Ryman Times AU – AUTUMN 2023

RYMAN TIMES

RYMAN HEALTHCARE AUSTRALIA AUTUMN 2023

Ryman strengthens its balance sheet

Ryman’s Mt Eliza village approved Sisters reunite at Weary Dunlop

Pam pioneers move to McKay

A NOTE FROM CAM

Hello and welcome to your latest edition of the Ryman Times.

This latest edition of your Ryman Times is a catalogue of milestones. Perhaps the most significant one, which you’re no doubt already aware of, is Ryman Healthcare’s first capital raise since we first listed on the NZX in 1999.

I am pleased to report that the pro rata entitlement offer received strong support from both our institutional and retail investors. The purpose of the raise was to reset our capital structure to ensure there are sufficient funds to execute on the company’s growth strategy and strengthen Ryman’s balance sheet through the repayment of debt. It means we are in a good position to take advantage of the enormous opportunities ahead of us. It is also a strong vote of support for our purpose: delivering care that is good enough for mum or dad. I have a strong sense that this is of particular importance for everyone who works at Ryman.

So thanks are in order! Thank you.

In late December the Victorian Civil and Administrative Tribunal (VCAT) gave us the green light for our Mt Eliza village to be built, which was fantastic for our team who have worked hard to turn our ambitious vision for this beautiful coastal site into a reality. Mt Eliza promises to be one of the most spectacular retirement villages in Australia.

We also welcomed the first residents into our McKay apartment building at John Flynn Retirement Village. This was a particularly sweet moment as the development of McKay had faced unprecedented challenges throughout the COVID-19 pandemic.

Victorian Premier Daniel Andrews joined me at our Nellie Melba village to cut the ribbon to open its new Mimi independent apartment complex. The official opening of the building cemented Nellie Melba’s status as the largest retirement village in Australia offering a full continuum of care – a truly momentous achievement.

But size will never be our greatest strength, which was perfectly articulated by the Premier at the ribbon-cutting ceremony: “This is not my first visit, and it won’t be my last because it is a stunning example of what can be achieved if you run a good business and at the centre of that business is a sense of purpose, good values, and a sense that your clients are part of your family.”

As we look ahead to the many milestones to come, those quintessential Ryman values that have been the cornerstone of our business since its founding will be the fuel that continues to drive us forward.

Cameron Holland Ryman Australia CEO

IN THIS ISSUE

Ryman Healthcare Ltd Level 5/6 Riverside Quay, Southbank VIC 3006

1800 288 299 rymanhealthcare.com.au

Ryman’s Mount Eliza village approved

Australian Army honour Jim Easton Resident’s take to the sky

Sisters reunited at Weary Dunlop

Pam pioneers move to McKay

Premier lauds Australia’s largest continuum of care village

Ryman dominates aged care awards New Zealand’s High Commissioner praises Ryman

Front cover: Cameron Holland with Victorian Premier Daniel Andrews.

Ryman strengthens balance sheet The Ryman Times

RYMAN STRENGTHENS BALANCE SHEET

Ryman has completed a successful reset of is capital structure after receiving strong support for its plans for future growth from shareholders.

Plans to raise $902 million to strengthen Ryman’s balance sheet by raising new capital to repay debt were announced on February 15 and completed by March 14.

A combination of existing and new retail investors backed the plans and the full target of $902 million was raised, enabling Ryman to meet its plans for future growth.

Ryman shareholders were entitled to 1 new share for every 2.81 shares held, and the board structured the offer to maximise fairness for all shareholders by allowing shareholders to sell their entitlements if they wished.

Richard Umbers said he was pleased with the backing the offer received from both retail and institutional shareholders.

“We are very pleased with the level of support received across both the retail and institutional components of our equity raising and to be able to return a premium of 25 cents per share to shareholders who did not or could

not participate. Proceeds from the equity raising enable Ryman to be well positioned to execute its growth framework and maintain the high standard of care it is known for,” Mr Umbers said.

With a history dating back almost 40 years, Ryman has a strong presence in New Zealand and is the largest retirement village operator. In addition, Ryman now has a growing presence in Victoria, Australia. Across both markets Ryman provides homes for more than 13,000 residents across 45 high quality villages in high value suburbs.

Since the start of the 2018 financial year, Ryman has invested over $3.9 billion in its portfolio, delivering more than 2,699 independent living units and 1,018 new care beds for residents.

During this period Ryman also invested in new sites for its landbank, which provides a platform for growth. Ryman currently has 15 villages under construction and 6,710 units in its current land bank.

