Green Cross Health Full Year Results to 31 March 2025

Green Cross Health (NZX: GXH)
Full Year Result Announcement for the audited twelve months ended 31 March 2025
GREEN CROSS HEALTH REPORTS FULL-YEAR RESULT
29 May 2025, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the Group
behind Unichem, Life Pharmacy and The Doctors, reported Operating Revenue of $523.8m and Net
Profit After Tax Attributable to Shareholders of $16.0m for the twelve months ended 31 March
2025.
Group Commentary
This year the Company has navigated not only a difficult economic environment, but also a
challenging primary healthcare landscape. Amidst inflationary pressures, insufficient government
funding and constrained consumer spending, a focus on cost control and evolving the operating
model has sustained results. Over the last five years, the Company has invested in excess of $85
million in technology improvements, site refurbishments and acquisitions to improve and expand
the Company’s primary care offering.
Green Cross Health Chair Kim Ellis commented, “The Company remains cautious on consumer
sentiment and economic recovery with both divisions focussed on providing care to New Zealand
communities to achieve organic growth.”
Green Cross Health Group CEO Rachael Newfield, added, “During the period, the Care & Advice
Health Hub was launched in Unichem and Life pharmacies to provide New Zealanders increased
access to timely and quality healthcare. The Company urges policymakers to extend pharmacist
scope of practice to maximise access for patients to additional services within their local
communities and alleviate pressures on other areas of the health system.
“The Group’s 65 medical centres are currently funded by 12 different Primary Health
Organisations. Green Cross Health continues to lobby Health New Zealand for direct funding to
enable more resources to reach frontline general practice while supporting medical teams to
reduce unnecessary administrative tasks and maximise time for patient activity.”
Pharmacy Division
Revenue in Pharmacy for the reporting period was $370.4m, with Operating Profit $21.5m. One
equity investment was completed in the year bringing the total number of stores in the network,
including licensees, to 328 as at 31 March 2025.
Dispensary performance was strong with same store prescriptions up 4% compared to 31 March
2024. Unichem and Life pharmacies administered over 326,000 vaccinations, a 2% increase on the
prior year. The Care & Advice Health Hub was launched to support the increasing demand for
essential pharmacy services and raise consumer awareness of the clinical services available at

pharmacies. The network is on track to achieve 200 Care & Advice Health Hub branded
pharmacies by the end of the calendar year.
Same store retail sales were down 9% compared to the prior year reflecting the ongoing retail
trading headwinds. A new store concept, Beauty by Life, was unveiled under the Life brand to
modernise the beauty and wellness offering and reinforce the brand’s market position. The
refreshed concept has introduced new product ranges, supplemented by beauty services to enrich
customer experience and appeal to a broader market. The first Beauty by Life opened at the Life
Newmarket store in November and will be extended to further sites in the coming year.
The upgraded Life Pharmacy ecommerce platform now offers customers a seamless experience
from browsing stock availability online before visiting a store along with having the ability to shop
online and collect the item in store, with 5,000 products purchased through click & collect since
the capability was deployed late last year. The partnership with Uber Eats continues to build
momentum and 149 pharmacies across the network are now able to service customer needs with
on-demand delivery across the country.
Medical Division
Medical Revenue for the period was $153.4m, with Operating Profit $19.5m. Enrolled patients across
the portfolio of 65 medical centres totalled 416,500, the largest enrolled patient base of any general
practice group in New Zealand.
Following a period of strategic acquisitions, the Medical division shifted focus to consolidating its
network to strengthen internal operations and maximise patient experience. Two medical practices
underwent substantial refurbishments to add capacity for more patients to be seen in an upgraded
clinical environment. Digital services are fundamental in administering patient care and over
120,000 active users are signed up on The Doctors App, booking an average of 20,000 appointments
per month through this service, enabling enhanced patient engagement and service efficiency.
Given the national shortage of general practitioners, workforce constraints is an ongoing challenge.
In response, the division is progressing towards a team-based care model to build greater capacity
within practices. This has led to the creation of new roles to provide patient care, with Nurse
Practitioners, Extended Care Paramedics and Physician Associate roles being added across the
network. The shift to the National Hauora Coalition Primary Health Organisation has enabled the
establishment of 25 Health Improvement Practitioner and 14 Health Coach roles offering patients
direct access to mental health and wellbeing support.
The telehealth service was rebranded to The Doctors Online during the year and plays a pivotal role
in assisting medical centres with virtual locum services and improving patient access to essential
health services. The Government’s announcement of new national funding for virtual care services
is expected to further advance the use of virtual care.

Outlook and Dividend
The timing and pace of economic recovery remains uncertain and Green Cross Health expects
trading performance for the first six months of the new fiscal year to be in line with the first six
months of the reported period.
The Company will focus on growing pharmacy services and strengthening the Life brand’s position
in the beauty and wellness space. Investment in technology, targeted refurbishments and cost
management will be a priority in both divisions.
The Board has declared a final dividend of 2.75 cents per share.
Contact:
Kalpana Goundar
kalpana.goundar@gxh.co.nz

Rachael Newfield
rachael.newfield@gxh.co.nz
About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with
multidisciplinary healthcare teams with the purpose of working together to support healthier
communities. Green Cross Health is focused on creating sustainable healthcare solutions with
positive outcomes and experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups Unichem,
Life Pharmacy and The Doctors, to provide support, care and advice to diverse New Zealand
communities.
Green Cross Health provides convenient access to professional healthcare with 328 Unichem and
Life Pharmacies covering almost every New Zealand community, as well as 65 medical centres
caring for 416,500 enrolled patients.

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ANNUAL RESULTS
FOR THE YEAR
TO 31 MARCH 2025

GXH Annual Results Presentation 29 May 2025 Pg 2
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the
information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy,
completeness or reliability of the information. In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks
are reasonable assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as
required by law or NZX listing rules, GXH is not obliged to update this presentation after its release, even if things change materially. This
presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a
solicitation of an offer to buy GXH securities and may not be relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not
defined by GAAP or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and
they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with
GAAP. Although GXH believes they provide useful information in measuring the financial performance and condition of GXH business,
readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the period
ended 31 March 2025.

GXH Annual Results Presentation 29 May 2025 Pg 3
GXH Annual Result - Financial Overview
Group
Revenue
$523.8m
Operating
Profit
(EBIT)
$38.7m
Net Profit
After Tax
(attributable to
shareholders)
$16.0m
Pharmacy
Operating
Profit
$21.5m
Medical
Operating
Profit
$19.5m

New Zealand’s largest network of health
retailers: supporting easy access to quality
health care
Pharmacy
Division

GXH Annual Results Presentation 29 May 2025 Pg 5
367.1
360.4
363.6
370.4
FY22FY23FY24FY25
Pharmacy Operating Revenue ($m)
Pharmacy Performance
FY22FY23FY24FY25
•Revenue up 2% to $370.4m with strong
performance in dispensary, partially offset by
retail decline
•Operating Profit up to $21.5m driven by top
line growth and store optimisation completed
in prior period
•Total scripts items grew 4% on a same
store basis
•38 million script items dispensed
35.9
21.1
19.3
21.5
FY22FY23FY24FY25
Pharmacy Operating Profit ($m)
FY22FY23FY24
FY25

GXH Annual Results Presentation 29 May 2025 Pg 6
Care & Advice Health Hub
Launch of the Care & Advice Health Hub within Unichem & Life pharmacies
positioned to support New Zealand’s growing demand for essential health
services
Branding and consistency in services aims to raise consumer awareness of
the clinical services pharmacists can deliver
Continued increase in the range of services offered in pharmacies, with
ranging of complementary pharmacy health and wellness products
On track to achieve 200 Care & Advice Health Hub branded stores by the
end of the year
326,000 vaccinations
administered across
the network
11 core clinical
services available
in all Care & Advice
Health Hubs
77,000 service
bookings made
online
41% increase in
non-flu vaccinations

GXH Annual Results Presentation 29 May 2025 Pg 7
Modernising the Life brand instore experience with the
launch of the first ‘Beauty by Life’ concept at the Life
Newmarket store
Targeting further stores to be upgraded by the end of
the year
Enhancing the beauty and wellness product offering by
introducing new ranges and products to broaden appeal
to a wider market
Implementing beauty services in selected stores to
support the refreshed and extended product offer
Investment in Beauty

