Half Year Results
19 February 2025
MARKET RELEASE
NZX/ASX Code: EBO
EBOS 2025 Half-Year Results
EBOS REPORTS STRONG UNDERLYING GROWTH
1
REFLECTING THE STRENGTH OF ITS
DIVERSIFIED BUSINESS MODEL
Half-Year Highlights
2
• Revenue of $6.0 billion (up 9.5%
1
)
• Underlying EBITDA of $291 million (up 7.1%
1
)
• Underlying NPAT
of $131 million
• Underlying EPS of 67.5 cents
• Interim dividend declared of NZ 57.0 cents per share (maintained at H1 FY24 level)
• Strong progress made on our near-term growth strategies:
o Underlying EBITDA growth for the Healthcare and Animal Care segments of 7.0%
1
and 7.2% respectively
o Approximately $100m revenue from new pharmacy wholesale customers ($450m+
annualised)
o $15m cost savings achieved
o Three investments completed in the Medical Technology business in Southeast Asia
3
• EBOS reiterates its guidance that the Group expects to generate Underlying EBITDA between
$575 - $600 million in FY25
$m
4,5
Underlying Results (ex. CWA
1
)
2
Statutory Results
Total Revenue $5,991m up 9.5% $5,991m down 9.0%
EBITDA $291m up 7.1% $276m down 9.0%
EBIT $236m up 7.8% $207m down 12.4%
Net Profit after Tax $131m $110m down 18.9%
Earnings per Share 67.5 cents 56.9 cents down 19.8%
Interim Dividend per Share NZ 57.0 cents maintained
To provide a like-for-like comparison to the prior corresponding period, where applicable, this release
includes comparisons against underlying earnings exclusive of the estimated revenue and earnings
from the Chemist Warehouse Australia (CWA) contract. It also shows comparisons on a statutory
basis.
2
In commenting on today’s results, EBOS Chief Executive Officer, John Cullity said:
“We are pleased with the Group’s performance for the half year and we are on-track to achieve our
guidance for the full year. This performance reflects the execution of our near-term strategies to
drive revenue growth
1
, cost efficiencies and strategic acquisitions.
The statutory results are down on the prior corresponding period reflecting the loss of the CWA
distribution contract. However, the Group increased Underlying EBITDA by 7.1% excluding the CWA
contract.
EBOS’ Healthcare segment grew Underlying EBITDA by 7.0%
1
, benefitting from its leading market
positions, and had solid contributions from each of the Community Pharmacy
1
, TerryWhite
Chemmart (TWC) and Institutional Healthcare businesses.
Our TWC business continued its trajectory of strong growth with store numbers now at 616, an
increase of 52 stores over the last 12 months and like for like sales growth of 9.3%. Our Symbion
wholesale business will also benefit in future periods from the recently executed First Pharmacy
Wholesale Agreement which was signed in December 2024 and which will support a sustainable
wholesale remuneration model.
EBOS’ Animal Care segment grew Underlying EBITDA by 7.2%, driven by the strong performance of
the branded business. The core brands continued to either expand or maintain share leadership,
supported by new product developments launched in 2024 that continued to resonate with
customers. Vet wholesale also returned to steady growth.
Consistent with the Group’s strategy of growing in Southeast Asia, we made three investments in the
region, including two bolt-on acquisitions and increasing our shareholding in Transmedic from 90% to
100%
3
.
The Group is well positioned to deliver long-term growth due to its defensive growth sectors, scale
and leading positions, diversification and multiple growth drivers. This is supported by the Group’s
strong financial track record of delivering consistent year-on-year Gross Operating Revenue (GOR)
growth over the last decade, excluding the CWA contract, with GOR CAGR of 11.1% over this period.”
In commenting on today’s result, EBOS Chair, Elizabeth Coutts said:
“Given the significant adjustment to our business volumes in the first half, it is pleasing to see EBOS
continue to deliver a strong underlying performance
1
. The Board has maintained the interim dividend
at NZ 57.0 cents, the same level as the prior period, reflecting our confidence in the future growth of
the Group.”
3
Healthcare
Healthcare ($m) 31 Dec 2024 31 Dec 2023 Variance Growth ex.
CWA
1
Revenue $5,687m $6,296m (9.7%) 9.7%
Statutory EBITDA $235m $274m (14.0%)
Underlying EBITDA
2
$250m $275m (9.1%) 7.0%
Underlying EBITDA margin 4.4% 4.4% flat
Our Healthcare segment generated revenue of $5.7 billion and Underlying EBITDA of $250 million, an
increase of 9.7% and 7.0%
1
respectively on the prior corresponding period. This performance was
driven by organic growth and strong performances across the Community Pharmacy
1
, TWC and
Institutional Healthcare businesses.
In Australia, Healthcare revenue was $4.4 billion and Underlying EBITDA was $200 million, an
increase of 11.8% and 6.6% respectively
1
led by Community Pharmacy and Institutional Healthcare.
In New Zealand & Southeast Asia, Healthcare revenue was $1.3 billion and Underlying EBITDA was
$51 million, representing growth of 2.8% and 8.5% respectively, primarily driven by double-digit
EBITDA growth in our Transmedic business in Southeast Asia and growth in New Zealand, excluding
COVID-19 related products.
Community Pharmacy revenue was $3.1 billion (up 12.2%
1
), driven by approximately $100m of
revenue from new wholesale customers in H1 FY25 ($450m+ annualised), growth from existing
pharmacy wholesale customers, TWC’s continued sales growth and store expansion and accelerating
sales of GLP-1 medicines, as supply becomes increasingly available. The Community Pharmacy
business made excellent progress in adjusting to the lower sales volumes with a number of initiatives
implemented to ensure our productivity measures were in line with expectations. Further
improvements are expected in the second half and FY26 as we adjust our operations to the lower
volumes. Pleasingly, the First Pharmaceutical Wholesaler Agreement was signed in December 2024
and provides for a modest funding increase from H2 FY25 and a further increase from FY27.
The TWC network reached 616 stores in the half, adding 52 stores in the last year and grew network
sales by 11.0% and like-for-like sales by 9.3%.
Institutional Healthcare revenue increased by $191 million (up 9.7%) and Gross Operating Revenue
increased by $25 million (up 8.3%). Medicines and consumables revenue grew by 10.5%, driven
predominantly by Symbion Hospitals’ sales of high value specialty medicines. Medical Technology
delivered revenue growth of 5.5% driven by strong growth in allografts, implants and orthopaedics
and double-digit growth in Southeast Asia. Medical Technology g rowth was partially offset by supply
issues in the spine channel, which are expected to ease in the second half, and capital sales being
impacted by reduced hospital demand.
4
Three investments were completed in the Medical Technology business in Southeast Asia and are
consistent with EBOS’ strategy of growing in that region
3
. The Group recently increased its
shareholding in Transmedic from 90% to 100% and completed two bolt-on acquisitions, one in
Malaysia and one in the Philippines, which strengthen Medical Technology’s presence in the
orthopaedics segment in those countries. In aggregate, we have deployed approximately $70 million
for these three investments.
Our Contract Logistics business in Australia continues to generate growth through new and existing
principals, enabled by the investment in new warehouse capacity. In New Zealand, the Contract
Logistics business experienced a reduction in first half GOR due to a fall in demand for the storage
and servicing of COVID-19 related products. As a result, overall Contract Logistics GOR was in line
with the prior corresponding period.
Animal Care
Animal Care ($m) 31 Dec 2024 31 Dec 2023 Growth
Revenue $304m $286m 6.3%
Statutory EBITDA $59m $47m 25.8%
Underlying EBITDA
2
$59m $55m 7.2%
Underlying EBITDA margin 19.5% 19.3% 20bp
Our Animal Care segment generated revenue of $304 million and Underlying EBITDA of $59 million,
an increase of 6.3% and 7.2% respectively on the prior corresponding period. Animal Care segment
growth was driven by the strong performance of the branded business.
The branded business grew revenue by 7.6%, driven by strong performances from Black Hawk and
VitaPet which have continued to either grow or maintain share leadership. In addition, our Superior
Pet Food business performed well, with growth in dog roll products and bulk treats. The branded
business also grew revenue from new products launched in 2024. This growth was partially offset by
softer demand in discretionary categories such as accessories.
Animal Care’s wholesale business, Lyppard, returned to steady growth with revenue growth for the
period of 4.8%, due to higher trading in vet groups combined with easing of cat vaccine supply issues.
One-off Costs
The Group incurred one-off costs of $15 million in the first half primarily associated with one-off
M&A transaction costs and non-recurring restructuring and site transitions costs
6
. Refer to Appendix
1 for further details.
5
Cash Flow, Return on Capital Employed, Net Debt and Net Finance Costs
The Group generated a solid underlying operating cash flow of $205 million, up $90 million compared
to the prior corresponding period, reflecting an improvement in net working capital.
Return on Capital Employed (ROCE), excluding the CWA contract, was 1 3.3%. As previously
communicated, ROCE has been reset with the conclusion of the CWA contract. On a like-for-like
basis, ROCE marginally improved compared to June 2024.
The Net Debt : EBITDA ratio at 31 December 2024 was 2.07x (2.06x as at 31 December 2023). During
the period, EBOS refinanced its corporate debt facilities, extending the weighted average maturity to
3.3 years (FY24: 1.6 years) and increasing available funds by approximately $150 million.
Net Finance Costs increased to $51 million primarily due to lease interest costs associated with new
distribution centres and higher interest rates.
Sustainability and Community
We remain committed to implementing environmentally responsible practices and initiatives across
our business. While New Zealand already utilises renewable energy, we remain on track to self-
generate solar power equivalent to our forecast Australian electricity consumption by FY27. In
October 2024, we released our first Climate Statement which can be found at
www.ebosgroup.com/sustainability/climate-statement
.
Masterpet has begun transitioning its VitaPet Snacks and Treats ranges into 100% recyclable
packaging. This transition will take place throughout 2025 as we gradually introduce the new
packaging into retail outlets.
Cyber security remains a priority for the Group. We continued to implement a comprehensive cyber
security uplift program to further enhance security in line with evolving threats. We also achieved
ISO 27001 cyber security certification for an additional three business units.
We introduced Executive Safety Leadership Walks in our distribution centres to drive proactive
engagement, increase visibility and improve safety outcomes. In addition, we launched the EBOS Life
Savers initiative, which outlines critical controls to reduce the risk of significant injury or harm to our
employees during high-risk activities.
EBOS continues to collaborate with community partners across New Zealand and Australia who align
with our purpose ‘Advance opportunities to enrich lives’. Our Group and employees continue to
support organisations including Ovarian Cancer Australia, Guide Dogs Australia, BackTrack, LandSAR,
FightMND, Cerebral Palsy Alliance and others. Further detail on our ESG Program can be found at
www.ebosgroup.com/sustainability
.
6
CEO Succession
As separately announced today, John Cullity will be retiring as CEO, effective 30 June 2025, and Mr
Adam Hall will commence as CEO on 1 July 2025.
Adam Hall is a highly accomplished global executive with a strong track record in strategic growth,
mergers and acquisitions and operational excellence. Most recently, as Group Executive & President
– Asia for Orica Limited, he successfully led significant growth in earnings and scale, while driving
innovation and efficiency.
The Chair and Board express their gratitude to John for his outstanding leadership, which has been a
key driver of EBOS’ strong growth over his seven years as CEO and look forward to welcoming Adam
to the EBOS team.
Board Renewal
Consistent with EBOS’ Board renewal process, Matt Muscio was appointed as a non-executive
director and Coline McConville was appointed as an independent non-executive director, effective 1
January 2025 and 1 February 2025 respectively. The appointments are consistent with EBOS’ Board
succession planning. EBOS has appointed five new directors since July 2021 with a diverse mix of
skills. The Board is now comprised of seven directors, of which six are independent.
Interim Dividend
The Directors declared an interim dividend of NZ 57.0 cents per share, maintained at the H1 FY24 level,
reflecting the Board’s confidence in the future growth of the Group. This implies a dividend payout
ratio of 77.3%
7
on an underlying basis.
The Dividend Reinvestment Plan (DRP) will be operational for the interim dividend. Shareholders can
elect to take shares in lieu of a cash dividend at a discount of 2.5% to the volume weighted average
share price (VWAP).
The record date for the dividend is 28 February 2025 and the dividend will be paid on 21 March 2025.
The dividend will be imputed to 25% for New Zealand tax resident shareholders and fully franked for
Australian tax resident shareholders.
7
Outlook
EBOS is pleased with the strong underlying earnings growth
1
in the first half of FY25, driven by both
organic growth and acquisitions.
EBOS has demonstrated resilience and delivered underlying growth
1
as we adapt positively to
changing market dynamics, reflecting the defensive and diverse nature of the Group.
EBOS reiterates its guidance that the Group expects to generate Underlying EBITDA between $575 –
$600 million in FY25. This implies growth of approximately 5-10% compared to the prior year
1
. H1
FY25 Underlying EBITDA growth of 7.1%
1
is supportive of this guidance.
The Group continues to explore an active pipeline of M&A opportunities.
This media release, the half-year results and related materials were authorised for lodgement with
NZX and ASX by the Board of EBOS Group Limited.
