Ann: 2014 Results announcement, page-9

Hi Jimmy,

My experience is that Azure Healthcare posts similar margins to its global peer group (12% to 15% being the industry accepted best practice), hence the basis of my comments. I cited Ascom as a comparison in my research note and in 2013, the company reported the following:

Revenues CHF 459.7m
EBITDA    CHF 67.6m (14.7%)

Azure Healthcare recorded the following:

Revenues AUD 31.3m
EBITDA    AUD 3.89m (12.5%)

Ascom stated in their acquisition of Telligence from GE, that the company enjoyed revenues of $USD20m  and that the division posted similar EBITDA performance to Ascom (15%).

Ascom acquired Telligence for $USD22m in June 2012 (http://www.ascom.ch/ch-en/index-ch/...im_rahmen_des_vorjahres_erwartet/news-country)

I also note that Ascom recently acquired their Australian distributor, Integrated Wireless.