasing
value on environmental performance.
As we continue to evolve, we remain focused
on creating exceptional living environments,
fostering community engagement, and
delivering a future ready approach to
care and sustainability.
SUSTAINABILITY GOALS
AND KEY METRICS
Design with a focus on
the local environment,
community needs
and cultural values
of each location.
Minimise our
environmental
impact and support
a circular economy.
Construction waste diverted from landfill
as a percentage of all construction waste
FY25
85.1%
100%0%FY27 TARGET 80%
Green Star Communities
FY24 79.0%AUCKLAND
FY25
7 9.8 %
100%0%FY27 TARGET 60%
FY24 62.9%NON-AUCKLAND
Water use (000s)
FY24 347m
3
FY25 323m
3
Operational waste
Operational
waste to landfill
Operational waste
diverted away from landfill
FY25
1,548t403t
FY25
20.7%
100%
FY24 17.4%
0%
Operational waste diverted from landfill
as a percentage of all operational waste
15
Oceania
Annual Report 2025
Strategic Pillar: Our Offer
FY25 TARGETFY25
One pilot
development
On track to register first Green Star
communities project, Franklin Village

Year in review
Oceania continued to rebalance and modernise its
portfolio in FY25, expanding its connected care offering
and strengthening its commitment to sustainable, resident
focused communities
»During FY25, Oceania delivered more than 224 new units and
care suites, including:
• Awatere Village, Hamilton: 68 Apartments
• Waterford Village, Auckland: 50 Apartments
• Elmwood Village, Auckland: 106 Care Suites
»The Helier in Auckland was awarded ‘Best in Category’ at the
2024 NZ Property Council Awards.
»More than 650 units across Oceania’s portfolio have now been
delivered to Homestar standard – creating healthier, warmer,
more energy efficient homes.
»Construction commenced at Franklin Village, Oceania’s first
greenfield broadacre development:
• 30 stage one villas are being built to Homestar 7
• Community buildings are being built to Green Star.
• The village is on track to achieve Green Star Communities
certification – reinforcing Oceania’s commitment to
sustainable, resilient, and liveable community design
from the outset.
• Constructing the final stage of 40 suite dementia centre
at Meadowbank Village.
• Oceania divested six non core care sites for
approximately $33.8 million.
»Focus on sustainable construction and operations
• Developed smart water metering implementation plan
to better manage real time water usage; to be rolled out
in FY26.
• Exceeded construction waste diversion targets for Auckland
and regional projects, diverting 474.1 tonnes of waste from
landfill and preventing 127.8 tonnes of CO₂e emissions.
• Invested in replacing gas with high efficiency electric hot
water heat pumps across several sites and diesel heating as
part of decarbonising Oceania’s energy systems.
• Continued implementation of energy efficiency projects
across the portfolio, including LED lighting upgrades.
»Three of Oceania’s villages are participants in the University of
Otago’s ‘Reducing Food Waste in the Aged Care Sector’ food
minimisation project, helping to reduce food waste.
Our future focus
Inspired living
Elevating the ageing experience through thoughtful
environments and tailored wellbeing services that
support the whole person.
Awatere Village, Hamilton
16
Oceania
Annual Report 2025
Strategic Pillar: Our Offer

Oceania strengthens dementia care
offering with new centre at Meadowbank
In June 2025, Oceania’s Meadowbank Village will open its
newest centre – the Ōrākei Building – a purpose built, premium
dementia care centre designed to provide specialist care and
enable residents to remain in a familiar environment as their
needs change.
The centre will initially offer 21 rest home level dementia care suites.
A further 19 suites will be available for hospital level dementia care
following certification from Te Whatu Ora, expected by mid June.
This integrated care approach means residents can transition
between levels of care without the disruption of moving buildings.
The Ōrākei Building completes Meadowbank’s connected care,
extending from independent living through to rest home, hospital,
and now, specialist dementia services.
Supporting continuity, connection, and
personalised care
The centre is built around an integrated, person centred model of
care that supports individual identity, comfort, and independence.
Residents live in a communal environment with shared kitchens,
living spaces, and a secure garden – creating familiar and
homelike environments.
Multi skilled caregivers work within each household, providing
consistent support and building trusted relationships with residents
and their whānau. Oceania’s commitment to resident centred
fundamental care underpins this approach, enabling continuity
of care in an environment that feels both safe and supportive.
Designed for wellbeing and ease
Each suite includes an ensuite to promote independence,
while dementia friendly design features – such as clear
signage, calming colour palettes, and intuitive layouts –
support daily routines and sensory needs.
Shared spaces include green walls, large windows, and
natural light to create a soothing atmosphere. A central
heating and cooling system, along with solar panels and
other energy efficient design elements, reflect Oceania’s
commitment to sustainability.
Residents benefit from a flexible daily rhythm that
includes physical movement, sensory engagement, and
activities aligned to Te Whare Tapa Whā, supporting
holistic wellbeing across physical, emotional, social, and
spiritual dimensions.
“This development is about providing certainty and comfort
at a time when both really matter,” said Suzanne Dvorak,
Chief Executive Officer. “Residents will receive high quality,
personalised care from a team they know – while remaining
in a space that supports their independence and wellbeing.”
The Ōrākei Building represents a new benchmark for
specialist dementia care at Oceania – combining clinical
expertise, thoughtful design, and a genuine commitment
to ageing in place.
“This development is about providing
certainty and comfort at a time when
both really matter. Residents will receive
high quality, personalised care from a
team they know – while remaining in a
space that supports their independence
and wellbeing.”
Suzanne Dvorak, Chief Executive Officer.
17
Oceania
Annual Report 2025
Strategic Pillar: Our Offer

Our communities are places where older
New Zealanders can grow, connect, and live
with meaning – supported by personalised care,
trusted relationships, and a sense of belonging.
As New Zealanders live longer and healthier lives,
expectations are shifting. Residents increasingly
seek connection, purpose, and choice, alongside
care. We remain committed to leading the way
in redefining retirement living, delivering a life
enriched by wellbeing, recreation, convenience,
and meaningful support.
We create environments that prioritise
independence, connection and fulfillment
with an emphasis on resident choice. Our Five
Ways to Wellbeing programme reinforces this,
encouraging connection, activity, mindfulness,
learning, and giving.
Our goal is to create communities that feel
like home – where every resident feels valued
and supported.
This is reflected in the full implementation of our
Māori Health Plan, helping care teams engage
with whānau, strengthen understanding of
Te Tiriti o Waitangi, and deliver inclusive care.
We’ve also embedded our Fundamentals of Care
framework, supporting physical, psychological,
social and spiritual needs, with a focus on
the relationship between resident, whānau,
and caregiver.
Innovation is central to Oceania’s approach. Our
Nurse Practitioner Model, now operating in two
thirds of our care centres, enhances continuity
of primary care for our residents. It now extends
to two independent living villages, with plans to
expand. With 13 Nurse Practitioners and a talent
development pathway, we’re building resilience
amid General Practitioner shortages.
To enhance connected living, we continue rolling
out digital solutions like the Oceania Together
App and voice activated media. We also remain
committed to Couples Care Suites, helping loved
ones stay together as care needs evolve.
Looking ahead, we’re focused on creating
meaningful experiences and nurturing
communities where residents truly belong.
Through innovation, personalised care, and
inclusive design, we ensure village life is
enriching and fulfilling.
Our Resident Experience
To be the leader in the delivery of resident experience in
retirement villages and aged care centres in New Zealand.
SUSTAINABILITY GOALS
AND KEY METRICS
Prioritise resident
wellbeing through
conscious design and
exceptional services.
Actively engage
with our residents,
people and local
community to create
positive social and
environment outcomes.
1 The methodology for this care resident wellbeing metric is bespoke to Oceania for the
purposes of establishing an ambitious social metric under its sustainability linked loan.
The methodology was created using six years of historical Oceania InterRAI data.
2 We achieved a neutral outcome on the care resident wellbeing KPI, indicating that while
we met the expected standard, we did not exceed it.
New ILUs designed and built to 7 Homestar
FY30 Target: To 7 HomestarFY25
FY24
7 Homestar certification
Care resident wellbeing
Number of care residents who improve or maintain an optimum level of health
FY27 Target: 78.93%
1
FY25 78.0%
2
FY24 7 8 .9 %
Care resident satisfaction
FY25 41
FY24
41
+100-100
0
NET PROMOTER SCORE (+/- 100)
18
Oceania
Annual Report 2025
Strategic Pillar: Our Resident Experience

Year in review
Oceania’s focus in FY25 remained on enriching the lives
of residents, strengthening community connections, and
delivering high quality, person centred care. This commitment
was reflected in a range of initiatives across our villages
– from clinical innovation and wellbeing programs to
meaningful external partnerships and sector recognition.
»During the year, we:
• Maintained our care resident satisfaction score (NPS)
of 41, reflecting our ongoing commitment to positive
care experiences.
• Commenced work on implementing NPS measurement for
independent living residents.
• Expanded our Nurse Practitioner Model, with 13 Nurse
Practitioners now supporting 20 care centres and villages
enhancing continuity of primary care for our residents.
• Introduced new initiatives within our Fundamentals of Care
Framework and delivered education webinars promoting
relationship based, integrated care.
• Appointed a dedicated Dementia Specialist to lead the
development of Oceania’s dementia strategy.
• Continued promotion and facilitation of resident and team
participation in the Five Ways to Wellbeing programme
(connect, get active, take notice, learn and give).
Awards and Recognition
»Retirement Village Association Awards 2024:
• Winner: Marina Cove: Worm farm project.
• Finalist: Franklin Care Centre: “Vegetables
for Pataka Kai” project.
»New Zealand Aged Care Association Awards 2024:
• Winner: The Bellevue for Excellence in Food Award
for Care Homes and Hospitals.
• Finalist: Oceania Nurse Practitioner Model for
Innovative Delivery Award.
Our future focus
Connected Care
Delivering seamless transitions across lifestyle, health,
and care, strengthened by trusted relationships with
family, whānau, and community, and supported by
smart technology.
»We were proud to partner with organisations that share
our purpose and strengthen community wellbeing. These
initiatives provided opportunities for our residents and
teams to give back, connect with and support others:
• National Foundation for Deaf and Hard of Hearing (NFDHH)
- Oceania with the NFDHH are providing ‘Hearing Health’
morning teas featuring free screening, information on
accessing grants for hearing aid support and basic sign
language teaching. Oceania is a Hearing Accredited
Workplace.
• Chip Packet Project - Residents teamed up to help turn
family sized chip packets into survival blankets for people
experiencing homelessness. What began as a single site
effort has now turned into a national partnership for 2025.
• Fair Food Project - Oceania volunteers supported the
collection and redistribution of surplus food to transitional
housing and domestic violence shelters, reinforcing our
commitment to environmental and social wellbeing.
Marina Cove: Worm farm project.
19
Oceania
Annual Report 2025
Strategic Pillar: Our Resident Experience

Coming together to deliver warmth,
one chip packet at a time
What do chips, compassion and community have in common?
At Oceania, they’re part of a story of connection and giving,
where chip packets are no longer just waste. They become a way
to provide warmth, hope, and purpose.
Person centred experiences with purpose
Through the Five Ways to Wellbeing programme, Oceania
continues to create experiences that go beyond care. One initiative
that captured hearts and hands across our villages was the Chip
Packet Project New Zealand (CPPNZ), launched during Recycling
Week – a time to reflect on how we treat our waste, and each other.
A single foil lined packet of chips is consumed in minutes, yet
takes more than 80 years to break down in landfill. With each
New Zealander contributing around 60 kilograms of plastic to
landfill annually, finding creative ways to reduce waste is critical.
Through a new partnership with CPPNZ, empty chip packets have
now found a new purpose – becoming heat reflective survival
blankets for those without shelter.
From waste to warmth
Residents, staff, and families came together to clean, flatten
and donate foil chip packets. At ‘Blanket Parties’ at three of
our villages – Lady Allum in Auckland, Atawhai in Napier, and
Palm Grove in Christchurch, those packets were transformed
into survival blankets – turning what would otherwise be waste,
into a practical resource for those in need.
“The Chip Packet Project is all about giving new life to waste, bringing people together, and
supporting those doing it tough – and our partnership with Oceania embodies that and more.
We’re deeply grateful to the residents and staff, who’ve rolled up their sleeves and put their
hearts into this mahi. Together, we’re not just creating survival items – we’re creating hope,
purpose, and connection.”
Terrena Griffiths, Founder, Chip Packet Project New Zealand
The project was more than just recycling it bought people
together. Residents and teams contributed their time,
energy, and heart to make a difference – connecting
across generations and communities in the process.
Lasting impact
Following its success, Oceania will expand its involvement in
2025-2026 through a national partnership with CPPNZ. More
villages and care centres will take part, continuing to turn
small acts into lasting impact.
20
Oceania
Annual Report 2025
Strategic Pillar: Our Resident Experience

