NZK – 2021 Annual Shareholders’ Meeting materials

Annual Shareholders’ Meeting
16 June 2021
NEW ZEALAND KING SALMON – 2021 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at New Zealand King Salmon Investments Limited’s Annual
Shareholders’ Meeting starting at 2:00 pm today, being hosted virtually on the Lumi platform.
• 2021 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting – Chair and
Managing Director’s Address
• 2021 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting –
Presentation

ENDS

Contacts
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, as
well as the New Zealand King Salmon label. We have been growing and selling salmon to consumers for
more than 30 years. Today we employ around 550 people. New Zealand investors make up a significant
percentage of the ownership of NZ King Salmon and the communities of Marlborough, Nelson Bays and
Tasman are well represented with over 300 of the 3000 shareholders from Top of the South. More
information can be found at www.kingsalmon.co.nz

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Annual Shareholders’ Meeting
16 June 2021
Address by the Chair: John Ryder
[SLIDE 2: AGENDA]
My name is John Ryder. I’m Chair of New Zealand King Salmon and it’s my pleasure to welcome you all
to our 2021 annual shareholders’ meeting.
Today’s meeting is being held online via the Lumi platform. As you may recall from last year, this allows
shareholders, proxies and guests to attend the meeting virtually and watch a live webcast of the meeting.
In addition, shareholders and proxies have the ability to ask questions and vote on resolutions. I’ll provide
further details around these processes shortly.
Our order of proceedings is as shown on slide 2. I’ll briefly comment on the last seven months, and will
then hand over to Grant Rosewarne, our CEO and Managing Director, for his review. We’ll then attend
to the formal business and resolutions, where we’ll cover each resolution in turn and invite questions
specific to those items. I’ll repeat the process for the discussion and voting on the resolutions at that
point in the agenda. We’ll conclude with an opportunity for you to raise any matters of a general nature.
I’d now like to introduce my fellow Directors – they are:
• Grant Rosewarne, CEO and Managing Director;
• Catriona Macleod, an Independent Non-Executive Director,
• Po Sing Lai, a Non-Executive Director;
• Jack Porus, a Non-Executive Director;
• Paul Steere, an Independent Non-Executive Director; and
• Chiong Yong Tiong, a Non-Executive Director.
I’d also like to note that members of the New Zealand King Salmon team are in attendance as well as our
external auditors, Ernst & Young.

[SLIDE 3: WELCOME]
Welcome to our annual shareholders meeting, we decided to hold this year’s meeting online following
our successful first virtual meeting last year.
In future years, we hope to host a hybrid meeting due to the broader participation it will afford.
This year’s meeting reviews a shorter period as a result of our decision to change our balance date, and
also includes details of the business’ recovery from the impact of COVID-19.

[SLIDE 4: QUESTION PROCESS]

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I’d now like to quickly summarise the process for asking questions.
Questions can be submitted at any time. To ask a question, press on the speech bubble icon. This will
open a new screen. At the bottom of that screen there is a section for you to type your question. Once
you have finished typing, please hit the arrow symbol to send.
Please note that while you can submit questions from now on, I won’t address them until the relevant
time in the meeting whilst we are discussing the resolutions and allowing time for shareholders to vote.
Please also note that your questions may be moderated or, if we receive multiple questions on one topic,
amalgamated together, but we will endeavour to answer all questions. Finally, if we run out of time to
answer all your questions, we will answer them in due course via email or posting responses on our
website.

[SLIDE 5: VOTING PROCESS]
Voting today will be conducted by way of a poll on all items of business. In order to provide you with
enough time to vote, I’ll shortly open voting for all resolutions.
At that time, if you are eligible to vote at this meeting, a new polling icon will appear. Selecting this icon
will bring up a list of resolutions and present you with voting options. To cast your vote simply select one
of the options. There’s no need to hit a submit or enter button as the vote is automatically recorded.
However, you do have the ability to change your vote, up until the time I declare voting closed.
[Pause]
I now declare voting open on all items of business. The polling icon will soon appear, please submit your
votes at any time. I’ll give you a warning before I move to close voting.
I’m pleased to confirm that we have a quorum and therefore declare the 2021 Annual Shareholders’
Meeting of New Zealand King Salmon Investments Limited open.
The items of business for this meeting and the resolutions to be considered by shareholders are contained
in the Notice of Meeting which was sent to shareholders on the 14
th
of May.

