Oceania Healthcare Limited
Annual Report 2024

Inspiring better.
Annual Report 2024

Consistent innovation to deliver the ultimate  
resident-focused experience.
Back in 2014, we asked a question: What if there’s a 
better way to provide retirement and aged care living?  
What if what was currently offered was only a fraction 
of what it could be — the ultimate resident-focused 
experience?
These past few years have been tough for everyone.  
But as long as we keep asking questions and continue 
our pursuit of better, we can be confident of sustainable 
growth for a long time to come.
We set about curating a uniquely premium offer built around 
higher quality, sustainable accommodation, and a totally 
fresh approach to personalised service and care. The result 
is a reimagining of the retirement living and aged care 
experience, and a transformation of the business we were 
a decade ago.
Inspiring better.

Contents.
Timeline
1
Letter from the Chair
2
Trading highlights
5
At a glance
6
Letter from the CEO
7
Integrated reporting
11
Our value creation model
12
Our sustainability framework
15
Our offer
16
Our resident experience
23
Our people capability
30
Our growth
37
Board of directors
42
Three year summary
46
Consolidated financial statements
47
Independent auditor’s report
81
Corporate governance
83
Risk management
92
OCEANIA ANNUAL REPORT 2024

Transformation  
through innovation.
TIMELINE
Pre-FY17
$2.8bn
$85.4m
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY17
NZX listing
Homestar 
certification
Adopting NZ 
Green Building 
Council’s criteria 
for environmental 
sustainability  
and living quality  
into our designs.  
495 units delivered 
since inception.
Page 20 
Assets
Assets
Operating cash flow
Operating cash flow
Nurse Practitioner 
Model
Nurse led primary care 
service introduced.  
Now operating in  
21 care centres across 
NZ, allowing residents 
access to high-quality, 
individualised healthcare.
Page 25 
Five Ways 
to Wellbeing 
Programme
Oceania is the only 
aged care operator 
to adopt the Mental 
Health Foundation’s 
approach to 
positive social 
and environmental 
outcomes.
Page 28 
Sustainability 
Linked Loan
Oceania establishes a 
five-year, $500m loan 
linking over two-thirds 
of its debt funding 
to three sustainability 
performance targets.
Page 37 
Couples Care 
Suites
Offering the comfort 
of having loved ones 
stay close during 
later-life living. 
Page 27 
Luxury Private 
Care: The Helier
Oceania is the first 
NZ retirement village 
operator to offer fully-
funded, private and 
personal care services. 
Page 17 
Together App Pilot
Integrating Alexa, 
offering information 
and assistance 
at fingertips and 
voice command.
Page 27 
Wesley Institute of  
Nursing Education
Addressing NZ’s nursing  
shortage through  
intensive training. 
Page 33 
Care Suites
One of Oceania’s first innovations, 
this applies the approach of 
independent living units to 
care, creating a more premium 
experience and greater certainty 
for residents. Tested in Auckland, 
care suites now form part of our 
offering nationwide.
Long before our NZX listing we’ve been 
reimagining what retirement living looks 
like. We’ve achieved a lot in the past 
seven years, and there’s more to come.
$38.9m
$918m
+205%
+119%
1
OCEANIA ANNUAL REPORT 2024

Ready for the future.
LETTER FROM THE CHAIR
I am pleased to present the Oceania 
Annual Report for the year ended 
31 March 2024.
Oceania has delivered a favourable financial 
performance, increased sales volumes, 
seen strong capital gains and continued its 
construction activities to support future growth.
Financial Performance 
Oceania’s Total Comprehensive Income of 
$70.5m for the 12 months ending 31 March 2024, 
is up 104.3% from the prior corresponding period 
and Net Profit after Tax of $31.5m, is up 104.5% 
on pcp. 
Total assets increased to $2.8b and Net Assets 
increased to $1.0b at 31 March 2024, up 9.3% 
and 6.7% respectively. This increase is largely 
due to the continued development across 10 sites 
during the period.
Total sales volumes were also up 16.7% on pcp 
including a 22.7% uplift in new sale volumes to 
157 independent living units (ILU) and care suites.
For the year ended 31 March 2024, operating 
cashflow was $85.4m, 21.7% up compared to 
$70.2m for the year ending 31 March 2023. 
The uplift includes increased total cash receipts 
from occupation right agreements of $226.3m, 
up 26.6% on pcp. 
As at 31 March 2024, Oceania had undrawn net 
debt headroom of $88.5m increasing to circa 
$100.0m as at 23 May 2024. 
Underlying NPAT is $62.1m for the 12 months 
ending 31 March 2024, up 6.0% on pcp. 
This included total capital gains of $67.9m 
an increase of $8.5m or 14.4% from the prior 
corresponding period. 
During the reporting period, as part of the 
divestment programme, six sites were exited or 
closed, with aggregate gross sales proceeds 
received of $21.0m. Post balance date, Oceania 
has settled the sale of two further sites for gross 
sale proceeds of $16.2m, and a further site is 
currently under conditional contract for sale.
Pleasingly, post balance date, full and final 
agreement was reached with insurers in relation 
to all insurance claims arising from the Auckland 
Floods and Cyclone Gabrielle from early 2023.
Final Dividend
The Directors approved a change on 24 May 
2023 to the dividend policy to a pay out ratio 
of 30% to 50% of Underlying Net Profit After 
Tax in order to provide for ongoing and future 
investment in growth.
Consistent with the approach taken at the time 
of the interim results, the Directors have resolved 
not to pay a final dividend to provide for ongoing 
investment in Oceania’s growth and portfolio 
transformation after taking into consideration 
cash flow, market conditions and growth 
opportunities.
“Oceania will continue to be an innovator 
in the sector and focus on its care and village 
strategy to improve resident experience, capital 
management, sustainability and position 
itself for future growth.”
2
OCEANIA ANNUAL REPORT 2024

LETTER FROM THE CHAIR
Portfolio
As part of the execution of Oceania’s greenfield 
development strategy, there will be an increase 
in independent living villas being built rather 
than apartments or care suites (which were 
suitable products for building in the centrally 
located brownfield sites) and therefore there 
will be a reweighting of the property portfolio. 
As at 31 March 2024, Oceania’s independent 
living unit portfolio comprises 51% villas and 
49% apartments, with most of these apartments 
having been completed in the last four years. 
As completion dates approach for current site 
developments, Oceania will be looking to acquire 
land which would be suitable for villa product 
to extend the pipeline. This will also increase the 
proportion of villa products in Oceania’s portfolio. 
Regulation 
Over the last 12 months the industry has been 
subject to a review by the Ministry of Housing 
and Urban Development of the Retirement 
Villages Act (the Act). The public were asked 
to comment on changes to the Act and Oceania 
supports any requirements which may be 
imposed on operators as a result of the review 
which will raise overall industry standards for 
the benefit of residents.
In addition to the Ministry’s review, the Retirement 
Village Residents Association has been focussed 
on potentially unfair practices under the 
Act. Most of the practices identified by the 
Association are not used by larger operators, 
nor are they widespread. Oceania’s position is 
that weekly fees cease on vacation, the capital 
sum is repaid when a new resident moves into 
a villa or apartment and the DMF does not 
continue to accrue after the resident leaves. 
Where the resident does not share capital gains, 
there is no capital loss clause. Call bell and 
medical services information for each village 
are in disclosure statements. A codified and 
robust complaints policy is in place and meets 
or, in most cases, betters the timeframes required 
by the code of practice. 
Risk Management
In recognition of the increasingly complex 
and, at times, uncertain, environment in which 
Oceania operates, Board and Management 
have embarked on a programme of work to uplift 
and mature the company’s approach to risk 
management. This includes deeper consideration 
and resilience measures for emerging and 
escalating risks such as climate, cyber-threats, 
and use of generative AI technologies, as well as 
continued focus on the more traditional and core 
business risks such as care for people, residents, 
development and offer. Management have 
increased resources and attention to elevate risk 
practices throughout the organisation to ensure 
risk practices are effectively and sustainably 
embedded to support safe and successful 
operation of the business. 
Integrated thinking and sustainability 
Oceania is evolving its reporting practices 
and this year marks a significant step in the 
journey towards integrated reporting, deepening 
Oceania’s commitment to transparency and 
sustainable value creation. Management has 
introduced an updated value creation model 
(see pages 12–13) that aligns with Oceania’s 
strategic pillars and demonstrates effective 
utilisation of different capitals (or inputs) in 
business activities to foster long term value 
creation. As part of this journey, Oceania has 
incorporated enhanced metrics in this report, 
to measure progress against the Sustainability 
Framework introduced last year. Oceania’s 
Sustainability Framework was designed 
to address the material impacts identified 
and reported in FY2023 through extensive 
stakeholder engagement and throughout this 
report is evidence of progress to address those 
material impacts.
3
OCEANIA ANNUAL REPORT 2024

LETTER FROM THE CHAIR
Climate reporting
As an NZX listed company, Oceania is 
designated as a Climate Reporting Entity (CRE) 
under the New Zealand mandatory Climate-
Related Disclosures (CRDs) regime. During the 
reporting period, Oceania has made significant 
progress in identifying and understanding the 
risks and opportunities associated with climate 
change and has invested considerable effort in 
enhancing its knowledge of potential climate 
impacts. Oceania is set to publish its first 
mandatory CRD for FY2024 shortly. 
Governance
During the year, Directors have continued to 
meet with residents at many of Oceania’s sites 
around the country. It is a privilege to meet 
Oceania’s residents and team onsite and observe 
the culture and day to day operations. The 
Board always enjoy the opportunity to meet 
with residents and receive their feedback which 
is then incorporated into Oceania’s continuous 
improvement processes.
I would like to thank Directors for their dedication, 
commitment and wisdom and support that they 
have provided to the executive team during the 
last 12 months.
Looking ahead
It has been an absolute pleasure having Brent 
Pattison at the helm over the last three years. 
He has demonstrated resilience and tenacity in 
the execution of the strategy, including leading 
the sector to deliver new forms of innovation. 
Brent has always had the residents at the heart 
of everything he does and has set the business 
up well to benefit from the positive momentum 
in the market and for his successor to build upon 
this success and Oceania’s continued growth.
Oceania will continue to be an innovator in 
the sector and focus on its care and village 
strategy to improve resident experience, capital 
management, sustainability and position itself 
for future growth.
On behalf of the Board, I would like to thank 
our people for their enthusiasm and dedication 
throughout the year.
Yours sincerely,
Elizabeth Coutts
Chair 
4
OCEANIA ANNUAL REPORT 2024

Aligned for better outcomes.
TRADING HIGHLIGHTS — MARCH 2024
Financial 
31 March 2024
Operational 
31 March 2024
Developments
31 March 2024
ESG
31 March 2024
Total assets
As at 31 March 2024
$2.8bn
higher than 31 March 2023  
total assets of $2.5bn
9.3%
3.2%
Construction waste diverted from landfill
Units and care suites substantially 
completed in FY2024
Employee NPS (eNPS) (+/-100)
Units and care suites expected  
to be completed in FY2025
Care resident NPS (+/-100)
79.0%
62.9%
182
24
224
59,900
3,591
Units and care suites under construction 
as at 31 March 2024
264
•	 Waterford Stage 1 (Hobsonville, Auckland)
•	 Elmwood Stage 1 (Manurewa, Auckland)
•	 Awatere Stage 3 (Hamilton)
•	 Meadowbank Stage 6 (Auckland)
•	 The Helier (St. Heliers, Auckland)
•	 The Bellevue Stage 2 (Christchurch)
•	 Redwood (Blenheim)
•	 Stoke (Nelson)
•	 The Bayview Stage 3 (Tauranga)
•	 Awatere Stage 3 (Christchurch)
•	 Elmwood Stage 1 (Manurewa)
•	 Waterford Stage 1 (Hobsonville, Auckland)
Underlying Earnings Before Interest,  
Tax, Depreciation and Amortisation
31 March 2024
GHG emissions (t CO2e)
$82.6m
ahead of 31 March 2023 earnings  
Before Interest, Tax, Depreciation and 
Amortisation of $80.0m
Reported Total  
Comprehensive Income
31 March 2024
$70.5m
compared to 31 March 2023 reported 
total comprehensive income of $34.5m
Operating Cash Flow
31 March 2024
$85.4m
compared to 31 March 2023 reported 
operating cash flow of $70.2m
Compared to 31 March 2023  
scope 1+2 emissions of 4,442
Compared to 31 March 2023 
total emissions of 43,029
Compared to 31 March 2023 construction 
waste diverted from landfill of 58.2%
Compared to 31 March 2023 construction 
waste diverted from landfill of 77% 
Compared to 31 March 2023 
eNPS of 16
41
Compared to 31 March 2023 
care resident NPS of 35
Resale units
Resale care suites
129
190
Total sales
Total
Scope 1 + 2
476
higher than total sales for the year 
to 31 March 2023 of 408
16.7%
68
89
New care suites
Auckland
Non-Auckland
New units
5
OCEANIA ANNUAL REPORT 2024

Delivering better.
AT A GLANCE
In our quest to reimagine the aged care and 
retirement living experience we constantly 
challenge ourselves to deliver better. 
17
Existing sites with 
current and planned 
developments
26
Existing sites with 
mature operations
As at 31 March 2024
Staff
3,000
Residents
4,100
Care beds and care suites
2,467
Units
1,915
43
Total sites
6
OCEANIA ANNUAL REPORT 2024

Set for success.
“I am proud that Oceania provides 
a rewarding and sustainable investment 
proposition because of our premium, resident 
centred, service led business model.”
LETTER FROM THE CEO
Oceania has made significant 
progress with the embedding 
of its five year strategy that we 
have outlined in the previous 
two Annual Reports, and despite 
continued pressures placed on our 
residents, teams and portfolio, we 
are confidently implementing our 
strategy and fulfilling our purpose 
to reimagine the retirement living and 
aged care experience in New Zealand. 
I am proud that Oceania provides a 
rewarding and sustainable investment 
proposition because of our premium, 
resident centred, service led 
business model.
We are embedding our five year strategy
When we considered our future in 2021 we 
planned for the eventuality that Oceania’s 
brownfield development pipeline was coming 
to a natural end, after successfully developing 
these held sites with great resident communities, 
bespoke and boutique living. We planned that 
our future pipeline would be complemented 
with greenfield developments, representing 
the next opportunity to develop larger format 
resident communities, with an independent 
resident focus including villa and townhouse 
design. Three years later, we have executed 
two greenfield land acquisitions and completed a 
further 13 development stages of our pipeline. In 
2021, we knew that apartments and care suites 
needed to be part of an integrated village to be 
viable. Since 2021, we have brought to market 
over 586 more ILUs and care suites. We knew in 
2021 that we needed to pioneer a new approach 
to aged care, reducing reliance on government 
funding and targeting a new resident need for 
quality, personalised care building upon our 
leading model of care reputation. The welcoming 
of our first care suite residents at The Helier is a 
proof point that our pivot to private paying care 
was an important component of our continued 
innovation in the broader retirement and aged 
care sector.
Value creation and business model
Our point of difference is that we offer bespoke 
and innovative premium care to our residents 
which offers returns for our shareholders while 
improving the overall experience for our residents. 
We recognise that value extends well beyond 
purely financial performance and that social and 
environmental performance is equally important 
to our stakeholders.
7
OCEANIA ANNUAL REPORT 2024

To achieve our purpose of reimagining the 
retirement living and aged care experience in 
New Zealand, our value drivers are our people, 
our expertise, our villages, our relationships, our 
financial capital and our natural capital. It is 
these value drivers which create value outcomes 
such as improved resident experience, improved 
well being of people, residents and their families 
and Oceania’s pioneering and innovative spirit.
Offer 
A cornerstone of Oceania’s business is our 
“Offer” strategic pillar which designs, develops, 
builds and then sells premium properties to our 
residents of the future. We believe our bespoke 
approach when undertaking new developments 
has led to the premiumisation of Oceania’s 
built form.
Oceania contracts out its construction to a small 
number of trusted high quality and capable 
partners. This has served us well and has allowed 
us to focus our attention on the replenishment 
of the development pipeline. This approach has 
also allowed us to take a disciplined approach to 
our design and development activities in order to 
protect development margins (which in a tougher 
property market are moderating).
LETTER FROM THE CEO
As we foreshadowed in last year’s Annual Report, 
we have been developing greenfield sites.
Oceania has sites around New Zealand and has 
intentionally designed smaller boutique villages. 
Most of our villages have a resident population 
of well below 200 and we have built recent new 
developments on less than one hectare of land. 
These smaller developments enable us to recycle 
cash more efficiently than large scale, multi 
year developments.
Despite the headwinds facing the construction 
sector, we successfully delivered 95 independent 
living units and 87 care suites across five sites 
throughout FY2024. This included Stage Two 
of The Helier (Auckland) which comprises 17 
apartments and 32 care suites, 46 apartments 
at The Bellevue (Christchurch), 55 care suites 
at Redwood (Blenheim) and 28 apartments at 
The BayView (Tauranga).
Private paying care
Oceania has long been regarded as the leader 
in the provision of high quality residential 
care services to ageing New Zealanders and 
FY2024 saw the opening of The Helier and the 
first premium private paying care facility in 
New Zealand. Oceania has a higher weighting 
of care beds relative to its peers, and was the 
pioneer of care suites, as a premium model of 
care, back in 2008. Oceania has invested heavily 
in the care suite model to offset the inadequate 
funding, relative to expected services, received 
from the Government and maintain acceptable 
returns on capital. Since the inception of its 
care suite product, Oceania has capitalised 
on premium care earnings when margins on 
traditional care beds are difficult to achieve.
As at 31 March 2024, 43.4% of Oceania’s total 
care residences are care suites, licensed to 
residents under an occupation right agreement 
model. Care suites deliver additional capital and 
deferred management fee income (DMF) to the 
business and improve free cash flow growth as 
DMF for care suites is realised faster than DMF 
for villas and apartments. Care suite DMF has 
grown from $7.0m in FY2020 to $16.0m in FY2024 
and this will continue to grow as the pipeline of 
care suite developments is completed.
The care suite model is now well accepted by 
the market and we are continuing to see high 
levels of demand for our care suites, with 258 
care suites sold in the year ended 31 March 2024 
(up from 256 in the year ended 31 March 2023). 
“Oceania has long been regarded as the  
leader in the provision of high quality residential  
care services to older New Zealanders.”
8
OCEANIA ANNUAL REPORT 2024

Resident Experience
While one of Oceania’s points of difference 
is the premiumisation of its physical building, 
landscapes and assets, we recognise that our 
service offering needs to be tailored to match 
the physical build.
Oceania is therefore continuing to reimagine 
retirement living through its service offering, 
focusing on resident health and wellbeing, 
recreation and convenience.
In providing premium care services to our 
residents, Oceania continues to have a relatively 
high ratio of nurses to residents. This level of 
investment is required in order to provide the 
highest standard of resident experience and 
deliver the level of care expected by our current, 
and future, residents.
People Capability
Oceania is, and has always been, a people 
business. We have approximately 3,000 staff 
delivering outstanding resident experience and 
service to our 4,100 residents every single day.
Oceania is dedicated to becoming an employer 
of choice and fostering a “Believe in Better” 
culture among its employees. It was encouraging 
to witness active participation from our people in 
our Employee Share Scheme once again in 2023, 
with over two thirds of our workforce signed up 
for the 2023 offer.
We have recently completed our annual 
employee engagement survey and we are very 
pleased to see not only a much higher level of 
participation but also an increased employer 
Net Promoter Score across the business. We are 
reviewing the feedback that we received from 
the survey and looking at ways we can provide 
other financial and non-financial benefits to 
our people in order to appropriately reward 
and recognise them.
Oceania is committed to growing the capability 
of its people and providing a positive workplace 
environment and we are pleased with the 
successful move of our Corporate Office 
to 188 Quay Street, Auckland in February.
Growth
Oceania’s fourth strategic pillar is to deliver 
outstanding financial performance and 
sustainable Growth. Oceania is a disciplined, 
prudent investor of its capital and we are 
taking a long term approach with respect 
to creating value.
We are seeing a good level of enquiry for sales 
across our 43 sites as the sector continues to be 
supported by a growing population of ageing 
New Zealanders who are seeking improved 
security, lifestyle and health outcomes while 
remaining part of their local community. We are 
continuing to observe moderate development 
margins and resale capital gains from these sales 
of our independent living villas and apartments 
and care suites.
Part of Oceania’s successful portfolio 
transformation is a divestment programme which 
has progressed well over the last 12 months. 
During the reporting period we announced the 
sale of two Auckland sites in August 2023 and 
the completion of the sale of a parcel of land in 
Nelson, in December 2023. Since 31 March 2024 
we are pleased to announce the settlement of 
two further sites, one in Auckland and one in 
Christchurch and one further site is currently 
under contract for sale and on track to close in 
the first half of FY2025. This will bring the total 
number of sites exited, divested or closed since 
the start of the divestment process to nine, with 
aggregate gross sales proceeds of circa $40m 
and in line with book value. 
LETTER FROM THE CEO
(From left to right,  
back row to front row) 
Kathryn Waugh, Brent 
Pattison, Anita Hawthorne, 
Claire Fisher, Tracey Taylor, 
Andrew Buckingham
9
OCEANIA ANNUAL REPORT 2024

Oceania is Innovating Better
As we continue to Believe in Better, our innovative 
approach to premium care is paying off. This 
year, we delivered the jewel in the crown of our 
portfolio, The Helier by Oceania. The Helier 
offers unparalleled luxury retirement and aged 
care living and is the first premium offer that is 
fully operational in New Zealand. Located in the 
heart of St Heliers, Auckland, and with intentional 
property orientation design, it fits seamlessly into 
the local surroundings. Offering panoramic views 
over the Waitemata Harbour and Auckland CBD, 
The Helier hosts 79 premium apartments and 
32 private care residences. 
This unique property has been designed for 
a discerning resident first and foremost — 
combining beautifully curated spaces, 5-star 
hotel like services and a level of amenities second 
to none. Foundation retirement living and care 
residents have moved in and are delighted with 
their new homes and the experience on offer. The 
Helier is a true demonstration of how Oceania 
is reimagining retirement and aged care living 
in New Zealand with intentional resident first 
design around both building and services. We 
have paved the way for further developments 
of this kind, truly shaping not only the Oceania 
portfolio, but also the broader sector.
Looking ahead
Although I love this business, I have signalled 
my plans to step down as CEO later this year 
after repositioning Oceania and successfully 
implementing a five-year growth strategy. 
It has been a privilege to lead Oceania. Our 
team of 3,000 are the most dedicated, driven, 
and enthusiastic individuals and every day 
they work tirelessly to deliver to our promise 
of ‘Believe in Better’. 
The business has invested in the 
professionalisation of the culture and 
attracted new talent, including two new 
executive members in FY2024, as well as 
developing career growth opportunities 
for our existing, highly capable team. 
I have appreciated the Board’s support 
during my leadership.
Brent Pattison
Chief Executive Officer
“As we continue to Believe in Better, our innovative approach 
to premium care is paying off. This year, we delivered the jewel 
in the crown of our portfolio, The Helier by Oceania.”
LETTER FROM THE CEO
10
OCEANIA ANNUAL REPORT 2024

Beyond the numbers.
INTEGRATED REPORTING 
At Oceania, we Believe in Better, and that means more than the numbers on our 
balance sheet. We have a joint responsibility to our shareholders, our residents, 
our people, the natural environment and wider society. For our organisation to 
thrive in the long term, we will weave these responsibilities through the fabric 
of everything we do.
Our approach is guided by the principles of the Integrated Reporting 
Framework and the Global Reporting Initiative (GRI), which offer 
comprehensive frameworks for organisations to assess their impact on 
the environment, society and the economy and integrate these broader 
perspectives into their reporting practices. 
This has also reshaped our strategic approach in recent years, to focus 
on four core pillars that serve as the foundation of our strategic decision-
making processes, supported by our Sustainability Framework (see 
page 15). As part of our journey toward Integrated Reporting, we have 
adopted the Six Capitals framework to enhance our assessment of value 
creation and overall performance over time. This report introduces our 
updated Value Creation Model, outlined on pages 12–13.
This is a new approach for us and we are embracing the learning 
process involved. The Six Capitals framework identifies six key “capitals” 
(in alphabetical order): Financial, Human, Intellectual, Manufactured, 
Natural and Social. Oceania’s leadership team has engaged with this 
framework to consider the inputs and outputs involved in our value-creation 
processes, as well as the impacts of our activities on these capitals. We are 
exploring ways to generate value across these capitals within our strategic 
pillars. Our first step is to share our value creation model with you and 
explain how our strategic choices have both positive and, at times, negative 
impacts on the various capitals, affecting not only our organisation but 
also the broader system in which we operate. 
Offer
To design, develop, build and sell premium 
properties for our customers of the future.
Resident Experience
To be the leader in the delivery of resident 
experience in retirement villages and aged care 
centres in New Zealand. 
People Capability
To build capability and develop a culture that 
enables our people to perform their life’s best 
work at Oceania. 
Growth
To deliver outstanding financial performance 
and sustainable growth.
11
OCEANIA ANNUAL REPORT 2024

How we create value.
OUR VALUE CREATION MODEL
Our Purpose — We are reimagining the retirement and aged care living experience in New Zealand
Our Capitals
Our team
Our people are our greatest asset. Their dedication 
and expertise drive our ability to enrich the lives of our 
residents daily and deliver outstanding care. 
Our expertise
We use resident insights to drive innovation and remain at 
the forefront of retirement and aged care living and seek 
to invest in global best practices, systems and processes, 
including our nurse led model of care.
Our retirement villages and care centres
We are dedicated to developing high-quality, 
environmentally sustainable villages, equipped with 
quality amenities. 
Our relationships
We are a people business. Building strong relationships 
with our residents, their families, our people, suppliers 
and stakeholders, is pivotal to everything we do. 
Our natural capital
We recognise the environment’s fundamental role in 
shaping and sustaining our retirement and aged cared 
villages and communities. By adopting sustainable 
practices, we are committed to minimising our 
environmental impact.
Our financial capital
We employ a combination of shareholder funds, banking 
facilities and operating cashflow to maintain and grow 
our business.
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OCEANIA ANNUAL REPORT 2024

OUR VALUE CREATION MODEL
Our Material Impacts
The Value for our Stakeholders
Aspirational Value Outcomes
The pursuit of better
Resident wellbeing
Resident safety and security, provision of quality care, social 
connectedness, health equity of ageing Māori and Pacific peoples 
and the capacity and capability of our people.
Employee practices
The health and wellbeing of our people can be affected by issues 
such as national workforce shortages, pay equity, health and 
safety and opportunities for professional development, and 
diversity and inclusion.
Community and social wellbeing
Accessibility and affordability of aged residential care 
options for older New Zealanders, supporting the public 
health system by helping to free up public hospital beds, 
impacting the cultural significance of land, and training 
NZ and internationally qualified nurses.
GHG emissions and climate
GHG emissions from corporate, village and aged care centre 
operations and embodied carbon.
Waste and environmental impact
The impact we have on the environment including waste  
going to landfill, biodiversity and ecosystems, emissions  
and pollution from operations, water, and the opportunity  
to support a circular economy.
Economic contribution
Through economic activity and job creation and adding  
to housing supply.
Sustainable supply chain
Environmental and social impacts of procurement choices  
and supply chain practices.
Ethics, trust and governance
Trust levels with residents and their whānau through the 
provision of services to residents and ethical business conduct.
Our team
We grow and develop our team members through 
fostering an inclusive culture and training.  
By doing so, we enable teams to deliver exceptional 
services and improved resident-focused experiences.
Our residents
We create vibrant and enjoyable retirement and aged 
care living experiences for our residents. 
Our society
We seek to create thriving community hubs.  
Our retirement villages and care centres go beyond  
being residences, as they foster a sense of belonging  
and togetherness in the local community. 
Our industry
We participate in and advocate for industry-wide issues, 
to support better outcomes for NZ’s ageing communities 
and the people who care for them. 
Our environment
We establish more resilient communities for our ageing 
population and by adopting sustainable practices and 
minimising our negative impact we not only reduce 
our environmental footprint, but aspire to create 
opportunities for regeneration.
Our investors
Oceania focuses on the financial performance of its 
assets and is committed to long term sustainable growth. 
Oceania’s villages are a driving 
force of thriving communities 
around New Zealand. We use 
resources sustainably to build 
homes that seamlessly integrate 
with, and benefit, the local 
community.
Residents thrive in our hospitality 
inspired, resident-led villages.  
We enable our residents to live  
a sustainable and fulfilled life.
As an employer of choice we 
enable our teams to perform  
their life’s best work at Oceania. 
We create long term value for 
our stakeholders by integrating 
sustainability into our thinking, 
strategy and growth initiatives.
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OCEANIA ANNUAL REPORT 2024

We aspire to integrate 
our villages with the local 
community, making them 
more desirable as our 
residents can stay part 
of the communities  
they call home. 
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OCEANIA ANNUAL REPORT 2024

Our Sustainability 
Framework.
Aspiration 
We are an employer 
of choice
Goals
We attract, grow and 
retain great people.
We provide a safe, diverse, 
equitable and inclusive 
workplace that fosters 
our people’s development 
and capability.
People  
 Capability
Aspiration 
We enable our 
residents to live 
a sustainable 
and fulfilled life
Goals
We prioritise resident wellbeing through  
conscious design and exceptional services.
We actively engage with our residents, people  
and local community to create positive social  
and environment outcomes.
Resident Experience
Oceania published its Sustainability Framework 
in FY2023, setting out its aspirations and 
goals for each of its four strategic pillars. 
The metrics and targets we have set help to 
bring accountability, focus, monitoring and 
transparency to the sustainability journey, 
and help Oceania in informed decision-making.
Our Sustainability Framework is enabled by:
•	 supply chain practices
•	 partnerships and collaboration
•	 innovation and technology
•	 sustainability risk management
•	 policies and processes
•	 data and measurement
•	 transparent reporting
•	 sustainability capability
•	 advocacy
Growth
Aspiration 
We integrate 
sustainability 
into our thinking, 
strategy 
and growth 
initiatives
Goals
We adopt a long-term value focus  
when making investment decisions  
and allocating capital.
We reduce our GHG emissions in line 
with our science based target and 
integrate climate resilience  
into our business.
Aspiration 
We use resources 
sustainably to build homes 
that seamlessly integrate 
with, and benefit, the  
local community
Goals
We design with a focus on the 
local environment, community 
needs and cultural values 
of each location.
We minimise our 
environmental impact and 
support a circular economy.
Offer
We are creating 
sustainable retirement 
and aged care living 
experiences for today, 
and for our people 
of tomorrow
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OCEANIA ANNUAL REPORT 2024

Key metrics
Greenstar communities
FY25 target
One pilot  
development
On track to register first 
Greenstar communities project, 
Ngā Mara Village, in FY2025
FY24 
Water
Water use (000s)
FY24
349m
3
Water use (000s)
FY23
347m
3
At Oceania, we aim to build villages 
that become a valued part of 
the community.
Our building strategy is about building the right 
product, in the right place, at the right time and 
in a way that’s sustainable, a strategy which 
has led to a targeted approach to development 
in recent years. Each design and development 
project is driven by the motivation to offer 
a premium experience that makes Oceania 
the best choice for ageing New Zealanders.
We aspire to integrate our villages with the local 
community, making them more desirable as our 
residents can stay part of the communities they 
call home. 
Getting this right starts with understanding the 
local environment, community needs and cultural 
value of each location, through insights. The aim 
here is to ensure that developments contribute 
to rather than intrude on the cultural shape and 
social fabric of the community that it is entering. 
This thinking also applies to the physical 
environment. Oceania looks to minimise the 
impact on the natural environment and support 
a circular economy, both during the construction 
process and once residents move in.
Any organisation with a portfolio as large 
as Oceania’s will have an impact on the 
environment, which is why we are placing 
emphasis on understanding our waste 
contribution, water and energy use, and 
how this can be minimised. 
Oceania’s commitment to sustainability is also 
reflected in the design choices being made 
in respect of new builds.
Increasingly Oceania residences have Homestar 
certification from the New Zealand Green 
Building Council (NZGBC) (see page 20), which 
ensures apartments are warmer and healthier 
than a typical home. Not only does this translate 
into better living conditions for Oceania residents 
and better work environments for Oceania 
people, but will become increasingly important 
when sourcing financial capital in the future.
Our offer:
A healthy community.
Construction waste
Auckland
Construction waste 
to landfill
Construction waste diverted 
away from landfill
FY24
327t
842t
Non-Auckland
FY24 target 77.5%
FY24 target 50%
FY27 target 80%
FY27 target 60%
FY23 77.0%
FY23 58.2%
FY24
79.0%
FY24
62.9%
Construction waste diverted from landfill 
as a percentage of all construction waste
Operational waste
Operational waste 
to landfill
Operational waste diverted 
away from landfill
FY24
1,640t
345t
FY23 21.5%
FY24
17.4%
Operational waste diverted from landfill 
as a percentage of all operational waste
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OCEANIA ANNUAL REPORT 2024

