Ryman Healthcare Ltd. · NZX:RYM
Ryman Healthcare — FY2024 Earnings Presentation
75 slides from Ryman Healthcare's earnings presentation, May 27, 2024
Slide 1: Full year result
RYMAN HEALTHCARE Full year result For the period ending 31 March 2024 Presented 27 May 2024
Slide 2: Today's Speakers
RYMAN HEALTHCARE | 2024 Result Presentation 2 Today’s Speakers Dean Hamilton Rob Woodgate EXECUTIVE CHAIR GROUP CHIEF FINANCIAL OFFICER
Slide 3: Agenda
RYMAN HEALTHCARE | 2024 Result Presentation 3 Agenda Change programme Financials Balance sheet and capital Sales and settlements Development Strategic focus Governance and remuneration Outlook Keith Park Village resident Mary and her grandson.
Slide 4: Change programme progressing
RYMAN HEALTHCARE | 2024 Result Presentation 4 Change programme progressing Board refresh • Board renewal with three members retiring and four new Board members in FY24 • Two further retirements in calendar 2024 • New Chair of the Board and new Chairs of all Board subcommittees Management refresh • G
Slide 5: Ryman at a glance
RYMAN HEALTHCARE | 2024 Result Presentation 5 Ryman at a glance Open villages Retirement village units Residents 48 (Includes 9 villages under construction) 9,187 14,606 NZ: 40 | AU: 8 NZ: 7,843 | AU: 1,344 NZ: 12,561 | AU: 2,045 Sites under construction Aged care beds Team members 10 (Includes 9 op
Slide 6: Financials
RYMAN HEALTHCARE | 2024 Result Presentation 66 Financials Patrick Hogan Village.
Slide 7: Financial reporting
RYMAN HEALTHCARE | 2024 Result Presentation Financials 7 Financial reporting Earnings guidance • Underlying profit of $270.0 million, in-line with February 2024 guidance of $265–285 million met for FY24 New financial metrics • Measuring financial performance on (1) cash flow from existing operations
Slide 8: Financial metrics
RYMAN HEALTHCARE | 2024 Result Presentation Financials 8 Financial metrics Cash flow from existing Cash flow from Net interest-bearing operations1 development activity1 debt $43.3m ($230.2m) $2.51b Up $51.8m | FY23: -$8.5m Up $150.8m | FY23: ($381.0m) Up $0.21b | FY23: $2.30b | 1H24: $2.47b Gearing:
Slide 9: Statutory profit and loss
RYMAN HEALTHCARE | 2024 Result Presentation Financials 9 Statutory profit and loss Profit and loss ($m) FY23 FY24 YoY • Net profit after tax (NPAT) of $4.8 million, driven by impairment losses Care and village fees 437.3 510.4 17% and lower fair-value movements, offset by a higher deferred tax credi
Slide 10: Revenue
RYMAN HEALTHCARE | 2024 Result Presentation Financials 10 Revenue Revenue by accommodation type1 ($m) FY23 FY24 YoY Aged care Aged care beds Care fees 356.4 418.9 18% • Total aged care revenue of $443.3 million, up 20% on FY23 driven by Imputed income on RADs 12.8 24.5 91% 6% increase in occupied be
Slide 11: Operating expenses
RYMAN HEALTHCARE | 2024 Result Presentation Financials 11 Operating expenses Operating expenses ($m) FY23 FY24 YoY Gross operating expenses up 16% (up 12% excluding one-offs) Employee expenses (418.9) (484.9) 16% Operations (86.2) (88.2) 2% • Employee expenses up 16% reflecting legislative increases
Slide 12: Impairments and one-off costs
RYMAN HEALTHCARE | 2024 Result Presentation Financials 12 Impairments and one-off costs Total impairments and one-off costs ($m) FY23 FY24 • Total one-off costs1 of $283.9 million in FY24, up from $175.4 million Impairment loss 11.0 243.6 in FY23 Costs relating to USPP prepayment 152.1 - Impairment
Slide 13: Cash flow from existing operations
RYMAN HEALTHCARE | 2024 Result Presentation Financials 13 Cash flow from existing operations $m FY23 FY24 YoY Village operations Cash flow from existing operations1 (CFEO) includes operating villages, Care and village fees 442.9 518.8 75.9 group and regional office and shared services functions and
Slide 14: Cash flow from development activity
RYMAN HEALTHCARE | 2024 Result Presentation Financials 14 Cash flow from development activity $m FY23 FY24 YoY Resident receipts Cash flow from development activity1 (CFDA) includes resident receipts from new sales of occupation rights, the net increase New sale settlements of occupation rights2 447
Slide 15: Free cash flow
RYMAN HEALTHCARE | 2024 Result Presentation Financials 15 Free cash flow $m FY23 FY24 YoY Free cash flow1 combines cash flow from existing operations (CFEO) Alternative cash flow presentation and cash flow from development activity (CFDA), reflecting all Cash flow from existing operations (CFEO) (8.
