INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2021

Feb 15, 2021

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ASX / MEDIA RELEASE
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16 February 2021

1H21 Appendix 4D and Financial Statements

Ingenia Communities Group (ASX: INA) provides its Appendix 4D and Financial Statements for the half year ended 31 December 2020.

Authorised for lodgement by the Board.

ENDS

For further information please contact:

Donna Byrne

General Manager Investor Relations

• P 02 8263 0507

• M 0401 711 542

About Ingenia Communities Group

Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia. Listed on the Australian Securities Exchange, the Group is included in the S&P/ASX 200 and has a market capitalisation of over $1.5 billion.

Across Ingenia Lifestyle, Ingenia Gardens, Ingenia Holidays and Ingenia Rental, the Group has 78 communities and is continuing to grow through acquisition and development.

Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990) (AFSL415862).

Level 3, 88 Cumberland Street The Rocks NSW 2000, Australia

P 1300 132 946 E investor@ingeniacommunities.com.au

ingeniacommunities.com.au

Appendix 4D Half-Year Report Half-Year ended 31 December 2020

APPENDIX 4D

Half-Year Financial Report

Half-Year ended 31 December 2020

Name of Entity: Ingenia Communities Group (“INA”), a stapled entity comprising Ingenia Communities Holdings Limited ACN 154 444 925, Ingenia Communities Fund ARSN 107 459 576, and Ingenia Communities Management Trust ARSN 122 928 410.

Current period: Previous corresponding period:	1 July 2020 – 31 December 2020 1 July 2019 – 31 December 2019

Results for announcement to the market

	31 Dec 2020	31 Dec 2019	Change	Change
	$'000	$'000	$'000	%
Revenues	121,968	116,943	5,025	4%
Profit from ordinary activities after tax attributable to members	32,452	23,600	8,852	38%
Net profit for the period attributable to members	32,452	23,600	8,852	38%
Underlying profit	32,818	26,542	6,276	24%
Distributions - current period (cents): FY20 Final Distribution (paid 24 September 2020) FY21 Interim Distribution (payable 25 March 2021)	4.4 5.0	5.8 5.6	(1.4) (0.6)	(24%) (11%)
FY21 Interim distribution dates Ex-dividend date Record date Payment date	19 February 2021 5pm, 22 February 2021 25 March 2021
The Dividend and Distribution Reinvestment Plan is operational for this distribution
	31 Dec 2020	30 Jun 2020	Change	Change
Net asset value per security	$2.96	$2.90	$0.06	2%
Net tangible asset value per security	$2.93	$2.87	$0.06	2%

Results for announcement to the market

The half-year financial report does not include all of the information required for a full-year financial report and should be read in conjunction with the Group’s annual financial report for the year ended 30 June 2020 and any ASX announcements issued during the period.

Appendix 4D Half-Year Report Half-Year ended 31 December 2020

Details of entities over which control has been gained or lost during the period

Control gained: None Control lost: None

Details of any associates and joint venture entities required to be disclosed

The Group has a 50% interest in the following joint venture entities and their wholly owned subsidiaries:

• Sungenia LandCo Pty Ltd

• Sungenia Land Trust

• Sungenia OpCo Pty Ltd

• Sungenia Operations Trust

• Sungenia Development Pty Ltd

The profit contribution from any one of these joint ventures is not material to the Group’s profit for the period or the previous corresponding period. Refer to Note 10 in the 31 December 2020 HalfYear Financial Report for further detail.

Audit status

This report is based on the consolidated 31 December 2020 Half-Year Financial Report of Ingenia Communities, which has been reviewed by Ernst & Young. The Auditor’s Independence Declaration provided by Ernst & Young is included in the 31 December 2020 Half-Year Financial Report.

Other significant information and commentary on results

Please refer to the Group’s separate results presentation and announcement.

Additional Appendix 4D disclosure requirements can be found in the Directors’ Report and the 31 December 2020 Half-Year Financial Report.

For all other information required by Appendix 4D, including a results commentary, please refer to the following documents:

• Directors’ Report

• Reviewed Half-Year Financial Report

• Results presentation and media release

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Nhu Nguyen Company Secretary 16 February 2021

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INGENIA COMMUNITIES HOLDINGS LIMITED A.C.N. 154 444 925

HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2020

www.ingeniacommunities.com.au Registered Office: Level 3, 88 Cumberland Street, The Rocks NSW 2000

Half-Year Financial Report Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Contents

Directors' Report .................................................................................................................................................................................... 2 Auditor’s Independence Declaration ......................................................................................................................................... 10 Consolidated Statement of Comprehensive Income .......................................................................................................... 11 Consolidated Balance Sheet ........................................................................................................................................................... 12 Consolidated Cash Flow Statement ............................................................................................................................................ 13 Consolidated Statement of Changes in Equity ..................................................................................................................... 14 1. Summary of significant accounting policies .................................................................................................................. 15 2. Accounting estimates and judgements ..........................................................................................................................16 3. Segment information ................................................................................................................................................................ 17 4. Earnings per security ................................................................................................................................................................19 5. Revenue ...........................................................................................................................................................................................19 6. Net finance expense .................................................................................................................................................................19 7. Inventories .................................................................................................................................................................................... 20 8. Assets and liabilities held for sale .................................................................................................................................... 20 9. Investment properties ............................................................................................................................................................ 20 10. Investment in a joint venture .............................................................................................................................................25 11. Business combinations ...........................................................................................................................................................25 12. Trade and other payables ....................................................................................................................................................25 13. Borrowings ................................................................................................................................................................................. 26 14. Issued securities ...................................................................................................................................................................... 26 15. Commitments ............................................................................................................................................................................. 27 16. Contingent liabilities ............................................................................................................................................................... 27 17. Subsequent events .................................................................................................................................................................. 27 Directors’ Declaration ........................................................................................................................................................................ 28 Independent Auditor’s Report ...................................................................................................................................................... 29

Directors’ Report

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

The Directors of Ingenia Communities Holdings Limited (“ICH” or the “Company”) present their report together with the Company’s financial report for the six months ended 31 December 2020 (the “current period”) and the Independent Auditor’s Report thereon. The Company’s financial report comprises the consolidated financial report of the Company and its controlled entities, including Ingenia Communities Fund (“ICF” or the “Fund”) and Ingenia Communities Management Trust (“ICMT”) (collectively, the “Trusts”).

The shares of the Company are “stapled” with the units of the Trusts and trade on the Australian Securities Exchange (“ASX”) as one security (ASX Code: INA). Ingenia Communities RE Limited (“ICRE” or “Responsible Entity”), a wholly owned subsidiary of the Company, is the responsible entity of the Trusts. In this report, the Company and the Trusts are referred to collectively as the Group.

In accordance with Accounting Standard AASB 3 Business Combinations , the stapling of the Company and the Trusts was regarded as a business combination. The Company has been identified as the parent for preparing consolidated financial reports.

DIRECTORS

The Directors of the Company at any time during or since the end of the current period were:

Non-Executive Directors (NEDs)

Jim Hazel (Chairman) Robert Morrison (Deputy Chairman) Amanda Heyworth Pippa Downes Gary Shiffman John McLaren (Alternate Director to Gary Shiffman) Gregory Hayes (appointed, effective 17 September 2020) Sally Evans (appointed, effective 1 December 2020) Andrew McEvoy (resigned, effective 30 September 2020)

Executive Director

Simon Owen (Managing Director and Chief Executive Officer (MD and CEO))

Company Secretaries

Natalie Kwok Nhu Nguyen

OPERATING AND FINANCIAL REVIEW

Ingenia Communities Holdings overview

The Group is an active owner, manager and developer of a diversified portfolio of lifestyle, seniors rental and holiday communities across Australia. The Group’s real estate assets at 31 December 2020 were valued at $1.1 billion, comprising 40 lifestyle and holiday communities (Ingenia Lifestyle and Holidays) and 26 rental communities (Ingenia Gardens). The Group manages a further 12 communities through its development JV and funds management platform. The Group is in the S&P/ASX 200 and had a market capitalisation of approximately $1.6 billion at 31 December 2020.

The Group’s vision is to create Australia’s best lifestyle and holiday communities, offering affordable permanent and tourism accommodation with a focus on the seniors demographic. The Board is committed to delivering sustainable long-term underlying earnings per security (EPS) growth to security holders while providing a safe, supportive community environment for residents and guests.

The Group has continued to progress key sustainability initiatives and expand reporting in this area. Through the continuation of existing projects and new initiatives the Group has committed to reduce emissions by 30% over the next five years and is targeting net zero emissions by 2035. The Group has entered into a finance facility with the Clean Energy Finance Corporation (CEFC) which supports these commitments.

Our Values

At Ingenia we build community on a foundation of integrity and respect, creating a place where people have a sense of connection and belonging. We strive for continuous improvement in our resident, guest and visitor service, to ensure that they receive an amazing experience every day. Whether it’s time to live, play, stay or renew, we deliver freedom of choice with a range of industry award winning lifestyle and holiday options.

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Directors’ Report (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

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Strategy

The Group is positioning for scale and long-term sector leadership whilst delivering growth in net operating income and enhancing the operational performance of its investment properties.

Using a disciplined investment framework, the Group will: continue to grow its lifestyle and holiday communities business in metropolitan and coastal locations; build out its existing development pipeline; expand development and revenue streams through the Joint Venture with Sun Communities, Inc (NYSE: SUI) and funds management platform; and deploy equity raised in 2H20 to acquire existing communities and additional development sites.

The immediate business priorities of the Group are:

• Capitalise on opportunities to expand the development pipeline to deliver new rental contracts;

• Improve performance of existing assets to drive growth in rental returns;

• Improve resident and guest satisfaction;

• Enhance sustainable competitive advantage through recruitment, retention and development of industry leading talent;

• Focus on sales and marketing effectiveness to successfully launch new projects and grow rental base;

• • Continue rollout of new rental and tourism cabins;

• Expand the funds management platform and deliver performance for investors;

• Execute the development Joint Venture business plan, delivering opportunities for capital light growth and additional revenue streams;

• Maintain focus on employee, resident and guest health and safety;

• Continue to advance focus on sustainable home design and construction;

• Build on the Group’s sustainability and carbon emissions reduction program and enhance disclosures as initiatives are progressed.

1H21 financial results

The six months to 31 December 2020 delivered total revenue of $122.0 million, up 4% on the prior corresponding period. The Group built and sold 136[1] turnkey homes (1H20: 140 homes) and grew Lifestyle and Holidays rental income by 18% to $45.7 million (1H20: $38.5 million).

Statutory profit of $32.5 million was up 38% on the prior corresponding period. The statutory result reflects the combination of growth in underlying earnings and fair value movements on investment property arising from: improved capitalisation rates, offset by transaction costs on new acquisitions and a reduction in fair value associated with the realisation of development profits on settlement of homes from the Groups communities under development.

Underlying profit from continuing operations was $32.8 million, up 24% on the prior corresponding period. The underlying result was underpinned by a strong second quarter performance from the Lifestyle & Holiday segment, record occupancy in Ingenia Gardens offset by the Lifestyle Development segment which was negatively impacted by COVID-19 with lower settlements having an adverse effect on the 1H21 financial results compared to the prior corresponding period. Included in the result is $5.1 million of JobKeeper subsidy which supported a loss of revenue and additional costs associated with COVID-19 (including the employment of staff). Due to the improved outlook for the business, the Group will repay $1.7 million of the JobKeeper subsidy, subsequent to period end.

1 Including eight settlements at Ingenia Lifestyle Freshwater, the Group’s first Joint Venture project with Sun Communities.

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Directors’ Report (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Operating cash flow for the period was $59.7 million, up 110% from the prior corresponding period, positively impacted by a strong tourism performance in the second quarter, the acquisition of new communities and positive working capital movements, with lower inventory on hand and growth in tourism deposits held.

The Group grew its investment in lifestyle communities during the period, with a continued focus on progressing the Group’s development pipeline to enable further growth in its recurring rental base through the expansion and creation of high-quality communities.

The Group continued to divest non-core assets to support the Group’s capital recycling strategy, with the divestment of Ingenia Holidays Albury and Ingenia Holidays Sun Country in 1H21.

The Group’s earnings per security during the half were adversely impacted by the 2H20 equity raise, where the proceeds raised were not fully deployed by 31 December 2020.

Key metrics

• Income generating sites across the Group increased by 12% to 9,277 sites as at 31 December 2020 compared to the prior corresponding period.

• Statutory profit of $32.5 million, up 38% on the prior corresponding period.

• Underlying profit of $32.8 million, up 24% on the prior corresponding period.

• Basic earnings per security (Statutory) of 10.0 cps, up 5% on the prior corresponding period (1H20: 9.5 cps).

• Basic earnings per security (Underlying) of 10.1 cps (1H20: 10.7 cps).

• Operating cash flows of $59.7 million, up 110% on the prior corresponding period.

• Interim distribution of 5.0cps, has been declared.

• Net asset value is $2.96 per security, up 2% from 30 June 2020.

Group results summary

Underlying profit for the financial year has been calculated as follows, with a reconciliation to statutory profit:

EBIT Share of joint venture loss Net finance expense Tax expense associated with underlying profit Underlying profit(1) Net gain/(loss) on change in fair value of: Investment properties Acquisition costs Financial liabilities Other Loss on disposal of investment property Tax benefit associated with items below underlying profit Statutory profit	31 Dec 2020 31 Dec 2019 $’000 $’000
	40,316 32,189 (619) (222) (1,777) (3,278) (5,102) (2,147)
	32,818 26,542
	8,643 1,861 (7,103) (2,884) (2,746) (1,716) (143) 279 (644) (1,567) 1,627 1,085
	32,452 23,600

(1) Underlying Profit is a non-IFRS measure designed to present, in the opinion of the Directors, the results from the ongoing operating activities in a way that appropriately reflects underlying performance. Underlying Profit excludes items such as unrealised fair value gains/(losses) and adjustments arising from the effect of revaluing assets/liabilities (such as derivatives and investment properties). These items are required to be included in statutory profit in accordance with Australian Accounting Standards.