Pam and Cedric Little are  
adventurers at heart. And they 
haven’t let retirement stand in the 
way of adding a few more tales 
to their storied lives together. 
It was the rhythmic back and forth of a tennis 
ball crossing the net that knocked love into the 
hearts of Cedric and Pam Little 60 years ago. 
The pair grew up in Mount Eden only down the 
road from each other and whiled away lazy 
weekends on the local tennis courts. 
“I was better,” quips Pam, with a cheeky glint 
in her eye when asked who had the superior 
prowess on the court. After six decades 
together, Cedric’s wry smile suggests he 
knows better than to disagree and confirms 
Pam’s recollection of events.
Despite all their years together, the spark and 
feistiness woven through their shared history still 
shines through time and time again in a relaxed 
discussion with panoramic views of the city 
and the water at their apartment in Oceania’s 
flagship premium offering The Helier.
Conventional knowledge suggests retirement 
is a time to put your feet up, but no one ever 
shared that information with Pam or Cedric.
Adventurers at heart, their relationship has been 
typified by trips in and out of New Zealand over 
the years. They only recently sold a motorhome 
that had taken them up and down the country 
and were keen yachties in their earlier years. 
Now, both in their 80s that adventurous spirit is 
still there but it’s simply taking a slightly different 
– some would say more luxurious – form. The 
pair recently took a cruise to Patagonia and 
had the rare opportunity to go under the surface 
in a small submarine off the Chilean coast.
“I normally get claustrophobic, but I was so 
excited about the whole experience that I was 
fine,” says Pam, battling to contain the residual 
excitement still bubbling to the surface.
Cedric was equally moved by the experience, 
pointing to the details that made this such 
a special experience. 
“This was actually a submarine,” he says.  
“It’s not a bathysphere, which is still attached 
by a line to the mothership. This was completely 
self-contained and it only had radio contact 
with the ship up above. This was by definition 
a submarine and we are now, in actual fact, 
submariners.”
OUR OFFER
Adventurous spirits  
at The Helier.
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OCEANIA ANNUAL REPORT 2024

their retirement years. As Cedric points out, he 
doesn’t need an onsite library or lawn bowls at 
his retirement establishment because he’s more 
than capable of getting himself to those places 
within the community.
The boutique living environment also means that 
Cedric and Pam know all their neighbours by 
name and often hang out with them during the 
cocktail and canapé events put on by The Helier 
team every evening. 
“We have ‘Helier Hour’ every night here with 
drinks and canapés,” says Pam, smiling.“But you 
can’t go every night. You’ve got to be resilient. 
It’s too tempting. It’s just too tempting.”
Cedric and Pam both laugh in joint appreciation 
of the good fortune they’ve found in sharing their 
golden years at The Helier. 
“I see this as our reward for working long and 
hard over the years,” says Pam, reflecting on 
decades the pair spent building a successful 
funeral business together. 
Cedric attributes the freedom to board 
a submersible vessel in his 80s to their decision 
to become the first couple to call The Helier home. 
“That’s part of the advantage of being in a place 
like this: it’s secure; it’s looked after,” he says, 
pointing out that it’s incredible to have the peace 
of mind that everything will still be in place once 
they return home from whatever adventure they 
have on the itinerary. 
For Cedric and Pam, the decision to move into 
The Helier came quickly.
“When we saw this was being built, it just ticked 
all the boxes,” says Cedric. “It was local and 
it was part of the community. We didn’t muck 
around too much. We just decided and moved 
in. That’s probably how we’ve always led our lives 
to some degree. We’ve made big decisions and 
we haven’t backed out.”
The Helier was appealing to the Littles because 
it wasn’t a sprawling facility on the outskirts of 
the city. It was a part of a community they knew 
and loved. It was part of their community.
The pair are touching here on an aspect of 
retirement living that is so often overlooked. 
Kiwis are living longer and healthier than they 
ever have in the past, which means they are able 
to participate in their communities deep into 
“When we saw this was being built, it just  
ticked all the boxes,” says Cedric. “It was local 
and it was part of the community.”
OUR OFFER
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OCEANIA ANNUAL REPORT 2024

The Helier is the epitome  
of luxury later-life living. 
Offering 79 retirement residences and 32 private 
care residences built to the New Zealand Green 
Building Council’s Homestar 6 certification, The Helier 
reimagines what retirement looks like in New Zealand. 
The amenities on-site include, but are not limited to:
•	 State-of-the-art gym and spa
•	 Indoor swimming pool
•	 Day spa, offering a range  
of holistic treatments
•	 All-day dining including  
café and bar
•	 Executive chef
•	 In-room dining
•	 Exclusive wine library
•	 Concierge
•	 Chauffeur service  
(Jaguar EVs)
The boutique design of The Helier means it is part 
of the St Heliers landscape. Residents regularly enjoy 
an excellent range of dining and entertainment in the 
vicinity and they’re only a short chauffeur drive  
from everything the city offers. 
In February 2024, The Helier also opened 32 state-
of-the-art care residences, giving residents added 
certainty that they will still be close to loved ones when 
they need additional care. 
Residents also benefit from conscious design through 
certification to Homestar 6, including solar PV 
installations on the roof, low E-glazing throughout the 
building, energy-efficient hydronic underfloor heating 
in the communal lounges, continuous air extraction 
in bathrooms, heat pumps for heating and cooling 
requirements, EV charging capability and LED lighting.
The Helier offers a carefully curated glimpse at the 
enormous potential of luxury retirement living in 
New Zealand. 
Cedric decided to retire as soon as he hit 65 and 
he had absolutely no regret about handing over 
the reins when he did.
In the years that followed Cedric’s retirement, 
the pair lived in an apartment not far from 
The Helier but they have no regret about making 
the transition. They admit the initial decision is 
always confronting when it comes to moving into 
a retirement village, but in conversations with 
friends over the years, they’ve heard a common 
refrain repeated more often than not.
“As you get closer to the age and you talk to 
people, you often hear that line, ‘I wish I’d done it 
earlier,’” reflects Cedric. “You can only enjoy this 
standard of living if your health is good enough 
and you’re self-sufficient enough to enjoy the 
experience. And that’s the big plus of living at 
The Helier because you can really enjoy your 
time here while still being part of the community.”
While people generally don’t like to talk about 
these things, Pam and Cedric also take comfort 
from the fact that they know they’ll still be close 
together should either require additional care. 
The Helier has just opened a state-of-the-art 
care offer that gives couples the security of 
knowing they’ll still be close together even if 
their partner falls ill. 
“To be able to see each other every day would 
be huge,” says Cedric.
Even after 60 years of marriage and travels 
around the world, it’s still the small things 
that matter at the end of every day.
OUR OFFER
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OCEANIA ANNUAL REPORT 2024

We design with a focus on the local environment, 
community needs and cultural values of each location.
How Oceania implements Homestar
Oceania has been designing and building to the 
New Zealand Green Building Council (NZGBC) 
Homestar certification since 2018. Homestar 
certification applies to residential buildings, 
so for Oceania this covers independent living 
apartments and villas. To date, Oceania has 
delivered 10 projects to Homestar 6 “As Built” 
rating, equating to 495 independent living units 
and 26% of its total independent living units. 
A further 210 units are under construction (or 
awaiting “As Built” certification). Oceania has 
previously built to Homestar 6, and with its new 
development at Ngā Mara are aspiring to reach 
a Homestar 7 certification.
How Oceania implements Greenstar 
We previously reported that we were 
investigating the feasibility of Greenstar and 
are pleased to announce that Oceania has 
registered the first Greenstar project for the 
care and community buildings at the Ngā Mara 
development. Greenstar certification differs from 
Homestar in that it applies to commercial and 
other non-residential buildings, and still has a 
broad focus on assessing environmental design 
and performance.
What is Homestar?
The New Zealand Green Building Council’s Homestar 
system rates homes on a 6-to-10-star scale for 
environmental sustainability and living quality. 
It evaluates energy and water efficiency, waste 
management, ventilation, and material selection. 
Higher ratings indicate superior design and 
construction for sustainability and occupant health.
What is Greenstar?
The New Zealand Green Building Council’s Greenstar 
system rates commercial and public buildings on 
a 4-to-6-star scale, evaluating design, construction, 
and operations. It focuses on energy efficiency, water 
usage, materials, indoor quality, and innovation. Higher 
ratings signify excellence in sustainable practices, 
reducing environmental impacts and boosting 
occupant health. 
What is Greenstar Communities?
New Zealand Green Building Council’s Greenstar 
Communities tool is a comprehensive framework that 
assesses the sustainability of large-scale developments. 
It evaluates the planning, design, and construction 
phases on criteria including liveability, economic 
prosperity, environment, and innovation.
How Oceania implements  
Greenstar Communities
Oceania is currently working towards registering 
its first Greenstar Communities project for 
Ngā Mara. Acknowledging that every place 
is different and has its own set of cultural, 
environmental, community and social factors 
that shape its identity and character, we have 
used the Greenstar Communities tool to guide 
us in designing a community for Ngā Mara that 
is not only sustainable and environmentally 
friendly, but also healthy, resilient, and inclusive 
for our future residents. This is an important step 
for us as we seek to design with a focus on the 
local environment, community needs and cultural 
values of each location. Oceania has worked with 
cultural advisors to assist with aspects such as 
naming the village. Oceania has also undertaken 
consultation with key stakeholders and governing 
bodies within Auckland, including Mana Whenua 
groups and adjoining neighbours.
We recognise we have more work to do in this 
area, including strengthening our application 
of the engagement and cultural heritage 
and identity process within the Greenstar 
Communities tool. However, the experience 
we have gained through this latest project has 
been valuable for Oceania and we will apply 
the learnings to improve our approach in 
future development. 
Our FY24 journey.
OUR OFFER
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OCEANIA ANNUAL REPORT 2024

Waste
Oceania is committed to reducing its key 
operational and construction waste. 
In FY2024 we completed updated waste audits. 
Notably, incontinence products represent over 
half of our operational landfill waste. We will use 
these insights to establish a target to decrease 
operational waste to landfill. 
In FY2024, we collaborated with suppliers 
to explore more sustainable materials for 
incontinence products, recognising the limited 
options of viable biodegradable alternatives 
that meet our durability needs. Concurrently, 
we are trialling methods to reduce single-use 
plastic bags in incontinence waste handling 
and have made modifications to onsite disposal 
to enhance this effort. Our ongoing initiatives 
reflect a broader industry challenge, and we 
continue to engage with peers in our industry 
and learn from international best practice 
regarding incontinence waste reduction.
Food waste
Oceania has implemented food waste diversion 
practices in the majority of its villages and care 
centres, utilising composting, collections, offsite 
piggeries, and other methods to minimise landfill 
contributions. Despite these efforts, our audits 
indicate ongoing challenges with food waste 
entering general waste streams, and we are 
developing solutions for sites currently lacking 
diversion measures. In FY2024, we partnered 
with the University of Otago on a Food Waste 
Minimisation project funded by the Ministry for 
the Environment’s Waste Minimisation Fund for 
the retirement village industry, with three of 
our villages set to participate starting  
in FY2025. 
Construction waste
As Oceania expands its portfolio, we remain 
committed to minimising our environmental 
impact by managing construction waste 
effectively. In FY2024, we successfully met our 
waste diversion targets. Specifically, we diverted 
79.0% of construction waste from landfill in 
our Auckland projects, surpassing our target 
of 77.5%, and achieved a 62.9% diversion rate 
outside of Auckland, exceeding the 50% target. 
These variations reflect the more developed waste 
diversion infrastructure in Auckland compared to 
the less mature systems in other regions. 
In total, Oceania diverted 842 tonnes of 
construction waste from landfill in FY2024, 
preventing 132 tonnes of CO2e emissions. 
We collaborate closely with our construction 
partners and their waste providers to enhance 
waste diversion efforts. Waste management 
is a critical component of our Site Waste 
Management Plans (SWMP) and is consistently 
addressed in Planning & Coordination meetings. 
In addition, our project managers’ personal 
performance metrics are directly linked to 
achieving these construction waste targets. 
We minimise our environmental impact 
and support a circular economy.
The Bayview
The Bayview village achieved a Gold rating in Tauranga 
City Council’s Resource Wise Programme. This five-year 
initiative, in collaboration with the Council, focuses on 
enhancing waste management through audits, training, 
and resource sharing. In FY2024, The Bayview diverted 
92% of food scraps and 75% of paper and cardboard 
from landfill.
Marina Cove 
The onsite worm farm at Marina Cove, established by 
residents and employees with support from the local 
Envirohub group, shows the residents’ commitment 
to sustainability. Constructed entirely from recycled 
materials, including the kitchen fork used to lock it, the 
worm farm transforms organic waste into compost for 
resident gardening projects. This initiative also serves 
as an educational tool, inspiring a local kindergarten 
to start its own farm using worms from Marina Cove.
OUR OFFER
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OCEANIA ANNUAL REPORT 2024

Healthy homes and  
sustainable refurbishments 
Following the establishment of Oceania’s Impact 
Partnership with All Heart NZ in FY2023, Oceania 
has enhanced its refurbishment process to 
incorporate more sustainable practices. This 
includes appointing and working with main 
regional contractors to integrate sustainability 
more effectively throughout its refurbishments, 
which already voluntarily meet the Healthy 
Homes standards for heating, ventilation, and 
insulation. In addition, we are upgrading to 
double-glazing where necessary. 
We are working to adopt a circular economy 
approach and prioritise repurposing materials. 
Our pilot in Auckland at sites Totara Park, 
Meadowbank and Lady Allum involved donating 
appliances and fixtures through All Heart NZ 
and community groups like the Assemblies of 
God Congregation. We are now evaluating the 
outcomes and planning a nationwide rollout with 
our contractors. This revised process will improve 
data capture, reporting, and contractor training 
in sustainable deconstruction, while providing 
valuable feedback to our design teams for 
future projects.
Water efficiency
Oceania’s water use across its portfolio has 
remained fairly constant (FY2024 vs FY2023). 
In the reporting period Oceania has sought 
to understand water usage with more accurate 
and timely data and is currently looking at 
smart metering options for its portfolio. We 
continue to roll out more efficient tapware 
and showerheads as part of our designs and 
refurbishment programme and the new design 
for our greenfield development, Ngā Mara, 
incorporates rainwater harvesting. 
Oceania is enhancing its refurbishment 
process to incorporate more 
sustainable practices.
OUR OFFER
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OCEANIA ANNUAL REPORT 2024

Our resident experience:
Space to thrive.
New Zealand’s relationship with 
retirement is evolving. We are living 
longer and healthier lives, so we want 
to stay active, continue engaging 
in social events and keep our minds 
sharp by learning. 
As a provider of retirement living, Oceania must 
ensure that it responds to the shifting needs 
of its residents to create an experience in line 
with societal trends. While building innovative 
properties is integral to Oceania’s strategy, more 
is needed to deliver on the promise to provide a 
resident experience that reimagines retirement 
living in line with resident expectations.
Last year, Oceania aspired to build a culture 
focused on wellbeing to enable residents to 
live a fulfilled life and set a goal within the 
Sustainability Framework to “prioritise resident 
wellbeing through conscious design and 
exceptional services.”
Whilst this is our aspiration, there are external 
factors influencing our mid to long-term strategy, 
including but not limited to the GP shortage 
crisis, inequities in the healthcare system and 
the relationship between technology and older 
New Zealanders.
This requires creative thinking, and we have 
rolled out innovations to deliver on our goals, 
including the Nurse Practitioner model, the 
Oceania Together App and Couples Care 
Suites. The process of innovation allows us 
to anticipate the needs of residents and 
develop structured solutions to improve their 
daily experience. Oceania’s approach isn’t 
only about innovation but ensuring that our 
residents across the country feel fulfilled. In 
our Sustainability Framework, we have set a 
goal to actively engage with our residents and 
local community, to create positive social and 
environmental outcomes. 
One way to achieve this ambition has been 
through the adoption of the evidence-led ‘Five 
Ways to Wellbeing’ programme, which is rolling 
out nationwide through employee training. 
The training aims to provide insight into how 
to develop initiatives that bring the pillars of 
the programme to life: connect, get active, 
take notice, learn and give. 
Oceania understands its responsibility to New 
Zealand’s indigenous people, who face inequities 
in healthcare outcomes. To support our ageing 
Māori and Pasifika peoples, we have developed a 
comprehensive Māori Health Plan that promotes 
an understanding of Te Tiriti o Waitangi and the 
Ngā Paerewa Health and Disability standards, 
ensuring we are better placed to respond to their 
specific needs. 
Improving the resident experience will require 
continued financial investment, expertise, and 
dedication of our people alongside a healthy 
environment and community. These inputs 
will continue to create value through improved 
competencies within our team, better community 
relationships across our villages and the 
development of organisational systems. 
Key metrics
FY30 target
All new designs incorporate  
7 Homestar 
On track
FY24 
7 Homestar certification
New ILUs designed and built 
to 7 Homestar
Exceeded
Exceeded
FY24 
FY23 
Care resident wellbeing
FY27 target
78.9%1
Number of care residents who improve 
or maintain an optimum level of health
Care resident satisfaction
FY24 
FY23 
41
35
Net promoter score (+/- 100)
1	 The methodology for this care resident wellbeing metric is bespoke to Oceania for the purposes of 
establishing a social metric under our sustainability linked loan. The methodology was created using six 
years’ of historical Oceania interRAI data.
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OCEANIA ANNUAL REPORT 2024

Improving wellbeing 
through innovation.
What is private care?
Private care refers to a healthcare model where 
residents receive personalised care without Oceania 
having a contractual obligation to Te Whatu Ora / 
Health New Zealand. While certified by the Ministry 
of Health, The Helier’s private care offers flexibility in 
the delivery of services, allowing residents to select and 
pay for their desired level of service and care. Oversight 
by an experienced Head of Care and Nurse Practitioner 
ensures clinical needs are met, with a pre-entry home 
visit facilitating accurate assessments and a smooth 
transition into The Helier. 
As the needs of our residents evolve, 
it is incumbent on Oceania to adapt 
its offering to ensure that the resident 
experience remains positive. 
We already have a strong track record of 
innovation, which has driven resident experience. 
That work has been ongoing over the last year 
as evidenced in the continued success of our 
care suite model, which delivered 258 sales in 
the year ended 31 March 2024 (up from 256 sold 
during the comparative period the previous year).
We have also recently launched fully funded 
private care at The Helier, the first retirement 
village operator to do so in New Zealand. This 
delivers 32 care residences that boast state-
of-the-art facilities. These include an onsite 
physiotherapist, equipped gymnasium, and 
a heated indoor pool for therapeutic activities. 
Each resident is assigned a registered nurse 
supported by care associates and overseen 
by a nurse practitioner.
While this is a significant step for Oceania in 
the premium space, not all New Zealanders can 
afford private care or care suites. As the demand 
for aged care continues to rise in the coming 
years, Oceania is aware this will have a social 
impact across socio-economic brackets and will 
require careful consideration as we continue to 
expand our offering. Oceania continues to offer 
873 standard beds, equating to 35% of its total 
care portfolio.
Oceania remains cognisant of long-term 
challenges facing the entire healthcare sector, 
including the shortage of general practitioners. 
The Royal New Zealand College of General 
Practitioners estimates that within the 
next 10 years, New Zealand will be short 
300 GPs, a challenge that shows no signs 
of abatement amid strong international 
competition for doctors. 
Given the impact this will have on residents, 
Oceania has since 2020 employed the Nurse 
Practitioner Model to improve the quality, 
responsiveness and continuity of care to 
our residents.
Nurse Practitioners (NP) are highly skilled health 
practitioners with extensive clinical experience 
and advanced education (a minimum of 
a Master’s degree), clinical training and 
competence. Their scope of practice extends 
beyond that of a registered nurse in that they 
assess, diagnose, and treat health problems for 
common and complex health conditions. This 
includes requesting and interpreting diagnostic 
testing, prescribing medications and other 
medical devices or treatments, and referring 
patients to specialist care. The presence of NPs 
at our care centres reduces the demand for 
GPs, while also alleviating strain on the public 
health sector.
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OCEANIA ANNUAL REPORT 2024

Nurse Practitioner evaluation shows  
the benefit of a nurse-led model
First implemented in 2020, alongside the introduction 
of our first NP at Oceania, we recently celebrated and 
shared the innovative nurse-led primary care services 
model. An evaluation of this model was completed in 
2023, which found that there was a very high level  
of satisfaction with the new model of care from 
staff and NPs. 
In a survey completed by Facility Managers, Clinical 
Managers and Registered Nurses, we found that 96% 
of participants trusted NPs clinical decision-making all 
or most of the time. Further to this, 92% of respondents 
were satisfied or very satisfied with the total coverage 
of the primary care service. Oceania is proud to 
demonstrate that employing NPs based in care centres 
is an effective and efficient way to provide quality care 
and relieve the pressure on primary care providers in 
the community.
Oceania has implemented this model across  
21 of its facilities thus far. We currently have  
12 NPs working for Oceania and plan to expand 
this approach across the country to eventually 
roll out across both residential and care suites 
so that every resident that chooses Oceania 
has access to high-quality individualised and 
holistic healthcare.
To support this objective, Oceania has created 
career pathways for registered nurses on our 
team to upskill and become NPs. 
Oceania’s commitment to innovation doesn’t 
end there. We developed Couples Care Suites 
to ensure that loved ones don’t have to be 
separated when one or both of their health 
deteriorates. Initiatives like these greatly improve 
the resident experience by ensuring that couples 
don’t have to face the added anxiety of being 
separated from their partners. 
Oceania is also innovating in technology 
through piloting apps and the use of voice-
activated media to provide residents with a more 
connected living experience. Technology offers 
a significant opportunity for residents to stay 
connected to family members enhancing the 
resident experience. 
We will continue to invest in innovation and our 
model of care, and this will play a significant 
role in improving the resident experience and 
Oceania’s internal expertise. 
Shirley Ross, Clinical Director at 
Oceania (right), with Nurse Practitioner 
Heather, receiving an award from 
Auckland PHO for second place in 
achieving flu vaccinations for an 
over 65 age group
OUR RESIDENT EXPERIENCE
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OCEANIA ANNUAL REPORT 2024

Enhancing care resident wellbeing 
and satisfaction 
Oceania is committed to enhancing care 
resident wellbeing through its model of care 
excellence, which emphasises person-centred 
care and resident engagement. To effectively 
measure our performance, we employ a 
bespoke methodology using interRAI1 data 
that assesses the proportion of residents 
experiencing improvements (or remaining at an 
optimum level) in their wellbeing. We do this by 
measuring inputs that cover physical, social and 
psychological wellbeing that contribute to the 
overall care resident wellbeing score. For FY2024 
Oceania scored 79% for care resident wellbeing, 
successfully meeting the target against its 
sustainability linked loan.
Oceania measures Net Promoter Score (NPS) 
for care residents, and their satisfaction across 
various services including care, meal service and 
cleanliness. In FY2024, care resident NPS was 
improved to 41, up from 35 in the previous year. 
We recognise the importance of continuous 
feedback from our residents to drive service 
improvements. We are looking to implement a 
resident satisfaction survey for our independent 
living residents and are actively exploring ways 
to capture the feedback from specialised areas 
such as residents living with dementia. 
Improving clinical care through the 
Fundamentals of Care framework
In collaboration with the International Learning 
Collaborative (ILC), Oceania has implemented 
the Fundamentals of Care framework, which 
emphasises essential aspects of healthcare that 
are critical to resident wellbeing. This approach 
enhances the therapeutic relationships with 
residents, addressing physical, psychosocial, 
and spiritual needs. The ILC aims to globally 
transform care by emphasising person-centred 
fundamental care, supported by education, 
research, advocacy, and policy. It incorporates 
whanaungatanga, the Māori concept of building 
and nurturing relationships, emphasising a 
sense of family, and belonging. It also enables 
the healing relationship with the resident, and 
whānau is at the centre of the nursing care plan. 
Addressing antimicrobial resistance 
Oceania is actively participating in national 
efforts to steward antibiotics use and combat 
antimicrobial resistance (AMR), a growing public 
health concern, based in both hospitals and 
communities. Guided by the Health Quality and 
Safety Commission (HQSC) and their Quality 
Improvement methodology, we are enhancing 
antimicrobial use across our facilities. In 2023, 
The Sands care centre in Auckland successfully 
piloted an Antimicrobial Stewardship (AMS) 
project, leading to its expansion across all our 
care centres. This initiative aligns with national 
AMS goals and demonstrates our commitment 
to improving healthcare quality and safety. 
The Māori Health Plan
All management teams across our villages and 
care centres have completed training in The 
Māori Health Plan, enhancing their capability 
to uphold Te Tiriti o Waitangi principles and 
meet Ngā Paerewa Health and Disability 
standards. This training focuses on recognising 
and addressing the unique health and cultural 
needs of older Māori and Pacific peoples in 
our care. From admission, our approach is to 
understand each resident individually, tailoring 
care plans that incorporate specific needs and 
preferences, with significant family involvement. 
Employees receive ongoing training in cultural 
practices, including tikanga. We assess our 
impact by monitoring key clinical indicators 
across different ethnic backgrounds, ensuring 
our services remain equitable and responsive. 
Our commitment to The Māori Health Plan 
underscores our dedication to health equity and 
culturally responsive care, fostering an inclusive 
environment where all residents can thrive.
Our FY24 journey.
We prioritise resident wellbeing through 
conscious design and exceptional services.
1	 InterRAI is an internationally recognised clinical assessment tool 
developed by the interRAI consortium and licensed in New Zealand by 
interRAI Services, a division of TAS. InterRAI data provides Oceania with 
a validated third party source. 
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Evidence-led dementia design 
at Meadowbank
We’ve leveraged both internal expertise and 
external partnerships with organisations like 
Dementia Auckland, Alzheimer’s NZ, and the 
National Dementia Foundation to enhance the 
design of our dementia care centres. Our focus 
is on creating home-like environments tailored 
to residents’ social, cultural, and cognitive needs. 
Our Meadowbank Dementia centre is currently 
under development, and the building features 
will include clear signage, and intentional use 
of colours for safety and ease of use for the 
cognitively impaired. Our specialised design 
elements will stimulate residents’ senses and 
promote a calm atmosphere. 
Innovation in technology
In addition to our continued focus on services 
and design aimed at enhancing resident 
experience, Oceania remains dedicated to 
advancing technological innovation. Notably, 
we have implemented two key pilots in FY2024: 
a mobile application, the “Together” App, and 
the integration of Alexa software into our nurse 
call system at The Helier. 
The Together App 
Our Together App represents a significant 
step forward in resident engagement and 
convenience. Serving as an interactive platform, 
the pilot offers residents a wide array of services 
and information at their fingertips. Through the 
Together App, our residents can directly interact 
with the Oceania team, access our newsfeed 
and events calendar, request services such as 
chauffeur bookings or self-drive car reservations 
and make activity reservations. Residents can 
use the Together App to submit maintenance 
requests and notify the team of things that 
require extra attention, thereby streamlining 
communication and enhancing overall 
resident satisfaction. 
Alexa integration 
The pilot to integrate Alexa software into our 
nurse call system adds an extra layer of comfort 
and peace of mind for residents. Residents 
can quickly and easily summon assistance in 
emergency situations simply by using voice 
commands. This integration means that help is 
always within reach, even where a resident isn’t 
anywhere near an emergency trigger.
As these innovations have only been recently 
introduced to our flagship site, The Helier, and 
are still undergoing development, we look forward 
to integrating these offerings in both new and 
existing villages and care centres in the future.
I Love Music programme
Oceania’s ‘I Love Music’ program, now in its sixth 
year, continues to enrich our residents’ lives by 
providing personalised musical experiences. 
Currently, 24% of our care residents are actively 
enrolled, enjoying tailored playlists on their 
personal mp3 players. This initiative taps into the 
power of music to unlock cherished memories 
and improve mood, with research indicating 
that familiar tunes can enhance sociability and 
evoke long-term memories. Our Aged Care Living 
team leverages online music libraries and audio 
books to offer residents innovative and intuitive 
entertainment options, further enhancing their 
sense of comfort and nostalgia.
Couples Care Suites
Anitha Mogilicharla is the Regional Clinical Manager 
for Oceania’s Northern Region. She has a long-standing 
relationship with Oceania, having initially worked as 
a Healthcare Assistant while studying Nursing and 
eventually becoming a Registered Nurse at one of 
Oceania’s facilities in Auckland. Prior to her current 
role, Anitha worked as Clinical Manager at The Sands. 
“I love the fact that no two days are the same in my 
job,” she says. “It’s so rewarding to support and provide 
reassurance to both residents and staff.” 
During her time at The Sands, Anitha saw firsthand the 
benefits of Oceania’s Couples Care Suite offering. 
“The care suite provides a home environment away from 
home, fostering a sense of familiarity and ease with 
safety features. They ensure that each partner has their 
own area while still being close enough to support and 
interact with each other,” she says. 
Mimicking a home environment, the Couples Care 
Suites are slightly more spacious and offer an 
additional lounge and dining space. 
“The comfort of having a partner in the same space 
offers advantages from sharing meals with a dining-
in experience to engaging in leisure activities with one 
another. The larger space also provides a protected 
area for residents to spend time with visitors and family 
members,” says Anitha. 
On top of this, Anitha highlights that the care team 
members play a vital role in enhancing the couple’s 
experience. Through interacting with couples every day, 
they get to know them on a personal level, allowing 
them to provide tailored support and companionship.
OUR RESIDENT EXPERIENCE
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OCEANIA ANNUAL REPORT 2024

Five ways to wellbeing
Oceania recognises that with over 4,000 residents and 3,000 
employees, it has a real opportunity to enable residents and 
employees to help create positive social and environmental 
outcomes for the community, and one way we deliver on this 
is through the ‘Five Ways to Wellbeing’ programme. 
Oceania is the only aged care or retirement village operator 
in New Zealand to actively adopt the ‘Five Ways to Wellbeing’ 
approach in its operations. The strategy is contingent on 
promoting and facilitating participation in the five pillars of the 
programme (connect, get active, take notice, learn and give) 
across Oceania residences.
Research has shown this approach to be effective, with a 2019 
study of over 10,000 adults finding that those who engaged in 
multiple pillars had higher levels of personal wellbeing.1 The study 
also found that wellbeing levels increased as more of the pillars 
were practised (in any combination).
Higher wellbeing is associated with better health, greater longevity, 
the ability to cope with adversity, increased productivity and 
stronger personal relationships. 
The application of the ‘Five Ways to Wellbeing’ programme at 
Oceania is informed by a local framework developed by The NZ 
Mental Health Foundation. Thus far, more than 50 employees 
across Oceania have been trained in the ‘Five Ways to Wellbeing’ 
framework and those numbers will increase as further training 
is rolled out in the coming year. 
The approach is already delivering results, with our teams around 
the country incorporating this thinking into event calendars and 
weekly activities. 
Every unique experience enjoyed by residents around the country 
has the potential to become a compelling narrative on what sets 
Oceania apart.
1.	 Keep moving (get active)
In 2023, hundreds of Oceania residents and 
employees collectively walked the length of 
New Zealand to raise funds for the Mental 
Health Foundation New Zealand (MHFNZ). 
An initial target of walking for 14,100 minutes 
was surpassed employees, with participants 
collectively walking for over 150,000 minutes. 
After seeing the physical and mental wellbeing 
benefits, many residents plan to continue their 
walking routines. Over $20,000 was raised for 
the MHFNZ. 
2.	Brainy Beanies (give)
Residents around the country have shown 
their support for Brain Tumour Support NZ’s 
Brainy Beanies initiative. This project invites 
New Zealander’s to knit bespoke beanies, which 
are donated to Brain Tumour Support NZ and 
auctioned to raise funds for this important cause. 
Residents at Totara Park village have already 
contributed around 60 hand-knitted beanies, 
exemplifying the ‘Give’ pillar from our ‘Five Ways 
to Wellbeing’ programme. 
3.	Making learning fun (keep learning)
Our Eversley Care Centre is dedicated to 
stimulating lifelong learning and inspiration 
among our residents. A recent educational trip 
to the local Planetarium enabled residents to 
explore the night sky and our solar system. This 
experience was complemented by a creative 
session where residents in the dementia wing 
painted the planets, learning through art. 
4.	Bream Bay beekeepers (connect)
Residents at Bream Bay have embraced the 
“Connect” pillar through their venture ‘Bream Bay 
Village Honey’. This initiative involves maintaining 
village beehives, harvesting batches of honey, 
and connecting with the broader community. To 
date, 70 kg of honey has been produced, which is 
shared as gifts and with the local community.
5.	Showing gratitude (take notice)
The Woburn Care Centre embraces the ‘Take 
Notice’ pillar through meaningful initiatives. 
A gratitude board allows residents and staff 
to express their appreciation for one another, 
while bespoke events provide opportunities to 
appreciate the small things. During Matariki, 
the team spent the evening observing and 
appreciating the constellations. These simple 
initiatives contribute to the ‘Five Ways to 
Wellbeing’ by encouraging people to practice 
mindfulness in daily life.
OUR RESIDENT EXPERIENCE
We actively engage with our residents, people 
and local community to create positive social 
and environment outcomes.
1	 Mackay, L, Egli, V, Booker, L-J, Prendergast, K: “New Zealand’s engagement with the Five Ways to 
Wellbeing: evidence from a large cross-sectional survey”, School of Language, Social & Political 
Sciences, University of Canterbury, pages 230-244
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OCEANIA ANNUAL REPORT 2024