Slide 16: Underlying profit
RYMAN HEALTHCARE | 2024 Result Presentation Financials 16 Underlying profit Underlying profit reconciliation ($m) FY23 FY24 YoY Underlying profit1 in-line with guidance Net profit after tax (NPAT) 257.8 4.8 -98% • Underlying profit of $270.0 million, down -11% on FY23 and in-line with Items excluded
Slide 17: Balance sheet and capital
RYMAN HEALTHCARE | 2024 Result Presentation 17 17 Balance sheet and capital Deborah Cheetham Village.
Slide 18: Valuation movements
RYMAN HEALTHCARE | 2024 Result Presentation Financials 18 Valuation movements Property, plant and equipment ($m) FY24 Transfer of sites between fixed assets Opening gross carrying value 2,363,358 • Costs within investment property relating to Ringwood East and Additions 178,481 Transfer from investm
Slide 19: Capital management
RYMAN HEALTHCARE | 2024 Result Presentation Financials 19 Capital management $m Mar-23 Mar-24 YoY Balance sheet Balance sheet summary Total assets 12,511 13,084 573 • Total equity down -$246 million to $4,418 million Total liabilities 7,847 8,666 820 • Net tangible assets (NTA) down $389 million to
Slide 20: Funding and treasury
RYMAN HEALTHCARE | 2024 Result Presentation Financials 20 Funding and treasury Debt facilities (NZ$m) Mar-23 Mar-24 Debt funding NZD & AUD Bank facilities 2,472 2,603 • Bank refinance in 1H24 increased total bank facilities to $2,603 million NZD retail bond 150 150 AUD institutional term loan 267 27
Slide 21: Sales and settlements of occupation right agreements
RYMAN HEALTHCARE | 2024 Result Presentation 21 21 Sales and settlements of occupation right agreements Artist’s impression of our Northwood Village.
Slide 22: Settled new sales of ORAs
RYMAN HEALTHCARE | 2024 Result Presentation Sales 22 Settled new sales of ORAs Settled new sales volume by country • Gross value of settled new sales down -8% to $412.1 million with 600 a decline in volumes being partially offset by an increase in average 530 502 price per unit 466 500 444 438 430 •
Slide 23: Settled resales of ORAs
RYMAN HEALTHCARE | 2024 Result Presentation Sales 23 Settled resales of ORAs Settled resales volume by country • Gross value of settled resales up 21% to $778.7 million driven by higher volumes and higher average price 1,200 1,060 • Settled resales volumes up 13% to a record 1,060 units, driven by 1
Slide 24: Booked new sales of ORAs
RYMAN HEALTHCARE | 2024 Result Presentation Sales 24 Booked new sales of ORAs Booked new sales volume by country • Booked new sale volumes down -24% to 352 units, predominantly 600 560 reflecting lower unit deliveries in Australia 513 503 462 • Average unit pricing up 4% across all new sales, with s
Slide 25: Booked resales of ORAs
RYMAN HEALTHCARE | 2024 Result Presentation Sales 25 Booked resales of ORAs Booked resales volume by country • Booked resale volumes up 10% to 1,158 units, reflecting a 7% increase in New Zealand and a 34% increase in Australia 1,400 1,158 • Average unit pricing up 2% across all resales, with servic
Slide 26: Uncontracted RV units available for sale
RYMAN HEALTHCARE | 2024 Result Presentation Sales 26 Uncontracted RV units available for sale Uncontracted new sale units • Uncontracted new RV units of 238 at March 2024, up 34% on FY23 reflecting an increase in independent units, offset by a decrease 300 in serviced apartment units 241 233 238 250
Slide 27: Development
RYMAN HEALTHCARE | 2024 Result Presentation 27 27 Development Artist’s impression of our Mulgrave Village.
