02 May 2016, 04:58PM | GENERAL
Oceania Natural Limited (NXT: ONL) – Interim Update Announcement
2 May 2016
Variation in anticipated unaudited normalised net profit after tax
In the Listing Document for Oceania Natural Limited (NXT: ONL) dated 31 March 2016, ONL stated at page 21 that its anticipated unaudited normalised net profit after tax (NPAT) for the annual period ending 31 March 2016 would be between $700,000 to $900,000. The Listing Document explained that this NPAT range reflected that:
• 1 large export order of approximately NZ$1m may be dispatched after 31 March 2016, which would mean it is booked as a sale for the following 2017 financial year; and
• NPAT was calculated on a “normalised” basis which excludes any abnormal or extraordinary items that may arise into the 2016 audited financial statements.
Today, it has come to ONL’s attention during the preparation of its unaudited financial statements that its normalised NPAT for this period will fall within the range of $550,000 to $600,000. ONL can confirm that the large export order identified above was dispatched prior to the end of the financial year and booked in the 2016 financial year.
However, the variation in the NPAT range was primarily due to ONL incurring higher than expected compliance costs (in particular, consulting costs) for maintaining its listing on the NXT Market. As ONL will be incurring a larger than previously anticipated portion of these costs on an ongoing basis, these items could not be entirely excluded on a normalised basis as had previously been thought. In addition, ONL has become aware of the need to book a foreign exchange loss of approximately $60,000.
Unless further unforeseen circumstances arise which alter the guidance provided above, the final result against this guidance will be advised when ONL releases its preliminary announcement on or before 31 May 2016.
For completeness, this interim update does not change or affect:
• ONL’s earlier announcement today regarding its annual performance against its KOMs targets for the year ended 31 March 2016; or
• ONL’s KOMs targets for the financial year ending 31 March 2017, as contained in the Listing Document.
Authority for this announcement
Name of senior manager or director authorised to make this announcement Malcolm Lindeque
Contact phone number 021 464 392
Contact email address Malcolm@onlgroup.co.nz
Date of release 2 May 2016
Oceania Natural Limited’s shares can be traded on the NXT Market. Oceania Natural Limited is required to disclose information under the NXT Market Rules. Information about the NXT Market and the NXT company is available here www.nxt.co.nz.
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