Community engagement
Oceania is expanding its reach and support of 
the community through strategic partnerships. 
In FY2024, Oceania formed a partnership with 
the National Foundation for the Deaf and Hard 
of Hearing (NFDHH), who support and advocate 
for the deaf and hard of hearing community. 
In line with our ‘Believe in Better’ ethos, we are 
committed to being more accessible for residents 
with hearing loss and for improving hearing 
health outcomes for the Oceania community. 
We became the first retirement and aged care 
provider in New Zealand to become a Hearing 
Accredited Workplace, during the reporting 
period. All of our independent retirement living 
villages in Auckland have hosted a hearing 
awareness event, and there are plans underway 
to expand these events into the Canterbury, 
Hawkes Bay and Taupo regions. 
Natasha Gallardo, Chief Executive of NFDHH 
has said “We are incredibly grateful for the 
partnership with Oceania and their commitment 
to improving the hearing health of their residents. 
We are also appreciative of Oceania recognising 
the value of their team undertaking hearing 
aware education workshops to ensure their 
staff can better support their deaf and hard 
of hearing residents.”
OUR RESIDENT EXPERIENCE
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OCEANIA ANNUAL REPORT 2024

Our people capability:
Giving our team room to grow.
At Oceania, our people are the 
driving force behind our purpose 
to reimagine retirement and aged 
care living in New Zealand. We 
recognise that an engaged, capable, 
and diverse workforce is central 
to delivering exceptional care and 
enriching the lives of our residents. 
Oceania aspires to be an employer of choice, 
to attract, grow and retain great people. 
Our people capability strategy is deeply linked 
to our overall value creation process. We invest 
in our team’s professional development and 
wellbeing and foster a diverse and inclusive 
culture. This commitment helps to strengthen 
our teams, our expertise, and our relationships 
and this drives operational excellence and 
our ability to continue to deliver high-quality 
services. Motivated and stable teams also help 
us mitigate risks related to workforce shortages 
and employee turnover. 
Our commitment to people capability 
is underpinned by integrated thinking, 
considering the interdependencies and trade-
offs between different priorities. We aim to 
balance our financial investments in training 
with improvements to our processes and 
relationships. This approach helps ensure we 
deliver benefits to our stakeholders, including 
residents, employees, and the wider community.
Key metrics
Employee net promoter score (eNPS) (+/- 100)
FY24
24
FY23
16
Employee retention (all employees)
FY24
67%
FY23
56%
Employee retention (clinical employees) 
FY24
69%
FY23
59%
Gender diversity (CEO-3) (% female)
FY24
52%
FY23
57%
Long term injury frequency rate1
FY24
7.47
FY23
10.30
1	 LTIFR is a health & safety metric that measures the number of lost time 
injuries (work-related injuries resulting in time away from work).
OCEANIA ANNUAL REPORT 2024
30

Kylie Hill, Village Manager Awatere
OUR PEOPLE CAPABILITY
The modern employee is eager to 
learn and develop their skills to ensure 
they remain relevant in a changing 
world. It has become incumbent on 
employers to answer that call for 
growth by giving their team members 
the opportunities to develop skills 
that will give them an edge.
Oceania believes in fostering and building talent 
within its team, and prides itself on identifying 
skill gaps and giving employees the opportunity 
to train and upskill. 
To see this in play, look no further than Kylie Hill. 
Joining the company in 2002 as a part-time 
office administrator, it didn’t take long for Kylie’s 
talent to be noticed. Within just six weeks, she 
was taken on as a full-time employee and she 
hasn’t looked back since. 
Kylie’s ongoing dedication and talent caught 
the team’s attention and a series of 
promotions followed. 
Fostering and building 
talent within our team.
“I did some cover for the Facility Manager, 
served as a part-time Regional Administrator, 
and eventually became the full-time Business 
Care Manager (BCM) at Whitianga,” she 
recounts, humbly. Kylie was one of the first 
administrators that Oceania supported into 
a BCM role and has since worked as a Sales 
Manager at Awatere in Hamilton and is now 
Village Manager there.
Kylie has continued to grow within Oceania 
and became part of the first cohort of BCMs to 
undertake a dedicated leadership programme, 
before going on to complete an additional 
certificate in management.
“Oceania has invested in my journey and 
supported me on a career pathway that I truly 
love. It’s a pretty special place to work. I believe 
in the brand and the Believe in Better ethos - 
and that’s what I aspire to give and to support 
our village community and team.”
“Oceania has invested in my journey and 
supported me on a career pathway that I truly 
love. It’s a pretty special place to work.”
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OCEANIA ANNUAL REPORT 2024

There’s no shortage of exceptional talent 
throughout the Oceania team. Another team 
member that we’re incredibly proud of is Anitha 
Moglicharla, the Regional Clinical Manager for 
the Northern Region at Oceania.
Her decade-long tenure with Oceania traces 
back to her early years in the country. Arriving 
in New Zealand from India in 2008, Anitha 
initially worked at a vineyard before deciding 
to study nursing. This decision would prove 
pivotal, as she would go on to join Oceania 
as a Healthcare Assistant in 2011. 
Oceania supported Anitha’s transition to 
a Registered Nurse at Everil Orr care home, 
delivering high-quality service and expertise. 
She snapped up every learning opportunity 
offered by Oceania and steadily augmented 
her skills to become a brilliant manager.
“From my early days as a healthcare assistant 
to my current role, each step has been marked 
by continuous learning and growth. My journey 
with Oceania has been instrumental in shaping 
my nursing career. The clinical competencies, 
comprehension sessions and study day 
opportunities provided within the organisation 
have been invaluable”, says Anitha.
Anitha’s on-the-job training included specialist 
training in restraint minimisation and palliative 
care pathways, a post-graduate certificate 
in advanced nursing, a further postgraduate 
diploma, and additional training in infection 
prevention and control through a Post Graduate 
Certificate course – all supported by Oceania.
By 2019, Anitha’s talent and commitment saw her 
appointed the Clinical Manager for The Sands. 
Her strong leadership skills and dedication to 
the team saw her quickly progress, and in less 
than a year she now holds a role as the Regional 
Clinical Manager alongside the responsibility 
of being a National Infection Prevention and 
Control Coordinator.
Anitha believes the supportive environment 
Oceania has provided has been crucial in 
her career development.
“A supportive environment helps foster growth, 
provides encouragement, and acts as a safety 
net during times of uncertainty. I am very 
fortunate in this domain, with the unconditional 
support from my family and the Oceania 
management team helping me in every aspect 
of my success.”
Anitha and Kylie are two rising stars within the 
Oceania team, but they aren’t the only ones. 
Throughout our organisation, we have team 
members who are equally passionate. Through 
our various training programmes, we are taking 
steps to ensure these team members are given 
the tools they need to bring fruition to their 
career objectives while doing meaningful work 
at Oceania.
“A supportive environment helps foster 
growth, provides encouragement, 
and acts as a safety net during times 
of uncertainty.”
OUR PEOPLE CAPABILITY
Anitha Moglicharla, Regional Clinical Manager 
Northern Region
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OCEANIA ANNUAL REPORT 2024

Appointment of new Chief People Officer
To deliver on Oceania’s aspiration to be an 
employer of choice, as set out in its sustainability 
framework, Oceania appointed a new Chief 
People Officer in February 2024. The CPO 
is responsible for the People and Culture 
plan, which will initially focus on building the 
foundations for a strong people and culture 
such as the successful implementation of 
a new HR Information System (HRIS). 
Nurse Training
Recognising the critical importance of nursing 
professionals in delivering exceptional care, 
Oceania extends its impact beyond its immediate 
operations by training nurses for the wider 
New Zealand community. Oceania’s Wesley 
Institute of Nursing Education helps contribute 
to addressing the national nursing shortage 
by providing intensive training programs for 
individuals seeking to become registered nurses 
in New Zealand. Through the Competence 
Assessment Programme (CAP) and the Return 
to Nursing Programme, Oceania assisted over 
1,000 individuals in becoming registered nurses 
in FY2024. Through the Wesley Institute of 
Nursing Education, Oceania can contribute to 
the wellbeing of communities across the country. 
Oceania is mindful that the regulatory framework 
is subject to change and may affect certification 
requirements and the CAP programme in future. 
Developing our teams
Oceania aims to foster an environment that 
develops its team members’ capabilities 
while encouraging long-term engagement 
and retention.
Capabilities and competencies 
In the reporting period, Oceania broadened its 
learning and development programs to include 
non-clinical roles. It developed a capabilities 
and competencies framework to ensure site 
managers are given the opportunity for future 
development, and provides training across 
areas such as business operations, clinical 
responsibilities, hospitality training real estate/
property market insights, legal and regulatory 
frameworks, sales and CRM utilisation, and 
leadership development.
Underpinning this framework is the Future 
Fluent Programme. Launched in FY2024, the 
programme offers modules to help develop 
specific skillsets, enabling team members 
to upskill and become proficient in their 
respective roles.
Career development 
In FY2024, Oceania formalised a new Senior 
Leadership Team to provide support to the 
Executive team, empowering these senior leaders 
with opportunities for growth and decision-
making, with dedicated executive support. 
OUR PEOPLE CAPABILITY
We attract, grow and retain great people.
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OCEANIA ANNUAL REPORT 2024

An employer of choice
In FY2024, Oceania’s employee Net Promoter Score 
(eNPS) improved to 24 up from 16 in FY2023 and  
8 in FY2022, and there was improvement in all scores 
across the survey. While a score of 24 suggests 
a positive employee sentiment overall, there is 
room to improve to reach higher levels of employee 
satisfaction and advocacy, as Oceania aspires 
to be an employer of choice.
OUR PEOPLE CAPABILITY
Fostering engagement and retention 
Oceania’s focus on developing its team 
members is intrinsically linked to its efforts in 
fostering long term engagement and retention. 
By recognising outstanding contributions, 
celebrating achievements, and providing a great 
resident experience, we create an environment 
that motivates our workforce and encourages 
loyalty to the organisation. 
With sector-wide challenges including clinical 
workforce shortages, engagement and retention 
are paramount. In FY2024, Oceania’s retention 
rate was 67% (all employees) and 69% (for clinical 
roles), both seeing an uplift on prior years. 
Listening to our people
Central to our people strategy is actively listening 
to our employees’ voices and being adaptive 
and responsive. We conduct yearly employee 
engagement surveys to gather feedback 
on various aspects of employee experience, 
including culture and environment, wellbeing, 
fairness, and inclusion. This input directly informs 
our initiatives and decision-making processes, 
ensuring that our strategies align with the 
evolving needs of our workforce.
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OCEANIA ANNUAL REPORT 2024

Employee benefits
One example of our responsiveness to employee 
feedback is the introduction of “birthday leave” 
in the reporting period. This benefit allows 
employees to take a day off work on or around 
their birthday, promoting work life balance. 
This leave benefit builds on Oceania’s existing 
employee benefits, including its industry-leading 
parental leave policy that tops up the amount 
employees receive from the government to their 
usual daily pay for the period they receive the 
government grant. 
“Oceania made me feel supported while on 
maternity leave. The top-up ensured I could focus 
on my family and really enjoy time with my little 
boy.” Katie Adams, Executive Assistant, and mum 
to 11-month-old Teddy.
Rewards and recognising excellence
Oceania believes in celebrating and rewarding 
the hard work and dedication of employees. 
Oceania’s annual conference serves as a platform 
for celebrating the team’s achievements throughout 
the year. While incorporating elements of strategy 
and professional development, the conference 
primarily focuses on fostering a sense of community, 
recognising outstanding contributions, and 
expressing appreciation for the village and care 
centre managers who attend. The ‘Believe in Better’ 
Awards at the annual conference sees employees 
recognised across leadership, teamwork, hard work, 
and resident experience. 
In FY2024, Oceania invested in creating a modern 
and collaborative work environment with the 
relocation of its corporate office. This move aimed 
to enhance employee wellbeing, productivity 
and foster greater cross-functional collaboration, 
reflecting Oceania’s commitment to provide its 
team with a rewarding and engaging workplace 
experience. We saw a 32% increase in respondents 
saying the office contributed to a sense of 
community for employees (from 43% to 75%), and 
an increase from 68% to 83% of employees rating 
their health and wellbeing as “good’ or “excellent” 
after moving into the new office.
Te Mana Award
Te Mana winner of inaugural Oceania “Environmental 
Sustainability” Believe in Better Award
Sharon Chatterton, Village Business and 
Care Manager at Te Mana Care Centre 
and Totara Park Village
Executive Assistant, 
Katie Adams and 
her son Teddy
OUR PEOPLE CAPABILITY
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OCEANIA ANNUAL REPORT 2024

OUR PEOPLE CAPABILITY
Creating an inclusive, safe, and rewarding 
workplace culture is essential for nurturing 
a high-performing and engaged team. We are 
committed to promoting diversity, ensuring the 
wellbeing of our employees, and recognising 
their contributions to our success.
Fostering culture and diversity
To enable a great diversity and inclusion 
strategy, we’re focussed on putting the 
foundations in place and are introducing a 
new HR Information System – HRIS. The HRIS 
will provide better insights into our workforce 
composition, enabling us to identify areas for 
improvement and develop targeted strategies 
to promote inclusivity. Additionally, Oceania is 
committed to addressing gender pay gaps and 
equitable compensation practices and is working 
to create a new benefits framework.
We organise cultural days that honour and 
showcase the traditions, heritage, and customs 
of various communities. These events serve as 
platforms for learning, understanding, and 
fostering a sense of belonging among our 
diverse workforce and residents.
Initiatives such as Diwali, Chinese New Year, 
St. Patrick’s Day, and Matariki celebrations 
not only promote cultural awareness but also 
provide opportunities for meaningful connections 
and shared experiences. By celebrating our 
differences, we strengthen the bonds within 
our community and cultivate an environment 
of mutual respect and appreciation.
Health, safety and wellbeing 
The health, safety, and wellbeing of our 
employees are of utmost importance to 
Oceania. Oceania has a dedicated focus 
on incident reporting, risk mitigation, and 
proactive measures to ensure a safe working 
environment. In FY024, Oceania saw a 
considerable improvement in its long term 
injury frequency rate (LTIFR) being 7.47 (down 
from 10.30 in FY2023). Oceania’s Health and 
Safety Representatives (HSRs) are important 
voices across the organisation, championing 
employee health and safety and playing a 
crucial role by leading proactive Health and 
Safety Committee meetings. 
We also recognise the importance of mental 
health and wellbeing. Through initiatives such as 
Mental Health Awareness Week and our Wellness 
Portal, Te Whare Tapa Whā, we aim to promote 
a holistic approach to employee wellbeing, 
encouraging a healthy work-life balance 
and providing resources for personal growth 
and development.
Through our focus on diversity and inclusion, 
health and safety, wellbeing initiatives, 
and rewards and recognition programs, we 
cultivate an environment that empowers our 
employees to thrive, contributes to our purpose, 
and embodies our Believe in Better ethos, 
in service of our residents.
We provide a safe, diverse, equitable and inclusive workplace
36
OCEANIA ANNUAL REPORT 2024

Oceania is pleased to have continued 
its positive contributions to investors, 
stakeholders and residents during the 
reporting period.
Our capability for growth has been 
demonstrated through premium living 
experiences, our development pipeline and 
through leading resident experiences. 
Demand for Oceania’s services is projected to 
grow as demographics shift and New Zealand’s 
population ages. 
In the last financial year, Oceania delivered 
182 units and care suites. Meeting the 
growing demand for independent living and 
care residences will require a comprehensive 
development pipeline. 
Therefore, as we execute our growth strategy, 
we are mindful of integrating sustainability into 
our building, operations and thinking. This is 
about taking a long term view and ensuring that 
investment decisions and capital allocations are 
in line with where we want the business to be 
in the future.
Climate change will impact organisations across 
New Zealand and Oceania must work to ensure 
climate resilience across its portfolio. We have a 
goal to reduce our GHG emissions and integrate 
climate resilience into our business.
Embedding sustainability into our growth 
strategy will play a key role in continuing to 
position Oceania as a business that offers 
a premium, modern living environment. 
In FY2023 we established our $500m 
sustainability linked loan. Now in its second 
year of performance, Oceania has met all three 
sustainability performance targets for FY2024 
across care resident wellbeing, construction 
waste diversion, and GHG emissions. This 
achievement not only demonstrates Oceania’s 
commitment to its ESG objectives but also 
positions the company to benefit from lower 
borrowing costs under the loan’s terms, 
reinforcing the financial advantages of 
sustainable practices in long term 
value creation.
Embedding sustainability into our growth 
strategy will play a key role in continuing to 
position Oceania as a business that offers 
a premium, modern living environment.
Our growth:
Integrated, long term thinking.
Key metrics
Number of units built1
Independent 
living units
Care 
units
FY24
FY24
95
87
Independent 
living units
Care 
units
FY23
FY23
66
167
FY30 target -42%
FY23 +0.5%
FY22
FY24
-19%2
Reduce absolute scope 1 and 2 
emissions by 42% by FY30 below 
a FY2022 base year
3,591
4,442
FY24 
FY23 
GHG emissions (t CO2e)
Target
Reduction against FY22 base year 
(location based emissions)
1	 Also refer to Trading Highlights (page 5) and accompanying annual financial statements
2	 See our Emissions Report 2024: oceaniahealthcare.co.nz/investor-centre/sustainability
37
OCEANIA ANNUAL REPORT 2024

OUR GROWTH
Our growth strategy has prioritised 
the development of quality sites that 
offer premium services and a more 
intimate setting. 
While our focus has been on brownfield 
development to this point, those opportunities 
are coming to a natural end. The next phase of 
our growth strategy will be focused on carefully 
selected future development projects that 
don’t stray away from our promise to provide 
villages that are truly part of the community, 
both creating jobs for the local community and 
stimulating demand for goods and services. 
We are aware that with future developments 
we will have an impact on the biodiversity 
and local ecosystem, which will require 
thoughtful consideration. 
The coming year will mark a major milestone as 
Oceania commences work on its first greenfield 
project, Ngā Mara, comprising villas, care suites, 
dementia beds, a community building and 
apartments. The Ngā Mara development will 
be staged over a number of years, marking an 
important step in Oceania’s mid to long term 
growth strategy. 
Greenfield shift with Ngā Mara.
OCEANIA ANNUAL REPORT 2024
38

Our approach allows for more connected 
communities within each village, while also 
ensuring that those villages are integrated 
into the broader community. 
Ngā Mara will be part of a growing community 
in southwestern Pukekohe. Similarly, for our 
Bream Bay village in Ruakaka (Northland), we 
have invested in an area subject to a wider plan 
change (now approved) that will facilitate the 
development of housing and a new Town Centre 
on adjacent land. 
Oceania is commencing work on greenfield 
developments in preparation for the significant 
demographic shifts we’ll see in the population in 
the coming decades. In the 30 years from 2018 
to 2048, the over-75 population in New Zealand 
will more than double. That rapid growth in 
New Zealand’s retired population will provide 
a large target market for our developments 
in the coming years. 
Our current development pipeline will see 
Oceania emerge with one of the best portfolios 
in the market. This will strengthen the Oceania 
brand, reduce our impact on the environment 
and in the longer term ensure a growth trajectory 
that’s focused on premium and sustainable 
properties that drive better resident experiences. 
Our current development pipeline will see Oceania emerge 
with one of the best portfolios in the market. 
OUR GROWTH
39
OCEANIA ANNUAL REPORT 2024

Our FY24 journey.
OUR GROWTH
We reduce our GHG emissions in line with our science based 
target and integrate climate resilience into our business.
GHG emissions
Oceania recognises the impact its operations 
have on the environment by generating 
greenhouse gas emissions. The Science 
Based Target Initiative (SBTi) has approved 
Oceania’s near-term science based emissions 
reduction target to reduce absolute scope 
1 and scope 2 GHG emissions by 42% by 
FY2030 from a FY2022 base year. The SBTi 
is the leading standard for corporate climate 
targets, which aims to ensure that corporate 
emissions reduction targets align with the latest 
climate science requirements to limit global 
warming to well below 1.5 degrees Celsius 
pre-industrial levels. 
Absolute reduction targets mandate a direct 
decrease in total greenhouse gas emissions, 
providing a clear and measurable impact on 
mitigating climate change. Oceania recognises 
that meeting its absolute reduction target will be 
challenging, as it grows. However, it has set an 
emissions reduction plan that considers its future 
growth based on its development pipeline, which 
is updated from time to time. 
Please see Oceania’s FY2024 Emissions Report 1, 
available on its website, for its emissions 
over time. 
Emissions reduction plan 
To achieve Oceania’s science based scope 
1 and scope 2 absolute emissions reduction 
target, Oceania is focused on transitioning away 
from gas, transitioning to an EV/hybrid fleet, 
improving energy management and efficiency, 
and investigating renewable electricity. Oceania 
has created a carbon abatement cost curve to 
support its emission reduction plan and help 
prioritise initiatives.
The use of natural gas and LPG in operating our 
villages and care centres is a significant source 
of these emissions. Transitioning off gas is a key 
pillar of our emissions reduction plan and we 
no longer design for gas. 
Following our first hot water heat pump install 
pilot at our Te Mana care site in Auckland in 
FY2023, Oceania completed a further five 
business cases for hot water heat pumps to 
replace gas boilers for domestic hot water (and 
some space heating) in FY2024. We are currently 
replacing gas hot water at the Eden Village in 
Auckland with a hot water heat pump, and a 
diesel burner at the Woburn site in Waipukurau 
with air-to-air heat pumps. Both projects are due 
for completion at the end of May 2024. Hot water 
heat pumps have proven to be significantly more 
efficient than electric cylinders or gas and four 
further projects for hot water heat pumps are 
being progressed in FY2025. 
Embodied carbon 
Oceania recognises that its emissions from 
scopes 1 and 2 are only 6% of total emissions. 
Oceania measures its upfront carbon1 from 
new developments (or stages). In the reporting 
period, emissions from capital goods (scope 3, 
category 2) were Oceania’s largest source of 
emissions. As part of achieving NZGBC Greenstar 
certification at Ngā Mara, Oceania is focused 
on achieving a minimum of 10% reduction 
in embodied carbon for the care centre and 
community/amenity building through lower 
embodied carbon structural steel and concrete, 
as well as material substitutions. Oceania also 
completed a climate change risk assessment 
and adaptation plan for this site, which 
includes solutions for the buildings’ design and 
construction that specifically address key risks 
identified through the risk assessment.
For more information on Oceania’s emissions 
reductions and climate resilience action, please 
see Oceania’s first mandatory climate risk 
disclosure due for publication in June FY2024.
1	 See FY2024 Emissions Report, oceaniahealthcare.co.nz/investor-centre/
sustainability, for the measurement methodology.
40
OCEANIA ANNUAL REPORT 2024

OUR GROWTH
We adopt a long-term value focus when making 
investment decisions and allocating capital.
Operational efficiency 
Oceania continues to find ways to improve 
operational efficiency across its villages and care 
centres. Oceania is underway in transitioning 
from incandescent and fluorescent to LED light 
fittings, as part of a multi-year programme and 
LEDs are now integrated into new area upgrades 
and refurbishments. Water conservation 
measures such as low-flow showerheads, 
improved garden irrigation and hot water 
heat pumps are also being implemented. In 
the reporting period, Oceania installed its first 
solar PV array, at The Helier. 
Supplier engagement 
Oceania has committed that 72.5% of its 
suppliers by spend covering purchased goods 
and services and capital goods, will have science 
based targets by FY2027. In FY2024, Oceania 
engaged with these key suppliers to talk through 
Oceania’s sustainability journey, emissions 
reduction targets and climate initiatives. This 
dialogue provided an opportunity for Oceania 
to learn about the sustainability practices 
being integrated by these suppliers within their 
organisations. Special emphasis was placed 
on understanding the measures taken by the 
suppliers to quantify and control their emissions, 
and plans to introduce emissions targets (if not 
already in place). Oceania is pleased to see 
that these conversations can result in tangible 
changes to improve sustainability outcomes. 
For example, our two grounds maintenance 
contractors are moving to 100% mulch mowing 
to reduce the amount of green waste being 
generated as part of the mowing service. 
Enhancing supply chain sustainability 
and strengthening risk management 
Oceania is working to improve its sustainable 
supply chain management, and in the year 
ahead will be particularly focused on reviewing 
its supply chain ESG risks, and improving its 
policies and processes.
Oceania has continued to invest in, and elevate, 
its approach to managing risk, including building 
maturity and deepening resilience for dealing 
with risk. This includes establishing a Risk sub-
committee of the Board, investment in risk 
framework and resources, and greater focus 
on risk culture, to support strategic growth 
initiatives and long-term value creation.
41
OCEANIA ANNUAL REPORT 2024

Experienced leadership.
BOARD OF DIRECTORS
Liz Coutts has been a Director of Oceania since 5 November 2014 and was 
appointed Chair in 2014. Liz is also the Chair of EBOS Group Limited and 
Voyage Digital (NZ) Limited trading as Two Degrees and a Member on the 
Advisory Board – Marsh Limited. Liz is a Fellow of Chartered Accountants 
Australia and New Zealand. She is a past President of the Institute of Directors 
NZ Inc and was made an Officer of the New Zealand Order of Merit in 2016.
Liz has previously been Chief Executive of Caxton Group, Chair of Skellerup 
Holdings Limited, Meritec Group Limited, Industrial Research Limited, Life 
Pharmacy Limited and Ports of Auckland Limited, Deputy Chair of Public Trust, 
and a Commissioner of both the Commerce Commission and Earthquake 
Commission. She has been a Director of Sanford Limited, Ravensdown Fertiliser 
Cooperative, the Health Funding Authority, PHARMAC, Air New Zealand, Sport 
and Recreation New Zealand and Trust Bank New Zealand, and a member 
of both the Financial Reporting Standards Board of the New Zealand Institute 
of Chartered Accountants and the Monetary Policy Committee of the Reserve 
Bank of New Zealand.
Liz is a member of all Board Committees.
Dame Kerry Prendergast has been a Director of Oceania since 22 December 
2016. Dame Kerry is a professional director. She was Mayor of Wellington 
(2001-2010) and is currently the Chair of Wellington Free Ambulance, 
Wellington Opera, Victoria University Foundation, Tourism Industry Association, 
Capital Kiwi and Royal New Zealand Ballet. Dame Kerry is also a trustee 
of New Zealand Community Trust and the Wellington International Arts 
Foundation. For 25 years Dame Kerry was an independent midwife after training 
as a general nurse in 1970, and consequently gaining a Diploma in Intensive 
Care. She was made a Companion of the New Zealand Order of Merit (CNZM) in 
2011 and was promoted to Dame Companion of the New Zealand Order of Merit 
in January 2019 for services to governance and the community.
Dame Kerry is Chair of the Clinical and Health & Safety Committee 
and a member of the Risk Committee.
Elizabeth Coutts 
Chair and Independent Director 
ONZM, BMS, FCA
Alan Isaac has been a Director of Oceania since 1 October 2015. Alan is a 
professional director with extensive experience in accounting, finance and 
governance. He is the past President of the Institute of Directors NZ Inc and 
is Chairman of New Zealand Community Trust and Basin Reserve Trust. He 
is a former President of the International Cricket Council. Alan is a Director 
of Scales Corporation Limited and Skellerup Holdings Limited. He is also Board 
member of Wellington Free Ambulance, the Wellington Cricket Foundation and 
Community Online Gambling Limited. Alan is also a Member of the NZ Markets 
Disciplinary Tribunal.
Alan is a former national Chairman of KPMG, and was made a Companion 
of the New Zealand Order of Merit (CNZM) in 2013. He is a Fellow of Chartered 
Accountants Australia and New Zealand.
Alan is Chair of the Audit Committee, Chair of the Risk Committee and 
is a member of the People and Culture Committee.
Alan Isaac 
Independent Director 
CNZM, BCA, FCA
Dame Kerry Prendergast 
Independent Director  
DNZM, CNZM, MBA (VUW), NZRN, NZM
Our Board Skill Set.
	 Core Strengths
	 Climate
	 Markets & Customers
	 Building & Maintaining Relationships
	 Delivering Sustainable Growth
	 Capital Structure & Management
	 Executive Leadership
	 Australian Experience
	 Property & Construction
42
OCEANIA ANNUAL REPORT 2024

BOARD OF DIRECTORS
Sally Evans has been a Director of Oceania since 23 March 2018. Sally has over 
30 years’ experience in the private, government and social enterprise sectors 
in Australia, New Zealand, the United Kingdom and Hong Kong.
Sally is a Director of Healius Limited in Australia, Rest (Australian Super Fund), 
Allianz Australian Life Insurance Limited and Ingenia Communities. She has 
previously held Directorships on the boards of Opal Specialist Aged Care and 
Blue Cross Aged Care, was an inaugural member of the Australian Federal 
Government’s Aged Care Financing Authority and held executive roles as 
Healthcare Director at the FTSE Compass Group PLC and Head of Aged Care 
at AMP Capital.
Sally is Chair of the People and Culture Committee and is a member of the 
Clinical and Health & Safety Committee and the Sustainability Committee.
Rob has been a Director of Oceania since 17 September 2021. He is a respected 
member of the capital markets and finance community in New Zealand, with 
more than 30 years’ experience in senior executive roles. Rob is currently 
a Director of Westpac New Zealand Limited, a Director of Tourism Holdings 
Limited and a Member of the Auckland Grammar School Foundation Trust.
He was previously Chief Financial Officer at SkyCity Entertainment Group 
Limited and a Managing Director and Head of Investment Banking at Jarden 
(formerly First NZ Capital).
Rob was also previously a member of the Auckland Grammar School Board 
of Trustees and a Board member on the New Zealand Olympic Committee.
Rob is Chair of the Sustainability Committee and is a member of the 
Audit Committee.
Peter has been a Director of Oceania since 17 September 2021. He has over 
25 years’ experience in the New Zealand property market, including 10 years as 
Head of Development for Goodman Property Trust. During his time at Goodman 
Property Trust, Peter was responsible for all of the Trust’s development activity 
and oversaw more than $1.5 billion of successful property development.
Peter also sits on several private enterprise boards, including until recently, 
Chair of building products manufacturer Thermakraft. Peter is currently the 
Managing Director of Mayfair Group Limited, which is involved in property 
development, asset management and funds management across a wide 
variety of sectors in the New Zealand property market.
Peter is Chair of the Development Committee and a member of the 
Risk Committee.
Greg Tomlinson has been a Director of Oceania since 23 March 2018.
Greg is a Christchurch domiciled businessman and investor with experience 
in a variety of New Zealand industries. One of the original pioneers of the 
aquaculture industry in Marlborough, he has also established construction 
and aged care businesses.
Greg established Qualcare before it was sold into the Oceania Group in early 
2008 and he was a director of Oceania from 2008 until 2016. Greg holds 
directorships on the boards of a number of New Zealand based companies 
and is currently Chair of Heartland Group Holdings Limited.
Greg is a member of the Development Committee.
Sally Evans 
Independent Director 
BHSc, MSc, FAICD, GAIST
Rob Hamilton
Independent Director 
BSc, BCom
Our Board Skill Set.
Peter Dufaur
Independent Director 
BProp
Gregory Tomlinson 
Independent Director 
AME
	 Core Strengths
	 Climate
	 Markets & Customers
	 Building & Maintaining Relationships
	 Delivering Sustainable Growth
	 Capital Structure & Management
	 Executive Leadership
	 Australian Experience
	 Property & Construction
43
OCEANIA ANNUAL REPORT 2024

Our board skill set.
BOARD OF DIRECTORS
•	 Commitment to the highest standard of governance.
•	 Board experience (NZX 50 or equivalent) or experience as an advisor 
to Boards for at least 5 years.
•	 An ability to assess effectiveness of senior management.
•	 Experience and understanding of sales, marketing and brand strategy 
and practices.
Governance
Customer Advocacy
Finance and accounting
Aged Care, Hospitality, Customer Service Market Experience
Risk management
Clinical Experience
Capital markets and structure
Regulatory knowledge and experience
Human resources
Health and safety
7/7
7/7
6/7
7/7
7/7
4/7
7/7
7/7
7/7
7/7
 Core Strengths
•	 Senior executive or board experience in financial accounting and 
reporting, corporate finance and internal controls.
•	 Understanding of business and property valuation principles and their 
implications on the financial performance and position.
•	 Experience and understanding (either at Board, leadership or senior 
consulting level) of the dynamics of the international and/or domestic 
aged care, hospitality and customer services markets, and opportunities 
and challenges within those markets.
•	 Developing and overseeing an appropriate risk framework and culture.
•	 Experience evaluating and managing financial and non-financial risks.
•	 Experience and understanding of the clinical requirements of the 
healthcare sector at a governance, leadership and/ or practitioner level.
•	 Experience with equity and debt markets, capital structuring and 
investment analysis.
•	 An understanding of the regulatory environment in which we operate and 
the role that plays in ensuring sustainable custodianship of our assets 
and providing benefit to our customers.
•	 Familiarity with people and best practice development and performance 
structures.
•	 Experience and understanding of health and safety and wellbeing 
requirements.
 Markets & Customers
•	 Undertaken climate response training and understand climate risks.
Climate
7/7
 Climate
44
OCEANIA ANNUAL REPORT 2024

