Comvita Announces Half Year Results

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Comvita Limited (CVT)

Results for announcement to the market

Reporting Period 6 months to 31 December 2016
Previous Reporting Period 6 months to 30 September 2015


Amount
(NZD’000)
Amount
(NZD’000)
Percentage
change
2016 2015
Revenue from ordinary activities $57,730 $91,066 37%
Net (Loss)/Profit after tax ($7,109) $3,040 334%
Net (Loss)/Profit from ordinary
activities after tax attributable to
security holder
($7,109) $3,183 323%
Total comprehensive
(loss)/income attributable to
security holders
($5,017) $1,465 442%

Interim Dividend
Amount per security $0.02
Imputed amount per security $0.02
Record Date 14 March 2017
Dividend Payment Date 21 March 2017



Comments A brief Please refer to profit announcement above
and attachments for commentary.



Attachments:
 Condensed interim financial statements
 Investor presentation
 Appendix 7 notice of event effecting securities - Dividend

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CONDENSED INTERIM
FINANCIAL
STATEMENTS
COMVITA LIMITED AND GROUP
For the 6 months ended 31 December 2016

FROM THE CHAIRMAN AND CHIEF
EXECUTIVE
DIRECTORS’ DECL A R ATION
CONDENSED INTERIM INCOME STATEMENT
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
CONDENSED INTERIM STATEMENT OF
CHANGES IN EQUITY
CONDENSED INTERIM STATEMENT OF
FINANCIAL POSITION
CONDENSED INTERIM STATEMENT OF
CASH FLOWS
NOTES TO THE INTERIM FINANCIAL
STATEMENTS
COMPA N Y DIRECTORY
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CONTENTS

Comvita Condensed Interim Financial Statements 2016 - P2Comvita Condensed Interim Financial Statements 2016 - P3



Neil Craig Scott Coulter
20 February 2017 20 February 2017
For the six month period ending 31 December 2016,
Comvita (NZX:CVT) recorded a net loss after tax of
$7.1m on sales of $57.7m. This result is in line with
earlier guidance, and compares with a reported net
profit after tax (NPAT) of $3.0m on sales of $91.1m
for the six month period to 30 September 2015. The
interim results for both periods are unaudited.
At an operating level, adjusting for changes in fair
value of derivatives, the net loss after tax was $4.4m.
The difference between the reported NPAT and the
operating NPAT is the revaluation of Comvita’s options
in SeaDragon (NZX:SEA) down by $2.8m.
Comvita Chairman Neil Craig says, “As we signalled
in our market update of 23 January, informal channel
sales to China through Asian resellers in Australia
and New Zealand are down on expectations and the
2016 comparative period. The poor interim result is
almost entirely a result of the drop in sales in these
two markets. While this result is very disappointing,
we are very pleased with the mitigating actions taken
by the management team, including cost reduction
initiatives, with a focus on productivity and ongoing
innovation and product development. The changes
made to the business this year will set us up well for
further growth in earnings beyond the excellent 2016
result when the sales environment improves. The
board believes the company is still well placed to
meet its long term strategic objectives.”
Dividend
“On 23 January 2017, we advised that we anticipated
our 2017 after tax operating earnings would be in
the range of $5-7m. In keeping with our current
dividend payment policy of 40-45% of annual after tax
operating profits, we will pay a fully imputed interim
dividend of two cents per share on 21 March 2017 for
those shares registered 14 March 2017.”
Derma Sciences, Inc. Post Half Year Event
Mr. Craig said, “We believe the Derma Science
(Nasdaq:DSCI) transaction is an exceptional one
for our shareholders. We sold the Medihoney
brand for NZ $19m, however we have retained the
worldwide rights to use the brand in over the counter
(OTC) channels. We have also entered into a new
manufacturing agreement that enables us to lower our
costs for products in our range that require Medical
Device certifications, and develop a Medihoney
branded Manuka honey band-aid. The agreement
also provides for Comvita to supply bulk, medical
grade Manuka honey on a commercial basis over the
long term.
US company Integra Life Sciences (Nasdaq:IART)
has made an offer to buy Derma Sciences at US$7
per share which values our stake at approximately
NZ$11m. The total value of the Medihoney sale and the
share sale is approximately NZ$30m immediately, with
the prospect of a further US$5m over several years,
provided certain Medihoney sales targets are met by
Integra.”
“With the share placement made to China Resources
on 26 October 2016 of $21m and the recent Derma
Sciences transaction, Comvita has a strong balance
sheet. As communicated already, these funds will
be applied to debt reduction and then for funding
strategic initiatives and potential acquisitions
currently under consideration.”
CEO Commentary
Comvita CEO Scott Coulter said, “The business
operating conditions in our two biggest markets
(Australia and New Zealand) have been extremely
tough over the first six months and account for
most of the shortfall in revenue for the period. We
are working through a painful period of channel
rebalancing from informal to more formal paths to
China. This adjustment period may continue for a few
more months and the informal channel business in
Australasia remains the largest risk to our short term
projections. Longer term Comvita is well positioned
to cement our competitive advantage through the
strategic partnerships we have set up at both the
supply end of its business and inside China itself.”
Our China Joint Venture is on track and expected
to start from 1 July 2017. This will improve both our
profitability from China based sales and our visibility
into this market. Our strategic partnership with
China Resources is progressing well and we believe
this relationship will enable our brand to expand
more broadly into Chinese based distribution of high
quality, premium, healthy food products outside our
traditional bee-products base.
As we informed the market on 23 January 2017, the
honey season is likely to be significantly impacted by
prolonged and unfavourable weather conditions. This
was an exceptionally poor honey harvest across the
country. Harvest risk is recognised as a characteristic
of beekeeping and this is going to happen from time to
time, although the extent this event impacted most of
our Apiaries and subsequently our profitability in the
second half ending 30 June, was highly unusual.
We will not have full visibility on our 2017 honey
harvest until April/May 2017. As the honey season
progresses down the country from North to South,
some hives are still in the field collecting honey, which
means estimating the harvest is extremely difficult.
Since our last announcement, the honey season has
progressed another month with little improvement
in the weather conditions. As we have mentioned
previously, assuming a return to normal weather
patterns next year, the operating profit impact of this
poor honey harvest will be isolated to this current
financial year.
Management have used the opportunity over the past
six months to significantly improve our underlying
operating business. The company has reduced its
operating cost base by $6.5m in the first half, and
we expect full year savings of $10m compared to
the prior year. At the same time we have developed
new capability in innovation, as we build towards
achieving our strategic goals of value additions to
our existing honey business and diversification of the
product range. We now have a dedicated innovation
team within the business with a cross functional skill
base including food formulating, topical products
formulation, regulatory affairs, patent management,
marketing and project management expertise.
The Derma Sciences transaction enabled us to reduce
debt substantially, from $82m at 31 December 2016 to
$53m by 31 March 2017, an amount significantly lower
than our total inventory position at $97m.
Innovation
It is important to note while we are vigorously
pursuing a diversification strategy, we are not placing
any less emphasis on our core bee products business,
and in particular Manuka honey. Our inventory is in a
very strong position and we are opening new channels
and markets for Manuka honey, as well as launching a
number of new, value-added initiatives with products
containing Manuka Honey. We have launched a
Manuka honey beverage range, a range of sugar free
lozenges containing Manuka honey and will shortly
launch therapeutic versions of pure Manuka honey
lozenges.
From Derma Sciences we expect to launch a range of
Manuka honey wound dressing products by mid-2017.
The sale of the Medihoney brand to Derma Sciences
still allows Comvita to have exclusive world-wide
use of the Medihoney brand in the OTC market. The
Medihoney therapeutic skincare range, targeted at
customers who have skin prone to Eczema, is growing
strongly in Australian pharmacy channels, our largest
Medihoney market at 37% on a moving annual total
(MAT) basis.
Fresh Olive Leaf Extract (OLE) continues to go from
strength to strength in Australia, our largest OLE
market, and we have grown OLE sales in this market
by 24% on an MAT basis, driven by new innovation in
high strength capsules. Our focus over the next few
months will be driving OLE sales and innovation in
markets outside Australia.
Markets
Japan is now one of our faster growing markets with
sales increasing by 20% for the six months ended
31 December 2016. Sales to our distributor in China
have impacted our Asian sales, hence the reported
drop in sales over this period from $30m to $20m.
This change in sales is due to timing of shipments and
seasonal differences in the reporting periods. While
sales have decreased over this period to Asia, the
profit contribution made on these sales is virtually the
same. This indicates a lift in profitability in our Asian
business.
Our sales data demonstrates Comvita’s underlying
growth in China continues. Over the last quarter
of 2016, an important period for seasonal reasons,
as this period includes the onset of winter as well
as covering a number of important sales events like
singles day, our China distributor sales grew at 15%
compared with the same quarter in 2015. There have
been a number of marketing initiatives, including live
steaming from our Paengaroa Head Office to 300,000
consumers on T-Mall, which will position our brand
well for future growth. It is also important to note that
while our online business inside China continues to
grow, we have a good base of offline retail locations
to provide consumers with the ability to connect and
engage directly with our brand.
Sales in the UK are up by 10.5% on a similar currency
basis over the prior six month period. We have several
new listings in pharmacy with Boots and with Holland
& Barrett, the UK’s largest health food chain, which will
help us drive second half growth. The USA is growing
strongly, particularly with e-commerce sales, and we
expect to move into a profitable position in this market
within the next 12 months. We expect the UK, Korea
and Japan to all grow this year on a same currency
basis, although the Brexit impact on the UK currency
will have a dampening effect in NZ dollar terms.
Overall, we expect our second half year sales to be
up significantly on our first half year due to continued
growth in the non-Chinese markets, improvement in
Australasian sales, the effect of new sales initiatives
in new and existing markets and an increasing
contribution to sales from our innovation pipeline.
FROM THE CHAIRMAN AND CHIEF EXECUTIVE

