PGG Wrightson Half Year Report to 31 December 2016

Helping grow the country
Half Year
Report
For the six months ended
31 December 2016

PGG WRIGHTSON LIMITED
Solid first half
PERFORMANCE
Operating EBITDA
Net interest bearing debt
Net profit after tax
Fully imputed
interim dividend
$
26.0m
$
156m
$
16.0m
1.75¢
from $30.9 million for the
previous corresponding period
from $167 million against
31 December 2015
from $16.1 million for the
previous corresponding period
per share

HALF YEAR REPORT 2016 | 1
Operating Earnings for PGG Wrightson Limited (“PGW”, “the
Group”, or “the Company”) before interest, tax, depreciation
and amortisation (Operating EBITDA) for the six months to
31 December 2016 was $26.0 million, down $5.0 million
from the strong result in the corresponding period last year.
Net profit after tax for the period was $16.0 million, broadly
in line with the corresponding period last year.
As expected the tougher trading
environment resulted in a dip in earnings
for the first half of the year. With some
key trading months still ahead of us,
we remain on track to deliver a full year
Operating EBITDA in the $62 million to
$68 million range as signalled at the
October 2016 Annual Shareholders
Meeting. In addition, we now expect full
year net profit after tax to be higher than
last year - in the range of $46 million
to $51 million. This increase is due to
several non-operating gains we expect
to realise in the second half of the year,
such as gains on property we plan to sell.
We continue to operate well in New
Zealand and across our other markets.
This first half result was affected by
the continued caution of dairy farm
spending across the New Zealand
market - this conservative approach has
slowed irrigation development which
impacts our Water business.
Chairman and
Chief Executive Officer’s
REPORT
For the six months ended 31
December 2016, PGW achieved
Operating EBITDA of $26.0
million, down $5.0 million
from the strong result in the
corresponding period last year.
Shareholders will receive a fully
imputed interim dividend of
1.75 cents per share payable on
4 April 2017.
Guanglin (Alan) Lai
CHAIRMAN
Mark Dewdney
CHIEF EXECUTIVE OFFICER

2 | PGG WRIGHTSON LIMITED
But it is not just the price of milk.
Tough wool trading conditions, lower
production levels across New Zealand
for milk and red meat, and a wet start
to spring led to cautious spending from
most of our farming customers during
the six months to 31 December 2016.
These trading conditions led to a 2%
decline in revenue. Despite this, net profit
after tax remained broadly unchanged
against the previous corresponding
period.
Our Company benefits from being a
diversified business. This half year our
Water and Wool businesses had softer
earnings versus the corresponding
period last year due to the tougher
trading conditions. Our New Zealand
Seeds business was also back slightly,
but our other business units all
performed at, or better than the previous
corresponding period.
We now look toward the second half of
the financial year, which is traditionally
the strongest trading period for us, with
some optimism that we will see the
impact of improving sentiment in the
dairy sector. In particular, the early signals
are positive for re-grassing and seed
demand to pick up in the autumn.
Our continued focus on cash flow means
our balance sheet remains strong, with
lower levels of working capital and lower
net interest bearing debt of $156.2m
compared with our net interest bearing
debt at December 2015 of $167.4 million.
PGW is meeting its budgets through
these challenging trading conditions. As
we foreshadowed, the lower confidence
seen in the dairy sector through calendar
2015 and the first half of 2016 has
impacted earnings. In that context this is
a very pleasing result for the period given
the market conditions.
RURAL SERVICES
Retail
Retail increased Operating EBITDA by
$2.0 million compared to the same
period last year. Margins also showed
an increase year-on-year. Despite some
challenges with weather and competitor
activity all three business areas; Rural
Supplies, Fruitfed and Agritrade
contributed to the strong Retail result.
The full year report will report on the
Water business as part of the new Retail
and Water group as outlined on page 6.
Our Fruitfed business continues to
go from strength to strength with
horticulture in New Zealand having
another strong half year with all sectors
enjoying positive returns. This has helped
our Fruitfed business increase revenues
and its contribution again.
Rural Supplies performed strongly
despite the lower spend from dairy
customers, increasing market share
particularly in the key agronomy
categories of ag-chem and seed. PGW
differentiates itself in the rural supplies
market through our advice-based
offering and high level of service through
our expert technical and on-farm
teams. Our business continues to reap
the rewards of this approach. It is an
excellent achievement to continue to
grow in this environment.
Livestock
Our Livestock business repeated last
year’s interim Operating EBITDA. The
year-on-year drop in national lamb and
mutton kill led to a 1% fall in tallies.
However this volume decline was
offset by sheep prices being buoyed
by a strong store market driven by low
supply and high demand due to good
feed conditions.
“...the really
pleasing thing is that
PGW has continued to
perform consistently
through these
demanding conditions.
It is a credit to our
people and a positive
indicator that reflects
well on the value
that we deliver to our
customers, whatever
the market conditions.”
Mark Dewdney,
Chief Executive Officer

HALF YEAR REPORT 2016 | 3
Over the last 12 months beef prices have
stabilised, and there remains steady
demand due to good levels of feed
in some areas and a reduction in the
availability of grazing contracts.
Livestock traditionally makes most of its
contribution to earnings in the second
half of the financial year and changes in
livestock prices and volumes can have
a significant impact on our full year
results. However with a continued strong
beef commodity price, a flat outlook for
sheep meat, a recovering dairy sector
(both cattle volumes and prices) and
continued momentum in revamped
supply chain products, we expect a
similar full year Operating EBITDA to last
year from this segment.
The Livestock business has started
implementing a strategy that will see the
continued evolution and rationalisation
of the Saleyard infrastructure.
Water
As expected, the low confidence levels
in the dairy sector at the beginning of
the season is impacting PGW Water,
with less dairy conversions and irrigation
upgrades being undertaken. Water is
well back on last year’s first half result,
and this has contributed to the year-
on-year decline at the Group level. With
the improved confidence in the dairy
sector in recent months we expect
demand to improve and this should
start to lift earnings from financial year
2018. The other area of opportunity for
the business is further water schemes.
We await decisions around a number
of these, in particular the Central Plains
Water Stage II which would see an
additional 20,000ha of land irrigated
in Canterbury.
Wool
Wool Operating EBITDA decreased by
$1.4 million compared to the same
period last year.
Our Wool business performance
was challenged by difficult trading
conditions with falling wool prices
impacting private buying and auction
trading, reducing volumes, revenue and
margins. International wool prices have
fallen approximately 50% over the past
six months with the consequence that
some growers are preferring to hold their
wool bales either on farm or in our wool
stores, awaiting prices to recover. On a
positive note, once the price expectation
gap between buyers and sellers of wool
closes we will be well positioned to sell
through growers’ excess inventory, but
until then our Wool business’ earnings
will be constrained.
Real Estate
Our Real Estate business continues to
perform well, with strengthening activity
in the market contributing to the best
revenue result in six years. This half year
the market strength was based off a
strong lifestyle market and a lift in rural
sales, which has been challenged in
recent years.
SEED AND GRAIN
Seed and Grain’s Operating EBITDA was
back on the same period last year by
$1.7 million. While the South American
business had a promising start to
the year and the Australian business
delivered a steady performance for the
first six months, this was offset by a
number of factors in the New Zealand
market, including a more cautious spend
from our dairy and dairy-related clients.
Overall, Seed and Grain is performing
well. We are expecting a solid result at
year end as the earnings of this business
is generally skewed more towards the
second half of the financial year.
New Zealand
Our New Zealand Seeds business is a
key first half year earner for Seed and
Grain. This is in part due to the emphasis
on the spring-sown forage options
including brassicas, fodder beet and
forage cereals that are critical to winter
feeding programmes. As expected, New
Zealand Seeds fell short of last year’s
impressive first half result.
Good demand for cereal seed during
spring and increased interest in domestic
cereal and maize grain over recent
months has enabled the Grain business
to perform to expectations for the first
six months.
The New Zealand Turf business had a
good first half year aided by revegetation
projects and the continued work in
Canterbury with earthquake remediation
projects.