Segment performance and priorities

Ingenia Lifestyle and Holidays Operations

At 31 December 2020, Ingenia Lifestyle and Holidays comprised 40 communities that offer an affordable community experience for seniors and holiday guests. Ingenia Lifestyle and Holidays EBIT grew 39% on 1H20 to $22.4 million.

During 1H21, the Group continued to expand its rental assets by delivering 128 new settlements from its development business and completing the acquisition of established communities (Sunnylake Shores, Redlands, Middle Rock and Inverloch). The Group also undertook the divestment of non-core regional assets, Ingenia Holidays Albury and Ingenia Holidays Sun Country, to support the Group’s capital recycling strategy.

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Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Directors’ Report (continued)

Permanent rental income grew by 33% on the prior corresponding period, as a result of acquisitions completed in FY20 and 1H21 (Sunnylake Shores, Redlands and Middle Rock), the settlement of new homes and investment in new rental cabins.

Tourism rental income increased by 12%, with closed international borders driving an increase in demand within the domestic tourism market in the second quarter of 1H21. Fuel, food and beverage continues to complement the Group’s tourism offering.

The carrying value of the Lifestyle and Holidays investment property at 31 December 2020 is $782.3 million (30 Jun 2020: $672.8 million).

Performance

erformance
Permanent rental income ($m) Annuals rental income ($m) Tourism rental income ($m) Other ($m) EBIT contribution ($m) Stabilised EBIT margin (%)(1)	31 Dec 2020 31 Dec 2019 Change %
	19.5 14.7 33% 2.0 2.3 (13%) 24.1 21.6 12% 2.7 2.2 23% 22.4 16.1 39% 42.1 40.4 2%

(1) Excludes impact of unusual items.

Strategic priorities

The strategic priorities for Ingenia Lifestyle and Holidays are: growing rental returns; integrating recent acquisitions and completed development sites; leveraging scale efficiencies, growing holiday bookings; and investing in new rental and tourism cabins.

Ingenia Lifestyle Development

The Group delivered 128 new turnkey settlements in 1H21 (31 Dec 2019: 140) with an additional 8 settlements in the Joint Venture, taking total settlements to 136 (31 Dec 2019: 140). Development is currently underway at 11 communities across the Group and Joint Venture.

The Group currently has a strong development pipeline of 3,142 potential new home sites (30 Jun 2020: 3,015 sites). The carrying value of the Ingenia Lifestyle Development investment property at 31 December 2020 is $139.3 million (30 Jun 2020: $131.3 million).

Performance

erformance
New home settlements (#) Gross new home development profit ($m) Other home settlements (#) Gross refurbished home development profit ($m) EBIT contribution ($m) Stabilised EBIT margin (%)(1)	31 Dec 2020 31 Dec 2019 Change %
	128 140 (9%) 22.3 25.0 (11%) 8 9 (11%) 0.2 1.0 (80%) 13.4 15.1 (11%) 25.5 27.2 (2%)

(1) Excludes impact of unusual items.

Strategic priorities

The key strategic priorities for Ingenia Lifestyle Development include: completing the current development pipeline on time and within budget; building the sales and settlement momentum to catch up on the lost time due to COVID-19 lockdown; securing further development approvals for new homes within the current pipeline and on new properties under offer; securing land adjacent to existing Group communities and; delivering an outstanding move in and ongoing lifestyle experience for new residents. The Group will continue to identify future development opportunities and continuously seek to improve margins in a sustainable manner.

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Directors’ Report (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Development Joint Venture (Joint Venture)

The development Joint Venture with Sun Communities successfully completed the construction of the Clubhouse and community facilities at Freshwater, its first Greenfield development in Burpengary East, QLD where it also delivered 8 home settlements. The Joint Venture completed the acquisition of its third site in Morisset, NSW, a large greenfield project located 1 hour north of Sydney. The Joint Venture also has a number of greenfield opportunities under option where development approvals are being sought.

During 1H21, revenue generated by Ingenia from the Joint Venture relates to asset management, development management and origination fees. The share of loss from the Joint Venture includes the expensing of transaction costs and stamp duty associated with the acquisition of land.

Performance

erformance
Greenfield properties (#) Investment carrying value ($m) New home settlements (#) Fee income ($m) Share of loss from joint venture ($m)	31 Dec 2020 31 Dec 2019 Change %
	3 2 50% 31.3 14.1 122% 8 - NM 1.7 0.2 NM (0.6) (0.2) NM

Strategic priorities

The Joint Venture’s objective is to acquire greenfield sites in key metro and coastal markets to develop a portfolio of new lifestyle communities. The Joint Venture leverages the expertise and local market knowledge of Ingenia to identify, acquire and develop sites. Once homes are sold, Ingenia will also provide operational services to the lifestyle communities. At completion of development, Ingenia has the right to acquire the communities at market value. Ingenia generates acquisition origination, development, and management fees for these services plus a performance fee for above hurdle rate project returns.

Ingenia Gardens

Ingenia Gardens comprises 26 rental communities located across the eastern seaboard and Western Australia. Collectively, these communities have 1,377 sites for rent. While rental growth was limited due to no pension increase in the period, the portfolio performed ahead of prior year, with record high occupancy of 96.4% at 31 December 2020.

The carrying value of these assets at 31 December 2020 is $143.3 million (30 Jun 2020: $139.9 million).

Performance

erformance
Rental communities (#) Occupancy (%) Rental income ($m) Catering income ($m) EBIT contribution ($m) Stabilised EBIT margin (%)(1)	31 Dec 2020 31 Dec 2019 Change %
	26 26 - 96.4 91.6 5% 11.6 11.0 5% 1.3 1.3 - 6.3 5.2 21% 43.9 41.5 2%

(1) Excludes impact of unusual items.

Strategic priorities

The strategic priorities of Ingenia Gardens are: increasing occupancy rates and rental income; improving resident retention; increasing referrals and; ensuring residents are actively engaged.

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Directors’ Report (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Funds Management

In November 2019, the Group acquired the share capital of Eighth Gate Capital Management Pty Limited and its wholly owned subsidiaries (collectively, “EGCM”) a funds and asset management business which manages six funds, that invest in lifestyle and holiday communities situated in NSW, QLD and VIC. The Group receives fees for the management and development of the assets and management of the funds.

At acquisition, the Group also co-invested into each of the six funds, to ensure alignment with the funds’ investors. The investment in the funds generates asset ownership and development revenue streams.

Performance

erformance
Communities managed (#) Assets under management ($m) Fee income ($m) Distributions received ($m)	31 Dec 2020 31 Dec 2019 Change %
	9 9 - 142.7 140.0 2% 1.1 0.8 38% 0.4 - NM

Strategic priorities

The strategic priorities of the funds management business are to leverage the Group’s platform to deliver fund performance to existing investors and grow assets under management.

Capital management of the Group

At 31 December 2020, the Group had a combined facility limit of $450.0 million, with a weighted average term to maturity of 2.8 years, drawn to $147.0 million.

The Group’s Loan to Value Ratio (“LVR”) was 14.7% at 31 December 2020, which is below the Group’s target range of 30%-40% due to the completion of the equity raise in 2H20 where the funds were not fully deployed at 31 December 2020. The balance of the funds raised are anticipated to be deployed in the second half of FY21.

In February 2021, the Group entered into a new seven-year $75.0 million debt facility with the Clean Energy Finance Corporation (CEFC), increasing the Group’s combined facility limit to $525.0 million.

Financial position

The following table provides a summary of the Group’s financial position as at 31 December 2020:

$’000 Cash and cash equivalents Inventories Assets held for sale Investment properties Deferred tax asset Other assets Total assets Borrowings Liabilities held for sale Other liabilities Total liabilities Net assets /equity	31 Dec 2020 30 Jun 2020 Change
	14,899 10,751 4,148 26,400 36,201 (9,801) 18,064 32,623 (14,559) 1,064,864 943,958 120,906 10,795 13,129 (2,334) 78,526 56,192 22,334
	1,213,548 1,092,854 120,694
	162,999 85,398 77,601 4,914 5,175 (261) 79,400 59,260 20,140
	247,313 149,833 97,480
	966,235 943,021 23,214

Assets held for sale represent the carrying value of the Group’s investment in the development land at Upper Coomera, QLD and a deferred management fee village at Gladstone, QLD.

Investment property book value increased by $120.9 million from 30 June 2020. This was primarily due to the acquisition of new communities, investment in community development and changes in fair value.

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Directors’ Report (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Borrowings increased by $77.6 million, as a result of the acquisition of new communities, investment in community development, investment in the development Joint Venture and distributions paid, offset by operating cash flows.

Cash flow

$’000 Operating cash flow Investing cash flow Financing cash flow Net change in cash and cash equivalents	31 Dec 2020 31 Dec 2019 Change
	59,666 28,467 31,199 (117,227) (123,637) 6,410 61,709 86,250 (24,541)
	4,148 (8,920) 13,068

Operating cash flow for the Group was up 110% to $59.7 million. positively impacted by a strong tourism performance in the second quarter, the acquisition of new communities and positive working capital movements, with lower inventory on hand and growth in tourism deposits held.

Distributions

The following distributions were made during or in respect of the half-year:

• On 18 August 2020, the Directors declared a final distribution of 4.4 cps amounting to $14.3 million, which was paid on 24 September 2020.

• On 16 February 2021, the Directors declared an interim distribution of 5.0 cps, amounting to $16.3 million to be paid on 25 March 2021.

FY21 outlook

The Group is well positioned to meet the increase in demand for affordable housing from downsizers and will grow its rental base in FY21 by continuing to invest in new rental homes, tourism cabins and the creation of new rental contracts from development projects. Ingenia expects to continue to be a major beneficiary from the rebound in domestic travel as international borders remain closed.

Where on strategy opportunities can be identified, the Group will acquire mature lifestyle and holiday communities and continue to grow its development pipeline. The Group will continue to regularly assess market opportunities and the performance of existing assets, remixing the Group’s portfolio to maximise longer-term returns.

The Group has a strong balance sheet to fund growth opportunities, whilst the Joint Venture and the funds management business provide additional sources of capital, and diversification of the Group’s revenue streams.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Changes in the state of affairs during the current period are set out in the various reports in this Financial Report. Refer to Note 9 for Australian investment properties acquired during the year, Note 13 for details of debt facility, and Note 14 for issued securities.

EVENTS SUBSEQUENT TO REPORTING DATE

New debt facility

In February 2021, the Group entered into a seven-year $75.0 million debt facility with the Clean Energy Finance Corporation, which will assist the Group in delivering clean energy commitments.

Return of JobKeeper

Post 31 December 2020, the Group decided to return $1.7 million of JobKeeper to the Government, based on improved trading in the holidays business and the outlook for the Group. The impact will be recorded in the second-half and full-year results.

Interim distribution

On 16 February 2021, the Directors declared an interim distribution of 5.0 cps amounting to $16.3 million, to be paid on 25 March 2021.

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Directors’ Report (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

LIKELY DEVELOPMENTS

The Group will continue to pursue strategies aimed at growing its cash earnings, profitability and market share within the lifestyle and seniors rental and tourism sectors during the next financial year through:

• Developing greenfield sites and expanding existing lifestyle communities;

• Acquiring new communities;

• Growing the funds management platform; and

• Divesting non-core assets.

Detailed information about operations of the Group is included in the various reports in this financial report.

ENVIRONMENTAL REGULATIONS

The Group has policies and procedures in place to ensure that, where operations are subject to any particular and significant environmental regulation under the laws of Australia, those obligations are identified and appropriately addressed. The Directors have determined that there has not been any material breach of those obligations during the half-year.

GROUP INDEMNITIES

The Group has purchased various insurance policies to cover a range of risks (subject to specified exclusions) for directors, officers and employees of the Group serving in their respective capacities. Key insurance policies include: directors and officers insurance, professional indemnity insurance and management liability insurance.

INDEMNIFICATION OF AUDITOR

To the extent permitted by law, the Company has agreed to indemnify its auditor, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the reporting period.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 10.

ROUNDING AMOUNTS

ICH is an entity of the kind referred to in ASIC Instrument 2016/191, and in accordance with that Class Order, amounts in the financial report and Directors’ Report have been rounded to the nearest thousand dollars, unless otherwise stated.

Signed in accordance with a resolution of the Directors of the Responsible Entity.

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Jim Hazel Chairman Adelaide, 16 February 2021

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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

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Auditor’s Independence Declaration to the Directors of Ingenia Communities Holdings Limited

As lead auditor for the review of the half-year financial report of Ingenia Communities Holdings Limited for the half-year ended 31 December 2020, I declare to the best of my knowledge and belief, there have been:

• a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Ingenia Communities Holdings Limited and the entities it controlled during the financial period.

