EBOS Group Annual Report 2021

As we have continued to respond
to challenges in our society,
it is our people who have stood
tall in a time of need, going
above and beyond to ensure
that EBOS fulfils its commitment
to providing essential healthcare
and animal care services across
our key markets.

2021 Annual Report
Contents
04 Foreword
06 Summary of Results
08 CEO & Chair Report
14 EBOS Group Overview
16 Our People
22 Environment, Social
and Governance
24 Community and Environment
28 Business Highlights
34 Our Board
04
Business Overview
36 Financial Summary
40 Independent Auditor’s Report
44 Financial Statements
36
Financials
96
Corporate Governance
98
Remuneration
106
Directors’ Interests
and Disclosures
111
Directory

All figures in this report are in Australian dollars, unless otherwise stated.
4EBOS Group Limited
2021 Annual Report
United by a common purpose of connecting
communities to care, EBOS’ team of more than
3,700 employees working across New Zealand,
Australia and abroad have demonstrated unwavering
resilience and dedication in continuing to deliver for
our customers and the communities that rely on us
every day.
As we have continued to respond to challenges in our
society, it is our people who have stood tall in a time
of need, going above and beyond to ensure that EBOS
fulfils its commitment to providing essential healthcare
and animal care services across our key markets.
Our commitment is supported by a proven
management strategy, which has seen EBOS focus on
long-term investments in our operations and being an
employer of choice, ensuring we attract and retain the
best talent to support our business objectives.
It is thanks to this approach that EBOS has further
reinforced its reputation as the leading healthcare and
animal care company in New Zealand and Australia,
which is reflected in our continued financial strength
as we deliver another year of growth and increased
returns for our valued shareholders.
This year’s Annual Report is a rightful reflection on our
efforts to withstand one of the most challenging periods
our society has faced and an acknowledgement of all
in our business who have ensured that EBOS continues
to fulfil its commitment to all New Zealanders and
Australians.
Foreword
Highlights
Our shareholders
11,650
88.5c
shareholders
total dividends per share (NZ)
$9.2
$188.2
114.9c
billion revenue
million underlying NPAT
underlying earnings per share

*Includes all offices and warehouses in New Zealand
and Australia.
Business
Overview
Corporate

Governance
Remuneration
Directors’ Interests

and Disclosures
Directory
Financials
5EBOS Group Limited
2021 Annual Report
Our business
3,700
employees
Australia
72%
63
*

locations in New
Zealand and Australia
New Zealand
28%
This year’s Annual
Report is a rightful
reflection on our efforts
to withstand one of the
most challenging periods
our society has faced and
an acknowledgement of
all in our business who
have ensured that EBOS
continues to fulfil its
commitment to all New
Zealanders and Australians.

2021 Annual Report
Summary of Results
Financial Highlights
$9.2
billion revenue
$188.2
million underlying net profit after tax
114.9c
underlying earnings per share
NZ88.5c
dividends per share
Reported Results
2021
290.7
2021
185.3
2021
294.5
2021
188.2
260.5
2020
162.5
2020
263.1
2020
162.9
2020
218.3
2019
137.7
2019
229.6
2019
144.4
2019
218.2
2018
137.3
2018
218.2
2018
137.3
2018
1 9 7.1
2017
125.9
2017
204.4
2017
130.9
2017
Five year EBIT trend for the year to 30 June ($millions)
Five year NPAT trend for the year to 30 June ($millions)
Underlying Results
Five year EBIT trend for the year to 30 June ($millions)
Five year NPAT trend for the year to 30 June ($millions)
Underlying Results are adjusted for one-off items.
6EBOS Group Limited
+ 5.0% increase
+ 15.5% increase
+ 14.0% increase
+ 14.2% increase

Business
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7EBOS Group Limited
2021 Annual Report
Segment and Divisional Earnings Overview
Data based on gross operating revenue, which comprises revenue less
cost of sales (including any adjustments to inventory).
Pharmacy
51%
Institutional
26%
Animal Care
14%
Contract Logistics
9%
Healthcare
86%
Animal Care
14%
Australia
80%
Australia
86%
New Zealand
20%
New Zealand
14%
RevenueUnderlying EBIT

2021 Annual Report
CEO & Chair Report
8
Once again, the success we
have achieved as a business in
the 2021 financial year is due
to the efforts of our more than
3,700 employees across
New Zealand and Australia.
EBOS Group Limited

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9EBOS Group Limited
2021 Annual Report
As we continue to navigate our way through
uncertain times, we are pleased to report on the
2021 financial year and another record financial
result for EBOS.
The record result is reflective of the combined
strength of EBOS’ diverse portfolio of high-
performing businesses together with the
extraordinary contribution of our people who
have continued to serve and provide for our
communities across New Zealand and Australia.
Highlights
In this time of ongoing uncertainty, EBOS’
adherence to our core business strategy and our
unwavering commitment to the communities we
serve has ensured we remain a valued partner
for our customers, government and other
stakeholders, while continuing to deliver strong
returns for our shareholders.
Once again, the success we have achieved as a
business in the 2021 financial year is due to the
efforts of our more than 3,700 employees across
New Zealand and Australia.
Throughout this report, we highlight examples of
the extraordinary commitment by our employees
during the year. From those in our distribution
centres responsible for delivering our healthcare
and animal care products, to the pharmacists in
our HPS network on the front line who provide and
administer care and advice to customers, we have
witnessed countless examples of our employees
going above and beyond to continue to deliver for
our customers and our communities.
Throughout 2021, EBOS has been working
closely with the New Zealand Ministry of Health
(MoH) to facilitate the rollout of the COVID-19
vaccine across the country. It is testament to the
professionalism of our Healthcare operations that
we were chosen to be a provider to the MoH of
logistical services for the COVID-19 vaccine.
The handling of the Pfizer-BioNTech vaccine,
which has been the primary focus of vaccination
efforts in New Zealand to date, requires special
handling and low temperature storage between
–60 and –90 degrees Celsius. Faced with this
unique challenge, EBOS was the first in market
to design and source a solution for the ultra-low
temperature storage required. The ingenuity,
resourcefulness and dedication of our people
involved in this significant logistical operation is to
be commended.
In our Australian Community Pharmacy business,
it has been very pleasing to see the continued
strong growth of TerryWhite Chemmart (TWC)
over the last 12 months. TWC welcomed 36 net new
pharmacies during the period, which is the largest
annual increase on record. Building on store
growth in previous periods, these new pharmacies
further strengthen TWC’s position as Australia’s
largest health-advice oriented community
pharmacy network. The strong performance of
TWC was also driven by continued increases in
marketing investment, successful implementation
of e-script readiness and continued vaccination
leadership. During the 2021 flu season, our TWC
network administered more than 245,000 flu
vaccines via a dedicated patient booking system
and it is this proven expertise in administering
vaccines, together with on-site clinic rooms
and leading training programs, that have TWC
well positioned to play a key role administering
vaccines as part of Australia’s COVID-19
vaccination program.
In line with our strategy of investing for growth
through acquisitions, EBOS increased its portfolio
of businesses with two acquisitions completed
prior to 30 June. The first of these was the
acquisition of medical devices and distribution
company Cryomed in October 2020. Established
in 2013, Cryomed markets and distributes devices
and consumables used in aesthetic procedures
in Australia and New Zealand. In our Animal
Care segment, EBOS acquired the veterinary
wholesale business of CH2 in late 2020, which was
then successfully integrated with Lyppard, our
Australian veterinary wholesaling business.
Subsequent to 30 June, the Group completed the
acquisition of Pioneer Medical, which is a New
Zealand based importer and distributor of spine
and major joint implants and associated surgical
technologies for orthopaedic and neurosurgery.
This represents our third acquisition since entering
the medical device distribution market in 2019, and
will result in the combined business generating
aggregate annualised revenue of more than
$70 million. We will continue to pursue further bolt-
on acquisitions focusing on therapeutic areas that
offer promising organic growth, with the objective
of building a significant business over time.
In addition, EBOS has a high degree of certainty
of executing a further acquisition in the near
term that will contribute to further growth in our
Institutional Healthcare division.

10EBOS Group Limited
2021 Annual Report
CEO & Chair Report
The unpredictable nature
of COVID-19 has required
EBOS to be flexible in
managing individual
situations across our
New Zealand and
Australian operations.
Our Animal Care segment achieved strong results
in the financial year, with increased pet ownership
and trends such as the humanisation of pets and
premiumisation of pet care products combining to
drive market growth. With more people remaining at
home due to COVID-19 restrictions, pet ownership in
New Zealand and Australia has increased and, with
consumers spending more time with their pets, there
has been a heightened demand for high quality animal
care products.
In an exciting new development, we are pleased to
announce a significant capital investment in our
Animal Care segment. A new state-of-the-art pet food
manufacturing facility located in NSW, Australia,
is under construction at a cost of approximately
$80 million and will facilitate insource manufacturing
of Black Hawk as well as accelerate new product
development opportunities. This initiative is expected
to generate returns over the medium term in line with
the Group’s return on capital employed.
COVID-19
The unpredictable nature of COVID-19 has required
EBOS to be flexible in managing individual situations
across our New Zealand and Australian operations.
Our businesses continue to stringently follow COVID-19
protocols and the advice of local authorities as
applicable to the circumstances at the time.
Throughout the pandemic, we have implemented strict
controls with the objective of keeping both our people
safe and our primary distribution facilities open to
ensure the uninterrupted supply of medicines across
the community.
The EBOS Pandemic Response Team, consisting of
the CEO and direct reports, continues to oversee all
COVID-19 related matters impacting our employees
and businesses. The impacts of lockdowns and other
restrictions has put extra demands on the business
and our people. We are very conscious of the wellbeing
and safety of our people and have invested in extra
resources to assist us through the pandemic.
Community and ESG
During the financial year, EBOS invested significantly
in the development of our Environmental, Social and
Governance (ESG) Program. As first reported last
year, this program is a key initiative for the future of
EBOS that will serve as the framework for responsible
governance and organisational practices to ensure we
continue to meet the expectations of our stakeholders
and maintain our social licence to operate. Many of the
initiatives that fall within the remit of our ESG Program
have been established for some time; however, the
intention of the Program is to formalise this activity in a
way that is measurable and can be accurately reported
on. Importantly, we also seek to highlight areas where
we can continue to improve, thereby enabling more
structured governance, evaluation and disclosure as
part of our comprehensive approach to responsible
corporate leadership.
It is therefore pleasing that, in tandem with the release
of this year’s Annual Report, we are also releasing EBOS’
first Sustainability Report, which reports on our ESG
activity over the financial year. The highlights of the
Sustainability Report are presented on pages 22–23 of
this report and it is pleasing to see the progress that we
have already made in such an important area.
Our Employees
At the conclusion of 2020, EBOS released an internal
publication, Our Heroes, which highlighted the
extraordinary efforts of our people in a year like no
other. The publication focused on the experiences of
a selection of EBOS employees who went above and
beyond in continuing to service our customers and
our communities, despite being faced with significant
adversity and ever changing circumstances.

11EBOS Group Limited
2021 Annual Report
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We feature a selection of stories from our ‘heroes’
throughout this report, which provides a snapshot of
these moments of exceptional effort, commitment,
ingenuity and collaboration to get the job done
under, at times, the most difficult of circumstances.
We see here the very best of our people and the
Board and Executive Leadership Team once again
thank them for their efforts and recognise the
enormous contribution all our 3,700 employees have
made over the past year and continue to make as
we move forward.
Our Board
Over the last two years, three new directors have
joined our Board and our Board size has increased
by two to seven directors. Most recently, Dr Tracey
Batten was appointed to our Board, effective
1 July 2021, and she will stand for election at the
next Annual Meeting. Tracey has had an extensive
executive career in the healthcare sector in
Australia and the United Kingdom and is now a
non-executive director and resides in New Zealand.
Our Board has a diverse range of skills and a wealth
of industry and governance experience, which has
been especially critical over the last 18 months
and will continue to be necessary with the ongoing
uncertainty. Our Board has been planning for
succession as there are directors with long tenures
who have an intention to retire over the next few
years. Succession takes time as we wish to ensure
the stability and culture, which has underpinned
EBOS’ success, is maintained.
Dividend
The Directors have announced a final dividend of
NZ 46 cents per share which takes full year
dividends to NZ 88.5 cents per share, an increase
of 14.2% on the prior year.
Outlook
EBOS has continued to demonstrate the benefits
of our diversified Healthcare and Animal Care
strategy, despite the challenges of COVID-19,
delivering strong earnings growth in FY21 and
we expect to be able to generate further growth
in FY22.
The Group’s portfolio of businesses has proven
to be very resilient throughout the COVID-19
pandemic; however, the situation in Australia with
its major states in and out of lockdowns is evidence
of the material uncertainties that exist and that
may impact upon the Group’s future trading
performance.
We thank our shareholders for their ongoing
support and the trust placed in the Board,
Executive and employees of EBOS.
John Cullity
CEO

Elizabeth Coutts
Chair

12EBOS Group Limited
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13EBOS Group Limited
2021 Annual Report2021 Annual Report
Our heroes
As the North Island Field Sales Manager
for Masterpet’s specialty retail division,
a key challenge for Michael and his
team in the early days of the pandemic
was helping their more than 400
customers navigate the confusion
of the initial lockdown and whether
they, as speciality pet retailers, could
continue to operate. Lockdown also saw
the Masterpet sales team quickly adapt
to good effect by rolling out business
improvement projects, including
aligning the company to a local
ecommerce platform to add extra value
for their customers.
Michael Hallows
Northern Field Sales Manager
Masterpet NZ
Michael with long standing EBOS customer, Bird Barn. EBOS has been servicing
Bird Barn since 1982, making them one of our oldest customers in New Zealand.

