Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — H1 FY2024 Earnings Presentation
76 slides from Ryman Healthcare's earnings presentation, Nov 29, 2023
Slide 1: Half year result
RYMAN HEALTHCARE Half year result For the period ending 30 September 2023 Presented 29 November 2023
Slide 2: Today's Speakers
Today’s Speakers Richard Umbers David Bennett Rob Woodgate GROUP CHIEF EXECUTIVE CHIEF STRATEGY GROUP CHIEF FINANCIAL OFFICER OFFICER OFFICER 1
Slide 3: Summary
Summary Financial • Unaudited reported (IFRS) profit, which includes fair value movements, of $186.7 million (27.1 cps), down 3.8% performance • Steady unaudited underlying profit1 of $139.2 million, up 0.3% on 1H23, driven by solid growth in operating EBITDA1 (up 7.8%), offset by lower new sales in
Slide 4: Half year key financials
Half year key financials $186.7m -$158.4m Reported (IFRS) profit -3.8% Free cash flow1 • IFRS profit of $186.7 million (27.1 cps), including fair-value movements • Underlying profit steady with higher operating EBITDA offset by lower new sales at $139.2m $49.2m sites under development Underlying pro
Slide 5: Strategic focus
Strategic focus Continued focus on resetting the business for improved long-term performance Management focus Financial metrics which matter Targeted sales and marketing across pricing, Free cash flow from existing operations 1 incentives and brand partnerships Operating EBITDA Leveraging sc
Slide 6: Improvement in operating EBITDA
1. Existing operations Improvement in $160m Operating EBITDA operating EBITDA 146.3 $140m 135.8 • 7.8% increase in operating EBITDA $120m driven by improved village operating 100.5 performance, offset by decline in $100m 94.5 recognised gross resales margin 84.4 87.5 $80m • Resales bank of $1.71 bil
Slide 7: Leading the sector in care quality
1. Existing operations Leading the sector Proportion of care centres with 4-year Ministry of Health certification in New Zealand in care quality 100% 85% • Of all the large aged-care providers in 80% New Zealand1, Ryman has the highest number of care centres with 4-year2 Ministry of Health certifica
Slide 8: Expanding home care offering
1. Existing operations Expanding home care offering • Home care offering growing in Australia with 192 residents receiving funded home care packages, 1-in-7 of ~1,400 independent and serviced residents across our 7 operational villages • Funded home care packages in Australia improves the value prop
Slide 9: Portfolio movement
2. Development activity Portfolio 900 Gross increase in RV units and aged care beds 841 852 movement 800 757 736 711 • Gross portfolio increase of 302 RV units 700 and aged care beds in 1H24 600 • FY24 outlook for gross portfolio increase 477 648 430 663 of 650-750 RV units and beds (previously 500
Slide 10: Development pipeline: New Zealand
2. Development activity Development pipeline: New Zealand Total sites in pipeline 14 Sites under construction 9 Peak capital Median Council Village Village centre Targeted village Design Consenting Construction requirement house price approval open open completion 1 William Sanders High >$1.4m FY24
Slide 11: Development pipeline: Australia
2. Development activity Development pipeline: Australia Total sites in pipeline 9 Sites under construction 5 Peak capital Median Council Village Village centre Targeted village Design Consenting Construction requirement house price approval open open completion 1 Nellie Melba Medium >$1.6m FY26 2 De
Slide 12: Capital recycling projection
2. Development activity Capital recycling Forecast capital recycling on projects under construction projection Other 9 sites under construction 5 impacted sites • Murray Halberg • Miriam Corban 2,500 • Keith Park Capital recycling represents total cash 60 • James Wattie receipts from resident occupa
Slide 13: Gearing within medium-term target
3. Capital management Gearing within 50% Gearing medium-term 45% 44.3% 44.5% 42.6% 45.3% target 40% 35% 33.1% 33.6% • Net debt of $2.47 billion at September 2023 ($2.30 billion at March) 30% • Gearing of 33.6% at September, within 25% medium-term target of 30-35% 20% • Total facility headroom includ
Slide 14: Compliant with all lending covenants
3. Capital management Compliant with all lending covenants 2.25x • Interest cover ratio (ICR) covenant Interest cover ratio amended to be calculated on (ICR) covenant adjusted EBITDA to total interest (>1.75) and excludes USPP interest (ref appendix 23) 0.60 Adjusted total liabilities to net tangibl
Slide 15: Ryman team member Kim, and Charles Upham Village resident Margaret.
