OCA - Oceania Group - retirement villages

[jimdog31]

Thats a reasonable outcome ...market maybe down 2% ...unless FPH is up 5%

id say market be down more like 3-4%

[alokdhir]

id say market be down more like 3-4%

I think not NZX ...as Lister said we already depressed and have a defensive market ...so even 2% down for day is too much ...though surely it can open big down but will recover most ground before close ..

[Ricky-bobby]

HALFYR: OCA: Oceania delivers improved performance despite COVID-19 08:30a.m.
OCA
29/11/2021 08:30
HALFYR
PRICE SENSITIVE
REL: 0830 HRS Oceania Healthcare Limited

HALFYR: OCA: Oceania delivers improved performance despite COVID-19

MEDIA RELEASE
29 November 2021

OCEANIA DELIVERS IMPROVED PERFORMANCE DESPITE COVID-19 BACKDROP

Oceania today announced unaudited proforma Underlying Earnings before
interest, tax, depreciation and amortisation (EBITDA) of $36.5m for the six
month period ended 30 September 2021, a 19.7%, ($6.0m) increase on the six
month period ended 30 September 2020.

Highlights:
o A 19.7% increase ($6.0m) in unaudited [proforma] underlying EBITDA compared
to the six month period ended 30 September 2020.
o Aged care business continued to perform well throughout the period despite
COVID-19 disruptions.
o Sales volumes (for both independent living apartments and villas, as well
as care suites) being 10.6% ahead of the six month period ended 30 September
2020, despite ongoing COVID-19 lockdown restrictions.
o Completion of the acquisition of Waterford (Hobsonville Point, Auckland) in
April 2021 and a resource consent for 50 independent living apartments and a
basement carpark has been secured.
o The completion of 49 apartments at Eden (Auckland) in April 2021 and eight
villas at Gracelands (Hastings) in September 2021.
o 545 units (apartments, villas and care suites) under construction as at 30
September 2021.
o Oceania's total assets are now $2.1b, representing 9.7% growth since 31
March 2021.
o Entry into a conditional sale and purchase agreement to acquire land
adjacent to our Franklin site.
o Completion of a heavily oversubscribed retail bond offer in August 2021,
raising $100m.
o Appointment of Rob Hamilton and Peter Dufaur as independent Directors.
o Appointment of Andrew Buckingham as Group General Manager Property &
Development.
o Interim dividend of 2.1 cents per share (not imputed) announced (30
November 2020: 1.3 cents). This will have a record date of 6 December 2021
and will be paid on 20 December 2021. The Dividend Reinvestment Plan will
apply to this dividend.

As a result of Oceania previously changing its balance date to 31 March, the
comparative trading performance noted below is reported on the basis of the
six month period to 30 September 2021 compared to the six month period to 30
September 2020:

30 September 2021 unaudited non-GAAP six months trading measures vs six
months to 30 September 2020
$m's
6 months to 30 September 2021 6 months to 30 September 2020 Growth
$m %
Underlying EBITDA (6 v 6 proforma) 36.5 30.5 6.0 19.7%
Underlying NPAT (6 v 6 proforma) 27.5 22.5 5.0 22.2%
Sales 230 208 22 10.6%
Occupancy 92.5% 91.1%

Statutory measures for the six month period to 30 September 2021 are reported
below compared to the six month period to 30 November 2020.

30 September 2021 unaudited GAAP six month statutory measures vs six months
to 30 November 2020
$m's
6 months to 30 September 2021 6 months to 30 November 2020 Growth
$m %
Operating Revenue (6 v 6 stat) 113.9 103.9 10.0 9.6%
Reported NPAT (6 v 6 stat) 36.9 24.8 12.1 48.8%
Operating Cashflow (6 v 6 stat) 52.5 74.5 (22.0) (29.5%)
Total Assets (Sept v March stat) 2,064.3 1,882.2 182.1 9.7%
Dividend (cents per share) 2.1 1.3

Oceania CEO Brent Pattison advised that "Oceania has continued to provide a
safe, vibrant and well connected community for our residents despite the
extended Governmental restrictions and costs associated with COVID-19. The
business has responded well through high levels of vaccination, regular
communications with staff, residents and their families, as well as a
significant investment in surveillance, including declarations, online
bookings and saliva testing."

