Ryman Healthcare (RYM) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, introduced board and executive team, and outlined the meeting structure, including financial review, resolutions, and Q&A.

• Voting procedures and participation instructions were provided for both in-person and online attendees.

Financial performance review

• Revenue increased 18% to NZD 689.9 million, but net profit after tax dropped 98% to NZD 4.8 million due to impairments and one-off costs.

• Underlying profit was NZD 270 million, down 11% from the prior year, mainly due to lower margins and higher costs.

• Cash flow from existing operations improved to NZD 43.3 million, up NZD 51.8 million from FY23, with record resale settlements.

• Free cash flow was negative NZD 186.9 million, an improvement of NZD 202.6 million over FY23.

• Net interest-bearing debt rose to NZD 2.51 billion, with gearing at 36.2%, slightly above the medium-term target.

Board and executive committee updates

• Significant board renewal: three directors retired, four new directors appointed, and new chairs for all subcommittees.

• Dean Hamilton appointed Executive Chair in 2023.

• Kate Munnings and David Pitman stood for re-election at the 2024 AGM.

• New clinical advisor joined the Clinical Governance Committee.

• Group CEO resigned; search for a replacement is underway, with a new CFO appointed in November 2023.