EBOS GROUP LIMITED — Annual Report 2015

Aug 25, 2015

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EBOS Group Ltd

Results presentation for the Full Year ended 30 June 2015 Patrick Davies Chief Executive Officer John Cullity Chief Financial Officer

26 August 2015

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Disclaimer

The information in this presentation was prepared by EBOS Group Ltd with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither the EBOS Group nor any of its subsidiaries, directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it.

This presentation may contain forward-looking statements and projections. These reflect EBOS’s current expectations, based on what it thinks are reasonable assumptions. EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy EBOS Group securities and may not be relied upon in connection with any purchase of EBOS Group securities.

This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA, EBITDA, Free Cash Flow, Interest cover, Net Debt and Return on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’s calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.

The information contained in this presentation should be considered in conjunction with the audited consolidated financial statements for the year ended 30 June 2015.

All currency amounts are in New Zealand dollars unless stated otherwise.

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2

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1 Group Financial Results

EBOS Healthcare facility 3 (Albany, New Zealand)

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FY15 Summary Results

Total Revenue Operating Cash Flow $   $ 6.1b 133.8m Up 5.4% (+7.2% Constant FX) Up 17.2% Total EBITDA Earnings per share $   196.7m 70.8c Up 12.1% (+14.2% Constant FX) Up 12.7% (+14.6% Constant FX)

Total NPAT $  105.9m Up 15.1% (+16.9% Constant FX)

Total Dividends per share  47.0c

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Up 14.6%

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Group Financial Results

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Key FY15 Highlights

Record Financial Results

• Revenue – $6.1 billion

• EBITDA – $196.7 million

• Operating cash flow – $133.8 million

• EPS – 70.8c

Continued Strategic Investment across the Business of $79.3m

• Acquisition of BlackHawk premium pet food business.

• Strategic 25% equity investment in Good Price Pharmacy Warehouse (GPPW).

• Opening of new Keysborough distribution facility in Melbourne.

Strong Capital Management

• Final dividend of 25.0 cps. Full year dividends of 47.0 cps, up 14.6% on prior year.

• Industry leading cash conversion cycle of 24 days.

• ROCE up 90bps to 13.7%.

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Group Financial Results

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Strong Full Year financial performance

NZ$m Revenue1 Gross Operating Revenue1	FY15 6,068.1 600.2	FY14 5,757.2 565.9	Var 5.4% 6.0%		Constant FX Var 7.2% 7.8%	• Full Year Group Revenue increase of $310.9m or 7.2% (constant FX): – Healthcare up 6.8%. – Animal Care up 12.7%.
EBITDA1	196.7	175.4	12.1%		14.2%
EBIT1	172.6	152.8	12.9%		15.0%	• EBITDA increase of $21.3m or 14.2% (constant FX):
Net Finance Costs1	21.9	27.1	(19.0%)		(17.7%)	– Healthcare up 13.1%. – Animal Care up 27.9%.
Profit Before Tax	150.7	125.8	19.8%		22.0%
Net Profit After Tax	105.9	**92.1 **	15.1%		16.9%	• Net Finance Costs reduced by $5.2m or 17.7%
EBITDA%	3.24%	3.05%	19pts			(constant FX).
Operating Cash Flow	133.8	114.2	17.2%			• NPAT increase of $13.8m or 16.9% (constant FX).
EPS - cps	70.8	62.8	12.7%		14.6%	• EPS growth of 14.6% (constant FX).
Net Debt : EBITDA ROCE	1.6x 13.7%	1.8x 12.8%	0.2x 0.9%			• Appreciation of the NZD v AUD of 2.2c in FY15
						compared to FY14, negatively impacted EBITDA by
						approximately $3.9m.

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• (1) Interest revenue for FY15 is classified in Net finance costs. Comparative information has been restated. Interest revenue was $2.3m in FY15 and $2.8m in FY14.

