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Ryman Healthcare Limited’S Half Year Result for the Period to 30 September 2019

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Ryman Healthcare Limited’S Half Year Result for the Period to 30 September 2019 RYMAN HEALTHCARE Half year result 30 September 2019 1 Update First half highlights Underlying profit* of $103.0 million, up 6.2% Reported (IFRS) profit up 11.1% to $188.3 million Interim dividend increased to 11.5 cents, in line with underlying profit growth Operating cashflows $256.1 million, up 17.6% Total assets up 17.4% to $7.26 billion on September last year Land bank lifted to 7,074 beds and units * Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to slide 38 for a breakdown of underlying profit. 2 profit half underlying First $120m $40m $80m - 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3 Total assets Total $8.0bn $1.0bn $2.0bn $3.0bn $4.0bn $5.0bn $6.0bn $7.0bn - Sep 06 Sep 07 Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 4 5 The ‘gold standard’ of care 4 year certification 84% 47% Source: Ministry of Health. Large operators reflects aged care providers with 15 or more care centres. Data at 11 November 2019. Ryman Large operators 6 7 8 9 Medical advisory committee Professor Richard Sainsbury Emeritus Professor, Geriatric Medicine, Otago University - Geriatrician Alex de Roo Pharmacist Billy Allan Medication Safety Specialist, Health Quality & Safety Commission Dr Murray Robson General Practitioner Dr Kathleen Potter Research Doctor Jenny Thiele Regional Operations Manager, Ryman. Registered Nurse Karen Lake Clinical and Quality Manager, Ryman. Registered Nurse Victoria Brevoort Clinical Systems Manager, Ryman. Registered Nurse Janine Snape Operations Project Clinical Manager, Ryman Melanie Asuncion Clinical Manager, Ryman. Registered Nurse Meegan Potts Data Analyst, Ryman 10 11 12 Paula Jeffs has joined our board Dr David Jo Warren George Claire Geoff Anthony Paula Kerr Appleyard Bell Savvides Higgins Cumming Leighs Jeffs Governance ✓ ✓ ✓ ✓ ✓ ✓ ✓ Executive Leadership ✓ ✓ ✓ ✓ ✓ Finance and Accounting ✓ ✓ ✓ ✓ ✓ Risk Management ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Property and ✓ ✓ ✓ ✓ Construction Health and Safety ✓ ✓ ✓ ✓ ✓ Health, Clinical and ✓ ✓ ✓ ✓ ✓ ✓ ✓ Aged Care Digital and Technology ✓ ✓ Human Resources ✓ ✓ ✓ ✓ ✓ Strategy ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 13 14 our build rate lifting are We 1,000 1,200 1,400 1,600 1,800 Note: Note: All data as at March 31 200 400 600 800 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Actual 2009 2010 2011 Target 2012 2013 2014 2015 2016 2017 2018 2019 2020 Medium term 15 Our land bank 7,000 is at record 6,000 levels 5,000 4,000 3,000 2,000 1,000 0 Sep 09 Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 16 Current sites (as at Nellie Melba Sept 2018) Murray Halberg William Sanders Linda Jones Burwood East Lincoln Road Havelock North Highton Aberfeldie Hobsonville Highett Ocean Grove Riccarton 17 Construction activity target Nellie Melba March 2020 Murray Halberg William Sanders Linda Jones Burwood East Lincoln Road Havelock North Highton Aberfeldie Hobsonville Highett Ocean Grove Target by March 2020 Riccarton Subject to resource and building consent and various regulatory approvals. Targeting 12 sites but potential for 13 18 Aberfeldie Melbourne 19 Highett Victoria 20 Nellie Melba Melbourne 21 Highton Victoria 22 Burwood East Melbourne 23 Ocean Grove Victoria 24 Ryman village Aberfeldie Coburg Under construction Proposed village Ringwood East Burwood East Nellie Melba Weary Dunlop Highett Highton Mount Eliza Mount Martha Ocean Grove Eleven sites in Victoria 25 Northwood Christchurch 26 William Sanders Auckland Linda Jones Murray Halberg Hamilton Auckland 27 Lincoln Road Auckland 28 Havelock North Hawkes Bay 29 Hobsonville Auckland 30 Cheyne Chalmers Chief Operations Officer 31 32 33 0.9m 900m World population 0.8m 800m growth 80+ 0.7m 700m 0.6m 600m 0.5m 500m 0.4m 400m 0.3m 300m 0.2m 200m 0.1m 100m - - 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 World (RHS) New Zealand (LHS) Vic (LHS) Source: United Nations World Population Prospects 2019, Australian Bureau of Statistics (Series A). Victoria data projections end 2060. 34 0.9m 900m World population 0.8m 800m growth 80+ 0.7m 700m 0.6m 600m 0.5m 500m 0.4m 400m 0.3m 300m 0.2m 200m 0.1m 100m - - 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 World (RHS) NZ (LHS) Vic (LHS) Source: United Nations World Population Prospects 2019, Australian Bureau of Statistics (Series A). Victoria data projections end 2060. 35 0.9m 900m World population 0.8m 800m growth 80+ 0.7m 700m 0.6m 600m 0.5m 500m 0.4m 400m 0.3m 300m 0.2m 200m 0.1m 100m - - 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 World (RHS) NZ (LHS) Vic (LHS) Source: United Nations World Population Prospects 2019, Australian Bureau of Statistics (Series A). Victoria data projections end 2060. 