Friday 21st May 2021
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Ryman Healthcare has reported a full year underlying profit of $224.4 million, with a second half recovery driven by record sales.
• Audited underlying profit $224.4 million, 7.3% down due to COVID-19 challenges
• Audited reported (IFRS) profit increased 59.8% to $423.1 million, due to investment property revaluations
• Final dividend of 13.6 cents, taking the full year dividend to 22.4 cents per share, 50% of underlying profit
• Ryman has returned more than $1.03 billion to shareholders since it listed in 1999, when it raised $25 million
• Record final quarter new sales and resales as market recovers
• Total assets of $9.17 billion, up 19.5%
• Continued strong demand for aged care in New Zealand and Victoria, mature care occupancy at 97%
• Only 1.4% of resale units unsold at the end of March
• Five villages opened in Victoria by December 2020
• Three new sites purchased, one in Melbourne and two in New Zealand
• No cases of COVID-19 to date among 12,500 residents and 6,100 staff across New Zealand and Victoria
Audited reported (IFRS) profit, which includes unrealised fair value gains on investment property, increased 60% to $423.1 million in the year to March 31, 2021.
Shareholders will receive a final dividend of 13.6 cents per share, taking the total dividend for the year to 22.4 cents per share, which is 50% of underlying profit. The record date for entitlements is June 4, and the dividend will be paid on June 18, 2021.
Chief Executive Gordon MacLeod said transactions and building activity had recovered after a challenging first half due to COVID-19.
“We bore the brunt of the COVID-19 lockdowns in the first half. In the final quarter we achieved record new sales and resales, which was no mean feat after a tough year."
“I couldn’t be more proud of how the team has performed – not only to keep COVID-19 out of all of our villages and keep everyone safe – but also to power through and keep on innovating, developing and growing,’’ Mr MacLeod said.
In December Ryman achieved its long-term target of having five villages open in Victoria by the end of 2020, and Ryman has another six villages in the pipeline in Australia.
Ryman has bought new village sites at Essendon in Melbourne, and at Karaka and Cambridge in New Zealand. Ryman has sold its Coburg site in Melbourne after opting to buy a more attractive site in nearby Essendon.
Approval was received to build new villages at Ringwood East in Melbourne, Northwood in Christchurch and two Auckland villages at Takapuna and Kohimarama.
Ryman’s total assets grew by 19.5% during the year. The company has diversified $825 million of debt funding.
A NZ$150 million retail bond issue in New Zealand, a US$300 million USPP private debt placement and an A$250 million institutional term loan were all oversubscribed, Mr MacLeod said.
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