Macquarie Australia Conference Presentation

EBOS Group Limited. NZBN 9429031998840
Level 7, 737 Bourke Street, Docklands, Victoria 3008, Australia.
Phone: +61 3 9918 5555, Fax: +61 3 9918 5588.
www.ebosgroup.com


4 May 2022
NZX/ASX Code: EBO



Macquarie Australia Conference Presentation

Please see attached a copy of a presentation to be delivered at the Macquarie Australia Conference
today.


For further information please contact:
Martin Krauskopf
General Manager, Mergers & Acquisitions and Investor Relations
+61 3 9918 5555

Authorised for lodgement with NZX and ASX by Janelle Cain, General Counsel, EBOS Group
Limited.



About EBOS Group
EBOS Group Limited NZBN 9429031998840 (NZX/ASX Code: EBO) is the largest and most diversified
Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical
products. It is also a leading Australasian animal care brand owner, product marketer and distributor.

INVESTOR
PRESENTATION
MACQUARIE AUSTRALIA
CONFERENCE
4 May 2022

DISCLAIMER
The information in this presentation was prepared by EBOS Group Limited (“EBOS” or the “Group”) with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete, and, to the extent permitted by law, no representation ismade as to the accuracy,
completeness or reliability of the information. In addition, neither EBOS nor any of its subsidiaries, directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)arising from this presentation or
any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect EBOS’ current expectations, based on what it thinks are reasonable
assumptions. To the extent permitted by law, EBOS gives no warranty or representation as to its future financial performance or any future matter. Except as
required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things change materially. This
presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to
buy EBOS securities and may not be relied upon in connection with any purchase of EBOS securities.
This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITA, EBITDA, NPAT, Underlying
EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Interest cover, Net Debt, UnderlyingNet Debt and Return on
Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’ calculation of these measures may differ from similarlytitled measures presented by
other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measuresdetermined in accordance
with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS' business, readers are
cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statementsfor the year ended 30 June
2021 and the consolidated financial statements for the half year ended 31 December 2021.
All currency amounts are in Australian dollars unless stated otherwise.
All amounts are presented inclusive of IFRS16 Leases, except for periods FY19 and prior, unless stated otherwise.
Underlying results exclude the impact of one-off items.
2

Australia
80%
NZ
20%
EBOS SNAPSHOT
Snapshot:
3Notes: 1. Market capitalisation as at 29 April 2022. 2. As at 30 June 2021. 3. Sector split based on FY21 GOR and geography split based on FY21 Revenue.
Businesses:
EBOS Group is a leading diversified Healthcare and Animal Care group
Segments
3
:
$7bn+
market capitalisation
Ranked ~10
th
/ ~80
th
on NZX / ASX
1
$9.2bn
FY21 revenue
3,700
employees
2
63
locations across ANZ
2
$294m
FY21 Underlying EBIT
Community Pharmacy
(incl. TerryWhite Chemmart)
Institutional Healthcare
Contract Logistics
Pet Brands
Vet Wholesale
Pet Retail
Healthcare
•
Animal Care
Healthcare
86%
Animal Care
14%
Geographies
3
:

OUR TRANS-TASMAN HISTORY
4
EBOS’ history stretches back 100 years in New Zealand and 175+ years in Australia
1845
Francis Hardy Faulding
opened his first
pharmacy in Adelaide,
South Australia
1922
Early Brothers
Trading Co. is
founded
2011
EBOS acquires pet
brand business,
Masterpet
EBOS acquires
Symbion and lists
on the ASX
2013
Early Bros Dental &
Surgical Supplies is
listed on NZX
1960
Australia
New Zealand
Symbion acquires
veterinary wholesaler,
Lyppard Australia
2011
2007
EBOS acquires
Pharmacy Retailing
New Zealand
2021
EBOS releases its
inaugural
Sustainability Report
2022
Market capitalisation exceeds
$7bn following the announced
proposed acquisition of
LifeHealthcare
Symbion is formed via
the demerger of Mayne
Group into Mayne
Pharma and Symbion
2005

INVESTMENT THEMES
5
EBOS has had a strong track record of growth, yield and shareholder returns
Defensive growth sectors
Scale and leading positions
Diversified group
Proven value creation strategy
Multiple growth drivers
Strong financial track record for over 20 years

