Metlifecare Full Year Result to 30 June 2016

Metlifecare Full Year Result to 30 June 2016

Metlifecare Reports Record Profit And Establishes Platform for Future Growth

Metlifecare Limited performance highlights for the year to 30 June 2016[1]:

• Reported net profit after tax of $228.7 million, up 86%

• Underlying profit[2] of $66.1 million, up 26%

• $130.0 million net operating cash flow, up 56%

• $50.5 million net operating cash flow excluding first time sales of occupation right agreements3, up 47%

• 568 total sales of occupation right agreements[3], up 16%

• Total occupation right agreement sales of $256.4 million, up 31%

• $131.9 million invested into new and existing villages, up 56%

• Total assets of $2,586.4 million, up 16%

• Final dividend of 4 cents per share taking total to 5.75 cents per share, up 28%

Metlifecare today announced a record result for the financial year to 30 June 2016. Reported net profit after tax grew by 86% to $228.7 million, propelled by substantial movement in the fair value of its assets as well as improved operating performance.

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[1] Comparison is with the 12 months to 30 June 2015.

[2]Underlying profit is provided as a retirement village industry standard presented to assist in comparison of Metlifecare’s performance with its peers. Underlying profit removes the impact of unrealised gains on investment properties and also excludes one-off gains and taxation exepnse, and is reconciled to reported profit in performance summary attached to this announcement. It is a non-GAAP financial measure and is not prepared in accordance with NZ IFRS. It is determined on a consistent basis each year.

[3] Occupation right agreements (ORAs) confer the right to occupancy of the unit or serviced apartment. A new resident is charged a refundable payment, on being issued the right to occupy one of the Group’s units or serviced apartments, which is refunded to the resident subject to a new occupation right agreement for the unit or serviced apartment being issued to an incoming resident, net of any amount owing to the Group.

To view the above Release in full and all related documents released to the market in connection with the Full Year Result please click on the links below:

1. Media Release
2. NZX Appendix 1 Information
3. Audited Financial Statements - 30 June 2016
4. Results Presentation
5. NZX Appendix 7 Information

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