4 | PGG WRIGHTSON LIMITED
We are optimistic regarding the
upcoming autumn pasture renewal
season. There is no doubt that dairy
farmers, in particular, are in a better
position to invest in new pasture and
genetics to boost productivity.
Australia
While predominantly a second half
business, Australian Seeds have
maintained their year-on-year
contribution, with improved margins
achieved across most product
categories.
Growth initiatives continue to be a focus
in Australia. Increased warehousing and
logistics capability in Melbourne and
Brisbane support the Group’s strategy
to improve operational efficiency. This,
along with the acquisition of GrainSearch
has built capacity in cereal research and
development and supports our growth
strategy to expand in the cereal market.
Looking ahead, good sheep and beef
prices are supportive of investment in
pasture renewal as are improved dairy
prices. With favourable seasonable
conditions, good commodity prices and
good seed supplies, we are optimistic
“The Board and I are pleased PGW is meeting its
budgets through these challenging trading conditions.
As we foreshadowed, the lower confidence seen in the
dairy sector through calendar 2015 and the first half
of 2016 has impacted earnings. In that context this is
a very pleasing result for the period given the market
conditions.”
Alan Lai, Chairman
for a good second half for our Australian
business, with actual performance reliant
on the timing and amount of autumn rain.
South America
The South American business had a
promising start to the year, with the first
half ending with good signs of recovery
across the whole region.
After a very tough previous year in
Uruguay due to a drop in commodity
prices and extreme weather conditions,
the agriculture sector has started to move
again. Most South American sales in the
first half of the financial year are driven by
the cropping sector – including soybean,
wheat, maize and sorghum seed sales
along with agrichemicals and fertilisers
for these crops. Earnings exceeded
expectations for the first half of the year,
and we enter the key second half of the
year with optimism.
Some of the big projects completed
in the last twelve months that are key
to the future of PGW’s operations in
the region are now contributing to the
business, including the new Technology
and Logistics Centre and Head Office
in Montevideo.
HUMAN
RESOURCES
Health and Safety
As part of our strategy to build a
strong health and safety culture across
our business, an online Health and
Safety Risk Management system was
successfully implemented in late 2016.
This system has been well received
across our diverse business and assists us
to analyse and intervene as well as share
lessons learned from our health and
safety performance.
As part of our commitment to build a
strong health and safety culture, a new
role of Group Health and Safety Manager
was established to refresh our overall
health, safety and wellbeing strategy. The
new appointment commenced in late-
February 2017 to work with our leaders
to deliver on a revitalised Group health,
safety and wellbeing framework, culture
and management systems.
Agriculture New Zealand
In December 2016 we closed Agriculture
New Zealand (AgNZ), our private training
enterprise business. Following a strategic
review and a consultative change
process with our employees, AgNZ was
no longer viewed as a core part of the
Company’s overall strategy. Furthermore
the business was not considered to be
commercially viable in light of changes
to the funding model under which it
operated.
A key focus for the Company was to
ensure AgNZ honoured all obligations
to employees, students, funders and
other stakeholders.

HALF YEAR REPORT 2016 | 5
The seed production research team windrowing
a Cocksfoot trial at McCaw Farming near
Methven in January. This prepares the trial for
subsequent seed harvest. (Left to right) John
Foley, Richard Merrilees (driving plot windrower)
and Murray Kelly.
PGG Wrightson Seeds
Senior Production
Agronomist Murray Kelly,
who has been involved with
seed production for over 40
years, has been described as
a walking encyclopedia on
the subject.
Murray, who is based at the Company’s
Kimihia Research Centre near Lincoln in
Canterbury, had his contribution to the
industry recognised in December 2016
when he was awarded the Foundation
for Arable Research (FAR) researcher of
the year.
FAR’s Chief Executive Nick Pyke said,
“every year Murray runs many on-farm
trials, focusing on topical problems and
specific weed issues. The development
of plantain as a viable seed crop, giving
seed grower’s economic returns is
largely the result of 20 years’ work that
Murray led.
“In addition to this, for the last 10
years Murray has worked with FAR
and AgResearch staff to deliver new
research and understanding on ryegrass
management to the FAR ryegrass
discussion groups. With his significant
contribution to the industry, Murray’s
award is richly deserved” Nick said.
Murray is well known internationally
in seed production circles and has
attended many International Herbage
Seed Group events. He has regular
contact with seed production teams and
growers based in Tasmania, Denmark,
Oregon and Uruguay.
Group General Manager of PGW’s Seed
and Grain John McKenzie adds, “as a
business we rely heavily on the expertise
of our staff and Murray Kelly is a great
example of the passion, commitment
and loyalty our team has to achieving
excellence in seed production.”
Murray says, “I am very fortunate to be
a member of team who have shared
goals in the field of seed production and
market development. You can’t do it on
your own and I accepted the award of
researcher of the year from FAR on behalf
on our team at PGG Wrightson Seeds.
“Our team develops techniques
by conducting replicated trials. We
manage variables (inputs) into crops
and monitor the effects those inputs
have on crop yield and quality. The
Cocksfoot Grass Trial Plot at John
McCaw’s farm near Methven, which our
team cut in mid-January, is an example
of this. The information we gain from
each trial not only inputs into the
research development programme but
also provides valuable insight that is
packaged up into training programmes
and technical support for the wider PGW
Seeds team and clients,” said Murray.
Seed and Grain
‘WALKING ENCYCLOPEDIA’
WINS RESEARCH AWARD