Our people are at the heart of Oceania. Their
dedication, compassion, and expertise underpin
our leadership in retirement and aged care
across New Zealand. By nurturing a capable,
diverse, and engaged workforce, we enrich
residents’ lives and build a resilient organisation.
Our people capability strategy supports this
through investment in professional development,
wellbeing, and a culture grounded in inclusion,
growth, and recognition.
Today’s workforce seeks more than just a job;
they want to grow, contribute meaningfully, and
feel valued. That’s why we invest in upskilling
and celebrate high performance.
Listening to our people is central to our
approach. Insights from our annual engagement
survey shape our priorities around culture,
inclusion, and wellbeing. We continue to evolve
our strategy to reflect these insights and remain
responsive to team needs.
Health, safety, and wellbeing remain core
priorities, supported by mental health initiatives,
inclusive policies, and strong support networks.
Our goal is to ensure every team member feels
safe, respected, and empowered to thrive.
Engagement and retention remain key focus
areas. We’re proud to report an uplift in both
our overall and clinical retention rate in FY25, a
testament to our efforts in building a supportive
and rewarding work environment. While labour
market factors such as the current nursing
oversupply have contributed, we remain focused
on sustaining long term workforce strength.
Ultimately, our people drive our purpose.
Their passion and care create a lasting impact
for residents, families, and communities. By
fostering talent, promoting equity, and
recognising excellence, we are building a
workforce that believes in better and delivers
it every day.
Our People Capability
Building capability and developing a culture that enables
our people to perform their life’s best work at Oceania.
SUSTAINABILITY GOALS
AND KEY METRICS
Attract, grow and retain
great people.
Provide a safe,
diverse, equitable and
inclusive workplace
that fosters our
people’s development
and capability.
1 LTIFR is a health & safety metric that measures the number of lost time injuries (work related
injuries resulting in time away from work).
FY25
7 9.0 %FY24 52.0%(CEO-3) (% FEMALE)
Employee net promoter score (eNPS) (+/-100)
FY25
7 7.4 %
100%0%
100%0%
FY24 67.0%ALL EMPLOYEES
100%0%
FY25
7 7. 5 %FY24 69.0%CLINICAL EMPLOYEES
Employee retention
Gender Diversity
FY25
23
FY24
24
+100-100
0
NET PROMOTER SCORE (+/- 100)
Lost time injury frequency rate
FY25 11.21FY24 7.4 7
21
Oceania
Annual Report 2025
Strategic Pillar: Our People Capability

Year in review
Oceania continues to prioritise and invest in its people,
empowering teams to deliver exceptional care and create a
safe, inclusive, and rewarding workplace.
During the year, we focused on strengthening leadership, building
capability, and supporting a culture of respect and safety:
»Strengthening leadership & systems
• Clinical and Sales functions were elevated to the
Executive Team.
• The Senior Leadership Team was expanded to include
leaders from Clinical, Sales, Marketing, and Risk.
• Rolled out a new Human Resource Information
System (HRIS), enhancing workforce planning and
insight capabilities.
• Launched HumanforceHR, a people platform that simplifies
access to employee resources, policies, and information.
»Investing in our people
• Delivered over 100 workshops, onsite training sessions,
and clinical development activities to build capability across
both clinical and non clinical teams.
• Four leadership cohorts participated in the Future Fluent
programme during FY25, supporting skills development and
role proficiency across the organisation.
• Despite the closure of the Wesley School of Nursing in
2024, Oceania continues to apply its best practices in
internal training.
Our future focus
Empowered People
Supporting a dedicated, high performing workforce
to deliver outstanding care and experiences, backed
by strong leadership and a culture aligned with our
strategic purpose.
»Creating a safe, inclusive workplace
• Celebrated Cultural Days that honoured
the traditions and heritage of our diverse
workforce and communities, fostering
mutual respect and connection.
• Implemented the Safety Hub app,
enabling frontline teams to report
safety issues in real time, improving risk
resolution and responsiveness.
• Conducted the annual employee
engagement survey, with feedback
directly informing people initiatives and
strategic priorities.
• Maintained a positive employee
satisfaction rating of 23, reflecting
Oceania’s commitment to listening,
engaging and collaborating with our
people to ensure a rewarding workplace.
• Strengthened health and safety leadership
through Gemba Walks at clinical,
executive, and board levels, promoting
continuous improvement.
• Directors actively participated in regular Health
and Safety Walks, reinforcing visible leadership and
alignment with our Fundamentals of Care framework.
Section Title / Article Title
22
Oceania
Annual Report 2025
Strategic Pillar: Our People Capability

Clinical leadership and
everyday excellence
Oceania continues to strengthen clinical leadership and frontline
practice, with a focus on safe, person centred care. This year,
the introduction of Gemba Walks – championed by Director of
Clinical and Care Services, Shirley Ross – reinforced Oceania’s
commitment to connection, accountability, and clinical visibility
at all levels of the organisation.
A leader grounded in care
With more than 38 years of nursing experience, Shirley brings
extensive clinical knowledge and a strong belief in the power of
nurse led care. Her leadership spans hospital wards, aged care
facilities, and health boards, including her former role as Head of
Division for Older People’s Health at Waitematā DHB. Since joining
Oceania, she has elevated both the voice of clinical staff and the
visibility of care delivery – particularly through initiatives like the
Nurse Practitioner Model and Gemba Walks.
Introducing Gemba walks to Oceania
The Gemba Walk programme was introduced after Shirley
attended the International Learning Collaborative (ILC) conference
in Oxford, where she encountered global approaches to restoring
attention to fundamental care. The ILC developed a framework to
ensure patients and residents receive the fundamentals of care
with consistency, dignity, and attention. Shirley adapted this
concept for Oceania.
Today, Gemba Walks are embedded across the organisation –
from clinical managers walking daily alongside teams in care
centres, to board members and executives joining monthly walks.
By encouraging leaders to spend time where care happens, the
approach has strengthened understanding, improved early issue
resolution, and created space for shared learning and connection.
Everyday excellence in action
For Shirley, it’s a return to what matters most. “We have
extraordinary people working in aged care – compassionate,
capable, and dedicated. Our job as leaders is to stay close,
stay visible, and keep listening.”
In 2025, Shirley will return to the ILC conference – this time,
to share Oceania’s progress and present how Gemba Walks
are driving everyday excellence and building a culture where
fundamental care is everyone’s business.
A Gemba Walk is a workplace walk through designed to observe, ask questions, and identify both good and poor practice. The
concept comes from the Japanese word “Gemba” or “Gembutsu” meaning “the real place” – often defined in aged care as the
place where work happens: beside the resident.
At Oceania, Gemba Walks are led by the Clinical team across our care centres. Clinical Managers conduct daily walks, while
Regional Clinical Managers and the Support Office clinical team participate monthly. By engaging teams in conversations
about clinical workflows, interacting with residents, and observing care in real time, Gemba Walks increase connection, surface
opportunities for improvement, and create space for staff and residents to share ideas. The approach supports stronger
engagement and empowers teams to continuously elevate care.
23
Oceania
Annual Report 2025
Strategic Pillar: Our People Capability

Our Growth
To deliver outstanding financial performance
and sustainable growth over the long term.
SUSTAINABILITY GOALS
AND KEY METRICS
Adopt a long term value
focus when making
investment decisions
and allocating capital.
Reduce our GHG
emissions in line with
our science based
target and integrate
climate resilience into
our business.
We’re focused on sustainable growth that
delivers lasting value for our investors, residents,
team and communities. Our integrated
approach ensures that our decisions balance
shareholder returns with care for our residents,
our people, and the environment.
In FY25, our strategic focus led to increased
sales, reduced debt, a disciplined development
pipeline and an optimised business model. These
initiatives are generating long term savings while
advancing our Sustainability Framework.
With New Zealand’s over 75 population
projected to more than double by 2048, we’re
responding with a clear strategy for sustainable,
profitable growth.
In response to recent market pressures, we
adopted a more flexible short term development
pipeline, reducing gearing while maintaining
growth. In line with this, we divested six non
core sites in FY25.
Historically, our development focused on
brownfield sites. As these decline, we're
entering a new chapter targeting select
greenfield projects while continuing the focus
on maintenance of our portfolio. These allow
us to design communities that support local
economies, reduce environmental impact
through Homestar and Green Star certification,
and generate long term investor value.
Our $500 million sustainability linked loan, now
in its third year, underscores our disciplined
growth approach. Refinanced in March
2025, we secured a new syndicate member,
optimal pricing, and extended tenor, all while
maintaining existing covenants and associated
social and environmental goals.
We’re delivering against emissions reduction
targets and increasing supply chain
transparency, aiming to align 72.5% of suppliers
by spend, covering category 1 purchased goods
and services and category 2 capital goods, with
science based targets in FY27.
We’ve invested in maturing our risk framework
and embedding a strong culture of risk
awareness. Our second Climate Related
Disclosure report will be released in June 2025.
Looking ahead, we remain focused on value
creation, operational excellence, and long term
planning, delivering sustainable outcomes for
our residents, people, and stakeholders.
1 See our FY24 GHG Emissions Report: oceaniahealthcare.co.nz/investor-centre/sustainability
Number of units built
INDEPENDENT LIVINGFY25 118FY24 95
CARE UNITSFY25 106FY24 87
GHG emissions (tCO
2
e)
FY25 3,151FY24 3,560
TARGET
Reduce absolute scope 1 and
2 emissions by 42% by FY30,
below a FY2022 base year
(market based emissions)
0%
-29%
FY25
-100%
FY24 20%
1
REDUCTION AGAINST
FY22 BASE YEAR
(market based emissions)
FY30 TARGET -42%
24
Oceania
Annual Report 2025
Strategic Pillar: Our Growth

Year in review
Oceania delivered a favourable financial performance and
continued to invest in growth initiatives.
During the year, we strengthened delivery across finance,
sustainability, digital capability, and risk:
• Reported FY25 Total Comprehensive Income of $74.6m and
Net Profit after Tax of $30.4m.
• Secured $5m in cost savings through business optimisation
initiatives, with a further $10–$15m in progress for FY27.
• Rolled out new digital platforms to streamline operations,
including HRIS, Safety Hub, and enhanced emissions
reporting tools.
• Successfully refinanced our $500m sustainability linked
syndicated loan, adding a new syndicate partner.
• Met two of three annual Sustainability Performance Targets
(SPTs) under our sustainability linked loan – construction
waste diversion and Scope 1 and 2 GHG emissions reduction
(market based).
• Delivered 224 new independent living units and care suites,
supporting increased demand for high quality, resident
centred housing.
• Committed to achieving the care resident wellbeing upper
threshold under our sustainability linked loan, which was in
the neutral zone in FY25.
Our future focus
Purposeful Impact
Building long term, sustainable growth through
innovation, operational excellence, and investments that
create social and environmental value.
»Climate and carbon
• Developed Oceania’s first Climate Transition Plan to guide
long term resilience and transition to a low carbon economy.
• Designed community buildings at Franklin Village with at
least 10% less embodied carbon than standard reference
buildings (as part of Green Star framework).
• Progressed Oceania’s Scope 3 supplier engagement target,
38% of key suppliers engaged now have science based
GHG target
1
.
• Oceania’s FY25 Climate Related Disclosures, will be
available from June 2025. https://oceaniahealthcare.co.nz/
investor-centre/reports-presentations/
»Comprehensive risk management
• Strengthened cyber strategy to address emerging threats,
including AI enabled cyber attacks.
• Continued to lead in health and safety, leveraging new tools,
technologies and processes to create safer environments for
residents, teams, and visitors.
1 Not all suppliers have their science based targets verified by the Science Based Target initiative (SBTi);
some have their targets assured through alternative frameworks such as Toitū. Some suppliers are
covered by SBTi targets set at the parent company level. Further, a change in emissions factor library
may lead to a change of suppliers in scope of this target in future.
25
Oceania
Annual Report 2025
Strategic Pillar: Our Growth