Ryman team member Kim, and Charles Upham Village resident Margaret. 14
Slide 16: First half key performance indicators
First half key performance 699 26.4% $281 Booked sales of Gross new sales Revenue per indicators occupation rights margin occupied bed (per day) • Gross resale margins remain above long-run average -9.5% 2.3%* 12.1% vs last year vs last year vs last year • Improving operating metrics in aged care bu
Slide 17: Half year underlying profit of $139.2 million
Half year Alternative profit and loss presentation (non-GAAP1) underlying profit $m 1H24 1H23 YoY of $139.2 million Total revenue Gross resale margin 323.0 114.2 274.2 126.7 17.8% -9.8% Operating expenses2 (290.9) (265.1) 9.7% • Total revenue up 17.8% driven Operating EBITDA 146.3 135.8 7.8% predomi
Slide 18: RV unit sales performance
RV unit sales 1H24 1H23 YoY performance Booked New sales Resales 144 555 216 556 -33.3% -0.2% sales Total 699 772 -9.5% • Total booked sales of occupation rights down 9.5% driven by lower new sales New sales $939k $870k 7.9% Average price Resales $727k $710k 2.4% per unit • Realised fair value movem
Slide 19: Booked sales of occupation rights
Booked sales of 900 Booked sales of occupation rights occupation rights 800 772 703 699 683 700 Resales 216 • Steady booked resales of 555 units 573 577 189 144 600 (down 0.2%) reflecting demand for 229 mature villages 121 500 168 • Available resale stock of 220 units, 400 2.4% of RV unit portfolio
Slide 20: Settled sales of occupation rights
Settled sales of 900 Settled sales of occupation rights occupation rights 800 733 767 706 696 700 668 • Total settlements of occupation rights 232 up 10.2% to 767 600 556 282 271 236 241 • Solid growth in resales settlements, 500 107 up 16.3% to 535 400 • Gross margin from 1H24 settled resales of $1
Slide 21: Average price on booked sales
Average price on $1,000k 939 booked sales 870 $800k 744 717 728 702 • Average new sale and resale prices 727 710 lifted to $939,000 and $727,000 respectively $600k 577 605 501 • Uplift in average pricing largely 455 512 517 521 436 reflects mix of villages, particularly for 396 499 serviced apartmen
Slide 22: Resilient margins despite challenging market
Resilient margins 35% Gross new sale and resale margins despite challenging 32.1% market 30% 29.0% 28.3% 27.3% 26.3% 25.1% 24.6% 25% 23.6% 24.1% • Margins impacted by mix of units 21.4% 20.7% and geographical location 19.8% 20% • Like-for-like pricing flat at a portfolio level during the period 15%
Slide 23: Significant embedded value in existing portfolio
Significant $3.0b Embedded value embedded value 2.45 2.57 2.45 2.45 in existing portfolio $2.5b 2.21 0.62 0.58 0.67 0.74 $2.0b • Portfolio embedded value of 0.54 $2.45 billion (flat vs March 2023), 1.65 including $250 million for Australian $1.5b villages 0.50 • Higher accrued management fees $1.0b
Slide 24: Free cash flow
Alternative free cash flow presentation (non-GAAP1) Free cash flow $m Village and care fees 1H24 251.6 1H23 213.3 YoY 38.3 Resales of occupational rights 355.3 293.7 61.7 Repaid occupational rights on resales (221.0) (201.6) (19.3) New alternative presentation Payments to suppliers and employees (28
Slide 25: Cash flow from existing operations
Cash flow $400m Cash flow from existing operations from existing $300m operations $200m $100m 49.2 New metric showing net cash flow from 10.8 4.4 7.6 existing retirement villages and head - (24.4) (14.0) office functions ($100m) • Cash flow from existing operations of $49.2 million, up on 1H23, driv
Slide 26: Cash flow from development activity
Cash flow $300m Cash flow from development activity from development $200m activity $100m - New metric showing net cash flow from development of new retirement villages ($100m) (94.2) (101.5) (103.7) ($200m) • Negative cash flow from development (187.3) activity of -$187.3 million in 1H23, ($300m) (
Slide 27: Funding update