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Ernst & Young

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Yvonne Barnikel Partner 16 February 2021

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Consolidated Statement of Comprehensive Income

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Note Rental income 5 Ancillary guest and resident income Lifestyle home sales Service station sales Food and beverage sales Fee income Other revenue Revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Depreciation and amortisation expense Operating profit before interest and tax Net finance expense 6 Operating profit before tax Share of joint venture loss 10 Net gain/(loss) on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Profit before income tax Income tax expense Net profit for the period Total comprehensive income for the period net of income tax Distributions per security paid(1) Earnings per security: Basic earnings per security 4 Diluted earnings per security 4	31 Dec 2020 31 Dec 2019 $’000 $’000
	57,437 49,805 3,766 3,165 49,806 55,449 4,438 3,711 3,233 3,487 2,742 906 546 420
	121,968 116,943
	(14,720) (14,033) (27,310) (30,339) (24,086) (26,554) (4,494) (3,781) (5,497) (5,323) (3,788) (3,228) (1,757) (1,496)
	40,316 32,189
	(1,777) (3,278)
	38,539 28,911
	(619) (222) 1,540 (1,023) (2,746) (1,716) (143) 279 (644) (1,567)
	35,927 24,662
	(3,475) (1,062)
	32,452 23,600
	32,452 23,600
	31 Dec 2020 31 Dec 2019 Cents Cents
	4.4 5.8 10.0 9.5 9.9 9.4

(1) Distributions relate to the final distribution paid for the previous reporting period. An interim distribution of 5.0 cps for the current reporting period was declared on 16 February 2021 to be paid on 25 March 2021.

Page | 11

Consolidated Balance Sheet

Ingenia Communities Holdings Limited As at 31 December 2020

Note Current assets Cash and cash equivalents Trade and other receivables Inventories 7 Assets held for sale 8(a) Total current assets Non-current assets Trade and other receivables Investment properties 9 Investment in a joint venture 10 Other financial assets Plant and equipment Intangibles Right-of-use assets Deferred tax asset Total non-current assets Total assets Current liabilities Trade and other payables 12 Borrowings 13 Employee liabilities Other financial liabilities Liabilities held for sale 8(b) Provision for income tax Total current liabilities Non-current liabilities Borrowings 13 Other payables 12 Employee liabilities Other financial liabilities Total non-current liabilities Total liabilities Net assets Equity Issued securities 14(a) Reserves Accumulated losses Total equity Net asset value per security ($)	31 Dec 2020 30 Jun 2020 $’000 $’000
	14,899 10,751 13,481 8,794 26,400 36,201 18,064 32,623
	72,844 88,369
	1,888 1,892 1,064,864 943,958 31,307 15,926 11,757 13,862 6,691 5,158 8,328 8,339 5,074 2,221 10,795 13,129
	1,140,704 1,004,485
	1,213,548 1,092,854
	53,594 41,488 2,311 1,849 2,953 2,481 3,114 3,577 4,914 5,175 2,626 1,486
	69,512 56,056
	160,688 83,549 4,000 - 790 640 12,323 9,588
	177,801 93,777
	247,313 149,833
	966,235 943,021
	1,223,806 1,218,908 (1,745) (1,933) (255,826) (273,954)
	966,235 943,021
	$2.96 $2.90

Page | 12

Consolidated Cash Flow Statement

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

Cash flows from operating activities Rental and other property income Property and other expenses Government subsidy Proceeds from sale of lifestyle homes Purchase of lifestyle homes Proceeds from sale of service station inventory Purchase of service station inventory Net movement in resident loans Interest received Borrowing costs paid Cash flows from investing activities Payments for acquisition of investment properties Additions to investment properties Purchase and additions of plant and equipment Purchase and additions of intangible asset Proceeds from sale of investment properties Payments for acquisition of financial assets Net payments for acquisition of subsidiaries Investment in joint venture Other Cash flows from financing activities Proceeds from issue of stapled securities Payments for security issue costs Distributions to security holders Proceeds from borrowings Repayment of borrowings Payments for debt issue costs Payment for securities under security plan Other Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	31 Dec 2020 31 Dec 2019 $’000 $’000
	79,185 63,022 (60,271) (51,201) 6,519 - 53,948 60,330 (17,395) (38,607) 4,894 4,126 (4,207) (3,642) (137) (129) 8 56 (2,878) (5,488)
	59,666 28,467
	(87,203) (55,756) (26,406) (47,052) (2,087) (1,459) (721) - 13,185 2,591 - (13,794) - (5,273) (16,000) (2,700) 2,005 (194)
	(117,227) (123,637)
	4,938 135,386 (40) (4,813) (14,324) (13,710) 95,500 84,000 (21,500) (112,000) (31) - (1,000) (1,250) (1,834) (1,363)
	61,709 86,250
	4,148 (8,920)
	10,751 20,185
	14,899 11,265

Page | 13

Consolidated Statement of Changes in Equity

Ingenia Communities Holdings Limited

For the six months ended 31 December 2020

Note Carrying value 1 Jul 2020 Net profit Total comprehensive income for the period Transactions with security holders in their capacity as security holders: Issue of securities 14(a) Share based payment transactions Payment of distributions to security holders Payments to employee share trust Carrying value 31 Dec 2020 Note Carrying value 1 Jul 2019 Net profit Total comprehensive income for the period Transactions with security holders in their capacity as security holders: Issue of securities 14(a) Share based payment transactions Payment of distributions to security holders Payments to employee share trust Carrying value 31 Dec 2019	Attributable to securityholders
	Ingenia Communities Holdings Limited Issued Capital Reserves Retained Earnings Total ICF & ICMT Total Equity $’000 $’000 $’000 $’000 $’000 $’000
	36,187 (1,933) 38,353 72,607 870,414 943,021 - - 11,774 11,774 20,678 32,452
	- - 11,774 11,774 20,678 32,452
	403 - - 403 4,495 4,898 - 1,188 - 1,188 - 1,188 - - - - (14,324) (14,324) - (1,000) - (1,000) - (1,000)
	36,590 (1,745) 50,127 84,972 881,263 966,235
	Attributable to securityholders Ingenia Communities Holdings Limited Issued Capital Reserves Retained Earnings Total ICF & ICMT Total Equity $’000 $’000 $’000 $’000 $’000 $’000 12,985 1,933 20,194 35,112 590,635 625,747 - - 11,645 11,645 11,955 23,600 - - 11,645 11,645 11,955 23,600 8,309 - - 8,309 122,264 130,573 - 420 74 494 - 494 - - - - (13,710) (13,710) - (1,250) - (1,250) - (1,250) 21,294 1,103 31,913 54,310 711,144 765,454

Page | 14

Notes to the Financial Statements

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) The Group

The financial report of Ingenia Communities Holdings Limited (the “Company”) comprises the consolidated financial report of the Company and its controlled entities, including Ingenia Communities Fund (“ICF” or the “Fund”) and Ingenia Communities Management Trust (“ICMT”) (collectively, the “Trusts”). The shares of the Company are stapled with the units of the Trusts and trade on the Australian Securities Exchange (“ASX”) effectively as one security. Ingenia Communities RE Limited (“ICRE”), a wholly owned subsidiary of the Company, is the Responsible Entity of the Trusts. In this report, the Company and the Trusts are referred to collectively as the Group.

The constitutions of the Company and the Trusts require that, for as long as they remain jointly quoted on the ASX, the number of shares in the Company and of units in each trust shall remain equal and those security holders in the Company and unitholders in each trust shall be identical.

The stapling structure will cease to operate on the first to occur of:

• the Company or either of the Trusts resolving by special resolution in accordance with its constitution to terminate the stapling provisions; or

• the commencement of the winding up of the Company or either of the Trusts.

The half-year financial report as at and for the half-year ended 31 December 2020 was authorised for issue by the Directors on 16 February 2021.

(b) Basis of preparation

The half-year financial report is a general purpose financial report, which has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The half-year financial report does not include all of the information required for a full-year financial report and should be read in conjunction with the Group’s annual financial report for the year ended 30 June 2020 and any ASX announcements issued during the period.

The financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

As permitted by Instrument 2015/838, issued by the Australian Securities and Investments Commission, the financial statements and accompanying notes of the Group have been presented in the attached combined financial report.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($’000), unless otherwise stated, as permitted by Instrument 2016/191.

The financial report is prepared on a historical cost basis, except for investment properties, retirement village resident loans, derivative financial instruments, other financial assets and other financial liabilities, which are measured at fair value.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group’s annual financial report for the year ended 30 June 2020 with the exception of new amended standards and interpretations which have been applied as required.

Where appropriate, comparative amounts have been restated to ensure consistency of disclosure throughout the financial report.

(c) Adoption of new and revised accounting standards

New accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for the current reporting period and are not expected to have a material impact on the Group’s future financial reporting.

Page | 15

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

2. ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Group to exercise its judgement in the process of applying its accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates, by definition, may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below.

i. Valuation of investment property, other financial assets and other financial liabilities

The Group has investment properties and assets held for sale which together represent the estimated fair value of the Group’s investment property. Other financial assets represent the Group’s investment in a number of unlisted property funds. Other financial liabilities relate to a profit share arrangement with a thirdparty which is carried at fair value.

The carrying value of these assets reflect certain assumptions about expected future rentals, rent-free periods, operating costs and appropriate discount and capitalisation rates. The valuation assumptions for properties to be developed reflect sales prices for new homes, sales rates, new rental tariffs, estimates of capital expenditure, discount rates and projected property growth rates. Other financial liabilities are a Level 3 financial instrument of which the carrying value reflects certain assumptions about: expected future rentals; operating costs; sales prices for new homes; sales rates; new rental tariffs; estimates of capital expenditure; projected property growth rates and capitalisation rate, at a discount rate of 13%. The valuation assumptions for deferred management fee villages reflect average length of stay, unit market values, estimates of capital expenditure, contract terms with residents, discount rates and projected property growth rates.

In forming these assumptions, the Group considered information about recent sales activity, current market rents, discount rates, capitalisation rates for properties similar to those owned by the Group, as well as independent valuations of the Group’s property.

ii. Valuation of inventories

The Group has inventory in the form of lifestyle homes and service station fuel and supplies, which it carries at the lower of cost or net realisable value. Estimates of net realisable value are based on the most reliable evidence available at the time of estimation, the amount the inventories are expected to realise and the estimated costs of completion. Key assumptions require the use of management judgement and are continually reviewed.

iii. Valuation of resident loans

The fair value of the resident loans is calculated by reference to the initial loan amount plus the resident’s share of any capital gains in accordance with their contracts, less any deferred management fee income accrued to date by the Group as operator. The key assumption for calculating capital gain and deferred management fee income components is the value of the dwelling being occupied by the resident. This value is determined by reference to the valuation of investment property, as referred to above.

iv. Calculation of deferred management fees (“DMF")

Deferred management fees are recognised by the Group over the estimated period of time the property will be leased by the resident, and accrued DMF is realised upon the departure of the resident. DMF is based on various inputs, including the initial price of the property, estimated length of stay of the resident, various contract terms, and projected price of property at time of re-leasing.

(b) Critical judgements in applying the entity’s accounting policies

There were no judgements, apart from those involving estimations, that management has made in the process of applying the entity’s accounting policies that had a significant effect on the amounts recognised in the financial report.

Page | 16

Notes to the Financial Statements (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

3. SEGMENT INFORMATION

(a) Description of segments

The Group invests predominantly in rental properties located in Australia with five reportable segments:

• Ingenia Lifestyle and Holidays – comprising long-term and tourism accommodation within lifestyle communities;

• Ingenia Lifestyle Development – comprising the development and sale of lifestyle homes;

• Ingenia Gardens – rental villages;

• Fuel, Food & Beverage Services – consists of the Group’s investment in service station operations and food & beverage activities attached to Ingenia Lifestyle and Holiday communities;

• Corporate & Other – comprises the Group’s remaining assets and operating activities including, funds management, development Joint Venture and corporate overheads.

The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker in assessing performance and determining the allocation of resources. Other parts of the Group are neither an operating segment nor part of an operating segment.

(b) 31 Dec 2020 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Depreciation and amortisation expense Earnings before interest and tax Share of joint venture loss Net finance expense Income tax expense Underlying profit Net gain/(loss) on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Income tax benefit Profit after tax Segment assets Segment assets Assets held for sale Total assets	Lifestyle & Holidays Operations Lifestyle Development Ingenia Gardens Fuel, Food & Beverage Services Corporate & Other $’000 $’000 $’000 $’000 $’000	Total $’000
	48,253 49,806 12,902 7,668 3,339	121,968
	48,253 49,806 12,902 7,668 3,339	121,968
	48,253 49,806 12,902 7,668 3,339 (10,294) (298) (3,376) (409) (343) - (27,310) - - - (11,697) (5,456) (2,334) (1,361) (3,238) (2,095) (591) (374) (35) (1,399) (1,312) (2,337) (451) (1,199) (198) - - - (3,788) - (435) (393) (56) (28) (845)	121,968 (14,720) (27,310) (24,086) (4,494) (5,497) (3,788) (1,757)
	22,420 13,421 6,311 848 (2,684)	40,316
	787,060 167,579 146,806 339 93,700 10,500 - - - 7,564	(619) (1,777) (5,102)
		32,818
		1,540 (2,746) (143) (644) 1,627
		32,452
		1,195,484 18,064
	797,560 167,579 146,806 339 101,264	1,213,548

