RESULTS FOR
THE YEAR ENDED
31 MARCH 2017
OVERVIEW
Solid
growth
Further
valuation
gains
Positive
policy
background
Strong
pipeline
Results for the year ended 31 March 2017
2
OVERVIEW
EPRA EPS
up 20%
Dividend
up 10%
STPs
5YFV
Naylor Report
Results for the year ended 31 March 2017
EPRA NAV
up 8%
Pipeline
£153m
3
17% GROWTH IN ANNUALISED RENT ROLL
£m
75
8.8
70
0.4
65
0.7
0.7
74.4
60
63.8
55
50
Mar-16
Asset
management
Results for the year ended 31 March 2017
Rent reviews
Development
completions
Acquisitions
Mar-17
4
58% GROWTH IN EPRA EARNINGS
£m
45
9.5
40
35
3.4
30
2.8
25
(0.9)
40.3
20
15
25.5
10
5
0
Year to Mar-16
Admin expenses
Results for the year ended 31 March 2017
Tax and other
Net finance costs
Net rental income
Year to Mar-17
5
8% GROWTH IN DILUTED EPRA NAV PER SHARE
50p
3.4p
49p
48p
47p
2.4p
46p
45p
49.3p
44p
43p
45.8p
(2.3p)
42p
41p
40p
Mar-16
Results for the year ended 31 March 2017
Dividends
Income
(EPRA EPS)
Capital
(revaluations)
Mar-17
6
21% INCREASE IN INVESTMENT PROPERTY
£m
5.52%
Equivalent yield
5.29%
5.29%
Net initial yield
5.10%
1,400
156
1,350
1,300
1,250
57
1,200
1,345
1,150
21
2
1,100
1,050
1,109
1,000
Mar-16
Other
Results for the year ended 31 March 2017
Development costs
Revaluation gain
Acquisitions
Mar-17
7
STRONG BALANCE SHEET
 New £200m RCF at initial margin
of 150 bps
2017
2016
1,345
1,109
Net debt (£m)
500
328
 Both on unsecured basis
Loan to value
37%
30%
 78 basis point reduction in weighted
average cost of debt
Cash/undrawn facilities (£m)
124
119
 81% of borrowings are fixed rate and
weighted maturity 8.7 years
Weighted average interest rate
 New £100m private placement fixed at
2.65% for 10 years agreed in October
Investment property
4.06% 4.84%
 LTV of 37% is below medium term range
of 40% to 50%
 Well placed to take advantage of future
opportunities
 RCF increased to £250m post year end
Results for the year ended 31 March 2017
8
EPRA COST RATIO REDUCED TO 14%
EPRA Cost Ratio
24%
22%
20%
20%
18%
18%
17%
16%
14%
14%
12%
10%
Mar-14
Results for the year ended 31 March 2017
Mar-15
Mar-16
Mar-17
9
ROBUST PERFORMANCE
 Stability of valuations over “cycle”
 Fundamentals remain strong with
prospect of rental growth rebounding
 Pricing remains attractive for further
additions
Yield progression
8%
7%
6%
5%
4%
3%
2%
1%
IPD monthly UK index initial yield
0%
Assura Net Initial Yield
15 year Gilt
Results for the year ended 31 March 2017
10
CONTINUED GROWTH THROUGH ACQUISITIONS
 £236m increase in portfolio
value
 £156m additions
 5.7% average yield on cost
 Weighted average unexpired
lease term of 14 years on new
additions
Investment
property
Rent roll
WAULT
Pipeline
2017
2016
Change
£86m
£1,345m
£1,109m
£236m
£74.4m
£63.8m
£10.6m
13.2 years
14.0 years
(0.8) years
 Solicitors instructed on a
further £86m of acquisitions
 Evolution of General Practice
favours corporate property
ownership
Results for the year ended 31 March 2017
11
BESPOKE DATABASE
 Database – over 9,000 entries
 vital tool for targeted growth
 Lease renewal and lifespan is
key determinant
 scale of opportunity for
continued consolidation
 67 data points for each
surgery
 circa 5,000 monthly updates
to the system including
contact with each practice
Results for the year ended 31 March 2017
12
DEVELOPMENTS AND PIPELINE
 2 forward funded schemes
completed
 6 forward funding scheme
currently on site
Number of schemes
 Appointed on 8 schemes
with an approximate end
cost of £36m
Cost to complete
Development cost
Completion timing
Completed
On site
Immediate
pipeline
2
6
8
£13.8m
£31.0m
£36.0m
£19.1m
2017/18
2018/19
 Assura’s strong brand
recognition and in-house
experienced team help
secure appointment
Before
Results for the year ended 31 March 2017
After
13
RENT REVIEWS
 Annualised uplifts
Rent review settlements
 average 1.57%
RPI/fixed c.28%
 RPI and fixed 2.49%
6.0%
 open market 0.88%
5.0%
 Cost inflation provides
potential for future growth
OMR c.72%
4.0%
3.0%
2.0%
1.0%
0.0%
Results for the year ended 31 March 2017
14
ENHANCING EXISTING PORTFOLIO
 Letting of vacant space – £0.4m of new
lettings in the period adding value
 Portfolio 98% let
 Lease re-gears and extensions are
priority
Sqm
Rent
Leases signed
4,377
£0.4m
In legal hands
1,169
