NZK 1H18 Half Year Results Announcement

Media Release
28 February 2018

NEW ZEALAND KING SALMON DECLARES PROFIT AFTER TAX FOR 1H18 OF $15.7 MILLION, UP
81% ON 1H17

A combination of strong global demand and a boost in volume available has helped New Zealand King
Salmon Investments Ltd (NZX and ASX:NZK) (the Company) deliver a record first-half profit result. Key
highlights of the Company’s first-half result, which were reported today, include:
• Net Profit After Tax of $15.7 million, up 81% on the comparable six month period to 31 December
2016 (1H17).
• Pro Forma Operating EBITDA of $19.5 million, 169% ahead of 1H17.
1

• Fully imputed dividend of 2.0 cents per share (cps) declared.
• 4,392 metric tonnes of gilled and gutted salmon sold, up 29% on 1H17.
• Average selling price improved as branding penetration increases, mainly due to Ōra King sales
up 22% on 1H17.
• Impact of summer temperatures on fish survival will be reported following the summer period, as
we did last year.

Chairman John Ryder said “The Company experienced strong demand for its premium King salmon
products over the six month period. Favourable growing conditions during the FY2017 year allowed us to
deliver additional volume to satisfy the demand. However, the situation has now become more
challenging. The extraordinarily hot summer has impacted the survival rates of our King salmon, and this
will be a principal factor behind an anticipated reduction in profits for the second half” cautions Ryder.

“We remain positive about the longer-term prospects for our Company” he said.

The Company continues to execute on its premium branded strategy, said Managing Director and CEO
Grant Rosewarne. “In addition to achieving strong growth in sales volumes, we have also made significant
gains in the average selling price of our salmon. This mainly reflects increased sales of Ōra King whole
salmon, but also represents our focus on the right mix of product and customer. A nationwide advertising
campaign for Regal coupled with new product launches also positions us well for future sales of our

1
Pro-Forma Operating EBITDA is a non-GAAP profit measure used by New Zealand King Salmon. In addition to the
adjustments outlined above, Pro-Forma Operating EBITDA reverses out fair value gains associated with the revaluation of
livestock pursuant to NZ IAS 41-Agriculture and NZ IAS 2-Inventory. The application of NZ IAS 41–Agriculture, and NZ IAS 2–
Inventory effectively results in the New Zealand King Salmon Group recognising expected profits from the sale of livestock
prior to sale. Other international listed salmon companies will typically present ‘Operating’ results which remove the impact
of these gains or losses. New Zealand King Salmon therefore believes that Operating results enable a better comparison of
financial performance between its peers and between periods. A full reconciliation between GAAP and Pro Forma results is
included in the Interim Results FY18H1 Investor Presentation.

premium branded retail products. We’re confident in the strong foundation we’re building for the long-term
performance of the Company.”

“Our aquaculture team has been actively preparing the farms in anticipation of the warmer summer
months, however this year, water temperatures have been well above-average. Our recently-
commissioned higher-flow sites have lessened the impact of the sustained heat, although, like many other
farmers on land and in the sea, we have had associated performance and survival challenges. As a result,
growth in sales volumes will be impacted during the second half of the financial year and into FY2019F.
We’ll report in more detail once the summer period is over as we did last year, including an update on our
progress towards a long term solution to combat the risk of increasing sea temperatures.”

He added that “the company is in a strong financial position with a positive net cash position as at 31
December 2017.”

“We’re also pleased to see the Ministry for Primary Industries’ proposal to relocate up to six salmon farms
advance to the next stage with the recent publication of the Marlborough Salmon Farm Relocation
Advisory Panel recommendations. The panel recognised the ‘distinct environmental advantages’ of
higher-flow sites, as well as the positive social and economic outcomes. We look forward to working with
Government, Council and our community to progress our vision for best-practice salmon farming.”

New Zealand King Salmon has declared a fully imputed final dividend of 2.0 cents per share to be paid
on 23 March 2018.