Page | 17

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

3. SEGMENT INFORMATION (CONTINUED)

(c) 31 Dec 2019 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Depreciation and amortisation expense Earnings before interest and tax Share of loss of a joint venture Net finance expense Income tax expense Underlying profit Net (loss)/gain on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Income tax benefit Profit after tax Segment assets Segment assets Assets held for sale Total assets	Lifestyle & Holidays Operations Lifestyle Development Ingenia Gardens Fuel, Food & Beverage Services Corporate & Other Total $’000 $’000 $’000 $’000 $’000 $’000	Lifestyle & Holidays Operations Lifestyle Development Ingenia Gardens Fuel, Food & Beverage Services Corporate & Other Total $’000 $’000 $’000 $’000 $’000 $’000
	40,801 55,449 12,422 7,199 1,072	116,943
	40,801 55,449 12,422 7,199 1,072	116,943
	40,801 55,449 12,422 7,199 1,072 (9,491) (419) (3,353) (375) (395) - (30,339) - - - (12,002) (6,703) (2,984) (1,668) (3,197) (1,540) (601) (411) (34) (1,195) (1,356) (1,957) (407) (1,355) (248) - - - (3,228) - (279) (349) (115) (26) (727)	116,943 (14,033) (30,339) (26,554) (3,781) (5,323) (3,228) (1,496)
	16,133 15,081 5,152 513 (4,690)	32,189
	645,467 210,912 140,886 377 59,377 - - - - 8,982	(222) (3,278) (2,147)
		26,542
		(1,023) (1,716) 279 (1,567) 1,085
		23,600
		1,057,019 8,982
	645,467 210,912 140,886 377 68,359	1,066,001

Page | 18

Notes to the Financial Statements (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

4. EARNINGS PER SECURITY

Per security Profit attributable to security holders ($’000) Weighted average number of securities outstanding (thousands): Issued securities (thousands) Dilutive securities (thousands): Long-term incentives Short-term incentives Fixed Remuneration and Talent Rights Weighted average number of issued and dilutive potential securities outstanding (thousands) Basic earnings per security (cents) Dilutive earnings per security (cents) 5. REVENUE Rental income Residential rental income – Ingenia Gardens Residential rental income – Lifestyle and Holidays Annuals rental income – Lifestyle and Holidays Tourism rental income – Lifestyle and Holidays Commercial rental income – Lifestyle and Holidays Total rental income 6. NET FINANCE EXPENSE Interest income Debt facility interest expense Lease interest expense(1) Net finance expense	31 Dec 2020 31 Dec 2019
	32,452 23,600 326,144 248,096 1,722 1,418 224 314 17 -
	328,107 249,828
	10.0 9.5 9.9 9.4
	31 Dec 2020 31 Dec 2019 $’000 $’000
	11,615 11,039 19,472 14,659 2,041 2,271 24,145 21,618 164 218
	57,437 49,805
	31 Dec 2020 31 Dec 2019 $’000 $’000
	(8) (55) 1,511 3,045 274 288
	1,777 3,278

(1) Lease interest expense relates to lease of right-of-use assets and certain ground leases for investment properties that are long term in nature.

Interest costs of $1,030,000 have been capitalised into investment properties associated with development assets (31 Dec 2019: $1,630,000).

Page | 19

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited

For the six months ended 31 December 2020

7. INVENTORIES

. INVENTORIES
Lifestyle homes: Completed Display homes Under construction Fuel, food and beverage supplies Total inventories	31 Dec 2020 30 Jun 2020 $’000 $’000
	11,287 27,150 1,819 2,514 12,955 6,222 339 315
	26,400 36,201

The lifestyle home balance includes:

• 56 new completed homes (30 Jun 2020: 132)

• 7 refurbished/renovated/annuals completed homes (30 Jun 2020: 12)

• 18 display homes (30 Jun 2020: 20)

• Lifestyle homes under construction includes 147 partially completed homes at different stages of development (30 Jun 2020: 52). It also includes demolition, site preparation costs and buybacks on future development sites.

8. ASSETS AND LIABILITIES HELD FOR SALE

(a) Summary of carrying value - Assets

The following are the carrying values of assets held for sale:

(a) Summary of carrying value - Assets The following are the carrying values of assets held for sale:
Investment properties held for sale: Gladstone, South Gladstone, QLD Upper Coomera, Upper Coomera, QLD Albury, Lavington, NSW Sun Country, Mulwala, NSW Total assets held for sale	31 Dec 2020 30 Jun 2020 $’000 $’000
	7,564 8,675 10,500 10,500 - 4,475 - 8,973
	18,064 32,623

(b) Summary of carrying value – Liabilities

The following are the carrying values of loans associated with assets held for sale:

Net resident loans – Gladstone Total liabilities held for sale . INVESTMENT PROPERTIES a) Summary of carrying value Completed properties Properties under development Total carrying value	31 Dec 2020 30 Jun 2020 $’000 $’000
	4,914 5,175
	4,914 5,175
	31 Dec 2020 30 Jun 2020 $’000 $’000
	925,543 812,667 139,321 131,291
	1,064,864 943,958

9. INVESTMENT PROPERTIES

• (a) Summary of carrying value

Page | 20

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

9. INVESTMENT PROPERTIES (CONTINUED)

(b) Movements in carrying value

b) Movements in carrying value
Carrying value at the beginning of the period Acquisitions Expenditure capitalised Net gain/(loss) on change in fair value Transfer to assets held for sale Carrying value at the end of the period	31 Dec 2020 30 Jun 2020 $’000 $’000
	943,958 846,835 92,781 84,227 25,474 69,153 2,651 (32,309) - (23,948)
	1,064,864 943,958

(c) Reconciliation of fair value

c) Reconciliation of fair value
Carrying value at the beginning of the period Acquisitions Expenditure capitalised Net gain/(loss) on change in fair value Carrying value at the end of the period	Ingenia Gardens Lifestyle and Holidays Total $’000 $’000 $’000
	139,870 804,088 943,958 - 92,781 92,781 595 24,879 25,474 2,795 (144) 2,651
	143,260 921,604 1,064,864

(d) Individual property carrying value

(d) Individual property carrying value
Completed properties	Carryingvalue
Ingenia Gardens: Brooklyn, Brookfield, VIC Carey Park, Bunbury, WA Horsham, Horsham, VIC Jefferis, Bundaberg North, QLD Oxley, Port Macquarie, NSW Townsend, St Albans Park, VIC Yakamia, Yakamia, WA Goulburn, Goulburn, NSW Coburns, Brookfield, VIC Hertford, Sebastopol, VIC Seascape, Erskine, WA Seville Grove, Seville Grove, WA St Albans Park, St Albans Park, VIC Taloumbi, Coffs Harbour, NSW Wheelers, Dubbo, NSW Taree, Taree, NSW Grovedale, Grovedale, VIC Marsden, Marsden, QLD Swan View, Swan View, WA Dubbo, Dubbo, NSW Ocean Grove, Mandurah, WA Peel River, Tamworth, NSW Sovereign, Ballarat, VIC Wagga, Wagga Wagga, NSW Bathurst, Bathurst, NSW Warrnambool, Warrnambool, VIC	31 Dec 2020 30 Jun 2020 $’000 $’000
	5,600 5,420 5,160 5,200 5,110 5,180 4,500 4,350 5,450 5,380 5,220 5,170 4,400 4,660 5,520 5,400 5,350 5,190 4,500 4,290 5,140 4,850 3,780 3,770 6,040 5,930 6,540 6,480 6,150 6,230 5,500 4,920 5,520 5,580 11,500 11,670 8,770 8,700 6,370 6,350 4,090 3,920 5,100 4,790 4,370 4,040 4,650 3,960 4,530 4,300 4,400 4,140
	143,260 139,870

Page | 21

Notes to the Financial Statements (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

9. INVESTMENT PROPERTIES (CONTINUED)

9. INVESTMENT PROPERTIES (CONTINUED)
Completed properties	Carryingvalue
Ingenia Lifestyle and Holidays: The Grange, Morisset, NSW Ettalong Beach, Ettalong Beach, NSW(1) Nepean River, Emu Plains, NSW Kingscliff, Kingscliff, NSW One Mile Beach, One Mile, NSW(1) Hunter Valley, Cessnock, NSW Stoney Creek, Marsden Park, NSW White Albatross, Nambucca Heads, NSW Noosa, Tewantin, QLD Chambers Pines, Chambers Flat, QLD Lake Macquarie (Holidays), Mannering Park, NSW Sydney Hills, Dural, NSW Bethania, Bethania, QLD Conjola Lakeside, Lake Conjola, NSW Soldiers Point, Port Stephens, NSW Lara, Lara, VIC South West Rocks, South West Rocks, NSW(1) Broulee, Broulee, NSW(1) Ocean Lake, Ocean Lake, NSW Avina, Vineyard, NSW Hervey Bay (Holidays), Hervey Bay, QLD Latitude One, Port Stephens, NSW(2) Blueys Beach, Blueys Beach, NSW Cairns Coconut, Woree, QLD Bonny Hills, Bonny Hills, NSW Durack Gardens, Durack, QLD Eight Mile Plains, Eight Mile Plains, QLD Plantations, Woolgoolga, NSW Hervey Bay (Lifestyle), Hervey Bay, QLD Rivershore, Diddillibah, QLD Brisbane North, Aspley, QLD Byron Bay, Byron Bay, NSW(1) Taigum, Taigum, QLD Bevington Shores, Halekulani, NSW Lake Munmorah, Lake Munmorah, NSW Sunnylake Shores, Halekulani, NSW Redlands, Thornlands, QLD Middle Rock, One Mile, NSW Inverloch, Inverloch, VIC(1) Total completed properties	31 Dec 2020 30 Jun 2020 $’000 $’000
	25,308 22,534 6,431 6,953 12,502 13,263 15,500 15,349 26,443 20,260 8,617 8,525 23,371 22,319 26,901 26,575 18,985 18,832 38,503 35,135 9,605 9,114 15,109 15,848 17,570 14,621 41,459 39,534 16,959 16,331 29,533 28,883 12,852 12,673 6,492 6,510 9,955 9,783 22,319 22,485 9,899 9,652 27,096 21,744 1,148 1,148 57,050 55,920 14,310 13,900 33,751 27,709 28,433 27,063 11,582 10,381 4,192 1,124 23,116 24,300 30,147 30,000 18,185 18,079 16,841 17,250 24,022 25,000 29,000 24,000 8,661 - 6,193 - 19,410 - 34,833 -
	782,283 672,797
	925,543 812,667

Total completed properties

(1) Includes a land component that is leased from the Crown, local municipalities or private lessors and are recognised as investment property with an associated ground lease. The value of the capitalised lease carried within investment property is $12,084,000 (30 June 2020: $11,515,000).

(2) The carrying value of Latitude One represents 100% of the property value. A profit share arrangement is in place with a third-party, the liability for which is carried at fair value and classified as a financial liability.

The figures shown above are the fair values of the operating rental streams associated with each property and exclude any valuation attributed to the development component of the investment property. The values attributed to development properties are separately disclosed in this note on the following page.

Page | 22

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

9. INVESTMENT PROPERTIES (CONTINUED)

9. INVESTMENT PROPERTIES (CONTINUED)
Properties under development	Carryingvalue
Ingenia Lifestyle and Holidays: Stoney Creek, Marsden Park, NSW Chambers Pines, Chambers Flat, QLD Sydney Hills, Dural, NSW Bethania, Bethania, QLD Conjola, Lake Conjola, NSW Lara, Lara, VIC Avina, Vineyard, NSW Latitude One, Port Stephens, NSW(1) Blueys Beach, Blueys Beach, NSW Cairns Coconut, Woree, QLD Durack Gardens, Durack, QLD Eight Mile Plains, Eight Mile Plains, QLD Plantations, Woolgoolga, NSW Hervey Bay (Lifestyle), Hervey Bay, QLD Rivershore, Diddillibah, QLD Bevington Shores, Halekulani, NSW Sunnylake Shores, Halekulani, NSW Parkside, Lucas, VIC Redlands, Thornlands, QLD Properties under development Total investment properties	31 Dec 2020 30 Jun 2020 $’000 $’000
	1,737 2,029 16,516 16,600 180 - 14,649 16,140 1,232 3,992 8,125 7,060 13,020 13,020 20,755 23,062 6,452 6,452 1,700 - 258 2,066 1,402 2,096 17,053 24,068 13,298 11,956 1,850 - 1,360 - 7,927 - 9,785 - 2,022 2,750
	139,321 131,291
	1,064,864 943,958

(1) The carrying value of Latitude One represents 100% of the property value. A profit share arrangement is in place with a third-party, the liability for which is carried at fair value and classified as a non-current financial liability.

Investment properties are carried at fair value in accordance with the Group’s accounting policy in the Group’s 30 June 2020 Annual Report. 11 Lifestyles villages and 9 Ingenia Garden villages were externally valued across October and December 2020.

Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability, or in its absence, the most advantageous market.

In determining fair values, the Group considers relevant information including the capitalisation of rental streams using market assessed capitalisation rates. For investment properties under development the Group assesses fair value based on expected net cash flows discounted to their present value using market determined risk-adjusted discount rates and other available market data such as recent comparable transactions. As such the fair value of an investment property under development will differ depending on the number of settlements realised and the stage that each development is at.

In determining the fair value of certain assets, recent market offers have been taken into consideration.

(e) Description of valuations techniques used and key inputs to valuation on investment properties

Valuation technique Significant unobservable inputs	Range (weighted average) Relationship of unobservable input to fair value 31 Dec 2020 30 Jun 2020
Ingenia Gardens Capitalisation method Stabilised occupancy Capitalisation rate	79% - 98% (93.3%) 9.4% - 10.0% (9.7%) 78% - 97% (92.0%) 9.4% - 10.3% (9.7%) As costs are fixed in nature, occupancy has a direct correlation to valuation (i.e. the higher the occupancy, the greater the value). Capitalisation has an inverse relationship to valuation.

