Half-Year Result 2022-23

HALFYR

Wed, Jan 25 2023 02:40 pm

Livestock Improvement Corporation (NZX: LIC) is pleased to present its half-year result for the six months to 30 November 2022, confirming it is on track to deliver a year-end result in line with expectations and guidance previously provided to the market.

SUMMARY OF FINANCIALS*
• Total Revenue from Continuing Operations: $177.2 million
• Net Profit After Tax (NPAT): $33.3 million
• Year-end Underlying Earnings forecast range: $21.5-25.5 million (previously $20-26 million)
• 2023-24 Underlying Earnings is forecast to be in the range of $22-28 million

Please view downloads for more information.

CONTACT
Shareholder enquiries: [email protected] or 0800 542 742
Media enquiries: [email protected] or 0276171942.

NOTES TO FINANCIAL INFORMATION*
• LIC’s half-year result incorporates the majority of revenues from core artificial breeding (AB) and herd testing services, but not a similar proportion of total costs so are not indicative of the second half, nor the full year, result.
• No dividend is declared at half year.
• These numbers should be read in conjunction with the financial details in the Interim Report and 2022 Annual Report.
• Figures have not been audited, with the exception of 31 May 2022 comparatives.
• Underlying Earnings: this is NPAT excluding bull valuation and nil paid share valuation movements and is considered useful to investors as it is the basis on which LIC has historically reported and determination of dividends. Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
• Discontinued operations: LIC divested its automation business in 2021-22. Accounting standards require any profits from the Automation business to be disclosed as Discontinued Operations.
• Bull team valuation: LIC’s elite bull team is its largest biological asset, valued at $93.1million at 22-23 year-end. This valuation is based on an independent model that looks at future revenue streams and costs associated with the current bulls owned, discounted back to current value.
• Market guidance is provided on the basis that no significant climate event or milk price change takes place, nor any major impacts from M. bovis or Covid-19.

Downloads:
• Interim Report
• Results announcement
• Media release