EBOS Group Overview
Institutional Healthcare
Healthcare
Community Pharmacy
2021 Annual Report
14EBOS Group Limited

Contract LogisticsAnimal Care
Animal Care
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EBOS Group Limited15

16EBOS Group Limited
2021 Annual Report
Our People
The past year has once again reinforced the dedication
and resilience of the more than 3,700 EBOS employees
across New Zealand and Australia.
Whether they are in our distribution centres picking and
packing essential healthcare and animal care products,
standing on the front line as hospital pharmacists,
or working hard behind the scenes to support and
coordinate our daily efforts as an essential services
provider, all of our people have an important role to play
in ensuring we deliver for our customers.
Through the unique skills that they each bring, it is our
people who are central to ensuring we maintain our
position as a market leader across New Zealand and
Australia. And it is our commitment, as an organisation,
to support our people by ensuring they come to
work each day knowing they are safe, respected and
appreciated for the contributions they make.
As part of this commitment to being an employer of
choice and to ensure we attract and retain the best
talent, we strive to provide opportunities for our people
to grow – to develop their skills and advance their
careers – while also recognising those among us who go
above and beyond in their contributions to EBOS.
GEM (Great Efforts Matter) Awards
The past 18 months have brought out the very best
in our people and we could not be prouder of the
unwavering dedication they have shown in the face of
challenging circumstances.
Accordingly, our annual employee awards – the GEM
Awards – took on special meaning in 2020 as we
recognised those among us who went the extra mile in
servicing our customers during times of need.
While we were not able to convene in person to
celebrate the GEM Awards, we ran a virtual event to
recognise our award recipients, with the following EBOS
employees recognised:
GEM Awards recipients:
Scott Bishop – Masterpet
Rachel Blight – Symbion
Simon Boliancu – Symbion
Phillip Carruthers – Lyppard
Navin Chand – Healthcare Logistics
Theo Chronopoulos – Symbion
Brodie Creaser – Intellipharm
Tracy Endacott – Lyppard
Kylie Fenwick – TerryWhite Chemmart
Michael Hallows – Masterpet
Jared Holmes – ProPharma
Emily Kath – Symbion
Lisa Koh – Symbion
Mejaney Kuo – Endeavour Consumer Health
Annisia Lesik – Symbion
Michael Mamo – Masterpet
Stuart McAskill – Masterpet
Tailua Mika – Healthcare Logistics
Gabrielle Palmer – Masterpet
Bem Phan – EBOS Group Finance
Mohamed Ramulan – Onelink
Suresh Reddy Mallepally – Endeavour
Consumer Health
Dawei Shi – Healthcare Logistics
Mihir Thakkar – EBOS Healthcare
Shaun Todd – Masterpet
Nona Tuiuli – Onelink
Dianne Tyrell – Symbion
Cathryn Weymouth – Lyppard
Belinda Wiemers – LMT Surgical
Cheumen Yen – EBOS Group IT
Kelly Young – TerryWhite Chemmart

17EBOS Group Limited
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The past 18 months have
brought out the very best in
our people and we could not
be prouder of the unwavering
dedication they have shown
in the face of challenging
circumstances.

18EBOS Group Limited
2021 Annual Report
Sharleen Paul
Operations Manager
Onelink Dunedin, NZ (now at Healthcare Logistics)
Working closely with the Southern District Health Board (DHB),
Onelink Dunedin had a critical role behind the scenes to help
facilitate New Zealand’s strong pandemic response across the
South Island. Overseeing the site’s warehouse operations was
Sharleen Paul, who had to coordinate her team’s efforts to support
the DHB response. This included extending operating hours from
five to seven days per week, introducing a night shift and bringing
on board new staff to ensure they could meet the increased
demand. Sharleen credits Onelink Dunedin’s strong relationship
with the DHB as the primary reason they were able
to overcome the challenges of COVID-19.

19EBOS Group Limited
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Our People
Heroes campaign
Late last year, EBOS launched a campaign called
‘Our Heroes’, which reflected on the efforts of our
people in supporting communities during times of
need, such as the 2019–20 Australian bushfires and
COVID-19.
We discovered incredible stories of sacrifice from
team members who remained distant from family
and friends for long periods of time to ensure they
could continue to safely perform their duties at work.
Others worked extraordinary hours during the height
of the pandemic to ensure EBOS was able to continue
to deliver for our customers in the face of unexpected
demand and we also heard how our teams adapted
to working from home and under robust health
guidelines.
These stories were many and, while we were not able
to capture the efforts of everyone across EBOS, we
have included a selection of these stories throughout
this year’s Annual Report.
Rolling out new workplace policies
In 2021, EBOS was proud to implement a series of new
workplace policies, which provide our employees with
guidance on acceptable workplace behaviour and
outline our efforts to promote an inclusive workforce.
The new policies cover diversity and inclusion,
recruitment and selection and flexible working and
form the foundation of EBOS’ overarching Diversity
and Inclusion Strategy.
The intent of these policies is to ensure that EBOS
continues to build a diverse and inclusive culture
and workforce that is reflective of community
expectations. With a workforce comprising nearly
60% women, we are already performing strongly
in this area; however, we understand that we must
continually strive to build a strong and diverse
workforce by promoting equal opportunity for people
of all cultural, ethnic and religious backgrounds and
increasing diversity in our leadership teams.
Coinciding with the launch of these policies and in
an effort to be an active participant in initiatives
that celebrate diversity in the workplace, we again
acknowledged International Women’s Day (IWD)
across the business in March. As part of IWD,
we welcomed former elite Australian rules footballer,
television and radio sports commentator Chyloe
Kurdas as a keynote speaker.
Healthcare Logistics NZ named Employer of the Year
Healthcare Logistics NZ (HCL NZ) was proud to have
been named as Employer of the Year by employment
support organisation PolyEmp.
PolyEmp is a charitable trust that supports young
people with learning disabilities towards their goal
of sustainable employment. For the past 25 years,
the organisation has been assisting those at risk of
falling through the cracks and believes that all people
have a right to contribute to society through equal
employment opportunities.
The award recognises HCL NZ’s commitment to
diversity, inclusion and acceptance in its approach to
helping job seekers achieve sustainable employment
in the business. Last year, HCL NZ provided two
jobseekers from PolyEmp with opportunities in the
business and both have gone on to become valued
permanent employees.
The intent of these
policies is to ensure that
EBOS continues to build
a diverse and inclusive
culture.

The HPS Approved Pharmacy at John Fawkner Oncology looks after seven
hospitals across Victoria, each with their own unique requirements. Lydia Leong
supported the pharmacy team to navigate the challenges of the pandemic while
also guiding the unit through a period of significant change. The pharmacy’s
ability to adapt to this change and overhaul the site’s workflow and processes
during a pandemic was critical to ensuring they could continue to service their
customers and emerge as a more efficient and robust unit.
Lydia Leong
Pharmacist, HPS Pharmacies
John Fawkner Oncology

Brett Hamilton
Manager, Onelink NSW
In the first few months of
the pandemic, Onelink NSW
experienced significantly
increased demand from one
of their major clients, NSW
Health, requiring Brett and
his team to step up quickly to
support the department’s rapid
acquisition of vital pandemic
stock and personal protection
equipment. To meet this
challenge, Brett and his team,
with the support of EBOS head
office staff, quickly brought
online a temporary warehouse
nearby their main distribution
centre to ensure Onelink was
able to rapidly respond to
this additional demand. More
recently, Onelink NSW has
also played an important role
managing medical consumables
at the Sydney Olympic Park
mass vaccination hub.

22EBOS Group Limited
2021 Annual Report
Environment, Social
and Governance
For over a decade, EBOS has
been supporting communities
across New Zealand and
Australia through a range of
charitable endeavours, and
socially and environmentally
responsible activities that
define our commitment
to being a good corporate
citizen.
As an organisation, we acknowledge
that the way in which we articulate,
deliver, and measure this activity
drives perceptions, opinions and trust
among key stakeholders and the
community and ultimately ensures
we maintain our social licence to
operate.
To ensure we have more structure
in how we measure our activity
in this space and build upon
our Environmental, Social and
Governance (ESG) responsibilities,
EBOS has developed a formal ESG
Program. This Program sets out the
actions we will take to ensure we
consistently and sustainably deliver
on our responsibilities as a provider
of critical network infrastructure,
products and services.
As part of this program, EBOS has
released our inaugural Sustainability
Report which focuses on our five
key pillars: Health and Animal Care
Partners, Consumers and Patients,
Community and Environment, Our
People, and Responsible Business.
Our Sustainability Report references
the Global Reporting Initiative (GRI).

23EBOS Group Limited
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Health & Animal
Care Partners
Consumers

& Patients
Community

& Environment
Our PeopleResponsible Business
Enabling the delivery of
world class healthcare
and animal care to
communities across
New Zealand and
Australia.
Through investing
in our business, we
have the critical
infrastructure and
robust quality
management systems

that support
professionals and
government in the
delivery of reliable and
efficient healthcare
and animal care.
Ensuring we continue
to support our
partners to care for
patients, consumers
and pets in pharmacy,
hospital, primary and
aged care, veterinary
services, retail and
other settings.
Caring for the
consumers of our
products and services
by conducting our
business in a socially
responsible manner.
In designing and
developing our
products, we take
into account their
real impact through
the value chain; this
means sourcing
materials from ethical
and responsible
suppliers, reducing
waste and finding
practical packaging
solutions that minimise
our impact on the
environment.
Whether we are
providing a product or
service, we do so with
our consumers top
of mind. Trust is built
through the decisions
and choices we make
every day.
Supporting the
communities we
serve and facing the
challenges of creating
a fairer, more equitable
and sustainable
society.
We empower our
people to make a
difference and improve
the lives of people,
animals and the
environment.
This means supporting
causes close to
us and being an
active participant in
charitable and social
endeavours that make
our communities
stronger.
Our commitment
extends to the
environment and
ensuring we develop
and encourage
sustainable business
practices.
Building an engaged,
diverse and talented
workforce with a focus
on health, safety and
wellbeing is the key to
our success.
We foster a culture of
safety and wellbeing
and support our
employees to lead
healthy, balanced lives.
We attract and build
a diverse and talented
workforce, investing in
their development to
provide them with the
skills and capabilities
to deliver.
We recognise and
reward performance
in a fair and equitable
way, encouraging
our people to strive
for excellence in
everything they do.
Ensuring ethical and
responsible behaviour
and practices
throughout our
business.
We ensure that
responsible
business practices
are implemented
throughout the
organisation, and will
continue to build trust
with our stakeholders
by ‘doing the right
thing’.
We recognise the
importance of legal
compliance, ethical
trading of products
and services, and
upholding good
corporate governance
practices, including
transparent corporate
reporting.
Consumers
& Patients
Managing the impacts of our
products
• Waste and packaging
• Responsible procurement
Upholding our Quality Promise
• Quality Management System
• Compliance
Environmental Resilience
• Carbon offsetting
• Minimising our impact
Reaching out to help out
• Supporting causes close to us
• Advancing equity, fairness and
opportunity in society
Delivering essential infrastructure
for human and animal health
• Community service role
• Nurturing customer and
government relationships
Implementing robust systems
• Business continuity management
• Data and technology security/
privacy
Health & Animal
Care Partners
• Legal compliance
• Reporting with integrity
• Ethical behaviour
• Corporate governance
Responsible Business
• Employee safety, health and wellbeing
• Culture and engagement
• Talent and capability
• Performance and reward
– recognition
Our People
Community
& Environment

24EBOS Group Limited
2021 Annual Report
TerryWhite Chemmart helping researchers close in on
a cancer breakthrough
For the past 15 years, TerryWhite Chemmart (TWC) has
been a proud supporter of Ovarian Cancer Australia
and its fight against the deadliest cancer affecting
Australian women.
Over the journey, TWC has been proud to raise more
than $1.5 million for the charity, which has helped bring
Ovarian Cancer Australia closer than ever to improving
treatment for the cancer.
‘We need more evidence and more resources to improve
the lives of the women with this horrific cancer and
we’ve made enormous progress over the last few years
with thanks to our generous supporters like TerryWhite
Chemmart,’ said Ovarian Cancer Australia CEO Jane
Hill.
‘Our advocacy efforts have resulted in the Australian
Federal Government awarding $35 million for critical
research projects in the past two years. The fact
researchers are confident we’re closer to finding a cure
for advanced disease than ever before truly fills us and
the ovarian cancer community with real hope.’
TWC CEO Duncan Phillips said it gave him immense
pride to see the fundraising efforts of the TWC network
of pharmacies support Ovarian Cancer Australia
ever y year.
‘There are many in our network who mark February’s
Ovarian Cancer Awareness Month as one of the key
events on their calendar,’ he said.
‘They are truly passionate crusaders for the cause
Ovarian Cancer Australia themselves started 20 years
ago and we are incredibly pleased to hear that our
efforts are contributing to the significant progress
being made around research.’
This year, in further acknowledgement of the 15-year
partnership, TWC has committed to giving away 15,000
free Symptom Diaries to support women to better
understand the signs and symptoms associated with
ovarian cancer. In addition, TWC has also committed to
raising $150,000 across its network of pharmacies by
the end of the year.
Supporting the Beirut port explosion recovery
In early August 2020, a major explosion occurred in the
port region of Beirut, claiming more than 200 lives and
leaving around 300,000 residents homeless.
Soon after the explosion, our EBOS Healthcare team
received a call from a former colleague, who now works
for a major logistics company, calling for donations to
support those displaced and injured by the disaster.
EBOS Healthcare’s Kingsgrove Warehouse team
responded rapidly, picking and packing seven pallets
of products, which were delivered directly to Beirut via
Community
and Environment
TWC CEO Duncan Phillips with Ovarian Cancer Australia CEO Jane Hill and
Victorian State Health Minister Martin Foley at Teal Ribbon Giving Day