Page | 23

Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

9. INVESTMENT PROPERTIES (CONTINUED)

Valuation technique Significant unobservable inputs

Range (weighted average) Relationship of unobservable input to fair value 31 Dec 2020 30 Jun 2020

Ingenia Lifestyle and Holidays Capitalisation method (for existing rental streams) Short-term occupancy Residential occupancy Operating profit margin Capitalisation rate Discounted cash flow (for investment properties under development) Discount rate

20% - 80% for powered and camp sites; 30% - 80% for tourism and short term rental. 100% 34% - 79% dependent upon short-term and residential accommodation mix. 5.6% - 12.8% 20% - 80% for powered and camp sites; 30% - 80% for tourism and short term rental. 100% 30% - 80% dependent upon short-term and residential accommodation mix. 5.90% - 12.25% The higher the occupancy, the greater the value. COVID-19 net profit shortfall adjustment has been removed for most assets in line with external valuation methodology. Capitalisation has an inverse relationship to valuation. 9.0% - 16.4% 8.0% - 16.5% Discount rate has an inverse relationship to valuation.

Capitalisation method

Under the capitalisation method, fair value is estimated using assumptions regarding the expectation of future benefits. The capitalisation method involves estimating the expected income projections of the property and applying a capitalisation rate into perpetuity. The capitalisation rate is based on current market evidence. Future income projections take into account occupancy, rental income and operating expenses.

Discounted cash flow method

Under the discounted cash flow method, fair value is estimated using assumptions regarding the benefits and liabilities of ownership over the asset’s life, including an exit or terminal value. This method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, a marketderived discount rate is applied to establish the present value of the income stream associated with the asset. The exit yield normally reflects the exit value expected to be achieved upon selling the asset and is a function of the risk-adjusted returns of the asset and expected capitalisation rate.

The duration of the cash flows and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal and related re-letting, redevelopment or refurbishment as well as the development of new units. The appropriate duration is typically driven by market behaviour that is a characteristic of the class of real property. Periodic cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives, maintenance cost, agent and commission costs and other operating and management expenses. The series of periodic net underlying cash flows, along with an estimate of the terminal value anticipated at the end of the projection period, is then discounted.

Given the constantly changing nature of the COVID-19 situation, the fair value at reporting date involves uncertainties around the underlying assumptions. The external valuations undertaken during the period, contained material valuation uncertainty clauses given the impacts of COVID-19. Valuations can be relied upon at the date of valuation however, a higher level of valuation uncertainty than normal is assumed, and property values could change significantly and unexpectedly over a relatively short period of time.

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Notes to the Financial Statements (continued) Ingenia Communities Holdings Limited For the six months ended 31 December 2020

10. INVESTMENT IN A JOINT VENTURE

The Group holds a 50% interest in a Joint Venture with Sun Communities for the development of greenfield communities. The Group’s interest in the Joint Venture is accounted for using the equity method in the consolidated financial statements. The valuation methodology of the Joint Venture’s assets and liabilities are consistent with that of the Group.

The following table illustrates the summarised financial information of the Group’s investment in the Joint Venture entities:

Balance Sheet Current assets Non-current assets(1) Current liabilities Equity Group’s share in equity – 50% Group’s carrying value in investment	31 Dec 2020 30 Jun 2020 $’000 $’000
	13,366 11,126 59,233 22,880 (9,985) (2,154)
	62,614 31,852
	31,307 15,926
	31,307 15,926

(1) Non-current assets represent the fair value of investment property.

Statement of Comprehensive Income Revenue Cost of sales Expenses Depreciation Net finance (expense)/benefit Net loss on change in fair value of investment property Loss before income tax Income tax (expense)/benefit Total comprehensive loss for the period Group’s share of loss for the period	31 Dec 2020 31 Dec 2019 $’000 $’000
	3,112 - (1,279) - (655) (622) (39) - (104) 21 (2,265) -
	(1,230) (601)
	(8) 157
	(1,238) (444)
	(619) (222)

11. BUSINESS COMBINATIONS

Information on prior year acquisition of Eighth Gate Capital Management Pty Limited On 22 August 2019, the Group acquired the share capital of EGCM, a funds and asset management business which manages six funds, that invest in lifestyle and holiday communities situated in NSW, QLD and VIC. The Group receives fees for the management and development of the assets and management of the funds.

12. TRADE AND OTHER PAYABLES

2. TRADE AND OTHER PAYABLES
Current Trade payables and accruals Deposits Other Total current Non-current Other Total non-current	31 Dec 2020 30 Jun 2020 $’000 $’000
	37,787 31,204 14,338 9,215 1,469 1,069
	53,594 41,488
	4,000 -
	4,000 -

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Notes to the Financial Statements (continued)

Ingenia Communities Holdings Limited

For the six months ended 31 December 2020

13. BORROWINGS

3. BORROWINGS
Current Lease liabilities – Right-of-use assets Lease liabilities – Ground leases Total current Non-current Bank debt Prepaid borrowing costs Lease liabilities – Right-of-use assets Lease liabilities – Ground leases Total non-current	31 Dec 2020 30 Jun 2020 $’000 $’000
	1,455 1,072 856 777
	2,311 1,849
	147,000 73,000 (1,197) (1,400) 3,657 1,209 11,228 10,740
	160,688 83,549

(a) Bank debt

Ingenia has $450.0 million in available debt facilities at 31 December 2020 (30 Jun 2020: $450.0 million).

The total $450.0 million in debt facilities is provided by three Australian banks. The facility tranche dates are:

• 17 February 2022 ($175.4 million);

• 13 July 2023 ($174.6 million); and

• 21 February 2027 ($100.0 million).

As at 31 December 2020, the facilities have been drawn to $147.0 million (30 Jun 2020: $73.0 million). The carrying value of investment property net of resident liabilities at reporting date for the Group’s Australian properties pledged as security is $1,019 million (30 Jun 2020: $909.0 million).

(b) Bank guarantees

The Group has the ability to utilise its bank facilities to provide bank guarantees, which at 31 December 2020 were $17.3 million (30 Jun 2020: $14.3 million).

14. ISSUED SECURITIES

4. ISSUED SECURITIES
(a) Carrying values Balance at beginning of the period Issued during the period: Distribution Reinvestment Plan (“DRP”) Institutional Placement, Rights Issue and Share Purchase Plan Equity raising costs Balance at end of the period The closing balance is attributable to the security holders of: Ingenia Communities Holdings Limited Ingenia Communities Fund Ingenia Communities Management Trust (b) Number of issued securities Balance at beginning of the period Issued during the period: Distribution Reinvestment Plan (“DRP”) Institutional Placement, Rights Issue and Share Purchase Plan Balance at end of the period	6 months to 12 months to 31 Dec 2020 30 Jun 2020 $’000 $’000
	1,218,908 900,417 4,938 19,273 - 309,064 (40) (9,846)
	1,223,806 1,218,908
	36,590 36,187 1,097,695 1,093,696 89,521 89,025
	1,223,806 1,218,908
	6 months to 12 months to 31 Dec 2020 30 Jun 2020 ’000 ’000
	325,553 236,375 1,099 4,237 - 84,941
	326,652 325,553

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Notes to the Financial Statements (continued)

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

14. ISSUED SECURITIES (CONTINUED)

(c) Term of securities

All securities are fully paid and rank equally with each other for all purposes. Each security entitles the holder to one vote, in person or by proxy, at a meeting of security holders.

15. COMMITMENTS

There were commitments for capital expenditure on investment properties and inventories contracted but not provided for at reporting date of $42,173,198 (30 Jun 2020: $28,407,358).

16. CONTINGENT LIABILITIES

The Group has the following contingent liabilities:

• Bank guarantees totalling $17.3 million provided for under the $450.0 million bank facility. Bank guarantees primarily relate to the Responsible Entity’s AFSL capital requirements ($10.0 million).

17. SUBSEQUENT EVENTS

New debt facility

In February 2021, the Group entered into a seven-year $75.0 million debt facility with the Clean Energy Finance Corporation, which will assist the Group in delivering clean energy commitments.

Return of JobKeeper

Post 31 December 2020, the Group decided to return $1.7 million of JobKeeper to the Government, based on improved trading in the holidays business and the outlook for the Group. The impact will be recorded in the second-half and full-year results.

Interim distribution

On 16 February 2021, the Directors declared an interim distribution of 5.0 cps amounting to $16.3 million, to be paid on 25 March 2021.

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Directors’ Declaration

Ingenia Communities Holdings Limited For the six months ended 31 December 2020

In accordance with a resolution of the directors of Ingenia Communities Holdings Limited, I state that:

1. In the opinion of the directors:

2. a) The financial statements and notes of Ingenia Communities Holdings Limited for the half-year ended 31 December 2020 are in accordance with the Corporations Act 2001 , including:

   • (i) giving a true and fair view of its financial position as at 31 December 2020 and of its performance for the six months ended on that date; and

   • (ii) complying with Accounting Standards (including Australian Accounting Interpretations) and Corporations Regulations 2001 ; and

3. b) there are reasonable grounds to believe that Ingenia Communities Holdings Limited will be able to pay its debts as and when they become due and payable.

4. The notes to the financial statements include an explicit and unreserved statement of compliance with International Financial Reporting Standards at Note 1(b).

5. This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001 for the half-year ended 31 December 2020.

On-behalf of the Board

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Jim Hazel Chairman Adelaide, 16 February 2021

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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

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Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent Auditor's Review Report to the Unitholders of Ingenia Communities Holdings Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial report of Ingenia Communities Holdings Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated balance sheet as at 31 December 2020, the consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the half year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that the half-year financial report of the Group is not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of the consolidated financial position of the Group as at 31 December 2020 and of its consolidated financial performance for the half-year ended on that date; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Emphasis of Matter: Investment Property Fair Value

We draw attention to Note 9 of the financial report which describes the impact of the COVID-19 pandemic on the determination of fair value of investment property and how this has been considered by the Directors in the preparation of the financial report. Due to the heightened degree of valuation uncertainty, property values may change significantly and unexpectedly over a relatively short period of time. Our opinion is not modified in respect of this matter.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, anything has come to our attention that causes us to believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group’s consolidated financial position as at 31 December 2020 and its consolidated financial performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of the Group, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

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Ernst & Young

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Yvonne Barnikel Partner Sydney 16 February 2021

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PAGE INTENTIONALLY LEFT BLANK

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INGENIA COMMUNITIES FUND AND INGENIA COMMUNITIES MANAGEMENT TRUST

HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2020

www.ingeniacommunities.com.au Registered Office: Level 3, 88 Cumberland Street, The Rocks NSW 2000

Half-Year Report

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Contents

Directors' Report .....................................................................................................................................................................................................2 Auditor’s Independence Declaration ............................................................................................................................................................7 Consolidated Statement of Comprehensive Income .......................................................................................................................... 8 Consolidated Balance Sheet ............................................................................................................................................................................ 9 Consolidated Cash Flow Statement ............................................................................................................................................................10 Consolidated Statement of Changes in Equity ...................................................................................................................................... 11 1. Summary of significant accounting policies .................................................................................................................................. 12 2. Accounting estimates and judgements .......................................................................................................................................... 13 3. Segment information ................................................................................................................................................................................ 14 4. Earnings per unit ......................................................................................................................................................................................... 18 5. Inventories ...................................................................................................................................................................................................... 18 6. Assets and liabilities held for sale ...................................................................................................................................................... 18 7. Investment properties .............................................................................................................................................................................. 19 8. Investment in a joint venture ................................................................................................................................................................ 19 9. Trade and other payables .................................................................................................................................................................... 20 10. Borrowings ................................................................................................................................................................................................. 20 11. Issued units .................................................................................................................................................................................................... 21 12. Commitments .............................................................................................................................................................................................. 21 13. Subsequent events ................................................................................................................................................................................... 21 Directors’ Declaration ........................................................................................................................................................................................ 22 Independent Auditor’s Report ...................................................................................................................................................................... 23

Directors’ Report

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Ingenia Communities Fund (“ICF” or the “Fund”) (ARSN 107 459 576) and Ingenia Communities Management Trust (“ICMT”) (ARSN 122 928 410) (together the “Trusts”) are Australian registered schemes. Ingenia Communities RE Limited (ACN 154 464 990; Australian Financial Services Licence number 415862), the Responsible Entity of the Trusts, is incorporated and domiciled in Australia.

The parent company of Ingenia Communities RE Limited (“ICRE” or the “Responsible Entity”) is Ingenia Communities Holdings Limited (“ICH” or the “Company”). The shares of the Company are “stapled” with the units of the Trusts and trade on the Australian Securities Exchange (“ASX”) as one security (ASX Code: INA). The Company and the Trusts along with their subsidiaries are collectively referred to as the Group in this report.

The Directors’ Report is a combined Directors’ Report that covers the Trusts for the six months ended 31 December 2020 (the “current period”).

DIRECTORS

The Directors of the Responsible Entity at any time during or since the end of the current period were:

Non-Executive Directors (NEDs)

Jim Hazel (Chairman) Robert Morrison (Deputy Chairman) Amanda Heyworth Pippa Downes Gary Shiffman John McLaren (Alternate Director to Gary Shiffman) Gregory Hayes (appointed, effective 17 September 2020) Sally Evans (appointed, effective 1 December 2020) Andrew McEvoy (resigned, effective 30 September 2020)

Executive Directors

Simon Owen (Managing Director and Chief Executive Officer (MD and CEO))

Company Secretaries

Natalie Kwok Nhu Nguyen

OPERATING AND FINANCIAL REVIEW

Ingenia Communities Fund and Ingenia Communities Management Trust overview

ICF and ICMT are two of the entities forming part of ICH, which is a triple staple structure traded on the ASX.

The Group is an active owner, manager and developer of a diversified portfolio of lifestyle, seniors rental and holiday communities across Australia. The Group’s real estate assets at 31 December 2020 were valued at $1.1 billion, comprising 40 lifestyle and holiday communities (Ingenia Lifestyle and Holidays) and 26 rental communities (Ingenia Gardens). The Group manages a further 12 communities through its development JV and funds management platform. The Group is in the S&P/ASX 200 and had a market capitalisation of approximately $1.6 billion at 31 December 2020.