GXH Annual Results Presentation 29 May 2025 Pg 8
Improving Customer Journey
Living Rewards membership grew to over
2.09 million members, with members
spending 50% more than non-members
Continuing to evolve and modernise
marketing messaging, with increased social
media activity including interactive content
to create ongoing customer engagement
Winner of Out Of Home Media Association
Aotearoa Marketing Awards for ‘Best use of
technology in delivering a digital billboards
campaign with real-time purchases’
Enhancing the
product range with
new and exclusive
brands including own
brand pharmacy
essentials
Targeted offers for
products and
services through the
Living Rewards
programme
Website upgraded to
improve functionality,
including ability for
customers to check
stock availability
Click & Collect now
available at 27 Life
stores with 5,000
products collected
since launch late last
year
149 stores now
enabled to provide
on-demand delivery
for customers
nationwide

GXH Annual Results Presentation 29 May 2025 Pg 9
Pharmacy Future Focus
Retail
disciplines
Differentiated brands
and products with
professional instore
experience
Customer
experience
Clinical
services
Cost
focus
Expand clinical
services through Care
& Advice Health Hubs
to support revenue
growth
Improving customer
accessibility &
recognising customer
loyalty
Network scale
& leadership
Leveraging our trusted
brands & advocating for
extended pharmacist
scope of practice
Workforce
productivity, margin
management &
occupancy cost
control

Growth, leadership and sustainable
models of care
Medical
Division
Growth, leadership and sustainable
models of care
Medical
Division

GXH Annual Results Presentation 29 May 2025 Pg 11
Medical Performance
16.0
16.2
15.0
19.5
FY22FY23FY24FY25
Medical Operating Profit ($m)
111.0
133.2
140.3
153.4
FY22FY23FY24FY25
Medical Operating Revenue ($m)
Revenue up 9% to $153.4m primarily
due to full year impact of FY24
acquisitions and one FY25 acquisition
Operating Profit up to $19.5m driven
by acquisition and operational
improvement
416,500 enrolled patients at 31
March 2025
Ownership in 65 medical centres at
31 March 2025
FY22FY23FY24
FY25
FY22FY23FY24
FY25

GXH Annual Results Presentation 29 May 2025 Pg 12
Focus on Operational Performance
•Focus on operational efficiency, including
through utilisation of technology, has
improved employee costs to 72% of Revenue
•Continuing to advocate for improved funding
arrangements to ensure more resources
reach frontline general practice
•Roll-out of team-based model of care
underway, building clinical capacity to provide
patients timely access to care
0%
2%
4%
6%
8%
10%
12%
14%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
EBIT %
Cost %
Operational Efficiency
Employee costs %Other costs %EBIT %
FY22
FY24
FY23
FY25

GXH Annual Results Presentation 29 May 2025 Pg 13
Moving to a Team-Based Model of Care
Nurse
Practitioners
Nurse-led
Clinics
Enhanced
Care
Paramedics
On site GPs
Physician
Associates
Health
Improvement
Practitioners
Health
Coaches
Virtual GPs
416,500 enrolled patients
The national shortage of general practitioners is an
ongoing challenge and is being managed through a
move to a team-based model of care
New roles have been established to increase capacity
within practices and provide timely patient care
39 Health Improvement Practitioners and Health
Coaches are giving patients direct access to mental
health and wellbeing support following the shift to
National Hauora Coalition Primary Health Organisation

GXH Annual Results Presentation 29 May 2025 Pg 14
Investment and Innovation
•Baymed and Kerikeri practices underwent major
refurbishments adding capacity to care for more
patients, in an upgraded clinical environment
•The Doctors rebranding programme continued
with 45 centres now operating under the brand
•Over 120,000 registered users on The Doctors
App booking an average of 20,000 appointments
per month
•More than 16,000 consults on the rebranded
Doctors Online telehealth service, supporting the
existing network with locum services along with
providing convenient access to care for casual
and enrolled patients

GXH Annual Results Presentation 29 May 2025 Pg 15
Medical Future Focus
Innovative
care model
Direct
funding
High quality patient care
delivered through a
team-based approach
Calling for improved
funding arrangements
to allow more
resources to reach the
frontline
Technology
Utilising data and
systems to increase
patient access while
improving efficiencies
Operations
improvement
Continuous
improvement in
operating model and
clinical environment
Cost
& margin
Workforce
productivity & margin
management

GXH Annual Results Presentation 29 May 2025 Pg 16
Group Financial Result
12 months ended 31 March 2025

GXH Annual Results Presentation 29 May 2025 Pg 17
Group Revenue and Operating Profit
•Revenue of $523.8m, up 4%
•FY25 Revenue increase a result of
annualising prior year acquisitions and one
FY25 acquisition in Medical, along with
strong dispensary performance in Pharmacy
partially offsetting retail decline
•Operating Profit of $38.7m
•Operating Profit increase driven by top line
growth and operational improvements in both
divisions
478.1
493.6
503.9
523.8
FY22FY23FY24FY25
GXH Operating Revenue From Continuing
Operations ($m)
FY22FY23FY24FY25
48.5
34.3
31.8
38.7
FY22FY23FY24FY25
FY22FY23FY24FY25
GXH Operating Revenue From Continuing Operations ($m)
GXH Operating Profit From Continuing Operations ($m)

GXH Annual Results Presentation 29 May 2025 Pg 18
Group NPAT, EPS & Dividend
•Net Profit After Tax Attributable to Shareholders
grew to $16.0m
•EPS at 11.1 cps
•Final FY25 dividend of 2.75cps declared –
payment date 23 June 2025
Based on dividends paid during the financial year
20.2
15.0
12.0
16.0
FY22FY23FY24FY25
GXH NPAT Attributable to Shareholders* ($m)
FY22FY23FY24FY25
6.5
7.0
34.0
4.5
FY22FY23FY24FY25
Dividends Per Share (cps)
FY22FY23FY24FY25
14.1
10.5
8.4
11.1
FY22FY23FY24FY25
GXH NPAT Attributable to Shareholders* (cps)
FY22FY23FY24FY25
*From Continuing Operations

GXH Annual Results Presentation 29 May 2025 Pg 19
Working Capital and Operating Cashflow
•Gearing ratio of 11.9% as at 31 March 2025
•Undrawn debt facilities of $42.0m as at 31 March 2025
•Net cash position of $1.8m as at 31 March 2025
•Financing ratios:
–Debt / Pre IFRS16 EBITDA – 0.7x
–Operating Profit / Interest – 18x
•Operating Cash Flow of $52.6m
Enabling:
•Investment of $7.3m including two equity investments
(one pharmacy, one medical centre), site refurbishments
and investment in technology
•Debt repayment of $12.1m
12.3%
10.4%
17.3%
11.9%
FY22FY23FY24FY25
GXH Gearing Ratio (debt / debt + equity)
FY22FY23FY24FY25
65.8
45.9
46.0
52.6
FY22FY23FY24FY25
GXH Operating Cash Flow ($m)
FY22FY23FY24FY25

GXH Annual Results Presentation 29 May 2025 Pg 20
About Green Cross Health

Our Purpose: Working together to support healthier communities.
We are passionately committed to the health and wellness of New Zealand, and to providing the best support,
care and advice to our communities. This is our promise.
Who we are

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Green Cross Health Limited
Group consolidated financial
statements
for the year ended 31 March 2025

Contents
Page
Directors' declaration2
Independent auditor's report3
Financial statements
Consolidated statement of comprehensive income7
Consolidated statement of changes in equity8
Consolidated statement of financial position9
Consolidated statement of cash flows10
Notes to the consolidated financial statements11
-
1-

Green Cross Health Limited
Directors' declaration
31 March 2025
In the opinion of the Directors of Green Cross Health Limited, the financial statements and notes, on pages 7 to 32:
Comply with New Zealand generally accepted accounting practice and give a true and fair view of the financial
position of the Green Cross Health Limited Group as at 31 March 2025 and the results of its operations and
cash flows for the year ended on that date.
Have been prepared using appropriate accounting policies, which have been consistently applied and
supported by reasonable judgements and estimates.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial
Reporting Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and
detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide reasonable
assurance as to the integrity and reliability of the financial statements.
The Directors are pleased to present the financial statements of Green Cross Health Limited for the year ended 31 March
2025.
For and on behalf of the Board of Directors:
-
2-
Carolyn St
eele
D
irector
2
8 May 2025

