RYM - Ryman Healthcare

[winner69]

Good sign “We’ve reviewed progress and we are pleased with where we are at after the first three months of the financial year,’ they said today

[Marilyn Munroe]

I attended Rymans AGM today, it was really interesting.

A question was asked, will the recent softening of the housing market have an effect on Ryman?
The chairman answered they had not noticed any effect yet and their experience when the proceeds of a property sale were insufficient there was a willingness of new residents to commit capital from other sources for the buy-in.

Several shareholders challenged the top tables asset valuation methods. These shareholders pointed out that the valuations included buildings under construction pre-purchase of building materials and commitments by new residents which were not yet been settled by payments, in other words rather forward looking. It was pointed out to the top table a competitor in the listed retirement sector had a far more conservative valuation policy of only including completed construction and money in the bank in the balance sheet.

The top table countered their valuation policy complied with listing rules. The representative of the auditor present at the meeting endorsed this valuation policy.

Opinion: When a British political leader was asked what was the greatest danger he faced he replied "Events dear boy events". Would events place such a forward looking valuation method at risk? Much anxiety would arise if events forced a restatement of asset valuations.

Boop boop de do
Marilyn

[Maverick]

Thanks for going to the meeting and sharing Marilyn. Appreciate the feedback.

[dobby41]

Not a good look for Ryman.
"A Napier retirement village has used members of a local Rotary club as volunteers in a complex where Covid is rife, prompting concerns from a resident’s family and Grey Power.

Ahuriri Sunrise Rotary Club members received an email from their president on Friday, saying the club had fielded “a reasonably urgent request” from Ryman Healthcare’s Princess Alexandra Retirement Village for volunteer help."

https://www.stuff.co.nz/national/hea...id=app-android

I hope that the person who started the request has been educated.

[Master98]

https://www.scoop.co.nz/stories/BU22...ice-awards.htm

its official-ryman top of the country again in people's choice awards.

[Marilyn Munroe]

Aussie is going through a we need to do something about aged care phase. RYM has made a contribution to the debate;

Headline: "New Zealand thinks it knows best how to tackle Aussie aged care reform."

https://nationalseniors.com.au/news/...ed-care-reform

Boop boop de do
Marilyn

[Filthy]

18/11/2022, 8:30 amHALFYRMEDIA RELEASE November 18, 2022
Ryman reports unaudited first half underlying profit of $138.8 million, up 44.8%; announces introduction of dividend reinvestment plan
Ryman Group results for six months to 30 September 2022
• Unaudited underlying profit of $138.8 million, up 44.8% on the same period last year, driven by strong resale margins
• Unaudited reported (IFRS) profit decreased 31.1% to $194.0 million due to lower unrealised revaluation gains of investment property
• Interim dividend of 8.8 cents per share (unchanged from last year), representing 31.7% of underlying profit, and eligible for the dividend reinvestment plan
• Total assets of $12.03 billion, up 9.7% from $10.97 billion as at 31 March 2022
• Cash receipts from residents of $714.7 million, up 5.0% on the first half last year
• Booked sales of occupation rights up 9.8% driven by strong growth in Australia
• Resales stock remains low at 1.7% despite softening housing market conditions
• Resilient aged care occupancy of 94% for our mature villages, notwithstanding the re-emergence of COVID through the winter months
Ryman Healthcare has reported an unaudited first half underlying profit of $138.8 million, up 44.8% on the same period last year, driven by strong resales margins as well as continued strong growth in its Australian business.
Unaudited (IFRS) profit decreased 31.1% to $194.0 million, reflecting lower unrealised fair value gains on investment property.
Shareholders will receive an interim dividend of 8.8 cents per share, unchanged from last year, representing 31.7% of underlying profit. The record date for entitlements is December 9, and the dividend will be paid on December 16, 2022.
As part of today’s announcement, Group CEO Richard Umbers advised that the Board of Directors has approved the establishment of a dividend reinvestment plan, which will apply to the interim dividend.
“This reflects feedback from our shareholders and provides us with more flexibility to manage our balance sheet as part of our ongoing capital management,” said Mr Umbers.
“We are currently in a rapidly changing and uncertain macro-economic environment in both our markets, and the Board and management are mindful of the impact this is having on our business. We are therefore closely monitoring our cashflows and capital management.”
Participation in the dividend reinvestment plan is optional and investors can choose to reinvest their dividends into Ryman shares or continue receiving a cash dividend. An offer document and details on how to participate will be provided to shareholders in the coming days.
In reflecting on the result, Mr Umbers said that it demonstrated Ryman was now an established trans-Tasman business, with a compelling proposition in both New Zealand and Australia.
He highlighted the increase in booked sales of occupation rights, which were up 9.8% on the first half of last year.
Ryman’s development programme continues to progress, with work under way on 10 sites in New Zealand and another five in Australia.
First half development highlights included commencing construction in Cambridge, New Zealand, and in Australia receiving planning approval for the Mulgrave site and completing the Charles Brownlow and Raelene Boyle villages.
Mr Umbers reflected on the recent investor day and village tour, held in Auckland last month.
“At our recent investor day, I was pleased to present a number of initiatives already under way that are improving the performance of our business, and while this is a good result for the half, we want to do better. I am confident that we have the strategy, the team, and the ability to deliver and we look forward to expanding this programme of work.”
Chairman Greg Campbell commented, “in a year characterised by increasing uncertainty this is a pleasing result which gives us confidence as we face into some continuing and new market headwinds, including a cost inflationary environment, a challenging property market and an underfunded aged care sector.”
Mr Campbell also advised that after ten years on Ryman’s Board, George Savvides would be retiring at the next annual meeting of shareholders in July 2023.
“I want to take this opportunity to thank George for his contribution to Ryman since he joined the board in 2013. As our first Australian-based director his input has been invaluable in supporting our growth in the Australian market," he said.

[bull....]

Two key points for me confirming my outlook

Unaudited reported (IFRS) profit decreased 31.1% to $194.0 million due to lower unrealised revaluation gains of investment property

“We are currently in a rapidly changing and uncertain macro-economic environment in both our markets, and the Board and management are mindful of the impact this is having on our business. We are therefore closely monitoring our cashflows and capital management.”

hence why we are introducing div re-investment plan ( cashflow becomes tight for property developers in a downturn )

look at operating cashflows down 19% ..... no wonder there getting nervous

Chairman Greg Campbell commented, “in a year characterised by increasing uncertainty this is a pleasing result which gives us confidence as we face into some continuing and new market headwinds, including a cost inflationary environment, a challenging property market and an underfunded aged care sector.”

guess there warning you all for the outlook

[winner69]

Cant do muh better than Unaudited underlying profit of $138.8 million, up 44.8% on the same period last year, driven by strong resale margins

[winner69]

Two key points for me confirming my outlook

Unaudited reported (IFRS) profit decreased 31.1% to $194.0 million due to lower unrealised revaluation gains of investment property

“We are currently in a rapidly changing and uncertain macro-economic environment in both our markets, and the Board and management are mindful of the impact this is having on our business. We are therefore closely monitoring our cashflows and capital management.”

hence why we are introducing div re-investment plan ( cashflow becomes tight for property developers in a downturn )

Chairman Greg Campbell commented, “in a year characterised by increasing uncertainty this is a pleasing result which gives us confidence as we face into some continuing and new market headwinds, including a cost inflationary environment, a challenging property market and an underfunded aged care sector.”

guess there warning you all for the outlook

Hey bull -- a FIRST for Ryman -- first time new capital has been injected into the company since the IPO

Maybe the ponzi scheme that this sector is is coming to an end