For further information, please contact:
Investor Relations:
Martin Krauskopf
EGM, Strategy, M&A and Investor Relations
EBOS Group
+61 402 026 060
martin.krauskopf@ebosgroup.com
Media Contacts
John Bennetts Patrick Rasmussen
Head of Corporate Affairs and Communications Public Relations Exchange
EBOS Group +61 430 159 690
+61 498 000 897
john.bennetts@ebosgroup.com
Financial Results Presentation webcast link:
https://edge.media-server.com/mmc/p/g6eook5c
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.
8
Appendix 1 – Reconciliation of Statutory to Underlying Results
H1 FY25 underlying earnings exclude one-off M&A transaction costs, non-recurring restructuring and
site transition costs and the amortisation (non-cash) expense attributable to the LifeHealthcare
acquisition PPA of finite life intangible assets.
H1 FY24 underlying earnings excludes one-off M&A costs, primarily associated with a large strategic
transaction which did not proceed, and the amortisation (non-cash) expense attributable to the
LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible assets.
To provide a like-for-like comparison to the prior corresponding period, where applicable, this
presentation includes comparisons against underlying earnings exclusive of the estimated earnings
from the Chemist Warehouse Australia (CWA) contract for the 31 December 2023 period.
1
Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the Chemist Warehouse
Australia (CWA) contract.
2
Underlying earnings for both the 31 December 2024 and 31 December 2023 periods exclude one-off M&A transaction
costs, the amortisation (non-cash) expense attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of
finite life intangible assets and non-recurring restructuring and site transition costs. Refer to Appendix 1 for details.
3
Includes one acquisition that was previously announced at the FY24 results and was completed in July 2024, and one
investment that was completed in January 2025.
4
All amounts included are denoted in Australian dollars unless otherwise stated.
5
Comparisons shown to prior corresponding period.
6
Excludes the LifeHealthcare PPA amortisation.
7
Dividend payout ratio is based on an underlying basis on a NZD:AUD average exchange rate of 0.912.
---
INVESTOR
PRESENTATION
Interim Financial Results
Half year ended 31 December 2024
19 February 2025
DISCLAIMER
2
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 is made
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 Operating Revenue, EBITDA, EBIT, NPAT, Underlying
Operating Expenditure, Underlying EBITDA, Underlying EBIT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Underlying Cash from
Operations, Underlying Free Cash Flow, Cash Conversion Days, Net Debt, Leverage, Net Debt : EBITDA and Return on Capital Employed (ROCE).
Because they are not defined by GAAP or IFRS, EBOS’ calculation of these measures may differ from similarly titled measures presented by other
companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in
accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance and condition of EBOS'
business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the audited consolidated financial statements for the half
year ended 31 December 2024.
EBOS and its businesses are subject to known and unknown risks, some of which are beyond the control of EBOS and/or may not be fully mitigated.
A summary of key financial and non-financial risks identified by EBOS can be found under ‘Risk Management’ at https://www.ebosgroup.com/who-
we-are/corporate-governance. This should not be considered an exhaustive list.
All currency amounts are in Australian dollars unless stated otherwise.
Underlying earnings for the 31 December 2024 period exclude M&A transaction costs, non-recurring restructuring and site transition costs
and the amortisation (non-cash) expense attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life
intangible assets. Underlying earnings for the 31 December 2023 period exclude M&A transaction costs and the amortisation (non-cash)
expense attributable to the LifeHealthcare acquisition PPA of finite life intangible assets.
To provide a like-for-like comparison to the prior corresponding period, where applicable, this presentation includes comparisons against
underlying earnings exclusive of the estimated earnings from the Chemist Warehouse Australia (CWA) contract for the 31 December 2023
period.
KEY HIGHLIGHTS
3
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the Chemist Warehouse Australia (CWA) contract.
Strategy execution driving strong revenue growth (ex.
CWA
1
)
Benefits from efficiency and cost management
Strong cash generation and dividend maintained
Disciplined capital allocation and strategic investments to
support future growth
First Pharmacy Wholesale Agreement supporting a
sustainable wholesale remuneration model
FINANCIAL SUMMARY
4
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
2.Variance is H1 FY25 Statutory compared to H1 FY24 Statutory.
3.Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts.
4.ROCE as at 31 December 2024 and ROCE growth (based on comparison to 30 June 2024) are normalised to exclude the CWA contract.
Revenue
$5,991m
(+9.5% ex. CWA
1
)
Statutory Revenue $5,991m (-9.0%
2
)
Underlying EBITDA
$291m
(+7.1% ex. CWA
1
)
Statutory EBITDA $276m (-9.0%
2
)
Underlying EPS
67.5 cents
Statutory EPS 56.9 cents (-19.8%
2
)
Leverage Ratio
3
2.07x
(flat)
ROCE
13.3%
(+10bp ex. CWA
4
)
Interim Dividend
NZ 57.0 cents per
share
EBOS reports strong underlying growth (ex. CWA
1
) reflecting the strength of its diversified business model and
reiterates guidance that the Group expects to generate Underlying EBITDA between $575 – 600 million in FY25
$mH1 FY25H1 FY24VarVar%
Var% ex
CWA
1
Underlying Results
2
Revenue5,9916,582(591)(9.0%)9.5%
GOR799813(14)(1.7%)6.7%
EBITDA291313(22)(7.1%)7.1%
Depreciation & Amortisation5553(2)(4.2%)(4.2%)
EBIT236260(24)(9.4%)7.8%
Net Finance Costs5145(7)(14.9%)
Profit Before Tax184215(31)(14.4%)
Net Profit After Tax131152(21)(14.1%)
Earnings per share - cps67.5c79.5c-12.0c(15.1%)
EBITDA margin4.9%4.8%+10bp
Statutory Results
Revenue5,9916,582(591)(9.0%)
EBITDA276303(27)(9.0%)
EBIT207237(29)(12.4%)
Profit Before Tax156192(36)(18.8%)
Net Profit After Tax110136(26)(18.9%)
Earnings per share - cps56.9c71.0c-14.1c(19.8%)
GROUP PERFORMANCE
•Revenue increased by $519m or 9.5% (ex CWA
1
) with:
oHealthcare up $501m or 9.7%
1
oAnimal Care up $18m or 6.3%
•Underlying EBITDA increased by $19m or 7.1% (ex. CWA
1
) with:
oHealthcare up $16m or 7.0%
1
oAnimal Care up $4m or 7.2%
•Net Finance Costs increased to $51m primarily due to lease
interest costs associated with new distribution centres and
higher interest rates
•H1 FY25 Underlying EBITDA excludes one-off costs of $15m
primarily associated with one-off M&A transaction costs and
non-recurring restructuring and site transition costs
2
5
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
2.Refer to page 31 for a reconciliation of Statutory to Underlying results.
The Group delivered strong revenue growth of 9.5% and Underlying EBITDA growth of 7.1% (ex. CWA
1
)
279
799
H1
FY15
H1
FY16
H1
FY17
H1
FY18
H1
FY19
H1
FY20
H1
FY21
H1
FY22
H1
FY23
H1
FY24
H1
FY25
GOR excluding CWA contractGOR from CWA contract
LONG TERM GROWTH
EBOS has delivered consistent year-on-year GOR growth over the last decade, excluding the CWA contract
6
GOR – first half period ($m)
•Defensive growth sectors
•Scale and leading positions
•Diversified group
•Multiple growth drivers
•Strong financial track
record
Well positioned to deliver
long-term growth
NEAR-TERM GROWTH STRATEGY
7
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
2.Includes one acquisition that was previously announced at the FY24 results and was completed in July 2024, and one investment that was
completed in January 2025.
Strong progress has been made on the near-term strategy with all initiatives tracking at or above expectations
Growth sourcesObjectiveStatus updateProgress
Base business
growth
•Healthcare andAnimalCare
segmentsto record positive
organic growth, excludingthe CWA
contract
Underlying EBITDA growth for Healthcare and Animal
Care was +7.0% (ex. CWA
1
) and +7.2% respectively
New Community
Pharmacy revenue
opportunities
•$300m+ new pharmacy wholesale
revenue
Generated ~$100m revenue from new pharmacy
wholesale customers in H1 FY25
(or $450m+ annualised)
Cost reduction
initiatives
•$25-50m of costs savings by the
end of FY26
Cost savings of $15m achieved in H1 FY25
M&A
•M&A to remain a strategic focus,
targeting opportunities that
strengthen the core and diversify
and grow earnings
Three investments completed in Medical Technology’s
business in Southeast Asia
2
– approximately $70m
capital deployed. We continue to explore an active
pipeline of M&A opportunities
On
track
Ahead
of
plan
On
track
On
track
1
2
3
4
INVESTING FOR GROWTH
Notes:
1.Includes one acquisition that was previously announced at the FY24 results and was completed in July 2024, and one investment that was
completed in January 2025.
Consistent with the strategy of growing in Southeast Asia, EBOS completed two bolt-on acquisitions and
increased its stake in Transmedic to 100%
8
Attractive dynamics of Southeast Asia healthcare
•Large and ageing population with growing wealth and
healthcare spend
•Independent distributors with on-the-ground presence and
local knowledge provide efficient market access for global
medical technology OEMs
•Transmedic is one of a small number of independent medical
technology distributors with a pan-Asian presence
•Fragmented sector is well suited to bolt-on acquisition strategy
Southeast Asia growth strategy
Build further scale organically in existing therapy
channels and geographies
Selectively expand into new geographies and
therapy channels
Bolt-on acquisitions aligned to strategy
1
3
2
Investments completed
CountryDescription
Malaysia
•Specialist orthopaedic device
distributor in Malaysia
•Distributes orthopaedic products
focused on implants relating to
sports medicine and biologics
The
Philippines
•Specialist orthopaedic device
distributor in the Philippines
•Distributes a broad portfolio of
orthopaedic products focused on
implants relating to the spine,
sports, joints, biologics and capital
equipment segments
Three investments completed
1
•Increased shareholding in Transmedic from 90% to 100%
•Two bolt-on acquisitions, strengthening Transmedic’s
orthopaedics presence in Malaysia and the Philippines
Bolt-on acquisitions
Community PharmacyInstitutional
Healthcare
Contract LogisticsAnimal Care
•First Pharmaceutical
Wholesaler Agreement
•$450m+ annualised
revenue from new
pharmacy wholesale
customers
•TWC store network grew
to 616 stores (+52 stores
in last year)
•Continued high growth
in hospital medicines
•Three Medical
Technology investments
completed in Southeast
Asia
•Double-digit growth in
Southeast Asia
•Strong organic growth in
Australia underpinned by
a new Sydney facility that
was completed in FY24
•Black Hawk and Vitapet
continued to expand or
maintain share
leadership
•New product
development launches
continued to resonate
with customers
•Vet wholesale returned
to steady growth
DIVISION HIGHLIGHTS
9
13
25
1
11
749
799
4.6%8.3%0.9%12.2%6.7%
H1 FY24
GOR
Community
Pharmacy
Inst.
Healthcare
Contract
Logistics
Animal
Care
H1 FY25
GOR
-
(1)
272
291
16
4
7.0%
7.2%
-
6.1%
7.1%
H1 FY24
EBITDA
Healthcare
Animal
Care
Corporate
H1 FY25
EBITDA
DIVISION AND SEGMENT PERFORMANCE
GOR bridge ($m)
Underlying EBITDA bridge ($m)
Both the Healthcare and Animal Care segments recorded strong GOR and EBITDA growth (ex. CWA
1
)
10
H1 FY25
growth
vs. pcp
1
H1 FY25
growth
vs. pcp
1
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
SUSTAINABILITY SNAPSHOT
11
12
HEALTHCARE
RESULTS
$m
H1 FY25
H1 FY24
Var
Var%
Var% ex
CWA
1
Revenue
5,687
6,296
(609)
(9.7%)
9.7%
GOR
694
719
(25)
(3.5%)
5.9%
Underlying EBITDA
250
275
(25)
(9.1%)
7.0%
GOR%
12.2%
11.4%
80bp
Underlying EBITDA%
4.4%
4.4%
-
Australia
Revenue
4,400
5,044
(644)
(12.8%)
11.8%
Underlying EBITDA
200
229
(29)
(12.7%)
6.6%
Underlying EBITDA%
4.5%
4.5%
-
New Zealand & Southeast Asia
Revenue
1,287
1,252
35
2.8%
Underlying EBITDA
51
47
4
8.5%
Underlying EBITDA%
3.9%
3.7%
20bp
HEALTHCARE SEGMENT
13
•Strong performances across the Community Pharmacy (ex.
