Green Cross Health Full Year Results to 31 March 2026
Green Cross Health (NZX: GXH)
Full Year Result Announcement for the audited twelve months ended 31 March 2026
GREEN CROSS HEALTH REPORTS FULL-YEAR RESULT
29 May 2026, AUCKLAND, NZ: Listed primary healthcare provider Green Cross Health, the Group
behind Unichem, Life Pharmacy and The Doctors, reported Operating Revenue of $546.0m and Net
Profit After Tax Attributable to Shareholders of $20.4m for the twelve months ended 31 March 2026.
Result Summary
• Operating Revenue of $546.0m, up 4%
• Operating Profit (EBIT) of $45.3m, up 17%
• Net Profit After Tax Attributable to Shareholders of $20.4m, up 28%
• 5.50 cent final dividend declared, to be paid on 22 June 2026.
Group Commentary
Green Cross Health Group CEO Rachael Newfield, commented, “Digital enhancement was a priority
for both divisions during the period. Pharmacy upgraded its customer booking system, introduced a
new Unichem & Life Pharmacy app and launched a shoppable Unichem website, while Medical
updated The Doctors website to improve patient experience and continued the rollout of The
Doctors app. These initiatives strengthen access to primary care, enabling customers and patients
to engage with services at their convenience.
“The recent Government announcement extending pharmacy services for common health conditions
from 2 June 2026 highlights the opportunity for broader service expansion and demonstrates how
community pharmacy can play a much greater role in frontline healthcare delivery. Significant
opportunity remains to expand pharmacy scope, improve funding arrangements and increase public
awareness of the clinical services pharmacists can provide.”
Green Cross Health Chair Kim Ellis commented, “The Company is on track to commence operation
of its new Primary Health Organisation from 1 July 2026, bringing resources and decision-making
closer to the frontline. In April 2026, the Company confirmed it was in discussions with third parties
regarding a potential sale of Medical and will keep shareholders informed in accordance with its
continuous disclosure obligations.”
Pharmacy Division
Revenue in Pharmacy for the reporting period grew by 2% to $380.2m, with Operating Profit up 4%
to $22.2m.
The network of Unichem and Life Pharmacies dispensed over 38 million prescription items in the
year, with same store prescription volumes in line with the prior period. Increased dispensing of
high value, low margin medicines such as weight loss drug Wegovy and additional funded cancer
treatments, drove top line revenue growth, although resulted in compressed dispensary margin.
Unichem and Life Pharmacies administered over 330,000 vaccinations, a 1% increase on the prior
year.
The Care & Advice Health Hub gained further momentum, with 170 sites now operating nationwide
and broadening their range of services. This expanded footprint is enabling deeper engagement
with patients through increased consultations, vaccinations and clinical services. The model
positions Unichem & Life Pharmacies as a readily accessible source of expert care and advice for
everyday health needs.
Development of a new pharmacy app was completed and the app launched during the period, with
more than 200 pharmacies onboarded. Patients can now connect directly with their preferred
pharmacy, facilitating medication management and access to services. A new online booking
system, integrated with the pharmacy app, is also now live. The digital suite is enhancing patient
experience, while lifting operational efficiency through reduced administrative burden. These
investments support a more customer-centric pharmacy offering and strengthen the ability to
connect customers with the services they need, when and where it suits them.
In recognition of challenging retail conditions, the “Feel Good, Pay Less” product range was
extended. This value proposition resonates with customers through its emphasis on affordability,
with further expansion planned for the year ahead.
Medical Division
Medical Revenue for the reporting period grew by 8% to $165.8m, with Operating Profit up 33% to
$26.0m. Enrolled patients across the portfolio of 65 medical centres totalled 413,000, the largest
enrolled patient base of any general practice group in New Zealand.
During the year, Health New Zealand granted approval to Green Cross Health to establish a new
Primary Health Organisation (PHO), Community Care Limited, to commence operations on 1 July
2026. This represents a significant milestone, enabling direct funding to the network, greater
autonomy, more streamlined operations, and an enhanced ability to deliver locally responsive care.
The Company has appointed Jessica White as Head of Community Care. Jessica brings extensive
primary care expertise to the role and will be instrumental in guiding the successful establishment
and operation of Community Care.
The Government funding boost for general practice from 1 July 2025 is a positive step towards
addressing the longstanding funding gap and recognises the vital role of general practice within the
health system. The increased funding includes incentive payments linked to national immunisation
targets, with the division responding proactively to monitor performance and implement plans at
each centre to drive uptake.
Maintaining consistent patient access remained a focus throughout the year, with continued rollout
of the team-based model of care. This approach enables patients to engage with a wider range of
clinicians including registered nurses, nurse prescribers, enhanced care paramedics, health
improvement practitioners, health coaches and health care assistants, working collaboratively with
general practitioners and nurse practitioners who lead multi-disciplinary teams. This has increased
appointment availability while contributing to a more sustainable workload for clinical leaders.
Digital enablement has supported improved delivery of care. The Doctors app now has 165,000
registered users, an increase of 45,000 (38%) since March 2025, with a growing proportion of
appointments and prescriptions managed through the platform. A refreshed website was launched
to make enrolment and appointment booking simpler and more user friendly for patients. The
Doctors Online team secured Government funding for online consultations and doubled the number
of consults provided to casual patients compared with the prior period.
During the year, significant investment was made in the physical footprint at The Doctors New Lynn
and Mount Wellington Family Health Centre. These developments have increased capacity and
delivered modernised clinical environments to support future growth.
Outlook and Dividend
The Company is preparing for the 1 July 2026 commencement of its new PHO, Community Care
Limited. Pharmacy will continue to advocate for the required funding to deliver care for New
Zealanders, alongside embedding the Care & Advice Health Hubs to improve patient access.
Investment in technology, targeted refurbishments and cost management will be priorities in both
divisions.
The Board has declared a final dividend of 5.50 cents per share.
Contact:
Kalpana Goundar
kalpana.goundar@gxh.co.nz
Rachael Newfield
rachael.newfield@gxh.co.nz
About Green Cross Health
Green Cross Health (NZX: GXH) is a trusted New Zealand primary healthcare provider with
multidisciplinary healthcare teams working together to support healthier communities. Green Cross
Health is focused on creating sustainable healthcare solutions with positive outcomes and
experiences.
New Zealand owned and operated, Green Cross Health operates under branded groups Unichem,
Life Pharmacy and The Doctors, to provide support, care and advice to diverse New Zealand
communities.
Green Cross Health provides convenient access to professional healthcare with over 300 Unichem
and Life Pharmacies covering almost every New Zealand community, as well as 65 medical centres
caring for over 400,000 enrolled patients.
---
ANNUAL RESULT
FOR THE YEAR
TO 31 MARCH 2026
GXH Annual Results Presentation 29 May 2026 Pg 2
Disclaimer
The information in this presentation was prepared by Green Cross Health Limited (GXH) with due care and attention. However, the information is supplied
in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information.
In addition, neither GXH nor any of its subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person
for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect GXH current expectations, based on what it thinks are reasonable
assumptions. GXH gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX listing
rules, GXH is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial
advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy GXH securities and may not be
relied upon in connection with any purchase of GXH securities.
This presentation contains a number of non-GAAP financial measures, including Operating Revenue and Operating Profit. As they are not defined by GAAP
or IFRS, GXH calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in
isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although GXH believes they provide useful
information in measuring the financial performance and condition of GXH business, readers are cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the period ended 31 March
2026.