Comvita Condensed Interim Financial Statements 2016 - P4Comvita Condensed Interim Financial Statements 2016 - P5
In the opinion of the directors of Comvita Limited, the financial statements and
the notes, on pages 5 to 19:
• comply with New Zealand generally accepted accounting practice and
fairly state the financial position of the Group as at 31 December 2016 and
the results of their operations and cash flows for the period ended on
that date
• have been prepared using appropriate accounting policies, which have
been consistently applied and supported by reasonable judgements and
estimates
The directors believe that proper accounting records have been kept which
enable, with reasonable accuracy, the determination of the financial position
of the Group and facilitate compliance of the financial statements with the
Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The directors consider that they have taken adequate steps to safeguard the
assets of the Group, and to prevent and detect fraud and other irregularities.
Internal control procedures are also considered to be sufficient to provide
reasonable assurance as to the integrity and reliability of the financial
statements.
The directors are pleased to present the financial report, incorporating the
condensed interim financial statements of Comvita Limited for the period
ended 31 December 2016.
For and on behalf of the Board of Directors:
DIRECTORS’ DECL A R ATION
INCOME STATEMENT



Neil Craig Luke Bunt
20 February 2017 20 February 2017
For the 6 months ended
In thousands of New Zealand dollars
31 December
2016
30 September
2015
NoteUnauditedUnaudited
Revenue57,730
91,066
Cost of sales(32,114)
(49,498)
Gross profit25,616
41,568
Other income210
126
Selling and marketing expenses(16,818)
(20,776)
Distribution expenses(2,733)
(3,986)
Research and development expenses(1,689)
(1,414)
Administrative expenses(8,217)
(9,689)
Operating profit before financing costs(3,631)
5,829
Finance income5621
1,070
Net change in fair value of derivatives - SeaDragon options(2,750)
-
Finance expenses5(2,386)
(1,606)
Net finance cost(4,515)
(536)
Share of loss of equity accounted associates8a(352)
(178)
(Loss)/profit before income tax(8,498)
5,115
Income tax benefit/(expense)61,389
(2,075)
(Loss)/profit for the period(7,109)3,040
Attributable to:
Equity holders of the Company(7,109)3,183
Non-controlling interest-(143)
Earnings per share:
Basic earnings per share (NZ cents)7(17.18)7.69
Diluted earnings per share (NZ cents)7(17.18)7. 41
The notes on pages 10 to 19 are an integral part of these financial statements
Condensed interim

