Ann: HALFYR: RYM: Ryman posts record half year pr

• Release Date: 15/11/12 10:33
• Summary: HALFYR: RYM: Ryman posts record half year profit - up 16%
• Price Sensitive: No
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RYM
15/11/2012 08:33
HALFYR

REL: 0833 HRS Ryman Healthcare Limited

HALFYR: RYM: Ryman posts record half year profit  - up 16%

Ryman posts record half year profit  - up 16%

Ryman Healthcare today announced an underlying profit of $48 million for the
first half - a new record for the company and up 16% on last year.
Unrealised valuation gains lifted the reported profit after tax to $69
million.

"It's a terrific result," said Ryman chairman Dr David Kerr.  "We've invested
heavily in new aged care and retirement communities over the past 18 months,
and we are seeing some reward for that commitment."

Ryman shareholders will receive an 18% lift in their interim dividend. The
dividend of 4.6 cents per share will be paid on December 7, with the record
date for entitlements being November 30.

The most notable project completed in the half was the Diana Isaac Retirement
Village in Christchurch, which was designed and built post quake.

Sales of occupation rights lifted 15% to 447 units, and the company opened
226 new resthome, hospital and dementia rooms in the six months under review.

Operating cashflows were also at record levels with $109 million generated
for the half, and the balance sheet received a boost - shareholders equity
lifted 7% to $691 million.

"We are trading well and we're on track to achieve our target of 15%
underlying profit growth for the full year."

In May the company marked a milestone of ten consecutive years of record
profit results.   The company also announced that it had lifted its build
rate to 700 retirement units and aged care beds per annum, in response to the
strong demand for its villages.

Ryman has new villages planned for Waikanae, Howick and Melbourne, and
recently announced plans to develop a new village in Petone.

"We are delighted to have received planning approval for our first Melbourne
village," said Dr Kerr, "and you can expect to see building works under way
early in the New Year."

The company remains committed to investing in aged care and retirement
communities in New Zealand.

The NZ Government has recognised the need for an additional 12,000 - 20,000
aged care beds to meet the projected growth in demand over the next 15 years.

Statistics NZ estimates the number of New Zealanders aged 75 plus will more
than double from 250,000 to 516,000 over the next twenty years.  In Australia
the outlook is similar, with the number aged 75 plus set to double to 2.8
million.

Established in 1984 Ryman currently owns 25 villages nationwide, which each
offer a combination of retirement living and aged care, and serves over 6,500
residents.

Ends

Media advisory: For further information, photos, interviews or comment please
contact Ryman chairman Dr David Kerr on 021 362 403, or Ryman managing
director Simon Challies on 03 3664069 or 0274 968 762

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2012

Unaudited.

Current Half Year NZ$; Up/(Down) %; Previous Corresponding Half Year NZ$

UNDERLYING PROFIT:
48,122,000; 16%; 41,424,000

OPERATING REVENUE:

Trading Revenue:
87,514,000; 19%; 73,718,000
Other Revenue
410,000; -215%; 419,000
Total Operating Revenue
87,924,000; 19%; 74,137,000

Fair value movement of investment properties:
59,134,000; 15%; 51,572,000

TOTAL INCOME:
147,058,000; 17%; 125,709,000

NET PROFIT BEFORE TAXATION:
75,418,000; 17%; 64,388,000

Less tax on operating profit:
6,643,000; 40%; 4,751,000

NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF LISTED ISSUER:
68,775,000; 15%; 59,637,000

Earnings per share:
13.8 cps; 16%; 11.9 cps

Interim Dividend
4.6 cps; 18%; 3.9 cps
Record Date: 30 November 2012
Date Payable: 7 December 2012
Imputation Tax Credit: No Imputation Credit
End CA:00229745 For:RYM    Type:HALFYR     Time:2012-11-15 08:33:59