LEADING POSITIONS IN ATTRACTIVE SEGMENTS
EBOS segment positions across ANZ:
6
Sources and notes: 1. Pharmacy wholesale represents Ethicals, OTC and FMCG products and does not include directs across ANZ. 2. Hospital medicine wholesale include Ethicals and OTC and is based on industry data for February
2022 and excludes direct across ANZ. 3. Premium dog food reflects the pet specialty channel and is based on management estimatesusing industry data; 4. Grocery dog treats segment share is based on industry data. 5. Australian
healthcare expenditure sourced from IBISWorld reports on Pharmaceuticals Wholesaling, Aged Care Residential Services, GeneralPractice Medical Services, Private and Public General Hospitals and Medical and Scientific Equipment
Wholesaling in Australia. CAGR is calculated for the period between June 2018 and June 2021. Australian Animal Care expenditure sourced from management estimates of Australian market size and consists of total spend on dog
and cat food, treats and products across grocery, specialty and vet channels. CAGR is calculated for the period between June 2018 and June 2021.
Australia sector growth
5
(3 year CAGR):
We operate leading businesses in defensive growth segments
#1
pharmacy
wholesale
1
#1
hospital
medicine
wholesale
2
#1
premium dog
food
3
#1
grocery dog
treats
4
~4%
~9%
Healthcare expenditureAnimal Care expenditure
Growing and ageing
population
Growing pet population and
humanisation of pets

VALUE CREATION STRATEGY
7
Notes: 1. ~70% average payout ratio over FY14 to FY21. 2. EPS CAGR is underlying and is measured over FY14-FY21. 3. DPS yield calculated as reported DPS divided by average
LTM share price as at 31 December 2021; represents broad average depending on share price fluctuations.
Our businesses generate organic growth and significant cash flow, which funds our strategy of investing for growth, as well as
dividends for shareholders
DIVIDENDS
ORGANIC GROWTH
AND DISCIPLINED CASH FLOW
MANAGEMENT
INVESTING FOR GROWTH
~3% DPS YIELD
3
~10% EPS CAGR
2
~70% PAYOUT RATIO
1
(IMPUTED / FRANKED)
MAXIMISING OPPORTUNITIES FROM
OUR LEADING BUSINESSES
GROWTH CAPEX AND ACQUISITIONS

MULTIPLE GROWTH DRIVERS
8
EBOS leverages multiple growth drivers to generate shareholder value
Organic growth
Investing for growth
Underlying growth from
exposure to Healthcare and
Animal Care industries
Continuing to win share
through scale and
service
Disciplined capital allocation
supports our growth and
extends our leadership
Accretive and strategic
acquisitions to diversify
earnings, supplement growth
and create value
Industry growthSegment share growthCapex in operational
infrastructure
M&ATotal growth

138
160
185
204
218
230
263
295
FY14FY15FY16FY17FY18FY19FY20FY21
12.4%
14.2%
15.8%
16.3%
15.8%
15.9%
17.1%
18.0%
FY14FY15FY16FY17FY18FY19FY20FY21
57
66
77
86
90
94
101
113
FY14FY15FY16FY17FY18FY19FY20FY21
41
47
59
63
69
72
78
89
FY14FY15FY16FY17FY18FY19FY20FY21
STRONG FINANCIAL TRACK RECORD
Underlying EBIT
1
:
(A$m)
9Notes: 1. Underlying earnings exclude the impact of one-off items. 2. Total shareholder return calculated as at 31 December 2021and includes dividends.
Underlying EPS
1
:
(A$ cents per share)
EBOS has delivered consistent financial performance through the cycle
Total shareholder returns
2
:
Return on capital employed:
(ROCE, %)
DPS:
(NZ$ cents per share)
47%
1 year
117%
3 year
727%
10 year
11.4% CAGR
15% target
10.3% CAGR
11.6% CAGR~70% avg. payout

DIVERSE PORTFOLIO OF BUSINESSES
GOR ($m):
10
EBOS has a diversified portfolio of businesses that are all contributing to growth
Community PharmacyInstitutional HealthcareContract LogisticsAnimal Care
6.0% CAGR9.1% CAGR15.6% CAGR7.3% CAGR
419
499
FY18FY21
197
256
FY18FY21
60
92
FY18FY21
111
137
FY18FY21