This period of accelerated investment, where investing

cash flows exceeded operating cash flows, resulted in elevated levels of debt.

Resetting the capital structure with new equity through this allowed Ryman to pay down debt and reduce pro-forma gearing from 45.3% to 33.9%. No further dividend will be paid in the current financial year.

Mr Umbers said the capital raising meant Ryman was well capitalised as it sought to meet increased demand for the Ryman way of life, while also increasing cash flow generation and shareholder returns.

“Ryman is now an established trans-Tasman business, with a compelling retirement village living and aged-care proposition in both markets.

“With a recapitalised balance sheet, a refreshed leadership team and a newly focused approach to development, we believe we are well placed to take advantage of the opportunities in our business and continue to deliver care that is ‘Good Enough for Mum or Dad’.”

Pictured: A render of Kevin Hickman Retirement Village in Christchurch.

RYMAN’S MOUNT ELIZA VILLAGE APPROVED

Ryman Healthcare’s plan to build a retirement village and aged care facility on a prime waterfront site in Mt Eliza has been approved by the Victorian Civil and Administrative Tribunal (VCAT) in Australia.

Located at 60-70 Kunyung Road, the $317m development on an 8.9ha site previously owned by Sir Reginald Ansett will see the full restoration of the 42-room heritage-listed Moondah Mansion, built by James Grice in 1888.

The development, on the site of the old Melbourne Business School, will comprise 104 independent apartments,

27 assisted living suites, and a 60-bed aged care centre providing low care, high care, and specialist dementia care.

It will include a bowling green, café, bar, cinema, indoor swimming pool, hair and beauty salon, gymnasium, and a place of worship.

Ryman will also provide its own home care services to residents living in the village, as well as to older residents living in the wider Mt Eliza community.

Cameron Holland, CEO of Ryman Healthcare Australia, said: “We’re excited to get on with the job of restoring Moondah Mansion

and creating a community that’ll care for older Mt Eliza locals for decades to come.

“Because the village will offer locals high quality independent living and aged care options all in one place, residents will be able to stay in the community they know and love even if their health needs change over time.

“That continuum of care model pioneered by Ryman allows people to live healthy, independent lives for as long as possible, while at the sametime freeing up housing stock in the area and taking pressure off already strained local health services.”

Ryman has already invested more than $800,000 restoring the property’s historic gatehouse and is committed to honouring the site’s heritage through careful design.

Colin Cook, the great-grandson of James Grice, welcomed VCAT’s decision to approve the village.

“We are extremely pleased with this long-awaited great decision from VCAT and are just really relieved that sanity has prevailed.

“Moondah is an historic treasure that is already starting to show signs that it’s in need of love and

attention it very much deserves. We have always been confident that Ryman’s plans will preserve it from certain ruin.

“To see it fully restored and placed as the centrepiece of a new community for older people will be fantastic, and my great-grandfather

would be quietly pleased to know it will be preserved and protected for decades to come.”

Pictured: Phillippa Addicott and Colin Cook, the great-grandchildren of James Grice, who built Moondah Mansion, are pleased the building will be saved from “certain ruin”.

AUSTRALIAN ARMY HONOUR JIM EASTON

When a story about Grace Joel Village resident Jim ‘Curly’ Easton’s recent 106th birthday came to the attention of Brigadier Gregory Novak, Commander of the Australian Army’s 6th Brigade and Head of Corps (Signals) via social media, it set off an unprecedented flurry of excitement.

That’s because Brigadier Novak and his colleague Regimental Sergeant Major 1st Signal Regiment Warrant Office Class 1 Benn Goulter, realised they had found one of their own - a fellow Signals man.

In the space of just two weeks, they organised a visit with Jim in New Zealand to coincide with a trip to mark the Royal New Zealand Corps of Signals’ centenary.

“We think it’s a pretty safe bet that you would be the veteran of Royal Australian Corps of Signals with the longest history with the Corps,” Brig Novak told Jim.

“I don’t think there’s anybody more senior to you still with us so you have an absolutely unique standing in the Corps and we wanted to come and say gidday and wish you a happy birthday for last December. And to congratulate you on your standing within the Corps,” he said.

Jim was a member of the Australian Army’s 8th Division Signals when he was captured by the Japanese in WW2 and sent to work on the infamous Burma Railway.

Incredibly, he survived the three and a half years of horror, and went on to live a long and fulfilling life working the showgrounds around New Zealand, only retiring in his 90s.

Now, as Ryman Healthcare’s oldest Kiwi resident, he amazes everyone with his continued appetite for life.