Comvita Condensed Interim Financial Statements 2016 - P6Comvita Condensed Interim Financial Statements 2016 - P7
CHANGES IN EQUITY
COMPREHENSIVE INCOME
Condensed interim statement of
Condensed interim statement of
For the 6 months ended 31 December 2016
In thousands of New Zealand dollars
31 December
2016
30 September
2015
UnauditedUnaudited
(Loss)/Profit for the period(7,109)3,040
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for foreign operations (969)5,786
Effective portion of changes in fair value of cash flow hedges1,024(2,610)
Net change in fair value of available-for-sale financial assets2,130(4,254)
Foreign investor tax credits received1270
Income tax on income and expense recognised directly in other
comprehensive income
(105)(710)
Income and expense recognised directly in other comprehensive
income
2,092(1,718)
Total comprehensive income for the period(5,017)1,322
Attributable to:
Equity holders of the Company(5,017)1,465
Non-controlling interest-(143)
For the 6 months ended 31 December 2016
Unaudited
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Fair value
reserve
Retained
earningsTotal
Non-
controlling
interestTotal
Balance at 1 April 201594 ,778(4,617)(1,394)3,51526,887119,169(490)118,679
Total comprehensive income for the period
Profit after tax for the period----3,1833,183(143)3,040
Other comprehensive income (net of tax):
Foreign investor tax credits received----7070-70
Foreign currency translation differences for
foreign operations
-4,166---4,166-4,166
Effective portion of changes in fair value of
cash flow hedges
--(1,879)--(1,879)-(1,879)
Net change in fair value of available-for-sale
financial assets
---(4,075)-(4,075)-(4,075)
Total other comprehensive income for the
period
-4,166(1,879)(4,075)70(1,718)-(1,718)
Total comprehensive income for the period-4,166(1,879)(4,075)3,2531,465(143)1,322
Transactions with owners, recorded directly in equity
Share based payments----146146-146
Purchase of treasury stock (936)----(936)-(936)
Issue of ordinary shares:
- executive share scheme355----355-355
- staff share scheme63----63-63
Issue expenses related to treasury stock(35)----(35)-(35)
Dividend paid (3,673)(3,673)-(3,673)
Total transactions with owners(553)---(3,527)(4,080)-(4,080)
Balance at 30 September 201594,225(451)(3,273)(560)26,613116,554(633)115,922
Balance at 1 July 201697,181(3,566)(1,435)-39,659131,839-131,839
Total comprehensive income for the period
Loss after tax for the period----(7,109)(7,109)-(7,109)
Other comprehensive income (net of tax):
Foreign investor tax credits received----1212-12
Foreign currency translation differences for
foreign operations
-(698)---(698)-(698)
Effective portion of changes in fair value of
cash flow hedges
--737--737-737
Net change in fair value of available-for-sale
financial assets
---2,0412,041-2,041
Total other comprehensive income for the
period
-(698)7372,041122,092-2,092
Total comprehensive income for the period-(698)7372,041(7,097)(5,017)-(5,017)
Transactions with owners, recorded directly in equity
Share based payment----190190-190
Issue of treasury stock (note 16b)613---1,3321,945-1,945
Issue of ordinary shares:
- executive share scheme1,729----1,729-1,729
- staff share scheme7----7-7
- private placement (note 16a)21,200----21,200-21,200
Issue expenses related to issuing shares(31)----(31)-(31)
Dividend paid (note 17)----(829)(829)-(829)
Total transactions with owners23,518---69324,211-24,211
Balance at 31 December 2016120,699(4,264)(698)2,04133,255151,033-151,033
The notes on pages 10 to 19 are an integral part of these financial statements
The notes on pages 10 to 19 are an integral part of these financial statements

Comvita Condensed Interim Financial Statements 2016 - P8Comvita Condensed Interim Financial Statements 2016 - P9
CASH FLOWS
FINANCIAL POSITION
Condensed interim statement of
Condensed interim statement of
Financial Position
As at 31 December 2016
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Note
Assets
Property, plant and equipment47,2 9 645,17247,895
Biological assets3,8094,8553,844
Intangible assets and goodwill40,6004 4 ,72841,629
Investments
8
19,6289,02712,629
Deferred tax asset1,0631,72 51,361
Total non-current assets112,396105,507107,358
Inventory
10
9 7,2 286 7,2 1495,299
Trade receivables21,96928,17318,792
Sundry receivables16,9215,99812,015
Tax receivable3 ,7 1792976
Derivatives
9
3,602-6,948
Cash and cash equivalents114,2657,5 492,780
Total current assets147,702109,863135,910
Total assets260,098215,370243,268
Equity
Issued capital
16
120,69994,2259 7,18 1
Retained earnings33,25526,61339,659
Reserves
(2,92 1)
(4,283)(5 ,0 01)
Non-controlling interest
-
(63 3)-
Total equity151,033115,922131,839
Liabilities
Loans and borrowings
11
86,65065,28386,800
Deferred revenue-3,6032,810
Deferred tax liabilities
23
--
Employee benefits387436354
Total non-current liabilities87,06069,32289,964
Trade and other payables12,36816,14511,525
Employee benefits3,4404,1372,749
Deferred revenue3,3381,0571,057
Ta x p ayab le1912,2262,096
Loans and borrowings
11-
2,030-
Derivatives92,6684,5314,038
Total current liabilities22,00530,12621,465
Total liabilities109,06599,448111,429
Total equity and liabilities260,098215,370243,268
The notes on pages 10 to 19 are an integral part of these financial statements
The notes on pages 10 to 19 are an integral part of these financial statements
For the 6 months ended 31 December 2016
In thousands of New Zealand dollars
31 December
2016
30 September
2015
NoteUnauditedUnaudited
Receipts from customers53,28487,100
Payments to suppliers and employees(57,609)(110,011)
Interest received17129
Interest paid(2,330)(1,608)
Taxation paid(3,693)(2,888)
Net cash flows from operating activities12(10,177)( 27, 378)
Payment for investment in equity accounted investee(2,507)-
Payment for loans to equity accounted investee(5 ,674)-
Payment for the acquisition of property, plant and equipment(1,992)(2,817)
Receipt from disposal of property, plant and equipment239-
Receipt of profit from equity accounted investee142889
Payment for the acquisition of intangibles(396)(773)
Net cash flows from investing activities(10,188)(2,701)
Proceeds from the issue of shares22,936420
Payment for share capital-(937)
Payment for share capital issue expenses(31)(35)
Payment of dividend(829)(3,673)
Proceeds from loans and borrowings-22,500
Repayment of loans and borrowings(150)(700)
Net cash flows from financing activities21,92617, 575
Net (decrease)/increase in cash and cash equivalents1,561(12,504)
Cash and cash equivalents at the beginning of the period2 ,78019,420
Effect of exchange rate fluctuations on cash held(76)633
Cash and cash equivalents at the end of the period4,2657, 549
Represented as:
Cash and cash equivalents114,2657, 549
Bank overdraft--
Total4,2657, 549

