EBOS GROUP LIMITED — Investor Presentation 2020

Feb 19, 2020

==> picture [690 x 108] intentionally omitted <==

INVESTOR PRESENTATION INTERIM FINANCIAL RESULTS Half year ended 31 December 2019 20 February 2020

DISCLAIMER

The information in this presentation was prepared by EBOS Group Ltd (EBOS) 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 EBOS 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 securities and may not be relied upon in connection with any purchase of EBOS 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 2019.

All currency amounts are in Australian dollars unless stated otherwise.

==> picture [61 x 19] intentionally omitted <==

2

==> picture [717 x 56] intentionally omitted <==

Group Financial Results

==> picture [626 x 48] intentionally omitted <==

==> picture [61 x 19] intentionally omitted <==

H1 FY20 SUMMARY RESULTS[1 ]

==> picture [720 x 84] intentionally omitted <==

==> picture [680 x 290] intentionally omitted <==

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

Revenue Statutory EBITDA Statutory NPAT
$4.4b up 25.2% $167.2m up 36.4% $81.7m up 21.8%
Underlying EBITDA [2 ] Underlying NPAT [2]
$149.0m up 13.4% $84.2m up 15.8%
Statutory EPS ROCE Dividends per share
50.6c up 14.8% 15.9% 37.5c up 8.7%
(NZ$)
consistent with June 2019
Underlying EPS [2 ]
52.2c up 9.1%
----- End of picture text -----

Note 1: All currency amounts are in Australian dollars except for Dividends per share. Note 2: Underlying results exclude the impact of IFRS 16 Leases and net one-off costs. Refer to page 24 for the reconciliation of Underlying to Statutory earnings.

==> picture [61 x 19] intentionally omitted <==

4

STRATEGIC HIGHLIGHTS

Group revenue increased by 25.2% evidencing the strength of our portfolio of businesses with a substantial uplift in Pharmacy Wholesale and strong performances from TerryWhite Chemmart, Institutional Healthcare and Healthcare Logistics

• The Australian wholesale business has demonstrated its leading competitive position with a significant increase in revenues and profit, again evidencing the strength of the Group’s long term strategy of driving productivity and consistently building capacity to create Australia’s leading network of pharmacy distribution infrastructure.

• The acquisition of LMT/NS for $34m signals EBOS’ entry into the A$8b Australian and New Zealand medical device sector creating a new platform of growth for the Group.

• Another strong performance from our Institutional Healthcare business with growth in specialty medicines and medical consumables.

• We have reignited the growth of TerryWhite Chemmart (TWC), one of Australia's leading community pharmacy networks, with our That’s Real Chemistry campaign. The TWC network delivered 5.7% sales growth on the prior period and we welcomed 16 new stores to the network.

• Our new 25,000m² Contract Logistics facility in Sydney has enabled strong growth in our Australian Contract Logistics business.

• The Animal Care segment delivered another strong performance across our portfolio of businesses, with our Vitapet, Blackhawk and Lyppard wholesale business all gaining market share.

==> picture [61 x 19] intentionally omitted <==

5

H1 FY20 FINANCIAL PERFORMANCE

							Significant revenue increase of 25.2%
	A$m	H1 FY20	H1 FY19	Var$	Var%		primarily due to growth in Pharmacy
	Underlying Results ¹						Wholesale, TerryWhite Chemmart,
	Revenue	4,376.1	3,496.5	879.6	25.2%		Institutional Healthcare and Contract
	Gross Operating Revenue	449.4	404.8	44.6	11.0%		Logistics.
	EBITDA	149.0	131.4	17.6	13.4%		Statutory EBITDA of $167.2m, an increase
	Depreciation & Amortisation	17.7	15.2	(2.5)	(16.2%)		of $44.6m or 36.4%. This includes a
	EBIT	131.3	116.1	15.2	13.1%		$19.4m benefit from the adoption of IFRS
	Net Finance Costs	11.5	12.4	0.8	6.7%		16 Leases.
	Profit Before Tax	119.8	103.8	16.0	15.4%		Underlying EBITDA increase of $17.6m or
	Net Profit after Tax	84.2	72.7	11.5	15.8%		13.4%:
	Earnings per share - cps Net Debt	52.2c 392.2	47.8c 552.1	4.4c	9.1%		 Healthcare up 16.3%.
	Net Debt : EBITDA	1.41x	2.16x				 Animal Care up 5.7%.
	Statutory Results						Underlying NPAT and Underlying EPS
	Revenue	4,376.1	3,496.5	879.6	25.2%		increases of 15.8% and 9.1%,
	EBITDA	167.2	122.6	44.6	36.4%		respectively.
	EBIT	131.4	107.3	24.0	22.4%
	Profit Before Tax	115.9	95.0	21.0	22.1%
	Net Profit After Tax	81.7	67.0	14.6	21.8%
	Earnings per share - cps	50.6c	44.1c	6.5c	14.8%

