Interim Report

1
EBOS Group Limited | Interim Report 2018
Interim Report
EBOS Group
31 DECEMBER 2017

2
EBOS Group has
delivered record
first half earnings,
demonstrating the
benefits of a diverse
portfolio of Healthcare
and Animal Care
businesses in Australia
and New Zealand.

3
EBOS Group Limited | Interim Report 2018
Anita Ray, Production Operator, DoseAid

4
Aarefa Mohamed, Pharmacist, TerryWhite Chemmart

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EBOS Group Limited | Interim Report 2018
Half year 2018 at a glance
+ $3.9 billion revenue
+ $138.5 million EBITDA +15.6% increase
+ $76.7 million net profit after tax +11.5% increase
+ 50.4 cents earnings per share +11.0% increase
All figures are in New Zealand Dollars, unless otherwise stated.
FINANCIAL HIGHLIGHTS
FIVE YEAR REVENUE TREND
For the six months ended 31 December ($millions)
3,3802015
3,9602016
3,9432017
3,1202014
3,0002013
FIVE YEAR EBITDA TREND
For the six months ended 31 December ($millions)
113.72015
119.92016
138.52017
100.3
94.8
2014
2013
76.72017
FIVE YEAR NPAT TREND (attributable to shareholders)
For the six months ended 31 December ($millions)
64.2
68.8
53.9
49.4
2015
2016
2014
2013

6
Dear Shareholder
It is with great pleasure that we
provide you with the interim report
on our financial results for the six
months to 31 December 2017, which
has once again demonstrated the
benefits of a diverse portfolio
of Healthcare and Animal Care
businesses in Australia and
New Zealand.
The highlights of the six months
included:
• HPS fully transitioning into the
Group, further expanding our
leading position in the Institutional
Healthcare market;
• a strong performance from our key
Animal Care brand, Black Hawk,
including the launch of this brand
into the New Zealand market;
• acquiring a strategic 14.1%
shareholding in MedAdvisor Ltd,
Australia’s leading digital medication
management company;
• strong domestic sales growth in
our Red Seal consumer products
business; and
• excellent progress on our major
capital projects in Australia with
these projects remaining on-track
and budget.
The Group generated revenue for
the half-year of $3.9 billion, in line
with the same period last year.
Our reported earnings before net
finance costs, tax, depreciation and
amortisation (EBITDA) increased by
15.6% to $138.5 million with Healthcare
up by 12.5% and Animal Care up
by 15.3%.
Net Profit after Tax (NPAT) increased
to $76.7 million, representing an
increase of 11.5% on the prior half-year.
Earnings per share increased by
11.0% to 50.4 cents.
The reported financial results were
positively impacted by the weaker
NZD/AUD exchange rate and, on a
constant currency basis, EBITDA
grew by 11.7% and NPAT grew by 7.8%.
INTERIM DIVIDEND INCREASE
Your Directors declared an interim
dividend of 33 cents per share,
an increase of 10% on the prior
corresponding period. The interim
dividend will be once again imputed
to 25% for New Zealand resident
shareholders and fully franked for
Australian resident shareholders.
The record date for the dividend
is 16 March 2018 and the dividend
will be paid on 6 April 2018.
HEALTHCARE
Our Healthcare businesses continued
to deliver strong EBITDA growth of
12.5%, which was assisted by a full six
month contribution from HPS which
was acquired in June 2017.
Segment & Divisional
Earnings Overview
Animal Care
Animal Care
Contract Logistics
Consumer Products
Institutional Healthcare
Pharmacy (Wholesale and Retail)
Healthcare
14%
14%
7%
5%
25%
49%
86%

