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Ryman Healthcare posts new record profit

Media Release – May 23, 2006

Ryman Healthcare posts new record profit of $35.1 million, up 49 percent

Award-winning retirement village operator Ryman Healthcare today posted a new record net profit of $35.1 million, up 49 percent on last year.

Ryman increased its annual dividend to shareholders from 11.5c to 17.0c as a result of another successful financial year.

The final dividend of 9.0c will be paid on June 23 and the record date for entitlements is June 9.

Operating cashflow of $55 million was generated during the March financial year and annual turnover was $143 million – up 18 percent. Shareholders equity rose to $244 million, up 31 percent on last year.

``We have had an exceptional year and have substantially surpassed our own targets of 15 percent annual earnings growth,’’ chairman Dr David Kerr said today.

``We are also very pleased to have secured four new sites and to have increased our construction capacity during the year, which will allow us to roll out our new villages more quickly.”

The company is currently building in Auckland, Napier, Wanganui, Lower Hutt, Wellington, Christchurch and Invercargill. Its landbank is now sufficient to build more than 1600 new beds or retirement village units, compared to the existing portfolio of 2400.

Ryman’s business model of organic growth, using its in-house team to identify and purchase land, design, construct and operate its own villages, is entirely sustainable and provides the firm with cumulative revenues.

Its long term growth is clearly apparent, increasing from a $6 million annual profit to $35 million inside seven years.

``We are really happy with our expansion path and we are committed to replicating our proven retirement village model at an increasing rate,’’ Dr Kerr said.

``We believe we are well positioned to achieve our medium term target of 15 per cent earnings growth per annum.’’

Ryman recently opened the new Jane Winstone Retirement Village on the famous old Sacred Heart College site in St John’s Hill, Wanganui. The village includes 24-hour nursing facilities and will provide homes for 200 elderly people. It became the 14th village in the listed company’s portfolio of retirement villages.

New villages will be opened in Christchurch and Auckland over the next twelve months. Further villages are in the planning stage for New Plymouth, Palmerston North, Nelson and Dunedin.
Ryman is a five times winner of the Best Retirement Village in New Zealand.
The company provides homes and care services to more than 2800 New Zealanders, employing more than 1400 staff.


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