CWA
1
), TerryWhite Chemmart (TWC) and Institutional
Healthcare businesses
•Australian Healthcare business grew revenue by 11.8% and
Underlying EBITDA by 6.6% (ex. CWA
1
)
led by Community
Pharmacy, TWC and Institutional Healthcare
•New Zealand and Southeast Asia grew Underlying EBITDA by
8.5% driven primarily by double-digit growth in Southeast Asia
and growth in New Zealand, excluding COVID-19 related
products
•Healthcare GOR margin reflects a shift in product and
customer mix in Community Pharmacy
Underlying EBITDA ($m and %)
The Healthcare segment’s strong underlying performance (ex. CWA
1
) was driven by organic growth
161
185
255
275
250
3.7%
3.7%
4.4%4.4%4.4%
H1 FY21H1 FY22H1 FY23H1 FY24H1 FY25
Underlying EBITDAUnderlying EBITDA%
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
$m
H1 FY25
H1 FY24
Var
Var%
Var% ex
CWA
1
Revenue
3,144
3,912
(768)
(19.6%)
12.2%
GOR
288
340
(51)
(15.1%)
4.6%
GOR%
9.2%
8.7%
50bp
•Revenue increased by 12.2% and GOR increased by 4.6% (ex.
CWA
1
), driven by:
oPharmacy wholesale revenue wins from new customers of
approximately $100m in H1 FY25 ($450m+ annualised)
oGrowth from existing pharmacy wholesale customers
(excluding CWA)
oTWC’s continued sales growth and store expansion with
the network reaching 616 stores (+52 stores in the last
year)
oAccelerating sales of GLP-1 medicines, as supply becomes
increasingly available
•Successful operational exit of the CWA contract. Strong
efficiency focus has ensured productivity expectations have
been met
•GOR margin of 9.2% reflects shift in product and customer mix
and new business wins
•Pleasingly, the First Pharmaceutical Wholesaler Agreement
was signed by the Australian Government and the
pharmaceutical wholesaler industry body, the National
Pharmaceutical Services Association in December 2024. The
agreement provides for a modest funding increase from H2
FY25 and a further increase from FY27
COMMUNITY PHARMACY
14
Revenue and GOR ($m)
2,736
3,153
3,731
3,912
3,144
250
277
324
340
288
H1 FY21H1 FY22H1 FY23H1 FY24H1 FY25
RevenueGOR
Notes:
1.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
TerryWhite Chemmart
15
•TerryWhite Chemmart (TWC) added 24 net new partners to its national network in H1 FY25,
continuing its impressive growth in pharmacy numbers and growing to 616 stores (+52 in
the last year)
•Strong trading performance with headline growth in network sales up 11.0% and like-for-
like sales up 9.3%
•The TWC catalogue and promotional program continued to deliver exceptional value to
customers with 13% promotional sales growth in pharmacies
•TWC continued to grow investment in media, delivering strong brand improvements and
maintaining our position as the second largest advertiser in the Australian community
pharmacy sector
1
•TWC consumer brand sales grew 30%, supported by the launch of 29 new products,
providing an excellent value option to customers
•Following the consumer launch of CareClinics in July 2024, c.90% of the TWC network are
offering CareClinic services and the overall number of core health services delivered grew
by +21%
2
in the first half of FY25
•Customer adoption of the myTWC App continues to grow strongly with almost half a
million TWC customers signing up to myTWC
•TWC welcomed their 2 millionth TWC Rewards member with program enhancements
delivering more value for customers
that’s real chemistry
Network sales growth in H1 FY25
Total sales up 11.0%
Like-for-like up 9.3%
Dispensary sales up 13.5%
Like-for-like up 11.7%
Notes:
1. Source: Landsberry & James AQX, December 2024. 2. Excludes COVID-19 vaccinations
INSTITUTIONAL HEALTHCARE
•Institutional Healthcare revenue increased by $191m (9.7%)
and GOR increased by $25m (8.3%)
•Medicines and consumables revenue grew by 10.5%, driven by:
oSymbion Hospitals’ revenue growth, largely due to sales of
high value specialty medicines. In particular, a key driver
was oncology product sales driven by increases in patient
screening and treatments
oMedical consumables growth from new and existing
customers
•Medical Technology delivered revenue growth of 5.5% driven
by:
oStrong growth in allografts, implants and orthopaedics,
however the spine channel was impacted by supply issues,
which are expected to ease in the second half
oDouble-digit growth in Southeast Asia driven by both
organic and inorganic growth, including two small bolt-on
acquisitions
1
oCapital sales have been impacted by reduced hospital
demand
•Medical Technology also increased its shareholding in
Transmedic to 100%
2
•GOR margin was broadly stable at 15.3%
Revenue and GOR ($m)
16
$m
H1 FY25
H1 FY24
Var
Var%
Revenue
2,157
1,966
191
9.7%
- Medicines, consumables
and other
1,856
1,680
176
10.5%
- Medical Technology
301
285
16
5.5%
GOR
330
304
25
8.3%
GOR%
15.3%
15.5%
-20bp
1,361
1,474
1,760
1,966
2,157
126
158
287
304
330
H1 FY21H1 FY22H1 FY23H1 FY24H1 FY25
RevenueGOR
Notes:
1.One acquisition completed in July 2024 was previously announced at FY24 results.
2.Investment was completed in January 2025.
44
61
76
75
75
H1 FY21
H1 FY22
H1 FY23
H1 FY24
H1 FY25
GOR
CONTRACT LOGISTICS
•Contract Logistics GOR in H1 FY25 was in line with the prior
corresponding period:
oAustralia performed strongly with GOR growth of 16.4%
driven by new and existing principals, enabled by the
investment in new warehouse capacity
oThis was offset by a reduction in demand for the storage
and servicing of COVID-19 related products in New
Zealand
GOR ($m)
17
$m
H1 FY25
H1 FY24
Var
Var%
GOR
1
75
75
1
0.9%
Notes:
1.GOR is the primary financial performance metric for Contract Logistics. Sales are predominately on a consignment basis and therefore revenue and
GOR margin (%) are less relevant metrics for this division. For reference, revenue was $492m and $524m in H1 FY25 and H1 FY24, respectively.
New Sydney facility (completed in FY24)
18
ANIMAL
CARE
RESULTS
ANIMAL CARE SEGMENT
•Animal Care revenue increased by $18m (6.3%) and Underlying
EBITDA increased by $4m (7.2%) due to strong performance from
the branded business
•The branded business delivered solid revenue growth, driven by:
oStrong performance from Black Hawk and Vitapet which have
continued to either grow or maintain share leadership
oSuperior Pet Food performing well, with growth in dog roll
products and bulk treats
oGrowth from new products launched in 2024. These new
products diversify the product offering and complement the core
products
oPartially offset by softer demand in discretionary categories such
as accessories
•Vet wholesale revenue grew 4.8% with higher trading in vet
groups, combined with easing of cat vaccine supply issues
•GOR margin improvements reflect the relative performance of
higher margin businesses and production efficiencies
•Growth in Underlying EBITDA was lower than GOR primarily due
to marketing investments to support new product launches
Underlying EBITDA ($m and %)
19
$mH1 FY25H1 FY24VarVar%
Revenue304286186.3%
- Branded Revenue167156127.6%
- Wholesale Revenue13713064.8%
GOR106941112.2%
Underlying EBITDA595547.2%
GOR%34.7%32.9%180bp
Underlying EBITDA%19.5%19.3%20bp
34
39
51
55
59
13.9%
14.1%
17.5%
19.3%
19.5%
H1 FY21H1 FY22H1 FY23H1 FY24H1 FY25
Underlying EBITDAUnderlying EBITDA%
The Animal Care segment delivered revenue and Underlying EBITDA growth driven by strong performance
from our branded business, including continued new product development
PRODUCT AND BRAND UPDATE
The branded business’ strong performance was supported by new product launches in 2024 that expanded
our categories. Additional category expansion is planned
20
•Black Hawk’s portfolio growth has extended to critical
life stage needs for dogs, covering differing health and
life cycle requirements
•Black Hawk now covers the following main-meal kibble
segments:
oCore with grain inclusion
oGrain free
oHealthy Benefits
oSenior
Black Hawk dog food category expansionVitapet dry dog food category expansion
•Vitapet’s portfolio has extended to include dry food for
adult and puppies. The product is ranged in grocery
•Vitapet now covers the following segments:
oTreats
oDry food
21
FINANCIAL
INFORMATION
CASH FLOW
22
•Strong Underlying Cash from Operations of $205m, an improvement of $90m compared to last year
•Net working capital and other movements improved by $111m
•Capital expenditure is consistent with the prior period, reflecting a disciplined approach to capital allocation and investments to
support ongoing growth
Underlying Cash from Operating
Activities ($m)
1
Notes:
1.Underlying Free Cash Flow excludes payments for one-off items.
$m
H1 FY25
H1 FY24
Var$
Var%
Underlying EBITDA
291
313
(22)
(7.1%)
Net interest paid
(51)
(45)
(7)
Tax (paid)
(39)
(46)
7
Net working capital and other
movements
5
(106)
111
Underlying Cash from
Operations
205
116
90
77%
Capital expenditure
(64)
(66)
2
Underlying Free Cash Flow
1
141
49
92
187%
One-off items
(15)
(10)
(5)
Reported Free Cash Flow
126
39
87
222%
101
115
161
116
205
202
176
244
251
302
291
405
367
205
FY21FY22FY23FY24FY25
H1H2
The Group generated strong cash flows with Underlying Cash from Operating Activities up $90m
1,334
1,246
H1 FY24CWARevenue
growth
H1 FY25
WORKING CAPITAL AND ROCE
23
•Net working capital has reduced by $89m primarily as a result of
the conclusion of the CWA contract partly offset by the required
investment to support revenue growth of 9.5% (ex. CWA
2
)
Working Capital
Return on Capital Employed
15.1%
15.3%
13.2%
13.3%
F Y 2 3
F Y 2 4
F Y 2 4
( e x C W A )
H 1 F Y 2 5
•As previously communicated, Return on Capital Employed
(ROCE) has been reset with the conclusion of the CWA
contract
•On a like-for-like basis, ROCE marginally improved
Notes:
1.ROCE growth is a comparison of ROCE as at 31 December 2024 and 30 June 2024. Both periods are normalised to exclude the CWA contract.
2.Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
Net working capital improved by $89m, benefitting from the conclusion of the CWA contract, and ROCE (ex.
CWA
1
) increased by 10bp
Inventory Movement ($m)
$m
H1 FY25
H1 FY24
Var$
Net Working Capital
Trade & other receivables
1,424
1,527
103
Inventory
1,246
1,334
88
Trade payables/other
(2,286)
(2,388)
(102)
Total
384
473
89
Cash conversion days
18
17
(1)
NET DEBT AND MATURITY PROFILE
•Net Debt of $1,065m reduced by $23m, compared to H1 last year
•Net Debt : EBITDA ratio of 2.07x consistent with H1 last year and investment grade credit metrics
•Refinanced corporate debt facilities, extending the weighted average debt maturity to 3.3 years (FY24: 1.6 years) and increased
available funds by ~$150m
Net Debt and Leverage ratio
1
24
Notes:
1.Calculated in accordance with banking covenants and excludes IFRS 16 lease impacts.
838
767
1,088
1,019
1,065
1.76x
1.52x
2.06x
1.89x
2.07x
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Net Debt
Net Debt : EBITDA Ratio
Debt Maturity Profile
EBOS refinanced its corporate debt facilities, increasing available funds and extending debt maturity
310
750
200
390
136
350
57
5
700
136
750
550
FY25
FY26
FY27
FY28
FY29
FY30
Drawn Amount ($m)
Committed and available facilities ($m)
COSTS AND COST REDUCTION INITIATIVES
The Group continues to focus on efficiencies and cost management
25
Notes:
1. Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the CWA contract.
•Consistent with the Group’s near-term strategy, cost reduction initiatives have continued to be a focus
•Cost savings of $15 million were achieved in H1 FY25 and we continue to target $25-50 million p.a. of cost savings by FY26, targeting:
oFreight
oPackaging
oLabour
oCOGS
oAdministrative costs
•Underlying Operating Expenditure as a percentage of revenue improved in H1 FY25 to 8.6% (-20bp
1
), reflecting these cost savings
•In line with previous guidance, overall operating expenditure for the Group increased in H1 FY25. Key cost drivers include:
oVolume growth across business units
oInvestments in new products (e.g. marketing) and IT
oBusinesses acquired during the period
EARNINGS AND DIVIDENDS PER SHARE
26
•Underlying EPS of 67.5 cents
•Interim dividend of NZ 57.0 cents per share declared (imputed to 25%
1
and franked to 100% for New Zealand and Australian tax resident
shareholders, respectively)
•The interim dividend has been maintained at the same level as H1 FY24, reflecting the Board’s confidence in the future growth of the
Group
•Dividend payout ratio of 77.3% on an underlying basis
2
•EBOS reiterates its dividend policy of declaring dividends representing between 60% to 80% of Underlying NPAT
•The Group’s Dividend Reinvestment Plan (DRP) will be operational for the upcoming interim dividend. Shareholders can elect to take
shares in lieu of a cash dividend at a discount of 2.5% to the volume weighted average share price (VWAP)
Dividends per Share (NZ cents)Underlying Earnings per Share (cents)
Notes:
1.The New Zealand company tax rate is 28%. Therefore, a dividend that is partially imputed with 25% of the maximum allowable imputation
credits implies an 8.86% imputation percentage in relation to the gross taxable amount of the dividend.
2.Dividend payout ratio is based on an underlying basis on a NZD:AUD average exchange rate of 0.912.