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
Independent Auditor’s Report
To the shareholders of Green Cross Health Limited
Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated
financial statements which comprise:
-the consolidated statement of financial position as
at 31 March 2025;
-the consolidated statements of comprehensive
income, changes in equity and cash flows for the
year then ended; and
-notes, including material accounting policy
information and other explanatory information.
In our opinion, the accompanying consolidated
financial statements of Green Cross Health Limited
(the Company) and its subsidiaries (the Group) on
pages 7 to 32 present fairly in all material respects:
-the Group’s financial position as at 31
March 2025 and its financial performance
and cash flows for the year ended on that
date;
-In accordance with New Zealand
Equivalents to International Financial
Reporting Standards (NZ IFRS) issued by
the New Zealand Accounting Standards
Board and the International Financial
Reporting Standards issued by the
International Accounting Standards Board.
Basis for opinion
We conducted our au
dit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Green Cross Health Limited in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standards 1 and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has provided other services to the Group in relation to tax compliance and tax advisory. Subject to
certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.
Emphasis of matter
3

4
We draw attention to Note 24 of the consolidated financial statements, which describes the restatement of the
opening balance, and the comparative period in relation to Contract Liabilities. Our opinion is not modified in
respect of this matter.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements
as a whole was set at $1.4m determined with reference to a benchmark of the Group’s Profit Before Tax. We
chose the benchmark because, in our view, this is a key measure of the Group’s performance.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the shareholders as a body may better understand the process
by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our audit opinion on the
consolidated financial statements as a whole and we do not express discrete opinions on separate elements of
the consolidated financial statements.
The key audit matter How the matter was addressed in
our audit
Impairment of non-current assets
Refer to Note 13 to the financial statements.
The Group has grown significantly through
acquisitions in its Pharmacy and Medical
business units which has resulted in the
recognition of goodwill in the amount of $86.9
million, $76.9 million respectively.
In the event the business units underperform
compared to their business cases, there is a risk
that the goodwill arising on acquisition may no
longer be supported.
As disclosed in note 13, the Group performs an
annual impairment test of goodwill and uses a
discounted cash flow model to determine the
recoverable amount of its business units to which
goodwill has been allocated.
In performing this assessment, assumptions are
made in respect of future economic and market
conditions. Cashflow forecasts include
consideration of the Group’s strategic business
Our audit procedures included:
 Ensuring the allocation of goodwill to the Group’s
business units is appropriate;
 Evaluating the methodology, mathematical
accuracy and assumptions applied in the
discounted cash flow models. We used our own
valuation specialists to assist us with the
consideration of terminal growth and discount
rates;
 Challenging management’s cash flow
assumptions over projected cash, and the
expected impact of the Group’s business plans
for each business unit by reference to their
historical performance and the internal and
external factors that influence their operations;
 Performing sensitivity analysis around the key
assumptions used in the models; and

5
The key audit matter How the matter was addressed in
our audit
plan for each business unit and their impact on
forecast sales and operating costs. Additionally,
management determined terminal growth rates
and discount rates which reflect an assessment
of the time value of money and the risks specific
to each business unit.
The annual impairment test performed by the
Group was significant to our audit due to the
magnitude of the goodwill balance and because
the assessment process involved judgment about
the future performance of the business units.
The market capitalisation deficit that exists at
balance date is an indicator of impairment.
 Reviewing the appropriateness of related
disclosures in the consolidated financial
statements.
 Challenged management on whether the market
capitalisation deficit is an indicator of impairment
and challenged management’s earnings
assumptions used in the value in use
calculations.
We did not identify any factors that were materially
inconsistent with management’s overall conclusions.
Other information
The Directors, on behalf of the Group, are responsible for the other information included in the Group’s Annual
Report. The other information comprises the Directors Declaration included in the Group’s Annual Report, but
does not include the consolidated financial statements and our auditor’s report thereon. The Annual Report is
expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover any other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other
information and in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the Directors.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders. Our audit work has been undertaken so
that we might state to the shareholders those matters we are required to state to them in the independent
auditor’s report and for no other purpose. To the fullest extent permitted by law, none of KPMG, any entities
directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume
any responsibility and deny all liability to anyone other than the shareholders for our audit work, this independent
auditor’s report, or any of the opinions we have formed.

6
Responsibilities of Directors for the consolidated financial
statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with NZ
IFRS issued by the New Zealand Accounting Standards Board and the International Financial Reporting
Standards issued by the International Accounting Standards Board;
— implementing the necessary internal control to enable the preparation of a consolidated set of financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability of the Group to continue as a going concern. This includes disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
they either intend to liquidate or to cease operations or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but it is not a guarante
e t hat an audit conducted in
accordance with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the
External Reporting Board (XRB) website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Jodi Newth.
For and on behalf of:
KPMG
Auckland
28 May 2025

Green Cross Health Limited
Consolidated statement of comprehensive income
For the year ended 31 March 2025
20252024
Notes$'000$'000
Continuing operations
Operating revenue4523,758503,915
Operating expenditure6.2(467,264)(452,080)
Depreciation and amortisation expense11,13(4,770)(6,254)
Depreciation - leases12(14,584)(14,269)
Impairment11,13(7)(716)
Share of equity accounted net earnings151,5901,198
Operating profit before interest and tax38,72331,794
Interest income588900
Interest expense(2,101)(2,549)
Interest expense - leases(8,374)(7,725)
Net interest expense(9,887)(9,374)
Profit before tax28,83622,420
Income tax expense7(8,093)(6,591)
Profit from continuing operations20,74315,829
Discontinued operation
Loss from discontinued operation, net of tax-(276)
Profit for the year
20,74315,553
Other comprehensive income for the year, net of tax
--
Total comprehensive income for the year
20,74315,553
Attributable to:
Shareholders of the Parent15,97511,757
Non-controlling interest4,7683,796
20,74315,553
Earnings per share:
Basic earnings per share (cents)811.138.20
Diluted earnings per share (cents)811.108.18
Earnings per share - continuing operations
Basic earnings per share (cents)811.138.39
Diluted earnings per share (cents)811.108.37
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 32 form part of the consolidated
financial statements.
-7-

Green Cross Health Limited
Consolidated statement of changes in equity
For the year ended 31 March 2025
Share Capital
Share Based
Payment
Reserve
Retained
earnings
Non-
controlling
interest
Total equity
Notes$'000$'000$'000$'000$'000
Balance as at 1 April 2023 (As
reported)
90,760583100,06510,597202,005
Restatement of contract liabilities24--3,451-3,451
Balance as at 1 April 2023 (Restated)90,760583103,51610,597205,456
Profit or loss for the year--11,7573,79615,553
Total comprehensive income for the
year
--11,7573,79615,553
Distributions to non-controlling
interests
---(3,543)(3,543)
Impacts of other transactions--(52)1,4901,438
Dividends to shareholders9--(48,895)-(48,895)
Performance share rights charged to
SOCI
-50--50
Performance share rights vested20183(183)---
Balance as at 31 March 2024
(Restated)*
90,943
45066,32612,340170,059
Balance as at 1 April 2024 (Restated)90,94345066,32612,340170,059
Profit or loss for the year--15,9754,76820,743
Total comprehensive income for the
year
--15,9754,76820,743
Distributions to non-controlling
interests
---(2,275)(2,275)
Impacts of other transactions--(840)(419)(1,259)
Dividends to shareholders9--(6,484)-(6,484)
Performance share rights charged to
SOCI
-215--215
Performance share rights vested20150(150)---
Balance as at 31 March 202591,09351574,97714,414180,999
*Comparative information has been restated, refer Note 24.
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 32 form part of the consolidated
financial statements.
-8-

Green Cross Health Limited
Consolidated statement of financial position
As at 31 March 2025
2025 2024*
(Restated)
Notes$'000$'000
ASSETS
Current assets
Cash and cash equivalents26,19923,402
Trade and other receivables1022,72425,549
Inventories33,16730,445
Total current assets82,09079,396
Non-current assets
Other receivables102,4482,693
Property, plant and equipment1119,74018,979
Right-of-use assets1296,27997,084
Intangible assets13165,947165,937
Deferred tax asset1412,27511,977
Equity accounted group investments157,4586,816
Total non-current assets304,147303,486
Total assets386,237382,882
LIABILITIES
Current liabilities
Trade payables and accruals1669,38867,303
Income taxes payable16685937
Borrowings171,8552,573
Lease liabilities1212,74113,098
Total current liabilities84,66983,911
Non-current liabilities
Borrowings1722,58132,372
Lease liabilities1297,98896,540
Total non-current liabilities120,569128,912
Total liabilities205,238212,823
Net assets
180,999170,059
EQUITY
Share capital91,09390,943
Share based payment reserve515450
Retained earnings74,97766,326
Total equity attributable to shareholders of the Parent166,585157,719
Non-controlling interest14,41412,340
Total equity180,999170,059
*Comparative information has been restated, refer Note 24.
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 32 form part of the consolidated
financial statements.
-9-

