Annual Meeting Presentation

96
TH
ANNUAL
MEETING
16 October 2018

2
DISCLAIMER
The information in this presentation was prepared by EBOS Group Ltd with due care and attention. However, the information is supplied
in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the EBOS Group nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect EBOS’s current expectations, based on what it
thinks are reasonable assumptions. EBOS gives no warranty or representation as to its future financial performance or any future matter.
Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things
change materially.
This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy EBOS Group securities and may not be relied upon in connection with any purchase of EBOS Group
securities.
This presentation contains a number of non-GAAP financial measures, including Gross Operating Revenue, EBIT, EBITA, EBITDA, NPAT,
Underlying EBITDA, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Net Debt and Return on Capital Employed. Because
they are not defined by GAAP or IFRS, EBOS’s calculation of these measures may differ from similarly titled measures presented by other
companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined
in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition
of EBOS's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.
All currency amounts are in New Zealand dollars unless stated otherwise.

2018 Annual Meeting
Chairman – Mr Mark Waller

4
AGENDA
Welcome

Introducing members of the Board

Presentations
Mark Waller, Chairman
John Cullity, Chief Executive Officer

Business of meeting

Conclusion

5
BOARD OF DIRECTORS
Sarah Ottrey
Independent
Director
Joined 2006
Elizabeth Coutts
Independent
Director
Joined 2003
Mark Waller
Independent Chairman of
Directors
Appointed 1987
Appointed Chairman 2015
Peter Williams
Non-executive
Director
Joined 2013
Stuart McGregor
Non-executive
Director
Joined 2013

6
FY18 SUMMARY RESULTS
Note 1: Net profit after tax and non-controlling interests.
Note 2: Calculated on a constant FX and underlying basis that excludes transaction costs incurred on prior year acquisitions.
Constant FX
ReportedUnderlying
NZ$m
FY18FY17Var%
Var%
2
Revenue
7,609.5 7,625.9 (0.2%)(2.5%)
EBITDA272.4 234.4 16.2%10.3%
NPAT
1
149.6 133.3 12.2%5.5%
Earnings per Share (cents)98.5c87.8c12.1%5.4%
Total Dividends (cents)68.5c63.0c8.7%

7
175.4
196.7
225.5
241.4
272.4
FY14
FY15
FY16
FY17
FY18
5 Year Underlying EBITDA
NZ$m
5 YEARS POST SYMBION DEAL
We continue to deliver results whilst reinvesting for growth
Investments made (NZ$m)
Results achieved
$569m over
last 5 years
Share Price
+137%
EBOS Share Price (NZ$) Last 5 Years performance
62.8
70.8
84.0
91.3
98.5
FY14
FY15
FY16
FY17
FY18
5 Year Underlying EPS
cents per share
35.3
15.4
17.6
37.6
63.2
3.5
70.9
88.1
203.6
33.6
FY14FY15FY16FY17FY18
Capital expenditureAcquisitions and investments
5 Year
CAGR
+11.6%
5 Year
CAGR
+11.9%
8.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
24.00
30/06/1330/06/1430/06/1530/06/1630/06/1730/06/18
Share Price (NZD)

8
Health Care
Animal Care
Pharmacy
(Wholesale and retail)
Institutional Healthcare
Contract Logistics
Consumer Products
BUSINESS SEGMENT OVERVIEW
Gross Operating Revenue (GOR) FY18
5%
14%
14%
25%
8%
FY18 GOR Mix
48%
86%
FY18 Revenue by country
FY18 EBITDA by country
Australia
Australia
79%
21%

82%
18%

New
Zealand
New
Zealand

9
EBOS STRATEGIC APPROACH
Investing for Growth
Our Healthcare and Animal Care strategic focus is centred on
We focus on delivering profitable growth and superior returns
Leading Market
Positions
Disciplined Capital
Management
Two types of investments:
Acquisitions: we have a
successful track record of
deal execution.
Internal Capex: investment
to lift productivity, manage
costs and deliver better
customer service.
Cash generation to drive
scope for further
investment which allows for
dividends to be paid in the
range of 60-70% of Net
Profit After Tax.
Acquisitions and new
business focus on
supporting the Group’s
return on capital employed.
We aim to have positions of
scale in the markets we operate
in and maximise opportunities
across our wide range of
businesses wherever possible.

