Thank you all for standing by, and welcome to the Arvida Investor Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. To ask a question at that time, you'll need to press star one on your telephone. I'd now like to hand the conference over to your first speaker, CEO Bill McDonald. Thank you. Please go ahead. Good morning, everybody, and thanks for joining us in our FY 2021 results call. It's been a year that we won't forget in a hurry, of course, particularly with the first few months when we were undergoing our Alert Level 4 lockdown period, which virtually stopped our sales and stopped our construction, and we were unable to bring people into our care centers. It certainly was a difficult year from the outset. Therefore, we're very pleased to be able to deliver the results that we have today. We remain focused on our COVID-19 response. Even though we're sitting in a good position at the moment, we are certainly keeping a weather eye on what happens and ensuring that our vaccination program rolled out well and just making sure that we understand the implications and the risks as our borders start to reopen. We recorded a net profit after tax of NZD 131.1 million, up 207% on last year, mainly due to the backing out of the COVID valuation assumptions and a strong market performance in the second half of the year. I think a strong sentiment towards the sector on the back of how well the sector handled the COVID response. Our underlying profit, which is our key metric, was NZD 51.9 million. A very strong second half performance, up 53% on the COVID-impacted first half. An operating cash flow of NZD 130.8 million. Pleasingly, we retained a gearing ratio at 30%, which was a couple of percent down on last year, and that also included an increase on our build rate, so very pleased there with strong cash flows. Strong new and resale settlements of 404 units and beds, delivering NZD 227.4 million in gross proceeds, which was up 13% on last year. Our development team delivered 247 new units and beds, which was above our guidance of 200+, which we're also really pleased about, and we'll talk about more in the deck. We commenced development of our new greenfield site at Te Puna Waiora in Kerikeri, which we're very happy about. We maintained our high clinical standards with now 83% of our care centers having a four-year certification period. We retained our 95% occupancy. Although we dipped a little bit during the lockdown period, as I mentioned, we were unable to bring new residents into our care centers, although we're very pleased to be able to ramp back up as the year went on. We continued our excellent resident and staff satisfaction results, our four-quarter dividend of NZD 1.05 per share brings our total dividend for the year to NZD 0.0535. Next slide gives a snapshot of our five years' year-over-year growth across the four metrics there, so nice to see them continuing. On the next slide, we've got some commentary there on how we responded to the COVID-19 threat. It was well managed across the sector and within Arvida with zero positive cases within our resident or staff cohorts, which was obviously the best outcome we could have achieved. We now have a vaccination program underway across the villages. Quite a disrupted year, as I've mentioned, very pleased to be able to come out with a stronger sentiment towards the sector, both in the retirement and care. I think we really stood out from the crowd in New Zealand with our response to the COVID-19 threat. As you saw in other countries, it was really the care centers which were most dramatically impacted, so it was a really good result from our perspective. Very pleased with the continued growth of the Attitude of Living Well care model. Also thrilled with the completion of the 114 new care suites that we've delivered this year. That really represents our new care model going forward with the introduction of an ORA contract across care and delivering something that's more akin to our Attitude of Living Well care model. As you know, we consider our sites as a single business unit. To give you a bit of a proxy as to how the care went for the year, we do have our five standalone centers which delivered NZD 14.7 thousand EBITDA there for the year. That was a COVID-impacted result, so a little bit under what we normally do. I think it's fair to say that there is the continuing margin squeeze that really relates to the underfunding by the DHB relative to our increasing costs, particularly pay, insurance rates, and the COVID-related costs as well during the year. Village operations on the next slide. Our greenfield sites are really designed to deliver to our future resident cohort. When we get into some future slides, you'll see exactly what we're doing there. Park Lane and in the near future, Waimea Plains, are very good examples of how we deliver what we earlier termed outwardly facing community facilities. Now with the Arvida G ood Friends, our home care business, we're able to provide community centers on our new greenfield sites, which introduces the broader community into our villages. A step which we're really thrilled with and something which has gone particularly well in Park Lane since our opening about a month ago. We've been able to maintain a future development pipeline and development team capacity to deliver 300+ new units over the next few years, although next year we're planning on delivering between 200 and 250 units. On the bottom of that