<ENDS>

Contact:
Grant Rosewarne, Managing Director and CEO, New Zealand King Salmon Investments Ltd
email: grant.rosewarne@kingsalmon.co.nz

About New Zealand King Salmon
New Zealand King Salmon is the world’s largest aquaculture producer of the premium King salmon
species. We operate under our four key brands: Ōra King, Regal, Southern Ocean, and Omega Plus,
and the New Zealand King Salmon label. We have been growing and selling salmon to consumers for
more than 30 years. Today we employ around 500 people. New Zealand investors make up a
significant percentage of the ownership of NZ King Salmon, and the communities of Marlborough,
Nelson and Tasman are well represented with more than 400 of the approximately 2,200 shareholders
being from the Top of the South.
More information can be found at www.kingsalmon.co.nz

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1 H 1 8 H A L F Y E A R F I N A N C I A L R E S U L T S

1 H 1 8 H A L F Y E A R R E S U L T S
2
H I G H L I G H T S
01

1 H 1 8 H A L F Y E A R R E S U L T S
FINANCIAL HIGHLIGHTS
Revenue of $87.7m, up 38% on 1H17.
Pro Forma Operating EBITDA of $19.5m*, up 169% on 1H17.
GAAP NPAT of $15.7m, up 81% on 1H17.
Fully imputed dividend of 2.0 cents per share declared**. To be paid 23 March 2018.
Firm global demand for King Salmon continues to support strong pricing.
Significantly above average sea temperatures and consequent fish survival challenges will impact 2H18
performance. We will update the market following the summer period as we did last year.
3
* A full reconciliation between GAAP and Pro Forma results is shown on page 27 of this presentation
** New Zealand King Salmon’s Product Disclosure Statement dated 23 September 2016 (PDS) provided for an interim dividend of2.0 cents and a final dividend of 2.0 cents per share in FY18.

1 H 1 8 H A L F Y E A R R E S U L T S
Pleasing improvement in Health, Safety and Wellness
metrics.
•LTIFR* down to 11.4 at Dec 2017 (24.1 at Dec 2016)
Harvest volumes increasing:
•Total harvest of 4,424 MT, up 30% on 1H17.
•FCR of 1.74 (an improvement on FCR for 1H17 of 1.76).
•Mortality up to 9.0% from 4.7%. Mortality will increase
further during 2H18.
4,392 MT G&G* sold, up 29% on 1H17 due to strong
FY17 fish performance:
•Strong sales volume growth in New Zealand (2,294 MT, up
13% on 1H17) and North America (1,158 MT, up 70% on
1H17).
Sales of branded products up 17% on 2H17.
•Ōra King sales up 22%.
Average sales prices up in key markets and ahead of PFI.
•Weighted average NZ$ / kg sale price achieved of $20.0, up from
$18.7 in 1H17 and FY18 PFI of $19.2.
Closing biomass in the sea of 6,684 MT.
•Closing biomass of 6,684 MT up 9% on 1H17 and 7% on Jun 2017.
Successful launch of new products:
•Regal Manuka smoked (and Al Brown TV campaign).
•Ōra King Tyee (soft launch).
•Omega Plus product range extended.
OPERATING HIGHLIGHTS
4
* A glossary of terms is included on page 29 of this presentation.

1 H 1 8 H A L F Y E A R R E S U L T S
5
S U S TA I N A B I L I T Y
02

1 H 1 8 H A L F Y E A R R E S U L T S
6
SUSTAINABLE DEVELOPMENT GOALS
As a company we arecommittedto the implementation of sustainable aquaculture and production practices
that benefit the communities we operate in.
We previously selected five United Nations Sustainable Development Goals that we believe are most relevant to New Zealand King
Salmon:
...and we are now working through specific sustainability objectives that will align to the UN goals, and deliver a framework for our
future reporting.
We are currently engaging with our team members to test and finalise our objectives before publication.
Our Sustainable development goals

1 H 1 8 H A L F Y E A R R E S U L T S
HEALTH, SAFETY AND WELLNESS
The health, safety and wellness of our team members is critical to the continued growth of our business. It’s well understoodthat
good safety is good business, as a positive, safe and engaged workforce drives organisational performance.
We continue to focus on our six critical risk areas which has seen improvements implemented over the past 6 months:
•LTIFR* down to 11.4 at December 2017 (from 18.5 at June 2017, 24.1 at December 2016)
We are uncompromising in our commitment to Health, Safety and Wellness
7
* LTIFR is the Lost Time Injury Frequency Rate and refers to the number of lost time injuries occurring in a workplace per1 million hours worked.
10
14
18
22
26
30
Jul-16Aug-16Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17
LTIFR
LTIFR

