Company
 
Performance
 
Financials
 
Governance


 

HIGHLIGHTS

  • Reported a record Net Profit After Tax of $7.8 million after allowing for one-off takeover and other associated costs of $0.5m (pre tax), with Operating Revenue of $123.9 million and EBITDA of $23.3 million.
  • Opened, or transitioned into full time, nine new audiology clinics, taking the New Zealand Bay Audiology network to a total of 52 permanent and satellite clinics as at 31 May 2008.
  • Grew the Australian Bay Audio network to 30 permanent and satellite clinics as at 31 May 2008.
  • Continued the national rollout of Lumino The Dentists, with nine new practices acquired, taking the total number of practices throughout New Zealand to 33 (following the consolidation of several smaller clinics).
  • Introduced new Radiologist equity partners into the radiology business, reducing Abano’s shareholding in Ascot Radiology to 73% and commenced services at a new $7million state of the art radiology clinic in May 2008.
  • Aotea Pathology continued operating under the five year DHB contract, which started in November 2006, for the greater Wellington and Hutt Valley region. Aotea completed the re-equipping and refitting of the base laboratory, transforming it into a leading edge facility.
  • Improved bottom line performance and margins from Abano Rehabilitation through cost efficiencies gained from restructuring, increased bed numbers and a wider service offering.
  • Successfully re-tendered for a three year contract (reviewed annually) to provide Orthotic services to the Waikato DHB.
  • Received takeover notice from Masthead Portfolios which lapsed on 11 December 2007 and takeover notice from Crescent Capital Partners which lapsed on 14 March 2008.

EVENTS SINCE YEAR END

  • Acquisition of two dental practices – Dental Designs dental laboratory in June 2008 and Manly Dental Care in July 2008.
  • Entered the A$4b Australian dental market in July 2008 through a partnership with Dental Partners, in which Abano holds 70%, and the initial acquisition of nine practices with up to ten further acquisitions expected by the end of the 2009 financial year.
  • Expanded Bay Audio in Australia with the strategic acquisition of King Hearing from Siemens Hearing Instruments in July 2008 adding a further four permanent and 23 satellite clinics to the Bay Audio network.
  • Acquired Dunedin Hearing, a long standing and respected South Island audiology chain with six clinics across Dunedin and Central Otago in August 2008.
  • Official opening of a second Ascot Radiology clinic in a state of the art purpose built facility in June 2008.
  • The company’s annual report for 2007 was selected as a finalist in the New Zealand Institute of Chartered Accountants Annual Report Awards.
Operating Financial Performance

Financial Position



  1. 2004/05 figures reflect the 1:10 share consolidation on 14 December 2005.
  2. NZ IFRS was adopted for the year ended 31 May 2006. Figures for 2004/05 year have been restated in line with NZ IFRS guidelines.
  3. Excludes capital gain on sale from the sale and divestment of ElderCare New Zealand Limited in June 2006.
  4. Net Debt equals Net Bank Debt plus Deferred Acquisition Consideration.
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