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FY2016 Annual Report

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FY2016 Annual Report ANNUAL REPORT 31 March 2016 FY2016 FINANCIAL HIGHLIGHTS1 PAGE 2 Arvida’s financial result for the year ending 31 March 2016 exceeded the forecast prepared at the time of listing on NZX and set out in the IPO Prospectus dated 17 December 2014. TOTAL REVENUE Ahead of IPO $82.5m +19% forecast of $69.5m OPERATING EARNINGS2 Ahead of IPO $17.4m +19% forecast of $14.6m REPORTED NET PROFIT AFTER TAX (IFRS) Ahead of IPO $24.0m +127% forecast of $10.6m UNDERLYING PROFIT3 Ahead of IPO $15.8m +19% forecast of $13.3m TOTAL ASSETS Ahead of IPO $461m +26% forecast of $365m 1. Audited financial results for the 12 months ended 31 March 2016 included the acquisition of Aria Bay, Aria Gardens and Aria Park. 2. Total revenue less employee, property and other costs. 3. Underlying Profit is a non-GAAP financial measure and differs from NZ IFRS net profit after tax by replacing the fair value adjustment in investment property values with the Board’s estimate of realised components of movements in investment property value and to eliminate deferred tax and one-off items. Please refer to page 15 for a reconciliation to Reported Profit under IFRS. PAGE 3 HIGHLIGHTS To 31 March 2016 Financial result Acquisition and Ahead of IPO integration forecast. Three villages in premium Auckland locations acquired and integrated. COMPANY OVERVIEW Contents Arvida is one of FY2016 Financial Highlights 2 Company Overview 4 the larger operators Chairman’s Letter 8 of aged care Chief Executive Officer’s Report 12 The 6 Pillars facilities and Underpinning Value Creation 19 Capturing the retirement villages Development Opportunity 20 Industry Dynamics 22 in New Zealand. Directors’ Profiles 24 Senior Management Team Profiles 26 Arvida is listed on the Financial Statements 28 New Zealand Exchange Statement of Corporate Governance 69 Statutory Information 74 (NZX) with its shares quoted Company Information 87 under the ticker code ARV. Village Directory 88 PAGE 4 Development Sales IPO integration Dividend Pipeline within Momentum built. Tasks completed. Ahead of existing villages IPO forecast. progressed, with High occupancy Strengthening completion of In aged care Of head office On strategy FY2016 planned facilities support and Scalable platform developments. maintained. development ready to deliver capabilities. growth. TOTAL FACILITIES FY2015: 18 Aged Care and 21 +17% Retirement Village Facilities TOTAL AGED CARE BEDS FY2015: 944 1,246 +32% Aged Care Beds TOTAL RETIREMENT UNITS FY2015: 817 908 +11% Total Retirement Units Total of Developed Over 94% 32 2,100 Occupancy Units/Beds Residents Plus 238 Units/Beds Refurbished PAGE 5 A SNAPSHOT OF ARVIDA Arvida’s villages are located nationally, with each village operating AGED CARE independently and expressing its own character, personality and identity. Aged care is an integral part of Arvida’s The corporate structure supports continuum of care offering with 16 co- village operations ensuring quality and located and 4 standalone care facilities. consistency in service, which ultimately With most of Arvida’s care facilities located benefits residents, village staff and within the retirement villages, residents shareholders. are able to move through the village and Arvida provides a continuum of care and receive support as their care needs change. a range of flexible care plans depending Options include rest home, hospital and on residents’ needs. Extensive retirement secure dementia care. Respite care facilities living and aged care options are available are also available at many Arvida locations. in a nationwide network of villages. 21 1,246 Total Group Total Aged Facilities Care Beds 14 South Island 610 Rest Home 7 North Island 505 Hospital 131 Dementia 94% 88% 470 Occupancy Occupancy North Island Occupancy Average of Aged Care Occupancy of Beds in Arvida Aged Care Beds 776 South Island Villages in New Zealand Source: NZACA, as at 31 Dec 2015. PAGE 6 THE ATTITUDE OF LIVING WELL Our vision is to improve the lives RETIREMENT LIVING and wellbeing of our residents by transforming the ageing process. Our commitment is to challenge Independent Living ourselves to make our residents’ Typically house younger retirement village lives better with everything we do. residents who wish to continue living independently but want to enjoy a retirement village lifestyle and facilities knowing that care Our Values is available if and when they should need it. Options include villas, apartments and studios. Passionate We love what we do; Assisted Living our residents are our family. Assisted living options (serviced apartments) Authentic are designed to provide residents with the We are genuine and real. support and care they require. Arvida offers a range Fairness of care packages in We act with integrity and respond conjunction with fairly and consistently in all an ORA. interactions with residents. Can do 908 We are empowered to get things done; Retirement we start with ‘yes’ and focus on solutions. Units Innovative We constantly search for better outcomes; we challenge ‘normal’. 