EBOS Group Annual Report 2020

EBOS GROUP 2O2O ANNUAL REPORT323
CONTENTS
FOREWORD
O4
SUMMARY
OF RESULTS
O6
CEO AND CHAIR
REPORT
O8
EBOS GROUP
OVERVIEW
14
DISASTER
RELIEF
16
ENVIRONMENT, SOCIAL
AND GOVERNANCE
2O
OUR RECONCILIATION
ACTION PLAN
22
CHARITY
AND COMMUNITY
24
BUSINESS
HIGHLIGHTS
26
OUR
BOARD
3O
FINANCIAL
SUMMARY
32
FINANCIAL
REPORT
34
CORPORATE
GOVERNANCE
94
REMUNERATION

96
DIRECTORS’ INTERESTS
AND DISCLOSURES
1O4
DIRECTORY

1O9
THROUGH THE FOUNDATIONS
WE HAVE BUILT IN A STRONG
AND DIVERSE BUSINESS,
EBOS HAS MAINTAINED ITS
STEADFAST COMMITMENT TO
STANDING BESIDE ITS CUSTOMERS
AND THE COMMUNITIES THEY
SERVE. AS WE TOGETHER STRIVE
TO OVERCOME UNPRECEDENTED
CHALLENGES, EBOS REMAINS
FOCUSSED ON DELIVERING HIGH
QUALITY HEALTHCARE AND ANIMAL
CARE ACROSS OUR MARKETS.

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DIRECTORY
54EBOS GROUP 2O2O ANNUAL REPORT
EBOS, along with our customers
and the communities we serve, has
faced significant and unprecedented
challenges in 2020. As we together
strive to overcome these difficulties,
EBOS remains focussed on delivering
high quality healthcare and animal care
across our markets, underpinned by
the strong and diverse foundations our
business is built upon.
As New Zealanders and Australians have faced
these challenges with strength and resilience,
EBOS has stood firm in the face of supply chain
pressures never before encountered to meet
significantly increased demand for healthcare
and animal care products and services.
The dedication and tireless efforts of our more
than 3,700 employees and the strength of our
business, which has been strategically built over
time, has ensured we have continued to deliver in
a time of great need. Importantly, we have never
lost sight of our commitment to the exceptional
service standards we set for ourselves and that
are expected of us, no matter the environment or
difficulties we face.
As we look ahead to the next year and beyond,
we are buoyed by our shared response to these
challenges, reinforcing the integral role our
business plays in supporting the health and
wellbeing of New Zealanders and Australians.
EBOS remains in a strong financial position thanks
to a proven business strategy that is underpinned
by a commitment to all our stakeholders and the
communities in which we operate. This ensures that
we continue to deliver strong business outcomes
and leading products and services that are relied
upon by thousands of people every day.
FOREWORD
AS WE LOOK AHEAD
TO THE NEXT YEAR
AND BEYOND, WE
ARE BUOYED BY OUR
SHARED RESPONSE TO
THESE CHALLENGES,
REINFORCING THE
INTEGRAL ROLE OUR
BUSINESS PLAYS IN
SUPPORTING THE HEALTH
AND WELLBEING OF
NEW ZEALANDERS AND
AUSTRALIANS.
Highlights
Our shareholders
Our business
$28.9m
net investment in capital works
$44.6m
acquisition investment spend
$8.8b
revenue
77.5c
total dividends
per share (NZ)
9,388
3,700
72%28%
shareholders
employees
AustraliaNew Zealand
61
locations in New
Zealand and Australia

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DIRECTORY
67
Financial HighlightsSegment & divisional earnings overview
All figures are in Australian dollars, unless otherwise stated.
SUMMARY
OF RESULTS
Reported Results
Underlying Results
Five year revenue trend
For the year to 30 June ($millions)
Five year NPAT trend
For the year to 30 June ($millions)
Five year EBITDA trend
For the year to 30 June ($millions)
Five year EBITDA trend
For the year to 30 June ($millions)
8,7662020
2019
2018
2017
2016
6,930
6,987
7,203
6,541
168.32020
2019
2018
2017
2016
144.4
137.3
130.9
117.0
333.62020
2019
2018
2017
2016
250.4
250.1
221.5
2 07. 7
296.6
2020
2019
2018
2017
2016
261.6
250.1
228.2
2 07. 7
$8.8
billion
revenue
$162.5
million reported
N PAT
100.6
cents earnings
per share
$296.6
million
underlying
EBITDA
77.5
cents dividend
per share (NZ)
Data based on gross operating revenue, which comprises revenue less cost of sales and
write down of inventory.
Animal
Care
13%
Healthcare
87%
49% Pharmacy
25% Institutional
8% Contract Logistics
5% Consumer Products
13% Animal Care
RevenueUnderlying EBITDA
80% Australia
20% New Zealand
85% Australia
15% New Zealand
EBOS GROUP 2O2O ANNUAL REPORT6
+ 26.5% increase
+8.4% increase+12.0% increase
+ 18.0% increase+13.4% increase

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9EBOS GROUP 2O2O ANNUAL REPORT
This year’s result demonstrates
the strength of our business with
both Healthcare and Animal Care
contributing to the significant
increase in revenue and earnings.
This reinforces our strategy
and underlines EBOS’ ongoing
commitment to operating a diverse
portfolio of high-performing
businesses.
HIGHLIGHTS
We have faced significant
challenges over the past year
with an ongoing global pandemic,
a significant measles outbreak
and natural disasters. In these
unprecedented times of uncertainty
and adversity, EBOS is fortunate
to be an industry leader of scale,
operating in markets where the
majority of our products and
services are essential items.
We have continued to deliver
for our customers and serve the
communities where we operate,
while also generating strong growth.
In driving this growth, EBOS has
remained focussed on maintaining
the high standards of service
that we pride ourselves on. This
commitment was highlighted as we
achieved significant growth and
substantially higher sales volumes
in Healthcare, while not sacrificing
on our commitment of quality
service to our loyal customers.
Our Community Pharmacy business
had a particularly strong year as it
benefited from the increased scale
of its operations as it commenced
supply to the Chemist Warehouse
pharmacy network. The business
performed exceptionally well in
managing these increased volumes,
particularly when having to deal
with the combined impacts of
the Australian bushfire crisis and
COVID-19.
While the Australian bushfires were
the focus for resources in December
and January, the onset of COVID-19,
in March, saw consumers in
both New Zealand and Australia
stockpile ethical and over-the-
counter medicines at levels never
before encountered. While this
unprecedented pandemic driven
demand did stretch our capabilities
for a short period, our Healthcare
business withstood the test.
This was largely thanks to the
significant investments in capital
expenditure to automate our
sites, increase capacity, improve
productivity and the efforts and
commitment of our employees.
Looking to the consumer facing
side of our Community Pharmacy
business, TerryWhite Chemmart
(TWC) increased its standing
as one of Australia’s largest
community pharmacy networks.
During the financial year, TWC’s
network grew by 26 pharmacies
and the network achieved notable
sales growth, driven by increased
brand awareness, customer
satisfaction and new partnerships
with Qantas Frequent Flyer, Bupa
and Afterpay. In addition to this,
TWC pharmacists administered
more than 550,000 influenza
vaccinations through an in-store
clinic program and provided much
needed front-line health care and
support to communities throughout
the COVID-19 pandemic. We
acknowledge and thank our
network partners and their
employees for their tireless efforts.
CEO & CHAIR
REPORT
It is pleasing to report on
the 2020 financial year
and with that a record
financial result for EBOS.
John Cullity
Chief Executive Officer
Elizabeth Coutts
Chair
EBOS’ Institutional Healthcare
business also performed strongly
with elevated demand from hospital
customers in preparedness for
COVID-19 patients. The recently
acquired LMT (“Life. Movement.
Technology.”) and National Surgical
(LMT) medical devices business
also contributed to the strong
performance despite a temporary
reduction in elective surgeries
from late March as hospitals took
measures to free up resources for
the potential influx of COVID-19
patients. Notwithstanding this,
LMT continued to service customers
performing trauma and emergency
surgery, having shown foresight in
forward ordering equipment and
supplies in anticipation of supply
chain issues arising from the
pandemic.
The benefits of EBOS’ ongoing
capital expenditure initiatives
were reinforced with our Contract
Logistics business continuing to
grow and attract new customers
thanks to recently opened facilities
in both Sydney and Auckland.
EBOS’ Animal Care and Consumer
Products businesses also
benefited from additional capital
investment with the opening of
a new distribution centre for our
Australian veterinary wholesale
business Lyppard, and a new,
shared distribution centre and
manufacturing plant in Auckland
for Consumer Products. It is these
investments that ensure our
businesses can continue to provide
an exceptional level of service to
customers.
Black Hawk continued to build
its position as a thought leader
in animal care and pet nutrition,
underpinned by the brand’s belief
that ‘Every Ingredient Matters’.
Marketing activity focussed on
delivering a campaign aligned to
this positioning and was supported
by community partnerships that
reinforced the brand’s strong
reputation with consumers across
Australia and New Zealand.
Red Seal marketing activity was
also increased, delivering a summer
campaign in Australia that included
event sponsorship, partnerships
with influencers and competitions
to drive customer engagement on
social media. In New Zealand, the
first part of its new global brand
positioning, ‘Incredible Inside’,
was launched, highlighting Red
Seal’s ethos: ‘When you put
incredible in, you get incredible out’.
The launch included a television
campaign encouraging resilience
and care for each other during New
Zealand’s COVID-19 lock-down.
In June 2020, the 7th Community
Pharmacy Agreement (CPA) was
finalised, providing regulatory
certainty for our Healthcare
business in Australia with additional
investment in the Community
Service Obligation (CSO) Funding
Pool and a restructured wholesale
mark-up for Pharmaceutical
Benefits Scheme (PBS) medicines.
We are pleased that, through this
agreement, the Government has
recognised both the vital role of
retail pharmacy in meeting the
community’s health needs as well
as the critical role CSO wholesalers
play in ensuring the timely
distribution of medicines across
Australia. As Australia’s leading
pharmaceutical wholesaler, we are
very grateful to the Federal Minister
for Health, The Hon. Greg Hunt
MP, and his Department for their
recognition of the importance of
our industry to Australia’s medicine
supply chain and their careful
consideration of the many issues
leading to this agreement.
COVID-19 RESPONSE
In the early stages of the emerging
COVID-19 pandemic EBOS formed
a Pandemic Response Team
(PRT) consisting of the CEO and
his direct reports. The PRT has
the structures in place to rapidly
identify and evaluate issues, the
authority to make any decision
needed to minimise the risks related
to COVID-19 and provide guidance
and support to our employees.
Following the advice and direction
of the local health authorities
relevant to our New Zealand
and Australian locations, and
with specific consideration to
each individual operational site
WE REMAIN
CONFIDENT IN
THE ABILITY
OF EBOS TO
EXPAND

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1110
CEO & Chair
Report continued ...
and office, the PRT approved the
implementation of a number of
measures as the situation developed.
These measures included the
immediate introduction of strict
travel restrictions for all employees,
banning external visitors to EBOS
offices, locking down all critical
warehouse sites with only employees
and essential contractors allowed on
site, and the introduction of additional
hygiene, social distancing, health
monitoring and cleaning practices
across all sites and offices.
Specific protocols were developed for
the management of a confirmed case
of COVID-19 at a site or office, and
back-up plans were developed should
a senior executive of EBOS be unable
to work due to COVID-19. Regular
and agile internal communications
for all employees updating them
on developments, issuing personal
safety and protection messages
and providing advice around mental
health and wellbeing for both
employees and their families were
also implemented.
With the introduction of working from
home (WFH) we ensured all those
impacted had the resources and
equipment required for their home
office and we provided support to
employees as to how to manage
their daily working life at home as
best as possible. Our IT team did
an exceptional job in managing the
WFH transition in a very short time.
In New Zealand and Australia, many
businesses, large and small, have
been faced with very challenging
decisions regarding their workforce.
We are fortunate that we operate
in sectors that have so far proven
resilient and we have not been faced
with difficult decisions regarding
workforce reductions.
COMMUNITY
EBOS is committed to ensuring its
behaviour and actions have a positive
impact on the communities where it
operates.
With the significant challenges
facing New Zealand and
Australia, EBOS has been active
in supporting communities locally
and abroad as they dealt with
major crises. These challenges
continue with the worldwide fight
against COVID-19.
During the year, EBOS
commenced two major projects
that underpin our ongoing
commitment to making a
difference to our communities.
In June 2020, we received
endorsement from Reconciliation
Australia for our first
Reconciliation Action Plan (RAP)
as we seek to embed greater
organisational understanding
and awareness of Australia’s First
Peoples. This RAP represents
the commencement of a journey
for EBOS, as we seek to forge
deeper connections with these
communities through meaningful
actions that contribute towards
creating a reconciled Australia.
We thank Reconciliation Australia
for its support throughout this
process and we look forward
to implementing the initiatives
outlined in our RAP over the next
12 months and beyond.
In 2020, EBOS also commenced
an Environmental, Social and
Governance (ESG) program.
The ESG program will serve as
a framework for responsible
organisational practices that
ensure EBOS maintains its social
licence to operate. This program
formalises many of the measures
already in place enabling more
structured activity that can be
accurately reported on to ensure
that we continue to meet our
organisational objectives to be a
responsible corporate leader.
These activities came on top
of our ongoing commitment to
support a variety of not-for-profit
and community initiatives through
our Match Funding program
or through specific support for
events such as the Australian
bushfires.
OUR EMPLOYEES
As previously highlighted, our
response to the COVID-19
pandemic has been extensive.
While we remained fully
committed to serving our
customers as effectively as
possible in the face of significant
challenges, our primary objective
throughout has been the wellbeing
of our employees.
In our most recent Employee
Engagement Survey, we were
pleased to see strong results in
the areas of pride in working for
EBOS, safety in the workplace
and care for the wellbeing of
employees. This year we also
asked for more specific feedback
on the senior leadership team
and the direction of the business
with 78% (which is 17% above
benchmark) of our employees
having a high degree of
confidence in the leadership and
direction of EBOS. It is rewarding
to have this endorsement in the
direction we are taking.
The challenges of 2020 have
brought out the very best in
our employees, and the Board
and executive could not be
prouder of the unwavering
commitment displayed in the face
of exceptional circumstances
and often restrictive conditions.
Importantly, the work of our
employees over the past 12
months has further highlighted
the critical role we play as part of
the healthcare systems in both
New Zealand and Australia.
We know many of our employees
showed great commitment
through their hard work in our
distribution centres away from
family and friends, while others
had to adjust to the unique
challenges of working from
home. To each and every one of
them, we would like to convey
our sincere appreciation for their
amazing commitment and drive
to get the job done and showcase
the strength of this great
organisation.
DIVIDEND
The Directors have announced a
final dividend of NZ 40.0 cents per
share, which takes the full-year
dividends to NZ 77.5 cents per
share, an increase of 8.4% on the
prior year.
THE FUTURE
We are pleased with our record
result in 2020 and, in line with our
strategy, we will continue to look
for investment opportunities that
will contribute to our ongoing
expansion.
While there will continue to be
uncertainty in the world for some
time, our robust business gives
us confidence and appetite
to continue to take sensible
commercial risks. In many
ways, the current environment
will provide us with significant
opportunities to grow both
organically and by acquisition.
We look forward to the challenge
and thank shareholders for their
ongoing support and trust in the
Board, executive and employees
of EBOS.
John Cullity
CEO