Note 1: Underlying results exclude the impact of IFRS 16 Leases and net one-off costs. Refer to page 24 for the reconciliation of Underlying to Statutory earnings.

==> picture [61 x 19] intentionally omitted <==

6

==> picture [719 x 54] intentionally omitted <==

Healthcare Results

==> picture [665 x 73] intentionally omitted <==

HEALTHCARE SEGMENT

Significant growth in Australia from a strong underlying trading performance

	A$m	**H1 FY20 **	H1 FY19	Var$	Var%
	Revenue	4,165.5	3,304.2	861.3	26.1%
	Underlying EBITDA1	131.1	112.7	18.4	16.3%
	Underlying EBITDA%	3.15%	3.41%
	Australia
	Revenue Underlying EBITDA1	3,331.4 111.3	2,545.3 91.0	786.1 20.3	30.9% 22.3%
	Underlying EBITDA%	3.34%	3.58%
	New Zealand
	Revenue	834.1	758.9	75.2	9.9%
	Underlying EBITDA1	19.8	21.7	(1.9)	(8.7%)
	Underlying EBITDA%	2.37%	2.85%

Australia’s growth in revenue of 30.9% and Underlying EBITDA of 22.3% was driven by the performances of our Pharmacy Wholesale, TWC, Institutional Healthcare and Contract Logistics businesses.



New Zealand revenue growth was 9.9%, however, Underlying EBITDA was affected by softer overseas demand for our consumer products, reflective of the changes which have impacted the daigou export channel.



Underlying EBITDA and Underlying EBITDA %

==> picture [267 x 204] intentionally omitted <==

Note 1: Underlying results exclude the impact of IFRS 16 Leases and net one-off costs. Refer to page 24 for the reconciliation of Underlying to Statutory earnings.

8

COMMUNITY PHARMACY

• Pharmacy revenue increased by $670m and GOR by $31m due to increased wholesale volumes in both Australia and New Zealand.

• The pharmacy business benefitted from:

• Successful commencement of the Chemist Warehouse Group (CWG) contract from 1 July 2019;

• Productivity improvements in wholesale operations due to higher volumes across our sites and the new Brisbane facility; and

• The performance of our retail brands, particularly TerryWhite Chemmart.

• The movement in GOR % margin is due to sales mix of ethical/OTC products in the wholesale business and the loss of rental income from the sale of a surplus property in FY19.

	A$m Revenue	H1 FY20 H1 FY19 2,561.9 1,892.2	Var$ 669.7	Var% 35.4%
	GOR GOR%	221.4 190.6 8.64% 10.07%	30.8	16.2%
		Revenue and GOR

==> picture [280 x 250] intentionally omitted <==

• H1 FY16 to H1 FY20 CAGR  Revenue: 9.3%

• GOR: 9.1%

==> picture [61 x 19] intentionally omitted <==

9

TERRYWHITE CHEMMART

Continued growth in one of Australia’s leading community pharmacy networks

==> picture [33 x 35] intentionally omitted <==

==> picture [164 x 21] intentionally omitted <==

16 new pharmacies joined the network

5.7% network sales growth

==> picture [32 x 32] intentionally omitted <==

In the last six months, we welcomed 16 new pharmacies to our national network

With prescription sales growth of 5.3%, on a like-for-like basis

Repositioning the brand under ‘that’s real chemistry’