379 Apartments/Villas Nimble and Flexible 529 Serviced We change things when it makes sense Apartments to create great resident outcomes. Outcomes Residents that are actively engaged in 416 life, with a strong sense of value in the North Island community and a positive mental and physical wellbeing, will become Arvida’s greatest advocates. Having great advocates leads to greater demand for our services and provides a 492 solid foundation for further development South Island of our services and capacity. PAGE 7 CHAIRMAN’S LETTER At the time of Arvida’s initial public offering in December 2014, our IPO prospectus was required to contain financial forecasts for the period to 31 March 2016. Your Board is pleased to report that Arvida’s financial result for 2016 was ahead of forecast. Arvida recorded audited Net Profit After Tax of $24.0 million for the financial year ended 31 March 2016, which compares to a forecast of $10.6 million. Underlying Profit for the year at $15.8 million was up 19% on IPO forecast of $13.3 million. PAGE 8 The Directors of Arvida Group Limited (Arvida) are pleased to present the company’s Annual Report for the financial year ended 31 March 2016. A period of strong With completion of the integration plan performance recorded outlined at the time of the IPO, we are now embarking on a number of operational Our first full financial year as a publicly listed initiatives to further improve Group company has seen Arvida make substantial performance. progress against growth initiatives outlined at the time of IPO and deliver strong financial Platform established results against IPO forecasts. for future growth During the period we made our first Arvida has emerged as a quality provider of acquisitions: Aria Gardens, Aria Park and Aria aged care services in New Zealand with a Bay (the “Aria Villages”) were acquired for considered and innovative approach to care $61.7 million. The Aria Villages represented and retirement living. an important strategic acquisition for Arvida Looking to retain much of the individual providing a presence in the key Auckland character and identity of each property market in premium locations. The financial has ensured a continuity in operations and performance of the Aria Villages for 2016 was continued performance notwithstanding a ahead of expectations assessed at the time change in ownership. The good community of acquisition and importantly accretive to reputation of an established retirement Underlying Profit. The acquisitions were a first village, successfully operating within a local step in delivering our stated growth strategy. community cannot be readily replicated. Our On 25 May 2016 we announced the integration plan recognises the inherent local conditional agreement (subject to regulatory values in each retirement village and that approvals) to acquire 100% of the shares in caring engaged staff are integral to delivering Lansdowne Park for $20.6 million. Settlement a quality product. is expected to occur on 30 June 2016. Market growth due to New Zealand’s ageing Lansdowne Park is a high quality retirement population, coupled with a growing demand village well located on Lansdowne Hill in for quality retirement and aged care services Masterton. and facilities, ideally positions our strategy We also met our brownfield development to capitalise on opportunities as they arise. targets (on existing properties) for 2016, Importantly, we have now established a completing 32 new units/beds at Glenbrae, business that is scalable as the growth Park Lane and Aria Gardens and the opportunities emerge. refurbishment of another 79 care beds at Aria Well located and run villages that can be Gardens, St Allisa and Glenbrae. Brownfield acquired on an earnings accretive and value developments in the planning and consenting enhancing basis will be of interest to us, as phase total 187 additional units/beds. well as potential greenfield opportunities that enhance our national coverage and underpin future growth options. PAGE 9 Dividend all sector participants. Our focus on the care of our residents and the quality of our offering The Board has declared a final dividend is seen as the mitigant to these external of 1.10 cents per share. The dividend is factors. Continued momentum in our revenue partially imputed at 0.40 cents per share. and earnings is anticipated from refurbishment A supplementary dividend of 0.18 cents and development activity. per share will be paid to non-resident shareholders. Your Board is fully committed to the success of Arvida and to ensuring the highest This brings total net dividends per share for standards of corporate governance. I would 2016 to 4.25 cents, which is ahead of IPO like to thank all of our people for their daily forecast. Dividends for the year represent dedication to a high level of service to our 74% of Underlying Profit in line with our residents.
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