CVT
25/08/2015 16:12
BALDTE
PRICE SENSITIVE
REL: 1612 HRS Comvita Limited
BALDTE: CVT: Comvita announces change in balance date
Comvita Limited (NZX: CVT) wishes to advise NZX of a change to its annual
balance date from 31 March to 30 June, commencing this financial year.
Comvita has communicated often on how the seasonality of its business has
been dominated by the northern hemisphere winter and from its large
beekeeping operation. Sales are strongest in the northern hemisphere winter.
Also the accounting treatment of our large beekeeping operation means the
profit benefit can only be recognised after the honey harvest is extracted
from the hives. This has created a significant "year of two halves" from a
reporting perspective. Comvita feels a change is required to better align
reporting periods to these trading activities.
Comvita will provide unaudited reports for the twelve month period to 31
March 2016 for comparative purposes and formal audited accounts for the 2016
financial year for the 15 months to 30 June 2016. From that date the new
reporting period will be 30 June.
Comvita remain comfortable that we will achieve in excess of 35% in net
earnings in this financial year to 31 March 2016, as announced on 23 July
2015.
For further information please contact:
o Mark Sadd, Comvita CFO, 027 707 9698
o Brett Hewlett, Comvita CEO, 021 740 160
o Neil Craig, Comvita Chairman, 021 731 509
End CA:00269043 For:CVT Type:BALDTE Time:2015-08-25 16:12:48
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