2015 Annual Report


Continuing Year on Year Growth: Primarily driven by acquisitions in dental and strong growth from the Australian operationsof Abano’s audiology joint venture

Dental Network Expansion: Added 20 practices including 19 acquisitions providing approximately $30 million inadditional annualised gross revenues and one greenfield practice

Audiology JV Growth: Opened three new greenfield stores in Australia which are delivering above expectations

Audiology Improved Performance: Bay International achieved positive EBITDA result for the first time after eight years of loss making. Bay Audio Australia reported a maiden NPAT

Radiology Upwards Trend: Insight+Ascot Radiology delivered another year of earnings growth with improving revenuefrom referrals and increasing EBITDA

Refocused Investment and Sold Non-Core Businesses: Divestment of Orthotics Centre on 30 January 2015 and Aotea Pathology on 1 May 2015,both of which fell outside of Abano’s investment criteria

CEO Announcement: Richard Keys, Abano’s CFO and COO, named as CEO to replace Alan Clarke following hisretirement at the upcoming 2015 annual meeting

Australian Director Appointed: Australian-based director, Murray Boyte, appointed to the Board in February 2015

Shareholder Activity: Overwhelming support from shareholders for Board and strategy with record turnout atspecial meeting in June 2014 requisitioned by interests associated with Mr Hutson and Mr Reeves

IINFINZ Winner: Abano named as winner of the 2015 INFINZ Emerging Leaders Best Corporate Communicator Award


Dental Brand Launch: Announced rebranding of Australian Dental Partners network as Maven Dental Group

Dental Network Expansion: Four practices acquired since year end providing approximately $9 million in expected additional annualised gross revenue

Five year performance reflects divestments including sale of shareholding in NHC Group Pty Limited in FY11, sale of brain injury rehabilitation business in FY13, and sale of pathology and orthotics businesses in FY15.

Gross revenue includes the equity accounted jointly controlled Audiology business and Australian dental revenues before payment of dentists’ commissions.

EBITDA is earnings before interest, tax, depreciation and amortisation.

More information on gross revenue, EBITDA, underlying EBITDA and underlying NPAT, which are non-GAAP financial measures, is available at ww.abano.co.nz/underlyingearnings and in note 2, Segment Information, of the Financial Statements for the year ended 31 May 2015 available at www.abano.co.nz/latestfinancials.