New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Synlait Milk (SML) reported a solid FY22 result broadly in-line with our and consensus expectations showing robust execution against what remains a difficult backdrop</li><li>FY22 was SML's first period of positive free cash flow since FY17 as it exits its elevated capex phase</li><li>The key positive in the result was debt reduction ahead of our expectations driven by working capital improvements</li></ul>

Synlait Milk (SML) reported a solid FY22 result broadly in-line with our and consensus expectations showing robust execution against what remains a difficult backdropFY22 was SML's first period of positive free cash flow since FY17 as it exits its elevated capex phaseThe key positive in the result was debt reduction ahead of our expectations driven by working capital improvements

Synlait Milk: FY22 Result — Edging Ahead