£0.2m
 Property extensions add value
Results for the year ended 31 March 2017
15
PATIENT ORIENTATED SOLUTIONS
 Provides safe, fully compliant access to
extended range of services
 Improves health outcomes
 More episodes of care delivered in the
community
 NHS
 in line with STPs, next steps 5YFV
 improved efficiency and cost
effective
 primary care hubs able to deliver
more and accommodate services
and people
Results for the year ended 31 March 2017
16
ENGAGING WITH THE NHS AGENDA
 Pro-active engagement with policy makers
 Recruited a Head of Public Affairs
 Chair of BPF Healthcare Committee
 Engaging with key stakeholders
Results for the year ended 31 March 2017
17
POLICY
 NHS continues at the core of national debate
 Key issues emerging over past year
 Sustainability and Transformation Partnerships (STPs) published
 significant increase planned in primary care workforce
 new models for care point to primary care at scale
 through federations, clusters and hubs
 Naylor report published in March – estates recognised as key part of solution
Results for the year ended 31 March 2017
18
OUTLOOK FOR ASSURA
 Attractive long term opportunity
 Assura well placed
 expertise and unique positioning
 reputation and brand recognition with GPs
 scale and financial strength
 Our priorities:
 to promote the case for investment in primary care
 respond to emerging NHS priorities
 to sustain acquisition and development pipelines
 Delivering superior risk adjusted returns for shareholders
Results for the year ended 31 March 2017
19
Q&A
Ashby
Guildford
Results for the year ended 31 March 2017
Frome
Donnington
20
SUPPLEMENTARY INFORMATION
1. Market
1.1 Growing demand / inadequate supply
1.2 Positive political backdrop
1.3 Policy statements
1.4 Ageing population
1.5 Assura well placed to outperform
1.6 Risk reward spectrum
5. Results
5.1 Financial highlights
5.2 Five year track record
5.3 Balance sheet at 31 March 2017
5.4 EPRA NAV
5.5 Diluted EPRA NAV movement
5.6 EPRA EPS
2. Portfolio
2.1 Total property assets
2.2 Completed investment property
2.3 Sensitivity analysis
6. REITs
6.1 REITs
3. Cash flows
4. Rents
3.1 Cash flow summary
3.2 Contracted rental income
3.3 Lease lengths
3.4 Debt repayment profile
7. Borrowings 7.1 Bank and bond facilities
7.2 Covenants
8. Dividends
8.1 Dividend calendar
4.1 ERV evolution and reversion
4.2 Open market rents results
4.3 Basis of rent reviews
4.4 Developments drive rental growth
4.5 Rent review timing
Results for the year ended 31 March 2017
21
1.1 GROWING DEMAND / INADEQUATE SUPPLY
Demand
Supply
 10 year track record of cross-party
support for:
 2014 BMA survey of GP practices
 care closer to home
 greater patient choice
 Ongoing funding challenge
 £22bn efficiency savings by 2020-21,
tightly-stretched capital allocation
 More than 340 million GP consultations
per year – visits to the doctor by the
average person have doubled since 2008
Results for the year ended 31 March 2017
 40% of GPs stated premises
inadequate for provision of general
practice services
 70% said premises not suitable for
offering a full range of services
 80% said premises prevented them
hosting a full primary / community
healthcare
 40% said existing premises could not
be extended or developed to meet
current or future needs
22
1.2 POSITIVE POLITICAL BACKDROP
 Cross party support for primary care investment continues
 Broad consensus on estate as a key enabler of transformation and sustainability
 Government policy supportive:
 expansion of access to GP services, growing the primary care workforce and
collaboration between practices in Next Steps for the Five Year Forward
View
 rollout of Estates and Technology Transformation Fund schemes continues;
multi-year capital programme linked to STP quality due in Autumn Budget
 supporting Naylor recommendation for a new NHS property board
 Pressures mounting from changing demands
 ageing population
 increasing expectations of service
 growing range of medical solutions increases demand
 changing career and practice profile – retirement and recruitment
Results for the year ended 31 March 2017
“General
practice is
undeniably
the bedrock
of NHS
care…so if
general
practice fails,
the NHS fails.”