GXH Annual Results Presentation 29 May 2026 Pg 3
GXH Annual Result – Financial Overview
3
Group
Revenue
Operating Profit
(EBIT)
Net Profit
After Tax
(attributable to shareholders)
Pharmacy
Operating Profit
Medical
Operating Profit
$546.0m
$45.3m
$20.4m
$22.2m
$26.0m
GXH Annual Results Presentation 29 May 2026 Pg 4
Pharmacy
Division
Supporting easy access to quality health care
GXH Annual Results Presentation 29 May 2026 Pg 5
Pharmacy Performance
360.4
363.6
370.4
380.2
FY23FY24FY25FY26
Pharmacy Operating Revenue ($m)
21.1
19.3
21.5
22.2
FY23FY24FY25FY26
Pharmacy Operating Profit ($m)
•Revenue up 2% to $380.2m driven by
dispensing of high-value but low-margin
drugs
•Operating Profit up 4% to $22.2m
•Total scripts in line with prior year on a
same store basis; 38 million script items
dispensed
•330,000 vaccinations administered, up 1%
on prior period
GXH Annual Results Presentation 29 May 2026 Pg 6
Funding and Pharmacist Scope
•Care & Advice Health Hubs are well positioned to deliver the
Government’s proposed extension of pharmacy services for
common health conditions to commence from 2 June 2026
•Opportunity remains for further expansion of pharmacists’ scope
of practice under improved funding arrangements
•170 sites now operating nationwide with Care & Advice Health
Hubs; more sites due to complete branding in the coming months
•Extension of clinical services continues, with Care & Advice
Health Hub pharmacists now able to provide travel vaccinations
and the ability to assess and dispense 20 medications to treat a
range of conditions
Blood Pressure Checks
ECP
Erectile Dysfunction
NRT Pharmacist Supply
Oral Contraceptives
Urinary Tract Infection Antibiotics
Vaccinations – Covid
Vaccinations – Influenza
Vaccinations – Shingles
Vaccinations – Whooping Cough
Vitamin B12 Injections
GXH Annual Results Presentation 29 May 2026 Pg 7
Enhancing the Customer Experience
A new pharmacy app, which is integrated with the new online customer booking system, was launched to support the
clinical services provided at the Care & Advice Health Hubs
A shoppable Unichem website was introduced, allowing customers to browse stock availability online before visiting a
store, click & collect products or opt for home delivery
The “Feel Good, Pay Less” range was extended and resonated with customers by maintaining a clear focus on
affordability
GXH Annual Results Presentation 29 May 2026 Pg 8
Investment in Store Portfolio
One greenfield pharmacy opened during the period, Unichem Mount Wellington in Auckland
The Beauty by Life store concept expanded to two further locations in the period, Life Queensgate and Life
Albany
Investment in dispensary robotics, improving operational efficiency and expanding pharmacist capacity to
provide clinical services
GXH Annual Results Presentation 29 May 2026 Pg 9
Pharmacy Future Focus
9
Clinical
services
Retail
disciplines
Customer
experience
Network scale
& leadership
Cost
focus
Expand clinical
services through Care
& Advice Health Hubs
to support revenue
growth
Differentiated brands
and products with
personalised instore
experience
Utlising technology to
improve accessibility
& recognising
customer loyalty
Leveraging our
trusted brands &
advocating for
extended pharmacist
scope of practice
Workforce
productivity, margin
management &
occupancy cost
control
GXH Annual Results Presentation 29 May 2026 Pg 10
Medical
Division
Growth, leadership and sustainable
models of care
GXH Annual Results Presentation 29 May 2026 Pg 11
Medical Performance
133.2
140.3
153.4
165.8
FY23FY24FY25FY26
Medical Operating Revenue ($m)
16.2
15.0
19.5
26.0
FY23FY24FY25FY26
Medical Operating Profit ($m)
Revenue up 8% to $165.8m driven by
funding uplift and incentive payments
linked to national immunisation targets
Operating Profit up 33% to $26.0m
driven by top line growth and operational
improvement
413,000 enrolled patients at 31 March
2026
Ownership in 65 medical centres at 31
March 2026
GXH Annual Results Presentation 29 May 2026 Pg 12
Investment and Innovation
Mount Wellington Family Health Centre and The Doctors
New Lynn completed major refurbishments to increase
capacity
Four clinics were rebranded in the period, with 47 centres
now operating under The Doctors brand
The Doctors website was refreshed to make
enrolment and appointment booking simpler and
more user friendly for patients
The Doctors Online secured Government funding
and doubled online consultations for casual
patients compared to prior year
The Doctors app registrations grew to 165,000 users,
an increase of 45,000 (38%) since March 2025
GXH Annual Results Presentation 29 May 2026 Pg 13
Team Based Care
413,000 enrolled patients
Supported by over 400 non-clinical staff
Broader clinical team approach to patient care
Improved access to appointments for patients
with a variety of clinicians matched to their
specific need
Collaborative environment for staff, supporting
sustainable workload for clinical leaders
52 Healthcare assistants
08 Extended care paramedics
09 Pharmacists
29 Health improvement practitioners
15 Health coaches
Doctors
Nurse Practitioners
Nurses
Other
385 GPs
27 nurse practitioners who
have the ability to diagnose,
treat and prescribe
medication for a specified
range of conditions
384 Nurses
385
27
384
113
GXH Annual Results Presentation 29 May 2026 Pg 14
Community Care
Health New Zealand approved the Group to establish a new Primary Health Organisation (PHO), Community
Care Limited, to commence operations from 1 July 2026
Significant milestone allowing direct funding to the network, with 54 practices joining Community Care
Strengthens frontline services by optimising funding, eliminating administrative layers and enhancing the care
provided to communities across New Zealand
GP clinicsGP clinics – currently funded by 12 PHOs
GXH Annual Results Presentation 29 May 2026 Pg 15
Medical Future Focus
High quality patient
care delivered
through a team-
based approach
Innovative
care model
Collaborating with
Health New Zealand
to improve patient
outcomes
Community
Care
Utilising data and
systems to increase
patient access while
improving
efficiencies
Technology
Continuous
improvement in
operating model and
clinical environment
Operations
improvement
Workforce
productivity &
margin management
Cost
& margin
GXH Annual Results Presentation 29 May 2026 Pg 16
Group Financial
Result
12 months ended 31 March 2026
GXH Annual Results Presentation 29 May 2026 Pg 17
Group Revenue and Operating Profit
493.6
503.9
523.8
546.0
FY23FY24FY25FY26
•Revenue up 4% to $546.0m
•FY26 Revenue increase due to improved
Medical funding and immunisation-linked
incentives, alongside higher dispensary
revenue in Pharmacy
34.3
31.8
38.7
45.3
FY23FY24FY25FY26
GXH Operating Profit ($m)
GXH Operating Revenue ($m)
•Operating Profit of $45.3m
•Operating Profit increase driven by revenue
growth and cost control initiatives
GXH Annual Results Presentation 29 May 2026 Pg 18
Group NPAT, EPS & Dividend
15.0
12.0
16.0
20.4
FY23FY24FY25FY26
GXH NPAT Attributable to Shareholders ($m)
10.5
8.4
11.1
14.2
FY23FY24FY25FY26
GXH NPAT Attributable to Shareholders (cps)
•Net Profit After Tax Attributable to Shareholders
grew to $20.4m
•EPS at 14.2 cps
•Final FY26 dividend of 5.50cps declared –
payment date 22 June 2026
Based on dividends paid during the financial year
*Special dividend paid following the divestment of Community Health division
6.00
7.00
28.00
4.50
5.75
FY23FY24FY25FY26
Dividends Per Share (cps)
*
34.00
GXH Annual Results Presentation 29 May 2026 Pg 19
Working Capital and Operating Cashflow
10.4%
17.3%
11.9%
9.4%
FY23FY24FY25FY26
GXH Gearing Ratio (debt / debt + equity)
•Gearing ratio of 9.4% as at 31 March 2026
•Undrawn committed debt facilities of $46.0m as at 31
March 2026
•Net cash position of $8.6m as at 31 March 2026
•Financing ratios:
–Debt / Pre IFRS16 EBITDA – 0.5x
–Operating Profit / Interest – 28x
45.9
46.0
52.6
54.6
FY23FY24FY25FY26
GXH Operating Cash Flow ($m)
•Operating Cash Flow of $54.6m
Enabling:
•Net investment of $11.3m including continued investment
in Beauty by Life in the Queensgate and Albany stores
and refurbishment of The Doctors New Lynn
•Debt repayment of $7.0m
GXH Annual Results Presentation 29 May 2026 Pg 20
About us
GXH Annual Results Presentation 29 May 2026 Pg 21
Who we are
---
Green Cross Health Limited
Group consolidated financial
statements
for the year ended 31 March 2026
Contents
Page
Directors' declaration2
Independent auditor's report3
Financial statements
Consolidated statement of comprehensive income7
Consolidated statement of changes in equity8
Consolidated statement of financial position9
Consolidated statement of cash flows10
Notes to the consolidated financial statements11
-
1-
Green Cross Health Limited
Directors' declaration
31 March 2026
In the opinion of the Directors of Green Cross Health Limited, the financial statements and notes, on pages 7 to 31:
Comply with New Zealand generally accepted accounting practice and give a true and fair view of the financial
position of the Green Cross Health Limited Group as at 31 March 2026 and the results of its operations and
cash flows for the year ended on that date.
Have been prepared using appropriate accounting policies, which have been consistently applied and
supported by reasonable judgements and estimates.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial
Reporting Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and
detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide reasonable
assurance as to the integrity and reliability of the financial statements.
The Directors are pleased to present the financial statements of Green Cross Health Limited for the year ended 31 March
2026.