==> picture [81 x 24] intentionally omitted <==

==> picture [34 x 34] intentionally omitted <==

250,000 flu vaccinations

Exclusive Masterclass program Over 600 pharmacists attend our industry leading education and health program

==> picture [33 x 32] intentionally omitted <==

==> picture [60 x 16] intentionally omitted <==

Leading pharmacy brand for pharmacist administered vaccines in 2019

Partnerships to access new customers and drive sales growth

==> picture [28 x 42] intentionally omitted <==

==> picture [33 x 32] intentionally omitted <==

Exclusive brands

Supplier relationships strengthened

#1 Customer Satisfaction

==> picture [36 x 37] intentionally omitted <==

Growing national and private label brands in destination categories

Roy Morgan research puts TWC in the number one position for pharmacy customer satisfaction

New partnership approach with suppliers driving improved outcomes

==> picture [559 x 151] intentionally omitted <==

==> picture [61 x 19] intentionally omitted <==

10

INSTITUTIONAL HEALTHCARE

• Revenue growth of 9.1% was driven largely from increases in new specialty medicines, combined with strong growth in the medical consumables sector and the acquisition of LMT/NS.

• Symbion Hospitals had strong growth and our excellent service levels and relationships with both private and public customers saw us maintain our market leading position.

• Our entry into the devices sector via the acquisition of LMT/NS represents an important development in the Group’s growth trajectory as a foundation step in building another significant platform to our Healthcare portfolio.

==> picture [65 x 36] intentionally omitted <==

==> picture [79 x 43] intentionally omitted <==

	A$m Revenue	H1 FY20 1,252.3	H1 FY19 1,147.8	Var$ 104.5	Var% 9.1%
	GOR	109.4	101.8	7.6	7.4%
	GOR%	8.73%	8.87%

Revenue and GOR

==> picture [290 x 227] intentionally omitted <==

H1 FY16 to H1 FY20 CAGR

• Revenue: 9.7%

• GOR: 17.2%

==> picture [61 x 19] intentionally omitted <==

11

CONTRACT LOGISTICS

• An active business development focus led to GOR growth of 21.5% as the business continues to drive growth and profitability as customers join our new facilities.

• The new 25,000m² facility in Sydney and further expansion in Auckland has created further growth in both countries.

==> picture [336 x 188] intentionally omitted <==

A$m	**H1 FY20 **	H1 FY19	Var$	Var%
Revenue	346.4	241.9	104.5	43.2%
GOR	39.3	32.3	7.0	21.5%

Note: GOR % not relevant as sales are predominantly on consignment.

Revenue and GOR

H1 FY16 to H1 FY20 CAGR

 Revenue: 10.6%

• GOR: 8.5%

==> picture [61 x 19] intentionally omitted <==

Photo of the new Sydney Contract Logistics facility.

12

CONSUMER PRODUCTS

• Consumer Products performance was affected by softer overseas demand for our products, reflective of the changes which have impacted the daigou export channel.

• We have increased our investment in this business segment through the opening of our new purpose built manufacturing and distribution facility in Auckland.

	A$m	**H1 FY20 **	H1 FY19	Var$	Var%
	Revenue	57.9	59.6	(1.7)	(2.9%)
	GOR	19.7	23.2	(3.5)	(15.0%)
	GOR%	34.03%	38.90%

Revenue and GOR

==> picture [79 x 119] intentionally omitted <==

==> picture [211 x 112] intentionally omitted <==

==> picture [278 x 146] intentionally omitted <==

H1 FY16 to H1 FY20 CAGR

• Revenue: 15.6%

• GOR: 9.4%

==> picture [61 x 19] intentionally omitted <==

13

==> picture [720 x 61] intentionally omitted <==

Animal Care Results

==> picture [661 x 73] intentionally omitted <==

ANIMAL CARE SEGMENT

Strong Revenue and Underlying EBITDA performance reflecting continued growth in our key brands

A$m	**H1 FY20 **	H1 FY19	Var$	Var%
Revenue	210.6	192.3	18.3	9.5%
Underlying EBITDA	25.7	24.3	1.4	5.7%
Underlying EBITDA%	12.20%	12.65%

Underlying EBITDA and Underlying EBITDA %

• Revenue growth of $18.3m, or 9.5%, due to the continued excellent performance of our branded products portfolio and higher wholesale volumes.

