Radius Care Releases 2025 Annual Report

Exceptional
People
Exceptional
Care
ANNUAL REPORT 2025

Contents
OUR YEAR
Our Ecosystem of Care4
FY25 Highlights6
Financial Highlights8
Executive Chair & CEO Report10
Financial Report16
Exceptional People18
Diversification Driven by Purpose 24
Property Development and Design28
LEADERSHIP
Board Of Directors30
Senior Management32
FINANCIAL STATEMENTS34
Consolidated Financial Statements35
Notes to the Consolidated Financial Statements40
Independent Auditor's Report71
CORPORATE GOVERNANCE77
OTHER DISCLOSURES84
CORPORATE DIRECTORY91
This report is dated 30 June 2025. The annual report has
been approved by the Board and is signed on behalf of
Radius Residential Care Limited by Brien Cree, Founder
and Executive Chair, and Hamish Stevens, Director.
Brien Cree Hamish Stevens
At Radius Care, we know aged care is about
showing up for real people, with real needs,
every single day.
Exceptional People, Exceptional Care is
always our ‘North Star’. It reflects the way
we work across our homes, our services
and our partnerships. At every level of the
organisation, our people bring experience,
empathy and professionalism to those we
support. Not just older New Zealanders, but a
growing range of clients with different health
and support needs.
This approach continues to deliver.
Underlying EBITDAR per care bed has lifted
to $27.9k, driven by strong occupancy, a
high-acuity mix and a disciplined operating
model. We have expanded into In-Home
Care for both private and ACC clients. The
acquisition of a majority stake in Cibus
Catering has strengthened our capability in
food and nutrition. Growth in RConnect and
Radius Shop continues to extend our reach
and value.
As the health needs of New Zealanders
change, so does the role we play. We are
broadening who we are, who we support,
how we deliver care and where we can make
the most impact.

Thanks to the commitment of our teams, we
are not waiting for change. We are driving it.

Exceptional People
Exceptional Care
23
Radius Residential Care Annual Report 2025

Health Services
Our Ecosystem
of Care
Radius Care is a connected system of health
services designed to support people who
require extra care, whether they are at
home, in the community or living in one of
our care homes.
Health Service Adjacent
R
A
D
I
U
S

H
E
A
L
T
H
Radius
Shop
RConnect
ACC
Retirement
Living
Sector
Leadership/
Advocacy
Cibus
Catering
In-Home
Care
RadPro
From aged care homes and In-Home Care to
everyday health products, everything we offer is
built to support greater wellbeing.
Radius Care continues to operate profitably in
the aged care sector by staying true to our values
and operating model RadPro. Looking ahead,
our strategy continues to evolve, focused on
sustainable growth and sector leadership through
the following strategic plan.
Grow Scale
Targeted Mergers and
Acquisitions
Brownfield Developments
Greenfield Developments
Diversify Revenue
Grow RConnect and
In-Home Support
Expand Radius Shop
Expand into
Complementary Health
Services
RadPro
Develop RadPro as
an Industry Leading
Aged Care Template
Radius Residential Care Annual Report 2025
45

FY25 Highlights
VILLAS
NET REVENUE
CARE BEDS
1,898
CARE HOME NET REVENUE
$169M
$3.5M
HIGH ACUITY BEDS
85%
AVERAGE OCCUPANCY
92.8%
148
STRONG AGED CARE POSITION
RETIREMENT VILLAGES
EMPLOYEES
OUR VALUES
RADIUS OWNS
CUSTOMERS
PERSONNEL
NET REVENUE
NET REVENUE
2,000+
Compassion
Commitment
Courage
51%
3.3K
75
NET REVENUE
$8M¹
$0.9M
$1M
CIBUS CATERING ACQUISITION
RADIUS SHOP
RCONNECT
Cibus Catering provides menu planning and
nutrition management services to the aged care sector.
Our online store provides products to help
encourage and support accessibility and
independence.
Our established nursing bureau
specialising in aged care now includes our
In-Home support services for both private
and ACC-funded clients.
Our people
are key to
our success
Exceptional People providing
Exceptional Care (EPEC).
1.For the period 1 October 2024 to 31 March 2025.
Radius Residential Care Annual Report 2025
67

Financial Highlights
OPERATING CASH FLOW
2024:
$14.1M
$20.1M
NET INTEREST EXPENSE
2024:
$9.5M
$6.1M
ACCOMMODATION SUPPLEMENTS
2024:
$9.8M
$10.8M
NET PROFIT BEFORE TAX
2024:
$3.6M
$10.5M
1. Adjusted for the sale of a care home.
2. Earnings before interest, tax, depreciation, amortisation and rent. Underlying EBITDAR is a non-GAAP (unaudited) financial
measure and was reconciled to a GAAP measure in the Investor Presentation dated 21 May 2025.
3. Earnings before interest, tax, depreciation and amortisation. Underlying EBITDA and AFFO are non-GAAP (unaudited)
financial measures and were reconciled to GAAP measures in the Investor Presentation dated 21 May 2025.
4. Grossed up for imputation credits and RWT.
$177.4M
TOTAL REVENUE
2024:
$164.1M
1

PROFIT & LOSSNON-GAAP MEASURES
$67.7M
NET DEBT
2024:
$73.5M
TOTAL ASSETS
2024:
$334.7M
$339.6M
BALANCE SHEET
1.45CPS
2.01 CPS
GROSS
DIVIDEND
4
TOTAL FY25 CASH
DIVIDEND
+8%
AVAILABLE FUNDS FROM
OPERATIONS (AFFO
2
)
2024:
$7.4M
$8.8M
+18%
UNDERLYING EBITDA
3
2024:
$19.5M
1
$23.5M
+20%
UNDERLYING EBITDAR
2

PER CARE BED
2024:
$24.7K
$2 7. 9K
+13%
-36%
+191%
+42%
+11%
-8%
+1%
Radius Residential Care Annual Report 2025
89

Our teams have a track record of prioritising
better health outcomes for our residents whilst
efficiently delivering essential health services.
We owe enormous thanks to our residents and
their families for their continued support and to
every one of our exceptional people.
We have delivered another record year in our
key metric, Underlying EBITDA. EBITDAR per
bed, our measure of the financial performance
of our core business of care, was an industry
leading $27.9k per bed, building further on the
performance in the previous year.
Increasing occupancy and accelerating
admissions in the higher revenue hospital
and specialised care segments drove revenue
growth, reflecting the quality of our core care
offering. Our focus on quality was recognised
with the large increase in Radius care
homes achieving the maximum, and hard to
achieve, four-year certification period. Costs
were carefully managed everywhere in the
business, and reduced debt from operational
cash combined with lower interest rates
We are proud to deliver
the Radius Care Annual
Report for the year ended
31 March 2025. Another
record year is the result
of prioritising quality
of care and delivering
efficiency. With industry
leading performance
across the business, the
group is well placed to
accelerate growth through
capital-light expansion.
provided significantly lower financing costs.
Our retirement village portfolio continues to
perform well.
Record operating cash flow supported an
increased cash dividend payment of 1.45 cents
per share, further debt reduction, and a share
buyback programme.
With a strengthened balance sheet and strong
cash flow, we are accelerating execution of
our capital-light growth strategy. 51% of Cibus
Catering was acquired in October 2024, and the
St Allisa care home in Christchurch, acquired in
May 2025, adds 109 beds to the portfolio.
Exceptional People
At Radius Care, our strength lies in our people.
We are proud to deliver an exceptionally high
standard of care which is led by people who
have a genuine passion and commitment to
our residents. These people, assisted by our
regional managers and national support office,
help to provide a consistent environment for
Exceptional Care
Profitable Growth
BRIEN CREE FOUNDER & EXECUTIVE CHAIR
ANDREW PESKETT CHIEF EXECUTIVE OFFICER
our residents and their families.
With our people turnover down
to a record low of less than
17%, our outstanding team of
registered nurses, therapists,
healthcare assistants, cooks,
cleaners, and other essential staff
contribute, on a daily basis, to our
stable workforce.
This stability, with the continued investment
in development programmes within RadPro,
has helped support newly registered and
internationally qualified nurses with key aged
care knowledge and has helped to improve
the communication and digital literacy
skills for healthcare assistants, cleaners and
hospitality staff. Radius Care also works
with external providers to offer credentialed
courses to ensure our people have the tools
and opportunities to take on new challenges.
Radius Care also invests in tailored leadership
programmes for management and has recently
started to offer training courses through
the University of Auckland on Cognitive
Stimulation Therapy.
These efforts, alongside our unique operating
system RadPro, regular care home visits by our
executive team, experienced managers and a
resident centric outlook, has raised the number
of Radius Care homes achieving four-year
certifications. This exceptional achievement
truly reflects our commitment to giving our
residents the best possible quality of life.
Executing Radius Care’s
Capital-Light Growth Strategy
SCALE
With industry leading returns and a focus on
quality in our core business of care, Radius Care
is uniquely positioned to bring our operational
model to additional sites. With the economics
in favour of leased care homes, we expect the
majority of future care homes, whether newly
built or carefully targeted acquisitions, to be
supported by private property investors.
The recent acquisition of St Allisa has been
a notable success in executing our capital-
light growth strategy. On completion date,
the 109-bed property was sold and leased
back to a private investor, with Radius Care
purchasing the business. With a net capital
investment of $1.1m, we expect St Allisa to
contribute to earnings from the second half of
FY26, following integration into Radius Care’s
operating model.
Patty with Care Home Manager, Ash.
Radius Residential Care Annual Report 2025
1011

Active discussions are progressing with
investors to construct 100 bed new build homes
from FY27, and the first heads of agreement
has been signed. In parallel we are advancing
brownfield and greenfield developments by
progressing the design phase in two locations,
including our 4.3ha development site in Belfast,
Christchurch. Acquisition of this site is expected
to be completed in 2025. When developed, this
will comprise a community with a 100-bed care
home and around 80 villas.
DIVERSIFICATION AND INNOVATION
Another important component of our capital-
light growth strategy is diversification of
revenue beyond core residential aged care
services. The successful acquisition of 51%
of Cibus Catering in October 2024 was an
important step. Contributing $0.5m to EBITDA
during the second half year, Cibus Catering
provides catering for aged care and boarding
schools, preparing over 6,000 daily meals. With
digital transformation underway and plans to
enhance customer and resident experience,
Cibus Catering has exciting opportunities for
accelerated growth.
Beryl winning bingo
at Radius Glaisdale.
Capital Management and
Dividend Policy
An updated Capital Management Framework,
including a revised dividend policy, has been
approved by the Board. This framework is
designed to allocate investment in Capital
Light growth, while supporting reinvestment
in our core operating assets, sustainable
dividend growth and reduced leverage. The
revised dividend policy allows for a payout
ratio of between 40 percent and 70 percent
of AFFO.
Consistent with the dividend policy, a fully
imputed final dividend of 0.80 cents per
share has been paid, bringing the total cash
dividend for the FY25 year to 1.45 cents per
share. With full imputation credits, the gross
dividend was 2.01 cents per share. Total
distributions represented 47 percent of FY25
full year AFFO.
Radius Care also recently confirmed the
extension of borrowings with ASB Bank
to a three-year term, with all core debt
Managers from across Radius Care mingling at the Annual
Awards Night, a chance to celebrate the people behind the care.
Recognising that most older New Zealanders
prefer to remain at home with support, Radius
has been delivering care into the homes
of private paying clients since December
2023. From 1 March 2025, Radius Care began
offering hospital-level rehabilitation services
nationwide to ACC clients, including in regions
without physical care homes. This expands our
market reach while staying true to our core by
supporting recovery, independence, and quality
of life.
The Radius Shop has continued to grow,
supplying goods and equipment to help
people live more independently. A transition
to a new third-party logistics provider and
Shopify integration has improved efficiency and
reduced dispatch times. Additionally, Radius
Shop is developing a range of bespoke products
designed for New Zealanders.
RADPRO
RadPro is Radius Care’s unique set of
processes, systems, culture and values that
has been successful in efficiently delivering an
exceptional standard of care since the company
was founded. In the years to come, we plan on
leveraging RadPro both within Radius as we
expand our footprint,
both domestically and
internationally.
Dividend Policy
= SURPLUS CASH FOR ALLOCATION
Debt
Repayment
Mergers,
Acquisitions;
Growth Capex
Special
Dividends or
Share Buybacks
UNDERLYING EBITDA
Bank Interest and Cash Tax
Depreciation (=sustaining CAPEX)
Investment required to maintain quality of existing assets.
= AFFO

Ordinary Dividend (40% to 70% of AFFO)
DIVIDEND POLICY
INVEST IN CORE OPERATIONS
Maintain and improve quality of care oering by investing in
operating assets and technology base.
MAINTAIN FINANCIAL RESILIENCE AND FLEXIBILITY
Medium term target: Net Bank Debt to EBITDA Ratio below 2.5x.
Owned property: 25%-50% of our total care home portfolio.
Distributions
Ordinary dividend pay-out
ratio of 40% to 70% of AFFO
(fully imputed).
Sustained dividend growth.
Growth
Disciplined investment in high
return capacity
expansion capex.
Invest in capital-light
adjacent services.
CAPITAL MANAGEMENT FRAMEWORK
1. Earnings before interest, tax, depreciation and
amortisation. Underlying EBITDA is a non-GAAP (unaudited)
financial measure.
2. AFFO is a non-GAAP (unaudited) financial measure
which is reconciled to GAAP measures included within the
Appendices of the Investor Presentation dated 21 May 2025.
Radius Residential Care Annual Report 2025
1213

now maturing on 16 June 2028. As part of
the extension, an effective 50 basis point
reduction in margin and line fees was agreed
alongside an increase to total facility limits. The
extension demonstrates confidence in Radius
Care’s financial performance and exciting
growth strategy, and allows us to execute our
immediate growth plan.
Sustainability
In July 2024, we released our first climate-
related risk disclosures under the XRB’s
climate standards.
We have further developed our sustainability
plan, enhancing initiatives across the group.
Investment in energy efficient heating systems
has been identified as a priority, and later this
year we will replace a fossil fuel based heating
system with a high efficiency heat pump system
expected to save 9% of scope one emissions.
Future similar investments are currently
being evaluated.
Looking ahead, we are committed to enhancing
our sustainability capabilities, recognising it
as a strategic imperative for long-term care of
the planet.
Appointments
Antony Challinor joined the team as Chief
Digital Officer in late 2024, bringing extensive
experience from senior roles across both large
corporations and start-ups in New Zealand
and Australia. With a strong focus on business
and technology strategy and commitment
to creating long-term value, Antony plays a
key role in delivering strategic growth and
innovation within Radius Care.
Antony Challinor our new
Chief Digital Officer.
Beyrl mixing biscuit dough
at Radius Thornleigh Park.
Below St Allisa’s stunning gardens
and pond and Radius Millstream.
Looking to the Future
Radius Care has started the 2026 financial year
with strong momentum, following a successful
FY25. With the recent acquisition of the 109
bed St Allisa care home in Christchurch, we now
have more than 2,000 exceptional people in the
Radius Care team.
We are excited to be entering the next stage
of Radius Care’s growth. Development land has
been secured in Belfast, Christchurch, and we
are in active discussions with several parties
to deliver new-build care homes. These care
homes will provide support to elderly New
Zealanders in their local communities and serve
as bases for our broader health services.
We would like to thank every member of our
team, who all share our passion for delivering
exceptional quality of care for all our residents.
Radius Residential Care Annual Report 2025
1415