For and on behalf of the Board of Directors:
Kim EllisCatherine Treneman
ChairDirector
28 May 202628 May 2026
-2-
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public 3
Independent Auditor’s Report
To the Shareholders of Green Cross Health Limited
Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated
financial statements which comprise:
the consolidated statement of financial position as at
31 March 2026;
the consolidated statements of comprehensive
income, changes in equity and cash flows for the
year then ended; and
notes, including material accounting policy
information and other explanatory information.
In our opinion, the accompanying consolidated
financial statements of Green Cross Health Limited
(the Company) and its subsidiaries (the Group) on
pages 7 to 31 present fairly in all material respects:
-the Group’s financial position as at 31 March
2026 and its financial performance and cash
flows for the year ended on that date;
In accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ
IFRS) issued by the New Zealand Accounting
Standards Board and the International Financial
Reporting Standards issued by the International
Accounting Standards Board.
Basis for opinion
W
e conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Green Cross Health Limited in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standards 1 and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has provided other services to the Group in relation to tax compliance, tax advisory and advisory
services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on
normal terms within the ordinary course of trading activities of the business of the Group. These matters have not
impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the
Group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial statements
as a whole was set at $1. 680m determined with reference to a benchmark of the Group’s Profit Before Tax. We
chose the benchmark because, in our view, this is a key measure of the Group’s performance.
4
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements in the current period. We summarise below those matters and our key audit
procedures to address those matters in order that the Shareholders as a body may better understand the
process by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our audit opinion on the
consolidated financial statements as a whole and we do not express discrete opinions on separate elements of
the consolidated financial statements.
The key audit matter How the matter was addressed
in our audit
Impairment of goodwill
Refer to Note 13 to the consolidated financial
statements.
The Group has grown significantly through acquisitions
in its Pharmacy and Medical business units which has
resulted in the recognition of goodwill in the amount of
$86.8 million, $77.3 million respectively.
In the event the business units underperform
compared to their business cases, there is a risk that
the goodwill arising on acquisition may no longer be
supported.
As disclosed in note 13, the Group performs an annual
impairment test of goodwill and uses a discounted
cash flow model to determine the recoverable amount
of its business units to which goodwill has been
allocated.
In performing this assessment, assumptions are made
in respect of future economic and market conditions.
Cashflow forecasts include consideration of the
Group’s strategic business plan for each business unit
and their impact on forecast sales and operating costs.
Additionally, management determined terminal growth
rates and discount rates which reflect an assessment
of the time value of money and the risks specific to
each business unit.
The annual impairment test performed by the Group
was significant to our audit due to the magnitude of the
goodwill balance and because the assessment
process involved judgment about the future
performance of the business units.
The market capitalisation deficit that exists at balance
date is an indicator of impairment.
Our audit procedures included:
Ensuring the allocation of goodwill to the
Group’s business units is appropriate;
Evaluating the methodology, mathematical
accuracy and assumptions applied in the
discounted cash flow models. We used our
own valuation specialists to assist us with
the consideration of terminal growth and
discount rates;
Challenging management’s cash flow
assumptions over projected cash, and the
expected impact of the Group’s business
plans for each business unit by reference to
their historical performance and the internal
and external factors that influence their
operations;
Performing sensitivity analysis around the
key assumptions used in the models; and
Reviewing the appropriateness of related
disclosures in the consolidated financial
statements.
Challenged management on whether the
market capitalisation deficit is an indicator of
impairment and challenged management’s
earnings assumptions used in the value in
use calculations.
We did not identify any factors that were
materially inconsistent with management’s
overall conclusions.
5
Other information
The directors, on behalf of the Group, are responsible for the other information. The other information comprises
the information included in the Directors declaration included in the Group’s Consolidated Financial Statements,
but does not include the consolidated financial statements and our auditor’s report thereon. The Annual Report is
expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover any other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other
information and in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the directors and use our professional judgement to determine the appropriate action
to take.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the Shareholders. Our audit work has been undertaken so
that we might state to the Shareholders those matters we are required to state to them in the independent
auditor’s report and for no other purpose. To the fullest extent permitted by law, none of KPMG, any entities
directly or indirectly controlled by KPMG, or any of their respective members or employees, accept or assume
any responsibility and deny all liability to anyone other than the Shareholders for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of directors for the consolidated financial
statements
The directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with NZ
IFRS issued by the New Zealand Accounting Standards Board and the International Financial Reporting
Standards issued by the International Accounting Standards Board;
— implementing the necessary internal control to enable the preparation of a consolidated set of financial
statements that is free from material misstatement, whether due to fraud or error; and
— assessing the ability of the Group to continue as a going concern. This includes disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
they either intend to liquidate or to cease operations or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objective is:
— to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
6
Reasonable assurance is a high level of assurance but it is not a guarantee that an audit conducted in
accordance with ISAs NZ w ill always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the
External Reporting Board (XRB) website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Jodi Newth.
For and on behalf of:
KPMG
Auckland
28 May 2026
Green Cross Health Limited
Consolidated statement of comprehensive income
For the year ended 31 March 2026
20262025
Notes$'000$'000
Operating revenue4545,976523,758
Operating expenditure6.2(482,306)(467,264)
Depreciation and amortisation expense11,13(5,162)(4,770)
Depreciation - leases12(15,392)(14,584)
Impairment11,13-(7)
Share of equity accounted net earnings152,1451,590
Operating profit before interest and tax45,26138,723
Interest income387588
Interest expense(1,592)(2,101)
Interest expense - leases(8,240)(8,374)
Net interest expense(9,445)(9,887)
Profit before tax35,81628,836
Income tax expense7(9,921)(8,093)
Profit after tax for the year25,89520,743
Other comprehensive income for the year, net of tax
--
Total comprehensive income for the year
25,89520,743
Attributable to:
Shareholders of the Parent20,39515,975
Non-controlling interest5,5004,768
25,89520,743
Earnings per share:
Basic earnings per share (cents)814.1911.13
Diluted earnings per share (cents)814.1611.10
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 31 form part of the consolidated
financial statements.
-7-
Green Cross Health Limited
Consolidated statement of changes in equity
For the year ended 31 March 2026
Share capital
Share based
payment
reserve
Retained
earnings
Non-
controlling
interest
Total equity
Notes$'000$'000$'000$'000$'000
Balance as at 1 April 202490,94345066,32612,340170,059
Profit or loss for the year--15,9754,76820,743
Total comprehensive income for the
year
--15,9754,76820,743
Distributions to non-controlling
interests
---(2,275)(2,275)
Impacts of other transactions--(840)(419)(1,259)
Dividends to shareholders9--(6,484)-(6,484)
Performance share rights charged to
SOCI
20-215--215
Performance share rights vested20150(150)---
Balance as at 31 March 202591,09351574,97714,414180,999
Balance as at 1 April 2025 91,09351574,97714,414180,999
Profit or loss for the year--20,3955,50025,895
Total comprehensive income for the
year
--20,3955,50025,895
Distributions to non-controlling
interests
---(4,814)(4,814)
Impacts of other transactions--(2,690)(477)(3,167)
Dividends to shareholders9--(8,294)-(8,294)
Performance share rights charged to
SOCI
20-212--212
Performance share rights vested20150(150)---
Balance as at 31 March 202691,24357784,38814,623190,831
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 31 form part of the consolidated
financial statements.
-8-
Green Cross Health Limited
Consolidated statement of financial position
As at 31 March 2026
20262025
Notes$'000$'000
ASSETS
Current assets
Cash and cash equivalents28,40326,199
Trade and other receivables1027,09422,724
Inventories34,60433,167
Total current assets90,10182,090
Non-current assets
Other receivables102,1832,448
Property, plant and equipment1123,22019,740
Right-of-use assets1288,47196,279
Intangible assets13166,270165,947
Deferred tax asset1413,70112,275
Equity accounted group investments158,0817,458
Total non-current assets301,926304,147
Total assets392,027386,237
LIABILITIES
Current liabilities
Trade payables and accruals1674,20669,388
Income taxes payable162,155685
Borrowings171,9731,855
Lease liabilities1213,75112,741
Total current liabilities92,08584,669
Non-current liabilities
Borrowings1717,85022,581
Lease liabilities1291,26197,988
Total non-current liabilities109,111120,569
Total liabilities201,196205,238
Net assets
190,831180,999
EQUITY
Share capital91,24391,093
Share based payment reserve577515
Retained earnings84,38874,977
Total equity attributable to shareholders of the Parent176,208166,585
Non-controlling interest14,62314,414
Total equity190,831180,999
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 31 form part of the consolidated
financial statements.