•	 A track record of developing and implementing a successful and 
sustainable strategy of growth in business.
•	 Experience as an investor, leader or adviser in the property 
development market.
•	 Experience as an investor, leader or adviser in the construction industry.
•	 Experience with a range of capital structures and management of capital 
within an organisation.
•	 Experience in a senior executive leadership position in a large 
organisation.
•	 Experience and understanding (either at Board, leadership or senior 
consulting level) of business in Australia.
Growth
Property & Construction
Capital Structure & Management
Executive Leadership
Australian Experience
Strategy
Operational Leverage
Business Model & Technological Disruption
7/7
3/7
6/7
7/7
4/7
7/7
7/7
7/7
•	 Ability to think strategically and assess strategic options and 
business plans.
•	 Experience in leading or advising organisational change and creating 
value for the benefit of customers and shareholders.
•	 Understanding of differing business models and the potential for 
disruptive models and practices to impact customers and the 
supply chain
•	 Understanding of the opportunity and risks provided by technology 
development.
 Delivering Sustainable Growth
 Property & Construction
 Executive Leadership
 Capital Structure & Management
 Australian Experience
•	 An understanding of the functioning of Government and experience 
developing and maintaining a constructive relationship and interactions 
with Government and regulators.
•	 Experience in and understanding of shareholder and investment 
community concerns and developing constructive relationships.
Government Relationships
Shareholder/Investment Community Relationships
7/7
 Building & Maintaining Relationships
6/7
BOARD OF DIRECTORS
45
OCEANIA ANNUAL REPORT 2024

Financial Metrics
$NZm
March 2024 
12 Months
March 2023 
12 Months
March 2022 
12 Months
Underlying Net Profit after Tax1,2 
62.1
58.6
56.7
Underlying EBITDA1,2
82.6
80.0
76.2
Profit for the Year 
31.5
15.4
61.1
Total Comprehensive Income
70.5
34.5
114.4
Total Assets 
2,782.3
2,544.9
2,197.7
Operating Cash Flow 
85.4
70.2
105.5
Operating Metrics
March 2024 
12 Months
March 2023 
12 Months
March 2022 
12 Months
Units
1,915
1,820
1,625
Care Suites
1,071
984
854
Care Beds
1,396
1,651
1,725
Total
4,382
4,455
4,204
New Sales
157
128
184
Resales
319
280
266
Total
476
408
450
Occupancy
91.1%
90.4%
92.0%
1	 This is a non-GAAP measure, refer to note 2.1 in the consolidated financial statements for further details.
2	 On 21 April 2020 the Group claimed, and received payment of, a COVID-19 wage subsidy totalling $1.8m. This amount has 
subsequently been repaid in full on 18 May 2021 and as a result has been excluded from the table above. This proforma adjustment 
increases underlying EBITDA and underlying earnings in relation to the 12 month period to 31 March 2022 by $1.8m.
Three year summary.
FOR THE YEAR ENDED MARCH 2024
46
OCEANIA ANNUAL REPORT 2024

Consolidated 
financial statements.
FOR THE YEAR ENDED 31 MARCH 2024
Consolidated Statement of Comprehensive Income
48
Consolidated Balance Sheet
48
Consolidated Statement of Changes in Equity
49
Consolidated Cash Flow Statement
49
Notes to the Consolidated Financial Statements
50
47
OCEANIA ANNUAL REPORT 2024

$NZ000’s
Notes
March 24
March 23
Revenue
2.2
265,463 
 247,178 
Change in fair value of investment property
3.1
60,779
19,497
Change in fair value of held for sale assets
3.3
-
1,886
Gain on purchase of business assets
1.3(i)
 - 
 543 
Other income 
2.3
9,165
16.866
Total income
335,407
285,970
Employee benefits and other staff costs
2.4
 178,786 
 164,483 
Depreciation (buildings and care suites)
2.4, 3.2, 3.5
12,794
 11,363 
Depreciation and amortisation (chattels, leasehold 
improvements and software)
2.4, 3.2, 3.5, 5.2
6,192 
 6,561 
Impairment of property, plant and equipment  
and right of use asset
2.4, 3.2
9,269
6,531
Change in fair value of held for sale assets
3.3
5,088
-
Impairment of right of use investment property
2.4, 3.5
-
1,431
Impairment of goodwill
2.4, 5.2
555
 2,347 
Rental expenditure in relation to right of use investment property
2.4
-
 158 
Finance costs
2.4
16,417
 14,315 
Other expenses
2.4
77,913
 66,781 
Total expenses
307,014
273,970
Profit before income tax
28,393
12,000
Income tax benefit 
5.1
3,081
3,448
Profit for the year
31,474
15,448
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment for the 
year, net of tax
3.2, 5.1
41,175
17,592
Items that may be subsequently reclassified to profit or loss
(Loss) / Gain on cash flow hedges, net of tax
(2,154)
1,503
Other comprehensive income for the year, net of tax
39,021
19,095
Total comprehensive income for the year attributable  
to shareholders of the parent
70,495
34,543
Basic earnings per share (cents per share)
 4.2
4.4
2.2
Diluted earnings per share (cents per share)
 4.2
4.3
2.2
$NZ000’s
Notes
March 24
March 23
Assets
Cash and cash equivalents
 7,485 
 7,439
Trade and other receivables
5.3
124,864
108,929
Derivative financial instruments
5.6
 3,030
 6,026 
Assets held for sale
3.3
 44,259
 101,652 
Investment property
3.1
1,815,387
1,597,721
Property, plant and equipment
3.2
770,877
712,169
Right of use assets
3.5
10,783
 4,287
Intangible assets
5.2
5,663
 6,717 
Total assets
2,782,348
 2,544,940 
Liabilities
Trade and other payables
5.4
52,057
52,289
Deferred management fee
3.4
47,337
45,334
Refundable occupation right agreements
3.4
997,190
879,578
Refundable occupation right agreements held for sale
3.4
7,585
47,092
Lease liabilities
3.5
11,205
4,798
Borrowings
4.4
640,518
553,589
Deferred tax liabilities
5.1
-
-
Total liabilities
1,755,892
1,582,680
Net assets
1,026,456
 962,260
Equity
Contributed equity
4.1
715,960 
 713,374 
Retained deficit
(34,264)
 (68,496)
Reserves
344,760
317,382
Total equity
1,026,456
962,260
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2024
Consolidated Balance Sheet
AS AT 31 MARCH 2024
The Board of Directors of the Company authorised these consolidated financial statements  
for issue on 24 May 2024.
For and on behalf of the Board
Elizabeth Coutts 	
Alan Isaac
Chair 	
Director 
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
48
OCEANIA ANNUAL REPORT 2024

$NZ000’s
Notes
Contributed 
equity
Retained 
deficit
Asset 
revaluation 
reserve
Cash flow 
hedge 
reserve
Total equity
Balance as at 31 March 2022 
705,291
(54,735)
295,437
2,850
948,843
Profit for the year
-
15,448
-
-
15,448
Other comprehensive income
Revaluation of cash flow hedge  
net of tax
-
-
-
1,503
1,503
Revaluation of assets net of tax
3.2, 5.1
-
-
17,592
-
17,592
Total comprehensive income
-
15,448
 17,592 
 1,503 
34,543
Transactions with owners
Dividends paid
4.1
-
(29,889)
-
-
(29,889)
Share issue:  
dividend reinvestment scheme
4.1
8,083
-
-
-
8,083
Employee share scheme
4.1
-
680
-
-
680
Total transactions with owners
8,083
(29,209)
-
-
(21,126)
Balance as at 31 March 2023
 713,374 
 (68,496)
 313,029 
 4,353 
 962,260 
Profit for the year
-
31,474
-
-
31,474
Other comprehensive income
Revaluation of cash flow hedge  
net of tax
-
-
-
(2,154)
(2,154)
Revaluation of assets net of tax
3.2, 5.1
-
-
41,175
-
41,175
Transfer of assets net of tax
-
11,643
(11,643)
-
-
Total comprehensive income
-
43,117
29,532
(2,154)
70,495
Transactions with owners
Dividends paid
4.1
-
(9,348)
-
-
(9,348)
Share issue:  
dividend reinvestment scheme
4.1
2,586
-
-
-
2,586
Employee share scheme
4.1
-
463
-
-
463
Total transactions with owners
2,586
(8,885)
-
-
(6,299)
Balance as at 31 March 2024
715,960 
(34,264)
342,561
2,199
1,026,456
	
$NZ000’s
Notes
March 24
March 23
Cash flows from operating activities
Receipts from residents for village and care fees
207,911
 196,601
Payments to suppliers and employees
(259,616)
 (228,926)
Rental payments in relation to right of use investment property
 -   
 (158)
Receipts from new occupation right agreements
 226,313
 178,842 
Payments for outgoing occupation right agreements
 (78,780)
 (79,267)
Net goods and services tax received / (paid)
 (3,654)
 14,608 
Receipts from insurance proceeds
1.3(iv)
 8,670
1,113
Interest received
 4,543 
 1,759 
Interest paid
 (19,570)
 (13,921)
Interest paid in relation to lease liabilities
 (443)
 (445)
Net cash inflow from operating activities
85,374
 70,206 
Cash flows from investing activities
Proceeds from sale and / or disposal of property, plant  
and equipment, investment property and held for sale assets
 20,316 
-
Payments for property, plant and equipment and intangible 
assets
(52,016)
 (55,160) 
Payments for investment property and investment property  
under development
(128,381)
(103,626)
Payments for assets held for sale
 (1,168)
(942)
Payments for business assets
1.3(i)
 -   
(59,873)
Net cash outflow from investing activities
(161,249)
(219,601)
Cash flows from financing activities
Proceeds from borrowings
138,674
 228,161 
Repayment of borrowings
(53,925)
 (54,290)
Capitalised borrowing costs
-
 (2,171)
Principal payments for lease liabilities
 (2,065) 
 (2,805)
Dividends paid
 (6,763)
 (21,806)
Net cash inflow from financing activities
75,921
147,089
Net decrease in cash and cash equivalents
46
 (2,306)
Cash and cash equivalents at the beginning of the year
7,439
 9,745 
Cash and cash equivalents at end of year
7,485
 7,439 
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024
Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
49
OCEANIA ANNUAL REPORT 2024

Consolidated Cash Flow Statement (continued)
FOR THE YEAR ENDED 31 MARCH 2024
$NZ000’s
Notes
March 24
March 23
Profit for the year
31,474
15,448
Non cash items included in profit for the year
Deferred management fees accrued but not settled
2.2
 (56,595)
 (70,206)
Depreciation (buildings and care suites)
2.4
 12,794 
 11,363 
Depreciation and amortisation (chattels, leasehold improvements 
and software)
2.4
 6,192 
 6,561 
Impairment of goodwill 
2.4
 555 
 2,347 
Net loss on disposal of property, plant and equipment
 670 
 3,171 
Fair value adjustment to investment property
3.1
 (60,779)
 (19,497)
Fair value adjustment to right of use investment property  
and right of use land and building
3.5
 -   
 1,431 
Impairment of property, plant and equipment
3.2
 9,269 
 6,531 
Fair value adjustment to held for sale assets
3.3
 5,088 
 (1,886)
Loss allowance for trade and other receivables 
2.4
 71 
 37 
Interest accrued but not paid
 (4,588)
 (1,009)
Fair value movement on residents’ share of resale gains
2.4
 715 
 1,724 
Fair value movement on cash flow hedges
5.6
 4 
 (6)
Deferred tax benefit
5.1
 (3,081)
 (3,448)
Employee share scheme
4.3
 463 
 680 
Gain on purchase of business assets
1.3(i)
 -   
(543) 
Other non cash items 
1,001
 962   
(88,221)
(61,788)
Cash items excluded from profit for the year
Receipts from new occupation right agreements
 226,313 
 178,842 
Payments for outgoing occupation right agreements
 (78,780)
 (79,267)
 147,533 
 99,575 
Increase in operating assets and liabilities
Increase / (Decrease) in trade and other receivables
 3,089 
5,643
Increase in trade and other payables
(8,501)
 11,328 
Net cash inflow from operating activities
85,374
 70,206 
Notes to the Consolidated  
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
1.
General information
51
1.1
Basis of Preparation
51
1.2
Accounting Policies
51
1.3
Significant Events and Transactions
52
1.4
Market Capitalisation
53
2.
Operating Performance
53
2.1
Operating Segments
53
2.2
Revenue
58
2.3
Other Income
59
2.4
Expenses
59
3.
Property Assets
60
3.1
Village Assets: Investment Property
61
3.2
Care Assets: Property, Plant and Equipment
64
3.3
Held for Sale
68
3.4
Refundable Occupation Right Agreements
68
3.5
Leases
69
4.
Shareholder Equity and Funding
71
4.1
Shareholder Equity and Reserves
72
4.2
Earnings per Share
72
4.3
Employee Share Based Payments
72
4.4
Borrowings
73
5.
Other Disclosures
74
5.1
Income Tax
74
5.2
Intangible Assets
76
5.3
Trade and Other Receivables
77
5.4
Trade and Other Payables
78
5.5
Related Party Transactions
78
5.6
Financial Risk Management
78
5.7
Contingencies and Commitments
80
5.8
Events After Balance Date
80
Independent Auditor’s Report
81
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
50
OCEANIA ANNUAL REPORT 2024

1.	 General Information
1.1	 Basis of Preparation
(i)	
Entities Reporting 
The consolidated financial statements of the Group are for the economic entity comprising Oceania 
Healthcare Limited (the “Company”) and its subsidiaries (together “the Group”). Refer to note 5.5 
for details of the Group structure. 
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of 
Oceania Healthcare Limited as at 31 March 2024 and the results of all subsidiaries for the year 
then ended.
The Group owns and operates various care centres and retirement villages throughout New 
Zealand. The Group’s registered office is Level 26, HSBC Tower, 188 Quay Street, Auckland, 1010, 
New Zealand.
(ii)	 Statutory Base 
Oceania Healthcare Limited is a limited liability company which is domiciled and incorporated 
in New Zealand. It is registered under the Companies Act 1993 and is a FMC Reporting Entity in 
terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the NZX 
Main Board (“NZX”) and the Australian Securities Exchange (“ASX”) as a foreign exempt listing. 
The consolidated financial statements have been prepared in accordance with the requirements 
of the NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated financial statements have been prepared in accordance with New Zealand 
Generally Accepted Accounting Practice (“NZ GAAP”). They comply with New Zealand equivalents 
to International Financial Reporting Standards (“NZ IFRS”), International Financial Reporting 
Standards (“IFRS”) and other applicable New Zealand Financial Reporting Standards, as 
appropriate for for-profit entities. The Group is a Tier 1 for-profit entity in accordance with XRB A1. 
The consolidated financial statements have been prepared in accordance with the going concern 
basis of accounting, which assumes that the Group will be able to realise its assets and discharge 
its liabilities in the normal course of business as they come due into the foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format. 
(iii)	 Measurement Basis
These consolidated financial statements have been prepared under the historical cost convention, 
as modified by the revaluation of certain assets and liabilities, including investment properties, 
certain classes of property, plant and equipment, right of use assets and derivatives.
(iv)	 Key Estimates and Judgements 
The preparation of the consolidated financial statements in conformity with NZ IFRS requires the use 
of certain critical accounting estimates. It also requires management to exercise their judgement in 
the process of applying the Group’s accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting accounting 
estimates will, by definition, seldom equal the related actual results. Estimates and judgements 
are continually evaluated and are based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where assumptions 
and estimates are significant to the consolidated financial statements are disclosed in the 
following notes: 
•	 Fair value of assets acquired in business combination (note 1.3(i))
•	 Classification of accommodation with a care or service offering (note 3) 
•	 Fair value of investment property and investment property under development (note 3.1)
•	 Fair value of freehold land and buildings (note 3.2) 
•	 Classification and fair value of held for sale facilities (note 3.3)
•	 Revenue recognition of deferred management fees (note 3.4) 
•	 Fair value of right of use assets (note 3.5)
•	 Recognition of deferred tax (note 5.1)
1.2	 Accounting Policies 	 
(i)	
New Accounting Standards 
No changes to accounting policies have been made during the year and the Group has not 
early adopted any standards, amendments or interpretations to existing standards that are 
not yet effective. 
(ii)	 Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy that reflects the 
significance of the inputs used in making the measurements. The fair value hierarchy has the 
following levels.
Level 1: 	
Quoted prices (unadjusted) in active markets for the identical assets or liabilities. 
Level 2: 	
Inputs other than quoted prices included within Level 1 that are observable for the 
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 
Level 3: 	
Inputs for the asset or liability that are not based on observable market data 
(unobservable inputs). 
The carrying amount of all financial assets and liabilities is considered to approximate their 
fair value.
51
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

1.3 Significant Events and Transactions
(i)	
Acquisitions
Remuera Rise and Bream Bay
On 6 May 2022 in the comparative period, a number of Sale and Purchase Agreements were 
entered into in relation to Remuera Rise and Bream Bay:
a.	
Oceania Village Company Limited and Oceania Care Company Limited entered into a Sale 
and Purchase Agreement with Remuera Rise Limited and Lifecare Residences NZ Limited 
to purchase the business assets in relation to Remuera Rise for a value of $38.1m subject to 
purchase price adjustments. Remuera Rise is an established village with 58 independent living 
apartments and 12 rest home beds. This transaction was settled on 1 July 2022 which is the 
date of acquisition.
b.	
Oceania Village Company Limited entered into a Sale and Purchase Agreement with Private 
Health Care (NZ) Limited and PGB Investments Limited to purchase the shares of Bream 
Bay Village Limited for a value of $21.9m. Bream Bay Village is an established village with 83 
independent living villas, including the eight villas under construction at the time of acquisition. 
This transaction was settled on 1 July 2022 which is the date of acquisition.
Purchase consideration and fair value of net assets acquired
The purchase price was linked to the 31 March 2021 CBRE Limited valuation in respect of Remuera 
Rise and the 8 December 2021 Colliers valuation of Bream Bay Village Limited and both acquisitions 
were settled in cash. The acquisitions were accounted for using the acquisition method which 
requires that all identifiable assets and liabilities be assumed at their acquisition date fair value. 
Contingent liabilities
No material contingent liabilities with respect to any of the above mentioned transactions were 
noted during the due diligence process or since acquisition.
Bream Bay option 
On 6 May 2022 Oceania Village Company Limited entered into an option agreement with GNLC 
Limited to purchase 6.7 hectares of development land in Bream Bay, adjacent to Bream Bay 
Village. The agreement granted Oceania Village Company Limited the option to acquire this land 
for a purchase price of $8.4m plus GST. The option was exercised and settlement took place on 
11 July 2023.
(ii)	 Disposal of leasehold interest
Everil Orr 
The Group has previously leased the Everil Orr site and assumed the role of Operator of both Care 
and Village operations. On 3 March 2023, the Group entered into a Deed with Airedale Property 
Trust, the lessor of the Everil Orr leasehold facility to exit the Group from the Everil Orr site. As a 
result the care operations were closed on 21 March 2023 and the lease terminated on 31 March 
2023. On 31 March 2023 the Group’s operating interest in relation to village operations at Everil 
Orr, Mount Albert, Auckland met the definition of held for sale. An amount of $1.1m in respect of 
the purchase of the Group’s operational interest was received in full on 3 April 2023.
Wesley 
On 31 August 2023 the Group exited the Wesley Care Centre, Mt Eden, Auckland. The site 
was leased from the owner Airedale Property Trust and the lease was not extended beyond 
the expiry date. 
(iii)	 Disposal of held for sale sites
On 25 March 2022 the Group entered into an agreement in respect of the previous Whareama 
site in Nelson. The sale completed on 8 December 2023 and proceeds of $8.4m were received.
On 9 May 2023 the Group entered into an agreement to sell the Amberwood and Greenvalley 
care sites in Auckland to a third party operator. The sale was completed on 29 August 2023 and 
an amount of $11.5m received resulting in a gain of $1.0m in the village segment on the held for 
sale value. This has been recognised in the Consolidated Statement of Comprehensive Income. 
On 12 February 2024, the Group entered into a conditional agreement to sell the Takanini care site 
in Auckland to a third party operator. The sale was completed on 30 April 2024 and proceeds of 
$10.6m were received.
On 15 March 2024, the Group entered into a conditional agreement to sell the Middlepark care site 
in Christchurch to a third party operator. The sale was completed on 21 May 2024 and proceeds 
of $5.2m were received.
(iv)	 Weather Events: Auckland Floods and Cyclone Gabrielle 
A number of significant weather events occurred in New Zealand during January and February 
2023. The Group owns and operates a number of sites in the Auckland and Hawkes Bay regions 
which were impacted by these events. Agreement was reached with insurers on 16 May 2024 in 
relation to the Auckland Floods and Cyclone Gabrielle. 
Accounting policy in relation to insurance proceeds
Insurance proceeds are accounted for as reimbursements under IAS 37 Provisions, Contingent 
Liabilities and Contingent Assets. Insurance income, and related assets are recognised when 
recovery is virtually certain. 
The insurance proceeds and receivable in relation to these events have been included within 
the Consolidated Statement of Comprehensive Income and the Consolidated Balance Sheet. 
52
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

1.3 Significant Events and Transactions (continued)
(iv)	 Weather Events: Auckland Floods and Cyclone Gabrielle (continued)
Material Damage
Amounts incurred in respect of remediation in the period to 31 March 2024 have been recognised as 
additions to the properties they relate. Affected properties have been valued by CBRE Limited as if 
the remediation has been completed and as such, an estimate of remaining costs to be incurred to 
fully remediate properties has been calculated based on third party quotations and assessments 
and has been recognised as a reduction to the property value as at 31 March 2024. Refer to notes 
3.1 and 3.2 for impact on fair value.
Other
In addition to recovery of the expected remediation costs, the Group seeks recovery of additional 
costs. These costs include business interruption costs and lost gross profit associated with the 
Auckland and Hawkes Bay sites which were impacted by the weather events and remediation. 
An amount has been recognised which is equal to the amount agreed with insurers as recovery 
of these items. The full amount of lost gross profit has been recognised as revenue during the 
year. A portion of this revenue relates to lost gross profit in relation to future periods.
Income in relation to these items is recognised as other revenue when the costs are incurred, and 
it is virtually certain that these costs will be reimbursed. The assessment of whether recoverability 
of these costs is virtually certain is a key judgement of the Group.
1.4	 Market Capitalisation
At balance date, the market capitalisation of the Group (being the 31 March 2024 closing share 
price, as quoted on the NZX Main Board, multiplied by the number of shares on issue) was 
below the carrying amount of the Group’s net assets and shareholders’ funds. In considering the 
difference, the Group notes that over 90% of total assets at 31 March 2024 are property assets 
carried at fair value as assessed by CBRE Limited. Colliers Limited were also engaged to perform 
a review of the CBRE Limited valuation of certain sites in the portfolio comprising 43% of the total 
value of property assets. This review supported the CBRE Limited valuation.
2.	 Operating Performance
2.1	 Operating Segments
The Group’s chief operating decision maker is the Board of Directors. 
The operating segments have been determined based on the information reviewed by the Board 
of Directors for the purposes of allocating resources and assessing performance. The assets 
and liabilities of the Group are reported to the chief operating decision maker in total not by 
operating segment. 
The Group operates in New Zealand and comprises three segments; care operations, village 
operations and other.
Information regarding the operations of each reportable segment is included below. Amongst other 
criteria, performance is measured based on segmental underlying earnings before interest, tax, 
depreciation and amortisation (“EBITDA”), which is the most relevant measure in evaluating the 
performance of segments relative to other entities that operate within the aged care and retirement 
village industries. 
Additional segmental reporting information 
Capital expenditure: Refer to note 3 for details on capital expenditure. 
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all segments under 
NZ GAAP. It includes fair value movements relating to the Group’s care centres and cash 
flow hedges.
Care
Village
Other
Product
Includes traditional care beds 
and care suites.
Includes independent living 
and rental properties.
N/A
Services
The provision of 
accommodation, care and 
related services to Oceania’s 
aged care residents. 
Includes the provision of 
services such as meals and 
care packages to independent 
living residents.
The provision of 
accommodation and related 
services to independent 
residents in the Group’s 
retirement villages.
Provision of support services 
to the Group (includes 
administration, marketing and 
operations). 
In addition this segment 
includes the provision of 
training by the Wesley Institute 
of Nursing Education.
Recognition 
of Operating 
Revenue and 
Expenses
The Group derives Operating 
Revenue from the provision of 
care and accommodation. The 
daily fee is set annually by the 
Ministry of Health.
In relation to the provision 
of superior accommodation 
above the Government 
specification the Group 
derives revenue from Premium 
Accommodation Charges 
(“PACs”) or, in the case of 
care suites, through Deferred 
Management Fees (“DMF”).
Operating Expenses primarily 
include staff costs, resident 
welfare expenses and 
overheads.
The Group derives Operating 
Revenue from weekly service 
fees and rental income. 
Operating Revenue also 
includes DMF accrued over the 
expected occupancy period for 
the relevant accommodation.
Operating Expenses include 
village property maintenance, 
sales and marketing, and 
administration related 
expenses.
Includes corporate office and 
corporate expenses.
Finance costs relate to the cost 
of bank debt.
Income and expenditure 
relating to the Wesley Institute 
of Nursing Education is 
recognised in this segment.
53
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.1	 Operating Segments (continued)
Care
Village
Other
Recognition 
of Fair Value 
movements 
on New 
Developments
Fair value increases or 
decreases are recognised in 
other comprehensive income 
(i.e. not in profit or loss) for the 
fair value movement above 
historical cost.
Impairments below historical 
cost are recognised in 
comprehensive income (i.e. 
profit or loss). 
Fair value movements are 
recognised in comprehensive 
income (i.e. profit or loss).
N/A
Recognition 
of Fair Value 
movements on 
Existing Care 
Centres and 
Retirement 
Villages
Fair value movements are 
treated the same as above.
When sites are 
decommissioned for 
development this results 
in an impairment of the 
buildings and chattels which is 
recognised in comprehensive 
income (i.e. profit or loss). 
Fair value movements are 
recognised in comprehensive 
income (i.e. profit or loss).
N/A
Recognition 
in Underlying 
Profit (refer 
note 2.1 
overleaf)
Fair value movements are 
removed.
Fair value movements are 
removed. Realised gains on 
resales and the development 
margins from the sale of 
independent living units and 
care suites are included, 
reflective of the ownership 
structure of the assets.
No material adjustments.
Asset 
Categorisation
Assets used, or, in the case 
of developments, to be used, 
in the provision of care are 
recognised as property, plant 
and equipment.
Assets used for village 
operations are recognised as 
investment property.
Corporate office assets are 
recognised as property, plant 
and equipment. Assets include 
intangibles (e.g. software).
March 2024 
$NZ000’s
Care 
Operations
Village 
Operations
Other
Total
Revenue 
206,346
49,950
9,167
265,463
Change in fair value of investment property
-
60,779
-
60,779
Change in fair value of held for sale assets
-
-
-
-
Other income 
1,810
2,611
201
4,622
Total income
208,156
113,340
9,368
330,864
Operating expenses
(186,288)
(37,027)
(33,384)
(256,699)
Impairment of goodwill
(555)
-
-
(555)
Impairment of property, plant and equipment
(9,269)
-
-
(9,269)
Impairment of held for sale assets
-
(5,088)
-
(5,088)
Segment EBITDA
12,044
71,225
(24,016)
59,253
Interest income
-
72
4,471
4,543
Finance costs
-
-
(16,417)
(16,417)
Depreciation (buildings and care suites)
(12,794)
-
-
(12,794)
Depreciation and amortisation (chattels, 
leasehold improvements and software)
(4,745)
-
(1,447)
(6,192)
(Loss) / Profit before income tax
(5,495)
71,297
(37,409)
28,393
Income tax (expense) / benefit
(17,069)
1,813
18,337
3,081
(Loss) / Profit for the year attributable 
to shareholders
(22,564)
73,110
(19,072)
31,474
Other comprehensive income
Gain on revaluation of property, plant and 
equipment for the year, net of tax
 41,175
 - 
 - 
41,175
Gain on cash flow hedges, net of tax
 - 
 - 
(2,154) 
(2,154)
Total comprehensive income / (loss) for the year 
attributable to shareholders of the parent
18,611
73,110
(21,226)
70,495
54
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.1	 Operating Segments (continued)
March 2023 
$NZ000’s
Care 
Operations
Village 
Operations
Other
Total
Revenue 
194,520
48,490
4,168
247,178
Change in fair value of investment property
-
19,497
-
19,497
Change in fair value of Held for sale assets
-
1,886
-
1,886
Gain on purchase of business assets
-
543
-
543
Other income
1,326
13,771
10
15,107
Total income
195,846
84,187
4,178
284,211
Operating expenses
(174,607)
(29,185)
(27,630)
(231,422)
Impairment of goodwill
(1,766)
(581)
-
(2,347)
Impairment of property, plant and equipment
(6,531)
-
-
(6,531)
Impairment of right of use investment property
-
(1,431)
-
(1,431)
Segment EBITDA
12,942
52,990
(23,452)
42,480
Interest income
-
411
1,348
1,759
Finance costs
-
-
(14,315)
(14,315)
Depreciation (buildings and care suites)
(10,659)
-
(704)
(11,363)
Depreciation and amortisation (chattels, leasehold 
improvements and software)
(5,024)
-
(1,537)
(6,561)
(Loss) / Profit before income tax
(2,741)
53,401
(38,660)
12,000
Income tax benefit / (expense)
2,751
(18,625)
19,322
3,448
Profit / (Loss) for the year attributable  
to shareholders
10
34,776
(19,338)
15,448
Other comprehensive income
Gain on revaluation of property, plant  
and equipment for the year, net of tax
17,592
-
-
17,592
Gain on revaluation of right of use asset  
for the year, net of tax
-
-
-
-
Gain on cash flow hedges, net of tax
-
-
1,503
1,503
Total comprehensive income /(loss) for the year 
attributable to shareholders of the parent
17,602
34,776
(17,835)
34,543
Underlying net profit after tax (“Underlying Profit”)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance and 
considered in the determination of dividends. The calculation of Underlying Profit and Underlying 
EBITDA requires a number of estimates to be approved by the Directors in their preparation. Both 
the methodology and the estimates may differ among companies in the retirement village sector. 
Underlying Profit and Underlying EBITDA do not represent cash flow generated during the year. 
The Group calculates Underlying Profit and Underlying EBITDA by making the following 
adjustments to reported Net Profit after Tax:
Total comprehensive income / (loss) for the year  
attributable to shareholders of the parent
Remove
Fair value adjustments for investment property assets, property, plant and equipment, 
held for sale assets and cashflow hedges.
Add back
Impairment of goodwill
Add back
Rental expenditure in relation to right of use investment property assets
Add back / remove
Loss / gain on sale, decommissioning or purchase of assets and business assets including 
associated costs
Add back
Depreciation (care suites)
Remove
Insurance income recognised in relation to material damage due to adverse 
weather events
Add back
Directors’ estimate of realised gains on the resale of units and care suites sold 
under an ORA
Add back
Directors’ estimate of realised development margin on the first sale of new ORA units 
or care suites following the development of an ORA unit or care suite, conversion of an 
existing care bed to a care suite or conversion of a rental unit to an ORA unit
Add back
Deferred taxation component of taxation expense so that only the current tax expense 
is reflected
=
Underlying Profit
Remove
Interest income
Add back
Finance costs (including lease interest under NZ IFRS 16 Leases but excluding hedge 
ineffectiveness)
Add back
Depreciation and amortisation (including right of use and property, plant and equipment)
Add back
Current tax expense
=
Underlying EBITDA
55
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.1	 Operating Segments (continued)
Resale gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference 
between the incoming resident’s ORA licence payment and the ORA licence payment previously 
received from the outgoing resident) is calculated as the net cash flow received, and receivable at 
the point that the ORA contract becomes unconditional and has either “cooled off” (the contractual 
period in which the resident can cancel the contract) or where the resident is in occupation at 
balance date.
Development margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the ORA licence payment 
received, and receivable, in relation to the first sale of new ORA units and care suites, at the point 
that the ORA contract becomes unconditional and has either “cooled off” or where the resident 
is in occupation at balance date, less the development costs associated with developing the ORA 
units and care suites. Where the development has been acquired in a business combination the 
development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is calculated based on the 
difference between the ORA licence payment received, and receivable, in relation to sales of newly 
converted ORA units and care suites, at the point that the ORA contract becomes unconditional and 
has either “cooled off” or where the resident is in occupation at balance date, and the associated 
conversion costs.
The table below describes the composition of development and conversion costs.
Included
New builds:
•	 the construction costs directly attributable to the relevant project, including any 
required infrastructure (e.g. roads) and amenities related to the units (e.g. landscaping) 
as well as any demolition and site preparation costs associated with the project. The 
costs are apportioned between the ORA units and care suites, in aggregate, using 
estimates provided by the project quantity surveyor. The construction costs for the 
individual ORA units or care suites sold are determined on a prorated basis using gross 
floor areas of the ORA units and care suites;
•	 	an apportionment of land value based on the gross floor area of the ORA units and 
care suites developed. The value for Brownfield1 development land is the estimated fair 
value of land at the time a change of use occurred2 (from operating as a care centre 
or retirement village to a development site), as assessed by an external independent 
valuer. Greenfield3 development land is valued at historical cost; and
•	 capitalised interest costs to the date of project completion apportioned using the gross 
floor area of ORA units and care suites developed.
Conversions:
•	 of care beds to care suites - the actual refurbishment costs incurred; and
•	 of rental units to ORA units - the actual refurbishment costs incurred and the fair 
value of the rental unit prior to conversion.
Excluded
•	 	Construction, land (apportioned on a gross floor area basis) and interest costs 
associated with common areas and amenities or any operational or administrative 
areas.
1	 Brownfield land refers to land previously utilised by, or part of, an operational aged care centre or retirement village.
2	 The timing of a change of use is a Directors’ estimate. It is based on a range of factors including evidence of steps taken to secure a 
resource consent and/or building consent for a particular development or stage of a development and the decommissioning of existing 
operations (either through the buy-back of existing village ORA units or decommissioning of an existing care centre). Note the cost of 
buybacks is not included in the development cost as an independent fair value of the land on an unencumbered basis is used as the 
value ascribed to the development land.
3	 Greenfield land refers to land not previously utilised by, or as part of, an operational aged care centre or retirement village. Greenfield 
land is typically bare (undeveloped) land at the time of purchase.
56
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.1	 Operating Segments (continued)
March 2024 
$NZ000’s
Care 
Operations
Village 
Operations
Other
Total
Total comprehensive income / (loss) for the year 
attributable to shareholders of the parent
18,611
73,110
(21,226)
70,495
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment  
property assets, property, plant and equipment, 
held for sale assets and cashflow hedges1
(31,906)
(55,692)
2,154
(85,444)
Add: Impairment of goodwill
555
-
-
555
Add: Loss on sale of business assets including 
associated costs 
-
678
-
678
Add: Depreciation (care suites)
10,344
-
-
10,344
Less: Gain on purchase of business assets 
including associated costs
-
252
-
252
Add: Change in estimate of impairment 
in relation to weather event
-
419
-
419
Add: Realised resale gain
-
32,472
-
32,472
Add: Realised development margin
-
35,401
-
35,401
Underlying net profit before tax
(2,396)
86,640
(19,072)
65,172
Less: Deferred tax benefit / (expense) 
17,069
(1,813)
(18,337)
(3,081)
Underlying net profit after tax
14,673
84,827
(37,409)
62,091
Less: Interest income
-
(72)
(4,471)
(4,543)
Add: Finance costs (excluding hedge ineffectiveness) 
-
-
16,417
16,417
Add: Depreciation (buildings)
2,450
-
-
2,450
Add: Depreciation and amortisation  
(chattels, leasehold improvements and software)
4,745
-
1,447
6,192
Underlying EBITDA2
21,868
84,755
(24,016)
82,607
1	 Includes adjustment for material damage insurance in relation to affected properties.
2	 Included in Village Operations remains an amount of $2.0m in relation to other insurance income. This insurance income relates 
to compensation for business interruption costs and lost gross profits incurred prior to 31 March 2024.
March 2023 
$NZ000’s
Care 
Operations
Village 
Operations
Other
Total
Total comprehensive income / (loss) for the year 
attributable to shareholders of the parent
17,602
34,776
(17,835)
34,543
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment  
property assets, property, plant and equipment, 
held for sale assets and cashflow hedges
(11,061)
(19,952)
(1,503)
(32,516)
Add: Impairment of goodwill
1,766
581
-
2,347
Add: Rental expenditure in relation to right of  
use asset 
-
158
-
158
Add: Depreciation (care suites)
9,040
-
-
9,040
Less: Gain on purchase of business assets  
including associated costs
(735)
(147)
-
(882)
Less: Insurance income in relation to material 
damage due to weather events
-
(10,022)
-
(10,022)
Add: Realised resale gain
-
26,992
-
26,992
Add: Realised development margin
-
32,363
-
32,363
Underlying net profit before tax
16,612
64,749
(19,338)
62,023
Less: Deferred tax (expense) / benefit 
(2,751)
18,625
(19,322)
(3,448)
Underlying net profit after tax
13,861
83,374
(38,660)
58,575
Less: Interest income
-
(411)
(1,348)
(1,759)
Add: Finance costs (excluding hedge ineffectiveness) 
-
-
14,315
14,315
Add: Depreciation (buildings)
1,619
-
704
2,323
Add: Depreciation and amortisation  
(chattels, leasehold improvements and software)
5,024
-
1,537
6,561
Underlying EBITDA
20,504
82,963
(23,452)
80,015
57
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.2 Revenue
How we earn revenue
Care
Village
Other
Daily care fees for long term and 
short term rest home, hospital and 
dementia residents
Deferred management fees  
– independent living
Training income
Premium accommodation charges
Village service fees  
– independent living
Interest income
Deferred management fees  
– care suites
Rental income – residents without 
a long term occupation right 
agreement
Accounting Policy 
Revenue is recognised in accordance with NZ IFRS 15 Revenue from Contracts with Customers 
(“NZ IFRS 15”). Deferred management fees and rental income are considered leases under NZ IFRS 
16 Leases (“NZ IFRS 16”), and are therefore excluded from the scope of NZ IFRS 15. None of the 
Group’s revenue, as defined by NZ IFRS 15, contains significant financing components. 
Rest Home and Hospital Service Fees 
A contract is in place with all care residents by means of an admission agreement. The resident 
receives the benefit as the care is administered and each resident incurs a contracted daily 
care fee. Rest home and hospital service fees are recognised at the point in time the services are 
rendered which is specifically linked to the day the service is delivered. Where applicable these are 
recognised net of any associated rebates to residents.
Aged care subsidies received from the Ministry of Health, included in rest home, hospital and 
dementia fee revenue within the care segment, for the year ended March 2024 amounted to 
$113.9m (March 2023: $110.7m).
Premium Accommodation Charges
Premium accommodation charges are payable by residents who occupy a premium room above 
the level specified by the Government. The charge is included in their admission agreement and the 
charge is recognised when the accommodation is provided.
Deferred Management Fees 
Deferred management fees are considered leases and are payable by residents of the Group’s 
units, apartments and care suites under the terms of their ORA or unit title rights. Refer to note 3.4. 
Management fees are typically payable on termination of the ORA up to a maximum percentage 
of a resident’s occupation licence or unit title rights deposit for the right to share in the use and 
enjoyment of common facilities.
The timing of the recognition of deferred management fees is a critical accounting estimate and 
judgement. The deferred management fee is recognised on a straight line basis over the longer of 
the term specified in a resident’s ORA or the average expected occupancy. The expected periods 
of occupancy are based on historical Group averages, for the relevant accommodation they are 
estimated to be 7 years for units and premium apartments, 5 years for apartments and 3 years for 
care suites from the date of occupation. Estimates of deferred management fee tenure are reviewed 
periodically. Where a change is made, it is the Group’s policy to recognise the aggregate impact of 
this change in the period in which the change in estimate occurs. 
Village Service Fees 
Village service fees are charged to residents to recover a portion of village operating costs 
associated with services provided including staff wages, rates, and electricity. An ORA is in place 
with all village residents who receive the benefit of services throughout their stay. Village service 
fees are recognised over time as services are rendered.
Training Income 
Training income is received from students attending short term training courses at the Wesley 
Institute of Nursing Education. Income is recognised when the course is provided. 
Rental Income 
Rental agreements are in place with all rental residents and set out the relevant weekly / monthly 
rental fee. The resident receives the benefit throughout their stay and revenue is recognised as 
it is earned. 
$NZ000’s
March 24
March 23
Rest home, hospital, dementia fees 
183,806
 173,243 
Premium accommodation charge
6,370
 5,490 
Deferred management fees – independent living
38,639
 36,666 
Deferred management fees – care suites
16,187
 14,861 
Deferred management fees – leased site
-
 2,301 
Village service fees
9,741
 8,939 
Training income
9,155
 4,127 
Rental income
493
 608 
Other services provided to residents
1,072
 943 
265,463
 247,178 
58
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.3	 Other Income
Interest Income 
Interest income is recognised on an accruals basis using the effective interest method.
Insurance Income
Insurance income in relation to recent weather events is recognised as per note 1.3(iv).
Other Income
Other income includes administration and legal income derived from the settlement of ORAs.
$NZ000’s
March 24
March 23
Interest income
4,543
1,759 
Insurance income
2,690
12,025
Change in fair value of ineffective cash flow hedges
-
 6 
Gain on modification/disposal of property, plant and equipment
-
740
Other income
1,932
 2,336 
9,165
16,866
2.4	 Expenses
Accounting Policy 
All operating expenses are recognised on an accrual basis.
$NZ000’s
Notes
March 24
March 23
Profit before income tax includes the following expenses:
Employee benefits and other staff costs
Wages and salaries 
174,043
160,007
Termination benefits
373
470
Employee share scheme expense
4.3
277
606
Other staff costs1
4,093
3,400
178,786
164,483
Depreciation and amortisation
Depreciation of buildings
3.2
1,570
1,791
Depreciation of care suites
3.2
10,344
9,040
Depreciation of right of use assets (buildings)
3.5
880
532
Depreciation of chattels 
3.2
4,406
4,354
Depreciation of right of use assets (chattels)
3.5
1,229
1,553
Amortisation of software 
5.2
557
654
18,986
17,924
Finance costs
Interest on senior debt facilities 
27,876
 13,680 
Interest on Retail Bond
6,175
 6,175 
Agency, commitment and line fees 
4,528
 4,246 
Interest rate swaps 
-
 155 
Capitalised interest and line fees
(23,757)
 (11,356)
Amortisation of bank fees
988
 952 
Bank interest
160
 18 
Interest on lease liabilities
443
445
Change in fair value of ineffective cash flow hedges
4
-
16,417
14,315
Impairment of property, plant and equipment 
3.2
9,269
6,531
Change in fair value of held for sale assets
3.3
5,088
-
Impairment of right of use investment property
-
1,431
Rental expenditure in relation to right of use investment property
-
158
Impairment of goodwill
5.2
555
2,347
1	 Other staff costs include costs such as staff training, uniforms and recruitment.
59
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