25EBOS Group Limited
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a charter flight. In total, EBOS Healthcare employees
donated more than $11,000 worth of goods, with
each pallet also including handwritten messages of
support from the Kingsgrove Warehouse team.
Investments in rooftop solar systems
EBOS continues to make investments in renewable
energy sources as part of our commitment to
increasing sustainability across our business.
Over the past 18 months, we have installed 1,980sqm
of solar panel systems across our sites. Our most
recent installation at Symbion’s South Australian
distribution centre offsets approximately 70% of the
site’s daytime energy use.
Offsetting carbon emissions and increasing
climate resilience
For more than a decade, EBOS has maintained
a close association with leading not-for-profit
Greenfleet to offset carbon emissions from our
operations. Through Greenfleet’s work to advance
climate protection through the restoration of
native forests, EBOS offsets 100% of greenhouse
gas emissions associated with contracted logistics
in our Healthcare segment across New Zealand
and Australia.
Since 2007, our partnership with Greenfleet has
helped increase climate change resilience through
the restoration of biodiverse ecosystems and the
provision of critical habitat for native wildlife.
Read more about two key Greenfleet projects below.
Ātiu Creek, NZ
First opened in 2008, the Ātiu Creek Regional Park
is a publicly accessible space that is managed by
the Auckland Regional Council. A mix of countryside
pasture, groves of mature exotic trees and native
bush, the park is also home to three nationally
threatened bird species – the NZ dabchick, brown
teal, and the North Island brown kiwi – and has intact
areas of coastal forest which are now rare nationally.
The 847-hectare park is the third largest regional
park in the Auckland region and is managed
and operated by the council on the principles of
protection, preservation and enhancement of its
natural and cultural values.
As part of an ongoing reforestation project,
Greenfleet and NZ supporters CardLink have
teamed up and planted more than 1,000 native trees
at the park.
Whitehurst, Victoria
Back in 2012, the rolling hills of Whitehurst, which
is located about an hour from Wilsons Promontory
in Victoria, were barren and severely lacking in
vegetation, which increased the risks of flooding
and landslides.
Over the past nine years, Greenfleet has led a
significant transformation of the property that has
seen nearly 21,000 trees planted, including native
species such as Blackwood, Silver Wattle and
Southern Blue Gum. Over its lifetime, this forest will
capture more than 23,000 tonnes of CO
2
-e from the
atmosphere.
The property is now a tranquil and biodiverse retreat
that also includes a wildlife habitat that is home to a
range of native animals, including swamp wallabies,
echidnas and wombats.
Over the past 18 months,
we have installed
1,980sqm of solar panel
systems across our sites.
Solar panels at Symbion Underdale, South Australia
Whitehurst, Victoria

26EBOS Group Limited
2021 Annual Report
Our Ongoing Commitment
to Reconciliation
EBOS recognises that we have a responsibility to assist
in Australia’s efforts to become a more reconciled
nation. Our offices and distribution centres are located
in all Australian states and territories and we value
the significant contribution that a culturally diverse
workforce brings to our business. Our national reach
means that we have the ability and responsibility to
effect change both locally and nationally.
At the start of this journey, EBOS set our own unique
vision and objectives for reconciliation. We are in
the second year of our reconciliation journey, and
our current Reflect Reconciliation Action Plan (RAP)
captures our learnings from the past year. Importantly,
we have achieved many of the reconciliation objectives
that we set for ourselves in our first year.
Some key highlights include:
• Identifying the need for Cultural Awareness training
and extending this to all Executives, Operations
Managers and other leaders across the business.
• Raising the internal understanding of Aboriginal and
Torres Strait Islander people’s cultural protocols
and commencing Welcome to Country and
Acknowledgement of Country protocols.
• Celebrating National Aborigines and Islanders Day
Observance Committee (NAIDOC) Week and holding
events at many of our Australian sites, as well as
sharing resources internally including an interview
with keynote speaker Marlee Silva, author and host
of the podcast series
Always was, always will be our
stories
.
As we now move on to our second Reflect RAP,
our focus areas include:
• Extending Cultural Awareness training sessions.
• Encouraging and supporting our employees to
participate in external events to recognise and
celebrate National Reconciliation Week (NRW) and
NAIDOC Week.
• Communicating quarterly RAP updates to employees
across Australia.
• Improving Aboriginal and Torres Strait Islander
supplier diversity.
• Investigating Aboriginal and Torres Strait Islander
employment opportunities.
• Investigating opportunities to improve health
outcomes for Aboriginal and Torres Strait Islander
peoples.
These focus areas will provide the solid foundations
to ensure our future RAPs are meaningful, mutually
beneficial and sustainable. As we continue on this
journey, we remain committed to and guided by our
vision for reconciliation, which is:
To create a society that is
fair, equal and just for all
Australians, where relationships
are strengthened between
Aboriginal and Torres Strait
Islanders and non-Indigenous
peoples, for the benefit of all
Australians.
We seek to understand and
embrace reconciliation at EBOS
Group and develop a greater
understanding of Aboriginal
and Torres Strait Islander
Peoples and their cultures.

27EBOS Group Limited
2021 Annual Report

28EBOS Group Limited
2021 Annual Report
EBOS’ Healthcare segment delivered another year of strong growth,
underpinned by the ongoing commitment of our employees to delivering
for our customers and supporting each other.
Business Highlights
Healthcare

29EBOS Group Limited
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As a result of the pandemic, we experienced
heightened demand for critical healthcare products.
This required our teams to navigate the complexities
associated with procuring stock affected by supply
chain disruption, while continuing to support
government coordinated COVID-19 testing and
management strategies across New Zealand and
Australia.
While these challenges have been significant at times,
it is thanks to the efforts of our employees that we
have withstood the test. Supported by the strength
of our systems and infrastructure, our businesses
successfully continued to prioritise the delivery of
world class healthcare products to our customers.
Behind the scenes and on the frontline, we have
continued to adapt to the new normal of being
prepared to work from home should events dictate
and it is our employees who have risen to the task
with resilience, flexibility and dedication. Across the
Healthcare segment, there have been countless
stories of our employees going above and beyond,
including:
• teams in our distribution centres working extended
hours to meet the demands of the pandemic.
• IT teams working tirelessly to overhaul our systems,
in some cases overnight, to ensure that we could
adjust to new supply arrangements to support
government and community-led health responses.
• our legal team securing rapid lease agreements that
enabled us to bring online additional warehouse
capacity when it was needed most.
• supply chain and procurement teams working
around the clock to ensure we could effectively
source the stock required by our customers.
• our finance teams preparing budgets, forecasts,
monthly reports and other ad hoc analysis while
working remotely.
• administration support, customer service, business
development and Key Account Manager teams
working at the frontline of managing customer
feedback and handling the myriad of enquiries we
have received.
While COVID-19 has remained very much at the front
of our minds during the 2021 financial year, we have
also been called upon to support communities across
New Zealand and Australia as they have faced other
challenges.
EBOS plays a key role in NZ COVID-19 vaccine rollout
Throughout 2021, EBOS has been working closely
with the New Zealand Ministry of Health (MoH) to
facilitate the rollout of the COVID-19 vaccine across
the country.
While the New Zealand Government has secured
agreements with four vaccine manufacturers, efforts
have primarily focused on the Pfizer-BioNTech
vaccine, which requires special handling and low
temperature storage between –60 and –90 degrees
Celsius.
The process to ensure the safe handling of the vaccine
is complex and requires careful attention. Upon
receipt of the Pfizer-BioNTech vaccine, EBOS teams
unpack the vaccines, repack them into specially
designed racks and transfer them for storage in
freezers at –80 degrees. To ensure the integrity of
the vaccines, this process can take no longer than
five minutes. Upon confirmation from the MoH that
vaccines are required for distribution, our teams
repack the vaccines into smaller quantity packs ready
for transport and dispatch to hospitals, vaccination
centres, aged care centres, managed isolation and
quarantine facilities and anywhere else they are
required across New Zealand.

30EBOS Group Limited
2021 Annual Report
Supporting flood affected Australians
In March this year, communities across NSW and
Queensland experienced a significant flood emergency,
with many people losing their homes, businesses and
animals. In some regions, the flooding was so bad that
entire communities were cut off by road for days at a
time as rain continued to fall for much of the month.
To support those living in flood affected regions, EBOS
teams across NSW and Queensland worked tirelessly to
ensure people in these communities could continue to
access vital medicines essential to their health.
While it was a significant logistical challenge, it is one
that our teams are experienced in dealing with and well
equipped to handle. Regular communication with our
customers remained a priority, as some pharmacies
had to close and were unable to receive deliveries.
For those communities that were cut off by road,
EBOS worked closely with emergency services to
coordinate deliveries by boat to ensure the continued
supply of vital medicines and healthcare products.
EBOS is grateful for the support and collaboration
shown by the emergency services during this time and
would like to recognise the incredible efforts of our
teams across NSW and Queensland for their efforts to
support communities in need.
Collaboration drives record result for TerryWhite
Chemmart
Throughout the year, EBOS has united to provide
strengthened investment and support to the TerryWhite
Chemmart (TWC) network and its network partners,
which has helped EBOS’ flagship pharmacy business
deliver a year of record growth in 2021.
TWC welcomed 36 net new pharmacies during the
period, which is the largest 12 month increase of
network stores on record. This builds on store growth
in previous periods and further strengthens TWC’s
position as Australia’s largest health-advice oriented
community pharmacy network.
TWC network sales grew by 5.3% and, on a
like-for-like basis, increased by 3.6%. This performance
was driven by new store growth, continued above-
market increases in marketing spend and improved
promotional and category initiatives.
Central to the success of TWC over the period has
been a focus on increased collaboration with other
EBOS businesses and entities. TWC forged a range of
innovative partnerships over the period, including:
• working with Minfos to provide TWC pharmacists with
workflow efficiency support tools for dispensary and
updates to software to enhance better buying and
margins;
• Intellipharm loyalty system integration to support
sophisticated and personalised digital pathways for
customers;
SES volunteers delivering Symbion medical and healthcare products during the March 2021 floods

31EBOS Group Limited
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• Symbion rolling out improvements for electronic
document delivery to reduce the costs of
receipting;
• developing a market leading patient program for
biologicals in conjunction with our 100% subsidiary
Zest;
• Healthcare Logistics expanding facilities to support
TWC’s Private Label distribution service; and
• rolling out creative customer packaging solutions
for vitamins, minerals and supplements in
collaboration with DoseAid.
TWC continues to explore further opportunities
to enhance its product offering, with sourcing
discussions and new product developments
underway in collaboration with other EBOS
divisions, including Endeavour Consumer Health,
EBOS Healthcare and our growing medical devices
business.
We were also pleased to see TWC perform strongly
in the 2021 supplier survey conducted by Advantage
Group, which canvasses the views of suppliers on the
top retail brands in Australian pharmacy. Pleasingly,
TWC ranked fourth in this survey, after coming
eighth in 2020 and twelfth in 2019. This result is a
strong endorsement of the investments made to
increase supplier engagement across the business
through transformational changes to our behaviours
and capabilities, which support better collaboration
with our suppliers to achieve mutual growth.
TWC’s growth trajectory will continue with
the additional 36 net new pharmacies further
strengthening TWC’s position as Australia’s largest
health services community pharmacy network with
over 465 stores.
Symbion and TWC set to join forces for regional
drone trial
Symbion and TWC are further demonstrating their
commitment to innovation and collaboration by
joining forces for regional Australia’s first planned
trial of medicine deliveries via drone.
Working in partnership with Melbourne-based
company Swoop Aero, Symbion and TWC are
set to trial flights from the regional Queensland
town of Goondiwindi to patients living as far
as 130 kilometres away. The trial is designed to
demonstrate the ability of drones to provide greater
convenience and improved access to medicines for
those living in regional communities. Drone deliveries
of medicines could also be of critical importance in
situations where accessibility is limited in the event
of natural disasters.
Operating out of TerryWhite Chemmart Goondiwindi,
the trial will see drones fly fully automated flight
paths to a customer’s assigned destination before
dropping off its medicine delivery and returning to
base for the next assignment. The project is being
funded by EBOS and undertaken with the approval
of Australia’s aviation regulator, the Civil Aviation
Safety Authority.
Cryomed acquisition
During the 2021 financial year, EBOS further
expanded its interests in the growing medical
devices sector with the acquisition of Cryomed,
a leading provider of medical aesthetic devices and
technology to New Zealand and Australian markets.
In 2013, Cryomed distributed its first medical device
and quickly became a leading medical device
company in the region. Since that time, the company
has consistently launched innovative aesthetic
devices and consumable products in both markets.
Cyromed represents an important acquisition
for EBOS’ medical devices business and we are
committed to further investment in this growing
sector. EBOS has confidence that we can develop
our medical devices business into market leading
positions across multiple therapeutic areas over the
medium to long term. We are confident that, in time,
medical device distribution will represent another
significant pillar of our organisation.
We are confident
that in time, medical
device distribution
will represent another
significant pillar of our
organisation.

32EBOS Group Limited
2021 Annual Report
Red Seal cemented
its reputation as
a leading natural
consumer brand in
2021, headlined by
the launch of a new
range of natural
mouthwashes.
Red Seal drives further innovation in
natural health
Red Seal cemented its reputation as a leading
natural consumer brand in 2021, headlined by the
launch of a new range of natural mouthwashes.
Red Seal’s natural mouthwash was developed
in-house, highlighting EBOS’ capabilities in
delivering innovative new consumer offerings.
Owing to continued consumer demand for
natural oral care alternatives and Red Seal’s
established relationships with leading retailers,
the new mouthwash range is currently stocked
in Countdown, Foodstuffs and Woolworths
stores across New Zealand and Australia. Having
achieved strong uptake domestically, Red Seal will
continue its expansion in international markets in
the first quarter of the 2022 financial year.
In addition to the launch of its mouthwash range,
Red Seal was also pleased to roll out a new
supplement range designed to provide holistic
natural skin health and beauty support. The
range includes Collagen Builder, Deep Hydration,
Beauty Food+ and Overnight Renewal products
and was launched into Countdown stores across
New Zealand in May 2021.
Red Seal further expanded its market presence
with entry into New Zealand Chemist Warehouse
stores and increased the number of Red Seal
products being distributed through Australian
Woolworths stores.