-9-
Green Cross Health Limited
Consolidated statement of cash flows
For the year ended 31 March 2026
20262025
Notes$'000$'000
Cash flows from operating activities
Dividends received151,7951,075
Receipts from customers541,095526,583
Interest received387588
Payments to suppliers and employees(478,743)(466,971)
Net income taxes(9,921)(8,634)
Net cash inflow from operating activities1854,61352,641
Cash flows from investing activities
Purchases of property, plant and equipment and software intangibles(9,608)(5,838)
Acquisition of interests in equity accounted investments15(273)(127)
Acquisition of interests in subsidiary and non-controlling interests(4,497)(1,366)
Disposal of interests in subsidiary and non-controlling interests3,080-
Net cash outflow from investing activities(11,298)(7,331)
Cash flows from financing activities
Proceeds from borrowings2,4101,558
Repayments of borrowings(7,023)(12,067)
Payment of lease liabilities(13,752)(12,577)
Interest expense(1,628)(2,137)
Interest expense - leases(8,240)(8,374)
Distributions to non-controlling interest(4,584)(2,560)
Dividend paid9(8,294)(6,484)
Net cash outflow from financing activities(41,111)(42,641)
Net increase in cash and cash equivalents2,2042,669
Cash and cash equivalents at the beginning of the financial year26,19923,402
Cash acquired: business combinations5-128
Cash and cash equivalents at end of year
28,40326,199
Reconciliation of closing cash and cash equivalents to the consolidated
statement of financial position:
Cash and cash equivalents
28,40326,199
Closing cash and cash equivalents
28,40326,199
The accompanying Notes to the Consolidated Financial Statements on pages 11 to 31 form part of the consolidated
financial statements.
-10-
Notes to the consolidated financial statements
For the year ended 31 March 2026
1Reporting Entity
Green Cross Health Limited (the “Parent” or the "Company") is a New Zealand company registered under the Companies
Act 1993 and is an FMC entity for the purposes of the Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013. The Financial Statements have been prepared in accordance with these Acts. The Company is listed on the
New Zealand Stock Exchange ("NZX").
The consolidated financial statements of Green Cross Health Limited comprise the Parent, its subsidiaries, and its interest
in associates and joint ventures (together referred to as the “Group”).
2Basis of preparation of financial statements
(a)Statement of compliance
The consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”). They comply with New Zealand equivalents to International Financial Reporting
Standards (“NZ IFRS”), and other applicable Financial Reporting Standards, and authoritative notices as appropriate for a
Tier one for profit entity. They also comply with International Financial Reporting Standards.
The financial statements were approved by the Board of Directors on 28 May 2026.
(b)Basis of measurement
The financial statements of the Group are prepared under the historical cost basis unless otherwise noted within the
specific accounting policies below.
(c)Changes in accounting policy
The Group has consistently applied the following accounting policies to all periods presented in these consolidated
financial statements.
(d)Comparatives
Comparative information is presented on a consistent basis.
(e)Functional and presentation currency
These financial statements are presented in New Zealand dollars ($), which is the functional currency of the entities of the
Group. All financial information presented in New Zealand dollars has been rounded to the nearest thousand.
(f)Significant estimates and judgments
The preparation of financial statements in conformity with NZ IFRS requires the Directors to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values
of some assets and liabilities. Actual results may differ from these estimates.
In authorising the consolidated financial statements for the year ended 31 March 2026, the Directors have ensured that
the specific accounting policies necessary for the proper understanding of the financial statements have been disclosed,
and that all accounting policies adopted are appropriate for the Group’s circumstances and have been consistently applied
throughout the year for all Group entities for the purposes of preparing the consolidated financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision
and future periods if the revision affects both current and future periods. Information about the significant areas of
judgment exercised or estimation in applying accounting policies that have had a significant impact on the amounts
recognised in the financial statements are described as follows:
-
11-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
2Basis of preparation of financial statements(continued)
(f)Significant estimates and judgments(continued)
(i) Classification of investments
Classifying investments as either subsidiaries, associates or joint ventures requires the Directors to assess the degree of
influence which the Group holds over the investment. In arriving at a conclusion the Directors take into account the
constitutional structure of the investment, governance arrangements, current and future representation on the Board of
Directors, and all other arrangements which might allow influence over the operating and financial policies of the
investment.
(ii) Impairment of goodwill and indefinite life intangible assets
The carrying values of goodwill and intangible assets with an indefinite useful life, are assessed at least annually to ensure
that they are not impaired. This assessment requires the Directors to estimate future cash flows to be generated by cash
generating units to which goodwill and intangible assets with indefinite useful lives have been allocated. Estimating future
cash flows entails making judgments including the expected rate of growth of revenues and expenses, margins and
market shares to be achieved, and the appropriate rate to apply when discounting future cash flows. Note 13 of these
financial statements provides more information on the assumptions the Directors have made in this area and the carrying
values of goodwill and indefinite life intangible assets. As the outcomes in the next financial period may be different to the
assumptions made, it is impracticable to predict the impact that could result in a material adjustment to the carrying
amount.
(iii) Accounting for leases under NZ IFRS 16
In determining the right of use assets and lease liabilities a number of estimates and judgments have been made by
management. These include determining the applicable incremental borrowing rates and assessment of the lease terms,
including any rights of renewal and whether it is reasonably certain they will be exercised. See Note 12.
(g)Subsidiaries
Subsidiaries are entities that are controlled by the Group as defined in NZ IFRS 10. Control exists when the Group is
exposed to, or has rights to, variable returns from its involvement in the investee and has the ability to affect those returns
through its power over the investee. Power arises when the Group has existing rights to direct the relevant activities of the
investee, i.e. those that significantly affect the investee’s returns. Control is assessed on a continuous basis.
The Group consolidates the results of its subsidiaries from the date that control commences until the date on which control
ceases. At such point as control ceases, it derecognises the assets, liabilities and any related non-controlling interests and
other components of equity. Any interest retained in the former subsidiary is measured at fair value when control is lost.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate
or a joint venture. At the date the equity method is discontinued, the difference between the carrying amount of the
associate or a joint venture and the fair value of any retained interest and any proceeds from disposing of a part interest in
the associate or a joint venture is included in the determination of the gain or loss on disposal of the associate or joint
venture.
The Group's ownership interests in subsidiaries ranges from 24% to 100% (2025: 25% to 100%). The Group consolidates
36 out of 53 entities where it holds less than or equal to half of the profit shares. This is on the basis that the Group's
contractual arrangements with these entities result in them meeting the definition of being subsidiaries as set out above.
(h)Non-controlling interests
Non-controlling interests are present ownership interests and are initially measured at either fair value or the non-
controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is
determined on a transaction-by-transaction basis. Under the proportionate interest method, goodwill is not attributed to the
non-controlling interest and the Group recognises only its share of goodwill whereas under fair value, the non-controlling
interest includes its proportionate share of goodwill.
Changes in the Group’s interest in a subsidiary that do not result in a change in the control conclusion are accounted for
as transactions with equity-holders in their capacity as equity holders.
While the group has 50 (2025: 51) subsidiaries with non-controlling interests, there are no subsidiaries with individually
material non-controlling interest.
-
12-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
2Basis of preparation of financial statements(continued)
(i)Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted
investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(j)Goods and Services Tax (GST)
The statement of comprehensive income has been stated so that all components are exclusive of GST. All items in the
statement of financial position are stated net of GST with the exception of receivables and payables, which include GST
invoiced.
(k)Statement of cash flows
The statement of cash flows has been prepared using the direct method subject to the netting of certain cash flows.
Cash flows in respect of investments and borrowings that have been rolled-over under arranged banking facilities have
been netted in order to provide meaningful disclosures.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Operating activities include all cash received from all revenue sources and all cash disbursed for all expenditure sources
including taxation refunds or payments and other transactions that are not classified as investing or financing activities.
Investing activities reflect the acquisition and disposal of property, plant and equipment and intangibles, loans to
associates, and investments in associates, subsidiaries and joint ventures.
Financing activities reflect changes in borrowings and equity.
(l)Inventory
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a weighted
average principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other
costs incurred in bringing them to their existing location and condition. Inventory comprises of pharmacy goods held for
sale.
3New standards and interpretations issued and not yet effective
A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31
March 2026. These have been assessed for applicability to the Group and the Directors have concluded that they will not
have a significant impact on future financial statements, except for amendments to NZ IFRS 18.
NZ IFRS 18 will replace NZ IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning
on or after 1 January 2027. This new standard, which is mandatory for the Group for the year ending 31 March 2028, is
expected to change presentation of the financial statements. The Group will disclose more information once a full
assessment of the impact of NZ IFRS 18 is completed.