Elizabeth Coutts
Chair
1OEBOS GROUP 2O2O ANNUAL REPORT

EBOS GROUP 2O2O ANNUAL REPORT12
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13
Mrs Coutts is a highly
experienced director who has
been a member of the EBOS
Board since July 2003 and is
EBOS’ first female Chair.
After growing up on a dairy farm
in Matamata on New Zealand’s
North Island, Mrs Coutts has
forged a standout professional
career that included her being
appointed as the CEO of Caxton
Group at age 31, which had been
one of New Zealand’s largest
privately owned companies.
In her time at Caxton Group,
Mrs Coutts was responsible
for leading the company’s
operations across global
markets, including Australia,
Asia and the US. Through her
success in this role, Mrs Coutts
was appointed to her first
directorship with Trust Bank
New Zealand at age 34.
Inspired by the experience and in
the pursuit of greater diversity,
Mrs Coutts turned her focus
to becoming a professional
director. Over more than two
decades, she has held a variety
of board positions across a
diverse range of industries
and sectors, including with
leading organisations such
as Air New Zealand, Ports of
Auckland, Sport NZ and Oceania
Healthcare Limited.
Mrs Coutts has a wealth
of experience working in
complex and challenging
environments and understands
how to navigate the breadth of
circumstances and challenges
that an organisation can
encounter. She places a strong
focus on risk management,
relationships and finances
and firmly believes that an
organisation’s success is
underpinned by good people
who are backed up by robust
systems and processes.
In 2016, Mrs Coutts was
recognised for her services
to governance in the Queen’s
Birthday Honours when she was
appointed as an Officer of the
New Zealand Order of Merit.
Mrs Coutts is also a Chartered
Fellow of Chartered Accountants
Australia and New Zealand and a
Chartered Fellow and immediate
past President of the Institute of
Directors.
Elizabeth Coutts was
appointed as Chair of the
Board on 16 October 2019
following the retirement
of long-serving Chair and
former EBOS Managing
Director and Chief
Executive Officer,
Mark Waller.
12EBOS GROUP 2O2O ANNUAL REPORT
CHAIR PROFILE
INSPIRED BY
EXPERIENCE AND
IN THE PURSUIT OF
GREATER DIVERSITY,
MRS COUTTS TURNED
HER FOCUS TO BECOMING
A PROFESSIONAL
DIRECTOR

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1415
Community PharmacyInstitutional HealthcareContract LogisticsConsumer ProductsAnimal Care
EBOS GROUP
OVERVIEW
HealthcareAnimal Care
14EBOS GROUP 2O2O ANNUAL REPORT

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17
While this period has not been without its
complexities, in many ways, EBOS can consider
itself fortunate. EBOS’ wholesale, distribution
and retail healthcare businesses are essential
services, playing an integral role in maintaining
the continued supply of medicines and healthcare
products to communities across Australia and
New Zealand. This ensured our Healthcare
business remained open and operational
throughout the government-imposed shutdowns,
continuing to support the health and wellbeing
of the citizens across both countries. During
March and April, Symbion, along with the other
members of the National Pharmaceutical Services
Association (NPSA), distributed more than 70
million PBS medicines across Australia. In March,
the total number of medicines distributed were up
by 70% when compared with the same time in the
previous year.
However, throughout this crisis, we have never
wavered in our commitment to our customers
and the communities we serve. Our workforce of
more than 3,700 employees has demonstrated
strength and resilience in responding to these
challenges to ensure that we continued to deliver
the healthcare, animal care and consumer
products that New Zealanders and Australians
rely upon every day.
Importantly, we enacted plans and implemented
measures focussed heavily on ensuring the
health and safety of our employees during the
pandemic, as detailed on the page opposite.
On the frontline of healthcare, our pharmacist
partners were instrumental in the successful
COVID-19 response across both Australia and
New Zealand. Their resilience and commitment
to the health of their communities cannot be
overstated and they demonstrated an incredible
ability to adapt to changing circumstances.
Numerous examples of innovation have surfaced
from across EBOS, including TWC pharmacists
in the rural South Australian community of
Naracoorte who provided a home delivery
service for the elderly and raised money to
purchase essential products for those unable to
leave their homes.
DISASTER RELIEF
COVID-19
Like many businesses across Australia and New Zealand, EBOS felt the significant
impacts of COVID-19. New challenges have emerged, bringing about changes to
our daily lives, the ways in which we work and the demands placed upon us as we
all work to overcome this global pandemic.
General
• the immediate introduction of strict travel
restrictions for all employees;
• banning external visitors to all EBOS offices
and critical warehouse sites;
• introduction of additional hygiene, health
monitoring, social distancing, temperature
checking and cleaning practices across all
sites and offices;
• specific protocols were developed for
each business unit for the management
of a confirmed case of COVID-19 at a site
or office;
• substitution plans were developed should a
senior executive of EBOS be unable to work
due to COVID-19;
• regular and agile internal communications
for all employees updating them on related
developments;
• regular reporting of suspected or confirmed
cases to the Pandemic Response Team in
relation to symptoms, medical assessment
and testing;
• personal safety and protection messages
and advice on mental health and wellbeing
for both employees and their families were
also implemented;
• free flu vaccinations available for all
employees; and
• employee assistance program lines
available 24/ 7.
Critical Sites and Distribution Centres
• locking down all critical warehouse sites
with only employees and essential
contractors allowed on site;
• Personal Protective Equipment (PPE)
was issued to all employees;
• adjustment of shifts where possible to
reduce the risk of cross-infection;
• all persons entering the site to comply
with the health disclosure statement prior
to entry;
• thermal cameras installed at specific sites to
monitor body temperature of all personnel
prior to entering the workplace;
• communications displayed on noticeboards
and regular warehouse floor talks on
personal hygiene, physical distancing and
other safety measures;
• provision of disposable masks and hand
sanitiser to use away from work; and
• poster campaign on ‘Doing our bit to stop
the spread’.
Working from Home (WFH)
• all employees provided resources and
equipment required for their home office;
• support to employees on how to manage
their daily working life at home;
• HR and IT team support to assist all
employees in the WFH transition;
• support for managers through e-learn
on managing Distributed Teams;
• mental health and wellbeing via online
internal wellness portal; and
• engagement initiatives such as ‘Activate
August’ a step challenge for all employees
to participate in, a Resilience Project
webinar, Pilates and mindfulness sessions.
Returning to Office
• risk assessment of all sites conducted prior
to employees returning to the workplace;
• consultation with managers and teams on
safe return to work plans for those returning
to non-critical sites;
• information provided to employees on safety
measures in regard to personal hygiene,
physical distancing, health monitoring
and working teams to minimise the risk of
infection in office locations; and
• maintaining teams WFH where possible
especially in high-risk areas.
16EBOS GROUP 2O2O ANNUAL REPORT
COVID-19 HEALTH AND SAFETY

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DISASTER RELIEF
NEW ZEALAND
VOLCANIC ERUPTION AND
MEASLES OUTBREAKAUSTRALIAN BUSHFIRES
As a key partner in the New
Zealand healthcare supply chain,
EBOS’ hospital distribution
business Onelink had a critical
role to play in responding to
the Whakaari eruption. Onelink
services the main hospital where
patients were admitted and
worked in conjunction with local
health authorities to provide
emergency specialised burns
dressings and theatre supplies
required to treat the injured.
In an incredibly high-pressure
situation, Onelink’s teamwork,
experience and commitment
shone through, helping to support
a coordinated response to care for
the injured.
Just a few months prior to the
Whakaari eruption, EBOS was
called on to support a measles
outbreak in New Zealand that also
affected communities in Samoa.
In New Zealand, there were more
than 2,000 confirmed cases during
2019, with EBOS playing a key
role in assisting the NZ Ministry of
Health with the supply of measles
vaccinations to help combat the
outbreak.
At the height of the outbreak
in September and October,
Healthcare Logistics and
ProPharma processed more than
114,000 doses of the measles
vaccine. In addition, our teams
worked in conjunction with
the National Crisis Centre to
coordinate the daily supply of
the vaccine to priority groups.
In Samoa, EBOS International
helped quell the spread of measles
by assisting in the delivery of
ventilators to a local hospital and
supported the medical laboratory
at the Tupua Tamasese Meaole
Hospital by expediting deliveries to
the laboratory.
Throughout the crisis, EBOS
played a critical role in supporting
communities across Australia as
they battled these fires. Our teams
coordinated with federal, state
and local authorities to provide
vital medicines and emergency
healthcare products to the worst
impacted areas. We also donated
supplies to people in need,
including those caring for the large
number of injured animals.
EBOS also provided significant
financial assistance for recovery
efforts in addition to donating
products including hydration
tablets, masks, eye drops, ice
bricks, eskies and sanitation
products for those in need. This
financial aid included donations
to BlazeAid, which focuses on
replacing burnt fencing; injured
wildlife care organisation WIRES;
and support for independent
pharmacies impacted by the fires.
Further, TerryWhite Chemmart,
together with its network partners
and EBOS, made a significant
donation to the Australian Red
Cross Bushfire Appeal.
For our healthcare distribution
businesses, road closures and
constantly changing conditions
presented significant challenges in
delivering medicines into affected
communities. In some cases,
this required the redirection of
distribution routes by more than
500 kilometres around the closures
and staging of stock in refrigerated
trailers to ensure deliveries could
be made during the small windows
when roads were open.
EBOS’ Animal Care business also
had a key role to play in ensuring
the continued supply of products
to support the care of wildlife
injured in the bushfires. Working
with support agencies, including
the RSPCA and Animal Aid,
EBOS coordinated the delivery
of items such as food, veterinarian
products, crates, bowls, beds
and collars into fire-affected
communities. In addition,
EBOS donated more than
$100,000 worth of goods to
support animals and pet owners
impacted by the fires.
The support EBOS was able to
provide communities impacted
by the fires would not have been
possible without the dedication
of our teams across Australia,
who worked as one in response
to ever changing conditions
and challenges to support our
customers during this time.
In December 2019,
the volcanic island
Whakaari (White
Island) off the coast of
New Zealand erupted,
tragically claiming the
lives of 21 people and
injuring 26 others.
In late 2019 and through
the first two months of
this year, Australia was
devastated by a major
bushfire emergency
that significantly
impacted almost every
state and territory.
The fires burned a total
of 18.6 million hectares,
destroyed 3,500 homes
and resulted in the
tragic loss of at least 34
lives and an estimated
one billion wildlife.
1918EBOS GROUP 2O2O ANNUAL REPORT

BUSINESS OVERVIEW
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& DISCLOSURES
DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT212O
ENVIRONMENT, SOCIAL
AND GOVERNANCE
As the largest healthcare
and animal care
company in New Zealand
and Australia, EBOS
acknowledges that
we have significant
responsibilities as a
leading corporate citizen
to manage our business
in a manner that reflects
the expectations of our
communities.
In the 2019-20 financial year,
EBOS, under the guidance
of the Board and Executive
Leadership Team, commenced
the implementation of a formal
Environmental, Social and
Governance (ESG) program
to set out the organisation’s
standards for responsible
corporate practice and formalise
the measures that will ensure
we maintain our social licence to
operate.
More so than at any time in the
past, corporate organisations
need to be acutely aware of the
responsibilities they have to
the community. Equally, there
is a growing expectation that
organisations will adopt a formal
approach to delivering and
managing these responsibilities.
EBOS already undertakes a
wide variety of initiatives that
fall within the ESG framework;
however, the purpose of
undertaking a formal, structured
ESG program is to ensure all
of this activity is consolidated
and can be accurately reported
on. This will help ensure our
approach remains aligned to
the objectives set out in the
framework and that we continue
to meet the expectations of our
stakeholders in being responsible
corporate citizens.
Under the ESG framework,
the Board sets out three key
areas of focus (opposite).
The ESG framework will be
guided by an ESG Steering
Committee, which will work to
identify and assess our current
performance across these areas
and set out recommended
targets that are measurable
and achievable.
EBOS’ performance as a steward of nature.
• Furthering our relationship with Greenfleet to offset EBOS’ carbon footprint.
• Development of a Climate Statement.
> Increasing the use of renewable energy.
> Lowering our carbon footprint.
> Improving waste management.
> More efficient water usage.
How our company is governed.
• Executive and non-executive employee remuneration.
• Fostering diversity on the Board.
• Operating a profitable business.
• Responsible procurement strategies and processes.
• Maintaining adherence to modern slavery and ethical trade laws.
• Reporting integrity.
• Ensuring legal compliance.
ENVIRONMENT
Manage relationships with stakeholders and the community.
• Promoting health and wellbeing among our employees.
• Furthering our commitment to gender equality and employee diversity.
• Fostering positive culture and engagement among our employees.
• Implementation of our Australian Reconciliation Action Plan (RAP).
• Supporting community and selected charitable causes.
• Growing customer relationships.
SOCIAL
GOVERNANCE

