Ryman breaks $100m mark - underlying profit up 19%
Ryman Healthcare today announced an underlying profit of just over $100.2
million - a new record for the company and up 19% on last year. Unrealised
valuation gains lifted the reported profit after tax to $137 million.
"It''s an outstanding result," said Ryman chairman Dr David Kerr, "and marks
another very successful year of growth for the company."
"We achieved our target of opening 700 units and beds in New Zealand, and
commenced construction of our first village in Melbourne."
The company has lifted its underlying profit every year for the last eleven
years.
Ryman shareholders will receive a 19% lift in their annual dividend to 10
cents per share. The final dividend of 5.4 cents per share will be paid on
June 21, with the record date for entitlements being June 7.
Operating cashflows were also at record levels with $222 million generated,
allowing the company to self-fund its building activity. The company built
517 new retirement village units and 226 new aged care rooms during the year.
The company remains committed to building in New Zealand, to meet the growing
need for both new aged care facilities and new housing for older people.
"We are delighted to announce the purchase of a new site in the Auckland
suburb of Birkenhead," said Dr Kerr. "You can expect to see more land
acquisitions in the year ahead as we lift our New Zealand landbank from three
to four year''s stock."
The company recently appointed its first Australian director, George
Savvides, to the Board. George is Managing Director of Medibank, Australia''s
largest health insurer.
Statistics NZ estimates the number of New Zealanders aged 75 plus will almost
triple to 731,000 over the next thirty years. In Victoria the outlook is
similar, with the number set to triple to 1.1 million.
Established in 1984 Ryman has become one of NZ''s largest listed companies.
The company currently owns 25 villages and serves over 7,000 residents. Each
village offers a combination of retirement living and aged care.
Note: Underlying profit excludes deferred taxation and unrealised gains on
investment properties, because these items are non-cash and do not reflect
the trading performance of the company. Underlying profit determines the
dividend payout to shareholders, and is reconciled to reported profit in the
key statistics attached to this release.
Ends
Media advisory: For further information, photos, interviews or comment please
contact Ryman chairman Dr David Kerr on 021 362 403, or Ryman managing
director Simon Challies on 03 3664069 or 0274 968 762
CONSOLIDATED OPERATING STATEMENT FOR THE YEAR ENDED 31 MARCH 2013
Audited.
Current Year NZ$; Up/(Down) %; Previous Corresponding Year NZ$
UNDERLYING PROFIT:
100,229,000; + 19.2%; 84,058,000
OPERATING REVENUE:
Trading Revenue:
180,644,000; + 16.9%; 154,515,000
Other Revenue
629,000; (5.0)%; 662,000
Total Operating Revenue
181,273,000; + 16.8%; 155,177,000
Fair value movement of investment properties:
118,935,000; + 16.8%; 101,857,000
TOTAL INCOME:
300,208,000; + 16.8%; 257,034,000
NET PROFIT BEFORE TAXATION:
150,279,000; + 15.5%; 130,153,000
Less tax on operating profit:
13,549,000; + 44.4%; 9,382,000
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF LISTED ISSUER:
136,730,000; + 13.2%; 120,771,000
Earnings per share:
27.3 cps; + 12.8%; 24.2 cps (basic)
27.5 cps; + 13.2%; 24.3 cps (diluted)
Final Dividend
5.4 cps; + 20.0%; 4.5 cps
Record Date: 7 June 2013
Date Payable: 21 June 2013
Imputation Tax Credit: No Imputation Credit
End CA:00236273 For:RYM Type:FLLYR Time:2013-05-16 08:30:13