New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

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New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<h2>Oceania Healthcare (OCA) 1H22 Result – Initial Impressions</h2>
Please note that Oceania has changed its year end from May to March which means that the PCP is a tougher comparison relative to RYM and ARV&nbsp; - below we are comparing a first half that did not include the hard 2020 March/April lock-downs.
Oceania reported a solid first half, ahead of our expectations for both EBITDA and underlying earnings (5%/6%) respectively, driven by strong new sales margins of 26%. Care suite DMF, one of our core focus items was up +43% YoY pro-forma but also up +30% on the November half reported last year. While in-line with our estimates we believe we are substantially ahead of both buy and sell-side consensus. One area of some disappointment was care expenses that was NZ$2m ahead of our expectations, taking annuity EBITDA to a small miss. While this was well flagged after ARV and RYM results, it still points to the difficult squeeze in traditional care earnings which is hurting in particular RYM which does not have a care suite offering to offset the cost inflation for care staff. OCA estimates that COVID-19 added about NZ$1m of excess costs. &nbsp;
Key points of interest
<ul>
<li>Capex-recycling: We estimate around c. 100% organic cash recovery of capex after adjusting for apartments sold at Waterford (which was acquired) and the acquisition of Waterford (but not the land).</li>
<li>Net Debt: Increased materially due to timing of equity raise and payment for Waterford. On an underlying basis capex was slightly below our estimates but operating cash flow was weaker due to approximately NZ$10m additional Working Capital build vs our expectations.</li>
<li>Development: OCA has reduced its expected delivery from 221 to 171 as one Auckland development (Lady Allum) has been pushed from late FY22 to early FY23 due to Covid restrictions</li>
<li>NTA increased to NZ$1.27: NTA increased to NZ$1.27, up from NZ$1.02 in November 2020 and NZ$1.20 at year end (March-21)</li>
<li>DPS back to NZ 2.1cps: OCA took its DPS back to NZ 2.1cps, up from NZ 1.3cps last year and in-line with FY19 and FY20, in-line with the midpoint of its guidance (50-60% of underlying earnings).</li>
</ul>
Investor briefing – 10:30am NZT
Access here; Dial-in; 0800 423 972, code; 106591 or via webcast;&nbsp;<a href="https://event.webcasts.com/starthere.jsp?ei=1507877&amp;tp_key=7208bb1c83" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://event.webcasts.com/starthere.jsp?ei%3D1507877%26tp_key%3D7208bb1c83&amp;source=gmail&amp;ust=1638233388179000&amp;usg=AOvVaw0xTQ2_-qMYLROwywEKH-2h" rel="noopener">https://event.webcasts.com/starthere.jsp?ei=1507877&amp;tp_key=7208bb1c83</a>
1H22 result summary
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 42.8pt; height: 12.75pt;">
1H21
</td>
<td style="width: 42.8pt; height: 12.75pt;">
1H22
</td>
<td style="width: 53.55pt; height: 12.75pt;">
% change
</td>
<td style="width: 58.05pt; height: 12.75pt;">
1H22E FB
</td>
<td style="width: 62.45pt; height: 12.75pt;">
Actual vs FB
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Care fees
</td>
<td style="width: 42.8pt; height: 12.75pt;">
81.9
</td>
<td style="width: 42.8pt; height: 12.75pt;">
86.3
</td>
<td style="width: 53.55pt; height: 12.75pt;">
5%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
87.6
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-1%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Care DMF
</td>
<td style="width: 42.8pt; height: 12.75pt;">
5.4
</td>
<td style="width: 42.8pt; height: 12.75pt;">
7.0
</td>
<td style="width: 53.55pt; height: 12.75pt;">
30%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
7.0
</td>
<td style="width: 62.45pt; height: 12.75pt;">
0%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Village DMF
</td>
<td style="width: 42.8pt; height: 12.75pt;">
12.9
</td>
<td style="width: 42.8pt; height: 12.75pt;">
15.6
</td>
<td style="width: 53.55pt; height: 12.75pt;">
21%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
15.5
</td>
<td style="width: 62.45pt; height: 12.75pt;">
1%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Village fees
</td>
<td style="width: 42.8pt; height: 12.75pt;">
4.4
</td>
<td style="width: 42.8pt; height: 12.75pt;">
5.1
</td>
<td style="width: 53.55pt; height: 12.75pt;">
16%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
4.8
</td>
<td style="width: 62.45pt; height: 12.75pt;">
7%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Resale gains
</td>
