New Zealand King Salmon Investments Limited (NZX: NZK) 1H22 Half Year Results Announcement

Thursday 30th September 2021

New Zealand King Salmon Investments Ltd reports its financial performance for the six months period ended 31 July 2021 (1H22). Key points include:

• Small fish size and compensating restrictions on harvest have negatively impacted our result

• The effects of Covid-19 disruptions have been largely overcome with the exception of freight availability and cost

• Revenue of $80.1m, up from $67.0m in 1H21, reflecting clearance of excess inventory and sales recovery ($4.2m clearance)

• Sales volume of 3,629 tonnes compared with 2,745 tonnes in 1H21 (470t clearance)

• Statutory NPAT of ($5.6m), compares with ($5.6m) in 1H21

• Pro Forma Operating EBITDA of $3.3m, compared with $7.1m in 1H21

• The main differences between Statutory and Proforma EBITDA profit measurement being ($13.5) FX close-out profits, $8.1m inventory fair value adjustment, and $0.98m FRS16 leases

Chairman John Ryder said: “Unfortunately it’s been a challenging six months, but we have now initiated our Prescient Aquaculture Model, built on decades of farming King salmon and the experience of our own in-house team. Since the beginning of our new financial year, we have returned to demand exceeding supply”.

“Our premium brands continue to show great strength in building customer relationships and supporting margin growth, focusing on diversification across categories and markets to build resilience.”

New Zealand King Salmon will update market guidance over the coming months. The company has not paid a dividend since the Covid pandemic started and this will remain under review.

Please see the links below for details

NZK 1H22 Results Media Release

NZK 1H22 Unaudited Financial Statements

NZK 1H22 NZX Results Announcement Notice

Source: New Zealand King Salmon Investments Limited

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