Re sults Pr e se ntation for the Six Months E nde d 30 Nove mbe r 2017 2 5 Ja n u a ry 2 0 1 8
Age nda SE CT ION PAGE 01 Hig hlig hts o f the six mo nths e nde d 30 No ve mb e r 2017 2 02 Busine ss Ove rvie w a nd Stra te g y 7 03 Upda te o n De ve lo pme nts 13 04 F ina nc ia l Re sults 19 05 Appe ndic e s 33 1
1 Hig hlig hts of the six months e nde d 30 Nove mbe r 2017 SEC TIO N 1 ST RI CT L Y CONF I DE NT I AL 2
1HY2018 Highlights We ha ve d e live re d a stro ng inte rim fina nc ia l re sult a s we ll a s c o ntinuing to e xe c ute o ur ke y d e ve lo pme nts a nd o pe ra tio na l initia tive s. We e xpe c t to a c hie ve o ur I PO F o re c a sts fo r the ye a r e nd ing 31 Ma y 2018 lying 1 E 1 Re por te d NPAT and Pr o for ma Unde r BIT DA ahe ad of the pr e vious c or r e sponding pe r iod ● Und e rlying NPAT o f $19.9m, inc re a se d 121% fro m $9.0m in the pre vio us c o rre spo nd ing pe rio d (“pc p”) ● Re po rte d NPAT o f $42.5m, inc re a se d 93% fro m $22.0m in the pc p ● Pro F o rma Und e rlying E BI T DA o f $25.3m, inc re a se d 9% fro m $23.3m in the pc p ● Ope ra ting c a shflo w o f $17.1m, inc re a se d 34% fro m $12.8m in the pc p ● T o ta l a sse ts inc re a se d b y $160.5m fro m 1HY2017 to re a c h a ppro xima te ly $1.0b n 2 De ve lopme nts on tr ac k ● 25 units c o mple te d a t E lmwo o d in No ve mb e r 2017 (o n time a nd o n fo re c a st c o st) ● 30 c a re suite s c o mple te d a nd Mo H c e rtifie d , a nd 62 a pa rtme nts d ue fo r c o mple tio n in Ja nua ry 2018, a t Me a d o wb a nk (o n time a nd fo re c a st c o st) ● 10 units c o mple te d a t Sto ke in De c e mb e r 2017 (o n time a nd o n fo re c a st c o st) ● 360 units a nd c a re suite s a re und e r c o nstruc tio n a t T he Sa nd s (fo rme rly Ma ure e n Plo wma n), Me lro se , Me a d o wb a nk a nd T re ve llyn ● Ne w g re e nfie ld a c q uisitio n in the prime Auc kla nd sub urb o f St He lie rs 1. Unde rlying NPAT is a no n-GAAP me a sure use d b y Oc e a nia to mo nito r b usine ss pe rfo rma nc e a nd is a c o nside ra tio n in de te rmining divide nd distrib utio ns. Re fe r to pa g e 41 in the Appe ndic e s fo r a de finitio n o f Unde rlying NPAT . Unde rlying NPAT is re po rte d in the o pe ra ting se g me nt no te o f Oc e a nia 's a udite d c o nso lida te d fina nc ia l sta te me nts. T he pro fo rma a djustme nts a re re c o nc ile d o n pa g e 21 o f this pre se nta tio n. Re fe r to pa g e 42 in the Appe ndic e s fo r a n e xpla na tio n o f the pro fo rma a djustme nts ma de . 3
