Record underlying profit of $88.0m, up 20% from $73.5m in FY22
Strong increase in annuity EBITDA up 30% to $83.6m from $64.6m in FY22
Net profit after tax of $82.5m, down 59% on IP fair value movements of $80.4m that included Parklane impairment for flood damage
Net operating cash flows of $152.6m, broadly flat on FY22
Total assets increased to $3.8b, with $3.4b of investment property
Gearing of 30.5% within 25-35% target range
Final dividend of 2.35 cents per share declared with DRP entitlement, change in dividend payout range to 30-50% underlying profit from 1 April 2023
1. Underlying Profit is a non-GAAP unaudited financial measure and differs from NZ IFRS net profit after tax. A reconciliation to Reported Net Profit after Tax is provided in the financial section of this presentation and definition appended.
Underlying Profit1 NZ$m
88.0
73.5
51.7 51.9
38.6
FY19
FY20
FY21
FY22
FY23
Arvida Group | Results Presentation
FY23 Highlights
Business performance
Record resale and new sale settlements of $376.4m occupation rights, up 16% on FY22
59% increase in resale gains to $69.1m
Resale margin increased to 32% from 26% in FY22, and volumes increased 10% to 371 units
New sales volume down on delays to delivery programme, but gains up 10% to $27.8m on higher price and margin
Delivery of 215 units, a miss to 250+ target with Aria Bay now scheduled for 2Q completion
Includes 63 care suites at Lauriston Park, opens in June
FY24 delivery target to be retained at 200 units, subject to market conditions
3
Total Resale & New Sale Settlements NZ$m
376
325
227
201
131
FY19
FY20
FY21
FY22
FY23
Acquisition of 2 development sites announced, increasing land bank to 2,200+ units
Arvida Group | Results Presentation
4
Investing in our teams
Focus and investment in our employee brand, 2-3 year timeframe of roll out refreshed proposition
Already driving improved engagement, up from 7.2 to 7.5 against a global peer benchmark of 7.8
High engagement with over 33,500 comments received via Peakon
Surveys confirm purpose & culture key attraction
Retention at 70%
Nurses represent 8% workforce, casual workforce has increased in current environment
Workforce is 76% female, gender pay gap 0.5%
Focus on supporting teams with career development, 45,000 course completions underpin training / maintaining high clinical standards
Mental Wellbeing by Design workshops facilitated across group
Arvida Group | Results Presentation
5
Resident-led experience
Covid response has been key priority over last couple of years, but moved to normalise pandemic plan at the beginning of year
Excellent NPS scores recorded again in annual resident survey: +38 independent residents and +59 care residents
Arvida rated #1 in Canstar Blue 'Most Satisfied Customers' award in retirement category
Waimea Plains came out on top in the 'Resident-led Sustainability Initiative' category at RVA Awards
Pending ComCom and MHUD reviews will put focus on differing resident experiences and offerings across sector
Demand for care suite offering is high and important part of our continuum offering going forward
Living Well Centre at Park Lane has proved very successful as community engagement pilot
First national marketing campaign to lift brand awareness has been highly successful in driving lead generation
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Arvida Group Limited published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2023 22:32:04 UTC.
Arvida Group Limited is a New Zealand-based aged care provider. The Company is engaged in the business of owning, operating and developing retirement villages and care facilities for the elderly in New Zealand. The Company owns and operates 36 retirement villages located nationally with over 6,750 residents. Each village operates independently under a corporate structure that supports village operations to ensure quality and consistency of service. It provides a continuum of care that extends from independent living to full rest home, hospital and dementia-level care. It has 35 communities nationwide, many of which have gardens, workshops and a range of recreational facilities, in addition to providing a range of living options, from fully independent villas to full-time care. It has approximately 763 hospitals, 545 rest homes and 236 dementia care. It also has approximately 4126 total retirement units, out of which 3,208 villas/apartments, 706 serviced apartments and 212 care suites.