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EBOS Group Limited | Interim Report 2018
In the Australian pharmacy market,
revenue growth (excluding hepatitis C
medicines and acquisitions) of +1.9%
was moderate due to the on-going
impact of PBS reforms. Sales in the
non-prescription over-the-counter
(OTC) channel were flat compared
to the prior corresponding period.
EBOS Group maintained its market
leading positions in both the Australian
and New Zealand Institutional
Healthcare markets delivering further
earnings growth. Total revenue declined
8.1% (constant currency basis) driven
by lower hepatitis C medicines sales.
Excluding sales of hepatitis C medicines
and acquisitions, underlying revenue
growth was +2.2%.
The New Zealand Healthcare operations
again delivered a solid performance
over the period with revenue increasing
5.1% and EBITDA increasing 7.5% with
growth across all NZ business units.
The Group’s Consumer Products division
recorded solid revenue growth (+7.7%
year on year), principally driven by Red
Seal’s strong domestic performance in
toothpastes, teas and supplements.
ANIMAL CARE
The Animal Care segment recorded
15.3% EBITDA growth (+11.7% constant
currency basis) for the period as the
business continues to benefit from
excellent growth in our branded
products, with first-half sales of Black
Hawk in Australia up 26% from last year.
Black Hawk today is Australia’s fastest
growing premium pet food brand with
a leading market position in the pet
specialty retail channel.
In another exciting development for the
business, Black Hawk was launched into
the New Zealand market in July 2017 and
has gained strong acceptance from both
specialty retailers and veterinary clinics.
INVESTMENT IN OPERATIONS
We are committed to investing in our
warehousing and distribution facilities
to better service our customers. Capital
expenditure for the period was $31.5
million, with $17.0 million spent on the
new highly automated distribution
facility in Brisbane, Queensland and
$4.5 million on the new contract
logistics facility in Sydney, New South
Wales. Additional capital expenditure
will be incurred in the second half on
these major projects, with total spend
on these two projects alone in FY18
estimated at $43 million.
OPERATING CASH FLOW, NET DEBT
AND RETURN ON CAPITAL EMPLOYED
Record first half operating cash flow
of $101.7 million was achieved and
is a significant increase on the prior
corresponding period (+$53.8 million).
The Group’s Net Debt/EBITDA ratio
at 31 December 2017 of 1.76x is in line
with the level recorded at June 2017.
Return on Capital Employed of 16.1%
was in line with the prior year.
OUTLOOK
EBOS Group has recorded a strong
start to the first half of the financial
year across both our Healthcare
and Animal Care segments.
We expect constant currency, underlying
EBITDA for the 2018 financial year to
grow by approximately 10% on the
prior year.
LEADERSHIP TRANSITION
As announced on 13 December 2017,
Patrick Davies has advised he is stepping
down as Group Chief Executive Officer
and will be succeeded by John Cullity,
currently the Chief Financial Officer
of the Group, effective 31 March 2018.
Patrick has made an outstanding
contribution to EBOS, and hands over
the leadership to John with the business
occupying enviable market positions,
and well placed to continue to grow
and deliver on our strategy.
We look forward to delivering you
the full financial year performance
of the Group under the leadership of
incoming CEO John Cullity and we
appreciate your ongoing support.
Patrick Davies
Chief Executive Officer
Mark Waller
Chairman of Directors

8
Financial Statements
Summary of consolidated financial highlights 9
Shareholder calendar 9
Condensed consolidated income statement 10
Condensed consolidated statement of comprehensive income 11
Condensed consolidated statement of changes in equity 12
Condensed consolidated balance sheet 14
Condensed consolidated cash flow statement 16
Notes to the condensed consolidated interim financial statements 17
Auditor’s review report 26
Directory 27

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EBOS Group Limited | Interim Report 2018
Summary of consolidated financial highlights
Shareholder calendar
Revenue 3,942,661 3,960,204 7,625,854
Earnings before net finance costs, tax expense, depreciation
and amortisation (EBITDA) 138,517 119,868 234,427
Earnings before interest and tax expense (EBIT) 121,241 107,534 208,593
Profit before income tax expense 110,506 98,602 189,568
Profit for the period 77,450 69,269 132,846
Profit for the period attributable to owners of the Company 76,670 68,785 133,279
Equity attributable to owners of the Company 1,171,354 1,108,190 1,132,070
Earnings per share 50.4c 45.4c 87.8c
Interim dividend per share 33.0c 30.0c 30.0c
Interim dividend record date 16 March 2018
Interim dividend payable 6 April 2018
Release of 2018 full year results 23 August 2018
Annual Meeting 16 October 2018
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)