2.4	 Expenses (continued)
$NZ000’s
Notes
March 24
March 23
Other expenses
Audit fees1
Audit and review of consolidated financial statements
588
647
Other assurance services – Trustee reporting
7
7
Other services – agreed upon procedures in respect of proxy 
voting at the Annual Shareholder Meeting2
9
8
Other non assurance services provided by auditor3
19
-
Other assurance services related to climate related 
reporting requirements
93
17
Total fees paid to auditor1
716
679
Repairs and maintenance of property, plant and equipment 
including leasehold care centres
3,643
3,486
Repairs and maintenance of investment property including 
leasehold investment property
3,125
1,855
Loss on disposal of property, plant and equipment
683
-
Donations
31
13
Loss allowance for trade and other receivables
5.3
71
37
Resident consumables
19,242
18,265
Movement of residents’ share of resale gains 
715
1,724
Insurance
6,417
4,981
Legal and professional services
4,658
 4,390 
Other expenses (no items of individual significance) 
38,612
 31,351 
77,913
66,781
Total Expenses
307,014
273,970
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1, village sites are 
typically investment property and care sites are typically property, plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to generate 
revenue either through capital appreciation or through rental income. 
As residents occupying our retirement villages live independently, the level of services provided 
is seen as secondary to the provision of accommodation. Accordingly, these buildings are 
classified as investment property as they are held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment when they are 
used to generate revenue through the provision of goods and services or for administration 
purposes. 
As residents occupying our care centres, including care suites, require services including 
nursing care, meals and laundry the buildings in which they live are considered to be operated 
by the Group to generate this revenue and are classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital level 
care. The care suite is located within a care centre. Rather than pay a daily premium 
accommodation charge for the provision of the premium room the residents enter into 
an ORA with a net management fee.
What is Held for Sale?
Assets are classified as held for sale when the carrying amount will be recovered principally 
through a sale transaction rather than through continuing use.
1	 Auditor for the year ended 31 March 2024: Ernst & Young (31 March 2023: PricewaterhouseCoopers).
2	 Paid to previous auditors.
3	 Non audit fees in relation to remuneration benchmarking services.
60
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.	
Property Assets (continued)
Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an ORA, it is the 
Group’s policy to assess their level of significance in the context of the overall income derived from 
the serviced apartment or care suite in ascertaining whether the serviced apartment or care suite is 
freehold land and buildings (referred to as property, plant and equipment) or investment property. 
The Group applies the following principles when ascertaining the appropriate accounting treatment 
to be applied: 
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services 
are optional.
Services are 
compulsory but an 
insignificant portion 
of total revenue 
from the unit.
Services are 
compulsory and a 
significant portion 
of the total revenue 
from the unit.
Full ARRC
1 funded 
care is compulsory 
for that unit/bed.
Independent living 
(villa or apartment) 
Care suite
Serviced apartment
Traditional care bed
Private care
Qualitatively the 
business model is the 
provision of retirement 
accommodation.
 Quantitatively 
insignificant 
(a guideline of 
under 20% of total 
revenue is adopted) 
and qualitatively 
the business model 
is the provision 
of retirement 
accommodation.
Quantitatively 
significant. 
Qualitatively the 
business model is 
the provision of care. 
 Qualitatively the 
business model is 
the provision of 
care. Quantitative 
assessment not 
relevant as price 
of accommodation 
does not change 
overall purpose of 
the accommodation.
Investment Property
Village Assets
Property, Plant and 
Equipment Care Assets
Operating
outside the ARRC
1 
with services set by 
the operator.
 Qualitatively the 
business model is 
the provision of 
care. Quantitative 
assessment not 
relevant as price 
of accommodation 
does not change 
overall purpose of 
the accommodation.
1	 ARRC refers to age-related residential care.
3.1	 Village Assets: Investment Property 
Accounting Policy 
Investment property includes both freehold land and buildings and land and buildings under 
development, comprising independent units, serviced apartments and common facilities, provided 
for use by residents under the terms of an ORA. Investment property is held for long-term yields and 
is not occupied by the Group. Investment property is held at fair value. 
The fair value of investment property is determined by the Directors having taken into consideration 
the valuation conducted by CBRE Limited (March 2023: CBRE Limited and Collier Limited) as 
independent registered valuers and the cost of work undertaken in relation to investment property 
under development.
The movement in the carrying value of investment property, net of additions, transfers and disposals 
is recognised as a fair value movement in the Consolidated Statement of Comprehensive Income.
Fair value measurement on investment property under development is only applied if the fair value 
is considered to be reliably measurable. Where the fair value of a property under development 
can be determined, it is carried at fair value. Where the fair value of investment property under 
development cannot be reliably determined, the carrying amount is considered to be the fair value 
of the land plus the cost of work undertaken.
61
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.1	 Village Assets: Investment Property (continued)
$NZ000’s
Notes
March 24
March 23
Investment property under development at fair value
Opening balance
141,738
173,899
Impact of change to GST taxable supplies1
(1,500)
(4,397)
Capitalised expenditure (including land acquisitions)
61,539
92,788
Capitalised interest and line fees
13,626
2,301
Transfer to completed investment property
(27,475)
(150,871)
Transfer to held for sale
3.3
-
(5,714)
Change in fair value during the year
(5,960)
33,732
Closing balance
	
181,968
141,738
Completed investment property at fair value
Opening balance
1,455,983
1,204,653
Acquisition
1.3(i)
-
138,010
Impact of change to GST taxable supplies
(1,372)
(4,080)
Transfer from investment property under development
27,475
150,871
Transfer to property, plant and equipment
3.2
80
(1,552)
Transfer to held for sale
3.3
21,608
(29,119)
Capitalised expenditure
60,003
5,437
Capitalised interest and line fees
2,903
5,998
Impairment as a result of weather events
-
(8,917)
Change in fair value during the year - villages
66,739
(5,318)
Closing balance
1,633,419
1,455,983
Total investment property
1,815,387
1,597,721
1	 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
Change in Fair Value Recognised in the Consolidated Statement of Comprehensive Income
$NZ000’s
March 24
March 23
Increase in fair value of investment property
217,665
219,169
Add / (Less): Transfers to property, plant and equipment,  
right of use assets and held for sale during the year
(21,688)
 36,385 
Less: Capitalised expenditure including capitalised interest
(135,198)
 (98,047)
Less: Resident obligations on acquisition
-
 (138,010)
Change in fair value recognised in Consolidated Statement  
of Comprehensive Income
60,779
19,497
A reconciliation between the valuation and the amount recognised as investment property 
is as follows:
$NZ000’s
March 24
March 23
Investment Property under development
Valuation
181,968
141,738
181,968
141,738
Completed Investment Property
Valuation
812,698
744,733
Add: Refundable occupation licence payments
1,003,945
884,890
Add: Residents’ share of resale gains
5,730
5,920
Less: Management fee receivable
(170,638)
(147,278)
Less: Resident obligations for units not included in valuation 
(18,316)
(32,282)
1,633,419
1,455,983
Total investment property at fair value
1,815,387
1,597,721
62
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.1	 Village Assets: Investment Property (continued)
Where an incoming resident has an unconditional ORA in respect of a retirement village unit and 
the corresponding outgoing resident for that same accommodation has not yet been refunded, the 
independent valuation is adjusted for the incoming resident balances only. In certain circumstances 
accommodation under an ORA is valued as development land. In these situations the independent 
valuation is not adjusted for the refundable amounts and consequently no offsetting “gross up” is 
required. An adjustment of $18.3m (March 2023: $32.3m) is included in the above reconciliation to 
reflect this.
The valuation of investment property is adjusted for cash flows relating to refundable occupation 
licence payments, residents’ share of resale gains and management fee receivable recognised 
separately on the Consolidated Balance Sheet and also reflected in the valuation model. 
Why do we adjust for the liability to residents?
In the external valuation the fair value of investment property includes an allowance for the 
amount that is payable by the Group to residents already in occupation within the property. 
However, this liability to existing residents is recognised in the Group’s Consolidated Balance 
Sheet (referred to as refundable occupation right agreements – refer to note 3.4). Accordingly, 
the Group adds this net liability to residents to the external valuation to “gross up” the fair 
value of investment property and avoid double counting the liability to residents. 
Valuation Process and Key Inputs
Investment Property under Development
CBRE Limited provided valuations of development land in respect of investment property under 
development as at 31 March 2024. 
The fair value of investment property is determined by the Directors having taken into consideration 
the valuation conducted by the external valuers as independent registered valuers and the cost of 
work undertaken in relation to investment property under development. 
The Group has applied the following methodology in relation to the measurement of investment 
property under development:
Practical completion not achieved	
Where the development still requires substantial work such that practical completion is not going to 
be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date, the 
fair value recognised is the fair value of the development land per the Directors’ valuation plus the 
cost of any work in progress. An amount of $85.9m as at 31 March 2024 (March 2023: $53.1m) has 
been recognised in relation to these development sites. 
Where an individual development is of both investment property and freehold buildings in nature, 
the fair value of land and work in progress is apportioned between investment property under 
development and freehold land and buildings under development, by applying the estimated gross 
floor area for these respective areas of the development based on information obtained from the 
project quantity surveyors at the planning and design stages. 
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance 
date the investment property is measured at its completed fair value per the Directors’ valuation 
with an adjustment made for any estimated costs, in accordance with the project budget, to be 
incurred to complete the development, and is then transferred to completed investment property.
Completed Investment Property
As required by NZ IAS 40 Investment Property, the valuation of investment property is adjusted for 
cash flows relating to refundable occupation licence payments, residents’ share of resale gains and 
management fees receivable recognised separately on the Consolidated Balance Sheet and also 
reflected in the valuation model.
The Group’s interest in all completed investment property was valued on 31 March 2024 
by CBRE Limited (March 2023: CBRE Limited and Colliers Limited,) at a total of $812.7m 
(March 2023: $744.7m).
Property Specific Assumptions 
Seismic Assessments 
The external valuations, and accordingly the fair value of investment property, incorporates 
an allowance in relation to remediation to properties where seismic strength testing has been 
carried out.
Weather Events: Auckland Floods and Cyclone Gabrielle
The fair value of completed investment property has been adjusted downwards for the cost of future 
works to be undertaken to remediate damage caused by the Auckland Floods, an amount of $5.2m. 
(March 2023: $7.7m on damage caused by the Auckland floods and Cyclone Gabrielle).
Key Accounting Estimates and Judgements 
All investment properties have been determined to be Level 3 (March 2023: Level 3) in the fair value 
hierarchy as the fair value is determined using inputs that are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s development 
land is the value per m2 assumption. Increases in the value per m2 rate result in the corresponding 
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of 
completed investment property are the discount rate and property price growth rate. There are no 
interdependencies or interplays between unobservable inputs.
63
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.1	 Village Assets: Investment Property (continued)
The following assumptions have been used to determine fair value: 
Significant Input
Description
2024
2023
Discount rate
The pre-tax discount rate
14.0% — 20.0 %
(median: 14.9 %)
14.0% — 20.0%
(median: 15.0%)
Property price growth rate
Anticipated annual property 
price growth over the cash flow 
period 0—4 years
0.5 % - 3.0 %
0.0% — 3.0%
Property price growth rate
Anticipated annual property 
price growth over the cash flow 
period 5+ years
2.5% — 3.5%
2.5% — 3.5%
Sensitivities
At 31 March 2024
Adopted  
Value
Discount Rate
 +0.5%
Discount Rate
-0.5%
Property 
Growth Rate
 +50 bp
Property
Growth Rate
 -50 bp
Completed investment property 
Valuation $NZ000’s
812,698
Difference $NZ000’s
(26,456)
28,461
48,359
(45,872)
Difference %
(3.3%)
3.5%
6.0%
(5.6%)
At 31 March 2023
Adopted  
Value
Discount Rate
 +0.5%
Discount Rate
-0.5%
Property 
Growth Rate
 +50 bp
Property
Growth Rate
 -50 bp
Completed investment property
Valuation $NZ000’s
744,733
Difference $NZ000’s
(24,447)
26,541
43,075
(20,216)
Difference %
(3.3%)
3.6%
5.8%
(5.4%)
The stabilised occupancy period is a key driver of the CBRE Limited valuation. A significant increase 
/ (decrease) in the occupancy period would result in a significantly lower/ (higher) fair value 
measurement.
Significant Input
2024
2023
Stabilised Occupancy Period
2.8 yrs – 9.0 yrs (median: 7.4 yrs)
2.5yrs – 8.9yrs (median: 7.3yrs)
Current ingoing price, for subsequent resales of ORAs, is a key driver of the valuations. A significant 
increase / (decrease) in the ingoing price (as driven by the property growth rates) would result in a 
significantly higher / (lower) fair value measurement.
3.2	 Care Assets: Property, Plant and Equipment
Accounting Policy 
Property, plant and equipment comprises owner-occupied freehold land and buildings and plant 
and equipment operated by the Group for the provision of care services, care suites and land and 
buildings that are to be developed into care centres in the future.
Following initial recognition at cost, completed owner occupied freehold land and buildings and 
land and buildings under development are carried at fair value. Independent valuations are 
performed with sufficient regularity to ensure that the carrying amount does not differ materially 
from the assets’ fair value at balance date. Any depreciation at the date of valuation is deducted 
from the gross carrying value of the asset, and the net amount is restated to the revalued amount 
of the asset. In periods where no valuation is carried out, the asset is carried at its revalued amount 
plus any additions, less any impairment and less any depreciation incurred since the date of the 
last valuation. 
All other plant and equipment is stated at historical cost less depreciation and impairment. 
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
In relation to land and buildings under development, fair value is determined by the Directors having 
taken into consideration the valuation conducted by CBRE Limited as an independent registered 
valuer and the cost of work undertaken. 
A property under construction is classified as land and buildings within property, plant and 
equipment where the completed development will be classified as such and as investment 
property where the completed development will be classified as an investment property. Fair value 
measurement on property under construction is only applied if the fair value is reliably measurable. 
Where the fair value of property under construction cannot be reliably determined the value is the 
fair value of the land plus the cost of work undertaken. Property under construction classified as 
land and buildings under development is revalued annually and is not depreciated.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, 
as appropriate, only when it is probable that future economic benefits associated with the item 
will flow to the Group and the cost of the item can be measured reliably. All other repairs and 
maintenance are expensed to the Consolidated Statement of Comprehensive Income during the 
financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of land and buildings above cost are 
credited to the asset revaluation reserve in other comprehensive income; increases that offset 
previous decreases taken through profit or loss are recognised in profit or loss. Decreases that 
offset previous increases of the same asset are charged against the asset revaluation reserve in 
other comprehensive income; all other decreases are charged to profit or loss. When revalued assets 
are sold, or held for sale, the amounts included in the reserve are transferred to retained earnings.
64
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.2	 Care Assets: Property, Plant and Equipment (continued)
Land is not depreciated. Depreciation on other assets is calculated using the straight line method to 
allocate their cost, net of their residual values, over their estimated useful lives, as follows:
Category
Useful Life Range
Weighted Average 
Depreciation Rate 
Freehold buildings
10 – 50 years
2.4% 
Chattels and leasehold improvements
2 – 50 years
20%
Motor vehicles
5 years
22%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each 
balance date. No depreciation is charged in the year of sale for all assets other than buildings 
in which case depreciation is charged to the earlier of the date of classification to held for sale 
or the date of sale. 
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s 
carrying amount is greater than its estimated recoverable amount. 
Gains and losses on disposals are determined by comparing the net disposal proceeds 
with the carrying amount of the asset. These are included in the Consolidated Statement 
of Comprehensive Income.
$NZ000’s
Notes
Freehold Land 
and Buildings 
Under 
Development Freehold Land
Freehold 
Buildings
Chattels and 
Leasehold 
Improvements
Total
Year ended 31 March 2024
Opening net book amount
89,098
109,071
496,448
17,552
712,169
Additions
33,509
-
8,247
10,130
51,886
Impact of change to GST  
taxable supplies1
(280)
-
-
-
(280)
Capitalised interest and line fees
6,015
-
1,213
-
7,228
Disposals
-
-
-
(1,299)
(1,299)
Depreciation
-
-
(11,914)
(4,406)
(16,320)
Transfer from investment property
3.1
-
-
(80)
-
(80)
Transfer from intangible assets
3.1
-
-
-
363
363
Transfer to held for sale
3.3
-
(4,895)
(12,834)
(885)
(18,614)
Reclassification within Property, 
Plant and Equipment
(45,391)
-
45,391
-
-
Revaluation surplus
Change in fair value recognised  
in comprehensive income
(3,922)
280
(5,627)
-
(9,269)
Change in fair value recognised  
in other comprehensive income2
(421)
11,655
33,859
-
45,093
Closing net book amount 
78,608
116,111
554,703
21,455
770,877
At 31 March 2024
Cost 
-
-
-
54,896
54,896
Valuation 
78,608
116,111
554,703
-
749,422
Accumulated depreciation 
-
-
-
(33,441)
(33,441)
Net book amount
78,608
116,111
554,703
21,455
770,877
1	 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
2	 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
65
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.2	 Care Assets: Property, Plant and Equipment (continued)
$NZ000’s
Notes
Freehold Land 
and Buildings 
Under 
Development Freehold Land
Freehold 
Buildings
Chattels and 
Leasehold 
Improvements
Total
Year ended 31 March 2023
Opening net book amount
 105,150 
 113,031 
 448,426 
 19,985 
 686,592 
Additions
 45,340 
 1,000 
 5,345 
 3,442 
 55,127 
Impact of change to GST taxable 
supplies1
(894)
-
-
-
(894)
Capitalised interest and line fees
 2,680 
 - 
 381 
 - 
 3,061 
Disposals
 - 
 - 
 - 
 (2)
 (2)
Depreciation
 - 
 - 
 (10,831)
 (4,354)
 (15,185)
Transfer from investment property
3.1
-
-
1,552
 - 
1,552
Transfer to held for sale
 (1,319)
 (14,740)
 (14,418)
 (1,519)
 (31,996)
Reclassification within Property, 
Plant and Equipment
 (58,452)
 16,035 
 42,417 
 - 
 - 
Revaluation surplus
Impairment as a result of  
weather events
-
-
(1,943)
 - 
(1,943)
Change in fair value recognised  
in comprehensive income
 (2,189)
 (640)
 (1,759)
 - 
 (4,588)
Change in fair value recognised  
in other comprehensive income2
 (1,218)
 (5,615)
 27,278 
 - 
 20,445
Closing net book amount 
 89,098 
 109,071 
 496,448 
 17,552 
 712,169 
At 31 March 2023
Cost 
 - 
 - 
 - 
 54,548 
 54,548 
Valuation 
 89,098 
 109,071 
 496,448 
 - 
 694,617 
Accumulated depreciation 
 - 
 - 
 - 
 (36,996)
 (36,996)
Net book amount
 89,098 
 109,071 
 496,448 
 17,552 
 712,169 
Land and Buildings Under Development
A valuation in respect of development land was provided by CBRE Limited as at 31 March 2024. 
Any costs incurred to 31 March 2024 on the developments are included in arriving at the fair value 
as at 31 March 2024.
The Group has applied the following methodology in relation to the measurement of land and 
buildings under development:
Practical completion not achieved
Where the development still requires substantial work such that practical completion is not going to 
be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date, the 
fair value recognised is the fair value of the development land per the Directors’ valuation plus the 
cost of any work in progress. An amount of $61.4m as at 31 March 2024 (March 2023: $63.9m) has 
been recognised in relation to these development sites. 
Where an individual development is of both investment property and freehold buildings in nature, 
the fair value of land and work in progress is apportioned between investment property under 
development and freehold land and buildings under development, by applying the estimated gross 
floor area for these respective areas of the development based on information obtained from the 
project quantity surveyors at the planning and design stages. 
Practical completion achieved
Where a development is practically completed, or likely to be completed at, or close to, balance 
date the land and buildings are measured at its completed fair value per the Directors’ valuation 
with an adjustment made for any estimated costs, in accordance with the project budget, to be 
incurred to complete the development, and is then transferred to completed land and buildings. 
Completed Land and Buildings
A valuation in respect of completed land and buildings was provided by CBRE Limited as at 
31 March 2024.
The valuation of the Group’s care centres was apportioned to land, buildings, chattels and 
goodwill. The fair value of land and buildings as calculated by CBRE Limited is based on the level 
of rent able to be generated from the maintainable net cash flow of the site subject to average 
efficient management. The fair value of the Group’s land and buildings as determined by the 
Directors is based on these apportionments. However, chattels are carried at historic cost less 
depreciation and the amount apportioned to goodwill by CBRE Limited is not recorded in the 
consolidated financial statements. 
Care Suites and Serviced Apartments
As discussed earlier in note 3, where services are provided to residents who occupy accommodation 
under an ORA, it is the Group’s policy to look at the significance of these services in the context of 
the overall revenue derived from the care suite or serviced apartment in ascertaining whether the 
care suite or serviced apartment is property, plant and equipment or investment property. Care 
suite residents occupying accommodation under an ORA receive a significant level of services. 
Hence, they are included in property, plant and equipment. Care suite land and buildings are 
held at fair value. 
1	 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
2	 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
66
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

Property Specific Assumptions 
Weather Events: Auckland Floods and Cyclone Gabrielle
No adjustments are required in the current reporting period. In the prior reporting period, the fair 
value of completed freehold buildings has been adjusted downwards for the cost of future works 
to be undertaken to remediate damage caused by the Auckland Floods and Cyclone Gabrielle, 
an amount of $1.9m.
Key Accounting Estimates and Judgements 
All land and buildings have been determined to be Level 3 (March 2023: Level 3) in the fair value 
hierarchy as the fair value is determined using inputs that are unobservable.
Critical Judgements and Estimates in Applying Accounting Policies
Classification of Care Suites
An area of significant judgement is determining the classification of those properties which are 
operated as care suites. Refer note 3 for further information.
Valuation of Freehold Land and Buildings
The valuation approach for the freehold land and buildings as at 31 March 2024 was an income 
capitalisation approach and/or discounted cash flow analysis supplemented by the direct 
comparison approach. The valuation is determined by the capitalisation of net cash flow profit/
earnings before interest, tax, depreciation, amortisation and rent (“EBITDAR”) under the assumption 
a positive cash flow will be generated into perpetuity. Capitalisation rates used for the 31 March 
2024 valuation range from 12.25% to 17. 5 % with a median value of 13.63% (March 2023: 11.25% 
to 16.25% with a median value of 13.63%). The valuation was apportioned between land, buildings, 
chattels / plant and equipment and goodwill to determine the fair value of the assets.
The significant unobservable input used in the fair value measurement of the Group’s development 
land is the value per m2 assumption. Increases in the value per m2 rate result in corresponding 
increases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group’s portfolio 
of completed land and buildings is the capitalisation rate applied to earnings. A significant 
decrease/ (increase) in the capitalisation rate would result in significantly higher / (lower) fair 
value measurement. 
Sensitivities
At 31 March 2024
Adopted  
Value
Capitalisation Rate
 +50 bp
Capitalisation Rate
 -50 bp
Freehold land and buildings
Valuation $NZ000’s
670,815
Difference $NZ000’s
(40,406)
43,779
Difference %
(6.0%)
6.5%
At 31 March 2023
Adopted  
Value
Capitalisation Rate
 +50 bp
Capitalisation Rate
 -50 bp
Freehold land and buildings
Valuation $NZ000’s
605,519
Difference $NZ000’s
(35,120)
39,358
Difference %
(5.8%)
6.5%
At 31 March 2024
Adopted  
Value
Discount Rate
 +0.5%
Discount Rate
-0.5%
Property 
Growth Rate
 +50 bp
Property
Growth Rate
 -50 bp
Completed care suite property
Valuation $NZ000’s
253,355
Difference $NZ000’s
(8,248)
8,873
15,076
(14,300)
Difference %
(3.3%)
3.5%
6.0%
(5.6%)
At 31 March 2023
Adopted  
Value
Discount Rate
 +0.5%
Discount Rate
-0.5%
Property 
Growth Rate
 +50 bp
Property
Growth Rate
 -50 bp
Completed care suite property
Valuation $NZ000’s
188,380
Difference $NZ000’s
(6,184)
6,713
(10,173)
10,896
Difference %
(3.3%)
3.6%
(5.4%)
5.8%
Carrying Value of Assets 
The carrying amount at which both land and buildings would have been carried had the assets 
been measured under historical cost is as follows:
$NZ000’s
Freehold Land
Freehold 
Buildings
Freehold 
Land and 
Buildings Under 
Development
Total
Carrying amount 
– Historical cost 2024
36,203
279,306
25,903
341,412
Carrying amount 
– Historical cost 2023
32,161
250,774
35,813
318,748
3.2	 Care Assets: Property, Plant and Equipment (continued)
67
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