42.5
47.0
53.0
57.0 57.0
46.0
49.0
57.0
61.5
88.5
96.0
110.0
118.5
FY21FY22FY23FY24H1 FY25
H1H2
57.8
66.6
74.5
79.5
67.5
57.2
63.0
73.3
78.4
114.9
129.5
147.9
157.9
FY21
FY22
FY23
FY24
H1 FY25
H1
H2
The Group delivered Underlying EPS of 67.5 cps and maintained its interim dividend at H1 FY24 level
27
GROWTH
STRATEGY AND
OUTLOOK
GROUP STRATEGY
Operational excellenceCore business growth
✓Investment in distribution and
manufacturing facilities and technology
✓Operational productivity improvements
✓Cost out and opex optimisation
Strategic acquisitions
✓Strengthen core businesses
✓Expand core businesses into new
markets
✓Enter complementary adjacencies and
verticals
✓Revenue growth through customer and
pricing strategies
✓New revenue streams in growth segments
✓NPD and own-brand expansion
✓Growing beyond ANZ
Deliver long-term sustainable growth and shareholder returns via...
Organic growthM&A
✓Expand in ANZ, Southeast Asia
and the USA
✓Onboard innovative suppliers
and leading surgeons
✓Drive commercial effectiveness
MedTech
✓Win wholesale customers
✓Increase presence of own-
brand consumables
✓Create national footprint for
contract logistics
✓Drive operational efficiency
✓Grow TWC store network
✓Grow Care Clinic services
✓Expand patient access through
digital channels
✓Expand retail media
HealthcareTWC
✓Innovate current brands with
new formats
✓Boost sales in Southeast Asia
✓Drive supply chain efficiency
Animal Care
... driven by each of our core segments
28
OUTLOOK AND FY25 GUIDANCE REAFFIRMED
29
80
544
575
624
600
FY24 Underlying
EBITDA
Non-renewal of
CWA contract
impact
FY24 Underlying
EBITDA
(ex CWA)
FY25
EBITDA growth
FY25 Underlying
EBITDA
EBOS reiterates its guidance that the Group expects to generate Underlying EBITDA between $575 – 600 million in
FY25
•EBOS is pleased with the strong underlying
earnings growth (ex. CWA
1
) achieved in H1 FY25,
driven by both organic growth and acquisitions
•EBOS has demonstrated resilience and delivered
growth (ex. CWA
1
) as we adapt positively to
changing market dynamics, reflecting the
defensive and diverse nature of the Group
•FY25 Underlying EBITDA guidance of $575 – 600
million implies growth of approximately 5-10%
compared to the prior year (excluding the CWA
contract). H1 FY25 Underlying EBITDA growth of
7.1% (e. CWA
1
) is supportive of this guidance
•The Group continues to explore an active pipeline
of M&A opportunities
Notes:
1.Growth is H1 FY25 Underlying EBITDA compared to H1 FY24 Underlying EBITDA when normalised to exclude the CWA contract.
Guidance
Underlying EBITDA ($m)
30
SUPPORTING
INFORMATION
RECONCILIATION OF STATUTORY TO UNDERLYING
RESULTS
31
•H1 FY25 underlying earnings exclude one-off M&A transaction costs, non-recurring restructuring and site transition costs and the
amortisation (non-cash) expense attributable to the LifeHealthcare acquisition PPA of finite life intangible assets
•H1 FY24 underlying earnings excludes one-off M&A costs, primarily associated with a large strategic transaction which did not proceed, and
the amortisation (non-cash) expense attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible
assets
•To provide a like-for-like comparison to the prior corresponding period, where applicable, this presentation includes comparisons against
underlying earnings exclusive of the estimated earnings from the Chemist Warehouse Australia (CWA) contract for the 31 December 2023
period
$mRevenueEBITDAEBITPBTNPATRevenueEBITDAEBITPBTNPAT
Statutory result5,9912762071561106,582303237192136
M&A transaction costs- 5554- 1010107
Restructuring & site transition costs- 1010107- - - - -
LifeHealthcare PPA amortisation (non-cash)- - 13139- - 13139
Total underlying earnings adjustments- 15282821- 10232316
Underlying result5,9912912361841316,582313260215152
CWA estimated earnings- - - (1,110)(41)(41)
Underlying result excluding CWA5,9912912365,473272219
H1 FY25H1 FY24
SEGMENT EBITDA AND EBIT RECONCILIATION
32
$mH1 FY25H1 FY24Var$Var%H1 FY25H1 FY24Var$Var%
Healthcare
Statutory235274(38)(14.0%)173213(40)(18.8%)
add M&A transaction costs524524
add Restructuring & site transition costs10- 1010- 10
add LifeHealthcare PPA amortisation (non-cash) - - - 1313-
Total underlying earnings adjustments15213281513
Underlying250275(25)(9.1%)202228(27)(11.7%)
CWA estimated earnings- (41)- (41)
Underlying excluding CWA250234167.0%202187157.8%
Animal Care
Statutory59471225.8%53421227.6%
add M&A transaction costs- 8(8)- 8(8)
Underlying595547.2%535036.7%
Corporate
Statutory(19)(18)(1)(6.1%)(19)(18)(1)(5.4%)
EBOS Group
Statutory276303(27)(9.0%)207237(29)(12.4%)
add M&A transaction costs510(5)510(5)
add Restructuring & site transition costs10- 1010- 10
add LifeHealthcare PPA amortisation (non-cash) - - - 1313-
Total underlying earnings adjustments1510528235
Underlying291313(22)(7.1%)236260(24)(9.4%)
CWA estimated earnings- (41)- (41)
Underlying excluding CWA291272197.1%236219177.8%
EBITDAEBIT
GLOSSARY OF TERMS AND MEASURES
33
Except where noted, common terms and measures used in this document are based upon the following definitions:
TermDefinition
RevenueRevenue from the sale of goods and the rendering of services
Gross Operating Revenue (GOR)Revenue less cost of sales and the write-down of inventory
Underlying Operating ExpenditureOperating expenditure excluding depreciation and amortisation excluding one-off items
EBITDAEarnings before interest, tax, depreciation and amortisation
Underlying EBITDAEarnings before interest, tax, depreciation, amortisation adjusted for one-off items
EBITEarnings before interest and tax
Underlying EBITEarnings before interest and tax and adjusted for one-off items and LifeHealthcare PPA amortisation (non-cash)
PBTProfit before tax
Underlying PBTProfit before tax adjusted for one-off items and LifeHealthcare PPA amortisation (non-cash)
NPATNet Profit After Tax attributable to the owners of the company
Underlying NPAT
Net Profit After Tax attributable to the owners of the company adjusted for one-off items and LifeHealthcare PPA amortisation (non-cash and
after tax)
One-off itemsNon-recurring impacts including M&A transaction costs, restructuring and site transition costs, integration costs and tax legislation changes
Earnings per share (EPS)
Net Profit after tax divided by the weighted average number of shares on issue during the period in accordance with IAS 33 ‘Earnings per
share’
Underlying EPSUnderlying NPAT divided by the weighted average number of shares on issue during the period
Free Cash FlowCash from operating activities less capital expenditure net of proceeds from disposals
Underlying Cash from OperationsCash from operating activities excluding payments for one-off items
Underlying Free Cash FlowFree cash flow excluding payments for one-off items
Net DebtBank loans less cash and cash equivalents
Leverage Ratio / Net Debt : EBITDA
Ratio of 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 as per the Group’s banking covenants and excludes IFRS16 lease impacts.
Cash Conversion DaysBased upon average monthly closing NWC balances for the financial period
Return on Capital
Employed (ROCE)
Underlying earnings before interest, tax and amortisation of finite life intangibles for 12 months divided by closing capital employed
(excluding IFRS16 Leases and with a pro-rata adjustment for strategic investments)
CAGRCompound Annual Growth Rate
IFRSInternational Financial Reporting Standards
PPAPurchase Price Accounting
CWAChemist Warehouse Australia
www.ebosgroup.com
---
EBOS GROUP LIMITED
INTERIM REPORT
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2024
EBOS GROUP LIMITED
INTERIM REPORT 2025
CONTENTS Page
Summary of Consolidated Financial Highlights 1
Shareholder Calendar 1
Auditor’s Independent Review Report 2
Condensed Consolidated Income Statement 3
Condensed Consolidated Statement of Comprehensive Income 4
Condensed Consolidated Statement of Changes in Equity 5
Condensed Consolidated Balance Sheet 8
Condensed Consolidated Cash Flow Statement 9
Notes to the Condensed Consolidated Interim Financial Statements 10
Directory 19
1
EBOS GROUP LIMITED
INTERIM REPORT 2025
SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Revenue 5,991,410 6,582,488 13,189,054
Earnings before depreciation, amortisation, net finance costs and tax
expense (EBITDA)
275,838
303,067
605,595
Earnings before net finance costs and tax expense (EBIT) 207,276 236,724 476,724
Profit before tax expense 155,846 191,958 383,103
Profit for the period 111,719 137,256 273,085
Profit for the period attributable to owners of the Company 110,489 136,175 271,549
Equity attributable to owners of the Company 2,481,123 2,365,227 2,451,009
Earnings per share 56.9c 71.0c 141.3c
Interim dividend per share (New Zealand dollars) 57.0c 57.0c 57.0c
SHAREHOLDER CALENDAR
Interim dividend record date 28 February 2025
Interim dividend payable 21 March 2025
Release of 2025 full year results 20 August 2025
Annual Meeting 29 October 2025
2
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF EBOS GROUP LIMITED
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of EBOS Group
Limited and its subsidiaries (‘the Group’) on pages 3 to 18 which comprise the condensed consolidated balance sheet as at 31
December 2024, and the condensed consolidated income statement, condensed consolidated statement of comprehensive
income, condensed consolidated statement of changes in equity and condensed consolidated cash flow statement for the six
months ended on that date, and notes to the interim financial statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 31 December 2024 and its financial
performance and cash flows for the six month ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and
IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of
the annual financial statements, 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 other assurance services. These services have not impaired our
independence as auditor of the Company. 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.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as
the directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial
statements, taken as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting
and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently
do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly we do not express an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to
the company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company’s shareholders as a
body, for our engagement, for this report, or for the conclusions we have formed.
Mike Hoshek, Partner
for Deloitte Limited
Christchurch, New Zealand
18 February 2025
3
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 December 2024
Notes
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Revenue
2(a) 5,991,410 6,582,488 13,189,054
Income from associates
7,807 6,534 12,938
Earnings before depreciation, amortisation, net finance
costs and tax expense (EBITDA)
275,838
303,067
605,595
Depreciation
2(b) (47,336) (48,050) (92,459)
Amortisation
2(b) (21,226) (18,293) (36,412)
Earnings before net finance costs and tax expense (EBIT)
207,276 236,724 476,724
Finance income
3,552 3,952 7,320
Finance costs – borrowings
(44,107) (41,118) (83,290)
Finance costs – leases
(10,875) (7,600) (17,651)
Profit before tax expense
155,846 191,958 383,103
Income tax expense
(44,127) (54,702) (110,018)
Profit for the period
111,719 137,256 273,085
Profit for the period attributable to:
Owners of the Company
110,489 136,175 271,549
Non-controlling interests
1,230 1,081 1,536
111,719 137,256 273,085
Earnings per share
Basic (cents per share)
56.9 71.0 141.3
Diluted (cents per share)
56.9 71.0 141.3
Notes to the financial statements are included on pages 10 to 18.
4
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2024
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Profit for the period
111,719 137,256 273,085
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Movement in cash flow hedge reserve
1,365 (10,628) (6,726)
Related income tax
(410) 3,300 1,907
Movement in foreign currency translation reserve
5,434 1,398 (7,061)
6,389 (5,930) (11,880)
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other
comprehensive income
(16,160) (938) 5,801
Total comprehensive income net of tax
101,948 130,388 267,006
Total comprehensive income for the period is attributable to:
Owners of the Company
99,788 129,449 265,716
Non-controlling interests
2,160 939 1,290
101,948 130,388 267,006
Notes to the financial statements are included on pages 10 to 18.
5
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2024
Notes
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
comprehensive
income reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Six months ended 31 December 2023 (unaudited):
Opening balance 1,889,863 16,210 (31,311) 559,428 (4,986) 5,188 (131,032) 2,303,360
Profit for the period - - - 136,175 - - 1,081 137,256
Other comprehensive income for the period, net of tax - - 1,540 -
(938)
(7,328) (142) (6,868)
Payment of dividends 4 - - - (100,879) - - - (100,879)
Movement in option over non-controlling interests - - - -
-
- (2,626) (2,626)
Transfer of non-controlling interests - - - 32,768
-
- (32,768) -
Partial derecognition of option over non-controlling
interests -
- - (134,626) - - 134,626 -
Share-based payments - 3,265 - -
-
- - 3,265
Employee share plan shares issued 3 932 - - -
-
- - 932
Employee share issue costs 3 (74) - - - - - - (74)
Balance at 31 December 2023 1,890,721 19,475 (29,771) 492,866
(5,924)
(2,140) (30,861) 2,334,366
Notes to the financial statements are included on pages 10 to 18.