33EBOS Group Limited
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Animal Care steps up efforts to support pet owners
Our Animal Care segment demonstrated strong growth
as our leading brands and market positions benefited
from the impact of COVID-19 on the pet sector.
With New Zealanders and Australians spending more
time at home due to COVID-19, there was a significant
increase in pet ownership during the 2021 financial year
that saw many people becoming pet owners for the first
time. This increased ownership and people spending
more time at home with their pets resulted in surging
demand for high quality animal care products and the
need for educational resources to assist all pet owners
through the challenging times.
Our Animal Care team realised that the circumstances
being experienced throughout 2020 by many new and
existing pet owners presented an opportunity to share their
significant expertise and build brand loyalty by developing
a suite of online tools and educational resources.
Leveraging in-house expertise and partnering
with external experts, including vets and animal
behaviourists, Black Hawk launched an online
campaign across web and social media featuring
educational content designed to help people to do the
best by their pets while navigating the challenges of the
pandemic. With many people having limited access to
their vets due to COVID-19 restrictions, Black Hawk also
hosted a series of live vet Q&A events on social media
that offered people the chance to ask the company’s
in-house vet important pet care questions.
Our VitaPet team also stepped up to support pet
owners by launching a new engagement platform
in October 2020 called VitaPet Central. With more
than 90,000 unique visitors in the first three months
after launch, VitaPet Central became an important
resource hub for pet owners, providing a wide variety
of information about raising and caring for animals.
There were a number of other key business highlights
across the segment, headlined by the launch of
Aristopet’s new range of flea and worm treatments for
dogs and cats. With only around half of Australian pet
owners regularly treating their animals for fleas and
worms, largely due to the high cost of other parasiticide
products, Aristopet’s new range of spot treatments
presents a more affordable entry point for pet owners,
without sacrificing on quality or efficacy.
EBOS commits $80 million for new Animal Care
manufacturing facility
In August 2021, EBOS announced an $80 million capital
investment for the development of a new state-of-the-
art pet food manufacturing facility in Parkes, NSW.
The new facility will enable EBOS to manufacture
Black Hawk’s leading range of pet food products
in-house for the first time. It will also help to accelerate
new product development initiatives through the
latest manufacturing technologies, enabling EBOS to
capitalise on attractive market opportunities and drive
continued growth in our Animal Care segment.
Construction on the 12,000m
2
facility is well advanced
and the site is expected to be operational in FY2022.
Business Highlights
Animal Care

34EBOS Group Limited
2021 Annual Report
Our Board
Elizabeth Coutts,
Independent Chair
ONZM, BMS, FCA
Elizabeth Coutts was
appointed to the EBOS
Group Limited Board in
July 2003. She is Chair
of the Remuneration
Committee and a
member of the Audit
and Risk Committee.
She is Chair of Oceania
Healthcare Limited
and Skellerup Holdings
Limited, Director of EBOS
Group subsidiaries in New
Zealand and Member,
Marsh New Zealand
Advisory Board.
Elizabeth is a former
Chair of Ports of Auckland
Limited, Meritec Group,
Industrial Research,
Life Pharmacy Limited,
former director of Air
New Zealand Limited,
the Health Funding
Authority, Sanford
Limited, the Yellow
Group of Companies
and Tennis Auckland
Region Incorporated,
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,
a former president of
the Institute of Directors
Inc. and former Chief
Executive of the Caxton
Group of Companies.
Nick Dowling,
Independent Director
BCA (Hons); BA
Nick Dowling was
appointed to the EBOS
Group Limited Board in
February 2020 and is a
member of the Audit and
Risk Committee. Nick
is currently the Head of
Balmoral Australia,
a family office engaged
in the tourism, wine,
maritime services and
investment sectors. Prior
to Balmoral Australia,
Nick was Managing
Director and CEO,
Australia and New
Zealand, at New Hope
Group Co. Ltd, a private
Beijing based corporation
engaged in agribusiness
and food, real estate and
infrastructure, chemicals,
finance and investment.
He has also held senior
roles at UBS, Goldman
Sachs, JP Morgan and
Morgan Stanley. He
currently sits on the
Advisory Board of AEH
Group and is a director
of a number of Balmoral
Australia companies.
Dr Tracey Batten,
Independent Director
MBBS, MHA, FRACMA,
MBA, FAICD
Dr Tracey Batten was
appointed to the EBOS
Group Limited Board in
July 2021.
Tracey is currently
a non-executive
director of Medibank
Private Limited, the
Accident Compensation
Corporation and the
National Institute of
Water and Atmospheric
Research. She was
previously a non-
executive director of
Abano Healthcare Group
Limited and various
other healthcare related
research institutes,
charities and industry
and government bodies.
During her executive
career she was Group
CEO of Imperial
College Healthcare
NHS Trust in the United
Kingdom, Group CEO
of St Vincent’s Health
Australia, CEO of Eastern
Health and CEO of Dental
Health Services Victoria.

35EBOS Group Limited
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Sarah Ottrey,
Independent Director
BCOM, CF. Inst.D
Sarah Ottrey was
appointed to the EBOS
Group Limited Board
in September 2006.
She is a member of
the Remuneration
Committee. Sarah is
Chair of Whitestone
Cheese Limited and
a director of Skyline
Enterprises Limited and
subsidiaries, Mount Cook
Alpine Salmon Limited,
Christchurch International
Airport Ltd, Sarah Ottrey
Marketing Limited, and a
committee member of the
NZ institute of Directors
Otago/Southland Branch.
She is a past board
member of the Public
Trust and the Smiths
City Group. Sarah has
held senior marketing
management positions
with Unilever and
Heineken.
Stuart McGregor,
Independent Director
BCOM, LLB, MBA
Stuart McGregor was
appointed to the EBOS
Group Limited Board
in July 2013. Stuart was
educated at the University
of Melbourne and the
London School of Business
Administration, gaining
degrees in Commerce and
Law. He also completed
a Master of Business
Administration at the
University of Melbourne.
Currently Stuart is a
director of Symbion Pty
Ltd and other EBOS Group
subsidiaries.
Over the last 30 years,
Stuart has been Company
Secretary of Carlton
United Breweries,
Managing Director
of Cascade Brewery
Company Limited in
Tasmania and Managing
Director of San Miguel
Brewery Hong Kong
Limited. In the public
sector, he served as Chief
of Staff to a Minister for
Industry and Commerce
in the Federal Government
and as Chief Executive
of the Tasmanian
Government’s Economic
Development Agency.
He was formerly a director
of Primelife Limited and
Donaco International
Limited.
Stuart McLauchlan,
Independent Director
BCOM, FCA, CF. Inst.D
Stuart McLauchlan was
appointed to the EBOS
Group Limited Board in
July 2019. He is Chairman
of the Audit and Risk
Committee and a member
of the Remuneration
Committee. Stuart is a
Chartered Fellow of the
Institute of Directors and
a Past President. He is a
chartered accountant,
partner of GS McLauchlan
& Co, and a Fellow of the
New Zealand Institute of
Chartered Accountants.
He is currently chairman
of Scott Technology Ltd
and ADInstruments Ltd.
He is a director of Argosy
Properties Ltd as well
as a number of private
companies. He is also
a governor of the New
Zealand Sports Hall of
Fame and member, Marsh
New Zealand Advisory
Board. He was formerly
a director of Ngai Tahu
Tourism Ltd.
Peter Williams,
Independent Director
Peter Williams was
appointed to the EBOS
Group Limited Board in
July 2013. Peter is also a
director of Green Cross
Health Limited. He was
formerly an executive of
The Zuellig Group.

36EBOS Group Limited
2021 Annual Report
Financial Summary
Group revenue exceeded $9 billion
for the first time, up 5.0% on the
prior year, driven by growth in
both our Healthcare and Animal
Care segments, including strong
performances from our Community
Pharmacy, Institutional Healthcare,
Contract Logistics and Animal Care
businesses.
EBOS recorded Underlying Earnings
Before Net Finance Costs and Tax
(EBIT) of $294.5 million, representing
11.9% growth and Underlying Net
Profit After Tax (NPAT) attributable
to shareholders of $188.2 million,
representing 15.5% growth.
Healthcare
The Healthcare segment reported
revenue of $8.7 billion and Underlying
EBIT of $254.9 million, representing
4.4% and 11.4% growth respectively.
In Australia, Healthcare revenue
increased to $6.9 billion and
Underlying EBIT increased to $216.0
million, representing 3.7% and 12.4%
growth respectively. This was driven
by strong performances from our
Community Pharmacy, Institutional
Healthcare and Contract Logistics
businesses.
In New Zealand, Healthcare revenue
increased to $1.8 billion and Underlying
EBIT increased to $38.9 million,
representing 7.3% and 6.0% growth
respectively. This was driven by
increased revenues in Community
Pharmacy and GOR growth in
Contract Logistics.
Animal Care
The Animal Care segment had a very
strong performance with revenue of
$497.5 million and EBIT of $62.9 million,
representing 17.0% and 26.4% growth
respectively.
Our Animal Care businesses were able
to capitalise on strong pet market
conditions as a result of their leading
market positions. This growth was
driven by strong performances across
the segment, including from Black
Hawk, Vitapet and Lyppard, which all
generated robust revenue growth.
Cash flow and balance sheet
EBOS has reported record
operating cash flows before capital
expenditure of $298.3 million.
This cash performance reflects
our strong earnings growth and
continued disciplined working capital
management.
Net capital expenditure for the year
included business-as-usual capital
expenditure of $31.1 million. In addition,
EBOS will commence insource
manufacturing of Black Hawk through
capital investment in a new pet food
manufacturing facility. Total capital
expenditure for the project is expected
to be $80 million, of which $50.9 million
was spent in FY21 and a further
$29 million is expected to be spent
in FY22. In the medium term, the
project is expected to provide returns
consistent with EBOS’ overall Return
on Capital Employed.
Return on Capital Employed for
June 2021 was 18.0%, up 0.9% on the
prior year attributable to our record
earnings for the year while maintaining
a disciplined approach to capital
management. The net debt to EBITDA
ratio was 0.85x, excluding the impact
of IFRS 16 Leases.
EBOS
delivered
another
record
financial result
and double-
digit NPAT
growth.

37EBOS Group Limited
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Acquisitions
Consistent with our strategy of investing for growth,
during the last 12 months, EBOS announced three
acquisitions to expand and diversify our earnings.
These acquisitions included Pioneer Medical, a
New Zealand distributor of medical devices to
orthopaedic and neurosurgeons; Cryomed, an
Australian distributor of medical devices and
consumables to aesthetics clinics; and CH2’s vet
wholesale business.
Dividends
The Directors are pleased to declare a final FY21
dividend of NZ 46 cents per share, which equates to a
full-year dividend of NZ 88.5 cents per share. For the
full year, this represents an increase of 14.2% on the
prior year and a dividend payout ratio of 72%.
The record date for the final dividend is 10 September
2021 and the dividend will be paid on 24 September
2021. The final dividend will again be imputed to 25%
for New Zealand tax resident shareholders and will be
fully franked for Australian tax resident shareholders.
The Dividend Reinvestment Plan (DRP) will not be
operational for the final dividend. EBOS is pleased to
advise shareholders that it has revised its dividend
policy to declare dividends representing between
60% to 80% of NPAT (reflecting an improvement
compared to the previous policy of declaring
dividends not less than 60% of NPAT). The average
payout ratio over the last five years has been
approximately 72%.
Consistent with our
strategy of investing
for growth, during the
last 12 months, EBOS
announced three
acquisitions to expand
and diversify our
earnings.