Funding update $900m Debt maturity profile 843 779 $800m • Following bank refinance in September 2023, total debt facilities including retail 698 $700m 268 bond and ITL, now $3.01 billion 150 • Average funding tenor across all debt $600m of 3.6 years, up from 2.6 years prior to 54 banking refinance
Slide 28: Sustainability progress
Sustainability progress • Set a science-based target to reduce our emissions following a baseline emissions inventory calculation • Baseline inventory, science-based targets, and our emissions reduction plan approved by the Board and submitted to The Science Based Targets initiative (SBTi) for valid
Slide 29: Outlook
Outlook Underlying profit • FY24 underlying profit is expected to be in the range of $300-$330 million (previously $310-$330 million). This wider range reflects the ongoing levels of market uncertainty and dependency on sales in the new year. • Beyond FY24, guidance will not be based on underlying p
Slide 30: Questions
Questions Charles Brownlow Village resident, Wendy. 29
Slide 31: Development updates
Development updates Artist’s impression of our Mulgrave Village, Melbourne. 30
Slide 32: Deborah Cheetham Village
Development Deborah Cheetham Village Ocean Grove Village centre 145 53 120 Independent Serviced Care • Village centre opened and welcomed first serviced apartment Photo, July 2023. and care centre residents in July 2023 • Phase 3 (64 independent townhouses) received final planning conditions (endors
Slide 33: Bert Newton Village
Development Bert Newton Village Highett, Melbourne Stage 2 Stage 3 85 45 79 Independent Serviced Care • Village officially opened with the welcoming of its first residents into the Stage 2 apartment building in June 2023 (article link) Photo, September 2023. • Stage 3 apartment building completed in
Slide 34: Mulgrave Village
Development Mulgrave Village Melbourne 175 54 60 Independent Serviced Care • Commenced construction in 1H24 with civil works under way and built form construction to commence shortly Artist impression. • “Fly-through” video and villa tour available on Ryman Australia website (website link) • Sales o
Slide 35: Miriam Corban Village
Development Miriam Corban Village Stage 5 Henderson, Auckland 208 77 60 Independent Serviced Care • First sub-stage of Stage 5 Photo, September 2023. townhouses completed in July 2023 34
Slide 36: Keith Park Village
Development Keith Park Village Hobsonville, Auckland Stage 6 276 101 120 Independent Serviced Care • Stage 6 independent apartment building completed in July 2023 • Site impacted by severe weather Photo, September 2023. events in early 2023 • Resilient construction team won Construction Site of the
Slide 37: Northwood Village
Development Northwood Village Christchurch 165 71 60 Independent Serviced Care • Village opened, welcoming first independent residents in June 2023 • Stage 9 townhouses completed Photo, July 2023. 36
Slide 38: Patrick Hogan Village
Development Patrick Hogan Village Cambridge 185 60 80 Independent Serviced Care • Village opened, welcoming first independent residents in July 2023 Photo, August 2023. • Stage 2 and 3 townhouses completed • Village named in honour of the late New Zealand horse racing and breeding legend, Sir Patric
Slide 39: Appendices
Appendices Logan Campbell Village resident Dora, and her daughter Vanessa Joe. 38
Slide 40: Reported (IFRS) profit reconciliation
Appendix 1 Reported (IFRS) profit reconciliation 6 months to 6 months to 12 months to 30-Sep-23 30-Sep-22 31-Mar-23 $000s NZ AU Group NZ AU Group NZ AU Group Underlying profit (non-GAAP) 126,961 12,266 139,227 111,683 27,123 138,806 232,222 69,670 301,892 Unrealised revaluations of investment proper
Slide 41: Booked sales of occupation rights
Appendix 2 Booked sales of occupation rights 6 months to 6 months to 12 months to 30-Sep-23 30-Sep-22 31-Mar-23 NZ AU Group NZ AU Group NZ AU Group Resale of existing units Independent 240 24 264 228 26 254 438 52 490 Serviced 268 23 291 285 17 302 528 39 567 508 47 555 513 43 556 966 91 1,057 Sale