Financial Performance
Underlying EBITDA and
EBITDAR per bed are the most
important performance metrics
for our core operations.
Record results were delivered
for both these metrics in
FY25. Underlying EBITDA grew
20% to $23.5m. Underlying
EBITDAR per care bed grew
13% to $27.9k (from $24.7k in
the prior year) and continues
to be industry leading.
Despite having one less care
home, revenue increased by
4% to $177.4m as a result of
strong aged care occupancy,
improved mix with high-
acuity hospital and ACC-
supported admissions and
the contribution of Cibus
Catering from 1 October 2024.
Accommodation Supplement
revenue increased 11%
to $10.9m.
The Village portfolio
performed well, with resale
gains of $1.5m.
$K
Record Financial
Performance
Radius Care is delivering strong, strategic growth,
driven by smart investment, disciplined operations,
and a clear focus on what matters most: care
that’s future-fit, sustainable, and industry leading.
$M
0
5
10
15
20
25
FY23FY24FY25
12.7
19.5
23.5
0
5
10
15
20
25
30
FY23FY24FY25
20.0
25.3
27.9
UNDERLYING EBITDA
1
UNDERLYING EBITDAR PER CARE BED
1
1. Adjusted for the sale of a care home.
Profitability
With the improvement in
EBITDA and EBITDAR per bed,
Profit Before Tax improved to
$10.5m, an increase of 191%
compared to last year’s $3.6m.
Reported Net Profit After
Tax was $7.4m, a significant
improvement on FY24’s
Underlying Net Profit After Tax
of $2.9m (which was adjusted
to exclude a one-off, non-cash
deferred tax adjustment due
to the government’s decision
to remove tax deductibility of
depreciation on commercial
buildings).
Balance Sheet
Total assets increased by
$4.9m to $339.6m. Net Debt
reduced by 8% to $67.7m.
Cash Flow
Cash flow from operating
activities was $20.1, up $6.0m
compared with FY24’s $14.1m.
Cash used in investing
activities was $7.3m, including
$1.9m for the 51% investment in
Cibus Catering Limited. Cash
used in financing activities
was $12.6m, including $3.8m
in dividend payments and
repayment of borrowings
during the year.
Available Funds From
Operations was $8.8m, an
increase of $1.4m compared to
FY24’s $7.4m.
Care Home Manager, Sanu, with Lisa at Radius Thornleigh Park.
Radius Residential Care Annual Report 2025
1617

Exceptional
People
Caring for the elderly requires a special
kind of dedication. Families expect the
best and our residents deserve nothing
less. At Radius Care, we are proud to
deliver an exceptionally high standard of
care, thanks to our outstanding team.
Our people are well-trained,
committed, compassionate,
and caring. Just as importantly,
they form a stable workforce
that brings consistency and
warmth to the lives of those in
our care.
Our ability to maintain
high-quality care is built on
three key principles: a deep,
personal commitment from our
team members to attend to the
well-being of every resident;
the strength and support of an
effective management team;
and continuous training and
professional development for
staff across all levels.
Staff
Our team includes registered
nurses, therapists, healthcare
assistants, cooks, cleaners, and
other essential staff. They are
motivated not just by their
roles, but by the meaning and
impact of their work. Their
dedication is visible every
day in how they care for
our residents.
Many have been with us
for years, some well over a
decade, and they speak clearly
about the value they find in
their work.
“I have been working for
Radius Care for more than
10 years. This is my home
away from home — great
management and a great
place to work.”
We measure engagement both
directly and through retention.
From our new hire survey, 95%
of staff reported satisfaction
with their decision to join
Radius Care. That’s being
reflected in our retention
rates. Turnover has decreased
by 30% year-on-year, and the
retention rate for permanent
employees is now at 84%. This
stability leads to stronger
relationships and better care
for our residents.
Our goal is to maintain this
strength while constantly
improving. We will continue
to track staff satisfaction,
monitor turnover and invest
in what matters most to our
people – training, culture and
leadership support.
Experienced Leaders,
Stronger Teams
Residential care is complex
and care staff need capable
leadership. Care Home
Managers and Regional
Managers are required to
balance clinical, operational,
emotional and community
needs every day. To support
them, we have strengthened
leadership development
and focused on succession
planning and promoting
from within.
Radius Care builds talent
within our own workforce, and
it begins by hiring well and
looking for compassionate
people with strong ties to their
communities. When managerial
roles arise, we start by looking
at our own talent and seeing
who’s ready to step up and
take on a leadership role.
To support our managers,
we’ve introduced the Positive
Intelligence Programme for
our Operational Management
Team (OMT). This provides a
simple framework and shared
language that improves
decision-making, resilience,
productivity, and relationships.
Managing a residential care
home is demanding and
requires strong communication,
leadership, organisational
skills, patience, and integrity.
For new Care Home Managers,
our leadership programmes are
designed to help them build
strong connections with staff,
residents, and their families. As
a result of these efforts, more
Radius Care sites are achieving
four-year certifications. In
2024 alone, ten additional
care homes received this top
audit outcome. It is a truly
exceptional achievement.
17%
95%
NEW HIRE SATISFACTION
REDUCTION IN STAFF TURNOVER TO
Top Nola discussing
tactics with Manjot.
Bottom Adeline with Care
Home Manager, Irene.
Radius Residential Care Annual Report 2025
1819

Training and Development
We continue to invest
heavily in staff development.
Our training programme
supports newly registered or
internationally qualified nurses
with key aged care knowledge.
So far, 23 nurses have
completed it, with 30 more on
the way.
Diversional Therapists and
Activities Coordinators
have undertaken Cognitive
Stimulation Therapy training
through the University of
Auckland to support residents
with memory and cognitive
challenges. This has been
proven to improve outcomes of
our residents with early onset
dementia. Eleven staff from
seven homes have already
completed this training.
At Radius Care, we know
that diversity of background,
knowledge and experience
makes our care stronger. A
welcoming and inclusive
workplace helps us attract
MāoriMiddle Eastern/
Latin American/
African
Asian
Pacific Peoples
European
Other
Unknown
ETHNIC DIVERSITY
020406080100
Overall
Board
Senior Leadership Team
Other Management
and retain great people and
enriches life for our residents
and teams alike.
We offer a workplace
communication and digital
literacy programme designed
for healthcare assistants,
cleaners and hospitality staff.
Many of these team members
are highly skilled in their day-
to-day roles but have had
fewer opportunities to build
confidence with technical
language, digital tools or
interactions with families.
The programme has helped
strengthen these areas, making
it easier for staff to engage
with residents, communicate
clearly with families and
work more effectively with
colleagues and managers.
In addition, we work with
external providers to offer
credentialed courses in Health
and Wellbeing, Diversional
Therapy, and Cookery.
Left The team from
Radius Windsor
Court handing
out free sausages
at Balloons Over
Waikato in 2025.
Right Elizabeth
enjoying everyday
moments that matter.
Connection, comfort,
and quality of life.
Residents Notice the
Difference

The 2024 Resident Satisfaction
Survey showed clear links
between staff performance
and resident satisfaction:
•
89% of residents rated their
overall experience with
Radius Care positively.
•
95% of residents said their
expectations were met or
exceeded.
•
Satisfaction with the care
provided by nurses and
respect for residents’
dignity both reached 91%.
•
Staff friendliness and
approachability received a
94% satisfaction rating.
•
Facilities scored highest
among all core services at
90%.
•
Overall communication
satisfaction reached 87%.
Work is underway to improve
all services with more tailored,
resident-led approaches.
A Culture of Commitment
At Radius Care, our strength
lies in our people. From
frontline staff to Care Home
Managers, we continue to
build a workforce that is
committed, skilled and trusted.
Our investment in leadership,
training, and staff wellbeing is
about more than just running
excellent care homes. It is
about creating a culture of
care. The result is evident in
the voices of our staff, the
loyalty of our teams, and the
satisfaction of our residents.
As we move forward, our focus
remains on empowering our
people, improving lives, and
delivering the standard of care
New Zealanders deserve.
What does aged care involve? What support is available?
And how do you know what’s right for your loved one?
To help bring clarity to these questions, Radius
Millstream hosted an information evening in Ashburton
for local families. The session offered practical guidance
on recognising when care might be needed, how
assessments and funding work, and what to consider
when exploring care options.
“These conversations are often emotional and urgent,”
says Radius Millstream Manager Vicki Hyndman. “We
want families to have a safe space to ask questions, hear
from experts, and really understand what aged care
looks like in practice.”
It wasn’t about making decisions on the spot. It
was about helping people feel more informed, more
prepared and less alone in the process. We see these
conversations as part of how we show up for the
communities we’re part of.
COMMUNITY
Navigate Aged Care with
Confidence
Radius Residential Care Annual Report 2025
2021

Reflections with a
Smile
At Radius St Helenas in
Christchurch, a simple idea has
grown into something quietly
powerful. For over a year,
residents have been sharing
their reflections on a street-
facing board, offering advice,
humour and life lessons to the
local community.
Manager, Ana Bastias and
her team wanted to highlight
the care home’s presence
by letting residents speak
for themselves. The results
have been heartfelt and often
uplifting. From “Just dance,
it makes you happy” to “Use
your skills and abilities to do
amazing things at any age,”
the reflections have become
part of daily life.
Residents were invited to
share something they would
like younger generations to
know. Their words now greet
visitors and passersby, many
of whom pause to smile, take
photos or reflect.
One of the first quotes, “The
secret to a good life is a great
husband,” was a favourite. “It
was lovely seeing men stop
to take pictures. They must
have been sending it to their
wives!”, Ana says.
They started as a way to share
wisdom. They’ve become
a small but steady thread
between the care home and
the community around it.
WISDOM
INNOVATION
At Radius Hawthorne in Christchurch, a quiet shift
in dementia care is already making a meaningful
difference. The new Brunner Wing, a women-
only space for those with advanced dementia, is
bringing comfort, calm and connection to daily
life.
“Since it opened, the ladies are smiling more.
They’re walking around, eating better and feel
more present,” says Hawthorne Manager, Sarah
Skinner. “It’s brought joy not just to the women
here, but to their families too.”
The environment is peaceful and gently
structured to feel familiar. Staff have seen fewer
signs of distress and more moments of ease.
Whether it is morning walks, shared chats or
simply resting together, these small routines are
helping residents feel safe and at home.
For many women, a women-only space offers
a deeper sense of comfort, especially for those
who have spent most of their lives living with
Where Dignity Lives
To Choose
The Right
R
a
d
i
u
s

H
a
w
t
h
o
r
n
e
We believe people should have the right to choose
the best care setting for themselves and their loved
ones. That’s why Radius Hawthorne oers both
mixed-gender and women-only options for people
with advanced dementia.
CONNECTION
At Radius Fulton in Dunedin,
love proved well worth the
wait. In March, residents
Kelvin Rooke and Sharolyn
Croawell celebrated their bond
in a ceremony surrounded by
family, friends, staff and fellow
residents.

Their love-bonding ceremony
was a warm and heartfelt
celebration of the connection
they’ve built. Their story began
with small conversations,
shared laughs and morning
coffees. It is a quiet testament
to how care homes can nurture
connection, friendship and
love.
An hour of singing followed,
fitting for two people who
have brought music into
daily life at Radius Fulton.
Afterwards, close friends and
family gathered for a meal at
the local pub.
Kelvin is full of life, known for
calling housie and hosting the
home’s radio show. Sharolyn
brings humour, resilience and a
big love for her grandchildren.
Her father recently joined her
at Radius Fulton, a sign of the
trust her family places in the
care.

Their relationship grew slowly
and steadily, however Kelvin
says he was completely
charmed the moment Sharolyn
sang all the wrong lyrics at a
concert and made him laugh.

The ceremony at Radius
Fulton is a reminder that love
does not fade with age. In
the right environment, one
built on care, connection and
companionship, it can keep
growing just as strongly as
eve r.
Love Blooms at
Radius Fulton
family or female companions. Gender-specific
care can reduce behavioural risks, ease anxiety
and help protect personal boundaries.
But not all women share the same experiences.
Some have lived in flats with others, worked
in male-dominated industries or formed deep
friendships across genders. That is why Radius
Hawthorne offers both the Brunner Wing and
the mixed-gender Victoria Wing, giving families
the ability to choose the setting that best suits
their loved one’s life story and needs.
The Brunner Wing also reflects the latest
in dementia design. Warm lighting, colour-
coded zones and high-contrast doors support
orientation. Textured walls and subtle visual
cues reduce overstimulation and create a calm,
welcoming space.
At Radius Care, innovation is always grounded
in dignity. When care is shaped around each
person’s comfort, history and choices, it
becomes more than support. It becomes home.
Radius Residential Care Annual Report 2025
2223

Diversification
Driven by Purpose
Radius Care’s
reputation is built
on high-quality
aged residential
care, and its
operational
ethos is that care
should follow
people.
It is evolving into a full-spectrum health services
provider, adapting to New Zealand’s changing
health landscape across operations, regulation, and
demographics.
Radius In-Home, Cibus Catering, RConnect, and
Radius Shop, strengthen the core business, respond to
people’s needs, and prepare the company for a future
where care is connected, mobile, and personal.
Meet national health
priorities.
Support people
to live well,
wherever they are.
Reduce reliance on
bed-based care.
Unlock scalable,
sustainable
revenue streams.
..
RADIUS
CARE’S
ECOSYSTEM
AIMS TO
Capturing Demand in
Home Services
Radius Care is meeting people
where they live, literally.
Our entry into home and
community support services,
especially through the ACC
Maximum Independence (MI)
programme, represents a
leap in how and where we
deliver clinical expertise and
professional care.
This move aligns with both
government strategy and
public demand, as the
demographic and policy
landscape has shifted. New
Zealand’s 85+ age group
is expected to more than
double by 2040. Stats NZ also
indicates that by 2028, one in
five Kiwis will be aged 65 or
older. These trends are already
placing pressure on hospitals
and residential care homes.
There is an urgent need for
alternative care systems.
According to the 2022 Sapere
Report, 80% of older New
Zealanders say they prefer to
remain at home with support.
The New Zealand Health
Strategy clearly outlines
that “people will receive care
closer to where they live, with
stronger support to stay well
at home.”
From 1 March 2025, Radius
Care began delivering
hospital-level rehabilitation
services nationwide to ACC
clients, including in regions
without physical care homes
This expands our market reach
while staying true to our
core – supporting recovery,
independence, and quality
of life.
Partnering with ACC, we’re
now providing tailored support
to clients recovering from
issues such as spinal injuries,
traumatic brain injuries,
severe musculoskeletal
injuries, and post-surgical
rehabilitation. These services
are hospital-level interventions,
delivered with empathy and
clinical expertise.
This positions Radius Care
at the forefront of a fast-
growing market: over 9,000
ACC clients require in-home
support annually. Radius Care
is easing hospital congestion,
reducing costs associated with
extended inpatient stays, and
supporting the government’s
broader goals of population
health and equity.
This is care reimagined, deeply
clinical, highly personalised,
and entirely focused on the
individual. It’s a scalable,
sustainable model that
strengthens the company’s
core and repositions Radius
Care as a leader in whole-of-
life care.
Nurturing Growth One
Meal at a Time
Cibus Catering, Radius Care’s
51% owned specialist catering
partner, continues to play a
key role in diversifying our
business portfolio. Beyond
aged care, Cibus Catering now
provides tailored catering
solutions to boarding schools
and operates in the broader
hospitality sector. Today, it
prepares over 6,000 meals
daily across New Zealand.
The consistently low turnover
of key staff has resulted in
continuity and expertise in
IN-HOME SUPPORT
CIBUS CATERING LIMITED
Radius Residential Care Annual Report 2025
2425

every kitchen. In May 2025,
we introduced a fresh, high
variety, four-season menu
cycle for Radius Care residents.
Expanded evening menu
choices have been particularly
well received. Over 2024-2025,
collaborative work with clients
and suppliers yielded record-
high menu feedback from
residents and partners.
Digital transformation is
underway to meet the demand
for customised nutrition and
integrated digital ordering
platforms. The upgraded Cibus
Catering App will soon allow
residents to view menus and
meal photos on tablets and TV
screens. Dietary preferences
and restrictions are digitally
linked directly to kitchens
for enhanced accuracy and
satisfaction.
Cibus Catering has steadily
grown its presence across the
wider food service landscape.
Following updates to the
Food Act 2014, it developed
a fully integrated, web-based
Food Safety App and Control
Plan system. Trusted by cafés,
restaurants, and commercial
kitchens nationwide as a
smart compliance tool, the
Cibus Catering Food Safety
App eliminates the need for
paper-based compliance.
It streamlines everything
from food temperature
logs, cleaning checklists to
equipment maintenance and
internal audits.
The system also supports HR-
related tasks such as logging
staff illness, onboarding
new team members, and
ensuring consistent food
safety practices across
teams, making it especially
valuable for businesses with
high staff turnover or limited
supervision. Cibus Catering
and its innovative systems are
expected to continue growth
and contribution to the wider
Radius Care business.
A Strategic
Workforce Enabler
What began as an internal
nursing bureau during COVID
is now a key operational tool
helping Radius Care maintain
workforce stability and expand
into home care services.
RConnect has also reduced
dependence on external
staffing agencies. With
greater visibility over our own
clinical pool, we can quickly
respond to capacity issues and
ensure nursing cover for both
residential and In-Home clients.
Importantly, RConnect is
helping us support career
mobility and retention. Nurses
and support workers can now
explore roles across Radius
Care’s growing service lines,
from homes, to community,
to corporate.
RCONNECT
“I had a wonderful
experience with Radius
team when I completed my
Competence Assessment
Programme (CAP). They
supported me to complete
the programme and
helped me in Hamilton
with accommodation,
transportation, a
scholarship, and more.”
Life's easier
with the right
tools
What could you do with support
that actually works for you?
radiusshop.co.nz
Need help choosing the right product?
Call 0800 213 313
At Radius Shop, we’re here to back you up. Whether
it's getting ready in the morning, staying steady
in the shower, or heading out without second
guessing yourself.
The right support doesn’t just make things easier. It
gives you freedom. To move more, do more, enjoy
more. To spend your energy on what matters, not
on the stuff that shouldn’t be hard.
Your way of doing things might look a little different
these days. That’s not the end of anything. It’s just
a smarter way to get on with living.
POPULAR PRODUCTS
Managers have praised the
RConnect bureau model for
streamlining onboarding and
improving team cohesion.
Staff who transition from
the bureau into permanent
roles are already familiar
with our systems and begin
contributing from day one.
RConnect has maintained
a strong internal bureau
workforce, including both
registered nurses (RNs) and
healthcare assistants. These
services continue to deliver
meaningful savings through
the reduction of external
bureau use. A new centralised
scheduling and on-call system
has also improved shift
responsiveness across regions.
Through RConnect, we’re
building resilience from the
inside out.
Wraparound Care
Our online retail platform,
Radius Shop, continues to
provide goods like mobility
aids, daily living products, and
equipment to help people live
more independently. Radius
Shop has grown to generate
over $1 million in annual
revenue with significant upside
still to be realised. In FY25, it
fulfilled a total of 4,885 online
orders.
Operationally, we completed
a major warehouse transition,
introducing streamlined
fulfilment via third party
logistics. This has improved
efficiency, reduced dispatch
times, and increased accuracy.
By expanding our product
range, optimising logistics,
and exploring direct importing,
we’re well-positioned to boost
margins while improving
access to essential tools for
aging and accessibility.
Radius Shop equips individuals
and families with the right
tools at the right time
to enhance and support
independence.
RADIUS SHOP
Radius Residential Care Annual Report 2025
2627