1 H 1 8 H A L F Y E A R R E S U L T S
F I N A N C I A L
O V E R V I E W
8
03

1 H 1 8 H A L F Y E A R R E S U L T S
Key drivers of performance include:
•A 29% increase in volumes sold.
•A 38% increase in revenue growth reflecting:
►Fine tuning of market position in Australasia.
►An increase in sales of premium branded products
including Ōra King and wood smoked.
•A reduction in cost of sales** with increased harvest
volumes leading to scale economies in production and
processing, and modestly favourable recent feed prices.
SUMMARY FINANCIAL INFORMATION
* A full reconciliation between GAAP and Pro Forma results is shown on page 27 of this
presentation
** Prior to fair value adjustments
9
Growth in all key financial metrics
1H17 and 1H18 GAAP results shown above are unaudited.
GAAP NPAT ($15,735k) includes Fair Value gains on increases in biomass at sea and
costs incurred in relation to the Ministry for Primary Industries proposed salmon
farm relocation process.
Group Financial Performance
Pro-Forma*GAAP
NZ$000s1H181H17% chg.1H181H17% chg.
Volume Sold (MT)4,392 3,407 29%4,392 3,407 29%
Revenue87,688 63,626 38%87,688 63,626 38%
Gross Margin29,521 15,646 89%34,426 27,032 27%
Gross Margin %34%25%39%42%
EBITDA19,516 7,264 169%24,310 16,188 50%
EBITDA %22%11%28%25%
EBIT17,097 5,158 231%21,891 14,082 55%
NPAT12,283 3,497 251%15,735 8,705 81%

1 H 1 8 H A L F Y E A R R E S U L T S
UNDERSTANDING OUR GAAP RESULTS
As expected, our results are significantly impacted by NZ IAS 41 Agriculture and NZ IAS 2 Inventory. These standards require
us to record fair value adjustments associated with ongoing changes in the value or volume of fish at sea, and our inventories
of finished product
When we record a change in biomass at sea (currently increasing as new farms come on stream), or where the profit we
expect to realise on fish that we sell changes, these standards require us to quantify and recognise the gain or loss in the
current period. This applies to both biomass at sea and inventories of finished products.
Pro Forma Group Financial Performance removes gains / losses associated with the application of these standards. The
company will continue to present Pro Forma results for future reporting periods on this basis. Our Statement of Financial
Position shows biological assets at their fair value.
Fair Value gains and losses arising from IAS 41 Agriculture and IAS 2 Inventory
BIOMASS
AT SEA (MT)
TIME
As expected with the increase in operational size,
total biomass at sea has increased by ~9% versus the
same time a year ago
10

1 H 1 8 H A L F Y E A R R E S U L T S
PERFORMANCE PHASING
1H and 2H results vary due to a number of factors. Water
temperature and its resulting influence on mortality is
expected to be a significant factor for FY2018F:
•Water temperatures during the 2017 summer were broadly
representative of ‘average’.
•These conditions, coupled with operational improvements, gave rise to
lower mortality and consequently higher volumes of fish harvested
during 2H17 and 1H18.
•Extraordinarily high sea temperatures for the 2017/18 summer have
given rise to increased mortalities (which will be recognised in the
2H18 result) lowering harvest volumes for 2H18 and FY19.
Known and expected summer mortality will impact our 2H result
11
Pelorus Sound -Water Temperatures
Dec-May (°C)
15
16
17
18
19
20
21
1-Dec1-Jan1-Feb1-Mar1-Apr1-May
Average
2016 / 2017
2017 / 2018

1 H 1 8 H A L F Y E A R R E S U L T S
1H18 harvest volume has been enhanced by solid fish growth last summer.
FarmIndicative Size WaterOther factorsVolume Harvested
(FY2018Fharvest)1H172H171H182H18
RuakakaLow flowLow automation, less efficient650 MT10 MT1,140 MT-
OtanerauLow flowLow automation, less efficient650 MT-760MT~100MT
Clay PointHigh flowGood automation200 MT1,710 MT-~1,200 MT
Te PanguHigh flowGood automation300 MT1,900 MT340 MT~1,600 MT
WaitataHigh flowHigh automation, new equipment1,290 MT-1,930 MT-
NgamahauHigh flowGood automation270 MT220 MT250 MT~500 MT
KōpauaHigh flowHigh automation, new equipment---~100MT
3,360 MT3,840MT4,420 MT~3,500 MT
Key: FY18F Harvested volume (~900 MT G&G) Eventual production from new farms (~900 MT G&G)
HARVEST BY FARM
Volumes from new farms driving larger harvest
12