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EBOS LAUNCHES
AUSTRALIAN
RECONCILIATION
ACTION PLAN
For EBOS, reconciliation is a
journey – one of understanding
and embracing Aboriginal and
Torres Strait Islander peoples and
their cultures and forging deeper
connections between Indigenous
and non-Indigenous Australians.
In developing and implementing
the RAP, EBOS consulted closely
with Reconciliation Australia, to
develop our own unique principles
and vision for reconciliation. EBOS
was also pleased to engage with
former Australian Rules Football
star and celebrated Indigenous
artist Gavin Wanganeen to bring
this vision to life through his
colourful and deeply meaningful
artwork.
Gavin’s artwork, entitled
Shooting
S tar,
tells a unique story of looking
down through the stars and the
Milky Way to Country or home. In
this instance, it is the view down to
EBOS and a recognition of EBOS’
work in the healthcare and animal
care industries.
Beyond the artwork, EBOS has set
out a clear vision for reconciliation,
which is:
• To create a society that is fair,
equal and just for all Australians,
where relationships are
strengthened between Aboriginal
and Torres Strait Islanders and
non-Indigenous peoples, for the
benefit of all Australians.
• We seek to understand and
embrace reconciliation at
EBOS and develop a greater
understanding of Aboriginal and
Torres Strait Islander peoples and
their cultures.
In line with this vision, EBOS has set
out a series of key objectives for
the RAP, which are to:
• Build organisational awareness
of Aboriginal and Torres Strait
Islander peoples, cultures,
histories, knowledge, rights and
achievements.
• Support career opportunities
for Aboriginal and Torres
Strait Islander peoples in our
businesses.
• Build relationships with Aboriginal
and Torres Strait Islander peoples,
communities and organisations to
support our reconciliation journey.
• Recognise dates of significance
relating to Aboriginal and
Torres Strait Islander peoples
and participate and celebrate
National Aboriginal and Islander
Day Observance Committee
(NAIDOC) Week to promote
awareness of histories and
communities.
• Establish and maintain a RAP
Working Group to implement the
initiatives outlined in our RAP.
EBOS is excited to commence
this journey and has developed a
clear plan to ensure reconciliation,
cultural understanding and
equality becomes more deeply
embedded in our business as we
work towards a more reconciled
Australia.
In 2020, EBOS was
pleased to launch its
first Reconciliation
Action Plan (RAP) as
part of our commitment
to reconciliation
between Aboriginal
and Torres Strait
Islander peoples and
the broader Australian
population.
23
Shooting Star by
Gavin Wanganeen
22EBOS GROUP 2O2O ANNUAL REPORT

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EBOS GROUP 2O2O ANNUAL REPORT
CHARITY AND
COMMUNITY
As part of this, EBOS maintains a deep commitment
to making a difference in the communities where
we operate. Through various charitable initiatives
and engagement with not-for-profits and local
organisations, EBOS seeks to give back to the
communities that continue to support us, every day.
In 2019-20, EBOS supported 23 charities through the
Match-Funding program and 28 charities in total. Some
of the key highlights are detailed below.
BACKTRACK BOUNDS AHEAD ON MISSION TO HELP
AUSSIE YOUTH
Since being founded in 2006, in Bernie Shakeshaft’s
shed in the regional New South Wales town of Armidale,
BackTrack Youth Works has grown to become
recognised as one of Australia’s most successful
support programs for disadvantaged youth.
Working with kids who are at a real risk of falling
through the cracks of society, BackTrack aims to
keep them alive, out of jail and enable them to chase
their hopes and dreams. Under Bernie’s leadership
as founder and CEO, BackTrack has forged a new
beginning for more than 1,000 young people. The
program has achieved incredible success, with 87%
of participants gaining either full-time employment
or going on to engage in training and further
education, while the juvenile crime rates in Armidale
have dropped by 35%.
Since its early days, when the program involved
at-risk youth in Armidale being given a dog to care for
in order to instil in them principles of responsibility and
a sense of purpose, BackTrack has grown significantly.
The organisation has now expanded to offer programs
in five regional towns across New South Wales that
provide training, education and work experience
designed to build confidence and develop real-world
skills that translate to meaningful lives and long-term
employment. In 2020, these efforts culminated in Bernie
being named as Australia’s Local Hero as part of the
Australian of the Year Awards.
However, while the organisation has developed
significantly, the core mission remains the same and
the dogs are as important as ever.
Since 2014, Masterpet has been a proud supporter
of BackTrack and is honoured to be part of the
mission to help young Aussies who have lost their
way in life through a shared love of dogs and the life
changing benefits and unconditional love they provide.
Masterpet continues to feed the 36-strong pack of
BackTrack dogs with premium Black Hawk food at no
cost and covers all the vet bills for their health checks.
“People that own dogs and whose lives are wrapped
up around them understand what we do better than
most,” Bernie said.
“I think these kind of partnerships shine a strong and
positive light on two organisations who are working
hand in hand in Australia to provide solutions for
young people who are doing it tough, while supporting
wonderful working dogs in the process”.
SUPPORTING MALPA FOR SIX YEARS
For thousands of years the Ngangkari – the traditional
Aboriginal healers in Central Australia – have passed
on their skills to young children. The idea of children
being ‘doctors’ is deeply embedded in Indigenous
culture and life. Now this idea is getting a new injection
of life with the MALPA Young Doctors’ project.
The project employs respected community members
to teach both the traditional and contemporary ways
of creating healthy communities. Grade four Aboriginal
and non-Aboriginal students participate in the 15-week
project where they are empowered to become health
leaders to their younger peers and their community.
This helps create stronger communities and even
opens career pathways in health.
Since 2014, EBOS has provided over 1,400 health packs
which are presented to students during the project
graduation ceremonies. The packs include essential
health items such as antiseptic creams, cotton buds,
hand sanitiser, toothbrushes and toothpaste, tissues,
bandaids, tweezers, fungal cream, eye drops, vitamins,
sunscreen and other items.
“When the kids are handed the health packs at
graduation they are just ecstatic”, said Don Palmer,
MALPA CEO.
“To be equipped with health supplies that they can take
home to their families and communities is so valuable”.
Community is central to everything we do at EBOS – it is at the heart of our business
and underlines the critical role we play in improving the health and wellbeing of people
and animals across New Zealand and Australia.
MASTERPET HAS BEEN
A PROUD SUPPORTER
OF BACKTRACK AND IS
HONOURED TO BE PART
OF THE MISSION TO
HELP YOUNG AUSSIES
WHO HAVE LOST THEIR
WAY IN LIFE
25
The MAPLA Young Doctors’ project was
founded to address the vast inequality
in health between Aboriginal and non-
Aboriginal Australians.

26
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DIRECTORY
27
BUSINESS
HIGHLIGHTS
EBOS continues to build on our commitment
to delivering leading healthcare solutions to
communities across New Zealand and Australia.
Our commitment is underpinned by a proven strategy
of investing for growth, pursuing targeted acquisitions
in core and adjacent markets, and disciplined capital
management.
The year also saw the business face significant
challenges, with COVID-19 stretching our Healthcare
businesses to the limit. However, with the investments
we have made in technology and infrastructure
over the past decade, the business was able to not
only withstand the added pressure, but also use the
experience to improve on processes and to be more
agile. Ultimately, we learned from gaps that may have
appeared during the peak of the pandemic, which at
times saw order volumes up 70% year on year. Looking
ahead, we are confident that we can meet the needs
of our customers, no matter the situation we face.
With the commencement of supply to the Chemist
Warehouse pharmacy network in July 2019, EBOS
recorded substantially higher sales volumes within our
Australian Community Pharmacy wholesale business.
This additional volume was integrated seamlessly
within our business over the first six months of the
financial year, ensuring we were well positioned to
respond to the significant supply chain pressures
created by the Australian bushfire crisis and COVID-19.
In total, EBOS distributed more than 342 million
medicines and healthcare products to customers
across Australia and New Zealand in the year ended
30 June 2020.
The 2020 financial year was a period
of strong growth for EBOS’ Healthcare
business. Highlights throughout the period
included increased wholesale revenues,
reignited growth of our TerryWhite
Chemmart pharmacy network, EBOS’
expansion into the medical device
sector and further developments in our
Healthcare Logistics and Institutional
Healthcare businesses.
June 2020 also marked a significant milestone for
EBOS’ wholesale distribution business, Symbion,
with the completion of negotiations for the 7th
Community Pharmacy Agreement (CPA). Symbion,
together with members of the NPSA, was actively
engaged in negotiations with the Department of
Health and the Federal Health Minister in respect of
a successful outcome. The new CPA, which runs until
July 2025, provides EBOS’ wholesale business with
additional certainty due to a $92 million increase in
Community Service Obligation (CSO) funding.
Throughout 2020, EBOS was integral in responding
to significant early-season demand for flu
vaccinations through our Healthcare Logistics, EBOS
Healthcare and Symbion businesses. Working closely
with health authorities in New Zealand and Australia,
EBOS distributed nearly 4 million vaccine doses at
the time of reporting, compared to 2.8 million in the
2019 season.
EXPANSION INTO ANZ’S MEDICAL DEVICE MARKET
During the 2020 financial year, EBOS announced
a significant addition to the business with the
acquisition of LMT (“Life. Movement. Technology.”)
and National Surgical, which marked EBOS’ entry
into the Australian and New Zealand medical
devices sector.
The acquisition is an initial entry point for EBOS into
the $8 billion sector and provides a strong platform
for growth in a new pillar of our Healthcare portfolio.
Over the last 25 years, LMT and National Surgical
have built a strong presence in Australia and New
Zealand, providing products and services to the
Orthopaedic, Spine, Neuro, ENT, Plastics and, most
recently, the Sports Medicine community.
Medical device distribution presents a natural
adjacency to EBOS’ existing capabilities and offers
strong economic fundamentals and promising
organic growth rates. Consistent with our proven
strategy, EBOS Devices will continue to grow its
presence through further bolt-on acquisitions.
TERRYWHITE CHEMMART SURGES AHEAD
TerryWhite Chemmart (TWC) continued to build
momentum as Australia’s leading professional
service pharmacy network during the 2020 financial
year. EBOS delivered strong like-for-like sales growth
at 4%, dispensary sales were up 6% and the network
grew by a further 26 pharmacies during the period.
The continued focus on delivering a differentiated
brand position and ‘Real Chemistry’ to Australian
community pharmacy resulted in improvements in
brand awareness and greater customer satisfaction.
This has seen TWC voted as the #1 pharmacy for
customer satisfaction by Roy Morgan in each month
since November 2019.
The business also increased focus on digital health
technology and innovation. New downloads of TWC’s
Health App increased by 246% and the introduction
of a click-and-collect service through the app saw
average weekly orders double in the space of a
month. In June 2020, the company also launched
an improved ecommerce solution, providing more
convenience and strengthening the customer
experience.
TWC established key partnerships during the period
with Drive Yello and Qantas. The partnership with
delivery provider Drive Yello boosted home delivery
capacity across the TWC store network, while the
major partnership with Qantas Frequent Flyer offers
customers the ability to earn Qantas Points for
purchases made across TWC’s expansive network
of community pharmacies.
In 2020, TWC also reinforced its position as the
leading pharmacy provider of flu vaccinations,
administering over 575,000 vaccinations. Central
to the TWC brand proposition is a continuing
commitment to industry leading pharmacist
professional development, which saw 400
pharmacists attend the TWC Masterclass in-house
event, supported further through full-year online
development and resources.
EBOS CONTINUES TO BUILD
ON OUR COMMITMENT
TO DELIVERING LEADING
HEALTHCARE SOLUTIONS
TO COMMUNITIES ACROSS
NEW ZEALAND AND
AUSTRALIA.
Healthcare
26EBOS GROUP 2O2O ANNUAL REPORT