<td style="width: 42.8pt; height: 12.75pt;">
10.4
</td>
<td style="width: 42.8pt; height: 12.75pt;">
10.6
</td>
<td style="width: 53.55pt; height: 12.75pt;">
2%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
11.2
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-5%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
New sale gains
</td>
<td style="width: 42.8pt; height: 12.75pt;">
17.0
</td>
<td style="width: 42.8pt; height: 12.75pt;">
15.3
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-10%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
12.3
</td>
<td style="width: 62.45pt; height: 12.75pt;">
25%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Other
</td>
<td style="width: 42.8pt; height: 12.75pt;">
0.4
</td>
<td style="width: 42.8pt; height: 12.75pt;">
0.5
</td>
<td style="width: 53.55pt; height: 12.75pt;">
17%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
0.5
</td>
<td style="width: 62.45pt; height: 12.75pt;">
0%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Total revenue
</td>
<td style="width: 42.8pt; height: 12.75pt;">
132.4
</td>
<td style="width: 42.8pt; height: 12.75pt;">
140.5
</td>
<td style="width: 53.55pt; height: 12.75pt;">
6%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
138.8
</td>
<td style="width: 62.45pt; height: 12.75pt;">
1%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Total costs
</td>
<td style="width: 42.8pt; height: 12.75pt;">
96.9
</td>
<td style="width: 42.8pt; height: 12.75pt;">
103.9
</td>
<td style="width: 53.55pt; height: 12.75pt;">
7%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
104.3
</td>
<td style="width: 62.45pt; height: 12.75pt;">
0%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
EBITDA
</td>
<td style="width: 42.8pt; height: 12.75pt;">
35.5
</td>
<td style="width: 42.8pt; height: 12.75pt;">
36.5
</td>
<td style="width: 53.55pt; height: 12.75pt;">
3%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
34.5
</td>
<td style="width: 62.45pt; height: 12.75pt;">
6%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Depreciation &amp; amortisation
</td>
<td style="width: 42.8pt; height: 12.75pt;">
8.1
</td>
<td style="width: 42.8pt; height: 12.75pt;">
9.9
</td>
<td style="width: 53.55pt; height: 12.75pt;">
22%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
8.5
</td>
<td style="width: 62.45pt; height: 12.75pt;">
17%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
EBIT
</td>
<td style="width: 42.8pt; height: 12.75pt;">
27.5
</td>
<td style="width: 42.8pt; height: 12.75pt;">
26.7
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-3%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
26.0
</td>
<td style="width: 62.45pt; height: 12.75pt;">
3%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Net interest
</td>
<td style="width: 42.8pt; height: 12.75pt;">
4.0
</td>
<td style="width: 42.8pt; height: 12.75pt;">
4.1
</td>
<td style="width: 53.55pt; height: 12.75pt;">
3%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
3.8
</td>
<td style="width: 62.45pt; height: 12.75pt;">
9%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Add back: Care suite depreciation
</td>
<td style="width: 42.8pt; height: 12.75pt;">
3.0
</td>
<td style="width: 42.8pt; height: 12.75pt;">
4.8
</td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
3.8
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Underlying profit
</td>
<td style="width: 42.8pt; height: 12.75pt;">
26.5
</td>
<td style="width: 42.8pt; height: 12.75pt;">
27.4
</td>
<td style="width: 53.55pt; height: 12.75pt;">
3%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
26.1
</td>
<td style="width: 62.45pt; height: 12.75pt;">
5%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Annuity EBITDA
</td>
<td style="width: 42.8pt; height: 12.75pt;">
18.5
</td>
<td style="width: 42.8pt; height: 12.75pt;">
21.2
</td>
<td style="width: 53.55pt; height: 12.75pt;">
15%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
22.2
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-4%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
EPS (cents)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
4.2
</td>
<td style="width: 42.8pt; height: 12.75pt;">
3.9
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-8%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
3.7
</td>
<td style="width: 62.45pt; height: 12.75pt;">
5%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
DPS (cents)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
1.3
</td>
<td style="width: 42.8pt; height: 12.75pt;">
2.1
</td>
<td style="width: 53.55pt; height: 12.75pt;">
62%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
2.0
</td>