1 H 1 8 H A L F Y E A R R E S U L T S
Profitability in 2H18 is expected to be approximately
$13.0m to $14.5m lower than 1H18. This is due to:
•Lower sales volumes:
►1H18 sales volumes benefitted from stronger than
anticipated demand and increased fish availability as
outlined previously.
►This demand also led to an acceleration of harvesting,
which has been slowed in 2H18.
•Price increases implemented in early 2H18 in response to
strong demand.
•Increased mortality cost (expensed as it is incurred) as
previously outlined.
•Increased cost of fish harvested largely due to expected
increases in feed cost (increased cost of raw ingredients
coupled with changes in feed mix –use of summer diets).
BRIDGING TO FULL YEAR FORECAST PROFIT
13
1H18 to full year Pro Forma Operating EBITDA ($M)
19.5
24.5
to
26.0
19.5
4.0
(7.0)
(7.5 to 9.0)
(2.5)
1H18 Pro
Forma
Operating
EBITDA
Double
EBITDA
Volume
decrease
Price / Mix
changes
Mortality
cost
Cost of fishFY18 Pro
Forma
Operating
EBITDA

1 H 1 8 H A L F Y E A R R E S U L T S
New Zealand King Salmon is in a strong financial
position.
Our balance sheet is in a strong position with the capacity to
finance expected capital investment and growth:
•Net cash of $4.0m.
•Key working capital lines (receivables, inventories and
payables) increasing as expected with sales volumes.
•Biological asset growth reflects revaluation of livestock
pursuant to NZ IAS 41 Agriculture.
•‘Other’ non current assets includes goodwill of $39.3m
•‘Other’ non-current liabilities largely reflects deferred tax on
fair value gains.
•Increase in PP&E reflects key new sea farm infrastructure
now in place at Kōpaua and Waihinau as noted in our PDS.
BALANCE SHEET
14
Group Financial Position
Dec-17Jun-17Dec-16
NZ$000sUnauditedAuditedUnaudited
Assets
Current Assets
Cash and equivalents15,529 10,647 10,694
Receivables19,299 11,687 15,210
Inventories18,522 16,674 19,244
Biological Assets74,454 68,556 58,464
Other2,604 2,487 1,426
130,408 110,051 105,038
Non-current Assets-
Property, plant & equipment38,671 35,726 34,294
Biological assets9,126 10,960 8,828
Other48,646 47,775 46,567
96,443 94,461 89,689
Total Assets226,851 204,512 194,727
Liabilities
Current Liabilities
Loans (external)(1,513)(414)(1,239)
Payables(18,790)(13,282)(21,424)
Other(8,166)(6,608)(4,301)
(28,469)(20,304)(26,964)
Non-Current Liabilities
Loans (external)(10,016)(10,124)(10,140)
Other(16,912)(15,409)(12,855)
(26,928)(25,533)(22,995)
Total Liabilities(55,397)(45,837)(49,959)
Net Assets171,454 158,675 144,768
Net Cash / (Net Debt) 4,000 109 (685)

1 H 1 8 H A L F Y E A R R E S U L T S
B U S I N E S S
U P D AT E
15
04

1 H 1 8 H A L F Y E A R R E S U L T S
BRANDING / NEW PRODUCTS
•Demand continues to outpace supply:
►This provides us with an opportunity to rebalance supply and
increase prices in lower returning markets / product categories.
►We have recently implemented, or are in the process of
implementing, price increases that will benefit FY2019F and
future periods.
►Supports expected future increases in volumes from new farms.
•Ōra King featured on the menu of more than 850 restaurants.
•Successful TV advertising campaign for new Manuka Smoked
product featuring well known New Zealand chef
Al Brown and Reg the seal.
Our premium branded product strategy underpins value growth
16