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DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT
ENDEAVOUR CONSUMER HEALTH
POSITIONS FOR GROWTH
This financial year focussed on
product and brand development,
providing the business with a
springboard for future growth
across New Zealand, Australian and
Asian markets.
In response to consumer demand,
Red Seal developed and launched
its first range of whitening
toothpastes. The brand continued
to reinforce its presence in the
Australian grocery market with
the entry of this new product into
Woolworths supermarkets in March
2020. The year also saw the ongoing
success of the Red Seal Hot and
Cold Brew tea range, with the cold
brew, in particular, filling a growing
market niche.
Supporting the brand’s presence
in Australian grocery, Red Seal
partnered with the Moonlight
Cinema to deliver a summer
experiential campaign that included
on site sampling competitions and
partnerships with key influencers
to drive customer engagement on
social media.
In New Zealand, Red Seal launched
the ‘
Incredible Inside’ marketing
campaign underlining the brand’s
revamped ethos; ‘When you put
incredible in, you get incredible
out’. The campaign was aired on
New Zealand television and was
supported by a strong online
presence, including a website
dedicated to providing health tips
during COVID-19.
During the year, Red Seal also
obtained certification from global
sustainability program UTZ for
certification of its range of teas.
UTZ promotes sustainable farming
practices of coffee, cocoa, tea and
hazelnuts and is the largest program
of its kind in the world, featuring on
more than 10,000 product packages
in over 116 countries. Red Seal aims
to have at least 90% of its range of
teas UTZ-certified by 2024.
EBOS also opened a new
shared distribution centre and
manufacturing plant in Auckland for
Consumer Products, underlining our
commitment to continuing to invest
in our core operations.
The 10,000m
2
facility houses Red
Seal toothpaste manufacturing
operations and provides significant
storage capacity for our Endeavour
Consumer Health business. The site
represents the consolidation of six
separate New Zealand locations,
enabling more streamlined stock
management and increased delivery
efficiencies for our customers. It is as
a result of these investments that we
continue to provide an exceptional
level of service to our customers and
keep up with demand, even under
testing conditions.
EBOS also expanded its global
footprint with the opening of a
shared Endeavour Consumer Health
and Animal Care office in Shanghai,
China. This office will support both
businesses’ operations, servicing
their growing customer bases and
positioning EBOS well for increased
scale and business development
opportunities in the region.
DRIVING GROWTH IN ANIMAL CARE
EBOS’ Animal Care business
reinforced strong relationships in
domestic and global consumer
markets throughout the year,
building upon our commitment
to delivering trusted animal care
products to pet owners across
New Zealand, Australia and Asia.
The commencement of
operations at Lyppard’s new
veterinary wholesale facility
in Sydney, continued growth
of Black Hawk in New Zealand
and Australia, growth of Vitapet
treats sales in grocery and an
increase in Lyppard’s market
share were among the key
highlights across the business
during the past 12 months.
Investment in marketing activity
has seen the Black Hawk brand
continue to gain respect as a
thought leader in the space of
animal care and pet nutrition.
Reinforcing the brand’s mandate
that ‘
Every Ingredient Matters’
was central to the brand’s
marketing activity through the
2020 financial year.
The brand enlisted Australian
health and nutrition social
figure, Luke Hines, to provide
expert advice in conjunction with
Black Hawk vet Dr Lee to help
customers further understand
the importance of a healthy
diet based on real ingredients
and the overall wellness of our
animals. Black Hawk’s new
marketing campaign focussed
on the emotional connection
between pets and their owners.
The beautifully shot television
commercial resonated with
consumers across Australia and
New Zealand and was supported
by a strong digital and social
media presence.
The campaign was reinforced
with community partnerships
including Black Hawk sponsoring
the Moonlight Cinema, the
country’s largest outdoor
cinema experience, as well as the
brand’s longer term sponsorship
activations at the Royal
Melbourne and Sydney Easter
Shows and the 4 Paws Marathon.
During the year, Black Hawk also
launched its first wet cat food,
offering cat owners Australian-
made, grain-free options that
feature top quality natural
ingredients. The range includes
six new products, covering all life
stages including kitten, adult and
mature cats, as well as a variety
of meat protein options.
In August 2019, Black Hawk
officially launched in Thailand
as the brand continued its
expansion into an increasing
number of Asian consumer
markets.
Lyppard’s new 3,500m
2
facility
in New South Wales commenced
operations at the end of 2019.
The new site provides the
business with significantly
increased scale compared to its
former site and is ideally located
in a strategic transport corridor.
Under recent supply chain
pressures, this helped ensure
the continual supply of animal
medicine to veterinarians across
the state.
BLACK HAWK
CONTINUES TO
DELIVER MARKETING
ACTIVITY DESIGNED TO
GENERATE EMOTIONAL
CONNECTIONS
BETWEEN PETS AND
THEIR OWNERS
29
BUSINESS
HIGHLIGHTS

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EBOS GROUP 2O2O ANNUAL REPORT313O
OUR BOARD
1. ELIZABETH COUTTS,
INDEPENDENT CHAIR
ONZM, BMS, FCA
Elizabeth Coutts was appointed
to the EBOS Group Limited Board
in July 2003. She is Chairman of
the Remuneration Committee and
a member of the Audit and Risk
Committee. She is Chair of Ports of
Auckland Ltd, Oceania Healthcare
Ltd and Skellerup Holdings Limited
and Director of EBOS Group
subsidiaries in New Zealand and
Member, Marsh New Zealand
Advisory Board.
Elizabeth is a former Chairman of
Meritec Group, Industrial Research,
and Life Pharmacy Limited,
former director of Air New Zealand
Limited, the Health Funding
Authority, Sanford Limited, the
Yellow Group of Companies
and Tennis Auckland Region
Incorporated, former Deputy
Chairman of Public Trust, former
board member of Sport NZ, former
member of the Pharmaceutical
Management Agency (Pharmac),
former Commissioner for both
the Commerce and Earthquake
Commissions, former external
monetary policy adviser to the
Governor of the Reserve Bank
of New Zealand, immediate
past President of the Institute of
Directors Inc. and former Chief
Executive of the Caxton Group of
Companies.
2. NICK DOWLING,
INDEPENDENT DIRECTOR
BCA (Hons); BA
Nick was appointed to the EBOS
Group Limited Board in February
2020. Nick is currently the Chief
Operating Officer at Balmoral
Australia, a family office engaged
in the tourism, wine, maritime
services and investment sectors.
Prior to Balmoral Australia, Mr
Dowling was Managing Director
and CEO, Australia and New
Zealand and at New Hope
Group Co. Ltd, a private Beijing
based corporation engaged in
agribusiness and food, real estate
and infrastructure, chemicals,
finance and investment. He has
also held senior roles at UBS,
Goldman Sachs, JP Morgan and
Morgan Stanley. He currently
sits on the Advisory Board of
AEH Group and is a director of
a number of Balmoral Australia
companies.
3. STUART MCGREGOR
BCOM, LLB, MBA
Stuart McGregor was appointed
to the EBOS Group Limited Board
in July 2013. He is a member of the
Audit and Risk Committee. Stuart
was educated at the University
of Melbourne and the London
School of Business Administration,
gaining degrees in Commerce and
Law. He also completed a Master
of Business Administration at the
University of Melbourne.
Currently, Stuart is a director of
Symbion Pty Ltd and other EBOS
Group subsidiaries.
Over the last 30 years, Stuart
has been Company Secretary
of Carlton United Breweries,
Managing Director of Cascade
Brewery Company Limited
in Tasmania and Managing
Director of San Miguel Brewery
Hong Kong Limited. In the public
sector, he served as Chief of
Staff to a Minister for Industry
and Commerce in the Federal
Government and as Chief Executive
of the Tasmanian Government’s
Economic Development Agency.
He was formerly a director of
Primelife Limited and Donaco
International Limited.
4. STUART MCLAUCHLAN,
INDEPENDENT DIRECTOR
Stuart was appointed to the
EBOS Group Limited Board in
July 2019. He is Chairman of the
Audit and Risk Committee and
a member of the Remuneration
Committee. Stuart is a Chartered
Fellow of the Institute of Directors
and a past President. He is a
Chartered Accountant, partner
of GS McLauchlan & Co, and
a Fellow of the Institute of
Chartered Accountants Australia
and New Zealand. He is currently
chairman of Scott Technology
Ltd, ADInstruments Ltd and UDC
Finance Ltd. He is also a director
of Argosy Properties Ltd as well as
a number of private companies.
He is also a governor of the New
Zealand Sports Hall of Fame, and
Member, Marsh New Zealand
Advisory Board. He was formerly a
director of Ngai Tahu Tourism Ltd.
5. SARAH OTTREY,
INDEPENDENT DIRECTOR
BCOM
Sarah was appointed to the
EBOS Group Limited Board in
September 2006. She is a member
of the Remuneration Committee.
Sarah is Chair of Whitestone
Cheese Limited and a director of
Skyline Enterprises Limited and
subsidiaries, Mount Cook Alpine
Salmon Limited, Christchurch
International Airport Ltd and
Sarah Ottrey Marketing Limited.
She is a past board member of
the Public Trust and the Smiths
City Group. Sarah has held senior
marketing management positions
with Unilever and Heineken.
6. PETER WILLIAMS
Peter Williams was appointed to
the EBOS Group Limited Board
in July 2013. Peter has been an
executive of The Zuellig Group
since 2000. Peter is a director
of Pharma Industries Limited,
Green Cross Health Limited and
CB Norwood Pty Ltd. He is also a
director of Cambert, a company
marketing health and personal
care products in South East Asia.
1.
4.
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BUSINESS OVERVIEW
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DIRECTORY
3233
Group revenue increased to $8.8
billion, up 26.5% on the prior year,
benefiting from growth across all of
EBOS’ businesses. The increase in
revenue for the year was primarily
attributable to significantly higher
sales volumes in our Community
Pharmacy and Institutional Healthcare
businesses.
While COVID-19 did cause a period of
unprecedented demand during March
2020, the overall financial impact of
the pandemic was broadly neutral for
FY20.
During the year, EBOS continued to
invest in both organic and inorganic
growth opportunities with a total
investment of $73.5 million for the year.
This spend included a beachhead
acquisition into the Australasian
Medical Devices market and a new
facility for our Consumer Products
distribution and manufacturing
operations in New Zealand.
Underlying Earnings Before Net
Finance Costs, Tax, Depreciation and
Amortisation (EBITDA) of $296.6 million
grew by $34.9 million representing an
increase of 13.4%. Reported EBITDA
of $333.6 million was significantly
higher than last year by $83.2 million,
although this increase included a
$39.6 million benefit from the
introduction of the new accounting
standard for leases.
Underlying Net Profit After Tax (NPAT)
attributable to shareholders increased
by 16.5% to $168.3 million. Reported
NPAT increased by $24.8 million or
18.0% from that of the prior year to
$162.5 million.
For clarity, the comparative results
presented above are shown on both
an underlying and reported (statutory)
basis.
Underlying NPAT results exclude the
negative impact of the new accounting
standard for leases ($5.5 million),
non-recurring costs incurred of $2.6
million (NPAT impact of $2.1 million)
and the one-off tax benefit recognised
during the year ($1.7 million).
HEALTHCARE
The Healthcare business reported a
27.4% increase in revenue above last
year which contributed to a 14.8%
increase in underlying EBITDA for
the year.
In Australia, Healthcare revenue
increased by $1.7 billion (+33.1%) and
underlying EBITDA increased 19.6%,
underpinned by the performance
of our Community Pharmacy,
Institutional Healthcare and Contract
Logistics businesses.
New Zealand Healthcare revenue grew
by 8.5%, however, underlying EBITDA
was affected by cost increases in
labour and freight and softer overseas
demand for our consumer products
impacted by regulatory changes in the
daigou export channel.
ANIMAL CARE
The Animal Care business recorded an
underlying EBITDA increase of 8.3% for
the year, as the business continued its
momentum of solid growth.
Animal Care revenue of $425.1 million,
representing an increase of $43.1
million (+11.3%), was attributable
to sales growth from our branded
products businesses and higher
sales volumes by our Australian
veterinary wholesale business,
Lyppard. Lyppard’s sales growth was
attributable to both customer growth
and a full year’s contribution from our
recently acquired Therapon business.
FINANCIAL SUMMARY
The increase in sales of our key
brands, Black Hawk, 12.3%, and
Vitapet, 15.1%, during the year
was achieved on the back of our
continued investment in brand
awareness across both Australia
and New Zealand.
OPERATING CASH FLOW, NET
DEBT AND RETURN ON CAPITAL
EMPLOYED
EBOS has reported operating
cash flows before capital
expenditure of $229.2 million.
This cash result reflects EBOS’
increased earnings for the period,
while maintaining an ongoing
focus and commitment to
industry leading working capital
management.
Net capital expenditure for the
year of $28.9 million included the
development of a new Consumer
Products distribution and
manufacturing facility in Auckland
and continued investment across
EBOS’ warehouse operations.
This new manufacturing facility
will allow for further capacity
of the manufacture of Red
Seal toothpaste to supply both
domestic and international sales
channels.
In March 2020, EBOS successfully
extended the maturity tenor of
approximately $200 million of
term debt facilities for a further
three years. At the same time,
EBOS also increased the facility
limit of the extended facility to
$250 million, allowing for further
funding capacity as we continue
to seek investment opportunities
as part of our growth strategy.
Return on Capital Employed
(ROCE) of 17.1% (+1 . 2 %) and a net
debt to EBITDA ratio of 1.11x (down
0.30x), excluding the impact
of the new lease accounting
standard, represented a strong
improvement on June 2019. The
improvement in these key ratios
is reflective of both the strong
earnings growth and excellent
operating cash flows generated
for the year.
ACQUISITION
During the year, EBOS acquired
the LMT/National Surgical Group
for $34.0 million. This acquisition
represented a beachhead
investment into the $8 billion
Australia and New Zealand
medical devices sector.
DIVIDENDS
The Directors are pleased to
announce a final FY20 dividend
of NZ 40.0 cents per share which
equates to a full-year dividend
of NZ 77.5 cents per share, an
increase of 8.4% on the prior year.
The record date for the final
dividend is 25 September 2020
and the dividend will be paid
on 9 October 2020. The final
dividend will again be imputed
to 25% for New Zealand tax
resident shareholders and will
be fully franked for Australian
tax resident shareholders. The
Board confirms that the Dividend
Reinvestment Plan (DRP) will be
operational for the final dividend,
and shareholders can elect to
take shares in lieu of a dividend at
a discount of 2.5% to the volume
weighted average price (VWAP).
EBOS HAS
DELIVERED A
SOLID YEAR IN
UNDERLYING
EARNINGS AND A
STRONG CASH

