Agenda item 3.3: Managing Director’s ReportFor discussionAcquisitionsIn line with our growth strategy, GRSK are acquired one new facility sincethe last board meeting, adding 75 new beds to our portfolio. This facility waspurchased from a not-for-profit operator who was financial difficultiesand could not meet the required accreditation standards set out by the AgedCare Quality and Safety Commission. The facility is in need of a completerefurbishment and upgrading to meet our standards of extra services. Thefacility is expected to be refurbished and available for resident occupancy bymid-2021.Our acquisition strategy has been successful as we are now in a position withour strong cash flow from increased Refundable Accommodation Deposits(RADS) to be able to continue to purchase other facilities in locationsconsistent with our strategy. In the past, we have looked to inexpensive landon the fringes of capital cities, but with potential residents being able toafford higher RADs, and therefore a better type of accommodation, we havebeen looking at locations with sea views or in the centre of a city, close tospecialist private health facilities.AstrategyCare and services reviewThe company has made satisfactory progress in delivering improvedWorkplace Health and Safety (WHS) outcomes compared to the previousyear. You will recall that we had a fire in the kitchen at the Wynnum facility,which was reported in the media. Although the fire brigade was contactedquickly and the fire contained, there were many questions about the speed atwhich we were able to evacuate residents, particularly those on the secondfloor, many of whom had limited mobility. The media were quick to layblame on the design of the facility as well as the low staff-to-resident ratios.This resulted in some residents electing to leave and move to single storyresidences. The financial impact of this event was negative, as 40 residentsleft within two weeks of the fire, with $18m in RADs required to be paid outwithin 14 days of residents giving notice.We are still concerned that the number of WHS incidents are greater than thebenchmark. We need to actively pursue all WHS incidents and learn fromthem in order to meet accreditation standards. We received a warning in2019 for the Wynnum incident. We want to ensure this does not occur again.A revised WHS policy document has now been put in place ensuring all staffand contractors are trained in the potential risks around our aged carefacilities, particularly staff that are new to working at an aged carefacility.
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