NZX Governance Explorer

How Livestock Improvement Corporation Limited makes money

Where LIC’s revenue went in FY2023: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. LIC company profile

How Livestock Improvement Corporation Limited makes money — FY2023

Revenue $276.5m · EBITDA $59.1m (21.4% of revenue) · Net profit $27.4m (9.9% of revenue) · Financial year ending June (from the issuer record)

Livestock Improvement Corporation Limited (LIC) FY2023: where revenue of $276.5m wentRevenue → EBITDA: $59.1mRevenue → Operating costs (net of other income): $217.4mEBITDA → EBIT: $36.0mEBITDA → Depreciation & amortisation: $23.1mEBIT → Net profit: $27.4mEBIT → Income tax: $8.6mRevenue: $276.5mRevenue$276.5mEBITDA: $59.1mEBITDA$59.1mOperating costs (net of other income): $217.4m (derived)Operating costs (net ofother income)$217.4m · derivedEBIT: $36.0mEBIT$36.0mDepreciation & amortisation: $23.1mDepreciation &amortisation$23.1mNet profit: $27.4mNet profit$27.4mIncome tax: $8.6mIncome tax$8.6m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Livestock Improvement Corporation Limited FY2023 figures used in the chart
FY2023AmountStatusNote
Revenue$276.5mReported
Operating costs (net of other income)−$217.4mDerived *Reported operating expenses $175.9m do not reconcile; not used.
EBITDA$59.1mReported
Depreciation & amortisation−$23.1mReported
EBIT$36.0mReported
Interest—Not reportedIncluded in the balancing item.
Income tax−$8.6mReported
Interest and other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$27.4mReported
  • * operating costs: $217.4m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($276.5m) vs the summary table ($276.5m): agree within 2%.
  • Passed: EBITDA − D&A = $36m vs reported EBIT $36m: reconciles.
  • Not met: Reported operating expenses ($175.9m) leave $100.7m, not EBITDA of $59.1m (gap $41.5m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Not met: Operating segments sum to $270.8m after $5.7m of eliminations, 2.1% away from revenue of $276.5m (limit 2%); shown as one Revenue figure.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: 2023 Annual Report (PDF, NZX)

EBITDA bridge, FY2022 → FY2023

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

LIC EBITDA bridge FY2022 to FY2023FY2022 EBITDA: $35.4m$35.4mFY2022 EBITDARevenue change: +$13.5m+$13.5mRevenue changeCost change (derived): +$10.2m+$10.2mCost change (derived)FY2023 EBITDA: $59.1m$59.1mFY2023 EBITDA
LIC EBITDA bridge FY2022 to FY2023: figures
StepFY2022FY2023Effect on EBITDAStatus
FY2022 EBITDA$35.4m$35.4mAs charted
Revenue$263.0m$276.5m+$13.5mReported
Operating costs (net, derived)$227.6m$217.4m+$10.2mDerived: revenue − EBITDA
FY2023 EBITDA$59.1m$59.1mAs charted

$35.4m +$13.5m +$10.2m = $59.1m, which equals FY2023 EBITDA of $59.1m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2022 to FY2023

MeasureFY2022FY2023ChangeChange %
Revenue$263.0m$276.5m+$13.5m+5.1%
EBITDA$35.4m$59.1m+$23.7m+67.1%
Net profit$26.2m$27.4m+$1.1m+4.3%
EBITDA margin13.4%21.4%+7.9 pts—
Net margin10.0%9.9%−0.1 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (5 of 9 years from FY2017). The shaded line is the median of 5 other listed Financials operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
LIC ebitda margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: LIC 18.2%; peer median — (0)FY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: not charted — not from annual reportFY2022: LIC 13.4%; peer median 18.9% (4)FY2023: LIC 21.4%; peer median 14.3% (4)FY2024: LIC 18.7%; peer median 15.4% (3)FY2025: LIC 26.1%; peer median 13.5% (4)
EBIT margin
LIC ebit margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: LIC 4.1%; peer median — (0)FY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: not charted — not from annual reportFY2022: LIC 4.8%; peer median 15.9% (4)FY2023: LIC 13.0%; peer median 11.0% (4)FY2024: LIC 9.7%; peer median 11.2% (3)FY2025: LIC 16.6%; peer median 11.2% (4)
Net margin
LIC net margin by financial year, with peer median0%15%30%FY17FY18FY20FY22FY24FY25FY2017: LIC 10.4%; peer median — (0)FY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — not from annual reportFY2021: not charted — not from annual reportFY2022: LIC 10.0%; peer median 11.7% (4)FY2023: LIC 9.9%; peer median 8.5% (4)FY2024: LIC 2.9%; peer median 18.8% (3)FY2025: LIC 10.4%; peer median 6.7% (4)

LIC   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

LIC margins by year with peer medians
YearEBITDA margin: LIC · peer median (n)EBIT margin: LIC · peer median (n)Net margin: LIC · peer median (n)Note
FY201718.2%— (0)4.1%— (0)10.4%— (0)
FY2018—10.1% (2)—6.9% (2)—3.5% (2)Not charted: not from annual report
FY2019—22.9% (2)—17.0% (2)—12.3% (2)Not charted: not from annual report
FY2020—— (1)—— (1)—— (1)Not charted: not from annual report
FY2021—15.2% (2)—12.1% (2)—6.6% (2)Not charted: not from annual report
FY202213.4%18.9% (4)4.8%15.9% (4)10.0%11.7% (4)
FY202321.4%14.3% (4)13.0%11.0% (4)9.9%8.5% (4)
FY202418.7%15.4% (3)9.7%11.2% (3)2.9%18.8% (3)
FY202526.1%13.5% (4)16.6%11.2% (4)10.4%6.7% (4)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2021: Figures were not read from a filed annual report (source: not recorded).
  • FY2020: Figures were not read from a filed annual report (source: not recorded).
  • FY2019: Figures were not read from a filed annual report (source: not recorded).
  • FY2018: Figures were not read from a filed annual report (source: not recorded).

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Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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