Group Financial Results

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EBOS Group Business Overview Our trans Tasman market channels are delivering strong organic growth

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HEALTHCARE ANIMAL CARE EBOS
GROUP
Community Pharmacy Institutional Contract Pet Care and
Healthcare Logistics Veterinary
Pharmacy Pharmacy Consumer
Wholesale Retail Products
Pharmacy Services
FY15 GOR $ 265.6m 36.9m 25.8m 120.8m 54.2m 96.9m 600.2m
FY14 GOR $ 246.1m 34.0m 24.9m 114.3m 50.6m 86.6m 556.5m
(Constant FX)
Growth $ 19.5m 2.9m 0.9m 6.5m 3.6m 10.3m 43.7m
Growth % +7.9% +8.4% +3.8% +5.7% +7.1% +12.0% +7.8%
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Group Financial Results

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Segment earnings and GOR mix

EBITDA by segment

					Constant FX
NZ$m	FY15	FY14	Var		Var
Healthcare	170.2	153.1	11.2%		13.1%
Animal Care	37.1	29.4	26.1%		27.9%
Corporate	(10.6)	(7.1)	(49.9%)		(47.6%)
Group	196.7	**175.4 **	12.1%		14.2%

• Gross Operating Revenue mix by division has remained stable over the year.

• FY15 Corporate costs reflect the new management structure effective 1 July 2014.

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Gross Operating Revenue (GOR) FY15

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FY15 GOR mix
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Group Financial Results

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Healthcare Results 2

Chemmart Pharmacy 9 (South Australia, Australia)

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Healthcare segment Significant increases in Revenue, EBITDA and margins

					Constant FX
NZ$m	FY15	FY14	Var		Var
Healthcare segment
Revenue	5,692.9	5,418.4	5.1%		6.8%
EBITDA	170.2	153.1	11.2%		13.1%
EBIT	149.7	134.0	11.8%		13.7%
EBITDA%	2.99%	2.82%	17pts		17pts
Australia
Revenue	4,408.4	4,195.9	5.1%		7.4%
EBITDA EBIT	137.5 119.3	122.9 106.4	11.9% 12.1%		14.4% 14.5%
EBITDA%	3.12%	2.93%	19pts		19pts
New Zealand
Revenue EBITDA	1,284.5 32.7	1,222.4 30.2	5.1% 8.1%
EBIT	30.4	27.5	10.5%
EBITDA%	2.54%	2.47%	7pts

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• Revenue increase of $274.5m or 6.8% (constant FX):

• Australia up 7.4%.

• New Zealand up 5.1%.

• EBITDA increase of $17.1m or 13.1% (constant FX): – Australia up 14.4%.

• New Zealand up 8.1%.

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Revenue EBITDA
(FY15) (FY15)
23% 19%
Australia Australia
New Zealand New Zealand
77%
81%
FY14: Australia 77%, NZ 23% FY14: Australia 80%, NZ 20%
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Healthcare Results

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Healthcare segment Full Year Performance Overview

Community Pharmacy - Pharmacy Wholesale

• Pharmacy sales in Australia grew 5.5% to LY (constant FX), attributable to customer growth and new wholesale business including GPPW.

Pharmacy Services

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• Our investment in GPPW has delivered sales and profit contribution above expectations.

• Successful go-live of new Keysborough distribution facility in Melbourne which is achieving productivity levels 40% higher than the average of other Australian sites.

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• The 6[th] Community Pharmacy Agreement is effective 1 July 2015. Funding and industry regulation is largely unchanged, including the maintenance of the CSO funding pool for eligible wholesalers.

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• Pharmacy sales in New Zealand grew by 5.3% and the division maintained it’s leading market share.

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Healthcare Results

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Healthcare segment Full Year Performance Overview (continued)

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Community Pharmacy – Pharmacy Retail

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• Chemmart opened 37 new stores in FY15 with membership now at 337 stores.

• Pharmacy Choice, our independent offer to Australian Pharmacies, increased membership to 778 stores.

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• In FY15, Symbion launched Healthsave, a new banner designed for community pharmacy. There are 25 Healthsave stores trading today.

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• In FY15, Minfos strengthened its position as a leading all-in-one management software company to the Australian Pharmacy market and now has over 850 customers.

Community Pharmacy – Consumer Products: Endeavour Consumer Health

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• Sales growth was achieved across our brands including Faulding (+29%), Pharmacy Choice (+9.8%) and Chemmart (+6.8%).

• Faulding launched a number of new SKU’s throughout FY15 and has recently expanded into New Zealand.

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Healthcare Results

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Healthcare segment Full Year Performance Overview (continued)

Institutional Healthcare

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• EBOS continues to expand its position as a specialised, unique and essential partner across a number of areas of Institutional Healthcare in Australia and New Zealand, primarily in hospitals, aged care and primary care.

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• Symbion Hospital Services business maintained its market leading position and recorded very strong full year sales growth of 8.9%.

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• The EBOS Healthcare business across Australia and New Zealand delivered strong sales growth on the prior year, assisted by improved International sales performance.

• In FY15, Onelink was awarded the NSW Health medical consumables warehousing and distribution contract, reinforcing our position as a proven and trusted partner for Government. Operations are on track to commence in November 2015.

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• The Australian personalised medication management business, DoseAid, significantly improved its operational performance and profitability in FY15. With additional funding to Pharmacists for Dose Administration Aids (DAA’s) in the 6[th] CPA, DoseAid is well positioned for further growth.

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Healthcare Results

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Healthcare segment Full Year Performance Overview (continued) Healthcare Contract Logistics

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• Strong performance across both New Zealand and Australia, with GOR increasing 7.1% from increased activity with pharmaceutical manufacturers.

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• Healthcare Logistics (NZ) maintained its leading market share position and combined with cost management, grew earnings over the period.

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• Our NSW (Australia) facility was awarded the GMP level TGA licence in February 2015 and is steadily building its revenue base. This will result in further opportunities for customer growth.

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Healthcare Results

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Animal Care Results 3

Left: Monash Veterinary Clinic, a customer of Lyppard (Victoria, Australia) 15 Right: Selection of Animal Care products.

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Animal Care segment

BlackHawk drives the significant increase in Revenue and earnings

NZ$m	Constant FX FY15 FY14 Var Var 375.2 338.9 10.7% 12.7% 37.1 29.4 26.1% 27.9% 33.5 25.9 29.0% 30.7% 9.89% 8.68% 121pts 118pts
Animal Care segment Revenue EBITDA EBIT EBITDA%

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Revenue EBITDA
(FY15) (FY15)
17%
33%
Australia Australia
New Zealand New Zealand
67%
83%
FY14: Australia 82%, NZ 18% FY14: Australia 62%, NZ 38%
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• Revenue increase of $36.3m or 12.7% (constant FX) primarily from growth of branded products (including BlackHawk) and wholesale operations (Lyppard).

• EBITDA increase of $7.7m or 27.9% (constant FX) attributable to:

• revenue growth;

• BlackHawk contribution (8 months); and

• higher contribution from our Animates NZ joint venture.

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Animal Care Results

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Animal Care segment Full Year Performance Overview

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• The acquisition of BlackHawk has been a successful entry into the premium food market in Australia and compliments our strategy of developing and growing our own brands. There continues to be very strong support for the brand in the pet specialty and retail market and sales continue to grow and track above expectation.

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• Masterpet delivered strong revenue growth in FY15 with Vitapet sales increasing by 8.2% (constant FX).

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• Lyppard revenue increased 5.7% primarily from growth in major vet groups.

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• EBOS’ JV share of Animates net profit increased $0.6m (44%) on LY from like-for-like store sales growth, the opening of three new stores and the acquisition of three Wellington based vet clinics.

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Animal Care Results

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4 Group Financial Information

A-Frame automatic picking system Symbion Keysborough facility 18 (Victoria, Australia)

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Cash Flow

EBOS has an excellent portfolio of strong cash generating businesses

NZ$m	FY15 FY14 Var$ Var%
EBITDA Interest paid Tax paid Net workingcapital and other movements	196.7 175.4 21.3 12.1% (21.9) (27.1) 5.2 19.2% (53.0) (29.6) (23.4) (78.8%) 12.0 (4.6) 16.6 360.9%
Cash from Operating activities Capital expenditure(net)	133.8 114.2 19.6 17.2% (14.5) (30.5) 16.0 52.4%
Free Cash Flow	119.3 83.7 35.6 42.5%

• Focus on tight working capital management led to record Operating cash flow of $133.8m being generated in FY15.

• Tax paid of $53.0m is $23.4m higher than last year due to the prior year being unusually low as a result of the Symbion acquisition.

• Capex in FY15 includes $7.8m for the new Melbourne distribution centre (FY14: $20.6m).

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Group Financial Information

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Working Capital and Cash Conversion Industry leading cash conversion cycle of 24 days

	Jun-15 Dec-14 Jun-14
Net Working Capital (NZ$m) Trade receivables Inventories Trade creditors Other	787.9 773.4 687.3 518.3 515.4 491.6 (871.1) (855.0) (775.8) (105.3) (87.6) (69.7)
Net Working Capital Cash conversion days Debtor days Inventory days Creditor days	329.8 346.2 333.4 47 46 45 35 34 35 58 56 55
Cash conversion days	24 24 25

• Strong working capital management disciplines are a key focus of the group.

• Cash conversion cycle of 24 days remains industry leading.

• Key ratios are consistent with prior periods.

• Compared to June 2014, the closing FX rate negatively impacted cash conversion days by 1 day at June 2015.

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Group Financial Information

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Net Debt and Gearing

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400 40%
350 35%
368
350
300 30%
316 317
250 25%
26.7% 26.9%
24.4%
200 23.2% 20%
150 15%
100 10%
50 5%
0 0%
Dec-13 Jun-14 Dec-14 Jun-15
Net Debt Gearing ratio (Net debt)
Gearing ratio
Net debt (NZ$m)
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• Net Debt of $316.9m at June 2015.

• Net Debt : EBITDA reduced to 1.6x at June 2015 (1.8x at June 2014).

• Reduction in the Gearing ratio from 24.4% at June 2014 to 23.2% at June 2015.

• Interest cover increased to 9.0x at Jun-15 (6.5x at June 2014).

• Net finance costs reduced by $5.2m or 17.7% (constant FX).

• Ample headroom available in debt facilities to undertake further acquisitions.

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Group Financial Information

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Earnings and Dividends per Share, ROCE

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Earnings and Dividends per share
70.8
62.8
DPS EPS
46.8
47.0
32.5 41.0
FY13 FY14 FY15
NZ$ cents per share
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• EPS growth of 12.7% (14.6% constant FX) in FY15 following a 34% increase in FY14.

Return on Capital Employed

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13.7%
12.8%
10.9%
FY13 FY14 FY15
ROCE %
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• Return on Capital Employed of 13.7% at June 2015, an increase of 90bps from June 2014.

• Final dividend of 25.0 cents (imputed to 25%), an increase of 4.5 cents or 22% from FY14.

• Full year dividends of 47.0 cents, up 14.6% on LY.

• Dividend payout ratio of 67%.

• Board’s intention for subsequent dividends for Australian shareholders to be fully franked.

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Group Financial Information

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Foreign exchange

Appreciation of the NZD negatively impacted NZD EBITDA by $3.9m

Revenue and EBITDA by currency

				AUD Operations	AUD Operations	Average **NZD: AUD **	Average **NZD: AUD **	AUD Operations	AUD Operations	AUD Operations			NZ Operations	NZ Operations	Group Consolidated	Group Consolidated	Group Consolidated
$m FY15				AUD		translation			NZD				NZD			NZD
Revenue				4,378.5			0.927		4,721.6				1,346.5			6,068.1
EBITDA				147.0			0.927			158.5			38.2				196.7
EBITDA%				3.36%						3.36%			2.83%				3.24%
NZD:AUD				exchange		rate – July				2013	to June 2015
1.00 1.02				FY14 average: 0.905c									FY15 average: 0.927c
0.98
0.96
0.94
0.92
0.90
0.88
0.86
0.84
0.82
Jul-13		Oct-13		Jan-14		Apr-14		Jul-14			Oct-14		Jan-15		Apr-15		Jun-15

• 81% of the Group’s earnings (EBITDA) are generated in AUD.

• The average NZD:AUD FX rate for FY15 increased by 2.2 cents from last year, impacting the Group’s FY15 EBITDA by approximately $3.9m.

• EBITDA sensitivity to a 1 cent movement in NZD:AUD exchange rate is approximately $1.8m per annum.

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Group Financial Information

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5 Summary and Outlook

DoseAid automated technology and medication management solutions 24 (Queensland, Australia)

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Summary

• In FY15, EBOS has strengthened its position as the largest diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products. EBOS is also a leading Australasian animal care products distributor which was further strengthened by the acquisition of BlackHawk.

• EBOS continues to be best in class with a truly diversified earnings profile, higher margins, superior working capital management and cash flow.

• EBOS has the experience in successfully adapting to changing regulatory backdrops in both Australia and New Zealand and also has numerous growth opportunities across its portfolio, both organic and via acquisition.

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Summary and Outlook

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Looking Forward

Investment for Growth

• Many organic growth opportunities still exist to strengthen existing business units today.

• We remain active in assessing a number of M&A opportunities that will add to the strength of our business and improve shareholder returns.

• The reliability and strength of our cash flows provides us with the capital to undertake our M&A strategy.

Deliver Improving Shareholder Returns

• Continue to improve earnings and drive EPS growth.

• Dividend policy, including DRP to continue for the final June 2015 dividend. Operation of the DRP is under review for future dividends.

FY16 Outlook

• We see continued growth in our business across both Healthcare and Animal Care into FY16 on a constant currency basis. A performance update will be provided at the Annual Meeting on 27 October 2015.

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Summary and Outlook

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Supporting Information

Healthcare Logistics 27 (Auckland, NZ)

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Glossary of terms and measures

Except where noted, common terms and measures used in this document are based upon the following definitions:

Term	Definition
Actual results	Results translated into NZ dollars at the applicable actual monthly exchange rates ruling in each period.
Constant	Calculated by translating the prior period results into NZ dollars at the actual monthly exchange rates applicable in the current period.
FX/currency
Debtor days	Trade debtors at the end of period divided by Revenue for the period, multiplied by number of days in the period.
Inventory days	Inventory at the end of period divided by Cost of Sales for the period, multiplied by number of days in the period.
Creditor days	Trade creditors at the end of period divided by Cost of Sales for the period, multiplied by number of days in the period.
Cash conversion	Net working capital days, being Debtor days plus Inventory days less Creditor days.
cycle
Revenue	Revenue from the sale of goods and the rendering of services.
Gross Operating	Revenue less cost of sales and the write-down of inventory
Revenue (GOR)
EBIT	Earnings before interest and tax.
EBITDA	Earnings before interest, tax, depreciation and amortisation.
Free Cash Flow	Cash from operations less capital expenditure net ofproceeds from disposals.
Earnings per share	Profit after tax divided by the weighted average number of shares on issue during the period.
(EPS)
Net Debt : EBITDA	Ratio of net debt atperiod end to EBITDA.
Return on Capital	Measured as earnings before interest, tax and amortisation of finite life intangibles for the period divided by closing capital employed (including a
Employed (ROCE)	pro-rata adjustment for entities acquired).

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www.ebosgroup.com