<td style="width: 62.45pt; height: 12.75pt;">
5%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Net debt (FB)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
296.8
</td>
<td style="width: 42.8pt; height: 12.75pt;">
333.9
</td>
<td style="width: 53.55pt; height: 12.75pt;">
12%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
256.7
</td>
<td style="width: 62.45pt; height: 12.75pt;">
30%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Operating cash flow
</td>
<td style="width: 42.8pt; height: 12.75pt;">
74.6
</td>
<td style="width: 42.8pt; height: 12.75pt;">
52.5
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-30%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
64.8
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-19%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Investing cash flow
</td>
<td style="width: 42.8pt; height: 12.75pt;">
60.1
</td>
<td style="width: 42.8pt; height: 12.75pt;">
142.5
</td>
<td style="width: 53.55pt; height: 12.75pt;">
137%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
80.0
</td>
<td style="width: 62.45pt; height: 12.75pt;">
78%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
New sales cash flow
</td>
<td style="width: 42.8pt; height: 12.75pt;">
69.1
</td>
<td style="width: 42.8pt; height: 12.75pt;">
109.3
</td>
<td style="width: 53.55pt; height: 12.75pt;">
58%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
53.4
</td>
<td style="width: 62.45pt; height: 12.75pt;">
105%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Cash recovery (straight)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
115%
</td>
<td style="width: 42.8pt; height: 12.75pt;">
77%
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-38%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
67%
</td>
<td style="width: 62.45pt; height: 12.75pt;">
10%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
NTA (FB)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
1.02
</td>
<td style="width: 42.8pt; height: 12.75pt;">
1.27
</td>
<td style="width: 53.55pt; height: 12.75pt;">
24%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
1.24
</td>
<td style="width: 62.45pt; height: 12.75pt;">
3%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Sales - new units
</td>
<td style="width: 42.8pt; height: 12.75pt;">
145
</td>
<td style="width: 42.8pt; height: 12.75pt;">
101
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-30%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
100
</td>
<td style="width: 62.45pt; height: 12.75pt;">
1%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
New sales margin (%)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
25%
</td>
<td style="width: 42.8pt; height: 12.75pt;">
26%
</td>
<td style="width: 53.55pt; height: 12.75pt;">
1%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
23%
</td>
<td style="width: 62.45pt; height: 12.75pt;">
3%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Sales - resold units
</td>
<td style="width: 42.8pt; height: 12.75pt;">
123
</td>
<td style="width: 42.8pt; height: 12.75pt;">
129
</td>
<td style="width: 53.55pt; height: 12.75pt;">
5%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
135
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-4%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Resales margin (%)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
21%
</td>
<td style="width: 42.8pt; height: 12.75pt;">
20%
</td>
<td style="width: 53.55pt; height: 12.75pt;">
-1%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
21%
</td>
<td style="width: 62.45pt; height: 12.75pt;">
-1%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 42.8pt; height: 12.75pt;"></td>
<td style="width: 53.55pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 58.05pt; height: 12.75pt;">
&nbsp;
</td>
<td style="width: 62.45pt; height: 12.75pt;">
&nbsp;
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Average unit price - new sales (NZ$000's)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
477
</td>
<td style="width: 42.8pt; height: 12.75pt;">
589
</td>
<td style="width: 53.55pt; height: 12.75pt;">
24%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
534
</td>
<td style="width: 62.45pt; height: 12.75pt;">
10%
</td>
</tr>
<tr>
<td style="width: 179.8pt; height: 12.75pt;">
Average unit price - resales (NZ$000's)
</td>
<td style="width: 42.8pt; height: 12.75pt;">
407
</td>
<td style="width: 42.8pt; height: 12.75pt;">
411
</td>
<td style="width: 53.55pt; height: 12.75pt;">
1%
</td>
<td style="width: 58.05pt; height: 12.75pt;">
394
</td>
<td style="width: 62.45pt; height: 12.75pt;">
4%
</td>
</tr>
</tbody>
</table>
Source: Forsyth Barr analysis, Company reports