INTRODUCTION TO EBOS’ BUSINESS ACTIVITIES
11Notes: 1. FY21 GOR
EBOS Group is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and
pharmaceutical products. It is also a leading marketer and distributor of recognised animal care brands
51%26%9%
14%
Primary
businesses
Pharmacy Wholesale
Retail Pharmacy Management
Value Added Services
Hospital Medicines Wholesale
Medical Consumables
Distribution
Hospital Pharmacy
Management
Contract LogisticsPet Brands
Vet Wholesale
Pet Retail
Medical Devices Distribution
Healthcare
Community Pharmacy
Institutional Healthcare
Contract Logistics
Animal Care
GOR
contribution
1

COMMUNITY PHARMACY
Key trends:
12Notes: 1. Based on PBS ethical products and excludes directs.
Australian pharmaceutical PBS ethical wholesaling segment share
1
:
Leading pharmaceutical wholesaler in ANZ with best-in-class distribution network, as well as retail pharmacy management for
TWC, one of Australia’s largest community pharmacy networks
TerryWhite Chemmartfranchise network expansion (# stores):
Alignment to large wholesale pharmacy customers,
driving above-market growth
Ongoing expansion of the TerryWhite Chemmartnetwork,
one of Australia’s leading community pharmacy networks,
now with 500+ stores
Continual investment in distribution network to optimise
productivity and provide leading service solutions to
customers
30%+
40%+
FY18H1 FY22
~400
500+
FY19FY22 YTD

INSTITUTIONAL HEALTHCARE
Key trends:
13Notes: 1. Announced but not yet completed.
Recent acquisitions:
A leading distributor and wholesaler of medical devices, medicines and medical consumables
Expected to achieve a leading position in medical devices
distribution within three years of entering the sector,
following completion of LifeHealthcareacquisition
Growth in specialty medicines in hospital channel
Continued organic and inorganic growth in medical
consumables distribution
Medical
consumables
distribution
Medical
devices
distribution
1

CONTRACT LOGISTICS
Key trends:
14Notes: 1. Expected to commence operations in H2 FY23.
Contract Logistics’ network across ANZ:
Specialised healthcare contract logistics provider with market share upside in Australia
Trusted outsourced logistics partner for pharmaceutical
manufacturers that has played a critical role during
COVID-19
Need for improved medicines supply chain certainty
driving global pharmaceutical manufacturers to hold
more stock onshore in ANZ
Continued expansion of warehouse infrastructure to
capture market share upside in Australia
New South Wales
New Zealand
Pemulway
25,000m
2
Eastern Creek
(new)
1
~27,500m
2
Auckland
(2 sites)
17,400m
2

ANIMAL CARE
Key trends:
15
Completed pet food manufacturing facility in Parkes NSW:
Owner and marketer of leading pet food and treats brands with newly completed manufacturing capability and the leading
vet wholesaler in Australia
New product development:
Supportive market tailwinds via growing pet population,
the humanisation of pets and premiumisation of products
Realising benefits of our ~$80m investment in a state-of-
the-art pet food manufacturing facility
Leveraging our strong brands into new product
development opportunities
Black Hawk Dog TreatsBlack Hawk Puppy

COST BASE
•EBOS is well positioned to manage potentially increasing costs through top line growth as well as its scale and leading market
positions
•Key group costs include:
‒COGS
‒Labour
‒Freight
‒Occupancy
•Group EBITDA margins were stable in H1 FY22
16

EBOS continues to progress ESG initiatives in areas that are important to our stakeholders
ENVIRONMENT, SOCIAL AND GOVERNANCE
Our ESG program comprises five pillars
17

✓Targets: established, profitable, well managed and growing businesses
✓Size: bolt-on through to larger opportunities
✓Geography: Australia, New Zealand and increasingly SE Asia
✓Disciplined adherence to investment criteria
STRATEGIC ACQUISITIONS
~20 acquisitions since 2014 adding $800m+ to annual Group revenue:
18Notes: 1. EBOS has a 44% interest in Good Price Pharmacy Warehouse. 2. Announced but not yet completed.
Acquisition strategy:
Our acquisitions diversify and grow our earnings and are value accretive to shareholders
Key focus areas:
Medical devices
distribution
Retail pharmacy franchise
networks
Medical consumables
distribution
Animal Care brands
VET
Healthcare
Animal
Care
2
Nature’s
Synergy
1