10
Financial Statements
Condensed consolidated income statement
For the six months ended 31 December 2017
Notes
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Revenue2(a)3,942,6613,960,2047,625,854
Income from associates2,0881,9484,062
Profit before depreciation, amortisation, net finance costs
and income tax expense138,517119,868234,427
Depreciation2(b)(8,906)(6,519)(13,616)
Amortisation of finite life intangibles2(b)(8,370)(5,815)(12,218)
Profit before net finance costs and income tax expense121,241107,534208,593
Finance income9861,2192,079
Finance costs(11,721)(10,151)(21,104)
Profit before income tax expense110,50698,602189,568
Income tax expense(33,056)(29,333)(56,722)
Profit for the period 77,45069,269132,846
Profit for the period attributable to:
Owners of the Company76,67068,785133,279
Non-controlling interests780484(433)
77,45069,269132,846
Earnings per share
Basic (cents per share)50.445.48 7. 8
Diluted (cents per share)50.445.48 7. 8

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EBOS Group Limited | Interim Report 2018
Condensed consolidated statement of comprehensive income
For the six months ended 31 December 2017Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Profit for the period 77,45069,269132,846
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Cash flow hedge gains9685,0745,675
Related income tax(276)(1,470)(1,653)
Net fair value movement on available-for-sale financial assets(1,769)--
Translation of foreign operations13,669(2,270)1,947
Total comprehensive income net of tax90,04270,603138,815
Total comprehensive income for the period is attributable to:
Owners of the Company89,26270,119139,248
Non-controlling interests780484(433)
90,04270,603138,815

12
Condensed consolidated statement of changes in equity
Notes
Share
capital
$’000
Share
based
payments
reserve
$’000
Foreign
currency
translation
reserve
$’000
Retained
earnings
$’000
Cash
flow
hedge
reserve
$’000
Available-
for-sale
revaluation
reserve
$’000
Non-
controlling
interests
$’000
Total
$’000
Six months ended
31 December 2016 (unaudited):
Opening balance888,513-(36,761)239,578(4,053)--1,087,277
Profit for the period---68,785--48469,269
Other comprehensive income
for the period, net of tax--(2,270)-3,604--1,334
Payment of dividends4---(49,371)---(49,371)
Arising on acquisition of subsidiaries------20,30320,303
Share based payments-165-----165
Effect of exchange rate fluctuations------(412)(412)
Balance at 31 December 2016888,513165(39,031)258,992(449)-20,3751,128,565
Year ended 30 June 2017 (audited):
Opening balance888,513-(36,761)239,578(4,053)--1,087,277
Profit for the year---133,279--(433)132,846
Other comprehensive income
for the year, net of tax--1,947-4,022--5,969
Payment of dividends4---(94,945)---(94,945)
Arising on acquisition of subsidiaries------20,93620,936
Share based payments-490-----490
Effect of exchange rate fluctuations------(175)(175)
Balance at 30 June 2017888,513490(34,814)277,912(31)-20,3281,152,398
For the six months ended 31 December 2017

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EBOS Group Limited | Interim Report 2018
Notes
Share
capital
$’000
Share
based
payments
reserve
$’000
Foreign
currency
translation
reserve
$’000
Retained
earnings
$’000
Cash
flow
hedge
reserve
$’000
Available-
for-sale
revaluation
reserve
$’000
Non-
controlling
interests
$’000
Total
$’000
Six months ended
31 December 2017 (unaudited):
Opening balance888,513490(34,814)277,912(31)-20,3281,152,398
Profit for the period---76,670--78077,450
Other comprehensive income
for the period, net of tax--13,669-692(1,769)-12,592
Payment of dividends4---(50,338)---(50,338)
Share based payments-360-----360
Effect of exchange rate fluctuations------931931
Balance at 31 December 2017888,513850(21,145)304,244661(1,769)22,0391,193,393