6 | PGG WRIGHTSON LIMITED
PERFORMANCE
Cash Flow and Debt
Our continued focus on cash flow means
our balance sheet remains strong. The
seasonality of our business results in our
working capital and debt levels growing
from June through to December each
year. This December we experienced
lower levels of working capital and
lower net interest bearing debt than the
previous December. Net interest bearing
debt was $156.2 million compared
with our net interest bearing debt at
December 2015 of $167.4 million.
Operating cash flows for the six months
were negative $16.2 million, which
is broadly in line with the previous
corresponding period. The cash flow
this half includes lump sum funding
contributions of $6.0 million made to the
Group’s defined benefit plans.
Net cash flow from investing activities
was positive $2.3 million compared to a
net cash outflow of $19.8 million for the
same period last year.
We have completed several significant
investments in recent years such as
the logistics centre in Uruguay. As a
result, capital expenditure has reduced
from $32.7 million for the six months to
December 2015, to $10.9 million for the
six months to December 2016.
Distributions
In February the Board of Directors
declared an interim dividend of
1.75 cents per share to be paid to
shareholders registered at the record
date of 10 March 2017. The dividend
will be fully imputed and paid to
shareholders on 4 April 2017.
Group Structure Changes
As our Company continues to operate
within tough trading conditions, we
need to continue to find ways to
reduce operating costs and to improve
efficiencies in the way we deliver.
Due to this focus, in the last quarter
of 2016 we implemented a realigned
Group structure, separating the Rural
Services businesses into two operating
Groups: Agency and Retail and Water.
The new Retail and Water group is led
by Stephen Guerin, who has been very
successful in growing the Retail business.
The new Agency group comprises the
Livestock, Wool, Real Estate, Insurance
and Financial Services businesses. The
newly-created position of Group General
Manager Agency is currently being
overseen by CEO Mark Dewdney until an
appointment is made.
These two operating groups join the
Seed and Grain group to give us three
broad trading groups under the PGW
umbrella, along with a Group Corporate
function. Our full year report will reflect
the new Group structure.
Outlook
Looking ahead, PGW is maintaining
its 2017 full year Operating EBITDA
guidance.
Overall, confidence in commodity
markets is generally higher compared
with recent years. As referenced earlier,
dairy prices have staged a welcome
recovery over the last five months. Beef
prices show some signs of stabilising
at good levels – down on the peaks of
2014 and 2015, but still good by historic
standards. Sheep meat prices also seem
to be stabilising, horticulture continues
to go from strength to strength. We
are also seeing encouraging signs of
recovery in the Uruguayan agricultural
sector as they look to put the floods of
2016 behind them.
Overall, we expect trading conditions
will improve for us for the remainder
of this financial year. It is very pleasing
that PGW has continued to perform
consistently through the demanding
conditions. It is a credit to our people
and a positive indicator that reflects
well on the value that we deliver to
our customers, whatever the market
conditions. It’s been a while since PGW
has felt the wind at its back, and the
early indications for the 2018 financial
year are encouraging. Our 2016 earnings
were outstanding and we are optimistic
that 2018 can be even better.
On behalf of the Board of Directors
and Management team we extend
our thanks to our customers, suppliers,
employees and shareholders and thank
them for their ongoing support.
Alan Lai
Chairman
Mark Dewdney
Chief Executive Officer

HALF YEAR REPORT 2016 | 7
PGW’s Auctioneer John McKone and his team
look for bids for Lot 104 at the first of the three
day Standardbred Sale series in February 2017.
Livestock
STANDARDBRED DIVISION
CELEBRATES 30 YEARS
PGG Wrightson’s
Standardbred division
celebrates its 30th year as a
small but solid contributor
to the Group’s performance
since 1987.
While the organisation’s roots have been
intertwined with the horse industry for
over 100 years (back to the early days of
the Canterbury Horse Bazaar and later
through the Trentham Thoroughbred
Sales) it wasn’t until 1987 that a
Standardbred division was established.
The Standardbred division specialises in
the trading of harness horses. The team
has a dedicated staff of five, collectively
with over 125 years’ experience at PGW
between them. They have provided a
solid and consistent service delivery for
30 years and as a result they are well
respected in the industry. Prior to 1987
there were seven organisations selling
Standardbred horses throughout New
Zealand, but since 1991 PGW have been
the sole auctioneer to the industry.
Another unique aspect of this division is
how it operates. The division generates
90 percent of its annual turnover each
February over three consecutive days of
national yearling sales (day one at the NZ
Bloodstock Karaka Sales Complex, and
the following two days at the Canterbury
A&P Showgrounds in Christchurch).
PGW’s Standardbred Representatives
Bruce Barlass and Peter Lagan have
been with the division since 1987.
Bruce said, “the team experiences an
unusual combination of excitement and
angst on the three big days of the year.
We need to get it right, or it impacts
significantly on the annual performance
of the division and so far we have. In the
last 30 years, the team have catalogued
and sold over 20,000 Standardbred
horses – this is something we are all very
proud of.
“A great deal has changed in the
industry since 1987. When our division
started the pedigrees in the catalogue
were handwritten, but over the last
30 years our team has developed an
electronic database of Standardbred race
records and pedigrees. This database
is unequalled in the country, so we
consider it one of our most valued
assets.”
While horse trading has been around
for centuries, the New Zealand
Standardbred market is ever-changing.
World-wide the number of horses being
bred is decreasing, yet the demand and
values at the top end have continued to
grow. This was illustrated at the February
2017 sale when 16 horses sold for
$100,000 or more. In the last five years
the number of weanlings (7-8 months
old) being sold has increased as the price
of yearlings has increased.
It is likely that the Standardbred division
will continue to see changes in the
industry but given their track record to
date, they will continue to be a solid
performing division for PGW.
The 2017 sales saw an increase in demand from Australia,
but the need for greater race stakes in New Zealand meant a drop off in
demand in the middle market from New Zealand buyers. Despite this, the
combined Auckland and Christchurch sales still produced a total turnover of
$11.25 million. A total of 370 horses were sold this year at an average of $37,880
in Auckland and $27,302 in Christchurch.

8 | PGG WRIGHTSON LIMITED
Retail and Water
WE ARE PART
OF YOUR TEAM

HALF YEAR REPORT 2016 | 9
Many farmers and horticulturists – from North Canterbury
through to Marlborough – were badly affected by the
devastating impact of the series of November 2016
earthquakes, and will continue to be for some time.
One North Canterbury farming family’s story will sound
familiar to many.
Matt and Vicky Stainton farm 520
hectares in North Canterbury alongside
their son Josh and his partner Doris.
While Matt focuses on the dry stock
block, Josh runs the dairy block which
milks 950 cows.
After the first earthquake woke the
family in the early hours of Monday
14 November 2016, their first priority
was to make sure that everyone on
the farm were safe and well. Then they
checked on the dairy shed (which had
significant damage) as the cows were
due for milking at 5am.
Their next priority was to ensure that
stock had a reliable source of water,
given the dry pasture conditions.
They quickly discovered the dry
stock block’s water supply system
was severely damaged, including
kilometres of piping, so a new water
pump and generator was quickly
sourced for livestock supply. With their
focus on stock management, water
supply and fencing repairs to contain
stock, the Staintons sought help from
Culverden based PGW Technical Field
Representative, Dave Wooldridge, to
monitor their crop programme.
They had planted over 25 hectares of
Rivage Fodder Beet in early November
and the first four weeks is critical for
crop management, particularly the
spray programme. Dave monitored
their fodder beet crop and other crops
on the farm that would be critical for
the Stainton’s dairy grazing programme
during the 2017 winter months.
Matt said, “we had so much on our
plate in November, we just couldn’t
stretch ourselves any further, so it was a
huge relief to have Dave assist us with
the crop management. He knows what
he is doing, and this is very helpful
support for us. Things are pretty dry
here now and along with the water
supply and fencing issues, we also have
some buildings to repair including all
the farm houses. It’ll be a while before
we get everything back to normal.”
As part of Dave’s ongoing crop
monitoring programme, he visited
the Staintons in early February 2017,
to review the progress of their crops,
including Rivage Fodder Beet. Matt
and Vicky were pleased to see that the
crop was doing well and they were on
track to achieve their goal of 18 tonne/
hectare dry matter by early June.
PGW’s TFR Dave Wooldridge walks a paddock of
fodder beet with Vicky and Matt Stainton at their
farm near Waiau in February 2017.
PGW’s Upper South Island Regional
Manager Chris Adam said, “it was
important for all business units to
stay connected and ensure we took a
coordinated approach to customers.
Many of our clients had lost their
homes, critical farm buildings and
had water supply, fencing and road
access issues.
“Initially, we made contact where
we could to make sure people were
safe and we provided whatever
support they needed to keep their
businesses running. We relied heavily
on our strong customer relationships
across all business units, to consider
individual circumstances and tailor
our approach. While some clients
were just happy with a quick call,
others were looking for a more hands
on approach.
“Our stores became another hub for
the community and our staff went
the extra mile to assist clients with
whatever they could to keep going
– whether it was helping to rehome
staff or have food supplies delivered
to their farms.
“Of course, staff were our number
one priority. The safety of our staff
and their families, many of which
were personally affected, was key
for us. We brought in extra resource
from Christchurch to allow them to
get themselves sorted, and provided
support to source product for the
local teams.
“This was a massive earthquake event
and so the repair and recovery will
take some time. We are not going to
fix this in months, it will take years.
With this in mind, we have set up new
processes and additional resources to
support our clients in whatever way
they need. Whether it is logistics to
help them transport lambs off farms
with access issues, fencing supplies or
technical expertise for crops, we are
there for them,” Chris said.
The ‘One PGW’ approach
kicked into action in the
early hours of Monday
14 November in the areas
most affected by the 7.8
magnitude earthquake.

