Ann: HALFYR: RYM: Ryman posts record result - underlying profit up 13%

• Release Date: 21/11/14 08:31
• Summary: HALFYR: RYM: Ryman posts record result - underlying profit up 13%
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					RYM
21/11/2014 08:31
HALFYR

REL: 0831 HRS Ryman Healthcare Limited

HALFYR: RYM: Ryman posts record result - underlying profit up 13%

Ryman posts record result - underlying profit up 13% for first half
Confirms on target to achieve 15% growth in the full year

Ryman Healthcare today announced an underlying profit of $66.3 million for
the first half - a new record for the company and up 13% on last year.
Unrealised valuation gains lifted the reported profit after tax to $107.9
million.

Ryman shareholders will receive a 13% lift in their interim dividend.  The
dividend of 6.3 cents per share will be paid on 12 December, with the record
date for entitlements being 5 December.

Chairman Dr David Kerr said the result was driven by a lift in pricing and
strong sales volumes as Ryman's village portfolio grew.

Ryman built a record 450 beds and units in the first half and the company's
total assets had now passed the $3 billion mark - double the size of the
asset base four years ago.

"We've made significant progress in the first six months and we're on target
to achieve our medium term target of growing underlying profits by 15% for
the full year,'' Dr Kerr said.

The first stages of Ryman's new village in Howick have opened and work will
begin soon on a new village at Birkenhead. Detailed planning and design work
is being carried out on new villages at Pukekohe, Greenlane, Lynfield and
Devonport.

Construction is also well under way at Ryman's new village in Petone which
will open in mid-2015.

Auckland would be a key focus with more than $800 million worth of work to be
carried out over the next five years, Dr Kerr said.

Ryman's expansion into Australia continued to track ahead of projections.

"We opened our first village in Melbourne and bought a second site village at
Brandon Park. Sales at our first village exceeded our expectations and that's
given us the confidence to plan for more expansion. We're looking for more
sites in Melbourne.''

Ryman villages are now home to more than 8000 people in New Zealand and
Australia, including 4000 residents in care. The landbank had been expanded
and has the potential for another 4000 additional units and beds to be built.

Dr Kerr said Ryman's focus was on gearing up to meet the challenges that
caring for a rapidly-growing ageing population presented.

"We're lifting our build rate to cope with the phenomenal growth ahead. From
2018 we're expecting the number of New Zealanders aged 75+ to grow rapidly
and it will triple over the next 30 years. It's a similar story in
Melbourne.''

Dr Kerr said Ryman had continued to invest heavily in the provision of care
and improving the resident experience with extra resources going into staff,
training and systems.

"As well as building new villages we are working hard to develop the staff
and systems we will need. There's a lot of work ahead, but also a terrific
opportunity for this company.''

Ryman marked 30 years in business in the first half. The company was voted
Reader's Digest Most Trusted Brand in retirement village living in New
Zealand and was rated as one of the world's top 10 healthcare businesses by
the Boston Consulting Group.

Ends

Guide to Ryman village developments:
New villages:
Birkenhead, Auckland: resource consent lodged
Greenlane, Auckland: resource consent lodged
Pukekohe, Franklin: planning lodged
Devonport, Auckland: design stage
Brandon Park, Melbourne: design stage
Newtown, Wellington: design stage
Lynfield, Auckland: design stage
Rangiora, Canterbury: design stage

Current construction work:
Bruce McLaren Retirement Village, Howick, Auckland: First stages open
Weary Dunlop Retirement Village, Wheelers Hill, Melbourne: First stages open
Bob Scott Retirement Village, Petone: First stages due to be opened mid 2015
Charles Fleming Retirement Village, Waikanae: Independent units under
construction
Beckenham Courts, Christchurch: earthquake rebuild almost complete

About Ryman Healthcare: Ryman was founded in 1984 and has become one of New
Zealand's largest listed companies.  The company owns 30 villages which are
home to more than 8,000 residents in New Zealand and Australia.

Media advisory: For further information, photos, interviews or comment please
contact Corporate Affairs Manager David King on 03 366 4069 (++643366 4069)
or 021 499 602 (++6421 499 602).

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

Unaudited.

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

UNDERLYING PROFIT:
66,302,000; 13%; 58,517,000

OPERATING REVENUE:

Trading Revenue:
108,411,000; 10%; 98,943,000
Other Revenue
752,000; 19%; 630,000
Total Operating Revenue
109,163; 10%; 99,573,000

Fair value movement of investment properties:
93,551,000; 40%; 66,834,000

TOTAL INCOME:
202,714,000; 22%; 166,407,000

NET PROFIT BEFORE TAXATION:
106,098,000; 28%; 83,195,000

Less tax on operating profit:
(1,811,000); (137)%; 4,794,000

NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF LISTED ISSUER:
107,909,000; 38%; 78,401,000

Earnings per share (Basic & Diluted):
21.6 cps; 38%; 15.7 cps

Interim Dividend
6.3 cps; 13%; 5.6 cps
Record Date: 5 December 2014
Date Payable: 12 December 2014
Imputation Tax Credit: No Imputation Credit
End CA:00257926 For:RYM    Type:HALFYR     Time:2014-11-21 08:31:33