Slide 42: Available resales stock
Appendix 3 Available resales stock Uncontracted resales stock 2.5% 2.4% 2.1% 0.6% 2.0% 1.9% 0.5% Sep-23 Mar-23 Sep-22 1.7% 1.7% 0.4% 1.6% Independent living units 108 77 52 1.5% 0.3% 1.4% 1.4% 0.3% Serviced apartments 112 115 92 0.4% 1.2% 1.2% 0.5% 0.4% Total resales stock 220 192 144 0.2% 1.0% 1.0%
Slide 43: Margins
Appendix 4 Margins 6 months to 6 months to 12 months to 30-Sep-23 30-Sep-22 31-Mar-23 $000s NZ AU Group NZ AU Group NZ AU Group New sales Realised fair value movement1 16,661 18,871 35,532 16,616 28,773 45,389 47,067 75,874 122,941 Sale of occupation rights 80,503 54,762 135,265 83,502 104,449 187,9
Slide 44: Refundable accommodation deposits (RADs)
Appendix 5 Refundable accommodation RAD penetration deposits (RADs) 100% 90% 80% 78% 75% 75% RAD balance ($000s) Sep 23 Mar 23 Sep 22 70% New Zealand 131,463 115,329 91,682 60% Australia 232,720 184,985 160,316 50% Group 364,183 300,314 251,998 40% Outstanding RADs (no.) Sep 23 Mar 23 Sep 22 30% New
Slide 45: Investment property valuation summary
Appendix 6 Investment property valuation summary Valuer unit price inflation assumption Discount rate As at 30 September 2023 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5+ Auckland 0.8% 1.5% 2.3% 3.0% 3.5% 12.9% Rest of New Zealand 0.8% 1.4% 2.2% 2.8% 3.4% 13.2% Australia 4.2% 3.2% 3.3% 3.5% 3.6% 13.2% Valuer unit pric
Slide 46: Resales affordability
Appendix 7 Resales affordability $1.8m Resales affordability 1.59 $1.5m 1.17 $1.2m 1.08 0.95 $0.9m 0.72 0.70 0.72 0.70 $0.6m 0.50 $0.3m - Melbourne (A$) Auckland (NZ$) Rest of NZ (NZ$) Median house price - village areas Ryman - 2 bed independent Ryman - serviced The average price shown for Ryman uni
Slide 47: Resident average age and tenure (years)
Appendix 8 Resident average age Average age (current) and tenure (years) 90 89 88 Average age (current) Sep-23 Mar-23 Sep-22 87 Independent 82.6 82.6 82.4 86 Serviced 87.4 87.4 87.3 85 Care centre 86.5 86.4 86.4 84 83 Average age (on entry) Sep-23 Mar-23 Sep-22 82 Independent 80.2 79.8 79.8 81 Servi
Slide 48: Aged care occupancy
Appendix 9 Aged care 100% Aged care occupancy for mature villages occupancy 98% 96% 94% 92% 90% 88% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 FY23 FY22 47
Slide 49: Revenue
Appendix 10 Revenue $000s Financial statement 6 months to 6 months to 12 months to reference 30-Sep-23 30-Sep-22 31-Mar-23 Care 204,607 170,881 356,440 Serviced 24,522 22,190 44,975 Independent 19,885 17,116 35,926 Care and village fees Income statement 249,014 210,187 437,341 Care - - - Serviced 19
Slide 50: Cash management fees
Appendix 11 Cash management fees Financial statement 6 months to 6 months to 12 months to $000s reference 30-Sep-23 30-Sep-22 31-Mar-23 Accrued management fees and resident loans – opening (Note 10) 671,838 578,254 578,254 Accrued management fees and resident loans – closing (Note 10) (739,812) (622
Slide 51: Operating cash flow
Appendix 12 Operating cash flow Financial statement 6 months to 6 months to 12 months to $000s 30-Sep-23 30-Sep-22 31-Mar-23 reference Care and village fees received Not disclosed 251,640 213,302 442,915 Refundable accommodation deposits (net) Not disclosed 54,495 45,040 100,619 New sale of occupati
Slide 52: Investing cash flow
Appendix 13 Investing cash flow $600m Investing cash flow 540.5 38.0 496.3 $500m 29.2 29.3 17.8 409.6 411.5 $400m 20.6 25.7 362.6 23.2 30.2 25.7 306.6 18.3 $300m 358.3 27.5 20.0 398.7 $200m 237.9 325.8 315.2 208.2 $100m 6.6 0.2 115.3 71.2 48.2 36.5 35.3 50.6 - 1H19 1H20 1H21 1H22 1H23 1H24 Purchases
Slide 53: Free cash flow