6
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Continued)
For the six months ended 31 December 2024
Notes
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
comprehensive
income reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Year ended 30 June 2024 (audited):
Opening balance 1,889,863 16,210 (31,311) 559,428 (4,986) 5,188 (131,032) 2,303,360
Profit for the period - - - 271,549 - - 1,536 273,085
Other comprehensive income for the period, net of tax - - (6,815) -
5,801
(4,819) (246) (6,079)
Payment of dividends 4 - - - (203,675) - - - (203,675)
Movement in option over non-controlling interests - - - -
-
- (4,626) (4,626)
Transfer of non-controlling interests - - - 32,768
-
- (32,768) -
Partial derecognition of option over non-controlling
interests - - - (134,626) - - 134,626 -
Share-based payments - 9,087 - -
-
- - 9,087
Dividends reinvested 3 45,736 - - -
-
- - 45,736
Employee share plan shares issued 3 1,808 - - - - - - 1,808
Employee share issue costs 3 (197) - - - - - - (197)
Balance at 30 June 2024 1,937,210 25,297 (38,126) 525,444
815
369 (32,510) 2,418,499
Notes to the financial statements are included on pages 10 to 18.
7
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Continued)
For the six months ended 31 December 2024
Notes
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
comprehensive
income reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Six months ended 31 December 2024 (unaudited):
Opening balance 1,937,210 25,297 (38,126) 525,444 815 369 (32,510) 2,418,499
Profit for the period
-
-
- 110,489 -
-
1,230 111,719
Other comprehensive income for the period, net of tax - - 4,504 -
(16,160)
955 930 (9,771)
Payment of dividends 4 - - - (108,167) - - - (108,167)
Movement in option over non-controlling interests - - - - - - (11,000) (11,000)
Transfer to retained earnings
-
-
- (1,285) 1,285
-
- -
Share-based payments - (1,013) - -
-
-
-
(1,013)
Dividends reinvested 3 38,663 - - - - -
-
38,663
Employee share plan shares issued
3 959
-
- - -
-
-
959
Employee share issue costs
3 (116)
-
- - -
-
-
(116)
Balance at 31 December 2024
1,976,716
24,284
(33,622)
526,481
(14,060)
1,324
(41,350)
2,439,773
Notes to the financial statements are included on pages 10 to 18.
8
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 December 2024
Notes
31 Dec 2024
A$’000
(unaudited)
31 Dec 2023
A$’000
(unaudited)
30 June 2024
A$’000
(audited)
Current assets
Cash and cash equivalents 237,928 365,313 216,883
Trade and other receivables
1,423,712
1,527,086
1,494,564
Prepayments 46,108 51,394 48,756
Inventories 1,246,436 1,334,278 1,210,440
Current tax refundable 8,245 3,509 4,822
Other financial assets – derivatives 8 5,924 4,701 6,727
Total current assets 2,968,353 3,286,281 2,982,192
Non-current assets
Property, plant and equipment 399,718 343,514 383,909
Capital work in progress
72,389
81,534
61,563
Prepayments 5,797 267 1,553
Deferred tax assets 235,117 225,564 238,927
Goodwill 9 2,126,765 2,041,543 2,067,694
Indefinite life intangibles 191,924 193,460 192,481
Finite life intangibles
358,908
331,233
337,426
Right of use assets 387,052 356,447 388,952
Investment in associates 60,511 51,905 56,440
Other financial assets 36,794 23,972 32,925
Total non-current assets
3,874,975
3,649,439
3,761,870
Total assets 6,843,328 6,935,720 6,744,062
Current liabilities
Trade and other payables 2,209,333 2,340,387 2,212,533
Bank loans
7
47,592 171,729 765,708
Lease liabilities 58,133 55,830 57,239
Current tax payable 14,242 14,213 6,451
Employee benefits 66,185 70,259 81,848
Other financial liabilities – derivatives
8
46,449 493 617
Total current liabilities 2,441,934 2,652,911 3,124,396
Non-current liabilities
Bank loans 7 1,255,000 1,281,823 470,102
Lease liabilities
350,066
325,897
349,914
Trade and other payables 51,580 20,164 36,921
Deferred tax liabilities 294,058 278,343 298,741
Employee benefits 10,917 9,216 10,489
Other financial liabilities – derivatives
8
- 33,000 35,000
Total non-current liabilities 1,961,621 1,948,443 1,201,167
Total liabilities 4,403,555 4,601,354 4,325,563
Net assets
2,439,773 2,334,366 2,418,499
Equity
Share capital 3 1,976,716 1,890,721 1,937,210
Share based payments reserve 24,284 19,475 25,297
Foreign currency translation reserve
(33,622) (29,771) (38,126)
Retained earnings 526,481 492,866 525,444
Equity instruments fair valued through other comprehensive income (14,060) (5,924) 815
Cash flow hedge reserve 1,324 (2,140) 369
Equity attributable to owners of the company
2,481,123 2,365,227 2,451,009
Non-controlling interests (41,350) (30,861) (32,510)
Total equity 2,439,773 2,334,366 2,418,499
Notes to the financial statements are included on pages 10 to 18.
9
EBOS GROUP LIMITED
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 December 2024
Notes
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Cash flows from operating activities
Receipts from sale of goods and services
6,071,681 6,559,650 13,198,911
Interest received
3,552 3,952 7,320
Dividends received from associates
5,721 8,731 11,929
Payments for purchase of goods and services
(5,796,883) (6,371,675) (12,665,460)
Taxes paid
(39,248) (46,477) (103,523)
Interest paid
(54,982) (48,718) (100,941)
Net cash inflow from operating activities
5 189,841 105,463 348,236
Cash flows from investing activities
Sale of property, plant and equipment
203 218 418
Purchase of property, plant and equipment
(36,277) (32,042) (61,559)
Payments for capital work in progress
(19,473) (32,229) (34,340)
Payments for intangible assets
(8,553) (2,333) (22,939)
Acquisition of subsidiaries
9 (49,820) (223,559) (246,893)
Investment in associates
(602) - (2,038)
Investment in other financial assets
(20,075) (9,314) (10,771)
Net cash outflow from investing activities
(134,597) (299,259) (378,122)
Cash flows from financing activities
Proceeds from issue of shares
3 843 858 1,611
Proceeds from borrowings
1,250,488 475,319 484,222
Repayment of borrowings
(1,186,043) - (226,727)
Repayment of lease liabilities
(29,571) (28,375) (68,649)
Dividends paid to equity holders of parent
(70,399) (101,692) (156,128)
Net cash (outflow)/inflow from financing activities
(34,682) 346,110 34,329
Net increase in cash held
20,562 152,314 4,443
Effect of exchange rate fluctuations on cash held
483 1,113 554
Net cash and cash equivalents at beginning of period
216,883 211,886 211,886
Net cash and cash equivalents at end of period
237,928 365,313 216,883
Notes to the financial statements are included on pages 10 to 18.
10
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2024
1. FINANCIAL STATEMENTS
These unaudited condensed consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZGAAP”) as appropriate for condensed interim financial statements. They comply with
the New Zealand Equivalent to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International
Accounting Standard IAS 34.
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.
The Company i s 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.
These financial statements should be read in conjunction with the financial statements and related notes included in the Group’s
Annual Report for the year ended 30 June 2024.
The accounting policies and methods of computation are consistent with those of the previous year.
The information is presented in thousands of Australian dollars unless otherwise stated.
2. PROFIT FROM OPERATIONS
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
(a)
Revenue
Community Pharmacy
3,144,226 3,912,432 7,809,802
Institutional Healthcare
2,157,241 1,965,819 4,004,660
Contract Logistics Services
71,108 72,153 139,604
Contract Logistics Sales
421,301 451,774 866,126
Interdivisional eliminations
(106,681)
(105,872)
(210,182)
Healthcare
5,687,195 6,296,306 12,610,010
Animal Care
304,215 286,182 579,044
5,991,410
6,582,488
13,189,054
11
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
2. PROFIT FROM OPERATIONS (Continued)
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
(b)
Profit before net finance costs and tax expense
Profit before net finance costs and tax expense has been arrived
at after charging the following expenses by nature:
One-off items
(1)
(15,228)
(10,100)
(18,748)
Cost of sales
(5,191,426) (5,766,378) (11,546,832)
Write-down of inventory
(652) (2,874) (9,316)
Impairment loss on trade and other receivables
(114) (493) (461)
Depreciation of property, plant and equipment
(15,293)
(16,395)
(30,325)
Depreciation on right of use assets
(32,043) (31,655) (62,134)
Amortisation of finite life intangibles attributable to fair value
adjustment for the LifeHealthcare Group acquisition
(13,090)
(13,090)
(26,181)
Amortisation of other finite life intangibles
(8,136) (5,203) (10,231)
Short-term and low value asset leases
(6,814) (4,261) (10,333)
Donations
(357) (166) (698)
Employee benefit expense
(257,090) (257,595) (521,864)
Defined contribution plan expense
(20,402)
(15,999)
(34,708)
Other expenses
(231,296) (228,089) (453,437)
(5,791,941) (6,352,298) (12,725,268)
(1) One-off items comprise (i) merger and acquisition costs of $5.4m (December 2023: $10.1m, June 2024: $10.1m) and (ii) non-
recurring restructuring and site transition costs of $9.8m (December 2023: nil, June 2024: $8.6m).
3. SHARE CAPITAL
Six months
31 Dec 24
Six months
31 Dec 23
Year ended
30 Jun 24
No.
’000
A$’000
(unaudited)
No.
’000
A$’000
(unaudited)
No.
’000
A$’000
(audited)
Fully paid ordinary shares
Balance at beginning of
period
193,243
1,937,210
191,604
1,889,863
191,604
1,889,863
Dividend reinvested
1,221 38,663 - - 1,399 45,736
Performance rights
192 - 186 - 186 -
Issue of shares to staff under
employee share plan
29 959 27 932 54 1,808
Employee share issue costs
- (116) - (74) - (197)
194,685
1,976,716
191,817
1,890,721
193,243
1,937,210
12
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
4. DIVIDENDS
AUD
Six months
31 Dec 24
AUD
Six months
31 Dec 23
AUD
Year ended
30 Jun 24
Cents per
share
A$’000
(unaudited)
Cents per
share
A$’000
(unaudited)
Cents per
share
A$’000
(audited)
Recognised amounts
Fully paid ordinary shares
Final – prior year
56.1 108,167 52.7 100,879 52.7 100,879
Interim – current year
- - - - 53.7 102,796
56.1 108,167 52.7 100,879 106.4 203,675
Unrecognised amounts
Final dividend
- - - - 56.8 109,788
Interim dividend
51.6 100,526 52.9 101,443 - -
51.6 100,526 52.9 101,443 56.8 109,788
Dividends are approved by the Board in New Zealand dollars. Dividends recognised in the Statement of Changes in Equity are
converted from New Zealand dollars to Australian Dollars at the exchange rate applicable on the date the dividend was approved.
Unrecognised dividends are converted at the exchange rate applicable on the reporting date. The Board approved an interim
dividend of 57.0 New Zealand cents per share on 18 February 2025. The record date for the dividend is 28 February 2025 and the
dividend will be paid on 21 March 2025.
The following table shows dividends approved in New Zealand dollars:
Six months
Six months
Year ended
31 Dec 24
NZD
31 Dec 23
NZD
30 Jun 24
NZD
Cents per
share
Cents per
share
Cents per
share
Recognised amounts
Fully paid ordinary shares
Final – prior year
61.5 57.0 57.0
Interim – current year
- - 57.0
61.5 57.0 114.0
Unrecognised amounts
Final dividend
- - 61.5
Interim dividend
57.0 57.0 -
57.0 57.0 61.5
New Zealand dollar dividends paid to equity holders of the parent are translated into Australian dollars and disclosed in the cash
flow statement at the foreign currency exchange rate applicable on the date they are paid.
13
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
5. NOTES TO THE CASH FLOW STATEMENT
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Reconciliation of profit for the period with cash flows from operating
activities
Profit for the period
111,719 137,256 273,085
Add/(less) non-cash items:
Depreciation of property, plant and equipment
15,293 16,395 30,325
Depreciation on right of use assets
32,043 31,655 62,134
Amortisation of finite life intangibles attributable to fair value
adjustment for the LifeHealthcare Group acquisition
13,090 13,090 26,181
Amortisation of other finite life intangibles
8,136 5,203 10,231
(Gain)/loss on sale of property, plant and equipment
(275) 48 711
Share of profit from associates
(7,807) (6,534) (12,938)
Expense recognised in respect of share-based payments
2,410
5,907
11,794
Deferred tax
1,393 183 3,832
64,283 65,947 132,270
Movements in working capital:
Trade and other receivables
70,852 (29,560) 2,962
Prepayments
(1,596) (9,176) (7,824)
Inventories
(35,996) (100,041) 23,797
Current tax refundable/payable
4,368 10,252 1,177
Trade and other payables
11,459 30,797 (80,300)
Employee benefits
(15,235) (10,886) 1,976
Foreign currency translation of working capital balances
6,880 (1,156) (2,445)
40,732 (109,770) (60,657)
Balances classified as investing activities
(30,240) 11,859 2,148
Working capital items acquired (including fair value adjustments)
3,347 171 1,390
Net cash inflow from operating activities
189,841 105,463 348,236
14
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
6. SEGMENT INFORMATION
(a) Products and services from which reportable segments derive their revenues
The Group’s reportable segments under NZ IFRS 8 Operating Segments are as follows:
Healthcare: Incorporates the sale of healthcare products in a range of sectors, including distribution of medical devices and
medical consumables, own brands, retail healthcare, pharmacy and logistic services and wholesale activities.