[SLIDE 6: CHAIR’S OVERVIEW]
As I mentioned earlier, we made the decision last year to change our balance date to 31 January. This
now means that the summer period falls in the first quarter of our financial year, resulting in certainty of
the summer result and corresponding mortality levels. Accordingly, the 2021 financial period was for 7
months.
The FY21 result was impacted by COVID-19, as was the case for many businesses. This included, amongst
other things, provisions made against frozen whole fish inventories and the sale of excess fish at a loss.
Trading in the first half of FY22 (Feb to July 21) has been problematic, with smaller fish size and reduced
biomass progressively becoming more apparent (in the Pelorus).
However, fish size is expected to recover by July, with biomass improving by October 2021.

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COVID continues to impact our business, and Grant will go into this in further detail in his address.
Despite the challenges presented to us by COVID during FY21, the business did not stop. Thanks to our
strong financial position, we were able to weather the storm, and believe that we will be able to grasp
the opportunities afforded to us in the current financial year to achieve our future farming vision.
Of course, New Zealand King Salmon would not be the company it is without the hard work and
dedication of all of our team members, and I’d like to acknowledge everyone at New Zealand King Salmon
for their efforts.
[Pause]
In accordance with the Company’s constitution, I have signed the minutes of the 2020 Annual
Shareholders’ Meeting, and these are available on request.
I’ll now invite Grant Rosewarne to address you. At the conclusion of Grant’s presentation, we’ll move to
the formal business of the meeting. While voting is taking place, you’ll have further opportunity to ask
questions and we’ll respond to questions raised during this online meeting.

Address by the Managing Director: Grant Rosewarne
[SLIDE 7: MANAGING DIRECTOR’S REVIEW]
Thank you, John, and good afternoon ladies and gentlemen.
The current slide summarises the areas that I’ll cover in my presentation today. These are:
• The highlights for the 2021 financial period;
• An update on sustainability;
• A business update;
• Commentary on the current year; and
• A short summary on our future farming efforts.

[SLIDE 8: FY21 HIGHLIGHTS]
[Cover slide]

[SLIDE 9: FINANCIAL SUMMARY]
Starting with a summary of the 2021 financial period:
• Our revenue of $95 million for the 7 month period to 31 January 2021 was down 6% on the equivalent
7 months period to 31 January 2020, although our sales volumes were 1% up for the period.

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• The decrease in revenue due to COVID-related lost sales and the discrete clearance of excess
inventory at lower prices and retail price promotions within New Zealand.
• We generated a Pro Forma Operating EBITDA of $10.0 million, compared to $19.6 million in the
comparative period. This was due to a number of factors including lower margins and additional
COVID-related expenses.
• These factors were partially mitigated by an increase in the valuation of our foreign exchange
contracts.
• Our GAAP net loss after tax was $7.1 million compared to a net profit of $18.0 million in the 7 months
to January 2020. This result was impacted by lost sales, fair value adjustments on our livestock and
took account of a compression of margins, especially in offshore markets, due to COVID. This
adjustment is required by international accounting standards and requires us to book a proportion
of the expected profit for fish still growing in seawater as if they have been sold (which, of course,
they have not).

[SLIDE 10: FACTS AND FIGURES]
This slide summarises some of our key figures for the FY21 period.
We continue to have a good geographic spread of sales, with New Zealand and the US providing a strong
foundation. Our harvest for the 7 months to January 2021 was 4,880 metric tonnes.
The charts on the right show our pro forma EBITDA and our GAAP Net Profit over the last 5 periods,
including the impact of COVID and, in the case of our reported Net Profit, fair value adjustments on our
most recent reporting period.

[SLIDE 11: VISION, PURPOSE, MISSION AND VALUES]
This next slide shows our Vision, Purpose, Mission and Values, together with their supporting strategies.
We’re highly cognisant of these in our day-to-day operations and strive to incorporate them in everything
that we do. We believe that if we adhere to these guiding principles, it will not only help us contribute
towards our goals, but those of the New Zealand Aquaculture industry as well as local and global
sustainability objectives.

