Huon Aquaculture Group Limited Annual Report 2017 | Financial Summary | Financial Summary

FINANCIAL SUMMARY


Statutory Earnings   Operating Earnings and Cash Flow

Statutory Earnings

  • Harvest tonnage fell by 10% as a result of the accelerated harvest in FY2016, however this was offset by improved salmon pricing throughout the year, delivering an 11% increase in overall sales revenue.
  • EBITDA increased to $82.0m from $24.9m largely due to better fish growth and higher prices which contributed directly to a tripling in margins from 10.7% to 31.6%.
  • Volume sold into the retail market increased 170% to 4,308 tonnes, more than doubling the revenue from this channel to 22%.
  • Operating cash flow increased to $54.0m from $16.3m, with EBITDA conversion averaging 92% in FY2017.
  • The increase in Fair Value Adjustment of Biological Assets to $19.2m highlights the impact of the recovery in stock levels during the year as well as the improved pricing and altered channel mix.
  • Strong balance sheet with comfortable gearing of 15%.
  • Capital expenditure declined by 22% to $35.0m but remained focused on supporting long term growth and efficiency.

FY2017 FY2016 FY2015
Tonnaget18,44820,46316,536
Revenue(1)$M259.5233.7191.7
Revenue per HOG kg$/kg14.0711.4211.59
EBITDA(2)$M82.024.935.2
EBITDA per HOG kg$/kg4.441.222.13
EBITDA margin%31.6%10.7%18.4%
EBIT$M60.17.325.8
NPAT$M42.23.416.6
Fair value adjustment$M19.2(1.5)(5.3)
Related income tax (expense)/refund(3)$M(5.8)0.5 1.6
Biological assets$M188.0147.2151.8
Earnings per sharec48.273.9220.99
Dividend per sharec5.00
Net debt(4)$M43.062.133.0
Total gearing ratio(5)%14.7%24.8%13.3%
Return on assets(6)%12.2%1.8%6.4%


  1. Revenue from the sale of goods.
  2. Statutory EBITDA is a non-IFRS financial measure which is used to measure business performance, using net depreciation and amortisation recognised in the income statement.
  3. Related income tax at current tax rate.
  4. Net Debt is total net of cash and cash equivalents.
  5. Total Gearing Ratio is measured as debt (net of cash)/net assets.
  6. Return on Assets is measured as statutory EBIT/total assets.

Tonnage
18,448t
(FY2016: 20,463t)

Sales Revenue
$259.5m
(FY2016: $233.7m)

Sales Revenue by Channel:
Wholesale
72%
(FY2016: 65%)
Export
6%
(FY2016: 25%)
Retail
22%
(FY2016: 10%)

Employees
500
(FY2016: 524)

Operating Earnings and Cash Flow


Operating Earnings and Cash Flow Chart Operating Earnings and Cash Flow Chart


  1. Revenue from the sale of goods.
  2. Operating EBITDA excludes the impact of the Fair Value Adjustment of Biological Assets.
  3. Operating NPAT excludes the impact of the Fair Value Adjustment of Biological Assets and related tax impact.



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