Brig Novak and WO1 Goulter said it was ‘wonderful’ to have made contact with Jim, and their excitement also extended to the rest of Signals Corps in Australia.

In a letter to Jim which he read out, Brig Novak said: “Our reputation as a Corps in Army is built on those that went before us and your service and your sacrifice and those of your friends, so in this regard you set a fine example for all the soldiers in our Corps today to aspire to.”

To mark the occasion, he presented Jim with a special commemorative coin given for distinguished and honourable service within the Corps, of which only two have previously been issued, and one of them was to the Corps’ Colonel-inChief, HRH Princess Anne.

Pictured: Grace Joel resident Jim Easton (centre) with Brig Gregory Novak and WO1 Benn Goulter.

RESIDENTS TAKE TO THE SKY

John Flynn Retirement Village residents proved it’s never too late to try something new when they took to the skies during a visit from the Royal Flying Doctor Service (RFDS).

About 80 residents, team members and friends of the Melbourne village learnt about the history of the RFDS and service founder and village namesake John Flynn when a Pilatus PC-12 fuselage and Education Program Manager, Tom Ryan, and Manager Communication, Brand and Engagement, Jonathan Green touched down at the village.

Jonathan said the need for healthcare in remote Australian communities was as strong as it was when John Flynn founded the service in 1928.

“The RFDS was started on a fundamental basis that not everyone had fair and reasonable access to healthcare,” he said.

“Sadly, we find that still exists in Australia, which is why we are still around and why we do the work that we do.”

In the last financial year more than 330,000 people accessed a service through the not-for-profit.

While the goal to offer healthcare to people in remote parts of Australia remained the same, the service had evolved into offering primary and mental health support as well as emergency care.

“Our clinicians are based in communities from a few days to months,” Jonathan said.

“The benefit of that is people are getting care in their own communities, we’re taking away the distance issue, we’re taking away the concept of ‘I’ve got to take a day off work’.”

Following the presentation eager residents hopped aboard a lifesized replica fuselage of a RFDS plane. The simulator included communications, stretchers, oxygen, and suction as well as a cockpit complete with virtual flight controls.

Disembarking the plane

John Flynn resident and former nurse Barbara James said the visit evoked many memories.

“I trained at the Royal Adelaide Hospital in the 1960s and the RFDS used to fly in a lot of patients from the bush, mums and babies, people who had been gouged by bulls, all sorts,” she said.

“I never met John Flynn, but he was always being talked about because if the service hadn’t been available a lot of people would’ve died.

“So, for me it’s quite amazing living in a village named after John Flynn, I’m very proud.”

RYMAN DOMINATES AGED CARE AWARDS

Ryman Healthcare is in line for four awards at the Asia Pacific Eldercare Innovation Awards in Singapore, with two of its Melbourne retirement villages singled out for their excellence in aged care.

The New Zealand-based company’s first Australian village, Weary Dunlop, which opened in Wheelers Hill in 2014, is in the running for ‘Facility of the Year –Residential Aged Care’.

The selection recognises the stellar performance of Weary Dunlop’s care centre, with resident and family feedback, staff-to-resident ratios, and the village’s Australian Government Department of Health and Aged Care four-star rating considered by award judges.

Nellie Melba Retirement Village, also in Wheelers Hill, is a finalist in the ‘Ageing in Place’ category.

The shortlisting celebrates the village’s continuum of care model, which incorporates independent retirement living integrated with serviced apartments, home care services, and an aged care centre providing low care, high care, and specialist dementia care.

Continuum of care, which is commonplace in New Zealand but only in its infancy in Australia, allows residents to remain in the same village community while meeting their care needs as they change over time.

Ryman’s award-winning COVID-19 response is also a finalist in the ‘Response to COVID-19 (Infection Control)’ category.

The company took a range of innovative, industry-leading steps to protect residents and staff from COVID-19, which resulted in two years without a single care centre resident contracting the virus.

Innovations included moving high-risk staff into its villages, developing a digital contact tracing tool, and being the first aged care provider in Victoria to introduce rapid antigen testing for staff and visitors.

The announcement is the latest accolade for Ryman’s response to the pandemic, after it was recognised with awards from Leading Age Services Australia and the Victoria Chamber of Commerce and Industry.

Ryman’s ‘Walking for Wellness’ initiative, which encouraged thousands of residents in Victoria and New Zealand to walk 60km in 30 days, was also announced as a finalist in the ‘Innovation of the Year – Social Engagement Programme’ category.

Cameron Holland said the award nominations reflected the outstanding level of care and support Ryman residents receive regardless of their lifestyle or health needs.