1HY2018 Highlights (c ontinue d) We ha ve d e live re d a stro ng inte rim fina nc ia l re sult a s we ll a s c o ntinuing to e xe c ute o ur ke y d e ve lo pme nts a nd o pe ra tio na l initia tive s. We e xpe c t to a c hie ve o ur I PO F o re c a sts fo r the ye a r e nd ing 31 Ma y 2018 3 Ope r ational E xc e lle nc e ● Supre me Winne r Ove ra ll E xc e lle nc e in Ca re Awa rd fo r the third c o nse c utive ye a r fo r inno va tive “I L o ve Music ” pro g ra mme ● Co ntinue d o ur stro ng Mo H a ud it re sults with 25% o f fa c ilitie s a t 4 ye a rs, a ll o the rs a t 3 ye a rs (up fro m 20% a t 4 ye a rs a s a t Ma y-17) ● Co mme nc e d the imple me nta tio n o f a ne w c linic a l info rma tio n syste m ● Co ntinua tio n o f the c o nve rsio n o f c a re b e d s (7) a nd se rvic e d a pa rtme nts (39) to c a re suite s 4 Inte r im divide nd de c lar e d ● Ma id e n I nte rim d ivid e nd pe r sha re a nno unc e d o f 2.10 c e nts pe r sha re (no t impute d 1 ), in line with I PO fo re c a sts ● Re c o rd d a te o f 13 F e b rua ry 2018. Pa yme nt d a te o f 20 F e b rua ry 2018 ● Annua l ta rg e t d ivid e nd pa yo ut o f 50-60% o f Und e rlying NPAT 1. T he divide nds a re no t impute d due to the a va ila b ility o f e xisting ta x lo sse s. 4
1HY2018 F inanc ial highlights Re po rte d NPAT a nd Pro F o rma Und e rlying E BI T DA a re a he a d o f the pc p. T o ta l a sse ts a s a t 1HY2018 a ppro xima te ly $1.0b Pro forma Unde rlying E BIT DA Re porte d NPAT 50.0 30.0 42.5 25.3 23.6 23.4 23.3 25.0 21.7 40.0 NZD $M’ s 20.0 NZD $M's 27.1 30.0 22.9 22.0 21.6 15.0 20.0 10.0 10.0 5.0 0.0 0.0 1HY2016 2HY2016 1HY2017 2HY2017 1HY2018 1HY2016 2HY2016 1HY2017 2HY2017 1HY2018 T otal Asse ts Ope rating Cash F low 1.2 30.0 26.1 1.0 0.9 1.0 25.0 0.8 20.2 0.8 19.4 0.7 NZD $M's 0.8 20.0 NZD $B's 17.1 12.8 0.6 15.0 0.4 10.0 0.2 5.0 0.0 0.0 1HY2016 2HY2016 1HY2017 2HY2017 1HY2018 1HY2016 2HY2016 1HY2017 2HY2017 1HY2018 5
Ope rational highlights E nha nc ing o ur c linic a l c a re pla tfo rm, re c e iving ind ustry re c o g nitio n a nd stro ng Mo H c e rtific a tio n re sults Winne r o f the Ne w Ze a la nd Ag e d Ca re Asso c ia tio n l o ve ra ll e xc e lle nc e in c a re a wa rd (third ye a r in a ro w) Co ntinue d o ur e xc e lle nt Mo H a ud it re sults with 25% o f l fa c ilitie s a t 4 ye a rs, a ll o the rs a t 3 ye a rs (up fro m 20% a t 4 ye a rs a s a t Ma y-17) Afte r a suc c e ssful tria l a t o ur L a d y Allum site in Milfo rd , l we a re ro lling o ut the Oc e a nia “I L o ve Music ” pro g ra mme a c ro ss a ll o ur site s 2015, 2016 & 2017 Imple me nta tio n o f o ur ne w c linic a l info rma tio n syste m l ha s c o mme nc e d Winne r o f the Se nio r L ife style Cuisine Awa rd (third ye a r l in a ro w) Co ntinua tio n o f c o nve rsio ns o f c a re b e d s to c a re suite s, l with 9 c a re b e d s c o nve rte d to 7 c a re suite s a t Wo o d la nd s a nd Ad d ing to n L ife style a nd 39 se rvic e d a pa rtme nts c o nve rte d to c a re suite s a t E lmwo o d a nd He re ta ung a L a unc he d ne w mo ving a nd ha nd ling tra ining l pro g ra mme a c ro ss a ll fa c ilitie s to re d uc e injury ra te s whe n tra nsfe rring re sid e nts 6
2 Busine ss Ove r vie w a nd Str a te g y SEC TIO N 2 ST RI CT L Y CONF I DE NT I AL 7