Animal Care: Incorporates the sale of animal care products in a range of sectors, own brands, retail and wholesale activities.
Corporate: Includes net funding costs and central administration expenses that have not been allocated to the Healthcare or
Animal Care segments.
(b) Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment:
Healthcare
A$’000
Animal Care
A$’000
Corporate
A$’000
Group
A$’000
Six months ended 31 December 2024 (unaudited):
Revenue from external customers
5,687,195
304,215
-
5,991,410
EBITDA
235,239 59,344 (18,745) 275,838
Depreciation of property, plant and equipment
(13,155)
(2,138)
-
(15,293)
Depreciation on right of use assets
(28,116) (3,469) (458) (32,043)
Amortisation of finite life intangibles attributable to
fair value adjustment for the LifeHealthcare Group
acquisition
(13,090) - - (13,090)
Amortisation of other finite life intangibles
(7,689) (447) - (8,136)
EBIT
173,189 53,290 (19,203) 207,276
Net finance costs
- - (51,430) (51,430)
Tax (expense)/benefit
(47,890) (14,624) 18,387 (44,127)
Profit for the period
125,299 38,666 (52,246) 111,719
Non-controlling interests
(1,230) - - (1,230)
Profit for the period attributable to owners of the
Company
124,069 38,666 (52,246) 110,489
Six months ended 31 December 2023 (unaudited):
Revenue from external customers
6,296,306
286,182
-
6,582,488
EBITDA
273,568 47,162 (17,663) 303,067
Depreciation of property, plant and equipment
(14,483)
(1,912)
-
(16,395)
Depreciation on right of use assets
(27,941) (3,164) (550) (31,655)
Amortisation of finite life intangibles attributable to
fair value adjustment for the LifeHealthcare Group
acquisition
(13,090)
-
-
(13,090)
Amortisation of other finite life intangibles
(4,874) (329) - (5,203)
EBIT
213,180 41,757 (18,213) 236,724
Net finance costs
- - (44,766) (44,766)
Tax (expense)/benefit
(59,614) (10,836) 15,748 (54,702)
Profit for the period
153,566 30,921 (47,231) 137,256
Non-controlling interests
(1,081) - - (1,081)
Profit for the period attributable to owners of the
Company
152,485 30,921 (47,231) 136,175
15
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
6. SEGMENT INFORMATION (Continued)
Healthcare
A$’000
Animal Care
A$’000
Corporate
A$’000
Group
A$’000
Year ended 30 June 2024 (audited):
Revenue from external customers
12,610,010
579,044
-
13,189,054
EBITDA 537,485 103,987 (35,877) 605,595
Depreciation of property, plant and equipment
(26,193)
(4,132)
-
(30,325)
Depreciation on right of use assets
(55,102) (5,978) (1,054) (62,134)
Amortisation of finite life intangibles attributable to
fair value adjustment for the LifeHealthcare Group
acquisition
(26,181)
-
-
(26,181)
Amortisation of other finite life intangibles
(9,578) (653) - (10,231)
EBIT
420,431 93,224 (36,931) 476,724
Net finance costs
- - (93,621) (93,621)
Tax (expense)/benefit
(118,264) (24,448) 32,694 (110,018)
Profit for the period
302,167 68,776 (97,858) 273,085
Non-controlling interests
(1,536) - - (1,536)
Profit for the period attributable to owners of the
Company
300,631 68,776 (97,858) 271,549
The accounting policies of the reportable segments are consistent with the Group’s accounting policies. Segment result
represents profit before depreciation, amortisation, net finance costs and tax. This is the measure reported to the chief
operating decision maker for the purposes of resource allocation and assessment of segment performance.
(c) Segment assets
Assets are not allocated to operating segments as they are not reported to the chief operating decision-maker at segment
level.
(d) Revenues from major products and services
The Group’s major products and services are transacted the same as its reportable segments i.e. Healthcare, Animal Care and
Corporate.
(e) Geographical information
The Group operates in two principal geographical areas: (1) Australia and (2) New Zealand (country of domicile) and
Southeast Asia.
The Group’s revenue from external customers by geographical location (of the reportable segment) and information about its
segment assets (non-current assets excluding investments in associates and deferred tax assets) are detailed below:
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Revenue from external customers
Australia
4,649,117 5,279,075 10,647,831
New Zealand and Southeast Asia
1,342,293 1,303,413 2,541,223
5,991,410 6,582,488 13,189,054
Non-current assets
Australia
2,906,101 2,753,619 2,843,070
New Zealand and Southeast Asia
673,246 618,351 623,433
3,579,347 3,371,970 3,466,503
16
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
7. BANK FACILITY AND BORROWINGS
The Group fully complies with and operates within the financial covenants under the arrangements with its bankers. During the
period, the Group entered into agreements to refinance its term debt facilities, total of $1,600.0m and NZ$150.0m, due to
mature between two to five years. At 31 December 2024 the Group had unutilised term loan facilities of $505.4m (December
2023: $251.0m, June 2024: $577.4m).
The Group also has a secured trade debtor securitisation facility of which $390.3m was unutilised at 31 December 2024
(December 2023: $228.3m, June 2024: $219.3m). In August 2024, the Group entered into an agreement to extend the maturity
date of this securitisation facility to September 2026. In addition, the Group has a $5.0m term debt facility secured by property,
plant and equipment (December 2023: $75.0m, June 2024: $75.0m). All other debt is linked to a corporate guarantee structure
established under bank financing arrangements.
As at 31 December 2024, the maturity profile of the Group’s term debt and securitisation facilities was:
Facility Amount Undrawn Maturity
Term debt facilities $ 57.5m $ 19.5m < 1 year
Term debt facilities $305.0m - 1-2 years
Term debt facilities $135.9m $135.9m 2-3 years
Term debt facilities $750.0m - 3-4 years
Term debt facilities $550.0m $350.0m > 5 years
Securitisation facility $400.0m $390.3m 1-2 years
8. FINANCIAL INSTRUMENTS
The Group enters into forward foreign currency exchange contracts to hedge trading transactions, including anticipated
transactions, denominated in foreign currencies; and uses interest rate swaps and interest rate collars to manage cash flow
interest rate risk.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured to their fair value. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is
designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the
nature of the hedge relationship. The Group designates certain derivatives as cash flow hedges of highly probable forecast
transactions.
Fair value of derivative financial instruments
Six months
31 Dec 24
A$’000
(unaudited)
Six months
31 Dec 23
A$’000
(unaudited)
Year ended
30 Jun 24
A$’000
(audited)
Other financial assets – derivatives (at fair value)
Forward foreign exchange contracts
3,815 76 213
Interest rate collars
2,109 4,625 6,514
5,924 4,701 6,727
Other financial liabilities – derivatives (at fair value)
Forward foreign exchange contracts
449 493 617
Other financial liabilities – consideration for remaining
non-controlling interests (Note 9)
46,000
33,000
35,000
46,449 33,493 35,617
The Group has categorised these derivatives, both financial assets and financial liabilities, as Level 2 under the fair value hierarchy
contained within NZ IFRS 13 Fair Value Measurement.
The fair value of foreign currency forward exchange contracts is determined using a discounted cash flow valuation. Key inputs
include observable forward exchange rates, at the measurement date, with the resulting value discounted back to present
values. Interest rate swaps and interest rate collars are valued using a discounted cash flow valuation. Key inputs for the
valuation of interest rate swaps and interest rate collars are the estimated future cash flows based on observable yield curves at
the end of the reporting period, discounted at a rate that reflects the credit risk of the various counterparties.
There have been no changes in valuation techniques used for either forward foreign currency exchange contracts, interest rate
swaps, interest rate collars, or other financial liabilities during the current reporting period.
17
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
9. ACQUISITION INFORMATION
On 4 November 2024, the Group completed the acquisition of the business operations of Pacific Surgical Inc., a specialist
orthopaedic device distributor in the Philippines, for total consideration of $47.0m.
Other than the above, there are no material acquisitions during the period. Due to the proximity of the acquisition date to the
balance date, the purchase price allocation for acquisitions during the period is measured on a provisional basis and is subject to
change pending the finalisation of the valuation of the assets acquired and liabilities assumed. Combined details of acquisitions
undertaken during the current period are as follows:
Carrying value
A$’000
(unaudited)
Fair value
adjustment
A$’000
(unaudited)
Fair value on
acquisition
A$’000
(unaudited)
Current assets
Cash and cash equivalents 1,225 - 1,225
Trade and other receivables 10,397 (4,890)
1
5,507
Prepayments 302 (302)
2
-
Inventories 6,994 (2,047)
3
4,947
Non-current assets
Property, plant and equipment 3,530 (1,348)
4
2,182
Right of use assets - 222
5
222
Deferred tax assets - 2,401
6
2,401
Current liabilities
Trade and other payables (5,613) (504)
7
(6,117)
Current tax payable (43) (108)
6
(151)
Lease liabilities - (119)
5
(119)
Employee benefits (201) (265)
8
(466)
Non-current liabilities
Trade and other payables - (428)
7
(428)
Lease liabilities - (103)
5
(103)
Deferred tax liabilities (26) - (26)
Employee benefits (96) - (96)
Net assets acquired
16,469 (7,491)
8,978
Goodwill on acquisition
59,428
Total consideration 68,406
Less cash and cash equivalents acquired
(1,225)
Less deferred purchase consideration
(20,855)
Add deferred purchase consideration paid in relation to prior year acquisitions 3,494
Net cash outflow from acquisition 49,820
1. To recognise the fair value of trade and other receivables on acquisition.
2. To recognise the fair value of prepayments on acquisition.
3. To recognise the fair value of inventories on acquisition.
4. To recognise the fair value of property, plant and equipment on acquisition.
5. To recognise the fair value of right of use assets and related lease liabilities on acquisition.
6. To recognise current and deferred tax balances on acquisition.
7. To recognise the fair value of trade and other payables on acquisition.
8. To recognise the fair value of employee benefits on acquisition.
18
EBOS GROUP LIMITED
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Continued)
For the six months ended 31 December 2024
9. ACQUISITION INFORMATION (Continued)
LifeHealthcare Group acquisition – Put option over non-controlling interests
On 31 May 2022, the Group, through its subsidiary EBOS Medical Devices Pty Ltd, acquired 100% of the equity interest in Pacific
Health Supplies TopCo1 Pty Ltd and Pacific Health Supplies TopCo2 Pty Ltd (LifeHealthcare Group), including 51% interest in
Transmedic Pte Ltd (Transmedic, a subsidiary of LifeHealthcare Group). The Group also entered into arrangements providing a
pathway to 100% ownership of Transmedic, resulting in a financial liability – derivative of $137.0m initially recognised on the
balance sheet as at 30 June 2022 and a corresponding adjustment to non-controlling interests. Subsequently, the amount
expected to be paid at the time of exercise of the option was reassessed to $165.0m, as at 30 June 2023, with the movement of
$28.0m recognised directly in equity.
In the prior year, the Group purchased an additional 39% shareholding in Transmedic for a consideration of $134.6m
(SG$118.7m), to increase its shareholding in Transmedic to 90%. An option arrangement was also agreed to facilitate the Group
moving to 100% ownership. As at 31 December 2024, the financial liability – derivative was $46.0m (December 2023: $33.0m,
June 2024: $35.0m). Subsequent changes to the carrying value of the financial liability – derivative are recognised directly in
equity within non-controlling interests.
10. EVENTS AFTER BALANCE DATE
Subsequent to 31 December 2024, the Board approved an interim dividend to shareholders. For further details please refer to
Note 4.
In January 2025, the Group increased its equity interest in Transmedic to 100%.
19
EBOS GROUP LIMITED
DIRECTORY
CORPORATE HEAD OFFICE AUSTRALIA HEAD OFFICE
108 Wrights Road Level 7, 737 Bourke Street
PO Box 411 Docklands 3008
Christchurch 8024 Melbourne
New Zealand Australia
Telephone +64 3 338 0999 Telephone +61 3 9918 5555
E- mail: ebos@ebos.co.nz Email: ebos@ebosgroup.com
WEBSITE ADDRESS
www.ebosgroup.com
DIRECTORS
Elizabeth Coutts Independent Chair
Tracey Batten Independent Director
Mark Bloom Independent Director
Coline McConville Independent Director (appointed February 2025)
Stuart McLauchlan Independent Director
Matt Muscio Non-executive Director (appointed January 2025)
Julie Tay Independent Director
SHARE REGISTER
Computershare Investor Services Ltd Computershare Investor Services Pty Ltd
Private Bag 92119 GPO Box 3329
Auckland 1142 Melbourne, Victoria 3001
New Zealand Australia
Telephone: +64 9 488 8777 Telephone: 1800 501 366
Managing Your Shareholding Online:
To change your address, update your payment instructions and to view your investment portfolio including transactions, please visit:
www.computershare.com/investorcentre
General enquiries can be directed to:
• enquiry@computershare.co.nz
• Private Bag 92119, Auckland 1142, New Zealand or GPO Box 3329, Melbourne, Victoria 3001, Australia
• Telephone (NZ) +64 9 488 8777 or (Aust) 1800 501 366
• Facsimile (NZ) +64 9 488 8787 or (Aust) +61 3 9473 2500
Please assist our registrar by quoting your CSN or shareholder number.