Sales performance and
market momentum
Oceania saw a strong rebound in unit sales in FY25, with 520
units sold – a 9% increase on the prior year. The uplift reflects the
success of targeted marketing, refreshed pricing strategies, and
renewed energy across the sales team. Progress also continued
on the sell down of unsold stock.
A clear value proposition
The renewed momentum comes despite broader softness in the
residential property market and demonstrates the strength of
Oceania’s integrated care and lifestyle proposition. Across multiple
open days, microsites, and resident information sessions, interest
from prospective residents remained high – particularly among
those exploring both lifestyle and care needs in one place.
Leadership driving engagement
Sales and marketing activity was led by Stephen Lester, who
joined Oceania as Chief Sales and Marketing Officer in November
2024. Stephen brings experience in customer engagement and
sales strategy, and works closely with Fiona Cameron, General
Manager Sales, who stepped into the role in July 2024.
Together, they’ve focused on lifting team capability and visibility
across Oceania’s villages – ensuring sales teams are better
connected to both prospective residents and the care teams
supporting them.
“The market is seeing and responding
to what we have to offer.”
Stephen Lester, Chief Sales and Marketing Officer
Unit Sales
New SalesResalesILUCare
0100200300400500600
Mar-23
Mar-24
Mar-25
184
157
128280
319
336
227
218
152256
258
293
“Our team at all sites are engaging positively with those looking
for a retirement experience that also offers an integrated care
proposition,” says Stephen.
“Oceania’s sales focus has stepped up and it is pleasing to see
some good results being delivered. The market is seeing and
responding to what we have to offer.”
Unit sales for FY25 included strong performance across both
new sales and resales, with increases in independent living units
and care suites. The results contribute to a longer term growth
trajectory, with 520 total units sold this year – a clear uplift
from FY24.
26
Oceania
Annual Report 2025
Strategic Pillar: Our Growth

This is Oceania.
Our leadership.
27
Oceania
Annual Report 2025

Liz Coutts has been a Director and Chair of Oceania since 5 November 2014.
Liz is also the Chair of EBOS Group Limited and 2degrees Group Limited
and a consultant to Fonterra Co-operative Group Limited. Liz is a Fellow of
Chartered Accountants Australia and New Zealand, a past President of the
Institute of Directors NZ Inc and was made an Officer of the New Zealand
Order of Merit (ONZM) in 2016.
Liz has previously been Chief Executive of Caxton Group, and Chair and,
or director of a number of public and private companies and entities over
the last 25 years including Skellerup Holdings Limited, Life Pharmacy
Limited, Industrial Research, Public Trust, Sanford, Ravensdown Fertiliser
Cooperative, the Health Funding Authority, Pharmac, Air New Zealand,
Sport and Recreation New Zealand. She has been a Commissioner of both
the Commerce Commission and Earthquake Commission and a member of
both the Financial Reporting Standards Board of the New Zealand Institute
of Chartered Accountants and the Monetary Policy Committee of the
Reserve Bank of New Zealand.
Liz is a member of all Board Committees.
Alan Isaac has been a Director of Oceania since 1 October 2015. Alan is a
professional director with extensive experience in accounting, finance and
governance. He is the past President of the Institute of Directors NZ Inc. and
is Chairman of New Zealand Community Trust and Basin Reserve Trust. He
is a former President of the International Cricket Council. Alan is a Director
of Scales Corporation Limited, Skellerup Holdings Limited, and Community
Gaming Alliance GP Limited. He is also a Trustee of Wellington Free
Ambulance and the Wellington Cricket Foundation. In April 2024 Alan was
appointed to the Special Division of the NZ Markets Disciplinary Tribunal.
Alan is a former national Chairman of KPMG, and was made a Companion
of the New Zealand Order of Merit (CNZM) in 2013. He is a Fellow of
Chartered Accountants Australia and New Zealand.
Alan is Chair of the Audit Committee, Chair of the Risk Committee and
is a member of the People and Culture Committee.
Dame Kerry Prendergast has been a Director of Oceania since
22 December 2016. Dame Kerry is a professional director. She was Mayor
of Wellington (2001-2010) and is currently the Chair of Wellington Free
Ambulance, Wellington Opera, Tourism Industry Association, Capital
Kiwi, Advisory Oversight Group (Wellington Region Water Service Delivery
Planning) and Royal New Zealand Ballet. Dame Kerry is also a trustee
of New Zealand Community Trust and the Wellington International Arts
Foundation. For 25 years Dame Kerry was an independent midwife after
training as a general nurse in 1970, and consequently gaining a Diploma
in Intensive Care. She was made a Companion of the New Zealand Order
of Merit (CNZM) in 2011 and was promoted to Dame Companion of the
New Zealand Order of Merit in January 2019 for services to governance
and the community.
Dame Kerry is Chair of the Clinical and Health & Safety Committee and
a member of the Risk Committee.
Elizabeth Coutts
Chair and Independent Director
ONZM, BMS, FCA
Alan Isaac
Independent Director
CNZM, BCA, FCA
Dame Kerry Prendergast
Independent Director
DNZM, CNZM, MBA (VUW), NZRN, NZM
Core Strengths
Climate
Markets & Customers
Building & Maintaining Relationships
Capital Structure & Management
Executive Leadership
Australian Experience Delivering Sustainable Growth
Property & Construction
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Oceania
Annual Report 2025
Board of Directors
Strategic Leadership

Sally Evans has been a Director of Oceania since 23 March 2018. Sally has
over 30 years’ experience in the private, government and social enterprise
sectors in Australia, New Zealand, the United Kingdom and Hong Kong.
Sally is a Director of Healius Limited in Australia, and Allianz Australia
Life Insurance Limited and a member of the Advisory Council of the
Australian regulator, the Aged Care Quality and Safety Commission.
She has previously held Directorships on the boards of Ingenia Retirement
Communities, Opal Specialist Aged Care and Blue Cross Aged Care, was
an inaugural member of the Australian Federal Government’s Aged Care
Financing Authority and prior executive roles include Investment Manager,
Aged Care at AMP Capital.
Sally is Chair of the Sustainability Committee and a member of the
Clinical and Health and Safety Committee.
Sally Evans
Independent Director
BHSc, MSc, FAICD, GAIST
Rob has been a Director of Oceania since 17 September 2021. He is a
respected member of the capital markets and finance community in
New Zealand, with more than 30 years’ experience in senior executive roles.
Rob is currently a Director of Westpac New Zealand Limited, a Director of
Tourism Holdings Limited, a Director of Mercury NZ Limited and Chair of the
Auckland Grammar School Foundation Trust.
He was previously Chief Financial Officer at SkyCity Entertainment Group
Limited and a Managing Director and Head of Investment Banking at Jarden
(formerly First NZ Capital).
Rob was also previously a member of the Auckland Grammar School Board
of Trustees and a Board member on the New Zealand Olympic Committee.
Rob is Chair of the People and Culture Committee and is a member of the
Audit Committee and the Sustainability Committee.
Rob Hamilton
Independent Director
BSc, BCom
Greg Tomlinson has been a Director of Oceania since 23 March 2018.
Greg is a Christchurch domiciled businessman and investor with experience
in a variety of New Zealand industries. One of the original pioneers of the
aquaculture industry in Marlborough, he has also established construction
and aged care businesses.
Greg established Qualcare before it was sold into the Oceania Group in
early 2008 and he was a director of Oceania from 2008 until 2016. Greg
holds directorships on the boards of a number of New Zealand based
companies and is currently Chair of Heartland Group Holdings Limited
and Indevin Group Limited.
Greg is Chair of the Development Committee.
Gregory Tomlinson
Independent Director
AME
Core Strengths
Climate
Markets & Customers
Building & Maintaining Relationships
Capital Structure & Management
Executive Leadership
Australian Experience Delivering Sustainable Growth
Property & Construction
29
Oceania
Annual Report 2025
Board of Directors
Strategic Leadership cont.

Core Strengths Climate
Markets & Customers
Building & Maintaining Relationships
6 /6
Climate
• Undertaken climate response training and understand climate risks.
6 /6Customer Advocacy
• Experience and understanding of sales, marketing and brand strategy
and practices.
6 /6
Aged Care, Hospitality,
Customer Service Market Experience
• Experience and understanding (either at Board, leadership or senior consulting
level) of the dynamics of the international and/or domestic aged care,
hospitality and customer services markets, and opportunities and challenges
within those markets.
4 /6Clinical Experience
• Experience and understanding of the clinical requirements of the healthcare
sector at a governance, leadership and/ or practitioner level.
6 /6
Government Relationships
• An understanding of the functioning of Government and experience
developing and maintaining a constructive relationship and interactions
with Government and regulators.
6 /6
Shareholder/Investment
Community Relationships
• Experience in and understanding of shareholder and investment
community concerns and developing constructive relationships.
30
Oceania
Annual Report 2025
Board of Directors
Our Board Skill Set
6 /6
Governance
• Commitment to the highest standard of governance.
• Board experience (NZX 50 or equivalent) or experience as an advisor to Boards
for at least 5 years.
• An ability to assess effectiveness of senior management.
4 /6Finance and accounting
• Senior executive or board experience in financial accounting and reporting,
corporate finance and internal controls.
• Understanding of business and property valuation principles and their
implications on the financial performance and position.
6 /6Risk management
• Developing and overseeing an appropriate risk framework and culture.
• Experience evaluating and managing financial and non-financial risks.
5 /6Capital markets and structure
• Experience with equity and debt markets, capital structuring and
investment analysis.
6 /6Regulatory knowledge and experience
• An understanding of the regulatory environment in which we operate and
the role that plays in ensuring sustainable custodianship of our assets and
providing benefit to our customers.
6 /6Human resources
• Familiarity with people and best practice development and performance structures.
6 /6Health and safety
• Experience and understanding of health and safety and wellbeing requirements.

Executive Leadership
Australian Experience
Delivering Sustainable Growth
Property & Construction
2 /6
Property &
Construction
• Experience as an investor, leader or adviser in the property
development market.
• Experience as an investor, leader or adviser in the construction industry.
6 /6
Executive Leadership
• Experience in a senior executive leadership position in a large organisation.
4 /6Australian Experience
• Experience and understanding (either at Board, leadership or senior consulting
level) of business in Australia.
5 /6Capital Structure & Management
• Experience with a range of capital structures and management of capital
within an organisation.
Capital Structure & Management
31
Oceania
Annual Report 2025
Board of Directors
6 /6
Growth
• A track record of developing and implementing a successful and sustainable
strategy of growth in business.
6 /6Strategy
• Ability to think strategically and assess strategic options and business plans.
6 /6Operational Leverage
• Experience in leading or advising organisational change and creating value for
the benefit of customers and shareholders.
6 /6
Business Model & Technological Disruption
• Understanding of differing business models and the potential for disruptive
models and practices to impact customers and the supply chain
• Understanding of the opportunity and risks provided by
technology development.
Our Board Skill Set cont.

Financial Metrics
$NZm
March 2025
12 Months
March 2024
12 Months
March 2023
12 Months
Underlying Net Profit after Tax
1
52.562.158.6
Underlying EBITDA
1
86.082.680.0
Profit for the Year 30.431.515.4
Total Comprehensive Income74.670.534.5
Total Assets 2,940.72,782.32,544.9
Operating Cash Flow
2
110.3103.478.8
Operating Metrics
March 2025
12 Months
March 2024
12 Months
March 2023
12 Months
Units2,0031,9151,820
Care Suites1,0901,071984
Care Beds1,0681,3961,651
Total4,1614,3824,455
New Sales184 157128
Resales336319280
Total520476408
Occupancy 92.3%91.1%90.4%
Occupancy (excluding development sites)94.5%92.6%92.0%
Three year summary
FOR THE YEAR ENDED 31 MARCH 2025
1 This is a non-GAAP measure, refer to note 2.1 in the consolidated financial statements for further details.
2 Restated in prior periods, this restatement increases Operating Cashflow from $85.4m in March 2024 and $70.2m in March 2023. Refer to note 1.2 for details.
32
Oceania
Annual Report 2025

Consolidated
financial statements.
34
Consolidated Statement of Comprehensive Income
34
Consolidated Balance Sheet
35
Consolidated Statement of Changes in Equity
35
Consolidated Cash Flow Statement
36
Notes to the Consolidated Financial Statements
33
Oceania
Annual Report 2025