FLOW RESULT.
EBOS has delivered
record revenue and
earnings as well as an
excellent operating
cash flow result for
the year.
32EBOS GROUP 2O2O ANNUAL REPORT

BUSINESS OVERVIEW
FINANCIALS
CORPORATE GOVERNANCE
REMUNERATION REPORT
DIRECTORS’ INTERESTS

& DISCLOSURES
DIRECTORY
34EBOS GROUP 2O2O ANNUAL REPORT35
Introducing this report 46
Section A: EBOS performance
A1. Revenue and expenses 50
A2. Segment information 53
A3. Taxation 56
A4. Earnings per share 58
Section B: Key judgements made
B1. Goodwill and intangibles 59
B2. Acquisition information 64
Section C: Operating assets and liabilities used by EBOS
C1. Trade and other receivables 68
C2. Inventories 69
C3. Trade and other payables 70
Section D: Capital assets used by EBOS to
operate our business
D1. Property, plant and equipment 71
D2. Capital work in progress 72
Section E: How we fund the business
E1. Share capital 73
E2. Dividends 74
E3. Borrowings 75
E4. Borrowing facilities maturity profile 76
E5. Operating cash flows 77
Section F: EBOS group structure
F1. Subsidiaries 79
F2. Investment in associates 81
Section G: How we manage risk
G1. Financial risk management 83
G2. Financial instruments 85
Section H: Other disclosures
H1. Contingent liabilities 87
H2. Commitments for expenditure 87
H3. Subsequent events 87
H4. Related party disclosures 88
H5. Remuneration of auditors 88
H6. Leases 88
H7. New accounting standards 90
CONTENTS
Directors’ Responsibility Statement 35
Independent Auditor’s Report 36
Financial Statements 40
Consolidated Income Statement 40
Consolidated Statement of Comprehensive Income 41
Consolidated Balance Sheet 42
Consolidated Statement of Changes in Equity 44
Consolidated Cash Flow Statement 45
Notes to the Consolidated Financial Statements 46
Additional stock exchange information 91
FINANCIAL REPORT
KEY
Key judgements and other judgements madeAccounting policy
Explanatory note
Subsequent event
Risks
DIRECTORS’ RESPONSIBILITY
S TATEMENT
The Directors of EBOS Group
Limited are pleased to present
to shareholders the financial
statements for EBOS Group
Limited and its controlled entities
(together the ‘Group’) for the year
to 30 June 2020.
The Directors are responsible for
presenting financial statements in
accordance with New Zealand law
and generally accepted accounting
practice, which give a true and fair
view of the financial position of the
Group as at 30 June 2020 and the
results of their operations and cash
flows for the year ended on that date.
The Directors consider the financial
statements of the Group have been
prepared using accounting policies
which have been consistently applied
and supported by reasonable
judgements and estimates and that
all relevant financial reporting and
accounting standards have been
followed.
The Directors believe that proper
accounting records have been
kept which enable, with reasonable
accuracy, the determination of the
financial position of the Group and
facilitate compliance of the financial
statements with the Financial
Markets Conduct Act 2013.
The Directors consider that they
have taken adequate steps to
safeguard the assets of the Group,
and to prevent and detect fraud and
other irregularities. Internal control
procedures are also considered to
be sufficient to provide reasonable
assurance as to the integrity and
reliability of the financial statements.
The financial statements are signed
on behalf of the Board by:

Elizabeth Coutts
Chair

Stuart McLauchlan
Director
19 August 2020

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DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT36

INDEPENDENT AUDITOR’S
REPORT TO THE SHAREHOLDERS
37
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Opinion
We have audited the consolidated financial statements of EBOS Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 30 June 2020,
and the consolidated income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 40 to 90, present
fairly, in all material respects, the consolidated financial position of the Group as at 30 June
2020, and its consolidated financial performance and cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards
(‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board
and the International Ethics Standards Board for Accountants’ International Code of Ethics
for Professional Accountants (including International Independence Standards), and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the area of taxation compliance services.
These services have not impaired our independence as auditor of the Group. In addition to this,
partners and employees of our firm deal with the Group on normal terms within the ordinary
course of trading activities of the business of the Group. The firm has no other relationship with,
or interest in, the Group.
Audit Materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit
work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be AUD $11.5m.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Key audit matterHow our audit addressed the key audit matter
Goodwill and Indefinite Life Intangible Asset Impairment Assessment
The Group has $970m of goodwill and $123m of indefinite life
intangible assets, including brands of $95m, on the balance
sheet at 30 June 2020 as detailed in note B1 to the financial
statements.
The carrying values of goodwill and indefinite life intangible
assets are dependent on the future cash flows expected to be
generated by the underlying businesses, and there is a risk if
these cash flows do not meet the Group’s expectations that
the assets may be impaired.
The Group tests goodwill and indefinite life intangible assets
at least annually by determining the recoverable amount
(the higher of value-in-use or fair value less costs to sell) of
the individual assets where possible, or otherwise the cash
generating units to which the assets belong and comparing
the recoverable amounts of the assets to their carrying values.
The impairment assessment models prepared by the Group
contain a number of significant assumptions. Changes in
these assumptions might lead to a change in the carrying
value of indefinite life intangible assets and goodwill.
The Group has assessed the recoverable amount of brands
based on fair value using the relief from royalty method.
The key assumptions applied in the above models are:
• Annual revenue and expense growth rates for the 5 year
forecast period;
• pre-tax discount rates;
• royalty rates; and
• terminal growth rates.
The Group has assessed the recoverable amount of each cash
generating unit (“CGU”) or group of CGU’s to which goodwill
has been allocated based on value-in-use models. The key
assumptions applied in the value-in-use models are:
• Annual revenue and expense growth rates for the 5 year
forecast period;
• pre-tax discount rates; and
• terminal growth rates.
We have included the impairment assessments of goodwill
and indefinite life intangible assets as a key audit matter
due to the significance of the balances to the financial
statements and the level of judgement applied by the Group
in determining the key assumptions used to determine the
recoverable amounts.
We considered whether the Group’s methodology
for assessing impairment is compliant with NZ IAS
36:
Impairment of Assets. We focussed on testing
and challenging the suitability of the models and
reasonableness of the assumptions used by the Group
in conducting their impairment reviews.
Our procedures included:
• Agreeing a sample of future cash flows to Board
approved forecasts;
• Challenging the reliability of the Group’s revenue and
expense growth rates by comparing the forecasts
underlying the growth rates to historical forecasts
and actual results of the underlying businesses
(where applicable). This also included consideration of
the impact of COVID-19 on both forecast revenue and
profitability of the CGU’s; and
• Assessing the reasonableness of key assumptions and
changes to them from previous years.
We used our internal valuation specialists to assist with
evaluating the models and challenging the Group’s key
assumptions. The procedures of the specialist included:
• Evaluating the appropriateness of the valuation
methodology;
• Testing the mathematical integrity of the models;
• Evaluating the Group’s determination of the pre-tax
discount rates and royalty rates used in the models
through consideration of the relevant risk factors for
each CGU, the cost of capital for the Group, and market
data on comparable businesses; and
• Comparing the terminal growth rates to market data for
the industry sectors.
We evaluated the sensitivity analysis performed by
management to consider the extent to which a change
in one or more of the key assumptions could give rise to
impairment in the goodwill and indefinite life intangible
assets.

39
BUSINESS OVERVIEW
FINANCIALS
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REMUNERATION REPORT
DIRECTORS’ INTERESTS

& DISCLOSURES
DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT38
Other information
The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If so, we are required to report that fact. We
have nothing to report in this regard.
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the directors determine is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements
is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/
audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company’s
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Mike Hawken, Partner
For Deloitte Limited
Christchurch, New Zealand
19 August 2020
THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK

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DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT4O
Consolidated Income Statement
The Consolidated Income Statement presents income earned and expenditure incurred by the Group during the financial year in
determining profit.
For the financial year ended 30 June 2020Notes
2020
A$’000
2019
A$’000
Revenue
A1(a) 8,765,540 6,930,360
Income from associatesF23,355 4,203
Profit before depreciation, amortisation,
net finance costs and tax expense (EBITDA)

333,599

250,410
DepreciationA1(b)(56,870)(16,438)
AmortisationA1(b)(16,276)(15,623)
Profit before net finance costs and tax expense
260,453 218,349
Finance income1,387 1,927
Finance costs – borrowings(23,657)(27,261)
Finance costs – leasesH6 (8,126) -
Profit before tax expense
230,057 193,015
Tax expenseA3(68,541)(56,288)
Profit for the year
161,516 136,727
Profit for the year attributable to:
Owners of the Company162,518 137,700
Non-controlling interests (1,002)(973)
161,516 136,727
Earnings per share:
Basic (cents per share)A4100.689.8
Diluted (cents per share)A4100.689.8
Consolidated Statement of Comprehensive Income
The Consolidated Statement of Comprehensive Income presents profit for the year, plus gains and losses that are not recognised in the
Consolidated Income Statement and instead are required to be taken directly to reserves within equity.
For the financial year ended 30 June 2020
2020
A$’000
2019
A$’000
Profit for the year
161,516136,727
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Cash flow hedge (losses) (2,414)(9,432)
Related income tax 766 2,784
Movement in foreign currency translation reserve(7,378) 12,013
(9,026) 5,365
Items that will not be reclassified subsequently to profit or loss:
Movement on equity instruments fair valued through other comprehensive income 926370
Total comprehensive income net of tax
153,416 142,462
Total comprehensive income for the year is attributable to:
Owners of the Company154,418143,435
Non-controlling interests (1,002) (973)
153,416142,462
NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.
FINANCIAL STATEMENTS

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DIRECTORY
EBOS GROUP 2O2O ANNUAL REPORT42
Consolidated Balance Sheet
The Consolidated Balance Sheet presents a summary of the Group’s assets, liabilities and equity at the end of the financial year.
As at 30 June 2020Notes
2020
A$’000
2019
A$’000
Current assets
Cash and cash equivalents 244,778 166,620
Trade and other receivablesC11,022,587897,796
Prepayments12,4849,603
InventoriesC2 737,699723,517
Current tax refundable2,177 83
Other financial assets – derivativesG2 109611
Total current assets
2,019,834 1,798,230
Non-current assets
Property, plant and equipmentD1173,704 174,463
Capital work in progressD2 5,783 6,508
Prepayments 327 650
Deferred tax assetsA3 (b) 131,039 54,348
GoodwillB1 (a) 969,623 947,055
Indefinite life intangiblesB1 (b) 122,500 123,582
Finite life intangiblesB1 (d) 43,792 46,569
Right of use assetsH6 222,931 -
Investment in associatesF2 46,679 41,074
Other financial assets 10,578 9,733
Total non-current assets
1,726,956 1,403,982
Total assets
3,746,790 3,202,212
Current liabilities
Trade and other payablesC3 1,413,914 1,288,319
Bank loansE3 246,921 168,307
Lease liabilitiesH6 33,846 -
Current tax payable 17,505 12,883
Employee benefits 42,774 40,805
Other financial liabilities – derivativesG2 12,629 10,717
Total current liabilities
1,767,589 1,521,031
As at 30 June 2020Notes
2020
A$’000
2019
A$’000
Non-current liabilities
Bank loansE3 324,916 364,038
Lease liabilitiesH6 203,300 -
Trade and other payablesC3 3,988 13,941
Deferred tax liabilitiesA3 (b) 128,825 57,3 30
Employee benefits 7,298 6,612
Total non-current liabilities
668,327 441,921
Total liabilities
2,435,916 1,962,952
Net assets
1,310,874 1,239,260
Equity
Share capitalE1 961,486 931,811
Share-based payments reserve 6,601 3,937
Foreign currency translation reserve (18,170) (10,792)
Retained earnings 372,012 323,635
Equity instrument fair valued through other comprehensive income (128) (1,054)
Cash flow hedge reserve (6,854) (5,206)
Equity attributable to owners of the Company
1,314,947 1,242,331
Non-controlling interests (4,073) (3,071)
Total equity
1,310,874 1,239,260
Consolidated Balance Sheet continued
NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.