Appendix 14 Free cash flow Financial statement and 6 months to 6 months to 12 months to $m appendix reference 30-Sep-23 30-Sep-22 31-Mar-23 Care and village fees Appendix 12 251.6 213.3 442.9 Resales of occupational rights Appendix 12 355.3 293.7 611.7 Repaid occupational rights on resales Cash flow
Slide 54: Capital recycling projection
Appendix 15 Capital recycling Capital recycling for sites under construction (non-GAAP1) projection $m Started Current Forecast 2 Forecast construction phase total cost capital recycing Capital recycling represents total cash Murray Halberg3 FY18 Late stages 400-500 receipts from resident occupancy
Slide 55: Balance sheet summary
Appendix 16 Balance sheet summary $m 6-month Sep-23 Mar-23 Sep-22 Mar-22 Sep-21 Mar-21 change Cash and cash equivalents 5 33 28 26 28 15 20 Trade and other receivables (41) 678 719 792 671 509 543 Assets held for sale 39 71 31 - - - - Property, plant & equipment 32 2,238 2,205 2,230 2,091 1,847 1,65
Slide 56: Retirement village unit receivables and payouts
Appendix 17 Retirement village unit receivables and payouts $m 6-month Sep-23 Mar-23 Sep-22 Mar-22 Sep-21 Mar-21 change Trade and other receivables New sales receivable (72.2) 249.9 322.0 389.9 358.4 209.9 290.6 Gross resales receivable 6.1 357.3 351.2 350.3 262.3 247.6 188.2 Other1 24.6 70.6 45.9 5
Slide 57: Development work in progress
Appendix 18 Development work in progress $m, all figures at cost 6-month Sep-23 Mar-23 Sep-22 Mar-22 Sep-21 Mar-21 change Included within property, plant and equipment Land pending development (72.9) 451.0 523.9 690.9 636.4 533.7 343.4 Aged care centres under development 132.0 356.0 224.0 341.1 285.
Slide 58: Net debt and total assets trend
Appendix 19 Net debt and total $14b Net debt and total assets assets trend $12b $10b $8b 13.09 12.51 $6b 12.03 10.97 9.85 9.17 $4b $2b 3.00 2.25 2.43 2.55 2.30 2.47 - Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Total assets Net interest-bearing debt 57
Slide 59: Debt funding summary
Appendix 20 Debt funding summary Debt facilities at 30 September 2023 Net debt by funding type 1 3.00 $000s Facility size Drawn debt Headroom $3.0b (NZD) (NZD) (NZD) 2.55 2.43 0.72 2.47 NZD Bank facilities 1,781,629 1,415,130 366,499 $2.5b 2.25 2.30 0.39 0.26 AUD Bank facilities2 810,448 676,357 134
Slide 60: Key debt metrics
Appendix 21 Key debt metrics Debt facilities Reference 30-Sep-23 31-Mar-23 30-Sep-22 Total facilities at face value 3,010,261 2,889,373 3,477,396 Drawn interest bearing debt at face value Note 8 2,509,670 2,340,034 3,022,230 Debt headroom 500,591 549,339 455,166 Cash and cash equivalents Balance she
Slide 61: Fixed rate debt profile at 30 September 2023
Appendix 22 Fixed rate debt profile at 30 September 2023 Notional value of fixed rate debt ($m) Average interest rate on fixed rate debt (%) $1,800m 7.0% 6.5% 1,572 6.3% 6.2% 6.2% $1,600m 6.0% 5.5% 5.6% 5.6% 5.4% 5.4% 5.5% $1,400m 365 1,293 1,253 1,203 1,208 5.0% 4.8% $1,200m 1,073 1,063 375 375 $1,
Slide 62: Debt covenants
Appendix 23 Debt covenants Interest coverage ratio (ICR) Adjusted total liabilities to net tangible assets for the 12 months ending 30 September 2023 at 30 September 2023 $000s Reference $000s Gross interest expense Adjusted total liabilities Total finance costs 207,721 Total liabilities Balance she
Slide 63: Summary of RV Units and aged care beds
Appendix 24 Summary of RV Units and aged care beds Unit type Asset base Land bank Asset base and land bank New Australia Total New Australia Total New Australia Total Zealand Zealand Zealand Independent townhouse 2,760 130 2,890 840 282 1,122 3,600 412 4,012 Independent apartment 3,009 824 3,833 1,0
Slide 64: Development of RV Units and aged care beds
Appendix 25 Development of RV Units and aged care beds Independent Independent Serviced Total Aged care Total RV units townhouse apartment apartment RV units beds and beds New Zealand William Sanders - 6 - 6 - 6 Murray Halberg - 12 - 12 - 12 Miriam Corban 14 17 5 36 - 36 Keith Park - 10 11 21 15 36
Slide 65: Movement in RV units and Aged Care beds