Green Cross Health Limited
Consolidated statement of cash flows
For the year ended 31 March 2025
20252024
Notes$'000$'000
Cash flows from operating activities
Dividends received151,0751,852
Receipts from customers526,583504,862
Interest received588900
Payments to suppliers and employees(466,971)(453,638)
Net income taxes(8,634)(8,019)
Net cash inflow from operating activities1852,64145,957
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(5,838)(7,399)
Acquisition of interests in equity accounted investments15(127)(323)
Acquisition of interests in subsidiary and non-controlling interests(1,366)(10,178)
Disposal of discontinued operation-(276)
Net cash outflow from investing activities(7,331)(18,176)
Cash flows from financing activities
Proceeds from borrowings1,55841,220
Repayments of borrowings(12,067)(29,812)
Payment of lease liabilities(12,577)(12,641)
Interest expense(2,137)(2,467)
Interest expense - leases(8,374)(7,725)
Distributions to non-controlling interest(2,560)(3,061)
Dividend paid9(6,484)(48,895)
Net cash outflow from financing activities(42,641)(63,381)
Net increase/(decrease) in cash and cash equivalents2,669(35,600)
Cash and cash equivalents at the beginning of the financial year23,40258,215
Cash acquired: business combinations5128787
Cash and cash equivalents at end of year
26,19923,402
Reconciliation of closing cash and cash equivalents to the consolidated
statement of financial position:
Cash and cash equivalents
26,19923,402
Closing cash and cash equivalents
26,19923,402
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 32 form part of the consolidated
financial statements.
-10-

Notes to the consolidated financial statements
For the year ended 31 March 2025
1Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the

