NZX & ASX RELEASE
5 APRIL 2017
1Q17 METRICS - SALES OF OCCUPATION RIGHTS
Summerset Group achieved 171 sales for the quarter ending 31 March 2017,
comprising 97 new sales and 74 resales.
This is a 41% increase on the first quarter of 2016, with both new sales and
resales tracking strongly.
Summerset CEO Julian Cook said he was pleased with the results for the first
quarter of 2017.
"Both new sales and resales were strong, with new sales driven by the
development pipeline across a number of villages and resales driven by
increased levels of retirement units becoming available for resale. We
continue to see good levels of demand across all areas of the country.
"The outlook for the balance of the year looks positive with good presale
levels on projects delivering through this year. We note that our
construction programme sees retirement unit deliveries weighted to the second
half of the year and we expect the split of new sales across the year to be
in line with this."
Summerset recently announced the completion of a NZ$600 million syndicated
loan facility refinance, to allow the Group to continue to fund future growth
initiatives.
YTD17 SALES OF OCCUPATION RIGHTS
See attached table
FY16 SALES OF OCCUPATION RIGHTS
See attached table
NOTES:
o Quarterly metrics on occupation right sales are provided by the 10th of the
month following the end of each quarter.
o The quarterly sales metrics provided may not necessarily reflect NZ IFRS
financial performance for the corresponding period. In particular, key items
in the income statement, such as the fair value movement of investment
property, are dependent on several variables, of which one is occupation
right sales. NZ IFRS financial performance is calculated for the periods
ending 30 June and 31 December each year.
ENDS
For investor relations enquiries:
Scott Scoullar
Chief Financial Officer
scott.scoullar@summerset.co.nz
04 894 7320 or 029 894 7317
For media enquiries:
Michelle Brooker
Senior Communications Advisor
michelle.brooker@summerset.co.nz
04 830 1106 or 021 225 9624
ABOUT SUMMERSET
o Summerset is one of the leading operators and developers of retirement
villages in New Zealand, with 21 villages across the country. In addition,
Summerset has six sites for development in Richmond, Rototuna, Casebrook,
Lower Hutt, St Johns and Parnell, bringing the total number of sites to 27.
o It provides a range of living options and care services to more than 4,200
residents.
o Four-time winner of Retirement Village of the Year and Silver Award winner
in the Reader''s Digest Quality Service Awards 2016.
o The Summerset Group has villages in Aotea, Dunedin, Ellerslie, Hamilton,
Hastings, Havelock North, Hobsonville, Karaka, Katikati, Levin, Manukau,
Napier, Nelson, New Plymouth, Palmerston North, Paraparaumu, Taupo, Trentham,
Wanganui, Warkworth and Wigram.
End CA:00299409 For:SUM Type:QUARTER Time:2017-04-05 08:30:07