Full Year Results to March 2025

Full Year Results to March 2025
29 May 2025
FULL YEAR RESULTS TO MARCH 2025
A transformational year for Promisia Healthcare
Promisia Healthcare Limited (NZX: PHL) has released its unaudited, preliminary results for the year
ended 31 March 2025 (FY25), showing good performance across all key financial measures.
Promisia Chair Rhonda Sherriff said: “We have built a strong platform strategically, operationally and
financially and are now positioned for sustainable expansion. Our growth with the acquisitions of
Golden View Lifestyle Village and Ripponburn Home and Hospital in Cromwell is the highlight of
FY25.”
FY25 Results Summary:
 37% year-on-year increase in operating revenue, up to $31.08 million
 Underlying EBITDAF
1
of $4.2 million, up 11.5%
 Net profit after tax of $6.8 million, up 318%
 104% increase in total assets to $172 million
 Reduction in the weighted average interest rate from 9.0% to 7.1%
 Improvement in loan-to-value ratio from 48.8% to 42.9%
 Net Tangible Assets per share rose to 79 cents, up 25% year on year
2


Financial Highlights:
FY25 was marked by a disciplined execution of a clear and focused strategy leading to a strong
delivery across all key financial measures. During the year, we acquired two care facilties and villages
in Cromwell, completed the sale of the Eileen Mary facility, executed a successful $4.7 million capital
raise and share/warrant consolidation and undertook a full debt restructure that consolidated all
interest-bearing bank debt under Bank of New Zealand.
Revenue for the year increased 37% to $31.08 million, driven by the inclusion of the Cromwell
acquisitions, increased occupancy across several key facilities and growth in deferred management
fees from villa and care apartment sales.
The increased scale of the business following the Cromwell acquisitions and associated
implementation costs led to an increase in operating expenses to $23.9 million. While administration
expenses also grew, we maintained focus across central overheads and discretionary spending,
resulting in a slower rate of growth relative to increased revenues.
Underlying EBITDAF rose 11.5% to $4.2 million in line with our market guidance. Net profit increased
materially, reflecting both the improvement in operational earnings and the recognition of a $6.6
million gain on purchase from the acquisitions of Golden View and Ripponburn.
Valuations across our care facilities and villages increased by a combined $3.7 million at Aldwins
House, Nelson Street and Ranfurly Manor. These uplifts reflected increased occupancy and improved
operational performance across the sites.

1
Underlying EBITDAF is EBITDAF excluding transactions considered to be non-trading in nature or size. Excluding these transactions from
normalised earnings can assist users in forming a view of the underlying performance of the Group.
2
Comparative NTA per share of 63 cents has been restated to reflect the share consolidation of 500 to 1.

The company’s capital and debt activity during FY25 was extensive with over $35 million in financing
activity being completed. This included the refinancing of existing debt facilities at Ranfurly Manor
and Nelson Street, the introduction of new BNZ facilities to fund the Cromwell acquisitions and the
full repayment of higher-cost second-tier debt, including the $6.5 million Senior Trust loan
previously secured over Ranfurly Manor. In January, Promisia also settled the early repayment of the
$3.82 million Teltower loan secured over Aldwins House at a $820,000 discount, and refinanced the
remaining $3.0 million with BNZ.
By year-end, the group had successfully consolidated all interest-bearing bank debt with BNZ,
reduced its weighted average interest rate from 9.0% to 7.1%, and improved its loan-to-value ratio
from 48.8% to 42.9%, despite a higher overall debt balance following the Cromwell acquisitions.
The successful July 2024 capital raise added $4.725 million in new equity to the business, widened
our shareholder base and introduced a strategic investor aligned with our long-term growth
aspirations – Asset Management Limited. A 500:1 consolidation of shares and warrants followed and
simplified Promisia’s capital structure.
Net tangible assets per share increased 25% year-on-year to 79 cents and was up 10% from the half
year results to September 2024. This reflected the cumulative impact of asset revaluations, purchase
gains from the Cromwell deal, debt reduction, strong operational performance and the capital raise.
Taken together, these outcomes demonstrate Promisia’s disciplined execution, strategic agility and
ability to unlock value through active portfolio management.
Operational highlights
Care facility occupancy improved steadily, with the group-wide average increasing from 85% to 87%
by year-end. This was driven by strong uplifts at Aldwins House (70% to 85%) and Ranfurly Manor’s
care facility (from 85% to 97%).
Looking ahead, occupancy will benefit further from the opening of our newly configured 20-bed
dementia wing at Nelson Street in Feilding. Construction is now complete, with the wing set to open
next week.
More people are choosing our villages as their home, with all villas across the Group either sold or
under contract as at March 31, 2025. Consequently, we recorded excellent growth in deferred
management fees from villa and care apartment sales.
Outlook
Promisia Chair Rhonda Sherriff said: “Our transformation remains a work in progress. There are
exciting times ahead as we respond to growth opportunities from a position of stability.
“We acknowledge the exceptional financial management of Chief Financial Officer Francisco
Rodriguez Ferrere and his team and welcome our Chief Operations Officer Graeme Dodd. Graeme
will lead the work programme to connect our teams into an aligned, collaborative group bringing to
life our vision of a trusted and sustainable provider of people-care in the communities we serve.
“As we focus on enhancing our operations, we expect the upward trajectory of our profit to continue
with underlying EBITDAF anticipated to grow in excess of 25% in FY26.”