New Zealand Stock Exchange ("NZX").
The consolidated financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its interest
in associates and joint ventures (together referred to as the “Group”).
2Basis of preparation of financial statements
(a)Statement of compliance
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”), and other applicable Financial Reporting Standards, and authoritative notices as appropriate for a
Tier one for profit entity. They also comply with International Financial Reporting Standards.
The financial statements were approved by the Board of Directors on 28 May 2025.
(b)Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c)Changes in accounting policy
The Group has consistently applied the following accounting policies to all periods presented in these consolidated
financial statements, except as mentioned below.
(d)Comparatives
Comparative information has been restated. See Note 24.
(e)Functional and presentation currency
These financial statements are presented in New Zealand dollars ($), which is the functional currency of the entities of the
Group. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.
(f)Significant estimates and judgments
The preparation of financial statements in conformity with NZ IFRS requires the Directors to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values
of some assets and liabilities. Actual results may differ from these estimates.
In authorising the consolidated financial statements for the year ended 31 March 2025, the Directors have ensured that
the specific accounting policies necessary for the proper understanding of the financial statements have been disclosed,
and that all accounting policies adopted are appropriate for the Group’s circumstances and have been consistently applied
throughout the year for all Group entities for the purposes of preparing the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision
and future periods if the revision affects both current and future periods. Information about the significant areas of
judgment exercised or estimation in applying accounting policies that have had a significant impact on the amounts
recognised in the financial statements are described as follows:
-
11-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
2Basis of preparation of financial statements(continued)
(f)Significant estimates and judgments(continued)
(i) Classification of investments
Classifying investments as either subsidiaries, associates or joint ventures requires the Directors to assess the degree of
influence which the Group holds over the investment. In arriving at a conclusion the Directors take into account the
constitutional structure of the investment, governance arrangements, current and future representation on the Board of
Directors, and all other arrangements which might allow influence over the operating and financial policies of the
investment.
(ii) Impairment of goodwill and indefinite life intangible assets
The carrying values of goodwill and intangible assets with an indefinite useful life, are assessed at least annually to ensure
that they are not impaired. This assessment requires the Directors to estimate future cash flows to be generated by cash
generating units to which goodwill and intangible assets with indefinite useful lives have been allocated. Estimating future
cash flows entails making judgments including the expected rate of growth of revenues and expenses, margins and
market shares to be achieved, and the appropriate rate to apply when discounting future cash flows. Note 13 of these
financial statements provides more information on the assumptions the Directors have made in this area and the carrying
values of goodwill and indefinite life intangible assets. As the outcomes in the next financial period may be different to the
assumptions made, it is impracticable to predict the impact that could result in a material adjustment to the carrying
amount.
(iii) Accounting for leases under NZ IFRS 16
In determining the right of use assets and lease liabilities a number of estimates and judgments have been made by
management. These include determining the applicable incremental borrowing rates and assessment of the lease terms,
including any rights of renewal and whether it is reasonably certain they will be exercised. See Note 12.
(g)Subsidiaries
Subsidiaries are entities that are controlled by the Group as defined in NZ IFRS 10. Control exists when the Group is
exposed to, or has rights to, variable returns from its involvement in the investee and has the ability to affect those returns
through its power over the investee. Power arises when the Group has existing rights to direct the relevant activities of the
investee, i.e. those that significantly affect the investee’s returns. Control is assessed on a continuous basis.
The Group consolidates the results of its subsidiaries from the date that control commences until the date on which control
ceases. At such point as control ceases, it derecognises the assets, liabilities and any related non-controlling interests and
other components of equity. Any interest retained in the former subsidiary is measured at fair value when control is lost.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate
or a joint venture. At the date the equity method is discontinued, the difference between the carrying amount of the
associate or a joint venture and the fair value of any retained interest and any proceeds from disposing of a part interest in
the associate or a joint venture is included in the determination of the gain or loss on disposal of the associate or joint
venture.
The Group's ownership interests in subsidiaries ranges from 25% to 100% (2024: 25% to 100%). The Group consolidates
35 out of 52 entities where it holds less than half of the profit shares. This is on the basis that the Group's contractual
arrangements with these entities result in them meeting the definition of being subsidiaries as set out above.
(h)Non-controlling interests
Non-controlling interests are present ownership interests and are initially measured at either fair value or the non-
controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is
determined on a transaction-by-transaction basis. Under the proportionate interest method, goodwill is not attributed to the
non-controlling interest and the Group recognises only its share of goodwill whereas under fair value, the non-controlling
interest includes its proportionate share of goodwill.
Changes in the Group’s interest in a subsidiary that do not result in a change in the control conclusion are accounted for
as transactions with equity-holders in their capacity as equity holders.
While the group has 51 (2024: 51) subsidiaries with non-controlling interests, there are no subsidiaries with individually
material non-controlling interest.
-
12-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
2Basis of preparation of financial statements(continued)
(i)Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted
investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(j)Goods and Services Tax (GST)
The statement of comprehensive income has been stated so that all components are exclusive of GST. All items in the
statement of financial position are stated net of GST with the exception of receivables and payables, which include GST
invoiced.
(k)Statement of cash flows
The statement of cash flows has been prepared using the direct method subject to the netting of certain cash flows.
Cash flows in respect of investments and borrowings that have been rolled-over under arranged banking facilities have
been netted in order to provide meaningful disclosures.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Operating activities include all cash received from all revenue sources and all cash disbursed for all expenditure sources
including taxation refunds or payments and other transactions that are not classified as investing or financing activities.
Investing activities reflect the acquisition and disposal of property, plant and equipment and intangibles, loans to
associates, and investments in associates, subsidiaries and joint ventures.
Financing activities reflect changes in borrowings and equity.
(l)Inventory
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a weighted
average principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other
costs incurred in bringing them to their existing location and condition. Inventory comprises of pharmacy goods held for
sale.
(m)Government grants
Grants that compensate the Group for expenses incurred are recognised in profit and loss as other income on a
systematic basis in the periods in which the expenses are recognised.
3New standards and interpretations issued and not yet effective
A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31
March 2025. These have been assessed for applicability to the Group and the Directors have concluded that they will not
have a significant impact on future financial statements, except for amendments to NZ IFRS 18 which will require a
change in presentation and disclosure of the consolidated financial statements effective 1 January 2027.
-
13-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
4Segment reporting
The Group has two reportable segments: pharmacy services and medical services. The pharmacy services segment
provides retail and dispensary services and the medical services segment provides GP, nursing and urgent care services.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres, as well as medical centres outside
the Group.
The Board monitors the various revenue streams within each reportable segment separately however, they do not meet
the criteria for separate disclosure due to the following:
Aggregation of the operating segments within each reportable segment is consistent with the core principle of NZ
IFRS 8, i.e. aggregating will not distort the interpretation of the financial statements for the users;
The operating segments within each reportable segment share the same economic characteristics; and
The nature of the products and services, and the nature of the regulatory environment are the same for the
operating segments.
Operating segments
Information about reportable segments from continuing operations
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2025
External revenues6.1370,366153,386-523,752
Other income
6--6
Total Revenue
370,372153,386-523,758
Cost of products sold(222,702)(217)-(222,919)
Employee benefit expense(80,589)(110,640)-(191,229)
Lease expenses(2,760)(365)-(3,125)
Other expenses(31,423)(16,284)(2,284)(49,991)
Depreciation and amortisation(2,840)(1,930)-(4,770)
Depreciation - leases(8,744)(5,840)-(14,584)
Impairment(7)--(7)
Share of equity accounted net earnings
1751,415-1,590
Segment Profit
21,48219,525(2,284)38,723
Interest income588
Interest expense(2,101)
Interest expense - leases
(8,374)
Profit before tax28,836
Tax expense
(8,093)
Profit after tax20,743
Non-controlling interest
(4,768)
Net Profit attributable to the shareholders
of the Parent
15,975
Reportable segment assets270,949126,101(10,813)386,237
Reportable segment liabilities125,35690,695*(10,813)205,238
*Intersegmental elimination.
-
14-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
4Segment reporting(continued)
Pharmacy
Services
Medical
ServicesCorporateTotal
Notes $'000$'000$'000$'000
March 2024
External revenues6.1363,559140,254-503,813
Other income
8517-102
Total Revenue
363,644140,271-503,915
Cost of products sold(214,321)(271)-(214,592)
Employee benefit expense(80,028)(100,784)-(180,812)
Lease expenses(3,598)(722)-(4,320)
Other expenses(33,095)(16,776)(2,485)(52,356)
Depreciation and amortisation(4,299)(1,955)-(6,254)
Depreciation - leases(8,793)(5,476)-(14,269)
Impairment(565)(151)-(716)
Share of equity accounted net earnings
377821-1,198
Segment Profit
19,32214,957(2,485)31,794
Interest income900
Interest expense(2,549)
Interest expense - leases
(7,725)
Profit before tax22,420
Tax expense
(6,591)
Profit after tax15,829
Loss from discontinued operation, net of tax(276)
Non-controlling interest
(3,796)
Net Profit attributable to the shareholders
of the Parent
11,757
Reportable segment assets*273,948119,693(10,759)382,882
Reportable segment liabilities*131,52892,054**(10,759)212,823
*Comparative information has been restated, refer Note 24.
**Intersegmental elimination.
-
15-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
5Business combinations
Business combinations during the year include; Sunset Family Doctors Servco Limited and Brookfield Pharmacy. None of
these acquisitions are individually material to the Group's result.
Carrying
ValueFair value
$'000$'000
Identifiable assets acquired and liabilities assumed
Total assets531531
Total liabilities
(229)(229)
Identifiable net assets
302302
Consideration transferred
Satisfied by:
Cash consideration1,117
Deferred consideration-
Contingent consideration
-
Total consideration1,117
Less cash acquired (included in assets above)
(128)
Net consideration
989
Goodwill
Goodwill recognised as result of the acquisitions are as follows:
Total consideration1,117
Identifiable net assets
(302)
Goodwill
815
The goodwill is attributable mainly to the various patient databases acquired and the synergies expected to be achieved.
None of the goodwill recognised is expected to be deductible for tax purposes.
The amount of revenue included in the consolidated statement of comprehensive income is $5.0m with a net profit after
tax of $0.1m in respect of the entities acquired during the year.
If the acquisitions had occurred on 1 April 2024, management estimates that consolidated operating revenue would have
been $525.3m, and consolidated profit after tax for the year would have been $20.8m for continuing operations.
6Operating performance
6.1Revenue
20252024
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary333,886323,799
Other pharmacy services36,48039,760
Medical services
153,386140,254
523,752503,813
-16-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
6Operating performance(continued)
Disaggregation of contract revenue
Reportable segments
Pharmacy
Services
Medical
ServicesTotal
$'000$'000$'000
Year ended 31 March 2025
Timing of revenue recognition
Transferred at a point in time356,23868,998425,236
Transferred over time
14,12884,38898,516
370,366153,386523,752
Year ended 31 March 2024
Timing of revenue recognition
Transferred at a point in time351,86361,804413,667
Transferred over time
11,69678,45090,146
363,559140,254503,813
Pharmacy retail and dispensing services
Pharmacy retail and dispensary services include retail sales, dispensing, professional advisory and care services. For all
these services control is considered to pass to the customer at the point when the customer can use or otherwise benefit
from the goods and services. For retail sales, control passes at point of sale. Retail sales are predominantly by credit card,
debit card or in cash.
The Group operates its own Living Rewards loyalty programme. Loyalty points earned during a sale transaction are
deferred to liabilities (net of estimated points expiry), and are recognised as revenue when the Living Rewards member
redeems their points.
Other pharmacy services
These mainly include franchise fees, supplier income and other service revenue. Control for franchise services pass over
time as the services are delivered over the term of the franchise agreement. Payment terms for franchise fees is generally
20 to 30 days. Supplier income is earned, as promotional services are rendered over a specified time period by the Group.
Payment terms are generally 20 to 30 days.
Medical services
Medical services include capitation and health services and patient fees. Control for capitation and health services passes
over time as the healthcare services are delivered to the patient over a certain time period. Payments terms are generally
20 to 30 days. Patient fees are earned at a point in time. Control passes to the customer when service has been delivered
to a customer. Patient fees are predominantly by credit card, debit card or in cash.
-
17-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
6Operating performance(continued)
Contract assets and contract liabilities
Current contract assets represent revenue where the service has been provided but not yet invoiced to the customer.
When the customer has been invoiced, any outstanding balances are included in receivables. Contract liabilities reflect
payments received for services that have not yet been provided and the payments will be recognised as revenue over
time.
Costs directly related to the acquisition of a contract or renewal of an existing contract are capitalised and amortised over
the life of the contract. Cost relating to fulfilling a contract are only capitalised if they meet the recognition criteria under NZ
IFRS 15. Costs incurred in obtaining a contract are only capitalised to the extent they are incremental.
Contract balances
The following table provides information, about receivables, contract assets and contract liabilities from contracts with
customers:
31 Mar 2025 31 Mar 2024*
(Restated)
$'000$'000
Trade receivables which are included in trade and other receivables7,14411,008
Contract assets13,92412,514
Contract liabilities(4,312)(4,228)
Significant changes in the contract assets and the contract liabilities during the period are as follows:
2025202520242024*
Contract
assets
Contract
liabilities
Contract
assets
Contract
liabilities
(Restated)
Revenue recognised that was included in the contract
liability balance at the beginning of the period-4,228-3,210
Transfer from contract assets recognised at the
beginning of the period to receivables12,514-11,457-
*Comparative information has been restated, refer Note 24.
6.2Operating expenditure
20252024
$'000$'000
Cost of products sold222,919214,592
Employee benefit expense191,229180,812
Lease expenses3,1254,320
Other expenses48,43651,155
Audit fees368347
Other services provided by auditors139288
Directors’ fees in respect of the Parent company453453
Directors’ fees in respect of the subsidiary companies309254
Bad debts written off and movement in doubtful debt provision
286(141)
467,264452,080
Auditor’s remuneration to KPMG comprises:
Annual audit of financial statements351322
Annual audit of financial statements - Prior year
1725
368347
-18-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
6Operating performance(continued)
20252024
$'000$'000
Other services provided by auditors:
Taxation services139143
Other services
-145
139288
Taxation services relate to compliance and related services, and tax support.
Other services relate to a retail product category review.
7Income tax expense
20252024
Notes$'000$'000
Current tax expense(8,391)(6,877)
Deferred tax benefit14
298286
Total tax expense
(8,093)(6,591)
Imputation credit account:
Available for use in subsequent periods $24.6m (2024: $19.2m).
20252024
$'000$'000
Numerical reconciliation between tax expense and pretax accounting profit
Profit before tax28,83622,420
Income tax expense at 28% (8,074)(6,278)
Deduct tax effects of adjustments:
Other
(19)(313)
(8,093)(6,591)
Taxation accounting policy
Income tax expense is charged to profit and loss and comprises current tax and deferred tax, unless it relates to an item
recognised in other comprehensive income or equity in which case it is recognised in other comprehensive income or
equity.
Current tax is the estimated tax payable on the current period’s taxable income using current tax rates, adjusted for any
under or over accrual in respect of prior periods.
Deferred tax is recognised using the balance sheet approach, allowing for temporary differences between the carrying
amounts of assets and liabilities for accounting purposes and the carrying amounts for tax purposes. A deferred tax asset
is recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related benefit will be realised.
-
19-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
8Earnings per share
The earnings per share and dividend per share is calculated using the Group’s result divided by the weighted average
number of shares for the listed entity, Green Cross Health Limited.
20252024
cents per
share
cents per
share
(Restated)
Basic earnings per share
11.138.20
The calculation of basic earnings per share is based on the profit attributable to equity holders of the Parent and a
weighted average number of ordinary shares issued during the year of 143,579,013 (2024: 143,431,640).
Diluted earnings per share
11.108.18
The calculation of diluted earnings per share is based on the profit attributable to equity holders of the Parent and a
weighted average number of ordinary shares issued during the year after adjustment for the effects of all dilutive ordinary
shares of 143,890,735 (2024: 143,744,827).
Net tangible assets/(liabilities) per share
1.93(5.48)
The calculation of net tangible assets/(liabilities) per share is based on net assets/(liabilities) less deferred tax and
intangible assets (refer Note 13 and Note 14) and the closing number of ordinary shares at the end of the year.
Net assets per share
126.04118.54
The calculation of net assets per share is based on net assets and the closing number of ordinary shares at the end of the
year.
20252024
$'000$'000
Earnings per share - continuing operations
Profit from continuing operations20,74315,829
Profit from continuing operations attributable to minority interests
(4,768)(3,796)
Profit from continuing operations attributable to the ordinary equity holders of the
company used in calculating basic earnings per share
15,97512,033
20252024
cents per
share
cents per
share
Basic earnings per share - continuing operations11.138.39
Diluted earnings per share - continuing operations
11.108.37
9Dividends
20252024
cents per
share
cents per
share
Dividends per share
4.5034.00
In December 2024, Green Cross Health Limited paid an interim dividend of 2.50 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28% (2023: 2.50 cents).
In June 2024, Green Cross Health Limited paid a final dividend of 2.00 cents per qualifying ordinary share to shareholders,
which was fully imputed to 28% (2023: 3.50 cents).
In April 2023, Green Cross Health Limited paid a special dividend of 28.00 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28%.
-20-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
10Trade and other receivables
2025 2024*
(Restated)
$'000$'000
Trade receivables7,14411,008
Provision for doubtful debts(1,967)(1,748)
Contract assets13,92412,514
Accrued income1,201855
Other receivables and prepayments
2,4222,920
22,72425,549
Other receivable - non-current asset
2,4482,693
*Comparative information has been restated, refer Note 24.
11Property, plant and equipment
20252024
$'000$'000
Opening Cost90,80490,164
Acquisitions through business combinations268644
Additions4,9806,440
Disposals(8,570)(2,600)
Assets written off
(282)(3,844)
Closing cost
87,200
90,804
Opening accumulated depreciation71,94471,177
Acquisitions through business combinations139242
Depreciation for the period4,7346,181
Disposals(8,340)(2,225)
Assets written off
(189)(3,431)
Closing accumulated depreciation
68,28871,944
Closing book value18,91218,860
Work in progress
828119
Total property, plant and equipment
19,740
18,979
Property, plant & equipment accounting policy
