Declared Dividend • Jul 20
Dividend increased to NZ$0.12 Dividend of NZ$0.12 is 0.3% higher than last year. Ex-date: 30th July 2026 Payment date: 14th August 2026 Dividend yield will be 10%, which is lower than the industry average of 19%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 9.2% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.9% EPS decline seen over the last 5 years. New Risk • Jul 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.8% net profit margin). Reported Earnings • Jul 17
Full year 2026 earnings released: EPS: NZ$0.15 (vs NZ$0.22 in FY 2025) Full year 2026 results: EPS: NZ$0.15 (down from NZ$0.22 in FY 2025). Revenue: NZ$314.8m (up 6.7% from FY 2025). Net income: NZ$21.3m (down 30% from FY 2025). Profit margin: 6.8% (down from 10% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 23
First half 2026 earnings released: EPS: NZ$0.24 (vs NZ$0.27 in 1H 2025) First half 2026 results: EPS: NZ$0.24 (down from NZ$0.27 in 1H 2025). Revenue: NZ$195.2m (up 5.2% from 1H 2025). Net income: NZ$33.8m (down 14% from 1H 2025). Profit margin: 17% (down from 21% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Dec 31
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Nicola Shadbolt was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Nov 17
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Nicola Shadbolt was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jul 31
Livestock Improvement Corporation Limited, Annual General Meeting, Sep 17, 2025 Livestock Improvement Corporation Limited, Annual General Meeting, Sep 17, 2025. Location: held at lic, 605 ruakura road, newstead,hamilton, New Zealand Declared Dividend • Jul 30
Dividend increased to NZ$0.12 Dividend of NZ$0.12 is 109% higher than last year. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 12%, which is lower than the industry average of 19%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 30
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Duncan James Coull was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Jul 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 2.2% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NZ$135.2m market cap, or US$81.4m). Declared Dividend • Jul 22
Dividend increased to NZ$0.12 Dividend of NZ$0.12 is 109% higher than last year. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 13%, which is lower than the industry average of 19%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 20
Livestock Improvement Corporation Limited announces Annual dividend, payable on August 15, 2025 Livestock Improvement Corporation Limited announced Annual dividend of NZD 0.1222 per share payable on August 15, 2025, ex-date on July 31, 2025 and record date on August 01, 2025. Reported Earnings • Jul 20
Full year 2025 earnings released Full year 2025 results: Revenue: NZ$295.1m (up 10% from FY 2024). Net income: NZ$30.6m (up 296% from FY 2024). Profit margin: 10% (up from 2.9% in FY 2024). The increase in margin was driven by higher revenue. Board Change • Jul 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Duncan James Coull was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Duncan James Coull was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Apr 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Duncan James Coull was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Mar 03
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Duncan James Coull was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jan 30
Livestock Improvement Corporation Limited Announces Board Changes Livestock Improvement Corporation Limited announced the appointment of Hamish Rumbold as a director, effective immediately. Hamish brings strong leadership and governance expertise to the LIC Board and the Audit, Finance and Risk Committee as an appointed director. LIC Board Chair, Corrigan Sowman, said Hamish's experience will play a vital role in supporting the co-operative's strategic objectives. Hamish is a chartered member of the Institute of Directors and currently a director for House of Travel Holdings. Hamish replaces Candace Kinser, who stepped down as an appointed director at LIC's Annual Meeting in September 2024. Shareholders will have the opportunity to ratify Hamish's appointment at the 2025 Annual Meeting. The LIC Board comprises six farmer-elected directors and three appointed directors. Reported Earnings • Jan 24
First half 2025 earnings released: EPS: NZ$0.27 (vs NZ$0.20 in 1H 2024) First half 2025 results: EPS: NZ$0.27 (up from NZ$0.20 in 1H 2024). Revenue: NZ$185.7m (up 8.0% from 1H 2024). Net income: NZ$39.1m (up 35% from 1H 2024). Profit margin: 21% (up from 17% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Board Change • Oct 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Tony Coltman was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NZ$168.0m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 6.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (117% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (NZ$168.0m market cap, or US$100.0m). Declared Dividend • Jul 21
Final dividend of NZ$0.058 announced Shareholders will receive a dividend of NZ$0.058. Ex-date: 1st August 2024 Payment date: 16th August 2024 Dividend yield will be 16%, which is lower than the industry average of 19%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (188% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. However, EPS has declined by 19% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Jul 20
Full year 2024 earnings released: EPS: NZ$0.05 (vs NZ$0.19 in FY 2023) Full year 2024 results: EPS: NZ$0.05 (down from NZ$0.19 in FY 2023). Revenue: NZ$267.3m (down 3.3% from FY 2023). Net income: NZ$7.73m (down 72% from FY 2023). Profit margin: 2.9% (down from 9.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 12
