2014 Annual Report

Our strategy is to generate long term, sustainable value and earnings from each of our businesses. We do this by investing into the growth of our businesses to help them realise their potential. An important part of this investment is to ensure that each business has a solid platform and robust infrastructure in place to support their future growth ambitions.

The 2015 financial year will be one of continued investment and growing returns for Abano, particularly in our dental sector as we build the scale of our dental networks, through both acquisition and organic expansion.

Our radiology business is now well structured and positioned to grow demand for its leading edge services.We expect the uplift seen in the final quarter of FY14 tocontinue into FY15.

The Australian audiology team will be working hard to ensure the substantial improvements made in FY14 continue into FY15, with growing EBITDA and reduced losses.Meanwhile, the focus for the Asian audiology team will continue to be on developing a regionally tailored business model to meet the needs of local customers while changing the delivery of services to ensure the business achieves a monthly breakeven EBITDA result by the end of FY15.

Pathology will focus on securing a long term contract to continue to provide its high quality pathology services to the region’s communities and increase the tenure of any DHB contracts held.

The Orthotics business will also continue to work on securing and renewing DHB contracts and extending the tenure of current contracts.

While economic conditions in New Zealand are slowly improving, they remain difficult in Australia. Our operational focus is firmly on lifting year on year same store performance for both our audiology and dental businesses. We will also continue to identify opportunities to realise the value and potential for our other healthcare businesses.

Our long term Invest and Build strategy remains in place, and we have sufficient funding in place to enable us to achieve our growth objectives. We expect to again deliver improved underlying EBITDA and NPAT in FY15.