UBS Australasia Conference Presentation

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia. PO Box 7300, Melbourne, Victoria 8004, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5599.
www.ebosgroup.com





18 November 2019

NZX/ASX Code: EBO

UBS CONFERENCE PRESENTATION
Please find attached a copy of a presentation to be made at the UBS Australasia Conference
today.

Janelle Cain
General Counsel
EBOS Group Limited

For further information, please contact:
Shaun Hughes
Chief Financial Officer
EBOS Group Limited
+61 9918 5555

EBOS Group Limited -Business Overview
UBS Australasia Conference
18
th
November 2019

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’ 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 andReturn
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 30 June 2019.
All currency amounts are in Australian dollars unless stated otherwise.

3
All currency amounts are in Australian dollars unless stated otherwise
(1) Underlying result excludes one-off items for transactions incurred on M&A, warehouse transition and restructuring costs, netof the gain on sale from disposal of a surplus property. (2) Calculated as total shareholder return from 1 January 2015 to 31 December 2018
assuming dividends are reinvested
$144.4 million
FY19 Underlying¹NPAT
58
locations in Australia and
New Zealand
market capitalisation
(NZX and ASX dual listed)
NZ$4.0 billion
FY19 Revenue
Australia 77%, NZ 23%
$6.9 billion
FY19 Underlying¹EBITDA
$261.6 million
employees
3,700+
23.8% annualised
Shareholder return²
82% Healthcare
18% Animal Care
last 4 calendar years
FY19 EBITDA Split
BUSINESS SNAPSHOT
EBOS Group is the largest and most diversified Australasian marketer, wholesaler and distributor of
healthcare, medical and pharmaceutical products. It is also a leading marketer and distributor of
recognised consumer products and animal care brands

4
ANIMAL CARE
HEALTHCARE
COMMUNITY
PHARMACY
PRODUCT &
BRANDS
Diversification within Healthcare & Animal Care is key to our business model
Wholesale
EBOS GROUP OVERVIEW
Retail
INSTITUTIONAL
HEALTHCARE
CONTRACT
LOGISTICS
CONSUMER
PRODUCTS
Hospitals
Aged care / GP
Patient Programs
Medical Devices
RETAIL
VET WHOLESALE

5
LEADING MARKET POSITIONS & SCALE
Combined pharmacy and
hospital pharmaceutical
wholesaler in Australia and
New Zealand
Pharmacy wholesaler in
New Zealand
Pharmacy wholesaler in
Australia
No.1
Hospital pharmaceutical
wholesaler in Australia and
New Zealand
3PL/4PL Pharmaceutical
provider in New Zealand
and Australia. Number 1 in
NZ and growing share in
Australia
Owner of leading Pet Food
and Pet Treat brands in
ANZ as well as a
comprehensive
distribution network
EBOS has leading market positions across the Group in particular in hospital pharmaceutical
wholesale and community pharmaceutical wholesale, in both Australia and New Zealand

6
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 (EBOS has
completed 21 deals since
2000).
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
long term 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.

7
STRATEGIC INVESTMENTS ARE DRIVING
SHAREHOLDER RETURNS
Over $600m invested over the last five years
EBOS has a long history of successful M&A activity, with more than 20 acquisitions completed since 2000.
Core to our strategy is:
1.The ability to identify and complete opportunities aligned to our strategy;
2.A strict adherence to investment hurdle rates;
3.A dedicated, experienced in-house team supplemented with external M&A specialists for financial, tax and legal
due diligence;
4.Business unit driven, centreled approach, with clear and direct Board overview.
13.7
11.5
35.5
58.0
26.6
56.8
84.1
188.7
30.8
93.6
FY15FY16FY17FY18FY19
Capital expenditureAcquisitions and investments

8
PRIMED FOR NEXT WAVE OF GROWTH
For over 34 years the Group has delivered long term sustainable returns for all Shareholders through our
strategy of investing for growth and productivity. This has delivered Total Shareholder annualised
Returns of 18.1% over 34 years and a share price increase of 1,016% since 2001.
We recently announced our entry into the Medical Devices sector with the purchase of LMT / National
Surgical for $34m. An important foundation step in building another significant platform in our
Healthcare portfolio.
Medical Devices Acquisition:
-
5
10
15
20
25
30
2001200420072010201320162019
Share Price (NZD)
EBOS +1016% Growth¹
NZ50 +149% Growth¹
ASX200 +107% Growth¹
¹ Share price in NZD (rebased to EBO)
LMT/NS have over the last 24 years built a strong
presence in providing product and services to the
Orthopaedic, Spine, Neuro, ENT, Plastics and most
recently the sports medicine community.
The acquisition represents an important
development in the Group’s growth trajectory as a
foundation step in building another significant
platform in our Healthcare portfolio.
Consistent with our proven strategy, we will
continue to pursue growth in this sector through
further bolt-on acquisitions. As a truly independent
partner we provide long term growth opportunities
to both existing and new Original Equipment
Manufacturers (OEM) through our experienced
management, capital resources and strong hospital
relationships in the Australian and NZ markets.