Oceania Healthcare (OCA) 1H22 Result – Initial Impressions
Please note that Oceania has changed its year end from May to March which means that the PCP is a tougher comparison relative to RYM and ARV&nbsp; - below we are comparing a first half that did not include the hard 2020 March/April lock-downs.
Oceania reported a solid first half, ahead of our expectations for both EBITDA and underlying earnings (5%/6%) respectively, driven by strong new sales margins of 26%. Care suite DMF, one of our core focus items was up +43% YoY pro-forma but also up +30% on the November half reported last year. While in-line with our estimates we believe we are substantially ahead of both buy and sell-side consensus. One area of some disappointment was care expenses that was NZ$2m ahead of our expectations, taking annuity EBITDA to a small miss. While this was well flagged after ARV and RYM results, it still points to the difficult squeeze in traditional care earnings which is hurting in particular RYM which does not have a care suite offering to offset the cost inflation for care staff. OCA estimates that COVID-19 added about NZ$1m of excess costs. &nbsp;
Key points of interest

Capex-recycling: We estimate around c. 100% organic cash recovery of capex after adjusting for apartments sold at Waterford (which was acquired) and the acquisition of Waterford (but not the land).
Net Debt: Increased materially due to timing of equity raise and payment for Waterford. On an underlying basis capex was slightly below our estimates but operating cash flow was weaker due to approximately NZ$10m additional Working Capital build vs our expectations.
Development: OCA has reduced its expected delivery from 221 to 171 as one Auckland development (Lady Allum) has been pushed from late FY22 to early FY23 due to Covid restrictions
NTA increased to NZ$1.27: NTA increased to NZ$1.27, up from NZ$1.02 in November 2020 and NZ$1.20 at year end (March-21)
DPS back to NZ 2.1cps: OCA took its DPS back to NZ 2.1cps, up from NZ 1.3cps last year and in-line with FY19 and FY20, in-line with the midpoint of its guidance (50-60% of underlying earnings).

Investor briefing – 10:30am NZT
Access here; Dial-in; 0800 423 972, code; 106591 or via webcast;&nbsp;https://event.webcasts.com/starthere.jsp?ei=1507877&amp;tp_key=7208bb1c83
1H22 result summary




&nbsp;


1H21


1H22


% change


1H22E FB


Actual vs FB




Care fees


81.9


86.3


5%


87.6


-1%




Care DMF


5.4


7.0


30%


7.0


0%




Village DMF


12.9


15.6


21%


15.5


1%




Village fees


4.4


5.1


16%


4.8


7%




Resale gains


10.4


10.6


2%


11.2


-5%




New sale gains


17.0


15.3


-10%


12.3


25%




Other


0.4


0.5


17%


0.5


0%




Total revenue


132.4


140.5


6%


138.8


1%




Total costs


96.9


103.9


7%


104.3


0%




EBITDA


35.5


36.5


3%


34.5


6%




Depreciation &amp; amortisation


8.1


9.9


22%


8.5


17%




EBIT


27.5


26.7


-3%


26.0


3%




Net interest


4.0


4.1


3%


3.8


9%




Add back: Care suite depreciation


3.0


4.8


&nbsp;


3.8


&nbsp;




Underlying profit


26.5


27.4


3%


26.1


5%




Annuity EBITDA


18.5


21.2


15%


22.2


-4%




EPS (cents)


4.2


3.9


-8%


3.7


5%




DPS (cents)


1.3


2.1


62%


2.0


5%







&nbsp;


&nbsp;


&nbsp;




Net debt (FB)


296.8


333.9


12%


256.7


30%




Operating cash flow


74.6


52.5


-30%


64.8


-19%




Investing cash flow


60.1


142.5


137%


80.0


78%




New sales cash flow


69.1


109.3


58%


53.4


105%







&nbsp;


&nbsp;


&nbsp;




Cash recovery (straight)


115%


77%


-38%


67%


10%







&nbsp;


&nbsp;


&nbsp;




NTA (FB)


1.02


1.27


24%


1.24


3%







&nbsp;


&nbsp;


&nbsp;




Sales - new units


145


101


-30%


100


1%




New sales margin (%)


25%


26%


1%


23%


3%




Sales - resold units


123


129


5%


135


-4%




Resales margin (%)


21%


20%


-1%


21%


-1%







&nbsp;


&nbsp;


&nbsp;




Average unit price - new sales (NZ$000's)


477


589


24%


534


10%




Average unit price - resales (NZ$000's)


407


411


1%


394


4%




Source: Forsyth Barr analysis, Company reports

Oceania Healthcare (OCA): 1H22 Result – Initial Impressions