$NZ000’sNotesMarch 25March 24
Revenue2.2260,572265,463
Change in fair value of investment property
3.190,17060,779
Other income
2.34,9389,165
1
Total income355,680335,407
Employee benefits and other staff costs
2.4178,370 178,786
Depreciation (buildings and care suites)
2.4, 3.2, 3.514,40212,794
Depreciation and amortisation (chattels, leasehold improvements and software)
2.4, 3.2,
3.5,5.2
7,7466,192
Impairment of property, plant and equipment and right of use asset
2.4, 3.226,0119,269
Impairment of held for sale assets
3.3145,088
Impairment of goodwill
2.4, 5.2198555
Finance costs
2.420,83316,417
Other expenses
2.482,25277,913
Total expenses329,826307,014
Profit before income tax25,85428,393
Income tax benefit
5.14,5613,081
Profit for the year30,41531,474
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment for the year, net of tax
3.2, 5.145,79441,175
Items that may be subsequently reclassified to profit or loss
Loss on cash flow hedges, net of tax(1,645)(2,154)
Other comprehensive income for the year, net of tax44,14939,021
Total comprehensive income for the year attributable to shareholders
of the parent74,56470,495
Basic earnings per share (cents per share)
4.24.24.4
Diluted earnings per share (cents per share)
4.24.24.3
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2025
Consolidated Balance Sheet
AS AT 31 MARCH 2025
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
The Board of Directors of the Company authorised these consolidated financial statements for issue on 22 May 2025.
For and on behalf of the Board
Elizabeth Coutts Alan Isaac
Chair Director
$NZ000’sNotesMarch 25March 24
Assets
Cash and cash equivalents 7,589 7,485
Trade and other receivables
5.3117,791124,864
Derivative financial instruments
5.6 735 3,030
Assets held for sale
3.3- 44,259
Investment property
3.1 1,972,033 1,815,387
Property, plant and equipment
3.2 828,486 770,877
Right of use assets
3.5 9,341 10,783
Intangible assets
5.2 4,713 5,663
Total assets2,940,6882,782,348
Liabilities
Trade and other payables
5.436,44552,057
Deferred management fee
3.4 57,279 47,337
Refundable occupation right agreements
3.4 1,106,813997,190
Refundable occupation right agreements held for sale
3.4 - 7,585
Lease liabilities
3.5 10,558 11,205
Borrowings
4.4627,748640,518
Deferred tax liabilities
5.1--
Total liabilities1,838,8431,755,892
Net assets1,101,8451,026,456
Equity
Contributed equity
4.1715,960715,960
Retained earnings / (deficit)6,999(34,264)
Reserves378,886344,760
Total equity1,101,8451,026,456
1. Other income in the prior period includes $2.7m in relation to proceeds from insurance. Refer to note 1.3 (iii)
34
Oceania
Annual Report 2025

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2025
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025
$NZ000’sNotes
Contributed
equity
Retained
deficit
Asset
revaluation
reserve
Cash flow
hedge
reserveTotal equity
Balance as at 31 March 2023 713,374 (68,496) 313,029 4,353 962,260
Profit for the year-31,474--31,474
Other comprehensive income
Revaluation of cash flow hedge net of tax---(2,154)(2,154)
Revaluation of assets net of tax
3.2, 5.1--41,175-41,175
Transfer of assets net of tax-11,643(11,643)--
Total comprehensive income-43,11729,532(2,154) 70,495
Transactions with owners
Dividends paid
4.1-(9,348)--(9,348)
Share issue: dividend reinvestment scheme
4.12,586---2,586
Employee share scheme
4.1-463--463
Total transactions with owners2,586(8,885)--(6,299)
Balance as at 31 March 2024715,960 (34,264)342,561 2,1991,026,456
Profit for the year-30,415--30,415
Other comprehensive income
Revaluation of cash flow hedge net of tax---(1,645)(1,645)
Revaluation of assets net of tax
3.2, 5.1--45,794-45,794
Transfer of assets net of tax-10,023(10,023)--
Total comprehensive income-40,43835,771(1,645)74,564
Transactions with owners
Employee share scheme
4.1-825--825
Total transactions with owners-825--825
Balance as at 31 March 2025715,9606,999378,3325541,101,845
$NZ000’sNotesMarch 25
March 24
Restated
Cash flows from operating activities
Receipts from residents for village and care fees201,013 207,911
Payments to suppliers and employees(266,145) (241,638)
Receipts from new occupation right agreements294,494 226,313
Payments for outgoing occupation right agreements(106,556) (78,780)
Net goods and services tax paid(1,867) (3,654)
Receipts from insurance proceeds
1.3(iv)4,684 8,670
Interest received3,110 4,543
Interest paid on general borrowings(17,675) (19,570)
Interest paid in relation to right of use assets(781) (443)
Net cash inflow from operating activities110,277103,352
Cash flows from investing activities
Payments for property, plant and equipment and intangible assets(39,803) (52,016)
Payments for investment property and investment property under development(73,747) (128,381)
Proceeds from sale of assets32,103 20,316
Interest paid in relation to development borrowings
1
(18,428)(17,978)
Payments for assets held for sale(435) (1,168)
Net cash outflow from investing activities(100,310)(179,227)
Cash flows from financing activities
Proceeds from borrowings102,091 138,674
Repayment of borrowings(110,412) (53,925)
Principal payments for lease liabilities(1,542) (2,065)
Dividends paid- (6,763)
Net cash (outflow) / inflow from financing activities(9,863)75,921
Net increase in cash and cash equivalents10446
Cash and cash equivalents at the beginning of the year7,4857,439
Cash and cash equivalents at end of year7,5897,485
1 Restated in prior periods. Refer to note 1.2 (ii).
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
35
Oceania
Annual Report 2025