Livestock Improvement Corporation Limited, Annual General Meeting, Sep 18, 2024 Livestock Improvement Corporation Limited, Annual General Meeting, Sep 18, 2024, at 16:00 NZST - New Zealand Standard. Location: LIC Head Office, 605 Ruakura Road, Newstead 3286 New Zealand Upcoming Dividend • Feb 01
Upcoming dividend of NZ$0.13 per share at 15% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 23 February 2024. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 15%. Within top quartile of New Zealander dividend payers (6.6%). Lower than average of industry peers (19%). Announcement • Jan 24
Livestock Improvement Corporation Limited Declares Special Dividend for the Six Months Ended November 30, 2023, Payable on 23 February 2024 Livestock Improvement Corporation Limited declared special dividend of $0.13000000 per share for the six months ended November 30, 2023, payable on 23 February 2024. Record Date is 9 February 2024. Ex-Date is on 8 February 2024. Announcement • Aug 11
AB Agri Ltd. completed the acquisition of National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd. AB Agri Ltd. made an offer to acquire National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd £45.7 million on June 6, 2023. The offer per share is £2.15. The cash consideration payable to the NMR Shareholders under the terms of the Acquisition will be financed by existing cash resources available to ABF. The Acquisition will be on the terms and subject to the Conditions including, among other things, the approval of Scheme Shareholders at the Court Meeting and the passing of the Resolutions to be proposed at the General Meeting, the CMA confirming in response to a briefing note that it has no further questions or, alternatively, CMA approval, he sanction of the Scheme by the Court; and the Scheme becoming Effective no later than the Long Stop Date. The Acquisition does not require the approval of ABF shareholders. The long stop date of the transaction is February 29, 2024.
Stuart Vincent and Simon Cope-Thompson of N M Rothschild & Sons Limited as financial adviser to ABF, is satisfied that sufficient cash resources are available to ABF to enable it to satisfy in full the cash consideration payable to NMR Shareholders under the terms of the Acquisition. Addleshaw Goddard LLP is providing legal advice to ABF. Gowling WLG (UK) LLP is providing legal advice to NMR. Holly Gillis and Angharad Couch of Citigate Dewe Rogerson Ltd. acted as financial advisor to ABF. Megan Ray and Rachael Brooks of BlytheRay acted as financial advisor to NMR. Adam James and Harry Rees of Canaccord Genuity Limited acted as financial advisor to NMR. Equiniti Limited acted as a transfer agent to NMR. Canaccord Genuity Limited acted as fairness Opinion Provider to NMR. Ashurst LLP acted as legal advisor to N.M. Rothschild & Sons Limited in the transaction.
AB Agri Ltd. completed the acquisition of National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd on August 9, 2023. New Risk • Aug 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NZ$142.3m (US$86.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 3.0% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (144% cash payout ratio). Market cap is less than US$100m (NZ$142.3m market cap, or US$86.4m). Announcement • Jul 29
Livestock Improvement Corporation Limited, Annual General Meeting, Oct 12, 2023 Livestock Improvement Corporation Limited, Annual General Meeting, Oct 12, 2023, at 17:00 NZST - New Zealand Standard. Location: The Hotel Ashburton, 11/35 Racecourse Road, Allenton, Ashburton 7700 Ashburton New Zealand Upcoming Dividend • Jul 27
Upcoming dividend of NZ$0.16 per share at 14% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 18 August 2023. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 14%. Within top quartile of New Zealander dividend payers (6.1%). Higher than average of industry peers (6.4%). Announcement • Jul 22
Livestock Improvement Corporation Limited Announces Dividend for 2023, Payable on 18 August 2023 Livestock Improvement Corporation Limited announced that company will return $23.3 million in dividend to its co-operative shareholders, equating to 16.38 cents per share with a 20.1% gross yield on the share price. The dividend will be paid on 18 August 2023. New Risk • Jul 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 332% Cash payout ratio: 162% Dividend yield: 16% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 332% Cash payout ratio: 162% Earnings have declined by 3.0% per year over the past 5 years. Reported Earnings • Jul 20
Full year 2023 earnings released: EPS: NZ$0.17 (vs NZ$0.072 in FY 2022) Full year 2023 results: EPS: NZ$0.17 (up from NZ$0.072 in FY 2022). Revenue: NZ$276.5m (up 5.1% from FY 2022). Net income: NZ$27.4m (up 158% from FY 2022). Profit margin: 9.9% (up from 4.0% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jun 07
AB Agri Ltd. made an offer to acquire National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd £45.7 million. AB Agri Ltd. made an offer to acquire National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd £45.7 million on June 6, 2023. The offer per share is £2.15. The cash consideration payable to the NMR Shareholders under the terms of the Acquisition will be financed by existing cash resources available to ABF. The Acquisition will be on the terms and subject to the Conditions including, among other things, the approval of Scheme Shareholders at the Court Meeting and the passing of the Resolutions to be proposed at the General Meeting, the CMA confirming in response to a briefing note that it has no further questions or, alternatively, CMA approval, he sanction of the Scheme by the Court; and the Scheme becoming Effective no later than the Long Stop Date. The Acquisition does not require the approval of ABF shareholders. The long stop date of the transaction is February 29, 2024.