14
Condensed consolidated balance sheet
As at 31 December 2017
Notes
31 Dec 17
$’000
(Unaudited)
31 Dec 16
$’000
(Unaudited)
30 Jun 17
$’000
(Audited)
Current assets
Cash and cash equivalents142,847175,679162,181
Trade and other receivables1,053,6011,134,8321,041,849
Prepayments9,4359,0937,834
Inventories621,314596,174572,001
Current tax refundable3,96583168
Other financial assets – derivatives825357619
Total current assets1,831,4151,916,4371,784,052
Non-current assets
Property, plant and equipment120,324106,914115,876
Capital work in progress45,2258,30322,923
Prepayments42099
Deferred tax assets48,09743,73049,263
Goodwill1,008,595859,8581,000,050
Indefinite life intangibles129,245107,316115,940
Finite life intangibles71,55556,26380,084
Investment in associates38,20934,48036,455
Other financial assets10,643-922
Total non-current assets1,471,8971,217,0731,421,522
Total assets3,303,3123,133,5103,205,574

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EBOS Group Limited | Interim Report 2018
Notes
31 Dec 17
$’000
(Unaudited)
31 Dec 16
$’000
(Unaudited)
30 Jun 17
$’000
(Audited)
Current liabilities
Trade and other payables1,384,1591,424,1841,327,757
Finance leases2511872
Bank loans7229,321188,866155,857
Current tax payable21,26012,86214,209
Employee benefits40,00134,13440,971
Other financial liabilities – derivatives82,2624,1542,995
Total current liabilities1,677,0281,664,3181,541,861
Non-current liabilities
Bank loans7360,883274,778440,847
Trade and other payables13,03514,29713,837
Deferred tax liabilities52,58846,62250,783
Finance leases96-103
Employee benefits6,2894,9305,745
Total non-current liabilities432,891340,627511,315
Total liabilities2,109,9192,004,9452,053,176
Net assets1,193,3931,128,5651,152,398
Equity
Share capital3888,513888,513888,513
Share based payments reserve850165490
Foreign currency translation reserve(21,145)(39,031)(34,814)
Retained earnings304,244258,992277,912
Cash flow hedge reserve661(449)(31)
Available-for-sale revaluation reserve(1,769)--
Equity attributable to owners of the company1,171,3541,108,1901,132,070
Non-controlling interests22,03920,37520,328
Total equity1,193,3931,128,5651,152,398

16
Condensed consolidated cash flow statement
For the six months ended 31 December 2017
Notes
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Cash flows from operating activities
Receipts from customers4,006,6094,146,3997,922,392
Interest received9861,2192,079
Dividends received from associates703682913
Payments to suppliers and employees(3,864,286)(4,053,068)(7,694,957)
Taxes paid(30,595)(37,218)(65,380)
Interest paid(11,721)(10,151)(21,104)
Net cash inflow from operating activities5101,69647,863143,943
Cash flows from investing activities
Sale of property, plant & equipment8745150
Purchase of property, plant & equipment(9,505)(13,471)(13,507)
Payments for capital work in progress(21,505)(1,852)(22,923)
Payments for intangible assets(620)(670)(1,164)
Acquisition of subsidiaries(1,449)(11,961)(183,228)
Investment in other financial assets(11,797)-(879)
Net cash (outflow) from investing activities(44,789)(27,909)(221,551)
Cash flows from financing activities
Proceeds from borrowings-85,848224,456
Repayment of borrowings(32,493)-(10,357)
Dividends paid to equity holders of parent4(50,338)(49,371)(94,945)
Net cash (outflow)/inflow from financing activities(82,831)36,477119,154
Net (decrease)/increase in cash held(25,924)56,43141,546
Effect of exchange rate fluctuations on cash held during the period6,590(1,003)384
Net cash and cash equivalents at beginning of period162,181120,251120,251
Net cash and cash equivalents at end of period142,847175,679162,181