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025
$NZ000’sNotesMarch 25
March 24
Restated
Reconciliation of profit after income tax to net cash inflow from
operating activities
Profit for the year30,41531,474
Non cash items included in profit for the year
Deferred management fees accrued but not settled
2.2(63,557) (56,595)
Depreciation (buildings and care suites)
2.414,402 12,794
Depreciation and amortisation (chattels, leasehold improvements and software)
2.47,746 6,192
Impairment of goodwill
2.4198 555
Net loss on disposal of property, plant and equipment1,112 670
Fair value adjustment to investment property
3.1(90,170) (60,779)
Impairment of property, plant and equipment
3.226,011 9,269
Fair value adjustment to held for sale assets
3.314 5,088
Loss allowance for trade and other receivables
2.4168 71
Interest accrued but not paid6,825 (4,588)
Fair value movement on residents’ share of resale gains
2.4424 715
Fair value movement on cash flow hedges
5.6- 4
Gain on loan modification
4.4(5,425)-
Deferred tax benefit
5.1(4,561) (3,081)
Employee share scheme
4.3825 463
Other non cash items 974 1,001
(105,014)(88,221)
Cash items excluded from profit for the year
Receipts from new occupation right agreements294,494 226,313
Payments for outgoing occupation right agreements(106,556) (78,780)
187,938 147,533
Increase in operating assets and liabilities
Increase in trade and other receivables6,856 3,089
(Decrease) / increase in trade and other payables
1
(9,918)9,478
Net cash inflow from operating activities110,277103,353
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
1.General information37
1.1Basis of Preparation37
1.2Accounting Policies38
1.3Significant Events and Transactions38
1 .4Market Capitalisation39
2.Operating Performance39
2.1Operating Segments39
2.2Revenue44
2.3Other Income45
2 .4Expenses46
3.Property Assets47
3.1Village Assets: Investment Property48
3.2Care Assets: Property, Plant and Equipment51
3.3Held for Sale55
3.4Refundable Occupation Right Agreements55
3.5Leases57
4.Shareholder Equity and Funding58
4.1Shareholder Equity and Reserves58
4.2Earnings per Share60
4.3Employee Share Based Payments60
4.4Borrowings60
5.Other Disclosures62
5.1Income Tax62
5.2Intangible Assets64
5.3Trade and Other Receivables65
5.4Trade and Other Payables66
5.5Related Party Transactions67
5.6Financial Risk Management67
5.7Contingencies and Commitments70
5.8Events After Balance Date70
Independent Auditor's Report71
Notes to the Consolidated
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025
1 Restated in prior periods. Refer to note 1.2 (ii).
36
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
General Information
1.1 Basis of Preparation
(i) Entities Reporting
The consolidated financial statements of the Group are for the economic entity comprising
Oceania Healthcare Limited (the “Company”) and its subsidiaries (together “the Group”). Refer to
note 5.5 for details of the Group structure.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of
Oceania Healthcare Limited as at 31 March 2025 and the results of all subsidiaries for the year
then ended.
The Group owns and operates various care centres and retirement villages throughout
New Zealand. The Group's registered office is Level 26, HSBC Tower, 188 Quay Street, Auckland,
1010, New Zealand.
(ii) Statutory Base
Oceania Healthcare Limited is a limited liability company which is domiciled and incorporated
in New Zealand. It is registered under the Companies Act 1993 and is a FMC Reporting Entity in
terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the NZX
Main Board (“NZX”) and the Australian Securities Exchange (“ASX”) as a foreign exempt listing. The
consolidated financial statements have been prepared in accordance with the requirements of the
NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They comply with New Zealand equivalents
to International Financial Reporting Standards (“NZ IFRS”), International Financial Reporting
Standards (“IFRS”) and other applicable New Zealand Financial Reporting Standards, as
appropriate for for-profit entities. The Group is a Tier 1 for-profit entity in accordance with XRB A1.
The consolidated financial statements have been prepared in accordance with the going concern
basis of accounting, which assumes that the Group will be able to realise its assets and discharge
its liabilities in the normal course of business as they come due into the foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format.
(iii) Measurement Basis
These consolidated financial statements have been prepared under the historical cost convention,
as modified by the revaluation of certain assets and liabilities, including investment properties,
certain classes of property, plant and equipment and derivatives.
(iv) Key Estimates and Judgements
The preparation of the consolidated financial statements in conformity with NZ IFRS requires
the use of certain critical accounting estimates. It also requires management to exercise their
judgement in the process of applying the Group’s accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Estimates and judgements
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the consolidated financial statements are disclosed in the
following notes:
• Classification of accommodation with a care or service offering (note 3)
• Fair value of investment property and investment property under development (note 3.1)
• Fair value of freehold land and buildings (note 3.2)
• Classification and fair value of held for sale facilities (note 3.3)
• Revenue recognition of deferred management fees (note 3.4)
• Recognition of deferred tax (note 5.1)
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Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
1.2 Accounting Policies
(i) New Accounting Standards
No changes to accounting policies have been made during the year and the Group has not
early adopted any standards, amendments or interpretations to existing standards that are not
yet effective.
In May 2024 the External Reporting Board issued NZ IFRS 18: Presentation and Disclosure in
Financial Statements ('NZ IFRS 18'), effective for reporting periods commencing on or after 1
January 2027. This accounting standard is expected to change the presentation of the Group's
Statement of Comprehensive Income and may introduce additional note disclosures. NZ IFRS 18
does not impact the financial position, financial performance or cash flows of the Group. Other
standards, amendments and interpretations which are not yet effective are not expected to have a
material impact on the Group.
(ii) Treatment of Interest Paid in Consolidated Cash Flow Statement
The Group has amended its accounting policy regarding the presentation of interest paid in the
Consolidated Cash Flow Statement in the current year to better align with underlying drivers of
debt. Previously, all interest paid has been presented in cash flows from operating activities.
Interest paid in relation to funds drawn for use in the development of investment property or
property, plant and equipment is now presented in cash flows from investing activities.
The change in presentation of the capitalised interest cash outflows from operating activities
to investing activities provides more relevant, and reliable information as this aligns with other
retirement village operators’ financial statements in the retirement village sector.
The 31 March 2024 comparative numbers have been restated to reflect these changes in the
Consolidated Cash Flow Statement. The impact of these changes to the 31 March 2024 position
is as follows:
• Net cash inflow from operating activities has increased by $18.0m from $85.4m to $103.4m.
• Net cash outflows from investing activities have increased by $18.0m from $161.2m to $179.2m.
The impact on the 31 March 2025 position is as follows:
• Net cash inflow from operating activities has increased by $18.4m from $91.9m to $110.3m.
• Net cash outflows from investing activities have increased by $18.4m from $81.9m to $100.3m.
(iii) Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels.
Level 1: Quoted prices (unadjusted) in active markets for the identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The carrying amount of all financial assets and liabilities is considered to approximate their
fair value.
1.3 Significant Events and Transactions
(i) Disposal of leasehold interest
On 31 August 2023, in the comparative period, the Group exited the Wesley Care Centre, Mt Eden,
Auckland. The site was leased from the owner Airedale Property Trust and the lease was not
extended beyond the expiry date.
(ii) Disposal of held for sale and Investment Property sites
During the year ended 31 March 2025 a total of six sites were divested for proceeds totalling
$33.8m. The sites divested were Takanini (Auckland), Holmwood (Christchurch), Middlepark
(Christchurch), Victoria Place (Tokoroa), Totara Park (Warkworth) and Otumarama (Nelson).
The aggregate loss on sale of these sites is $0.9m and has been recognised in the Consolidated
Statement of Comprehensive Income. (March 2024: three sites, total sales proceeds $19.9m).
While the Group continues to operate a divestment programme there are no sites which meet the
accounting definition of held for sale as at 31 March 2025. Refer note 3.
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Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
1.3 Significant Events and Transactions (continued)
(iii) Weather Events: Auckland Floods and Cyclone Gabrielle
A number of significant weather events occurred in New Zealand during January and February
2023. The Group owns and operates a number of sites in the Auckland and Hawkes Bay regions
which were impacted by these events. Agreement was reached with insurers during May 2024 in
relation to the Auckland Floods and Cyclone Gabrielle. Refer to Notes 3.1 and 3.2 for impact on fair
value in the prior period, no impact in the current period.
1.4 Market Capitalisation
At balance date, the market capitalisation of the Group (being the 31 March 2025 closing share
price, as quoted on the NZX Main Board, multiplied by the number of shares on issue) was
below the carrying amount of the Group’s net assets and shareholders’ funds. In considering the
difference, the Group notes that over 90% of total assets at 31 March 2025 are property assets
carried at fair value as assessed by CBRE Limited. Colliers Limited were also engaged to perform
a review of the CBRE Limited valuation of certain sites in the portfolio comprising 43% of the total
value of property assets. This review supported the CBRE Limited valuation.
2. Operating Performance
2.1 Operating Segments
The Group's chief operating decision maker is the Board of Directors.
The operating segments have been determined based on the information reviewed by the Board
of Directors for the purposes of allocating resources and assessing performance. The assets
and liabilities of the Group are reported to the chief operating decision maker in total not by
operating segment.
The Group operates in New Zealand and comprises three segments; care operations, village
operations and other.
Information regarding the operations of each reportable segment is included below. Amongst other
criteria, performance is measured based on segmental underlying earnings before interest, tax,
depreciation and amortisation (“EBITDA”), which is the most relevant measure in evaluating the
performance of segments relative to other entities that operate within the aged care and retirement
village industries.
Additional segmental reporting information
Capital expenditure: Refer to note 3 for details on capital expenditure.
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all segments under
NZ GAAP. It includes fair value movements relating to the Group’s care centres and cash
flow hedges.
39
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.1 Operating Segments (continued)
CareVillageOther
ProductIncludes traditional care beds and
care suites.
Includes independent living and
rental properties.
N/A
ServicesThe provision of accommodation,
care and related services to
Oceania’s aged care residents.
Includes the provision of services
such as meals and care packages
to independent living residents.
The provision of accommodation
and related services to
independent residents in the
Group’s retirement villages.
Provision of support services to
the Group.
In addition this segment
includes the provision of training
by the Wesley Institute of
Nursing Education.
1
Recognition
of Operating
Revenue and
Expenses
The Group derives Operating
Revenue from the provision of care
and accommodation.
In relation to the provision of
superior accommodation above
the Government specification
the Group derives revenue
from Premium Accommodation
Charges (“PACs”) or, in the case
of care suites, through Deferred
Management Fees (“DMF”).
Operating Expenses primarily
include staff costs, resident
welfare expenses and overheads.
The Group derives Operating
Revenue from weekly service fees
and rental income. Operating
Revenue also includes DMF
accrued over the expected
occupancy period for the relevant
accommodation.
Operating Expenses include
village property maintenance,
sales and marketing, and
administration related expenses.
Includes corporate office and
corporate expenses.
Finance costs relate to the cost of
bank debt.
Income and expenditure relating
to the Wesley Institute of Nursing
Education is recognised in
this segment.
1
Recognition
of Fair Value
movements
on New
Developments
Fair value increases or decreases
are recognised in other
comprehensive income (i.e. not
in profit or loss) for the fair value
movement above historical cost.
Impairments below historical cost
are recognised in comprehensive
income (i.e. profit or loss).
Fair value movements are
recognised in comprehensive
income (i.e. profit or loss).
N/A
CareVillageOther
Recognition
of Fair Value
movements on
Existing Care
Centres and
Retirement
Villages
Fair value movements are treated
the same as above.
When sites are decommissioned
for development this results in
an impairment of the buildings
and chattels which is recognised
in comprehensive income
(i.e. profit or loss).
Fair value movements are
recognised in comprehensive
income (i.e. profit or loss).
N/A
Recognition in
Underlying Profit
(refer note 2.1
overleaf)
Fair value movements are
removed.
Fair value movements are
removed. Realised gains on
resales and the development
margins from the sale of
independent living units and care
suites are included, reflective
of the ownership structure of
the assets.
No material adjustments.
Asset
Categorisation
Assets used, or, in the case of
developments, to be used, in the
provision of care are recognised
as property, plant and equipment.
Assets used, or, in the case of
developments, to be used, for
village operations are recognised
as investment property.
Corporate office assets are
recognised as property, plant
and equipment. Assets include
intangibles (e.g. software).
1 With changes to the certification pathways for overseas nurses recently introduced, a decision was made during the year ended 31 March 2025 to close the
Wesley Institute of Nursing Education. The final course concluded in April 2025
40
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.1 Operating Segments (continued)
March 2025
$NZ000’s
Care
Operations
Village
OperationsOther
1
Total
Revenue 200,288 52,413 7,871 260,572
Change in fair value of investment property - 90,170 - 90,170
Other income 832996- 1,828
Total income201,120143,5797,871352,570
Operating expenses(180,680)(41,200)(38,742)(260,622)
Impairment of goodwill (198) - - (198)
Impairment of property, plant and equipment (26,011) - - (26,011)
Impairment of held for sale assets - (14) - (14)
Segment EBITDA(5,769)102,365(30,871)65,725
Interest income-3922,7183,110
Finance costs--(20,833)(20,833)
Depreciation (buildings and care suites)(13,452)-(950)(14,402)
Depreciation and amortisation (chattels, leasehold
improvements and software)(5,822)-(1,924)(7,746)
(Loss) / Profit before income tax(25,043)102,757(51,860)25,854
Income tax (expense) / benefit4,671(5,389)5,2794,561
(Loss) / Profit for the year attributable to shareholders(20,372)97,368(46,581)30,415
Other comprehensive income
Gain on revaluation of property, plant and equipment for the
year, net of tax45,794 - - 45,794
Loss on cash flow hedges, net of tax - - (1,645)(1,645)
Total comprehensive income / (loss) for the year attributable
to shareholders of the parent25,42297,368(48,226)74,564
March 2024
$NZ000’s
Care
Operations
Village
OperationsOther
2
Total
Revenue 206,34649,9509,167265,463
Change in fair value of investment property-60,779-60,779
Change in fair value of Held for sale assets----
Other income1,8102,6112014,622
Total income208,156113,3409,368330,864
Operating expenses(186,288)(37,027)(33,384)(256,699)
Impairment of goodwill(555)--(555)
Impairment of property, plant and equipment(9,269)--(9,269)
Impairment of right of use investment property-(5,088)-(5,088)
Segment EBITDA12,04471,225(24,016)59,253
Interest income-724,4714,543
Finance costs--(16,417)(16,417)
Depreciation (buildings and care suites)(12,794)--(12,794)
Depreciation and amortisation (chattels, leasehold
improvements and software)(4,745)-(1,447)(6,192)
(Loss) / Profit before income tax(5,495)71,297(37,409)28,393
Income tax (expense) / benefit(17,069)1,81318,3373,081
(Loss) / Profit for the year attributable to shareholders(22,564)73,110(19,072)31,474
Other comprehensive income
Gain on revaluation of property, plant and equipment for the
year, net of tax 41,175 - - 41,175
Gain on cash flow hedges, net of tax - - (2,154) (2,154)
Total comprehensive income /(loss) for the year attributable
to shareholders of the parent 18,611 73,110 (21,226) 70,495
1 Includes revenue of $7.9m, operating expenses of $3.2m and EBITDA of $4.7m in relation to Wesley Institute of Nursing Education.2 Includes revenue of $9.2m, operating expenses of $2.3m and EBITDA of $6.8m in relation to Wesley Institute of Nursing Education.
41
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.1 Operating Segments (continued)
Underlying net profit after tax (“Underlying Profit”)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance and
considered in the determination of dividends. The calculation of Underlying Profit and Underlying
EBITDA requires a number of estimates to be approved by the Directors in their preparation. Both
the methodology and the estimates may differ among companies in the retirement village sector.
Underlying Profit and Underlying EBITDA do not represent cash flow generated during the year.
The Group calculates Underlying Profit and Underlying EBITDA by making the following
adjustments to reported Net Profit after Tax:
Total comprehensive income / (loss) for the year
attributable to shareholders of the parent
RemoveFair value adjustments for investment property assets, property, plant and equipment, held for
sale assets and financial instruments.
Add backImpairment of goodwill
Add back / removeLoss / gain on sale, decommissioning or purchase of assets and business assets including
associated costs
Add backDepreciation (care suites)
RemoveInsurance income recognised in relation to material damage due to adverse weather events
Add backDirectors’ estimate of realised gains on the resale of units and care suites sold under an ORA
Add backDirectors’ estimate of realised development margin on the first sale of new ORA units or care
suites following the development of an ORA unit or care suite, conversion of an existing care bed
to a care suite or conversion of a rental unit to an ORA unit
Add backDeferred taxation component of taxation expense so that only the current tax expense
is reflected
=Underlying Profit
RemoveInterest income
Add backFinance costs (including lease interest under NZ IFRS 16 Leases but excluding hedge
ineffectiveness)
Add backDepreciation and amortisation (including right of use and other property, plant and equipment)
Add backCurrent tax expense
=Underlying EBITDA
Resale gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference
between the incoming resident’s ORA licence payment and the ORA licence payment previously
received from the outgoing resident) is calculated as the net cash flow received, and receivable
at the point that the ORA contract becomes unconditional and has either “cooled off” (the
contractual period in which the resident can cancel the contract) or where the resident is in
occupation at balance date.
Development margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the ORA licence payment
received, and receivable, in relation to the first sale of new ORA units and care suites, at the point
that the ORA contract becomes unconditional and has either “cooled off” or where the resident
is in occupation at balance date, less the development costs associated with developing the ORA
units and care suites. Where the development has been acquired in a business combination the
development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is calculated based on the
difference between the ORA licence payment received, and receivable, in relation to sales of newly
converted ORA units and care suites, at the point that the ORA contract becomes unconditional
and has either “cooled off” or where the resident is in occupation at balance date, and the
associated conversion costs.
42
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.1 Operating Segments (continued)
The table below describes the composition of development and conversion costs.
IncludedNew builds:
• the construction costs directly attributable to the relevant project, including any required
infrastructure (e.g. roads) and amenities related to the units (e.g. landscaping) as well as any
demolition and site preparation costs associated with the project. The costs are apportioned
between the ORA units and care suites, in aggregate, using estimates provided by the project
quantity surveyor. The construction costs for the individual ORA units or care suites sold are
determined on a prorated basis using gross floor areas of the ORA units and care suites;
• an apportionment of land value based on the gross floor area of the ORA units and care suites
developed. The value for Brownfield
1
development land is the estimated fair value of land at the time
a change of use occurred
2
(from operating as a care centre or retirement village to a development
site), as assessed by an external independent valuer. Greenfield
3
development land is valued at
historical cost; and
• capitalised interest costs to the date of project completion apportioned using the gross floor area of
ORA units and care suites developed.
Conversions:
• of care beds to care suites - the actual refurbishment costs incurred; and
• of rental units to ORA units - the actual refurbishment costs incurred and the fair value of the rental
unit prior to conversion.
Excluded• Construction, land (apportioned on a gross floor area basis) and interest costs associated with
common areas and amenities or any operational or administrative areas.
March 2025
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the year
attributable to shareholders of the parent25,44297,368(48,226)74,564
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment property assets,
property, plant and equipment, held for sale assets and
cashflow hedges (19,783)(90,156)1,645(108,294)
Add: Impairment of goodwill198--198
Add: Loss on sale of business assets including
associated costs -856-856
Add: Depreciation (care suites)11,831--11,831
Less: Fair value of loan modification--(5,425)(5,425)
Add: Change in estimate of impairment in relation to
weather event-181-181
Add: Realised resale gain-34,843-34,843
Add: Realised development margin-48,343-48,343
Underlying net profit before tax17,66891,435(52,006)57,097
Less: Deferred tax (benefit) / expense (4,671)5,389(5,279)(4,561)
Underlying net profit after tax12,99796,824(57,285)52,536
Less: Interest income-(392)(2,718)(3,110)
Add: Finance costs (excluding fair value of loan modification) --26,25826,258
Add: Depreciation (buildings)1,621-9502,571
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)5,822-1,9247,746
Underlying EBITDA20,44096,432(30,871)86,001