Slide 28: Development summary
RYMAN HEALTHCARE | 2024 Result Presentation Development 28 Development summary Build rate • FY24 build rate of 736 RV units and aged care beds • Build rate to be reported on a complete basis going forward for greater clarity on deliveries each year and aligning with focus on cash flow Construction •
Slide 29: Development capital recycling
RYMAN HEALTHCARE | 2024 Result Presentation Financials 29 Development capital recycling Projected total capital recycling Projected capital recycling ($m) to-go ($m) • Capital recycling represents total cash from resident receipts on first occupancy of RV units and aged care beds (ORAs and RADs), le
Slide 30: New Zealand development pipeline
RYMAN HEALTHCARE | 2024 Result Presentation Development 30 New Zealand development pipeline FY24 changes 6 Sites under construction 5 Greenfield sites In land bank 3,161 Units and beds in land bank Development pipeline Sites under construction William Sanders complete and removed Village Land Asset
Slide 31: Australian development pipeline
RYMAN HEALTHCARE | 2024 Result Presentation Development 31 Australian development pipeline FY24 changes 4 Sites under construction 5 Greenfield sites In land bank 2,210 Units and beds in land bank Development pipeline Sites under construction John Flynn complete and removed Village Land Asset 1 Land
Slide 32: FY24 build rate – previous methodology
RYMAN HEALTHCARE | 2024 Result Presentation Development 32 FY24 build rate – previous methodology FY24 build rate • FY24 recognised build rate of 736 units and beds Independent Main buildings • Higher end of build range achieved due to the inclusion of Townhouse Apartment Serviced Care Total Kevin H
Slide 33: Build rate outlook – new methodology
RYMAN HEALTHCARE | 2024 Result Presentation Development 33 Build rate outlook – new methodology Build rate outlook Outlook • FY25 guidance of 850–950 completed units and beds underpinned FY25 FY26-FY27 Next by four main buildings opening (totaling 649 care beds and serviced (combined) 3-years apartm
Slide 34: Land bank of RV units and aged care beds
RYMAN HEALTHCARE | 2024 Result Presentation Development 34 Land bank of RV units and aged care beds FY24 Land bank • Active management of the land bank o Deborah Cheetham land acquisition adding capacity Townhouse Apartment Serviced Care Total for 58 townhouses FY23 reported land bank 1,185 2,243 1,
Slide 35: Deborah Cheetham land acquisition
RYMAN HEALTHCARE | 2024 Result Presentation Development 35 Deborah Cheetham land acquisition Phase 4 expansion land acquired in January 2024 2.0-hectare parcel will support an additional 58 townhouses across three stages Phase 4 is the third parcel of land acquired following the original site and ph
Slide 36: Completed developments
RYMAN HEALTHCARE | 2024 Result Presentation Development 36 Completed developments William Sanders Murray Halberg Devonport, Auckland Lynfield, Auckland Townhouse: 0 | Apartment: 189 | Serviced: 77 | Care: 112 Townhouse: 0 | Apartment: 344 | Serviced: 86 | Care: 122 Stage 8 Stage 5 Stage 8 Photo, 2 A
Slide 37: Development progress
RYMAN HEALTHCARE | 2024 Result Presentation Development 37 Development progress Miriam Corban Keith Park Henderson, Auckland Hobsonville, Auckland Townhouse: 32 | Apartment: 176 | Serviced: 65 | Care: 71 Townhouse: 0 | Apartment: 276 | Serviced: 101 | Care: 120 Main building Stage 7 Main building St
Slide 38: Development progress
RYMAN HEALTHCARE | 2024 Result Presentation Development 38 Development progress Patrick Hogan James Wattie Cambridge Havelock North Townhouse: 185 | Apartment: 0 | Serviced: 60 | Care: 80 Townhouse: 103 | Apartment: 44 | Serviced: 78 | Care: 89 Main building Main building Stage 4 Stage 2 Stage 5 Sta