9
Healthcare

10
HEALTHCARE SEGMENT
Solid underlying trading performance
Note 1: Total hepatitis C medicine sales were $257m lower than last year and the impact of PBS reforms was -$168m.
Underlying EBITDA and EBITDA %
A$mFY19FY18Var$Var%
Revenue6,548.36,608.6(60.3)(0.9%)
Underlying EBITDA226.6216.610.04.6%
EBITDA%3.46%3.28%
We are primarily known for our activity through
Symbion in distributing medicines to both
Australian pharmacy and hospitals. Our
business is responsible for distributing nearly
50% of all drugs dispensed on the PBS.
Our Group operations throughout Australia and
New Zealand also includes medical device
distribution, third party logistics and pharmacy
retail franchise services –via equity positions in
TerryWhite Chemmart, GPPW and Ventura.
We are also active in areas such as clinical trial
services and medical consumable wholesaling
and, via our ZEST business, we provide
healthcare communications services including
medical education, digital solutions and patient
services.
1

11
CONTRACT LOGISTICS
Sydney Contract Logistics facility opened 2018.
EBOS’ contract logistics businesses offer a wide range of
services to pharmaceutical manufacturers, medical
device suppliers and consumer healthcare companies in
Australia and New Zealand.
These services include warehousing, distribution and
logistics support, and our businesses offer a range of
specialised logistics services for the clinical research
sector.
Note: GOR % not relevant as sales activity is predominantly done on consignment.
Revenue and GOR
FY15 to FY19 CAGR
Revenue: 10.6%
GOR: 7.5%
A$mFY19FY18Var$Var%
Revenue518.0454.263.814.0%
GOR67.261.26.19.9%

12
INSTITUTIONAL HEALTHCARE
Our institutional healthcare businesses play a key role in
supplying a range of products and services to public and
private hospitals, doctors’ surgeries and aged care facilities.
Following the acquisition of HPS in June 2017, EBOS Group
is now the leading provider of outsourced pharmacy
services to Australian hospitals.
Revenue and GOR
FY15 to FY19 CAGR
Revenue: 8.6%
GOR: 19.2%
A$mFY19FY18Var$Var%
Revenue2,292.72,239.653.12.4%
GOR209.7195.514.27.2%
GOR%9.15%8.73%

13
COMMUNITY PHARMACY
Delivering pharmaceutical and over the-counter
medicines to thousands of pharmacies across Australia
and New Zealand, EBOS’ wholesale businesses play a
critical role in the provision of healthcare across both
countries.
The Group’s business interest and commitment to the
pharmacy industry also extends well beyond the supply
chain. In Australia, our branded franchise systems, retail
support programs, medication management solutions for
community pharmacy patients and retail pharmacy
management software solutions, EBOS provides the
building blocks for community pharmacy.
Revenue and GOR
FY15 to FY19 CAGR
Revenue: 3.3%
GOR: 6.7%
A$mFY19FY18Var$Var%
Revenue3,704.13,871.4(167.3)(4.3%)
GOR372.8376.7(3.9)(1.0%)
GOR%10.06%9.73%

14
CONSUMER PRODUCTS
Our consumer products division, Endeavour Consumer
Health, is responsible for bringing high quality, cost-
effective products to market across Australia, New Zealand
and International markets.
We are the proud owners of quality brands including Red
Seal, Faulding, Anti-Flammeand Quitnits.
A$mFY19FY18Var$Var%
Revenue113.9108.65.34.9%
GOR44.042.41.63.8%
GOR%38.66%39.07%
Revenue and GOR
FY15 to FY19 CAGR
Revenue: 18.9%
GOR: 16.5%

Animal Care

16
ANIMAL CARE SEGMENT
Strong EBITDA performance reflecting continued growth in our key brands
A$m
FY19FY18
Var$Var%
Revenue382.0378.23.91.0%
EBITDA48.345.72.65.7%
EBITDA%12.64%12.07%
Wholesale(Lyppard)
EBOS brands
(Black Hawk and Vitapet)
Other products
Underlying EBITDA and EBITDA %
Revenue mix by category:
The Animal Care business markets and distributes a wide
range of products to pet retailers, veterinarians and
grocery stores across Australasia. We also hold a retail
presence in New Zealand through our partial ownership of
Animates. We also have some of the most trusted brands
in pet care, including leading grocery and premium pet
food brands Vitapetand Black Hawkand veterinarian
wholesaler Lyppard.
Products and brands:
Australia Wholesale Distribution:
New Zealand Retail:

Financial Overview

18
SUSTAINED FINANCIAL PERFORMANCE
Underlying Earnings Per Share (A$ cents)Dividends Per Share (NZ$ cents)
22.0
26.0
30.0
33.0
34.5
25.0
32.5
33.0
35.5
37.0
47.0
58.5
63.0
68.5
71.5
FY15FY16FY17FY18FY19
NZ$ cents per share
H1H2
Return on Capital Employed
Cash Flow from Operating Activities
Consistent and sustained financial performance through a balance of complementary businesses is a key signature of
our approach.

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STRATEGIC FOCUS AREAS FOR GROWTH
With the right mix of businesses that deliver consistency in our performance and with a strong
balance sheet, we aim to:
Continue to execute on both organic growth and strategic value accretive acquisitions.
Leverage our position as the lowest cost wholesaler / distributor.
Expand our presence in community pharmacy.
Expand on our initial investments into the Medical Devices sector.
Build and acquire trusted brands that consumers value in Animal Care and Consumer Health.
Expand our brands into Asian markets.

Questions

www.ebosgroup.com