Our People:
DOING WHAT WE DO BEST
10 | PGG WRIGHTSON LIMITED

KEY FINANCIAL
DISCLOSURES
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
The financial statements contained on pages 11– 31
have been approved by the Board of Directors on
20 February 2017.
Alan Lai
Chairman
Bruce Irvine
Director and Audit
Committee Chairman
HALF YEAR REPORT 2016 | 11

12 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 13
KEY FINANCIAL DISCLOSURES
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
NOTE $000 $000 $000
Continuing operations
Operating revenue 607,771 1,181,624 623,066
Cost of sales (450,308) (854,871) (461,669)
Gross profit 157,463 326,753 161,397
Other income 30 725 388
Employee benefits expense (79,969) (156,148) (79,175)
Research and development (2,650) (4,515) (2,850)
Other operating expenses (49,215) (96,390) (48,579)
Equity accounted earnings of investees 323 (244) (245)
(131,481) (256,572) (130,461)
Operating EBITDA 25,982 70,181 30,936
Non-operating items 1,932 (1,684) (1,157)
Fair value adjustments 1 (283) (232) 400
Depreciation and amortisation expense (5,188) (9,170) (4,111)
EBIT 22,443 59,095 26,068
Net interest and finance costs 2 (1,511) (10,474) (3,520)
Profit from continuing operations before income taxes 20,932 48,621 22,548
Income tax expense (4,955) (8,832) (6,558)
Profit from continuing operations 15,977 39,789 15,990
Discontinued operations
Profit from discontinued operations (net of income taxes) 12 (211) 76
Net profit after tax 15,989 39,578 16,066
Net profit after tax attributable to:
Shareholders of the Company 15,998 38,823 15,947
Non-controlling interest (9) 755 119
Net profit after tax 15,989 39,578 16,066
Earnings per share
Basic earnings per share (New Zealand Dollars) 3 0.021 0.052 0.021
Continuing operations
Basic earnings per share (New Zealand Dollars) 3 0.021 0.053 0.021
The accompanying notes form an integral part of these financial statements.
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF PROFIT OR LOSS
For the six months ended 31 December 2016

12 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 13HALF YEAR REPORT 2016 | 13
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2016
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Net profit after tax 15,989 39,578 16,066
Other comprehensive income/(loss) for the period
Items that will never be reclassified to profit or loss
Changes in fair value of equity instruments 504 5,433 4,856
Remeasurements of defined benefit liability 3,343 (4,831) 1,554
Deferred tax on remeasurements and change of defined benefit liability (2,564) 1,353 (435)
1,283 1,955 5,975
Items that are or may be reclassified to profit or loss
Foreign currency translation differences for foreign operations 942 (8,513) (3,924)
Effective portion of changes in fair value of cash flow hedges (2,039) 3,888 2,811
Deferred tax on changes in fair value of cash flow hedges 571 (1,088) (787)
(526) (5,713) (1,900)
Other comprehensive income/(loss) for the period, net of income tax 757 (3,758) 4,075
Total comprehensive income for the period 16,746 35,820 20,141
Total comprehensive income/(loss) attributable to:
Shareholders of the Company 16,773 35,098 20,055
Non-controlling interest (27) 722 86
Total comprehensive income for the period 16,746 35,820 20,141
The accompanying notes form an integral part of these financial statements.

14 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 15
KEY FINANCIAL DISCLOSURES
(a) Operating Segments
The Group has two primary operating divisions: Rural Services and Seed & Grain. Rural Services operates within New Zealand. Seed & Grain
primarily operates within New Zealand with additional operations in Australia and South America.
Rural Services is further separated into three reportable segments, as described below, which are that segment’s strategic business units. The
strategic business units offer different products and services, and are managed separately because they require different skills, technology and
marketing strategies. Within each segment, further business unit analysis may be provided to management where there are significant differences
in the nature of activities. The Chief Executive Officer or Chairman of the Board reviews internal management reports on each strategic business
unit on at least a monthly basis.
– Retail. Includes the Rural Supplies and Fruitfed retail operations, AgNZ (Consulting), Agritrade and ancillary sales support, supply chain and
marketing functions.
– Livestock. Includes rural Livestock trading activities and Export Livestock.
– Other Rural Services. Includes Insurance, Real Estate, Wool, PGG Wrightson Water, AgNZ (Training), Regional Admin, Finance Commission
and other related activities. PGG Wrightson Water will be included as part of the Retail segment for the 30 June 2017 financial statements.
(b) Operating Segment Information
TOTA L RURAL SERVICES SEED & GRAIN TOTAL OPERATING SEGMENTS OTHER TOTAL
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Total segment revenue 436,848 771,647 449,815 203,521 453,168 201,419 640,369 1,224,815 651,234 3,821 8,729 5,761 644,190 1,233,544 656,995
Intersegment revenue – – – (36,419) (51,920) (33,929) (36,419) (51,920) (33,929) – – – (36,419) (51,920) (33,929)
Total external operating revenues 436,848 771,647 449,815 167,102 401,248 167,490 603,950 1,172,895 617,305 3,821 8,729 5,761 607,771 1,181,624 623,066
Operating EBITDA 29,376 52,979 32,770 9,982 44,621 11,697 39,358 97,600 44,467 (13,376) (27,419) (13,531) 25,982 70,181 30,936
Non–operating items 829 (3,147) (3,248) (118) (418) (397) 711 (3,565) (3,645) 1,221 1,881 2,488 1,932 (1,684) (1,157)
Fair value adjustments 17 458 400 (300) (19) – (283) 439 400 – (671) – (283) (232) 400
Depreciation and amortisation expense (1,452) (2,771) (1,390) (2,658) (4,397) (1,735) (4,110) (7,168) (3,125) (1,078) (2,002) (986) (5,188) (9,170) (4,111)
EBIT 28,770 47,519 28,532 6,906 39,787 9,565 35,676 87,306 38,097 (13,233) (28,211) (12,029) 22,443 59,095 26,068
Net interest and finance costs 1,726 (1,699) (1,189) (1,437) (3,845) (218) 289 (5,544) (1,407) (1,800) (4,930) (2,113) (1,511) (10,474) (3,520)
Profit/(loss) from continuing operations
before income taxes 30,496 45,820 27,343 5,469 35,942 9,347 35,965 81,762 36,690 (15,033) (33,141) (14,142) 20,932 48,621 22,548
Income tax (expense) / income (8,868) (12,982) (7,508) (2,831) (10,262) (5,649) (11,699) (23,244) (13,157) 6,744 14,412 6,599 (4,955) (8,832) (6,558)
Profit/(loss) from continuing operations 21,628 32,838 19,835 2,638 25,680 3,698 24,266 58,518 23,533 (8,289) (18,729) (7,543) 15,977 39,789 15,990
Discontinued operations – – – – – – – – – 12 (211) 76 12 (211) 76
Net profit after tax 21,628 32,838 19,835 2,638 25,680 3,698 24,266 58,518 23,533 (8,277) (18,940) (7,467) 15,989 39,578 16,066
Segment assets 347,081 252,629 341,908 338,758 360,602 322,448 670,892 613,231 664,356 32,964 50,372 71,177 718,803 663,603 735,533
Investment in equity accounted investees – – – 21,107 17,890 16,947 21,107 17,890 16,947 78 110 91 21,185 18,000 17,038
Assets held for sale 352 819 – 5,497 – – 5,849 819 – 2,311 4,794 1,557 8,160 5,613 1,557
Total segment assets 347,433 253,448 341,908 365,362 378,492 339,395 697,848 631,940 681,303 35,353 55,276 72,825 748,148 687,216 754,128
Segment liabilities (176,807) (133,193) (184,003) (160,073) (183,293) (154,775) (336,880) (316,486) (338,778) (135,383) (96,431) (143,388) (472,263) (412,917) (482,166)
The accompanying notes form an integral part of these financial statements.
PGG WRIGHTSON LIMITED
INTERIM SEGMENT REPORT
For the six months ended / as at 31 December 2016