2018 Annual Meeting
CEO – Mr John Cullity

11
2018 STRATEGIC HIGHLIGHTS
Investments and New Business
Investments of $33.6m made in FY18
14.1% investment in ASX listed, MedAdvisor Ltd
(October 2017). Australia’s leading digital medication
management company.
Acquisition of Gran’s Remedy (March 2018). New
Zealand leading foot care consumer health brand.
Acquisition of Ventura Health (April 2018).
Management company of Australian pharmacy retail
group.
HPS acquired in June 2017 and fully integrated.
Capex of $63.2m in FY18
A new 25,000m
2
Contract Logistics facility in
Sydney opened in June 2018.
New highly automated wholesale distribution
centre opened in Brisbane on 15 October 2018.
New Sydney Contract Logistics facility.
New Brisbane wholesale distribution facility

12
2019 BUSINESS & INVESTMENT UPDATE
Previously announced – 2 July 2018 – Chemist Warehouse tender win
In July 2018, EBOS was notified it 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 3 years.
EBOS estimates that sales to the Chemist Warehouse Group stores will generate
approximately A$1 billion in revenue in the first year of operations.

New acquisition
In September 2018, EBOS acquired Warner & Webster, a medical & surgical supplies
wholesaler with operations in Victoria and South Australia. The business focuses on
servicing Primary Care (GP’s) and Aged care and strengthens our EBOS Healthcare
business in Australia.

We have made an active start to the FY19 year

13
CORPORATE VIDEO
The corporate video that will be shown at the Annual Meeting
can be viewed on the EBOS Group website at
www.ebosgroup.com

14
FY18 SEGMENT PERFORMANCE
HEALTHCARE
EBITDA increase of $27.1m or 10.4%
(constant FX):
Australia up 11.9% assisted by the full
year contributions of HPS (acquired June
2017) and TWC (acquired October 2016).
New Zealand up 4.6%.
Revenue decrease of $5.1m or 2.3%
(constant FX):
Australia down 4.4% due to FY18
hepatitis C revenue being $364m lower
than last year (constant FX). Monthly
HepC sales were steady in the second
half of FY18.
New Zealand revenue up 6.2%, with
growth from all business units.
FY14 to FY18 – EBITDA and EBITDA %
Constant FX
NZ$m
FY18
FY17VarVar
Revenue7,197.67,202.7(0.1%)(2.3%)
EBITDA235.9208.813.0%
10.4%
EBIT205.2187.1
9.7%7.2%
EBITDA%3.28%2.90%
38pts38pts

15
FY18 SEGMENT PERFORMANCE
ANIMAL CARE
9%
FY17: 20%
EBITDA increase of $5.1m or 9.0%
(constant currency):
Black Hawk sales growth in Australia
of 23%.
Earnings were negatively impacted by
$3.3m: due to costs associated with
the launch of Black Hawk in New
Zealand and exiting the Mars agency
business.
EBITDA margin% increase reflects our
strategic focus on developing our key
brands.
FY14 to FY18 – EBITDA and EBITDA %
Constant FX
NZ$m
FY18FY17VarVar
Revenue411.9
423.2(2.7%)(5.1%)
EBITDA49.8
44.711.3%9.0%
EBIT46.241.212.2%
9.8%
EBITDA%12.08%10.57%151pts151pts

16
FY19 TRADING UPDATE
We have made a solid start to the first quarter of FY19, with strong growth
in Animal care and modest underlying growth in Healthcare attributable to
increasingly competitive market dynamics.
On the basis of our current trading performance, we expect the Group to
generate underlying earnings growth in FY19 with further growth forecast
into FY20 as we commence servicing the Chemist warehouse volumes.

2018 Annual Meeting
Business of the Meeting

18
To consider and receive the annual report and the financial statements for
the year ended 30 June 2018 and the audit report thereon.
ITEM 1
Annual Report and Financial Statements

19
ITEM 2
Director re-election – Elizabeth Coutts
To consider the re-election of Elizabeth Coutts as a director of the
Company. Elizabeth Coutts retires by rotation and being eligible offers
herself for re-election.

Elizabeth Coutts
ONZM, BMS, CA
Independent Director



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 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.

20
ITEM 3
Director re-election – Peter Williams
To consider the re-election of Peter Williams as a director of the
Company. Peter Williams retires by rotation and being eligible offers
himself for re-election.

Peter Williams
Non-executive Director
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.

21
That the directors be authorised to fix the fees and expenses of Deloitte as
the auditor of the Company.
ITEM 4
Auditor fees and expenses

www.ebosgroup.com
Thank you for
attending
Please join us for
refreshments

---

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 1 of 6
NZX/ ASX Code: EBO

EBOS Group Limited
Chairman’s Address to the Annual Meeting
16 October 2018


The 2018 financial year was yet another successful year for EBOS. The record financial results
continued the momentum of recent years and demonstrate the successful execution of our
strategy.

In 2018 EBOS delivered:
 revenue of $7.6 billion, and
 a 12.2% increase in net profit after tax to $149.6 million.

Our reported results were positively impacted by the weaker NZD/AUD exchange rate compared to
the prior year.