Next Steps on the Five
Year Forward View,
March 2017
23
1.3 POLICY STATEMENTS
Next Steps on the Five Year Forward
View
 Published March 2017
 Emphasis on primary care
 NHS needs to ‘protect and improve
its estates’
 Universal access to evening and
weekend GP appointments by
March 2019
 Grow the primary care workforce:
5,000 more doctors, 1,000 physician
associates and 1,300 clinical
pharmacists in surgeries within
three years
Results for the year ended 31 March 2017
The Naylor review of NHS property and estates: why the
estate matters for patients
 Published March 2017
 Recommendations:
 New NHS property board to lead overarching national
estate and capital strategy
 Ensure primary care facilities meet vision of Five Year
Forward View
 Take advantage of private investment
 Improved guidance on building standards, with
primary care at the front of the queue
 Minimum £10bn investment to deliver the
transformation set out in Sustainability and
Transformation Plans – to be met in part by private
sector
24
1.4 AGEING POPULATION
Male
2014
Female
100
2039
90
80
70
60
50
40
30
20
10
0
600
Source: Office for National Statistics, Lazarus
Results for the year ended 31 March 2017
400
200
0
200
400
600
Population (thousands) in each age band
25
1.5 ASSURA WELL PLACED TO OUTPERFORM
 Good reputation and relationships with
GP community
IPD Annual Return to Dec-16 since
inception of index in 2006
 Development capability and strong
pipeline
9%
Assura
Primary Healthcare Benchmark
8.1%
 Internally managed
8%
 Knowledgeable and focused team
7%
6%
7.5%
6.1% 6.1%
5%
4%
3%
1.9%
2%
1.4%
1%
0%
Income Return
Results for the year ended 31 March 2017
Capital Growth
Total Return
26
1.6 RISK REWARD SPECTRUM
Total return vs standard deviation – ten years to December 2016
9%
Residential index
Primary Healthcare
Bonds
Office
Equities
7%
All Healthcare
6%
Industrial
5%
All property
4%
Retail
3%
2%
Total Return (per annum)
8%
1%
0%
18
16
14
increased risk
12
10
8
Risk (standard deviation)
6
4
2
0
reduced risk
Source: MSCI
Results for the year ended 31 March 2017
27
2.1 TOTAL PROPERTY ASSETS
2017
£m
2016
£m
1,315.3
1,088.0
20.2
11.5
Pharmacy lease premiums
6.4
6.9
Finance leases
3.0
3.0
Property assets held for sale
0.9
1.7
1,345.8
1,111.1
2017
£m
2016
£m
1,344.9
1,109.4
0.9
1.7
1,345.8
1,111.1
Completed investment property
Investment property under construction
Total
Balance sheet classification
Investment property
Property assets held for sale
Total
Results for the year ended 31 March 2017
28
2.2 COMPLETED INVESTMENT PROPERTY
<£1m
£1-5m
£5-10m
>£10m
North
South
Midlands
Scotland
Wales
GPs
NHS Body
Pharmacy
Other
Results for the year ended 31 March 2017
Properties
Value (£m)
Value (%)
83
245
48
22
398
53.5
618.5
322.2
321.1
1,315.3
4
47
25
24
100
Properties
Value (£m)
Value (%)
147
127
77
21
26
398
538.7
391.6
274.2
44.8
66.0
1,315.3
41
30
21
3
5
100
Rent roll (£m)
Value (%)
50.3
13.7
5.6
4.8
74.4
68
18
8
6
100
29
2.3 SENSITIVITY ANALYSIS
ERV)
+1%)
+2%)
+3%)
p/share)
p/share)
)
p/share)
p/share)
5.75%
(9.03p)
(8.32p)
(7.61p)
(6.90p)
5.50%
(5.81p)
(5.07p)
(4.33p)
(3.59p)
5.25%
(2.28p)
(1.51p)
(0.73p)
0.05p
5.00%
1.60p)
2.41p)
3.23p
4.04p
4.75%
5.88p)
6.74p)
7.60p
8.46p
NIY
Results for the year ended 31 March 2017