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EBOS GROUP 2O2O ANNUAL REPORT44
Consolidated Statement of Changes in Equity
The Consolidated Statement of Changes in Equity presents the components of capital and reserves of the Group and explains the movements
in each component during the financial year.
For the financial year ended
June 2020Notes
Share
capital
A$’000
Share-
based
payments
A$’000
Foreign
currency
translation
reserve
A$’000
Retained
earnings
A$’000
Equity
instruments
fair valued
through
other com-
prehensive
income
reserve
A$’000
Cash flow
hedge
reserve
A$’000
Non-
controlling
interests
A$’000
Total
A$’000
Balance at 1 July 2018763,636 2,144 (22,805)308,499 (1,424)1,442 21,352 1,072,844
Profit for the year- --137,700--(973)136,727
Other comprehensive income
for the year, net of tax
--
12,013 -370 (6,648)
-
5,735
Payment of dividendsE2- - -(99,336)---(99,336)
Share-based payments-1,793 -----1,793
Dividends reinvestedE15,719 - -----5,719
Institutional placementE1165,493 - -----165,493
Share issue costsE1(3,037) - -----(3,037)
Arising on acquisition of remaining
non-controlling interest
B2- - ----(46,678)(46,678)
Transfer of non-controlling interest---(23,228)--23,228 -
Balance at 30 June 2019931,811 3,937 (10,792)323,635 (1,054)(5,206)(3,071)1,239,260
Balance at 1 July 2019931,811 3,937 (10,792)323,635 (1,054)(5,206)(3,071)1,239,260
Profit for the year-- -162,518 - -(1,002)161,516
Other comprehensive income
for the year, net of tax
--(7,378) - 926(1,648) -(8,100)
Payment of dividendsE2---(114,141) - - -(114,141)
Share-based payments-2,664 -- - - -2,664
Dividends reinvestedE123,032 --- - - -23,032
Employee LTI shares exercisedE16,353 --- - - -6,353
Employee share plan shares issuedE1358 --- - - -358
Employee share issue costsE1(68)- - - - - -(68)
Balance at 30 June 2020961,486 6,601 (18,170)372,012 (128)(6,854)(4,073)1,310,874
NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.NOTES TO THE FINANCIAL STATEMENTS ARE INCLUDED ON PAGES 46 TO 9O.
Consolidated Cash Flow Statement
The Consolidated Cash Flow Statement presents the cash generated and used by the Group during the financial year.
For the financial year ended 30 June 2020Notes
2020
A$’000
2019
A$’000
Cash flows from operating activities
Receipts from sale of goods and services 8,725,652 7,032,507
Interest received 1,387 1,927
Dividends received from associatesF2 630 1,394
Payments for purchase of goods and services (8,397,655) (6,834,753)
Taxes paid (69,037) (55,271)
Interest paid (31,785) (27,261)
Net cash inflow from operating activities
E5 229,192 118,543
Cash flows from investing activities
Sale of property, plant and equipment 369 7,703
Purchase of property, plant and equipment (18,310) (27,239)
Payments for capital work in progress (5,918) (5,735)
Payments for intangible assets (5,053) (1,227)
Investment in associates (3,694) -
Acquisition of subsidiariesB2 (40,868) (93,445)
Investment in other financial assets 143 (110)
Net cash (outflow) from investing activities
(73,331) (120,053)
Cash flows from financing activities
Proceeds from issue of sharesE1 29,675 168,175
Proceeds from borrowingsE5 40,630 23,077
Repayment of borrowingsE5 (1,236) (74,955)
Repayment of lease liabilitiesH6 (31,957) -
Dividends paid to equity holders of parent (111,834) (99,932)
Net cash (outflow)/inflow from financing activities
(74,722) 16,365
Net increase in cash held 81,139 14,855
Effect of exchange rate fluctuations on cash held (2,981) 1,896
Net cash and cash equivalents at the beginning of the year 166,620 149,869
Net cash and cash equivalents at the end of the year
244,778 166,620

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EBOS GROUP 2O2O ANNUAL REPORT46
Notes to the consolidated financial statements
For the financial year ended 30 June 2020.
INTRODUCING THIS REPORT CONTINUED
Basis of consolidation
The Group’s financial statements comprise the
financial statements of EBOS Group Limited,
the parent company, combined with all the entities
that comprise the Group, being its subsidiaries (listed
in note F1) and its share of associate investments
(listed in note F2). The financial statements of the
members of the Group, including associates, are
prepared for the same reporting period as the parent
company, using consistent accounting policies.
Subsidiaries are consolidated on the date on which
control is obtained to the date on which control is lost.
The results of subsidiaries acquired or disposed of
during the year are included in the Consolidated
Income Statement from the effective date of
acquisition or up to the effective date of disposal,
as appropriate.
All significant inter-company transactions and
balances are eliminated on consolidation.
Adopting of new and revised standards and interpretations
In the current year, the Group adopted all mandatory
new and amended standards and interpretations.
During the period, NZ IFRS 16 Leases (
NZ IFRS 16)
has been adopted. A summary of the effect of
the change in accounting policy and disclosures
resulting from the application of the new standard is
described below.
NZ IFRS 16 Leases
In the current year, the Group has applied NZ IFRS
16 Leases, effective 1 July 2019. NZ IFRS 16 (replaces
NZ IAS 17 ‘Leases’) sets out the principles for the
recognition, measurement, presentation and
disclosure of leases. It requires lessees to account
for all leases under a single on balance sheet
model, similar to accounting for finance leases
under NZ IAS 17.
The adoption of NZ IFRS 16 results in the Group
recognising a right of use (ROU) asset and
corresponding liability for all leases with a term of
more than 12 months, excluding low value assets.
Operating lease expense is replaced by depreciation
expense on the ROU assets and interest expense on
the lease liabilities as they amortise.
The Group applied NZ IFRS 16 on 1 July 2019 using
the modified retrospective (full simplified) transition
method. At transition, lease liabilities were measured
at the present value of the remaining lease
payments, discounted at the incremental borrowing
rate (IBR) as at 1 July 2019. ROU assets are measured
equal to lease liabilities, adjusted for initial direct
costs incurred when entering into the leases, less
any incentives received on commencement date.
Comparative periods were not restated.
Lease payments included in the measurement of the
lease liability comprise:
• fixed lease payments, less incentives receivable;
• variable lease payments that depend on an index
or rate, initially measured using the index or rate at
the commencement date;
• the amount expected to be payable by the lessee
under residual value guarantees;
• the exercise price of purchase options, if the lessee
is reasonably certain to exercise the options; and
• payments of penalties for terminating the lease,
if the lease term reflects the exercise of an option
to terminate the lease.
The lease liability is presented as a separate line in
the Consolidated Balance Sheet.
The lease liability is subsequently measured by
increasing the carrying amount to reflect interest
on the lease liability and by reducing the carrying
amount to reflect the lease payments made.

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

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EBOS GROUP 2O2O ANNUAL REPORT48
Adopting of new and revised standards and interpretations
continued
The Group remeasures the lease liability (and makes
a corresponding adjustment to the related ROU
asset) whenever:
• the lease term has changed or if there is a change
in the assessment of exercise of a purchase option,
in which case the lease liability is remeasured by
discounting the revised lease payments using a
revised discount rate;
• the lease payments change due to changes in an
index or rate or a change in expected payment
under a guaranteed residual value, in which cases
the lease liability is remeasured by discounting the
revised lease payments using the initial discount
rate; and
• a lease contract is modified and the lease
modification is not accounted for as a separate
lease, in which case the lease liability is remeasured
by discounting the revised lease payments using a
revised discount rate.
The Group did not make any such adjustments
during the periods presented.
The ROU assets comprise the initial measurement
of the corresponding lease liability, lease payments
made at or before the commencement day less any
lease incentives receivable and any initial direct
costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs
to dismantle and remove a leased asset, restore the
site on which it is located and restore the underlying
asset to the condition required by the terms and
conditions of the lease, a provision is recognised
and measured under NZ IAS 37
Provisions,
Contingent Liabilities and Contingent Assets and a
corresponding amount added to the ROU asset.
ROU assets are depreciated over the shorter period
of either the lease term or the useful life of the
underlying asset. If a lease transfers ownership of the
underlying asset or the cost of the ROU asset reflects
that the Group expects to exercise a purchase
option, the related ROU asset is depreciated over the
useful life of the underlying asset. The depreciation
starts at the commencement date of the lease.
The ROU assets are presented as a separate line in
the Consolidated Balance Sheet.
The Group applies NZ IAS 36
Impairment of Assets
to determine whether a ROU asset is impaired and
accounts for any identified impairment loss under
this standard.
Variable rents that do not depend on an index
or rate are not included in the measurement of
the lease liability and the ROU asset. The related
payments are recognised as an expense in the
period in which the event or condition that triggers
those payments occurs and are included in the line
‘operating lease rental expenses’ in the Consolidated
Income Statement.
As a practical expedient, NZ IFRS 16 permits
a lessee not to separate non-lease components,
and instead account for any lease associated
non-lease components as a single arrangement.
The expense that would previously be recorded
as an operating lease expense moved from being
included in operating expenses, to depreciation and
finance expense from 1 July 2019.
The impact on net earnings before income tax of
an individual lease over its term remains the same,
however, the new standard results in a higher
expense in early years, and lower in later years of
a lease as compared to the straight line expense
profile of an operating lease under NZ IAS 17.
IBR is the rate of interest that a lessee would have
to borrow over a similar term, and with a similar
security, the funds necessary to obtain an asset
of a similar value to the ROU asset in a similar
environment. The IBR was determined based on the
interest rate on the external borrowing facilities
available to the Group adjusted for the weighted
average lease term.
The weighted average IBR applied to lease liabilities
on 1 July 2019 was 3.41%.
INTRODUCING THIS REPORT CONTINUEDINTRODUCING THIS REPORT CONTINUED
Adopting of new and revised standards and interpretations
continued
The aggregate lease liability and ROU asset
recognised in the consolidated statement of
financial position as at 1 July 2019 and the Group’s
operating lease commitment at 30 June 2019 can
be reconciled as follows:
In applying the modified retrospective approach,
the Group has taken advantage of the following
practical expedients:
• a single discount rate has been applied to
portfolios of leases with reasonably similar
characteristics;
• leases with a term of less than 12 months have
been considered short-term leases;
• leases with a remaining term of 12 months or less
from the date of application have been accounted
for as short term leases even though the initial
term of the leases from lease commencement
date may have been more than 12 months; and
• a lessee may use hindsight, such as in determining
the lease term if the contract contains options to
extend or terminate the lease.
Foreign currency
Functional currency
The financial statements of each of the Group’s
entities are measured using the currency of the
primary economic environment in which that entity
operates (‘the functional currency’).
Transactions and balances
Foreign currency transactions are translated into
the functional currency using the exchange rate
on the date of the transaction. At each balance
sheet date, monetary assets and liabilities that are
denominated in foreign currencies are translated
at the rates prevailing on the balance sheet date.
Non-monetary assets and liabilities that are
measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of
monetary items, and on the translation of monetary
items, are included in the Consolidated Income
Statement for the period.
Foreign operations
On consolidation, the assets and liabilities of
EBOS’ overseas operations are translated at the
exchange rate at the reporting date. Income and
expense items are translated at the average rates
for the period. Exchange differences arising are
recognised in the foreign currency translation
reserve (in equity), and recognised in profit or loss
on disposal of the foreign operation.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at
the exchange rate at the reporting date.
Other Accounting Policies
Other accounting policies that are relevant to the
readers understanding of the financial statements
are included throughout the following notes to the
financial statements.
Lease liability recognised
on transitionA$’000
Future minimum lease payments
under non-cancellable operating
leases as at 30 June 2019193,402
Future lease payments on renewal
options that are reasonably certain93,756
Effect of discounting(41,537)
Lease liability as at 1 July 2019245,621
Right of Use Asset recognised
on transitionA$’000
Land and buildings225,624
Office, Plant and equipment8,576
Motor Vehicles2,746
Right of Use Assets as at 1 July 2019236,946

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EBOS GROUP 2O2O ANNUAL REPORT5O
A1. Revenue and expenses
(a) Revenue
Revenue consisted of the following items:
2020
A$’000
2019
A$’000
Community Pharmacy 5,090,153 3,704,123
Institutional Healthcare 2,565,111 2,292,697
Contract Logistics Services 74,107 63,012
Contract Logistics Sales 638,149 454,987
Consumer Products 115,438 113,931
Interdivisional eliminations (142,530) (80,434)
Healthcare 8,340,428 6,548,316
Animal Care 425,112 382,044
8,765,540 6,930,360
Recognition and measurement
Community Pharmacy and Institutional Healthcare
Revenue is derived from the supply of human healthcare products to pharmacies, hospitals and other healthcare
providers in Australia and New Zealand, in accordance with agreed terms with the customer. Following delivery of the
goods, the customer obtains control as it has full discretion over the manner of distribution and price to sell the goods,
has the primary responsibility when on selling the goods and bears the risks of loss in relation to the goods.
A receivable is recognised by the Group when it passes control of the goods, which is when the goods are delivered to
the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the
passage of time is required before payment is made.
The transaction price may be adjusted for customers who pay their account in full, earlier than what standard credit
terms would require, or for incremental costs incurred in obtaining a sales contract which are recognised over the
contractual period. Under the Group’s standard terms with customers, product returns, refunds and provision for
warranties are in accordance with local requirements. Accumulated experience has been used to determine that such
returns are not significant.
Section Overview
This section explains the financial performance of EBOS by:
a) displaying additional information about individual items in the Consolidated Income Statement;
b) presenting further analysis of EBOS’ operating segments by revenue and expenses; and
c) providing an analysis of the components of EBOS’ tax balances for the year and the current imputation credit
account balance.
SECTION A: EBOS PERFORMANCE
A1. Revenue and expenses continued
(a) Revenue continued
Recognition and measurement
Contract Logistics
Sales: Sales consist of the sale of human healthcare
products to a wide range of healthcare customers
(wholesalers, pharmacies and medical centres),
in accordance with agreed terms with the customer.
A receivable is recognised by the Group when it
passes control of the goods which is when the goods
are confirmed to be on sold by the customer,
as this represents the point in time at which the
right to consideration becomes unconditional,
as only the passage of time is required before
payment is made.
Under our standard terms with customers product
returns, refunds and provision for warranties
provided are in accordance with local requirements.
Accumulated experience has been used to
determine that such returns are not significant.
Service fees: Revenue is derived from the provision
of logistics services for a fee to overseas based
healthcare manufacturers for their operating
activities in Australia and New Zealand. Service fees
are typically charged for storage of manufacturer’s
inventory holdings and pick, pack and delivery
services provided over a period of time, typically
on a monthly basis, as specified within contractual
rates agreed with the manufacturer.
The performance obligation is satisfied either
at a point in time or over time, as applicable,
at which point the right to consideration becomes
unconditional, as only the passage of time is
required before payment is made.
Consumer Products
Revenue is derived from the supply of agency
products and EBOS’ own branded human
healthcare products, such as Red Seal, Grans
Remedy, Faulding, Natures Kiss and Quitnits, to
pharmacies and supermarkets in Australia and
New Zealand and overseas distributors for export
markets. Following delivery of the goods, the
customer obtains control as it has full discretion
over the manner of distribution and price to sell
the goods, has the primary responsibility when
on selling the goods and bears the risks of loss in
relation to the goods.
A receivable is recognised by the Group when
it passes control which is when the goods are
delivered to the customer as this represents the
point in time at which the right to consideration
becomes unconditional, as only the passage of time
is required before payment is made.
The transaction price may be adjusted for
customers who pay their account in full, earlier than
what standard credit terms would require. Under
the Group’s standard terms with customers product
returns, refunds and provision for warranties are in
accordance with local requirements. Accumulated
experience has been used to determine that such
returns are not significant.
Animal Care
Revenue is derived from the supply of animal
care products to pet retail and vet clinics across
Australia and New Zealand. Upon delivery of the
goods, the customer assumes full control as it has
complete discretion over the manner of distribution
and pricing of goods, has the primary responsibility
when on-selling the goods and bears the risks of
loss in relation to the goods.
A receivable is recognised by the Group when
it passes control of the goods, which is when
the goods are delivered to the customer as this
represents the point in time at which the right to
consideration becomes unconditional, as only
the passage of time is required before payment is
made.
Under the Group’s standard terms with
customers product returns, refunds and provision
for warranties are in accordance with local
requirements. Accumulated experience has
been used to determine that such returns are not
significant.