-
13-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
4Segment reporting
The Group has two reportable segments: pharmacy services and medical services. The pharmacy services segment
provides retail and dispensary services and the medical services segment provides GP, nursing and urgent care services.
The Group’s main operations are in the pharmacy industry providing pharmacy services through consolidated stores,
equity accounted investments and franchise stores. The medical services segment includes fully owned and equity
accounted medical centres, and support services provided to these medical centres.
The Board monitors the various revenue streams within each reportable segment separately however, they do not meet
the criteria for separate disclosure due to the following:
Aggregation of the operating segments within each reportable segment is consistent with the core principle of NZ
IFRS 8, i.e. aggregating will not distort the interpretation of the financial statements for the users;
The operating segments within each reportable segment share the same economic characteristics; and
The nature of the products and services, and the nature of the regulatory environment are the same for the
operating segments.
Operating segments
Information about reportable segments
Pharmacy
services
Medical
servicesCorporateTotal
Notes $'000$'000$'000$'000
March 2026
External revenues6.1378,737165,766-544,503
Other income
1,473--1,473
Total revenue
380,210165,766-545,976
Cost of products sold(234,922)(198)-(235,120)
Employee benefit expense(79,866)(115,680)-(195,546)
Lease expenses(2,195)(703)-(2,898)
Other expenses(28,696)(17,020)(3,026)(48,742)
Depreciation and amortisation(3,296)(1,866)-(5,162)
Depreciation - leases(9,464)(5,928)-(15,392)
Share of equity accounted net earnings
4741,671-2,145
Segment profit
22,24526,042(3,026)45,261
Interest income387
Interest expense(1,592)
Interest expense - leases
(8,240)
Profit before tax35,816
Tax expense
(9,921)
Profit after tax25,895
Non-controlling interest
(5,500)
Net Profit attributable to the shareholders
of the Parent
20,395
Reportable segment assets262,385140,455(10,813)392,027
Reportable segment liabilities122,99089,019*(10,813)201,196
*Intersegmental elimination.
-
14-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
4Segment reporting(continued)
Pharmacy
services
Medical
servicesCorporateTotal
Notes $'000$'000$'000$'000
March 2025
External revenues6.1370,366153,386-523,752
Other income
6--6
Total revenue
370,372153,386-523,758
Cost of products sold(222,702)(217)-(222,919)
Employee benefit expense(80,589)(110,640)-(191,229)
Lease expenses(2,760)(365)-(3,125)
Other expenses(31,423)(16,284)(2,284)(49,991)
Depreciation and amortisation(2,840)(1,930)-(4,770)
Depreciation - leases(8,744)(5,840)-(14,584)
Impairment(7)--(7)
Share of equity accounted net earnings
1751,415-1,590
Segment profit
21,48219,525(2,284)38,723
Interest income588
Interest expense(2,101)
Interest expense - leases
(8,374)
Profit before tax28,836
Tax expense
(8,093)
Profit after tax20,743
Non-controlling interest
(4,768)
Net Profit attributable to the shareholders
of the Parent
15,975
Reportable segment assets270,949126,101(10,813)386,237
Reportable segment liabilities125,35690,695*(10,813)205,238
*Intersegmental elimination.
-
15-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
5Business combinations
Business combinations during the year include; Unichem Huapai Pharmacy and Life Pharmacy Chartwell. None of these
acquisitions are individually material to the Group's result.
Carrying
ValueFair value
$'000$'000
Identifiable assets acquired and liabilities assumed
Total assets590590
Total liabilities
(89)(89)
Identifiable net assets
501501
Consideration transferred
Satisfied by:
Cash consideration1,524
Deferred consideration-
Contingent consideration
-
Total consideration1,524
Less cash acquired (included in assets above)
-
Net consideration
1,524
Goodwill
Goodwill recognised as result of the acquisitions are as follows:
Total consideration1,524
Identifiable net assets
(501)
Goodwill
1,023
The goodwill is attributable mainly to the various patient databases acquired and the synergies expected to be achieved.
None of the goodwill recognised is expected to be deductible for tax purposes.
The amount of revenue included in the consolidated statement of comprehensive income is $3.4m with a net profit after
tax of $0.1m in respect of the entities acquired during the year.
If the acquisitions had occurred on 1 April 2025, management estimates that consolidated operating revenue would have
been $551.3m, and consolidated profit after tax for the year would have been $25.9m.
6Operating performance
6.1Revenue
20262025
Revenue from contracts with customers$'000$'000
Pharmacy retail and dispensary344,066333,886
Other pharmacy services34,67136,480
Medical services
165,766153,386
544,503523,752
-16-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
6Operating performance(continued)
Disaggregation of contract revenue
Reportable segments
Pharmacy
services
Medical
servicesTotal
$'000$'000$'000
Year ended 31 March 2026
Timing of revenue recognition
Transferred at a point in time364,52572,968437,493
Transferred over time
14,21292,798107,010
378,737165,766544,503
Year ended 31 March 2025
Timing of revenue recognition
Transferred at a point in time356,23868,998425,236
Transferred over time
14,12884,38898,516
370,366153,386523,752
Pharmacy retail and dispensing services
Pharmacy retail and dispensary services include retail sales, dispensing, professional advisory and care services. For all
these services control is considered to pass to the customer at the point when the customer can use or otherwise benefit
from the goods and services. For retail sales, control passes at point of sale. Retail sales are predominantly by credit card,
debit card or in cash.
The Group operates its own Living Rewards loyalty programme. Loyalty points earned during a sale transaction are
deferred to liabilities (net of estimated points expiry), and are recognised as revenue when the Living Rewards member
redeems their points.
Other pharmacy services
These mainly include franchise fees, supplier income and other service revenue. Control for franchise services pass over
time as the services are delivered over the term of the franchise agreement. Payment terms for franchise fees is generally
20 to 30 days. Supplier income is earned, as promotional services are rendered over a specified time period by the Group.
Payment terms are generally 20 to 30 days.
Medical services
Medical services include capitation and health services and patient fees. Control for capitation and health services passes
over time as the healthcare services are delivered to the patient over a certain time period. Payments terms are generally
20 to 30 days. Patient fees are earned at a point in time. Control passes to the customer when service has been delivered
to a customer. Patient fees are predominantly by credit card, debit card or in cash.
-
17-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
6Operating performance(continued)
Contract assets and contract liabilities
Current contract assets represent revenue where the service has been provided but not yet invoiced to the customer.
When the customer has been invoiced, any outstanding balances are included in receivables. Contract liabilities reflect
payments received for services that have not yet been provided and the payments will be recognised as revenue over
time.
Costs directly related to the acquisition of a contract or renewal of an existing contract are capitalised and amortised over
the life of the contract. Cost relating to fulfilling a contract are only capitalised if they meet the recognition criteria under NZ
IFRS 15. Costs incurred in obtaining a contract are only capitalised to the extent they are incremental.
Contract balances
The following table provides information, about receivables, contract assets and contract liabilities from contracts with
customers:
31 Mar 202631 Mar 2025
$'000$'000
Trade receivables which are included in trade and other receivables7,2747,144
Contract assets16,52313,924
Contract liabilities(3,806)(4,312)
Significant changes in the contract assets and the contract liabilities during the period are as follows:
2026202620252025
Contract
assets
Contract
liabilities
Contract
assets
Contract
liabilities
Revenue recognised that was included in the contract
liability balance at the beginning of the period-4,312-4,228
Transfer from contract assets recognised at the
beginning of the period to receivables13,924-12,514-
6.2Operating expenditure
20262025
$'000$'000
Cost of products sold235,120222,919
Employee benefit expense195,546191,229
Lease expenses2,8983,125
Other expenses47,61548,436
Audit fees369368
Other services provided by auditors284139
Directors’ fees in respect of the Parent company528453
Directors’ fees in respect of the subsidiary companies321309
Bad debts written off and movement in doubtful debt provision
(375)286
482,306467,264
Auditor’s remuneration to KPMG comprises:
Annual audit of financial statements361351
Annual audit of financial statements - Prior year
817
369368
-18-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
6Operating performance(continued)
20262025
$'000$'000
Other services provided by auditors:
Taxation services162139
Other services
122-
284139
Taxation services relate to compliance and related services, and tax support.
Other services relate to advisory and consulting services for Community Care Limited.
7Income tax expense
20262025
Notes$'000$'000
Current tax expense(11,347)(8,391)
Deferred tax benefit14
1,426298
Total tax expense
(9,921)(8,093)
Imputation credit account:
Available for use in subsequent periods $30.0m (2025: $24.6m).