“We create active, engaging retirement living communities but it’s the fact we have world class aged care services on site that allows our residents to live the fullest, happiest life possible,” Mr Holland said.

“Our residents know that whatever their needs are now, or in the future, they will be looked after right where they are.

“To be selected as a finalist in so many categories across our retirement living and aged care offering is really just testament to the kindness, care and professionalism of our amazing village teams.”

The Asia-Pacific Eldercare Innovation Award winners will be announced at the World Ageing Festival in Singapore on May 23.

Picture: Nellie Melba registered nurse Shiv Ashok moved into an apartment at the village to help protect aged care residents from COVID-19.

SISTERS REUNITED AT WEARY DUNLOP

More than 70 years since they last lived under the same roof, sisters Pam Crozier and Jean Blake are finally together again.

The sisters, who are 94 and 95, were reunited last year when they moved into serviced apartments just metres away from one another at Weary Dunlop Retirement Village in Melbourne.

Sitting in Jean’s light-filled apartment with a photo of their late mother Winifred smiling down on them, Pam and Jean couldn’t be happier.

“I think mum would be delighted, she’d be thrilled that we’ve come together,” Pam said.

“I lived in East Gippsland for more than 40 years and Jean was in Heidelberg. We’ve always been close even though we lived apart, but now we’re even closer.”

Much has changed since Pam and Jean last lived together with their parents in the London suburb of Edgware.

“Our dad was in the London Fire Brigade, and we spent the first years of our lives living in the Kentish Town Fire Station,” Pam said.

“They had a fireman’s pole in those days, and we’d watch the men slide down the pole and get in the fire engine.”

The sisters have vivid memories of nights spent with their parents and cat sheltering in their backyard bunker as doodlebugs flew overhead during World War 2.

In 1966, Jean and her family emigrated to Australia as ‘10 Pound Poms’ and in 1968 Pam and her late husband followed on a cargo ship.

For the past 40 years the sisters spoke regularly on the phone and visited one another for birthdays and Christmas.

But when Pam’s partner passed away in 2020, she felt a pull to be closer to her beloved older sister and family.

During a visit to Melbourne Pam joined Jean and her niece on a tour of Weary Dunlop.

“We saw two serviced apartments that were very close to one another and were too good to refuse,” Pam said.

“We’re beyond being independent now, so serviced apartments where we have our main meal provided and a little extra support from lovely staff is absolutely ideal.”

And being able to support one another in their older age has done both Pam and Jean a world of good.

“I’ve always had my sister to guide me, but now the young one checks on the oldie,” Pam laughed.

Jean was quick to sum up the pair’s nearly century-long bond.

“Whatever we’re doing, if we’re together, we’re happy,” she said.

Pictured: Sisters Pam and Jean.

NEW ZEALAND’S HIGH COMMISSIONER PRAISES RYMAN

New Zealand’s High Commissioner to Australia Dame Annette King says Ryman Healthcare’s continuum of care model is meeting the previously unmet needs of Australians wanting to age in place with quality care.

Dame Annette was joined by First Secretary Matt de Witt and New Zealand Trade and Enterprise Regional Director for Australia Pacific Glen Murphy on a tour of Ryman’s John Flynn Retirement Village in Burwood East in November.

The former deputy leader of the New Zealand Labour Party and Minister of Health first became familiar with Ryman’s pioneering model of care as an MP, with Ryman’s Rita Angus Retirement Village in Wellington, part of her Rongotai electorate.

“It is a model of care that I really support,” she said.

While continuum care - offering independent living, assisted living and aged care within one

village - was commonplace in New Zealand, Ryman’s offering in Australia was unique.

“I think that people want to be able to age in place, and that when they do have to leave the home that they would like to stay in for as long as possible, they want to go somewhere where they know there is quality,” Dame Annette said.

“That includes quality of care, quality of facilities and to be able to carry on life very much as it was before with friends and family.

“Ryman’s continuum of care model provides that, which is why I think it is going down so well in Australia, because it is new.”

John Flynn was the first Ryman village Dame Annette had visited in Australia.

Village manager Roslyn Prentice led the delegation on a tour of the village before they joined independent residents for happy hour.

“Looking around here there is a real buzz,” Dame Annette said.

“We’ve been to the swimming pool, there is a bowling green, there are gardens and places to walk.

“These are important things.”

In September, Dame Annette launched Ryman’s aged care policy discussion paper which lays out a blueprint for addressing Australia’s aged care crisis.