14 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 15HALF YEAR REPORT 2016 | 15
(b) Operating Segment Information
TOTA L RURAL SERVICES SEED & GRAIN TOTAL OPERATING SEGMENTS OTHER TOTAL
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Total segment revenue 436,848 771,647 449,815 203,521 453,168 201,419 640,369 1,224,815 651,234 3,821 8,729 5,761 644,190 1,233,544 656,995
Intersegment revenue – – – (36,419) (51,920) (33,929) (36,419) (51,920) (33,929) – – – (36,419) (51,920) (33,929)
Total external operating revenues 436,848 771,647 449,815 167,102 401,248 167,490 603,950 1,172,895 617,305 3,821 8,729 5,761 607,771 1,181,624 623,066
Operating EBITDA 29,376 52,979 32,770 9,982 44,621 11,697 39,358 97,600 44,467 (13,376) (27,419) (13,531) 25,982 70,181 30,936
Non–operating items 829 (3,147) (3,248) (118) (418) (397) 711 (3,565) (3,645) 1,221 1,881 2,488 1,932 (1,684) (1,157)
Fair value adjustments 17 458 400 (300) (19) – (283) 439 400 – (671) – (283) (232) 400
Depreciation and amortisation expense (1,452) (2,771) (1,390) (2,658) (4,397) (1,735) (4,110) (7,168) (3,125) (1,078) (2,002) (986) (5,188) (9,170) (4,111)
EBIT 28,770 47,519 28,532 6,906 39,787 9,565 35,676 87,306 38,097 (13,233) (28,211) (12,029) 22,443 59,095 26,068
Net interest and finance costs 1,726 (1,699) (1,189) (1,437) (3,845) (218) 289 (5,544) (1,407) (1,800) (4,930) (2,113) (1,511) (10,474) (3,520)
Profit/(loss) from continuing operations
before income taxes 30,496 45,820 27,343 5,469 35,942 9,347 35,965 81,762 36,690 (15,033) (33,141) (14,142) 20,932 48,621 22,548
Income tax (expense) / income (8,868) (12,982) (7,508) (2,831) (10,262) (5,649) (11,699) (23,244) (13,157) 6,744 14,412 6,599 (4,955) (8,832) (6,558)
Profit/(loss) from continuing operations 21,628 32,838 19,835 2,638 25,680 3,698 24,266 58,518 23,533 (8,289) (18,729) (7,543) 15,977 39,789 15,990
Discontinued operations – – – – – – – – – 12 (211) 76 12 (211) 76
Net profit after tax 21,628 32,838 19,835 2,638 25,680 3,698 24,266 58,518 23,533 (8,277) (18,940) (7,467) 15,989 39,578 16,066
Segment assets 347,081 252,629 341,908 338,758 360,602 322,448 670,892 613,231 664,356 32,964 50,372 71,177 718,803 663,603 735,533
Investment in equity accounted investees – – – 21,107 17,890 16,947 21,107 17,890 16,947 78 110 91 21,185 18,000 17,038
Assets held for sale 352 819 – 5,497 – – 5,849 819 – 2,311 4,794 1,557 8,160 5,613 1,557
Total segment assets 347,433 253,448 341,908 365,362 378,492 339,395 697,848 631,940 681,303 35,353 55,276 72,825 748,148 687,216 754,128
Segment liabilities (176,807) (133,193) (184,003) (160,073) (183,293) (154,775) (336,880) (316,486) (338,778) (135,383) (96,431) (143,388) (472,263) (412,917) (482,166)
The accompanying notes form an integral part of these financial statements.
PGG WRIGHTSON LIMITED
INTERIM SEGMENT REPORT
For the six months ended / as at 31 December 2016
Seed & Grain. Includes Australasia Seed (New Zealand and Australian manufacturing and distribution of forage seed and turf ), Grain (sale
of cereal seed and grain trading), South America (various related activities in the developing seeds markets including the sale of pasture and
crop seed and farm inputs, together with operations in the areas of livestock, real estate and irrigation), and other Seed & Grain (research
and development, international, production and corporate seeds).
Other. Other non-segmented amounts relate to certain Corporate activities including Finance, Treasury, HR and other support services
including corporate property services and include adjustments for discontinued operations (PGW Rural Capital Limited) and consolidation
adjustments.
The profit/(loss) for each business unit combines to form total profit/(loss) for the Rural Services and Seed & Grain segments. Certain other
revenues and expenses are held at the Corporate level for the Corporate functions noted above.
Assets allocated to each business unit combine to form total assets for the Rural Services and Seed & Grain business segments. Certain other
assets are held at a Corporate level including those for the Corporate functions noted above.

16 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 17
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
INTERIM SEGMENT REPORT (CONTINUED)
For the six months ended / as at 31 December 2016
(b) Operating Segment Information continued
RURAL SERVICES RURAL SERVICES
RETAIL LIVESTOCK OTHER RURAL SERVICES TOTAL RURAL SERVICES
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Total segment revenue 318,904 479,772 306,631 27,429 73,111 30,265 90,515 218,764 112,919 436,848 771,647 449,815
Intersegment revenue – – – – – – – – – – – –
Total external operating revenues 318,904 479,772 306,631 27,429 73,111 30,265 90,515 218,764 112,919 436,848 771,647 449,815
Operating EBITDA 26,843 29,154 24,799 2,565 15,234 2,592 (32) 8,591 5,379 29,376 52,979 32,770
Non–operating items 203 390 12 746 (3,177) (3,243) (120) (360) (17) 829 (3,147) (3,248)
Fair value adjustments – – – 17 458 400 – – – 17 458 400
Depreciation and amortisation (744) (1,239) (617) (330) (635) (305) (378) (897) (468) (1,452) (2,771) (1,390)
EBIT 26,302 28,305 24,194 2,998 11,880 (556) (530) 7,334 4,894 28,770 47,519 28,532
Net interest and finance costs 380 (660) (403) (114) (269) (103) 1,460 (770) (683) 1,726 (1,699) (1,189)
Profit/(loss) from continuing operations before income taxes 26,682 27,645 23,791 2,884 11,611 (659) 930 6,564 4,211 30,496 45,820 27,343
Income tax (expense) / income (7,686) (7,892) (6,662) (930) (3,251) 337 (252) (1,839) (1,183) (8,868) (12,982) (7,508)
Profit/(loss) from continuing operations 18,996 19,753 17,129 1,954 8,360 (322) 678 4,725 3,028 21,628 32,838 19,835
Discontinued operations – – – – – – – – – – – –
Net profit after tax 18,996 19,753 17,129 1,954 8,360 (322) 678 4,725 3,028 21,628 32,838 19,835
Segment assets 213,736 101,630 211,018 73,365 78,816 58,876 59,980 72,183 72,014 347,081 252,629 341,908
Investment in equity accounted investees – – – – – – – – – – – –
Assets held for sale 264 763 – 88 56 – – – – 352 819 –
Total segment assets 214,000 102,393 211,018 73,453 78,872 58,876 59,980 72,183 72,014 347,433 253,448 341,908
Segment liabilities (131,726) (51,854) (130,444) (27,778) (49,656) (24,760) (17,303) (31,683) (28,799) (176,807) (133,193) (184,003)
The accompanying notes form an integral part of these financial statements.