The Group’s vision is to create Australia’s best lifestyle and holiday communities, offering affordable permanent and tourism accommodation with a focus on the seniors demographic. The Board is committed to delivering sustainable long-term underlying earnings per security (EPS) growth to security holders while providing a safe, supportive community environment for residents and guests.

The Group has continued to progress key sustainability initiatives and expand reporting in this area. Through the continuation of existing projects and new initiatives the Group has committed to reduce emissions by 30% over the next five years and is targeting net zero emissions by 2035. The Group has entered into a finance facility with the Clean Energy Finance Corporation (CEFC) which supports these commitments.

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Directors’ Report (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Our Values

At Ingenia we build community on a foundation of integrity and respect, creating a place where people have a sense of connection and belonging. We strive for continuous improvement in our resident, guest and visitor service, to ensure that they receive an amazing experience every day. Whether it’s time to live, play, stay or renew, we deliver freedom of choice with a range of industry award winning lifestyle and holiday options.

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Strategy

The Group is positioning for scale and long-term sector leadership whilst delivering growth in net operating income and enhancing the operational performance of its investment properties.

Using a disciplined investment framework, the Group will: continue to grow its lifestyle and holiday communities business in metropolitan and coastal locations; build out its existing development pipeline; expand development and revenue streams through the Joint Venture with Sun Communities, Inc (NYSE: SUI) and funds management platform; and deploy equity raised in 2H20 to acquire existing communities and additional development sites.

The immediate business priorities of the Group are:

• Capitalise on opportunities to expand the development pipeline to deliver new rental contracts;

• Improve performance of existing assets to drive growth in rental returns;

• Improve resident and guest satisfaction;

• Enhance sustainable competitive advantage through recruitment, retention and development of industry leading talent;

• Focus on sales and marketing effectiveness to successfully launch new projects and grow rental base;

• Continue rollout of new rental and tourism cabins;

• Expand the funds management platform and deliver performance for investors;

• Execute the development Joint Venture business plan, delivering opportunities for capital light growth and additional revenue streams;

• Maintain focus on employee, resident and guest health and safety;

• Continue to advance focus on sustainable home design and construction;

• Build on the Group’s sustainability and carbon emissions reduction program and enhance disclosures as initiatives are progressed.

1H21 financial results

The six months to 31 December 2020 delivered total revenue of $122.0 million, up 4% on the prior corresponding period. The Group built and sold 136[1] turnkey homes (1H20: 140 homes) and grew Lifestyle and Holidays rental income by 18% to $45.7 million (1H20: $38.5 million).

Statutory profit of $32.5 million was up 38% on the prior corresponding period. The statutory result reflects the combination of growth in underlying earnings and fair value movements on investment property arising from: improved capitalisation rates, offset by transaction costs on new acquisitions and a reduction in fair value associated with the realisation of development profits on settlement of homes from the Groups communities under development.

1 Including eight settlements at Ingenia Lifestyle Freshwater, the Group’s first Joint Venture project with Sun Communities.

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Directors’ Report (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Underlying profit from continuing operations was $32.8 million, up 24% on the prior corresponding period. The underlying result was underpinned by a strong second quarter performance from the Lifestyle & Holiday segment, record occupancy in Ingenia Gardens offset by the Lifestyle Development segment which was negatively impacted by COVID-19 with lower settlements having an adverse effect on the 1H21 financial results compared to the prior corresponding period. Included in the result is $5.1 million of JobKeeper subsidy which supported a loss of revenue and additional costs associated with COVID-19 (including the employment of staff). Due to the improved outlook for the business, the Group will repay $1.7 million of the JobKeeper subsidy, subsequent to period end.

Operating cash flow for the period was $59.7 million, up 110% from the prior corresponding period, positively impacted by a strong tourism performance in the second quarter, the acquisition of new communities and positive working capital movements, with lower inventory on hand and growth in tourism deposits held.

The Group grew its investment in lifestyle communities during the period, with a continued focus on progressing the Group’s development pipeline to enable further growth in its recurring rental base through the expansion and creation of high-quality communities.

The Group continued to divest non-core assets to support the Group’s capital recycling strategy, with the divestment of Ingenia Holidays Albury and Ingenia Holidays Sun Country in 1H21.

The Group’s earnings per security during the half were adversely impacted by the 2H20 equity raise, where the proceeds raised were not fully deployed by 31 December 2020.

Key metrics

• Net profit for the half-year for ICF $15.1 million (1H20: $13.9 million profit).

• Net profit for the half-year for ICMT of $5.6 million (1H20: $2.0 million loss).

• Interim distributions of 5.0 cents per unit by ICF, nil from ICMT.

Development Joint Venture (Joint Venture)

The development Joint Venture with Sun Communities successfully completed the construction of the Clubhouse and community facilities at Freshwater, its first Greenfield development in Burpengary East, QLD where it also delivered 8 home settlements. The Joint Venture completed the acquisition of its third site in Morisset, NSW, a large greenfield project located 1 hour north of Sydney. The Joint Venture also has a number of greenfield opportunities under option where development approvals are being sought.

During 1H21, revenue generated by Ingenia from the Joint Venture relates to asset management, development management and origination fees. The share of loss from the Joint Venture includes the expensing of transaction costs and stamp duty associated with the acquisition of land.

Performance

erformance
Greenfield properties (#) Investment carrying value ($m) New home settlements (#) Fee income ($m) Share of loss from joint venture ($m)	31 Dec 2020 31 Dec 2019 Change %
	3 2 50% 31.3 14.1 122% 8 - NM 1.7 0.2 NM (0.6) (0.2) NM

Strategic priorities

The Joint Venture’s objective is to acquire greenfield sites in key metro and coastal markets to develop a portfolio of new lifestyle communities. The Joint Venture leverages the expertise and local market knowledge of Ingenia to identify, acquire and develop sites. Once homes are sold, Ingenia will also provide operational services to the lifestyle communities. At completion of development, Ingenia has the right to acquire the communities at market value. Ingenia generates acquisition origination, development, and management fees for these services plus a performance fee for above hurdle rate project returns.

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Directors’ Report (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Capital management

At 31 December 2020, the Group had a combined facility limit of $450.0 million, with a weighted average term to maturity of 2.8 years, drawn to $147.0 million.

The Group’s Loan to Value Ratio (“LVR”) was 14.7% at 31 December 2020, which is below the Group’s target range of 30%-40% due to the completion of the equity raise in 2H20 where the funds were not fully deployed at 31 December 2020. The balance of the funds raised are anticipated to be deployed in the second half of FY21.

In February 2021, the Group entered into a new seven-year $75.0 million debt facility with the Clean Energy Finance Corporation (CEFC), increasing the Group’s combined facility limit to $525.0 million.

Distributions

The following distributions were made during or in respect of the half-year:

• On 18 August 2020, the Directors declared a final distribution of 4.4 cps amounting to $14.3 million, which was paid on 24 September 2020.

• On 16 February 2021, the Directors declared an interim distribution of 5.0 cps, amounting to $16.3 million to be paid on 25 March 2021.

FY21 outlook

The Group is well positioned to meet the increase in demand for affordable housing from downsizers and will grow its rental base in FY21 by continuing to invest in new rental homes, tourism cabins and the creation of new rental contracts from development projects. Ingenia expects to continue to be a major beneficiary from the rebound in domestic travel as international borders remain closed.

Where on strategy opportunities can be identified, the Group will acquire mature lifestyle and holiday communities and continue to grow its development pipeline. The Group will continue to regularly assess market opportunities and the performance of existing assets, remixing the Group’s portfolio to maximise longer-term returns.

The Group has a strong balance sheet to fund growth opportunities, whilst the Joint Venture and the funds management business provide additional sources of capital, and diversification of the Group’s revenue streams.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Changes in the state of affairs during the current period are set out in the various reports in this Financial Report. Refer to Note 7 for investment properties acquired during the year, Note 10 for details of debt facility, and Note 11 for issued units.

EVENTS SUBSEQUENT TO REPORTING DATE

New debt facility

In February 2021, the Group entered into a seven-year $75.0 million debt facility with the Clean Energy Finance Corporation, which will assist the Group in delivering clean energy commitments.

Return of JobKeeper

Post 31 December 2020, the Group decided to return $1.7 million of JobKeeper to the Government, based on improved trading in the holidays business and the outlook for the Group. The impact will be recorded in the second-half and full-year results.

Interim distribution

On 16 February 2021, the Directors declared an interim distribution of 5.0 cps amounting to $16.3 million, to be paid on 25 March 2021.

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Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Directors’ Report (continued)

LIKELY DEVELOPMENTS

The Trusts will continue to pursue strategies aimed at growing its cash earnings, profitability and market share within the lifestyle and seniors rental and tourism sectors during the next financial year through:

• Developing greenfield sites and expanding existing lifestyle communities;

• Acquiring new communities;

• Growing the funds management platform; and

• Divesting non-core assets.

Detailed information about operations of the Trusts is included in the various reports in this financial report.

ENVIRONMENTAL REGULATION

The Trusts have policies and procedures in place to ensure that, where operations are subject to any particular and significant environmental regulation under the laws of Australia, those obligations are identified and appropriately addressed. The Directors have determined that there has not been any material breach of those obligations during the half-year.

GROUP INDEMNITIES

The Group has purchased various insurance policies to cover a range of risks (subject to specified exclusions) for directors, officers and employees of the Group serving in their respective capacities. Key insurance policies include: directors and officers insurance, professional indemnity insurance and management liability insurance.

INDEMNIFICATION OF AUDITORS

To the extent permitted by law, the Trusts have agreed to indemnify its auditor, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit. No payment has been made to indemnify Ernst & Young during or since the reporting period.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 7.

ROUNDING OF AMOUNTS

The Trusts are of the kind referred to in ASIC Instrument 2016/191, and in accordance with that Class Order, amounts in the financial report and Director’s Report have been rounded to the nearest thousand dollars, unless otherwise stated.

Signed in accordance with a resolution of the Directors of the Responsible Entity.

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Jim Hazel Chairman Adelaide, 16 February 2021

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

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Auditor’s Independence Declaration to the Directors of Ingenia Communities RE Limited as Responsible Entity for Ingenia Communities Fund and Ingenia Communities Management Trust

As lead auditor for the review of the half-year financial report of Ingenia Communities Fund and its controlled entities and Ingenia Communities Trust and its controlled entities for the half-year ended 31 December 2020, I declare to the best of my knowledge and belief, there have been:

• a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Ingenia Communities Fund and the entities it controlled and Ingenia Communities Management Trust and the entities it controlled during the financial period.

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Ernst & Young

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Yvonne Barnikel Partner 16 February 2021

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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Consolidated Statement of Comprehensive Income

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Note Rental Income Ancillary guest and resident income Lifestyle home sales Service station revenue Food and beverage sales Fee income Other revenue Revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Responsible entity fee and expenses Depreciation and amortisation expense Operating profit before interest and tax Net finance income/(expense) Operating profit before tax Share of joint venture (loss)/income 8 Net gain/(loss) on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Profit/(loss) before tax Income tax expense Net profit/(loss) for the period Total comprehensive income/(loss) for the period net of income tax Profit/(loss) attributable to unit holders of: Ingenia Communities Fund Ingenia Communities Management Trust Total comprehensive income/(loss) attributable to unit holders of: Ingenia Communities Fund Ingenia Communities Management Trust Earnings per unit: Basic earnings per unit 4 Diluted earnings per unit 4	ICF ICMT
	31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 $’000 $’000 $’000 $’000
	5,589 5,165 57,437 49,805 - - 3,766 3,165 - - 17,499 21,989 - - 4,438 3,711 - - 3,233 3,487 - - 5,055 2,802 - - 546 420
	5,589 5,165 91,974 85,379
	(343) (282) (15,132) (14,199) - - (11,108) (13,045) - - (20,505) (23,016) (359) (318) (3,202) (2,621) - - (5,178) (4,985) - - (3,788) (3,228) (2,152) (1,993) (1,932) (1,787) (1) (13) (6,447) (6,041)
	2,734 2,559 24,682 16,457
	9,973 10,486 (11,259) (12,926)
	12,707 13,045 13,423 3,531
	(1,029) (38) 86 - 3,575 1,428 (2,035) (3,060) - - (2,749) (572) (144) 278 1 1 - (773) (644) (794)
	15,109 13,940 8,082 (894)
	- - (2,513) (1,091)
	15,109 13,940 5,569 (1,985)
	15,109 13,940 5,569 (1,985)
	15,109 13,940 - - - - 5,569 (1,985)
	15,109 13,940 5,569 (1,985)
	15,109 13,940 - - - - 5,569 (1,985)
	15,109 13,940 5,569 (1,985)
	31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 Cents Cents Cents Cents
	4.6 5.6 1.7 (0.8) 4.6 5.6 1.7 (0.8)

Page | 8

Consolidated Balance Sheet

Ingenia Communities Fund and Ingenia Communities Management Trust As at 31 December 2020