The planned development of
new-build care homes across
the country represents a major
commitment to future-proofing
aged care infrastructure and
ensuring capacity keeps pace
with demand. New Zealand
remains critically unprepared
for the aged care boom
predicted by Health New
Zealand and experts alike.
One of Radius Care’s most
ambitious design undertakings
is in Belfast, a large-scale
development in Christchurch
comprising a 100-bed care
home surrounded by 79
independent villas. This
site will be the first to fully
integrate our bespoke design
standard, reimagining every
space from the ground up
to better meet the physical,
emotional, and clinical needs
of residents and caregivers.
The new design is tailored
for Radius Care’s focus on
high acuity Hospital and
Dementia level care, and for
the increasing number of
residents with complex care
requirements. We are planning
the optimum mix of liveable
Property Development
and Design
Growing the scale of our core residential care
offering is key to Radius Care’s long-term
strategy. Every new build and redevelopment is
designed to meet rising demand while creating
spaces that feel modern, welcoming and ready
for the future.
and joyful private spaces and
a variety of shared spaces
allowing room for living, caring
and family visits. Bathrooms
contain the equipment and
space to safely support two
care professionals, specialised
medical equipment and the
resident.
In order to minimise the capital
invested in new-builds, and
to accelerate our expansion
plans, we are progressing
active discussions with a
number of private investors
to fund and deliver sites from
FY27, with long term leases to
Radius Care. The first heads of
agreement has been signed.
In tandem with our larger
builds, we continue to expand
our footprint through villa
developments, including
a recent application for
Resource Consent for six new
villas at Matamata Country
Lodge. These additions
reflect ongoing demand for
independent living options
that transition seamlessly
into higher care and as needs
change.
Our team recently completed
a full design and fit-out
review at our Taupaki site to
ensure consistency across our
portfolio. A layered, calming
interior scheme anchored
by warm, tonal flooring, tactile
materials, and natural timber
finishes was developed. This
helps to reduce the institutional
feel and elevates the residential
experience.
Special attention was paid to
elements like lighting and soft
furnishings to balance privacy
and wellness. Furnishings,
including green recliners and
patterned visitor chairs, blend
practicality with warmth,
encouraging connection without
compromising on safety or
cleanability.
Good property strategy
enhances clinical care and
aesthetics. By standardising
high-quality finishes and
design elements, Radius
Care can scale operationally
while maintaining a deeply
human-centred approach to
care. Our new developments
are environments purpose-
built for respect, connection,
and quality of life. With our
continued investment in
thoughtful design and smart
expansion, Radius Care is
setting a new standard in aged
care environments across New
Zealand.

Above The new
design and fit-out
at Radius Taupaki
Gables.
Left Concept art
from Belfast.
Below Initial
concept art for the
extension to the
village at Radius
Matamata Country
Lodge.
Radius Residential Care Annual Report 2025
2829

Brien Cree
Founder & Executive Chair
Your Board
of Directors
Duncan Cook
Executive Director
LLB
First Appointed: August 2003
Last Elected: August 2024
Experience: Brien Cree is
a founding shareholder of
Radius Care and was the CEO
from the Company’s inception
in 2003. Brien was Managing
Director from 2010 to 2022.
Brien has built Radius Care’s
portfolio from nothing to its
current 24 aged care homes
and four retirement villages.
As Executive Chair, Brien is
focused on the formulation
and execution of Radius Care’s
strategic growth objectives.
Brien has more than 35 years’
experience in the aged care
sector, was a longstanding
Board member of the NZACA
and a past Board member
of the Retirement Villages
Association. Brien is active
in the development of the
broader health sector for
the betterment of all New
Zealanders.
Bret Jackson
Independent Director
BCom (Honours),
MBA (Harvard Business School)
First Appointed: September 2014
Last Elected: August 2022
Experience: Bret Jackson
is an experienced business
professional spanning all
facets of business including
entrepreneurship, leadership,
private equity investment and
governance (both private and
public boards).
Bret held corporate roles
at Mobil Oil New Zealand, a
management consulting role
at Boston Consulting Group
(Sydney and London) and
has founded and successfully
operated his own private
businesses.
First Appointed: July 2010
Last Elected: August 2024
Experience: Duncan Cook
supported Radius Care’s
founders to establish, structure
and grow the business. Duncan
is a consultant at Sharp
Tudhope Lawyers having
been a partner in the firm
for 31 years and is General
Counsel to the Company. His
key practice areas have been
mergers and acquisitions
with a focus on consolidating
primary and secondary health
services. Duncan is a member
of the New Zealand Law
Society, Institute of Directors
New Zealand (Inc) and
Restructuring Insolvency and
Turnaround Association New
Zealand Incorporated.
Duncan has governance
experience across a range
of industry sectors, and
has volunteered on the
Boards of the Tauranga
Chamber of Commerce and
agencies associated with
economic development in the
Tauranga region.
Mary Gardiner
Independent Director
BCom, FCA, FCG, CMInstD
Appointed: December 2020
Last Elected: August 2023
External Appointments:
Director and Chair of the
Audit and Risk Committee of
Southern Cross Pet Insurance
and PPS Mutual. Deputy Chair
of Unity Credit Union and
Chair of the Audit and Risk
Committee. Chair of Netball
Northern Zone and Director of
Women in Sport Aotearoa.
Experience: Mary's
commercial experience
includes roles as CFO of
Instant Finance and Radius
Health Group, and Governance
Risk Manager at Air New
Zealand, following a career
focused primarily in financial
services with KPMG in New
Zealand.
Tom Wilson
Independent Director
BBS, CA
Elected: August 2023
External Appointments: Chair
of Genera Holdings, CurraNZ,
Pelco NZ and Tauranga Bridge
Marina. He is also a director of
Builtin Insurance Group.
Experience: Tom was
previously the Chair of Barrett
Homes Group, Regal Haulage
Group, Hopkins Farming
Group and Managing Director
of Satara (NZX Listed).
Tom was involved in several
leading management positions
in the Aged Care sector
during his career and was a
partner at KPMG for 10 years.
Hamish Stevens
Independent Director
MCom (Honours), MBA, CA, CFInstD
Appointed: December 2020
Last Elected: August 2023
External Appointments:
Chair of Embark Education
Group, East Health Services
and Pharmaco and a Director
of Counties Energy and
ECL Group.
Experience: Prior to his
governance career, Hamish
held senior finance positions
with Heinz Watties, Tip Top
Ice Cream and DB Breweries.
Hamish is a qualified
Chartered Accountant and
a Chartered Fellow of the
Institute of Directors.
Remuneration and
People Committee
Audit and Risk
Committee
Denotes Chair of
a Committee
Radius Residential Care Annual Report 2025
3031

From the left:
Richard Callander, Shereen
Singh, Antony Challinor, Andrew
Peskett, Brien Cree, Trish Evers,
Sam Carey, and Jeremy Edmonds.
Management
Team
Andrew Peskett
Chief Executive Officer
Andrew has been Chief Executive Officer of Radius
Care since February 2022. He brought with him
extensive experience in the retirement village
industry, having previously held senior executive
roles at Metlifecare, including Acting Chief Executive
Officer. Andrew has a commitment to connecting
with all the exceptional people at Radius Care via
regular care home visits and a strong focus on
commercial results.
Richard Callander
Chief Operations Officer
After senior executive level experience at Metlifecare
and executive roles in the gaming industry in New
Zealand and Australia, Richard joined the Radius Care
team in August 2022. In his role as Chief Operations
Officer, his extensive experience managing people
and passion for improving customer service is of
great value.

Trish Evers
General Manager, People
Trish has over 15 years’ experience in the HR sector
and has worked in various fields, in both government
and listed companies, including government agencies,
health and transportation. She joined Radius Care in
2017. Trish has a strong background in employee and
industrial relations, and is particularly interested in
building highly effective teams.
Sam Carey
General Manager, Revenue
Sam leads the marketing team and manages
the villa sales at our four retirement villages.
Since joining Radius Care in 2011, he has been
instrumental in developing the Radius Care brand and
communicating the company's vision internally and
externally. His innovative approach has resulted in
several new key revenue drivers for Radius Care, most
notably the development and implementation of the
Radius retail arm, Radius Shop.
Shereen Singh
General Manager, RConnect
Shereen joined Radius Care in November 2021
and successfully transitioned from being a high-
performing Regional Manager to leading our Nursing
Bureau, RConnect. Shereen's invaluable expertise in
workforce planning and her significant contribution
to our new business opportunities, such as in home
support, have been instrumental in our growth and
success. She joined the Executive team in March 2024.
Antony Challinor
Chief Digital Officer
Antony joined Radius Care in late 2024, bringing
extensive experience from senior roles across both
large corporations and start-ups in New Zealand
and Australia. With a strong focus on business and
technology strategy, he has successfully led post-
M&A integration programs and driven transformative
initiatives. Committed to creating long-term value,
Antony plays a key role in delivering strategic growth
and innovation within Radius Care.
Jeremy Edmonds
Chief Financial Officer
Jeremy joined the Radius Care team as Chief
Financial Officer in August 2023, initially as interim
CFO before becoming permanent in December
2023. Jeremy has more than a decade of experience
at CFO level in large and complex New Zealand
companies, primarily in the consumer goods and
logistics sectors. Most recently, Jeremy was Interim
CFO at My Food Bag. He brings a track record of
strategic, commercial and change leadership, and
extensive international experience gained in roles
of increasing responsibility in the UK, Asia and the
USA prior to returning to New Zealand.
Radius Residential Care Annual Report 2025
3233

Financial
Statements
CONSOLIDATED
Statement of Comprehensive Income
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
REVENUE
Revenue2.1175,286168,739
Deferred management fees2.12,1292,495
Total revenue177,415171,234
Change in fair value of investment property3.13,0882,703
Interest income148136
Total revenue and other income180,651174,073
EXPENSES
Employee costs(106,282)(105,744)
Depreciation expense2.2(10,398)(9,942)
Finance costs2.2(12,153)(15,637)
Other expenses2.2(41,344)(39,151)
Total expenses(170,177)(170,474)
Profit before income tax 10,4743,599
Income tax expense5.1(3,075)(12,087)
Profit/(loss) for the year7,399(8,488)
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will be reclassified subsequently to profit and loss
Fair value loss on hedged interest rate swaps4.4(282) —
Other comprehensive income for the year(282) —
Total comprehensive income/(loss)7,117(8,488)
PROFIT/(LOSS) ATTRIBUTABLE TO
Owners of the company7,0 3 4 (8,488)
Non-controlling interests365 —
Total profit/(loss)7,399(8,488)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
Owners of the company6,752 (8,488)
Non-controlling interests365 —
Total comprehensive income/(loss) 7,117(8,488)
EARNINGS PER SHARE
Basic and diluted earnings/(loss) per share (cents per share)4.22.60(2.98)
The Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Radius Residential Care Annual Report 2025
3435

CONSOLIDATED
Statement of Changes in Equity
For the year ended 31 March
2025
In thousands of New Zealand
dollars
NOTE
Contributed
Equity
Other
Reserves
Retained
Earnings Total
Non-
Controlling
InterestTotal Equity
BALANCE AS AT 1 APRIL 2024 56,820 9,578 (1,966) 64,432 — 64,432
Profit/(Loss) for the year — — 7,0 3 4 7,0 3 4 365 7,399
Cash flow hedges — effective
portion of changes in fair value
4.4 — (282) — (282) —(282)
Total comprehensive income for
the year
— (282) 7,0 3 4 6,752 365 7,117
Transactions with owners
Share buyback4.1(38) — — (38)—(38)
Share based payments4.112 48 — 60 — 60
Dividends paid4.1 — — (3,846)(3,846)—(3,846)
Total transactions with owners(26)48 (3,846)(3,824) —(3,824)
Other changes in equity
Acquisition of subsidiary with a
NCI1 interest
5.6————(124)(124)
Put option to purchase the NCI’s
of a subsidiary
4.1,
5.6
—(1,127)—(1,127)—(1,127)
Total other changes in equity —(1,127)—(1,127)(124)(1,251)
BALANCE AS AT 31 MARCH 202556,7948,2171,22266,23324166,474
BALANCE AS AT 1 APRIL 2023 56,813 9,529 6,522 72,864 — 72,864
Profit/(Loss) for the year — — (8,488)(8,488)—(8,488)
Other comprehensive income
for the year
— — — — — —
Total comprehensive income for
the year
— — (8,488) (8,488) —(8,488)
Transactions with owners
Share based payments 7 49 — 55 — 55
Dividends paid4.1 — — — — — —
Total transactions with owners 7 49 — 55 — 55
BALANCE AS AT 31 MARCH
2024
56,820 9,578(1,966) 64,432 — 64,432
The Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
1. Non-controlling interest
CONSOLIDATED
Statement of Financial Position
The Board of Directors of the Company authorised these consolidated financial statements for issue on 21 May 2025.
For and on behalf of the Board.
Brien Cree
Chair, Board of Directors
Hamish Stevens
Chair, Audit and Risk Committee
As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
ASSETS
Cash and cash equivalents2,5712,350
Trade and other receivables5.313,48515,002
Inventories579554
Investment properties3.177,12473,528
Property, plant and equipment3.2118,214117,310
Right-of-use assets3.4109,529109,906
Intangible assets5.218,06816,063
Total assets 339,570 334,713
LIABILITIES
Trade and other payables5.422,86019,990
Current tax liabilities2,4901,621
Interest rate swaps4.4282—
Borrowings4.370,30175,869
Deferred management fees3.37, 3 577,608
Refundable occupation right agreements3.337,84337,425
Put option to purchase the non-controlling interest5.61,127—
Lease liabilities3.4122,697121,086
Deferred tax liabilities5.18,1396,682
Total liabilities 273,096 270,281
NET ASSETS66,47464,432
EQUITY
Share capital4.156,79456,820
Reserves 4.18,2179,578
Retained earnings1,463(1,966)
COMPRISING OF
Equity attributable to owners of the Group 66,233 64,432
Non-controlling interests5.7241 —
Total equity66,47464,432
The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Radius Residential Care Annual Report 2025
3637

