Ann: Completion of acquisition of Boulcott Hospital in NZ-PHG.AX, page-3

Another way of looking at this acquisition is that it will likely be the second highest earning hospital in Pulse’s suite of hospitals hence the importance.

Boulcott Hospital = $2.6 million EBITDA
Hills Clinic = $3.2 million EBITDA
Hobson Healthcare (all 3) and Healthwoods = $2.2 million EBITDA
Existing Hospitals (Mackay Rehabilitation Hospital, Gympie Private Hospital, Westmead Rehabilition Hospital, Forester Private Hospital and Bega Valley Private Hospital) = $4.8 - $6 million EBITDA

Gold Coast Surgical Hospital is forecast to be at break even by 31 December 2016 with growth of 15% per month. To me this means that the best case scenario is a break even result for FY2017. Probably best to assume an loss of $1 - 2 million for this hospital.

So this means underlying forecast EBITDA of $12.8 million - $14 million in FY2017 and reported EBITDA of $12 million when factoring in the Gold Coast Hospital.