Appendix 26 Movement in RV units and Aged Care beds As at 31 March 2023 As at 30 September 2023 Near Near Complete Total Complete Total complete complete Sold RV units 8,307 167 8,474 Sold RV units 8,560 26 8,586 Vacant RV Vacant RV 192 - 192 220 - 220 resale stock resale stock Total units included
Slide 66: Asset base: New Zealand (ex Auckland)
Appendix 27 Asset base: New Zealand (ex Auckland) Village Location Hospital Dementia Resthome Total Serviced Independent Independent Total Total RV units care care care care apartment apartment townhouse RV units and care Anthony Wilding Christchurch 80 33 35 148 50 - 110 160 308 Bob Owens Tauranga
Slide 67: Asset base: New Zealand (Auckland)
Appendix 27 cont. Asset base: New Zealand (Auckland) Village Location Hospital Dementia Resthome Total Serviced Independent Independent Total Total RV units care care care care apartment apartment townhouse RV units and care Bert Sutcliffe Birkenhead 40 40 38 118 81 225 - 306 424 Bruce McLaren Howic
Slide 68: Asset base: Australia
Appendix 27 cont. Asset base: Australia Village Location Hospital Dementia Resthome Total Serviced Independent Independent Total Total RV units care care care care apartment apartment townhouse RV units and care Charles Brownlow Victoria 40 20 40 100 60 23 57 140 240 Deborah Cheetham Victoria 40 40
Slide 69: Land bank: New Zealand
Appendix 28 Land bank: New Zealand Location Hospital Dementia Resthome Total Serviced Independent Independent Total Total RV units care care care care apartment apartment townhouse RV units and care Existing villages Grace Joel Auckland - - - - - 96 - 96 96 James Wattie Hawkes Bay 8 8 5 21 16 - 24 4
Slide 70: Land bank: Australia
Appendix 28 cont. Land bank: Australia Location Hospital Dementia Resthome Total Serviced Independent Independent Total Total RV units care care care care apartment apartment townhouse RV units and care Existing villages Nellie Melba Melbourne - - - - - 74 - 74 74 Deborah Cheetham Victoria - - - - -
Slide 71: Glossary
Glossary Term Definition Term Definition AU Australia ORA An occupation right agreement within the meaning of the Retirement Villages Act 2003 (for Villages in New Zealand) or a residence contract within the meaning Capital recycling Total cash receipts from resident occupancy advances and refundabl
Slide 72: Our villages
Our villages NEW ZEALAND NORTH ISLAND EX AUCKLAND Aotearoa Te Ika-a-māui Village Location Opened Malvina Major Wellington 1998 Shona McFarlane Lower Hutt 2000 Rita Angus Wellington 2001 Hilda Ross Hamilton 2002 Princess Alexandra Napier 2003 Jane Winstone Whanganui 2006 Julia Wallace Palmerston Nort
Slide 73: Our villages
Our villages NEW ZEALAND AUCKLAND REGION Aotearoa Tāmaki-makau rohe Village Location Opened Grace Joel St Heliers 2002 Edmund Hillary Remuera 2007 Evelyn Page Ōrewa 2009 Bruce McLaren Howick 2014 Possum Bourne Pukekohe 2015 Bert Sutcliffe Birkenhead 2016 Logan Campbell Greenlane 2018 Murray Halberg
Slide 74: Our villages
Our villages NEW ZEALAND SOUTH ISLAND Aotearoa Te Waipounamu Village Location Opened Woodcote Christchurch 1991 Essie Summers Christchurch 1991 Margaret Stoddart Christchurch 1993 Frances Hodgkins Dunedin 1994 Rowena Jackson Invercargill 1996 Ngaio Marsh Christchurch 1998 Anthony Wilding Christchurc
Slide 75: Our villages
Our villages AUSTRALIA VICTORIA Village Location Opened Weary Dunlop Wheelers Hill 2014 Essendon Terrace2 Essendon 2014 Nellie Melba Wheelers Hill 2018 Charles Brownlow Highton 2020 Deborah Cheetham Ocean Grove 2020 John Flynn Burwood East 2020 Raelene Boyle Aberfeldie 2021 Bert Newton Highett 2023
Slide 76: Disclaimer
Disclaimer This presentation has been prepared by Ryman Healthcare Limited and its group companies ("Ryman") for informational purposes. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This presentation provides additional comments on the half