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This Report consists of Business summary,

share performance, financial summary,
outlook, management overview and key
ratio analysis. This report also comes with
last 3 years historical information on the
companys Annual & Interim Income,
Balance Sheet and Casflow statements.

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Financial Analysis

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Summerset Group Holdings Ltd

25th July, 2013

Investment Research Group Limited

Date: 25th July, 2013

Sector: Retirement/ Aged care

Industry: Healthcare

Contents
1.0 Business Summary .............................................................................................................................. 2
2.0 Share performance ............................................................................................................................. 2
3.0 Financial summary .............................................................................................................................. 3
4.0 Outlook ............................................................................................................................................... 3

5.0 Key Ratios ............................................................................................................................................ 4

6.0 Management ....................................................................................................................................... 7

7.0 Annual Income Statement .................................................................................................................. 9

8.0 Interim Income Statement .................................................................................................................. 9
9.0 Annual Balance Sheet ....................................................................................................................... 10

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10.0 Interim Balance Sheet ..................................................................................................................... 11

11.0 Annual Cash Flow Statement .......................................................................................................... 12

12.0 Interim Cash Flow Statement ......................................................................................................... 13

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Acknowledgement .................................................................................................................................. 14

Investment Research Group

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Date: 25th July, 2013

Sector: Retirement/ Aged care

Industry: Healthcare

Summerset Group Holdings Limited

1.0 Business Summary

Summerset provides a range of living options to almost 2,000 residents across New Zealand. The
company has a successful track record of developing and completing new villages, with 16 completed
or in development from Warkworth to Dunedin. Since it was founded in 1994, the Summerset Group has
grown consistently to become one of the country's largest and most respected operators in the
retirement village and aged care sector.

2.0 Share performance

Price: $3.09
Avg. Volume (3 mnths):

1.117B

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Analyst Consensus: Outperform

Summerset has a strong development pipeline for future
growth. Five villages are currently under construction,
including the recently acquired site in Dunedin. Summerset also has three quality land sites in Karaka,
Katikati and Hobsonville and is continually evaluating new sites to support the development of further
villages based on demand. Summerset's highly experienced senior management team is led by CEO
Norah Barlow who is also the immediate past president of the Retirement Villages Association of New
Zealand.

52 Week High: $3.25

Share Outstanding (mil): 215.92M

52 Week Low: $1.74

Market Cap (mil): $667.19M

*Calculation based on open price as on 25 July, 2013.

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