Stuart Vincent and Simon Cope-Thompson of N M Rothschild & Sons Limited as financial adviser to ABF, is satisfied that sufficient cash resources are available to ABF to enable it to satisfy in full the cash consideration payable to NMR Shareholders under the terms of the Acquisition. Addleshaw Goddard LLP is providing legal advice to ABF. Gowling WLG (UK) LLP is providing legal advice to NMR. Holly Gillis and Angharad Couch of Citigate Dewe Rogerson Ltd. acted as financial advisor to ABF. Megan Ray and Rachael Brooks of BlytheRay acted as financial advisor to NMR. Adam James and Harry Rees of Canaccord Genuity Limited acted as financial advisor to NMR. Equiniti Limited acted as a transfer agent to NMR. Canaccord Genuity Limited acted as fairness Opinion Provider to NMR. Reported Earnings • Jan 27
First half 2023 earnings released: EPS: NZ$0.23 (vs NZ$0.25 in 1H 2022) First half 2023 results: EPS: NZ$0.23 (down from NZ$0.25 in 1H 2022). Revenue: NZ$177.2m (up 4.6% from 1H 2022). Net income: NZ$33.3m (down 6.4% from 1H 2022). Profit margin: 19% (down from 21% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Sep 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Director Ken Hames was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Sep 14
Livestock Improvement Corporation Limited, Annual General Meeting, Oct 20, 2022 Livestock Improvement Corporation Limited, Annual General Meeting, Oct 20, 2022, at 12:00 NZST - New Zealand Standard. Agenda: To receive and consider the Company's Financial Statements for the year ending 31 May 2022 and the associated Directors' and auditor's reports, all as set out in the Annual Report.1; To receive and consider the LIC Honoraria Committee's recommendation as to Directors' remuneration, and if thought fit, to resolve by way of ordinary resolution to; To consider Approval of LIC Shareholder Reference Group Remuneration. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Director Ken Hames was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Jul 28
Upcoming dividend of NZ$0.18 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 19 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 12%. Within top quartile of New Zealander dividend payers (5.9%). Higher than average of industry peers (6.9%). Reported Earnings • Jul 22
Full year 2022 earnings released: EPS: NZ$0.072 (vs NZ$0.17 in FY 2021) Full year 2022 results: EPS: NZ$0.072 (down from NZ$0.17 in FY 2021). Revenue: NZ$263.2m (up 5.7% from FY 2021). Net income: NZ$10.6m (down 55% from FY 2021). Profit margin: 4.0% (down from 9.5% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jul 21
Livestock Improvement Corporation Limited Proposes Dividend for the Year 2022 Livestock Improvement Corporation Limited announced that after 31 May 2022, a dividend of 18.43 cents per Ordinary Share was proposed by the Directors in relation to the 2022 year, or $26.232 million (2021: 12.51 cents per Ordinary Share, or $17.808 million). Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Director Ken Hames was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jan 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: NZ$0.25 (up from NZ$0.23 in 1H 2021). Revenue: NZ$169.4m (flat on 1H 2021). Net income: NZ$35.6m (up 6.4% from 1H 2021). Profit margin: 21% (up from 20% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 29
Upcoming dividend of NZ$0.13 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 20 August 2021. Trailing yield: 9.3%. Within top quartile of New Zealander dividend payers (4.5%). Higher than average of industry peers (3.7%). Reported Earnings • Jul 22
Full year 2021 earnings released: EPS NZ$0.16 (vs NZ$0.12 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: NZ$249.0m (down 2.0% from FY 2020). Net income: NZ$23.6m (up 35% from FY 2020). Profit margin: 9.5% (up from 6.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Dec 12
New 90-day high: NZ$0.79 The company is up 10.0% from its price of NZ$0.72 on 11 September 2020. The New Zealander market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 11% over the same period. Announcement • Jul 18
Livestock Improvement Corporation Limited to Report Fiscal Year 2020 Results on Jul 22, 2020 Livestock Improvement Corporation Limited announced that they will report fiscal year 2020 results on Jul 22, 2020 
