Comvita’s resilience despite global supply chain disruption

12 May 2022

Comvita’s resilience despite global supply chain disruption

Given the significant amount of market commentary regarding the ongoing impact of global supply chain
disruption and the effect of inflation on performance, Comvita is pleased to give an update on its trading
performance to the end of April.

In the 10 months to the end of April Comvita reported an unaudited EBITDA of $23.9M (c.93% of FY21 full
year actuals) and is still forecasting to deliver in line with its guidance of EBITDA $27-$30M for the full year
ending June 2022. Unaudited operating profit to the end of April increased by 29% versus PCP. It is
forecasted that any impacts of continued supply chain disruption due to Mainland China lockdowns will be
manageable. Given that Hong Kong was previously locked down and suffered from supply chain
disruption, Comvita is very pleased to report that demand in its Hong Kong SAR subsidiary is strong and
that underlying demand has returned to pre Covid levels. This gives Comvita confidence that the impact of
any further supply chain disruption in Mainland China will also be temporary. Group Inventory has been
increased in order to maintain service levels to markets.

Inflationary pressures are modest and are not impacting current performance additionally, given the high
share of digital sales and its premium FMCG positioning, Comvita is well placed to pass on any price
increases as and when they occur.

Commenting David Banfield, Group CEO stated “Two and a half years ago we set out our plan to build long
term resilience and growth at Comvita. We are really pleased with the progress we are making despite
material supply disruption in China and around the world. Our ability to mitigate supply chain disruption
and offset inflationary pressure proves that we are on the right track. The team and I remain confident in
our ability to continue to deliver results befitting the global market leader and set us up to deliver our
short-term goals and most importantly our longer term 2025 strategic plan. We look forward to updating
the market on our full year performance after our financial year closes in June”.

Ends.

For further information:
Kelly Bennett, MB: +64 21 380 035, E. kelly.bennett@oneplusonegroup.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the natural
power of the hive.  With a team of 500+ people globally, united with more than 1.6 billion bees, we are the
global market leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter,
we test and verify all our bee-product ingredients are of the highest quality in our own government-
recognised and accredited laboratory.  We are growing industry scientific knowledge on bee welfare, Mānuka
trees and the many benefits of Mānuka honey and propolis.  We have pledged to be carbon neutral by 2025
and carbon positive by 2030, and we are planting more than two million native trees every year. Comvita has
operations in Australia, China, North America, South East Asia, and Europe – and of course, Aotearoa New
Zealand, where our bees are thriving.