---
EBOS GROUP LIMITED
APPENDIX 4D
1
Interim Report for the Six Months Ended 31 December 2024
RESULTS FOR ANNOUNCEMENT TO THE MARKET
The following information is presented in accordance with ASX listing rule 4.2A.3 and should be read in
conjunction with the attached EBOS Group Limited condensed consolidated interim unaudited financial
statements for the six months ended 31 December 2024.
1. DETAILS OF THE REPORTING PERIOD AND THE PREVIOUS CORRESPONDING PERIOD
Current period: Six months ended 31 December 2024
Previous corresponding period Six months ended 31 December 2023
This report and the attached Consolidated Financial Report are presented in Australian dollars, being the
Group’s presentation currency.
2. RESULTS FOR ANNOUNCEMENT TO THE MARKET
Group Results31 De c 202431 De c 2023Change
(Unaudited)AUD $000AUD $000%
Revenue5,991,4106,582,488( 9.0%)
Earnings before depreciation, amortisation, net finance
costs and tax expense (EBITDA)
275,838303,067( 9.0%)
Depreciation and amortisation(68,562)( 66,343)( 3.3%)
Earnings before interest and tax (EBIT)207,276236,724( 12.4%)
Profit before tax (PBT)155,846191,958( 18.8%)
Net profit after tax (NPAT)111,719137,256( 18.6%)
Net profit after tax (NPAT) attributable to owners of the
Company
110,489136,175( 18.9%)
Weighted average number of shares194,076191,7421.2%
Basic EPS – (CPS)56.971.0( 19.8%)
Net tangible asset backing per ordinary share – ($)($4.42)( $4.24)
Underlying EBITDA
(refer reconciliation below)291,066313,167( 7.1%)
Underlying EBIT
(refer reconciliation below)235,594259,914( 9.4%)
Underlying PBT
(refer reconciliation below)184,164215,148( 14.4%)
Underlying Net profit after tax (NPAT) attributable to the
owners of the Company
(refer reconciliation below)130,994152,409( 14.1%)
Underlying EPS – (CPS)67.579.5( 15.1%)
EBOS GROUP LIMITED
APPENDIX 4D
2
Dividends Amount Per Share
(NZ$ Cents)
Franked amount per
security to 30% tax rate
Interim dividend payable 21 March 2025 57.0c 100%
Interim dividend – previous corresponding period 57.0c 100%
Key dates for the 2025 Interim Dividend
Ex-dividend date 27 February 2025
Record date
28 February 2025
(5.00pm NZST)
Dividend payment date 21 March 2025
Other Comments
The interim dividend will be imputed to 25% for New Zealand tax resident shareholders and a
supplementary dividend paid to eligible non-resident shareholders.
3. RECONCILIATION OF REPORTED TO UNDERLYING EARNINGS
1
Underlying EBITDA, Underling EBIT, Underlying PBT and Underlying Net Profit after Tax attributable to the owners of the Company
are non-GAAP measures. Underlying earnings for the 31 December 2024 period excludes the amortisation (non-cash) expense
attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible assets ($13.1m pre tax, $9.2m
post tax) and one-off M&A transaction costs ($5.4m pre tax, $4.3m post tax) and non-recurring restructuring and site transition costs
($9.8m pre tax, $7.0m post tax). Underlying earnings for the 31 December 2023 period excludes the amortisation (non-cash) expense
attributable to the LifeHealthcare acquisition PPA of finite life intangible assets ($13.1m pre tax, $9.2m post tax) and one-off M&A
costs ($10.1m pre tax, $7.1m post tax) primarily associated with a strategic transaction which did not proceed.
Reconciliation of Reported to Underlying Earnings 31 De c 2024 31 De c 2023 Change
(Unaudited)AUD $000AUD $000%
Reported EBITDA275,838303,067( 9.0%)
Add back one-off items incurred during the period
1
15,22810,100
Underlying EBITDA291,066313,167( 7.1%)
Reported EBIT207,276236,724( 12.4%)
Add back one-off items incurred during the period
1
15,22810,100
Add back amortisation (non-cash) on LifeHealthcare PPA
1
13,09013,090
Underlying EBIT235,594259,914( 9.4%)
Reported PBT155,846191,958( 18.8%)
Add back one-off items incurred during the period
1
15,22810,100
Add back amortisation (non-cash) on LifeHealthcare PPA
1
13,09013,090
Underlying PBT184,164215,148( 14.4%)
Reported Net Profit after Tax (NPAT) attributable to owners
of the Company
110,489136,175( 18.9%)
Add back one-off items incurred during the period
1
(net of
tax and after non-controlling interests)
11,3417,070
Add back amortisation (non-cash) on LifeHealthcare PPA
1
(net of tax and after non-controlling interests)
9,1649,164
Underlying Net Profit after Tax (NPAT) attributable to
owners of the Company
130,994152,409( 14.1%)
EBOS GROUP LIMITED
APPENDIX 4D
3
For supplementary comments on the Group’s financial results refer to the Results Presentation, Shareholders
Report and Media Release issued on 19 February 2025.
4. DIVIDENDS PAID AND DECLARED
Group Results
(Unaudited)
Amount
Per Share
(NZ$ Cents)
Amount
Per Share
(A$ Cents)
Total
Amount
(A$)
Date Paid / Payable
Dividends declared in respect of
the year ending 30 June 2025
2025 interim dividend 57.0 cents 51.6 cents $100, 526,000 21 March 2025
Dividends paid in respect of the
year ended 30 June 2024
2024 final dividend 61.5 cents 56.1 cents $108,167,000 18 September 2024
2024 interim dividend 57.0 cents 53.7 cents $102,796,000 22 March 2024
118.5 cents 109.8 cents $210,963,000
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.
5. DIVIDEND REINVESTMENT PLAN
The Company's dividend reinvestment plan ('DRP') will be operable for this dividend. The EBOS Board has
approved a discount of 2.5% to the Volume Weighted Average Sales Price ('VWAP') for the shares to be issued
under the DRP for the 2025 interim dividend.
6. ENTITIES ACQUIRED
Refer to Note 9 of the condensed consolidated interim unaudited financial statements.
EBOS GROUP LIMITED
APPENDIX 4D
4
7. ASSOCIATES AND JOINT VENTURES
The Group equity accounted the following material associate entities at 31 December 2024.
Name of business Proportion of shares and voting rights
Animates NZ Holdings Limited 50.00%
Income from the individual Associates has not been separately disclosed as it is considered immaterial. Total
income from Investments in Associates for the six months ended 31 December 2024 was $7,807,000 (2023:
$6,534,000).
8. FOREIGN ENTITIES
The Consolidated Financial Statements are presented in Australian dollars and comply with International
Financial Reporting Standards (“IFRS”).
9. INDEPENDENT AUDIT REVIEW
The condensed consolidated interim financial statements have been reviewed by an independent auditor,
and the auditor has given an unmodified review opinion.
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer EBOS Group Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency AUD
Amount (AUD $000s) Percentage change
Revenue from continuing operations $5,991,410 -9.0%
Total Revenue $5,991,410 -9.0%
Underlying net profit from continuing operations
attributable to security holders
1
$130,994 -14.1%
Net profit/(loss) from continuing operations $110,489 -18.9%
Total net profit/(loss) $110,489 -18.9%
Final Dividend
Amount per Quoted Equity Security NZD $0.57000000
Imputed amount per Quoted Equity Security NZD $0.05541667
Record Date 28 February 2025
Dividend Payment Date 21 March 2025
Current period
Prior comparable
period
Net tangible assets per Quoted Equity Security
2
AUD($4.42) AUD($4.24)
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Refer to the Interim Report, Results Presentation,
Media Release and Letter to Shareholders for
EBOS Group Limited for the six month period to
31 December 2024, issued on 19 February 2025.
Authority for this announcement
Name of person
authorised to make this
announcement
Janelle Cain
Contact person for this announcement Janelle Cain
Contact phone number +61 3 9918 5370
Contact email address Janelle.Cain@ebosgroup.com
Date of release through MAP
19 February 2025
Unaudited condensed consolidated interim financial statements accompany this announcement.
1
Underlying earnings for the 31 December 2024 period excludes the amortisation (non-cash) expense attributable to the
LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible assets ($13.1m pre tax, $9.2m post
tax) and one-off M&A transaction costs ($5.4m pre tax, $4.3m post tax) and non-recurring restructuring and site
transition costs ($9.8m pre tax, $7.0m post tax). Underlying earnings for the 31 December 2023 period excludes the
amortisation (non-cash) expense attributable to the LifeHealthcare acquisition PPA of finite life intangible assets ($13.1m
pre tax, $9.2m post tax) and one-off M&A costs ($10.1m pre tax, $7.1m post tax) primarily associated with a strategic
transaction which did not proceed.
2
Net Tangible Assets excludes A$387.1m (December 2023: A$356.4m) of Right of Use assets, although includes
A$408.2m (December 2023: A$381.7m) of lease liabilities in relation to the adoption of NZ IFRS 16 ‘Leases’.
Appendix 1:
1
Underlying EBITDA, Underling EBIT, Underlying PBT and Underlying Net Profit after Tax attributable to the owners of
the Company are non-GAAP measures. Underlying earnings for the 31 December 2024 period excludes the amortisation
(non-cash) expense attributable to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible
assets ($13.1m pre tax, $9.2m post tax) and one-off M&A transaction costs ($5.4m pre tax, $4.3m post tax) and non-
recurring restructuring and site transition costs ($9.8m pre tax, $7.0m post tax). Underlying earnings for the 31 December
2023 period excludes the amortisation (non-cash) expense attributable to the LifeHealthcare acquisition PPA of finite life
intangible assets ($13.1m pre tax, $9.2m post tax) and one-off M&A costs ($10.1m pre tax, $7.1m post tax) primarily
associated with a strategic transaction which did not proceed.
Reconciliation of Reported to Underlying Earnings 31 De c 2024 31 De c 2023 Change
(Unaudited)AUD $000AUD $000%
Reported EBITDA275,838303,067( 9.0%)
Add back one-off items incurred during the period
1
15,22810,100
Underlying EBITDA291,066313,167( 7.1%)
Reported EBIT207,276236,724( 12.4%)
Add back one-off items incurred during the period
1
15,22810,100
Add back amortisation (non-cash) on LifeHealthcare PPA
1
13,09013,090
Underlying EBIT235,594259,914( 9.4%)
Reported PBT155,846191,958( 18.8%)
Add back one-off items incurred during the period
1
15,22810,100
Add back amortisation (non-cash) on LifeHealthcare PPA
1
13,09013,090
Underlying PBT
184,164215,148( 14.4%)
Reported Net Profit after Tax (NPAT) attributable to owners
of the Company
110,489136,175( 18.9%)
Add back one-off items incurred during the period
1
(net of
tax and after non-controlling interests)
11,3417,070
Add back amortisation (non-cash) on LifeHealthcare PPA
1
(net of tax and after non-controlling interests)
9,1649,164
Underlying Net Profit after Tax (NPAT) attributable to
owners of the Company
130,994152,409( 14.1%)
---
Distribution Notice
Section 1: Issuer information
Name of issuer EBOS Group Limited
Financial product name/description Ordinary Shares
NZX ticker code EBO
ISIN (If unknown, check on NZX website) NZEBOE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 28 February 2025
Ex-Date (one business day before the
Record Date)
27 February 2025
Payment date (and allotment date for
DRP)
21 March 2025
Total monies associated with the
distribution
1
NZD $110,970,000
(AUD $100,526,000)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
NZD $0.62541667
Gross taxable amount
3
NZD $0.62541667
Total cash distribution
4
NZD $0.57000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount NZD $0.02514706
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
6
8.86%
Imputation tax credits per financial
product
NZD $0.05541667
Resident Withholding Tax per financial
product
NZD $0.15097083
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form.
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for determining
market price for DRP
03 March 2025 07 March 2025
Date strike price to be announced (if not
available at this time)
12 March 2025
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
New shares issued
DRP strike price per financial product
The EBOS Board has approved a discount of 2.5% to the
Volume Weighted Average Sales Price ('VWAP') for the
shares to be issued under the DRP for the 2025 interim
dividend. The VWAP shall be determined over the period of
03 March 2025 to 07 March 2025.
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
03 March 2025
Section 5: Authority for this announcement
Name of person
authorised to make this
announcement
Janelle Cain
Contact person for this announcement Janelle Cain
Contact phone number +61 3 9918 5370
Contact email address Janelle.Cain@ebosgroup.com
Date of release through MAP
19 February 2025
---
EBOS GROUP LIMITED
(“Company”)
Directors’ Declaration in respect of the Group Financial Statements
for the six months ended 31 December 2024
Declaration
The Directors of the Company hereby declare that, in the Directors’ opinion:
• The EBOS Group Limited condensed consolidated interim unaudited financial statements for
the six months ended 31 December 2024 and the notes to those financial statements comply
with the accounting standards issued by the External Reporting Board of New Zealand;
• The EBOS Group Limited condensed consolidated interim unaudited financial statements for
the six months ended 31 December 2024 and the notes to those financial statements give a
true and fair view of the financial position and performance of the Company; and
• There are reasonable grounds to believe that the Company will be able to pay its debts as and
when they become due and payable.
