PRELIMINARY FINANCIAL RESULTS FOR THE TWELVE MONTHS TO 31 MARCH 2017
New Zealand''s largest refiner and blender of high quality fish oils and
fractions, SeaDragon Limited (NZX: SEA) today reports on a year that has seen
it substantially complete its transition into a company ready to capitalise
on the strong demand it sees for Omega-3 fish oils.
SeaDragon Limited''s Preliminary result for the year ended 31 March 2017 is a
Net Loss after Tax of $(6,659,000) and a normalized EBITDA* loss of
$(4,399,000). This is within the range of recent market guidance. We will
release our detailed audited results on or before 30 June 2017. The audit is
progressing smoothly and we are not expecting any major changes.
This result is a reflection of the time it has taken to transition the
business from its legacy Omega-2 business to Omega-3 fish oils refined in the
new refinery. The transition of the business is now substantially complete.
Negotiations with several major international Omega-3 customers are advancing
well. We anticipate receiving orders from these customers, once their
quality assessments and product testing have been successfully completed.
We have secured supply of raw materials from new sources and now have
availability of raw material supply from the Indian Ocean and two South
Pacific sources. We are well advanced towards securing additional volumes of
unrefined tuna oil from a third South Pacific source. We believe this will
help us to mitigate the risk of supply constraints in the future.
We have had some encouraging engagement with potential NZ-based suppliers of
unrefined Hoki oil and Hoki livers in a form that we can refine (i.e. raw
material that meets regulatory ''traceability'' requirements for sale of
refined product for human consumption). We anticipate processing initial
volumes of NZ sourced Hoki oil and livers during this financial year.
For further information, contact:
Colin Groves
Chairman
Tel: +64 21 928 003
Nevin Amos
CEO
Tel: +64 22 043 3017
* SeaDragon''s standard profit measure prepared under NZ GAAP is net profit
after tax (NPAT). SeaDragon has used a non-GAAP profit measure of earnings
(or losses) before interest, tax, depreciation and impairments (Normalised
EBITDA), and intends to do so in the future allowing investers to compare
periods. The directors and management believe this measure provides useful
information for understanding the Company''s financial performance and
position. Non-GAAP profit measures are not prepared in accordance with NZ
GAAP (and therefore do not comply with International Financial Reporting
Standards) and are not uniformly defined, therefore the non-GAAP profit
measures reported may not be comparable with those that other companies
report and should not be viewed in isolation from, or considered as a
substitute for, measures reported by SeaDragon in accordance with NZ GAAP.
About SeaDragon: www.seadragon.co.nz
SeaDragon Limited (NZX:SEA) is New Zealand''s largest refiner and blender of
high-quality, internationally certified concentrated fish oils and fractions,
including Omega-3 oils. Our oils are sourced from fish caught in the clean
and pure waters around New Zealand, in the Southern Ocean, and elsewhere. We
have more than 20 years'' experience processing fish oils and we are
recognised for the quality and purity of our products. We supply health
supplement and functional food manufacturers around the world to meet the
burgeoning demand for pure, high-quality fish oils, which are scientifically
proven to deliver significant human health benefits such as lowering the risk
of heart disease, improving brain function and joint health. The majority of
our supply is exported.
End CA:00301925 For:SEA Type:FLLYR Time:2017-05-30 15:52:52