Slide 39: Development progress
RYMAN HEALTHCARE | 2024 Result Presentation Development 39 Development progress Kevin Hickman Northwood Riccarton Park, Christchurch Christchurch Townhouse: 59 | Apartment: 172 | Serviced: 65 | Care: 80 Townhouse: 82 | Apartment: 83 | Serviced: 71 | Care: 60 Stage 4 Stage 3 Stage 8 Main building Sta
Slide 40: Development progress
RYMAN HEALTHCARE | 2024 Result Presentation Development 40 Development progress Nellie Melba Bert Newton Wheelers Hill, Melbourne Highett, Melbourne Townhouse: 0 | Apartment: 322 | Serviced: 85 | Care: 190 Townhouse: 0 | Apartment: 85 | Serviced: 45 | Care: 79 Main building Stage 4 Stage 4 Stage 3 S
Slide 41: Development progress
RYMAN HEALTHCARE | 2024 Result Presentation Development 41 Development progress Mulgrave Deborah Cheetham Melbourne Ocean Grove Townhouse: 70 | Apartment: 105 | Serviced: 54 | Care: 60 Townhouse: 203 | Apartment: 0 | Serviced: 53 | Care: 120 Main building Stage 6 Land acquisition Stage 7 Stage 8 Sta
Slide 42: Strategic focus
RYMAN HEALTHCARE | 2024 Result Presentation 42 42 Strategic focus Caregivers at our Anthony Wilding Village.
Slide 43: Creating value for our stakeholders
RYMAN HEALTHCARE | 2024 Result Presentation Strategy 43 Creating value for our stakeholders Our resources Value created Our Developing people our people Our Enhancing expertise our expertise Our Growing communities our communities Our Strengthening relationships our relationships Our Protecting envi
Slide 44: Driving business improvement: Focus areas
RYMAN HEALTHCARE | 2024 Result Presentation Strategy 44 Driving business improvement: Focus areas
Slide 45: Aged care funding – sector under pressure
RYMAN HEALTHCARE | 2024 Result Presentation Strategy 45 Aged care funding – sector under pressure Current environment • Current aged care funding model not working in New Zealand and Australia, leading to bed closures and limited new builds in the face of growing demand. • We believe Governments nee
Slide 46: Sustainability progress
RYMAN HEALTHCARE | 2024 Result Presentation Strategy 46 Sustainability progress We remain committed to our sustainability journey and decarbonising our operations • Following the launch of our sustainability strategy in late 2022, we’ve released our first Sustainability Report, available on our webs
Slide 47: Governance and remuneration
RYMAN HEALTHCARE | 2024 Result Presentation 47 47 Governance and remuneration Artist’s impression of our Bert Newton Village.
Slide 48: Board of directors
RYMAN HEALTHCARE | 2024 Result Presentation Governance 48 Board of directors Board committees Dean Hamilton James Miller The board has four committees that meet Elected at 2023 ASM EXECUTIVE NON-EXECUTIVE regularly, as follows: CHAIR DIRECTOR Joined 2023 Joined 2023 1. Audit, Finance and Risk Chair:
Slide 49: Executive team
RYMAN HEALTHCARE | 2024 Result Presentation Governance 49 Executive team Dean Hamilton Rob Woodgate Deborah Marris EXECUTIVE GROUP CHIEF GROUP GENERAL COUNSEL CHAIR FINANCIAL OFFICER AND COMPANY SECRETARY Joined 2023 Joined 2023 Joined 2022 Cheyne Chalmers Cameron Holland Chris Evans CHIEF EXECUTIVE
Slide 50: Remuneration
RYMAN HEALTHCARE | 2024 Result Presentation Governance 50 Remuneration Group CEO Executive Chair • Agreed resignation effective 19 April • Temporary role until new Group CEO in place • As per contract, final payment of $1,525,000: • Existing Chair fee of $300,000 pa suspended o $1,300,000 being six
Slide 51: Outlook
RYMAN HEALTHCARE | 2024 Result Presentation 51 51 Outlook Residents John and Bev at our Northwood Village.