16 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 17HALF YEAR REPORT 2016 | 17
PGG WRIGHTSON LIMITED
INTERIM SEGMENT REPORT (CONTINUED)
For the six months ended / as at 31 December 2016
(b) Operating Segment Information continued
RURAL SERVICES RURAL SERVICES
RETAIL LIVESTOCK OTHER RURAL SERVICES TOTAL RURAL SERVICES
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015 DEC 2016 JUN 2016 DEC 2015
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Total segment revenue 318,904 479,772 306,631 27,429 73,111 30,265 90,515 218,764 112,919 436,848 771,647 449,815
Intersegment revenue – – – – – – – – – – – –
Total external operating revenues 318,904 479,772 306,631 27,429 73,111 30,265 90,515 218,764 112,919 436,848 771,647 449,815
Operating EBITDA 26,843 29,154 24,799 2,565 15,234 2,592 (32) 8,591 5,379 29,376 52,979 32,770
Non–operating items 203 390 12 746 (3,177) (3,243) (120) (360) (17) 829 (3,147) (3,248)
Fair value adjustments – – – 17 458 400 – – – 17 458 400
Depreciation and amortisation (744) (1,239) (617) (330) (635) (305) (378) (897) (468) (1,452) (2,771) (1,390)
EBIT 26,302 28,305 24,194 2,998 11,880 (556) (530) 7,334 4,894 28,770 47,519 28,532
Net interest and finance costs 380 (660) (403) (114) (269) (103) 1,460 (770) (683) 1,726 (1,699) (1,189)
Profit/(loss) from continuing operations before income taxes 26,682 27,645 23,791 2,884 11,611 (659) 930 6,564 4,211 30,496 45,820 27,343
Income tax (expense) / income (7,686) (7,892) (6,662) (930) (3,251) 337 (252) (1,839) (1,183) (8,868) (12,982) (7,508)
Profit/(loss) from continuing operations 18,996 19,753 17,129 1,954 8,360 (322) 678 4,725 3,028 21,628 32,838 19,835
Discontinued operations – – – – – – – – – – – –
Net profit after tax 18,996 19,753 17,129 1,954 8,360 (322) 678 4,725 3,028 21,628 32,838 19,835
Segment assets 213,736 101,630 211,018 73,365 78,816 58,876 59,980 72,183 72,014 347,081 252,629 341,908
Investment in equity accounted investees – – – – – – – – – – – –
Assets held for sale 264 763 – 88 56 – – – – 352 819 –
Total segment assets 214,000 102,393 211,018 73,453 78,872 58,876 59,980 72,183 72,014 347,433 253,448 341,908
Segment liabilities (131,726) (51,854) (130,444) (27,778) (49,656) (24,760) (17,303) (31,683) (28,799) (176,807) (133,193) (184,003)
The accompanying notes form an integral part of these financial statements.

18 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 19
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF CASH FLOWS
For the six months ended 31 December 2016
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
NOTE $000 $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers 566,771 1,242,386 567,162
Dividends received 1 6 2
Interest received 1,282 2,038 919
568,054 1,244,430 568,083
Cash was applied to:
Payments to suppliers and employees (567,335) (1,188,736) (566,114)
Contributions to defined benefit plans (6,030) – –
Interest paid (3,417) (6,579) (3,723)
Income tax paid (7,465) (13,903) (10,420)
(584,247) (1,209,218) (580,257)
Net cash flow from operating activities (16,193) 35,212 (12,174)
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment and assets held for sale 8,673 19,898 12,758
Net decrease in finance receivables 22 1,079 –
Net proceeds from sale of investments 4,424 9,692 159
13,119 30,669 12,917
Cash was applied to:
Purchase of property, plant and equipment (6,950) (30,750) (22,454)
Purchase of intangibles (933) (2,176) (722)
Net increase in finance receivables – – (26)
Net cash paid for purchase of investments (2,975) (10,895) (9,533)
(10,858) (43,821) (32,735)
Net cash flow from investing activities 2,261 (13,152) (19,818)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings and bank overdraft 32,144 7,035 57,115
32,144 7,035 57,115
Cash was applied to:
Dividends paid to shareholders (15,252) (28,602) (15,260)
Dividends paid to minority interests (289) (205) (287)
Repayment of loans to related parties (163) – (10)
(15,704) (28,807) (15,557)
Net cash flow from financing activities 16,440 (21,772) 41,558
Net increase/(decrease) in cash held 2,508 288 9,566
Opening cash 7,561 7,273 7,273
Cash and cash equivalents 4 10,069 7,561 16,839
The accompanying notes form an integral part of these financial statements.

18 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 19HALF YEAR REPORT 2016 | 19
PGG WRIGHTSON LIMITED
RECONCILIATION OF PROFIT AFTER TAX
WITH NET CASH FLOW FROM OPERATING ACTIVITIES
For the six months ended 31 December 2016
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Profit after taxation 15,989 39,578 16,066
Add/(deduct) non–cash/non operating items:
Depreciation, amortisation and impairment 5,188 9,170 4,111
Fair value adjustments 283 232 (400)
Net (profit)/loss on sale of assets/investments (1,636) (5,321) (2,819)
Bad debts written off (net) 494 1,483 505
Change in deferred taxation (8,453) (2,001) 111
Earnings of equity accounted investees (323) 244 245
Discontinued operations (12) 211 (76)
Effect of foreign exchange movements (307) (6,131) (2,520)
Other non–cash/non–operating items (3,244) 10,246 4,785
7,979 47,711 20,008
Add/(deduct) movement in working capital items:
Movement in working capital due to sale/purchase of businesses (3,433) (583) (541)
Change in inventories and biological assets 29,739 3,990 37,855
Change in accounts receivable and prepayments (83,702) (15,290) (100,292)
Change in trade creditors, provisions and accruals 27,337 10,620 36,821
Change in income tax payable/receivable 8,433 (2,604) (2,203)
Change in other current assets/liabilities (2,546) (8,632) (3,822)
(24,172) (12,499) (32,182)
Net cash flow from operating activities (16,193) 35,212 (12,174)
The accompanying notes form an integral part of these financial statements.