• Our key brands Black Hawk and Vitapet recorded strong uplifts in revenue both growing their market share.

• Our Vitapet brand made significant headway in the Australian grocery channel with revenue growth above market.

• Lyppard strengthened its market position during the period with revenue increasing by 9.4% due to customer growth and the new Therapon business acquired in December 2018.

==> picture [137 x 13] intentionally omitted <==

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

Revenue mix by category
----- End of picture text -----

==> picture [270 x 186] intentionally omitted <==

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

Wholesale (Lyppard)
EBOS brands
(Black Hawk and Vitapet)
Other products
----- End of picture text -----

15

CONTINUED GROWTH FROM OUR BRANDS

Both our Black Hawk and Vitapet brands continue strong growth rates

==> picture [178 x 177] intentionally omitted <==

• Black Hawk sales grew 9.7% due to:

• Strong consumer support for our products.

• Continued investment in marketing to drive increased brand awareness and retail support.

• Maintaining the price value proposition against other premium foods.

==> picture [183 x 182] intentionally omitted <==

• Vitapet’s strong sales growth of 14.7% due to:

• Strong new product pipeline.

• Marketing support to grow brand awareness.

• Improved packaging and branding enhancing shelf presence.

==> picture [61 x 19] intentionally omitted <==

16

==> picture [720 x 56] intentionally omitted <==

Group Financial Information & Outlook

==> picture [61 x 19] intentionally omitted <==

CASH FLOW

A$m	**H1 FY20 **	H1 FY19	Var$	Var%
Statutory Cash Flow including IFRS 16 Leases
EBITDA	167.2	122.6	44.6	36.4%
Net interest paid	(15.4)	(12.4)	(3.1)
Tax paid	(32.6)	(25.7)	(6.9)
Net workingcapital and other movements	(45.0)	(44.3)	(0.7)
Cash from Operating activities	74.2	40.3	34.0	84.4%
Capital expenditure(net)	(13.7)	(16.9)	3.2
Free Cash Flow	60.5	23.3	37.2	159.5%

• Statutory Operating Cash Flow of $74.2m is above last year by $34.0m due to the significant increase in earnings and continued working capital management. Cash from Operating activities also reflects a $15.5m uplift arising from the adoption of IFRS 16 Leases.

• Capex of $13.7m primarily comprised spend on the new Consumer Products facility in Auckland and other smaller projects.

==> picture [61 x 19] intentionally omitted <==

18

WORKING CAPITAL AND ROCE

Working Capital[1]

A$m	**Dec 2019 **	June 2019
Net Working Capital
Trade receivables	1,069.6	865.7
Inventory	728.7	723.5
Tradepayables/other	(1,462.1)	(1,307.3)
Total	336.2	281.9
Cash conversion days2
Debtor days	43	43
Inventory days	34	43
Creditor days	61	68
Cash conversion days	16	18

Return on Capital Employed[1 ]

==> picture [287 x 216] intentionally omitted <==

• Working capital management discipline is a key focus of the Group and maintaining the industry leading cash conversion cycle of 16 days is reflective of this.

• Return on Capital Employed of 15.9% at December 2019 is consistent with June 2019 and reflects the strong earnings growth, partially offset by the seasonality of the Group’s working capital cycle.

==> picture [61 x 19] intentionally omitted <==

Note 1: Working Capital and ROCE excludes the impacts of IFRS 16 Leases. Note 2: Cash conversion days are adjusted for the Group’s 3PL debtors and creditors arising from its hepatitis C business.

19

NET DEBT AND MATURITY PROFILE

Net Debt and Net Debt : EBITDA ratio[1 ] Debt Maturity Profile – facility limits[1 ]

==> picture [346 x 217] intentionally omitted <==

• Net Debt[1] of $392m at December 2019, with a Net Debt : EBITDA[1] ratio of 1.41x (1.41x at June 2019).