30
3.1 CASH FLOW SUMMARY
Year to 2017)
£m)
Year to)2016)
£m)
Opening cash
44.3)
66.5)
Net cash from operations
39.0)
22.9)
(157.9)
(122.5)
(19.9)
(17.7)
Sale of properties
1.4)
1.5)
Other
(0.3)
(0.2)
-
299.1)
Dividends paid
(31.9)
(26.3)
Net borrowings movement
148.8)
(179.0)
23.5)
44.3)
Cash flows from investing activities:
Property and business acquisitions
Development expenditure
Cash flows from financing activities:
Equity issues, net of costs
Closing cash
Results for the year ended 31 March 2017
31
3.2 CONTRACTED RENTAL INCOME
£1,013m total contracted cash flow, 75% of rent roll still contracted in 2027
80
Contracted at 31-Mar-17
70
60
50
40
30
20
10
0
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar-32
Results for the year ended 31 March 2017
32
3.3 LEASE LENGTHS
20
Weighted average unexpired lease term 13.2 years
810 leases
75% of rent roll 9+ years unexpired term
18
159
leases
16
173
leases
Rental value (£m)
14
12
10
114
leases
117
leases
8
6
69
leases
56
leases
4
61
leases
2
61
leases
0
21+
18-20
Results for the year ended 31 March 2017
15-17
12-14
9-11
Years remaining
6-8
3-5
0-2
33
3.4 DEBT REPAYMENT PROFILE
2017
2016
Gross debt
£523.8m
£372.8m
Weighted average maturity
8.7 years
10.2 years
4.06%
4.84%
Weighted average cost of debt
300
Aviva
Bond
RCF
Private placement
250
200
150
100
50
0
Results for the year ended 31 March 2017
34
4.1 ERV EVOLUTION AND REVERSION
ERV at 31 Mar 2017 £76.7m; vacant space £1.7m, valuers rental ERV £0.6m
Passing rent
80
ERV
£2.3m
£74.4m
70
£2.7m
£63.8m
Rental value (£m)
60
50
40
30
20
10
0
Mar-09
Mar-10
Results for the year ended 31 March 2017
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
35
4.2 OPEN MARKET RENTS RESULTS
 1.6% annualised increase
from rent reviews settled
in the period
 0.9% from open
market rent reviews
 2.5% from RPI and
fixed uplift reviews
Annualised
Rent reviews settled in year to
31 March 2017
Number of
outstanding
reviews
(passing rent)
0.9%
Relating to review dates from calendar years:
2009
1 (£0.1m)
2011 (1 review)
8.7%
2 (£0.1m)
2012 (7 reviews)
0.8%
6 (£0.7m)
2013 (11 reviews)
1.6%
16 (£1.2m)
2014 (16 reviews)
0.9%
30 (£3.1m)
2015 (28 reviews)
0.5%
87 (£8.9m)
2016 (11 reviews)
1.0%
129 (£14.0m)
-
183 (£15.4m)
2017 YTD
Results for the year ended 31 March 2017
Open
market
reviews
only %
36
4.3 BASIS OF RENT REVIEWS
80%
Upward/downward review basis - tenant can instigate (6%)
Upward/downward review basis - landlord only trigger (23%)
70%
Upward only review basis (71%)
Proportion of rent roll
60%
50%
40%
30%
20%
10%
0%
OMR
Results for the year ended 31 March 2017
RPI
Fixed
Other
37
4.4 DEVELOPMENTS DRIVE RENTAL GROWTH
 New developments capture
increased land and construction
costs resulting in increased
rents
 Construction cost increased at
higher rate than rent
Relationship of increased costs and rent
Build
costs
(£/m2)
Scheme
Year
Blaenavon
2013
2,134
149.5
1,488
Porthcawl
2016
2,220
169.5
1,778
13%
19%
Initial rent
(£/m2)
Build
costs
(£/m2)
Increase
Scheme
Year
Size
(m2)
Maidstone
2013
1,121
194.0
1,627
Tonbridge
2016
1,391
235.0
2,200
21%
35%
Increase
Results for the year ended 31 March 2017
Initial rent
(£/m2)
Size
(m2)
38
4.5 RENT REVIEW TIMING