[SLIDE 12: SUSTAINABILITY]
[Cover slide].

[SLIDE 13: INDEPENDENT COMMITMENTS TO SUSTAINABILITY]

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We are committed to using resources responsibly and reducing our impacts wherever possible. This slide
summarises the range of organisations who independently verify our sustainable practices across all our
operations and activities. These independent verifications are important to our customers as they
provide us with the credibility they demand.
The commitments range from local accreditations, to Australasian and, in the case of Monterey Bay
Seafood Watch and Ocean Wise, global endorsements. We’re proud of our achievements in this area,
including being the first in Australasia to achieve four-star Best Aquaculture Practice status with the
Global Aquaculture Alliance.
We also continue with our reporting commitments to the Global Salmon Initiative and have an ongoing
commitment to align our business practices to our chosen United Nations Sustainable Development
Goals.

[SLIDE 14: OUR SUSTAINABILITY DEVELOPMENTS]
Despite the disruption and distraction of COVID-19, we made considerable progress in our sustainability
journey. Some of our ‘firsts’ this year included:
• Completing a gap analysis for future climate reporting;
• Publishing our first modern slavery statement; and
• Launching an internal ‘Go Green’ fund, allowing our team to easily put forward suggestions, big
or small, to help us achieve our sustainability goals.
We also continued to contribute to various community stakeholder groups and the National Environment
Plan, and engaged in community consultations whilst taking the lead in our major water space projects.
In addition, we have made progress in our commitment to have 100% reusable, recyclable or
compostable packaging across our business by 2025. Currently 47% of packaging is recyclable /
reusable and new developments include:
• Our hotsmoke trays using recycled and plant based material;

• A commitment to no longer use PVC material;
• Embossing of polypropylene boards from this month onwards; and
• The use of Australasian Recycling Label logos on our packaging, informing consumers how to treat
our packaging.
Operating sustainably is an integral part of our business, and we look forward to continuing our journey
over the next 12 months and beyond.

[SLIDE 15: BUSINESS UPDATE]

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[Cover slide].

[SLIDE 16: THE IMPACT OF COVID-19]
As John mentioned, COVID continued to impact New Zealand King Salmon throughout 2020 as it did other
businesses. As an essential business, we operated throughout all lockdowns and level changes, and we
were proud to be presented with a Seafood New Zealand award in recognition of our health and safety
initiatives and commitment to the safety of our team members during the pandemic.
However, whilst we benefited from our strategy of diversification in terms of products, geographical
markets and distribution channels, our operations and results were impacted in a number of ways. These
included provisions made against fish inventories, the need to clear excess inventory at lower prices,
increased mortality rates due to increased time at sea as well as other COVID-related expenses such as
additional storage and distribution costs.
Supply chain disruptions also provided us with difficulties, with a reduced availability of chilled sea freight
containers resulting in a significant increase in freezer requirements. These issues were partly mitigated
by the subsidised air cargo scheme put in place by the New Zealand government. However, supply chain
disruptions continue to present us with challenges, and we anticipate these will continue for the
foreseeable future.

[SLIDE 17: THE LONG TAIL OF COVID-19]
Unfortunately, the ongoing uncertainty and ripple-effects of COVID will continue to impact our
operations during this current financial year.
We continue to structure our sales resources to ensure that we are supplying the most appropriate
markets at the appropriate time. Whilst foodservice sales are recovering, we continue to focus attention
on global retail opportunities in smoked salmon and petfood.
We anticipate that sales of our excess frozen inventory will be complete during the first half of 2021 and
that demand will exceed supply towards the end of the calendar year. This will then provide us with the
opportunity to increase prices and recover lost margins, although this is likely to be offset by increased
freight and distribution costs, in addition to an increase in general overheads.