• Current gearing continues to provide approximately $300m – $350m headroom for future acquisitions.

• Bank covenants have been amended to adopt a frozen gap approach with respect to IFRS 16 Leases.

• At 31 December 2019, gross drawn debt[1] was $666m or 64% of total facility limits.

• At 31 December 2019, the weighted average maturity of our combined term debt and securitisation facilities is 1.9 years with actions underway to extend the term of our debt facilities by 30 June 2020.

==> picture [61 x 19] intentionally omitted <==

Note 1: Debt and the Net Debt : EBITDA ratio excludes the impacts of IFRS 16 Leases.

20

EARNINGS AND DIVIDENDS PER SHARE

Underlying Earnings Per Share (A$ cents) Dividends Per Share (NZ$ cents)

==> picture [292 x 214] intentionally omitted <==

==> picture [323 x 195] intentionally omitted <==

• Underlying EPS of 52.2 cents representing growth of 9.1% in H1 FY20.

• Interim dividend of 37.5 cents (imputed to 25% and franked to 100% for Australian resident shareholders).

• Dividend payout ratio of 70.2%, excluding the impact of the Dividend Reinvestment Plan (DRP).

• The Group’s DRP will again be operational for the interim dividend with a discount of 2.5% applicable to VWAP.

==> picture [61 x 19] intentionally omitted <==

21

FY20 OUTLOOK

• Trading for the first half of FY20 was in line with our internal expectations and we reconfirm the Group is confident of a significant increase in earnings in the current financial year.

• We have not seen any significant impact to the Group as a result of the coronavirus (COVID-19). We continue to closely monitor this issue and will take all necessary actions to ensure we are well placed to respond to any challenges that arise as the situation unfolds.

==> picture [61 x 19] intentionally omitted <==

22

==> picture [719 x 55] intentionally omitted <==

Supporting Information

==> picture [543 x 49] intentionally omitted <==

==> picture [61 x 19] intentionally omitted <==

H1 FY20 RECONCILIATION OF UNDERLYING AND STATUTORY EARNINGS

	H1 FY20	H1 FY19
A$m H1 FY20 H1 FY19 Var$ Var% Underlying¹	IFRS16 M&A Impact costs	One-off costs	H1 FY20 H1 FY19 Var$ Var% Statutory
Group Income Statement Revenue 4,376.1 3,496.5 879.6 25.2% Gross Operating Revenue 449.4 404.8 44.6 11.0% EBITDA 149.0 131.4 17.6 13.4% Depreciation & Amortisation 17.7 15.2 (2.5) (16.2%) EBIT 131.3 116.1 15.2 13.1% Net Finance Costs 11.5 12.4 0.8 6.7% Profit Before Tax 119.8 103.8 16.0 15.4% Net Profit after Tax 84.2 72.7 11.5 15.8% Earnings per share - cps 52.2c 47.8c 4.4c 9.1%	- - - - 19.4 (1.2) 18.1 - 1.3 (1.2) 3.9 - (2.6) (1.2) (1.5) (1.0)	- - (8.8) - (8.8) - (8.8) (5.6)	4,376.1 3,496.5 879.6 25.2% 449.4 404.8 44.6 11.0% 167.2 122.6 44.6 36.4% 35.9 15.2 (20.6) (135.1%) 131.4 107.3 24.0 22.4% 15.4 12.4 (3.1) (24.8%) 115.9 95.0 21.0 22.1% 81.7 67.0 14.6 21.8% 50.6c 44.1c 6.5c 14.8%
EBITDA by Segment Healthcare 131.1 112.7 18.4 16.3% Animal Care 25.7 24.3 1.4 5.7% Corporate (7.7) (5.6) (2.1) (38.1%)	16.0 (1.2) 2.8 - 0.6 -	(8.4) - (0.4)	145.8 104.3 41.6 39.9% 28.5 24.3 4.2 17.2% (7.1) (6.0) (1.1) (18.2%)
Group 149.0 131.4 17.6 13.4%	19.4 (1.2)	(8.8)	167.2 122.6 44.6 36.4%

==> picture [61 x 19] intentionally omitted <==

Note 1: Underlying earnings is a Non-GAAP measure which adjusts for the impact of IFRS 16 Leases and net one-off costs.