slide, our average embedded value now sits at NZD 210,000 per unit, with a total embedded value across the portfolio of NZD 482 million, which is NZD 93 million up over the previous year. The next slide gives a shot of our community center at Park Lane. It's a fabulous building, and I really recommend you to have a look if you're in Christchurch. The business model comprises three different components. Firstly, the community center, which you can see in the slide there. Secondly, our home care business, which is based on a sophisticated IT-based app, which provides data out of the home, both to us as operators, to family, and also to funders, which we think is going to really set the standard going forward for home care in New Zealand. Also a transport business, which brings people to and from our centers or anywhere else around the local community, enabling our community-based residents to retain their independence and mobility. We think it's a terrific initiative, and we hope over the years to come, we'll be able to talk about how it's changed the landscape of aged care in New Zealand. The next shot gives a view on how our portfolio has changed over the year. Fundamentally, we've added the 247 new units, we've decommissioned the 37 beds at Aria Bay, where we built our new care suite building there. We've also taken up a lease on Lake Wakatipu Care Centre in Queenstown to enable us to provide care not only to our Queenstown Country Club residents but to the broader community as we plan to build our new care center at our Queenstown Country Club. That will assist us in bringing the staff into our Attitude of Living Well care model and also ensure that the residents who will be moving over to us in the coming years are looked after under our model. We also are under almost the final stages of selling our Maples Retirement Village. That sale is going through mainly because Maples is somewhat subscale to our portfolio going forward. The next slide covers our delivery of the 247 units. It was a great number for us. It was above our target of 200+, which, delivered in a COVID year, was a really great achievement from our development team. Our delivery was weighted towards the second half, with 169 of the units actually being delivered in the fourth quarter. That's generally how it seems to roll with us. We're looking forward to a lot of new sales coming into our current financial period. It's fair to say that we've had very strong demand for care suites and thrilled with the way in which the community has responded to the product. As I said, the FY 2022 delivery guidance remains with our target build rate of between 200-250 units, with the aim to increase to 300+ new units over the next couple of years. Importantly, of note there is the conditional agreement we have to acquire two new broad acre greenfield sites, which we'll be able to talk about more in the coming weeks and months. Thrilled to be able to add to our development pipeline there. The next slide is some nice snapshots of our completed projects in FY 2021. Firstly, Aria Bay with our 59 new care suites there. We moved 34 of our existing residents over, and they're absolutely thrilled with the product. Both the residents and families love the transition, and we now have a wait list on the product there. It's a nice shot of Copper Crest in Tauranga, where we delivered 29 new Living Well apartments and 55 care suites. That was a key development for us, the first scale multi-level development from our in-house team. Great achievement there. We delivered six new units at Bethlehem Shores, 15 new units at Beth Country Club, eight at Glenbrae at Rotorua, and seven at Havelock North, our Mary Doyle village. Also, 25 units were delivered at Waimea Plains, which was completion of stage 2, and 27 beds and units at St. Augustine's in Christchurch. Queenstown, we delivered another 15 units. Strong demand there in Queenstown, and I think that will only increase as our clubhouse nears completion there. The next slide is a very nice picture of the clubhouse of Waimea Plains. Great village there, which I'll talk about a little bit more in a minute. Development in progress. Construction currently in progress across 11 sites in nine regions spread across New Zealand, so a lot of activity going on. We now have resource consent at Bethlehem Country Club to get moving with the next stage of villas there, which is another 59 villas with construction starting this year. As I said, the clubhouse at Lake Wakatipu Care Centre is now underway. I'm sure that the added amenity there will only increase the demand. We've got a good solid waiting list there, and we can't really build the villas there quick enough. Village at the Park is coming along well with Block F, another 25 villas. We are soon to complete our development at Rhodes on Cashmere with the final buildings, D and E, which comprise 35 care suites and two apartments. At Lauriston Park, we're underway with another 15 villas there. Well, in fact, we're also underway with the development of our new care suites and care center there, which the residents are very keen to see complete. On the next slide is a picture of our Aria Bay development. As you can see there in the bottom right-hand corner of the site is our new care suite development, and just above that in red is the two new apartment blocks, which are now underway. Across the page is Te Puna Waiora in Kerikeri. That's a great development with strong local and regional