[SLIDE 18: FISH HEALTH AND WELFARE]
Space constraints and access to cooler waters are the biggest influences on fish health and welfare.
We aim to minimise disease and physical damage within our fish stock, and we continue to follow our
two main management plans around biosecurity and fish health.
We also employ an expert team and we’re excited to announce the appointment of Zac Waddington, a
New Zealand and Canadian licenced Doctor of Veterinary Medicine, to the group. Originally from British
Columbia in Canada, Zac is currently New Zealand’s only licenced, dedicated clinical aquaculture

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veterinarian. He was previously Lead Veterinarian for Fisheries and Oceans, Canada, so brings a wealth
of knowledge and experience to the team.

[SLIDE 19: EVOLVING OUR AQUACULTURE MODEL]
Over the last 2 years, we have focused on protecting fish health and increasing survival rates through a
variety of practices including upwelling systems, additional net cleaning, fish management, reduced
handling of stock and feed management.
These practices continue, but last year we also introduced our Prescient Aquaculture Model, which
focuses on having the right sized fish in the optimal locations. To the maximun extent permitted by space,
we enter smaller fish into cooler sites and moving them as they grow, to ensure they’re in the best sites
for each stage of growth and have access to upwelling of colder water when at harvest-size.
Unfortunately, we encountered elevated mortality levels last year due to the delay caused by COVID in
harvesting our fish, together with warmer water temperatures. And, as recently advised to the market,
we’ve encounter problems in the Pelorus Sound, resulting in mortality of $6.8 million for 3 months to
April 2021 compared to $5.8 million for the corresponding period last year as smaller fish and less
biomass. However, we believe this is temporary and have taken steps to rectify the matter by using a
grading panel and restricting the harvest to build biomass.
Fish size has been restored and we anticipate that biomass should return to a satisfactory position by
October this year.

[SLIDE 20: KEEPING OUR BRANDS PROMINENT]
It has been important for us to continue to identify innovative strategies for market penetration,
particularly within the retail channel but also to ensure that we remain top of mind with our foodservice
customers. As a result, in late 2020 we launched our official Ōra King Ambassador Programme,
formalising our relationships with chefs that we work closely with and who are important in telling the
Ōra King story. We also undertook consumer research in respect of our Regal brand, a brand that
accounts for approximately 20% of our sales.
New product development included our new Regal Maple Smoked Salmon range, which was launched at
the end of 2020 to capitalise on consumers’ appetite for a new flavour of smoked salmon. The range
currently incorporates two cold smoked products and a Double Maple Wood Roasted product, and the
launch was supported by a TV ad featuring Al Brown and Reg the seal.
Other new products included a larger Ōra King fish, the June Hog, based on the legend of large ‘June Hog’
King salmon that are found wild in North American rivers. And we will soon introduce the Ōra King Keiji,
a young, delicate salmon, to chefs around the world.
Pleasingly, we were also recognised for our efforts by receiving awards for our Ōra King brand and our
Omega Plus TV advert. Notably, Regal has recently won three international awards. The Double Manuka
Wood Roasted product was amongst 1500 entrants to be voted new product of the year in the 2021 sofi
awards presented by the Speciality Food Association in the US.

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[SLIDE 21: DIVERSIFYING OUR BRANDS]
As mentioned earlier, we believe that part of our success this year was due to our geographical, category
and channel diversification strategies. Progress in this area included:
• Commencement of the sale of Regal Fresh in a premium US retailer;
• Launch of the Ōra King specialty range in high-end European retailers; and
• The continued development and growth of our e-commerce sales channels. This included the
sale at a record price of an Ōra King TYEE salmon on US e-commerce site Goldbelly.com.
Product and channel diversification continues to be a key focus with, for example, the launch of our
Omega Plus petfood treats into the US this year.

[SLIDE 22 & 23: ŌRA KING DOCUMENTARY]
I’d now like to introduce a short video on Ōra King with Chef Geoff Scott.
[Video to be played]


[SLIDE 24: CAPITAL EXPENDITURE]
Moving on to capital expenditure.
Given the impact of COVID, we made the decision to prioritise our capital expenditure projects during
FY21. Our main expenditure related to the hatchery facilities at our new Tentburn facility together with
a resource consent application for our Blue Endeavour project.
We’re pleased to note that the incubation and office facilities at Tentburn are now finished, and that
completion of the tank room is expected towards the end of this calendar year.