1 Brownfield land refers to land previously utilised by, or part of, an operational aged care centre or retirement village.
2 The timing of a change of use is a Directors’ estimate. It is based on a range of factors including evidence of steps taken to secure a resource consent and/
or building consent for a particular development or stage of a development and the decommissioning of existing operations (either through the buy-back of
existing village ORA units or decommissioning of an existing care centre). Note the cost of buybacks is not included in the development cost as an independent
fair value of the land on an unencumbered basis is used as the value ascribed to the development land.
3 Greenfield land refers to land not previously utilised by, or as part of, an operational aged care centre or retirement village. Greenfield land is typically bare
(undeveloped) land at the time of purchase.
43
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.1 Operating Segments (continued)
March 2024
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the year attributable
to shareholders of the parent18,61173,110(21,226)70,495
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment property assets,
property, plant and equipment, held for sale assets and
cashflow hedges
1
(31,906)(55,692)2,154(85,444)
Add: Impairment of goodwill555--555
Add: Loss on sale of business assets including associated costs-678-678
Add: Depreciation (care suites)10,344--10,344
Less: Gain on purchase of business assets including
associated costs-252-252
Add: Change in estimate of impairment in relation to weather
event-419-419
Add: Realised resale gain-32,472-32,472
Add: Realised development margin-35,401-35,401
Underlying net profit before tax(2,396)86,640 (19,072)65,172
Less: Deferred tax expense / (benefit) 17,069(1,813)(18,337)(3,081)
Underlying net profit after tax14,67384,827(37,409)62,091
Less: Interest income-(72)(4,471)(4,543)
Add: Finance costs --16,41716,417
Add: Depreciation (buildings)2,450--2,450
Add: Depreciation and amortisation (chattels, leasehold
improvements and software)4,745-1,4476,192
Underlying EBITDA
2
21,86884,755(24,016)82,607
2.2 Revenue
How we earn revenue
CareVillageOther
Daily care fees for long term and short
term rest home, hospital and dementia
residents
Deferred management fees –
independent living
Training income
Premium accommodation chargesVillage service fees – independent livingInterest income
Deferred management fees – care suitesRental income – residents without a long
term occupation right agreement
Accounting Policy
Revenue is recognised in accordance with NZ IFRS 15 Revenue from Contracts with Customers
(“NZ IFRS 15”). Deferred management fees and rental income are considered leases under NZ IFRS
16 Leases (“NZ IFRS 16”), and are therefore excluded from the scope of NZ IFRS 15. None of the
Group’s revenue, as defined by NZ IFRS 15, contains significant financing components.
Rest Home and Hospital Service Fees
A contract is in place with all care residents by means of an admission agreement. The resident
receives the benefit as the care is administered and each resident incurs a contracted daily
care fee. Rest home and hospital service fees are recognised at the point in time the services are
rendered which is specifically linked to the day the service is delivered. Where applicable these are
recognised net of any associated rebates to residents.
Aged care subsidies received from the Ministry of Health, included in rest home, hospital and
dementia fee revenue within the care segment, for the year ended March 2025 amounted to
$107.4m (March 2024: $113.9m).
Premium Accommodation Charges
Premium accommodation charges are payable by residents who occupy a premium room above
the level specified by the Government. The charge is included in their admission agreement and the
charge is recognised when the accommodation is provided.
1 Includes adjustment for material damage insurance in relation to affected properties.
2 Included in Village Operations remains an amount of $2.0m in relation to other insurance income. This insurance income relates to compensation for business
interruption costs and lost gross profits incurred prior to 31 March 2024.
44
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.2 Revenue (continued)
Deferred Management Fees
Deferred management fees are considered leases and are payable by residents of the Group's
units, apartments and care suites under the terms of their ORA or unit title rights. Refer to note 3.4.
Management fees are typically payable on termination of the ORA up to a maximum percentage
of a resident's occupation licence, or unit title rights, deposit for the right to share in the use and
enjoyment of common facilities.
The timing of the recognition of deferred management fees is a critical accounting estimate
and judgement. The deferred management fee is recognised on a straight line basis over the
average expected occupancy. The expected periods of occupancy are based on historical Group
averages, for the relevant accommodation they are estimated to be 7 years for units and premium
apartments, 5 years for apartments and 3 years for care suites from the date of occupation.
Estimates of deferred management fee tenure are reviewed periodically. Where a change is made,
it is the Group’s policy to recognise the aggregate impact of this change in the period in which the
change in estimate occurs.
Village Service Fees
Village service fees are charged to residents to recover a portion of village operating costs
associated with services provided including staff wages, rates, and electricity. An ORA is in place
with all village residents who receive the benefit of services throughout their stay. Village service
fees are recognised over time as services are rendered.
Training Income
Training income is received from students attending short term training courses at the Wesley
Institute of Nursing Education. Income is recognised when the course is provided. With changes to
the certification pathways for overseas nurses recently introduced, a decision was made during
the year ended 31 March 2025 to close the Wesley Institute of Nursing Education. The final course
concluded in April 2025.
Rental Income
Rental agreements are in place with all rental residents and set out the relevant weekly and
monthly rental fees. The resident receives the benefit throughout their stay and revenue is
recognised as it is earned.
$NZ000’sMarch 25March 24
Rest home, hospital, dementia fees 174,557183,806
Premium accommodation charge7,5246,370
Deferred management fees – independent living39,47738,639
Deferred management fees – care suites17,86116,187
Village service fees10,8429,741
Training income7,9109,155
Rental income525493
Other services provided to residents1,8761,072
260,572265,463
2.3 Other Income
Interest Income
Interest income is recognised on an accruals basis using the effective interest method.
Insurance Income
Insurance income in relation to recent weather events is recognised as per note 1.3(iii).
Other Income
Other income includes administration and legal income derived from the settlement of ORAs.
$NZ000’sMarch 25March 24
Interest income3,1104,543
Insurance income-2,690
Other income1,8281,932
4,9389,165
45
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
2.4 Expenses
Accounting Policy
All operating expenses are recognised on an accrual basis.
$NZ000’sNotesMarch 25March 24
Profit before income tax includes the following expenses:
Employee benefits and other staff costs
Wages and salaries 172,577174,043
Termination benefits
1
1,348373
Employee share scheme expense
4.3305277
Other staff costs
2
4,1404,093
178,370178,786
Depreciation and amortisation
Depreciation of buildings
3.21,5271,570
Depreciation of care suites
3.211,83110,344
Depreciation of right of use assets (buildings)
3.51,044880
Depreciation of chattels
3.25,6604,406
Depreciation of right of use assets (chattels)
3.51,3071,229
Amortisation of software
5.2779557
22,14818,986
Finance costs
Interest on senior debt facilities 26,67627,876
Interest on retail bond6,1756,175
Agency, commitment and line fees 4,4464,528
Interest rate swaps --
Capitalised interest and line fees(12,959)(23,757)
Amortisation of bank fees985988
Fair value of loan modification(5,425)-
Bank interest154160
Interest on lease liabilities781443
Change in fair value of ineffective cash flow hedges-4
20,83316,417
Impairment of property, plant and equipment
3.226,0119,269
Change in fair value of held for sale assets
3.3145,088
Impairment of goodwill
5.2198555
$NZ000’sNotesMarch 25March 24
Other expenses
Fees paid to Auditor
Audit and review of consolidated financial statements601588
Audit or review related services – Trustee reporting87
Other assurance services and other agreed-upon procedures
Proxy voting at the Annual Shareholder Meeting services-9
Climate related reporting assurance9293
Total other assurance services and other agreed upon procedures 92102
Other services – remuneration advisory
3
419
Total fees paid to auditor705716
Repairs and maintenance of property, plant and equipment including
leasehold care centres3,4973,643
Repairs and maintenance of investment property including leasehold
investment property3,3233,125
Loss on disposal of property, plant and equipment840683
Donations131
Loss allowance for trade and other receivables
5.316871
Resident consumables18,69819,242
Movement of residents’ share of resale gains 424715
Insurance6,6146,417
Legal and professional services7,8084,658
Other expenses (no items of individual significance) 40,17438,612
82,25277,913
Total Expenses329,826307,014
1 In the current period Termination benefits include payments to two Key Management Personnel, refer note 5.5
2 Other staff costs include costs such as staff training, uniforms and recruitment.
3 A further invoice of $2k was paid in the period in relation to costs incurred in the year to 31 March 2024.
46
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1, village sites are
typically investment property and care sites are typically property, plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to generate
revenue either through capital appreciation or through rental income.
As residents occupying our retirement villages live independently, the level of services provided
is seen as secondary to the provision of accommodation. Accordingly, these buildings are
classified as investment property as they are held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment when
they are used to generate revenue through the provision of goods and services or for
administration purposes.
As residents occupying our care centres, including care suites, require services including
nursing care, meals and laundry the buildings in which they live are considered to be operated
by the Group to generate this revenue and are classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital level care. The
care suite is located within a care centre. Rather than pay a daily premium accommodation
charge for the provision of the premium room the residents enter into an ORA with a net
management fee.
What is Held for Sale?
Assets are classified as held for sale when the carrying amount will be recovered principally
through a sale transaction rather than through continuing use.
Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an ORA, it is the
Group’s policy to assess their level of significance in the context of the overall income derived from
the serviced apartment or care suite in ascertaining whether the serviced apartment or care suite is
freehold land and buildings (referred to as property, plant and equipment) or investment property.
The Group applies the following principles when ascertaining the appropriate accounting
treatment to be applied:
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services
are optional.
Services are
compulsory but an
insignificant portion
of total revenue
from the unit.
Services are
compulsory and a
significant portion
of the total revenue
from the unit.
Full ARRC
1

funded care is
compulsory
for that unit/bed.
Independent living
(villa or apartment)
Care suiteServiced apartmentTraditional care bedPrivate care
Qualitatively the
business model is
the provision of
retirement
accommodation.
Quantitatively
insignificant
(a guideline of
under 20% of total
revenue is adopted)
and qualitatively
the business model
is the provision
of retirement
accommodation.
Quantitatively
significant.
Qualitatively the
business model is
the provision of
care.
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of the
accommodation.
Investment Property
Village Assets
Property, Plant and
Equipment Care Assets
Operating
outside the ARRC
1

with services set
by the operator.
Qualitatively the
business model is
the provision of care.
Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of the
accommodation.
1 ARRC refers to Age-Related Residential Care.
47
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.1 Village Assets: Investment Property
Accounting Policy
Investment property includes both freehold land and buildings and land and buildings under
development, comprising independent units, serviced apartments and common facilities, provided
for use by residents under the terms of an ORA. Investment property is held for long-term yields
and is not occupied by the Group. Investment property is held at fair value.
The fair value of investment property is determined by the Directors having taken into consideration
the valuation conducted by CBRE Limited as independent registered valuers and the cost of work
undertaken in relation to investment property under development.
The movement in the carrying value of investment property, net of additions, transfers
and disposals is recognised as a fair value movement in the Consolidated Statement of
Comprehensive Income.
Fair value measurement on investment property under development is only applied if the fair value
is considered to be reliably measurable. Where the fair value of a property under development
can be determined, it is carried at fair value. Where the fair value of investment property under
development cannot be reliably determined, the carrying amount is considered to be the fair value
of the land plus the cost of work undertaken.
$NZ000’sNotesMarch 25March 24
Investment property under development at fair value
Opening balance181,968141,738
Impact of change to GST taxable supplies
1
(593)(1,500)
Capitalised expenditure (including land acquisitions)54,57561,539
Capitalised interest and line fees8,80613,626
Disposal(305)-
Transfer to completed investment property(100,105)(27,475)
Transfer to property, plant and equipment
3.2(1,750)-
Transfer from held for sale
3.31,340-
Change in fair value during the year(4,071)(5,960)
Closing balance139,865181,968
Completed investment property at fair value
Opening balance1,633,4181,455,983
Impact of change to GST taxable supplies(1,382)(1,372)
Transfer from investment property under development100,10527,475
Transfer (to)/from property, plant and equipment
3.2(800)80
Transfer from held for sale
3.37,33021,608
Capitalised expenditure14,10160,003
Capitalised interest and line fees7552,903
Disposal(15,600)-
Change in fair value during the year - villages94,24166,739
Closing balance1,832,1681,633,419
Total investment property1,972,0331,815,387
1. Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
48
Oceania
Annual Report 2025

Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.1 Village Assets: Investment Property (continued)
Change in Fair Value Recognised in the Consolidated Statement of Comprehensive Income
$NZ000’sMarch 25March 24
Increase in fair value of investment property156,647217,665
Add / (Less): Transfers to property, plant and equipment,
right of use assets and held for sale during the year(6,120)(21,688)
Less: Capitalised expenditure including capitalised interest(76,262)(135,198)
Add: Disposals15,905-
Change in fair value recognised in Consolidated Statement
of Comprehensive Income90,17060,779
A reconciliation between the valuation and the amount recognised as investment property is
as follows:
$NZ000’sMarch 25March 24
Investment Property under development
Valuation139,865181,968
139,865181,968
Completed Investment Property
Valuation919,089812,698
Add: Refundable occupation licence payments1,121,0251,003,945
Add: Residents’ share of resale gains5,0505,730
Less: Management fee receivable(190,387)(170,638)
Less: Resident obligations for units not included in valuation (22,609)(18,316)
1,832,1681,633,419
Total investment property at fair value1,972,0331,815,387
Where an incoming resident has an unconditional ORA in respect of a retirement village unit and
the corresponding outgoing resident for that same accommodation has not yet been refunded,
the independent valuation is adjusted for the incoming resident balances only. In certain
circumstances accommodation under an ORA is valued as development land. In these situations
the independent valuation is not adjusted for the refundable amounts and consequently no
offsetting “gross up” is required. An adjustment of $22.6m (March 2024: $18.3m) is included in the
above reconciliation to reflect this.
The valuation of investment property is adjusted for cash flows relating to refundable occupation
licence payments, residents' share of resale gains and management fee receivable recognised
separately on the Consolidated Balance Sheet and also reflected in the valuation model.
Why do we adjust for the liability to residents?
In the external valuation the fair value of investment property includes an allowance for the
amount that is payable by the Group to residents already in occupation within the property.
However, this liability to existing residents is recognised in the Group’s Consolidated Balance
Sheet (referred to as refundable occupation right agreements – refer to note 3.4). Accordingly,
the Group adds this net liability to residents to the external valuation to “gross up” the fair
value of investment property and avoid double counting the liability to residents.
Valuation Process and Key Inputs
Investment Property under Development
CBRE Limited provided valuations of development land in respect of investment property under
development as at 31 March 2025.
The fair value of investment property is determined by the Directors having taken into consideration
the valuation conducted by the external valuers as independent registered valuers and the cost of
work undertaken in relation to investment property under development.
The Group has applied the following methodology in relation to the measurement of investment
property under development:
49
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.1 Village Assets: Investment Property (continued)
Practical completion not achieved
Where the development still requires substantial work such that practical completion is not going to
be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date, the
fair value recognised is the fair value of the development land per the Directors’ valuation plus the
cost of any work in progress. An amount of $40.9m as at 31 March 2025 (March 2024: $85.9m) has
been recognised in relation to these development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the investment property is measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed investment property.
Completed Investment Property
As required by NZ IAS 40 Investment Property, the valuation of investment property is adjusted for
cash flows relating to refundable occupation licence payments, residents’ share of resale gains and
management fees receivable recognised separately on the Consolidated Balance Sheet and also
reflected in the valuation model.
Any interest costs incurred on outstanding development debt balances after the completion of
that development are recognised through the Statement of Comprehensive Income, an amount of
$6.3m in the period (March 2024: nil)
The Group's interest in all completed investment property was valued on 31 March 2025 by CBRE
Limited (March 2024: CBRE Limited,) at a total of $919.1m (March 2024: $812.7m).
Property Specific Assumptions
Seismic Assessments
The fair value of investment property, incorporates an allowance in relation to remediation to
properties where seismic strength testing has been carried out.
Weather Events: Auckland Floods and Cyclone Gabrielle
In the prior comparative period the fair value of completed investment property was adjusted
downwards for the cost of future works to be undertaken to remediate damage caused by the
Auckland Floods, an amount of $5.2m.
Key Accounting Estimates and Judgements
All investment properties have been determined to be Level 3 (March 2024: Level 3) in the fair value
hierarchy as the fair value is determined using inputs that are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group's development
land is the value per m2 assumption. Increases in the value per m2 rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group's portfolio of
completed investment property are the discount rate and property price growth rate. There are no
interdependencies or interplays between unobservable inputs.
The following assumptions have been used to determine fair value:
Significant InputDescription20252024
Discount rateThe pre-tax discount rate14.0% - 20.0 %
(median: 15.0%)
14.0% - 20.0 %
(median: 14.9%)
Property price growth rateAnticipated annual property price growth over the
cash flow period 0-4 years
0.5 % - 3.0 %0.5 % - 3.0 %
Property price growth rateAnticipated annual property price growth over the
cash flow period 5+ years
2.5 % - 3.5 %2.5 % - 3.5 %
50
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.1 Village Assets: Investment Property (continued)
Sensitivities
At 31 March 2025Adopted Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed investment property
Valuation $NZ000’s919,089
Difference $NZ000’s(30,787)32,56053,898(52,434)
Difference %(3.4%)3.5%5.9%(5.7%)
At 31 March 2024Adopted Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed investment property
Valuation $NZ000’s812,698----
Difference $NZ000’s(26,456)28,46148,359(45,872)
Difference %(3.3%)3.5%6.0%(5.6%)
The stabilised occupancy period is a key driver of the CBRE Limited valuation. A significant
increase / (decrease) in the occupancy period would result in a significantly lower/ (higher) fair
value measurement.
Significant Input20252024
Stabilised Occupancy Period5.1 yrs – 9.0 yrs (median: 7.7 yrs)5.1 yrs – 9.0 yrs (median: 7.7 yrs)
Current ingoing price, for subsequent resales of ORAs, is a key driver of the valuations. A significant
increase / (decrease) in the ingoing price (as driven by the property growth rates) would result in a
significantly higher / (lower) fair value measurement.
3.2 Care Assets: Property, Plant and Equipment
Accounting Policy
Property, plant and equipment comprises owner-occupied freehold land and buildings and plant
and equipment operated by the Group for the provision of care services, care suites and land and
buildings that are to be developed into care centres in the future.
Following initial recognition at cost, completed owner occupied freehold land and buildings and
land and buildings under development are carried at fair value. Independent valuations are
performed with sufficient regularity to ensure that the carrying amount does not differ materially
from the assets’ fair value at balance date. Any depreciation at the date of valuation is deducted
from the gross carrying value of the asset, and the net amount is restated to the revalued amount
of the asset. In periods where no valuation is carried out, the asset is carried at its revalued amount
plus any additions, less any impairment and less any depreciation incurred since the date of the
last valuation.
All other plant and equipment is stated at historical cost less depreciation and impairment.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
In relation to land and buildings under development, fair value is determined by the Directors
having taken into consideration the valuation conducted by CBRE Limited as an independent
registered valuer and the cost of work undertaken.
A property under construction is classified as land and buildings within property, plant and
equipment where the completed development will be classified as such and as investment
property where the completed development will be classified as an investment property. Fair value
measurement on property under construction is only applied if the fair value is reliably measurable.
Where the fair value of property under construction cannot be reliably determined the value is the
fair value of the land plus the cost of work undertaken. Property under construction classified as
land and buildings under development is revalued annually and is not depreciated.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance are expensed to the Consolidated Statement of Comprehensive Income during the
financial period in which they are incurred.
51
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
Increases in the carrying amount arising on revaluation of land and buildings above cost are
credited to the asset revaluation reserve in other comprehensive income; increases that offset
previous decreases taken through profit or loss are recognised in profit or loss. Decreases
that offset previous increases of the same asset are charged against the asset revaluation
reserve in other comprehensive income; all other decreases are charged to profit or loss. When
revalued assets are sold, or held for sale, the amounts included in the reserve are transferred to
retained earnings.
Land is not depreciated. Depreciation on other assets is calculated using the straight line method
to allocate their cost, net of their residual values, over their estimated useful lives, as follows:
CategoryUseful Life Range
Weighted Average
Depreciation Rate
Freehold buildings10 - 50 years2.4%
Chattels and leasehold improvements2 - 50 years20%
Motor vehicles5 years22%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each
balance date. No depreciation is charged in the year of sale for all assets other than buildings in
which case depreciation is charged to the earlier of the date of classification to held for sale or the
date of sale.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the net disposal proceeds
with the carrying amount of the asset. These are included in the Consolidated Statement of
Comprehensive Income.
$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Year ended 31 March 2025
Opening net book amount78,608116,111554,70321,455770,877
Additions 21,357 - 8,847 9,284 39,488
Impact of change to GST
taxable supplies
1
-----
Capitalised interest and line fees 1,438 - 1,960 - 3,398
Disposals-----
Depreciation
2
- - (13,358) (5,660)(19,018)
Transfer from investment property
3.1 1,750 - 800 - 2,550
Transfer from held for sale
3.3 48 2,800 2,797 552 6,197
Reclassification within Property,
Plant and Equipment (42,825) 1,782 37,502 3,541 -
Revaluation surplus
Change in fair value recognised in
comprehensive income
3
(9,685) (245) (16,081)- (26,011)
Change in fair value recognised in other
comprehensive income
4
(1,100) 4,754 47,351 - 51,005
Closing net book amount 49,591125,202624,52129,172828,486
At 31 March 2025
Cost --- 64,142 64,142
Valuation 49,591 125,202 624,521- 799,314
Accumulated depreciation --- (34,970) (34,970)
Net book amount49,591125,202624,52129,172828,486
1 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
2 The amounts on the face of the Statement of Comprehensive Income in relation to depreciation includes $3.1m in relation to right of use assets and software
amortisation not included in this note.
3 One site, Elmwood, has just completed a brownfield care development. This development required the closure of the existing care suites and a number of
residents were relocated to the newly developed care suite building. Impairments of $25.8m and $2.4m are recognised in Comprehensive Income and Other
Comprehensive Income respectively.
4 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
52
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
$NZ000’sNotes
Freehold Land
and Buildings
Under
Development
Freehold
Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Year ended 31 March 2024
Opening net book amount89,098109,071496,44817,552712,169
Additions33,509-8,24710,13051,886
Impact of change to GST
taxable supplies
1
(280)---(280)
Capitalised interest and line fees6,015-1,213-7,228
Disposals---(1,299)(1,299)
Depreciation--(11,914)(4,406)(16,320)
Transfer from investment property
3.1-- (80)-(80)
Transfer from intangible assets---363363
Transfer to held for sale-(4,895)(12,834)(885)(18,614)
Reclassification within Property, Plant
and Equipment(45,391)-45,391--
Revaluation surplus
Change in fair value recognised in
comprehensive income(3,922)280(5,627)-(9,269)
Change in fair value recognised in other
comprehensive income
2
(421)11,65533,859-45,093
Closing net book amount 78,608116,111554,70321,455770,877
At 31 March 2024
Cost ---54,89654,896
Valuation 78,608116,111554,703-749,422
Accumulated depreciation ---(33,441)(33,441)
Net book amount78,608116,111554,70321,455770,877
Land and Buildings Under Development
A valuation in respect of development land was provided by CBRE Limited as at 31 March 2025.
Any costs incurred to 31 March 2025 on the developments are included in arriving at the fair value
as at 31 March 2025.
The Group has applied the following methodology in relation to the measurement of land and
buildings under development:
Practical completion not achieved
Where the development still requires substantial work such that practical completion is not going to
be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date, the
fair value recognised is the fair value of the development land per the Directors’ valuation plus the
cost of any work in progress. An amount of $30.6m as at 31 March 2025 (March 2024: $61.4m) has
been recognised in relation to these development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the land and buildings are measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed land and buildings.
Completed Land and Buildings
A valuation in respect of completed land and buildings was provided by CBRE Limited as at
31 March 2025.
Any interest costs incurred on outstanding development debt balances after the completion of
that development are recognised through the Statement of Comprehensive Income, an amount of
$4.2m in the period (March 2024: nil)
1 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
2 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
53
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
The valuation of the Group’s care centres was apportioned to land, buildings, chattels and goodwill.
The fair value of land and buildings as calculated by CBRE Limited is based on the level of rent
able to be generated from the maintainable net cash flow of the site subject to average efficient
management. The fair value of the Group’s land and buildings as determined by the Directors is
based on these apportionments. However, chattels are carried at historic cost less depreciation
and the amount apportioned to goodwill by CBRE Limited is not recorded in the consolidated
financial statements.
Care Suites and Serviced Apartments
As discussed earlier in note 3, where services are provided to residents who occupy accommodation
under an ORA, it is the Group’s policy to look at the significance of these services in the context of
the overall revenue derived from the care suite or serviced apartment in ascertaining whether the
care suite or serviced apartment is property, plant and equipment or investment property. Care suite
residents occupying accommodation under an ORA receive a significant level of services. Hence, they
are included in property, plant and equipment. Care suite land and buildings are held at fair value.
Serviced apartments are included in investment property.
Key Accounting Estimates and Judgements
All land and buildings have been determined to be Level 3 (March 2024: Level 3) in the fair value
hierarchy as the fair value is determined using inputs that are unobservable.
Critical Judgements and Estimates in Applying Accounting Policies
Classification of Care Suites
An area of significant judgement is determining the classification of those properties which are
operated as care suites. Refer note 3 for further information.
Valuation of Freehold Land and Buildings
The valuation approach for the freehold land and buildings as at 31 March 2025 was an income
capitalisation approach and/or discounted cash flow analysis supplemented by the direct comparison
approach. The valuation is determined by the capitalisation of net cash flow profit/earnings before
interest, tax, depreciation, amortisation and rent (“EBITDAR”) under the assumption a positive cash
flow will be generated into perpetuity. Capitalisation rates used for the 31 March 2025 valuation
range from 12.25% to 15.00 % with a median value of 13.50% (March 2024: 12.25% to 17.50 % with a
median value of 13.63%). The valuation was apportioned between land, buildings, chattels / plant and
equipment and goodwill to determine the fair value of the assets.
The significant unobservable input used in the fair value measurement of the Group's development
land is the value per m2 assumption. Increases in the value per m2 rate result in corresponding
increases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group's portfolio
of completed land and buildings is the capitalisation rate applied to earnings. A significant
decrease/ (increase) in the capitalisation rate would result in significantly higher / (lower) fair
value measurement.
The significant unobservable inputs used in the fair value measurement of the Group's portfolio
of care suite also include the discount rate and property price growth rate. There are no
interdependencies or interplays between unobservable inputs.
Sensitivities
At 31 March 2025Adopted ValueCapitalisation Rate +50 bpCapitalisation Rate -50 bp
Freehold land and buildings
Valuation $NZ000’s749,723
Difference $NZ000’s(45,266)49,911
Difference %(6.0%)6.7%
At 31 March 2024Adopted ValueCapitalisation Rate +50 bpCapitalisation Rate -50 bp
Freehold land and buildings
Valuation $NZ000’s670,815
Difference $NZ000’s(40,406)43,779
Difference %(6.0%)6.5%
At 31 March 2025Adopted Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed care suite property
Valuation $NZ000’s367,645
Difference $NZ000’s(12,315)13,02421,560(20,974)
Difference %(3.4%)3.5%5.9%(5.7%)
At 31 March 2024Adopted Value
Discount Rate
+0.5%
Discount Rate
-0.5%
Property
Growth Rate
+50 bp
Property
Growth Rate
-50 bp
Completed care suite property
Valuation $NZ000’s253,355
Difference $NZ000’s(8,248)8,87315,076(14,300)
Difference %(3.3%)3.5%6.0%(5.6%)
54
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.2 Care Assets: Property, Plant and Equipment (continued)
Carrying Value of Assets
The carrying amount at which both land and buildings would have been carried had the assets
been measured under historical cost is as follows:
$NZ000’s
Freehold
land
Freehold
buildings
Freehold
land and
buildings under
developmentTotal
Carrying amount
– Historical cost 202541,138318,65925,079384,876
Carrying amount
– Historical cost 202436,203279,30625,903341,412
3.3 Held for Sale
Assets are classified as held for sale when their carrying amount is to be recovered principally
through a sale transaction and a sale is considered highly probable. They are stated at the lower of
carrying amount and fair value less costs to sell, except for investment property assets held for sale
which are carried at fair value.
Assets previously classed as Investment Properties and Right of Use Investment Properties are held
on the Consolidated Balance Sheet at their fair value, assets previously classed as Property, Plant
and Equipment are held on the Consolidated Balance Sheet at current valuation, which is the lower
of fair value less costs to sell and the carrying amount.
Changes in fair value from the date of classification to held for sale are recognised in
comprehensive income. See note 3.4 for resident liabilities associated with these held for
sale assets.
As at 31 March 2025 there are no sites that meet the definition of held for sale (March 2024:
seven sites).
During the year to 31 March 2025, six sites were disposed of. Refer to Note 1.3(ii) for further details.
While there are several sites which the Group continues to market these sites no longer meet the
accounting definition of held for sale. Two of these sites were reclassified to Investment Property
in the year ending 31 March 2024 and a further two sites classified as held for sale as at 31 March
2024 have been transferred back to Investment Property and Property, Plant and Equipment
during the year. Of the two transferred in the year ended 31 March 2024 one was subsequently
sold in the year to 31 March 2025.
Refer to Notes 1.3 and 5.8 for further details.
$NZ000’sNotesMarch 25March 24
Opening balance44,259101,652
Transfer to investment property
3.1(8,670)(21,608)
Transfer (to)/from property, plant and equipment
3.2(6,197)18,614
Additions4351,168
Disposals(29,813) (50,479)
Change in fair value during the year(14)(5,088)
Closing balance-44,259
3.4 Refundable Occupation Right Agreements
What is an ORA?
An ORA is a contract which sets out the terms and conditions of occupation of an independent
living unit or care suite. A new resident is charged a refundable occupation licence payment in
consideration for the right to occupy one of the Group’s units, apartments or care suites. On
termination of the ORA the occupation licence payment is repaid to the exiting resident.
What is DMF?
An amount equal to a capped percentage of the occupation licence payment is charged
by the Group as a management fee for the right of use and enjoy the common areas of the
village. The deferred management fee is payable by the resident on termination of the ORA.
55
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.4 Refundable Occupation Right Agreements (continued)
Accounting Policy
The occupation licence payment becomes payable when the ORA is unconditional and has either
“cooled off” or where the resident is in occupation. The Group has a legal right to set-off any
amounts owing to the Group by a resident against that resident’s occupation licence payment.
Such amounts include deferred management fees, recovery of village operating costs and recovery
of outstanding obligations to the village.
The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable
under the ORA and the portion of the management fee accrued which is recognised on a straight-
line basis over the average expected occupancy for the relevant accommodation i.e. 7 years for
units and premium apartments, 5 years for apartments and 3 years for care suites (March 2024:
7yrs, 5yrs, 3yrs).
The management fee recognised in the Consolidated Statement of Comprehensive Income
represents income earned in line with the average expected occupancy.
Included in the obligation to residents is an estimate of the amount expected to be paid to those
residents whose ORA or unit title arrangement allows them to participate in the resale gain of the
unit or apartment they occupy.
As the refundable occupation licence payment is repayable to the resident upon termination
(subject to a new ORA being issued to an incoming resident), the fair value is equal to the
amortised cost, being the amount that can be demanded.
$NZ000’sMarch 25March 24
Village
Refundable occupation licence payments1,121,0251,003,945
Residents’ share of resale gains5,0505,730
Less: Management fee receivable (per contract)(241,897)(217,412)
884,178792,263
Care Suites
Refundable occupation licence payments273,778246,529
Accommodation rebate-95
Less: Management fee receivable (per contract)(51,143)(41,697)
222,635204,927
Total refundable occupation right agreements1,106,813997,190
Held for Sale
1
Refundable occupation licence payments-9,034
Residents’ share of resale gains--
Less: Management fee receivable (per contract)-(1,955)
-7,079