24

RECONCILIATION OF UNDERLYING AND STATUTORY NET ASSETS FOR IFRS 16 LEASES

Net Assets as at 31 December 2019

A$m	Pre IFRS 16 lease adjustment 31-Dec-19	Statutory 31-Dec-19 IFRS 16 impact
Current assets 2,136.9 2,136.9 Non-current assets 1,424.0 298.1 1,722.1 Current liabilities (1,726.3) (34.6) (1,760.9) Non-current liabilities (551.2) (265.0) (816.2)
Net Assets 1,283.4 (1.5) 1,281.9

==> picture [61 x 19] intentionally omitted <==

25

SEGMENT EARNINGS AND GOR MIX

EBITDA by segment

Gross Operating Revenue (GOR) H1 FY20

A$m Statutory EBITDA	**H1 FY20 **	H1 FY19	Var$	Var%		13%
Healthcare	145.8	104.3	41.6	39.9%					87%
Animal Care	28.5	24.3	4.2	17.2%			13%
Corporate	(7.1)	(6.0)	(1.1)	(18.2%)
Group	167.2	122.6	**44.6 **	36.4%		5%		49%
Underlying EBITDA
Healthcare Animal Care	131.1 25.7	112.7 24.3	18.4 1.4	16.3% 5.7%		9%		H1 FY20 GOR Mix
Corporate	(7.7)	(5.6)	(2.1)	(38.1%)
Group	149.0	131.4	**17.6 **	13.4%
One-off items
Healthcare	(1.2)	(8.4)	7.2				24%
Animal Care	-	-	-
Corporate	-	(0.4)	0.4
Group	(1.2)	(8.8)	7.6
IFRS 16 Impact					Health Care		Pharmacy (Wholesale and retail) Contract		Logistics
Healthcare	16.0	-	16.0		Animal Care		Institutional Healthcare Consumer Products
Animal Care	2.8	-	2.8
Corporate	0.6	-	0.6
Group	19.4	-	19.4

26

GLOSSARY OF TERMS AND MEASURES

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

Term	Definition
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.
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)
EBITDA	Earnings before interest, tax, depreciation and amortisation.
Underlying EBITDA	Earnings before interest, tax, depreciation, amortisation and adjusted for IFRS16 Leases and one-off items.
EBIT	Earnings before interest and tax.
Underlying EBIT	Earnings before interest and tax and adjusted for IFRS16 Leases and one-off items.
PBT	Profit before tax.
Underlying PBT	Profit before tax and adjusted for IFRS16 Leases and one-off items.
NPAT	Net Profit After Tax attributable to the owners of the company.
Underlying NPAT	Net Profit After Tax attributable to the owners of the company and adjusted for IFRS16 Leases and one-off items.
One-off items	The net transaction costs incurred on M&A, transition costs for major new warehouses, restructuring costs and gains on sale of surplus property.
Free Cash Flow	Cash from operations less capital expenditure net of proceeds from disposals.
Earnings per share	Net Profit after tax divided by the weighted average number of shares on issue during the period in accordance with IAS 33 ‘Earnings per share’.
(EPS)
Underlying EPS	Underlying NPAT divided by the weighted average number of shares on issue during the period.
Underlying Net Debt	Net debt excluding the impacts of IFRS16 Leases.
Net Debt : EBITDA	Ratio of Underlying net debt at period end to the last 12 months Underlying EBITDA, adjusting for pre acquisition earnings of acquisitions for the period.
Return on Capital	Measured as underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months (EBITA) divided by closing capital
Employed (ROCE)	employed (including a pro-rata adjustment for entities acquired and excluding amounts for significant capital projects yet to complete and strategic
	investments).

==> picture [61 x 19] intentionally omitted <==

27

==> picture [719 x 108] intentionally omitted <==

www.ebosgroup.com

==> picture [667 x 74] intentionally omitted <==