demand. As we've noted in the release, we also acquired some additional land there, which has the dotted line around it in the slide. We have great expectations for our Kerikeri site, which will also have a care facility and potentially our community facilities as well. On the next slide is the back half of our Waimea Plains development, which includes our new clubhouse there. It's selling particularly well. We're really thrilled with the way in which our first greenfield development's gone. The residents here, as I've mentioned before, don't actually term themselves living in a retirement village, but they live in a Living Well community, which they're all very proud of. Very pleased to see how strong the demand is for that site. On the next slide is a snapshot of our development pipeline, and it's also worth remembering that very soon we'll be able to add our two greenfield sites that are currently under conditional agreement. On that note, I'll hand over to Jeremy. Good morning, everybody. I'm on page 20 of the pack. A very strong financial performance for the year with net profit after tax hitting NZD 131 million. Obviously, the key driver of that was the revaluation of our investment properties. It was up NZD 123 million for the year. The key factors in that were, at March 2020, the valuers had some COVID-related material uncertainty assumptions within the valuations. Over the course of the year, we've seen those assumptions reverse, and we've also seen, obviously, the very strong rise in house prices across the country. In addition, the delivery of the 247 units has increased our peer values as well. For the year, it was the first year with full contribution from the Sanderson villages that we acquired in August 2019, and this is the first year that we've had no company tax payable. In terms of resales, we hit 257 for the year, slightly down on the prior period. As you can see in the chart on the bottom left, the service apartments, we sold 140 compared to 164 in the prior period. That was really due to the COVID-19 lockdowns. We were unable to get people in to view and purchase service apartments during that period. The resale margin has been consistent at 23% across the last three years, and we saw our average resale prices at 5% greater than the unit having assumed by the valuers at the start of the period. In terms of new sales, we saw 137 new units sold, mainly villas and apartments, with 126 of those. Development margin for the year was 15%, and gross proceeds were NZD 109 million. In terms of underlying profit, we hit NZD 51.9 million, so NZD 200,000 up on last year, so that's a fantastic result. A strong contribution from the Sanderson portfolio. They delivered an additional NZD 6.2 million over and above what they delivered in FY 2020 for the eight months of that position. In terms of underlying EBITDA, we're at NZD 64.6 million and annuity EBITDA NZD 83.3 million. Both those numbers are up 5% on the prior period. Balance sheet's looking good. Assets are up to NZD 2.2 billion, mainly made up of investment property at NZD 1.9 billion. Obviously, you can see the chart at the bottom. A lot of money being spent on developments, NZD 133 million across the period. That revaluation of NZD 124 million coming through. In terms of the capital structure, our total net drawn debt went from NZD 309 to NZD 361 million. The gearing remained at 30%. Really strongly positioned balance sheet. We also did our inaugural retail bond earlier this calendar year. With that NZD 125 million, we used that to repay existing bank debts. We also had a NZD 100 million facility we negotiated during the first lockdown. That was implemented early in April 2020. That had an 18-month tenure, that tranche has now been canceled. Our bank limits are NZD 375 million, plus the bond at NZD 125 gives us total limits of NZD half a billion dollars. In terms of the cash flows, operating activities was NZD 131 million, up from NZD 103 in the prior period. Great result from the sales across the business in the second half of the financial year. That has contributed strongly, especially those new sales. In terms of strategy, we've slightly refreshed our strategic pillars. We've combined buying and building well into one pillar with a highlight of the focus on acquiring greenfield land. We've also introduced nurturing well. That introduces our sustainability focus to make sure that we are managing and operating our business in a responsible and sustainable way. In terms of the strategy mentioned, we've set out for you some of our outcomes from the past year, where we're going in the midterm, and also some of the key outlooks as well for the business. We're also starting to build our sustainability framework and our roadmap towards TCFD reporting in FY 2023. We did a significant amount of work with Toitū to audit our FY 2020 emissions, and the total emissions were 4,582 tons. We set ourselves a target of a reduction of 20% within five years on an intensity basis. We've set out some of the key things that we'll be doing as we move towards TCFD reporting, and ensuring that the business is going to be focused on those elements as we move forward. In terms of dividend, final quarter dividend is NZD 0.015 per share. That's NZD 0.0535 per share for the year. Importantly to note, we have altered the dividend policy. The payout range target is now 40%-60% of underlying profit. It was previously 50%-70%, and we paid out 56% in the current