Slide 52: FY25 outlook – turnaround underway
RYMAN HEALTHCARE | 2024 Result Presentation Outlook 52 FY25 outlook – turnaround underway Cash flow We continue to target positive free cash flow (representing the Ryman’s outlook for FY25 is based on current combination of cash flow from existing operations and cash flow from market conditions and
Slide 53: Appendices
RYMAN HEALTHCARE | 2024 Result Presentation 53 53 Appendices A Ryman resident receiving home care services.
Slide 54: Appendix 1: Aged care summary
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 54 Appendix 1: Aged care summary New Zealand aged care centres Australia aged care centres Unit FY23 FY24 YoY Unit FY23 FY24 YoY Operational care centres # 34 34 - Operational care centres # 5 6 20% Mature care centres # 32 34 6% Mature care cen
Slide 55: Appendix 2: Booked sales of ORAs
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 55 Appendix 2: Booked sales of ORAs Volume Gross value Average unit price Gross margin booked Gross margin New sale of ORAs (#) ($000s) ($000s) ($000s) (%) FY23 FY24 YoY FY23 FY24 YoY FY23 FY24 YoY FY23 FY24 YoY FY23 FY24 YoY Independent NZ 165
Slide 56: Appendix 3: Cash flow from ORA settlements
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 56 Appendix 3: Cash flow from ORA settlements Resident funding from RV units ($m) Financial statement reference FY23 FY24 YoY New sales of occupation rights Gross new sale settlements 447.2 412.1 (35.2) Suspended contributions on new sales - (3.
Slide 57: Appendix 4: Alternative cash flow detail
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 57 Appendix 4: Alternative cash flow detail Cash management fees ($m) Financial statement reference FY23 FY24 YoY Accrued DMF - opening Note 19 (517.2) (597.3) (80.1) Accrued DMF - closing Note 19 (597.3) (713.8) (116.4) Movement in accrued DMF
Slide 58: Appendix 5: Capex on existing operations
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 58 Appendix 5: Capex on existing operations Capex on existing operations ($m) FY23 FY24 YoY Property projects1 22.1 24.3 2.2 Property general2 19.2 22.1 2.9 Technology projects1 25.3 18.5 (6.8) Technology general2 3.6 1.9 (1.8) Capex on existing
Slide 59: Appendix 6: Balance sheet summary
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 59 Appendix 6: Balance sheet summary $m Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 YoY change ($) Cash and cash equivalents 20 15 28 26 28 33 42 14 Trade and other receivables 543 509 671 792 719 678 688 (31) Assets held for sale - - - - 3
Slide 60: Appendix 7: RV unit receivables and payouts
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 60 Appendix 7: RV unit receivables and payouts $m Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 12-month change Trade and other receivables Gross new sales receivable 290.6 209.9 358.4 389.9 322.0 249.9 241.1 (80.9) Gross resales receivable 1
Slide 61: Appendix 8: Investment property valuation
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 61 Appendix 8: Investment property valuation Investment Property ($m) Mar-23 Mar-24 YoY Valuation assumptions for manager's net interest Investment property held at cost Investment property under development (cost) 787 703 (84) Completed stock n
Slide 62: Appendix 9: Key funding metrics
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 62 Appendix 9: Key funding metrics Interest bearing debt ($000s) Financial statement reference Sep-22 Mar-23 Sep-23 Mar-24 NZD bank loans Note 17 1,192,740 1,277,590 1,415,130 1,483,980 AUD bank loans Note 17 686,141 645,179 676,357 653,099 AUD
Slide 63: Appendix 10: Fixed rate debt profile
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 63 Appendix 10: Fixed rate debt profile Notional value of fixed rate debt ($m)1 Average interest rate on fixed rate debt (%)2 $1,800m 7.0% 6.5% 6.5% 1,606 1,566 6.1% 6.2% 6.2% $1,600m 1,516 1,536 6.0% 5.8% 5.8% 5.8% 5.8% 1,426 5.7% 5.7% 1,401 $1
