For the fiscal year ended June 30, 2014, PGW reported operating earnings before interest, tax, depreciation and amortization (“operating EBITDA”)(1) of NZ$58.7 million, a 28% increase from NZ$45.8 million for the prior fiscal year. Revenue of NZ$1.2 billion increased 8% from the previous year. Net profit after tax of NZ$42.3 million represented a NZ$27.6 million increase from the previous year, after adjusting for the one-time goodwill impairment in fiscal year 2013. Cash from operating activities grew by NZ$15.5 million to NZ$54.8 million.
PGW’s board of directors declared a fully imputed dividend of NZ3.5 cents per share on the back of strong financial performance and cash and capital inflows.
Alan Lai, Executive Chairman of Agria, commented, “We are pleased to see the growing momentum in financial results at PGW, as changes implemented by its new management team begin to take hold. PGW’s Chief Executive Officer, Mark Dewdney, is leading an engaged and passionate group of people. PGW is an integral element of Agria’s strategy to grow its three key business units in Seed and Grain; Crop protection, Nutrients and Merchandise; and Rural Services, and we look forward to continued success in fiscal year 2015.”
Mr. Lai also noted that the PGW Board was pleased to announce the appointment of Trevor Burt as Deputy Chairman. “Trevor is the Chairman of Ngāi Tahu Holdings Corporation Ltd, Agria’s key strategic partner in our investment in PGW. Trevor’s appointment as the Deputy Chairman marks our long term commitment and engagement with PGW, our management team and the people of New Zealand.”
Mr. Dewdney stated, “PGW continues to represent a leading option for investors looking for broad based exposure to New Zealand agriculture and the commercialization of agri-technologies to our growing international markets. This year’s strong financial results demonstrate the overall strength of the company. We have developed strategies to grow our business based around our clients’ business needs. Our financial results suggest that those plans are on track and are delivering real benefits for our clients, staff and shareholders.”
Mr. Dewdney continued, “The outlook for our core sheep, beef, arable, horticulture and viticulture markets is positive and will continue to be a major focus for the company. In addition, we are going to put more emphasis on the dairy, water and agronomy sectors in New Zealand. We also see potential to grow strongly in South America and our other international markets.”
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