Note Current assets Cash and cash equivalents Trade and other receivables Inventories 5 Assets held for sale 6(a) Total current assets Non-current assets Trade and other receivables Receivables from related party Investment properties 7 Plant and equipment Investments in a joint venture 8 Other financial assets Intangibles Right-of-use-assets Deferred tax asset Total non-current assets Total assets Current liabilities Trade and other payables 9 Borrowings 10 Employee liabilities Other financial liabilities Liabilities held for sale 6(b) Total current liabilities Non-current liabilities Payables to related party Borrowings 10 Other financial liabilities Employee liabilities Other payables 9 Total non-current liabilities Total liabilities Net assets Equity Issued units 11(a) (Accumulated losses)/Retained earnings Security holders interest Non-controlling interest Total equity Attributable to unit holders of: Ingenia Communities Fund Ingenia Communities Management Trust	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	4,797 1,687 7,026 8,065 381 600 7,013 5,746 - - 11,722 17,546 - - 18,064 32,623
	5,178 2,287 43,825 63,980
	5,550 5,493 595 - 635,722 614,299 - - 255,982 217,404 746,180 669,818 3 5 4,855 4,323 26,931 11,960 59 - - - 11,742 13,847 - - 1,821 1,772 - - 12,916 18,251 - - 8,481 10,994
	924,188 849,161 786,649 719,005
	929,366 851,448 830,474 782,985
	1,751 2,820 37,257 27,722 - - 7,521 12,414 - - 2,953 2,481 - - 341 - - - 4,914 5,175
	1,751 2,820 52,986 47,792
	- - 641,245 611,236 145,803 71,600 21,902 22,015 - - 10,801 8,616 - - 790 640 - - 4,000 -
	145,803 71,600 678,738 642,507
	147,554 74,420 731,724 690,299
	781,812 777,028 98,750 92,686
	1,097,695 1,093,696 89,521 89,025 (315,883) (316,668) 9,930 4,361
	781,812 777,028 99,451 93,386
	- - (700) (700)
	781,812 777,028 98,751 92,686
	781,812 777,028 (700) (700) - - 99,451 93,386
	781,812 777,028 98,751 92,686

Page | 9

Consolidated Cash Flow Statement

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

Cash flows from operating activities Rental and other property income Property and other expenses Government subsidy Proceeds from sale of lifestyle homes Purchase of lifestyle homes Proceeds from sale of service station inventory Purchase of service station inventory Net movement in resident loans Interest received Borrowing costs paid Cash flows from investing activities Payments for acquisition of investment properties Additions to investment properties Purchase and additions of plant and equipment Purchase and additions of intangible assets Proceeds from sale of investment properties Investment in joint venture Other Cash flows from financing activities Proceeds from issue of stapled securities Payments for security issue costs Distributions to unit holders (Repayment of)/proceeds from related party borrowings Proceeds from borrowings Repayment of borrowings Payments for debt issue costs Other Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at end of the period	ICF ICMT
	31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 $’000 $’000 $’000 $’000
	- - 79,154 62,309 (538) (168) (47,985) (47,536) - - 6,519 - - - 18,509 23,635 - - (4,672) (14,378) - - 4,894 4,126 - - (4,207) (3,642) - - (137) (129) 1 30 7 26 (2,702) (5,488) (7) -
	(3,239) (5,626) 52,075 24,411
	(33,086) (26,172) (54,117) (29,584) (1,891) (2,239) (6,120) (23,564) - - (1,198) (712) - - (389) - - - 13,185 2,591 (16,000) (750) - - - - 2,005 (38)
	(50,977) (29,161) (46,634) (51,307)
	4,032 112,595 503 14,171 (33) (4,000) (7) (501) (14,324) (13,710) - - (6,318) (36,372) (463) 7,704 95,500 84,000 - - (21,500) (112,000) - - (31) - - - - - (6,513) (137)
	57,326 30,513 (6,480) 21,237
	3,110 (4,274) (1,039) (5,659)
	1,687 6,629 8,065 13,478
	4,797 2,355 7,026 7,819

Page | 10

Consolidated Statement of Changes in Equity

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

			Attributable to unit	Attributable to unit	holders
				ICF
					Non-
		Issued	Retained		controlling	Total
		Capital	Earnings	Total	interest	Equity
	Note	$’000	$’000	$’000	$’000	$’000
Carrying value 1 Jul 2020		1,093,696	(316,668)	777,028	-	777,028
Net profit		-	15,109	15,109	-	15,109
Total comprehensive income		-	15,109	15,109	-	15,109
Transactions with unit holders in their capacity
as unit holders:
Issue of units	11(a)	3,999	-	3,999	-	3,999
Payment of distributions to unit holders		-	(14,324)	(14,324)	-	(14,324)
Carrying value 31 Dec 2020		1,097,695	(315,883)	781,812	-	781,812
Carrying value 1 Jul 2019		831,792	(308,171)	523,621	-	523,621
Net profit		-	13,940	13,940	-	13,940
Total comprehensive income		-	13,940	13,940	-	13,940
Transactions with unit holders in their capacity
as unit holders:
Issue of units		108,595	-	108,595	-	108,595
Payment of distributions to unit holders		-	(13,710)	(13,710)	-	(13,710)
Carrying value 31 Dec 2019		940,387	(307,941)	632,446	-	632,446

			Attributable to unit	Attributable to unit	holders
				ICMT
					Non-
		Issued	Retained		controlling	Total
		Capital	Earnings	Total	interest	Equity
	Note	$’000	$’000	$’000	$’000	$’000
Carrying value 1 Jul 2020		89,025	4,361	93,386	(700)	92,686
Net profit		-	5,569	5,569	-	5,569
Total comprehensive income		-	5,569	5,569	-	5,569
Transactions with unit holders in their capacity
as unit holders:
Issue of units	11(a)	496	-	496	-	496
Carrying value 31 Dec 2020		89,521	9,930	99,451	(700)	98,751
Carrying value 1 Jul 2019		55,640	11,374	67,014	(700)	66,314
Net loss		-	(1,985)	(1,985)	-	(1,985)
Total comprehensive loss		-	(1,985)	(1,985)	-	(1,985)
Transactions with unit holders in their capacity
as unit holders:
Issue of units		13,669	-	13,669	-	13,669
Carrying value 31 Dec 2019		69,309	9,389	78,698	(700)	77,998

Page | 11

Notes to the Financial Statements

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) The Trusts

Ingenia Communities Fund (“ICF” or the “Fund”) (ARSN 107 459 576) and Ingenia Communities Management Trust (“ICMT”) (ARSN 122 928 410) (together the Trusts) are Australian registered schemes. Ingenia Communities RE Limited (ACN 154 464 990; Australian Financial Services Licence number 415862), the Responsible Entity of the Trusts, is incorporated and domiciled in Australia.

The parent company of Ingenia Communities RE Limited is Ingenia Communities Holdings Limited (the Company). The shares of the Company are stapled with the units of the Trusts and trade on the Australian Securities Exchange (“ASX”) effectively as one security. In this report, the Company and the Trusts are referred to collectively as the Group.

The stapling structure will cease to operate on the first to occur of:

• the Company or either of the Trusts resolving by special resolution in accordance with its constitution to terminate the stapling provisions; or

• the commencement of the winding up of the Company or either of the Trusts.

The half-year financial report as at and for the half-year ended 31 December 2020 was authorised for issue by the Directors on 16 February 2021.

(b) Basis of preparation

The half-year financial report is a general purpose financial report, which has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The half-year financial report does not include all of the information required for a full-year financial report and should be read in conjunction with both the Ingenia Communities Fund and Ingenia Communities Management Trust annual reports for the year ended 30 June 2020 and any ASX announcements issued during the period.

The financial report complies with Australian Accounting Standards as issued by the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

As permitted by Instrument 2015/838, issued by the Australian Securities and Investments Commission, the financial statements and accompanying notes of the Trusts have been presented in the attached combined financial report.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($’000), unless otherwise stated, as permitted by Instrument 2016/191.

The financial report is prepared on a historical cost bases, except for investment properties, retirement village resident loans, derivative financial instruments, other financial assets and other financial liabilities, which are measured at fair value.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Trusts’ annual financial report the year ended 30 June 2020 with the exception of new amended standards and interpretations which have been applied as required.

Where appropriate, comparative amounts have been restated to ensure consistency of disclosure throughout the financial report.

(c) Adoption of new and revised accounting standards

New accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for the current reporting period and are not expected to have a material impact on the Group’s future financial reporting.

Page | 12

Notes to the Financial Statements (continued) Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

2. ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Trusts to exercise judgement in the process of applying its accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The Trusts makes estimates and assumptions concerning the future. The resulting accounting estimates, by definition, may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below.

i. Valuation of investment property, other financial assets and other financial liabilities

The Trusts have investment properties and assets held for sale which together represent the estimated fair value of investment property. Other financial assets represent ICMT’s investment in a number of unlisted property funds. Other financial liabilities relate to a profit share arrangement between ICMT and a third-party which is carried at fair value.

The carrying value of these assets reflect certain assumptions about expected future rentals, rent-free periods, operating costs and appropriate discount and capitalisation rates. The valuation assumptions for properties to be developed reflect sales prices for new homes, sales rates, new rental tariffs, estimates of capital expenditure, discount rates and projected property growth rates. Other financial liabilities are a Level 3 financial instrument of which the carrying value reflects certain assumptions about: expected future rentals; operating costs; sales prices for new homes; sales rates; new rental tariffs; estimates of capital expenditure; projected property growth rates and capitalisation rate, at a discount rate of 13%. The valuation assumptions for deferred management fee villages reflect average length of stay, unit market values, estimates of capital expenditure, contract terms with residents, discount rates and projected property growth rates.

In forming these assumptions, the Trusts considered information about recent sales activity, current market rents, discount rates and capitalisation rates for properties similar to those owned by the Trusts, as well as independent valuations of the Trusts’ property.

ii. Valuation of inventories

The Trusts have inventory in the form of lifestyle homes and service station fuel and supplies, which it carries at the lower of cost or net realisable value. Estimates of net realisable value are based on the most reliable evidence available at the time of estimation, the amount the inventories are expected to realise, and the estimated costs of completion. Key assumptions require the use of management judgement and are continually reviewed.

iii. Valuation of resident loans

The fair value of the resident loans is calculated by reference to the initial loan amount plus the resident’s share of any capital gains in accordance with their contracts, less any deferred management fee income accrued to date by ICMT as operator. The key assumption for calculating capital gain and deferred management fee income components is the value of the dwelling being occupied by the resident. This value is determined by reference to the valuation of investment property, as referred to above.

iv. Calculation of deferred management fees (“DMF”)

Deferred management fees are recognised by the Trusts over the estimated period of time the property will be leased by the resident, and the accrued DMF is realised upon the departure of the resident. DMF is based on various inputs, including the initial price of the property, estimated length of stay of the resident, various contract terms, and projected price of property at time of re-leasing.

(b) Critical judgements in applying the entity’s accounting policies

There were no judgements, apart from those involving estimations, that management has made in the process of applying the entity’s accounting policies that had a significant effect on the amounts recognised in the financial report.

Page | 13

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

3. SEGMENT INFORMATION

(a) Description of segments

The Trusts invest predominantly in rental properties located in Australia with five reportable segments:

• Ingenia Lifestyle and Holidays – comprising long-term and tourism accommodation within lifestyle communities;

• Ingenia Lifestyle Development – comprising the development and sale of lifestyle homes;

• Ingenia Gardens – rental villages;

• Fuel, Food & Beverage Services – consists of the Trusts’ investment in service station operations and food & beverage activities attached to Ingenia Lifestyle and Holiday communities;

• Corporate & Other – comprises the Trusts’ remaining assets and operating activities including, development Joint Venture and corporate overheads.

The Trusts have identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker in assessing performance and determining the allocation of resources. Other parts of the Trusts are neither an operating segment nor part of an operating segment.

(b) ICF – 31 Dec 2020 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Administrative expenses Depreciation expense Earnings before interest and tax Share of joint venture loss Net finance income Underlying profit Net gain/(loss) on change in fair value of: Investment properties Other Responsible entity fees Profit after tax Segment assets Total assets	L&H Operations Ingenia Gardens Corporate & Other $’000 $’000 $’000	Total $’000
	1,094 4,495 -	5,589
	1,094 4,495 -	5,589
	1,094 4,495 - - - (343) - - (359) (1) - -	5,589 (343) (359) (1)
	1,093 4,495 (702)	4,886
	- - (1,029) - - 9,973	(1,029) 9,973
	1,093 4,495 8,242	13,830
	112,732 165,754 650,880	3,575 (144) (2,152)
		15,109
		929,366
	112,732 165,754 650,880	929,366

Page | 14

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

3. SEGMENT INFORMATION (CONTINUED)

(c) ICF – 31 Dec 2019 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Administrative expenses Depreciation expenses Earnings before interest and tax Share of joint venture loss Net finance income Underlying profit Net gain/(loss) on change in fair value of: Investment properties Other Loss on disposal of investment property Responsible entity fees Profit after tax Segment assets Total assets	L&H Operations Ingenia Gardens Corporate & Other $’000 $’000 $’000	Total $’000
	670 4,495 -	5,165
	670 4,495 -	5,165
	670 4,495 - - - (282) - - (318) - - (13)	5,165 (282) (318) (13)
	670 4,495 (613)	4,552
	24,612 159,308 664,585	(38) 10,486
		15,000
		1,428 278 (773) (1,993)
		13,940
		848,505
	24,612 159,308 664,585	848,505

Page | 15

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

3. SEGMENT INFORMATION (CONTINUED)

(d) ICMT – 31 Dec 2020 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Depreciation and amortisation expense Earnings before interest and tax Share of joint venture profit Net finance expense Income tax expense Underlying profit Net (loss)/gain on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Income tax benefit Responsible entity fees Profit after tax Segment assets Segment assets Assets held for sale Total assets	L&H Operations L&H Development Ingenia Gardens Fuel, Food & Beverage Services Corporate & Other $’000 $’000 $’000 $’000 $’000	Total $’000
	48,253 21,125 12,902 7,668 2,026	91,974
	48,253 21,125 12,902 7,668 2,026	91,974
	48,253 21,125 12,902 7,668 2,026 (10,295) (291) (3,376) (409) (761) - (11,108) - - - (11,697) (5,068) (2,334) (1,361) (45) (2,095) (585) (374) (35) (113) (1,312) (2,056) (451) (1,199) (160) - - - (3,788) - (435) (309) (56) (28) (5,619)	91,974 (15,132) (11,108) (20,505) (3,202) (5,178) (3,788) (6,447)
	22,419 1,708 6,311 848 (4,672)	26,614
	698,408 70,166 5,360 363 38,113 10,500 - - - 7,564	86 (11,259) (4,141)
		11,300
		(2,035) (2,749) 1 (644) 1,628 (1,932)
		5,569
		812,410 18,064
	708,908 70,166 5,360 363 45,677	830,474