Explanatory Notes – Selected Items from the Financial Statements
To support interpretation of the summary financial statements, the following provides context for several one-
off or non-cash items included in the FY25 unaudited results:
Bargain purchase on business acquisitions
The Group has recognised a $6.6 million gain on purchase arising from the acquisitions of Golden View
Lifestyle Village and Ripponburn Home and Hospital. This reflects the excess of the fair value of net assets
acquired over the purchase consideration paid and is recognised as a one-off gain in the income statement.
Vendor loan and imputed interest
As part of the Golden View acquisition, Promisia entered into an interest-free $13.35 million vendor loan.
Under accounting standards, the difference between the nominal and fair value of the loan is recognised as an
imputed interest expense over the life of the loan, resulting in a non-cash finance cost of $0.46 million in FY25.
Debt reduction income
The Group recognised $0.80 million of debt reduction income following the early repayment of a $3.82 million
loan from Teltower Limited for $3.0 million. This reflects the forgiveness of the $0.82 million residual loan
balance, net of transaction costs.
Impairment losses
Impairment losses of $0.49 million were recognised during FY25. These primarily relate to the write-down of
two non-core properties at Aldwins Road classified as held for sale, and previously capitalised development
costs no longer expected to proceed.
Underlying EBITDAF
Underlying EBITDAF is a non-GAAP measure that excludes one-off and non-trading items such as bargain
purchase gains, asset revaluations, imputed interest expenses, and impairment losses. These items are
separately identified to ensure a clearer view of Promisia’s underlying operating performance and to align with
internal performance tracking and external market guidance.
ENDS

Approved for release by Promisia Chair, Rhonda Sherriff
For media or investor assistance, please contact:
Francisco Rodriguez Ferrere, Chief Financial Officer, Promisia Healthcare Limited
Phone: +64 21 245 1801 or email: Francisco.rf@promisia.co.nz

About Promisia Healthcare
Promisia is a New Zealand-based aged care and retirement living provider, with a focus on delivering
quality personalised care. Our aim is to be the aged care provider of choice in our communities. Our
facilities are located in well-established and well serviced towns and metropolitan areas. Our goal is
to profitably grow our business in a sustainable manner, delivering quality care to our residents,
peace of mind to their families and whanau, and excellent value to our villages, community and
shareholders. Promisia is listed on the NZX (NZX: PHL). http://www.promisia.co.nz.

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Promisia Healthcare Limited

Preliminary Consolidated Financial Statements
For the year ended 31 March 2025

PROMISIA HEALTHCARE LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025
2024

(Re-presented)*
$ '000
2025

$ '000



Revenue
Care and village fees


29,690


21,081
Deferred management fees (DMF) 1,277 850
Gain on signing new occupancy right agreements 113 775

31,080 22,706

Other income
Fair value gain on investment property


173


3,641
Bargain purchase on business acquisitions 6,609 -
Debt reduction income 799 -

7,581 3,641
Total revenue and other income 38,661 26,347
Less: expenses
Operating expenses


(23,870)


(16,505)
Administration expenses (4,306) (3,524)
Depreciation expense (409) (777)
Impairment losses
Finance costs
- Borrowing costs
(491)


(2,448)
(194)


(2,405)
- Vendor loan imputed interest expense (456) -

(31,980) (23,405)
Profit before income tax expense
6,681 2,942
Income tax expense (107) (1,955)
Net profit from continuing operations 6,574 987
Net profit from discontinued operations 262 648
Profit for the year 6,836 1,635

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss
Revaluation of property, net of tax


1,432


3,116
Total comprehensive income attributable to shareholders of the
Company
8,268 4,751

PROMISIA HEALTHCARE LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025
2024

(Re-presented)*
$ '000
2025

$ '000



Earnings per share (cents per share)
Basic earnings per share from continuing operations


13.4145


2.3044
Diluted earnings per share from continuing operations

11.7235

2.3044


Basic earnings per share from discontinued operations

0.5346

1.5129
Diluted earnings per share from discontinued operations

0.4672

1.5129


Basic earnings per share

13.9491

3.8173
Diluted earnings per share

12.1908

3.8173


*Comparative information has been re-presented due to a discontinued operation, changes in presentation of revenue
and other income, and earnings per share has been restated due to a share consolidation of 500 to 1.