Reconciliation of Management Fees recognised under NZ IFRS and per ORA
$NZ000’sMarch 25March 24
Village
Management fee receivable (per contract)(241,897)(217,412)
Deferred management fee51,51046,774
Management fee receivable (per NZ IFRS)(190,387)(170,638)
Care Suites
Management fee receivable (per contract)(51,143)(41,697)
Deferred management fee5,769563
Management fee receivable (per NZ IFRS)(45,374)(41,134)
Held for Sale
Management fee receivable (per contract)-(1,955)
Deferred management fee-506
Management fee receivable (per NZ IFRS)-(1,449)
1 In the prior period the amount on the face of the Balance Sheet in relation to refundable occupation right agreements held for sale included an amount of $0.5m
in relation to deferred management fees detailed further in this note.
56
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.5 Leases
What’s a right of use asset?
Right of use assets are assets held under a lease arrangement. It represents the value of
the lessee’s right to use an asset over the life of the lease. There is a corresponding lease
liability on the Consolidated Balance Sheet which represents the present value of the future
lease payments.
Accounting Policy
Right of use assets and lease liabilities arising from a lease are initially measured on a present
value basis. Lease liabilities include the net present value of the remaining lease payments.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liabilities.
Right of use assets are initially recognised at cost, comprising of the initial amount of the lease
liability less any lease incentives received. Right of use assets relating to equipment and motor
vehicles, recognised in chattels, are subsequently depreciated using the straight line method from
the commencement date to the end of the lease. In considering the lease term, the Group applies
judgement in determining whether it is reasonably certain that an extension or termination option
will be exercised.
The lease payments are discounted using the interest rate Implicit in the lease. If that rate cannot
be readily determined the incremental borrowing rate at the commencement of the lease is used.
Right of Use Asset
$NZ000’s
12 months ended 31 March 2025NotesBuildingsChattelsTotal
Opening net book value 8,0612,72210,783
Additions-1,4051,405
Disposals-(268)(268)
Modifications(228)-(228)
Depreciation (1,044)(1,307)(2,351)
Net book value as at 31 March 20256,7892,5529,341
$NZ000’s
12 months ended 31 March 2024NotesBuildingsChattelsTotal
Opening net book value 9403,3474,287
Additions8,0275648,591
Disposals-(103)(103)
Modifications(26)143117
Depreciation (880)(1,229)(2,109)
Net book value as at 31 March 2024 8,0612,72210,783
$NZ000’s
31 March 2025BuildingsChattelsTotal
Cost 8,2117,13715,348
Accumulated depreciation(1,422)(4,586)(6,008)
Net book value as at 31 March 20256,7892,5529,341
57
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Notes to the Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
3.5 Leases (continued)
Lease Liabilities
$NZ000’s
Year Ended 31 March 2025BuildingsChattelsTotal
Opening net book value 8,3442,86111,205
Additions -1,3991,399
Disposals-(280)(280)
Interest 535246781
Modification(228)-(228)
Lease payments made(717)(1,602)(2,319)
Lease liabilities as at 31 March 20257,9342,62410,558
$NZ000’s
Year Ended 31 March 2024BuildingsChattelsTotal
Opening net book value 1,161 3,637 4,798
Additions 7,964 564 8,528
Disposals(165) (123)(288)
Interest 159 295 454
Modification232-232
Lease payments made (1,007) (1,512) (2,519)
Lease liabilities as at 31 March 20248,344 2,861 11,205
Lease of Property, Plant and Equipment
On 9 February 2024 the Group exited its leased corporate office building located at 80 Queen
Street, Auckland and commenced a lease at 188 Quay Street, Auckland.
In addition to the corporate office building, the group also leases various equipment and
motor vehicles.
4. Shareholder Equity and Funding
4.1 Shareholder Equity and Reserves
March 2025
Shares
March 2024
Shares
March 2025
$NZ000’s
March 2024
$NZ000’s
Share capital
Issued and fully paid up capital724,231,030724,154,779715,960715,960
Total contributed equity724,231,030724,154,779715,960715,960
Movements
Opening balance of ordinary shares issued724,154,779720,555,185715,960713,374
Shares issued for employee share scheme- 53,761 --
Shares issued for Long Term Incentive Scheme76,251212,894--
Shares issued for dividend reinvestment plan- 3,332,939 -2,586
Closing balance of ordinary shares issued724,231,030724,154,779715,960715,960
All ordinary shares rank equally with one vote attached to each fully paid ordinary share. The
shares have no par value. The Company incurred no transaction costs issuing shares during the
period (March 2024: nil).
Dividend Reinvestment Plan (“DRP”)
In 2019, the Board approved the implementation of a dividend reinvestment plan for New Zealand
and Australian shareholders. This plan has been effective for all subsequent dividends.
March 2025
value per share
March 2025
number of shares
March 2024
value per share
March 2024
number of shares
Reinvestment of final dividend for the prior period--$0.77543,332,939
Reinvestment of interim dividend for the period----
Long Term Incentive (“LTI”) - Share Rights
On 15 September 2020 the Board approved a Long Term Incentive Scheme for its senior executives
(“LTI Scheme”). The LTI Scheme was established to:
a. provide an incentive to key executives to commit to Oceania for the long term; and
b. align these executives’ interests with the interests of Oceania’s shareholders.
Participants in the Scheme were granted Share Rights from time to time which, subject to meeting
certain performance hurdles and the vesting criteria, convert into an entitlement to receive ordinary
shares. The performance hurdles relate to Oceania’s total shareholder return relative to the NZX50
Group and, for certain schemes, Oceania’s performance against underlying earnings per share targets.
58
Oceania
Annual Report 2025