38EBOS Group Limited
2021 Annual Report
Financial Report
Introducing this report 50
Section A: EBOS performance
A1. Revenue and expenses 52
A2. Segment information 55
A3. Taxation 58
A4. Earnings per share 60
Section B: Key judgements made
B1. Goodwill and intangibles 61
B2. Acquisition information 66
Section C: Operating assets and liabilities used by EBOS
C1. Trade and other receivables 70
C2. Inventories 71
C3. Trade and other payables 72
Section D: Capital assets used by EBOS to operate our business
D1. Property, plant and equipment 73
D2. Capital work in progress 74
Section E: How we fund the business
E1. Share capital 75
E2. Dividends 76
E3. Borrowings 77
E4. Borrowing facilities maturity profile 78
E5. Operating cash flows 79
Section F: EBOS Group structure
F1. Subsidiaries 81
F2. Investment in associates 83
Section G: How we manage risk
G1. Financial risk management 85
G2. Financial instruments 87
Section H: Other disclosures
H1. Contingent liabilities 89
H2. Commitments for expenditure 89
H3. Subsequent events 89
H4. Related party disclosures 90
H5. Remuneration of auditors 90
H6. Leases 91
H7. New accounting standards 93
Contents
Directors’ Responsibility Statement 39
Independent Auditor’s Report 40
Financial Statements 44
Consolidated Income Statement 44
Consolidated Statement of Comprehensive Income 45
Consolidated Balance Sheet 46
Consolidated Statement of Changes in Equity 48
Consolidated Cash Flow Statement 49
Notes to the Consolidated Financial Statements 50
Additional stock exchange information 94
Key
Key judgements and other judgements madeAccounting policy
Explanatory noteSubsequent event
Risks

39EBOS Group Limited
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Directors’ Responsibility
Statement
The Directors of EBOS Group
Limited are pleased to present
to shareholders the financial
statements for EBOS Group Limited
and its controlled entities (together
the “Group”) for the year to 30 June
2021.
The Directors are responsible for
presenting financial statements in
accordance with New Zealand law
and generally accepted accounting
practice, which give a true and fair
view of the financial position of the
Group as at 30 June 2021 and the
results of their operations and cash
flows for the year ended on that date.
The Directors consider the financial
statements of the Group have been
prepared using accounting policies
which have been consistently applied
and supported by reasonable
judgements and estimates and that
all relevant financial reporting and
accounting standards have been
followed.
The Directors believe that proper
accounting records have been
kept which enable with reasonable
accuracy, the determination of the
financial position of the Group and
facilitate compliance of the financial
statements with the Financial
Markets Conduct Act 2013.
The Directors consider that they
have taken adequate steps to
safeguard the assets of the Group,
and to prevent and detect fraud and
other irregularities. Internal control
procedures are also considered to
be sufficient to provide reasonable
assurance as to the integrity and
reliability of the financial statements.
The financial statements are signed
on behalf of the Board by:

Elizabeth Coutts
Chair

Stuart McLauchlan
Director
17 August 2021

40EBOS Group Limited
2021 Annual Report
Independent Auditor’s
Report to the Shareholders
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of EBOS Group Limited and its subsidiaries
(the ‘Group’), which comprise the consolidated balance sheet as at 30 June 2021, and the consolidated
income statement, statement of comprehensive income, statement of changes in equity consolidated
cash flow statement for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 44 to 93, present fairly,
in all material respects, the consolidated financial position of the Group as at 30 June 2021, and its
consolidated financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and International
Financial Reporting Standards (‘IFRS’).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the area of taxation compliance services. These
services have not impaired our independence as auditor of the Group. In addition to this, partners
and employees of our firm deal with the Group on normal terms within the ordinary course of trading
activities of the business of the Group. The firm has no other relationship with, or interest in, the Group.
Audit Materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition,
we also assess whether other matters that come to our attention during the audit would in our
judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We use
materiality both in planning the scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be AUD $13m.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current period. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

41EBOS Group Limited
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Key audit matterHow our audit addressed the key audit matter
Goodwill and Indefinite Life Intangible Asset Impairment Assessment
The Group has $999m of goodwill and $122m of indefinite life
intangible assets, including brands of $95m, on the balance
sheet at 30 June 2021 as detailed in note B1 to the financial
statements.
The carrying values of goodwill and indefinite life intangible
assets are dependent on the future cash flows expected to be
generated by the underlying businesses, and there is a risk if
these cash flows do not meet the Group’s expectations that
the assets may be impaired.
The Group tests goodwill and indefinite life intangible assets
at least annually by determining the recoverable amount
(the higher of value-in-use or fair value less costs to sell)
of the individual assets where possible, or otherwise the cash
generating units to which the assets belong and comparing
the recoverable amounts of the assets to their carrying
values.
The impairment assessment models prepared by the Group
contain a number of significant assumptions. Changes in
these assumptions might lead to a change in the carrying
value of indefinite life intangible assets and goodwill.
The Group has assessed the recoverable amount of brands
based on fair value using the relief from royalty method.
The key assumptions applied in the above models are:
• Annual revenue and expense growth rates for the 5 year
forecast period;
• pre-tax discount rates;
• royalty rates; and
• terminal growth rates.
The Group has assessed the recoverable amount of each
cash generating unit (“CGU”) or group of CGU’s to which
goodwill has been allocated based on value-in-use models.
The key assumptions applied in the value-in-use models are:
• Annual revenue and expense growth rates for the 5 year
forecast period;
• pre-tax discount rates; and
• terminal growth rates.
We have included the impairment assessments of goodwill
and indefinite life intangible assets as a key audit matter
due to the significance of the balances to the financial
statements and the level of judgement applied by the Group
in determining the key assumptions used to determine the
recoverable amounts.
We considered whether the Group’s methodology
for assessing impairment is compliant with NZ IAS
36:
Impairment of Assets. We focused on testing
and challenging the suitability of the models and
reasonableness of the assumptions used by the Group
in conducting their impairment reviews.
Our procedures included:
• agreeing a sample of future cash flows to Board
approved forecasts;
• challenging the reliability of the Group’s revenue and
expense growth rates by comparing the forecasts
underlying the growth rates to historical forecasts
and actual results of the underlying businesses
(where applicable). This also included consideration of
the impact of COVID-19 on both forecast revenue and
profitability of the CGU’s; and
• assessing the reasonableness of key assumptions and
changes to them from previous years.
We used our internal valuation specialists to assist with
evaluating the models and challenging the Group’s key
assumptions. The procedures of the specialists included:
• evaluating the appropriateness of the valuation
methodology;
• testing the mathematical integrity of the models;
• evaluating the Group’s determination of the pre-tax
discount rates and royalty rates used in the models
through consideration of the relevant risk factors for
each CGU, the cost of capital for the Group, and market
data on comparable businesses; and
• comparing the terminal growth rates to market data for
the industry sectors.
We evaluated the sensitivity analysis performed by
management to consider the extent to which a change
in one or more of the key assumptions could give rise to
impairment in the goodwill and indefinite life intangible
assets.

42EBOS Group Limited
2021 Annual Report
Mike Hawken, Partner
For Deloitte Limited
Christchurch, New Zealand
17 August 2021
Other information
The directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial
statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact. We have nothing to
report in this regard.
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/
audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are required
to state to them in an auditor’s 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 Company’s shareholders
as a body, for our audit work, for this report, or for the opinions we have formed.

43EBOS Group Limited
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44EBOS Group Limited
2021 Annual Report
Financial Statements
Notes to the financial statements are included on pages 50 to 93.
Consolidated Income Statement
The Consolidated Income Statement presents income earned and expenditure incurred by the Group during the financial year in
determining profit.
For the financial year ended 30 June 2021Notes
2021
A$’000
2020
A$’000
Revenue
A1(a)9,202,886 8,765,540
Income from associatesF27,0713,355
Profit before depreciation, amortisation,
net finance costs and tax expense (EBITDA)

363,297

333,599
DepreciationA1(b)(60,544)(56,870)
AmortisationA1(b)(12,101)(16,276)
Profit before net finance costs and tax expense (EBIT)
290,652 260,453
Finance income7131,387
Finance costs – borrowings(20,641)(23,657)
Finance costs – leasesH6(7,705) (8,126)
Profit before tax expense
263,019230,057
Tax expenseA3(78,970)(68,541)
Profit for the year
184,049161,516
Profit for the year attributable to:
Owners of the Company185,297162,518
Non-controlling interests(1,248) (1,002)
184,049 161,516
Earnings per share:
Basic (cents per share)A4113.2100.6
Diluted (cents per share)A4113.2100.6

45EBOS Group Limited
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2021 Annual Report
Notes to the financial statements are included on pages 50 to 93.
Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income presents profit for the year, plus gains and losses that are not
recognised in the Consolidated Income Statement and instead are required to be taken directly to reserves within equity.
For the financial year ended 30 June 2021
2021
A$’000
2020
A$’000
Profit for the year
184,049 161,516
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Cash flow hedge gains/(losses)5,933 (2,414)
Related income tax(1,750) 766
Movement in foreign currency translation reserve(2,993)(7,378)
1,190(9,026)
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other comprehensive income(2,433) 926
Total comprehensive income net of tax
182,806 153,416
Total comprehensive income for the year is attributable to:
Owners of the Company184,054154,418
Non-controlling interests(1,248) (1,002)
182,806 153,416

46EBOS Group Limited
2021 Annual Report
Consolidated Balance Sheet
The Consolidated Balance Sheet presents a summary of the Group’s assets, liabilities and equity at the end of the financial year.
As at 30 June 2021Notes
2021
A$’000
2020
A$’000
Current assets
Cash and cash equivalents168,953 244,778
Trade and other receivablesC11,156,4991,022,587
Prepayments14,11112,484
InventoriesC2784,761 737,699
Current tax refundable2782,177
Other financial assets – derivativesG244 109
Total current assets
2,124,646 2,019,834
Non-current assets
Property, plant and equipmentD1172,209173,704
Capital work in progressD270,362 5,783
Prepayments30 327
Deferred tax assetsA3 (b)141,806 131,039
GoodwillB1 (a)999,339 969,623
Indefinite life intangiblesB1 (b)122,354 122,500
Finite life intangiblesB1 (d)40,089 43,792
Right of use assetsH6222,367 222,931
Investment in associatesF247,896 46,679
Other financial assets8,660 10,578
Total non-current assets
1,825,112 1,726,956
Total assets
3,949,758 3,746,790
Current liabilities
Trade and other payablesC31,623,904 1,413,914
Bank loansE3116,640 246,921
Lease liabilitiesH636,498 33,846
Current tax payable35,600 17,505
Employee benefits58,706 42,774
Other financial liabilities – derivativesG26,631 12,629
Total current liabilities
1,877,979 1,767,589
Notes to the financial statements are included on pages 50 to 93.

47EBOS Group Limited
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Notes to the financial statements are included on pages 50 to 93.
As at 30 June 2021Notes
2021
A$’000
2020
A$’000
Non-current liabilities
Bank loansE3323,565 324,916
Lease liabilitiesH6203,621 203,300
Trade and other payablesC33,617 3,988
Deferred tax liabilitiesA3 (b)127,428 128,825
Employee benefits7,845 7,298
Total non-current liabilities
666,076 668,327
Total liabilities
2,544,055 2,435,916
Net assets
1,405,703 1,310,874
Equity
Share capitalE1993,616 961,486
Share-based payments reserve10,350 6,601
Foreign currency translation reserve(21,163) (18,170)
Retained earnings433,453 372,012
Equity instruments fair valued through other comprehensive income(2,561) (128)
Cash flow hedge reserve(2,671) (6,854)
Equity attributable to owners of the Company
1,411,024 1,314,947
Non-controlling interests(5,321) (4,073)
Total equity
1,405,703 1,310,874
Consolidated Balance Sheet continued

48EBOS Group Limited
2021 Annual Report
Consolidated Statement of Changes in Equity
The Consolidated Statement of Changes in Equity presents the components of capital and reserves of the Group and explains the
movements in each component during the financial year.
For the financial year ended
June 2021Notes
Share
capital
A$’000
Share-
based
payments
reserve
A$’000
Foreign
currency
translation
reserve
A$’000
Retained
earnings
A$’000
Equity
instruments
fair valued
through
other com-
prehensive
income
reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Balance at 1 July 2019931,8113,937(10,792)323,635(1,054)(5,206)(3,071)1,239,260
Profit for the year---162,518--(1,002)161,516
Other comprehensive income
for the year, net of tax
--
(7,378)-926(1,648)
-
(8,100)
Payment of dividendsE2---(114,141)---(114,141)
Share-based payments-2,664-----2,664
Dividends reinvestedE123,032------23,032
Employee LTI shares exercisedE16,353------6,353
Employee share plan shares issuedE1358------358
Employee share issue costsE1(68)------(68)
Balance at 30 June 2020961,4866,601(18,170)372,012(128)(6,854)(4,073)1,310,874
Balance at 1 July 2020961,4866,601(18,170)372,012(128)(6,854)(4,073)1,310,874
Profit for the year---185,297--(1,248)184,049
Other comprehensive income
for the year, net of tax
--(2,993)-(2,433)4,183-(1,243)
Payment of dividendsE2---(123,856)---(123,856)
Share-based payments-3,749-----3,749
Dividends reinvestedE127,553------27,553
Employee LTI shares exercisedE13,056------3,056
Employee share plan shares issuedE11,665------1,665
Employee share issue costsE1(144)------(144)
Balance at 30 June 2021
993,61610,350(21,163)433,453(2,561)(2,671)(5,321)1,405,703
Notes to the financial statements are included on pages 50 to 93.

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Notes to the financial statements are included on pages 50 to 93.
Consolidated Cash Flow Statement
The Consolidated Cash Flow Statement presents the cash generated and used by the Group during the financial year.
For the financial year ended 30 June 2021Notes
2021
A$’000
2020
A$’000
Cash flows from operating activities
Receipts from sale of goods and services9,080,007 8,725,652
Interest received713 1,387
Dividends received from associatesF25,761 630
Payments for purchase of goods and services(8,687,637) (8,397,655)
Taxes paid(72,184) (69,037)
Interest paid(28,346) (31,785)
Net cash inflow from operating activities
E5298,314 229,192
Cash flows from investing activities
Sale of property, plant and equipment217 369
Purchase of property, plant and equipment(20,354) (18,310)
Payments for capital work in progress(56,800) (5,918)
Payments for intangible assets(5,106) (5,053)
Investment in associatesF2- (3,694)
Acquisition of subsidiariesB2(31,223) (40,868)
Investment in other financial assets(497) 143
Net cash (outflow) from investing activities
(113,763) (73,331)
Cash flows from financing activities
Proceeds from issue of sharesE132,130 29,675
Proceeds from borrowingsE549,600 40,630
Repayment of borrowingsE5(181,459) (1,236)
Repayment of lease liabilitiesH6(35,261) (31,957)
Dividends paid to equity holders of parent(124,986) (111,834)
Net cash (outflow) from financing activities
(259,976) (74,722)
Net (decrease)/increase in cash held(75,425) 81,139
Effect of exchange rate fluctuations on cash held(400) (2,981)
Net cash and cash equivalents at the beginning of the year244,778 166,620
Net cash and cash equivalents at the end of the year
168,953 244,778

50EBOS Group Limited
2021 Annual Report
Notes to the consolidated financial statements
For the financial year ended 30 June 2021.
Introducing this report
The notes to the financial statements include information that is considered relevant and material to assist the reader in the
understanding of the financial performance and financial position of EBOS Group Limited and its controlled entities (together
“the Group” or “EBOS”).
Information is considered relevant and material if:
• the amount is significant because of its size and nature;
• it is important to assist the readers understanding of the results of EBOS;
• it helps to explain to the reader the changes in the business and/or operations of EBOS; or
• it relates to an aspect of operations that is important to the future performance of EBOS.
EBOS Group Limited (‘the Company’) is a profit-oriented company incorporated in New Zealand, registered under the Companies
Act 1993 and dual listed on both the New Zealand Stock Exchange and the Australian Securities Exchange.
Basis of preparation
The financial statements have been prepared in
accordance with Generally Accepted Accounting
Practice (‘GAAP’). They comply with New Zealand
Equivalents to International Financial Reporting
Standards (‘NZ IFRS’) and other applicable reporting
standards as appropriate for profit oriented entities.
The financial statements comply with International
Financial Reporting Standards (‘IFRS’).
EBOS is a Tier 1 for-profit entity in terms of the New
Zealand External Reporting Board Standard A1.
The Company is a FMC reporting entity for the purposes
of the Financial Markets Conduct Act 2013, and its
financial statements comply with this Act.
The financial statements have been prepared on the
basis of historical cost, except for the revaluation of
certain financial instruments. Cost is based on the fair
value of the consideration given in exchange for assets.
The information is presented in thousands of Australian
dollars, unless otherwise stated.
Critical accounting estimates and judgements
In the process of applying the Group’s accounting
policies and the application of accounting standards,
EBOS has made a number of judgements and
estimates. The estimates and underlying assumptions
are based on historic experience and various other
factors that are considered to be appropriate under
the circumstances. Therefore, there is an inherent risk
that actual results may subsequently differ from the
estimates made.
These estimates and underlying assumptions are
reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised if the revision affects only that
period, or in the period of the revision and future periods
if the revision affects both current and future periods.
Judgements and estimates that are considered
material to understanding the performance of EBOS are
found in the relevant notes to the financial statements.
Key judgements have been made in regards to
assumptions that support the impairment assessment
for goodwill and indefinite life intangibles (note B1)
and the identification and valuation of intangibles
recognised on acquisitions (note B2).

