SeaDragon Limited (NZX:SEA) today reports its audited financial results for
the 12 months ended 31 March 2017. Please find attached a copy of the annual
report and s209 notice.
The Board feels these results belie the significant achievements of the past
year. As we work to drive capacity utilisation in our new refinery and to
build demand for higher value customised products, we have experienced longer
lead times than expected to secure orders, which impacted full year sales
revenue for the year to 31 March 2017. Normalised EBITDA loss for the year
was $(4.4) million, larger than last year''s normalised EBITDA loss of $(0.4)
million.
With regards to our going concern, our position has improved significantly
from last year. We believe we have a sufficient cash runway for the next
twelve months, allowing us time to focus upon customer orders. Cash on hand
at the end of March stood at $4.9 million and the Company still has the
ability to draw on up to $1 million of the $3 million convertible loan notes
facility with Comvita.
We continue to believe SeaDragon offers its customers and the global market a
unique proposition: agile, state-of-the-art fish oil refining capabilities;
global supply relationships and the assurance of a reputation for producing
high-quality marine sourced bioactive compounds. We have put in place many
of the pieces we believe are required for SeaDragon to thrive in Omega-3
markets. Although the outcome for the next year contains some uncertainty, we
believe success is simply a matter of persistence and time. The board
continues to look to the year ahead and beyond with confidence.
For further information, contact:
Colin Groves
Chairman
Tel: +64 21 928 003
Nevin Amos
CEO
Tel: +64 22 043 3017
1 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, impairments and stock options
(Normalised EBITDA), when discussing financial performance in this document,
and intends to do so in the future allowing investers to compare periods. The
directors and management believe this measure provides useful information to
readers to assist in understanding the Company''s financial performance and
position. This measure is also used internally to evaluate performance of
business units, to establish operational goals and to allocate resources.
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 in
this document 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 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:00303399 For:SEA Type:ANNREP Time:2017-06-30 09:14:10