year. We are also introducing a dividend reinvestment plan. Materials will be sent to investors early in June on that. We're also moving at the same time to six-monthly dividends as opposed to quarterly. The aim of that is really to retain capital and be able to recycle that into new greenfield projects. At that point we'll pause, and I'll hand back to the operator, Tara, who will facilitate question time. Thank you, Jeremy. Ladies and gentlemen, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you need to cancel that request, please press the pound or hash key. Our first question comes from Andrew Steele at Jarden. Please go ahead. Good morning, guys. The first one for me is the ramp-up in the build rate to 300 beds and units. Are there any constraints on the business today that you need to deal with or alleviate in order to get up to that level? Related to that, what sort of size land bank would you ideally want to be at to maintain that sort of run rate of building? There's a couple of key things. We need to get more greenfield projects into the pipeline. As we do that, we'll resource up those projects appropriately. Ideally, we'll get back towards 1,800 units and beds in the pipeline, and we're aiming to get back to that point over the next 18 months. Great. Thanks, Jeremy. Excuse me. Just to clarify, there are no sort of operational constraints in terms of development capability internally to that ramp up either? No, as I said, we just need to make sure that we've got the right number of project resources on the development. We've got a very well-resourced development team at the moment that does everything from land acquisition, consenting design, project management, development management, and we've got our construction teams in action in Queenstown, in Tauranga, in Lauriston, sorry, that's in Cambridge, and also a quality team up in Kerikeri as well. Great, thanks. Okay. Next one from me is on, I guess, your portfolio optimization. You've announced the disposal of one village and highlighted in the strategy the divestment opportunities. When you look across your existing asset base, if you were to divide it into buckets of what is strategically non-core that you might want to dispose of, which have development upside and which are, I guess, strategically important, how would they broadly fit into those three buckets in terms of numbers of villages? We've only got a small number that could be potentially divested. Those, as Bill said earlier on, are generally more subscale with no development activity. At this point, we haven't designated anything for sale apart from the Maples Village. Great, thanks. Just with relation to operating costs, you've highlighted the ongoing margin squeeze in care and the impact of COVID in this year. When you look at the year ahead, is this a portion of that OpEx base which you expect to drop out? Would you like to call out any particular size of it, and what's your expectation for underlying cost inflation? We had, in these numbers, there's about NZD 5 million of additional COVID-related costs. NZD 4 million of that is in the employment line and NZD 1 million is in other costs. We expect those to fall away. In terms of underlying inflation, it's going to be a very interesting outcome from the discussions with the DHB and the Ministry of Health over the next couple of weeks to see where funding rates for care end up. There's a number of, in my mind, that are not negotiables. We've got legislated paid equity for caregivers, so increasing rates there averaging probably NZD 1.50 per hour, additional holidays for statutory holidays and sick leave. We are also pushing hard for pay parity for our nurses with the public health system. There's a number of things that are going to cause inflation in our operating costs over the next 12 months. We are just focused on assisting the NZACA with those negotiations with the Ministry of Health to make sure that aged care is appropriately funded. Great, thanks. Just to clarify on that, Jeremy, I appreciate everything you said on the funding piece. Can you be willing to provide a broad sense of where you might think the underlying cost inflation might fall? Not at this stage. It really just depends on. We want to get a good result from this funding outcome, and then we can pass that on to nurses, in particular our caregivers, people on the frontline that are doing the hard yards for the business. Great, thanks. Just one last one from me. Looking at development margin in the second half, it's gone just back over 15%, which is towards the bottom end of your target range. Could you highlight which projects have impacted this over your 1H and 2H, and where you expect that to be going into next year? Are you working your way through the stock on those, I guess, somewhat more problematic projects? Yeah. Villa stock generally has a higher development margin, and then some of the apartment stock has lower development margins. That's sort of the generalization. We have got a lot of villa development planned for FY 2022. Yeah, we've seen some great margins coming through at some of those villa-led developments, and we're expecting that number to increase over the next 12 months. In terms of any particular projects which have, I guess, had disappointing development margin outcomes, you're comfortable you're largely through the inventory for those? Yeah, we've still got some of that in stock, particularly in Christchurch, which fell down. We'll