1 H 1 8 H A L F Y E A R R E S U L T S
OMEGA INNOVATIONS
The Omega Innovations adds value to remaining raw materials (RRM) through applications including pet food and treats (under
our pet food range Omega Plus), and other products.
The Omega Plus pet food range continues to be extended. It currently includes dry cat and dog food (kibble), wet cat and dog
food (cans), freeze dried treats and a salmon oil dietary supplement, all of which are available in retail stores through New
Zealand.
Omega Plus will be launching in China this year working in partnership with online platform Boqii to access an estimated 10m
unique users through their website.
We continue to evaluate other opportunities to add value to our 1,700 MT of RRM produced annually. Products launched by
Omega Innovations recently include:
•Big Catch Salmon Burley –heat treated for bio security purposes (estimated market size 300 MT).
•Wet Block –block frozen salmon viscera for pet food (market size 1,000 MT).
Improving whole of fish value by adding value to by-products
17

1 H 1 8 H A L F Y E A R R E S U L T S
MPI MARLBOROUGH SALMON FARM RELOCATION PROCESS
The Ministry for Primary Industries’ proposal to relocate up to six salmon farms to deeper locations with higher water flow (‘high-
flow sites’) in the Marlborough Sounds is set to advance to the next stage with February’s release of the Marlborough Salmon
Farm Relocation Advisory Panel recommendations for the Government to consider.
The panel has recommended that three of the six farms be relocated. Their recommendation is for relocation of the three most
productive low-flow sites to the three least productive high-flow sites. If adopted in its current form, New Zealand King Salmon
expects the following benefits (that would be unlikely to be realised prior to FY21):
•Improved environmental and social outcomes, including adoption of Best Management Practice Guidelines on the new sites.
•Modest long-term increases in production.
•New 20-year consents providing long-term production certainty.
New Zealand King Salmon is undertaking a thorough review of the report and the cultural, landscape, and navigation concerns
raised against the new sites that were not recommended.
The Minister of Fisheries has indicated that he will consider the recommendation made by the panel and that a final decision will
not be made for some months.
Further details on the MPI process can be found at
http://www.mpi.govt.nz/news-and-resources/consultations/marlborough-salmon-relocation/
18

1 H 1 8 H A L F Y E A R R E S U L T S
19
SALES BY MARKET
Domestic market (MT)Domestic sales are up 12%on 1H17:
•We are working hard to grow the domestic category through increases in per capita
consumption.
•We recorded retail sales growth of 29% by volume sold.
North America (MT)Sales to North America are up by 70% on 1H17 as we continue to
direct resources and focus into this market:
•Ōra King growth in North America remains strong, with branding prominent on
restaurant menus.
•We have secured contracts for the supply of branded frozen portions in premium
restaurant groups. These sales provide strong returns and processing flexibility.
Strong performance from the Domestic and North American markets
1H sales2H sales
1,998
1,929
1,854
2,039
2,294
1,820
1,736
1,778
2,008
FY2014FY2015FY2016FY20171H18
297
338
542
682
1,158
259
492
699
1,036
FY2014FY2015FY2016FY20171H18

1 H 1 8 H A L F Y E A R R E S U L T S
20
SALES BY MARKET -EXPORT
Strong performance from other export markets
Sales to export markets were also up in 1H18 as a result of an increase in fish availability.
Australia –volumes are rebalancing following significant price increases to improve returns from this market.
Asia (ex Japan) –good growth continues through the Asian continent including China (albeit off a low base). We are exploring
opportunities to enter Asian retail markets with our smoked and ready to eat products.
Japan –sales up significantly following increased promotional activity. We continue to work on developing our premium branded
position in this market.
Europe –ongoing steady growth in sales to Europe.
Australia (MT)Asia (ex Japan, MT)Japan (MT)Europe(MT)
1H sales2H sales
339
303
282
369
349
252
247
312
334
FY2014FY2015FY2016FY20171H18
174
134
142
153
226
140
123
127
184
FY2014FY2015FY2016FY20171H18
210
128
147
146
310
170
142
155
185
FY2014FY2015FY2016FY20171H18
24
28
36
43
55
23
29
41
45
FY2014FY2015FY2016FY20171H18

