Yes very good numbers and a good informative webinar.
A few points from my scribbled notes, in no particular order:
# A slight upgrade in FY profit forecast from the forecast in August. FY21 NPAT now expected at $ 17-19m and should the High Court settlement distribution be decided prior to year end, expect another $7m
# For the HY21, revenue +26%. NPBT +77% and NPAT +12% (one off $9m from asset sales last year)
# Net debt at the end of period down $1.5m despite $21.9m debt added for OPAC purchase and confirmed debt down another $32 m by end of Sept, which is great
# CAGR last 3 years 22%
# Labour shortages a major and expensive issue that creates constant challenges
# Safety record good this year with no major harms
# OPAC business fully integrated and is responsible for the profit upgrade so that has gone very well and is now operating ahead of forecast
# Awaiting approval for Orangewood acquisition but if agreed, will take SEK operation in Northland to 100% capacity utilisation
# $20m to be spent on upgrades on packing lines and coolstores prior to 2022 harvest season
# Seeka Fresh (supermarket, avocados, kiwiberries) increasing revenue and is profitable
# Australia I still find a bit disappointing but is delivering small profits
# Avocado prices in Australia down 2/3 due to bumper crop
# OPAC & Orangewood (if finalised) expected to deliver a revenue increase for SEK of $54m in 2022
# Chairman confirmed unchanged dividend policy of up to 75% of NPAT
# No current plans to raise capital but always on the lookout for growth opportunities
# Zespri confident of ongoing Worldwide market growth, particularly with Gold
I have been a holder in SEK for the last 8-10 years (except a few months period from mid/late 2018- early 2021) and feel SEK is possibly in the strongest position it has ever been in, achieving obvious positive results from benefits of scale.
A very happy holder