Appendix 4E Final Report for the Year Ended 30 June 2018

RESULTS FOR ANNOUNCEMENT TO THE MARKET

The following information is presented in accordance with ASX listing rule 4.3A and should be read in conjunction with the attached EBOS Group Limited Financial Report for the Financial Year Ended 30 June 2018.

1. Details of the reporting period and the previous corresponding period

Current reporting period - the year ended 30 June 2018 Previous corresponding reporting period - the year ended 30 June 2017

This report and the Consolidated Financial Report are presented in New Zealand dollars, the Group’s presentation currency.

2. Results for announcement to the market

Group results (NZD000’s)	30 June 2018 NZD$000 (Audited)	30 June 2017 NZD$000 (Audited)	Change % (actual FX rates)	Change % (constant FX rates)
Revenue	7,609,488	7,625,854	(0.2%)	(2.5%)
EBITDA	272,383	234,427	16.2%	13.6%
Depreciation and amortisation	34,735	25,834	34.5%	31.2%
Earnings before interest and tax (EBIT)	237,648	208,593	13.9%	11.4%
Profit before tax (PBT)	214,927	189,568	13.4%	10.9%
Net profit after tax (NPAT)	151,720	132,846	14.2%	11.6%
NPAT attributable to shareholders	149,564	133,279	12.2%	9.7%
Basic EPS – (CPS)	98.5	87.8	12.1%	9.6%
Net tangible asset backing per ordinary share – ($)	($0.36)	($0.61)

Underlying Net profit after tax (NPAT) attributable to the owners of the Company (refer reconciliation below)	149,564	138,576	7.9%	5.5%
Underlying EPS – (CPS)	98.5	91.3	7.8%	5.4%

For supplementary comments on the Group’s financial results refer to the Results Presentation and Media Release issued 23 August 2018.

	Dividends	Amount per security	Franked amount per security to 30% tax rate
	Final dividend payable 12 October 2018 Final dividend – previous corresponding period	35.5c 33.0c	35.5c 33.0c
	Key dates for the 2018 Final Dividend: Ex-dividend date Record date: Dividend payment date: 27 September 2018 28 September 2018 [5:00pm NZ Time] 12 October 2018 Other comments: The final dividend will be imputed to 25% for New Zealand tax resident shareholders, and a supplementarydividendpaid to eligible non-resident shareholders.

Reconciliation of Reported vs Underlying Earnings

Reconciliation of Reported vs Underlying Earnings	Reconciliation of Reported vs Underlying Earnings	Reconciliation of Reported vs Underlying Earnings	Reconciliation of Reported vs Underlying Earnings	Reconciliation of Reported vs Underlying Earnings
	30 June 2018 NZD$000 (Unaudited)	30 June 2017 NZD$000 (Unaudited)	Change % (actual FX rates)	Change % (constant FX rates)
Reported EBITDA	272,383	234,427	16.2%	13.6%
Add transaction costs incurred on acquisitions undertaken during the year	-	7,021
Underlying EBITDA	272,383	241,448	12.8%	10.3%

Net Profit after tax (NPAT) attributable to the owners of the Company	149,564	133,279	12.2%	9.7%
Add transaction costs incurred on acquisitions undertaken during the year (after non-controlling interests)	-	5,297
Underlying Net Profit after tax (NPAT) attributable to the owners of the Company	149,564	138,576	7.9%	5.5%

Underlying EBITDA and Underlying Net Profit after tax attributable to the owners of the Company are both non-GAAP measures which adjust for the effects of non-recurring items.

3. Consolidated Statement of Comprehensive Income

Please refer to the Consolidated Statement of Comprehensive Income in the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

4. Consolidated Balance Sheet

Please refer to the Consolidated Balance Sheet in the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

5. Consolidated Cash Flow Statement

Please refer to the Consolidated Cash Flow Statement in the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

6. Consolidated Statement of Changes in Equity

Please refer to the Consolidated Statement of Changes in Equity in the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

7. Dividends Paid

Dividends Paid
	Amount per	Total	Date of
	Share (cents)	Amount ($)	payment
Paid during the year ended
30 June 2017
Final June 2016	32.5 cents	$49,371,000 14 October 2016
Interim June 2017	30.0 cents	$45,574,000	7 April 2017
	___________
	62.5 cents	$94,945,000
Paid during the year ended
30 June 2018
Final June 2017	33.0 cents	$50,338,000 13 October 2017
Interim June 2018	33.0 cents	$50,338,000	6 April 2018
	_______
	66.0 cents	$100,676,000
Declared in respect of the year
ended 30 June 2018
Final June 2018	35.5 cents	$54,151,000 12 October 2018
	___________

8. Dividend Reinvestment Plan

The dividend reinvestment plan will not operate for this final dividend.

9. Subsidiaries acquired during the year

No material acquisitions were undertaken during the current year. For a summary of immaterial acquisitions during the year refer to note B2 of the attached Consolidated Financial Report.

The Group did not dispose of any subsidiaries during the current year.

10. Associates and Joint Ventures

Refer to Note F2 of the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

The contribution of the Group’s Associates and Joint Ventures is not considered material in the understanding of the Consolidated Financial Report.

11. Other Significant Information

Refer to the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.

12. Foreign Entities

The Consolidated Financial Statements are presented in New Zealand dollars and comply with International Financial Reporting Standards (“IFRS”).

13. Commentary on the Results for the period

13.1 The earnings per security and the nature of any dilution.
Please refer to Note A4 of the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.
13.2 Returns to shareholders including distributions and buy backs.
Please refer to Notes E1 and E2 of the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.
13.3 Significant features of operating performance.
Please refer to the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018 and to the Results Presentation issued on 23 August 2018.
13.4 The results of segments that are significant to an understanding of the business as a whole. Please refer to Note A2 of the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018.
13.5 A discussion of trends in performance.
Please refer to the attached Consolidated Financial Report for the Financial Year Ended 30 June 2018 and to the Results Presentation issued on 23 August 2018.
13.6 Any other factors which have affected the results in the period or which are likely to affect results in the future, including those where the effect could not be quantified.
Please refer to the Results Announcement and Results Presentation issued on 23 August 2018.

14. Independent Audit Opinion

The Consolidated Financial Statements included in the Consolidated Financial Report have been audited and the Auditor has given an unmodified opinion.

Annual Meeting

The annual meeting will be held as follows:

Place: Addington Raceway & Events Centre, 75 Jack Hinton Drive, Addington, Christchurch, New Zealand Date: Tuesday, 16 October, 2018 2:00pm Time: Approximate date the annual Thursday, 23 August 2018 report will be available: (via website: www.ebosgroup.com)

15. Audit Committee

The entity has a formally constituted Audit and Risk Committee.

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2018 Annual Report

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22 Stronger together

We believe that by helping others we are stronger together, building better communities through our ongoing commitment to the provision of high quality healthcare and animal care products.

ProPharma Christchurch pharmaceutical distribution facility

06 08

12 17 20 22 24 26 30 77 80 87

	Report 2018	roup
Foreword Summary of results	Overview	Business
EBOS Group overview
CEO and Chairman’s report Business highlights Our community Our board Financial summary Financial report Independent auditor’s report Financial statements Corporate governance Directors’ interests & disclosures Directory	Governance & Disclosures	Financials Corporate Directors’ Interests Directory

Stronger together

foreword

Stronger together

At EBOS Group, community is central to everything we do – it’s built into the values of every EBOS business and lived each day by our dedicated team across New Zealand and Australia.

We believe that by helping others we are stronger together, building better communities through our ongoing commitment to the provision of high quality healthcare and animal care products.

EBOS Group continues to pursue a robust strategic investment program designed to strengthen the core of our business, and target new opportunities that extend our capabilities and enable us to deliver more for our stakeholders.

The continued financial strength of EBOS Group is the key to our success. We remain steadfast in our commitment to our shareholders, employees, customers and the many New Zealanders and Australians that use our products and services each day.

We trust you will enjoy reading this year’s Annual Report as we present what has been another successful period for the Group.

highlights

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$7.6b
revenue
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$63.2m
invested in
capital works
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our shareholders

6,959 shareholders[*]

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$
68.5c
149.6m
total dividends
per share
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net profit after tax

* As at 16 July 2018

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our people
45 55 74%
% % AUS
26%
3,320 NZ
staff members
90% healthcare 10% animal care
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our people
3,320
staff members
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ECHO program environment, community, helping others

charities 62 supported 52

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trees planted to offset emissions in FY18: 22,029

Green Team members supporting environmental initiatives

6 Stronger together

summary of results

Financial Highlights

FIVE YEAR EBITDA TREND

For the year to 30 June ($millions)

+ $7.6 billion revenue

+ $272.4 million EBITDA +16.2% increase

+ $149.6 million net profit after tax +12.2% increase

+ 98.5 cents earnings per share +12.1% increase

+ 68.5 cents dividend per share for the year +8.7% increase

All figures are in New Zealand dollars, unless otherwise stated.

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2018 2017 2016 2015 2014
272.4
234.4 225.5
196.7
175.4
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FIVE YEAR REVENUE TREND

For the year to 30 June ($millions)

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2018 2017 2016 2015 2014
7,609 7,626 7,101
6,068 5,757
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FIVE YEAR NPAT TREND

For the year to 30 June ($millions)

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2018 2017 2016 2015 2014
149.6
133.3 127.0
105.9 92.1
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EBITDA

Revenue

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82% 18%
Australia New Zealand
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79% 21%
Australia New Zealand
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Segment & Divisional Earnings Overview

Data based on gross operating revenue, which comprises revenue less cost of sales (including any adjustments to inventory). 5% Consumer Products

8% Contract Logistics

14% Animal Care

25% Institutional Healthcare

48% Pharmacy (Wholesale and Retail)

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52 locations in Australia and New Zealand

Healthcare Animal Care

88 Stronger together

EBOS Group overview

Healthcare

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COMMUNITY PHARMACY
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INSTITUTIONAL HEALTHCARE
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CONTRACT LOGISTICS
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Symbion Keysborough pharmaceutical distribution facility
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Animal Care
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CONSUMER PRODUCTS ANIMAL CARE
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10 Stronger together

CEO and Chairman’s report

The 2018 financial year was another successful period for EBOS Group and the results achieved reflect a year of strong organic growth combined with the benefit of the HPS business acquired in the prior year. The results further demonstrate the Board and management’s focus on implementing our core strategy across our Healthcare and Animal Care businesses in both New Zealand and Australia.

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In recent years, the Group has committed to a major capital investment program involving new distribution centres to cater for growth across our core businesses. In 2018, our major capital projects in both Australia and New Zealand have all seen excellent progress. The new Christchurch and Sydney contract logistics facilities are now operational and our new Brisbane distribution facility will go live before the end of the 2018 calendar year. These investments are a key part of our strategy to provide the most efficient warehousing and distribution facilities for our expanding portfolio of businesses.

MARK WALLER Chairman

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JOHN CULLITY Chief Executive Officer

We remain confident in the ability of our Group to expand and are always exploring new opportunities for growth in our key markets.

Financial results

EBOS Group’s financial results saw strong earnings growth, with Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increasing 16.2% on last year, assisted by the full-year contribution of HPS which was acquired in June 2017.

Headline revenue growth in the year was flat due to the impact of lower hepatitis C medicine sales in our Healthcare segment. This was driven by a decline in the number of patients taking these highly specialised medicines since the previous year.

Net Profit After Tax (NPAT) attributable to shareholders increased by 12.2% to $149.6 million. Underlying NPAT (excluding one-off costs incurred on completing acquisitions undertaken in FY17) increased by 7.9%, and underlying earnings per share grew by 7.8% to 98.5 cents per share.

Reported growth rates were positively impacted by a weaker NZD/AUD exchange rate for the financial year.

Our profit performance has allowed us to deliver another increase in our dividend to shareholders. The directors have declared a final dividend of 35.5 cents per share, taking our full year dividend to 68.5 cents per share, an increase of 8.7% on the prior year.

While these are just a few highlights from the full report, they demonstrate the ongoing performance across our healthcare and animal care segments.

Healthcare

Healthcare remains the core business of EBOS Group and once again performed strongly, generating a 13% increase in EBITDA to $235.9 million.

While Australian revenue declined 1.7% due to lower hepatitis C medicines sales, key investments including HPS and a full 12-month contribution from the Terry White Group, contributed to earnings growth and demonstrate the benefits of our diversified portfolio of healthcare businesses.

In the Community Pharmacy business, revenue growth (excluding sales of hepatitis C medicines and acquisitions) of 1.4% (constant currency) was moderate due to the ongoing impact of PBS reforms. Sales in the non-prescription overthe-counter (OTC) channel were marginally above last year, which reflects challenging retail environments. The business continues to generate efficiency savings from its previous capital investments and has a renewed focus on reducing operating costs in the current deflationary price environment.

Our New Zealand Healthcare business continues to deliver solid results, increasing revenue by 6.2% and EBITDA up 4.6%, driven by Red Seal’s strong New Zealand performance in toothpastes, teas and supplements and the acquisition of Gran’s Remedy in March 2018.

Animal Care

The Animal Care segment recorded 11.3% EBITDA growth for the period as the business continues to benefit from excellent growth in our branded products, with annual Black Hawk sales in Australia up 23% from last year. Black Hawk continues to be one of Australia’s fastest growing premium pet food brands and is a market leader in the pet specialty retail channel.

In July 2017, the Group launched Black Hawk in New Zealand and sales have continued to grow over the course of the financial year. The brand’s strong acceptance and support from both specialty retailers and veterinary clinics has resulted in a steady increase in market share.

Total Animal Care revenue declined 2.7% for the year, principally due to the business ceasing sales of low-margin wholesale products to a major Australian retail chain and discontinuing sales of other products upon the introduction of Black Hawk into New Zealand. The business has strategically realigned its focus on developing its own brands to drive greater margin and shareholder value.

EBOS Group’s 50% owned Animates business also performed very well with our share of NPAT increasing 13% on last year.

Acquisitions

During the year we fully transitioned HPS into the Group, further expanding our leading position in the Institutional Healthcare market.

Post Balance Date Announcement

In July 2018, EBOS announced it had won the tender to act as the exclusive third party distributor of pharmaceutical products to more than 400 Chemist Warehouse and My Chemist stores in Australia. EBOS expects to enter into a five-year supply agreement, to take effect from 1 July 2019, with the potential for an extension of a further three years. EBOS estimates that sales to the Chemist Warehouse Group stores will generate approximately AUD$1 billion in revenue in the first year of the agreement.

To be selected as a trusted partner by Chemist Warehouse Group reinforces our capital investment strategy and reflects the efficiencies we have made over a number of years to our operations. It also reflects the high level of expertise and service standards that we offer the industry.

Our Future

We are very fortunate to have over 3,300 employees who are committed to our business and to servicing our customers’ needs every day. We could not deliver such growth across our Group without the efforts of our staff and we sincerely thank them for their ongoing commitment. We remain confident in the ability of our Group to expand and are always exploring new opportunities for growth in our key markets.

In October 2017, we acquired a strategic 14.1% shareholding in MedAdvisor Ltd, an Australian digital medication management company and in March 2018, we acquired one of New Zealand’s leading iconic footcare consumer brands, Gran’s Remedy.

1212 Stronger together

Finish in sight for Symbion’s new $55m Brisbane home

Symbion’s new wholesale facility in Acacia Ridge, Brisbane is nearing completion and is due to open towards the end of 2018.

The $55 million investment underlines EBOS’ ongoing commitment to, and confidence in, the future of Australia’s pharmacy industry.

Incorporating some of the latest automation technology, the Acacia Ridge facility is expected to operate with industry-leading accuracy and efficiency, ensuring that EBOS can continue to support the delivery of healthcare by our customers.

Building on the success of the Keysborough facility in Melbourne, the Acacia Ridge development represents a long-term commitment by EBOS to the health and wellbeing of communities across Queensland.

The facility features some of the latest security and storage arrangements for fridge lines, dangerous goods and specialty medicines, as well as being built to withstand and continue operations during adverse weather conditions and floods.

The facility features LED lighting, energy-efficient air-conditioning and solar panels that are expected to supply 20-25% of the site’s energy requirements.

Black Hawk leading the real pet food charge

Black Hawk continued its rapid growth trajectory in FY18, delivering record financial results and further strengthening both its Australian and international market presence.

The range of Original and Grain Free dog and cat food varieties achieved record sales in Australia, maintaining Black Hawk’s position as one of the leading real pet food brands in Australia. Following its launch into New Zealand in July 2017, Black Hawk has achieved swift sales uptake and built the foundations to establish itself as a leading animal care brand, with its Working Dog and Large Breed Original recipes gaining a strong foothold in the market.

sector as discerning consumers increasingly seek premium quality products for their pets. In line with these trends and as part of its commitment to longterm value creation, Black Hawk recently launched DogCheck - an innovative online tool designed to educate dog owners about animal health and nutrition. Already, 139,000 Australians have signed up to use DogCheck and the launch event in Sydney generated more than one million social media views.

Black Hawk continues to leverage targeted campaigns through breeders, kennels and catteries to connect its products with more people and create a community that shares the brand organically through a shared belief in the benefits of premium quality animal care products.

The Black Hawk brand reflects broader health food trends that have permeated the animal care

Red Seal grows global footprint

The past financial year has been another successful period for Red Seal with the business expanding into new retail markets and further reinforcing its position as a consumer brand of choice in New Zealand.

Red Seal continues to increase its presence in Australia with its fruit tea range made available through leading supermarket retailer Woolworths from January 2018. Woolworths is currently stocking Red Seal fruit tea in more than 950 stores across the country and the launch was supported by a large promotional campaign across TV, social media and digital, public relations and in-store marketing.

Toothpaste remains a strong driver of growth for Red Seal in Asian markets, with the business introducing two new products into South Korea. Red Seal products are now stocked in Costco stores across South Korea and Japan. China remains a key market for Red Seal with the business introducing updated packaging for its Raspberry Leaf Tea and partnering to

relaunch its TMall store – an ecommerce platform in China that has more than 500 million monthly active users.

Despite increased competition in the New Zealand market, Red Seal remains a leader in the Specialty Tea category. Red Seal launched three new tea variants in April 2018 and has also partnered with the Breast Cancer Foundation to offer Pink Ribbon teas, with $1 from every product sold donated to the foundation. Toothpaste has also been a strong contributor for Red Seal in New Zealand with the business continuing to grow its market share in this category.

Red Seal is well resourced to maintain its strong position in the New Zealand market, where it continues to be a leading natural consumer health brand. Combined with a strong emerging presence in Australia and several key Asian countries, Red Seal is now well positioned to target further opportunities in these exciting markets as consumers gravitate towards the natural product portfolio.

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HPS’ pharmacy, St Vincent’s Private
Hospital, Werribee, Victoria
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HPS moves ahead adding new sites and i.Pharmacy technology

HPS has enjoyed a successful first full financial year as part of EBOS Group following its acquisition in June 2017. It has been a period of evolution for HPS that has seen the business build upon its position as a leading provider of outsourced pharmacy services to hospitals and further leverage its relationship with EBOS’ network of businesses to target new opportunities.

HPS has continued to maintain its focus on growth with the opening of five new HPS approved pharmacies on-site at hospitals in Victoria, the Australian Capital Territory and the Northern Territory. With the addition of the new pharmacy in Darwin, there is now a HPS approved pharmacy in every Australian state and territory.

Over the past financial year, HPS has successfully completed the Australiawide integration of DXC Technology’s leading inventory management software, i.Pharmacy. The completion of the rollout helps the HPS approved pharmacy network with seamless stock management and integrated business operations. Combined with HPS’ proprietary systems ClinPod and MACI, i.Pharmacy provides HPS’ network of approved pharmacies with best in class software systems, while the launch of a new website has improved the online ordering functionality for compounded medication clients.

With an Australia-wide presence, HPS is well positioned to target further business opportunities. The business is focussed on accelerating growth and realising market opportunities which continue to capitalise on being a part of EBOS Group to increase supply chain efficiencies and realise better service delivery.

16 Stronger together

Healthcare Logistics takes up residence in new flagship Sydney distribution centre

At the end of FY18, Healthcare Logistics (HCL) moved its Australian operations from Rydalmere, Sydney to a new purpose-built distribution centre in Pemulwuy, Sydney.

The $15 million development represents a significant investment by EBOS Group and at 25,000m[2] it is the largest facility in the Group.

The new HCL facility has been developed in consultation with international experts in supply chain logistics and in response to market demand.

At nearly double the size of the previous facility, HCL’s new home allows for substantial growth in the business and capacity to better serve the needs of a larger range of principal partners.

The distribution centre will also house specially designed Clinical Trials storage and Secondary Packaging areas.

HCL’s new temperature controlled distribution centre features modern warehousing technology with ample storage for up to 30,000 pallets, as well as innovative security measures for controlled medicines, management of cold chain products and storage of dangerous goods. Additionally, the facility’s extensive roof infrastructure includes solar power and water recycling.

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Healthcare Logistics’
facility, Pemulwuy,
Sydney
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our community

The health and welfare of communities across New Zealand and Australia is central to everything we do at EBOS Group. We take our commitment to helping others seriously and we believe in going above and beyond to support people and communities in need.

This past financial year, EBOS Group has contributed money and goods to 62 charitable organisations through a wide variety of initiatives. Members of the EBOS family are

also active organisers and participants in fundraising events, contributing monetary donations and clocking up countless hours volunteering to help those in need.

Together we can make a real difference to the lives of New Zealanders and Australians in need and use our position as a healthcare and animal care leader for good – because at EBOS Group we believe that Life Matters.

EBOS Match Funding

EBOS staff show a strong connection to their community and causes.

The company has seen this through consistent fundraising and charitable activities over the years.

To recognise and support staff fundraising efforts, in February 2018, EBOS Group launched Match Funding.

Match Funding is an initiative to support employees who organise or take part in charitable events or activities, by matching the donations made by EBOS employees.

To align with EBOS’ mission and activities, eligible charities include registered health and animal welfare charities.

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500 hygiene bags donated to MALPA Young Doctors

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Up to
lives saved
through blood
donations
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dental kits 2,000 donated to Clontarf Foundation

18 Stronger together

Masterpet helping young Aussies get back on track

Masterpet is a firm believer in the role pets can play in helping people achieve their full potential. The bond we share with our pets is one of the purest examples of unconditional love and is built into our core values as a leading animal care company.

As part of its commitment to living these values, Masterpet has partnered with Australian youth organisation BackTrack, to help fund its lifechanging Paws Up program.

BackTrack was founded by inspirational youth worker Bernie Shakeshaft in 2006 and delivers programs designed to help at-risk youth make meaningful connections, build job pathways and lead happier and healthier lives.

Based at Bernie’s farm in the regional city of Armidale in northern New South Wales, The Paws Up program sees youth handlers partnered with dogs to teach them high jump and learn many other valuable life skills in the process. Paws Up has developed into a highly successful dog high jumping team that travels to shows and invitational events throughout New South Wales and interstate.

Masterpet believes it’s important to give back to rural Australia, the home of our ingredients and where our food is made, and has donated $40,000 to give Paws Up dogs access to the range of Black Hawk real food and Masterpet pet necessities, plus an additional $10,000 towards veterinary costs for dogs involved in the program.

Thanks to Masterpet, the Paws Up team is now also outfitted with official team wear and the dogs are healthier and happier than ever.

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2017 biographers with HPS staff
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HPS – a decade of empowering the terminally ill

Everyone has a fascinating story to tell. For people who have been diagnosed with a terminal illness, telling their story can be a really meaningful and rewarding experience in their final months and weeks of life.

Since 2008, with the support of HPS, The Mary Potter Foundation has been empowering people in palliative care to record their remarkable life stories for themselves and their families through the Calvary Biography Service.

The Mary Potter Foundation supports the Mary Potter Hospice and Calvary Cancer Services located at Calvary Hospital, North Adelaide, South Australia. With the help of trained volunteers, the Biography Service records patients’ stories and presents the narrative in a bound booklet that patients can leave to their families and friends – the everlasting gift of a life story told.

“One of the main aims of the biography service is to give positive affirmation of a life lived by a patient, a sense of who they are and to achieve a healing, peaceful state of being,” said Cathy Murphy, Executive Director of The Mary Potter Foundation.

“It is what happens to a patient through the telling of the story that makes creating a biography such a valued process.”

HPS has supported The Mary Potter Foundation’s Calvary Biography Service as the sole sponsor since its inception ten years ago. The company makes an annual donation to fund the purchase of equipment and booklet supplies and training courses for volunteers.

As an Australian healthcare leader, HPS recognises the importance of supporting community initiatives such as the Calvary Biography Service.

BackTrack’s Paws Up team at DogCheck Day

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Symbion supports Foodbank

Waste management is becoming an increasingly pertinent issue in our society. As cities grow and the demand for goods increases, it is important we take steps to better manage and prevent unnecessary waste.

Symbion takes this responsibility seriously and is committed to minimising preventable waste through quality stock management processes. While some stock write-offs are inevitable, as part of our commitment to reducing waste, we have partnered with Foodbank to donate damaged and discontinued over-the-counter (OTC) products from our South Australian, Victorian and Queensland sites.

Foodbank is a not-for-profit organisation that provides essential food, grocery and health products to people in need. The organisation collects, sorts, stores and distributes donated food and other items through more than 2,600 community partners across Australia, and is supported by volunteers, fundraisers, state governments and philanthropic partners.

Symbion donates over 100 pallets of goods to Foodbank each year, helping to support Australians who cannot afford food and basic supplies.

Partnering with Foodbank extends Symbion’s support for the health and wellbeing of Australian communities and forms part of our commitment to minimise our environmental footprint.

Symbion wants to ensure that quality products aren’t being wasted simply due to minor imperfections that render them unfit for sale when they can help make a real difference in the lives of Australians who need them.

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100+

pallets of stock donated each year

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2,500[+] ice packs donated to Foodbank

3,293

cans collected and recycled at Onelink Yennora, NSW

1000+ warehouse lights changed to LED globes at Symbion, Greystanes, NSW

Foodbank SA CEO Greg Pattinson said that the support of organisations such as Symbion enables Foodbank to make a real impact in the lives of disadvantaged Australians.

“Poverty doesn’t discriminate and Foodbank believes that all Australians should have access to fresh food and basic healthcare supplies, which is only possible with the support of generous partners such as Symbion.”

Stronger together

our board

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3. 4.
1.
5.
2.
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1. Mark Waller

Independent Chairman BCOM, FACA, FNZIM, CMinstD

Mark Waller was appointed as Chairman of the Board in October 2015 and was formerly the Chief Executive and Managing Director of EBOS Group Limited from 1987 to 30 June 2014. He is a member of the Audit and Risk Committee and Chairman of the Remuneration Committee. He is also a director of EBOS Group Limited subsidiaries. Mark was the recipient of the Leadership Award at the INFINZ Industry Awards in May 2014 and the Chief Executive of the Year Award at the Deloitte 200 Awards in 2011.

2. Elizabeth Coutts Independent Director ONZM, BMS, FCA

Elizabeth Coutts was appointed to the EBOS Group Limited Board in July 2003. She is Chairman of the Audit and Risk Committee and a member of the Remuneration Committee. She is Chair of Ports of Auckland Ltd, Urwin & Co Limited, Oceania Healthcare Ltd and Skellerup Holdings Limited and Director of the Yellow Pages group of companies and Tennis Auckland Region Incorporated and Member, Marsh New Zealand Advisory Board. She is President of the Institute of Directors Inc. Elizabeth is a former Chairman of Meritec Group, Industrial Research, and Life Pharmacy Limited, former director of Air New Zealand Limited, the Health Funding Authority and Sanford Limited, former Deputy Chairman of Public Trust, former board member of Sport NZ, former

member of the Pharmaceutical Management Agency (Pharmac), former Commissioner for both the Commerce and Earthquake Commissions, former external monetary policy adviser to the Governor of the Reserve Bank of New Zealand and former Chief Executive of the Caxton Group of Companies.

3. Peter Williams

Peter Williams was appointed to the EBOS Group Limited Board in July 2013. Peter has been an executive of The Zuellig Group since 2000. Peter is a director of Pharma Industries Limited, Green Cross Health Limited and CB Norwood Pty Ltd. He is also a director of Cambert, a company marketing health and personal care products in South East Asia.

4. Stuart McGregor BCOM, LLB, MBA

Stuart McGregor was appointed to the EBOS Group Limited Board in July 2013. He is a member of the Audit and Risk Committee. Stuart was educated at the University of Melbourne and the London School of Business Administration, gaining degrees in Commerce and Law. He also completed a Masters of Business Administration at the University of Melbourne.

Currently Stuart is Chairman of Donaco International Limited, an ASX listed company. He is also director of Symbion Pty Ltd and other EBOS Group subsidiaries.

Over the last 30 years, Stuart has been Company Secretary of Carlton United Breweries, Managing Director of Cascade

Brewery Company Limited in Tasmania and Managing Director of San Miguel Brewery Hong Kong Limited. In the public sector, he served as Chief of Staff to a Minister for Industry and Commerce in the Federal Government and as Chief Executive of the Tasmanian Government’s Economic Development Agency. He was formerly a director of Primelife Limited from 2001 to 2004.

5. Sarah Ottrey Independent Director BCOM

Sarah Ottrey was appointed to the EBOS Group Limited Board in September 2006. She is a member of the Remuneration Committee. She is a director of Whitestone Cheese Limited, Skyline Enterprises Limited, Mount Cook Alpine Salmon Limited and Sarah Ottrey Marketing Limited. She is a past board member of the Public Trust and the Smiths City Group. Sarah has held senior marketing management positions with Unilever and Heineken.

22 Stronger together

financial summary

EBOS Group has delivered another year of strong financial results, with record profit achieved.

Group revenue was broadly in line with last year at $7.6 billion, negatively impacted by a $338 million reduction in hepatitis C medicine sales, offset by growth in our core businesses.

During the year we fully transitioned HPS into the Group, further expanding our position in the Institutional Healthcare market. In October 2017, we acquired a strategic 14.1% shareholding in MedAdvisor Ltd, an Australian digital medication management company, and in March 2018, we acquired one of New Zealand’s leading footcare consumer brands, Gran’s Remedy.

In FY17, the business incurred $7 million of transaction costs incurred on acquisitions. The business did not incur these costs in FY18. For clarity, the comparative results below are shown on both a reported and an underlying basis.

Earnings Before Net Finance Costs, Tax, Depreciation and Amortisation (EBITDA) grew by $38 million to $272.4 million representing an increase of 16.2%. Underlying EBITDA growth for the year was 12.8%.

Net Profit After Tax (NPAT) attributable to shareholders increased by 12.2% to $149.6 million. Underlying NPAT increased by $11 million or 7.9% due to solid growth in operating earnings.

Healthcare

The Healthcare segment generated a 13% increase in EBITDA on flat sales revenue to last year.

The Australian business recorded a decline of 1.7% in revenue, although EBITDA grew 15.2%. The revenue decline was driven by a $338 million reduction in hepatitis C medicine sales. EBITDA growth was assisted by the full-year contribution of HPS which is performing solidly and in line with expectations.

The New Zealand Healthcare operations again delivered a solid performance over the period with revenue increasing 6.2% and EBITDA increasing 4.6% with growth across all New Zealand business units.

Animal Care

The Animal Care segment recorded 11.3% EBITDA growth for the year as the business continues to benefit from excellent growth in our branded products, with annual Black Hawk sales in Australia up 23% on the prior year. Black Hawk continues to be one of Australia’s fastest growing premium pet food brands with a leading market position in the pet specialty retail channel and in July 2017, we successfully launched Black Hawk into the New Zealand market.

Total Animal Care revenue declined for the year principally due to the business ceasing sales of low-margin wholesale products to a major Australian retail chain and discontinuing sales of other products upon the introduction of Black Hawk into New Zealand. The business has

strategically realigned its focus on developing its own brands to drive greater margin and shareholder value.

Our Animates business, in which we hold a 50% equity interest, continues to perform strongly with our share of NPAT increasing 13% on last year.

Acquisitions and investments completed

In October 2017, we acquired a 14.1% shareholding in MedAdvisor Ltd, an Australian digital medication management company. This is was a strategic investment and during the year, EBOS’ subsidiaries Zest and TerryWhite Group Limited have worked closely with MedAdvisor to formalise commercial agreements.

In March 2018, we acquired one of New Zealand’s leading footcare consumer brands, Gran’s Remedy. The acquisition of this iconic New Zealand brand further strengthens our Consumer Products business. Gran’s Remedy is manufactured and sold in New Zealand and is exported worldwide to many international markets, including China and South Korea.

Operating Cash Flow and Capital Expenditure

The Group achieved very strong operating cashflow (before capex) of $176.2 million, representing a $32.2 million increase on the prior year.

Capital expenditure for the period was $63.2 million, with $24.6 million spent on the new highly automated distribution facility in Brisbane, Queensland, and $14.6 million on the new contract logistics facility in Sydney, New South Wales. The contract logistics facility became operational in June 2018, and the new Brisbane distribution facility is expected to commence operations in the second quarter of FY19.

Net Debt and Return On Capital Employed

The Group’s net debt was $471 million at 30 June 2018, an increase of $36.4 million on the prior year, with a net debt to EBITDA ratio of 1.74x, down from 1.79x as at June 2017. The increase in net debt for the year was primarily attributable to investments made, including the capital expenditure program.

The business generated a return on capital employed of 15.8%. This is slightly lower than last year (16.4%), due to a higher investment in net working capital and the cost of the recently acquired HPS business. The Group’s strategy continues to include a strong focus on mergers and acquisitions for both its Healthcare and Animal Care businesses and recognises that the initial returns from acquisitions may not exceed the Group’s threshold ROCE target in the first year post acquisition.

Currency and Change in Presentation Currency for 2019

The Group generates approximately 82% of its earnings in Australia and the lower average exchange rate (-2.7 cents to last year) used to translate our Australian dollar earnings during the year, positively impacted reported EBITDA by approximately $5.4 million.

In order to reduce this volatility for future periods, the Board has decided to change the Group’s presentation currency from New Zealand dollars to Australian dollars, effective 1 July 2018.

Dividends

The directors are pleased to announce a final dividend of 35.5 cents per share, which takes full year dividends to 68.5 cents per share, an increase of 8.7% on the prior year.

The record date for the final dividend will be 28 September 2018 and the dividend will be paid on 12 October 2018. The final dividend will again be imputed to 25% for New Zealand tax-resident shareholders and fully franked for Australian tax-resident shareholders.

Outlook

EBOS Group has recorded a strong financial performance in FY18, and the Group is confident of further profit growth into FY19 on an underlying, constant currency basis.

A performance update will be provided to shareholders at the Annual Meeting on 16 October 2018.

24 Stronger together

financial report

Contents
DIRECTORS’ RESPONSIBILITY STATEMENT			25
INDEPENDENT AUDITOR’S REPORT			26
FINANCIAL STATEMENTS			30
Consolidated Income Statement			30
Consolidated Statement of Comprehensive Income			31
Consolidated Balance Sheet			32
Consolidated Statement of Changes in Equity			34
Consolidated Cash Flow Statement			35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS			36
INTRODUCING THIS REPORT	36	SECTION E: HOW WE FUND THE BUSINESS
SECTION A: EBOS PERFORMANCE		E1. Share capital	59
A1. Revenue and expenses	38	E2. Dividends	60
A2. Segment information A3. Taxation	40 43	E3. Borrowings E4. Borrowing facilities maturity profle	60 61
A4. Earnings per share	45	E5. Operating cash fows	62
		SECTION F: EBOS GROUP STRUCTURE
SECTION B: KEY JUDGEMENTS MADE
B1. Goodwill and intangibles	46	F1. Subsidiaries	64
B2. Acquisition information	51	F2. Investment in associates	66
		SECTION G: HOW WE MANAGE RISK
SECTION C: OPERATING ASSETS AND LIABILITIES
USED BY EBOS		G1. Financial risk management	68
C1. Trade and other receivables	55	G2. Financial instruments	69
C2. Inventories	56	SECTION H: OTHER DISCLOSURES
C3. Trade and other payables	57	H1. Contingent liabilities	72
SECTION D: CAPITAL ASSETS USED BY EBOS TO		H2. Commitments for expenditure	72
OPERATE OUR BUSINESS		H3. Subsequent events	72
D1. Property, plant and equipment	57	H4. Related party disclosures	73
D2. Capital work in progress	58	H5. Remuneration of auditors	73
		H6. Changes in fnancial reporting standards	74
ADDITIONAL STOCK EXCHANGE INFORMATION			75

Key

Key judgements and other judgements made Accounting policy Subsequent event Explanatory note

Risks

Directors’ Responsibility Statement

The directors of EBOS Group Limited are pleased to present to shareholders the financial statements for EBOS Group Limited and its controlled entities (together the ‘Group’) for the year to 30 June 2018.

The directors are responsible for presenting financial statements in accordance with New Zealand law and generally accepted accounting practice, which give a true and fair view of the financial position of the Group as at 30 June 2018 and the results of their operations and cash flows for the year ended on that date.

The directors consider the financial statements of the Group have been prepared using accounting policies which have been consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting standards have been followed.

The directors believe that proper accounting records have been kept which enable with reasonable accuracy, the determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.

The directors consider that they have taken adequate steps to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide reasonable assurance as to the integrity and reliability of the financial statements.

The financial statements are signed on behalf of the Board by:

MARK WALLER Chairman

ELIZABETH COUTTS Director

22 August 2018

26 Stronger together

independent auditor’s report to the shareholders

Report on the Audit of the Consolidated Financial Statements

Opinion	We have audited the consolidated fnancial statements of EBOS Group Limited and its
	subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 30 June 2018,
	and the consolidated income statement, statement of comprehensive income, statement
	of changes in equity and statement of cash fows for the year then ended, and notes to the
	consolidated fnancial statements, including a summary of signifcant accounting policies.
	In our opinion, the accompanying consolidated fnancial statements, on pages 30 to 74, present
	fairly, in all material respects, the consolidated fnancial position of the Group as at 30 June
	2018, and its consolidated fnancial performance and cash fows for the year then ended in
	accordance with New Zealand Equivalents to International Financial Reporting Standards
	(‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’).
Basis for Opinion	We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
	International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
	standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
	Financial Statements section of our report.
	We believe that the audit evidence we have obtained is suffcient and appropriate to provide a
	basis for our opinion.
	We are independent of the Group in accordance with Professional and Ethical Standard 1
	(Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and
	Assurance Standards Board and the International Ethics Standards Board for
	Accountants’ Code of Ethics for Professional Accountants, and we have fulflled our other ethical
	responsibilities in accordance with these requirements.
	Other than in our capacity as auditor and the provision of advisory services and taxation
	services, we have no relationship with or interests in the Company or any of its subsidiaries.
	These services have not impaired our independence as auditor of the Company and Group.
Audit Materiality	We consider materiality primarily in terms of the magnitude of misstatement in the
	fnancial statements of the Group that in our judgement would make it probable that the
	economic decisions of a reasonably knowledgeable person would be changed or infuenced
	(the ‘quantitative’ materiality). In addition, we also assess whether other matters that come to
	our attention during the audit would in our judgement change or infuence the decisions of such
	a person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit
	work and in evaluating the results of our work.
	We determined materiality for the Group fnancial statements as a whole to be $10.5m.
Key Audit Matters	Key audit matters are those matters that, in our professional judgement, were of most
	signifcance in our audit of the consolidated fnancial statements of the current period.
	These matters were addressed in the context of our audit of the consolidated fnancial
	statements as a whole, and in forming our opinion thereon, and we do not provide a separate
	opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Goodwill and Indefinite Life Intangible Asset Impairment Assessment

The Group has $1,021m of goodwill and $133m of indefinite life intangible assets, including brands and a franchise network, on the balance sheet at 30 June 2018 as detailed in note B1 to the financial statements.

The carrying values of goodwill and indefinite life intangible assets are dependent on the future cash flows expected to be generated by the underlying businesses, and there is a risk if these cash flows do not meet the Group’s expectations that the assets may be impaired.

The Group tests goodwill and indefinite life intangible assets at least annually by determining the recoverable amount (the higher of value-in-use or fair value less costs to sell) of the individual assets where possible, or otherwise the cashgenerating units to which the assets belong and comparing the recoverable amounts of the assets to their carrying values.

The impairment assessment models prepared by the Group contain a number of significant assumptions. Changes in these assumptions might lead to a change in the carrying value of indefinite life intangible assets and goodwill.

The Group has assessed the recoverable amount of brands based on fair value using the relief from royalty method and the recoverable amount of franchise assets based on fair value using the multiple-period excess earnings method. The key assumptions applied in the above models are:

annual revenue and expense growth rates for the 5 year forecast period;
pre-tax discount rates;
royalty rates;
contributory asset charge (franchise network assets); and
terminal growth rates.

The Group has assessed the recoverable amount of each cash-generating unit (“CGU”) or group of CGU’s to which goodwill has been allocated based on value-in-use models. The key assumptions applied in the value-in-use models are:

We considered whether the Group’s methodology for assessing impairment is compliant with NZ IAS 36: Impairment of Assets. We focused on testing and challenging the suitability of the models and reasonableness of the assumptions used by the Group in conducting their impairment reviews.

Our procedures included:

agreeing a sample of future cash flows to Board approved forecasts;
challenging the reliability of the Group’s revenue and expense growth rates by comparing the forecasts underlying the growth rates to historical forecasts and actual results of the underlying businesses (where applicable); and
assessing the reasonableness of key assumptions and changes to them from previous years.

We used our internal valuation specialists to assist with evaluating the models and challenging the Group’s key assumptions. The procedures of the specialist included:

evaluating the appropriateness of the valuation methodology;
testing the mathematical integrity of the models;
evaluating the Group’s determination of the pre-tax discount rates and royalty rates used in the models through consideration of the relevant risk factors for each CGU, the cost of capital for the Group, and market data on comparable businesses; and
comparing the terminal growth rates to market data for the industry sectors.

We evaluated the sensitivity analysis performed by management to consider the extent to which a change in one or more of the key assumptions could give rise to impairment in the goodwill and indefinite life intangible assets.

annual revenue and expense growth rates for the 5 year forecast period;
pre-tax discount rates; and
terminal growth rates.

We have included the impairment assessments of goodwill and indefinite life intangible assets as a key audit matter due to the significance of the balances to the financial statements and the level of judgement applied by the Group in determining the key assumptions used to determine the recoverable amounts.

28 Stronger together

Key audit matter

How our audit addressed the key audit matter

Acquisition Accounting

New Zealand accounting standards require the purchaser to identify the assets and liabilities acquired in a business combination, including identifiable intangible assets, and to measure them at fair value at the date of acquisition. Goodwill arising (excess of consideration paid over the fair value of the assets and liabilities acquired) is required to be allocated to the cash-generating unit (“CGU”) or groups of CGU’s benefiting from the acquisition.

As detailed in note B2, EBOS Group acquired 100% of Alchemy Holdings Pty Ltd (“Alchemy”) for a total consideration of NZD $163m in June 2017, and due to the timing of the acquisition the acquisition balance sheet was determined on a provisional basis as at 30 June 2017.

During the current year the Group finalised the acquisition accounting of Alchemy. The finalisation of the acquisition accounting resulted in the recognition of indefinite life intangible assets, comprising brands of $9.5m, and finite life intangible assets, comprising customer contracts of $8.8m, and $127.0m of goodwill.

The Alchemy brand has been valued using the relief from royalty method. The key assumptions applied in the model were:

forecast sales volumes;
pre-tax discount rate;
royalty rate; and
terminal growth rate.

Our procedures included:

utilising industry knowledge to assess the Group’s identification of intangible assets and consider what is represented by residual goodwill;
challenging the rationale for allocation of goodwill to CGU’s or group’s of CGU’s;
comparing the forecast sales to Board approved forecasts; and
challenging the reliability of the revenue and expense growth rates by comparing the forecasts underlying the growth rates to historical forecasts and actual results of the underlying business.

We used our internal valuation specialists to assess the appropriateness of the nature and valuation of the intangible assets identified by the Group. This assessment included:

evaluating the appropriateness of the valuation methodology and testing the mathematical integrity of the model;
evaluating the pre-tax discount rate applied in the model through comparison to the cost of capital for the business and to external market data; and
comparing the Group’s assumed royalty rate and contributory asset charge to market data for similar intangible assets.

The customer relationships have been valued using the multiple-period excess earnings method. The key assumptions applied in the model were:

forecast sales;
pre-tax discount rate;
contract useful lives; and
contributory asset charge.

We included the identification and valuation of intangible assets and the allocation of goodwill to CGU’s for the Alchemy acquisition as a key audit matter because the Group’s acquisitions are considered a key area of interest for investors and because of the size of this acquisition and the level of intangible assets. There is also significant judgement involved in identifying the intangible assets acquired and determining the appropriate methodology and key assumptions to calculate their fair value.

Other Information	The directors are responsible on behalf of the Group for the other information. The other information comprises the information in the Annual Report that accompanies the consolidated fnancial statements and the audit report. Our opinion on the consolidated fnancial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
	Our responsibility is to read the other information and consider whether it is materially
	inconsistent with the consolidated fnancial statements or our knowledge obtained in the audit
	or otherwise appears to be materially misstated. If so, we are required to report that fact. We have
	nothing to report in this regard.
Board of Directors’ Responsibilities for the Consolidated Financial Statements	The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated fnancial statements in accordance with NZ IFRS and IFRS, and for such internal control as the directors determine is necessary to enable the preparation of consolidated fnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated fnancial statements, the directors are responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
	matters related to going concern and using the going concern basis of accounting unless
	the directors either intend to liquidate the Group or to cease operations, or have no realistic
	alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements	Our objectives are to obtain reasonable assurance about whether the consolidated fnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infuence the economic decisions of users taken on the basis of these consolidated fnancial statements.
	A further description of our responsibilities for the audit of the consolidated fnancial statements
	is located on the External Reporting Board’s website at:
Restriction on Use	https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit- report-1 This description forms part of our auditor’s report. This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

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PAUL BRYDEN, PARTNER FOR DELOITTE LIMITED Christchurch, New Zealand

22 August 2018

30 Stronger together

financial statements

Consolidated Income Statement

The Consolidated Income Statement presents income earned and expenditure incurred by EBOS Group during the financial year in determining profit.

determining profit.
	2018	2017
For the fnancial year ended 30 June 2018	Notes $’000	$’000
Revenue	A1(a) 7,609,488	7,625,854
Income from associates	F2 4,501	4,062
Acquisition costs	-	(7,021)
Proft before depreciation, amortisation,
net fnance costs and tax expense (EBITDA)	272,383	234,427
Depreciation	A1(b) (17,651)	(13,616)
Amortisation	A1(b) (17,084)	(12,218)
Proft before net fnance costs and tax expense	237,648	208,593
Finance income	1,780	2,079
Finance costs	(24,501)	(21,104)
Proft before tax expense	A1(b) 214,927	189,568
Tax expense	A3 (63,207)	(56,722)
Proft for the year	151,720	132,846
Proft for the year attributable to:
Owners of the Company	149,564	133,279
Non-controlling interests	2,156	(433)
	151,720	132,846
Earnings per share:
Basic (cents per share)	A4 98.5	87.8
Diluted (cents per share)	A4 98.5	87.8