Property, plant & equipment owned by the Group consists primarily of leasehold improvements and is stated at cost less
accumulated depreciation and any impairment losses. Property, plant & equipment acquired in stages is not depreciated
until the asset is ready for its intended use.
Depreciation is provided on a straight-line basis on all property, plant & equipment components to allocate the cost of the
asset (less any residual value) over its useful life or if it relates to assets in a leased premises, the life of the lease if
shorter. The residual values and remaining useful lives of asset components are reviewed at least annually.
Current estimated useful lives of property, plant and equipment are between two and twelve years.
Subsequent expenditure is capitalised only if it is probable that future economic benefit associated with the expenditure
will flow to the Group. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an asset is recognised in the profit and loss in the period in which the asset is
disposed.
-
21-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
12 Leases
As a lessee
The Group’s leased assets include property leases for pharmacies, medical centres and support office. The lease terms of
these leases typically range from 2 to 30 years (inclusive of any renewal options). Some leases provide for additional rent
payments that are based on changes in CPI or market rental rates. The Group also leases motor vehicles and equipment,
which typically run for a period of 3 to 5 years.
As a lessee, the Group recognises right-of-use assets and lease liabilities for the majority of its leases – i.e. these leases
are on-balance sheet.
The carrying amounts of right-of-use assets and lease liabilities are as below:
Right-of-use assetsProperty
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2025
Balance as at 1 April 202495,5832171,28497,084
Balance as at 31 March 202595,6218757196,279
Depreciation13,74013071414,584
2024
Balance as at 1 April 202387,61734883388,798
Balance as at 31 March 202495,5832171,28497,084
Depreciation13,39813074114,269
Additions to property of $4.9m (2024: $16.4m) and remeasurements of $8.8m (2024: $5.0m) have been made to right-of-
use assets during the current year.
Low value leases of $3.4m (2024: $4.3m) have been expensed (under lease exemption).
Lease liabilitiesProperty
Motor
VehiclesEquipmentTotal
$'000$'000$'000$'000
2025
Balance as at 1 April 2024108,0242551,359109,638
- Current liability12,27013968913,098
- Non-current liability95,75411667096,540
Balance as at 31 March 2025109,943116670110,729
- Current liability11,95511667012,741
- Non-current liability97,988--97,988
2024
Balance as at 1 April 202397,98337691999,278
- Current liability12,31212159213,025
- Non-current liability85,67125532786,253
Balance as at 31 March 2024108,0242551,359109,638
- Current liability12,27013968913,098
- Non-current liability95,75411667096,540
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
-
22-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
12 Leases(continued)
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made. It is re-measured when there is:
a change in future lease payments arising from a change in an index or rate; or
a change in the estimate of the amount expected to be payable under a residual value guarantee; or
changes in assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised; or
any other change in the future lease payments or the lease term due to a lease modification that’s not accounted
for as a separate lease.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include
renewal options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease
term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.
20252024
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year19,62119,814
Two to five years60,16462,087
More than five years
75,56988,759
155,354170,660
As a lessor
The Group sub-leases some of its properties. Income in relation to these subleases is $1.9m (2024: $1.7m). The right-of-
use assets recognised from the head leases are measured at cost. The sub-lease contracts are classified as operating
leases under NZ IFRS 16.
20252024
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year611983
Two to five years1,2471,405
More than five years
518262
2,3762,650
-23-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
13Intangible assets
20252024
Notes$'000$'000
Other intangible assets
Opening costs10,77011,966
Acquisitions through business combinations-6
Additions559
Disposals(4,489)(171)
Asset Impairment
-(1,090)
Closing cost
6,286
10,770
Opening accumulated amortisation8,4409,452
Acquisitions through business combinations-1
Amortisation for the period3673
Disposals(4,333)(8)
Asset impairment
-(1,078)
Closing accumulated amortisation
4,1438,440
Closing book value
2,1432,330
Goodwill
Opening costs163,607152,516
Other acquired goodwill5-1,388
Additions58159,994
Disposals
(618)(291)
Closing cost
163,804163,607
Total intangible assets
165,947
165,937
Intangible assets accounting policy
Intangible assets recognised by the Group are stated at cost less accumulated amortisation and any impairment losses
with the exception of goodwill (see below).
Intangible assets acquired in stages are not amortised until the asset is ready for its intended use.
Other intangible assets represent franchisee store rebranding costs and have an indefinite life.
Subsequent expenditure is capitalised if future economic benefit will flow to the Group and the requirements of the
standard are met. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an intangible asset is recognised in the profit and loss in the period in which the
intangible asset is disposed.
Intangible assets disclosed in the financial statements relate to trademarks and other indefinite life intangible assets.
Indefinite life intangible assets are tested annually for impairment.
Goodwill accounting policy
Goodwill arises on the acquisition of businesses. Goodwill represents the excess of the purchase consideration over the
fair value of the net identifiable tangible and intangible assets at the time of acquisition.
Goodwill is allocated to the relevant cash generating units (CGU) expected to benefit from the acquisition and tested for
impairment annually, or earlier at any interim reporting dates if there are indicators of impairment.
The value of each CGU is determined by its value in use. If the recoverable amount is less than the carrying amount of the
CGU then an impairment loss is recognised in profit and loss and the carrying amount of the asset is written down.
The relative value of the goodwill allocated to the relevant cash generating unit is included in the determination of any gain
or loss on disposal.
-24-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
13Intangible assets(continued)
Impairment testing
Discounted cash flow (DCF) models have been based on three-year forecast cash flow projections. The budget for the
year-ending 31 March 2026 is the basis for the first year's projections and projections for subsequent periods have been
based on this plus growth. Terminal cash flows are projected to grow in line with the New Zealand long-term inflation rate.
The discount rate was a post-tax measure (discount rate pre-tax 12.80%) based on the rate of 10-year government bonds
issued by the government in the relevant market and in the same currency as the cash flows, adjusted for a risk premium
to reflect both the increased risk of investing in equities generally and the systematic risk of the specific CGU.
Impairment test assumptions 2025Pharmacy
Services
Medical
Services
Discount rate - post tax%9.97%9.97
Terminal growth rate%2.30%2.30
Carrying amount of goodwill allocated to the unit ($'000)86,88876,916
Carrying value of other intangible assets with indefinite useful lives ($'000)2,048-
Impairment test assumptions 2024Pharmacy
Services
Medical
Services
Discount rate - post tax%9.69%9.69
Terminal growth rate%3.50%3.50
Carrying amount of goodwill allocated to the unit ($'000)86,63776,970
Carrying value of other intangible assets with indefinite useful lives ($'000)2,048-
For the purpose of impairment testing, goodwill is allocated to the Group's operating divisions which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is allocated across
all operations within a division that have similar economic characteristics and collectively benefit from acquisitions that
increase the Group's portfolio.
Sensitivities
No impairment was identified for Pharmacy Services and Medical Services as a result of this review, nor under any
reasonable possible change, in any of the key assumptions described above.
14Deferred tax asset
The movement in deferred tax asset and liability during the year is made up of the following:
OpeningNet additions
Recognised in
profit and lossClosing
$'000$'000$'000$'000
Group - 2025
Property, plant and equipment2,926-3263,252
Provisions and accruals3,127-(91)3,036
Tax losses2,541-(486)2,055
Right of use assets(27,184)(3,826)4,052(26,958)
Lease liabilities
30,5673,826(3,503)30,890
11,977-29812,275
Group - 2024
Property, plant and equipment3,037-(111)2,926
Provisions and accruals2,941-1863,127
Tax losses2,779-(238)2,541
Right of use assets(24,863)(6,303)3,982(27,184)
Lease liabilities
27,7976,303(3,533)30,567
11,691-28611,977
-25-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
15Equity accounted group investments
20252024
$'000$'000
The movement in equity accounted investments comprises:
Opening carrying amount6,8167,147
Investment in associates and joint ventures127323
Share of net earnings1,5901,198
Dividends22
(1,075)(1,852)
7,4586,816
There are no individually material associates or joint ventures.
Amount of goodwill within the carrying amount of equity accounted group
investments:
Opening carrying amount
1,3661,366
Closing carrying amount
1,3661,366
Summary associate and joint venture financial information
The aggregate results of the associates and joint venture financial position and current year's profit are as follows:
AssetsLiabilitiesRevenue
Net profit after
tax
$'000$'000$'000$'000
As at and for the year ended 31 March 202514,8096,20256,3333,541
As at and for the year ended 31 March 202412,7495,46344,3223,169
Investments in associates and joint ventures accounting policy
An associate is an investee over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee but not to control or jointly control those policies.
A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Joint control is the contractually agreed sharing of control of the arrangement which only exists
when a decision about the relevant activities require the unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated into the financial statements of the
Group using the equity method of accounting. Under the equity method, the initial investment in the Group financial
statements is measured at cost and adjusted thereafter for the Group’s share of profit and loss and other comprehensive
income of the associate and joint venture. Any goodwill arising on the acquisition of an associate or joint venture
investment is included in the carrying amount of the investment net of dividends received. Where the Group’s share of
losses of the associate of joint venture exceeds the Group’s interest in that associate or joint venture, the Group
discontinues recognising its share of losses unless it has a legal or constructive obligation to continue doing so. The equity
method is discontinued where the Group ceases to exert significant influence or joint control over the investee.
Accounting policies adopted by associates and joint ventures are generally consistent with those of the Group. Where a
material difference does exist, appropriate adjustments are applied to ensure congruence with the policies of the Group,
the most significant of these being the recognition of deferred tax.
-
26-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
16Trade and other payables and income taxes payable
2025 2024*
(Restated)
$'000$'000
Trade payables35,45232,429
Payable to non-controlling interest4,5034,518
Contract liabilities4,3124,228
Accrued expenses15,47316,520
Employee entitlements
9,6489,608
69,38867,303
Income taxes payable
685937
Employee entitlements accounting policy
Employee entitlements for salaries, bonuses, long service, alternate and annual leave are provided for and recognised as
a liability when benefits are earned by employees but not paid at the reporting date.
*Comparative Information has been restated, refer Note 24.
17Borrowings
20252024
$'000$'000
Current1,8552,573
Non-current
22,58132,372
24,43634,945
The Group’s primary lenders are BNZ and Bank of China (the lenders).
The Group's interest rate on outstanding loans is calculated based on BKBM or cost of funds plus a margin. The current
interest rate is between 4.84% and 7.74% (2024: 6.59% - 9.72%). A 0.5% increase/decrease in the effective interest rate
would result in a decrease/increase in after tax profit and equity of $87,970.
Green Cross Health Limited and all its wholly-owned subsidiaries provided guarantees and indemnities in favour of the
lenders covering all loans held by the Parent company. Loans provided by BNZ to partnership subsidiaries are covered by
a General Security Agreement over the individual business assets.
At balance date, the Group has undrawn banking facilities of $42.0m (2024: $32.5m). The debt facilities held with both
BNZ and Bank of China mature in December 2027.
Borrowings and advances accounting policy
Borrowings are initially recognised at fair value, including directly attributable transaction costs. Subsequent to initial
recognition, borrowings are measured at amortised cost using the effective interest method.
-
27-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
18Operating cash flow reconciliation
20252024
$'000$'000
Profit for the year20,74315,553
Add non-cash items:
Depreciation, amortisation and impairment19,36121,239
Other non-cash items1431,288
Add changes in working capital:
Receivable and accruals movement3,070675
Inventory(2,722)1,516
Payable and accruals movements2,085(2,561)
Tax movement(550)(2,221)
Add items classified as cash flows from investing and financing activities:
Loss on disposal of Community Health division-276
Interest expense2,1372,467
Interest expense - leases
8,3747,725
Net cash inflow from operating activities
52,641
45,957
19Shares on issue
20252024
'000'000
Shares authorised and on issue
Opening number of shares143,462143,285
Shares issued - fully paid141177
Shares issued - partly paid--
Shares cancelled - partly paid
--
143,603143,462
Shares held as treasury stock--
Performance share rights
440367
144,043143,829
All ordinary shares carry equal rights in terms of voting, dividend payments and distribution upon winding up.
Share capital
Incremental costs directly attributable to the issue of ordinary shares, share options and share capital are recognised as a
deduction from equity.
-
28-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
20Share-based payments
Performance Share Rights
Performance Share Rights (PSRs) were offered to some senior executives, commencing 1 April 2019. Under the scheme
PSRs are issued to participants which give them the rights to receive ordinary shares in the Company after a three year
period, subject to certain vesting and other conditions being met. The fair value is measured at grant date and amortised
over the vesting period. The vesting of the PSRs is subject to the Company achieving performance hurdles relating to the
growth of its earnings per share and return on capital employed over a three year measurement period. There is no
exercise price for these performance rights and there is no right to dividends during the vesting periods.
Vesting is contingent upon audited financial statements, therefore PSRs which meet the vesting criteria will vest in the
financial year following the end of the PSR period.
The shares granted during the current financial period have a fair value of $214,800 (2024: $200,000) which is calculated
using the weighted average price of shares through the NZX over the one month period prior to the date of the Company’s
results announcement for the financial year ended 31 March 2024 (2024: 31 March 2023).
The total expense recognised in the year to 31 March 2025 in relation to the PSRs was $174,267 (2024: $100,000).
141,509 PSR's were vested during the year.
PSRs granted are summarised as below:
Grant DatePSR PeriodPSRs grantedPSRs vested
PSRs
forfeited
PSRs end of
period
28/06/2021 01/04/2021 - 31/03/2024188,679(141,509)(47,170)-
27/06/202201/04/2022 - 31/03/2025167,338-(53,244)114,094
26/06/202301/04/2023 - 31/03/2026148,677-(37,169)111,508
27/11/202401/04/2023 - 31/03/20265,947--5,947
27/11/2024
01/04/2024 - 31/03/2027
207,965--207,965
Total718,606(141,509)(137,583)439,514
21Financial instruments
The Group is party to financial instruments as part of its normal operations. Financial instruments include cash and cash
equivalents, borrowings, trade and other receivables and trade and other payables.
Financial instruments are initially recognised at their fair value less transaction costs, and subsequently measured at their
amortised cost. A financial instrument is recognised if the Group becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets
expire or if the Group transfers the financial asset to another party without retaining control or substantially all risks and
rewards of the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets and financial liabilities are recognised at amortised cost.
Risk management policies are used to mitigate the Group’s exposures to credit risk, liquidity risk and market risk that arise
in the normal course of operations.
-
29-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
21Financial instruments(continued)
Credit Risk
The Group’s maximum credit risk resulting from a third party defaulting on its obligations to the Group is represented by
the carrying amount of each financial asset on the statement of financial position. The Group is not exposed to any
material concentrations of credit risk other than its exposure within the retail pharmacy and government sectors. The
Group monitors credit limits on a monthly basis. All credit facilities to external parties are provided on normal trade terms
(unsecured, to a maximum of 45 days). At any one time, the Group generally has amounts owed to and amounts owed by
the same counterparty, although no legal right of set-off exists. The Parent company holds direct debit authorities for
amounts payable under the contractual terms of its franchise agreements. The Parent regularly monitors the credit ratings
issued, and any qualifications to those ratings, to the financial institutions (and those of the ultimate parent financial
institution) used by the Group.
The status of trade receivables and contract assets at reporting date is as follows:
Gross
receivable
2025
Impairment
2025
Gross
receivable
2024
Impairment
2024
$'000$'000$'000$'000
Trade receivables and contract assets
Not past due24,088-24,994-
Past due 0-30 days640-1,329-
Past due 31-120 days1,114(700)1,919-
Past due more than 120 days
1,297(1,267)1,748(1,748)
Total
27,139(1,967)29,990(1,748)
The Group’s exposure to credit risk for trade receivables, which includes contract assets with the government is influenced
mainly by the individual characteristics of each customer. The creditworthiness of a customer or counterparty is
determined by a number of qualitative and quantitative factors. Qualitative factors include external credit ratings (where
available), payment history and strategic importance of customer or counterparty. Quantitative factors include transaction
size, net assets of customer or counterparty, and ratio analysis on liquidity, cash flow and profitability.
The Group’s cash balances is held with a number of banks with the level of exposure to credit risk considered minimal with
low levels of cash held.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity
requirements on an ongoing basis. In general, the Group generates sufficient cash flows from its operating activities to
meet its obligations arising from its financial liabilities and has credit lines in place to cover potential shortfalls. The
following table sets out the contractual cash flows for financial liabilities that are settled on a gross cash flow basis:
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2025
Borrowings24,43627,6852,8472,49022,348
Trade and other payables
55,42855,42855,428--
Total non-derivative
liabilities
79,86483,11358,2752,49022,348
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2024
Borrowings34,94539,9332,7273,48033,726
Trade and other payables
53,46753,46753,467--
Total non-derivative
liabilities
88,41293,40056,1943,48033,726
-30-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
21Financial instruments(continued)
Market Risk
Refer to note 17 for details of the interest rates for the group loans and borrowings, which are the most significant financial
instruments.
Capital management
The Group’s capital includes share capital and retained earnings. The Group is not subject to any externally imposed
capital requirements.
The allocation of capital between its specific business segments’ operations and activities is, to a large extent, driven by
the optimisation of the return achieved on the capital allocated. The process of allocating capital to specific business
segment operations and activities is undertaken independently of those responsible for the operation.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
The carrying amount of the Group’s on-balance sheet financial instruments including trade and other receivables, cash
and cash equivalents, borrowings and trade payables, closely approximate their fair values as at 31 March 2025 and 31
March 2024. The assessment of fair value relating to borrowings was determined by reference to observable market data
(level 2).
22Related parties
The Group has commercial franchise agreements with stores relating to marketing levies and franchise fees. The Group
also enters into transactions on behalf of the stores which are on-charged. These transactions comprise items such as
training courses, supplier agreements, sublease agreements, central advertising campaigns, loyalty card costs, and IT
related costs. The Parent performs business support services, based on agreed terms, for some of the stores and medical
centres.
The Parent has shareholder agreements with the other shareholders of the associates. The agreements set out the return
on investment/profit sharing arrangements relating to these investments.
Related party transactions for the group:
Transaction value Balance outstanding
2025202420252024
$'000$'000$'000$'000
Franchise fees and on-charged costs to equity
accounted investments1761782323
Management service charges and on charged
costs to equity accounted investments1,0481,10879248
Dividend Income1,0751,852--
Costs paid to equity accounted investments(39)(35)--
Receivable from other related parties--3,1983,220
Key management personnel remuneration
The Group provides compensation to key management personnel which comprises the Directors, the Group CEO and the
CFO. Key management compensation comprised:
20252024
$'000$'000
Remuneration and Directors fees1,5321,559
Short term employee benefits31573
Long term incentives (Note 20)
174100
2,0211,732
-31-