get the key focus for the business over the next 12 months to move that stock. That's great. That's all from me. Thanks, Jeremy and Bill. Our next question comes from Bianca Leteris at UBS. Please go ahead. Hi, good morning, guys. Just a few questions from me. Firstly, just on your full-year average new sale price per unit in care. There's a slowdown in new sale prices compared to the first half. I'm just wondering what's the reason for that? The average in the second half would be impacted by more service departments being sold. We didn't sell a hell of a lot in that first six months with COVID, and it reduced the average price of resales in the second half Great. Thank you. On your care suite strategy, you obviously completed a good number of your care suite developments in the year, and you mentioned there's good demand for that. I'm just wondering how the sell-down of those is going. Is there still a high number of care suites that are occupied by transferring residents from care beds? If you could just indicate how care suite new sales for FY 2022 are tracking. At Aria Bay, there's 59 care suites. We opened the dual-purpose care suites, there were 40 of those first. Of those, there were 35 people that transferred from our existing care facility across, and the other five were sold. Since then, we've had a few of those residents pass away, and those units have then been sold. As Bill said before, we do have a wait list for the dual-purpose rooms there, and we're now in the process of selling down that dementia ward, and I think we're probably about 40% through the sell-down of the dementia ward. At Copper Crest, we opened that facility in the end of March. At the moment, we're breaking it down into the households. There's 55 care suites across five households, we're focused on the first two households of 11 each. Those sales are going well, and we're probably about 70% through the first two households. Okay. Great. Thank you. Just lastly, about the DRP. I was just wondering what's the reason you're introducing the DRP, which is gearing in line with last year and well within your target range as well. Also, what would the DRP discount be? We are looking to recycle some more of that capital back into greenfield acquisitions and development projects. That was the reason for the reduction in the range and also the introduction of the DRP. In terms of discounts, we have not had that discussion and the board will make that first call when we do the first semi-annual dividend, which will be announced in late November. We will be in line with market, in terms of discounts. If you looked at Oceania will be a viable example, I imagine we'll be in line with those sorts of discounts. Okay, great. That's all from me. Thank you. Cheers. See you. Our next question comes from Aaron Ibbotson at Forsyth Barr. Please go ahead. Hi there. Good morning, gentlemen. Just a couple of questions from me, the first one is just sort of slightly longer-term. When you talk about ramping up the build rates towards the 300 level, I'm curious to hear your thoughts on independent living units relative to care suites mix or with your, as far as I can tell, positive experience from the care suites, if you're thinking about increasing the weight of those even further or if we should sort of expect a similar mix as we're currently seeing. Thank you. I think you'll see the mix relatively consistent. An ideal size development might be 150 independent units and around 60 care suites, with 20 of those care suites being dementia. That's kind of the ideal range for us, and mix. Okay, thank you. Related, this may be a bit too early to call, so to speak, what is your experience or if not experience, expectation of how many people are coming into these care suites, from within the village, so from independent living units versus externally? If you look at the mix going forward, are you thinking that most will come from within the village or a mix of 50/50 or some other setup? As you say, it's early days, Aaron, to make a call on that, but I think anecdotally, you'll probably say about 20% will come from the village, and that's probably about what we're seeing now. There's certainly strong demand that we're seeing from the broader community, both at Copper Crest and at Aria Bay. That's very pleasing to see, and I think it underpins our strategy that the community is generally looking for a superior product, and that is what they're finding in the care suite model, particularly with our household Attitude of Living Well care model overlaid across the top. Okay, thank you. That was very helpful. Final question from me was just, maybe I've missed it, but I couldn't see any comment on resale inventory and maybe particularly on the service departments. It's a little while since the sort of COVID fog lifted in New Zealand, but you mentioned that you've seen sort of lower resales within service departments still lingering. Just wondering if we can get some commentary around that and whether you expect it to clear or if indeed it already has cleared? Thank you. Yeah, it did start to clear in that second half of the year. At year-end, we had just over 50 resale units available for sale, so relatively low levels. Of that, there's probably about 60% of that was service departments. Okay. Thank you very much. Thank you, everyone. We have no further questions, so this will conclude today's conference call. Thank you all for joining. You may now disconnect.