Business Summary

Since its inception, Aveo Healthcare has established itself as a market leader in the provision of quality retirement accommodation in South-East Queensland.

Aveo Healthcare's philosophy is 'Quality of Life'. This philosophy is embedded in all areas of the company's business including creating a friendly and productive working environment for staff, ensuring the company is a sound investment for shareholders and providing a superior lifestyle for residents.

Aveo Healthcare villages offer unmatched recreational and health facilities for the over 55s market coupled with a range of accommodation options to suit each resident's housing preference and level of independence. The Aveo Healthcare villages - Albany Creek, Clayfield, Cleveland, Durack and Taringa - and an aged care facility (nursing home) at Durack are home to many residents. The Clayfield village is owned by a syndicate of investors (including Aveo Healthcare).

Aveo Healthcare derives income from:

• the development and sale of leases of accommodation units,
• fees charged to retirement village residents for the use of communal facilities and retirement village infrastructure. The payment of these fees is deferred until the resident's unit is resold, following their departure from the village. These fees are described as exit fees in the financial statements, and
• providing development, marketing, management and administration services to syndicated villages.

Aveo Healthcare has substantial investments in:

• accrued exit fees,
• retirement village land, communal facilities and infrastructure, and
• its syndicated retirement village.