onlyuse30 September 2021

Half year results

ersonalJames Whiteside (CEO) and Jae Tan (CFO)

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Business update

James Whiteside | Chief Executive Officer

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Strong revenue growth, market and legacy issues impact EBITDA.

  • Strong 49% revenue growth driven by an increase in hay production volumes from 27.7k to 44.1k tonnes. Capital investment driving up machine up time.

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EBITDA from continuing operations performance falling 66% to $0.6m (H1 FY21: $1.7m).

  • Continued to work through high priced inventory and fixed price sales contracts from last season.
  • Rising storage and international shipping costs as a consequence of the pandemic.
  • Unfavourable currency hedges entered 12 months ago.
  • Fewer capital projects resulted in higher allocation of engineering costs to operations

Strong market demand supporting increased production volumes and requiring focus and investment in plant reliability and uptime

Investments in H1 have built momentum, which will become evident in H2, supported by a successful capital raise of $4.4m, net of transaction costs.

Austco Polar is now classified as held for sale on the income statement contributing NPAT loss of $1.6m, unfavourable by 131% from last half. Sales process for Austco has commenced.

Renewed focus on safety performance and management to drive down high injury frequency rates.

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H1 FY22 Headlines

Revenue up $6.2m (or 49%) strong hay production

volume growth to service strong customer demand.

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Record 6 month hay production volumes with 59%

growth to 44.1k tonnes.

EBITDA down by 66% at $0.6m.

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Successful capital raise of $4.4m (net of transaction

costs) plus positive operating cash flows up 463% HOH

resulting in Net debt (excluding finance leases)

reduction of 39% to $5.6m.

Safety management now a key area of focus, with

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improving safety management systems and reporting.

*Production tonnes refers to hay production for JC Tanloden

**Blast cartons refers to meat cartons for Austco Polar Cold Storage pcp = prior comparative period

HOH = half-on-half

Successes

$18.9m of revenue, up 49% HOH

44.1k production tonnes, up 59% HOH

1.0m blast cartons, up 22% HOH

$1.1m of operating cash flows, up 463% HOH Net debt down 39% Vs 31-March to $5.6m

11.0k MT inventory on hand, down 10% Vs 31-March

Challenges

$0.6m EBITDA before significant items, down 66% HOH

38% gross margin, down 2pp HOH

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Wingara AG Ltd. published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 22:49:02 UTC.