Split of current rent roll by rent review basis and frequency of review:
Annually
3 Year
5 Year
Other
-
64%
7%
1%
72%
RPI
5%
5%
4%
1%
15%
Fixed
2%
6%
1%
-
9%
Other
-
4%
-
-
4%
7%
79%
12%
2%
100%
OMR
Results for the year ended 31 March 2017
39
5.1 FINANCIAL HIGHLIGHTS
Income statement
2017)
2016)
Change
Net rental income (£m)
67.9)
58.4)
up 16%
EPRA earnings (£m)
40.3)
25.5)
up 58%
2.4)
2.0)
up 20%
Dividend per share (p)
2.25)
2.05)
up 10%
Balance sheet
2017)
2016)
Change
Investment property (£m)
1,345)
1,109)
up 21%
49.3)
45.8)
up 8%
37)
30)
up 7 ppts
EPRA EPS (p)
Diluted EPRA NAV (pence per share)
LTV (%)
Results for the year ended 31 March 2017
40
5.2 FIVE YEAR TRACK RECORD
Scale
2017
2016
2015
2014
2013
Rent roll (£m)
74.4
63.8
55.6
41.8
35.9
1,344.9
1,109.4
925.3
656.7
557.3
818.0
754.3
451.9
226.6
198.1
123.5
118.7
65.3
27.6
15.6
37
30
48
62
62
2.4
2.0
2.1
1.7
1.5
NAV1 per share (p)
49.4
46.1
44.9
43.4
38.6
Dividends (p)
2.25
2.05
1.85
1.36
0.86
Investment property (£m)
Net assets (£m)
Flexibility
Free cash/available facilities (£m)
LTV (%)
Performance
EPS1 (p)
Figures represent year to 31 March
1EPRA basis (appendix 5)
Results for the year ended 31 March 2017
41
5.3 BALANCE SHEET AT 31 MARCH 2017
 £236m increase in investment
property
 Loan to value of 37%
 £124m of available facilities
and cash
 Positioned strongly for future
growth
Property and debt
Investment property
£m
1,600
Net debt
1,400
1,345
1,200
1,109
1,000
925
800
600
400
657
415
500
450
328
200
0
Mar-14
Results for the year ended 31 March 2017
Mar-15
Mar-16
Mar-17
42
5.4 EPRA NET ASSET VALUE
Net assets
Own shares held
Deferred tax
NAV in accordance with EPRA
Number of shares in issue
EPRA NAV per share – basic
Diluted number of shares
EPRA NAV per share – diluted
Results for the year ended 31 March 2017
EPRA NAV)
EPRA NAV)
2017)
£m)
2016)
£m)
818.0)
754.3)
-)
0.6)
(0.5)
(0.4)
817.5)
754.5)
1,655,040,993)
1,637,706,738
49.4p
46.1p
1,658,284,284)
1,648,949,999
49.3p
45.8p
43
5.5 DILUTED EPRA NET ASSET VALUE
MOVEMENT
£m) Pence per share)
Diluted NAV in accordance with EPRA at 31 March 2016
754.5)
45.8)
Income (underlying profit)
40.3)
2.4)
Capital (revaluations and capital gains)
56.4)
3.4)
(37.0)
(2.3)
Equity issuance
1.7)
-)
Other
1.6)
-)
817.5)
49.3)
Dividends
NAV in accordance with EPRA at 31 March 2017
Growth
3.5)
7.6%
Results for the year ended 31 March 2017
44
5.6 EPRA EARNINGS PER SHARE
2017
£m
2016
£m
Profit for the period
95.3
27.9
EPRA earnings
40.3
25.5
1,647,388,495
1,300,338,908
– net profit
5.8p
2.2p
– EPRA
2.4p
2.0p
1,650,631,786
1,311,582,169
5.8p
2.1p
2.4p
2.0p
Weighted average number of shares in issue – basic
Basic EPS
Weighted average number of shares in issue – diluted
Diluted EPS – net profit
– EPRA
Results for the year ended 31 March 2017
45
6.1 REITS
 REIT status is a tax election available to listed real estate companies
 REITs are tax exempt on property rental income and capital gains
 Profits are passed through to investors through minimum Property Income Distributions
(PIDs)
 90% of taxable property rental profits
 Subject to 20% withholding tax (unless investor is a qualifying institution)
 Other dividends are not subject to withholding tax
 Assura currently pays dividends not PIDs as the minimum PID is £nil
