Oceania Healthcare (OCA) AGM 2024 summary

Opening remarks and agenda

• Meeting convened with both in-person and online attendance, enabling virtual participation and voting.

• Chair introduced board members, executive team, legal advisers, and auditors.

• Voting procedures explained, with Computershare acting as scrutineer.

• Meeting opened with a welcome, introduction of directors and executive team, followed by addresses from the Chair and CEO, and outlined business and other matters for discussion.

Financial performance review

• Total comprehensive income increased by NZD 70.5 million (up 104%), underlying EBITDA at NZD 82.6 million (up 3%), and underlying NPAT at NZD 62.1 million (up 6%).

• Operating cash flow rose to NZD 85.4 million (up 22%), and new cash from sales of occupation right agreements reached NZD 226.3 million (up 27%).

• Six assets sold or under contract above book value, providing NZD 40 million for deleveraging and growth.

• Total assets reached NZD 2.8 billion, a 9.3% increase from FY2023.

• Maintained compliance with all banking covenants and NZD 100 million headroom.

Board and executive committee updates

• Newly appointed CEO Suzanne Dvorak introduced, joining officially on 22 July.

• Board established a risk committee in March 2024 to enhance risk management.

• Directors Alan Isaac, Dame Kerry Prendergast, Sally Evans, and Greg Tomlinson stood for re-election, all supported by the board.

• Board comprises experienced independent directors with diverse skills in climate, markets, relationships, growth, property, and capital management.

• Executive team includes new CEO Brent Pattison and key officers in finance, property, operations, legal, and people.