CONSOLIDATED
Statement of Cash Flows
For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
Receipts from residents for care fees and village fees176,188168,430
Payments to suppliers and employees(145,644)(147,285)
Proceeds from the sale of Refundable Occupation Right
Agreements
7,14010,938
Payments for the repurchase of Refundable Occupation Right
Agreements
(4,639)(4,072)
Interest received148136
Interest paid - borrowings(6,065)(9,388)
Interest paid - lease liabilities(5,934)(5,962)
Income tax (paid)/refunded(1,141)1,303
Net cash provided by operating activities 20,05314,100
Proceeds from the sale of care home—18,300
Proceeds from the sale of property, plant and equipment19989
Payment for acquisition of businesses5.6(1,938)—
Cash acquired in business acquisition5.6999—
Payments for the purchase of property, plant and equipment(5,843)(3,451)
Payments for village developments(508)(682)
Net cash provided by/(used in) investing activities(7,271)15,156
Repurchase of shares4.1(38)—
Proceeds from borrowings 5,35018,500
Repayments of borrowings(11,095)(40,318)
Principal payments of lease liabilities(2,932)(2,709)
Dividends paid4.1(3,846)—
Net cash provided by/(used in) financing activities(12,561)(24,527)
Cash and cash equivalents at beginning of the year2,350(2,379)
Net (decrease)/increase in cash and cash equivalents held2214,729
Cash and cash equivalents at end of year2,5712,350
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
RECONCILIATION OF PROFIT FOR THE YEAR TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Profit/(Loss) for the year7,399(8,488)
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation and amortisation10,3989,942
Share based payments6055
Net loss/(gain) on disposal of property, plant and equipment—227
Fair value adjustment to investment properties(3,088)(2,703)
Movement in deferred tax1,43810,452
Goodwill on business acquisition(253)—
CHANGES IN OPERATING ASSETS AND LIABILITIES
Trade and other receivables and other assets856(1,970)
Inventories71201
Trade and other payables and other liabilities2,005125
Current tax liabilities7492,938
Refundable Occupation Right Agreements4183,321
Net cash provided by operating activities 20,05314,100
CONSOLIDATED
Statement of Cash Flows (continued)
The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
In thousands of New Zealand dollarsBorrowings
Lease
Liabilities
Total
BALANCE AS AT 1 APRIL 202475,869121,086196,955
Proceeds from borrowings5,350—5,350
Repayment of borrowings and lease liabilities(11,095)(2,932)(14,027)
Loan acquired in business acquisition177—177
Total changes from financing cash flows(5,568)(2,932)(8,500)
Non-cash changes
Remeasurements—4,5434,543
Balance as at 31 March 202570,301122,697192,998
BALANCE AS AT 1 APRIL 202397,687121,530219,217
Proceeds from borrowings18,500— 18,500
Repayment of borrowings and lease liabilities(40,318)(2,709)(43,027)
Total changes from financing cash flows(21,818)(2,709)(24,527)
Non-cash changes
Remeasurements— 2,2652,265
Balance as at 31 March 202475,869121,086196,955
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Changes in the carrying amount of such liabilities, which comprise bank borrowings and lease liabilities, are
summarised below.
Radius Residential Care Annual Report 2025
3839

Notes
1. GENERAL INFORMATION
1.1. Basis of Preparation
Reporting Entity
The consolidated financial statements are for Radius Residential
Care Limited (‘the Company’) and its subsidiaries (together
‘the Group’).
The Group provides rest home and hospital care for elderly along
with development and operation of integrated retirement villages in
New Zealand.
Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability company,
incorporated and domiciled in New Zealand. It is registered under
the Companies Act 1993 and is a FMC Reporting Entity in terms of
Part 7 of the Financial Markets Conduct Act 2013. The Company
is listed on the NZX Main Board (“NZX”). The consolidated
financial statements have been prepared in accordance with the
requirements of the NZX, and Part 7 of the Financial Markets
Conduct Act 2013.
These consolidated financial statements have been prepared
in accordance with Generally Accepted Accounting Practice
in New Zealand (‘NZ GAAP’). They comply with New Zealand
equivalents to International Financial Reporting Standards (‘NZ
IFRS’), International Financial Reporting Standards (‘IFRS’) and
other applicable New Zealand Financial Reporting Standards, as
appropriate for for-profit entities. The Group is a Tier 1 for-profit
entity in accordance with XRB A1 Application of the Accounting
Standards Framework.
The consolidated financial statements have been prepared on a
going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and the settlement
of liabilities in the ordinary course of business.
The balance sheet for the Group is presented on the liquidity
basis where the assets and liabilities are presented in the order of
their liquidity.
Functional and Presentation Currency
The consolidated financial statements are presented in New Zealand
dollars which is the Group’s functional and presentation currency.
All amounts have been rounded to the nearest thousand, unless
otherwise indicated.
Measurement Basis
These consolidated financial statements have been prepared under
the historical cost convention, with the exception of investment
properties (note 3.1) and land and buildings included within
property, plant and equipment (note 3.2).
Key Estimates and Judgements
The Board of Directors and Management are required to make
judgements, estimates and assumptions in applying the accounting
policies. The assumptions, estimates and judgements applied
are based on experience and relevant information the Board and
Management believe are reasonable. Actual results may
differ from the estimates, judgements and assumptions
made by the Board of Directors and Management.
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
and in any future periods affected.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements
are described in the following notes:
• Valuation of investment properties (note 3.1)
• Valuation of land and buildings (note 3.2)
• Impairment testing of right-of-use assets (note 3.4)
• Recognition of deferred tax assets and liabilities
(note 5.1)
• Impairment testing of goodwill (note 5.2)
• Business combinations (note 5.6)
New and Amended Accounting Standards and
Interpretations
All mandatory new and amended standards and
interpretations have been adopted in the current year.
The new and amended standards and interpretations that
have had an impact on the Group have been described
below. The Group has not early adopted any new
standards, amendments or interpretations to existing
standards that are not yet effective.
Classification of Liabilities as Current or Non Current and
Non Current Liabilities with Covenants
The Group has adopted Classification of Liabilities as
Current or Non Current (Amendments to IAS 1) and Non
current liabilities with Covenants (amendments to IAS 1)
from 1 April 2024. The amendments apply retrospectively
and clarify certain requirements for determining whether
a liability should be classified as current or non current
and require new disclosures for non current loan liabilities
that are subject to covenants within 12 months after
reporting date.
The Group has adopted this new amendment for the
financial reporting period beginning 1 April 2024.
The adoption of this new standard did not have a
financial impact on the Group’s financial statements
or the accounting estimates disclosed in the Group’s
financial statements with the exception of minor
disclosure amendments.
None of the other new and amendments to standards
and interpretations are expected to have a material
impact on the Group.
Accounting Standards Issued But Not Yet Effective
IFRS 18 Presentation and Disclosure in Financial Statements
(IFRS 18) will replace IAS 1 Presentation of Financial Statements
and applies for annual reporting periods beginning on or after 1
April 2027. The new standard introduces the following key new
requirements:
• Entities are required to classify all income and expenses into five
categories in the statement of profit or loss, namely the operating,
investing, financing, discontinued operations and income tax
categories. Entities are also required to present a newly-defined
operating profit subtotal. Entities’ net profit will not change.
• Management-defined performance measures (MPMs) are
disclosed in a single note in the financial statements.
• Enhanced guidance is provided on how to group information in
the financial statements.
In addition, all entities are required to use the operating profit
subtotal as the starting point for the statement of cash flows when
presenting operating cash flows under the indirect method. The
Group is still in the process of assessing the impact of the new
standard, particularly with respect to the structure of the Group’s
statement of profit or loss, the statement of cash flows and the
additional disclosures required for MPMs.
The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently
labelled as ‘other’.
There are a number of other new and amended accounting
standards issued but not yet effective. These are not expected
to have a significant impact on the Group’s consolidated
financial statements.
Segment Reporting
An operating segment is a component of an entity that engages
in business activities which earn revenue and incur expenses
and where the chief operating decision maker reviews the
operating results on a regular basis and makes decisions on
resource allocation.
The Group operates in one operating segment being the provision
of aged care in New Zealand. The chief operating decision maker,
the Board of Directors, reviews the operating results on a regular
basis and makes decisions on resource allocation based on the
review of Group results and cash flows as a whole. The nature of the
services provided and the type and class of residents have similar
characteristics within the operating segment. The Ministry of Health
is a significant customer of the Group as disclosed in note 2.1, as the
Group derives care fee revenue in respect of eligible Government
subsidised aged care residents. No other customers individually
contribute a significant proportion of the Group’s revenue. All
revenue earned and assets held are in New Zealand.
1.2. Accounting Policies
Material accounting policies which are relevant to understanding
the consolidated financial statements are disclosed in each of
the applicable notes. They have been applied on a consistent
basis across all periods presented in these consolidated
financial statements.
Measurement of Fair Value
For financial reporting purposes, ‘fair value’ is the
price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between
market participants (under current market conditions)
at the measurement date, regardless of whether that
price is directly observable or estimated using another
valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data is
available to measure fair value, maximising the use of
relevant observable inputs and minimising the use of
unobservable inputs. Inputs to valuation techniques
used to measure fair value are categorised into three
levels according to the extent to which the inputs are
observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity
can access at the measurement date.
• Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset
or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Further information about the assumptions made in
measuring fair values is included in notes 3.1, 3.2, 4.1 and
5.6 and 5.7.
1.3. Climate Change Risk
As an aged care and retirement village operator, the
Group recognises that climate change poses potential
risks to its operations and financial performance. The
Group operates 23 residential care facilities and homes
(12 owned and 11 leased) and four retirement villages
across New Zealand. The Group acknowledges that
extreme weather events, such as flooding and storms,
can occur and could impact the value and condition
of its owned and leased properties. The Group has
appropriate material damage and business interruption
insurance coverage in place to mitigate potential risks.
Additionally, the effects of climate change, including
rising temperatures and increased precipitation, may
lead to changes in zoning regulations or building codes,
potentially affecting the Group’s ability to develop or
renovate its properties.
The Group is also aware of the potential for climate
change to impact its supply chain and increase
the costs of essential goods and services, such as
medical supplies, food, and energy, which could have
an adverse effect on its financial performance. The
Group is proactively identifying and managing these
risks by monitoring climate-related developments and
assessing their potential impacts on its operations and
financial performance.
Furthermore, the Group recognises the potential impact
of climate change on its assets, including goodwill,
Radius Residential Care Annual Report 2025
4041

property, plant and equipment, investment properties, and right-
of-use assets. Climate-related factors, such as changes in market
conditions or regulatory requirements, could result in impairment
charges or adjustments to the carrying amount of these assets.
The Group is in the process of implementing measures to increase
energy efficiency, reduce its carbon footprint, and contribute
to a more sustainable future. It is identifying the sources of its
greenhouse gas emissions and is taking steps to reduce them.
However, the Group acknowledges that complete mitigation of
these risks cannot be guaranteed, and failure to do so could have a
material adverse effect on its financial performance.
The Group remains committed to monitoring and reporting on
climate-related risks and opportunities in its financial statements
and other public disclosures. The Company acknowledges that
climate change is an ongoing and evolving issue and will continue
to take appropriate steps to identify and manage potential impacts
on its operations, financial performance, and financial assets.
1.4. Market Capitalisation
At balance date the market capitalisation of the Group
(being the 31 March 2025 closing share price, as quoted
on the NZX Main Board, multiplied by the number of
shares on issue) was below the carrying amount of the
Group’s net assets and shareholders’ funds. The Group
has undertaken an assessment of the recoverable
amount of its assets/CGUs. Management believes that
no reasonably possible changes in any of the above
key assumptions would cause the carrying value of the
non-financial assets to be materially lower than their
recoverable amount.
As at the date of the signing of these consolidated
financial statements, the market capitalisation of the
Group was above the carrying amount of the Group’s net
assets and shareholders’ funds.
2. OPERATING PERFORMANCE
2.1. Revenue
Revenue from Contracts with Customers
Revenue from care and village fees and recoveries income is recognised in accordance with NZ IFRS 15 Revenue from
Contracts with Customers ("NZ IFRS 15"). Deferred management fees and rental income are considered leases under NZ IFRS
16 Leases ("NZ IFRS 16"), and are therefore excluded from the scope of NZ IFRS 15.
Care and Village Fees and Recoveries Income
The Group derives revenue from the provision of residential care and related services. Rest home, hospital and service fee
charges (including accommodation supplements) are governed by the individual care admission agreement with each care
resident. The resident incurs a daily care fee charged per the agreement, as set by the Government each year. Care fees are
recognised net of any rebates to residents.
The Group derives care fee revenue in respect of eligible Government subsidised aged care residents who receive rest home,
dementia or hospital level care. Government aged care subsidies received from Health New Zealand included in care fees and village
services amounted to $104.8m (2024: $101.7m).
There are no elements of variable consideration of significant financing component associated with care and village fees and
recoveries income.
Village fees are detailed within each resident's Occupation Right Agreements (ORAs) and relate to the operating costs of the village.
Revenue is recognised based on the daily or weekly fees charged, reflecting the period a resident has occupied a unit.
The performance obligation of providing the care and village services is satisfied over time, as the resident simultaneously receives
and consumes the benefits of the service as it is provided. Billing and revenue recognition are generally done during the same period
that the performance obligation is satisfied. Payments received in advance are recorded on the statement of financial position as a
contract liability and subsequently recognised through profit or loss when the services are rendered.
For the year ended
In thousands of New Zealand dollars
31 March 202531 March 2024
Rest home, hospital and dementia fees 142,288 142,209
Accommodation Supplements 10,850 9,795
Village service fees 1,215 1,173
Rental income 118 165
Catering revenue3,503—
Other services provided to residents 17,312 15,397
175,286 168,739
Lease Income
Deferred Management Fees
Occupation Right Agreements (ORAs) confer the right to occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A management fee is payable by the residents of the Group’s independent living units for the right to share in the use and enjoyment
of common facilities. The management fee is calculated as a percentage of the ORA amount and accrues either daily, monthly or
annually for a set period, based on the terms of the individual contracts. The current ORAs accrue management fees at rates ranging
from 6.67% to 10% per annum.
The management fee is payable in cash by the resident at the time of repayment (to the resident) of the refundable ORA amount
due. The Group has the right to set off of the refundable occupation right agreement amount and the management fee receivable.
At year end, the management fee receivable that has yet to be recognised through profit or loss as management fee revenue is
recognised as a deferred management fee liability in the statement of financial position.
Key Accounting Estimates and Judgements
The deferred management fee represents the difference between the management fees receivable under the ORA and the portion
of the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in a resident’s ORA
or the average expected occupancy for the relevant accommodation i.e. eight years for villas and three to four years for serviced
apartments and villas (2024: Eight years for villas and three to four years for serviced apartments).
Radius Residential Care Annual Report 2025
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2.2. Expenses
For the year ended
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT
Buildings3.21,3441,424
Motor vehicles3.2158115
Furniture, fixtures and fittings3.22,9102,704
Information technology3.2714718
Medical equipment3.2262159
AMORTISATION OF INTANGIBLE ASSETS
Customer relationships5.2
90—
5,4785,120
DEPRECIATION OF RIGHT-OF-USE ASSETS
Land and buildings3.4
4,9204,822
4,9204,822
Total depreciation 10,3989,942
FINANCE COSTS
Interest — bank and vendor financing6,2199,675
Interest — lease liabilities3.45,9345,962
Total finance costs12,15315,637
OTHER EXPENSES
Fees paid to Auditors
Audit of consolidated financial statements
1
236296
Tax compliance services2830
Agreed upon procedures engagement
2
10—
Total fees paid to auditor274326
Care home operating expenses
26,06527,885
Operating rental expenses relating to low value and short-term leases3741
Directors' fees981579
Donations and sponsorships2512
Loss/(gain) on sale of property, plant and equipment(4)243
Other expenses (no items of individual significance)13,96610,065
Total other expenses41,34439,151

1. The comparative 2024 year included a review engagement over the consolidated interim financial statements.
2. The 2025 year includes an agreed upon procedures engagement which was performed over the consolidated interim financial statements.
3. PROPERTY ASSETS
3.1. Investment Properties
Accounting Policy
Investment properties include completed freehold land and buildings, freehold land and buildings under development comprising
retirement villages including common facilities, provided for use by residents under the terms of a Refundable Occupation Right
Agreements (ORA). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair value.
Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Deferred management fees, are accounted for as described in note 2.1.
As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
INVESTMENT PROPERTIES
Opening carrying amount73,52870,143
Net fair value gain3,0882,703
Occupation Right Agreements settled(6,659)(9,158)
Occupation Right Agreements entered6,6599,158
Purchases508682
Closing carrying amount77,12473,528
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial Position as
investment properties is as follows:
Valuation of operator's interest 28,850 25,500
Refundable Occupation Right Agreements3.337,84337,425
Deferred management fees3.37, 3 577,608
Unsold/vacant units1,100750
Residential properties
1,9742,245
77,12473,528
Valuation Process and Key Inputs
The Group’s investment properties are valued on an annual basis. This year the valuations were undertaken by LVC Limited
(LVC), an independent valuer. LVC are registered with the Property Institute of New Zealand, employs registered valuers and has
appropriate recognised professional qualifications and recent experience in the location and category of properties being valued.
The valuation of investment property are adjusted for balances relating to refundable ORA payments and management fees
receivable recognised separately on the Consolidated Balance Sheet and also reflected in the valuation model.
Unsold Units
Any developed but not yet sold units (unsold units) are valued based on recent comparable transactions, adjusted for disposal
costs, holding costs and an allowance for profit and risk. This represents the fair value of the Group’s interest in unsold units at
reporting date.
Key Accounting Estimates and Judgements
As the fair value of investment properties is determined using inputs that are significant and unobservable, the Group has
categorised investment properties as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 Fair Value Measurement.
Radius Residential Care Annual Report 2025
4445