3.3	 Held for Sale
Assets are classified as held for sale when their carrying amount is to be recovered principally 
through a sale transaction and a sale is considered highly probable. They are stated at the lower 
of carrying amount and fair value less costs to sell, except for investment property assets held for 
sale which are carried at fair value.
As at 31 March 2024 seven sites meet the definition of held for sale, four sites are being actively 
marketed for sale and three are held under contract, (March 2023: ten sites). These sites and their 
respective land, building, investment property and plant and equipment have been reclassified 
for reporting purposes. As at 31 March 2023 one Right of Use Investment Property also met the 
definition of held for sale, refer to 1.3(ii)
Assets previously classed as Investment Properties and Right of Use Investment Properties are held 
on the Consolidated Balance Sheet at their fair value, assets previously classed as Property, Plant 
and Equipment are held on the Consolidated Balance Sheet at current valuation, which is the lower 
of fair value less costs to sell and the carrying amount. 
Changes in fair value from the date of classification to held for sale are recognised in 
comprehensive income. See note 3.4 for resident liabilities associated with these held for sale assets.
During the year to 31 March 2024, three sites were disposed of. Refer to Note 1.3(ii) and (iii) for 
further details. Two sites classified as held for sale in the prior year no longer meet the definition 
of held for sale so have been transferred back to investment property. Included in the held for 
sale balance are two sites under contract for sale that had not settled at year end. One of these 
sites was settled on 30 April 2024 and the other on 21 May 2024. Refer to Notes 1.3 and 5.8 for 
further details.
$NZ000’s
Notes
March 24
March 23
Opening balance
101,652
-
Transfer to investment property
3.1
(21,608)
 34,833 
Transfer from property, plant and equipment
3.2
18,614
 31,996 
Transfer from right of use assets
3.5
-
 31,995 
Additions
1,168
 942 
Disposals
 (50,479)
-
Change in fair value during the year
(5,088)
 1,886 
Closing balance
44,259
 101,652 
3.4	 Refundable Occupation Right Agreements
What is an ORA? 
An ORA is a contract which sets out the terms and conditions of occupation of an independent 
living unit or care suite. A new resident is charged a refundable occupation licence payment in 
consideration for the right to occupy one of the Group’s units, apartments or care suites. On 
termination of the ORA the occupation licence payment is repaid to the exiting resident.
What is DMF?
An amount equal to a capped percentage of the occupation licence payment is charged 
by the Group as a management fee for the right of use and enjoy the common areas of the 
village. The deferred management fee is payable by the resident on termination of the ORA.
Accounting Policy 
The occupation licence payment becomes payable when the ORA is unconditional and has either 
“cooled off” or where the resident is in occupation. The Group has a legal right to set-off any 
amounts owing to the Group by a resident against that resident’s occupation licence payment. 
Such amounts include deferred management fees, recovery of village operating costs and recovery 
of outstanding obligations to the village. 
The management fee receivable is recognised in accordance with the terms of the resident’s ORA.
The deferred management fee represents the difference between the management fees receivable 
under the ORA and the portion of the management fee accrued which is recognised on a straight-
line basis over the longer of the term specified in a resident’s ORA or the average expected 
occupancy for the relevant accommodation i.e. 7 years for units and premium apartments, 5 years 
for apartments and 3 years for care suites (March 2023: 7yrs, 5yrs, 3yrs). 
An additional management fee is payable on premium apartments following termination of the 
ORA. This is an amount equal to 1% per annum of the occupation licence payment up to a maximum 
of 5%. The fee is recognised on a straight-line basis over the 5 years, and any unpaid is included as 
a receivable.
The management fee recognised in the Consolidated Statement of Comprehensive Income 
represents income earned in line with the average expected occupancy.
Included in the obligation to residents is an estimate of the amount expected to be paid to those 
residents whose ORA or unit title arrangement allows them to participate in the resale gain of the 
unit or apartment they occupy. 
As the refundable occupation licence payment is repayable to the resident upon termination 
(subject to a new ORA being issued to an incoming resident), the fair value is equal to the amortised 
cost, being the amount that can be demanded. 
68
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

$NZ000’s
March 24
March 23
Village
Refundable occupation licence payments
1,003,945
884,890
Residents’ share of resale gains
5,730
5,920
Less: Management fee receivable (per contract)
(217,412)
(191,599)
792,263
699,211
Care Suites
Refundable occupation licence payments
246,529
215,206
Accommodation rebate
95
83
Less: Management fee receivable (per contract)
(41,697)
(34,922)
204,927
180,367
Total refundable occupation right agreements
997,190
879,578
Held for Sale1
Refundable occupation licence payments
9,034
 58,475 
Residents’ share of resale gains
-
220
Less: Management fee receivable (per contract)
(1,955)
 (15,282)
7,079
 43,413 
Reconciliation of Management Fees recognised under NZ IFRS and per ORA
$NZ000’s
March 24
March 23
Village
Management fee receivable (per contract, non GAAP)
(217,412)
 (191,599)
Deferred management fee
46,774
44,321
Management fee receivable (per NZ IFRS)
(170,638)
 (147,278)
Care Suites
Management fee receivable (per contract, non GAAP)
(41,697)
 (34,922)
Deferred management fee
563
1,013
Management fee receivable (per NZ IFRS)
(41,134)
 (33,909)
Held for Sale
Management fee receivable (per contract, non GAAP)
(1,955)
 (15,282)
Deferred management fee
506
3,679
Management fee receivable (per NZ IFRS)
(1,449)
 (11,603)
3.5	 Leases
What’s a right of use asset? 
Right of use assets are assets held under a lease arrangement. It represents the value of 
the lessee’s right to use an asset over the life of the lease. There is a corresponding lease 
liability on the Consolidated Balance Sheet which represents the present value of the 
future lease payments.
Accounting Policy 
Right of use assets and lease liabilities arising from a lease are initially measured on a present 
value basis. Lease liabilities include the net present value of the remaining lease payments. 
Lease payments to be made under reasonably certain extension options are also included 
in the measurement of the liabilities.
Right of use assets are initially recognised at cost, comprising of the initial amount of the lease 
liability less any lease incentives received. Right of use assets relating to equipment and motor 
vehicles, recognised in chattels, are subsequently depreciated using the straight line method from 
the commencement date to the end of the lease. Right of use assets relating to care centres are 
subsequently measured at fair value as determined by the Directors having taken into consideration 
the valuation performed by CBRE Limited. In considering the lease term, the Group applies 
judgement in determining whether it is reasonably certain that an extension or termination option 
will be exercised.
The lease payments are discounted using the interest rate Implicit in the lease. If that rate cannot 
be readily determined the incremental borrowing rate at the commencement of the lease is used.
3.4	 Refundable Occupation Right Agreements (continued)
1	 The amount on the face of the Balance Sheet in relation to refundable occupation right agreements held for sale includes an amount 
of $0.5m (March 2023: $3.7m) in relation to deferred management fees detailed further in this note.
69
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

Right of Use Asset
$NZ000’s
12 months ended 31 March 2024
Notes
Buildings
Chattels
Total
Opening net book value 
940 
3,347 
 4,287 
Additions
8,027
564
8,591
Disposals
-
(103)
(103)
Modifications
(26)
143
117
Depreciation 
(880)
(1,229)
(2,109)
Net book value as at 31 March 2024
8,061
2,722
10,783
$NZ000’s
12 months ended 31 March 2023
Notes
Investment 
Property
Buildings
Chattels
Total
Opening net book value 
33,373
 4,188 
 3,578 
 41,139 
Additions
53
 439 
 1,336 
 1,828 
Disposals
 (40)
 (14)
 (54)
Modifications
(3,772)
-
(3,772)
Depreciation 
 (532)
 (1,553)
 (2,085)
Transfer to held for sale
(31,995)
 - 
 - 
(31,995)
Gain on disposal/ modification
657
-
657
Revaluation for the year – Comprehensive Income
(1,431)
 - 
 - 
 (1,431)
Revaluation for the year – Other 
Comprehensive Income
-
 - 
 - 
Net book value as at 31 March 2023 
–
940
3,347
4,287
$NZ000’s
31 March 2024
Buildings
Chattels
Total
Cost 
8,439
7,015
15,454
Valuation
-
-
-
Accumulated depreciation
(378)
(4,293)
(4,671)
Net book value as at 31 March 2024
8,061
2,722
10,783
Lease Liabilities
$NZ000’s
Year Ended 31 March 2024
Notes
Buildings
Chattels
Total
Opening net book value 
1,161 
 3,637 
 4,798 
Additions 
 7,964 
 564 
8,528
Disposals
(165)
 (123)
(288)
Interest 
159
 295 
454
Modification
232
-
232
Lease payments made
 (1,007)
 (1,512)
 (2,519)
Lease liabilities as at 31 March 2024
8,344
 2,861 
11,205
$NZ000’s
Year Ended 31 March 2023
Notes
Buildings
Chattels
Total
Opening net book value 
 5,986 
 3,908 
 9,894 
Additions 
 435 
 1,321 
 1,756 
Disposals
-
 (17)
(17)
Interest 
111
 334 
445
Modification
(4,029)
-
(4,029)
Lease payments made
 (1,342)
 (1,909)
 (3,251)
Net book value as at 31 March 2023
1,161
 3,637 
 4,798 
Lease of Property, Plant and Equipment
On 9 February 2024 the Group exited its leased corporate office building located at 80 Queen 
Street, Auckland and commenced a lease at 188 Quay Street, Auckland.
In addition to the corporate office building, the group also leases various equipment and motor 
vehicles. In the comparative period the Group also leased one care centre.
1	 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax, refer note 5.1.
3.5	 Leases (continued)
70
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

4.	 Shareholder Equity and Funding
4.1	 Shareholder Equity and Reserves
March 2024 
$NZ000’s
March 2024
Shares
March 2023
Shares
March 2024
$NZ000’s
March 2023
$NZ000’s
Share capital
Issued and fully paid up capital
724,154,779
720,555,185
715,960
713,374
Total contributed equity
724,154,779
720,555,185
715,960
713,374
Movements
Opening balance of ordinary shares issued
720,555,185
710,204,500
713,374
705,291
Shares issued for employee share scheme
 53,761 
1,174,602
-
-
Shares issued for Long Term Incentive Scheme
212,894
-
-
-
Shares issued for dividend reinvestment plan
 3,332,939 
9,176,083
2,586
8,083
Closing balance of ordinary shares issued
724,154,779
720,555,185
715,960
713,374
All ordinary shares rank equally with one vote attached to each fully paid ordinary share. The 
shares have no par value. The Company incurred no transaction costs issuing shares during 
the period (March 2023: nil).
Dividend Reinvestment Plan (“DRP”)
In 2019, the Board approved the implementation of a dividend reinvestment plan for New Zealand 
and Australian shareholders. This plan has been effective for all subsequent dividends. 
March 2024
value per 
share
March 2024
number of 
shares
March 2023
value per 
share
March 2023
number of 
shares
Reinvestment of final dividend for the prior period 
$0.7754
3,332,939
$0.9875
3,823,536
Reinvestment of interim dividend for the period 
-
-
$0.8041
5,352,547
Long Term Incentive (“LTI”)
On 15 September 2020 the Board approved a new Long Term Incentive Scheme with a vesting 
period of 3 years for its senior executives (“LTI Scheme”). The LTI Scheme has been established to: 
•	 provide an incentive to key executives to commit to Oceania for the long term; and 
•	 align these executives’ interests with the interests of Oceania’s shareholders. 
Participants in the Scheme will be granted Share Rights from time to time which will, on vesting, 
convert into an entitlement to receive ordinary shares. Vesting will depend on achievement of certain 
performance hurdles relating to Oceania’s total shareholder return relative to the NZX50 and, for 
certain schemes, Oceania’s performance against EBITDA targets.
Share Rights become exercisable if the holder remains employed on the vesting date and 
performance hurdles are met over the period from the commencement date to the measurement 
date, and in certain other exceptional circumstances. On becoming exercisable, each Share Right 
will entitle the holder to receive one fully paid ordinary share in Oceania Healthcare Limited, less an 
adjustment for tax paid on the holder’s behalf for the benefit received under the Scheme. The Share 
Rights have a nil exercise price. 
Performance Hurdles 
The Share Rights in the 2020 and 2021 grant are divided between two performance hurdles; 
•	 Share Rights will qualify for vesting on a straight-line basis, from 0%, where the total shareholder 
return (TSR) from the commencement date to the measurement date is equal to the 35th 
percentile of the NZX50 Group, to 100% where the TSR is equal to or greater than the 75th 
percentile of the NZX50 Group; and
•	 For the second performance hurdle, Share Rights will qualify for vesting if the Group’s annual 
growth in underlying earnings (before interest, tax, depreciation and amortisation) per share 
(UEPS) from the commencement date to the measurement date is equal to or greater than the 
target for growth in UEPS for that period. 
The Share Rights for the 2022 grant are subject to one performance hurdle. Share Rights will qualify 
for vesting on a straight line basis, from 0%, where the TSR from the commencement date to the 
measurement date is equal to the 25th percentile of the NZX50 Group, to 100% where the TSR is 
equal to or greater than the 75th percentile of the NZX Group.
Lapse
Share Rights will lapse where the performance hurdles are not met on a relevant measurement date 
or, in general, where the participant ceases to be employed by the Group before the vesting date 
(except in certain circumstances).
Scheme
Date
Share rights issued
Share rights lapsed
Share rights vested
2020 LTI
20 September 2020
1,948,061
1,599,054
349,007
2021 LTI
10 September 2021
1,078,125
984,875
93,250
2022 LTI
18 November 2022
1,430,150
761,209
n/a
On 11 September 2023 the Board approved a new Share Option Plan. The option plan has been 
established to:
a)	
Reward and retain key employees;
b)	
Drive longer-term performance and alignment of incentives of participants with the interests 
of the groups shareholders; and
c)	
Encourage longer term decision-making by participants.
71
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

Participants in the Option Plan will be granted options to acquire ordinary shares from time to 
time. These options will, subject to those participants’ continued employment by Oceania, be 
exercisable by participants during specified exercise periods for a set exercise price. On exercise of 
the share options, the Group will facilitate a cashless (net settled) exercise by issuing such number 
of shares as is equal to the difference between the then current market value and the exercise price, 
multiplied by the number of options being exercised, divided by the then current market value.
Scheme
Date
Share options issued
Share options forfeited
Exercise price
2023 Option Plan
11 September 2023
16,666,667
7,142,857
$0.82
Dividends
On 24 May 2023, a final dividend of 1.3 cents per share (not imputed) was declared and was paid 
on 21 June 2023. The record date for entitlement was 7 June 2023.
March 2024
cents per 
share
March 2024
$NZ000’s
March 2023
cents per 
share
March 2023
$NZ000’s
Final dividend for the prior period 
1.3
9,348
2.3
16,335
Interim dividend for the period 
-
-
1.9
13,589
Total dividends declared during the year1
9,348
29,924
The directors resolved not to pay a final dividend for the year to 31 March 2024 to provide for 
ongoing investment in Oceania’s growth and portfolio transformation. The Directors will consider a 
resumption of paying dividends at the next reporting date, after taking into consideration cashflow, 
market conditions and growth opportunities.
Asset Revaluation Reserve 
The asset revaluation reserve is used to record the revaluation of freehold land and buildings and 
land and buildings under development. The amounts are recognised in the Consolidated Statement 
of Comprehensive Income when it affects profit or loss. Refer to note 3.2.
Cash Flow Hedge Reserve 
The cash flow hedge reserve is used to record gains or losses on instruments used as cash flow 
hedges. The amounts are recognised in the Consolidated Statement of Comprehensive Income 
when the hedged transaction affects profit or loss. Refer to note 5.6.
4.2 Earnings per share 
Basic 
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted 
average number of ordinary shares outstanding during the period. 
March 24
March 23
Profit after tax ($’000)
31,474
15,448
Weighted average number of ordinary shares outstanding (‘000s)
723,320
715,333
Basic earnings per share (cents per share)
4.4
2.2
Diluted 
Diluted Earnings per share is calculated by adjusting the weighted average number of ordinary 
shares outstanding to assume conversion of all dilutive potential ordinary shares. As at  
31 March 2024 there were 349,007 shares with a dilutive effect (March 2023: 349,007).
March 24
March 23
Profit after tax ($’000)
31,474
15,448
Weighted average number of ordinary shares outstanding (‘000s)
723,669
715,683
Diluted earnings per share (cents per share)
4.3
2.2
4.3	 Employee Share Based Payments 
Employee Share Plan
On 25 September 2023, 53,761 shares were issued as part of an employee share scheme (“ESS”). 
All permanent employees as at that date were invited to participate. Full time employee participants 
were allocated an equivalent of $800 of shares and part time employee participants were allocated 
an equivalent of $400 of shares. The shares are held in trust and will be transferred to the employee 
if the employee remains employed by Oceania (or any of its subsidiaries) for the following 
three years. 
In the comparative year, on 27 September 2022, 1,174,602 shares were issued as part of the ESS.
4.1	 Shareholder Equity and Reserves (continued)
1	 Total dividends declared during each period differs to dividends paid per the Consolidated Statement of Changes in Equity as a result 
of dividends payable on shares held within the Group.
72
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

4.4	 Borrowings
Accounting Policy 
Borrowings are initially recognised at fair value, including transaction costs incurred. Borrowings are 
subsequently measured at amortised cost. Any difference between the proceeds (net of transaction 
costs) and the redemption amount is recognised in the Consolidated Statement of Comprehensive 
Income over the period of the borrowings using the effective interest method. 
Specific borrowing costs directly attributable to the acquisition, construction or production of 
qualifying assets, which are assets that necessarily take a substantial period of time to get ready 
for their intended use or sale, are added to the cost of those assets, until such a time as the 
assets are substantially ready for their intended use. Other borrowing costs are recognised in the 
Consolidated Statement of Comprehensive Income in the year in which they are incurred.
$NZ000’s
March 24
March 23
Secured
Bank loans
418,955
332,764
Deferred payment on acquisition
-
250
Capitalised loan costs
(1,504)
(1,990)
Retail Bond – OCA010
125,000
125,000
Retail Bond – OCA020
100,000
100,000
Capitalised bond costs
(1,933)
(2,435)
Total borrowings
640,518
553,589
Current
-
250
Non current
643,955
557,764
Total borrowings excluding capitalised loan costs
643,955
558,014
Recognition and Measurement 
Bank Loans 
Interest is charged using the BKBM Bill rate plus a margin and line fee. Interest rates applicable 
in the year to 31 March 2024 ranged from 6.40% to 7.15% (March 2023: 3.23% to 6.53%). 
Deferred Payment on Acquisition of Previously Leased Site
Relates to the purchase of a previously leased site. The deferred payment was secured by a first 
charge mortgage over the property and repaid in the current period.
Retail Bond
NZDX ID
Issue Date
No. of bonds
$NZ000’s
Maturity
Fixed Interest
Trading 
Interest at 
March 24
Trading 
Interest at 
March 23
OCAO10
19 Oct 20
125.0m
$125,000
19 Oct 27
2.3%
7.55%
7.4%
OCA020
13 Sept 21 
100.0m
$100,000
13 Sept 28
3.3%
7.3%
7.3%
The bonds are quoted on the NZX Debt Market and their fair value at balance date is based on their 
listed market price as at balance date. Interest on OCA010 is payable quarterly in January, April, 
July and October in equal instalments.
Interest on OCA020 is payable quarterly in March, June, September and December in equal 
instalments. 
Debt Financing
On 9 May 2022, in the comparative period, it was announced an agreement was entered into with 
the banking syndicate to increase total debt facility limits from $350m to $500m for a tenure of five 
years as follows:
i.	
General Corporate Facility limit increased to $235m (formerly $85m); and
ii.	
Development Facility limit remains at $265m
The facilities are held by a banking syndicate comprising ANZ, ASB and ICBC and repayable 
on 13 June 2027
The entire debt facility is sustainability-linked for the entire five year period with a penalty in the 
event of the Group not satisfying certain ESG targets and an interest discount in the event that 
certain targets are met. For the period to 31 March 2024, all three targets were met and a discount 
will be received. For the period to 31 March 2023, two targets were met and a third partially met. 
A discount was received for one metric and no penalty interest was incurred.
Effective 17 August 2023, the company executed a limit switch. This transferred $50m of available 
commitments from the General Corporate Facility to the Development Facility.
Financing Arrangements 
At 31 March 2024, the Group held committed bank facilities with drawings as follows: 
$NZ000’s
   March 24
  March 23
Committed
Drawn
Committed
Drawn
General Corporate Facility
185,000
110,000
235,000
111,850
Development Facility
315,000
308,955
265,000
220,914
Total
500,000
418,955
500,000
332,764
The Group’s revolving Development Facility is utilised to cover costs associated with current 
development projects. The revolving General Corporate Facility is used for general corporate 
purposes as well as for development land and initial costs for projects not currently funded by 
the Development Facility.
Interest on the General Corporate Facility is typically payable quarterly. Interest on the 
Development Facility is capitalised and repaid together with principal using the ORA licence 
proceeds received upon settlement of initial sales of newly developed units and care suites. Line 
fees are payable quarterly on the committed General Corporate Facility and the Committed 
Development Facility.
73
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

The financial covenants in the Group’s senior debt facilities, with which the Group must comply 
include: 
a)	
Interest Cover Ratio – the ratio of Adjusted EBITDA to Net Interest Charges, where interest 
charges relates to the interest and commitment fees in relation to the General Corporate 
Facility, is not less than 2.0x; 
b)	
Loan to Value Ratio – the ratio of total bank indebtedness shall not exceed 50% of the total 
property value of all Group’s properties (including the “as-complete” valuations for projects 
funded under the Development Facility); and
c)	
Guarantor Group Coverage – at all times the adjusted EBITDA of the Guaranteeing Group 
must be at least 90% of the Adjusted EBITDA of the total tangible assets of the Group; and
d)	
Development – at all times the outstanding principal amount under the Development 
Facility shall not exceed the Development Value. Development Value (per the most recent 
valuation excluding any settled stock) is the aggregate value of all Residential Facilities in all 
Developments that are being funded by the Development Facility less their cost to complete.
The covenants are tested half yearly. All covenants have been complied with during the period. 
The Group has agreed with its banks that the calculation of Adjusted EBITDA and Net Interest, for 
the purposes of the financial covenants, shall continue to be based on the accounting treatment 
in use before the introduction of NZ IFRS 16 Leases.
Assets Pledged as Security 
The bank loans and bonds of the Group are secured by mortgages over the Group’s care centre 
freehold land and buildings and rank second behind the Statutory Supervisors where the land and 
buildings are classified as investment property and investment property under development.
As at 31 March 2024 the balance of the bank loans over which the properties are held as security 
is $419.0m (March 2023: $332.8m). 
Net Debt Reconciliation 
Cash and cash equivalents include cash on hand. The following provides an analysis of net debt 
and the movements in net debt for the year.
$NZ000’s
March 24
March 23
Cash and cash equivalents
7,485
7,439
Debt – repayable within one year
(1,331)
(2,152)
Debt – repayable after one year
(653,829)
(560,661)
Net Debt
(647,675)
(555,374)
Cash and liquid investments
7,485
7,439
Gross debt – fixed interest rates
(236,205)
(230,048)
Gross debt – floating interest rates
(418,955)
(332,764)
Net Debt
(647,675)
(555,373)
Borrowings
$NZ000’s
March 24
March 23
Borrowings at the start of the year
(558,014)
 (383,345)
Cash drawdowns
(153,840)
 (244,311)
Cash repaid
67,899
 70,440
Other non cash movements
-
798
Borrowings at the end of the year
(643,955)
 (558,014)
5.	 Other Disclosures
5.1	 Income Tax
What is Current Tax? 
Current tax is an estimate of the tax that is payable to Inland Revenue for the current financial 
year.
What is Deferred Tax?
Deferred tax is an estimate of income tax that will be payable or recoverable in respect of 
temporary differences relating to the accounting and tax values of the Group’s assets and 
liabilities. Deferred tax also includes the value of tax losses that we consider we will use in the 
future to meet any income tax obligation.
Accounting Policy 
The tax expense or benefit for the year comprises current and deferred tax. Tax is recognised in the 
calculation of profit for the year in the Consolidated Statement of Comprehensive Income, except to 
the extent that it relates to items recognised in other comprehensive income. In this case the tax is 
also recognised in other comprehensive income. 
The current income tax charge is calculated on the basis of the tax laws enacted at the balance 
date. The Directors periodically evaluate positions taken in tax returns with respect to situations in 
which applicable tax regulation is subject to interpretation. 
Deferred income tax is recognised, using the liability method, on temporary differences arising 
between the tax base of assets and liabilities and their carrying amounts in the consolidated 
financial statements. However, the deferred income tax is not accounted for if it arises from initial 
recognition of an asset or liability in a transaction other than a business combination that at the 
time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax 
is determined using tax rates (and laws) that have been enacted or substantially enacted by the 
Balance Sheet date and are expected to apply when the related deferred income tax asset is 
realised or the deferred income tax liability is settled. 
Deferred income tax assets are recognised only to the extent that it is probable that future taxable 
profit will be available against which the temporary differences, and losses can be utilised.
4.4	 Borrowings (continued)
74
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

$NZ000’s
March 24
March 23
Income tax benefit 
Current tax
-
-
Deferred tax
(3,081)
(3,448)
(3,081)
(3,448)
Taxation expense is calculated as follows:
Profit before income tax
 28,393 
12,000
Tax at the New Zealand tax rate of 28% 
 7,950 
3,360
Adjusted by the tax effect of:
Non-taxable gain on purchase of business assets
 -   
 (156)
Non-deductible impairment of goodwill
 156 
 657 
Non-deductible expenditure
 254 
 683 
Capitalised interest deductible for tax
 (6,765)
 (3,181)
Taxable deferred management fees
 (7,941)
 (9,748)
Non-assessable revaluation of investment property
 (16,799)
 (8,519)
Taxable depreciation
 (10,691)
 (7,968)
Accounting depreciation
 4,863 
 4,264 
Right of use asset 
 8,771 
 (179)
Non-deductible impairment of fixed asset
 3,801 
 1,850 
Adjustment for timing difference of provisions
 384 
 (532)
Losses generated 
16,017
 19,469 
Current tax expense
-
-
Impact of movements in investment property
 (1,819)
3,068
Impact of movements in property, plant and equipment 
 17,015 
 (3,071)
Impact of movements in right of use assets
 (96)
430
Impact of movements in held for sale assets
 (7,921)
8,084
Other adjustments
 (290)
652
Deferred management fee
 7,554 
 8,307 
Losses (recognised) / utilised or derecognised 
 (17,524)
 (20,917)
Deferred tax benefit
(3,081)
(3,448)
Income tax benefit 
(3,081)
(3,448)
Movement in the Deferred Tax Balance:
$NZ000’s
Balance 
1 April 2023
 Recognised in 
Consolidated 
Statement of 
Comprehensive 
Income
 Recognised 
in Other 
Comprehensive 
Income 
Balance 
31 March 2024
Investment property
2,197
 1,819 
 -   
 4,016 
Property, plant and equipment
(10,944)
 (17,015)
 (3,918)
 (31,877)
Right of use assets
164
 96 
 -   
 260 
Held for sale assets
(8,084)
 7,921 
 -   
 (163)
Provisions and other assets / liabilities
5,169
 290 
837
 6,296 
DMF revenue in advance
(13,308)
 (7,554)
 -   
 (20,862)
Tax losses
24,806
 17,524 
 -   
 42,330 
Deferred tax assets / (liabilities)
-
3,081
(3,081)
-
 Balance 
1 April 2022 
 Recognised in 
Consolidated 
Statement of 
Comprehensive 
Income
 Recognised 
in Other 
Comprehensive 
Income 
Balance
31 March 2023
Investment property
5,265
(3,068)
-
2,197
Property, plant and equipment
(11,163)
3,071
(2,853)
(10,944)
Right of use assets
594
(430)
-
164
Held for sale assets
-
(8,084)
-
(8,084)
Provisions and other assets / liabilities
6,416
(652)
(595)
5,169
DMF revenue in advance
(5,001)
(8,307)
-
(13,308)
Tax losses
3,889
20,917
-
24,806
Deferred tax assets / (liabilities)
-
3,448
(3,448)
-
Recognition and Measurement 
No income tax was paid or payable during the year (March 2023: nil).
5.1	 Income Tax (continued)
75
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

Key Accounting Judgements
Deferred Tax on Investment Property 
Deferred tax on investment property is assessed on the basis that the asset value will be realised 
through use (“Held for Use”). An initial recognition exemption has been applied to newly developed 
village sites in accordance with NZ IAS 12 Income Taxes.
The Group’s ORAs comprise two distinct cash flows (being an ORA deposit upon entering the unit 
and the refund of this deposit upon exit). In determining the tax base of investment property, the 
Group considered whether taxable cash flows are received at the end of the ORA period (i.e. upon 
refund of the ORA deposit by way of set off on exit by a resident) or at the beginning of the ORA 
period (i.e. at time of the receipt of the ORA deposit). The Group has carefully evaluated all the 
available information and considers it appropriate to recognise and measure the tax base and 
associated deferred tax based on the taxable cash flows being receivable at the end of the ORA 
period as this best represents the Group’s contractual entitlement. 
In calculating deferred tax under the Held for Use methodology, the Group has made significant 
judgements to determine taxable temporary differences. The carrying value of the Group’s 
investment property is determined on a discounted cash flow basis and includes cash flows that 
are both taxable and non-taxable in the future. The Group has recognised deferred tax on the cash 
flows with a future tax consequence being DMF and deductible amounts as provided by external 
valuers, to the extent that it doesn’t relate to land. The Group uses the external valuers’ valuation of 
land and improvements to estimate the apportionment of cash flows arising from the depreciable 
(i.e. buildings) and non-depreciable components (i.e. land). 
Deferred tax on non-residential buildings
On 28 March 2024, the Government passed the Taxation (Annual Rates for 2023–24, Multinational 
Tax, and Remedial Matters) Act, which included tax legislation changes including the removal of 
tax deductions for depreciation on non-residential buildings. The change largely reinstates the 
policy that was in place between 2012 and 2020. Specifically, the tax depreciation rate will be set 
at 0% for all buildings (residential and non-residential) with an estimated useful life of 50 years or 
more, from the 2024/25 year onwards. This resulted in an increase in the deferred tax liability in 
respect of Property, Plant and Equipment and Investment Property of $28.4m as at 31 March 2024 
for the Group, but did not result in any change to the total deferred tax recognised on the balance 
sheet of nil due to the recognition of previously unrecognised tax losses.
Recognition of Deferred Tax on Tax Losses
After taking into consideration tax losses generated in the year to 31 March 2024, the Group now 
has an estimated $253.7m (March 2023: $201.3m) of available tax losses as at 31 March 2024.
The Group may recognise deferred tax assets to the extent that it is probable that the Group will 
generate future economic profits to offset the deferred tax assets or to the extent that they offset 
deferred tax liabilities. A deferred tax asset of $42.3m (March 2023: $24.8m) representing tax losses 
generated has been recognised as at 31 March 2024 in order to offset the net deferred tax liability 
position. All other available losses generated are held off balance sheet. Total available losses are 
noted below:
$NZ000’s
March 24
March 23
Opening balance – tax losses
201,282
130,333
Prior period adjustments: other
(4,773)
1,169
Losses per Inland Revenue
196,509
131,502
Losses utilised for the year 
-
-
Losses forfeited during the year
-
-
Losses generated during the year
57,211
69,780
Closing balance – tax losses
253,720
201,282
5.2	 Intangible Assets
Accounting Policy
Goodwill 
Goodwill represents the excess of cost of an acquisition over the fair value of the Group’s share of 
the net identifiable assets of the acquired subsidiary or business at the date of acquisition. Goodwill 
is not amortised. Instead, goodwill is tested at least once annually for impairment at 31 March and 
carried at cost less accumulated impairment losses. Impairments are recognised in the Statement 
of Comprehensive Income. Gains and losses on the disposal of an entity or cash generating unit 
(“CGU”) include the carrying amount of goodwill relating to the entity or CGU sold. Goodwill is 
allocated to CGUs and these CGUs are grouped where appropriate for the purpose of impairment 
testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from 
the business combination in which the goodwill arose. 
Computer Software 
Costs associated with maintaining computer software programmes are recognised as an expense 
as incurred. Acquired computer software licenses are capitalised on the basis of the costs incurred 
to acquire and bring to use the specified software. Where computer software licences are housed 
in the cloud they are capitalised to the extent the Group controls the licence and has rights to 
the software beyond rights to access. These costs are amortised on a straight line basis over their 
estimated useful lives (2.5 – 8 years).
$NZ000’s
Goodwill
Software
Total
Year ended 31 March 2024
Opening net book amount
3,167
3,550
6,717
Additions
269
197
466
Transfer to Property, Plant and Equipment
-
(363)
(363)
Amortisation
-
(557)
(557)
Impairment charge1
(555)
-
(555)
Disposal 
-
(45)
(45)
Closing net book amount
2,881
2,782
5,663
As at 31 March 2024
At cost
208,237
4,978
213,215
Accumulated amortisation and impairment
(205,356)
(2,196)
(207,552)
Net book amount
2,881
2,782
5,663
5.1	 Income Tax (continued)
1	 Impairment charge in the 12 months to 31 March 2024 includes $0.6m (March 2023: $2.3m) in relation to the disposal of goodwill 
at leasehold sites.
76
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