[SLIDE 25: OUTLOOK]
[Cover slide]

[SLIDE 26: OUTLOOK]
Looking ahead, we anticipate harvest volumes of around 7,500 metric tonnes this year. This is slightly
lower than previously expected because of unforeseen impacts of the prior production model in the
Pelorus. We continue to experience some disruptions in markets and shipping due to the continuing

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effects of COVID and, whilst we anticipate an increase in average prices to pre-COVID levels this year, we
expect margins to be affected by increased operational costs. As previously mentioned, we anticipate
that clearance of excess frozen inventory will be complete mid-year.
We’re hopeful of a decision on our Blue Endeavour Open Ocean resource consent application this year,
which will be a first for New Zealand, and we remain committed to achieving a successful outcome for
the MPI farm relocation initiative this year. I’ll provide further details on these projects shortly.
We expect capital expenditure this year to be under $12 million.
And our dividend policy remains under review.

[SLIDE 27: FUTURE FARMING]
[Cover slide]
Moving on to our future farming initiatives.

[SLIDE 28: NZ AQUACULTURE STRATEGY]
As I noted last year, the Government’s Aquaculture Strategy was launched in September 2019, with the
intention of growing the revenue of the aquaculture industry to $3 billion by 2035.
However, COVID changed the landscape for New Zealand’s primary sectors and in July 2020 the Ministry
for Primary Industries responded by issuing a Fit for a Better World plan, explaining how the primary
sector could contribute to New Zealand’s economic recovery.
This roadmap identified that aquaculture offers huge potential for sustainable growth, and that early
action will deliver this growth sooner. This includes improving regulatory settings and investment
certainty, investing in critical wharf and hatchery infrastructure and unlocking open ocean aquaculture
opportunities. This report noted that, as a result, achievement of the Aquaculture industry’s $3 billion
goal could be reached as soon as 2030.
Our future farming initiatives align with this national Strategy.

[SLIDE 29: FUTURE FARMING – BLUE ENDEAVOUR]
We see this current year as one of opportunity.
Blue Endeavour, our open-ocean salmon farm application, is a key strategic initiative at New Zealand King
Salmon. Open ocean farming is globally recognised as best practice to achieve better environmental,
social and economic outcomes and is a step towards long term industry sustainability. Our application
comprises two blocks of pens in the Cook Strait.
This is subject to RMA consent, and we are hopeful of a hearing later this year. Assuming consent is
agreed, the first possible harvest would be during 2024. Whilst capital costs for the project are estimated

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at around $30 million for infrastructure and then around $25 million for associated ‘services’, we believe
it will generate a production volume of circa 4,000 metric tonnes and provide an annual revenue of
approximately $200 million.

[SLIDE 30: LOCATION OF BLUE ENDEAVOUR]
The map illustrates the location of the Blue Endeavour site.
[SLIDE 31: FUTURE FARMING – FARM RELOCATION]
Our second initiative is what we have named our Farm Relocation process, a proposal with participating
Marlborough iwi aquaculture organisations to move our low flow farms to high flow sites for improved
environmental, social, fish health and economic outcomes. This project has been in progress for over five
years, and we remain committed to a successful outcome.
[Pause]
And that concludes my presentation.
We’ll answer questions following the resolutions but, in the meantime, I’ll pass back to John to cover the
formal part of today’s meeting.

Address by the Chair: John Ryder
[SLIDE 32: ORDINARY BUSINESS AND RESOLUTIONS]
[Cover slide]
Thank you, Grant.
We’ll now move to the business of the meeting and the procedure for this part of the meeting. We have
two ordinary resolutions to be considered at this meeting, which are required to be passed by a simple
majority of votes.
The resolutions that we’ll be voting on today are as follows:
• Resolution 1: Authorisation for the Directors to fix the auditor’s remuneration for the coming
year.
• Resolution 2: Election of myself, John Ryder, as a Director.
Current best practice for Shareholder voting is by way of poll. Accordingly, in my capacity as Chair, I
require that a poll be held for each of the resolutions.
Shareholders who are entitled to vote and proxies who have discretion as to how they vote will have
received a Voting / Proxy Form when they registered. If you completed a postal or online vote prior to
the meeting, you do not need to complete another Voting / Proxy form.