Notes to the consolidated financial statements
For the year ended 31 March 2025
(continued)
23Subsequent events
On 28 May 2025, Green Cross Health Limited declared a final dividend of 2.75 cents per qualifying ordinary share
amounting to $3.9m, which will be fully imputed at 28%. The dividend record date is 6 June 2025 and payment will occur
on 23 June 2025.
No adjustment is required to these consolidated financial statements in respect of these events.
24Prior period restatement
Following the enhancement of reporting, an error was identified in determining the value of contract liabilities. The error
related to the activity data used in the calculation of the contract liabilities being overstated. This resulted in a prior period
restatement to adjust the balance of contract liabilities.
The following tables reconcile the impact on key line items in the Group's statement of financial position from
restatements. There is no impact on the Group's statement of comprehensive income and statement of cash flows.
As at
1 April 2023
AuditedAdjustments
As at
1 April 2023
Restated
$'000$'000$'000
Consolidated statement of financial position
Total assets
401,007-401,007
Trade payables and accruals74,656(4,792)69,864
Income taxes payable1,5311,3412,872
Other
122,815-122,815
Total liabilities
199,002(3,451)195,551
Retained earnings100,0653,451103,516
Others
101,940-101,940
Total equity
202,0053,451205,456
As at
31 March 2024
AuditedAdjustments
As at
31 March 2024
Restated
$'000$'000$'000
Consolidated statement of financial position
Income taxes refundable404(404)-
Others
382,882-382,882
Total assets
383,286(404)382,882
Trade payables and accruals72,095(4,792)67,303
Income taxes payable-937937
Others
144,583-144,583
Total liabilities
216,678(3,855)212,823
Retained earnings62,8753,45166,326
Others
103,733-103,733
Total equity
166,6083,451170,059
-32-