Valuation Uncertainty
As at 31 March 2025
The Group’s four investment properties were revalued on 31 March 2025 and did not include a valuation uncertainty clause in their
valuation report.
As at 31 March 2024
Refer to the published consolidated financial statements for the years ended 31 March 2024 for further information on prior year
valuation uncertainty.
Significant Unobservable Inputs
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of completed investment properties
are the discount rate and the property growth rate.
The following assumptions have been used to determine fair value:
Significant InputDescription
Inter-relationship Between the Key
Inputs and Fair Value Measurement
20252024
Discount
rate
Villas and
serviced
apartments
The pre-tax
discount rate
A significant increase/(decrease)
in the discount rate would result
in a significantly (lower)/higher
fair value measurement.
15.5% -
19.0%
15.5% -
19.0%
Property price growth rate
Villas and
serviced
apartments
Anticipated
annual property
price growth over
the cash flow
period 0 - 4 years
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
0.5% - 2.5%0% - 2.5%
Villas
Anticipated
annual property
price growth over
the cash flow
period 5+ years
A significant increase/
(decrease) in the property price
growth rate would result in a
significantly higher/(lower) fair
value measurement.
2.50%
2.25% -
2.50%
Serviced
apartments
2.50%2.25%
Sensitivities
Adopted Value of
Operator’s Interest
Discount RateProperty Growth Rates
AS AT 31 MARCH 2025
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's28,850
Difference $NZ000's(950)9001,050(1,250)
Difference %(3.3%)3.1%3.6%(4.3%)
AS AT 31 MARCH 2024
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's25,500
Difference $NZ000's(800)8501,150(1,000)
Difference %(3.1%)3.3%4.5%(3.9%)
The occupancy period is a significant component of the valuations. LVC consider the demographic profile of the village (age
and gender of residents) and the average occupancy period depending on the type of unit and averages within the industry.
Subsequent changes in residents are then calculated based on the period of occupancy expected for each resident as at the date of
the valuation. An increase in the stabilised departing occupancy period will have a negative impact on the valuation and a decrease
in the stabilised departing occupancy will have a positive impact on the valuation. The valuation calculates the expected cash flows
with stabilised departing occupancy assumptions set out below.
Significant Input

As at31 March 2025 31 March 2024
Stabilised occupancy period — villas8.0 yrs - 9.0 yrs8.0 yrs - 9.0 yrs
Stabilised occupancy period — serviced apartments3-4 yrs4 yrs
Current ingoing price, for subsequent resales of ORAs, is a key driver of the LVC valuations. A significant increase/(decrease) in the
ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair value measurement.

3.2. Property, Plant and Equipment
Accounting Policy
Freehold land and buildings are measured at revalued amounts, less any subsequent accumulated depreciation and any
accumulated impairment losses. All other property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses. At each reporting date the carrying amount of each asset is reviewed to ensure that it does not differ materially
from the asset’s fair value at reporting date. Where necessary, independent valuations are performed and the asset is revalued to
reflect its fair value.



CategoryUseful Life Range
Buildings50 years
Motor vehicles5 years
Furniture, fixtures and fittings5 - 10 years
Information technology4 years
Medical equipment 7 years

Assets are assessed for impairment whenever events or circumstances arise that indicate the asset may be impaired. An asset’s
carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount. Impairment losses in respect of individual assets are recognised immediately in profit or loss unless the asset
is measured at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and is recognised in other
comprehensive income to the extent that it does not exceed the amount in the revaluation surplus for the same asset.
Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount of the asset. These
are included in the profit or loss.
Radius Residential Care Annual Report 2025
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Carrying Value of Assets at Historical Cost
The carrying amount at which both land and buildings would have been carried had the assets been measured under historical costs
is as follows:
As at
In thousands of New Zealand dollars
31 March
2025
31 March
2024
Land and buildings 91,322 91,322
Accumulated Depreciation (3,972) (2,785)
Total 87,350 88,537
Reconciliation of Carrying Amount
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2025
Opening net book value97,64634710,7991,1237186,677117,310
Additions—803,4625126011,1805,835
Business combination—167309———476
Reclassification(286)—286————
Transfers——148517—(665)—
Disposals——(10)(9)——(19)
Depreciation(1,344)(158)(2,910)(714)(262)—(5,388)
Closing net book value 96,016 436 12,084 1,429 1,057 7,1 92 118,214
AS AT 31 MARCH 2025
Cost98,6911,80242,9217,5772,0577,1 9 2160,240
Accumulated Depreciation(2,675)(1,366)(30,837)(6,148)(1,000)—(42,026)
Net book value96,01643612,0841,4291,0577,1 9 2118,214
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2024
Opening net book value112,51035612,8061,7464506,002133,870
Additions—1131,8182024528683,453
Revaluation———————
Transfers168—25——(193)—
Disposals
1
(13,608)(7)(1,146)(107)(25)—(14,893)
Depreciation(1,424)(115)(2,704)(718)(159)—(5,120)
Closing net book value97,646 347 10,799 1,123 718 6,677 117,310
AS AT 31 MARCH 2024
Cost99,0041,47938,3066,5851,4566,677153,507
Accumulated Depreciation(1,358)(1,132)(27,507)(5,462)(738)—(36,197)
Net book value97,64634710,7991,1237186,677117,310
1. On 16 January 2024, the Group disposed of one property for consideration of $19m. The funds from the transaction were subsequently used to repay bank borrowings.
Valuations
The Group’s twelve properties included in land and buildings were
revalued on 31 March 2023. Management assessed that these
freehold land and buildings have not experienced any significant
and volatile changes in fair value necessitating a revaluation as at
31 March 2025 or 31 March 2024. This assessment was informed
by advice provided by the Group’s land and buildings Valuer, LVC
Limited (LVC) (who provides valuation services to the Group) who
provided a valuation update report confirming that the carrying
amounts of these freehold land and buildings did not differ
materially from that which would be determined using fair value as
at 31 March 2023.
The comparison was made against the carrying amounts
subsequent to depreciation of the buildings component for
the financial years ended 31 March 2024 and 31 March 2025, in
accordance with the Group’s depreciation policy.
Valuation Uncertainty
As at 31 March 2025
As at 31 March 2025, the valuer of all twelve properties
has not included a valuation uncertainty clause in their
desktop valuation report.
As at 31 March 2024 and 31 March 2023
Refer to the published consolidated financial statements
for the years ended 31 March 2024 and 31 March 2023 for
information on prior year valuation uncertainty.
Key Accounting Estimates and Judgements
Property measurements are categorised as Level 3
(2024: Level 3) of the fair value measurement hierarchy
as the fair value is determined using inputs that
are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s land and buildings is the capitalisation
rate applied to rentals. A significant decrease/(increase) in the capitalisation rate would result in significantly higher/(lower) fair
value measurement.
Sensitivities
As at 31 March 2023Adopted Value Capitalisation Rate
Valuation $NZ000's112,510
+0.5%-0.5%
Difference $NZ000's(7,900)9,200
Difference %(7.1%)8.2%

Radius Residential Care Annual Report 2025
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3.3. Refundable Occupation Right Agreements
Accounting Policy
Occupation Right Agreements (ORAs) confer the right to occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A new resident is charged a refundable security deposit, on being issued the right to occupy one of the Group’s units, which is
refunded to the resident subject to a new ORA for the unit being issued to an incoming resident, net of any amount owing to the
Group. The Group has a legal right to set off any amounts owing to the Group by a resident against that resident’s security deposit.
Such amounts include management fees, rest home and hospital fees, service fees and village fees. As the refundable occupation
right is repayable to the resident upon vacating the unit (subject to a new ORA for the unit being issued to an incoming resident),
the fair value is equal to the face value, being the amount that can be refunded.
The right of residents to occupy the investment properties of the Group is protected by the Statutory Supervisor restricting the
ability of the Group to fully control these assets without undergoing a consultation process with all affected parties.
A resident is charged a village contribution fee in consideration for the right to occupy one of the Group’s units to a maximum of
30% of the entry payment.
Some residents may be charged an administration fee for the right to occupy one of the Group’s units of between 3.45% and 4.0%
of the entry payment.
The village contribution is payable by the resident on termination of the ORA. Village contribution is recognised as deferred
management fees, note 2.1. The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable under the ORA and the portion
of the management fee accrued which is recognised on a straight-line basis over the longer of the term specified in a resident’s
ORA or the average expected occupancy for the relevant accommodation i.e. eight years for villas and three to four years for
serviced apartments (2024: Eight years for villas and three to four years for serviced apartments).
The management fee recognised in the Consolidated Statement of Comprehensive Income represents income earned in line with
the average expected occupancy.
As a refundable occupation license payment is repayable to the resident upon termination (subject to a new ORA being issued to
an incoming resident), the fair value is equal to the face value, being the amount that can be demanded.
The expected maturity of the refundable obligations to residents is beyond 12 months.

As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation right agreements 53,418 52,572
Less: Management fee receivable (per contract)(15,575)(15,147)
Refundable Occupation Right Agreements 37,843 37,425
RECONCILIATION OF MANAGEMENT FEES RECOGNISED UNDER
NZ IFRS AND PER ORA
Management fee receivable (per contract)(15,575)(15,147)
Deferred management fees2.1 7, 3 57 7,608
Management fee receivable (per NZ IFRS)(8,218)(7,539)
COMPRISING OF
Current deferred management fees2,0381,918
Non-current deferred management fees5,3195,690
Deferred management fees7, 3 577,608
3.4. Leases
Right-of-use Assets
Right-of-use assets are measured at cost (adjusted for any
remeasurement of the associated lease liability), less accumulated
depreciation and any accumulated impairment loss.
Right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful life of the underlying asset,
consistent with the estimated consumption of the economic
benefits embodied in the underlying asset.
Lease Liabilities
Lease liabilities are initially recognised at the present value of the
future lease payments (i.e., the lease payments that are unpaid
at the commencement date of the lease). These lease payments
are discounted using the interest rate implicit in the lease, if that
rate can be readily determined, or otherwise using the Group’s
incremental borrowing rate.
Subsequent to initial recognition, the lease liability is
measured at amortised cost using the effective interest
rate method. Interest expense on lease liabilities is
recognised in profit or loss (as a component of finance
costs). Lease liabilities are remeasured to reflect changes
to lease terms, changes to lease payments and any lease
modifications not accounted for as separate leases.
Variable lease payments not included in the measurement
of lease liabilities are recognised as an expense
when incurred.
Leases of 12 Months or Less and Leases of Low
Value Assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a lease
asset and a lease liability has not been recognised) are
recognised as an expense on a straight line basis over the
lease term.
Radius Residential Care Annual Report 2025
5051

Key Accounting Estimates and Judgements
Extension and termination options are included in a number of leases across the Group. These terms are used to maximise the
operational flexibility of contracts. The majority of extension and termination options are exercisable only by the Group and not by
the respective lessor. All extension options have been assumed for the calculations of the Group’s lease liabilities.
The weighted average incremental borrowing rates applied by the Group is 5% (2024: 5%). No new leases were entered into during
the year (2024: None) and no leases were cancelled or modified during the year (2024: None).
As at
In thousands of New Zealand dollars
31 March 2025 31 March 2024
(A) RIGHT-OF-USE ASSETS
Land and buildings under lease137,359132,816
Accumulated depreciation(27,830)(22,910)
Total carrying amount of right-of-use assets109,529109,906
RECONCILIATIONS
Reconciliation of the carrying amount of right-of-use assets at the beginning and end of the financial year:
Land and buildings
Opening carrying amount109,906112,464
Depreciation(4,920)(4,822)
Remeasurements4,5432,264
Closing carrying amount109,529109,906
(B) LEASE LIABILITIES
Current land and buildings 2,8682,670
Non-current land and buildings 119,829118,416
Total122,697121,086
For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities 5,934 5,962
Depreciation expense on right-of-use assets 4,920 4,822
Cash outflow in relation to leases8,8658,671
(D) MATURITY ANALYSIS — CONTRACTUAL UNDISCOUNTED CASH FLOWS
Not later than 1 year8,9928,702
Later than 1 year and not later than 5 years35,83234,340
Later than 5 years178,413181,677
Total223,237224,719
4. SHAREHOLDER EQUITY AND FUNDING
4.1. Shareholder Equity and Reserves



20252024
Shares$000Shares$000
SHARE CAPITAL
Authorised, issued and fully paid up capital284,737,25356,794 284,876,74256,820
Total contributed equity284,737,25356,794284,876,74256,820
MOVEMENTS
Opening balance of ordinary shares issued284,876,74256,820284,848,64456,813
Shares issued to employees 57,864 12 28,098 7
Share buyback scheme(197,353) (38) ——
Closing balance of ordinary shares issued284,737,25356,794284,876,74256,820
All ordinary shares are authorised and rank equally with one vote attached to each fully paid ordinary share. The shares have no par
value. The Group incurred no transaction costs issuing shares during the year (2024:Nil).
During the year ended 31 March 2025, 197,353 were repurchased on market as part of the Group’s on-market share buyback
programme to purchase up to 0.7% if its ordinary shares from 23 December 2024 for a period of 12 months.
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On 22 April 2024 a
final cash dividend of 0.70 cents per share (fully imputed) was declared in relation to the year ended 31 March 2024 and was paid on
16 May 2024. On 25 November 2024 a cash interim dividend of 0.65 cents per share (fully imputed) was declared in relation to the
year ended 31 March 2025 and paid on 19 December 2024.
On 21 May 2025 a final cash dividend of 0.80 cents per share (fully imputed) was declared and will be paid on 19 June 2025.

20252024
Cents per
share
Total $000
Cents per
share
Total $000
RECOGNISED AMOUNTS:
Prior year final dividend0.701,994——
Interim dividend
0.651,852——
1.35 3,846 ——
Final dividend declared0.80 2,278 0.701,994
Other Reserves
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
Share Based Payments Reserve
Share based payments reserve is used to record the reserves arising in relation to share based payments by the Group.
Cash Flow Hedge Reserve
The cash flow hedge reserve is used to record the effective portion of gains or losses on hedging instruments that are designated
and qualify as cash flow hedges. Amounts are reclassified to profit or loss when the hedged forecast transactions affect profit or loss.
Radius Residential Care Annual Report 2025
5253

Put Option Reserve
The Put Option Reserve records the initial debit to equity arising from the Group’s recognition of a financial liability in respect of
the written put option over the remaining 49% non-controlling interest in Cibus Catering Limited. Under the Group’s accounting
policy (refer Note 5.6), which applies the present-access method, this reserve also captures any subsequent remeasurements of the
liability. In accordance with NZ IAS 32 and consistent with IFRIC guidance, changes in the liability are recognised directly in equity,
rather than through profit or loss.
As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
Asset revaluation reserve9,4969,496
Share based payments reserve13082
Cash flow hedge reserve4.4(282)—
Put option reserve5.6(1,127)—
Total8,2179,578
4.2. Earnings per share
Basic and Diluted
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted average number of ordinary
shares outstanding during the year. As at 31 March 2025, there were no shares with a dilutive effect (31 March 2024: None) and
therefore basic and diluted earnings per share were the same.
For the year ended
In thousands of New Zealand dollars
31 March 202531 March 2024
Profit/(Loss) after tax7,399(8,488)
Weighted average number of ordinary shares outstanding ('000s)284,874284,871
Cents per share 2.60 (2.98)


4.3. Borrowings
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the
Statement of Comprehensive Income over the period of the borrowings, using the effective interest method.