 REITs are a recognised global investment class, attractive to specialist investors
 REITs are required to meet rules ensuring they remain focused on real estate investment
activity
 Development activity is permitted but taxable if developments are sold within 3 years of
practical completion
Results for the year ended 31 March 2017
46
7.1 BANK AND BOND FACILITIES
Fixed /
Floating
Maturity
Effective1
interest1
rate1
10 year listed Bond
Fixed
Dec-21
4.75%1
Secured
110.0)
Aviva loans
Fixed
Various to 2044
5.43%1
Secured
213.8)
Floating
May-21
1.76%1
Unsecured
100.0)
Fixed
Oct-26
2.65%1
Unsecured
100.0)
Loan / Bond
£200m revolving credit facility
£100m private placement notes
Secured/
unsecured
Outstanding)
31 Mar 2017)
£m)
523.8)
1
Loan issue costs
(3.7)
Borrowings
520.1)
Finance leases
3.0)
Cash
(23.5)
Net debt
499.6)
1.50% above LIBOR, subject to LTV
Results for the year ended 31 March 2017
47
7.2 COVENANTS
All covenant conditions
complied with
Bond
Aviva
Unsecured facilities
Req.
Act.
Req.
Act.
Req.
Act.
Interest cover
>1.5
2.29
≥1.05
1.50
≥1.75
9.90
LTV
>1.35
1.69
<70%
53%
n/a
n/a
>10 yrs
10.7 yrs
n/a
n/a
>7 yrs
14.4 yrs
>75%
78%
n/a
n/a
n/a
n/a
Leverage
n/a
n/a
n/a
n/a
<60%
26%
Gearing
n/a
n/a
n/a
n/a
<150%
33%
Net rental income
n/a
n/a
n/a
n/a
>8.5%
19%
WAULT
NHS
Results for the year ended 31 March 2017
48
8.1 DIVIDEND CALENDAR
Payment date2
Ex-div date2
Record date2
Total2
Q1
20 Apr 20161
17 Mar 20161
18 Mar 20161
0.55p1
Q2
27 Jul 20161
23 Jun 20161
24 Jun 20161
0.55p1
Q3
19 Oct 20161
15 Sep 20161
16 Sep 20161
0.55p1
Q4
18 Jan 20171
15 Dec 20161
16 Dec 20161
0.60p1
Payment date2
Ex-div date2
Record date2
Total2
Q1
19 Apr 20171
16 Mar 20171
17 Mar 20171
0.60p2
Q2
19 Jul 20171
15 Jun 20171
16 Jun 20171
0.60p2
Q3
18 Oct 20171
14 Sep 20171
15 Sep 20171
0.60p2
Q4
24 Jan 20181
14 Dec 20171
15 Dec 20171
0.60p2
2016/17
2017/18
1
Provisional date
2 Provisional amount
Results for the year ended 31 March 2017
49
DISCLAIMER
This presentation contains certain statements that are neither financial results nor other historical
information. These statements are forward-looking in nature and are subject to risks and
uncertainties. Actual future results may differ materially from those expressed in or implied by
these statements.
Many of these risks and uncertainties relate to factors that are beyond Assura’s ability to control or
estimate precisely, such as future market conditions, the behaviour of other market participants,
the actions of governmental regulators and other risk factors such as the Company’s ability to
continue to obtain financing to meet its liquidity needs, changes in the political, social and
regulatory framework in which the Company operates or in economic or technological trends or
conditions, including inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this document. Assura does not undertake any obligation to publicly
release any revision to these forward-looking statements to reflect events or circumstances after
the date of these materials. Information contained in this presentation relating to the Company or
its share price, or the yield on its shares, should not be relied upon as a guide to future
performance.
Results for the year ended 31 March 2017
50