1 H 1 8 H A L F Y E A R R E S U L T S
AVERAGE SALE PRICES
The majority of markets saw price increases over FY17 and well ahead of PFI. Price increases have been
underpinned by our premium positioning and branding to the consumer, together with strong demand.
Strong branding delivers improved value to our business
21
Average Sales price per kgFY2014FY2015FY2016FY20171H18FY2018 PFI
Domestic Sales
FoodserviceNZD16.29 16.84 17.05 17.90 18.75 17.18
RetailNZD17.39 18.36 19.25 19.78 20.16 19.44
Domestic AverageNZD16.81 17.50 17.97 18.77 19.47 18.16
Export Sales
North AmericaUSD13.53 14.71 14.74 14.90 14.97 15.05
AustraliaAUD14.21 15.35 15.14 16.49 17.70 16.18
Asia (ex Japan)NZD17.11 19.54 21.16 21.37 21.95 22.34
JapanJPY1,177 1,387 1,428 1,428 1,393 1,400
EuropeNZD20.83 21.26 24.82 22.88 23.77 23.11
Foreign Exchange RatesFY2014FY2015FY2016FY20171H18FY2018 PFI
NZD:AUD0.85 0.89 0.91 0.93 0.93 0.91
NZD:USD0.77 0.79 0.68 0.69 0.68 0.69
NZD:JPY72.18 77.96 77.52 77.05 76.43 73.92

1 H 1 8 H A L F Y E A R R E S U L T S
22
FISH PERFORMANCE
•Harvest volume increased to 4,424 MT, up 30% on 1H17.
•FCR improved to 1.74x from 1.76x in 1H17. FCR improvements reflect increased focus on this key biological performance
metric. FCR continues to be a key focus for the aquaculture team.
•Feed cost in 1H18 was down 6% on 1H17 due to decreases in the price of raw materials (fish oil and meal).
►Cost of feed inputs have increased recently. Full year feed costs are forecast to be $2.31/Kg (PFI $2.65/Kg).
•Mortality biomass in 1H18 was impacted by abnormally warm water temperatures through the summer. With the majority of
mortalities realised in the second half of the year, mortality is likely to be in excess of PFI.
•Solutionsto combat the risk of increasing sea temperatures will include:
►Tight focus on fish husbandry and animal welfare.
►Preventative immunisation in hatcheries.
►Robustness incorporated into breeding program.
►Active management of stocking density by region.
Biological Performance
1H181H17% chg.
Harvest Volume (MT)4,424 3,397 30%
Feed Conversion Ratio (FCR)1.74 1.76 -1%
Mortality as a % of Biomass9.0%4.7%91%
Closing Livestock Biomass6,684 6,152 9%
Feed Cost ($ / Kg)2.20 2.33 -6%

1 H 1 8 H A L F Y E A R R E S U L T S
O U T L O O K
23
06

1 H 1 8 H A L F Y E A R R E S U L T S
FUTURE VOLUME
•FY2018F harvest now forecast at approximately 8,000 MT, 6% above PFI forecasts of 7,500 MT.
•Recent and expected mortalities will likely mean that the FY2019F harvest is consistent with the FY2018F*.
•A degree of uncertainty and risk exists principally regarding the FY2019F harvest should high water temperatures persist
beyond current forecasts.
•We re-affirm the FY2021F harvest of ~9,500 MT as presented in our PDS.
Recent and expected future mortalities limit short term volume growth
24
Harvest Volumes (MT 000s)
6.3
7.2
8.0
~8.0
~8.7
~9.5
FY2016FY2017FY2018FFY2019FFY2020FFY2021F
* Subject to current summer fish survival rates.

1 H 1 8 H A L F Y E A R R E S U L T S
SUMMARY AND OUTLOOK
•Most key operating metrics are on track.
•Strong revenue growth of $87.7m, up 38% on 1H17.
•Pro Forma Operating EBITDA of $19.5m, and GAAP NPAT of $15.7m.
•Strong increase in volumes sold, up by 38% on 1H17, albeit sales growth will be tempered during 2H18.
•Recently implemented and planned price increases lay foundation for long-term profit improvement.
•We will update the market following the summer period as we did last year.
25

