AVEO HEALTHCARE LTD 
By
Aveo Healthcare (ASX: AEH) ('the Group') today announced its full year results for the year ended
30 June 2013 (FY13). AEH reported an underlying profit of $2.3m, in line with guidance, down on FY12.
The full year statutory result was a $3.3m loss, which includes the previously announced impairment provision of $7.7m at 31 December 2012 as a result of lowering unit list prices, a key input into the valuation of AEH's retirement property assets.
• Statutory profit/(loss) after tax: ($3.3m) (FY12: ($43.1m))
• Underlying profit after tax: $2.3m (FY12: $9.0m)
• Net tangible assets per share: $2.34 (FY12: $2.43)
• Underlying earnings per share: 2.7cps (FY12: 10.9cps)
• Gearing: 8.0% (FY12: 8.4%)
The underlying result was impacted by the mix of sales. This was due to a focus on recycling
capital by clearing low profit margin but cash generative company owned stock. Over the year AEH
achieved a total of 143 sales, up 18% on FY12, representing a turnover rate of 11.3%.
The strong turnover demonstrates that the back to basics approach taken by management in FY12 and FY13 is working, with sales and occupancy improving during the year.
In addition, the current level of deposits on hand at 30 June 2013 is at the highest level experienced in the last five years and represents a strong foundation for the Group to convert into settlements in FY14.
With company owned stock now at optimal levels, the mix of sales will normalise going forward. AEH delivered a minimal amount of new units in FY13 in line with the focus on clearing company owned stock. In FY14, AEH is accelerating its development pipeline with a target of delivering at least 100 units over the next three years.
As previously announced, the value of AEH's portfolio of retirement assets has been reviewed and as at 30 June 2013 the portfolio value remains materially unchanged from 31 December 2012. Consistent with previous periods, an independent valuation has been completed by Deloitte Touche Tohmatsu.
AEH has a strong balance sheet and has maintained a low level of gearing over the period. Through proactively managing working capital levels by selling-down company owned stock, AEH has been able to further strengthen its capital position and is well-placed to accelerate its development pipeline and enhance care offerings across the portfolio.
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Outlook
AEH operates five villages located in metropolitan areas in South East Queensland comprising
1,028 Independent Living Units, 252 Serviced Apartments and 25 Aged Care beds. The portfolio is characterised by mature villages, with established resident communities and a demonstrated
resident turnover history.
As part of the Group's strategy of providing more care services throughout its communities in line with resident needs, AEH will continue to add services with a target of providing care services to
100% of the portfolio in FY14.
Since 30 June 2013, the Group has successfully rebranded to Aveo Healthcare from Forest Place Group and appointed Adjunct Professor Stephen Muggleton to the Board of Directors. Mr Muggleton has a record of success and innovation across health, aged care and community care.
Nina Lesnanska, Communications and Investor Relations Manager
P: 02 9270 6168 M: 0404 811 469 E: Nina.Lesnanska@aveo.com.au
Aveo Healthcare has established itself as a market leader in provision of quality retirement accommodation in South East Queensland. Aveo Healthcare's villages offer high quality recreational and health facilities for elderly Australians coupled with a range of accommodation options to suit each resident's housing preference and level of independence. Operating under the Aveo brand, Aveo Healthcare's philosophy is 'Quality of Life'. This philosophy is embedded in all areas of the company's business including creating a friendly and productive working environment for employees, ensuring the company is a sound investment for shareholders and providing a superior lifestyle for residents. Issued by Aveo Healthcare (ASX: AEH) ABN 75 061 421 565. www.aveohealthcare.com.au
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