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Introducing this report continued
Basis of consolidation
The Group’s financial statements comprise the
financial statements of EBOS Group Limited, the
parent company, combined with all the entities that
comprise the Group, being its subsidiaries (listed in
note F1) and its share of associate investments (listed
in note F2). The financial statements of the members
of the Group, including associates, are prepared for
the same reporting period as the parent company,
using consistent accounting policies.
Subsidiaries are consolidated on the date on which
control is obtained to the date on which control is lost.
The results of subsidiaries acquired or disposed of
during the year are included in the Consolidated
Income Statement from the effective date of
acquisition or up to the effective date of disposal,
as appropriate.
All significant inter-company transactions and
balances are eliminated on consolidation.
Adopting of new and revised standards and interpretations
In the current year, the Group adopted all mandatory
new and amended standards and interpretations.
None had a material impact on these financial
statements.
The Group is not aware of any NZ IFRS Standards
or Interpretations that have been recently issued
or amended that have not yet been adopted by the
Group that would materially impact the Group for
the reporting period ended 30 June 2021.
Foreign currency
Functional currency
The financial statements of each of the Group’s
entities are measured using the currency of the
primary economic environment in which that entity
operates (“the functional currency”).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rate on the
date of the transaction. At each balance sheet date,
monetary assets and liabilities that are denominated
in foreign currencies are translated at the rates
prevailing on the balance sheet date.
Non-monetary assets and liabilities that are
measured in terms of historical cost in a foreign
currency are not retranslated.

Exchange differences arising on the settlement of
monetary items, and on the translation of monetary
items, are included in the Consolidated Income
Statement for the period.
Foreign operations
On consolidation, the assets and liabilities of EBOS’
overseas operations are translated at the exchange
rate at the reporting date. Income and expense
items are translated at the average rates for the
period. Exchange differences arising are recognised
in the foreign currency translation reserve (in equity),
and recognised in profit or loss on disposal of the
foreign operation.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at
the exchange rate at the reporting date.
Other Accounting Policies
Other accounting policies that are relevant to the
readers understanding of the financial statements
are included throughout the following notes to the
financial statements.

52EBOS Group Limited
2021 Annual Report
A1. Revenue and expenses
(a) Revenue
Revenue consisted of the following items:
2021
A$’000
2020
A$’000
Community Pharmacy
(1)
5,389,989 5,205,591
Institutional Healthcare2,686,014 2,565,111
Contract Logistics Services88,615 74,107
Contract Logistics Sales718,911 638,149
Interdivisional eliminations(178,167)(142,530)
Healthcare8,705,362 8,340,428
Animal Care497,524 425,112
9,202,886 8,765,540
(1) Consumer Products has been combined with Community Pharmacy.
Recognition and measurement
Community Pharmacy and Institutional Healthcare
Revenue is derived from the supply of human healthcare products to pharmacies, hospitals, supermarkets and other
healthcare providers in Australia and New Zealand and overseas distributors for export markets. This includes the supply
of agency products and EBOS’ own branded human healthcare products such as Red Seal, Gran’s Remedy, Faulding,
Nature’s Kiss and Quitnits. Following delivery of the goods, the customer obtains control as it has full discretion over the
manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the
risks of loss in relation to the goods.
A receivable is recognised by the Group when it passes control of the goods, which is when the goods are delivered to
the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the
passage of time is required before payment is made.
The transaction price may be adjusted for customers who pay their account in full, earlier than what standard credit terms
would require, or for incremental costs incurred in obtaining a sales contract which are recognised over the contractual
period. Under the Group’s standard terms with customers, product returns, refunds and provision for warranties are in
accordance with local requirements. Accumulated experience has been used to determine that such returns are not
significant.
Section Overview
This section explains the financial performance of EBOS by:
a) displaying additional information about individual items in the Consolidated Income Statement;
b) presenting further analysis of EBOS’ operating segments by revenue and expenses; and
c) providing an analysis of the components of EBOS’ tax balances for the year and the current imputation credit
account balance.
Section A: EBOS performance

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A1. Revenue and expenses continued
(a) Revenue continued
Recognition and measurement
Contract Logistics
Sales: Sales consist of the sale of human healthcare
products to a wide range of healthcare customers
(wholesalers, pharmacies and medical centres),
in accordance with agreed terms with the customer.
A receivable is recognised by the Group when it
passes control of the goods which is when the goods
are confirmed to be on sold by the customer, as this
represents the point in time at which the right to
consideration becomes unconditional, as only the
passage of time is required before payment is made.
Service fees: Revenue is derived from the provision
of logistics services for a fee to healthcare
manufacturers for their operating activities in
Australia and New Zealand. Service fees are
typically charged for storage of manufacturer’s
inventory holdings and pick, pack and delivery
services provided over a period of time, typically
on a monthly basis, as specified within contractual
rates agreed with the manufacturer.
The performance obligation is satisfied either
at a point in time or over time, as applicable, at
which point the right to consideration becomes
unconditional, as only the passage of time is
required before payment is made.
Under our standard terms with customer’s product
returns, refunds and provision for warranties
provided are in accordance with local requirements.
Accumulated experience has been used to
determine that such returns are not significant.
Animal Care
Revenue is derived from the supply of animal care
products to pet retail and vet clinics across Australia
and New Zealand. Upon delivery of the goods,
the customer assumes full control as it has complete
discretion over the manner of distribution and
pricing of goods, has the primary responsibility when
onselling the goods and bears the risks of loss in
relation to the goods.
A receivable is recognised by the Group when it
passes control of the goods, which is when the goods
are delivered to the customer as this represents
the point in time at which the right to consideration
becomes unconditional, as only the passage of time
is required before payment is made.
Under our standard terms with customer’s product
returns, refunds and provision for warranties are in
accordance with local requirements. Accumulated
experience has been used to determine that such
returns are not significant.

54EBOS Group Limited
2021 Annual Report
A1. Revenue and expenses continued
(b) Expenses
Profit before tax expense has been arrived at after charging the following expenses by nature:
2021
A$’000
2020
A$’000
One-off items
(1)
(3,813) (2,600)
Cost of sales(8,210,446) (7,843,282)
Writedown of inventory(8,127) (4,450)
Impairment loss on trade and other receivables(988) (1,095)
Depreciation of property, plant and equipment(20,813) (19,523)
Depreciation on right of use assets(39,731) (37,347)
Amortisation of finite life intangibles(12,101) (16,276)
Short-term and low value asset leases(5,080) (5,091)
Donations(228) (419)
Employee benefit expense(332,566) (302,535)
Defined contribution plan expense(18,285) (17,222)
Other expenses(267,127) (258,602)
Total expenses(8,919,305) (8,508,442)
(1) One-off items comprise merger and acquisition costs incurred.
Recognition and measurement
Impairment
EBOS reviews the recoverable amount of its tangible and intangible assets, including goodwill, at each balance date.
If the carrying value of an asset exceeds the recoverable amount, an impairment expense is recognised in the income
statement.
Tangible assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of future cash
flows expected to be generated by the asset (value in use).
Depreciation and amortisation
Depreciation is provided for on a straight line basis on all property, plant and equipment other than freehold land,
at depreciation rates calculated to allocate the assets’ cost less estimated residual value, over their estimated useful
lives. Refer to note D1 for the useful lives used in the calculation of depreciation.
Amortisation is charged on a straight line basis over the estimated useful life of finite life intangibles. Refer to note B1(d)
for the useful lives used in the calculation of amortisation.
Short term and low value asset leases
EBOS leases certain land, buildings, plant and equipment.
The Group has elected not to recognise right of use assets and lease liabilities for short-term leases and low value asset
leases. The Group recognises the lease payments associated with the leases as an expense (recognised within other
expenses in the Income Statement on a straight-line basis over the lease term).

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A1. Revenue and expenses continued
(b) Expenses continued
Employee expenses
Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service
leave and employee incentives for services rendered. Provisions are recognised when it is probable they will be
settled and can be measured reliably. They are carried at the remuneration rate expected to apply at the time of
settlement and discounted to the present value of the expected payment to the employee at balance date.
Net finance costs
Finance costs include bank interest and amortisation of costs incurred in connection with borrowing facilities.
Finance costs are expensed immediately as incurred, using the effective interest method, unless they relate to
acquisition and development of qualifying assets, in which case they are capitalised.
Interest income is recognised on a time-proportionate basis using the effective interest method.
A2. Segment information
(a) Reportable segments
EBOS’ major products and services are the same as the reportable segments i.e. Healthcare and Animal Care, with no major
products and services allocated to Corporate.
(b) Segment revenues and results
The following is an analysis of EBOS’ revenue and results by reportable segment:
Revenue from external customers (A$’000)
Corporate
Includes net funding costs and
central administration expenses
that have not been allocated to the
Healthcare or Animal Care segments.
Animal Care Segment
Sales of animal care products in a
range of sectors, own brands,

retail and wholesale activities.
Healthcare Segment
Sales of healthcare products in a
range of sectors, own brands,

retail healthcare, pharmacy
services and wholesale activities.
Animal Care
5%
$497,524
Animal Care
5%
$425,112
Healthcare
95%
$8,705,362
Healthcare
95%
$8,340,428
20212020

56EBOS Group Limited
2021 Annual Report
A2. Segment information continued
EBIT (A$’000)
Net profit/(loss) after tax for the year attributable to owners of the Company (A$’000)
Associate information:
2021
A$’000
2020
A$’000
Included in the segment results above is income from associates:
Animal Care5,6872,661
Healthcare1,384694
Total income from associates7,07 13,355
(b) Segment revenues and results continued
Healthcare
($23,397)($15,609)
Animal CareCorporate
20202021
Healthcare
($38,450)($35,913)
Animal CareCorporate
20202021
$251,107
$226,256
$62,942
$49,806
$162,489
$178,004
$45,743
$35,942

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The following is an analysis of other financial information by reportable segment:
HealthcareAnimal CareCorporate
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
Revenue from external customers8,705,3628,340,428497,524425,112--
EBITDA316,223290,40869,35057,658(22,276)(14,467)
Depreciation of property, plant and
equipment(19,933)(18,724)(880)(799)--
Depreciation on right of use assets(33, 281)(31,012)(5,329)(5,193)(1,121)(1,142)
Amortisation of finite life intangibles(11,902)(14,416)(199)(1,860)--
EBIT
251,107226,25662,94249,806(23,397)(15,609)
Net finance costs----(27,633)(30,396)
Tax (expense)/benefit(74,351)(64,769)(17,199)(13,864)12,58010,092
Profit for the year
176,756161,48745,74335,942(38,450)(35,913)
Non-controlling interests1,2481,002----
Profit for the year attributable to
owners of the Company

178,004

162,489

45,743

35,942

(38,450)

(35,913)
(c) Geographical information
EBOS operates in two principal geographical areas; New Zealand (country of domicile) and Australia.
EBOS’ revenue from external customers by geographical location and information about its segment assets
(non-current assets), excluding investment in associates and deferred tax assets, are detailed below:
AustraliaNew ZealandGroup
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
Continuing operations
Revenue from external customers7,355,220 7,04 5,396 1,847,666 1,720,144 9,202,886 8,765,540
Non-current assets
1,287,114 1,194,822 348,296 354,416 1,635,410 1,549,238
A2. Segment information continued
(b) Segment revenues and results continued

58EBOS Group Limited
2021 Annual Report
A3. Taxation
(a) Tax expense recognised in Consolidated Income Statement
The tax rates used are principally the corporate tax rates of 28% (2020: 28%) payable by New Zealand and 30% (2020: 30%) payable
by Australian corporate entities on taxable profits under tax law in each jurisdiction.
2021
A$’000
2020
A$’000
Tax expense comprises:
Current tax expense:
Current year94,335 72,459
Adjustments for prior years(1,833) (665)
92,502 71,794
Deferred tax (credit)/expense:
Current year(14,942)(3,181)
Adjustments for prior years1,410 (72)
(13,532) (3, 253)
Total tax expense
78,970 68,541
The prima facie income tax expense on pre-tax accounting profit from operations
reconciles to the income tax expense in the financial statements as follows:
Profit before tax expense263,019230,057
Tax expense calculated at 28% (2020: 28%)73,64564,416
Non-deductible expenses4,1092,635
Effect of different tax rates of subsidiaries operating in overseas jurisdictions4,363 3,953
(Over) provision of tax expense in prior years(422)(737)
Other adjustments(2,725)(1,726)
Total tax expense
78,97068,541
(d) Information about major customers
No revenues from transactions that are with a single customer amount to 10% or more of EBOS’ revenues (2020: Nil).
Recognition and measurement
The reportable segments of EBOS have been identified in accordance with NZ IFRS 8 ‘Operating Segments’.
The Group’s operating segments are identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision-maker in order to allocate resources to the segment and to assess its performance.
The accounting policies of EBOS have been consistently applied to the operating segments. Profit before net finance
costs and tax expense (EBIT) is the measure reported to the chief operating decision-maker for the purpose of resource
allocation and assessment of segment performance.
Assets are not allocated to operating segments as they are not reported to the chief operating decision-maker at a segment level.