20262025
$'000$'000
Numerical reconciliation between tax expense and pretax accounting profit
Profit before tax35,81628,836
Income tax expense at 28% (10,028)(8,074)
Deduct tax effects of adjustments:
Other
107(19)
(9,921)(8,093)
Taxation accounting policy
Income tax expense is charged to profit and loss and comprises current tax and deferred tax, unless it relates to an item
recognised in other comprehensive income or equity in which case it is recognised in other comprehensive income or
equity.
Current tax is the estimated tax payable on the current period’s taxable income using current tax rates, adjusted for any
under or over accrual in respect of prior periods.
Deferred tax is recognised using the balance sheet approach, allowing for temporary differences between the carrying
amounts of assets and liabilities for accounting purposes and the carrying amounts for tax purposes. A deferred tax asset
is recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related benefit will be realised.
-
19-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
8Earnings per share
The earnings per share and dividend per share is calculated using the Group’s result divided by the weighted average
number of shares for the listed entity, Green Cross Health Limited.
20262025
cents per
share
cents per
share
Basic earnings per share
14.1911.13
The calculation of basic earnings per share is based on the profit attributable to equity holders of the Parent and a
weighted average number of ordinary shares issued during the year of 143,697,676 (2025: 143,579,013).
Diluted earnings per share
14.1611.10
The calculation of diluted earnings per share is based on the profit attributable to equity holders of the Parent and a
weighted average number of ordinary shares issued during the year after adjustment for the effects of all dilutive ordinary
shares of 144,064,693 (2025: 143,890,735).
Net tangible assets per share
7.561.93
The calculation of net tangible assets per share is based on net assets less deferred tax and intangible assets (refer Note
13 and Note 14) and the closing number of ordinary shares at the end of the year.
Net assets per share
132.78126.04
The calculation of net assets per share is based on net assets and the closing number of ordinary shares at the end of the
year.
9Dividends
20262025
cents per
share
cents per
share
Dividends per share
5.754.50
In December 2025, Green Cross Health Limited paid an interim dividend of 3.00 cents per qualifying ordinary share to
shareholders, which was fully imputed to 28% (December 2024: 2.50 cents).
In June 2025, Green Cross Health Limited paid a final dividend of 2.75 cents per qualifying ordinary share to shareholders,
which was fully imputed to 28% (June 2024: 2.00 cents).
-20-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
10Trade and other receivables
20262025
$'000$'000
Trade receivables7,2747,144
Provision for doubtful debts(1,569)(1,967)
Contract assets16,52313,924
Accrued income2,0601,201
Other receivables and prepayments
2,8062,422
27,09422,724
Other receivable - non-current asset
2,1832,448
11Property, plant and equipment
20262025
$'000$'000
Opening cost87,20090,804
Acquisitions through business combinations188268
Additions9,2544,980
Disposals(6,489)(8,570)
Assets written off
-(282)
Closing cost
90,15387,200
Opening accumulated depreciation68,28871,944
Acquisitions through business combinations-139
Depreciation for the period5,1754,734
Disposals(5,407)(8,340)
Assets written off
-(189)
Closing accumulated depreciation
68,056
68,288
Closing book value22,09718,912
Work in progress
1,123828
Total property, plant and equipment
23,22019,740
Property, plant & equipment accounting policy
Property, plant & equipment owned by the Group consists primarily of leasehold improvements and is stated at cost less
accumulated depreciation and any impairment losses. Property, plant & equipment acquired in stages is not depreciated
until the asset is ready for its intended use.
Depreciation is provided on a straight-line basis on all property, plant & equipment components to allocate the cost of the
asset (less any residual value) over its useful life or if it relates to assets in a leased premises, the life of the lease if
shorter. The residual values and remaining useful lives of asset components are reviewed at least annually.
Current estimated useful lives of property, plant and equipment are between two and twelve years.
Subsequent expenditure is capitalised only if it is probable that future economic benefit associated with the expenditure
will flow to the Group. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an asset is recognised in the profit and loss in the period in which the asset is
disposed.
-
21-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
12 Leases
As a lessee
The Group’s leased assets include property leases for pharmacies, medical centres and support office. The lease terms of
these leases typically range from 2 to 30 years (inclusive of any renewal options). Some leases provide for additional rent
payments that are based on changes in CPI or market rental rates. The Group also leases motor vehicles and equipment,
which typically run for a period of 3 to 5 years.
As a lessee, the Group recognises right-of-use assets and lease liabilities for the majority of its leases – i.e. these leases
are on-balance sheet.
The carrying amounts of right-of-use assets and lease liabilities are as below:
Right-of-use assetsProperty
Motor
vehiclesEquipmentTotal
$'000$'000$'000$'000
2026
Balance as at 1 April 202595,6218757196,279
Balance as at 31 March 202687,07772966588,471
Depreciation14,57415766115,392
2025
Balance as at 1 April 202495,5832171,28497,084
Balance as at 31 March 202595,6218757196,279
Depreciation13,74013071414,584
Additions to property of $5.1m (2025: $4.9m) and remeasurements of $4.3m (2025: $8.8m) have been made to right-of-
use assets during the current year.
Low value leases of $2.9m (2025: $3.4m) have been expensed (under lease exemption).
Lease liabilitiesProperty
Motor
vehiclesEquipmentTotal
$'000$'000$'000$'000
2026
Balance as at 1 April 2025109,943116670110,729
- Current liability11,95511667012,741
- Non-current liability97,988--97,988
Balance as at 31 March 2026103,558745709105,012
- Current liability13,20717536913,751
- Non-current liability90,35157034091,261
2025
Balance as at 1 April 2024108,0242551,359109,638
- Current liability12,27013968913,098
- Non-current liability95,75411667096,540
Balance as at 31 March 2025109,943116670110,729
- Current liability11,95511667012,741
- Non-current liability97,988--97,988
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s
incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
-
22-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
12 Leases(continued)
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made. It is re-measured when there is:
a change in future lease payments arising from a change in an index or rate; or
a change in the estimate of the amount expected to be payable under a residual value guarantee; or
changes in assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised; or
any other change in the future lease payments or the lease term due to a lease modification that’s not accounted
for as a separate lease.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include
renewal options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease
term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.
20262025
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year19,98519,621
Two to five years59,77460,164
More than five years
67,28475,569
147,043155,354
As a lessor
The Group sub-leases some of its properties. Income in relation to these subleases is $1.9m (2025: $1.9m). The right-of-
use assets recognised from the head leases are measured at cost. The sub-lease contracts are classified as operating
leases under NZ IFRS 16.
20262025
$'000$'000
Maturity analysis of contractual undiscounted cash flows
Less than one year830611
Two to five years1,2191,247
More than five years
323518
2,3722,376
-23-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
13Intangible assets
20262025
Notes$'000$'000
Other intangible assets
Opening costs6,28610,770
Additions-5
Disposals
(20)(4,489)
Closing cost
6,266
6,286
Opening accumulated amortisation4,1438,440
Amortisation for the period-36
Disposals(20)(4,333)
Other adjustments
(13)-
Closing accumulated amortisation
4,1104,143
Closing book value
2,1562,143
Goodwill
Opening costs163,804163,607
Additions51,023815
Disposals
(713)(618)
Closing cost
164,114163,804
Total intangible assets
166,270165,947
Intangible assets accounting policy
Intangible assets recognised by the Group are stated at cost less accumulated amortisation and any impairment losses
with the exception of goodwill (see below).
Intangible assets acquired in stages are not amortised until the asset is ready for its intended use.
Other intangible assets represent franchisee store rebranding costs and have an indefinite life.
Subsequent expenditure is capitalised if future economic benefit will flow to the Group and the requirements of the
standard are met. All other costs are recognised in the profit and loss as expenditure when incurred.
Any resulting gain or loss on disposal of an intangible asset is recognised in the profit and loss in the period in which the
intangible asset is disposed.
Intangible assets disclosed in the financial statements relate to trademarks and other indefinite life intangible assets.
Indefinite life intangible assets are tested annually for impairment.
Goodwill accounting policy
Goodwill arises on the acquisition of businesses. Goodwill represents the excess of the purchase consideration over the
fair value of the net identifiable tangible and intangible assets at the time of acquisition.
Goodwill is allocated to the relevant cash generating units (CGU) expected to benefit from the acquisition and tested for
impairment annually, or earlier at any interim reporting dates if there are indicators of impairment.
The value of each CGU is determined by its value in use. If the recoverable amount is less than the carrying amount of the
CGU then an impairment loss is recognised in profit and loss and the carrying amount of the asset is written down.
The relative value of the goodwill allocated to the relevant cash generating unit is included in the determination of any gain
or loss on disposal.