Adjusting for foreign exchange, our financial performance on an underlying, constant currency
basis delivered:

 EBITDA growth of 10.3% to $272.4 million reflecting organic growth, cost control and the
strategic acquisitions of HPS and a 50.1% stake in TerryWhite Chemmart undertaken in
FY17; and
 net profit after tax growth of 5.5%.

On the back of this performance, l’m very pleased to report that dividends to shareholders for the
year were increased by 8.7% to 68.5c per share.

Post the transformational Symbion deal in June 2013, we have continued on our strategy of
growing our Healthcare and Animal care businesses so that today we are uniquely positioned as
the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare,
medical and pharmaceutical products. We are also a leading marketer and distributor of recognised
consumer products and animal care brands.

The strength of our balance sheet and cash flow management has allowed us to invest $569 million
in acquisitions and capital expenditure since the 1
st
of July 2013 - with close to $100 million
invested in FY18 - without the need to call on shareholders for additional capital.

Our results over the same period show that these investments, coupled with organic growth
drivers, have led to the Group recording very strong financial results. In a relatively short period we
have grown EBITDA from $175 million in FY14 to $272 million in 2018 and grown earnings per
share by 57% from 62.8 cents in FY14 to 98.5 cents for FY18.

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 2 of 6
At the same time we have improved our return on capital employed from 12.8% in FY14 to 15.8%
in FY18.

Shareholders have benefitted from a steady increase in both dividends received and capital growth
through the increase in share price that has had an annualised return of over 20% for the last 5
years. It is great to see EBOS shareholders being rewarded with your company recently recognised
as the strongest performer on the NZX during the September 2018 quarter with the share price
increasing 25% over the last three months to an all-time high.

Your Board remains supportive of investing further to expand the Group. We have a sharp focus on
generating strong cash flows and returns from our businesses, which allows us to pay consistent
dividends to our shareholders whilst keeping our debt at acceptably conservative levels.

As mentioned previously, we have a wide range of businesses and we view this breadth of activity
as a key strength.

The Group has a very long heritage of operating healthcare businesses in both New Zealand and
Australia and it is this heritage, combined with our operational expertise and scale, which has
delivered consistently strong financial returns.

We have strategically expanded the Group well beyond our traditional Pharmacy wholesale
operations so that this business unit now accounts for less than 50% of the Group’s gross operating
revenue.

We have many businesses that operate in highly competitive and regulated markets in New
Zealand and Australia. Government healthcare funding remains constrained and we expect this to
continue. That said, we’ve proven our ability to deliver strong growth in this environment over
many years and we see many future opportunities for the Group to grow in the years ahead.

EBOS will continue to invest in its principal business segments of Healthcare and Animal care and
we are confident that our strategy will lead to continued long term growth for the benefit of our
customers, suppliers, employees and shareholders.

To summarise the Group’s strategy we continue to:

1. invest for growth through external acquisitions and also commit internal capital
expenditure to lift productivity, manage costs and deliver better customer service;

2. protect, build or acquire market leading positions in a range of healthcare and animal care
sectors so as to maximize our growth opportunities; and

3. focus on generating strong operating cash flow to allow for further investment and
improved returns for shareholders.

2018 was another year of delivering on this strategy with a number of smaller investments made
and excellent progress made on completing our large capital expenditure programs in New South
Wales and Brisbane which John will soon discuss in more detail.

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 3 of 6
These investments will further shape the growth of the business for the future and show EBOS’
unwavering commitment to the provision of high-quality healthcare and animal care products that
positively impact the lives of millions of people and animals across the Australasian region, every
single day.

Your Board continues to review its structure to ensure that it brings to its deliberations a range of
experience. Accordingly, the Board intends to appoint two new independent directors in 2019.

Finally, l would like to thank John, the management team and all employees of the EBOS Group for
their efforts in this past year in delivering another excellent result. On behalf of the Board I would
also like to thank you, our shareholders, for your continued support.

I will now hand over to John for a more in depth review of the operational performance of the
business, and to provide some guidance on where we are heading in 2019.

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 4 of 6
EBOS Group Limited
Chief Executive Officer’s Address to the Annual Meeting
16 October 2018


Thank you Mark, and good afternoon ladies and gentlemen. As Mark has described, our company
had another strong year in FY18 and the results reflect the excellent work of our staff across our
businesses in both New Zealand and Australia. We now employ over 3,300 people across more
than 50 locations and I want to acknowledge their ability and hard work, without which we would
not be able to deliver these results.

I would also like to personally thank the Board for entrusting me to succeed Patrick Davies as the
Group’s new CEO and for their continued support. I joined the business over 8 years ago as the CFO
of Symbion and have had the privilege of working with a highly motivated management team who
are always striving for the best outcomes for our customers, suppliers and shareholders. This is a
wonderful company and l’m very passionate about continuing to build on our strategy as
Australasia’s premier Healthcare and Animal care business.