LIFEHEALTHCAREUPDATE
•One of the largest independent distributors of third party medical devices, consumables, capital
equipment and inhouse manufactured allograft material in Australia, New Zealand and SE Asia
•Comprises two divisions: ANZ Distribution & Allograft and SE Asia Distribution
Overview of LifeHealthcare:
19Notes: 1. Excludes transaction costs. 2. On a 100% consolidated basis. 3. Based on proforma FY21 financials.
EBOS announced the acquisition of LifeHealthcareon 9 December 2021, one of the largest independent distributors of
medical devices across ANZ and South East Asia
•EBOS acquired LifeHealthcarefor
approximately $1,167m
1
•The transaction is expected to complete
before the end of FY22
Key details:
•Distribution partner to leading device OEMs
•Therapeutic areas include spine,
orthopaedics, neurovascular intervention,
plastics and reconstructive surgery
•Processes and distributes allograft tissue
products for use in a variety of surgical
procedures
ANZ Distribution & Allograft
•Distribution partner to some of the world’s
largest medical device manufacturers
•Therapeutic areas covered include
orthopaedics, blood therapy, in vitro
diagnostics and cardiac
•Presence in Singapore, Malaysia, Thailand,
Indonesia, Hong Kong, Philippines and
Vietnam
•51% interest with path to full ownership
SE Asia Distribution
•Substantially accelerates EBOS’ medical
devices strategy and creates scale
•Expands and diversifies EBOS’ earnings and
increases exposure to the high growth
medical devices sector
‒Institutional Healthcare division to
represent 38% of group GOR post
acquisition (up from 26%)
3
•A measured entry into South East Asia,
providing a platform for growth in the region
Strategic rationale:

GEOGRAPHIC EXPANSION OPPORTUNITY
Healthcare expenditure
1
:
20
Notes: 1. Healthcare expenditure in US$ sourced from World Bank and from Hong Kong’s Food and Health Bureau and based on 2019data. HK dollars converted to US dollars
using HKDUSD exchange rate of 0.13. 2. South East Asia consists of Singapore, Indonesia, Malaysia, Philippines, Thailand, Vietnam and Hong Kong. 3. 3 year CAGR calculated based
on the period between calendar years 2016 and 2019.
Healthcare expenditure growth rates (3 year CAGR)
3:
The acquisition of an interest in the SE Asia Distribution business within LifeHealthcarehas opened up the region as a
potential growth opportunity, both in medical devices as well as other Group businesses
~US$135bn~US$135bn
AustraliaSouth East Asia
2
4.1%
7.2%
AustraliaSouth East Asia
2
Similar sized markets
Higher growth rate

CONCLUSION
21
EBOS has had a strong track record of growth, yield and shareholder returns
Defensive growth sectors
Scale and leading positions
Diversified group
Proven value creation strategy
Multiple growth drivers
Strong financial track record for over 20 years

Questions

APPENDIX
23

BUSINESS ACTIVITIES: HEALTHCARE
FY21 Group GOR contribution %
24Notes: 1. Following completion of the LifeHealthcareacquisition.
Healthcare overview:
EBOS is the largest and most diversified Australasian marketer, wholesaler and distributor of healthcare, medical and
pharmaceutical products
Pharmacy Wholesale
Retail Pharmacy
Management
Value Added Services
Community
Pharmacy
Institutional
Healthcare
Contract Logistics
Medical Devices
Distribution
Hospital Medicine
Wholesale
Medical Consumables
Distribution
Hospital Pharmacy
Management
Leading wholesaler of pharmaceutical and healthcare products to retail
pharmacies in ANZ
Provider of franchisor and support services to leading pharmacy banners
including 500+ TerryWhite Chemmartstores in Australia
Provider of software and other services including point of sale, medication
management and business data intelligence services to pharmacies in ANZ
A leading third party distributor of medical devices to surgeons and clinicians
across Australia, New Zealand and South East Asia
1
Leading wholesaler of pharmaceuticals to hospitals in ANZ
Strong presence in wholesaling of medical consumables to hospitals, aged care,
medical centres and GPs in ANZ
Leading provider of outsourced pharmacy services to hospitals in Australia
Leading 3PL/4PL provider to pharmaceutical and healthcare products
manufacturers in ANZ
51%
26%
9%