This declaration is made in accordance with a resolution of the directors dated 18 February 2025 and
is signed for and on behalf of directors by the board chairman.
Signed
E Coutts
Chairperson
18 February 2025
---
2025 Half Year Results
Dear Shareholders,
We are pleased to report EBOS delivered strong underlying growth
1
for the first half of the 2025 financial year reflecting the strength of
our diversified business model.
We are also on-track to achieve our guidance for the full year
following the Group’s half year performance. This result reflects the
execution of our near-term strategies to drive revenue growth, cost
efficiencies and strategic acquisitions. The statutory results are
down on the prior corresponding period reflecting the loss of the
CWA distribution contract. However, the Group increased Underlying
EBITDA by 7.1%
1
excluding the CWA contract.
To provide shareholders with a like-for-like comparison to the
prior corresponding period, where applicable, this report includes
comparisons against underlying earnings exclusive of the estimated
revenue and earnings from the CWA contract.
31 December 2024
Interim Shareholders
Report 2025
All amounts are denoted in Australian dollars unless otherwise stated.
Key Highlights
$6.0b
revenue
NZ 57.0c
interim dividend per share
$131m
11,881
underlying NPAT
shareholders
FINANCIAL HIGHLIGHTS
Underlying Results
2
$6.0 billion revenue
$291 million EBITDA
$131 million net profit after tax
inc. CWA
-9.0%
-7.1 %
ex. CWA
+9.5%
+7.1 %
UNDERLYING EBITDA
202220
20202420232021
184.12 0 7. 7289.2313.2
29
1.1
Six months to 31 December ($millions)
INTERIM DIVIDEND PER SHARE
FY23FY21FY25FY2
4
42.547. 053.057. 057. 0
FY22
Six months to 31 December (NZ cents)
1
Interim Shareholders Report 2025
Half-Year Highlights
2
• Revenue of $6.0 billion (up 9.5%
1
)
• Underlying EBITDA of $291 million (up 7.1%
1
)
• Underlying NPAT of $131 million
• Underlying EPS of 67.5 cents
• Interim dividend declared of NZ 57.0 cents per share
(maintained at H1 FY24 level)
• Strong progress made on the near-term growth strategies:
> Underlying EBITDA growth for the Healthcare and Animal Care
segments of 7.0%
1
and 7.2% respectively
> Approximately $100m revenue from new pharmacy wholesale
customers ($450m+ annualised)
> $15m cost savings achieved
> Three investments completed in the Medical Technology business
in Southeast Asia
3
• EBOS reiterates its guidance that the Group expects to generate
Underlying EBITDA between $575 - $600 million in FY25
Healthcare summary
Our Healthcare segment generated revenue of $5.7 billion and
Underlying EBITDA of $250 million, an increase of 9.7% and 7.0%
1
respectively on the prior corresponding period. This performance
was driven by organic growth and strong performances across the
Community Pharmacy
1
, TerryWhite Chemmart (TWC) and Institutional
Healthcare businesses.
In Australia, Healthcare revenue was $4.4 billion and Underlying
EBITDA was $200 million, an increase of 11.8% and 6.6% respectively
1
led by Community Pharmacy and Institutional Healthcare. In New
Zealand & Southeast Asia, Healthcare revenue was $1.3 billion and
Underlying EBITDA was $51 million, representing growth of 2.8% and
8.5% respectively, primarily driven by double-digit EBITDA growth in
our Transmedic business in Southeast Asia and growth in New Zealand,
excluding COVID-19 related products.
Community Pharmacy revenue was $3.1 billion (up 12.2% 1), driven by
approximately $100m of revenue from new wholesale customers in
H1 FY25 ($450m+ annualised), growth from existing pharmacy wholesale
customers, TWC’s continued sales growth and store expansion and
accelerating sales of GLP-1 medicines, as supply becomes increasing
available. The Community Pharmacy business made excellent progress
in adjusting to the lower sales volumes with a number of initiatives
implemented to ensure our productivity measures were in line with
expectations. Further improvements are expected in the second half and
FY26 as we adjust our operations to the lower volumes. Pleasingly, the
First Pharmaceutical Wholesaler Agreement was signed in December
2024 and provides for a modest funding increase from H2 FY25 and a
further increase from FY27.
The TWC network reached 616 stores in the half, adding 52 stores in the
last year and grew network sales by 11.0% and like-for-like sales by 9.3%.
Institutional Healthcare revenue increased by $191 million (up 9.7%)
and Gross Operating Revenue increased by $25 million (up 8.3%).
Medicines and consumables revenue grew by 10.5%, driven predominantly
by Symbion Hospitals’ sales of high value specialty medicines. Medical
Technology delivered revenue growth of 5.5% driven by strong growth
in allografts, implants and orthopaedics and double-digit growth in
Southeast Asia. Medical Technology growth was partially offset by supply
issues in the spine channel, which are expected to ease in the second half,
and capital sales being impacted by reduced hospital demand.
Three investments were completed in the Medical Technology business in
Southeast Asia and are consistent with EBOS’ strategy of growing in that
region
3
. The Group recently increased its shareholding in Transmedic from
90% to 100% and completed two bolt-on acquisitions, one in Malaysia
and one in the Philippines, which strengthen Medical Technology’s
presence in the orthopaedics segment in those countries. In aggregate,
we have deployed approximately $70 million for these three investments.
Our Contract Logistics business in Australia continues to generate
growth through new and existing principals, enabled by the investment
in new warehouse capacity. In New Zealand, the Contract Logistics
business experienced a reduction in first half Gross Operating Revenue
due to a fall in demand for the storage and servicing of COVID-19
related products.
As a result, overall Contract Logistics Gross Operating Revenue was in-
line with the prior corresponding period.
Animal Care summary
Our Animal Care segment generated revenue of $304 million and
Underlying EBITDA of $59 million, an increase of 6.3% and 7.2%
respectively on the prior corresponding period. Animal Care segment
growth was driven by the strong performance of the branded business.
The branded business grew revenue by 7.6%, driven by strong
performances from Black Hawk and VitaPet which have continued to
either grow or maintain share leadership. In addition, our Superior Pet
Food business performed well, with growth in dog roll products and bulk
treats. The branded business also grew revenue from new products
launched in 2024. This growth was partially offset by softer demand in
discretionary categories such as accessories.
Animal Care’s wholesale business, Lyppard, returned to steady growth
with revenue growth for the period of 4.8%, due to higher trading in vet
groups combined with easing of cat vaccine supply issues.
Cash Flow, Return on Capital Employed, Net Debt
and Net Finance Costs
The Group generated solid underlying operating cash flow of
$205 million, up $90 million compared to the prior corresponding
period, reflecting an improvement in net working capital.
Return on Capital Employed (ROCE), excluding the CWA contract,
was 13.3%. As previously announced, ROCE has been reset
with the conclusion of the CWA contract. On a like-for-like basis,
ROCE marginally improved compared to June 2024.
The Net Debt : EBITDA ratio at 31 December 2024 was 2.07x (2.06x as at
31 December 2023). During the period, EBOS refinanced its corporate
debt facilities, extending the weighted average maturity to 3.3 years
(FY24: 1.6 years) and increasing available funds by $150 million.
Net Finance Costs increased to $51 million primarily due to lease
interest costs associated with new distribution centres and higher
interest rates.
Sustainability and Community
We remain committed to implementing environmentally responsible
practices and initiatives across our business.
While New Zealand already utilises renewable energy, we remain on
track to self-generate solar power equivalent to our forecast Australian
electricity consumption by FY27. In October 2024, we released our
first Climate Statement which can be found at www.ebosgroup.com/
sustainability/climate-statement.
SEGMENT RESULTS
Healthcare
$5.7b
revenue
(+9.7%
1
)
$250m
underlying
EBITDA
(+7.0%
1
)
Animal Care
$304m
revenue
(+6.3%)
$59m
underlying
EBITDA
(+7.2%
4
)
2
Interim Shareholders Report 2025
SEGMENT OVERVIEW
Animal Care
appointed as an independent non-executive director, effective
1 January 2025 and 1 February 2025 respectively. The appointments are
consistent with EBOS’ Board succession planning. EBOS has appointed
five new directors since July 2021 with a diverse mix of skills. The Board
is now comprised of seven directors, of which six are independent.
Interim Dividend
The Directors declared an interim dividend of NZ 57.0 cents per share,
maintained at the H1 FY24 level, reflecting the Board’s confidence in
the future growth of the Group. This implies a dividend payout ratio of
7 7.3%
5
on an underlying basis.
The record date for the dividend is 28 February 2025 and the dividend
will be paid on 21 March 2025. The dividend will be imputed to 25% for
New Zealand tax resident shareholders and fully franked for Australian
tax resident shareholders.
Outlook
EBOS is pleased with the strong underlying earnings growth
1
in the first
half of FY25, driven by both organic growth and acquisitions.
EBOS has demonstrated resilience and delivered underlying growth
1
as we adapt positively to changing market dynamics, reflecting the
defensive and diverse nature of the Group.
EBOS reiterates its guidance that the Group expects to generate
Underlying EBITDA between $575 – $600 million in FY25. This implies
growth of approximately 5-10% compared to the prior year
1
. H1 FY25
Underlying EBITDA growth of 7.1%
1
is supportive of this guidance.
The Group continues to explore an active pipeline of M&A opportunities.
EBOS employs over 5,200 people and we acknowledge them for their
extraordinary efforts and unwavering commitment to the communities
we serve across New Zealand, Australia and Southeast Asia.
We thank all our shareholders for their ongoing support.
Underlying EBITDA
Six months to 31 December ($millions)
55.4
Underlying EBITDA
Six months to 31 December ($millions)
Animal Care has begun transitioning its VitaPet Snacks and Treats
ranges into 100% recyclable packaging. This transition will take place
throughout 2025 as we gradually introduce the new packaging into
retail outlets.
Cyber security remains a priority for the Group. We continued to
implement a comprehensive cyber security uplift program to further
en
hance security in line with evolving threats. We also achieved ISO
27
001 cyber security certification for an additional three business units.
We introduced Executive Safety Leadership Walks in our distribution
centres to drive proactive engagement, increase visibility and improve
safety outcomes. In addition, we launched the EBOS Life Savers
initiative, which outlines critical controls to reduce the risk of significant
injury or harm to our employees during high-risk activities.
EB
OS continues to collaborate with community partners across New
Zealand and Australia who align with our purpose ‘Advance opportunities
to enrich lives’. Our Group and employees continue to support
or
ganisations including Ovarian Cancer Australia, Guide Dogs Australia,
BackTrack, LandSAR, FightMND, Cerebral Palsy Alliance and others.
Further detail on our ESG Program can be found at
www.ebosgroup.com/sustainability.
CEO Succession
As separately announced, John Cullity will be retiring as CEO, effective
30 June 2025, and Mr Adam Hall will commence as CEO on 1 July 2025.
Adam Hall is a highly accomplished global executive with a strong
track record in strategic growth, mergers and acquisitions and
operational excellence. Most recently, as Group Executive & President
– Asia for Orica Limited, he successfully led significant growth in
earnings and scale, while driving innovation and efficiency.
The Chair and Board express their gratitude to John for his
outstanding leadership, which has been a key driver of EBOS’ strong
growth over his seven years as CEO and look forward to welcoming
Adam to the EBOS team.
Board Renewal
Consistent with EBOS’ Board renewal process, Matt Muscio was
a
ppointed as a non-executive director and Coline McConville was
Healthcare
2022202020242023
2021
161.3185.2255.0275.5
2
50.
5
20222020202420232021
33.938.851.055.4
5
9.
3
1
Growth is H1 FY25 Underlying compared to H1 FY24 Underlying when normalised to exclude the Chemist Warehouse Australia (CWA) contract.
2
Underlying earnings for both the 31 December 2024 and 31 December 2023 periods exclude one-off M&A transaction costs and the amortisation (non-cash) expense attributable
to the LifeHealthcare acquisition purchase price accounting (PPA) of finite life intangible assets. Underlying earnings for the 31 December 2024 period also exclude non-recurring
restructuring and site transition costs.
3
Includes one acquisition that was previously announced at the FY24 results and was completed in July 2024, and one investment that was completed in January 2025.
4
Underlying earnings for the 31 December 2023 period excludes one-off M&A costs.
5
Dividend payout ratio is based on an underlying basis on a NZD:AUD average exchange rate of 0.912.
3
John Cullity
Chief Executive Officer
Liz Coutts
Chair of the Board
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.