PROMISIA HEALTHCARE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025
2025

2024






Assets
$ '000 $ '000
Cash and cash equivalents 132 118
Receivables 1,317 1,341
Non-current assets held for sale
Current tax assets
1,601
-
-
6
Other assets 488 549
Property, plant and equipment 23,763 21,319
Investment properties 144,785 61,012
Total assets 172,086 84,345

Liabilities
Payables


4,273


3,759
Current tax liabilities 376 -
Revenue received in advance 4,056 2,288
Convertible notes 4,465 -
Occupancy right agreements 75,058 22,012
Borrowings 42,222 29,155
Deferred tax liabilities 2,364 2,251
Total liabilities 132,814 59,465
Net assets
39,272 24,880

Equity
Share capital


82,056


77,467
Reserves 4,498 3,066
Accumulated losses (48,817) (55,653)
Equity component of convertible notes 1,535 -
Total equity
39,272 24,880
Net tangible asset per share (dollars) 0.792 0.630*
*Comparative information has been restated due to a share consolidation of 500 to 1.

PROMISIA HEALTHCARE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025
Equity

component of
convertible
notes
$ '000
Contributed

equity
$ '000
Accumulated

losses
$ '000
Reserves

$ '000
Total equity

$ '000



Consolidated


Balance as at 1 April 2023
77,426(50) (57,288) -20,088
Profit for the year --1,635 -1,635
Other comprehensive

income for the year

- 3,116 -

- 3,116
Total comprehensive


income for the year

- 3,116 1,635 - 4,751

Transactions with

owners in their


capacity as owners:


Contributions 41 - - - 41
Total transactions

with owners in


their capacity as owners

41 - -

- 41
Balance as at 31 March 2024
77,467 3,066

(55,653) - 24,880

Balance as at 1 April 2024
77,4673,066(55,653)- 24,880
Profit for the year --6,836
-

6,836
Other comprehensive

income for the year

- 1,432 - -

1,432
Total comprehensive

income for the year

- 1,432 6,836 -

8,268

Transactions with

owners in their


capacity as owners:


Contributions 4,589
-
-- 4,589
Issue of convertible notes
- - - 1,535

1,535
Total transactions

with owners in


their capacity as owners

4,589 - - 1,535

6,124
Balance as at 31 March 2025

82,056 4,498 (48,817)

1,535 39,272

PROMISIA HEALTHCARE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025



2025
$ '000
2024
$ '000

Cash flow from operating activities
Receipts from residents for care fees and services


32,570


24,371
Receipts of residents' loans from new sales 8,370 10,475
Payments to suppliers and employees (30,467) (22,985)
Repayments of residents' loans (4,414) (1,798)
Interest paid (2,655) (2,573)
Net cash provided by operating activities 3,404 7,490

Cash flow from investing activities
Payment for property, plant and equipment


(285)


(325)
Purchase of investment property (2,026) (7,276)
Payment for business combinations, net of cash acquired (13,905) -
Disposal of discontinued operation, net of cash disposed of 5,660 -
Net cash used in investing activities (10,556) (7,601)

Cash flow from financing activities
Proceeds from share issue


4,589


-
Net proceeds from / (repayment of) borrowings 2,577 (1,830)
Net cash (used in) / provided by financing activities 7,166 (1,830)

Reconciliation of cash and cash equivalents
Cash at beginning of the financial year


118


2,059
Net decrease in cash held 14 (1,941)
Cash at end of financial year
132 118

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Results announcement


Results for announcement to the market
Name of issuer Promisia Healthcare Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$31,080 37%
Total Revenue $38,661 47%
Net profit/(loss) from
continuing operations
$6,574 566%
Total net profit/(loss) $6,836 318%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for FY25.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.792 $0.630
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
A detailed results commentary accompanies this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Rhonda Sherriff, Chair
Contact person for this
announcement
Francisco Rodriguez Ferrere, Chief Financial Officer
Contact phone number 021 245 1801
Contact email address Francisco.rf@promisia.co.nz
Date of release through MAP

29 May 2025

Unaudited financial statements accompany this announcement.