Oc e ania at a glanc e We a re a la rg e na tio na l o pe ra to r with a po rtfo lio o f 51 site s tfolio c omposition 4 – Re ma ining “ne e ds” Cur r e nt a nd futur e por Oc e a nia ’s site loc a tions foc use d Ca re Ca re Be ds Suite s Units T ota l No rth Isla nd 1,976 170 741 2,887 So uth Isla nd 593 118 295 1,006 Auc kla nd xisting 1 T ota l E 2,569 288 1,036 3,893 T a ur a ng a De ve lo p me nt Pip e line 3 0 665 1,117 1,782 Ha milton L e ss d e c o mmissio ns (311) 0 (78) (389) Ne t De ve lopme nt Pipe line 2 (311) 665 1,039 1,393 Ha wke ’s Ba y 2,258 953 2,075 5,286 T ota l post de ve lopme nt We lling ton Cur r e nt a nd futur e por tfolio c omposition 4 – Re ma ining “ne e ds” foc use d Ne lson 27% 39% 7% Chr istc hur c h 18% L o c a tio ns with De ve lo pme nt L a nd Ba nk 66% 43% L o c a tio ns with No De ve lo pme nt L a nd Ba nk Curre nt Co mpo sitio n Po st De ve lo pme nt Co mp o sitio n Ca re Be ds Ca re Suite s Units 1. Co mprising 48 o pe ra ting fa c ilitie s a nd 3 und e ve lo pe d site s. F a c ility numb e rs a s a t 30 No ve mb e r 2017. 2. Curre nt a nd pla nne d d e ve lo pme nts. 3. Inc lude s 378 Ca re Stud io s whic h ma y b e initia lly so ld with a PAC, a nd ma y sub se q ue ntly b e so ld und e r a n ORA. Me a d o wb a nk sta g e 3 (30 c a re suite s a nd 62 units) a nd Sto ke (10 units) a re inc lud e d in the d e ve lo pme nt pipe line . T he se we re sub sta ntia lly c o mple te a s a t 30 No v 2017 4. F uture c o mpo sitio n a ssume s e xe c utio n o f c urre nt pla nne d d e ve lo pme nt o f Oc e a nia ’ s Bro wnfie ld De ve lo pme nt la nd b a nk. Re fe r to Appe nd ic e s fo r mo ve me nts in the po rtfo lio fro m 31 Ma y 2017. 8
Summa r y of Oc e a nia’s inve stme nt pr oposition Our b usine ss mo d e l suppo rts a c o mb ina tio n o f d ivid e nd yie ld with lo ng te rm g ro wth po te ntia l Stable re ve nue from “ne e ds- base d” … with growth through pre mium Ag e d c a r e c are se rvic e and gove rnme nt funding…. c harging and c are suite mode l … and re sale margins from e xisting Re gular DMF e arnings stre am… . Villa g e e mbe dde d value De ve lopme nts drive future DMF and … as we ll as upfront de ve lopme nt De ve lopme nt c are e arnings stre ams… c ashflow 9
Oc e ania’s strate gic positioning Our foc us is age d c ar e with a g ro wing re tire me nt villa g e b usine ss Compar ison to othe r liste d ope r ator s E xisting po r tfo lio c o mpo sition F utur e po r tfo lio c o mpo sition 66% 7% 27% 43% 18% 39% Oc e a nia 39% 4% 15% 42% Arvida 50% 0.3% 19% 30% 33% 19% 48% Ryma n 35% 19% 45% 17% 16% 67% Summe rse t 20% 12% 68% 11% 8% 81% 7% 11% 82% Me tlife c a re Ca re Be d s Ca re Suite s Se rvic e d Units I nd e p e nd e nt Units So urc e : Re sults pre se nta tio ns o f o the r o pe ra to rs 10
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