Oceania has been working with Government officials and Ministry of Health
representatives with regard to health policy. Oceania has also taken an
industry leadership position in calling for our Auckland residents to be
allowed to reconnect with their loved ones safely. Oceania remains
well-prepared to manage any infections that occur at its sites, with
industry-leading infection control policies and a highly experienced clinical
team.

Mr Pattison explained that "Prior to the Alert Level Four lockdown being
announced on 17 August 2021, sales volumes were strong and development
activities were progressing well. The extended lockdowns, particularly in
the Auckland region, have temporarily impacted Oceania's sales, delayed
building works and have added direct costs associated with COVID-19."

Village sales have remained strong throughout the period, despite ongoing
COVID-19 restrictions. In the six months to 30 September 2021, there was a
total of 102 independent living (apartment and villa) sales, comprising 57
new sales and 45 resales. This is an increase of 25.9% from the six month
period ended 30 September 2020.

Oceania's total assets increased to $2.1 billion, up 9.7% ($182.1m) on 31
March 2021, primarily due to significant capital expenditure and the
acquisition of the Waterford and Franklin sites during the period.

"We have continued to make good progress with the execution of our
development pipeline during the six month period to 30 September 2021,
despite the challenges presented by the COVID-19 lockdown restrictions. As
at 30 September 2021, there were 545 units under construction across New
Zealand." said Mr Pattison.

The appointment of Andrew Buckingham as Group General Manager Property &
Development is a strategic appointment that will further enhance Oceania's
performance in this area.

Oceania's total funding positions the company well for future growth. A
heavily oversubscribed seven year retail bond issue of $100m in September
2021, following a capital raise of $100m undertaken in March/April 2021, and
Oceania's inaugural seven year retail bond issue in October 2020.

Oceania Chair Liz Coutts noted "We were delighted to have welcomed Rob
Hamilton and Peter Dufaur to the Board as independent Directors during
September 2021. They bring an extensive range of skills and we are looking
forward to them making a significant contribution to the future performance
and growth of Oceania."

Mrs Coutts advises the Board declared an interim dividend of 2.1 cents per
share (unimputed) (30 November 2020: 1.3 cents). The record date for the
dividend is 6 December 2021 and the payment date is 20 December 2021. The
Dividend Reinvestment Plan will apply to the dividend payable on 20 December
2021 at a discount of 2.5% to the volume weighted average price of shares
sold on the NZX Main Board over the period of the five trading days starting
on 3 December 2021.

ENDS

[Ferg]

Unadjusted raw NTA is $1.28 based on equity of $906.9m / shares on issue of 705.7m.

[trader_jackson]

its usually not good news when it looks complicated... and it looks complicated

[alokdhir]

its usually not good news when it looks complicated... and it looks complicated

Dividend of 2.1 Cents ...before was 1.3 Cents ...shows results great ...

[jimdog31]

its usually not good news when it looks complicated... and it looks complicated

Thats par for OCA course.

Simply though NAV of $1.34 vs shareprice of $1.30

And its worth more than $1.34

• The NAV reflects the value of existing sites, plus the land and WIP atdevelopment sites. As such, the present value of net development cashflows and future earnings at development sites are excluded.

[bull....]

its usually not good news when it looks complicated... and it looks complicated

agree they have gone out of there way to make it more time consuming to analyze. a red flag in my opinion

[jimdog31]

agree they have gone out of there way to make it more time consuming to analyze. a red flag in my opinion

Everything is a red rag to you bull! A buying signal for others

[bull....]

Everything is a red rag to you bull! A buying signal for others

yes you were saying that at over 1.40 too. good luck you might get a small bounce as it declined a lot leading up to the announcement but doesnt change my view long term 1 before 2