20 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 21
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF FINANCIAL POSITION
As at 31 December 2016
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
NOTE $000 $000 $000
ASSETS
Current
Cash and cash equivalents 4 10,069 7,561 16,839
Short–term derivative assets 2,595 3,743 2,917
Trade and other receivables 335,314 250,486 335,497
Finance receivables – – 784
Assets classified as held for sale 8,160 5,613 1,557
Biological assets 927 843 1,888
Inventories 214,251 244,074 209,163
Other investments 6 3,822 6,691 –
Total current assets 575,138 519,011 568,645
Non–current
Long–term derivative assets 2,412 1,516 380
Biological assets 61 108 107
Deferred tax asset 22,787 14,334 12,222
Investments in equity accounted investees 5 21,185 18,000 17,038
Other investments 6 1,925 2,165 17,345
Intangible assets 6,655 7,079 6,832
Property, plant and equipment 7 117,985 125,003 131,559
Total non–current assets 173,010 168,205 185,483
Total assets 748,148 687,216 754,128
LIABILITIES
Current
Debt due within one year 4 70,034 36,623 82,640
Short–term derivative liabilities 748 1,438 1,362
Accounts payable and accruals 269,426 239,696 269,542
Income tax payable 10,555 2,392 1,706
Defined benefit liability 9 1,117 2,642 –
Total current liabilities 351,880 282,791 355,250
Non–current
Long–term debt 4 96,283 97,511 101,595
Long–term derivative liabilities 762 940 445
Other long–term liabilities 9,138 8,588 8,402
Defined benefit liability 9 14,200 23,087 16,474
Total non–current liabilities 120,383 130,126 126,916
Total liabilities 472,263 412,917 482,166
EQUITY
Share capital 606,324 606,324 606,324
Reserves 5,231 2,033 8,876
Retained earnings (337,778) (336,101) (345,847)
Total equity attributable to shareholders of the Company 273,777 272,256 269,353
Non–controlling interest 2,108 2,043 2,609
Total equity 275,885 274,299 271,962
Total liabilities and equity 748,148 687,216 754,128
The accompanying notes form an integral part of these financial statements.

20 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 21
ADDITIONAL FINANCIAL
DISCLOSURES INCLUDING NOTES
TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

22 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 23
ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31 December 2016
1 FAIR VALUE ADJUSTMENTS
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Assets held for sale – (670) –
Biological assets 10 552 400
Investments (293) (114) –
(283) (232) 400
2 NET INTEREST AND FINANCE COSTS
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Finance income contains the following items:
Other interest income 80 73 82
Finance income 80 73 82
Interest funding contains the following items:
Interest on loans and overdrafts (2,722) (6,304) (3,383)
Net interest on interest rate derivatives (173) (282) (77)
Fair value change on interest rate derivatives 585 (846) (122)
Effective interest on expected earnout payments (558) (809) –
Effective interest on expected defined benefit pension ESCT payments (229) – –
Other interest expense (506) (3) (146)
Bank facility fees (417) (845) (477)
Interest funding expense (4,020) (9,089) (4,205)
Foreign exchange contains the following items:
Net gain/(loss) on foreign denominated items 120 (3,717) (1,061)
Fair value change on foreign exchange derivatives 2,309 2,259 1,664
Foreign exchange income/(expense) 2,429 (1,458) 603
Net interest and finance costs (1,511) (10,474) (3,520)

22 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 23
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31 December 2016
3 EARNINGS PER SHARE AND NET TANGIBLE ASSETS
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
000 000 000
Number of shares
Weighted average number of ordinary shares 754,849 754,849 754,849
Number of ordinary shares 754,849 754,849 754,849
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Net Tangible Assets
Total assets 748,147 687,216 754,128
Total liabilities (472,263) (412,917) (482,166)
less intangible assets (6,654) (7,079) (6,832)
less deferred tax (22,787) (14,334) (12,222)
246,443 252,886 252,908
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$ $ $
Net tangible assets per share 0.326 0.335 0.335
Earnings per share 0.021 0.052 0.021

24 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 25
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 31 December 2016
ADDITIONAL FINANCIAL DISCLOSURES
4 CASH AND FINANCING FACILITIES
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Cash and cash equivalents 10,069 7,561 16,839
Current financing facilities (70,034) (36,623) (82,640)
Term financing facilities (96,283) (97,511) (101,595)
(156,248) (126,573) (167,396)
The Company has a syndicated facility agreement which provides bank facilities of up to $176.00 million. The agreement contains various financial
covenants and restrictions that are standard for facilities of this nature, including maximum permissible ratios for debt leverage and operating
leverage. The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand and Australian assets to a
security trust. These assets include the shares held in South American subsidiaries and equity accounted investees. ANZ Bank New Zealand Limited
acts as security trustee for the banking syndicate (ANZ Bank New Zealand Limited, Bank of New Zealand and Westpac New Zealand Limited).
The Company’s bank syndicate facilities provide:
– A term debt facility of $116.00 million maturing on 1 August 2018.
– A working capital facility of up to $60.00 million maturing on 1 August 2018.
The syndicated facility agreement also allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $19.41 million as at 31 December 2016
providing:
– Overdraft facilities of $9.54 million.
– Guarantee and trade finance facilities of $6.53 million.
– Finance lease facilities of $3.34 million.
In addition, the bank financing of the Group’s South American operations is provided by Uruguayan-authorised banks. Two of the Group’s wholly-
owned Uruguayan subsidiaries (Wrightson Pas S.A. and Agrosan S.A.) are jointly and severally financed by a club structure. The club facilities
contain various financial covenants and restrictions that are standard for facilities of this nature. The club facilities are denominated in USD, secured
by a mortgage over the new Uruguay logistics centre and provide:
– An amortising logistics centre facility of $14.37 million (USD 10 million) maturing on 17 September 2022.
– A committed facility of $17.24 million (USD 12 million) maturing on 17 September 2018.
Separate to the club facility, the Group’s South American operations have various unsecured financing facilities that amounted to $20.13 million
(USD 14.00 million) as at 31 December 2016.
5 ACQUISITION OF EQUITY ACCOUNTED INVESTEE
Agri Optics New Zealand Limited
On 11 October 2016 the Group acquired a 51% investment in Agri Optics New Zealand Limited. This jointly controlled entity is accounted for
using the equity method and is included in the Group’s Seed & Grain business segment. The acquisition involved an upfront payment and an
earn out component determined over the next two years based on the financial performance of the business. The initial investment recorded
for the investee was $0.80 million which includes management’s estimate of the fair value of the earn out. Agri Optics New Zealand Limited is a
Canterbury-based precision agriculture business.

24 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 25
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 31 December 2016
6 OTHER INVESTMENTS
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
NOTE $000 $000 $000
Current investments
BioPacificVentures 10 230 3,170 –
Advances to equity accounted investees 3,592 3,521 –
3,822 6,691 –
Non-current investments
BioPacificVentures 10 – – 12,040
Sundry other investments including saleyards 1,925 2,165 1,650
Advances to equity accounted investees – – 3,655
1,925 2,165 17,345
Investment in BioPacificVentures
In 2005 the Group committed $14.00 million to an international fund established for investment in food and agriculture life sciences. The
investment in BioPacificVentures has an anticipated total lifespan of 12 years. At 31 December 2016 $13.95 million has been drawn on the
committed level of investment (30 June 2016: $13.95 million, 31 December 2015: $13.95 million). A fair value gain of $0.50 million was recorded in
the Statement of Other Comprehensive Income for the BioPacificVentures investment in the period to 31 December 2016 (30 June 2016: fair value
gain of $5.43 million, 31 December 2015: fair value gain of $4.86 million). In addition the Group received a capital return of $3.52 million from its
BioPacificVentures investment in the period to 31 December 2016 (30 June 2016: $9.68 million, 31 December 2015: $0.08 million).
Advances to equity accounted investees
This advance is a loan to the South American investee entity Fertimas S. A. Interest is payable on the balance and no provision for doubtful debts
was recorded against the loan as at 31 December 2016 (30 June 2016: nil, 31 December 2015: nil).
Sundry other investments including saleyards
Saleyard investments, which do not have a market price in an active market and whose fair value can not be reliably determined, are carried
at cost.
7 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and disposals
During the period to 31 December 2016, the Group acquired assets with a cost of $4.26 million (30 June 2016: $30.75 million, 31 December 2015:
$22.41 million), together with assets acquired through business combinations of nil (30 June 2016: $0.23 million, 31 December 2015: $0.23 million).
Assets with a net book value of $10.08 million were disposed during the period to 31 December 2016 (30 June 2016: $19.88 million, 31 December
2015: $11.93 million), resulting in a gain on disposal of $1.10 million (30 June 2016 Gain: $4.99 million, 31 December 2015 Gain: $2.99 million).
8 SEASONALITY OF OPERATIONS
The Group is subject to significant seasonal fluctuations. The Retail business is weighted towards the first half of the financial year as demand for
New Zealand farming inputs are generally weighted towards the Spring season. Livestock and Seed & Grain activities are significantly weighted to
the second half of the financial year. Seed & Grain revenues reflect the fact the Group operates in geographical zones that suit Autumn harvesting
and sowing. New Zealand generally has spring calving and lambing and so Livestock trading is weighted towards the second half of the financial
year in order for farmers to maximize their incomes. Other business units have similar but less material cycles. The Group recognises that this
seasonality is the nature of the industry and plans and manages its business accordingly.

