Ann: FLLYR: EBO: EBOS Delivers Again

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EBO
20/08/2013 14:43
FLLYR

REL: 1443 HRS Ebos Group Limited

FLLYR: EBO: EBOS Delivers Again

20 August 2013

EBOS DELIVERS AGAIN

Year's highlights
o Acquisition of Symbion in Australia for $1.1 billion creating Australasia's
largest healthcare and animal care products supplier
o Successful capital  raising to support Symbion acquisition
o Full year of trading for Masterpet in New Zealand
o 14.4 per cent increase in EBITDA (excluding Symbion)
o Nominated as preferred bidder for HBL contract to supply all District
Health Boards in New Zealand

The EBOS Group has achieved another outstanding year of financial performance
while undertaking a landmark transaction to create a platform for further
growth as a leading provider of healthcare and animal care products in
Australia and New Zealand.

EBOS Managing Director and Chief Executive Officer Mark Waller says "the
acquisition of Symbion's complementary business in Australia with effect from
1st June 2013 means that EBOS is now the largest diversified Australasian
marketer, wholesaler and distributor of healthcare, medical and
pharmaceutical products and a leading Australasian animal care products
distributor. It is a position of significant strategic strength creating
opportunities to further assist our customers".

Group financial performance
Including 18 days trading for Symbion, revenues for the financial year to 30
June 2013 rose 27.6 per cent to $1.823 billion from $1.428 billion in 2012.

The tax expense increased by 71 per cent to $14 million ($8.15 million)
reflecting the non-deductibility of certain Symbion acquisition costs and low
taxation charge in the previous year arising from one-off tax benefit in
connection with the acquisition of Masterpet.

Excluding the short trading period for Symbion and one off transaction costs,
the results for the Group reflected another year of strong performance that
beat forecast, Mr Waller says.

"Earnings directly attributable to the business (ebitda) grew ahead of
forecast and rose 14.4 per cent over the previous financial year to $53.6
million ($46.85 million), driven by the inclusion of the first full year of
trading by Masterpet, a strong performance across all the NZ healthcare
businesses and by competitive positioning in Australia."

Net profit after tax rose 5.5 per cent to $29.5 million ($27.95 million),
even after the significantly higher tax charge.  (These numbers exclude
Symbion June results and one-off transaction costs as disclosed in the
Financial Statements)

Capital structure
In June the Group undertook a placement of new shares and an entitlement
offer to all shareholders to partly fund the Symbion acquisition from Zuellig
Group. As part consideration, Zuellig received new EBOS shares and, with its
associates, is now the Group's largest shareholder with a holding of 40 per
cent of the issued shares.  We see the Zuellig shareholding as a major vote
of confidence. In addition to raising new equity, the Group assumed Symbion
debt totalling $230 million.

Dividends
As indicated in the Offer document for the Entitlement Offer, shareholders
will receive a partially imputed final dividend for the 2013 financial year
of 15 cents a share payable on 22 October 2013. This follows an interim
dividend of 17.5 cents paid in April 2013 and a 4 for 53 bonus issue of
ordinary shares in June. The Directors have indicated an intent to pay future
dividends equating to 60-70 per cent of normalised net profit after tax
subject to the cash requirements of the Group.

Outlook
The Symbion acquisition is a "game changer".  We have strong market positions
with excellent systems and management in all our businesses in Australia and
New Zealand with opportunities for further growth. In addition, work is
progressing on leveraging the strengths of EBOS and Symbion.  The immediate
focus is on translating EBOS's experience in third party logistics to
Symbion.

EBOS was delighted to be nominated as the preferred bidder for the
significant HBL contract to manage and deliver healthcare products to
District Health Boards throughout New Zealand. This will be an opportunity
for EBOS to further leverage its expertise in logistics and distribution to
meet the critical requirements of DHBs. Detailed proposals are now being
developed to meet the Ministry of Health's exacting requirements.

The first few weeks trading of the 2014 financial year have been in line with
expectations. This gives the Group confidence that financial performance will
be consistent with the forecasts for the six months to 31 December 2013
contained in the prospectus for the entitlement offer announced in June 2013.
Now that approximately three quarters of the Group's earnings are denominated
in Australian dollars, reported results will be subject to currency
fluctuations.

Chairman, Rick Christie said "Work is underway to facilitate the dual listing
of the Group's shares on the ASX. This will potentially provide benefits for
shareholders through increased investor awareness and greater liquidity in
the Group's stock".

__________________________________ ___________________________________
Mark Waller Rick Christie
Managing Director/CEO Chairman of Directors
EBOS Group Limited

Phone: (03) 338 0999
Mobile: 021 368 746

EBOS GROUP LIMITED

REPORTED CONSOLIDATED INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

 2013
NZ$ million  2012
NZ$ million

REVENUE 1,823.2  1,428.7  +27.6%

EBITDA 58.2  46.9  +24.1%

EBIT 51.8  43.0  +20.5%

EBT 42.2  36.1 +16.9%

(TAX) (14.0)  (8.2)

NPAT 28.2  27.9

EBOS GROUP LIMITED
INCOME STATEMENT EXCLUDING SYMBION ACQUISITION #
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

 2013
NZ$ million  2012
NZ$ million

REVENUE 1,482.2  1,428.7  + 3.7%

EBITDA 53.6  46.9  +14.4%

EBIT 49.2  43.0  +14.4%

EBT 41.1  36.1 +13.9%

(TAX) (11.6)  (8.2)

NPAT 29.5  27.9  + 5.5%

 (#  Adjusted numbers exclude Symbion results for June 2013 and one off
transaction costs)
End CA:00239928 For:EBO    Type:FLLYR      Time:2013-08-20 14:43:37