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EBOS Group Limited | Interim Report 2018
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2017
1. Financial Statements
These unaudited condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice (“GAAP”). They comply with the New Zealand Equivalent to International Accounting Standard 34 (NZ IAS 34) “Interim Financial
Reporting” and International Accounting Standard IAS 34, as applicable for profit orientated entities.
The same accounting policies and methods of computation are applied in the interim financial statements as were applied in the financial
statements for the year ended 30 June 2017. These financial statements should be read in conjunction with the financial statements and
related notes included in the Group’s Annual Report for the year ended 30 June 2017. The information is presented in thousands of
New Zealand dollars unless otherwise stated.
2. Profit from Operations
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
(a) Revenue
Revenue from the sale of goods3,826,6773,890,3097,471,918
Revenue from the rendering of services115,98469,895153,936
3,942,6613,960,2047,625,854
(b) Profit before income tax expense
Profit before income tax has been arrived at after charging the following
expenses by nature:
Cost of sales(3,507,129)(3,593,238)(6,872,190)
Write-down of inventory(712)(2,842)(8,387)
Impairment on trade & other receivables(572)(465)(2,758)
Depreciation of property, plant & equipment(8,906)(6,519)(13,616)
Amortisation of finite life intangibles(8,370)(5,815)(12,218)
Operating lease rental expenses(20,896)(16,038)(35,125)
Donations(25)(17)(49)
Employee benefit expense(149,934)(119,025)(245,813)
Defined contribution plan expense(8,152)(6,448)(14,653)
Other expenses(118,827)(104,213)(216,017)
Total expenses(3,823,523)(3,854,620)(7,420,826)

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3. Share Capital
No.
‘000
Six months
31 Dec 17
$’000
(Unaudited)
No.
‘000
Six months
31 Dec 16
$’000
(Unaudited)
No.
‘000
Year ended
30 Jun 17
$’000
(Audited)
Fully paid ordinary shares
Balance at beginning of period151,914888,513151,314888,513151,314888,513
Shares issued – September 2016--600-600-
– September 2017625-----
152,539888,513151,914888,513151,914888,513
Notes to the condensed consolidated interim financial statements (continued)
For the six months ended 31 December 2017
4. Dividends
Cents
per share
Six months
31 Dec 17
$’000
(Unaudited)
Cents
per share
Six months
31 Dec 16
$’000
(Unaudited)
Cents
per share
Year ended
30 Jun 17
$’000
(Audited)
Recognised amounts
Fully paid ordinary shares
Final – prior year33.050,33832.549,37132.549,371
Interim – current year----30.045,574
33.050,33832.549,37162.594,945
Unrecognised amounts
Final dividend----33.050,132
Interim dividend33.050,33830.045,574--
33.050,33830.045,57433.050,132

The Board approved an interim dividend of 33.0 cents per share on 20 February 2018. The record date for the dividend is 16 March 2018 and
the dividend will be paid on 6 April 2018.

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EBOS Group Limited | Interim Report 2018
5. Notes to the Cash Flow Statement
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Reconciliation of profit for the period with cash flows from operating activities
Profit for the period77,45069,269132,846
Add/(less) non-cash items:
Depreciation of property, plant and equipment8,9066,51913,616
Amortisation of finite life intangibles8,3705,81512,218
(Gain)/loss on sale of property, plant & equipment(15)(2)497
Income from associates(2,088)(1,948)(4,062)
Expense recognised in respect of share based payments360165490
Deferred tax(175)(1,816)(2,462)
15,3588,73320,297
Movements in working capital:
Trade and other receivables(11,752)185,555278,538
Prepayments(1,596)(834)626
Inventories(49,313)(17,661)6,512
Current tax refundable/(payable)3,254(5,341)(4,079)
Trade and other payables55,600(186,056)(282,943)
Provision for employee benefits(426)(1,215)6,436
Foreign currency translation of opening working capital balances13,866(3,316)608
9,633(28,868)5,698
Working capital items relating to investing activities(745)682(2,466)
Working capital items acquired on acquisition-(1,953)(12,432)
Net cash inflow from operating activities101,69647,863143,943