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A3. Taxation continued
(b) Deferred tax assets and liabilities
Taxable and deductible temporary differences arise from the following:
2021
A$’000
2020
A$’000
Gross deferred tax liabilities:
Property, plant and equipment6,1306,169
Other payables631 1,074
Other financial assets – derivatives161 73
Right of use assets68,269 66,488
Intangible assets52,237 55,021
Total gross deferred tax liabilities
127,428 128,825
Gross deferred tax assets:
Property, plant and equipment12,928 13,611
Other payables43,386 34,461
Other financial assets – derivatives1,938 3,775
Lease liabilities71,086 68,596
Intangible assets12,204 9,597
Tax losses carried forward264 999
Total gross deferred tax assets
141,806 131,039
(c) Imputation credit account balances
2021
A$’000
2020
A$’000
Imputation credit account balances
Imputation credits available directly and indirectly to
shareholders of the parent company:7,4817, 531
Imputation credits allow EBOS to pass on to its shareholders the benefit of the New Zealand income tax it has paid by
attaching imputation credits to the dividends it distributes, reducing shareholders’ net tax obligations.
Recognition and measurement
Income tax expense is the income tax assessed on taxable profit for the year.
Taxable profit differs from profit before tax reported in the Consolidated Income Statement as it excludes items of
income and expense that are taxable or deductible in other years (temporary differences) and also excludes items
that will never be taxable or deductible (permanent differences).
Income tax expense components are current income tax and deferred tax.

60EBOS Group Limited
2021 Annual Report
A3. Taxation continued
Deferred tax is income tax that is expected to be payable or recoverable in the future as a result of the unwinding of
temporary differences. These arise from differences in the recognition of assets and liabilities for financial reporting and
for the filing of income tax returns.
Deferred tax is recognised on all temporary differences, other than those arising:
• from goodwill;
• from the initial recognition of assets and liabilities in a transaction (other than in a business combination) that affects
neither the accounting nor taxable profit or loss; and
• investments in associates and subsidiaries where EBOS is able to control the reversal of the temporary differences and
such differences are not expected to reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the year when a liability is settled or an asset
realised, based on tax rates and tax laws that have been enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent it is probable that future taxable profits will be available to use the asset.
This is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient taxable profits
will be available in the future to utilise the deferred tax asset.
A4. Earnings per share
Basic earnings
per share
Diluted earnings
per share
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
Earnings used in the calculation of
total earnings per shareA$’000185,297 162,518 185,297 162,518
Weighted average number of ordinary shares for
the purposes of calculating earnings per share
No.
(000’s)163,711161,557 163,711 161,557
Earnings per shareCents113.2100.6 113.2 100.6
Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the company by the
weighted average number of ordinary shares on issue during the year excluding shares held as treasury stock.
Diluted earnings per share assumes conversion of all dilutive potential ordinary shares in determining the denominator.

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B1. Goodwill and intangibles
(a) Goodwill
Notes
2021
A$’000
2020
A$’000
Gross carrying amount
Balance at beginning of financial year969,623 947,055
Recognised from business acquisition during the year
B2
30,435 27,706
Effects of foreign currency exchange differences(719) (5,138)
Net book value
999,339 969,623
Recognition and measurement
Goodwill arising on the acquisition of a subsidiary is recognised as an asset at the date that control is acquired
(the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount
of any non-controlling interest in the acquiree, and the fair value of the acquirer’s previously-held equity interest
(if any) in the acquiree over the fair value of the identifiable net assets recognised.
Goodwill is not amortised, but is reviewed for impairment at least annually. For the purpose of impairment testing,
goodwill is allocated to each of EBOS’ CGUs or groups of CGUs expected to benefit from the synergies of the
combination.
CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is
an indication that the unit may be impaired. The recoverable amount is the higher of fair value less costs to sell
and value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is first
allocated to reduce the carrying amount of any goodwill and then to the other assets of the unit on a pro-rata basis.
Any impairment loss on goodwill is recognised immediately in profit or loss and is not subsequently reversed.
Section B: Key judgements made
Section Overview
This section identifies the balances and transactions to which key judgements have been made by EBOS in
the preparation of these financial statements. Key judgements have been made in regards to the estimates
for future cash flows for goodwill and indefinite life intangibles impairment assessment purposes, and the
identification of intangible assets and recognition of goodwill for business acquisitions.

62EBOS Group Limited
2021 Annual Report
B1. Goodwill and intangibles continued
(b) Indefinite life intangibles
TerryWhite
Chemmart
Brands
A$’000
Other
Healthcare
Brands
A$’000
Franchise
Network
A$’000
Animal
Care
Brands
A$’000
Healthcare
Trademarks
A$’000
To tal
A$’000
Gross carrying amount
Balance at 1 July 201936,550 34,38010,95425,21516,483123,582
Effects of foreign currency exchange
differences - (557)-(144)(381)(1,082)
Balance at 30 June 2020
36,550 33,82310,95425,07116,102122,500
Effects of foreign currency exchange
and other differences (12) (62)-(20)(52)(146)
Balance at 30 June 202136,53833,76110,95425,05116,050122,354
Recognition and measurement
Indefinite life intangible assets represent purchased brands, trademarks and a franchise network asset that are initially
recognised at fair value. These intangible assets are tested annually for impairment on the same basis as for goodwill.
Judgement: useful lives of indefinite life intangible assets
The Directors have assessed these brands, trademarks and a franchise network asset as having an indefinite useful
life. In coming to this conclusion the expected expansion of these assets across other products and markets, the typical
product life cycle of these assets, the stability of the industry in which the assets are operating, the level of maintenance
expenditure required and the period of legal control over these assets has been considered.

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B1. Goodwill and intangibles continued
(c) Cash-generating units
The carrying amount of goodwill and indefinite life intangibles allocated to CGUs or groups of CGUs is as follows:
GoodwillIndefinite life intangibles
2021
A$’000
2020
A$’000
2021
A$’000
2020
A$’000
Healthcare Australia
1
660,918 642,710 12,682 12,689
Healthcare New Zealand
2
68,081 68,295 21,079 21,146
Healthcare: Pharmacy/Logistics NZ
3
88,484 88,769 16,050 16,102
Healthcare: TerryWhite Group
4
27, 2 29 20,306 47,492 47,492
Animal Care
5
154,627 149,543 25,051 25,071
999,339 969,623 122,354 122,500
1 Australian Consumer, Hospital, Pharmacy, Primary Healthcare sectors.
2 New Zealand Consumer, Hospital, Primary Healthcare, Aged Care and International Product Supplies.
3 New Zealand Pharmacy Wholesaler and Logistic Services.
4 Australia – TerryWhite Group.
5 New Zealand and Australia Animal Care.
For the year ended 30 June 2021 the Directors have determined that there is no impairment of any of the CGUs containing
goodwill, brands, trademarks or the franchise network asset (2020: Nil).
Key judgement: impairment assessment assumption
The recoverable amounts of cash generating units are determined on the basis of value in use calculations.
The recoverable amount calculations are most sensitive to changes in the following assumptions:
Revenue
Estimated by management based on revenue achieved in the period immediately before the
start of the assessment period and adjusted each year for any anticipated growth.
Operating costs
Estimated by management based on current trends at the start of the assessment period and
adjusted for expected changes in the business or sector in which the business operates.
Discount rates
Estimated by management based on a current market assessment of the time value of money,
cost of capital and risks specific to the asset or CGU to which the cash flows generated by that
asset or CGU are being assessed.

64EBOS Group Limited
2021 Annual Report
B1. Goodwill and intangibles continued
(c) Cash-generating units continued
20212020
Goodwill
Annual revenue growth rates2.5% - 7.0%2.5% - 6.3%
Allowance for increases in expenses2.5% - 4.9%2.2% - 6.0%
Pre-tax discount rates11.6% - 13.7%12.5% - 13.8%
Terminal growth rate 2.5%2.5%
Key estimate: value in use calculation
The value in use calculation uses cash flow projections based on financial forecasts approved by the Board and
management covering a five year period, including terminal value, and management’s past experience. The following
estimates were used in the value in use calculation:
Key estimate: value in use calculation
The fair value of indefinite life intangibles has been calculated using the relief from royalty method. The following estimates
were used:
Management has carried out a sensitivity analysis and believe that any reasonably possible change in the key assumptions
would not cause the book value of any of the CGUs, or groups of CGUs to exceed their recoverable amount.
Indefinite life intangibles
Annual revenue growth rates3.0% - 7.2%3.0% - 6.9%
Allowance for increases in expenses2.5% - 4.9%2.2% - 6.0%
Royalty rate3.0% - 11.8%3.0% - 11.8%
Pre-tax discount rates12.3% - 20.3%13.3% - 20.8%
Terminal growth rate 2.5%2.5%

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B1. Goodwill and intangibles continued
(d) Finite life intangibles
Other
A$’000
Customer
relationships/
contracts
A$’000
To tal
A$’000
Gross carrying amount31,959106,874138,833
Accumulated amortisation and impairment(16,421)(78,620)(95,041)
Balance at 30 June 2020
15,53828,25443,792
Gross carrying amount40,486106,874147,360
Accumulated amortisation and impairment(20,389)(86,882)(107, 27 1)
Balance at 30 June 2021
20,09719,99240,089
Aggregate amortisation recognised as an expense during the year:
2021
A$’000
2020
A$’000
Customer relationships and contracts8,26313,201
Other3,8383,075
12,10116,276
Recognition and measurement
Finite life intangible assets are recorded at cost less accumulated amortisation. Amortisation is charged on a
straight line basis over their estimated useful life. Other finite life intangible assets comprise primarily of software.
Judgement: useful lives of finite life intangible assets
The Group is in the process of assessing the implementation and ongoing costs of SaaS arrangements, in response
to recent agenda decisions issued by IFRIC on how accounting standards apply to these types of arrangements.
This analysis is expected to be completed in the first half of 2022.
In determining the estimated useful life of finite life intangible assets (of a period of between one to 12 years)
the following characteristics have been assessed: (i) expected expansion of the usage of the assets, (ii) the typical
product life cycle of these assets, (iii) the stability of the industry in which the assets are operating, and (iv) the level
of maintenance expenditure required. The estimated useful life and amortisation period is reviewed at the end of
each annual reporting period.

66EBOS Group Limited
2021 Annual Report
B1. Goodwill and intangibles continued
(e) Goodwill and intangibles accounting policies
Accounting policies
At each balance sheet date, EBOS reviews the carrying amounts of its non-current assets to determine whether there is
any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, EBOS estimates the recoverable amount of the CGU to which the asset
belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have
not been adjusted.
If the recoverable amount of an asset (CGU) is estimated to be less than its carrying amount, the carrying amount of the
asset (CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, other than for Goodwill, the carrying amount of the asset (CGU)
is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (CGU) in prior years. A reversal of an impairment loss is recognised as income immediately. Impairment losses cannot
be reversed for goodwill.
B2. Acquisition information
The following material acquisitions of subsidiaries took place during the year:
Name of business acquiredPrincipal activities
Date of
acquisition
Cost of
acquisition
A$’000
2021:
100% of the business assets and liabilities of
Cryomed Aesthetics (Cryomed)HealthcareOctober 202022,231
100% of the assets of CH2’s vet wholesale division (CH2 Vet)Animal CareNovember 20209,242

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B2. Acquisition information continued
Carrying value
A$’000
Fair value
adjustment
A$’000
Fair value on
acquisition
A$’000
Current assets
Cash and cash equivalents11-11
Trade and other receivables2,551(103)
1
2,448
Prepayments18-18
Inventories8,103(1,499)
2
6,604
Non-current assets
Property, plant and equipment257-257
Deferred tax assets-579
3
579
Current liabilities
Trade and other payables(789)(294)
4
(1,083)
Employee benefits(258)-(258)
Current liabilities
Employee benefits(113)-(113)
Net assets acquired
9,780(1,317)8,463
Combined details of acquisitions undertaken during the current year are as follows:

68EBOS Group Limited
2021 Annual Report
Judgements made:
1
To recognise the fair value of trade and other receivables on acquisition.
2
To recognise the fair value of inventories on acquisition.
3
To recognise deferred tax assets on acquisition.
4
To recognise the fair value of trade and other payables on acquisition.
Recognition and measurement
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method.
The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities
incurred or assumed, and equity instruments issued by EBOS in exchange for control of the acquiree. Acquisition-related
costs are recognised in profit or loss as incurred.
Where applicable, the cost of acquisition includes any asset or liability resulting from a contingent consideration
arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are adjusted against the
cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of
contingent consideration classified as an asset or liability are accounted for in accordance with relevant NZ IFRSs. Changes
in the fair value of contingent consideration classified as equity are not recognised.
Goodwill arising on acquisition
Goodwill arose on the acquisition of the business operations of Cryomed and CH2 Vet because the cost of acquisition included a
control premium paid. In addition, goodwill resulted from the consideration paid for the benefit of future expected cash flows above
the current fair value of the assets acquired and the expected synergies and future market benefits expected to be obtained.
These benefits are not recognised separately from goodwill as the expected future economic benefits arising cannot be reliably
measured and they do not meet the definition of identifiable intangible assets.
Cryomed was acquired as it is a profitable Australasian medical device business which the Group believes fits strategically with its
Australasian healthcare business assets.
CH2 Vet was acquired as it is a profitable Australian animal care business which the Group believes fits strategically with its
Australian animal care business assets.
Deferred consideration of $8.5m was recognised as future EBITDA earn out targets of the businesses acquired, on which the
consideration is payable, have, or are expected to be achieved.
The impact of the acquisitions on the results of the Group for the period ended 30 June 2021 are not considered material and are
therefore not disclosed in the financial statements.
Carrying value
A$’000
Fair value
adjustment
A$’000
Fair value on
acquisition
A$’000
Goodwill on acquisition30,435
Total consideration38,898
Less cash and cash equivalents(11)
Deferred purchase consideration(8,500)
Net cash outflow from acquisition
30,387
B2. Acquisition information continued

69EBOS Group Limited
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B2. Acquisition information continued
Impact on the Consolidated Cash Flow Statement of all acquisitions during the year:
2021
A$’000
2020
A$’000
Subsidiaries acquired
Consideration
Cash and cash equivalents30,39839,516
Deferred purchase consideration8,500 (2,073)
Total consideration38,898 37,4 43
Represented by
Net assets acquired8,4639,737
Goodwill on acquisition30,435 27,706
Total consideration38,898 37,4 43
Net cash outflow on acquisition
Cash and cash equivalents consideration30,39839,516
Deferred purchase consideration836 -
Less cash and cash equivalents acquired(11) -
Plus bank overdraft acquired- 1,352
Net cash consideration paid31,223 40,868

70EBOS Group Limited
2021 Annual Report
C1. Trade and other receivables
2021
A$’000
2020
A$’000
Trade receivables (i)1,112,747 997,4 50
Other receivables57,625 37,940
Provision for expected credit losses (ii)(13,873) (12,803)
1,156,499 1,022,587
Recognition and measurement
Trade receivables are measured on initial recognition at fair value, and are subsequently carried at amortised cost. They are
presented as current assets unless collection is not expected for more than 12 months after the reporting date.
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and
there is no realistic prospect of recovery.
The Directors believe that the carrying amount of trade and other receivables approximates their fair value.
(i) Trade receivables are non-interest bearing. Interest may be charged on outstanding overdue balances in accordance with the
terms and conditions under which goods are supplied. Trade debtors generally have terms of 30 days.
(ii) Provision for expected credit losses
Section C: Operating assets and liabilities used by EBOS

Not due
A$’000
30–60
days
A$’000
60–90
days
A$’000
90+
days
A$’000

To tal 2 0 2 1
A$’000
Trade receivables – total1,084,51921,8422,9923,3941,112,747
Provision for expected credit losses – total(1,017)(8,306)(1,686)(2,864)(13,873)

Not due
A$’000
30–60
days
A$’000
60–90
days
A$’000
90+
days
A$’000

Total 2020
A$’000
Trade receivables – total953,57331,5415,1287, 208997,4 50
Provision for expected credit losses – total(654)(3,865)(2,963)(5,321)(12,803)
Section Overview
This section provides further analysis on the significant operating assets and liabilities of EBOS. These balances
comprise the material net working capital balances used by EBOS to run its day to day operating activities.

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C1. Trade and other receivables continued
Recognition and measurement
The Group recognises a loss allowance for expected credit losses (“ECL”) on trade receivables. The amount of ECLs
is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial
instrument.
The Group measures the provision for ECL using the simplified approach to measuring ECL, which uses a lifetime
expected loss allowance for all trade receivables. The Group determines lifetime ECLs for groups of trade receivables
with shared credit risk characteristics. Groupings are based on customer, trading terms and ageing.
An ECL rate is determined based on the historic credit loss rates for the Group, adjusted for other current observable
data that may materially impact the Group’s future credit risk. This other observable data includes specific factors in
relation to each debtor or general economic conditions of the industry in which the debtors operate.
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than
90 days past due unless the Group has reasonable basis that a more lagging default criterion is more appropriate.
C2. Inventories
2021
A$’000
2020
A$’000
Raw materials – at cost6,5032,459
Finished goods – at cost778,258 735,240
784,761 737,699
Recognition and measurement
Inventories consist of raw materials (for the manufacturing operations of EBOS) and finished goods.
Inventories are recognised at the lower of cost, determined on a weighted average basis, and net realisable value.
Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the inventories to their present location and condition. Net realisable value represents the
estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.

72EBOS Group Limited
2021 Annual Report
C3. Trade and other payables
2021
A$’000
2020
A$’000
Current
Trade payables1,469,202 1,296,851
Other payables142,710 112,485
Deferred purchase consideration11,992 4,578
1,623,904 1,413,914
Non-current
Other payables3,6173,988
3,617 3,988
Recognition and measurement
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
Trade and other payables, are initially measured at fair value and subsequently measured at amortised cost,
using the effective interest method.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Trade payables are unsecured and are generally settled within the month following the invoice date.

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2021 Annual Report
Reconciliation of the net carrying amount from the beginning to the end of the year (A$’000)
D1. Property, plant and equipment
Freehold
land
A$’000
Buildings
A$’000
Leasehold
improvements
A$’000
Plant and
equipment
A$’000
Office equipment,
furniture and fittings
A$’000
To tal
A$’000
Cost28,64942,43738,421104,28731,985245,779
Accumulated depreciation-(7, 8 82)(12, 204)(36,360)(15,629)(72,075)
Balance at 30 June 2020
28,64934,55526,21767,92716,356173,704
Cost28,64343,11538,857116,44834,816261,879
Accumulated depreciation-(9,217)(15,167)(45,389)(19,897)(89,670)
Balance at 30 June 2021
28,64333,89823,69071,05914,919172,209
Section D: Capital assets used by EBOS to operate our business
Opening
balance
250,000
200,000
150,000
100,000
50,000
-
Additions/
transfers from
WIP
AcquisitionsDisposalsDepreciationForexClosing
Balance
$20,354
($1,197)
($20,813)($96)
$257
$173,704
$172,209
Section Overview
This section explains what capital assets, such as property, plant and equipment, that EBOS uses to operate our
business activities. This section also describes the material movements in capital assets during the year.

74EBOS Group Limited
2021 Annual Report
Recognition and measurement
Property, plant and equipment is initially recorded at cost. Cost includes the original purchase consideration and those
costs directly attributable to bringing the item of property, plant and equipment to the location and condition for its
intended use. After recognition as an asset, property, plant and equipment is carried at cost less accumulated depreciation
and impairment losses.
Depreciation of property, plant and equipment assets, other than freehold land, is calculated on a straight-line basis.
This allocates the cost or fair value amount of an asset, less any residual value, over its estimated useful life.
Judgements and estimates – useful lives
EBOS estimates the remaining useful life of assets as follows:
• Buildings: 20 to 50 years
• Leasehold improvements: two to 15 years
• Plant and equipment: two to 20 years
• Office equipment, furniture and fittings: two to 10 years
The residual value and useful lives are reviewed and if appropriate adjusted at each reporting date.
D2. Capital work in progress
2021
A$’000
2020
A$’000
Capital work in progress70,3625,783
70,3625,783
Capital work in progress relates to buildings under construction and software development. The additional cost to complete the
projects is estimated at $25,030,000 (2020: $4,492,000).
D1. Property, plant and equipment continued

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Capital management
EBOS manages its capital, meaning total shareholders’ funds, to provide appropriate returns to shareholders whilst
maintaining a capital structure that safeguards its ability to remain a going concern and optimises the cost of capital.
Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of
its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.
E1. Share capital
2021
No.
000’s
2021
To tal
A$’000
2020
No.
000’s
2020
To tal
A$’000
Fully paid ordinary shares
Balance at beginning of financial year162,864961,486 161,708 931,811
Dividend reinvested – October1,23327, 553 415 9,301
Dividend reinvested – April-- 724 13,731
Issue of shares to staff under employee share plan671,66517 358
Employee share issue costs-(144) - (68)
Shares vested under the long term executive
incentive scheme-3,056- 6,353
164,164993,616162,864 961,486
2021
No.
000’s
2020
No.
000’s
Treasury stock
Opening stock5851,225
Share scheme – shares fully vested(585)(600)
Share scheme – shares forfeited-(40)
-585
Section E: How we fund the business
Section Overview
This section explains how EBOS funds its operations and shows the sources of other available facilities that it
may call upon if required to fund its operational or future investing activities.

76EBOS Group Limited
2021 Annual Report
E2. Dividends
Recognition and measurement
Dividends are approved by the Board in New Zealand dollars. Dividends recognised in the Statement of Changes in Equity
are converted from New Zealand dollars to Australian Dollars at the exchange rate applicable on the date the dividend was
approved.
Unrecognised dividends are converted at the exchange rate applicable on the reporting date.
2021 2020
A$ Cents

per share
To tal
A$’000
A$ Cents
per share
To tal
A$’000
Recognised amounts
Fully paid ordinary shares:
Final – prior year36.559,22535.0 56,378
Interim – current year39.564,631 35.9 57,763
Dividends per share 76.0123,856 70.9 114,141
Unrecognised amounts
Final dividend42.870,30537.460,846
2021
NZ$ Cents
per share
2020
NZ$ Cents
per share
Recognised amounts
Fully paid ordinary shares:
Final – prior year40.037.0
Interim – current year42.537.5
Dividends per share 82.574.5
Unrecognised amounts
Final dividend46.040.0
Subsequent event
A dividend of NZ 46.0 cents per share was declared on 17 August 2021 with the dividend being payable on 24 September
2021. The anticipated cash impact of the dividend is approximately $70.3m.
The following table shows dividends approved in New Zealand dollars:
New Zealand dollar dividends paid to equity holders of the parent are translated into Australian dollars and disclosed in the cash
flow statement at the foreign currency exchange rate applicable on the date they are paid.

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E3. Borrowings
2021
A$’000
2020
A$’000
Current
Bank loans – securitisation facility (i)116,640179,408
Bank loans (ii)-67, 513
116,640246,921
Non-current
Bank loans (ii)323,565324,916
323,565324,916
(i) EBOS, through a subsidiary company, has a trade debtor securitisation facility of $400.0m (2020: $400.0m)
of which $283.4m was unutilised at 30 June 2021 (2020: $220.6m). The securitisation facility involves providing security over
the future cash flows of specific trade receivables, which meet certain criteria, in return for cash finance on a contracted
percentage of the security provided. As recourse, in the event of default by a trade debtor, remains with EBOS, the trade
receivables provided as security and the funding provided are recognised on the EBOS Consolidated Balance Sheet.
At 30 June 2021, the value of trade receivables provided as security under this securitisation facility was $158.5m (2020:
$226.9m). The net cash flows associated with the securitisation programme are disclosed in the Consolidated Cash Flow
Statement as cash flows from financing activities.
(ii) EBOS has gross bank term loan facilities of $789.5m (2020: $692.7m), of which $465.9m was unutilised at
30 June 2021 (2020: $300.3m).
In February 2021, the Group refinanced $443.0m of bank term loan and working capital facilities. The limit was increased to
$464.5m and the maturity dates were extended to February 2024 for $171.5m of debt facilities and May 2025 for $293.0m of
debt facilities.
In June 2021, the Group entered into a new $75.0m secured term debt facility for the construction of a new pet food
manufacturing facility. The maturity date of the debt facility is June 2026.
EBOS is in full compliance with its debt facility financial covenants. All bank loans, excluding the securitisation facility, are
secured by a charge over the assets of EBOS.
Recognition and measurement
All loans and borrowings are initially recognised at cost, being the fair value of the consideration received plus issue
costs associated with the borrowing. After initial recognition, these loans and borrowings are subsequently measured
at amortised cost using the effective interest method, which allocates the cost through the expected life of the loan or
borrowing. The fair value of non-current borrowings is approximately equal to their carrying amount.
Bank loans are classified as current liabilities unless EBOS has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.

78EBOS Group Limited
2021 Annual Report
2021
A$’000
2020
A$’000
Bank overdraft facility, reviewed annually and payable at call:
Amount unused1,3641,368
1,3641,368
Bank loan facilities with various maturity dates through to June 2026
(2020: May 2023)
Amount used440,205 571,838
Amount unused749,295 520,909
1,189,500 1,092,747
E4. Borrowings facilities maturity profile
As at 30 June 2021, EBOS had unrestricted access to the following lines of available credit:
FacilityA$millionsMaturity
Term debt facilities ($AUD)250.01-2 years
Term debt facilities ($NZD)46.52-3 years
Term debt facilities ($AUD)125.02-3 years
Term debt facilities ($AUD)293.03-4 years
Term debt facilities ($AUD)75.04-5 years
Securitisation facility ($AUD)400.02-3 years
Less than
1 year
A$’000
1–2 years
A$’000
2–3 years
A$’000
3–4 years
A$’000
4–5 years
A$’000
5+ years
A$’000
To tal
A$’000
Bank loans
20217,1787,178170,859228,73850,251-464,204
2020255,81939,622293,091---588,532
The following table shows the remaining contractual maturity for EBOS’ borrowings at balance date. The table includes both
interest and principal (undiscounted) cash flows, with total bank loans of $440.2m (2020: $571.8m):
Financing activities