$NZ000’s
Goodwill
Software
Total
Year ended 31 March 2023
Opening net book amount
4,933
3,670
8,603
Additions
581
534
1,115
Amortisation
-
(654)
(654)
Impairment charge1
(2,347)
-
(2,347)
Closing net book amount
3,167
3,550
6,717
As at 31 March 2023
At cost
207,968
5,189
213,157
Accumulated amortisation and impairment
(204,801)
(1,639)
(206,440)
Net book amount
3,167
3,550
6,717
Impairment Test for Goodwill 
The carrying value of goodwill has been assessed on a site by site basis taking into account the sites 
results as a whole. An impairment is recognised when the carrying value of goodwill plus chattels is 
greater than the CBRE Limited value of goodwill plus chattels.
The carrying amount of goodwill at each site is not significant in comparison to the total amount of 
goodwill. All goodwill is allocated to the care CGUs. 
Key Judgements in Applying the Accounting Policies
Care CGUs Recoverable Amount 
The recoverable amount of the individual care sites has been determined based on an external 
valuation of fair value less costs to sell by CBRE Limited as an external valuer. The fair value less 
costs to sell is considered level 3 in the fair value hierarchy. This has been used for comparison to 
current carrying value. The assumptions used in determining the fair value for care centres are 
disclosed in note 3.2. 
5.3	 Trade and Other Receivables
Accounting Policy 
Trade receivables are amounts due from residents and various government agencies in the ordinary 
course of business and are recognised initially at fair value, being its transaction price, plus 
transaction costs. Trade receivables are held with the objective of collecting the contractual cash 
flows and therefore they are subsequently measured at amortised cost using the effective interest 
method, less a provision for impairment. 
Occupation licence payment receivables are recognised at the point in time that an ORA becomes 
unconditional and has either “cooled off” or where the resident is in occupation, and the resident 
has not yet made all of the contractual licence payment to the Group. The long term portion of this 
receivable has been discounted by $1.9m (March 2023: $0.9m).
$NZ000’s
March 24
March 23
Net trade and other receivables
Trade receivables
21,632
21,788
Less: Loss allowance 
(299)
(379)
21,333
21,409
Occupation licence payment receivable2
93,788
74,146
Insurance Receivable
4,914
10,913
Prepayments
4,829
2,461
Trade and other receivables
124,864
108,929
Recognition, Measurement and Judgements in Applying Accounting Policies
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime 
expected loss allowance for all trade receivables and requires recognition from initial recognition of 
the trade receivable. To measure expected credit losses, trade receivables have been grouped and 
reviewed on the basis of the number of days since resident departure and the funding stream and 
type of debtor. Judgement is used in selecting the inputs to the impairment calculation and is based 
on past history and forward looking assumptions.
The Group has the following financial assets subject to the application of the expected credit 
loss model: 
•	 Trade receivables from care operations for the provision of care fees revenue for rest home and 
hospital fees. These are split between private amounts owed by residents and amounts due from 
agencies such as the Ministry of Health and ACC.
•	 Trade receivables from village operations for the provision of weekly service fees and occupation 
licence payment receivables. These are receivable from residents.
The Group has applied a simplified approach to calculating the expected loss rate expected by 
applying a 1.5% allowance to trade receivables from care operations (2023: 2%) and 0% from village 
operations (2023: 0%), adjusted for any other known factors with respect to individual debts. 
There is no significant concentration of credit risk as trade receivables relate to individual residents 
and government agencies.
5.2	 Intangible Assets (continued)
1	 Impairment charge in the 12 months to 31 March 2024 includes $0.8m in relation to the disposal of goodwill at leasehold sites. 
2	 Occupation licence receivable includes an amount of $74.0m in relation to short term occupation licence receivables expected to be 
recovered in less than 12 months. (March 2023: $64.2m).
77
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

5.4	 Trade and Other Payables
Accounting Policy 
Trade and other payables represent liabilities for goods and services provided to the Group prior to 
the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 
30 days of recognition.
Trade payables are recognised initially at fair value less transaction costs and subsequently 
measured at amortised cost using the effective interest method.
Wages and Salaries, Annual Leave and Long Service Leave 
Liabilities for wages and salaries, including non-monetary benefits and annual leave are recognised 
in other payables in respect of employees’ services up to the reporting date and are measured at 
the amounts expected to be paid when the liabilities are settled. 
The liability for employee entitlements is carried at the present value of the estimated future 
cash flow.
The liability for long service leave is recognised in the provision for employee entitlements and 
measured as the present value of expected future payments to be made in respect of services 
provided by employees up to the reporting date. Consideration is given to expected future wage 
and salary levels, experience of employee departures and periods of service. 
$NZ000’s
March 24
March 23
Trade payables
14,975
9,787
Development accruals
9,266
12,615
Sundry payables and accruals1
3,106
6,990
Accrued interest on external borrowings 
1,355
1,360
Employee entitlements
23,355
21,537
Trade and other payables
52,057
52,289
5.5	 Related Party Transactions
The below entities are subsidiaries of Oceania Healthcare Limited.
Name of Entity
Principal Activities
2024
2023
Class of shares
Oceania Group (NZ) Limited 
Corporate office functions
100%
100%
Ordinary
Oceania Care Company Limited
Operation of aged care centres
100%
100%
Ordinary
Oceania Village Company Limited Ownership and operation  
of retirement villages
100%
100%
Ordinary
OCA Employees Trustee Limited
Hold Employee Share Scheme 
shares on behalf of employees
100%
100%
Ordinary
Bream Bay Village Limited2
Non operating
100%
100%
Ordinary
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March 
(2023: 31 March). There are no significant restrictions on subsidiaries. 
Key Management Personnel Compensation 
Key management personnel are all executives with the authority for the strategic direction and 
management of the Group and exclude those in an Acting capacity. 
$NZ000’s
March 24
March 23
Directors’ remuneration and expenses 
875
879
Directors’ dividends including DRP
395
1,399
Salaries and other short term employee benefits
2,967
3,359
Long Term Incentive Scheme
164
-
Key management personnel dividends including DRP
4
37
Termination benefits3
338
-
4,743
5,674
Transactions with Related Parties 
There are no outstanding balances with related parties (March 2023: nil).
5.6	 Financial Risk Management
The Group’s activities expose it to a variety of financial risks: market risks (including cash flow 
interest rate risk), credit risk and liquidity risk. The Group’s overall risk management programme 
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects 
on the financial performance of the Group. The Group uses derivative financial instruments such as 
interest rate swap contracts to hedge certain interest rate risk exposures. Derivatives are exclusively 
used for hedging purposes, i.e. not as trading or other speculative instruments. The Group uses 
different methods to measure different types of risk to which it is exposed. These methods include 
sensitivity analysis in the case of interest rates to determine market risk and aging analysis for 
credit risk.
Classification and measurement 
Financial assets are required to be classified into three measurement categories: those measured 
at fair value through profit and loss, those measured at fair value through other comprehensive 
income and those measured at amortised cost. The determination is made at initial recognition. 
The classification depends on the entity’s business model for managing its financial instruments and 
the contractual cash flow characteristics of the instrument. Trade receivables are amounts due from 
residents and various government agencies held to collect contractual cash flows in the ordinary 
course of business. These balances are held at amortised cost less a provision for impairment.
Risk management is carried out centrally by management under policies approved by the Board 
of Directors. The Directors provide written principles for overall risk management, as well as policies 
covering specific areas, such as interest rate risk, credit risk, use of derivative financial instruments 
and non-derivative financial instruments. 
1	 Sundry payables include $0.1m (March 2023: $0.1m) relating to cash held on behalf of residents. 
2	 The business operations and assets of Bream Bay Village Limited were sold to Oceania Village Limited on 30 September 2022 
at carrying amount. Subsequent to this date the company is dormant.
3	 Termination payments are made to employees who met the definition of key management and ceased to be employed by the Group 
during the period.
78
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

a)	
Fair Value Estimation
All financial assets (cash and cash equivalents, trade and other receivables and certain right of use 
assets) and financial liabilities (trade and other payables, lease liabilities and bank borrowings), 
other than derivatives, are measured at amortised cost, which approximates to fair value. 
Financial liabilities measured at amortised cost are fair valued using the contractual cash flows. In 
considering the fair value of interest bearing assets and liabilities the estimated future interest rates 
approximate the discount rates used in a fair value assessment.
b)	
Market Risk
Market risk is the risk that changes in market prices such as interest rates will affect the Group’s 
income. The objective of market risk management is to manage and control market risk exposures 
within acceptable parameters, while optimising the return on risk. 
c)	
Cash Flow Risk 
The Group has no significant interest-bearing assets, as such the Group’s income is substantially 
independent of changes in market interest rates.
The Group’s interest rate risk arises from long-term borrowings. Borrowings issued at variable 
rates expose the Group to cash flow interest rate risk. The cash flow and interest rate risks are 
monitored by the Directors on a monthly basis. The Directors monitor the existing interest rate profile 
with reference to the Group’s Treasury Policy and the Group’s underlying interest rate exposure. 
Management present interest rate hedging analysis and strategies to the Directors for consideration 
and seek Director approval prior to entering into any interest rate swaps. 
The following table shows the sensitivity of the Group’s Profit / (Loss) and equity to a movement 
in interest rates of +/-1%. This assumes all other variables remain constant.
   +1%
   -1%
$NZ000’s
Profit / (Loss)
Equity
Profit / (Loss)
Equity
2024
Interest expense
3,516
2,514
(3,516)
(2,514)
Change in fair value of cash flow hedges
-
1,147
-
(1,170)
2023
Interest expense
2,104
1,128
(2,104)
(1,128)
Change in fair value of cash flow hedges
-
2,012
-
(2,065)
Interest Rate Swaps
It is the Group’s policy to manage interest rate risk through the use of interest rate swaps to reduce 
the impact of changes in interest rates on its floating rate long term debt. The objective of the 
interest rate swaps is to protect the Group from the short to medium term impact to cash flows 
which arises out of variability in floating interest rates. 
Interest rate swaps are initially recognised at fair value on the date a contract is entered into and 
are subsequently measured at fair value on each reporting date. The fair values of the interest 
rate swaps are determined based on cash flows discounted to present value using current market 
interest rates. 
Interest swaps are assessed for effectiveness at each reporting period. A retrospective calculation 
will be used to determine the amount of any ineffectiveness to recognised in comprehensive income.
The expected causes of ineffectiveness are as follows:
•	 Credit risk of the bank;
•	 Insufficient level of floating rate debt;
•	 Differing interest settlement dates; or
•	 Inter Bank Offered Rate (“IBOR”) reform if the BKBM rate is replaced with another measure.
When interest rate swaps meet the criteria for cash flow hedge accounting, the effective portion 
of the gain or loss on the hedging instrument is recognised in other comprehensive income (loss 
of $2.1m, March 2023: gain of $1.5m), while the ineffective portion is recognised in other expenses 
in the Consolidated Statement of Comprehensive Income (nil impact, March 2023: nil impact). 
Amounts taken to the interest rate reserve are transferred out of the reserve and included in the 
measurement of the hedged transaction when the forecast transaction occurs. When interest rate 
swaps do not meet the criteria for cash flow hedge accounting, all movements in fair value of the 
hedging instruments are recognised in the Consolidated Statement of Comprehensive Income. 
Under the interest rate swap agreements, the Group has a right to receive interest at variable rates 
and an obligation to pay interest at fixed rates. Of the interest rate swaps in place at 31 March 
2024, $100.0m (March 2023: $100m) are being used to cover approximately 23.9% (March 2023: 
30.1%) of the loan principal outstanding. Bank loans of the Group currently bear an average fixed 
interest rate (including margin and line fees) of 4.2% (March 2023: 4.1%). The fair value of these 
agreements at 31 March 2024 is a $3.0m asset (March 2023: $6m asset). The agreements were 
entered into in 2019 and cover notional amounts for a period of 3 years, 5 years, and 7 years. 
The notional principal amounts and the period of expiry of the interest rate swap contracts are 
as follows: 
Average contracted
fixed interest rate
Notional principal amount
$NZ000’s
March 24
%
March 23
%
March 24
$NZ000’s
March 23
$NZ000’s
Less than 1 year
3.25
-
50,000
-
Between 1 and 3 years
3.43
3.17
50,000
50,000
Between 3 and 5 years
-
3.35
50,000
d)	
Credit Risk 
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with 
banks and financial institutions, as well as credit exposure from trade and other receivables.
In the normal course of business, the Group has no significant concentrations of credit risk. Other 
than on a small number of exceptions, the Group requires settlement of the ORA before allowing 
occupation of its villas or apartments. Therefore, the Group does not face significant credit risk. The 
values attached to each financial asset in the Consolidated Balance Sheet represent the maximum 
credit risk. No collateral is held with respect to any financial assets. The Group enters into financial 
instruments with various counterparties in accordance with established limits as to credit rating and 
dollar limits and does not require collateral or other security to support the financial instruments. 
5.6	 Financial Risk Management (continued)
79
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

Concentrations 
Cash and cash equivalents of the Group are deposited with one of the major trading banks. 
Non-performance of obligations by the bank is not expected due to the credit rating of the counter 
party considered. The Standard and Poors credit rating of the counter party as at 31 March 2024 
is AA- (March 2023: AA-).
The Group’s receivables represent distinct trading relationships with each of the residents. There are 
no concentrations of credit risk with residents. Large receivables generally relate to the residential 
care subsidies which are received from Health New Zealand Te Whatu Ora and Work and Income 
New Zealand. Neither of these entities has demonstrated, or is considered, a credit risk.
e)	
Liquidity Risk 
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, 
the availability of funding through an adequate amount of committed credit facilities and the 
ability to close-out market positions. Due to the dynamic nature of the underlying businesses, the 
Directors aim at maintaining flexibility in funding by keeping committed credit lines available.  
Cash flow forecasting is regularly performed by management. Management monitors rolling 
forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational 
needs, while maintaining headroom on its undrawn committed borrowing facilities at all times so 
that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such 
forecasting takes into consideration the Group’s debt financing plans and covenant compliance.
The table below shows the maturity analysis of the Group’s contractual undiscounted cash flows. 
$NZ000’s
Less than 1 Year
Between 1  
and 2 Years
Between 2  
and 5 Years
Over 5 Years
2024
Trade and other payables
24,238
-
-
-
Lease liabilities
2,069
2,378
4,652
5,361
Borrowings
6,175
6,175
656,508
-
Cash flow hedge - interest rate swaps
1,927
1,067
151
-
Refundable occupation right agreements1
1,004,269
-
-
-
2023
Trade and other payables
22,367
-
-
-
Lease liabilities
2,658
1,814
3,251
4,230
Borrowings
6,175
6,175
474,852
101,650
Cash flow hedge - interest rate swaps
3,300
1,482
1,144
-
Refundable occupation right agreements1
922,991
-
-
-
Of the derivative financial instruments value of $3.0m on the Consolidated Balance Sheet as at 
31 March 2024 $0.3m is classified as current and $2.7m is classified as non-current (March 2023: 
balance of $6.0m classified as non-current).
The refundable ORAs are repayable to the resident on vacation of the unit, apartment, care suite or 
on the termination of the occupation right agreement and subsequent resale of the unit, apartment 
or care suite. The expected maturity of the refundable ORAs is shown in note 3.4. 
f)	
Capital Risk Management 
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue 
as a going concern, to provide returns for shareholders and benefits for other stakeholders and 
to maintain an optimal capital structure to reduce the cost of capital. The consolidated financial 
statements are prepared on a going concern basis. 
5.7	 Contingencies and Commitments
At 31 March 2024, the Group had no contingent liabilities (March 2023: nil).
At 31 March 2024, the Group has a number of commitments to develop and construct certain 
development sites totalling $45.3m (March 2023: $124.8m).
As at 31 March 2024, the Group had commitments of $nil (March 2023: $10.9m) in relation to the 
development of the Everil Orr site. 
As at 31 March 2024, the Group has a commitment in relation to the lease of Level 26, 188 Quay 
Street, Auckland from February 2024. The commencement date for this lease is 13 March 2024 
for a term of 9 years. 
There are no significant unrecognised contractual obligations entered into for future repairs and 
maintenance at balance date.
5.8	 Events After Balance Date
Assets Held for Sale
On 30 April 2024, $10.6m was received in full and final settlement of an asset held for sale at 
31 March 2024 located in Auckland. 
On 21 May 2024, $5.4m was received in full and final settlement of an asset held for sale at 
31 March 2024 located in Christchurch.
Land Acquisition
On 7 November 2023 a sale and purchase agreement was entered into to acquire a parcel of land 
adjacent to an existing site for $4.2m. Settlement occurred on 12 April 2024.
Insurance
Prior to signing these financial statements final agreement was reached with insurers in relation 
to all insurance claims arising from the Auckland Floods and Cyclone Gabrielle with $1.7m of cash 
received between balance date and signing.
There have been no other significant events after balance date. 
5.6	 Financial Risk Management (continued)
1	 Refundable ORAs are classified as being repayable on demand, and therefore fully repayable within 12 months.
80
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024
OCEANIA ANNUAL REPORT 2024

 
 
 
 
 
Independent auditor’s report to the shareholders of Oceania Healthcare Limited  
Opinion 
We have audited the financial statements of Oceania Healthcare Limited (the “Company”) and its subsidiaries (together the “Group”) 
on pages 48 to 80, which comprise the consolidated balance sheet of the Group as at 31 March 2024, and the consolidated 
statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year 
then ended of the Group, and the notes to the consolidated financial statements including material accounting policy information. 
In our opinion, the consolidated financial statements on pages 48 to 80 present fairly, in all material respects, the consolidated 
financial position of the Group as at 31 March 2024 and its consolidated financial performance and cash flows for the year then 
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial 
Reporting Standards. 
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to the 
Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest 
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s 
shareholders, as a body, for our audit work, for this report, or for the opinions we have formed. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities for the audit of the Financial Statements section of our report.  
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance 
Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance 
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Ernst & Young provides other assurance and remuneration benchmarking services to the Group. Partners and employees of our firm 
may deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other 
relationship with, or interest in, the Group.  
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated 
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial 
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each 
matter below, our description of how our audit addressed the matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of the 
audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to 
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, 
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying 
consolidated financial statements. 
 
 
A member firm of Ernst & Young Global Limited 
A member firm of Ernst & Young Global Limited 
Investment property and freehold land and buildings valuation 
Why significant 
How our audit addressed the key audit matter 
As disclosed in notes 3.1 and 3.2 of the consolidated financial statements: 
• The Group’s investment property (“village assets”) portfolio was valued at $1.815 
billion at 31 March 2024 and included completed investment property and 
investment property under development. 
• The Group’s freehold land and buildings (“care assets”) were valued at $750 
million at 31 March 2024. This included completed care centre land and 
buildings operated by the Group for the provision of care services and care centres 
under development. 
Independent valuations of all village assets and care assets were carried out by a 
third party valuer (the Valuer). The valuation of village assets and care assets is 
inherently subjective given that there are alternative assumptions and valuation 
methods that may result in a range of values. 
For village assets, key assumptions are made in respect of: 
• discount rate; 
• forecast house price inflation;  
• the average entry age of residents; and 
• the occupancy periods of the units for each village. 
For care assets, key assumptions are made in respect of: 
• capitalisation rates; and  
• earnings per care bed. 
Properties which are externally valued are recorded in the consolidated financial 
statements at a Directors’ valuation which is generally based on the value 
determined by the Valuer as at  
31 March 2024.  
Village and care asset buildings under development whose value cannot be reliably 
determined, generally those which are not substantially progressed, are carried at 
cost less any impairment.  
 
Our audit procedures included the following: 
• Held discussions with management to understand: 
• sales or purchases of the Group’s village and care assets; 
• changes in the condition of each property, including from seismic and weather 
related events; and 
• their internal review of the third party valuation report. 
• Held discussions with the Valuer to gain an understanding of the assumptions 
and estimates used and the valuation methodologies applied;  
• On a sample basis we: 
• involved our real estate valuation specialists to assist with our assessment of 
the methodologies used and whether the significant valuation assumptions 
fell within a reasonable range; 
• assessed key inputs of property specific information supplied to the Valuers 
by the Group, including resident schedules, Occupational Rights Agreement 
(“ORA”) and occupancy data, to the underlying records held by the Group;  
• compared occupancy data and earnings per care bed provided to the Valuer in 
the current year against the previous year; and 
• assessed the significant input assumptions applied by the Valuer compared 
to previous period assumptions, taking into account the changing state of the 
properties and other market changes. 
• Assessed the competence, qualifications and objectivity of the Valuer; 
• Examined the allocation of costs from work in progress to completed village units 
and other assets;  
• Considered the impact of new development work and the completeness of the 
assets included in the valuation;  
• Assessed the adjustments made between the amounts determined by the Valuer 
and the recorded valuation amounts, including those arising from seismic and 
weather related events, and tested the quantum of these adjustments; and 
• Considered the adequacy of the disclosures in notes 3.1 and 3.2. 
Information other than the financial statements and auditor’s report 
The directors of the Company are responsible for the annual report, which includes information other than the consolidated financial 
statements and auditor’s report.  
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of 
assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge 
obtained during the audit, or otherwise appears to be materially misstated. 
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard.  
Directors’ responsibilities for the financial statements 
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial 
statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial 
Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the Group’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.  
81
OCEANIA ANNUAL REPORT 2024
Independent Auditor’s Report

A member firm of Ernst & Young Global Limited 
 
 
 
 
 
Auditor’s responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on 
Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of 
users taken on the basis of these consolidated financial statements. 
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting 
Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/. This 
description forms part of our auditor’s report. 
The engagement partner on the audit resulting in this independent auditor’s report is Brent Penrose. 
 
 
 
 
Chartered Accountants 
Auckland 
24 May 2024 
 
 
 
 
82
OCEANIA ANNUAL REPORT 2024
Independent Auditor’s Report

This section of the Annual Report provides information on Directors’ independence, diversity and 
inclusion policies, remuneration and statutory disclosures. 
Oceania’s governance framework is guided by the recommendations set out in the 2023 edition 
of the NZX Corporate Governance Code (NZX Code). Oceania has prepared a statement on 
the extent to which it has followed the recommendations in the NZX Code. The Corporate 
Governance Statement is current as at 31 March 2024. Oceania considers that it has followed 
the recommendations in the NZX Code in all respects during FY2024. 
For detailed information on Oceania’s corporate governance policies, practices and processes 
please refer to the Investors’ section on the Oceania website — oceaniahealthcare.co.nz/
investor-centre/governance. This contains the following documents:
Corporate Governance Statement
Constitution
Charters
•	 Board Charter
•	 Audit Committee Charter 
•	 Clinical and Health and Safety Committee Charter
•	 Development Committee Charter
•	 People and Culture Committee Charter
•	 Sustainability Committee Charter
•	 Risk Committee Charter
Policies
•	 Code of Values and Conduct
•	 Continuous Disclosure Policy
•	 Diversity and Inclusion Policy
•	 External Auditor Independence Policy 
•	 Fraud Policy 
•	 Health and Safety Policy
•	 Privacy Policy
•	 Remuneration Policy
•	 Trading in Company Securities Policy
•	 Whistleblowing Policy
Dividend Reinvestment Plan Offer Document
As at 31 March 2024, the Board comprised seven Directors. All of the Directors are non-executive 
Directors. The Board has considered which of the Directors are Independent Directors for the 
purposes of the NZX Listing Rules, having regard to the rules, including the factors in the NZX Code. 
The Board has determined that, as at 31 March 2024, all seven Directors are Independent Directors, 
including the Chair and the Chair of the Audit Committee. As at the date of this Annual Report, the 
Directors are:
Elizabeth Coutts
Chair, Independent Director
Appointed in November 2014
Alan Isaac
Independent Director
Appointed in October 2015
Dame Kerry Prendergast
Independent Director
Appointed in December 2016
Sally Evans
Independent Director
Appointed in March 2018
Gregory Tomlinson
Independent Director
Appointed in March 2018
Robert Hamilton
Independent Director
Appointed in September 2021
Peter Dufaur
Independent Director
Appointed in September 2021
Committee Membership
The Board has six standing committees to assist in the execution of the Board’s duties, being 
the Audit Committee, the People and Culture Committee, the Clinical and Health and Safety 
Committee, the Development Committee, the Sustainability Committee and the Risk Committee. 
As at 31 March 2024, membership of the committees was as follows:
Audit Committee – Alan Isaac (Chair), Elizabeth Coutts, Robert Hamilton 
People and Culture Committee – Sally Evans (Chair), Elizabeth Coutts, Alan Isaac
Clinical and Health and Safety Committee – Dame Kerry Prendergast (Chair), Elizabeth Coutts, 
Sally Evans
Development Committee – Peter Dufaur (Chair), Gregory Tomlinson, Elizabeth Coutts 
Sustainability Committee – Robert Hamilton (Chair), Elizabeth Coutts, Sally Evans
Risk Committee – Alan Isaac (Chair), Elizabeth Coutts, Dame Kerry Prendergast, Peter Dufaur
Diversity and Inclusion 
Oceania’s Diversity and Inclusion Policy is available on its website at oceaniahealthcare.co.nz/
investor-centre/governance. The Diversity and Inclusion Policy aims to ensure that Oceania has a 
focus on diversity throughout the organisation. This recognises that a diverse workforce contributes 
to business growth and performance, helping to drive an inclusive, high performance environment. 
83
OCEANIA ANNUAL REPORT 2024
Corporate Governance

The Board considers that the Diversity and Inclusion Policy has been successfully implemented 
across the business with an excellent balance of gender at Director and officer levels. As at 
31 March 2024 (and 31 March 2023 for the prior comparative period), the gender breakdown of the 
Directors, officers (as that term is defined in the NZX Listing Rules) and employees is as follows: 
31 March 2024
31 March 2023
Gender
Male
Female
Gender 
Diverse1
Male
Female
Gender 
Diverse1
Directors
4
3
0
4
3
0
Officers
2
4
0
2
3
0
Employees
468
2,497
2
466
2,425
16
Oceania is introducing internal systems and processes to allow regular and efficient monitoring of 
policy objectives.
Remuneration Report
Remuneration Overview
Oceania presents this remuneration overview for the year ended 31 March 2024. This overview 
provides details of Oceania’s approach to remuneration including incentive plans for executives 
that were in place for the year ended 31 March 2024 and remuneration received by the CEO 
and the Directors. 
Remuneration Principles
It is recognised that in order to drive sustainable business performance and execute the strategic 
plan, Oceania must attract and retain people of a high calibre with requisite expertise. Accordingly, 
the Board sets the remuneration of executives with regard to this and other business objectives.
It is Oceania’s policy to align components of executive remuneration with the performance of 
Oceania and its shareholders. Executive remuneration therefore comprises both fixed and “at risk” 
(or performance-based) elements which are both short and long-term in nature. The purpose of 
this policy is to ensure that the interests of the executives, Oceania and its shareholders are aligned 
during the period over which the business results are realised.
As a result, the remuneration framework is structured to promote the long-term sustainable growth 
of Oceania with a portion of performance-based senior executive remuneration awarded as rights 
to equity.
Remuneration Governance 
Oceania has established a People and Culture Committee to assist the Board in the conduct of the 
Board’s responsibilities with regard to people and culture, including remuneration. The People and 
Culture Committee Charter can be found at oceaniahealthcare.co.nz/investor-centre/governance.
The People and Culture Committee is responsible for:
•	 Reviewing and recommending changes to Oceania’s remuneration structure, people policies, 
procedures and practices, objectives and performance; 
•	 Reviewing and recommending changes to the remuneration of the CEO and executives, 
having regard to Oceania’s strategy, vision, values, business objectives and performance, the 
responsibilities and performance of executives and the general external market; and
•	 Reviewing and recommending changes to Director fees, taking into account the external market, 
work load, succession planning and the need to offer competitive fees to attract and retain non-
executive Directors of a high calibre.
The Board is responsible for:
•	 Approving changes to Oceania’s remuneration structure, people policies, procedures and 
practices, objectives and performance;
•	 Approving changes to the remuneration of the CEO and executives; and
•	 Recommending changes to non-executive Director remuneration, for approval by shareholders. 
The members of the People and Culture Committee during the year ended 31 March 2024 were 
Sally Evans (Chair), Elizabeth Coutts and Alan Isaac.
Executive Remuneration Framework 
Oceania’s remuneration structure for executives, including the Chief Executive Officer (“CEO”), 
comprises three elements:
•	 Total fixed remuneration (“TFR”);
•	 Short term incentive (“STI”); and
•	 Long term incentive (“LTI”). 
The following summarises each component of executive remuneration. A summary of the 
remuneration of the CEO, Brent Pattison, is set out below. 
a.	
Total Fixed Remuneration 
Fixed remuneration includes base salary, the provision of a carpark, a vehicle allowance (in 
some cases) and Kiwisaver contributions. Each executive’s fixed remuneration is set based on 
the individual’s position, market relativity, and the individual’s qualifications and experience. 
TFR is reviewed annually. 
1	 Gender diverse is self-identified and includes those who have selected “prefer not to say”.
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Corporate Governance

b.	
Short Term Incentive 
The STI is currently a cash payment which is dependent on the achievement of a combination of 
Oceania and individual performance measures and is capped at a maximum achievement of 100% 
of base salary.
The performance measures are set by reference to the executive’s responsibility and particular 
projects relevant to that executive and the business or function for which they are responsible. 
The purpose of the STI is to reward executives for meeting measurable objectives linked to 
a financial year. 
The table below sets out the key terms for the STI plan granted to executives during the year ended 
31 March 2024.
Feature
Approach
Purpose
Align individual performance with Oceania objectives
Provide individuals with a competitive market position for total reward (i.e. variable 
and fixed pay components)
Eligibility
Those considered for participation in the STI programme must be able to impact 
the performance of their work area or function and also contribute to Oceania’s 
overall performance. 
Instrument
Cash
Performance criteria
The following criteria must be met before any payments are made:
•	 Underlying EBITDA target for the financial year
•	 Targets related to the delivery of strategic pillar initiatives
•	 Targets focused on delivery key business projects
•	 Achievement of a health and safety target
•	 Achievement of a sustainability target (which may include climate-related 
metrics and targets)
c.	
Long Term Incentive
For the year ended 31 March 2024, Oceania introduced a share option plan as its LTI for the 
executive team (“Option Plan”). The Option Plan is intended to provide an incentive to executives, 
retain key talent within the executive team and align the interests of the executive team and 
shareholders through the successful execution of Oceania’s strategy.
The table below sets out the key terms for the grants made to senior managers under the Option 
Plan during the year ended 31 March 2024:
Feature
Approach
Eligibility
The Board determines whether an Option Plan will operate and the extent (if any) 
to which each executive is invited to participate in an Option Plan each year.
Instrument
Participants in the Option Plan will be granted options to acquire ordinary shares from 
time to time. These options will, subject to those participants’ continued employment 
by Oceania, be exercisable by participants approximately three years from the date on 
which the relevant share option was granted (or such other date as determined by the 
Board) for a set exercise price. 
On exercise of the share options, Oceania will facilitate a cashless (net settled) exercise 
by issuing such number of shares as is equal to the difference between the then current 
market value and the exercise price of $0.82, multiplied by the number of share options 
being exercised, divided by the then current market value.
Oceania will pay tax on the participant’s behalf for the taxable benefit received by the 
participant under the plan, but there will be a reduction in the number of shares to be 
issued to such holder on exercise to the extent the amount of such tax is greater than 
the tax savings available to Oceania (or a subsidiary) in relation to such benefit.
Vesting period
Approximately three years, being the date on which the relevant share option is granted 
until 10 business days after announcement of the Company’s final results three years 
later (or such other date as determined by the Board). 
Exercise period
Participants have 90 days from the date the share options vest to exercise the share 
options
Dividends and 
voting rights
Share options do not have voting rights or entitlement to dividends.
Exercise period
•	 If a participant ceases to be employed due to an “involuntary event” (such as death, 
redundancy or total permanent illness or injury), the Board may, in its absolute 
discretion determine whether the participant’s share options may be retained by the 
participant as if he or she remained employed by Oceania, or whether the vesting of 
such share options may be accelerated. Any share options that are not retained or 
vested will lapse.
•	 If a participant ceases to be employed for any other reason, all of the participant’s 
share options will lapse.
In addition to the Option Plan noted directly above, Oceania had a performance share rights plan 
as an LTI for the executive team under which it made its final offers in the year ended 31 March 2023 
(“PSR Plan”). The value and targets for PSR Plan were determined by the Board and are designed to 
provide an incentive to executives, retain key talent within the executive team and align the interests 
of the executive team and shareholders through the successful execution of Oceania’s strategy. 
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OCEANIA ANNUAL REPORT 2024
Corporate Governance