20
Notes to the condensed consolidated interim financial statements (continued)
For the six months ended 31 December 2017
6. Segment Information
(a) Products and services from which reportable segments derive their revenues
The Group’s reportable segments under NZ IFRS 8 are as follows:

Healthcare: Incorporates the sale of human healthcare products in a range of sectors, own brands, retail healthcare and
wholesale activities.

Animal care: Incorporates the sale of animal care products in a range of sectors, own brands, retail and wholesale activities.

Corporate: Includes net financing costs and central administration expenses that have not been allocated to either the healthcare
or animal care segments.
(b) Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment:
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Revenue from external customers
Healthcare3,734,7193,744,0597,202,688
Animal Care207,942216,145423,166
3,942,6613,960,2047,625,854
Segment result (EBITDA)
Healthcare120,004106,659208,782
Animal Care24,34221,11544,712
Corporate(5,829)(7,906)(19,067)
138,517119,868234,427

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EBOS Group Limited | Interim Report 2018
Segment expenses
Healthcare:
Depreciation of property, plant and equipment(8,176)(5,970)(12,562)
Amortisation of finite life intangibles(7,047)(4,591)(9,719)
Income tax expense(31,686)(28,909)(53,762)
(46,909)(39,470)(76,043)
Animal Care:
Depreciation of property, plant and equipment(517)(549)(1,054)
Amortisation of finite life intangibles(1,323)(1,224)(2,499)
Income tax expense(6,296)(5,317)(11,206)
(8,136)(7,090)(14,759)
Corporate:
Depreciation of property, plant and equipment(213)--
Net finance costs(10,735)(8,932)(19,025)
Income tax credit4,9264,8938,246
(6,022)(4,039)(10,779)
Profit for the period
Healthcare73,09567,1 8 9132,739
Animal Care16,20614,02529,953
Corporate(11,851)(11,945)(29,846)
77,45069,269132,846
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)

22
Notes to the condensed consolidated interim financial statements (continued)
For the six months ended 31 December 2017
6. Segment Information (continued)
The accounting policies of the reportable segments are consistent with the Group’s accounting policies. Segment result represents profit
before depreciation, amortisation, net finance costs and tax. This is the measure reported to the chief operating decision maker for the
purposes of resource allocation and assessment of segment performance.
(c) Segment assets
The following balance sheet and cash flow items are not allocated to operating segments as they are not reported to the chief operating
decision maker at a segment level:
- Assets
- Liabilities
- Capital expenditure
(d) Revenues from major products and services
The Group’s major products and services are transacted the same as its reportable segments i.e. Healthcare, Animal Care and Corporate.
(e) Geographical information
The Group operates in two principal geographical areas; New Zealand (country of domicile) and Australia.

The Group’s revenue from external customers by geographical location (of the reportable segment) and information about its segment
assets (non-current assets excluding financial instruments, investments in associates and deferred tax assets) are detailed below:
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Revenue from external customers
New Zealand791,880761,2511,509,094
Australia3,150,7813,198,9536,116,760
3,942,6613,960,2047,625,854
Non-current assets
New Zealand290,560286,278286,837
Australia1,095,031852,5851,048,967
1,385,5911,138,8631,335,804
(f) Information about major customers
No revenues from transactions with a single customer amount to 10% or more of the Group’s revenues (December 2016: Nil, June 2017:
Nil).

