INVESTOR PRESENTATION
MAY 2016

C HAIRMAN , N EIL C RAIG, 021 731 509
C HIEF EXEC UT IVE OFFIC ER, S C OT T C OULT ER, 021 386 988
C HIEF FIN AN C IAL OFFIC ER, MARK S ADD, 027 707 9698

 Investor Presentation May 2016

IMPORTANT NOTICE
This presentation is given on behalf of Comvita Limited. Information in this presentation:
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Should be read in conjunction with, and is subject to, Comvita’s latest and prior Annual
Reports, Interim Reports and market releases on NZX;
Is from unaudited management accounts and has been provided purely for comparative
purposes. Our audited financial statements will be for the 15 months ended 30 June 2016;
May contain projections or forward-looking statements about Comvita. Such forwardlooking statements are based on current expectations and involve risks and uncertainties.
Comvita’s actual results or performance may differ materially from these statements;
Includes statements relating to past performance, which should not be regarded as a
reliable indicator of future performance;
Is for general information purposes only, and does not constitute investment advice;
Is current at the date of this presentation, unless otherwise stated.

While all reasonable care has been taken in compiling this presentation, Comvita accepts no
responsibility for any errors or omissions.
All currency amounts are in NZ dollars unless otherwise stated.

Pg.1

 Investor Presentation May 2016

Pg.2

“Comvita achieves record result*.
An unaudited, after tax profit of
$17.2 million on sales of $202 million.”
*For the 12 month period ending 31 March 2016

 Investor Presentation May 2016

Pg.3

KEY ACHIEVEMENTS

$202m
32% increase 
compared 
to FY2015

SALES
G ROWTH

68%

50:50

2

1

Increase in
NPAT
compared
to FY2015

Joint venture with
Capilano Honey Pty
Ltd to grow medical
honey supply

Peer reviewed,
published, clinical
research studies on
Olive Leaf Extract

Focus
on
Innovation

RECORD
EARNINGS

SUPPL Y
SECUR I TY

CLINICAL
STUD I ES

NEW CHIEF
INNOVATION
OFFICER

 Investor Presentation May 2016

Pg.4

EUROPE
-6% sales growth
MEDICAL
58% sales growth

-$0.6m

$3.4m

ASIA
38% sales growth

$18.0m
AUSTRAL IA
62% sales growth

$24.7m
NZ
-0% sales growth

-$0.2m
Figures are based on 12 months unaudited results to 31 March 2016.

S A L E S G RO W T H
TO
M A RC H 2 0 1 6

 Investor Presentation May 2016

24%

OF TOTAL REVENUE

HEALTHC ARE

11%

GROWTH 12 MONTHS

Pg.5

67%

OF TOTAL REVENUE

FUNC TIONAL FOODS

38%

GROWTH 12 MONTHS

3%

OF TOTAL REVENUE

PERSONAL C ARE

44%

GROWTH 12 MONTHS

Figures are based on 12 months unaudited results to 31 March 2016.

6%

OF TOTAL REVENUE

MEDIC AL

91%

GROWTH 12 MONTHS

M A RK E T
SE G ME NTS

 Investor Presentation May 2016

Pg.6

2016
$’000

2015
$’000

Unaudited

Audited

Revenue

202,155

152,702

32%

EBITDA*

36,416

22,950

59%

EBITDA % of operating revenue

18.0%

15.0%

3%

Net profit after tax

17,204

10,244

68%

Earnings per share
(cents per share)

43.36

29.88

45%

Dividends (cents per share)**

16.00

13.00

23%

Return on Capital Employed
(ROCE)

15.3%

12.0%

28%

Financial results for the
12 months to 31 March

Change
%

*EBITDA: Earnings before interest, tax, depreciation and amortisation.
** Includes 2 nd interim dividend of 10 cents per share. Final dividend expected to be paid in September 2016.

KEY
FINANCIAL
H I G H L I G H TS

 * EBITDA – Earnings before interest, tax, depreciation and amortisation.

2016

2015

U NAU DITED

$202m

$36.4m

$153m

$23.0m

$17.0m

$14.7m

2013
2014

$15.5m

$6.3m

$11.2m

$5.3m

2012

2011

2010

2009

U NAU DITED

$115m

$103m

G ROUP RE VE NUE

2016

2015

2014

2013

$96m

$82m

2011
2012

$85m

$71m

2010

2009

Investor Presentation May 2016
Pg.7

E BI TDA *

FINANCIAL
P E RF O RM A N C E

 Investor Presentation May 2016

Pg.8

2016
$’000

2015
$’000

Unaudited

Audited

Total assets

231,563

199,722

16%

Raw material inventory

53,648

27,722

94%

Net debt

58,692

26,093

125%

Net debt to equity ratio

45.4%

22.0%

23%

Weighted average shares on issue

39,677

34,285

16%

Key Balance Sheet Ratios
as at 31 march

Change
%

KEY
BALANCE
SH E E T
RA T I O S

 Investor Presentation May 2016

Pg.9

70

50%

45.4%

60

40%

50
31.0%

30

28.8%
26.2%
22.0%

0

58.7

20%

17.7%

20
10

30%

18.9

25.3

26.5

26.1

2013

2014

2015

10%

13.4
0%

2011

2012

net debt 

gearing  ratio  (net debt)

2016

Gearing ratio

Net debt ($ millions)

40

NE T DE BT
A N D G E A RI N G

 Investor Presentation May 2016

Pg.10

COMVITA STRATEGY
$40 0 m by 20 20

EAR NING S
F OCU S

SECU RITY
OF SUPPL Y

INNOV ATIO N

Concentrate on
earnings growth

Continued
development
of supply chain
strategies
and partnership

Optimise and
diversify ingredient
platforms and
channel
performance

CONSU M ER- F OCU S ED
B U SINESS M OD EL
Increase market
spend, grow directto-consumer
channels and added
value product lines

AQU ISITIO NS

Focus on earnings
accretive
acquisitions