Comvita Condensed Interim Financial Statements 2016 - P10Comvita Condensed Interim Financial Statements 2016 - P11
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
1. REPORTING ENTITY
Comvita Limited (the “Company”) is a company domiciled in New
Zealand, and registered under the Companies Act 1993 and listed on
the New Zealand Stock Exchange (“NZX”). The Company is an issuer
in terms of the Financial Reporting Act 2013 and Financial Markets
Conduct Act 2013.
The condensed interim financial statements of the Group for the six
months ended 31 December 2016 comprise the Company and its
subsidiaries (together referred to as the “Group”) and the Group’s
interest in equity accounted investees.
The balance date was changed from 31 March to 30 June in the prior
year to align reporting periods with trading activities. As result, the
date of the condensed interim financial statements has changed from
30 September to 31 December.
The principal activity of the Group is that of manufacturing and
marketing quality natural health products and apiary ownership and
management.

2. BASIS OF PREPARATION
(a) Statement of compliance
The Company is a FMC reporting entity for the purposes of the
Financial Reporting Act 2013 and the Financial Markets Conduct Act
2013. These Financial Statements comply with these Acts and have
been prepared in accordance with the New Zealand Equivalents to
International Financial Reporting Standards as appropriate for profit-
oriented entities.
The condensed interim financial statements do not include all of the
information required for full annual financial statements and should
be read in conjunction with the group financial statements as at and
for the 15 months ended 30 June 2016.
The condensed interim financial statements were approved by the
Board of Directors on 20 February 2017.
(b) Basis of measurement
The financial statements have been prepared on the historical
cost basis except for derivative financial instruments, financial
instruments classified as available-for-sale and biological assets
which are measured at fair value. Fair values have been determined
for measurement and/or disclosure purposes on the same basis as
those applied by the Group in the financial statements as at and for
the 15 months ended 30 June 2016.
(c) Functional and presentation currency
These financial statements are presented in New Zealand dollars ($),
which is the Company’s functional currency. Amounts have been
rounded to the nearest thousand.
(d) Use of estimates and judgements
The preparation of condensed interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting requires
management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the Groups
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the financial statements as at and
for the 15 months ended 30 June 2016.
The accounting policies have been applied consistently throughout
the Group for the purposes of these condensed interim financial
statements.
3. SIGNIFICANT ACCOUNTING
POLICIES
The accounting policies applied in these condensed interim financial
statements are the same as those applied in the Group’s financial
statements as at and for the 15 months ended 30 June 2016.
4. SEGMENT REPORTING
Segment information is presented in the condensed interim financial
statements in respect of the Group’s contribution segments which
are the primary basis of decision making. The contribution segment
reporting format reflects the Group’s management and internal
reporting structure.
Performance is measured based on contribution which is a
measure of profitability that the segment contributes to the Group.
Contribution is used to measure performance as management
believes that such information is most relevant in evaluating the
results of certain segments. Inter-segment pricing is determined on
an arms-length basis.
Each segment sells Comvita’s range of products, except for the
medical segment, see below. Comvita’s range of products primarily
include products with apiary and other natural ingredients.
Apiary operations are an integral part of our total business and are
represented over all segments.
The Company is organised primarily by geographic location of its
subsidiaries, such as New Zealand, Australia, Asia & Europe, except
for the Medical segment, though this is primarily earned from Derma
Sciences, Inc., which is an American based company.
The Group has five reportable segments as described below:
New Zealand
This segment captures both revenue and related costs for the New
Zealand market, excluding exports.
Australia
This segment captures both revenue and related costs for the
Australian domestic market and includes non-intercompany
revenue and costs from Comvita Australia Pty Limited. This segment
excludes all ethical medical based revenue and costs as these are
shown in their own segment.
Asia
This segment captures both revenue and related costs of our Asian
operations and customers. The Asian segment includes Hong
Kong, Taiwan, Japan, China, Korea and Singapore.


Europe
This segment captures both revenue and related costs for the United
Kingdom and European markets. This segment excludes all
ethical medical based revenue and costs as these are shown in their
own segment.
Medical
This segment is based over multiple geographical regions capturing
both revenue and related costs for medical Manuka Honey based
products. The main contributors to this segment are bulk medical
honey sales, deferred revenue and royalty payments received from
Derma Sciences, Inc.
Contribution segments
For the 6 months ended 31 December 2016 and 30 September 2015
In thousands of
New Zealand dollarsNew ZealandAustralia AsiaEuropeMedical
Total reportable
segmentsOther Total
20162015 2016201520162015201620152016201520162015 20162015 20162015
Sales 12,40919,69812,42128,71919,97630,2953,6584,2783,4134,67951,87787,6695,8533,39757,73091,066
Contribution4,9068,9201,08611,2993,0103,246681251,3422 ,18410,41225 ,774201(283)10,61325,491
Non attributable (other corporate expenses)(18,759)(20,198)
Share of loss of equity accounted investees (note 8a)(352)(178)
Net (loss)/profit before tax(8,498)5,115
Total assets
As at
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Total non-current assets for reportable segments86,64277,89585,657
Other investments8,2288,1606,098
Investment in equity accounted investees11,4008676,531
Other unallocated assets154,028128,448144,982
Consolidated total assets260,098215,370243,268
4. SEGMENT REPORTING (continued)