23
EBOS Group Limited | Interim Report 2018
7. Bank Facility and Borrowings
The Group fully complies with and operates within the financial covenants under the arrangements with its bankers. At 31 December 2017
the Group had unutilised term facilities of $13.3m (December 2016: $86.3m, June 2017: $8.7m).
The Group also has a trade debtor securitisation facility of which $323.3m was unutilised at 31 December 2017 (December 2016: $255.1m,
June 2017: $292.0m).
As at 31 December 2017, the maturity profile of the Group’s term debt and securitisation facilities was:
Facility Amount Maturity
Term debt facilities $95.4m Within the next 12 months
Term debt facilities $273.4m 1-2 years
Term debt facilities $35.9m 2-3 years
Term debt facilities $55.0m 3-4 years
Securitisation facility $467.2m Within the next 12 months

24
Notes to the condensed consolidated interim financial statements (continued)
For the six months ended 31 December 2017
8. Financial Instruments
The Group enters into foreign currency forward exchange contracts to hedge trading transactions, including anticipated transactions,
denominated in foreign currencies and uses interest rate swaps to manage cash flow interest rate risk.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their
fair value. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a
hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
The Group designates certain derivatives as cashflow hedges of highly probable forecast transactions.
Fair value of derivative financial instruments
Six months
31 Dec 17
$’000
(Unaudited)
Six months
31 Dec 16
$’000
(Unaudited)
Year ended
30 Jun 17
$’000
(Audited)
Other financial assets – derivatives:
Foreign currency forward exchange contracts21957619
Interest rate swaps34--
25357619
Other financial liabilities – derivatives:
Foreign currency forward exchange contracts(192)(132)(428)
Interest rate swaps(2,070)(4,022)(2,567)
(2,262)(4,154)(2,995)

The Group has categorised these derivatives, both financial assets and financial liabilities, as Level 2 under the fair value hierarchy contained
within NZ IFRS 13.
The fair value of foreign currency forward exchange contracts is determined using a discounted cashflow valuation. Key inputs include
observable forward exchange rates, at the measurement date, with the resulting value discounted back to present values.
Interest rate swaps are valued using a discounted cashflow valuation. Key inputs for the valuation of interest rate swaps are the estimated
future cash flows based on observable yield curves at the end of the reporting period, discounted at a rate that reflects the credit risk of
the various counterparties.
There have been no changes in valuation techniques used for either foreign currency forward exchange contracts or interest rate swaps
during the current reporting period.
During the period, on 24 October 2017, the group acquired a 14.1% equity interest in Medadvisor Ltd (ASX:MDR) for $11.8m. This investment
has been classified as an available for sale financial instrument and has been valued using level 1 under the fair value hierarchy, therefore
using the listed share price to determine fair value at the reporting date.
There were no transfers between fair value hierarchy levels during either the current or prior periods.

25
EBOS Group Limited | Interim Report 2018
9. Acquisition Information
The Group acquired a 100% equity interest in Alchemy Holdings Pty Ltd in June 2017. Due to the timing of the acquisition the acquisition
accounting fair value adjustments were identified as being on a provisional basis in the Group’s 30 June 2017 financial statements.
During the current period, the acquisition accounting adjustments have been updated to reflect independent valuations performed on
the net assets recognised as part of the acquisition. As a result, the following adjustments have been recognised in the current period:
an increase in indefinite life intangible assets ($9.5m), a decrease in finite life intangible assets ($4.8m) and an increase in deferred tax
liabilities ($2.7m). Consequently the goodwill recognised on the acquisition has decreased by $2.0m to $128.3m.
10. Events after Balance Date
Subsequent to 31 December 2017, the Board approved an interim dividend to shareholders. For further details please refer to Note 4.
In January 2018, the Group entered into a new three year securitisation facility (A$400m) which expires in January 2021.

