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Synlait Milk Limited (NZX: SML) Publishes FY21 Result; Appoints CEO

Monday 27th September 2021

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Synlait Milk Limited today published its financial result for the 12 months ended 31 July 2021.

Key financial highlights:

• Revenue up 5% to $1,367.3 million.

• EBITDA down 78% to $37.3 million.

• NPAT down 138% to ($28.5) million.

• Nutritionals sales down 35% to 34,362 MT.

• Ingredient sales up 29% to 125,914 MT.

• Dairyworks revenue was $229 million.

Final 2020/2021 total average milk price of $7.82 per kgMS:

The total average milk payment for the 2020/2021 season is $7.82 per kgMS. This is made up of a base milk price of $7.55 per kgMS and $0.27 of incentives (including Lead With Pride™). This is the second highest milk price Synlait has paid and is a result of strong and consistent demand for dairy products, especially from Southeast Asia. Strong demand continues for dairy and has resulted in our forecast milk price remaining at $8.00 per kgMS for the current 2021/2022 season.

FY22 guidance statement:

Synlait expects its Net Profit After Tax result to return to robust profitability in FY22 based on:

• a return to normal trading conditions and tighter management of its Ingredient business;

• improved infant base powder volumes;

• a growing contribution from its Liquids and Consumer Foods business units; and

• targeted and significant cost savings from Synlait, Dairyworks and Talbot Forest Cheese.

FY22 will also include a one-off gain on sale of approximately $17 million from the sale and leaseback of the land and building at Synlait Auckland.

By the end of FY23, the recovery plan will have seen Synlait return to similar levels of profitability, operating cash flows, and debt ratios as the years leading into FY21.

Please see the links below for details

Synlait FY21 Annual Report

Synlait FY21 Investor Presentation

Synlait FY21 Media Release

NZX Results Template

Source: Synlait Milk Limited

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