AoFrio temporarily increases BNZ working capital facility

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A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New Zealand

AoFrio temporarily increases BNZ working capital facility

29 September 2023

AoFrio is pleased to advise that it has accepted an offer from the BNZ of a $3 million increase to its
trade finance facility. The facility limit will be $8 million for a three-month term and the increase will
provide working capital flexibility through the remainder of the year. The interest margin over bank base
rate has increased from 3% to 3.25% and drawdowns under the facility are secured against insured
trade receivables and by the existing security agreement.

AoFrio has made good progress this year in reducing its investment in trade receivables and inventory,
allowing trade payables to be substantially reduced.

$ million
At 31 August 2023 At 31 December 2022
Trade receivables 15.8 23.0
Inventory 9.1 11.3
Trade payables (13.7) (21.8)
Net 11.2 12.5

At 31 August, cash at bank was $3.3 million and the BNZ trade finance facility was drawn to $5.2 million.

John Scott, Chair of AoFrio says, “The facility increase offer confirms the strong support that AoFrio
has received from the BNZ which is pleasing. The Company has forecast an improved trading
performance in the second half of 2023 and this facility increase will assist in working capital
management during this time.”


ENDS





Contact

Greg Balla
Chief Executive Officer
Phone + 64 21 938 601


WT9807