Summerset : Results Presentation – 1Y17

HALF YEAR RESULTS PRESENTATION SIX MONTHS ENDED 30 JUNE 2017 SUMMERSET GROUP HOLDINGS LIMITED

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15 August 2017

AGENDA

1H17 Result Highlights 2

Business Overview 6

23

Financial Results

32

Interim Dividend

Appendix 36

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2

1H17 RESULT HIGHLIGHTS

1H17 RESULT HIGHLIGHTS

STRONG PROFIT GROWTH FOR FIRST HALF OF 2017

1H17 Actual	1H16 Actual	1H17 Actual vs. 1H16 Actual*	FY16 Actual
Operational	New sales of occupation rights	179	183	-2%	414
	Resales of occupation rights	144	123	17%	244
	Total sales of occupation rights	323	306	6%	658
	New retirement units delivered	171	190	-10%	409
Financial (NZ$m)	Net operating cash flow	86.4	84.4	2%	192.6
	Total assets	1,932	1,521	27%	1,707
	Underlying profit**	35.7	24.7	45%	56.6
	Net profit before tax (IFRS)	90.7	51.0	78%	145.6
	Net profit after tax (IFRS)	90.3	50.6	78%	145.5

* Percentage movements based on unrounded amounts

** Underlying profit differs from NZ IFRS reported profit after tax. The measure has been reviewed by Ernst & Young. Refer to slide 25 for a reconciliation between the two measures, and note 2 of the financial statements for detail on the components of underlying profit 3