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Ryman posts another record net surplus

Media Release – May 20, 2004

Ryman posts another record net surplus

Leading New Zealand retirement village operator Ryman Healthcare today posted a record net surplus of $18.4 million, 20 percent up on last year.

Ryman increased its annual dividend to shareholders from 7.5c to 9c as a result of a strong financial year.

``We have experienced five years of rapid growth since floating on the stock exchange by continually expanding our portfolio of retirement villages,’’ managing director Kevin Hickman said today.

Ryman posted a $6 million surplus when it listed five years ago and the profit has grown three-fold in that time. Over the same period dividends have also grown from 2.5c to 9.0c a share.

``We are very happy with our expansion path and we are committed to sustaining a high level of growth,’’ Mr Hickman said.

For the first time, Ryman went beyond $100 million in turnover, compared with $31 million when it listed five years ago.

Net operating cashflows for the latest financial year stands at $50 million while net assets grew to $147 million. With a debt to assets ratio of 25 percent the company is well positioned to fund future expansion.

Ryman announced today the conditional purchase of a new site in Christchurch. Further details will be made available at a later date.

Ryman recently announced the purchase of the old Sacred Heart College site in Wanganui and it is well into construction at the Princess Alexandra village site in Napier, which is scheduled to open in September.

The $20 million Princess Alexandra village will include 24-hour nursing facilities and will provide homes for 150 elderly people, create 50 new jobs and will be the 13th village in the listed company’s stable of retirement villages.

Ryman’s 12 villages, resthomes and hospitals are situated in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Hamilton and Auckland.

Site works are under way at what will become the company’s largest village, next to the Remuera golf course in Auckland.

Ryman is well placed to maintain its earnings growth as latest Statistics New Zealand figures show the number of people over 65 years growing from 450,000 in 2001 to 924,000 by 2026.

This will significantly increase the demand for Ryman’s facilities and services.

The final dividend of 5.0c will be paid on June 25 and the record date for entitlements is June 11.

Ends

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