-
24-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
13Intangible assets(continued)
Impairment testing
Discounted cash flow (DCF) models have been based on three-year forecast cash flow projections. The budget for the
year-ending 31 March 2027 is the basis for the first year's projections and projections for subsequent periods have been
based on this plus growth. Terminal cash flows are projected to grow in line with the New Zealand long-term inflation rate.
The discount rate was a post-tax measure (discount rate pre-tax 12.80%) based on the rate of 10-year government bonds
issued by the government in the relevant market and in the same currency as the cash flows, adjusted for a risk premium
to reflect both the increased risk of investing in equities generally and the systematic risk of the specific CGU.
Impairment test assumptions 2026Pharmacy
services
Medical
services
Discount rate - post tax%9.98%9.98
Terminal growth rate%2.25%2.25
Carrying amount of goodwill allocated to the unit ($'000)86,81977,295
Carrying value of other intangible assets with indefinite useful lives ($'000)2,048-
Impairment test assumptions 2025Pharmacy
services
Medical
services
Discount rate - post tax%9.97%9.97
Terminal growth rate%2.30%2.30
Carrying amount of goodwill allocated to the unit ($'000)86,88876,916
Carrying value of other intangible assets with indefinite useful lives ($'000)2,048-
For the purpose of impairment testing, goodwill is allocated to the Group's operating divisions which represent the lowest
level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is allocated across
all operations within a division that have similar economic characteristics and collectively benefit from acquisitions that
increase the Group's portfolio.
Sensitivities
No impairment was identified for pharmacy services and medical services as a result of this review, nor under any
reasonable possible change, in any of the key assumptions described above.
14Deferred tax asset
The movement in deferred tax asset and liability during the year is made up of the following:
OpeningNet additions
Recognised in
profit and lossClosing
$'000$'000$'000$'000
2026
Property, plant and equipment3,252-1743,426
Provisions and accruals3,036-(6)3,030
Tax losses2,055-7812,836
Right-of-use assets(26,958)(2,124)4,311(24,771)
Lease liabilities
30,8902,124(3,834)29,180
12,275-1,42613,701
2025
Property, plant and equipment2,926-3263,252
Provisions and accruals3,127-(91)3,036
Tax losses2,541-(486)2,055
Right-of-use assets(27,184)(3,826)4,052(26,958)
Lease liabilities
30,5673,826(3,503)30,890
11,977-29812,275
-25-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
15Equity accounted group investments
20262025
$'000$'000
The movement in equity accounted investments comprises:
Opening carrying amount7,4586,816
Investment in associates and joint ventures273127
Share of net earnings2,1451,590
Dividends22
(1,795)(1,075)
8,0817,458
There are no individually material associates or joint ventures.
Amount of goodwill within the carrying amount of equity accounted group
investments:
Opening carrying amount
1,3661,366
Closing carrying amount
1,3661,366
Summary associate and joint venture financial information
The aggregate results of the associates and joint venture financial position and current year's profit are as follows:
AssetsLiabilitiesRevenue
Net profit after
tax
$'000$'000$'000$'000
As at and for the year ended 31 March 202620,1848,25563,4427,129
As at and for the year ended 31 March 202514,8096,20256,3333,541
Investments in associates and joint ventures accounting policy
An associate is an investee over which the Group has significant influence, which is the power to participate in the
financial and operating policy decisions of the investee but not to control or jointly control those policies.
A joint venture is a joint arrangement in which the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Joint control is the contractually agreed sharing of control of the arrangement which only exists
when a decision about the relevant activities require the unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated into the financial statements of the
Group using the equity method of accounting. Under the equity method, the initial investment in the Group financial
statements is measured at cost and adjusted thereafter for the Group’s share of profit and loss and other comprehensive
income of the associate and joint venture. Any goodwill arising on the acquisition of an associate or joint venture
investment is included in the carrying amount of the investment net of dividends received. Where the Group’s share of
losses of the associate of joint venture exceeds the Group’s interest in that associate or joint venture, the Group
discontinues recognising its share of losses unless it has a legal or constructive obligation to continue doing so. The equity
method is discontinued where the Group ceases to exert significant influence or joint control over the investee.
Accounting policies adopted by associates and joint ventures are generally consistent with those of the Group. Where a
material difference does exist, appropriate adjustments are applied to ensure congruence with the policies of the Group,
the most significant of these being the recognition of deferred tax.
-
26-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
16Trade and other payables and income taxes payable
20262025
$'000$'000
Trade payables40,73035,452
Payable to non-controlling interest4,8474,503
Contract liabilities3,8064,312
Accrued expenses15,04115,473
Employee entitlements
9,7829,648
74,20669,388
Income taxes payable
2,155685
Employee entitlements accounting policy
Employee entitlements for salaries, bonuses, long service, alternate and annual leave are provided for and recognised as
a liability when benefits are earned by employees but not paid at the reporting date.
17Borrowings
20262025
$'000$'000
Current1,9731,855
Non-current
17,85022,581
19,82324,436
The Group’s primary lenders are BNZ and Bank of China (the lenders).
The Group's interest rate on outstanding loans is calculated based on BKBM or cost of funds plus a margin. The current
interest rate is between 3.43% and 6.81% (2025: 4.84% - 7.74%). A 0.5% increase/decrease in the effective interest rate
would result in a decrease/increase in after tax profit and equity of $71,362.
Green Cross Health Limited and all its wholly-owned subsidiaries provided guarantees and indemnities in favour of the
lenders covering all loans held by the Parent company. Loans provided by BNZ to partnership subsidiaries are covered by
a General Security Agreement over the individual business assets.
At balance date, the Group has undrawn committed banking facilities of $46.0m (2025: $42.0m). The debt facilities held
with both BNZ and Bank of China mature in December 2027.
Borrowings and advances accounting policy
Borrowings are initially recognised at fair value, including directly attributable transaction costs. Subsequent to initial
recognition, borrowings are measured at amortised cost using the effective interest method.
-
27-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
18Operating cash flow reconciliation
20262025
$'000$'000
Profit for the year25,89520,743
Add non-cash items:
Depreciation, amortisation and impairment20,55419,361
Other non-cash items485143
Add/(deduct) changes in working capital:
Receivable and accruals movement(4,105)3,070
Inventory(1,437)(2,722)
Payable and accruals movements4,8182,085
Tax movement44(550)
Add/(deduct) items classified as cash flows from investing and financing activities:
Gain on disposal(1,473)-
Interest expense1,5922,137
Interest expense - leases
8,2408,374
Net cash inflow from operating activities
54,613
52,641
19Shares on issue
20262025
'000'000
Shares authorised and on issue
Opening number of shares143,603143,462
Shares issued - fully paid114141
Shares issued - partly paid--
Shares cancelled - partly paid
--
143,717143,603
Shares held as treasury stock--
Performance share rights
607440
144,324144,043
All ordinary shares carry equal rights in terms of voting, dividend payments and distribution upon winding up.
Share capital
Incremental costs directly attributable to the issue of ordinary shares, share options and share capital are recognised as a
deduction from equity.
20Share-based payments
Performance Share Rights
Performance Share Rights (PSRs) were offered to some senior executives, commencing 1 April 2019. Under the scheme
PSRs are issued to participants which give them the rights to receive ordinary shares in the Company after a three year
period, subject to certain vesting and other conditions being met. The fair value is measured at grant date and amortised
over the vesting period. The vesting of the PSRs is subject to the Company achieving performance hurdles relating to the
growth of its earnings per share and return on capital employed over a three year measurement period. There is no
exercise price for these performance rights and there is no right to dividends during the vesting periods.
Vesting is contingent upon audited financial statements, therefore PSRs which meet the vesting criteria will vest in the
financial year following the end of the PSR period.
The shares granted during the current financial period have a fair value of $212,300 (2025: $214,800) which is calculated
using the weighted average price of shares through the NZX over the one month period prior to the date of the Company’s
results announcement for the financial year ended 31 March 2025 (2025: 31 March 2024).
-
28-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
20Share-based payments(continued)
Performance Share Rights (continued)
The total expense recognised in the year to 31 March 2026 in relation to the PSRs was $192,367 (2025: $174,267).
114,094 (2025: 141,509) PSR's were vested during the year.