Comvita Condensed Interim Financial Statements 2016 - P12Comvita Condensed Interim Financial Statements 2016 - P13
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
5. FINANCE INCOME AND EXPENSES
In thousands of New Zealand dollars
31 December
2016
30 September
2015
UnauditedUnaudited
Interest income on bank deposits17127
Foreign exchange gain4311,043
Other19-
Finance income6211,070
Interest expense on financial liabilities measured at amortised cost(2,338)(1,606)
Other(48)-
Finance expenses(2,386)(1,606)
6. INCOME TAX EXPENSE
The current period income tax expense is impacted by a number of factors. The $2.8m fair value movement of SeaDragon options is not deductible
for tax purposes, this has had the most significant impact on the effective tax rate in the current period. Excluding SeaDragon options movement,
the effective tax rate is 24%.
7. EARNINGS PER SHARE
Basic earnings per share – weighted average number of ordinary shares
In thousands of shares
31 December
2016
30 September
2015
UnauditedUnaudited
Issued ordinary shares at beginning of year 39,58139,431
Effect of shares issued during the period1,79191
Weighted average number of ordinary shares at the end of the period41,37239,522
Basic earnings per share (NZ cents)(17.18)7.69
Diluted earnings per share – weighted average number of ordinary shares
In thousands of shares
31 December
2016
30 September
2015
UnauditedUnaudited
Weighted average number of ordinary shares (basic)41,37239,522
Effect of stock entitlements issued1,1811,497
Weighted average number of diluted shares at the end of the period42,55341,019
Diluted earnings per share (NZ cents)(17.18)7. 41
The effect of stock entitlements is Nil where the exercise price is higher than the average share price for the year, in accordance with NZ IAS 33
Earnings per share. When there is a net loss the diluted earnings per share cannot be less than the basic earnings per share.
8. INVESTMENTS
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Investment in equity accounted investees11,4008676,531
Available-for-sale financial assets8,2208,1526,090
Investment in unlisted shares888
Total investments19,6289,02712,629
a) Investment in equity accounted investees
In thousands of New Zealand dollars
SeaDragonKaimanawaPutakeOtherTotal
Carrying value at 1 July 20165,3431,083-1056,531
Acquisition--5,1602035,363
Prior year profit distributed this year-(142)--(142)
Share of (loss)/profit(302)19(69)-(352)
Carrying value at 31 December 20165,0419605,09130811,400
b) Available-for-sale financial assets
Investment held in Derma Sciences, Inc.

31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Number of shares held1,098,2131,098,2131,098,213
Value of shares held$8,220,000$8,152,000$6,090,000
The Group determines fair value through Derma’s share price on the Nasdaq, multiplied by the number of shares, converted into New Zealand
dollar. The value of the shares has increased primarily due to an increase in Derma share price in the previous six months.
9. DERIVATIVES
The table below analyses financial instruments carried at fair value, by valuation method. These are all level 2 on the fair value hierarchy, inputs
other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e.,
derived from prices). There have been no transfers between levels in either direction during the period.
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Derivatives – SeaDragon options 1,875-4,625
Derivatives – assets (hedged) 1,727-2,323
Total assets3,602-6,948
Derivatives – liabilities (hedged)(2,668)(4,531)(4,038)
Total liabilities934(4,531)(4,038)
Fair Values
The fair value of all financial assets and liabilities is the same as the carrying amount.

Comvita Condensed Interim Financial Statements 2016 - P14Comvita Condensed Interim Financial Statements 2016 - P15
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
10. INVENTORY
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
30 June
2016
Audited
Raw materials63,12441,99164,509
Work in progress1,6188532,405
Finished goods 33,36125,65529,362
Provision (875)(1,285)(977)
Total inventory97, 2 2867,21495,299
11. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings issued and repaid during
the periods presented.
In thousands of New Zealand dollars
31 December
2016
30 September
2015
UnauditedUnaudited
Balance at beginning of period86,80045,513
Repayment of term loans and borrowings(150)(700)
Drawdown from long term borrowings-22,500
Balance at end of period86,65067,313
Represented as:
Current loans and borrowings-2,030
Non-current loans and borrowings86,65065,283
Total loans and borrowings86,65067,313
Less: cash and cash equivalents(4,265)(7,549)
Total net debt82,38559,764
The Group was in compliance with banking covenants during the period and as at 31 December 2016.
12. RECONCILIATION OF THE (LOSS) / PROFIT FOR THE PERIOD WITH THE
NET CASH FROM OPERATING ACTIVITIES

For the 6 months ended
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
(Loss)/Profit for the period(7,109)3,040
Adjustments for:
Depreciation2,3522,355
Amortisation1,1621,121
Gain on disposal of property, plant and equipment(89)-
Share based payments190146
Release of deferred revenue(529)(529)
Share of loss in equity accounted investees352178
(Loss)/Profit adjusted for non-cash items(3,671)6,311
Change in working capital items from foreign currency translation reserve(255)(56)
Foreign investor tax credits1270
Change in inventories(1,929)(22,695)
Change in trade receivables(3,177)(3,176)
Change in sundry debtors and prepayments630(2,100)
Change in trade and other payables843(6,074)
Change in employee benefits724(1,067)
Change in derivatives1,976(2,355)
Movement of deferred tax in equity(105)864
Change in tax payable(5,546)2,576
Change in deferred tax(321)324
Net cash from operating activities(10,177)( 27, 378)

Comvita Condensed Interim Financial Statements 2016 - P16Comvita Condensed Interim Financial Statements 2016 - P17
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
13. RELATED PARTIES (continued)
SEADRAGON LTD (SEADRAGON)
The Group received director’s fees from SeaDragon – these amounts total $18,000 (30 September 2015: $Nil) and balance due at
31 December 2016 of $3,000 (30 September 2015: $Nil).
Comvita advanced a further $500,000 to SeaDragon under the Convertible Loan Note Agreement, taking the total balance
receivable at 31 December 2016 to $2,000,000 (30 September 2015: $Nil).
The Group received interest income on convertible loan notes amounting to $84,000 (30 September 2015: $Nil) and the balance
due at 31 December 2016 was $40,000 (30 September 2015: $Nil).
KAIMANAWA HONEY LIMITED PARTNERSHIP (KHLP)
The Group provides apiary management services in return for a management fee. Sale of goods and services received amount to
$1,070,000 (30 September 2015: $1,365,000), with balance due at 31 December 2016 of $1,426,000 (30 September 2015: $Nil).
Purchases of goods and services totalled $Nil (30 September 2015: $465,000) with a balance due at 31 December 2016 of $Nil
(30 September 2015: $465,000).
MEDIBEE APIARIES PTY LTD (MEDIBEE)
A joint venture was formed in May 2016 with Capilano Honey Pty Limited.
The Group has loaned Medibee $4,686,000 as at 31 December 2016 (30 September 2015: $Nil).
PUTAKE GROUP HOLDINGS LTD (PUTAKE)
On 1 July 2016 Comvita Limited formed a joint venture with Putake Group Limited, a Blenheim based apiary management business
operating in the upper, East and West coasts of the South Island. Consideration for this joint venture was paid in cash and shares
with 163,439 shares issued from treasury stock, refer to note 16(b).
MAKINO STATION LTD (MAKINO)
A joint venture was formed in May 2016 to purchase Makino Station situated in the central North Island. The 50:50 joint venture
has been funded equally by the joint venture partners by way of shareholders loans.
The Group has loaned Makino $3,051,000 as at 31 December 2016 (30 September 2015: $Nil).
The Group has accrued interest income on the loan of $62,000 (30 September 2015: $Nil). The balance due as at 31 December
2016 is $62,000 (30 September 2015: $Nil).
NGA PI HONEY LTD (NGA PI)
A joint venture has been set up with Gan Enterprises Limited.
The Group has loaned Nga Pi $211,000 as at 31 December 2016 (30 September 2015: $Nil). This loan is interest free.
The Group has also loaned Gan Enterprises $472,000 as at 31 December 2016 (30 September 2015: $Nil). Interest is payable on
this loan.
EXTRACTS NZ LIMITED (ENZ)
The Group rents property from ENZ. Rental expenditure for the six months ended 31 December 2016 totalled $37,000
(30 September 2015: $25,000).
13. RELATED PARTIES
Transactions with key management personnel
Key management compensation comprised:
In thousands of New Zealand dollars
31 December
2016
Unaudited
30 September
2015
Unaudited
Short term employee benefits1,1121,050
Shared based payments9879
Total1,2101,129