As at
In thousands of New Zealand dollars
31 March 202531 March 2024
SECURED LIABILITIES
Current
Bank loans——
Other loans
1
132—
Non-current
Bank loans70,16975,869
70,30175,869
1. Other loans represent equipment and vehicle finance loans held by Cibus Catering Limited with Westpac New Zealand Limited ($64k) and UDC Finance ($68k). These are
secured by way of equipment and vehicles themselves, and the Westpac loans also include a general security agreement over the assets and all present and after-acquired
property of Cibus Catering Limited.



Terms and Conditions and Assets Pledged as Security
Current
$000
Non-
current
$000
Facility
Limit
$000
Effective
Interest
Rate
%
Expiry Date
31 MARCH 2025
ASB Facility - A — 11,700 20,000 7.291 November 2026
ASB Facility - B — 9,694 9,700 6.781 November 2026
ASB Facility - C — 14,500 14,500 6.561 November 2026
ASB Facility - D — 23,675 23,675 7. 9 56 May 2027
ASB Facility - F — 10,600 10,600 8.1528 March 2027
Other loans 132 — 132
132 70,169 78,607
31 MARCH 2024
ASB Facility - A — 16,500 20,000 7.801 November 2026
ASB Facility - B — 9,694 9,700 7.331 November 2026
ASB Facility - C — 14,500 14,500 7.301 November 2026
ASB Facility - D — 23,675 23,675 8.806 May 2027
ASB Facility - F — 11,500 11,500 8.6928 March 2027
— 75,869 79,375
ASB Bank Limited Loans
Security
The ASB Bank Limited bank committed money market loans of the Group are guaranteed by certain Group entities and secured by
mortgages over the Group’s care centre freehold land and buildings and rank second behind the Statutory Supervisors when the
land and buildings are classified as investment property and investment property under development.
As at 31 March 2025 the balance of the bank loans over which the properties are held as security is $70.2m (31 March 2024:
$75.9m), the total commitment as at 31 March 2025 is $78.6m (31 March 2024: $79.4).
Other
As at 31 March 2025, the Group has a Corporate Banking Overdraft Facility Agreement with ASB Bank Limited for $2m (31 March
2024: $2m). This facility bears interest at an effective interest rate of 7.60% (31 March 2024: 8.82%) and is secured over the assets of
the Group and guaranteed by certain Group entities. At 31 March 2025 no balance was drawn down (31 March 2024: Nil).
Covenants
As at 31 March 2025, the Group classified its secured borrowings of $70.2 million (31 March 2024: $75.9 million) as non-current
liabilities. These borrowings are subject to financial covenants under the Group’s financing arrangements with ASB Bank Limited,
which are tested and reported quarterly. The ASB Bank have set predetermined ratios within the financing arrangements for each of
the following covenants:
• Fixed Charge Cover ratio;
• Leverage ratio; and
• Equity ratio.
For covenant purposes, Adjusted EBITDA and Net Interest are calculated based on accounting policies applied prior to the
adoption of NZ IFRS 16 Leases, excluding the impact of right-of-use assets and lease liabilities.
The Group complied with all covenant requirements during the reporting period and as at 31 March 2025. Based on management’s
forecast and assessment, continued compliance is expected for at least the next 12 months, and there is no material risk that the
non-current borrowings will become repayable within that period.
Radius Residential Care Annual Report 2025
5455

4.4. Interest Rate Swaps
The Group uses interest rate swaps to manage its risk associated with interest rate fluctuations. Interest rate swaps are initially
recognised at fair value on the date a contract is entered into and are subsequently measured at fair value on each reporting date.
The fair values of the interest rate swaps are determined based on cash flows discounted to present value using current market
interest rates. The non-current portion of interest rate swaps comprised of $0.3 million in liabilities (2024: Nil). The Group has 43%
(2024: Nil) of interest-bearing borrowings covered by fixed interest rate swap agreements.
Cash Flow Hedges
The Group has entered into interest rate swaps to manage its interest rate risk in relation to its floating rate debt. These interest
rate swaps qualify for cash flow hedge accounting. When interest rate swaps meet the criteria for cash flow hedge accounting, the
effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income, while the ineffective
portion is recognised in the income statement. Amounts taken to reserves are transferred out of reserves and included in the
measurement of the hedged transaction when the forecast transaction occurs. When interest rate swaps do not meet the criteria
for cash flow hedge accounting, all movements in fair value of the hedging instrument are recognised in the income statement.
Under the interest rate swap agreements that qualify for cash flow hedge accounting, the Group has a right to receive interest
at variable rates and to pay interest at fixed rates (“payer interest rate swap agreements”). These agreements effectively change
the Group’s interest exposure on the principal covered by the interest rate swaps from a floating rate to fixed rates, which range
between 3.71% and 4.31% (2024: Nil). At 31 March 2025, the Group had interest rate swap agreements in place with a total notional
principal amount of $30 million. Of the swaps in place, at 31 March 2025, all were active.
The fair value of these agreements at 31 March 2025 is a $0.3 million liability. The agreements cover notional amounts for terms of
up to three years. The notional principal amounts and the period of expiry of the cash flow hedge interest rate swap contracts are
as follows:
As at
In thousands of New Zealand dollars
31 March 202531 March 2024
Less than 1 year——
Between 1 and 2 years 10,000 —
Between 2 and 3 years 20,000 —
Total 30,000 —
5. OTHER DISCLOSURES
5.1. Income Tax
Key Accounting Estimates and Judgements
Deferred Tax on Investment Property
Deferred tax on investment property is assessed on the basis that the asset value will be realised through use (“Held for Use”).
An initial recognition exemption has been applied to newly developed village sites in accordance with NZ IAS 12 Income Taxes.
The Group’s ORAs comprise two distinct cash flows (being an ORA deposit upon entering the unit and the refund of this deposit
upon exit). In determining the tax base of investment property, the Group considered whether taxable cash flows are received at
the end of the ORA period (i.e. upon refund of the ORA deposit by way of set off on exit by a resident) or at the beginning of the
ORA period (i.e. at time of the receipt of the ORA deposit). The Group has carefully evaluated all the available information and
considers it appropriate to recognise and measure the tax base and associated deferred tax based on the taxable cash flows being
receivable at the end of the ORA period as this best represents the Group’s contractual entitlement.
In calculating deferred tax under the Held for Use methodology, the Group has made significant judgements to determine taxable
temporary differences. The carrying value of the Group’s investment property is determined on a discounted cash flow basis
and includes cash flows that are both taxable and non-taxable in the future. The Group has recognised deferred tax on the cash
flows with a future tax consequence being DMF as provided by LVC, to the extent that it arises from depreciable components (i.e.
buildings) of the investment property. The Group uses the valuers valuations to estimate the apportionment of cash flows arising
from the depreciable (i.e. buildings) and non-depreciable components (i.e. land).
Deferred Tax on Buildings
The impact of the removal of tax depreciation on commercial buildings, which reduced the tax base to nil, created a significant
taxable temporary difference for all of the Group’s care home buildings classified as Property, Plant and Equipment, irrespective of
their date of acquisition. The recognition of this temporary difference as a deferred tax liability depends on whether the buildings
were acquired through business combination or whether the initial recognition exception (IRE) in NZ IAS 12 was previously applied.

For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
(A) COMPONENTS OF TAX EXPENSE
Current tax 1,618 1,635
Deferred tax 1,457 10,452
Total tax expense 3,075 12,087
(B) INCOME TAX RECONCILIATION
The prima facie tax payable on profit before tax is reconciled to the income tax expense
as follows:
Prima facie income tax payable on profit before tax at 28.0% 2,933 1,008
Permanent differences(269) (264)
(Over)/Under provision for income tax in prior year(396) 85
Deferred tax impact from reversal of depreciation on buildings 824 11,339
Other(17) (81)
Income tax expense attributable to profit 3,075 12,087

Radius Residential Care Annual Report 2025
5657

As at
In thousands of New Zealand dollars
31 March 2025 31 March 2024
(C) DEFERRED TAX
Deferred tax assets
Lease liabilities 34,355 33,903
Provisions 3,231 2,696
Deferred management fee income 74 1,126
Tax losses—604
Total deferred tax asset 37,660 38,329
Deferred tax liabilities
Property, plant and equipment 2,779 2,898
Customer relationships 228 —
Right-of-use assets 30,668 30,774
Deferred tax impact from reversal of depreciation on buildings 12,124 11,339
Total deferred tax liability 45,799 45,011
Net deferred tax assets/(liabilities)(8,139)(6,682)
For the year ended
In thousands of New Zealand dollars
31 March 202531 March 2024
(D) DEFERRED INCOME TAX REVENUE COMPRISES:
Through profit included in income tax expense
Decrease/(Increase) in deferred tax assets 669 (390)
Decrease in deferred tax liabilities 535 10,842
Increase in deferred tax liabilities as a result of acquisition
253 —
1,457 10,452
Through other comprehensive income
Increase in deferred tax liabilities
——
——
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is probable that future
taxable profits will be available to utilise those temporary differences.

For the year ended
In thousands of New Zealand dollars
31 March 202531 March 2024
(E) IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT PERIODS
Balance at the beginning of the year7,0 2 86,016
Dividends paid(1,496)—
New Zealand tax payments, net of refunds 2,601 1,012
Balance at the end of the year 8,133 7,0 2 8
5.2. Intangible Assets
Goodwill


As at
In thousands of New Zealand dollars
31 March 202531 March 2024
Goodwill at cost17,25516,063
Customer relationships813—
Total18,06816,063
Goodwill by CGU
Care16,06316,063
Catering business1,192—
Total17,25516,063
Key Accounting Estimates and Judgements
Goodwill is allocated to twenty one (2024: Twenty) individual CGUs within the Group (which are various individual residential care,
village and a catering businesses acquired by the Group (refer to note 5.6) during the year as part of the acquisition of a 51% interest
in Cibus Catering Limited on 1 October 2024), the Group recognised an intangible asset of $0.9 million attributable to goodwill.
Corporate office cash flows incurred by the Group is allocated to each CGU based on bed numbers.
Care CGUs Recoverable Amount
The recoverable amount of CGUs as at reporting date has been determined based on its fair value less costs of disposal, determined
using discounted cash flows that includes Management’s estimates based on past performance and its expectation for the future
performance for up to five years. These estimates are based on budgeted projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter are estimated using a standard growth rate deemed to be reasonable
by Management.
The key assumptions used for discounted cash flows calculations are as follows:
• The year one through five of the forecast cash flows are based on Management forecasts approved by the Board of Directors.
• The cash flow period used in the calculations was five years (2024: Five years).
• The post-tax discount rate applied in the calculations was between 10.5% and 12.0% (2024: Post-tax between 11.0% and 12.6%). The
pre-tax discount rate applied in the calculations was between 13.6% and 15.7% (2024: Pre-tax between 14.3% and 16.6%).
• The terminal growth rate applied in the calculations was 2.0% (2024: 2.0%)
• Occupancy projections vary between CGU based on actual and expected occupancy rates.
Management believes that no reasonably possible changes in any of the above key assumptions would cause the carrying value of the
goodwill to be materially lower than its recoverable amount.
The recoverable amount of the individual care sites as at 31 March 2025 has been determined based on fair value less costs of
disposal, determined using discounted cash flows. As the recoverable amount of individual care sites was determined using inputs
that are significant and unobservable, the Group has categorised these inputs as Level 3 under the fair value hierarchy in accordance
with NZ IFRS 13 Fair Value Measurement. The significant unobservable inputs used in the fair value measurement of the recoverable
amount of the Group’s individual care sites were as described above, year one to five forecast cash flows, a pre-tax discount rate, a
terminal growth rate and occupancy projections based on actual and expected occupancy rates.
• A significant increase/(decrease) in the forecast cash flows, terminal growth rate, and occupancy projections and rates,
assumptions would result in a significantly higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax discount rate would result in a significantly (lower)/higher fair value measurement.
Radius Residential Care Annual Report 2025
5859

Catering business CGU Recoverable Amount
The recoverable amount of the Cibus Catering business CGU has been determined as at reporting date using the Value in Use
(VIU) method. The VIU calculation is based on a five-year discounted cash flow model, prepared using Board-approved forecasts,
with a terminal growth rate applied thereafter. The model includes only third-party revenue and actual gross profit margins
achieved in FY25.
The key assumptions used for the discounted cash flows are as follows:
• The year one through five of the forecast cash flows are based on Management forecasts approved by the Board of Directors.
• The cash flow period used in the calculations was five years.
• The post-tax discount rate applied in the calculations was between 10.5% and 12.0% The pre-tax discount rate applied in the
calculations was between 13.6% and 15.7%.
• The terminal growth rate applied in the calculations was 2.0%.
• Management fee allocations reflect actual Cibus structure.
Management believes that no reasonably possible changes in any of the above key assumptions would cause the carrying value of
the goodwill to be materially lower than its recoverable amount.
Customer Relationships
As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
CUSTOMER RELATIONSHIPS
Opening balance——
Additions5.6903—
Amortisation(90)—
Closing net book value813—
The Group recognised an intangible asset of $0.9 million attributable to customer relationships. The asset reflects the present
value of expected future gross profit from contracts with external customers over the 12-month period ending 31 March 2026 and
is amortised over a five year’s. Significant judgement was applied in determining the appropriate valuation approach. Management
considered and ultimately did not apply a long-term forecast model, as Cibus’ customer contracts are generally short-term and
cancellable with three months’ notice. The business operates in the aged care catering sector, which is characterised by competitive
tender processes, high customer turnover, and limited long-term contractual lock-in. As a result, a valuation based on the expected
gross profit from existing external customer contracts over a one-year period was deemed more appropriate than longer-term
models reliant on renewal rates or customer retention forecasts. Internal customers within the Group were excluded from the
valuation. Management used contract-level data and gross profit history to calculate the present value of the forecast earnings and
considered this to be the best available estimate of the asset’s fair value at the date of acquisition. No indicators of impairment were
identified at 31 March 2025.
5.3. Trade and Other Receivables
Trade receivables are amounts due from residents and Government agencies in the ordinary course of business and are recognised
initially at fair value being the transaction price plus any transaction costs. Subsequent to initial recognition, receivables from
contracts with customers are measured at amortised cost using the effective interest method less impairment.