BUSINESS ACTIVITIES: ANIMAL CARE
25
Animal Care overview:
EBOS is also a leading marketer and distributor of animal care brands
Owner and marketer of Blackhawk, a leading premium pet food brand and
Vitapet, a leading pet treats brand, as well as other brands, sold through pet
specialty and grocery retailers in ANZ
Wholesaler of pet medicines, health and food products to vet clinics and pet
retailers in Australia
50% joint venture partner in Animates, a leading pet retailer and owner of vet
clinics with 51 locations in New Zealand
Pet Brands
Vet Wholesale
Pet Retail
Animal Care
14%
FY21 Group GOR contribution %

H1 FY22 SUMMARY RESULTS
26Notes: 1. Excludes $628.3m of net cash proceeds raised via the December 2021 share placement in connection with the expected acquisition of LifeHealthcare
EBOS’ strong performance has continued with another record half year result
$mUnderlyingVarStatutoryVar
Revenue5,25112.8%5,25112.8%
EBITDA207.712.8%199.99.7%
EBIT169.114.4%161.310.6%
NPAT109.315.8%101.99.7%
EPS (cents)66.615.2%61.48.0%
DPS (NZ cents)47.010.6%
ROCE (%)18.2%0.7%
Net debt : EBITDA (x)1.28x
1
0.28x
Double-digit earnings
growth
Continued ROCE
improvement
Strong balance sheet
Increased dividends to
shareholders
Investing for growth

Healthcare
EBIT up 17.0%
1
•Healthcare’s strongperformance was driven by our Community Pharmacy, TerryWhite Chemmart (“TWC”), Institutional Healthcare and
Contract Logistics businesses. Key highlights included:
oCommunity Pharmacy wholesale volumes grew strongly driven by customer and market share growth and the return of Pfizer’s
retail pharmacy volumes to the wholesale channel;
oTWC network sales growth of 7.4% and 16 net new trading stores added to the network;
oInstitutional Healthcare growth driven by specialty medicines, medical consumables demand and medical devices growth;
oContract Logistics seeing increased demand for protective equipment, testing kits and COVID-19 vaccines; and
oThree acquisitions completed in H1 FY22 –Pioneer Medical, Sentry Medical and MD Solutions. We also announced we have
reached agreement to acquire LifeHealthcare which will create a leading ANZ and SE Asia medical device distributor. This
acquisition is expected to complete in H2 FY22.
Animal Care
EBIT up 14.9%
•Animal Care’s Black Hawk, Vitapet and Lyppard businesses maintained strong sales growth. Key highlights included:
oOur key pet brands, Black Hawk and Vitapet strengthened their market positions and capitalised on strong pet care market
conditions;
oLyppard experienced another period of solid growth primarily driven by sales in the vet channel; and
oConstruction completed and commissioning phase commenced at our new state of the art pet food manufacturing facility in
Parkes, NSW, with full commercial benefits expected in FY24.
Group
NPAT up 15.8%
1
•Excellent operating cash flow of $106.8m.
•ROCE of 18.2%, which is a record for the Group.
•Underlying Net Debt : EBITDA increased to 1.28x
2
due to investing for growth in acquisitions and capital expenditure. EBOS has no debt
maturities until H2 FY23.
KEY HIGHLIGHTS (H1 FY22)
27
Notes: 1. Growth rates are calculated based on Underlying EBIT and Underlying NPAT (as applicable). 2. Excludes $628.3m of net cash proceeds raised via the December 2021 share
placement in connection with the expected acquisition of LifeHealthcare.
Continued strong organic growth in Healthcare and Animal Care and investing for future growth