The table below sets out the key terms for the grants made to senior managers under the PSR Plan 
during the year ended 31 March 2023:
Feature
Approach
Eligibility
The Board determines whether a PSR Plan will operate and the extent (if any) to which 
each executive is invited to participate in a PSR Plan each year.
Instrument
Participants receive an allocation of Performance Share Rights.
If the performance hurdle is met at the end of a performance period, some or all of the 
Performance Share Rights will become Qualifying Share Rights.
If the participant remains employed with Oceania until the vesting date, the Qualifying 
Share Rights will vest and be eligible for conversion into ordinary shares in Oceania for 
nil consideration.
On conversion, participants will receive one ordinary share per Qualifying Share Right, 
less an adjustment for the amount of PAYE tax paid by Oceania on the participant’s 
behalf for the benefit which the participant receives from the scheme.
Performance period
Three years from 1 April 2022 to 31 March 2025.
Performance hurdle
TSR Performance Hurdle: Oceania’s total shareholder return in the performance period 
relative to total shareholder return of the NZX50 group of companies. If Oceania is in the 
bottom quartile of TSR performance for the NZX50 group, then no Performance Share 
Rights will become Qualifying Share Rights. If Oceania is between 25% and 75% of TSR 
performance for the NZX50 group, then Performance Share Rights will become Qualifying 
Share Rights on a sliding scale. If Oceania is in the top quartile of TSR performance 
for the NZX50 group, then 100% of Performance Share Rights will become Qualifying 
Share Rights.
Dividends and 
voting rights
Performance Share Rights do not have voting rights or entitlement to dividends.
Cessation of 
employment
•	 If a participant ceases to be employed due to an Involuntary Event (such as death, 
redundancy or total permanent illness or injury), the Board may, in its absolute 
discretion determine whether the participant’s Qualifying Share Rights and Performance 
Share Rights may be retained by the participant as if he or she remained employed 
by Oceania, or whether the vesting of such Qualifying Share Rights and Performance 
Share Rights may be accelerated. Any Performance Share Rights that are not retained 
or vested will lapse.
•	 	If a participant ceases to be employed for any other reason, all of the participant’s 
Performance Share Rights and Qualifying Share Rights will lapse.
Vesting
Although Performance Share Rights become Qualifying Share Rights at the end of each 
year (subject to meeting the performance hurdle), participants must wait until the vesting 
date for the Qualifying Share Rights to become eligible to convert into ordinary shares.
d.	
Employee Share Scheme
Permanent employees can choose to join Oceania’s employee share scheme. Those employees who 
elected to participate received an allocation of $800 per annum (for full time employees) or $400 
per annum (for part time employees) of Oceania shares at no cost. Under the scheme, the shares 
are held in trust and, in general, only transfer into the employee’s name if the employee remains 
employed by Oceania (or any of its subsidiaries) for three years. It is intended that the employee 
share scheme will be offered again to all permanent employees as at 31 March 2024.
e.	
Senior Leaders LTI Scheme 
Certain senior leaders may be invited to participate in a Senior Leaders LTI scheme that is approved 
by the Board. The purpose of the Senior Leaders LTI scheme is to provide an incentive to emerging 
leaders, retain key talent and align the interests of emerging leaders, the Executive Team and 
shareholders through the successful execution of Oceania’s strategy. The Senior Leaders LTI scheme 
will take the form of a monetary scheme which will build over three years from the commencement 
date. Senior leaders will be offered an incentive of a specified amount per year that will be paid 
if the performance hurdle is met and the senior leader remains employed by Oceania at the end 
of a set period. The Board of Directors is currently considering the structure of the Senior Leaders 
LTI scheme. 
CEO Remuneration 
The remuneration for the CEO for the year ended 31 March 2024 is as follows1:
Total fixed remuneration
STI
Subtotal
LTIP PAYE
Remuneration 
Total
Base Salary
Other Benefits
Paid in FY20241
$754,664
$65,947
$154,000
$974,611
$164,015
$1,138,626
Earned in FY20242
$754,664
$65,947
$390,000
$1,210,611
-
$1,210,611
The remuneration paid to the CEO for the year ended 31 March 2023 (being the prior comparative 
period) was as follows1:
Total fixed remuneration
STI
Subtotal
LTIP
Remuneration 
Total
Base Salary
Other Benefits
Paid in FY2023
$729,240
$116,104
$292,500
$1,137,844
$7685
$1,145,529
1	 The total fixed remuneration and STI figures above include all monetary payments actually paid during the course of the year 
ended 31 March 2024, which include performance incentive payments for the year ended 31 March 2023. The table does not 
include amounts paid after 31 March 2024 that relate to the year ended 31 March 2024.
2	 The total fixed remuneration and STI figures include all monetary amounts earned in respect of the year ended 31 March 2024.
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Fixed remuneration
In the year ended 31 March 2024, the CEO, Mr Pattison received fixed remuneration of 
$820,611. This includes a base salary, the provision of a carpark, a vehicle allowance and 
Kiwisaver contributions. 
STI payment
In the year ended 31 March 2024, Mr Pattison received an STI payment of $154,000 for the 
achievement of certain targets in the year ended 31 March 2023. Targets were set with reference 
to a 10% increase in underlying EBITDA, sales and resales volumes, occupancy rates, the number 
of units under construction, retention of key staff, the number of care centres achieving three  
or four year certification, a health and safety target and an acquisition target. 
In relation to the STI for the year ended 31 March 2024, targets were set with reference to a 
6% increase in underlying EBITDA, sales volumes, occupancy rates, the number of units under 
construction, employer NPS, a health and safety target, a sustainability target and other individual 
targets. Mr Pattison’s STI entitlement under the STI for the year ended 31 March 2024 is $375k 
and it is expected that Mr Pattison will receive 104% of the STI entitlement in respect of the year 
ended 31 March 2024. This payment will be made in May 2024.
LTI payment
During the year ended 31 March 2024, Mr Pattison received long term incentive benefits (comprised 
of Share Options) of $3.0m value at the time of grant. 
The performance conditions for the Share Options granted during the year ended 31 March 2024 
are described above. 
a)	
Mr Pattison, together with other executives has been invited participate in a share option plan 
in relation to the performance period 1 April 2023 to 31 March 2026 as described under “Long 
Term Incentive” above.
Long term incentives in the form of equity instruments received by Mr Pattison to date are:
Grant Date
Vesting Date
Instrument
Status
LTI2023/2026
1 April 2023
May 2026 
7,142,857 Share 
Options
Unvested
LTI2022/2025
1 April 2022
31 March 2025
395,922 Performance 
Share Rights
Unvested
LTI 2021/2024
1 April 2021
31 March 2024
375,000 Performance 
Share Rights
16.6% vested 
83.4% lapsed
LTI 2020/2023
15 September 2020
31 March 2023
421,254 Performance 
Share Rights1
50% vested 
50% lapsed
Three-year summary – CEO’s remuneration
Name
Total  
Remuneration
Percentage STI 
against maximum
Percentage 
vested LTIs 
against maximum
Span of LTI 
performance 
period
Brent Pattison
FY2024
$1,138,626
104%
16.6%
2021-2022
2021-2023; or
2021-20242 
FY2023
$1,145,529
55%
50%
2020-2021,
2020-2022; or
2020-20233
FY2022
$1,209,067
100%
N/A
N/A
Breakdown of CEO’s pay for performance (FY2024)
Description
Performance measures
Percentage achieved
STI
Set at a gross target amount 
of 50% of base remuneration 
(giving a current target of 
$375,000) and is achievable in 
each financial year
50% financial performance, 
30% strategic business 
outcome, 20% individual 
performance
104%
LTI – 2020/2023
Three-year grant
50% based on TSR 
performance relative to 
NZX50 group
50% based on growth in 
underlying earnings per share 
being equal to or greater than 
the target
0%
16.67%
1	 Includes 417,442 Performance Share Rights granted in FY2021 and 3,816 Performance Share Rights granted in FY2023. 
2	 Performance Share Rights in this grant had a measurement date of either 31 March 2022, 31 March 2023 or 31 March 2024, 
on which date performance against the performance hurdles was measured. All vesting occurred at the end of the three year 
period, on 31 March 2024.
3	 Performance Share Rights in this grant had a measurement date of either 31 March 2021, 31 March 2022 or 31 March 2023, 
on which date performance against the performance hurdles was measured. All vesting occurred at the end of the three year 
period, on 31 March 2023.
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Total Shareholder Return Performance (Five Year Summary)
Directors’ Fees
Directors’ remuneration is paid in the form of fees. A higher level of fees is paid to the Chair 
to reflect the additional time and responsibilities that this position involves. Additional fees are 
payable in respect of work carried out by the Chairs of the Audit Committee, People and Culture 
Committee, the Clinical and Health and Safety Committee, the Development Committee and the 
Sustainability Committee. 
Non- executive Directors do not receive performance-based remuneration.
Total remuneration for non-executive Directors is subject to an aggregate fee pool limit. As at 
31 March 2024, the maximum fee pool for non-executive Directors was $896,000 (plus GST, if any) 
per annum. The pool was last fixed at the Annual Shareholders Meeting on 25 August 2023. This 
maximum fee pool comprises total annual fees payable to non-executive Directors of $871,000 as 
well as headroom of $25,000 in order to allow for the Board to approve payments to non-executive 
Directors for assuming additional responsibilities above and beyond the normal duties of either the 
Board or a Committee. 
In the year ended 31 March 2024, the amount paid to non-executive Directors was $871,000 (plus 
GST and expenses). No payments were made to non-executive Directors for assuming additional 
responsibilities above and beyond the normal duties of the Board or a Committee for significant 
strategic work or projects. 
Director Remuneration paid in the year ended 31 March 2024
Director
Board Fees
Audit 
Committee
Clinical 
and Health 
and Safety 
Committee
People and 
Culture 
Committee
Development 
Committee
Sustainability 
Committee
Total 
remuneration
Elizabeth 
Coutts (Chair)
$200,000
-
-
-
-
-
$200,000
Alan Isaac
$100,000
$20,000
-
-
-
-
$120,000 
Dame Kerry 
Prendergast
$100,000
-
$15,000
-
-
-
$115,000
Sally Evans
$100,000
-
-
$12,000
-
-
$112,000
Gregory 
Tomlinson
$100,000
-
-
-
$12,000
-
$112,000
Robert 
Hamilton
$100,000
-
-
-
-
$12,000
$112,000
Peter Dufaur
$100,000
-
-
-
-
-
$100,000
The above fees exclude GST and expenses.
Employees’ Remuneration 
Oceania did not employ people directly in the year ended 31 March 2024. All employees are 
employed by the subsidiaries of Oceania. The number of employees and former employees 
of Oceania’s subsidiaries, not being a Director of Oceania, who received remuneration and 
other benefits the value of which was or exceeded $100,000 during the financial year ended 
31 March 2024 is set out in the table of remuneration bands below.
The remuneration figures shown in the “Remuneration” column include all monetary payments 
actually paid during the course of the year ended 31 March 2024, which include performance 
incentive payments for the year ended 31 March 2023. The table does not include amounts paid 
after 31 March 2024 that relate to the year ended 31 March 2024.
Remuneration
Number of Employees
Remuneration
Number of Employees
$100,000 - $109,999
83
$220,000 - $229,999
1
$110,000 - $119,999
70
$230,000 - $239,999
3
$120,000 - $129,999
43
$240,000 - $249,999
4
$130,000 - $139,999
16
$250,000 - $259,999
1
$140,000 - $149,999
15
$260,000 - $269,999
1
$150,000 - $159,999
12
$270,000 - $279,999
2
$160,000 - $169,999
16
$330,000 - $339,999
1 
$170,000 - $179,999
11
$450,000 - $459,999
1 
$180,000 - $189,999
5
$610,000 - $619,999
1 
$190,000 - $199,999
2
$620,000 - $629,999
1 
$200,000 - $209,999
1
$670,000 - $679,999
1 
$210,000 - $219,999
5
$1,140,000 - $1,149,999
1 
50
100
150
200
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Total Shareholder Return (rebased to 100)
Oceania
NZX50 
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OCEANIA ANNUAL REPORT 2024
Corporate Governance

Statutory Disclosures
Disclosure of Directors’ Interests
The following particulars were entered in the Interests Register kept for Oceania and its subsidiaries 
during the year ended 31 March 2024:
Alan Isaac: Disclosed the following new position: Member of the NZ Markets Disciplinary Tribunal.
Specific Disclosures
There were no specific disclosures made by Directors during the year ended 31 March 2023 
of any interests in transactions with Oceania or any of its subsidiaries.
Use of Company Information
During the year ended 31 March 2024, the Board did not receive any notices from Directors 
requesting use of Oceania’s or any of its subsidiaries’ information.
Securities Dealings of Directors
Dealings by Directors of Oceania in relevant interests in Oceania’s ordinary shares during the year 
ended 31 March 2024 are entered in the Interests Register: 
Director
Number of 
ordinary shares
Nature of relevant 
interest
Acquisition 
/ disposal
Consideration 
(per share)
Date of Transaction
Elizabeth Coutts
15,000
Beneficial Interest
Acquisition
$0.70
4 December 2023
Elizabeth Coutts
15,000
Beneficial Interest
Acquisition
$0.71
24 November 2023
Alan Isaac
30,000
Beneficial Interest
Acquisition
$0.69
24 November 2023
Sally Evans
36,500
Registered and 
beneficial interest
Acquisition
$0.70
24 November 2023
Elizabeth Coutts
35,000
Beneficial Interest
Acquisition
$0.74
22 June 2023 and 
27 June 2023
Elizabeth Coutts
31,896
Beneficial Interest
Acquisition 
$0.77
21 June 2023 
Alan Isaac
1,956
Beneficial Interest
Acquisition 
$0.77
21 June 2023
Dame Kerry 
Prendergast
4,058
Registered and 
Beneficial Interest
Acquisition 
$0.77
21 June 2023
Sally Evans
2,901
Registered and 
beneficial interest
Acquisition 
$0.77
21 June 2023
Peter Dufaur
866
Registered and 
beneficial interest
Acquisition 
$0.77
21 June 2023
Sally Evans
60,000
Registered and 
beneficial
Acquisition
$0.79
29 May 2023
Directors’ Interests in Shares
Directors of Oceania have disclosed the following relevant interests in shares as at 31 March 2024:
Director
Number of shares in which a relevant interest is held
Elizabeth Coutts
1,999,403 shares
Alan Isaac
344,886 shares 
Dame Kerry Prendergast
365,355 shares 
Sally Evans
242,985 shares 
Gregory Tomlinson1
27,882,244 shares 
Robert Hamilton
40,500 shares
Peter Dufaur
78,035 shares
Indemnity and Insurance
Oceania has granted indemnities, as permitted by the Companies Act 1993 and the Financial 
Markets Conduct Act 2013, in favour of each of its Directors. Oceania also maintains Directors’ 
and Officers’ liability insurance for its Directors and officers.
Auditor’s Fees
0n 28 August 2023, EY replaced PricewaterhouseCoopers as auditor.
Oceania’s external auditor is EY. Total fees payable to EY in its capacity as auditor during the 
financial year ended 31 March 2024 were $588,000. Total fees payable to EY for other assurance 
services relating to climate related reporting requirements were $93,000. Total fees payable to EY 
for non-audit services related to remuneration benchmarking services were $19,000. No other fees 
were paid to EY for other professional services. 
Total fees payable to PricewaterhouseCoopers in its capacity as auditor during the financial 
year ended 31 March 2023 (for the prior comparative period) were $616,000. Total fees payable 
to PricewaterhouseCoopers for other professional services (being trustee reporting, requested 
procedures for the LTIP, advice on the Task Force on Climate-Related Financial Disclosures 
(TCFD) gap analysis and materiality matrix workshop and agreed upon procedures for the 
Annual Shareholders Meeting) during the financial year ended 31 March 2023 (for the prior 
comparative period) were $31,000. No other fees were paid to PricewaterhouseCoopers for 
other professional services. 
1	 Gregory Tomlinson’s relevant interests are legally held by Tomlinson Group Investments Limited and Harrogate Trustee Limited.
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Donations
During the year ended 31 March 2024, Oceania paid a total of $31,363 in donations.
Listings
Oceania’s shares are listed on the NZX Main Board and the Australian Securities Exchange operated 
by ASX Limited. Oceania is listed on ASX as a Foreign Exempt Listing, which means that Oceania is 
required to comply with the NZX Listing Rules but it is exempt from the majority of the ASX Listing 
Rules. In accordance with ASX Listing Rule 1.15.3, Oceania confirms that it has complied with the 
NZX Listing Rules for the financial year ended 31 March 2024.
NZX Waivers
Oceania did not apply for or rely upon any waivers from the requirements of the NZX Listing Rules 
during the financial year ended 31 March 2024.
Credit Rating
Oceania currently has not sought a credit rating.
Former Directors
There have not been any Director resignations during the period 1 April 2023 to 31 March 2024.
Subsidiary Company Directors
Brent Pattison and Kathryn Waugh are the Directors of all Oceania’s subsidiaries as at 31 March 
2024, with the exception of OCA Employees Trustee Limited (the Directors of which are Elizabeth 
Coutts and Sally Evans). 
No remuneration is payable, and there is no entitlement to other benefits, for any directorship 
of a subsidiary.
Shareholder and Bondholder Information
Twenty Largest Registered Shareholders 
(as at 31 March 2024)
Registered Shareholder
Number of Shares
% Shares
1
New Zealand Central Securities Depository Limited 
239,594,087
33.09%
2
Forsyth Barr Custodians Limited <1-Custody>
54,926,142
7.58%
3
Custodial Services Limited 
28,857,575
3.99%
4
New Zealand Depository Nominee Limited 
26,398,018
3.65%
5
Tomlinson Group Investments Limited 
23,831,055
3.29%
6
FNZ Custodians Limited 
23,291,527
3.22%
7
Hobson Wealth Custodian Limited 
21,077,330
2.91%
8
Lennon Holdings Limited 
14,368,643
1.98%
Registered Shareholder
Number of Shares
% Shares
9
PT (Booster Investments) Nominees Limited 
9,475,046
1.31%
10
Forsyth Barr Custodians Limited 
8,669,102
1.2%
11
H & G Limited 
6,150,000
0.85%
12
JB Were (NZ) Nominees Limited 
5,169,466
0.71%
13
Andrew Craig Strong & Alison Jean Strong 
4,621,071
0.64%
14
NZX WT Nominees Limited 
4,123,657
0.57%
15
Harrogate Trustee Limited 
4,051,189
0.56%
16
M A Janssen Limited 
3,870,026
0.53%
17
FNZ Custodians Limited 
3,532,715
0.49%
18
FNZ Custodians Limited 
3,220,949
0.44%
19
Leveraged Equities Finance Limited 
2,572,211
0.36%
20
ASB Nominees Limited <100652 Ml A/C>
2,315,960
0.32%
Total
490,115,769
67.68%
New Zealand Central Securities Depository Limited provides a custodial depository service that 
allows electronic trading of securities to its members. It does not have a beneficial interest in 
these shares. Its major holdings of Oceania shares are held on behalf of:
Name
Number of Shares
% Shares
1
ANZ Wholesale Trans-Tasman Property Securities Fund 
35,206,333 
4.86%
2
BNP Paribas Nominees (NZ) Limited 
28,336,135 
3.91%
3
Accident Compensation Corporation 
28,121,343 
3.88%
4
MFL Mutual Fund Limited 
26,754,791 
3.69%
5
Generate Kiwisaver Public Trust Nominees Limited 
22,887,647 
3.16%
6
Citibank Nominees (New Zealand) Limited 
15,970,141 
2.21%
7
JP Morgan Chase Bank NA NZ Branch Segregated Clients Acct 
14,555,284 
2.01%
8
HSBC Nominees (New Zealand) Limited A/C State Street 
13,377,238 
1.85%
9
ANZ Wholesale Australasian Share Fund 
13,347,404 
1.84%
10
Tea Custodians Limited Client Property Trust Account 
12,856,567 
1.78%
11
HSBC Nominees (New Zealand) Limited 
11,066,876 
1.53%
12
Pathfinder Nominees Limited 
4,446,395 
0.61%
13
ANZ Wholesale Property Securities 
3,531,707 
0.49%
14
Public Trust Class 10 Nominees Limited 
2,708,012 
0.37%
15
ANZ Wholesale NZ Share Fund 
1,645,961 
0.23%
16
ANZ Custodial Services New Zealand Limited 
1,569,780 
0.22%
17
Public Trust 
1,500,000 
0.21%
18
BNP Paribas Nominees (NZ) Limited 
 704,785 
0.10%
19
ANZ Wholesale Equity Selection Fund 
289,688 
0.04%
20
Public Trust RIF Nominees Limited 
273,969 
0.04%
90
OCEANIA ANNUAL REPORT 2024
Corporate Governance

Spread of Registered Shareholdings
(as at 31 March 2024)
Size of Holding
Number of Shareholders
%
Number of Shares
%
1 – 1,000
962
11.87%
454,254
0.06%
1,001 – 5,000
1,955
24.13%
5,734,353
0.79%
5,001 – 10,000
1,533
18.92%
11,692,947
1.61%
10,001 – 100,000
3,185
39.31%
96,782,739
13.36%
100,001 and over
468
5.77%
609,490,486
84.18%
Totals
8,103
100%
724,154,779
100%
Substantial Product Holders
According to notices given under the Financial Markets Conduct Act 2013, the following were 
substantial product holders of Oceania as at 31 March 2023:
Substantial Product Holder
Number of  
Shares 
% of shares held 
at date of notice
Date of Notice
ANZ New Zealand Investments Limited, ANZ Bank 
New Zealand Limited and ANZ Custodial Services 
New Zealand Limited
54,134,576
7.569
15 December 2022
Twenty Largest Registered Bondholders OCA 010
(as at 31 March 2024)
Registered Bondholder
Number of Bonds
% Bonds
1
New Zealand Central Securities Depository Limited 
27,873,000
27.87%
2
Custodial Services Limited 
23,613,000
23.61%
3
Forsyth Barr Custodians Limited <1-Custody>
11,360,000
11.36%
4
FNZ Custodians Limited 
10,719,000
10.72%
5
Hobson Wealth Custodian Limited 
7,967,000
7.97%
6
Investment Custodial Services Limited 
2,157,000
2.16%
7
Forsyth Barr Custodians Limited 
1,081,000
1.08%
8
FNZ Custodians Limited 
875,000
0.88%
9
Richard Barton Adams & Allison Ruth Adams 
751,000
0.75%
10
Hobson Wealth Custodian Limited 
623,000
0.62%
Registered Bondholder
Number of Bonds
% Bonds
11
JB Were (NZ) Nominees Limited 
569,000
0.57%
12
Hobson Wealth Custodian Limited 
462,000
0.46%
13
kiwigold.co.nz Limited 
400,000
0.40%
14
Marianne Mathilde Marie Stoessel 
350,000
0.35%
15
Andrew William Gawlik & Susan Mary Gawlik 
310,000
0.31%
16
NNZ Wt Nominees Limited 
273,000
0.27%
17
FNZ Custodians Limited 
218,000
0.22%
18
JB Were (NZ) Nominees Limited 
175,000
0.18%
19
Custodial Services Limited 
174,000
0.17%
20
Paul Arnold Aitken 
170,000
0.17%
Total
90,120,000
90.12%
New Zealand Central Securities Depository Limited provides a custodial depository service that 
allows electronic trading of securities to its members. It does not have a beneficial interest in these 
bonds. Its major holdings of Oceania bonds are held on behalf of:
Name
Number of Bonds
% Bonds
1
Generate Kiwisaver Public Trust Nominees Limited 
11,850,000 
11.85%
2
HSBC Nominees (New Zealand) Limited 
9,553,000 
9.55%
3
Tea Custodians Limited Client Property Trust Account 
5,900,000 
5.90%
4
JP Morgan Chase Bank NA NZ Branch-Segregated Clients Acct 
400,000 
0.40%
5
Public Trust RIF Nominees Limited 
110,000 
0.11%
6
Public Trust Class 10 Nominees Limited 
60,000 
0.06%
Spread of Registered Bondholdings OCA 020
(as at 31 March 2024)
Size of Holding
Number of Bondholders
%
Number of Bonds
%
1,001 – 5,000
56
10.98%
280,000
0.28%
5,001 – 10,000
133
26.08%
1,104,000
1.1%
10,001 – 100,000
293
57.45%
7,996,000
8%
100,001 and over
28
5.49%
90,620,000
90.62%
100,001 and over
468
5.77%
609,490,486
84.18%
Totals
510
100%
100,000,000
100%
91
OCEANIA ANNUAL REPORT 2024
Corporate Governance

Oceania has maintained an enterprise-wide risk management policy, supported by regular 
Management and Board reporting on risk management, since 2016. Recognising the increasingly 
complex sector and environment in which Oceania operates, work is underway to further uplift 
and mature the risk management framework. 
Oceania established a Board Risk Committee this year, which will meet at least three times per 
year, and has responsibility for the monitoring and oversight of effective risk management at 
Oceania, including the most significant and strategic risks. The Board has overall responsibility 
for determining the nature and extent of material risks Oceania is willing to take to achieve its 
strategic objectives. 
Oceania also engages an external service provider for independent evaluation of selected internal 
controls and risk mitigations, as well as recommending continuous improvements to the control 
environment. The findings from internal audit are provided to the Risk Committee for oversight 
and follow up.
Oceania’s Top Risks 
Management and the Board Risk Committee regularly identify and assess the top risks including 
risk mitigation plans. The most significant risks that Oceania manages are set out below.
Oceania’s senior leaders are collectively accountable for managing these Risks. The Remuneration 
Policy includes incentives to manage the risks. 
 
Risk
Response 
Macro-
economic 
The risk of local and global 
macroeconomic drivers 
such as equity markets, 
housing sentiment, inflation 
and supply chain having 
a negative impact on the 
financial wellbeing  
of Oceania.
Macro-economic conditions, including the New Zealand 
property market, general economic conditions, and 
government policy, are closely monitored by management 
and used to inform financial forecasting and stress testing 
where required.
According to the Reserve Bank of New Zealand, the extent 
and timing of easing of inflation and interest rates is uncertain 
but is expected either late in 2024 or early 2025. In the 
interim, Oceania continues to maintain a strong balance 
sheet and liquidity.
People 
The risk that Oceania is not 
able to meet its strategic 
objectives due to staffing 
capacity, capability or 
engagement, or poor 
organisational culture.
The ongoing management of Oceania’s workforce in the aged 
care sector, remains an area of significant focus. A people and 
culture strategy and plan are being developed and will cover 
a comprehensive range of initiatives, including remuneration 
and benefit framework, the implementation of a new human 
resources information system and a focus on learning 
and development.
Oceania continues to support the growth of the nursing 
profession through the Wesley Institute.
 
Risk
Response 
Climate 
Risk from physical climate 
hazards and the ability to 
transition business strategy 
to a low carbon and climate 
resilient economy. This 
includes potential physical 
and transition opportunities 
which may arise.
Oceania maintains a comprehensive sustainability 
strategy, resourced with a Sustainability team, and 
supported by extensive consultation with independent 
experts where appropriate. 
In accordance with the Financial Sector (Climate-related 
Disclosures and Other Matters) Amendment Act 2021, Oceania 
will release its inaugural climate change report in June 2024. 
Cyber, Data 
& Privacy 
The risk that the privacy of 
Oceania’s residents or staff is 
adversely affected by a cyber-
attack, data or privacy breach.
Oceania adopted the National Institute of Standards and 
Technology (NIST) framework for managing cyber-security 
threats. Management recently commissioned an independent 
review of its cyber risk preparedness, part of ongoing uplift of 
security monitoring and controls. 
Oceania also has a Privacy Officer, and a privacy framework. 
Development 
& Build
The risk of failure during 
development of new or existing 
sites. This could be due to 
supply chain issues, developer 
(or subcontractor) failure risk 
or labour supply risk.
Oceania only engages with highly regarded and experienced 
construction contractors and consultants, with robust quality 
assurance, due diligence, health & safety and auditing 
practices to support end to end contractor management. 
Management aim for as much fixed pricing as possible in 
the current market. 
The broader development pipeline delivery is a function of 
Oceania’s strategy and managed across multiple years in 
conjunction with oversight of macro-economic and property 
market risks.
Innovation, 
Experience 
& Offerings 
The risk of a failure to 
innovate or offer relevant 
resident experiences and 
product, including failure 
to respond to changes in the 
competitive environment due 
to new entrants. 
There is a regular pipeline of innovation and new product 
development to reimagine retirement living and aged care. 
In recent years, Oceania has launched nurse practitioner 
services, the resident-centred 5 Ways to Wellbeing programme, 
a new category of premium offering at The Helier (which 
includes private care), and new app technology for connecting 
residents called “Together”.
Oceania regularly scans the market for competitor offerings, 
new entrants and emerging resident trends. Technology is 
expected to play a significant role in innovation and resident 
offering in the future. 
ESG & 
Corporate 
Responsibility
The risk that Oceania does 
not meet its ESG or corporate 
responsibilities, impairing its 
“social licence” to operate.
Oceania has a strong focus on ESG matters, including 
a dedicated Sustainability team, maintenance of 
a Sustainability Linked Loan, with oversight by the 
Board Sustainability Committee. 
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OCEANIA ANNUAL REPORT 2024
Risk Management at Oceania

 
Risk
Response 
Health & 
Safety
The risk or potential for 
harm to employees, residents, 
contractors, or visitors 
because of business activities.
Oceania has a robust health and safety framework, including 
regular Board and management oversight and reporting, 
comprehensive policies and procedures, regular independent 
audits, ongoing programmes for contractor management, 
and employee training.
As part of Oceania’s focus on continuous improvement, a 
new health and safety system will be implemented to monitor 
Oceania’s health and safety risks.
Please see further disclosure on health and safety risks on the 
opposite page.
Risk of 
Adverse 
Resident 
Event 
The risk of an event at a single 
or multiple sites resulting in 
adverse resident outcomes, 
reputational damage and 
licence to operate.
Oceania has a specific clinical risk management framework, 
including comprehensive policies, procedures, and formal 
reporting to the Board Clinical and Health & Safety Committee. 
Ongoing training, internal and external audits and a learning 
culture are embedded across Oceania. 
Regulatory 
Reforms
The risk that regulatory reforms 
require a change in business 
model.
Management closely monitors government and regulatory 
developments which may impact Oceania. 
Business 
Continuity
The risk to operations arising 
from business disruption, 
including pandemic, other 
health-related disruptions 
or physical/natural events.
Oceania has extensive experience in recent years in managing 
significant business disruption including pandemic and 
extreme weather events. 
Emergency management plans and training are in place and 
regularly tested. 
Compliance
The risk of systemic or 
significant non-compliance 
with regulatory or legal 
requirements.
Oceania maintains a compliance management framework, 
with key compliance obligations embedded into a wide range 
of operational policies and procedures, with oversight where 
appropriate by expert functions e.g. Clinical and H&S, Risk 
and Legal. 
Health & Safety
Oceania maintains a comprehensive Health & Safety policy and framework and has a dedicated 
National Health and Safety team. The Clinical and Health & Safety Board Committee has oversight 
of Oceania’s responsibilities under the Health and Safety at Work Act 2015. 
The Clinical and Health & Safety Committee is responsible for ensuring that health and safety 
has appropriate focus within Oceania through oversight of health and safety risk assessment 
and mitigation, safety systems, staff capability, staff competency, safety leadership and culture. 
Health and safety is discussed by management at regular Safety Steering Group meetings.
An integral part of the health and safety framework is a strong health and safety culture, with 
a focus on identifying, assessing and managing all critical health and safety risks, including 
role modelling and leadership from all levels of management. 
The Health and Safety team work closely with the Clinical team and regional management to 
ensure well-aligned culture and practices. Oceania also employs Health and Safety Representatives 
across key business units.
Health and safety reviews are conducted for health and safety incidents and Oceania also 
undertakes lost time injury frequency reporting, near miss reporting, health and safety 
inductions, local site health and safety committee meetings, legislative updates and key health 
and safety initiatives. 
Oceania has a health and safety risk matrix to assess the severity and likelihood of identified 
risks, determine mitigation strategies, and determine the level of residual risk. This matrix is reviewed 
annually by the Board (and is integrated with the enterprise-wide risk management framework) and 
annual health and safety objectives are set for the business based on the significant risks identified.
The rolling average Lost Time Injury Frequency Rate (LTIFR) at the end of the FY24 is 7.47 which is 
considerably lower than the previous year of 10.30, as a result on the continued work on building 
health & safety culture. 
Oceania is part of the Accredited Employer Program (AEP) and remains at Tertiary level after the 
ACC audit conducted in April 2024.
93
OCEANIA ANNUAL REPORT 2024
Risk Management at Oceania


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