Page | 16

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

3. SEGMENT INFORMATION (CONTINUED)

(e) ICMT – 31 Dec 2019 Segment revenue External segment revenue Total revenue Segment underlying profit External segment revenue Property expenses Cost of lifestyle homes sold Employee expenses Administrative expenses Operational, marketing and selling expenses Service station expenses Depreciation and amortisation expense Earnings before interest and tax Net finance expense Income tax expense Underlying profit Net (loss)/gain on change in fair value of: Investment properties Financial liabilities Other Loss on disposal of investment property Income tax benefit Responsible entity fees Loss after tax Segment assets Segment assets Assets held for sale Total assets	L&H Operations L&H Development Ingenia Gardens Fuel, Food & Beverage Services Corporate & Other $’000 $’000 $’000 $’000 $’000	Total $’000
	40,801 21,989 12,422 7,199 2,968	85,379
	40,801 21,989 12,422 7,199 2,968	85,379
	40,801 21,989 12,422 7,199 2,968 (9,532) (375) (3,353) (375) (564) - (13,045) - - - (12,002) (6,298) (2,984) (1,668) (64) (1,540) (591) (411) (34) (45) (1,356) (1,671) (407) (1,355) (196) - - - (3,228) - (279) (275) (115) (26) (5,346)	85,379 (14,199) (13,045) (23,016) (2,621) (4,985) (3,228) (6,041)
	16,092 (266) 5,152 513 (3,247)	18,244
	574,952 126,304 3,393 1,275 34,046 - - - - 8,982	(12,926) (2,015)
		3,303
		(3,060) (572) 1 (794) 924 (1,787)
		(1,985)
		739,970 8,982
	574,952 126,304 3,393 1,275 43,028	748,952

Page | 17

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

4. EARNINGS PER UNIT

4. EARNINGS PER UNIT
Profit/(loss) attributable to security holders ($’000) Weighted average number of securities outstanding (thousands) Issued securities (thousands) Dilutive securities (thousands) Long-term incentives Short-term incentives Fixed Remuneration and Talent Rights Weighted average number of issued and dilutive potential securities outstanding (thousands) Basic earnings per security (cents) Dilutive earnings per security (cents) 5. INVENTORIES Lifestyle homes Completed Display homes Under construction Fuel, food and beverage Total inventories	ICF ICMT
	31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
	15,109 13,940 5,569 (1,985) 326,144 248,096 326,144 248,096 1,722 1,418 1,722 1,418 224 314 224 314 17 - 17 -
	328,107 249,828 328,107 249,828
	4.6 5.6 1.7 (0.8) 4.6 5.6 1.7 (0.8)
	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	- - 6,023 12,056 - - 1,403 2,232 - - 3,957 2,943 - - 339 315
	- - 11,722 17,546

The lifestyle home balance includes:

• 32 new completed homes (30 Jun 2020: 64)

• 7 refurbished/renovated/annuals completed homes (30 Jun 2020: 12)

• 11 display homes (30 Jun 2020: 12)

• Lifestyle homes under construction includes 56 partially completed homes at different stages of development (30 Jun 2020: 29). It also includes demolition, site preparation costs and buybacks on future development sites.

6. ASSETS AND LIABILITIES HELD FOR SALE

(a) Summary of carrying value - Assets

The following are the carrying values of assets held for sale:

Investment properties held for sale: Gladstone, South Gladstone, QLD Upper Coomera, Upper Coomera, QLD Albury, Lavington, NSW Sun Country, Mulwala, NSW Total assets held for sale	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	- - 7,564 8,675 - - 10,500 10,500 - - - 4,475 - - - 8,973
	- - 18,064 32,623

Page | 18

Notes to the Financial Statements (continued) Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

6. ASSETS AND LIABILITIES HELD FOR SALE (CONTINUED)

(b) Summary of carrying value – Liabilities The following is a summary of the carrying value of the loans associated with investment properties held for sale:

Net resident loans – Gladstone Total liabilities held for sale 7. INVESTMENT PROPERTIES (a) Summary of carrying value Completed properties Properties under development Total carrying value (b) Movements in carrying value Carrying value at beginning of the period Acquisitions Expenditure capitalised Net gain/(loss) on change in fair value Transfer to assets held for sale Carrying value at the end of the period	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	- - 4,914 5,175
	- - 4,914 5,175
	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	237,581 217,404 687,847 595,080 18,401 - 58,333 74,738
	255,982 217,404 746,180 669,818
	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	217,404 184,217 669,818 623,542 33,432 18,697 59,349 65,530 1,571 12,625 17,937 29,201 3,575 1,865 (924) (24,507) - - - (23,948)
	255,982 217,404 746,180 669,818

8. INVESTMENT IN A JOINT VENTURE

Together, ICF and ICMT hold a 50% interest in a Joint Venture with Sun Communities for the development of greenfield communities. The Trusts’ interest in the Joint Venture is accounted for using the equity method in the consolidated financial statements. The valuation methodology of the Joint Venture’s assets and liabilities are consistent with that of a group.

The following table illustrates the summarised financial information of the Trusts investment in the Joint Venture entities:

Balance Sheet

Balance Sheet Current assets Non-current assets(1) Current liabilities Equity Trusts’ share in equity – 50% Group’s carrying value in investment	ICF ICMT 31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000 1,616 4,564 363 6 52,295 19,451 44 177 (49) (95) (290) (183) 53,862 23,920 117 - 26,931 11,960 59 - 26,931 11,960 59 -

(1) Non-current assets represent the fair value of investment property.

Page | 19

Notes to the Financial Statements (continued)

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

8. INVESTMENT IN A JOINT VENTURE (CONTINUED)

Statement of Comprehensive Income Revenue Expenses Depreciation Net finance benefit Net loss on change in fair value of: Investment properties (Loss)/gain before income tax Income tax expense Total comprehensive (loss)/profit for the period Group’s share of (loss)/profit for the period . TRADE AND OTHER PAYABLES Current Trade payables and accruals Deposits Other unearned income Non-current Other	ICF ICMT
	31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 $’000 $’000 $’000 $’000
	235 - 590 - (36) (94) (337) - - - (8) - 8 18 - - (2,265) - - -
	(2,058) (76) 245 -
	- - (74) -
	(2,058) (76) 171 -
	(1,029) (38) 86 -
	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	1,751 2,820 23,026 18,675 - - 12,762 7,978 - - 1,469 1,069
	1,751 2,820 37,257 27,722
	- - 4,000 -

9. TRADE AND OTHER PAYABLES

10. BORROWINGS

0. BORROWINGS
Current Lease liabilities – Right-of-use assets Lease liabilities – Ground leases Non-current Bank debt Prepaid borrowing costs Lease liabilities – Right-of-use assets Lease liabilities – Ground leases	ICF ICMT
	31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	- - 6,307 11,278 - - 1,214 1,136
	- - 7,521 12,414
	147,000 73,000 - - (1,197) (1,400) - - - - 6,624 7,227 - - 15,278 14,788
	145,803 71,600 21,902 22,015

(a) Bank debt

Ingenia has $450.0 million in available debt facilities at 31 December 2020 (30 Jun 2020: $450.0 million).

• The total $450.0 million in debt facilities is provided by three Australian banks. The facility tranche dates are: • 17 February 2022 ($175.4 million);

• 13 July 2023 ($174.6 million); and

• 21 February 2027 ($100.0 million).

As at 31 December 2020, the facilities have been drawn to $147.0 million (30 Jun 2020: $73.0 million). The carrying value of investment property net of resident liabilities at reporting date for the Group’s Australian properties pledged as security is $1,019.0m, million (30 Jun 2020: $909.0 million).

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Notes to the Financial Statements (continued) Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

10. BORROWINGS (CONTINUED)

(b) Bank guarantees

The Group has the ability to utilise its bank facilities to provide bank guarantees, which at 31 December 2020 were $17.3 million (30 Jun 2020: $14.3 million).

11. ISSUED UNITS

1. ISSUED UNITS
(a) Carrying values Balance at beginning of the period Issued during the period: Dividend Reinvestment Plan (“DRP”) Institutional Placement, Rights Issue and Share Purchase Plan Equity raising costs Balance at end of the period The closing balance is attributable to the unit holders of: Ingenia Communities Fund Ingenia Communities Management Trust (b) Number of issued units Balance at beginning of the period Issued during the period: Dividend Reinvestment Plan (“DRP”) Institutional Placement, Rights Issue and Share Purchase Plan Balance at end of the period	ICF ICMT
	6 months to 12 months to 6 months to 12 months to 31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 $’000 $’000 $’000 $’000
	1,093,696 831,792 89,025 55,640 4,032 15,854 500 2,095 - 254,158 - 32,319 (33) (8,108) (4) (1,029)
	1,097,695 1,093,696 89,521 89,025
	1,097,695 - - - - 1,093,696 89,521 89,025
	1,097,695 1,093,696 89,521 89,025
	ICF ICMT
	6 months to 12 months to 6 months to 12 months to 31 Dec 2020 30 Jun 2020 31 Dec 2020 30 Jun 2020 ‘000 ‘000 ‘000 ‘000
	325,553 236,375 325,553 236,375 1,099 4,237 1,099 4,237 - 84,941 - 84,941
	326,652 325,553 326,652 325,553

(c) Term of units

All units are fully paid and rank equally with each other for all purposes. Each unit entitles the holder to one vote, in person or by proxy, at a meeting of unit holders.

12. COMMITMENTS

The Trusts have commitments for capital expenditure on investment properties and inventories contracted but not provided for at reporting date of $10,181,790 (30 Jun 2020: $10,072.103).

13. SUBSEQUENT EVENTS

New debt facility

In February 2021, the Group entered into a seven-year $75.0 million debt facility with the Clean Energy Finance Corporation, which will assist the Group in delivering clean energy commitments.

Return of JobKeeper

Post 31 December 2020, the Group decided to return $1.7 million of JobKeeper to the Government, based on improved trading in the holidays business and the outlook for the Group. The impact will be recorded in the second-half and full-year results.

Interim distribution

On 16 February 2021, the Directors declared an interim distribution of 5.0 cps amounting to $16.3 million, to be paid on 25 March 2021.

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Directors’ Declaration

Ingenia Communities Fund and Ingenia Communities Management Trust For the six months ended 31 December 2020

In accordance with a resolution of the directors of Ingenia Communities Fund and of Ingenia Communities Management Trust, I state that:

1. In the opinion of the directors:

2. (a) the financial statements and notes of Ingenia Communities Fund and of Ingenia Communities Management Trust for the half-year ended 31 December 2020 are in accordance with the Corporations Act 2001 , including:

   • (i) giving a true and fair view of each Trust’s financial position as at 31 December 2020 and of their performance for the six months ended on that date; and

   • (ii) complying with Accounting Standards and Corporations Regulations 2001; and

3. (b) there are reasonable grounds to believe that Ingenia Communities Fund and Ingenia Communities Management Trust will be able to pay their debts as and when they become due and payable.

4. The notes to the financial statements include an explicit and unreserved statement of compliance with international financial reporting standards at Note 1(b).

5. This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001 for the half-year ended 31 December 2020.

On behalf of the Board

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Jim Hazel Chairman Adelaide, 16 February 2021

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Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

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Independent Auditor's Review Report to the Unitholders of Ingenia Communities Fund and Ingenia Communities Management Trust (“the Trusts”)

Report on the Half-Year Financial Report

Conclusion

We have reviewed the accompanying half-year financial reports which have been prepared in accordance with ASIC Corporations (Stapled Group Reports) Instrument 2015/838 and comprise:

• the consolidated balance sheet as at 31 December 2020, the consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the half-year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of Ingenia Communities Fund, comprising Ingenia Communities Fund and the entities it controlled at half-year end or from time to time during the half-year.

• the consolidated balance sheet as at 31 December 2020, the consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the half-year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of Ingenia Communities Management Trust, comprising Ingenia Communities Management Trust and the entities it controlled at half-year end or from time to time during the half-year.

Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that the half-year financial reports of the Trusts are not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of each consolidated entity’s financial position as at 31 December 2020 and of its financial performance for the half-year ended on that date; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Emphasis of Matter: Investment Property Fair Value

We draw attention to Note 7 of the financial report which describes the impact of the COVID-19 pandemic on the determination of fair value of investment property and how this has been considered by the Directors in the preparation of the financial report. Due to the heightened degree of valuation uncertainty, property values may change significantly and unexpectedly over a relatively short period of time. Our opinion is not modified in respect of this matter.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the Ingenia Communities RE Limited as Responsible Entity of the Trusts are responsible for the preparation of the half-year financial reports that give a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial reports that are free from material misstatement, whether due to fraud or error.

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Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial reports based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, anything has come to our attention that causes us to believe that the half-year financial reports are not in accordance with the Corporations Act 2001 including: giving a true and fair view of each consolidated entity’s financial position as at 31 December 2020 and its financial performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of the Trusts and the entities they controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

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Ernst & Young

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Yvonne Barnikel Partner Sydney 16 February 2021

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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation