EBOS GROUP LIMITED — Interim / Quarterly Report 2017

Feb 21, 2017

==> picture [780 x 15] intentionally omitted <==

EBOS Group Limited Interim Financial Results presentation for the Half Year ended 31 December 2016

Patrick Davies Chief Executive Officer John Cullity Chief Financial Officer 22 February 2017

==> picture [780 x 15] intentionally omitted <==

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’ 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, Underlying EBITDA, NPAT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, Net Debt and Return on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’ 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' 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 consolidated financial statements for the period ended 31 December 2016.

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

==> picture [114 x 43] intentionally omitted <==

2

==> picture [780 x 459] intentionally omitted <==

1 Group Financial Results

A-Frame automatic picking system, Symbion Keysborough facility, 3 Melbourne, Australia

==> picture [780 x 15] intentionally omitted <==

H1 FY17 Summary Results¹

Revenue $4.0b

EBITDA NPAT $119.9m $68.8m

17.2% (+20.6% Constant FX) 5.4% (+9.0% Constant FX)

7.2% (+10.9% Constant FX)

ROCE 16.0%

Earnings per share 45.4c

Dividend per share 30.0c

170 basis points

6.7% (+10.4% Constant FX)

15.4%

¹ EBITDA, NPAT and Earnings per share include $2.4m of transaction costs ($1.4m after tax and after non-controlling interests) incurred on the Terry White Chemmart merger completed 31 October 2016.

==> picture [114 x 43] intentionally omitted <==

Group Financial Results

==> picture [780 x 15] intentionally omitted <==

Strong growth continues

==> picture [734 x 170] intentionally omitted <==

----- Start of picture text -----

Revenue NPAT Earnings Per Share
NZ$m NZ$m Cents per share
3,960 69
45.4
64 42.5
3,380
3,120 54 36.2
H1 FY15 H1 FY16 H1 FY17 H1 FY15 H1 FY16 H1 FY17 H1 FY15 H1 FY16 H1 FY17
----- End of picture text -----

==> picture [231 x 160] intentionally omitted <==

----- Start of picture text -----

Operating Cash Flow
NZ$m
47 48
31
H1 FY15 H1 FY16 H1 FY17
----- End of picture text -----

==> picture [271 x 182] intentionally omitted <==

----- Start of picture text -----

Return on Capital Employed
16.0%
14.3%
12.9%
H1 FY15 H1 FY16 H1 FY17
----- End of picture text -----

==> picture [114 x 43] intentionally omitted <==

Group Financial Results

5

==> picture [780 x 15] intentionally omitted <==

Strong first half financial performance

	H1 H1 NZ$m FY17 FY16 Var Statutory Results Revenue 3,960.2 3,379.7 17.2% Gross Operating Revenue 364.1 333.7 9.1% EBITDA 119.9 113.7 5.4% EBIT 107.5 101.4 6.0% Net Finance Costs 8.9 9.7 7.7% Profit Before Tax 98.6 91.7 7.5% Net Profit After Tax1 68.8 64.2 7.2% Statutory EPS - cps 45.4 42.5 6.7%	Constant FX Var 20.6% 12.4% 9.0% 9.6% 5.0% 11.3% 10.9% 10.4% 11.1% 13.2% 12.7% • First Half Group Revenue increase of $580m or 20.6% (constant FX): – Healthcare up 21.5%. – Animal Care up 5.9%. • EBITDA increase of $6.1m or 9.0% (constant FX): – Healthcare up 10.6%. – Animal Care up 10.7%. • NPAT increase of $4.6m or 10.9% (constant FX). • Increased NZD:AUD cross rate negatively impacted NPAT by $2.1m for H1 FY17. • Underlying EPS growth of 12.7% (constant FX). • Solid cash flow performance with Net Debt / EBITDA ratio now at 1.25x.
	Underlying EBITDA2 122.3 113.7 7.5% Underlying NPAT2 70.2 64.2 9.5% Underlying EPS - cps2 46.3 42.5 9.0%	11.1% 13.2% 12.7%
	Net Debt 288.1 379.3 Net Debt : EBITDA 1.25x 1.80x

==> picture [114 x 43] intentionally omitted <==

Note 1: Net profit after tax and after non-controlling interests.

Group Financial Results

Note 2: Underlying EBITDA, NPAT and EPS exclude $2.4m of transaction costs ($1.4m after tax and after non-controlling interests) incurred on the Terry White Chemmart merger completed 31 October 2016.

6

==> picture [780 x 15] intentionally omitted <==

Segment earnings and GOR mix

EBITDA by segment

Gross Operating Revenue (GOR) H1 FY17

EBITDA by segment
H1 H1 NZ$m FY17 FY16 Var Healthcare 106.7 99.8 6.9% Animal Care 21.1 19.6 7.8% Corporate (7.9) (5.6) (40.7%) Group 119.9 113.7 5.4%	Constant FX Var
	10.6% 10.7% (42.9%)
	9.0%

• Included in the H1 FY17 Corporate segment result is $2.4m of transaction costs incurred on the Terry White Chemmart merger.

==> picture [152 x 101] intentionally omitted <==

==> picture [45 x 31] intentionally omitted <==

H1 FY17 GOR mix

==> picture [114 x 43] intentionally omitted <==

Group Financial Results

7

==> picture [393 x 229] intentionally omitted <==

==> picture [129 x 199] intentionally omitted <==

==> picture [215 x 159] intentionally omitted <==

==> picture [388 x 251] intentionally omitted <==

Healthcare Results 2

Top left: TerryWhite Chemmart pharmacy in Melbourne. Top right: Selection of Red Seal toothpaste and tea products. Bottom left: EBOS Healthcare, Auckland. 8 Bottom right: ProPharma, Auckland

==> picture [780 x 15] intentionally omitted <==

==> picture [75 x 77] intentionally omitted <==

==> picture [67 x 67] intentionally omitted <==

Healthcare segment

Strong trading performances across Australia and New Zealand

H1 H1 NZ$m FY17 FY16 Var Healthcare segment Revenue 3,744.1 3,169.3 18.1% EBITDA 106.7 99.8 6.9% EBIT 96.1 89.3 7.6% EBITDA% 2.85% 3.15% -30pts Australia Revenue 3,013.8 2,463.3 22.3% EBITDA 85.2 79.5 7.1% EBIT 75.7 70.2 7.8% EBITDA% 2.83% 3.23% -40pts New Zealand Revenue 730.2 706.0 3.4% EBITDA 21.5 20.2 6.3% EBIT 20.4 19.1 6.9% EBITDA% 2.94% 2.86% 8pts	Constant FX Var
	21.5% 10.6% 11.3% -30pts
	26.8% 11.0% 11.7% -40pts

• Revenue increase of $575m or 21.5% (constant FX): – Australia up 26.8%.

• New Zealand up 3.4%.

• EBITDA increase of $6.9m or 10.6% (constant FX):

• Australia up 11.0%.

• New Zealand up 6.3%.

				EBITDA
				NZ$m
		89		100		107
		H1 FY15		H1 FY16		H1 FY17

==> picture [114 x 43] intentionally omitted <==

Healthcare Results

9

==> picture [780 x 15] intentionally omitted <==

Healthcare segment – First Half Highlights

COMMUNITY PHARMACY

NZ$m **H1 FY17 **	Constant FX
	H1 FY16 Var%
Revenue 2,144.2 GOR 180.4	1,902.6 12.7% 164.7 9.5%
GOR% 8.4%	8.7%

==> picture [75 x 75] intentionally omitted <==

• Pharmacy revenue in Australia grew by 15.8% (constant FX), attributable to new Hepatitis C medicine sales, albeit at lower gross profit margins, and the inclusion of Terry White Group revenue from November 2016.

• Prescription medicine sales growth in Australia (excluding Hepatitis C medicines) was flat due to the impact of PBS reforms.

• First half OTC sales declined marginally due to a decline in export demand.

• Continued focus on our cost base resulted in cost savings and improved productivity across our operations.

• The merger of Chemmart with Terry White Group was completed in October 2016 to create one of Australia’s largest retail pharmacy networks with approximately 500 stores.

==> picture [114 x 43] intentionally omitted <==

==> picture [10 x 442] intentionally omitted <==

CONSUMER PRODUCTS

NZ$m **H1 FY17 **	Constant FX
	H1 FY16 Var%
Revenue 54.5 GOR 22.0	34.5 58.1% 14.6 50.3%
GOR% 40.3%	42.4%

==> picture [79 x 79] intentionally omitted <==

• Consumer Products (excluding Red Seal) recorded revenue growth of 9.0%, mainly from a number of new agency agreements in New Zealand.

• Red Seal is performing in-line with expectations with like-for-like revenue growth of 8.4%. Strong revenue growth was recorded in teas, toothpaste and supplements in both domestic and international markets.

• Sales to China increased by 24% on a like-for-like basis.

• We are encouraged with revenue growth recorded in other Asian markets, such as South Korea which recorded first half revenue growth of 98% to last year.

Healthcare Results

Note: Revenue includes Net Sales and Other Income. Gross Operating Revenue (GOR) includes Gross Profit and Other Income and excludes operating expenses.

10

==> picture [780 x 15] intentionally omitted <==

Healthcare segment – First Half Highlights

INSTITUTIONAL HEALTHCARE

==> picture [90 x 90] intentionally omitted <==

NZ$m **H1 FY17 **	Constant FX
	H1 FY16 Var%
Revenue 1,322.8 GOR 74.8	920.5 43.7%
	62.0 20.5%
GOR% 5.7%	6.7%

• Symbion Hospital Services business maintained its market leading position and recorded strong revenue growth driven by Hepatitis C drug sales.

• Included in last year’s results was a strong contribution from the International division (additional $2.5m GOR) primarily from capital equipment sales to PNG that did not repeat this year.

==> picture [114 x 43] intentionally omitted <==

==> picture [10 x 442] intentionally omitted <==

CONTRACT LOGISTICS

NZ$m **FY17 **	Constant FX
	H1 FY16 Var%
Revenue 242.1	242.6 (0.2%) 29.4 3.4%
GOR 30.4

==> picture [97 x 77] intentionally omitted <==

Note: GOR % not relevant as sales activity is predominantly done on consignment.

• Healthcare Logistics (NZ) maintained its leading market position and combined with cost management, delivered another period of increased GOR and earnings.

• The Group is expanding its Contract Logistics business in Australia with the development of a new facility in Sydney (NSW).

Healthcare Results

Note: Revenue includes Net Sales and Other Income. Gross Operating Revenue (GOR) includes Gross Profit and Other Income and excludes operating expenses.

11

==> picture [780 x 21] intentionally omitted <==

==> picture [120 x 187] intentionally omitted <==

==> picture [116 x 181] intentionally omitted <==

==> picture [106 x 170] intentionally omitted <==

==> picture [118 x 180] intentionally omitted <==

==> picture [92 x 176] intentionally omitted <==

==> picture [126 x 194] intentionally omitted <==

==> picture [602 x 196] intentionally omitted <==

Animal Care Results 3

Selection of our Animal Care brands of BlackHawk and Vitapet and an 12 Animates store in Auckland.

==> picture [780 x 21] intentionally omitted <==

Animal Care segment

BlackHawk and Vitapet revenue growth key to H1 earnings performance

==> picture [68 x 68] intentionally omitted <==

NZ$m	H1 FY17	H1 FY16	Var	Constant FX Var
Animal Care segment
Revenue	216.1	210.5	2.7%	5.9%
EBITDA	21.1	19.6	7.8%	10.7%
EBIT	19.3	17.7	9.1%	12.0%
EBITDA%	9.77%	9.31%	46pts	42pts

==> picture [294 x 212] intentionally omitted <==

----- Start of picture text -----

EBITDA
NZ$m
21.1
19.6
16.8
H1 FY15 H1 FY16 H1 FY17
----- End of picture text -----

• Revenue increase of $5.7m or 5.9% (Constant FX), primarily from growth of branded products (including BlackHawk and Vitapet).

• EBITDA increase of $1.5m or 10.7% (constant FX) attributable to:

• Revenue growth from our key branded products;

• Improved Animates joint venture performance with EBOS’ share of NPAT increasing $0.4m (39%) to last year.

==> picture [114 x 43] intentionally omitted <==

Animal Care Results

13

==> picture [780 x 21] intentionally omitted <==

Animal Care segment Half Year Performance Overview

==> picture [68 x 68] intentionally omitted <==

PRODUCTS & BRANDS

==> picture [115 x 15] intentionally omitted <==

==> picture [81 x 59] intentionally omitted <==

• BlackHawk, our premium pet food brand, continues to receive very strong support and is outperforming the market. Revenue grew 48% in H1 FY17 on last year, driven by an investment in marketing, additional ranging in pet specialty stores and new product launches.

• Vitapet recorded revenue growth of 10.6% (constant FX) driven by new product development, range expansion and marketing investment.

RETAIL

==> picture [87 x 52] intentionally omitted <==

• Increased Animates profit due to revenue growth of 15%. During the half year, Animates opened five new retail stores and two veterinary clinics. The business now operates 37 retail stores and 10 veterinary clinics in New Zealand.

VET

WHOLESALE

==> picture [103 x 38] intentionally omitted <==

• Lyppard recorded steady revenue growth from its major customers (vet groups and pet stores). This market remains competitive and continues to consolidate which is placing pressure on gross margins.

==> picture [114 x 43] intentionally omitted <==

Animal Care Results

14

==> picture [780 x 461] intentionally omitted <==

4 Group Financial Information

EBOS Healthcare warehouse, 15 Auckland, New Zealand

==> picture [780 x 15] intentionally omitted <==

Cash Flow

Another strong Operating Cash Flow performance

NZ$m	H1 FY17 H1 FY16	Var$
EBITDA 119.9 113.7 Net interest paid (8.9) (9.7) Tax paid (37.2) (29.8) Net workingcapital and other movements (25.8) (27.7)		6.1 0.7 (7.4) 1.9
Cash from Operating activities 47.9 46.6 Proceeds from disposal of assets - 5.0 Capital expenditure (16.0) (6.8)		1.4 (5.0) (9.1)
Free Cash Flow 32.0 44.8		(12.8)
Acquisition of subsidiaries and investments (17.4) (90.6) Dividendspaid(net of DRP) (49.4) (29.8)		73.2 (19.6)
Net Cash Flow (34.8) (75.6) Net debt attributable to acquisitions (9.4) - FX impact on net debt 3.6 13.2		40.8 (9.4) (9.6)
Reduction/(Increase) in Net Debt (40.5) (62.3)		21.8

• Operating cash flow of $47.9m assisted by effective working capital management.

• Capex spend in H1 FY17 includes payments for the new distribution centre in Brisbane of $11.7m.

• Acquisition of subsidiaries in H1 FY17 represents the Group’s investment in the Terry White Group.

• Hepatitis C sales are expected to moderate in the second half which may impact the Group’s net working capital and full year FY17 cashflow.

==> picture [114 x 43] intentionally omitted <==

Group Financial Information

16

==> picture [780 x 15] intentionally omitted <==

Working Capital and Cash Conversion

NZ$m	Dec 2016 June 2016 Dec 2015
Net Working Capital Trade receivables Inventory Trade payables Other	1,112.5 1,302.8 853.9 596.2 578.5 548.8 (1,318.2) (1,539.9) (941.1) (128.0) (98.9) (109.2)
Total Cash conversion days1,2 Debtor days Inventory days Creditor days	262.5 242.6 352.3 41 43 47 31 29 33 55 59 58
Cash conversion days	17 13 22

• Working capital management discipline is a key focus of the Group.

• Cash conversion cycle of 17 days.

• Lower investment in Net Working Capital than December 2015 is predominantly due to the Group’s Hepatitis C medicine sales activity.

• Cash conversion days excludes the Group’s 3PL Hepatitis C business as stock is held on consignment.

==> picture [114 x 43] intentionally omitted <==

Note 1: December 2016 and June 2016 cash conversion days are adjusted for the Group’s 3PL debtors and creditors arising from its Hepatitis C business.

Group Financial Information

17

Note 2: June 2016 and December 2015 cash conversion days are adjusted for constant currency.

==> picture [780 x 15] intentionally omitted <==

Net Debt, Gearing and ROCE

==> picture [756 x 227] intentionally omitted <==

----- Start of picture text -----

Net Debt and Gearing Return on Capital Employed
400 40%
350 379 35%
300 30%
317
288
250 25%
26.2%
248
200 23.2% 20%
20.3% 16.3% 16.0%
150 18.5% 15%
14.3%
100 10% 13.7%
50 5%
0 0%
Jun-15 Dec-15 Jun-16 Dec-16
FY15 FY16 H1 FY16 H1 FY17
Net Debt Gearing ratio (Net debt)
Gearing ratio
Net debt (NZ$m) ROCE %
----- End of picture text -----

• Net Debt of $288m at December 2016.

• Net Debt : EBITDA of 1.25x at December 2016 (1.1x at June 2016, 1.8x at December 2015).

• Significant balance sheet capacity for further M&A.

• Return on Capital Employed of 16.0% at December 2016, an increase of 170bps from December 2015.

• Decline in ROCE from June 2016 represents a combination of seasonal factors (higher net working capital) and capital expenditure on the Brisbane distribution facility (under construction).

==> picture [114 x 43] intentionally omitted <==

Group Financial Information

18

==> picture [780 x 15] intentionally omitted <==

Earnings and Dividends per share

Statutory Earnings per share

Dividends per share

==> picture [310 x 182] intentionally omitted <==

----- Start of picture text -----

H1 H2
41.5
34.6
36.2 42.5 45.4
FY15 FY16 FY17
Cents per share
----- End of picture text -----

==> picture [319 x 189] intentionally omitted <==

----- Start of picture text -----

H1 H2
32.5
25.0
22.0 26.0 30.0
FY15 FY16 FY17
Cents per share
----- End of picture text -----

• Statutory EPS growth of 6.7% (10.4% constant FX) in H1 FY17 following a 18.7% increase in FY16.

• Interim dividend of 30.0 cents (imputed to 25%), an increase of 4.0 cents or 15.4% from last year.

• Dividend payout ratio of 66%.

• Interim dividend is 100% franked for Australian resident shareholders.

• DRP remains suspended and will not apply for this dividend.

==> picture [114 x 43] intentionally omitted <==

Group Financial Information

19

==> picture [780 x 453] intentionally omitted <==

5[Summary and Outlook ]

Masterpet warehouse, 20 Wellington, New Zealand

==> picture [780 x 15] intentionally omitted <==

Summary

Consistent EPS and dividend growth performance Increasing return on capital employed Underlying market dynamics remain positive across the business

Diversified earnings streams and customer base Investing in infrastructure to allow for sustainable future growth

Underpinned by a strong balance sheet, cash generation and successful history of M&A execution

==> picture [114 x 43] intentionally omitted <==

Summary and Outlook

21

==> picture [780 x 15] intentionally omitted <==

Outlook

• EBOS Group has recorded a positive start for the first half of the financial year across both its Healthcare and Animal Care divisions.

• In October 2016, we provided guidance of underlying, constant currency, net profit after tax growth in FY17 of between 7% to 10% compared to the prior year.

• EBOS Group now expects full year FY17 earnings to be at the upper end of this range.

==> picture [114 x 43] intentionally omitted <==

Summary and Outlook

22

==> picture [404 x 312] intentionally omitted <==

==> picture [125 x 96] intentionally omitted <==

==> picture [108 x 107] intentionally omitted <==

==> picture [152 x 61] intentionally omitted <==

==> picture [102 x 105] intentionally omitted <==

==> picture [92 x 92] intentionally omitted <==

==> picture [85 x 84] intentionally omitted <==

Supporting Information

EBOS Group locations in 23 Australia and New Zealand

==> picture [780 x 15] intentionally omitted <==

Foreign exchange

Appreciation of the average NZD:AUD cross-rate by 3.3c to 0.951 negatively impacted EBITDA by $3.7m in H1 FY17

Revenue and EBITDA by currency

	AUD	Average	AUD	NZ	Group
	Operations	**NZD: AUD **	Operations	Operations	Consolidated
$m	AUD	translation	NZD	NZD	NZD
FY17
Revenue EBITDA EBITDA%	3,046.2 91.2 2.99%	0.95 0.95	3,199.0 95.9 3.00%	761.2 24.0 3.15%	3,960.2 119.9 3.03%

• 80% of the Group’s earnings (EBITDA) are generated in AUD.

• The average NZD:AUD FX rate for H1 FY17 increased by 3.3 cents from H1 FY16, negatively impacting the Group’s H1 FY17 EBITDA by approximately $3.7m.

NZD:AUD exchange rate – July 2015 to December 2016

==> picture [408 x 205] intentionally omitted <==

----- Start of picture text -----

H1 FY16 average: 0.918c FY16 average: 0.921c H1 FY17 average: 0.951c
1.00
0.98
0.96
0.94
0.92
0.90
0.88
0.86
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Dec-16
----- End of picture text -----

==> picture [114 x 43] intentionally omitted <==

• EBITDA sensitivity to a 1 cent movement in NZD:AUD exchange rate is approximately $2.0m per annum.

24

==> picture [780 x 15] intentionally omitted <==

Reconciliation of statutory and underlying results

		H1 FY17			H1 FY16
NZ$m		EBITDA	NPAT		EBITDA	NPAT
Statutory result		119.9	68.8		113.7	64.2
Add back
EBOS costs of the	TWC/Chemmart merger	1.8	1.2		-	-
TerryWhite costs	of the TWC/Chemmart merger	0.6	0.2		-	-
		2.4	1.4		-	-
Underlying result	1	122.3	70.2		113.7	64.2

¹ Underlying EBITDA and 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.

==> picture [114 x 43] intentionally omitted <==

25

==> picture [780 x 15] intentionally omitted <==

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.
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.
Constant FX/currency	Calculated by translating the prior period results into NZ dollars at the actual monthly exchange rates applicable in the current period.
Revenue	Revenue from the sale of goods and the rendering of services.
Gross Operating Revenue (GOR)	Revenue less cost of sales and the write-down of inventory.
EBIT	Earnings before interest and tax.
EBITDA	Earnings before interest, tax, depreciation and amortisation.
UnderlyingEBITDA	Earnings before interest,tax,depreciation,amortisation and transaction costs relatingto the TerryWhite Chemmart merger.
NPAT	Net Profit After Tax attributable to the owners of the company.
UnderlyingNPAT	Net Profit After Tax attributable to the owners of the companyand before transaction costs relatingto the TerryWhite Chemmart merger.
Free Cash Flow	Cash from operations less capital expenditure net ofproceeds from disposals.
Earnings per share	Net Profit after tax divided by the weighted average number of shares on issue during the period.
(EPS)
UnderlyingEPS	UnderlyingNPAT divided bythe weighted average number of shares on issue duringtheperiod.
Net Debt : EBITDA	Ratio of net debt atperiod end to the last 12 months EBITDA.
Return on Capital	Measured as underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months divided by closing capital employed
Employed (ROCE)	(including a pro-rata adjustment for entities acquired).

==> picture [114 x 43] intentionally omitted <==

26

==> picture [780 x 15] intentionally omitted <==

www.ebosgroup.com