Final FY20 Results Announcement

CAVALIER CORPORATION FULL YEAR RESULTS ANNOUNCEMENT

For the 12 months ended 30 June 2020:

• The key outcome for the year was the announcement of Cavalier’s new transformational strategy to become a sustainable, interior solutions business.
• The FY20 preliminary results reflect the re-setting of the organisation as Cavalier commences its pivot, as well as the softening trading conditions noted in 1H20, which were further exacerbated by the COVID-19 pandemic in 2H20.
• Revenue was $118.0m, down 13% on the prior year, due to the softer trading conditions reported in 1H20 and the impact of COVID-19 restrictions and the lockdown in New Zealand in April 2020.
• Statutory NLAT of $(21.5)m, with normalised NLAT1 of $(3.5)m excluding non-trading adjustments.
• Normalised EBITDA1 was $2.3m, excluding non-trading adjustments of $(11.2)m pre-tax primarily related to the strategic change and company re-set.
• Net debt reduced to $14.5m as at end of June and has further reduced since year-end to $7.2m as at end-August 2020.
• Since year-end, shareholders have approved the sale and leaseback of the Auckland property which will support the execution of the new strategy.
• FY21 sales volumes to date have been stronger than anticipated with increasing sales of wool carpets.

Cavalier Corporation Limited (NZX: CAV) has today released its unaudited preliminary results for the twelve months to 30 June 2020.

The FY20 results reflect the re-setting of the company as it commences its new strategy and transformation, as well as the softening trading conditions noted in 1H20, which were further exacerbated by the COVID-19 pandemic in 2H20.

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