1 H 1 8 H A L F Y E A R R E S U L T S
26
A P P E N D I C E S
07

1 H 1 8 H A L F Y E A R R E S U L T S
APPENDIX –1H18 RECONCILIATION BETWEEN GAAP RESULTS
AND PRO FORMA FINANCIALS
27
Non-recurring or
infrequent items
1H18
NZD 000s
Statutory Financial
Statements
Marlborough salmon
relocation costs
Pro Forma Historical
Information
Fair Value
Adjustments
Pro Forma Operating
Financial Information
Revenue87,688 87,688 87,688
Cost of goods sold(76,245)(76,245)26,300 (49,945)
Fair value gain / (loss) on biological transformation31,204 31,204 (31,204)-
Freight costs to market(8,222)(8,222)(8,222)
Gross Profit34,426 -34,426 (4,904)29,521
Other operating income1,500 1,500 1,500
Overheads
Sales, marketing and advertising(5,862)(5,862)(5,862)
Distribution overheads(1,593)(1,593)(1,593)
Corporate expenses(4,048)(4,048)(4,048)
Other expenses(112)110 (2)(2)
EBITDA24,310 110 24,420 (4,904)19,516
Depreciation and amortisation(2,419)(2,419)(2,419)
EBIT21,891 110 22,001 (4,904)17,097
Finance income88 88 88
Finance costs(425)(425)(425)
Net finance costs(337)-(337)-(337)
Profit / (loss) before Tax21,554 110 21,664 (4,904)16,760
Income tax (expense) / credit(5,819)(31)(5,850)1,373 (4,477)
Net Profit / (loss) for the Year15,735 79 15,814 (3,531)12,283

1 H 1 8 H A L F Y E A R R E S U L T S
APPENDIX –1H17 RECONCILIATION BETWEEN GAAP RESULTS
AND PRO FORMA FINANCIALS
28
Non-recurring or infrequent items
Structural
1H17
NZD 000s
GAAP Financial
Statements
IPO
Transaction
Costs
Marlborough
salmon
relocation
costs
Interest Swap
Closeout costs
Listed
company
capital
structure
Pro Forma
Historical
Information
Fair Value
Adjustments
Pro Forma
Operating
Financial
Information
Revenue63,626 63,626 63,626
Cost of goods sold(59,239)(59,239)17,336 (41,903)
Fair value gain / (loss) on biological transformation28,722 28,722 (28,722)-
Freight costs to market(6,077)(6,077)(6,077)
Gross Profit27,032 ----27,032 (11,386)15,646
Other operating income738 738 738
Overheads
Sales, marketing and advertising(4,012)(4,012)(4,012)
Distribution overheads(1,436)(1,436)(1,436)
Corporate expenses(3,513)(3,513)(3,513)
Other expenses(2,621)1,970 492 (159)(159)
EBITDA16,188 1,970 492 --18,650 (11,386)7,264
Depreciation and amortisation(2,106)(2,106)(2,106)
EBIT14,082 1,970 492 --16,544 (11,386)5,158
Finance income86 86 86
Finance costs(1,572)458 466 (648)(648)
Net finance costs(1,486)--458 466 (562)-(562)
Profit / (loss) before Tax12,596 1,970 492 458 466 15,982 (11,386)4,596
Income tax (expense) / credit(3,891)-(138)(128)(130)(4,287)3,188 (1,099)
Net Profit / (loss) for the Year8,705 1,970 354 330 336 11,695 (8,198)3,497

1 H 1 8 H A L F Y E A R R E S U L T S
APPENDIX –GLOSSARY OF TERMS
1H18Financial results for the first half of the 2018 financial year covering the period 1 July 2017 to 31 December 2017
2H18Forecast secondhalf (six month) results for the 2018 financial year covering the period 1 January 2018 to 30 June 2018
CAGRCompounding annual growth rate
EBITDAEarnings beforeinterest, tax, depreciation and amortisation
FCRFeed Conversion Ratio–the amount of feed (in kilograms) required to raise fish weight by 1 kilogram.
G&GGilled and gutted. Note that all volumetric information presented ison a gilled and gutted basis unless otherwise stated
GAAPGenerally Accepted Accounting Practice
Mortality / Mortality
Rate
The percentagemortality of salmon in seawater, calculated as the biomass of salmon mortalities in kg divided by the growth of
salmon in kg
MTMetric tonnes
NPATNet profitafter tax, also reported as net profit for the period in our published financial results
PDS New Zealand King Salmon’s Product Disclosure Statementdated 23 September 2016
NZKSNew Zealand King Salmon
PFINew ZealandKing Salmon’s prospective financial information publishedat the time of our IPO in September 2016
Pro Forma Operating
EBITDA
Pro Forma Operating EBITDA refers to earnings before interest, tax,depreciation, amortisation after allowing for proforma
adjustments as described in the Appendix to this document. Pro Forma Operating EBITDA is a non-GAAP profit measure
29