PSRs granted are summarised as below:
Grant DatePSR PeriodPSRs grantedPSRs vested
PSRs
forfeited
PSRs end of
period
27/06/2022 01/04/2022 - 31/03/2025167,338(114,094)(53,244)-
26/06/202301/04/2023 - 31/03/2026148,677-(37,169)111,508
27/11/202401/04/2023 - 31/03/20265,947--5,947
27/11/202401/04/2024 - 31/03/2027207,965--207,965
31/07/2025
01/04/2025 - 31/03/2028
281,654--281,654
Total811,581(114,094)(90,413)607,074
21Financial instruments
The Group is party to financial instruments as part of its normal operations. Financial instruments include cash and cash
equivalents, borrowings, trade and other receivables and trade and other payables.
Financial instruments are initially recognised at their fair value less transaction costs, and subsequently measured at their
amortised cost. A financial instrument is recognised if the Group becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial assets
expire or if the Group transfers the financial asset to another party without retaining control or substantially all risks and
rewards of the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are
discharged or cancelled.
Financial assets and financial liabilities are recognised at amortised cost.
Risk management policies are used to mitigate the Group’s exposures to credit risk, liquidity risk and market risk that arise
in the normal course of operations.
Credit Risk
The Group’s maximum credit risk resulting from a third party defaulting on its obligations to the Group is represented by
the carrying amount of each financial asset on the statement of financial position. The Group is not exposed to any
material concentrations of credit risk other than its exposure within the retail pharmacy and government sectors. The
Group monitors credit limits on a monthly basis. All credit facilities to external parties are provided on normal trade terms
(unsecured, to a maximum of 45 days). At any one time, the Group generally has amounts owed to and amounts owed by
the same counterparty, although no legal right of set-off exists. The Parent company holds direct debit authorities for
amounts payable under the contractual terms of its franchise agreements. The Parent regularly monitors the credit ratings
issued, and any qualifications to those ratings, to the financial institutions (and those of the ultimate parent financial
institution) used by the Group.
The status of trade receivables and contract assets at reporting date is as follows:
Gross
receivable
2026
Impairment
2026
Gross
receivable
2025
Impairment
2025
$'000$'000$'000$'000
Trade receivables and contract assets
Not past due28,032-24,088-
Past due 0-30 days1,053-640-
Past due 31-120 days915(723)1,114(700)
Past due more than 120 days
846(846)1,297(1,267)
Total
30,846(1,569)27,139(1,967)
-29-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
21Financial instruments(continued)
Credit Risk (continued)
The Group’s exposure to credit risk for trade receivables, which includes contract assets with the government is influenced
mainly by the individual characteristics of each customer. The creditworthiness of a customer or counterparty is
determined by a number of qualitative and quantitative factors. Qualitative factors include external credit ratings (where
available), payment history and strategic importance of customer or counterparty. Quantitative factors include transaction
size, net assets of customer or counterparty, and ratio analysis on liquidity, cash flow and profitability.
The Group’s cash balances is held with a number of banks with the level of exposure to credit risk considered minimal with
low levels of cash held.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity
requirements on an ongoing basis. In general, the Group generates sufficient cash flows from its operating activities to
meet its obligations arising from its financial liabilities and has credit lines in place to cover potential shortfalls. The
following table sets out the contractual cash flows for financial liabilities that are settled on a gross cash flow basis:
Carrying Value
Contractual
cash flows
Less than one
year
Between one
year and two
years
Between two
years and five
years
$'000$'000$'000$'000$'000
2026
Borrowings19,82322,8012,0712,55518,175
Trade and other payables
60,61860,61860,618--
Total non-derivative
liabilities
80,441
83,41962,6892,55518,175
2025
Borrowings24,43627,6852,8472,49022,348
Trade and other payables
55,42855,42855,428--
Total non-derivative
liabilities
79,864
83,11358,2752,49022,348
Market Risk
Refer to Note 17 for details of the interest rates for the group loans and borrowings, which are the most significant financial
instruments.
Capital management
The Group’s capital includes share capital and retained earnings. The Group is not subject to any externally imposed
capital requirements.
The allocation of capital between its specific business segments’ operations and activities is, to a large extent, driven by
the optimisation of the return achieved on the capital allocated. The process of allocating capital to specific business
segment operations and activities is undertaken independently of those responsible for the operation.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
The carrying amount of the Group’s on-balance sheet financial instruments including trade and other receivables, cash
and cash equivalents, borrowings and trade payables, closely approximate their fair values as at 31 March 2026 and 31
March 2025. The assessment of fair value relating to borrowings was determined by reference to observable market data
(level 2).
-
30-
Notes to the consolidated financial statements
For the year ended 31 March 2026
(continued)
22Related parties
The Group has commercial franchise agreements with stores relating to marketing levies and franchise fees. The Group
also enters into transactions on behalf of the stores which are on-charged. These transactions comprise items such as
training courses, supplier agreements, sublease agreements, central advertising campaigns, loyalty card costs, and IT
related costs. The Parent performs business support services, based on agreed terms, for some of the stores and medical
centres.
The Parent has shareholder agreements with the other shareholders of the associates. The agreements set out the return
on investment/profit sharing arrangements relating to these investments.
Related party transactions for the group:
Transaction value Balance outstanding
2026202520262025
$'000$'000$'000$'000
Franchise fees and on-charged costs to equity
accounted investments1,3211766923
Management service charges and on charged
costs to equity accounted investments6721,0484779
Dividend income1,7951,075--
Costs paid to equity accounted investments(39)(39)--
Receivable from other related parties--3,2383,198
Key management personnel remuneration
The Group provides compensation to key management personnel which comprises the Directors, the Group CEO and the
CFO. Key management compensation comprised:
20262025
$'000$'000
Remuneration and Directors fees1,6041,532
Short term employee benefits335315
Long term incentives (Note 20)
192174
2,1312,021
23Subsequent events
On 28 May 2026, Green Cross Health Limited declared a final dividend of 5.50 cents per qualifying ordinary share
amounting to $7.9m, which will be fully imputed at 28%. The dividend record date is 8 June 2026 and payment will occur
on 22 June 2026.
Green Cross Health Limited is engaged in a process regarding a potential transaction involving the sale of the Medical
division, which is the medical services operating segment. Given the process is ongoing, the Medical division has for now
been reclassified as an asset held for sale subsequent to 31 March 2026.
No adjustment is required to these consolidated financial statements in respect of these events.
-
31-
---
Results announcement 29/05/2026
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer Green Cross Health Limited (GXH)
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$545,976 +4.2%
Total Revenue $545,976 +4.2%
Net profit/(loss) from
continuing operations
$20,395* +27.7%
Total net profit/(loss) $20,395* +27.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.05500000
Imputed amount per Quoted
Equity Security
$0.02138889
Record Date 08/06/2026
Dividend Payment Date 22/06/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.08 $0.02
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Due to the nature of the Company’s business, intangible assets
are a major component of total assets. Net assets per quoted
equity security are $1.33 (31 March 2025: $1.26)
Please refer to the attached audited Financial Statements for the
12 months ended 31 March 2026.
* attributable to shareholders
Authority for this announcement
Name of person
authorised
to make this announcement
Kalpana Goundar - CFO
Contact person for this
announcement
Kalpana Goundar - CFO
Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP
29/05/2026
---
Distribution Notice 29/05/2026
Section 1: Issuer information
Name of issuer Green Cross Health Limited
Financial product name/description Ordinary Shares
NZX ticker code GXH
ISIN (If unknown, check on NZX
website)
NZBDOE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 08/06/2026
Ex-Date (one business day before the
Record Date)
05/06/2026
Payment date (and allotment date for
DRP)
22/06/2026
Total monies associated with the
distribution
1
$7,904,418
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.07638889
Gross taxable amount
3
$0.07638889
Total cash distribution
4
$0.05500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00970588
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed Fully imputed
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
If fully or partially imputed, please
state imputation rate as % applied
6
28%
Imputation tax credits per financial
product
$0.02138889
Resident Withholding Tax per
financial product
$0.00381944
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A
N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Kalpana Goundar – CFO
Contact person for this
announcement
Kalpana Goundar – CFO
Contact phone number 09 571 9080
Contact email address kalpana.goundar@greencrosshealth.co.nz
Date of release through MAP
29/05/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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“AUSTRALIA Revenue: $150.8 million up 19% Operating profit $30.3 million up 19% Key growth drivers: Broad based growth across OTC and pharmacy brands. NEW ZEALAND Revenue: $59.7 million up 11% Operating profit $9.4 million up 7%. Key growth drivers: Eyecare,…”
- TAH — Third Age Health Services Limited: Third Age Health Releases FY26 Preliminary Unaudited Result2026-05-29
“FY26 Annual Letter to Shareholders May 2026 Dear Fellow Shareholders, This year marks 15 years since Third Age Health was founded. It all began with a simple conversation: Founder, Bevan Walsh, listened to a potential customer describe a real-world problem in aged care an…”