Other transactions with key management personnel
Directors and other key management personnel of the Company control 9.91% (30 June 2016: 9.98%, 30 September 2015: 20.3%) of the voting
shares of the Company.
Other related party transactions
Transactions and balances with related parties comprised:
Derma Sciences, Inc. (Derma)
The Group sells goods, receives royalty income and director fees from Derma – these amounts total $3,070,000 (30 September 2015: $3,609,000)
and balance due at 31 December $404,000 (30 September 2015: $1,777,000). The Group purchased finished goods from Derma totalling $140,000
(30 September 2015: $388,000) and balance due at 31 December $Nil (30 September 2015: $108,000).
Other transactions
Craigs Investment Partners Limited are considered to be a related party as Neil Craig is Chairman of both entities. Craigs Investment Partners Limited
manage the Comvita share purchase program (START Scheme) and facilitated the sale of shares in the Executive Share Scheme (refer Note 14) for
some employees. During the period fees paid to Craigs Investment Partners Limited, recognised in other expenses for mainly secretarial services
total $16,000 (six months ended 30 September 2015: $25,000).

Equity accounted investees
NameHoldingBalance Date
SeaDragon Ltd
9.1%*31 March
Kaimanawa Honey Ltd Partnership
50%30 June
Medibee Apiaries Pty Ltd
50%30 June
Putake Group Holdings Ltd
50%30 June
Makino Station Ltd
50%30 June
Nga Pi Honey Ltd
33%30 June
Extracts NZ Ltd
33.3%31 March
* In addition the Group owns options and convertible loan notes.

Comvita Condensed Interim Financial Statements 2016 - P18Comvita Condensed Interim Financial Statements 2016 - P19
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
14. EXECUTIVE EMPLOYEE SHARE SCHEME
Comvita Limited has an Executive Share Scheme called the Comvita Limited Partly Paid Share Scheme (“The Scheme”). The Scheme is designed to
provide key employees with an opportunity to benefit from share price growth. A summary of the key points is disclosed in the most recent annual
financial statements.
There has been one issue during the six months ended 31 December 2016. Movements in the number of share entitlements outstanding under the
scheme are shown below:
In thousands
31 December 201630 September 2015
Number of
entitlements
Weighted average
exercise price
Number of
entitlements
Weighted average
exercise price
Entitlements on issue
Entitlements outstanding at beginning of period
1,5314 .711,7393.59
Entitlements granted
80111.085445.45
Entitlements converted to ordinary shares
(114)6.71(150)2.36
Entitlements forfeited
(461)3.74(161)2 .75
Entitlements outstanding at end of period
1,7577.741,9724 .19
Entitlements available to be exercised
Entitlement outstanding at beginning of period
--391.53
Entitlements converted to ordinary shares
--(39)1.53
Entitlements now exercisable
--3163.90
Entitlements outstanding at end of period
--3163.90
Fair Value of Share rights granted
The fair value of services received in return for share entitlements granted to employees is measured by reference to the fair value of shares. The
estimate of the fair value of the services received is measured based on a Monte Carlo simulation model.
Fair value of share entitlements and assumptions
Issue Date 25-Jul-135 Sept-1417-Aug-1518-Nov-1530-Sep-16Total
Entitlements issued (number)
731,250772,500544,000208,750801,2503,057,750
Entitlements on hand (at 31 Dec 2016)
135,312295,000371,500188,750766,2501,756,812
Fair Value at measurement date
$0.59$0.59$0.95$1.21$1.26
Share price at grant date
$3.90$3.65$5.75$8.18$11.30
Grant Date
25-Jul-1305-Sept-1417-Aug-1518-Nov-1530-Sep-16
Exercise price
$3.90$3.67$5.45$7.77$11.08
Expected price volatility
26.5%35.3%27.0%25.8%23.7 %
Share life
2-4 years2-4 years2-4 years2-4 years2-4 years
Expected dividend yield
2.50%4.20%2 .78%2.26%2 .73%
Risk-free interest rate
4.00%4.09%2.69%2.57%1.87%
15. NET TANGIBLE ASSETS PER SHARE
31 December
2016
Unaudited
30 September
2015
Unaudited
Net tangible assets per share (NZ cents)
2.501.71
16. SHARE CAPITAL
(a) Private placement
On 26 October 2016, the Company completed a private placement to China Resources Ng Fung Limited for 2,000,000 new ordinary shares for $10.60
per share.
(b) Treasury stock
In thousands of shares
31 December
2016
Unaudited
30 September
2015
Unaudited
Treasury stock at beginning of the period
413-
Issued as part consideration for Putake Investment (note 13)
(163)-
Total treasury stock at end of the period
250-
On 1 July 2016 the Company issued 163,439 of treasury stock as part consideration for the 50% investment in Putake Group Holdings Limited. This
resulted in a gain on issue of treasury stock in retained earnings totalling $1,332,000.
17. DIVIDENDS
On 23 September 2016 a final dividend was paid. It was a fully imputed final dividend of $800,000 (2.0 cents per share).
18. SUBSEQUENT EVENTS
Sale of Medihoney Brand and related Intellectual Property to Derma Sciences, Inc.
On 12 January 2017 the Group announced the sale of the Medihoney Brand and related Intellectual Property to Derma. Proceeds of USD$13.3m were
received at this time, with a further US$5m payable in the form of earn outs upon future annual sales milestones being achieved.
Comvita retains the exclusive use worldwide of the Medihoney brand for its over-the-counter business.
On 10 January Derma announced that they are to be acquired by Integra LifeSciences (Nasdaq: IART) for US$7.00 per share. Comvita owns 1,098,213
shares in Derma, refer to note 8(b). The acquisition of Derma by Integra is expected to be completed by 31 March 2017.
China Joint Venture
On 5 September 2016 the Company announced it had signed a Heads of Agreement with Shenzhen Comvita Natural Food Co Limited, its long term
distribution partner in China to form a joint venture in China. Under the Heads of Agreement, Comvita will acquire its 51% shareholding by issuing
2,830,000 shares in the Company at $10.60 per share. The incorporation of the joint venture and the share issue are expected to be completed by
30 June 2017.
Interim dividend
The Board has announced an interim dividend of 2 cents per share (fully imputed) payable on 21 March 2017, record date 14 March 2017.