Slide 64: Appendix 11: Financial covenants
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 64 Appendix 11: Financial covenants Interest coverage ratio (ICR) for the 12 months ending 31 March 2024 Adjusted total liabilities to net tangible assets at 31 March 2024 $000s FY24 $000s FY24 Gross interest expense Adjusted total liabilities T
Slide 65: Appendix 12: Gross resale bank and resales affordability
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 65 Appendix 12: Gross resale bank and resales affordability Gross resale bank ($b)1 Resales affordability ($m) 1.95 $1.8m $2.00b 1.87 0.18 1.78 1.54 0.13 1.71 1.67 1.61 $1.5m 0.18 $1.60b 0.12 0.16 0.18 1.19 $1.2m 1.06 $1.20b 0.96 $0.9m 0.74 0.75
Slide 66: Appendix 13: FY24 portfolio rebasing
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 66 Appendix 13: FY24 portfolio rebasing • Previous methodology for asset base included complete and near complete units and beds at period end • New methodology for asset base includes only complete units and beds. FY24 asset base and land bank
Slide 67: Appendix 14: Asset base and land bank
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 67 Appendix 14: Asset base and land bank New Zealand - established villages Village Location Opened TH IA SA Res Hos Dem Asset TH IA SA Res Hos Dem Land Total base bank Woodcote Christchurch FY91 18 - 7 49 - - 74 - - - - - - - 74 Essie Summers C
Slide 68: Appendix 14: Asset base and land bank cont.
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 68 Appendix 14: Asset base and land bank cont. New Zealand - development Village Location Opened TH IA SA Res Hos Dem Asset TH IA SA Res Hos Dem Land Total base bank Miriam Corban Auckland FY21 32 154 - - - - 186 - 22 66 20 20 31 159 345 James W
Slide 69: Appendix 14: Asset base and land bank cont.
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 69 Appendix 14: Asset base and land bank cont. Australia - established villages Village Location Opened TH IA SA Res Hos Dem Asset TH IA SA Res Hos Dem Land Total base bank Weary Dunlop Melbourne FY15 - 200 48 20 42 20 330 - - - - - - - 330 Char
Slide 70: Appendix 15: Movement in RV units and aged care beds
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 70 Appendix 15: Movement in RV units and aged care beds At 31 March 2023 Complete Near Complete At 31 March 2024 Complete Near Complete complete and near complete and near complete complete Contracted RV units 8,307 167 8,474 Contracted RV units
Slide 71: Appendix 16: Build rate trend
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 71 Appendix 16: Build rate trend Independent units1 • Previous methodology for build rate based on portfolio movement 443 429 441 447 402 of complete and near complete units and beds at year end 388 382 349 • Build rate outlook based on new meth
Slide 72: Appendix 17: Accommodation summary
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 72 Appendix 17: Accommodation summary Independent Serviced Aged care townhouse or apartment apartment Asset base 6,750 units 2,437 units 4,339 beds Accommodation • Licensed under ORA with standard DMF pricing of • Licensed under ORA with standar
Slide 73: Appendix 18: New Zealand market share
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 73 Appendix 18: New Zealand market share Retirement village sector Aged care sector Ryman Healthcare 15.6% Ryman Healthcare 10.3% Summerset 12.6% Bupa Healthcare 9.2% Metlifecare 11.5% Heritage Lifecare 6.8% Arvida Group 8.4% Radius Care 4.9% Oc
Slide 74: Glossary
RYMAN HEALTHCARE | 2024 Result Presentation Appendices 74 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 Capital
Slide 75: Disclaimer
RYMAN HEALTHCARE | 2024 Result Presentation 75 Disclaimer This presentation has been prepared by Ryman Purpose of this presentation Healthcare Limited and its group companies This presentation is not an offer of financial products, or a proposal or invitation to make any such offer. It is not invest