GROUP PERFORMANCE (H1 FY22)
28
Notes: 1. Underlying Net Debt and Underlying Net Debt : EBITDA ratio excludes the impacts of IFRS16 Leases and excludes $628.3m of net cash proceeds raised via the December
2021 share placement in connection with the expected acquisition of LifeHealthcare. Including the proceeds of the share placement, EBOS had net cash of $226 million as at 31
December 2021.
•Revenue of $5,250.9m, an increase of $597.6m or 12.8%:
oHealthcare up 12.9%.
oAnimal Care up 12.4%.
•Underlying EBIT of $169.1m, an increase of $21.3m or 14.4%:
oHealthcare up 17.0%.
oAnimal Care up 14.9%.
•Underlying EBIT margin expanded to 3.22% (from 3.18%).
•Underlying NPAT and EPS increased by 15.8% and 15.2%,
respectively.
•Increased Underlying Net Debt of $402.3m and Underlying Net Debt :
EBITDA of 1.28x reflects investing for growth in acquisitions and
capital expenditure
1
.
•Due to high levels of M&A activity during the period, $7.4m (post tax)
of one-off M&A costs were incurred that are excluded from
underlying NPAT.
$mH1 FY22H1 FY21VarVar%
Underlying Results
Revenue5,250.9 4,653.3 597.6 12.8%
GOR575.0 488.6 86.4 17.7%
EBITDA207.7 184.1 23.5 12.8%
Depreciation & Amortisation38.6 36.3 (2.3)(6.2%)
EBIT169.1 147.8 21.3 14.4%
Net Finance Costs13.8 14.1 0.3 1.8%
Profit Before Tax155.3 133.8 21.5 16.1%
Net Profit After Tax109.3 94.3 14.9 15.8%
Earnings per share -cps66.6c57.8c8.8c15.2%
EBIT margin3.22%3.18%0.04%
Underlying Net Debt
1
402.3 308.9
Underlying Net Debt : EBITDA
1
1.28x0.85x
Statutory Results
Revenue5,250.9 4,653.3 597.6 12.8%
EBITDA199.9 182.2 17.7 9.7%
EBIT161.3 145.9 15.4 10.6%
Profit Before Tax147.5 131.9 15.7 11.9%
Net Profit After Tax101.9 92.9 9.0 9.7%
Earnings per share -cps61.4c56.9c4.5c8.0%

BUSINESS AND SEGMENT PERFORMANCE (H1 FY22)
GOR bridge ($m)
29
Underlying EBIT bridge ($m)
Our Healthcare and Animal Care businesses contributed positively to strong earnings growth
10.5%25.4%37.6%17.2%17.7%
H1 FY22
growth
vs. pcp
H1 FY21
GOR
Community
Pharmacy
Inst.
Healthcare
Contract
Logistics
Animal
Care
H1 FY22
GOR
488.6
575.0
+26.2
+32.0
+16.5
+11.7
17.0%14.9%(44.5%)14.4%
H1 FY21
Underlying
EBIT
HealthcareAnimal
Care
Corporate H1 FY22
Underlying
EBIT
147.8147.8
169.7
169.1169.1
+21.9
+4.6
(5.2)

GLOSSARY OF TERMS AND MEASURES
TermDefinition
RevenueRevenue from the sale of goods and the rendering of services.
Gross OperatingRevenue (GOR)Revenue less cost of sales and the write-down of inventory.
EBITDAEarnings before interest, tax, depreciation and amortisation.
Underlying EBITDAEarnings before interest, tax, depreciation, amortisation and adjusted forone-off items.
EBITEarnings before interest and tax.
Underlying EBITEarnings before interestand tax and adjusted for one-off items.
PBTProfit before tax.
Underlying PBTProfit before tax and adjusted for one-off items.
NPATNet Profit After Tax attributable to the owners of the company.
Underlying NPATNet Profit After Tax attributable to the owners of the company and adjusted for one-offitems.
One-off itemsTransaction costs incurred on M&A activities.
Free Cash FlowCash from operating activitiesless capital expenditure net of proceeds from disposals.
Earnings per share (EPS)Net Profit after tax divided by the weighted average number of shares on issue during the periodin accordance with IAS 33 ‘Earnings per share’.
IFRSInternational FinancialReporting Standards.
Underlying EPS
Underlying NPAT divided by the weighted average number of shares onissue during the period, excluding the impact of shares issued from the equity
raise in December 2021.
Underlying NetDebtNet debtexcluding the impacts of IFRS16 Leases and the proceeds from the equity raise in December 2021.
Underlying Net Debt : EBITDA
Ratio of Underlying net debt at period end to the last 12 months Underlying EBITDA, adjusting for pre acquisition earnings of acquisitions for the period.
Calculation is applied for the Group’s banking covenants.
Return on CapitalEmployed
(ROCE)
Underlyingearnings before interest, tax and amortisationof finite life intangibles for 12 months (EBITA) divided by closing capital employed(excluding
IFRS16 Leases and including a pro-rata adjustment for entities recently acquiredand strategicinvestments).
Except where noted, common terms and measures used in this document are based upon the following definitions:
30

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