26
We have reviewed the condensed consolidated
interim financial statements of EBOS Group
Limited and its subsidiaries (‘the Group’)
which comprise the condensed consolidated
balance sheet as at 31 December 2017,
and the condensed consolidated income
statement, condensed consolidated statement
of comprehensive income, condensed
consolidated statement of changes in equity
and condensed consolidated statement of
cash flows for the six months ended on that
date, and a summary of significant accounting
policies and other explanatory information
on pages 10 to 25.
This report is made solely to the Group’s
shareholders, as a body. Our review has been
undertaken so that we might state to the
Group’s shareholders those matters we are
required to state to them in a review 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 Group’s
shareholders as a body, for our engagement,
for this report, or for the opinions we have
formed.
BOARD OF DIRECTORS’
RESPONSIBILITIES
The Board of Directors are responsible for
the preparation and fair presentation of the
condensed consolidated interim financial
statements, in accordance with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim
Financial Reporting and for such internal
control as the Board of Directors determine is
necessary to enable the preparation and fair
presentation of the condensed consolidated
interim financial statements that are free from
material misstatement, whether due to fraud
or error.
OUR RESPONSIBILITIES
Our responsibility is to express a conclusion
on the condensed consolidated interim
financial statements based on our review.
We conducted our review in accordance with
NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the
Entity (‘NZ SRE 2410’). NZ SRE 2410 requires
us to conclude whether anything has come
to our attention that causes us to believe that
the condensed consolidated interim financial
statements, taken as a whole, are not prepared,
in all material respects, in accordance with NZ
IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting. As the auditor of
EBOS Group Limited, NZ SRE 2410 requires
that we comply with the ethical requirements
relevant to the audit of the annual financial
statements.
A review of the condensed consolidated interim
financial statements in accordance with NZ
SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily
consisting of making enquiries, primarily
of persons responsible for financial and
accounting matters, and applying analytical
and other review procedures.
The procedures performed in a review are
substantially less than those performed
in an audit conducted in accordance with
International Standards on Auditing (New
Zealand). Accordingly we do not express an
audit opinion on those financial statements.
Other than in our capacity as auditor and
the provision of advisory services we have
no relationship with or interests in
EBOS Group Limited or its subsidiaries.
CONCLUSION
Based on our review, nothing has come to
our attention that causes us to believe that
the condensed consolidated interim financial
statements of the Group do not present fairly,
in all material respects, the financial position
of the Group as at 31 December 2017 and its
financial performance and cash flows for the
six months ended on that date in accordance
with NZ IAS 34 Interim Financial Reporting
and IAS 34 Interim Financial Reporting.
Chartered Accountants,
20 February 2018
Christchurch, New Zealand
Independent review report to the shareholders of EBOS Group Limited

27
EBOS Group Limited | Interim Report 2018
Directory
CORPORATE HEAD OFFICE AUSTRALIA HEAD OFFICE
108 Wrights Road Level 7, 737 Bourke Street
PO Box 411 Docklands
Christchurch 8024 Melbourne 3008
New Zealand Australia
Telephone +64 3 338 0999 Telephone +61 3 9918 5555
E-mail: ebos@ebosgroup.com
Internet: www.ebosgroup.com
DIRECTORS
Mark Waller
(Chairman)
Elizabeth Coutts (Independent Director)
Stuart McGregor
Sarah Ottrey
(Independent Director)
Peter Williams
SHARE REGISTER
Computershare Investor Services Ltd Computershare Investor Services Pty Ltd
Private Bag 92119 GPO Box 3329
Auckland 1142 Melbourne, Victoria 3001
New Zealand Australia
Telephone: +64 9 488 8777 Telephone: 1800 501 366
MANAGING YOUR SHAREHOLDING ONLINE:

To change your address, update your payment
instructions and to view your investment portfolio
including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
• enquiry@computershare.co.nz
• Private Bag 92119, Auckland 1142, New Zealand or
GPO Box 3329, Melbourne, Victoria 3001, Australia
• Telephone (NZ) +64 9 488 8777 or (Aus) 1800 501 366
• Facsimile (NZ) +64 9 488 8787 or (Aus) +61 3 9473 2500
Please assist our registrar by quoting your CSN or shareholder number.

www.ebosgroup.com