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EBOS GROUP 2O2O ANNUAL REPORT52
A1. Revenue and expenses continued
(b) Expenses
Profit before tax expense has been arrived at after charging the following expenses by nature:
2020
A$’000
2019
A$’000
One-off items
(1)
(2,600) (11,212)
Cost of sales (7,843,282) (6,121,500)
Writedown of inventory (4,450) (2,570)
Impairment (loss)/gain on trade and other receivables (1,095) 341
Depreciation of property, plant and equipment (19,523) (16,438)
Depreciation on right of use assets (37,347) -
Amortisation of finite life intangibles (16,276) (15,623)
Operating lease and rental expenses (5,091) (42,796)
Donations (419) (210)
Employee benefit expense (302,535) (283,024)
Defined contribution plan expense (17,222) (15,985)
Other expenses (258,602) (207,197)
Total expenses (8,508,442) (6,716,214)
(1)
2020: One-off items comprise merger and acquisition costs incurred. 2019: One-off items comprise merger and
acquisition, warehouse transition and restructuring costs incurred, $14.1m, net of a gain on the sale of excess land held,
$2.9m, during the year.
Recognition and measurement
Impairment
EBOS reviews the recoverable amount of its tangible and intangible assets, including goodwill, at each balance
date. If the carrying value of an asset exceeds the recoverable amount, an impairment expense is recognised in the
income statement.
Tangible assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of future cash
flows expected to be generated by the asset (value in use).
Depreciation and amortisation
Depreciation is provided for on a straight line basis on all property, plant and equipment other than freehold land,
at depreciation rates calculated to allocate the assets’ cost less estimated residual value, over their estimated
useful lives. Refer to note D1 for the useful lives used in the calculation of depreciation.
Amortisation is charged on a straight line basis over the estimated useful life of finite life intangibles. Refer to note
B1(d) for the useful lives used in the calculation of amortisation.
Operating lease expenses
EBOS leases certain land, buildings, plant and equipment. Operating leases are where the lessor rather than EBOS
has effectively retained the substantial risk and benefit of ownership of a leased item. Operating lease payments
are included in the determination of profit or loss in equal instalments over the period of the lease. Lease incentives
received are recognised on a straight line basis over the lease period. From 1 July 2019, this policy only applies to
short term and low value leases.
A1. Revenue and expenses continued
(b) Expenses continued
Employee expenses
Provision is made for benefits owing to employees in respect of wages and salaries, annual leave, long service
leave and employee incentives for services rendered. Provisions are recognised when it is probable they will be
settled and can be measured reliably. They are carried at the remuneration rate expected to apply at the time
of settlement and discounted to the present value of the expected payment to the employee at balance date.
Net finance costs
Finance costs include bank interest and amortisation of costs incurred in connection with borrowing facilities.
Finance costs are expensed immediately as incurred, using the effective interest method, unless they relate to
acquisition and development of qualifying assets, in which case they are capitalised.
Interest income is recognised on a time-proportionate basis using the effective interest method.
A2. Segment information
(a) Reportable segments
EBOS’ major products and services are the same as the reportable segments, i.e. Healthcare and Animal Care, with no major
products and services allocated to corporate.
(b) Segment revenues and results
The following is an analysis of EBOS’ revenue and results by reportable segment:
Revenue from external customers (A$’000)
Corporate Segment
Includes net funding costs and
central administration expenses
that have not been allocated to the
Healthcare or Animal Care segments.
Animal Care Segment
Sale of animal care products in a
range of sectors, own brands,

retail and wholesale activities.
EBOS GROUP LIMITED
Healthcare Segment
Sale of healthcare products in a
range of sectors, own brands,

retail healthcare, pharmacy
services and wholesale activities.
20192020
Healthcare
95%
$8,340,428
94%

$6,548,316
5%

$425,112
Animal Care
6%
$382,044
Animal CareHealthcare

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EBOS GROUP 2O2O ANNUAL REPORT54
A2. Segment information continued
EBITDA (A$’000)
Net profit/(loss) after tax for the year attributable to owners of the Company (A$’000)
Associate information:
2020
A$’000
2019
A$’000
Included in the segment results above is income from associates:
Animal Care2,6613,573
Healthcare694630
Total income from associates3,3554,203
$290,408
(b) Segment revenues and results continued
The following is an analysis of other financial information by reportable segment:
(c) Geographical information
EBOS operates in two principal geographical areas: New Zealand and Australia.
EBOS’ revenue from external customers by geographical location and information about its segment assets
(non-current assets), excluding investments in associates and deferred tax assets, are detailed below:
HealthcareAnimal CareCorporate
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
Depreciation of property, plant and
equipment (18,724) (15,698) (799) (740) - -
Depreciation on right of use assets (31,012) - (5,193) - (1,142) -
Amortisation of finite life intangibles (14,416) (13,464) (1,860) (2,159) - -
Net finance costs - - - - (30,396) (25,334)
Tax (expense)/benefit (64,769) (54,628) (13,864) (12,327) 10,092 10,667
AustraliaNew ZealandGroup
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
Continuing operations
Revenue from external customers 7,04 5,396 5,345,133 1,720,144 1,585,227 8,765,540 6,930,360
Non-current assets
1,194,822 1,014,531 354,416 294,029 1,549,238 1,308,560
(d) Information about major customers
No revenues from transactions that are with a single customer amount to 10% or more of EBOS’ revenues (2019: Nil).
Recognition and measurement
The reportable segments of EBOS have been identified in accordance with NZ IFRS 8 ‘
Operating Segments’.
The Group’s operating segments are identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to
assess its performance.
The accounting policies of EBOS have been consistently applied to the operating segments. Profit before
depreciation, amortisation, net finance costs and tax expense (EBITDA) is the measure reported to the chief
operating decision-maker for the purposes of resource allocation and assessment of segment performance.
Assets are not allocated to operating segments as they are not reported to the chief operating decision-maker at
a segment level.
A2. Segment information continued
(b) Segment revenues and results continued
Healthcare
$215,949
$57,658
($14,467)
$48,271
($13,810)
Animal CareCorporate
20192020
Healthcare
$162,489
$35,942
($35,913)
$133,132
$33,045
($28,477)
Animal CareCorporate
20192020

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EBOS GROUP 2O2O ANNUAL REPORT56
A3. Taxation
(a) Tax expense recognised in Consolidated Income Statement
The tax rates used are principally the corporate tax rates of 28% (2019: 28%) payable by New Zealand and 30% (2019: 30%)
payable by Australian corporate entities on taxable profits under tax law in each jurisdiction.
2020
A$’000
2019
A$’000
Tax expense comprises:
Current tax expense:
Current year 72,459 55,602
Adjustments for prior years (665) (2,375)
71,794 53,227
Deferred tax (credit)/expense:
Current year(3,181) 1,086
Adjustments for prior years (72) 1,975
(3, 253) 3,061
Total tax expense
68,541 56,288
The prima facie income tax expense on pre-tax accounting profit from operations
reconciles to the income tax expense in the financial statements as follows:
Profit before tax expense230,057 193,015
Tax expense calculated at 28% (2019: 28%)64,416 54,044
Non-deductible expenses2,635 872
Effect of different tax rates of subsidiaries operating in
overseas jurisdictions 3,953 3,001
(Over) provision of tax expense in prior years(737)(400)
Other adjustments(1,726)(1,229)
Total tax expense
68,541 56,288
A3. Taxation continued
(b) Deferred tax assets and liabilities
Taxable and deductible temporary differences arise from the following:
2020
A$’000
2019
A$’000
Gross deferred tax liabilities:
Property, plant and equipment(6,169) (7,425)
Other payables (1,074) (911)
Other financial assets – derivatives (73) (142)
Right of use assets (66,488) -
Intangible assets (55,021) (48,852)
(128,825) (57,330)
Gross deferred tax assets:
Property, plant and equipment 13,611 12,553
Other payables 34,461 31,998
Other financial assets – derivatives 3,775 2,843
Lease liabilities 68,596 -
Intangible assets 9,597 6,583
Tax losses carried forward 999 371
131,039 54,348
(c) Imputation credit account balances
2020
A$’000
2019
A$’000
Imputation credit account balances
Imputation credits available directly and indirectly to
shareholders of the parent company7, 5317, 573
Imputation credits allow EBOS to pass on to its shareholders the benefit of the New Zealand income tax it has paid by
attaching imputation credits to the dividends it distributes, reducing shareholders’ net tax obligations.
Recognition and measurement
Income tax expense is the income tax assessed on taxable profit for the year.
Taxable profit differs from profit before tax reported in the Consolidated Income Statement as it excludes items of
income and expense that are taxable or deductible in other years (temporary differences) and also excludes items
that will never be taxable or deductible (permanent differences).
Income tax expense components are current income tax and deferred tax.

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A3. Taxation continued
Deferred tax is income tax that is expected to be payable or recoverable in the future as a result of the unwinding of
temporary differences. These arise from differences in the recognition of assets and liabilities for financial reporting
and for the filing of income tax returns.
Deferred tax is recognised on all temporary differences, other than those arising:
• from goodwill;
• from the initial recognition of assets and liabilities in a transaction (other than in a business combination)
that affects neither the accounting nor taxable profit or loss; and
• investments in associates and subsidiaries where EBOS is able to control the reversal of the temporary differences
and such differences are not expected to reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the year when a liability is settled or an asset
realised, based on tax rates and tax laws that have been enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent it is probable that future taxable profits will be available to use the
asset. This is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available in the future to utilise the deferred tax asset.
A4. Earnings per share
Basic earnings
per share
Diluted earnings
per share
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
Earnings used in the calculation of
total earnings per shareA$’000 162,518 137,700 162,518 137,700
Weighted average number of ordinary shares for
the purposes of calculating earnings per share
No.
(000’s)161,557 153,320 161,557 153,320
Earnings per shareCents100.6 89.8 100.6 89.8
Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the company by the
weighted average number of ordinary shares on issue during the year excluding shares held as treasury stock.
Diluted earnings per share assumes conversion of all dilutive potential ordinary shares in determining the denominator.
B1. Goodwill and intangibles
(a) Goodwill
2020
A$’000
2019
A$’000
Gross carrying amount
Balance at beginning of financial year 947,055 893,796
Recognised from business acquisition during the year 27,706 43,749
Adjustment due to finalisation of acquisition in the prior year - 650
Effects of foreign currency exchange differences (5,138) 8,860
Net book value
969,623 947,055
Recognition and measurement
Goodwill arising on the acquisition of a subsidiary is recognised as an asset at the date that control is acquired
(the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount
of any non-controlling interest in the acquiree, and the fair value of the acquirer’s previously-held equity interest
(if any) in the acquiree over the fair value of the identifiable net assets recognised.
Goodwill is not amortised, but is reviewed for impairment at least annually. For the purpose of impairment testing,
goodwill is allocated to each of EBOS’ CGUs or groups of CGUs expected to benefit from the synergies of the
combination.
CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. The recoverable amount is the higher of fair value less cost to sell and value
in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is first allocated
to reduce the carrying amount of any goodwill and then to the other assets of the unit on a pro-rata basis.
Any impairment loss on goodwill is recognised immediately in profit or loss and is not subsequently reversed.
Section Overview
This section identifies the balances and transactions to which key judgements have been made by EBOS in the
preparation of these financial statements. Key judgements have been made in regards to the estimates for future
cash flows for goodwill and indefinite life intangibles impairment assessment purposes, and the identification of
intangible assets and recognition of goodwill for business acquisitions.
SECTION B: KEY JUDGEMENTS MADE