The 2018 financial year was another successful year for the Group as we continued on our strategic
path of expansion.

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

We also further expanded our pharmacy retail network with the acquisition of Ventura Health
which is responsible for the franchise management of approximately 80 retail stores in Australia.

Our major capital projects in both Australia and New Zealand have all seen excellent progress over
the period. The new Christchurch and Sydney Contract Logistics facilities are now fully operational
and our new Brisbane distribution facility commenced operations yesterday on time and on
budget. These investments are a key part of our strategy to provide the most efficient warehousing
and distribution facilities for our expanding portfolio of businesses. These new facilities are state-
of-the-art, adopting high degrees of automation and are integral to the Group maintaining its
Industry leading position.

We have made a positive start to the 2019 financial year with a number of important
developments:

In July 2018, we were notified that we had been successful in winning 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 for 5 years, effective from 1 July 2019.

We expect sales to the Chemist Warehouse Group will generate approximately $1 billion additional
revenue in the first year of operations.

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 5 of 6
We have also more recently acquired Warner & Webster, a medical and surgical supplies
wholesaler with operations in Victoria and South Australia. This business focuses on servicing GP
clinics and aged care facilities and is an excellent addition to our EBOS Healthcare business in
Australia.

With the Group continuing to expand and with so many different components now part of EBOS,
we would now like to share with you our latest corporate video that provides a visual perspective
of our Group and our progress over the last 12 months.

This video will also be available on our website.

<VIDEO IS AVAILABLE ON WWW.EBOSGROUP.COM>

As the video demonstrates our business is diverse and is focused on our two main segments being
Healthcare and Animal care and both performed very well in 2018.

Our Healthcare businesses generated revenue of $7.2 billion and a 13% increase in EBITDA to
$235.9 million.

Healthcare Revenue was flat to last year driven by a $364 million decline in Hepatitis C medicines in
Australia as the number of patients taking these highly specialised medicines declined on the
previous year’s volumes.

Despite the ongoing impact of the Australian Government’s Pharmaceutical Benefits Scheme
reforms and low levels of growth in the non-prescription over-the-counter (OTC) channel, our
Healthcare business continued to perform solidly through a combination of multiple revenue
streams, the acquisitions of HPS and a 50.1% stake in TerryWhite Chemmart and improved
productivity generating cost savings.

On the subject of the regulatory environment in the Australian Pharmacy market we don’t shy
away from the fact we operate in a complex environment. We are firmly of the view that the
wholesale model serves the community exceptionally well, delivering medicines when and where
required but the model today is under threat from the issues of exclusive direct distribution and
the current government funding not adequately addressing falling PBS prices. We are encouraged
with the level of engagement with the Australian Government’s Minister for Health, but we do
require successful resolution of these issues for the benefit of all stakeholders including, most
importantly, the population who are dependent on timely and full access to medicines.

Our New Zealand Healthcare businesses continue to deliver strong results, increasing revenue by
6.2% and EBITDA by 4.6% driven by Red Seal consumer products achieving strong growth and the
acquisition of Gran’s Remedy late in the year. We are expanding the growth of Red Seal into Asian
markets and are confident we can build on our presence in China, South Korea and Japan in the
years ahead.

Our Animal Care segment performed exceptionally well in FY18 and recorded 11.3% EBITDA growth
as the business continues to benefit from excellent growth in our branded products. This includes
our premium pet food brand, Black Hawk which recorded very strong sales growth in Australia of

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 3004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebos.co.nz Page 6 of 6
23% and remains one of Australia’s fastest growing pet food brands and is a market leader in the
pet specialty retail channel.

In July 2017, we launched Black Hawk in New Zealand and sales have continued to grow over the
course of the year. We have been very pleased with the brand’s acceptance and support from both
specialty retailers and veterinary clinics.

It is also worth noting that at the recent NZ National Dog show in Wellington, the dogs that won
the Best in Show and Best Puppy in Show are both fed Black Hawk which is a fantastic achievement
for our team and the brand.

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

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

In closing I’d like to comment about our current trading and near-term profit expectations.

We have made a solid start to the first quarter of FY19, with strong growth in Animal care and
modest underlying growth in Healthcare attributable to increasingly competitive market dynamics.

On the basis of our current trading performance, we expect the Group to generate underlying
earnings growth in FY19 with further growth forecast into FY20 as we commence servicing the
Chemist warehouse volumes.

Thank you for your attention ladies and gentlemen and your continued support as shareholders.
I’ll hand back to Mark to continue with the formal matters of this meeting.