2012 Annual Report

  • Reported record Revenues of $206.4 million, an EBITDA of $25.7 million and a NPAT of $1.6 million
  • Underlying EBITDA was $27.3 million, with an underlying NPAT of $3.0 million
  • Revenues from Abano’s dental, diagnostics and rehabilitation sectors (excluding the audiology joint venture) increased by 18% over the same period last year
  • Lumino The Dentists acquired nine dental practices in New Zealand, taking that network to 64 practices across the country as at 31 May 2012
  • Continuation of Lumino The Dentists’ highly successful national TV advertising campaign
  • Dental Partners acquired 17 new dental practices, growing to 53 practices in Australia as at 31 May 2012, with practices now in all states other than the Northern Territory
  • Established new A$30m debt facility to fund Dental Partners future acquistion growth
  • Officially opened new Dental Partners Head Office in Southport, Queensland
  • Ongoing greenfield development in radiology with start up of PET CT scanning centre in Auckland and decision to invest $4 million into a radiology centre at the new AUT Millennium Campus complex on Auckland’s North shore, to be opened in late 2012
  • Completion of an Investor Roadshow with 26 presentations around New Zealand
  • Appointment of Trevor Janes as chair and Susan Paterson as deputy chair of the Abano Board
  • Appointment of Ted van Arkel as an independent director of the Abano Board
  • Implementation of new long term performance based share scheme for key executives
  • On 31 May 2012, announced the sale of Abano Rehabilitation to Bupa Care Services
  • Confirmed that annual dividend would be maintained at 21 cents per share

Events Since Year End

  • Settlement of the sale of Abano Rehabilitation to Bupa Care Services in June 2012
  • Announcement of a Fixed Trading Share Plan for directors whereby 50% of after tax director fees for non-executive directors will be paid in shares, acquired on market
  • Announced an offer to acquire the outstanding 30% shareholding in Dental Partners, which was successfully completed in July 2012
  • Acquisition of seven dental practices, providing over $7 million in additional annualised gross revenues, settled between 1 June 2012 and 31 July 2012
  • Increased ASB debt facility by $10 million, to $50 million, in August 2012