36 37 Reported profit Half year Half year Full year Sep 20 Sep 19 Mar 19 Underlying profit (non-GAAP) $103.0m $97.1m $227.0m Unrealised revaluations of investment properties +$92.7m +$72.8m +$102.4m Deferred tax expense -$7.4m -$0.4m -$3.4m Reported net profit $188.3m $169.5m $326.0m Underlying profit is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and so may not be comparable to similar financial information presented by other entities. The Group uses underlying profit, with other measures, to measure performance. Underlying profit is a measure that the Group uses consistently across reporting periods. Underlying profit excludes deferred taxation, taxation expense, and unrealised gains on investment properties because these items do not reflect the trading performance of the company. Underlying profit determines the dividend payout to shareholders. 38 $280m $240m Operating cashflows $200m $160m $120m $80m $40m - Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 39 $400m Investing cash flows $350m $26m $18m $360 million $300m $28m $20m $250m $200m $238m $150m $208m $100m $50m $78m $48m - Sep 19 Sep 20 Purchase of land New villages Care / systems Village upgrades 40 $8bn $7bn Total assets $6bn $5bn $4bn $3bn $2bn $1bn - Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Bank debt Total assets 41 35% 30% Development margin 25% Target range 20% 15% 10% 5% - 2012 2013 2014 2015 2016 2017 2018 2019 2020* Group development margin Margin excluding Malvina Major *Development margin at 30 September 2019. All other values at 31 March. 42 $1,000m $867 million resales bank $800m $600m $400m $200m - Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 New Zealand Victoria Note: The resale bank represents the extent that the current price exceeds the price paid by the current resident for the unit's occupancy rights. 43 $160m Value of contracts not booked $120m $80m $40m - 2016 2017 2018 2019 2020* *Contracts not booked at 30 September 2019. All other values 31 March. Presales are unconditional occupation right agreements which have been entered into by residents but have not been booked as the unit is not yet near complete. 44 $1.2m Sales price vs $1.1m median house price $1.0m $0.9m $0.8m $0.7m $0.6m $0.5m $0.4m Melbourne Auckland Median house price - village areas Ryman - 2 bed independent Ryman - serviced The median house price reflects the average median house price over the last 6 months in the area surrounding our villages. 45 Long term capital efficiency $25 million raised at IPO in 1999 Invested $4 billion in portfolio since 1999 with no fresh capital Dividends of over $860 million paid since float* Self-funded growth Strong balance sheet * Includes interim dividend of 11.5 cents per share that has been declared and is payable on 13 December 2019. 46 growth Underlying profit $280m $120m $160m $200m $240m $40m $80m - 2002 First half underlying profit underlying half First 2003 2004 2005 2006 2007 2008 2009 2010 Second half Second 2011 2012 2013 2014 Target range Target 2015 2016 2017 2018 2019 2020 47 Appendices 48 Appendix 1: First half highlights Underlying profit of $103 million, up 6.2% Reported (IFRS) profit up 11.1% to $188.3 million Interim dividend increased to 11.5 cents, in line with underlying profit growth Full year underlying profit expected to be between $250 million and $265 million Operating cash flows $256.1 million, up 17.6% Total assets up 17.4% to $7.26 billion from September last year $4.0 billion invested in the portfolio since listing 49 Appendix 1: First half highlights Increased investment in resident experience, team development and safety Continued strong demand for villages with only 1.6% of resale stock unsold 97% occupancy at established care centres Eleventh site secured in Victoria, target remains to have five villages open by the end of 2020 Record land bank of 7,074 beds and units Build rate lifting with 12 sites targeted to be under construction by March 2020 50 Appendix 2: Sale of occupation rights Half year Half year Full year Sep 19 Sep 18 Mar 19 Existing units Independent 212 186 378 Serviced 242 219 446 454 405 824 New units Independent 196 120 302 Serviced 33 48 112 229 168 414 Note: 229 new sales of occupation rights for September 2019 includes 47 units rebuilt at Malvina Major 51 Appendix 3: Development Sep 19 Sep 18 Mar 19 Units and beds built Retirement village units added 193 199 464 Plus units demolished (Malvina Major)* 41 0 0 Aged care beds built 0 81 293 Total units and beds built 234 280 757 Total retirement village units Independent 5,013 4,690 4,915 Serviced 2,058 1,923 1,963 7,071 6,613 6,878 Total
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