SHARP TUDHOPE
Level 4
152 Devonport Road
Private Bag TG12020
Tauranga 3110
LINK MARKET
SERVICES LIMITED
P O Box 91976
Auckland 1142
SOLICITORS
WESTPAC BANKING
CORPORATION
Tauranga Branch
27 Spring Street
P O Box 13 215
Tauranga 3141
KPMG
Tauranga
Level 2
247 Cameron Road
Tauranga, 3140
BANKERS
AUDITORS
SH ARE
REGISTRY
COMVITA BOARD OF DIRECTORS
Neil John Craig
Alan John Bougen
Sarah Christine Ottrey
Lucas (Luke) Nicholas Elias Bunt
Sarah Jane Kennedy
Murray John Denyer
COMVITA LIMITED
23 Wilson Road South, Paengaroa
Private Bag 1, Te Puke 3153
Bay of Plenty, New Zealand
Phone +64 7 533 1426
Fax +64 7 533 1118
Freephone 0800 504 959
Email investor-relations@comvita.com
www.comvita.co.nz
DIRECTORS
REGISTERED OFFICE
DIRECTORY
NORTH AMERICA
Comvita USA Inc.
2nd Floor, 520 Broadway
Santa Monica, CA 90401
California | USA
Phone +1 855 449 2201
usacustomerservice@comvita.com
CHINA
Shenzhen Comvita
Natural Food Co Limited
Unit 1, 24th Floor, Shangbu Building
Shangbu Road | Futian District
Shenzhen | China
Phone +86 755 8 366 1958
comvita@comvita.com.cn
UNITED KINGDOM
Comvita UK Limited
2nd Floor, 47a High Street
Maidenhead, SL61JT
United Kingdom
Phone +44 1628 779 460
info@comvita.co.uk
NEW ZEALAND
Comvita New Zealand Limited
23 Wilson Road South | Paengaroa
Private Bag 1 | Te Puke 3153
Bay of Plenty | New Zealand
Phone +64 7 533 1426
Freephone 0800 504 959
info@comvita.com
HONG KONG
Comvita Hong Kong Limited
Room 1320 – 1322 Leighton Centre
77 Leighton Road
Causeway Bay | Hong Kong
Phone +852 2562 2335
cs@comvita.com.hk
KOR E A
Comvita Korea Co Limited
Aju Building #403
600 Gyeongin-ro
Guro-gu, Seoul (08213) | Korea
Phone +852 2562 2335
service.korea@comvita.com
AUSTRALIA
Comvita Australia Pty Limited
10 Edmondstone Street
South Brisbane
Queensland 4101 | Australia
Phone +61 7 3846 6047
Freephone 1800 466 392
info@comvita.com.au
JAPAN
Comvita Japan Company Limited
Sangenjaya Horisho Bld 4F
1-12-39 Taishido, Setagaya-Ku
Tokyo 154-0004 | Japan
Phone +81 3 6805 4780
info@comvita-jpn.com

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
$
14 March, 201721 March, 2017
$849,000
Date Payable
21 March, 2017
$$0.001389$0.007778
In dollars and cents
RETAINED EARNINGS
$0.02
NZD$0.003529
Enter N/A if not
applicable
ORDINARY SHARESNZCVTE0001S7
EMAIL: announce@nzx.com
Notice of event affecting securities
1
COMVITA LIMITED
MARK SADDDIRECTORS RESOLUTION
027-707-969807 533 111816022017

---

INVESTOR PRESENTATION
FEBRUARY 2017
CHIEF EXECUTIVE OFFICER, SCOTT COULTER, 021 386 988
CHIEF FINANCIAL OFFICER, MARK SADD, 027 707 9698

IMPORTANT NOTICE
This presentation is given on behalf of Comvita Limited. Information in this presentation:
●Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim
Reports and market releases on NZX;
●Is from unaudited Interim Reports for the six months ended 31 December 2016;
●May contain projections or forward-looking statements about Comvita. Such forward-
looking statements are based on current expectations and involve risks and uncertainties.
Comvita’s actual results or performance may differ materially from these statements;
●Includes statements relating to past performance, which should not be regarded as a
reliable indicator of future performance;
●Is for general information purposes only, and does not constitute investment advice;
●Is current at the date of this presentation, unless otherwise stated.
1
Investor Presentation February 2017
While all reasonable care has been taken in compiling this presentation, Comvita accepts no
responsibility for any errors or omissions.
All currency amounts are in NZ dollars unless otherwise stated.

Investor Presentation February 2017
2
The company is still well placed to meet its
long term strategic objectives.

Investor Presentation February 2017
3
HALF YEAR IN REVIEW
$4.4m$57.7m
Ongoing focus
on reducing
overheads.
14 new products
developed since
June 2016.
10 further
products between
Mar-Jun 2017
SALESEARNINGSOPERATING
EFFICIENCIES
INNOVATION
STRATEGY
SUBSEQUENT EVENT:
Sale of Medihoney
IP assets to Derma.
Comvita retain
use of brand for
over-the-counter
business.
DERMA
SCIENCES
Grey channel
recovery slower than
expected.
Difficult
trading
conditions,
especially in
Australasia.
Operating Loss (6 months) (6 months)
$6.5m

SALES FOR THE
6 MONTHS TO
31 DECEMBER 2016
USA
$5m
(2015 : $6m)
UNITED KINGDOM
$4m
(2015 : $4m)
ASIA
$20m
(2015 : $30m)
AUSTRALIA
$12m
(2015 : $29m)
NEW ZEALAND
$17m
(2015 : $22m)
Figures are based on 6 months unaudited results to 31 December 2016.
(2015 comparative: 6 months unaudited results to 30 September 2015.)
4
Investor Presentation February 2017