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B1. Goodwill and intangibles continued
(b) Indefinite life intangibles
TerryWhite
Chemmart
Brands
A$’000
Other
Healthcare
Brands
A$’000
Franchise
Network
A$’000
Animal
Care
Brands
A$’000
Healthcare
Trademarks
A$’000
To tal
A$’000
Gross carrying amount
Balance at 1 July 201836,550 33,419 10,954 24,967 15,827 121,717
Acquisitions through business combinations - - - - - -
Effects of foreign currency exchange
differences - 961 - 248 656 1,865
Balance at 30 June 2019
36,550 34,380 10,954 25,215 16,483 123,582
Effects of foreign currency exchange
differences - (557) - (144) (381) (1,082)
Balance at 30 June 2020 36,550 33,823 10,954 25,071 16,102 122,500
Recognition and measurement
Indefinite life intangible assets represent purchased brands, trademarks and a franchise network asset that are
initially recognised at fair value. These intangible assets are tested annually for impairment on the same basis as for
goodwill.
Judgement: useful lives of indefinite life intangible assets
The Directors have assessed these brands, trademarks and a franchise network asset as having an indefinite useful
life. In coming to this conclusion, the expected expansion of these assets across other products and markets,
the typical product life cycle of these assets, the stability of the industry in which the assets are operating, the level
of maintenance expenditure required and the period of legal control over these assets has been considered.
B1. Goodwill and intangibles continued
(c) Cash-generating units
The carrying amount of goodwill and indefinite life intangibles allocated to CGUs or groups of CGUs is as follows:
GoodwillIndefinite life intangibles
2020
A$’000
2019
A$’000
2020
A$’000
2019
A$’000
Healthcare Australia
1
642,710 624,914 12,689 12,746
Healthcare New Zealand
2
68,295 69,911 21,146 21,646
Healthcare: Pharmacy/Logistics NZ
3
88,769 90,870 16,102 16,483
Healthcare: TerryWhite Group
4
20,306 10,999 47,492 47,492
Animal Care
5
149,543 150,361 25,071 25,215
969,623 947,055 122,500 123,582
1
Australian Consumer, Hospital, Pharmacy, Primary Healthcare sectors.
2
New Zealand Consumer, Hospital, Primary Healthcare, Aged Care and International Product Supplies.
3
New Zealand Pharmacy Wholesaler and Logistic Services.
4
Australia – TerryWhite Group.
5
New Zealand and Australia Animal Care.
For the year ended 30 June 2020, the Directors have determined that there is no impairment of any of the CGUs containing
goodwill, brands, trademarks or the franchise network asset (2019: Nil).
Key judgement: impairment assessment assumption
The recoverable amounts of cash generating units is determined on the basis of value in use calculations.
The recoverable amount calculations are most sensitive to changes in the following assumptions:
Revenue
Estimated by management based on revenue achieved in the period immediately before the
start of the assessment period and adjusted each year for any anticipated growth.
Operating costs
Estimated by management based on current trends at the start of the assessment period and
adjusted for expected changes in the business or sector in which the business operates.
Discount rates
Estimated by management based on a current market assessment of the time value of money,
cost of capital and risks specific to the asset to which the cash flows generated by that asset
are being assessed.

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B1. Goodwill and intangibles continued
(c) Cash-generating units continued
2020 2019
Goodwill
Annual revenue growth rates2.5% - 6.3%2.5% - 7.0%
Allowance for increases in expenses2.2% - 6.0%1.8% - 5.8%
Pre-tax discount rates12.5% - 13.8%12.3% - 13.8%
Terminal growth rate 2.5%2.5%
Key estimate: value-in-use calculation
The value-in-use calculation uses cash flow projections based on financial forecasts, approved by the Board and
management covering a five year period, including terminal value, and managements past experience. The following
estimates were used in the value-in-use calculation:
Key estimate: value-in-use calculation
The fair value of indefinite life intangibles has been calculated using the relief from royalty method. The following
estimates were used:
Management has carried out a sensitivity analysis and believe that any reasonably possible change in the key
assumptions would not cause the book value of any of the CGUs, or groups of CGUs, to exceed their recoverable amount.
Indefinite life intangibles
Annual revenue growth rates3.0% - 6.9%2.5% - 7.0%
Allowance for increases in expenses2.2% - 6.0%1.8% - 5.6%
Royalty rate3.0% - 11.8%3.0% - 11.8%
Pre-tax discount rates13.3% - 20.8%13.3% - 20.8%
Terminal growth rate 2.5%2.5%
B1. Goodwill and intangibles continued
(d) Finite life intangibles
Other
A$’000
Customer
relationships/
contracts
A$’000
To tal
A$’000
Gross carrying amount19,063 106,874 125,937
Accumulated amortisation and impairment (13,949) (65,419) (79,368)
Balance at 30 June 2019
5,114 41,455 46,569
Gross carrying amount 31,959 106,874 138,833
Accumulated amortisation and impairment (16,421) (78,620) (95,041)
Balance at 30 June 2020
15,538 28,254 43,792
Aggregate amortisation recognised as an expense during the year:
2020
A$’000
2019
A$’000
Customer relationships and contracts13,201 12,238
Other 3,075 3,385
16,276 15,623
Recognition and measurement
Finite life intangible assets are recorded at cost less accumulated amortisation. Amortisation is charged on a
straight line basis over their estimated useful life.
Judgement: useful lives of finite life intangible assets
In determining the estimated useful life of finite life intangible assets (of a period of between one to 12 years)
the following characteristics have been assessed: (i) expected expansion of the usage of the assets, (ii) the typical
product life cycle of these assets, (iii) the stability of the industry in which the assets are operating, and (iv) the level
of maintenance expenditure required. The estimated useful life and amortisation period is reviewed at the end of
each annual reporting period.

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B1. Goodwill and intangibles continued
(e) Goodwill and intangibles accounting policies
Accounting policies
At each balance sheet date, EBOS reviews the carrying amounts of its non-current assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does
not generate cash flows that are independent from other assets, EBOS estimates the recoverable amount of the CGU to
which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows
have not been adjusted.
If the recoverable amount of an asset (CGU) is estimated to be less than its carrying amount, the carrying amount of
the asset (CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, other than for Goodwill, the carrying amount of the asset (CGU) is
increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been recognised for
the asset (CGU) in prior years. A reversal of an impairment loss is recognised as income immediately. Impairment losses
cannot be reversed for goodwill.
B2. Acquisition information
The following material acquisitions of subsidiaries took place during the year:
Name of business acquiredPrincipal activities
Date of
acquisition
Cost of
acquisition
A$’000
2020:
100% of the business assets of LMT Surgical Pty Ltd
and National Surgical Pty Ltd (LMT Group)HealthcareSeptember 201929,080
B2. Acquisition information continued
Carrying value
A$’000
Fair value
adjustment
A$’000
Fair value on
acquisition
A$’000
Current assets
Trade and other receivables4,265 (255)
1
4,010
Prepayments 746 - 746
Inventories 14,070 (1,371)
2
12,699
Current tax refundable 138 - 138
Non-current assets
Property, plant and equipment2,684 (703)
3
1,981
Deferred tax assets 263 795
4
1,058
Right of use assets 4,077 - 4,077
Current liabilities
Bank overdraft(1,352) - (1,352)
Trade and other payables (6,960) (323)
5
(7, 283)
Lease liabilities(4, 2 19) - (4, 2 19)
Current tax payable(82) - (82)
Employee benefits(1,390) - (1,390)
Non-current liabilities
Bank loans (996) - (996)
Deferred tax liabilities (17) - (17)
Net assets acquired 11,227 (1,857) 9,370

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Judgements made:
1.
To recognise the fair value of trade and other receivables on acquisition.
2.
To recognise the fair value of inventories on acquisition.
3.
To recognise the fair value of property, plant and equipment on acquisition.
4.
To recognise deferred tax assets on acquisition.
5.
To recognise the fair value of trade and other payables on acquisition.
Recognition and measurement
Acquisition of subsidiaries and businesses are accounted for using the acquisition method.
The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities
incurred or assumed, and equity instruments issued by EBOS in exchange for control of the acquiree. Acquisition-related
costs are recognised in profit or loss as incurred.
Where applicable, the cost of acquisition includes any asset or liability resulting from a contingent consideration
arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are adjusted against
the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair
value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant NZ
IFRSs. Changes in the fair value of contingent consideration classified as equity are not recognised.
Goodwill arising on acquisition
Goodwill arose on the acquisition of the LMT Group because the cost of acquisition included a control premium paid. In addition,
goodwill resulted from the consideration paid for the benefit of future expected cash flows above the current fair value of
the assets acquired and the expected synergies and future market benefits expected to be obtained. These benefits are not
recognised separately from goodwill as the expected future economic benefits arising cannot be reliably measured and they do
not meet the definition of identifiable intangible assets.
The LMT Group was acquired as it is a profitable Australasian medical device business which the Group believes fits strategically
with its Australasian healthcare business assets.
Impact of the acquisition on the results of the Group for the period ended 30 June 2020
The LMT Group contributed $1,124,000 to the Group profit for the period. Group revenue for the period includes $26,442,000 in
respect of the LMT Group. Had the LMT Group acquisition been effective at 1 July 2019, the revenue of the Group from continuing
operations would have been $8,774,944,000 and the profit for the period would have been $161,640,000.
Carrying value
A$’000
Fair value
adjustment
A$’000
Fair value on
acquisition
A$’000
Goodwill on acquisition 19,710
Total consideration 29,080
Plus bank overdraft acquired 1,352
Deferred purchase consideration (3,500)
Net cash outflow from acquisition26,932
B2. Acquisition information continuedB2. Acquisition information continued
Impact on the Consolidated Cash Flow Statement of all acquisitions during the year:
2020
A$’000
2019
A$’000
Subsidiaries acquired
Consideration
Cash and cash equivalents39,516 48,364
Deferred purchase consideration (2,073) 4,347
Total consideration 37,4 43 52,711
Represented by
Net assets acquired9,737 8,312
Goodwill on acquisition 27,706 44,399
Total consideration 37,4 43 52,711
Net cash outflow on acquisition of subsidiaries and non-controlling interests
Cash and cash equivalents consideration39,516 48,364
Non-controlling interest - 46,678
Less cash and cash equivalents acquired - (1,597)
Plus bank overdraft acquired 1,352 -
Net cash consideration paid 40,868 93,445

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EBOS GROUP 2O2O ANNUAL REPORT68
C1. Trade and other receivables
2020
A$’000
2019
A$’000
Trade receivables (i) 997,4 50 879,551
Other receivables 37,940 32,050
Allowance for expected credit losses (ii) (12,803) (13,805)
1,022,587 897,796
Recognition and measurement
Trade receivables are measured on initial recognition at fair value and are subsequently carried at amortised cost.
They are presented as current assets unless collection is not expected for more than 12 months after the reporting date.
The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty
and there is no realistic prospect of recovery.
The Directors believe that the carrying amount of trade and other receivables approximates their fair value.
(i) Trade receivables are non-interest bearing. Interest may be charged on outstanding overdue balances in accordance with the
terms and conditions under which goods are supplied. Trade debtors generally have terms of 30 days.
(ii) Provision for expected credit losses
Section Overview
This section provides further analysis on the significant operating assets and liabilities of EBOS. These balances
comprise the material net working capital balances used by EBOS to run its day to day operating activities.
SECTION C: OPERATING ASSETS AND LIABILITIES USED BY EBOS

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

To tal
A$’000
Trade receivables – total 953,573 31,541 5,128 7, 208 997,4 50
Provision for expected credit losses – total (654) (3,865) (2,963) (5,321) (12,803)
C1. Trade and other receivables continued
Recognition and measurement
The Group recognises a loss allowance for expected credit losses (‘ECL’) on trade receivables. The amount of ECLs
is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial
instrument.
The Group measures the provision for ECL using the simplified approach to measuring ECL, which uses a lifetime
expected loss allowance for all trade receivables. The Group determines lifetime ECLs for groups of trade receivables
with shared credit risk characteristics. Groupings are based on customer, trading terms and ageing.
An ECL rate is determined based on the historic credit loss rates for the Group, adjusted for other current observable
data that may materially impact the Group’s future credit risk. This other observable data includes specific factors in
relation to each debtor or general economic conditions of the industry in which the debtors operate.
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than
90 days past due unless the Group has reasonable basis that a more lagging default criterion is more appropriate.
C2. Inventories
2020
A$’000
2019
A$’000
Raw materials – at cost2,459 1,746
Finished goods – at cost 735,240 721,771
737,699 723,517
Recognition and measurement
Inventories consist of raw materials (for the manufacturing operations of EBOS) and finished goods.
Inventories are recognised at the lower of cost, determined on a weighted average basis, and net realisable value.
Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the inventories to their present location and condition. Net realisable value represents the
estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.

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EBOS GROUP 2O2O ANNUAL REPORT7O
C3. Trade and other payables
2020
A$’000
2019
A$’000
Current
Trade payables 1,296,851 1,190,599
Other payables 112,485 91,069
Deferred purchase consideration 4,578 6,651
1,413,914 1,288,319
Non-current
Other payables3,988 13,941
3,988 13,941
Recognition and measurement
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
Trade and other payables, are initially measured at fair value and subsequently measured at amortised cost,
using the effective interest method.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Trade payables are unsecured and are generally settled within the month following the invoice date.
Reconciliation of the carrying amount from the beginning to the end of the year (A$’000)
D1. Property, plant and equipment
Freehold
land
A$’000
Buildings
A$’000
Leasehold
improvements
A$’000
Plant and
equipment
A$’000
Office equipment,
furniture and fittings
A$’000
To tal
A$’000
Cost 28,690 40,385 34,900 100,063 28,025 232,063
Accumulated depreciation - (6,660) (9,867) (29,263) (11,810) (57,600)
Balance at 30 June 2019
28,690 33,725 25,033 70,800 16,215 174,463
Cost28,649 42,437 38,421 104,287 31,985 245,779
Accumulated depreciation - (7, 8 82) (12, 204) (36,360) (15,629) (72,075)
Balance at 30 June 2020
28,649 34,555 26,217 67,927 16,356 173,704
Section Overview
This section explains what capital assets, such as property, plant and equipment, that EBOS uses to operate
its business activities. This section also describes the material movements in capital assets during the year.
SECTION D: CAPITAL ASSETS USED BY EBOS TO OPERATE OUR BUSINESS
Opening
balance
250,000
200,000
150,000
100,000
50,000
-
Additions/
transfers from
WIP
AcquisitionsDisposalsDepreciationForexClosing
Balance
$17,414
($458)
($19,523)($388)
$2,196
$174,463
$173,704