In her foreword she said the continuum of care model addressed the financial viability of aged care and the quality of care delivered to residents.

“As Ryman is demonstrating in its villages in Victoria as well as back home in New Zealand, the continuum of care model facilitates investment in the high-quality aged care that older people need and deserve,” she said.

Pictured: Roslyn Prentice, Dame Annette King, Glen Murphy and Matt de Witt.

PREMIER LAUDS AUSTRALIA’S LARGEST CONTINUUM OF CARE VILLAGE

Victorian Premier Daniel Andrews opened a $30m extension to Ryman Healthcare’s Nellie Melba Retirement Village, making it the largest full continuum of care village in Australia.

Mr Andrews and Cameron Holland cut the ribbon to officially open the new 41-apartment.

Mr Andrews said: “It’s a point of pride for us [in Victoria] to have such an innovative model –this ageing in place reimagined, the continuum of care – a stunning example of what’s possible if you support people

in their local community and meet their needs and provide a pathway so that their needs as they change can be met.

“[This model’s] best form is the Ryman Healthcare form. This business provides the most stunning example of that model of care and it only operates in the great state of Victoria.

“This is not my first visit, and it won’t be my last because it is a stunning example of what can be achieved if you run a good business and at the centre of

that business is a sense of purpose, good values, and a sense that your clients are part of your family.

“It’s not by mistake that this is a really sought-after option in our local community because it’s simply the best.”

The expansion of Nellie Melba comes as the University of Technology in Sydney (UTS) announced it is undertaking a research study into the potential health benefits of continuum of care villages for older Australians.

Professor David Brown from UTS’ Ageing Research Collaborative (UARC) said the research project will focus on the care and financial outcomes of the continuum of care model, and examine what barriers there are in the Australian aged care landscape to its implementation.

“Older people in Australia and their carers have great difficulty navigating their way along the care and ageing journey,” Prof. Brown said.

Prof. Brown said embracing an integrated approach to the

delivery of aged care was a key recommendation of the Royal Commission into Aged Care Quality and Safety.

Cameron Holland said the expansion of its Nellie Melba village underscored the huge demand for continuum of care villages on this side of the Tasman.

“Australia’s aged care system is in crisis and a new approach is needed if we’re going to fix it.

“While the benefits of the continuum of care villages are

obvious, we’re really excited that UTS will be doing a rigorous analysis of how they can positively impact an individual’s health and wellbeing.”

Pictured left: Cameron Holland and Victorian Premier Daniel Andrews cutting the ribbon to open Nellie Melba’s new extension.

PAM PIONEERS MOVE TO MCKAY

When Pam Taylor was greeted by a giant gleaming bow on the door to her new apartment at John Flynn Retirement Village her beaming smile said it all.

And when the pioneering resident, who was the first person to move into the village’s McKay building, stepped inside her lightfilled, two-bedroom apartment things got even better.

“It’s simply amazing, I couldn’t ask for anything more,” she said.

Pam was accompanied by her daughter Meredith and a team of excited Ryman village and sales staff as she explored her apartment for the first time.

Having raised four children with her husband only a street over from the Foundation Boulevard village, Pam felt at ease in her new space straight away.

“Everything here is fantastic; you couldn’t fault a thing.”

Pam was one of four residents to move into apartments, marking

the start of a busy few months of move-ins to the McKay building.

Village Manager Roslyn Prentice said the McKay arrivals marked an exciting new chapter for the village, which welcomed its first residents in December 2020.

“We’re expecting the whole village to be full by midway through the year,” she said.

When the Miller building, which will be home to 36 serviced apartments, is finished, it will mark the completion of all the buildings in the village.

Cameron Holland said the opening of McKay was a wonderful example of the strength of Ryman’s teams and the demand for quality retirement living.

“This is a major milestone for the outstanding staff and residents at John Flynn, requiring a major cross-team initiative,” he said.

“The delighted smiles of the village’s newest residents said it all.

“I’m thrilled even more older Australians will now benefit from the care offered by Ryman.”

John Flynn Project Manager Iain Jagger said he was delighted to see residents enjoying the spaces his team had worked so hard to build.

“The team has done an outstanding job in the face of pressures from COVID-19 and the subsequent strain on the construction industry,” he said.

“We’ve been so lucky to have a great operational team at the village and wonderful residents who have been fantastic to deal with.”

At its peak about 350 people worked on the project, and in 2021 the team overcame the challenges of six COVID-19 lockdowns to take out Construction Site of the Year at the annual Ryman Awards.

Pictured: John Flynn resident Pam Taylor at her new apartment.