---

Results announcement 29/05/2025
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Green Cross Health Limited (GXH)
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$523,758 +3.9%
Total Revenue $523,758 +3.9%
Net profit/(loss) from
continuing operations
$15,975* +32.8%
Total net profit/(loss) $15,975* +35.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02750000
Imputed amount per Quoted
Equity Security
$0.01069444
Record Date 06/06/2025
Dividend Payment Date 23/06/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.02 $(0.05)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Due to the nature of the Company’s business, intangible assets
are a major component of total assets. Net assets per quoted
equity security are $1.26 (31 March 2024: $1.19)
The prior comparable period net tangible assets per quoted
equity security detailed in the above table and the net assets per
quoted equity security in the above comment are based on FY24
restated figures.
Please refer to the attached audited Financial Statements for the
12 months ended 31 March 2025.
* attributable to shareholders
Authority for this announcement
Name of person

authorised
to make this announcement
Kalpana Goundar - CFO
Contact person for this
announcement
Kalpana Goundar - CFO

Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP

29/05/2025

Audited financial statements accompany this announcement.

---

Distribution Notice 29/05/2025



Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies No
Record date 06/06/2025
Ex-Date (one business day before the
Record Date)
05/06/2025
Payment date (and allotment date for
DRP)
23/06/2025
Total monies associated with the
distribution
1

$3,949,071
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03819444
Gross taxable amount
3
$0.03819444
Total cash distribution
4
$0.02750000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00485294
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed


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

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

28%
Imputation tax credits per financial
product
$0.01069444
Resident Withholding Tax per
financial product
$0.00190972
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kalpana Goundar – CFO
Contact person for this
announcement
Kalpana Goundar - CFO
Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP

29/05/2025






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