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Otherwise, voting will take place electronically so I will invite you to vote at any time now.
I and my co-directors hold the following undirected proxies:
• With respect to Resolution 1, authorisation for the Directors to fix the auditor’s remuneration for
the coming year: 81,225 shares.
• With respect to Resolution 2, election of myself, John Ryder, as an Independent Non-Executive
Director: 57,155 shares.
Your Board supports these resolutions and we intend to vote all of these shares in favour of these
resolutions.
As I mentioned earlier, you may ask questions through the Lumi platform at any time, and we will address
questions specific to each resolution at the appropriate time.

[SLIDE 33: RESOLUTION 1]
I’ll now move onto each of the resolutions.
Resolution 1 relates to the remuneration of auditors. The proposed ordinary resolution is to authorise
the Directors to fix the auditor’s remuneration for the coming year. In accordance with the Companies
Act, Ernst & Young have been automatically reappointed as the company’s auditors. As is usual with
audit fees, due to the complexity and changing nature of the company’s affairs, it is not possible to fix
the remuneration at the beginning of the year.
I now move, as an ordinary resolution, that the Board is authorised to fix the auditor’s remuneration for
the coming year.
Are there any questions on this resolution?
[Q&A discussion on resolution 1, if any]
Thank you. We’ll now move to the second and final resolution, which I’ll ask Grant to introduce.

Address by the Managing Director: Grant Rosewarne
[SLIDE 34: RESOLUTION 2]
Thanks John.
Resolution 2 relates to the election of John Ryder.
NZX Listing Rules state that Directors must not hold office (without re-election) past the third annual
meeting following the Director’s appointment, or 3 years, whichever is longer. John Ryder was re-elected
to the Board on 6 November 2018 and, accordingly, is now required to retire at this meeting.

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John was first appointed to the Board in 2009 and a brief biography for him was included in the Notice of
Meeting.
Being eligible, John Ryder offers himself for re-election.
After considering the factors outlined in the NZX Corporate Governance Code that may impact director
independence, the Board considers that John Ryder will be an Independent Non-Executive Director.
The Board recommends John Ryder to you as an Independent Non-Executive Director and unanimously
supports his election.
I now invite John to briefly address the meeting on his proposed election.
[Address from John]
Thank you, John.
I now move, as an ordinary resolution, that having retired by rotation, John Ryder be re-elected as an
Independent Non-Executive Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 2, if any]
Thank you. I’ll now pass you back to John.

Address by the Chair: John Ryder
Thank you, [Grant].

[SLIDE 35: VOTING AND QUESTIONS]
[Cover slide]
We will now move to general questions and to complete the voting.

[SLIDE 36: VOTING AND QUESTIONS]
If you have not already voted, please do so now following the instructions on the screen.
Whilst I allow time for you to complete voting, I’ll respond to questions that have been raised by
shareholders.
[Q&A if any]
[After the Q&A process]

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Ladies and gentlemen that concludes our discussion on the items of business, and questions from
shareholders.
In a couple of minutes, I’ll close the voting system. Please ensure that you have cast your vote on all
resolutions. I’ll now pause to allow you time to finalise your votes.
[Wait for 90 seconds]

Voting is now closed.
Now that all votes have been cast, they will be counted by the Company’s share registrar, Computershare,
and scrutinised by the Company’s auditor . The results of today’s meeting will be shown on screen shortly
as a draft, and then released to NZX on the completion of verification of voting.
[John to pause and Lumi to show voting results on screen]

[SLIDE 37: FINAL]
I’d like to finish by thanking my fellow Directors, the New Zealand King Salmon Leadership Team and the
wider team for their continued contribution. This has been another challenging period, and we are
grateful for the personal commitment of each and every one of our team.
Ladies and gentlemen, that brings us to the end of formal business for New Zealand King Salmon’s 2021
Annual Shareholders’ Meeting. Thank you for taking the time to participate today. I now declare the
meeting closed.

[ENDS]

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A N N U A L S H A R E H O L D E R S M E E T I N G
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First in Australasia to achieve 4 star Best
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