1 H 1 8 H A L F Y E A R R E S U L T S
30
DISCLAIMER
The information in this presentation has been prepared by New Zealand King Salmon Investments Limited with due care and attention. However, neither New Zealand King
Salmon Investments Limited nor any of its directors, employees, shareholders nor any other person shall have any liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current
expectations, estimates and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any
projections and forward-looking statements in this presentation will be realised. Actual results may differ materially from those projected in this presentation. No person is
under any obligation to update this presentation at any time after its release to you or to provide you with further informationabout New Zealand King Salmon Investments
Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial
measures used in this presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance expense / (income), and taxation expense to net earnings / (loss) from
continuing operations.
•EBIT. We calculate EBIT by adding back (or deducting) finance expense / (income), and taxation expense to net earnings / (loss) from continuing operations.
•Pro Forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation after allowing for pro forma adjustments as described in the Appendix
to this document.
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position or
returns, but that they should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may
not be comparable to similarly titled amounts reported by other companies.
Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this
presentation constitutes legal, financial, tax or other advice.

1 H 1 8 H A L F Y E A R R E S U L T S

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A member firm of Ernst & Young Global Limited
Chartered Accountants




Review Report to the Shareholders of New Zealand King Salmon Investments Limited (“the
company”) and its subsidiaries (together “the group”)
We have reviewed the interim financial statements on pages 2 to 12, which comprise the statement of financial
position of the group as at 31 December 2017, and the statement of comprehensive income, statement of changes
in equity and statement of cash flows of the group for the six month period ended on that date, and a summary of
significant accounting policies and other explanatory information.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken so that we
might state to the company's shareholders those matters we are required to state to them in a review report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company's shareholders as a body, for our review work, for this report, or for our
findings.
Directors’ Responsibilities
The directors are responsible for the preparation and fair presentation of interim financial statements which comply
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such
internal control as the directors determine is necessary to enable the preparation and fair presentation of the
interim financial statements that are free from material misstatement, whether due to fraud or error.
Reviewer’s Responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted
our review in accordance with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor
of the Entity. NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to
believe that the financial statements, taken as a whole, are not prepared in all material respects, in accordance with
New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting. As the auditor of the
group, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual
financial statements.
Basis of Statement
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The
auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on those financial statements.
We provide taxation advice to the group. We have no other relationship with, or interest in, the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the accompanying interim
financial statements, set out on pages 2 to 12, do not present fairly, in all material respects, the financial position
of the group as at 31 December 2017 and its financial performance and cash flows for the six month period ended
on that date in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting.
Our review was completed on 28 February 2018 and our findings are expressed as at that date.




Christchurch

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New Zealand King Salmon Investments Limited
NZX Appendix 1
Results for announcement to the market

Reporting Period 6 months to 31 December 2017
Previous Reporting Period 6 months to 31 December 2016

6 months ended
31 December
2017

$’000
6 months ended
31 December 2016


$’000
Percentage change
Revenue from ordinary activities $NZ87,688 $NZ63,626 37.8%
Profit (loss) from ordinary activities after
tax attributable to security holder
$NZ15,735 $NZ8,705 80.8%
Net profit (loss) attributable to security
holders
$NZ15,735 $NZ8,705 80.8%

Dividend to shareholders Amount per share Imputed amount
per share
Interim – 2017 Financial Year $0.020 $0.007780
Record Date 15 March 2018
Dividend Payment Date 23 March 2018

Net Tangible Assets 31 December 2017

31 December 2016

Number of Shares 138,475,358 138,157,843
Net Tangible Assets per share $1.31 $1.15


Audit The interim financial statements attached to this report have
not been audited.

Comments: A brief Please refer to the attached report for commentary on the
results.

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
New Zealand King Salmon Investments Limited
Andrew ClarkDirectors' resolution
03 548 571403 538 087428022018
Ordinary SharesNZNZKE0003S0
In dollars and cents
Retained Earnings
$0.020
Enter N/A if not
applicable
$$0.001389$0.007778
$
NZ Dollars$0.003529
$0.020
Date Payable
23 March, 2018
15 March, 201823 March, 2018