PRODUCT
SEGMENTS
OF TOTAL
REVENUE
52%
4%
12%
$30m
$2m
$7m
Figures are based on 6 months unaudited
results to 31 December 2016.
HEALTHCARE
FUNCTIONAL
FOODS
PERSONAL
CARE
MEDICAL
32%
$19m
5

CHINA
STRATEGY
Investor Presentation February 2017
6
All routes to China
important to Comvita
Challenges exist to
harmonise:
• Pricing
•Destocking
• Consumer reach

KEY
FINANCIAL
HIGHLIGHTS
Financial results for the
period ended
31 Dec
2016*
$’000
6 months
30 Sep
2015*
$’000
6 months
Change
Sep 15 to
Dec 16
$’000
Revenue 57,73091,066(33,336)
EBITDA**(2,826)10,176(13,002)
EBITDA % of operating
revenue
(5%)11%
Net profit after tax(7,109)3,040(10,149)
Earnings per share
(cents per share)
(17.18)7.69(24.87)
Interim dividend
(cents per share)
2.006.00(4.00)
Return on Capital
Employed (ROCE)
(3%)4%
**EBITDA: earnings before interest, tax, depreciation and amortisation.
Investor Presentation February 2017
7
*Unaudited.

OPERATING
PROFIT
RECONCILIATION
8
Investor Presentation February 2017
*Unaudited.
6 months to
31 Dec2016*
$’m
12 months to
30 June 2017
Projected*
$’m
Market guidance 23 January
Net (Loss)/Profit after tax
($7.0-$7.5)$20.0-$22.0
Net (Loss)/Profit after tax($7.1)$20.0-$22.0
Non operating adjustments
SeaDragonoptions
($2.8)($2.8)
Derma transactions (estimate)-$17.8
Operating Net (Loss)/Profit after tax($4.4)$5.0-$7.0

NET DEBT
AND GEARING
Investor Presentation February 2017
9
*12 months to 30 June 2016.
**Unaudited for 6 months to 31 December 2016.
Debt highly correlated
to inventory
Sufficient inventory to
satisfy 2018 demand
(Subsequent event)
42.6
46.0
54.9
81.2
99.2 *
16.5
20.8
27.2
44.5
95.3
97.3
13.4
25.3
26.5
26.1
84.0
82.4
52.9
0%
10%
20%
30%
40%
50%
60%
70%
20122013201420152016HY 2017
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
**
$ Millions
Cost of SalesInventorynet debt net debt post Dermagearing ratio (net debt)

KEY
BALANCE
SHEET
RATIOS
Key Balance Sheet Ratios
as at
31 Dec
2016*
$’000
30 June
2016
$’000
Change
%
Total assets260,096243,2687%
Raw material inventory63,12464,509(2%)
Net debt82,38584,020(2%)
Net debt to equity ratio55%64%(14%)
Weighted average shares on issue41,37239,3865%
Investor Presentation February 2017
10
*Unaudited.

DERMA
SCIENCES
STRATEGIC
ALIGNMENT
•Medihoney IP sold to
Derma for use in
ethical market
•Comvita retain use
of Medihoney brand
in over-the-counter
business
•New supply and
manufacturing
agreements signed,
with improved terms
INVESTMENT
IN DERMA
•Comvitaowns
1.1m shares
•Derma to be
aquiredby Integra
LifeSciencesfor
US$7 per share
•Transaction
expected to be
completed by
March 2017
IMPACT ON
FINANCIALS
•Subsequent event
note in half year
accounts
•Non-operating profit
on sale of IP assets
and shares forecast
to be $17.8m
•Royalty income
stream will cease
Investor Presentation February 2017
11
Sale of Medihoney
IP assets

TOTAL HIVES*
39,800
KIWI BEE KERIKERI
6,050 hives
12
KIWI BEE WAIKATO
3,850 hives
KIWI BEE EAST COAST
3,000 hives
KIWI BEE HAWKES BAY
4,000 hives
KIWI BEE WHANGANUI
5,500 hives
KIWI BEE WAIRARAPA
4,400 hives
KAIMANAWA
(50% owned Joint Venture)
6,000 hives
PUTAKE
(50% owned Joint Venture)
3,000 hives
*Hive numbers can fluctuate. These numbers are approximate.
MAKINO
(50% owned Joint Venture)
400 hives
Investor Presentation February 2017
MEDIBEE APIARIES
(50% owned Joint Venture)
3,600 hives

Investor Presentation February 2017
13
COMVITA
APIARIES IN
NEW ZEALAND
Harvest down 60%,
major profit impact
Wet, cold, windy
weather conditions
Full crop visibility
expected April/May
(still inherent risk to this
years’ harvest)
AVERAGE TO GOOD
AVERAGE
POOR

Investor Presentation February 2017
NEW PRODUCTS
NEW PRODUCTS IN CONSUMER TRIALS
10 NEW PRODUCTS
INNOVATION
14
14 new
products
developed since
June 2016
LAUNCHED IN SELECTED MARKETS
LAUNCHED IN KEY MARKETS
TO LAUNCH MARCH AND JUNE 2017

Investor Presentation February 2017
15
MAINTAINING LONG TERM STRATEGY
CONSUMER-FOCUSED
BUSINESS MODEL
Increase market
spend, grow direct-
to-consumer
channels and added
value product lines
SECURITY
OF SUPPLY
Continued
development
of supply chain
strategies
and partnerships
INNOVATION
Optimise and
diversify ingredient
platforms and
channel
performance
EARNINGS
FOCUS
Concentrate on
earnings growth
ACQUISITIONS
Focus on earnings
accretive
acquisitions
$400m by FY21
The road up is never a straight line

BOARD OF DIRECTORS
Neil Craig
Non-executive Chairman
Sarah Ottrey
Independent Director
Alan Bougen
Non-executive Director
& Deputy Chairman
Luke Bunt
Independent Director
Sarah Kennedy
Independent Director
Murray Denyer
Independent Director
Investor Presentation February 2017
16

EXPERIENCED LEADERSHIP
17
Investor Presentation February 2017
Scott Coulter
Chief Executive Officer
Mark Sadd
Chief Financial
Officer
Colin Baskin
Chief Supply
Chain Officer
Sharon Hollenstein
Chief Innovation
Officer
Ben Shaw
Chief Marketing
Officer
Simon Pothecary
Chief Sales
Officer