As at
In thousands of New Zealand dollars
31 March 2025 31 March 2024
CURRENT
Trade receivables11,51512,335
Allowance for credit losses(672)(522)
10,84311,813
NZX listing bond 75 75
Prepayments1,9042,816
Accrued Income663298
2,6423,189
13,48515,002
Recognition, Measurement and Judgements in Applying Accounting Policies
When measuring expected credit losses (‘ECL’) the Group uses reasonable and supportable forward looking information, which is
based on assumptions for future movement of different economic drivers and how these drivers will affect each other.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of
the debtors and an analysis of the debtors’ current financial positions, adjusted for factors that are specific to the debtors, general
economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast
direction of conditions at the reporting date.
The Group has the following financial assets subject to the application of the expected credit loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and hospital fees. These are split
between private amounts owed by residents and amounts due from agencies such as the Ministry of Health and Accident
Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment receivables.
These are receivable from residents.
The following table provides information about the risk profile of trade receivables from contracts with residents and Government
agencies using a provision matrix. The information in the below table does not distinguish between resident or product types as the
Group’s historical credit loss experience does not show different patterns for different resident or product types.
Expected Credit Losses
Days Past Due
Not Past Due31-6061-9091 & OverTotal
AS AT 31 MARCH 2025
Estimated total gross carrying amount ($000)7,6168273222,75011,515
Expected credit loss rate (%)0.2%0.4%1.9%23.5%5.8%
Expected credit loss rate ($000) 15 3 6 648 672
AS AT 31 MARCH 2024
Estimated total gross carrying amount ($000)7,8781,1127292,61612,335
Expected credit loss rate (%)0.2%0.3%1.8%23.0%4.4%
Expected credit loss rate ($000) 16 3 13 490 522
5.4. Trade and Other Payables and Provisions
The Group’s obligation with respect to employees defined contributions entitlements is limited to its obligation for any unpaid The Group’s obligation with respect to employees defined contributions entitlements is limited to its obligation for any unpaid
superannuation guarantee entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end superannuation guarantee entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end
of the reporting period.of the reporting period.
As at
In thousands of New Zealand dollars
31 March 2025 31 March 2024
CURRENT
Unsecured trade and other payables
Trade creditors5,2734,312
GST payable1,4141,184
Other payables32131
Accrued expenses2,2282,251
Provisions
Annual leave7,4906,400
Other employee entitlements6,1345,812
22,86019,990
Radius Residential Care Annual Report 2025
6061

5.5. Related Party Transactions
The following are the Group’s subsidiaries and are incorporated in New Zealand and have a balance date of 31 March.
Name of EntityPrincipal Activities
Ownership
Interests and
Voting Rights
Class of
Shares20252024
Radius Arran Court Limited1
Previously dormant, amalgamated into Radius
Residential Care Limited during the year.
0%100%Ordinary
Cibus Catering Limited2
Residential Catering – aged care and boarding
schools
51%0%Ordinary
Clare House Retirement
Village Limited
Operating entity for Clare House Retirement
Village and property owning entity for the Clare
House care home
100%100%Ordinary
Clare House Care Limited1
Previously operating entity for Clare House care
home, amalgamated into Radius Residential Care
Limited during the year.
0%100%Ordinary
Elloughton Grange
Village Limited
Operating entity for Elloughton Retirement Village100%100%Ordinary
Radius Care Holdings Limited
Property owning entity for St Helenas, Thornleigh
Park, Lexham Park, Elloughton Gardens, Heatherlea,
Windsor Court, Taupaki Gables, Peppertree, St
Joans and Fulton care homes
100%100%Ordinary
Radius Care
Limited (non-trading)
Dormant100%100%Ordinary
R Connect Limited
Staff placement company providing short term
staffing solutions
100%100%Ordinary
Radius SPV Limited
Property owning entity for
Matamata Country Lodge and Matamata
Retirement Village
100%100%Ordinary
Radius Matamata Retirement
Village Limited
Operating entity for Matamata Retirement Village100%100%Ordinary
Windsor Lifestyle Estate
Limited
Operating entity for Windsor Retirement Village100%100%Ordinary
1. On 2 September 2024, Radius Arran Court Limited and Clare House Care Limited were amalgamated into Radius Residential Care Limited.
2. On 1 October 2024, the Group acquired 51% of available shares in Cibus Catering Limited (refer Note 5.6).
Key Management Personnel Compensation and Other Related Parties
Key management personnel are all executives and Directors with the authority for the strategic direction and management
of the Group.
Related PartyRelationship
Brien CreeDirector and Ultimate Shareholder (via Wave Rider Holdings Limited)
Bret JacksonDirector and Ultimate Shareholder (via Takatimu Investments Limited)
Duncan CookDirector and Shareholder
Hamish StevensDirector and Shareholder
Mary GardinerDirector
Tom WilsonDirector and Shareholder
Cibus Catering LimitedCommon Director (Brien Cree) (up to 30 September 2024)
Main Family TrustShareholder
Neil FosterShareholder
Providence TrustTrustee (Brien Cree)
Takatimu Investments LimitedShareholder
Time Capital NZ Limited Common Shareholder (Tom Wilson)
Valhalla Capital LimitedCommon Director (Brien Cree)
Warehouse Storage LimitedCommon Shareholder (Neil Foster)
Wave Rider Holdings LimitedShareholder
Radius Residential Care Annual Report 2025
6263

Key Management Personnel Compensation
For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
Directors' remuneration and expenses
1
981579
Dividends to Director related entities1,384—
Key management personnel salaries and other short term employee benefits3,5543,132
Key management personnel dividends2—
Total Director and key management payments 5,9213,711
1. Included within Directors remuneration and expenses were fees relating to additional services provided in regards to strategic projects.
OTHER RELATED PARTIES
Catering services
Cibus Catering Limited (up to 30 September 2024)4,4428,332
Consulting fees
Duncan Cook
2
250237
Time Capital NZ Limited—10
Rent paid
Warehouse Storage Limited 1,1231,078
Rent received and utility recharges
Cibus Catering Limited (up to 30 September 2024)3584
Personal guarantee fee
Brien Cree170171
Business acquisition
Valhalla Capital Ltd
3
465—
Vendor loan interest
Main Family Trust—1,312
Related party loan interest
Providence Trust—109
As at
In thousands of New Zealand dollars
31 March 2025 31 March 2024
Trade creditors
Cibus Catering Limited—703
Trade debtors
Cibus Catering Limited—5
2. Predominately relates to services provided as General Counsel (2024: Predominately relates to services provided as General Counsel).
3. Related to the consideration for the purchase of the Cibus Catering business acquisition during the 2025 financial year (refer note 5.6). Valhalla Capital Limited previously
held a 24% shareholding in Cibus Catering Limited. This shareholding, together with an additional 26% acquired from two other shareholders unrelated to the Group, was
purchased by Radius Residential Care Limited.
Assignment of an Agreement for the Purchase of Land From a Director
Brien Cree (Director) and the Group are party to an agreement (“the Assignment Agreement”), whereby, Mr Cree has agreed to
assign to the Group his rights under an agreement for sale and purchase of real estate (“Land SPA”), to acquire a circa 4.3 hectare
development property at Main North Road, Belfast, Christchurch (‘the development property’) from an unrelated third party.
The balance of the purchase price under the land sale and purchase agreement amounting to $5.5m is payable to the third party
vendor on settlement, which will be completed when the title of the property is issued. It is currently expected that title will be
issued in mid 2025.
5.6. Business Combinations
Summary of Acquisition
On 1 October 2024 the Company acquired 51% of the assets and liabilities of Cibus Catering Limited, a provider of catering serviced
to the aged care sector.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
As at
In thousands of New Zealand dollars
1 October 2024
Fair Values
Purchase consideration
Cash paid 1,938
Total 1,938
The assets and liabilities recognised as a result of the acquisition are as follows:
Property, plant and equipment 468
Cash and cash equivalents999
Intangible assets — customer relationships 903
Trade and other receivables398
Inventory98
Trade and other payables(1,694)
Current tax liabilities(120)
Borrowings(177)
Deferred tax liability(253)
Put option to purchase the non-controlling interest’s share of Cibus Catering Limited.(1,127)
Put option reserve1,127
Net assets and liabilities recognised 622
NCI, based on their proportionate interest in the amounts recognised of assets and liabilities of
Cibus Catering Limited
124
Goodwill on acquisition1,192
The goodwill is attributable primarily to the expected synergies from integrating Cibus’ catering operations with the Group’s
existing aged care and healthcare network, as well as the skills and industry-specific experience of Cibus’ workforce. None of the
goodwill recognised is expected to be deductible for tax purposes.
Put Option to Purchase the Non-Controlling interest’s Share of Cibus Catering Limited.
The acquisition is structured through a put/call option mechanism, enabling either party to facilitate the purchase/sale of the
remaining 49% of the shares on the fifth anniversary of the initial transaction.
The option agreement allows the Group to buy the remaining shares from the non-controlling interest (NCI) at a specified multiple.
The put option also enables NCI shareholders to require the Group to purchase their shares at the agreed pricing. This financial
liability is recognised initially at the present value of the redemption amount and is remeasured in equity.
The transaction valuation employs an EV/EBITDA multiple, an appropriate valuation technique under NZ IFRS 13 Fair Value
Measurement, leveraging market-based data to determine fair value. The option is accounted for using the present-access method,
whereby a non-controlling interest in the company continues to be recognised in equity as the non-controlling shareholders
maintain their current access to returns from their ownership interests.
The financial liability was recognised at acquisition on 1 October 2024 at $1.12 million, being the present value of the expected future
redemption amount payable at the end of year five. This measurement required significant judgement, particularly in concluding
that the structure of the agreement reflects a forward purchase arrangement, and therefore no option pricing model (e.g. Black-
Scholes) was applied.
The Group has adopted a policy of remeasuring the liability through equity (as a Put option reserve), consistent with the nature of
the instrument and its treatment at initial recognition.
As at 31 March 2025, there has been no change in the inputs or assumptions affecting the valuation of the put liability. Accordingly,
no remeasurement adjustment has been recognised during the year.
Radius Residential Care Annual Report 2025
6465

Revenue and Profit Contribution
The acquired business contributed revenues of $3.6 million and profit after tax of $0.4 million to the Group for the period from 1
October 2024 to 31 March 2025.
If the acquisition had occurred on 1 April 2024, the Group estimates the consolidated pro-forma revenue and profit after tax for the
period ended 31 March 2025 would have been $7.3 million and $0.6 million respectively. These amounts have been calculated using
the subsidiaries’ results and adjusting them for any differences in accounting policies between the Group and the subsidiary.
Purchase Consideration — Cash Outflow to Acquire Subsidiary
As at
In thousands of New Zealand dollars
31 March 2025
Fair Values
Cash1,938
Net outflow of cash — investing activities1,938
The business combination resulted in goodwill on acquisition as the purchase price exceeded the fair value of assets acquired and
liabilities assumed.
5.7. Non-Controlling Interests
The following table summarises the information relating to each of the Group’s subsidiaries that has material NCI, before any intra-
group eliminations.
As at
In thousands of New Zealand dollars
Cibus Catering
Limited
ASSETS
Cash and cash equivalents 1,679
Trade and other receivables 445
Inventories 119
Property, plant and equipment 455
Deferred tax asset 113
Total assets 2,811
LIABILITIES
Trade and other payables(1,875)
Current tax liabilities(312)
Borrowings(132)
Total liabilities(2,319)
Net assets 492
Net assets attributable to NCI 241
For the year ended
In thousands of New Zealand dollars
Cibus Catering
Limited
Revenue from contracts with customers 8,038
Profit 744
Other comprehensive income (OCI)—
Total comprehensive income 744
Profit allocated to NCI 365
OCI allocated to NCI—
Cash flows from operating activities 765
Cash flows from investment activities (39)
Cash flows from financing activities(45)
Net (decrease)/ increase in cash and cash equivalents held 681
Net (decrease)/ increase in cash and cash equivalents held allocated to NCI 333
5.8. Long Term Incentive Plan (LTIP)
On 18 July 2022, the Board approved a Long Term Incentive Plan for its senior executives.
Performance Hurdles
All Performance Share Rights (PSRs) will vest into ordinary shares in Radius if the 10-day Value Weighted Average Price (VWAP),
for the 10 trading days immediately prior to (and not including) 18 July 2025, is equal to or greater than $1.081. This is three times
the 10-day VWAP of 18 July 2022 (“Base Price”).
If the 10-day VWAP is between $1.027 and $1.081 (being 95% and 100% of three times the Base Price), the Radius Board has
discretion to scale the number of a participant’s PSRs that will vest.
Recognition and Measurement
• On 18 July 2022, 4,164,844 share rights were issued for nil consideration and a nil exercise price in relation to the LTIP.
• On 15 August 2022, 1,109,824 share rights were issued for nil consideration and a nil exercise price in relation to
the LTIP.
During the period, no share rights were forfeited. No share rights were exercised or expired during the period. The fair value of the
share rights were determined using the Monte Carlo valuation approach.
5.9. Financial Risk Management
The Group is exposed to the following financial risks in the normal course of business:
a. Credit risk
b. Liquidity risk
c. Interest rate risk
The Board of Directors reviews and agrees on policies for managing each of these risks as summarised below:
As at
In thousands of New Zealand dollars
NOTE
31 March 2025 31 March 2024
AMORTISED COST FINANCIAL ASSETS
Cash and cash equivalents2,5712,350
Trade and other receivables5.310,84311,813
Total assets13,41414,163
AMORTISED COST FINANCIAL LIABILITIES
Trade and other payables5.49,2367,7 7 8
Lease liabilities3.4122,697121,086
Borrowings4.370,30175,869
Refundable Occupation Right Agreements3.337,84337,425
Total liabilities240,077242,158
(a) Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge
an obligation.
The Group’s exposure to credit risk, or the risk of counterparties defaulting arises mainly from cash at bank, trade and
other receivables.
The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date, of recognised
financial assets is the carrying amount of those assets, net of any provisions for impairment of those assets, as disclosed in the
consolidated statement of financial position and notes to consolidated financial statements.
The Group has no significant concentrations of credit risk. The Group’s trade receivables represent distinct trading relationships
with each of its residents and various Government agencies. The only large trade receivables relate to residential care subsidies
which are receivable in aggregate from various District Health Boards and Work and Income New Zealand. These entities are not
considered a credit risk.
The Group does not have any material credit risk exposure to any single counterparty or group of counterparties under financial
instruments entered into by the Group.
Radius Residential Care Annual Report 2025
6667

Cash Deposits and Other Receivables
Credit risk for cash deposits is managed by holding all cash deposits with high credit rating financial institutions, i.e. major
registered New Zealand banks.
Trade Receivables
Credit risk with respect to trade receivables is limited due to the large number of customers which qualify for Ministry of Health
funding in relation to payment of our services. Amounts owed by the residents are generally unsecured. Credit risk is managed
through the use of admission agreements for all residents, which gives contractual rights to the Group in relation to security and
collection of debts in circumstances where there is no entitlement to Ministry of Health funding. All admissions are reviewed to
ensure a duly completed admission agreement is available. The loss allowance for expected credit losses of trade receivables is
provided in Note 5.3. As the Group undertakes transactions with a large number of customers and regularly monitors payment in
accordance with credit terms, the financial assets that are neither past due nor impaired, are expected to be received in accordance
with the credit risk.
(b) Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The Group has liquidity risk with respect to its repayment obligations of financial liabilities.
The Group maintains a rolling 90 day forecast of daily cash flows to ensure it will have sufficient liquidity to meet its liabilities as
they fall due. This is linked to a monthly rolling forecast which provides directional liquidity expectations for a minimum of a further
twelve months.
The Group has a bank facility which is subject to certain covenant clauses, whereby it is required to meet certain key performance
indicators. This bank facility is provided by the ASB Bank. Refer to note 4.3 for further information on the Group’s banking facility
and covenant compliance.
The following table outlines the Group’s remaining contractual maturities for non-derivative financial instruments. The amounts
presented in the table are the undiscounted contractual cash flows of the financial liabilities allocated to time bands based on the
earliest date on which the Group can be required to pay.



In thousands of New Zealand dollars
Less than 1
Year
Between 1
and 2 Years
Between 2
and 5 YearsOver 5 Years
AS AT 31 MARCH 2025
Trade and other payables9,236 — — —
Lease liabilities8,9929,00826,824178,413
Borrowings — — 70,169 —
Refundable Occupation Right Agreements
1
37,843 ———
56,0719,00896,993178,413
AS AT 31 MARCH 2024
Trade and other payables 7,7 78 — — —
Lease liabilities8,7028,70325,637181,677
Borrowings — — 75,869 —
Refundable Occupation Right Agreements
1
37,425———
53,9058,703101,506181,677


1. The refundable ORAs are repayable to the resident on vacation of the unit or on the termination of the occupation right agreement and subsequent resale of the unit. The
expected maturity of the refundable ORAs is shown in note 3.3.
c. Interest Rate Risk
The Group is exposed to interest rate risk in relation to its interest earning cash deposits and its interest bank borrowings. Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market
interest rates. The Group manages interest rate risk by maintaining a mix of variable rate and fixed rate borrowings, including
interest rate swaps described in note 4.4.
Interest rates on cash at bank are subject to market risk in the event of changes its interest rates. Interest rates on non-current bank
borrowings are generally subject to review annually or at shorter intervals, and interest rates on current borrowings can be reviewed
at the lender’s discretion.
The following table outlines that Group’s exposure to interest rate risk in relation to future cash flows and the effective weighted
average interest rates on classes of financial assets and financial liabilities:

In thousands of New Zealand dollars
Interest
Bearing
Non-interest
Bearing
Total Carrying
Amount
Weighted
Average
Effective
Interest Rate
As at 31 March 2025
FINANCIAL INSTRUMENTS
Financial assets
Cash2,571—2,5710.0% Fixed
Financial liabilities
Bank and other loans(70,301)—(70,301)7.42%
Lease liabilities(122,697)—(122,697)5.0% Fixed
Total(192,998)—(192,998)
As at 31 March 2024
FINANCIAL INSTRUMENTS
Financial assets
Cash2,350—2,3500.0% Fixed
Financial liabilities
Bank and other loans(75,869)—(75,869)7.95%
Lease liabilities(121,086)—(121,086)5.0% Fixed
Total(196,955)—(196,955)
The interest rate on the Group’s bank loans is fixed for a relevant ‘Interest period’ (being either 30, 60, 90 or 180 days) and
comprised of the Base Rate (equal to the BKBM on the first day of the relevant Interest Period), plus a Margin and Line fee in
accordance with the Group’s agreement with the bank. The weighted average interest period term as at 31 March 2025 was 30 days
(2024: 30 days).
No other financial assets or financial liabilities are expected to be exposed to interest rate risk.
Sensitivity
If interest rates were to increase/decrease by 100 basis points from the rates prevailing at the reporting date, assuming all other
variables remain constant, then the impact of profit for the year and equity would be as follows:

For the year ended
In thousands of New Zealand dollars
31 March 2025 31 March 2024
+ / - 100 basis points
Impact on profit after tax(506)(644)
Impact on equity(142)(180)
Radius Residential Care Annual Report 2025
6869

5.10. Contingent Liabilities
Lester Heights Business
26 June 2013, the Group entered into an agreement to sell the
Lester Heights business. The sale was settled on 31 August 2013.
One of the conditions of sale is that in the event that the new
business owner defaults on the rental payments, the Group is
required to guarantee the rent. No amounts have been paid to date,
but in the event that a default occurs, the potential cost to the
Group is an annual rent of $286,210 (2024: $286,210) per annum
until 2029. The Group will likely assume operations at this care
home, in the event of a default. At reporting date the Group has
assessed the likelihood of the new business owner defaulting on the
rental payment as not probable (2024: Not probable).
Other
There were no other material contingent liabilities at reporting date
(2024: None).
5.11. Commitments
At 31 March 2025, the Group had capital commitments of $0.07m
(2024: $0.03m).
There are no significant unrecognised contractual obligations
entered into for future repairs and maintenance at balance date.
The Group is also has a $5.5m (2024: $5.5m) commitment to
acquire a 4.3 hectare development property at Main North Road,
Belfast, Christchurch as described in note 5.5. Related Party
Transactions ‘Assignment of an Agreement for the Purchase of Land
From a Director’.
The acquisition of the property is expected to be funded from
available banking facilities and working capital.
5.12. Events Subsequent to Reporting Date
Dividends
On 21 May 2025, the Board declared a final dividend of
0.80 cents per share (fully imputed), that is due to be paid
on 19 June 2025.
Acquisition of a Care Home
On 30 April 2025, the Group entered into an unconditional
agreement to acquire the business and assets of the
St Allisa care home in Christchurch for $14.7 million.
The agreement is conditional only on usual regulatory
approvals. Settlement is expected to take place on Friday
30 May 2025.
The acquisition includes a sale and leaseback of the land
and buildings with Warehouse Storage Limited that would
also be settled on 30 May 2025. The property will be sold
for $13.6 million and leased back to the Group for an initial
term of 30 years with two 10-year rights of renewal. The
balance of the acquisition price of $1.1m will be funded from
working capital.
The Group is yet to complete a purchase price allocation
for the acquisition as at the date of signing of these
consolidated financial statements.
Other
There has been no other matter or circumstance which has
arisen since 31 March 2025 that has significantly affected or
may significantly affect:
a. the operations, in financial years subsequent to 31 March
2025, of the Group; or
b. the results of those operations; or
c. the state of affairs, in financial years subsequent to 31
March 2025, of the Group.

Level 9, 45 Queen Street, Auckland 1010 T: +64 9 309 0463
PO Box 3899, Auckland 1140 E: auckland@bakertillysr.nz
New Zealand W: www.bakertillysr.nz



71
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Radius Residential Care Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Radius Residential Care Limited and its subsidiaries ('the Group') on pages 35 to
70, which comprise the consolidated statement of financial position as at 31 March 2025, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position
of the Group as at 31 March 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards ('NZ IFRS') and International Financial Reporting
Standards ('IFRS').


Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we might state to the Shareholders
of the Group those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Shareholders of the Group as a body, for our audit work, for our
report or for the opinions we have formed.


Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
We are independent of the Group 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’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Other than in our capacity as auditor and provider of other assurance services, we carried out an agreed-upon procedures engagement in
accordance with International Standard on Related Services (New Zealand) 4400 Agreed-Upon Procedures Engagements, over the 30
September 2024 consolidated interim financial statements. Our firm also carried out other assignments for Radius Residential Care Limited
and its subsidiaries in the area of taxation compliance services. The provision of these other services has not impaired our independence.

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 of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.


Radius Residential Care Annual Report 2025
7071

72
Key Audit Matter How our audit addressed the key audit matter
Impairment testing of goodwill
As
disclosed in Note 5.2 of the Group’s
consolidated financial statements, the Group has
goodwill of $17.3 m (2024: $16.1m) allocated
across 21 (2024: 20) cash-generating units
(‘CGUs’) (relating to various individual residential
care, village and a catering businesses) as at 31
March 2025.
Goodwill was significant to our audit due to the
size of the asset and the subjectivity, complexity
and uncertainty inherent in the measurement of
the recoverable amount of these CGUs for the
purpose of the required annual impairment test.
The measurement of a CGUs’ recoverable
amount includes the assessment and calculation
of its ‘fair value less costs of disposal’.
Management has completed the annual
impairment test for all CGUs as at 31 March
2025.
This annual impairment test involves complex
and subjective estimation and judgement by
Management on the future performance of the
CGUs, discount rates applied to the future cash
flow forecasts, the terminal growth rates, costs of
disposal and future market and economic
conditions.
Management has also engaged an external
valuation expert to assist in the annual
impairment testing.

Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the accounting
estimates used to determine the recoverable value of the Group’s CGUs.
•
Evaluating Management’s determination of the Group’s CGUs based on our
understanding of the nature of the Group’s business and the economic environment in
which the CGUs operate. We also analysed the internal reporting of the Group to
assess how CGUs are monitored and reported.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external valuation expert and the appropriateness of the expert's work as audit
evidence for the relevant assertions.
•
Challenging Management’s assumptions and estimates used to determine the
recoverable value of the Group’s CGUs, including those relating to forecasted revenue,
costs, capital expenditure, discount rates, by adjusting for future events and
corroborating the key market-related assumptions to external data.
Procedures included:
o Evaluating the logic of the ‘fair value less costs of disposal’ calculations supporting
Management’s annual impairment test and testing the mathematical accuracy of
these calculations;
o Evaluating Management’s process regarding the preparation and review of forecasts
(balance sheet, income statement, and cash flow statement);
o Comparing forecasts used in the calculations to Board approved forecasts;
o Evaluating the accuracy of the Group’s forecasting to actual historical performance;
o Evaluating the forecast growth assumptions;
o Evaluating the inputs to the calculation of the discount rates applied;
o Engaging our own internal valuation experts to evaluate the logic of the ‘fair value
less costs of disposal’ calculations and the inputs to the calculations of the discount
rates applied;
o Evaluating the forecasts, inputs and any underlying assumptions with a view to
identifying Management bias;
o Evaluating Management’s sensitivity analysis for reasonably possible changes in key
assumptions; and
o Performing sensitivity analysis for reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate and forecast growth
assumptions.
• Evaluating the related disclosures (including the accounting policies and accounting
estimates) about goodwill assets in the Group’s consolidated financial statements.

Valuation of investment properties
As disclosed in Note 3.1 of the Group’s
consolidated financial statements, as at 31
March 2025, the Group has investment properties
(operated by the Group as retirement villages)
totalling $77.1m (2024: $73.5 m) (referred to,
together as ‘the investment properties’).

Investment properties were significant to our
audit due to the size of the assets and the
subjectivity, complexity and uncertainty inherent
in estimating the fair value of the investment
properties.
Management has engaged an independent
external valuer (‘the Valuer’) to determine the fair
value of the Group’s investment properties as at
31 March 2025. The Valuer performed their work
in accordance with the International Valuation
Standards and the Australia and New Zealand
Valuation and Property Standards, NZ IFRS 13
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the fair value of the Group’s investment
properties.
• Reading and evaluating the external valuation reports for the Group’s investment
properties as at 31 March 2025.
• Confirming that the valuation approaches for the investment properties were in
accordance with NZ IFRS 13 and NZ IAS 40, and suitable for determining the fair
value of the Group’s investment properties as at 31 March 2025.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external valuation expert and the appropriateness of the expert's work as audit
evidence relevant to the valuation assertion.
• Agreeing property-related data provided by Management to the Valuer, to the Group’s
records.
• Engaging our own external property valuation expert to assist in understanding and
evaluating the following, based on their specialist knowledge from performing and

73
Key Audit Matter How our audit addressed the key audit matter
Fair Value Measurement and NZ IAS 40
Investment Property. The Valuer engaged by the
Group has appropriate experience in the sector in
which the Group operates.

For each investment property, the Valuer
considered property-specific information such as
the income generated by departures and the re-
sale of independent living units. They then applied
assumptions in relation to, the timing of unit re-
sale, the length of occupancy of existing
residents, the price paid by new residents, price
movements, type of Occupancy Right Agreement,
discount rate, growth rate and terminal yield. The
Valuer also considered the individual
characteristics of each village, its location, its
nature, its resident profile and the expected future
cash flows for that particular village.

The Group has adopted the assessed values
determined by the Valuer.

reviewing valuations of similar properties, known relevant transactional evidence and
available market data:
o the work and findings of the Group’s external valuation expert engaged by
Management;
o the Group’s valuation methods and assumptions to assist us in challenging the
appropriateness of valuation methods and assumptions used by Management;
and
o the acceptable range of values considered reasonable to evaluate
Management’s adopted valuation estimate.
This involved discussing and corresponding with Management, the Valuer engaged
by the Group and our own external property valuation expert.
• Evaluating the selection of valuation methods, inputs and assumptions with a view to
identifying Management bias.
• Agreeing the Adopted value of the Operators Interest to the external valuation reports
and checking adjustment made in relation to Refundable Occupation Right
Agreements and Deferred Management fees recognised separately on the
consolidated statement of financial position.
• Evaluating the disclosures (including the accounting policies and accounting
estimates) related to the investment properties which are included in the Group’s
consolidated financial statements (including disclosure on the valuation uncertainty
clauses included by Management's external valuation expert in their valuation
reports).
Valuation of freehold land and buildings
As disclosed in Note 3.2 of the Group’s
consolidated financial statements, as at 31
March 2025, the Group has freehold land and
buildings (operated by the Group for provision of
care services) totalling $96.0m (2024: $97.6m)
(referred to, together as ‘the freehold land and
buildings’).

Freehold land and buildings were significant to
our audit due to the size of the assets and the
subjectivity, complexity and uncertainty inherent
in estimating the fair value of the freehold land
and buildings.

Under the requirement of NZ IAS 16 Property,
Plant and Equipment, revaluations shall be made
with sufficient regularity to ensure that the
carrying amount does not differ materially from
that which would be determined using fair value
at the end of the reporting period. The frequency
of revaluations depends upon the changes in fair
values of the items of property, plant and
equipment being revalued. When the fair value of
a revalued asset differs materially from its
carrying amount, a further revaluation is required.
Some items of property, plant and equipment
experience significant and volatile changes in fair
value, thus necessitating annual revaluation.
Such frequent revaluations are unnecessary for
items of property, plant and equipment with only
insignificant changes in fair value. Instead, it may
be necessary to revalue the item only every three
or five years.


Management assessed that these freehold land
and buildings had not experienced any significant
and volatile changes in fair value necessitating a
revaluation as at 31 March 2025. This
assessment was informed by an external desktop
valuation report provided by the Group’s land and
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the fair value of the Group’s freehold land
and buildings.
• Reading and evaluating the external desktop valuation reports for the Group’s
freehold land and buildings as at 31 March 2025 and external valuation reports as at
the respective valuation dates.
• Confirming that the valuation approach for the properties is in accordance with NZ
IFRS 13 and NZ IAS 16, and suitable for determining the fair value of the Group’s
freehold land and building properties as at 31 March 2025.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external valuation expert and the appropriateness of the expert's work as audit
evidence relevant to the valuation assertion.
• Agreeing property-related data provided by Management to the Valuer to the Group’s
records.
• Engaging our own external property valuation expert to assist in understanding and
evaluating the following, based on their specialist knowledge from performing and
reviewing valuations of similar properties, known relevant transactional evidence and
available market data:
o the work and findings of the Group’s external valuation expert engaged by
Management;
o the Group’s valuation methods and assumptions to assist us in challenging the
appropriateness of valuation methods and assumptions used by Management;
and
o the acceptable range of values considered reasonable to evaluate
Management’s adopted valuation estimate.
This involved discussing and corresponding with Management, the Valuer engaged
by the Group and our own external property valuation expert.
• Evaluating the selection of valuation methods, inputs and assumptions with a view to
identifying Management bias.
• Evaluating the disclosures (including the accounting policies and accounting
estimates) related to the freehold land and buildings and income tax which are
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Key Audit Matter How our audit addressed the key audit matter
buildings Valuer, who advised that the carrying
amounts of these freehold land and buildings did
not differ materially from that which would be
determined using fair value as at 31 March 2023.

For each freehold land and building property, the
Valuer considered property-specific information
such as capitalisation rates and earnings per care
bed. The Valuer also considered the individual
characteristics of each property, its location, and
its nature.

included in the Group’s consolidated financial statements (including disclosure on
the valuation uncertainty clauses included by Management's external valuation
experts in their valuation reports).
Valuation and completeness of lease liabilities
and right-of-use assets
As disclosed in Note 3.4 of the Group’s
consolidated financial statements, the Group has
lease liabilities of $122.7m (2024: $121.1m), and,
right-of-use assets of $109.5m (2024: $109.9m)
as at 31 March 2025.

Lease liabilities and right-of-use assets were
significant to our audit due to the size of the
assets and liabilities and the subjectivity,
complexity and uncertainty inherent in the
application of NZ IFRS 16 Leases and the
assumptions required by Management for the
calculations of the lease balances and interest
and depreciation expenses.

Management completed calculations of the lease
balances for all leases for the year ended, and as
at, 31 March 2025. These calculations required
estimates regarding the lease term and the
incremental borrowing rates. During the year
ended 31 March 2025, no new leases were
entered into.

Management has exercised their judgement in
determining the recoverability of right-of-use
assets. No impairment has been recognised.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s internal controls relevant to the
accounting estimates used to determine the expected term of the Group’s leases and
applicable incremental borrowing rates.
• Evaluating Management’s process relating to the identification, recording, recognition
and measurement of leases within the scope of NZ IFRS 16.
• For all leases:
o Agreeing key inputs in the lease calculation to the underlying lease
agreement(s);
o Recalculating the lease liability and right-of-use assets based on the key inputs
noted above and comparing our recalculations to the balances recognised by
the Group; and
o Checking the appropriateness of the classification of the lease liability between
current and non-current based on the remaining term of the lease.
• For all existing leases, evaluating Management’s calculations for the subsequent
measurement of the leases, including lease modifications and rent revisions.
• Evaluating the completeness of identified lease contracts by checking that all leased
facilities were included in the calculation.
• Evaluating Management’s estimates regarding the terms of the leases and
Management’s consideration of options to extend or terminate the leases.
• Evaluating Management’s assessment of the incremental borrowing rates applied to
individual leases or portfolios of leases.
• Evaluating the inputs and any underlying assumptions with a view to identifying
Management bias.
• Evaluating Management’s assessment of any indicators of impairment for the right-
of-use assets in accordance with NZ IAS 36 Impairment of Assets.
• Evaluating the disclosures (including the accounting policies and accounting
estimates) related to lease liabilities and right-of-use assets which are included in the
Group’s consolidated financial statements.

Other Information
The Directors are responsible for the other information. The other information comprises the information included in the Group’s Annual
Report for the year ended 31 March 2025 (but does not include the consolidated financial statements and our auditor’s report thereon),
which 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 the other information and we do not express any form of audit opinion
or assurance conclusion thereon.


In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above
when it becomes available 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 to be materially misstated.


75
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter
to those charged with governance.


Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements in
accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine is necessary to enable the preparation of the
consolidated financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Group 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 objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and 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 these consolidated financial statements.


A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located at the External
Reporting Board’s website at:

https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/

Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Radius Residential Care Limited and its subsidiaries for the year ended
31 March 2025 included on Radius Residential Care Limited’s website. The Directors of Radius Residential Care Limited are responsible for
the maintenance and integrity of Radius Residential Care Limited’s website. We have not been engaged to report on the integrity of Radius
Residential Care Limited’s website. We accept no responsibility for any changes that may have occurred to the consolidated financial
statements since they were initially presented on the website.

The audit report refers only to the consolidated financial statements named above. It does not provide an opinion on any other information
which may have been hyper linked to or from these consolidated financial statements. If readers of this report are concerned with the
inherent risks arising from electronic data communication they should refer to the published hard copy of the audited consolidated financial
statements and related audit report dated 21 May 2025 to confirm the information included in the audited consolidated financial statements
presented on this website.


Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements may differ from legislation in
other jurisdictions.


The engagement partner on the audit resulting in this independent auditor’s report is S N Patel.


BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand

21 May 2025

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