26 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 27
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 31 December 2016
ADDITIONAL FINANCIAL DISCLOSURES
9 DEFINED BENEFIT ASSET / LIABILITY
During the period the Group made lump sum contributions to the two defined benefit plans amounting to $6.03 million. In addition the assets
and liabilities of the Wrightson Retirement Plan were transferred to the PGG Wrightson Employee Benefits Plan during the period. This resulted in
the Wrightson Retirement Plan having no liability as at 31 December 2016.
10 COMMITMENTS
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
NOTE $000 $000 $000
There are commitments with respect to:
Capital expenditure not provided for 2,365 1,427 7,786
Investment in BioPacificVentures 6 51 51 51
Contributions to Primary Growth Partnership 1,167 1,429 1,952
3,583 2,907 9,789
Primary Growth Partnership – seed and nutritional technology development
The Group announced on 18 February 2013 that it had completed the contracting process for the Primary Growth Partnership (PGP) programme
with the Ministry of Primary Industries. The PGP programme is a Seed and Nutritional Technology Development Programme that aims to deliver
innovative forages for New Zealand farms. As a result of entering into the partnership the Group is committed to contributions to the partnership
of $3.61 million over the six year life of the programme which ends on 31 December 2018. As at 31 December 2016 total contributions of $2.44
million (30 June 2016: $2.18 million, 31 December 2015: $2.00 million) have been made to the programme.
Forward purchase commitments
The Group as part of its ordinary course of business enters into forward purchase agreements with seed and wool growers. These commitments
extend for periods of up to 3 years. These commitments are at varying stage of execution, therefore there remains uncertainty associated with
yield, quality and market price. The Group is unable to sufficiently quantify the value of these commitments.
11 CONTINGENT LIABILITIES
PGG Wrightson Max Rewards loyalty programme
PGG Wrightson operates the Max Rewards loyalty programme. A provision is retained for the expected level of points redemption. A contingent
liability of $0.12 million represents the balance of unexpired points that do not form part of the provision (30 June 2016: $0.13 million, 31
December 2015: $0.13 million). Losses are not expected to arise from this contingent liability.
12 RELATED PARTIES
Parent and ultimate controlling party
The immediate parent of the Group is Agria (Singapore) Pte Limited and the ultimate controlling party of the Group is Agria Corporation.
Transactions with key management personnel
UNAUDITED AUDITED UNAUDITED
DEC 2016 JUN 2016 DEC 2015
$000 $000 $000
Key management personnel compensation comprised:
Short-term employee benefits 3,622 5,798 3,300
Post-employment benefits 64 205 189
Termination benefits – – –
3,686 6,003 3,489

26 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 27
PGG WRIGHTSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
For the six months ended 31 December 2016
13 EVENTS SUBSEQUENT TO END OF INTERIM PERIOD
Assets held for sale
Subsequent to 31 December 2016 an unconditional sale agreement was entered into for one of the assets classified as held for sale. The sale is
expected to settle in February 2017 and will result in the disposal of property with a book value of $5.50 million. The Group expects to realise a
gain of approximately $5.00 million on the disposal of this asset.
Dividend
On 20 February 2017 the Directors of PGG Wrightson Limited resolved to pay an interim dividend of 1.75 cents per share on 4 April 2017 to
shareholders on the Company’s share register as at 5.00pm on 10 March 2017. This dividend will be fully imputed.
14 REPORTING ENTITY
PGG Wrightson Limited (the “Company”) is a company domiciled in New Zealand, registered under the Companies Act 1993 and listed on the New
Zealand Stock Exchange. The Company is an FMC Entity in terms of the Financial Markets Conduct Act 2013.
The interim financial statements of PGG Wrightson Limited 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 associates and jointly controlled entities. Financial statements have
been prepared in accordance with the requirements of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The Group is primarily involved in the provision of goods and services within the agricultural sector.
15 BASIS OF PREPARATION
Statement of Compliance
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They
comply with the New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and other applicable Financial Reporting
Standards as applicable for profit oriented entities, and in particular NZ IAS 34. The interim financial statements comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board, as applicable for profit oriented entities.
The interim financial statements do not include all of the information required for full annual financial statements. The same accounting policies
and methods of computation are followed in the interim financial statements as applied in the Group’s latest annual audited financial statements.
These statements were approved by the Board of Directors on 20 February 2017.
Standards and Interpretations That Have Been Issued or Amended But Are Not Yet Effective
A number of new standards and interpretations are not yet effective for the period ended 31 December 2016 and have not been applied in
preparing these interim financial statements. None of these standards are expected to have a significant impact on these financial statements
except for:
– IFRS 9 (2014) Financial Instruments has been issued. The final component of IFRS 9 (2014) introduces a new expected credit loss model for
calculating impairment. IFRS 9 (2014) is effective for annual periods beginning on or after 1 January 2018. The Group does not plan to adopt
IFRS 9 (2014) early and the extent of the impact has not yet been determined. The Group early adopted IFRS 9 (2013) from 1 January 2015. IFRS
9 (2013) provides amended general hedge accounting requirements.
– IFRS 15 Revenue from Contracts with Customers has been issued. This standard introduced a new revenue recognition model for contracts
with customers. The standard is effective for annual periods beginning on or after 1 January 2018. The Group does not plan to adopt IFRS 15
early and the extent of the impact has not yet been determined.
– IFRS 16 Leases has been issued. This standard eliminates the classification of leases as either operating leases or finance leases. The standard
uses a single lessee model which requires a lessee to recognise on the Statement of Financial Position assets and liabilities for all leases with a
term of more than 12 months. The standard is effective for annual periods beginning on or after 1 January 2019. The Group does not plan to
adopt IFRS 16 early and the extent of the impact has not yet been determined.
– A variety of minor improvements to standards have been made in order to clarify various treatments of specific transactions. These are not
expected to have an impact on the Group’s financial results.

28 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 29
ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2016
FOREIGN CURRENCY REALISED CAPITAL
SHARE TRANSLATION AND OTHER REVALUATION HEDGING DEFINED BENEFIT FAIR VALUE RETAINED NON–CONTROLLING TOTAL
CAPITAL RESERVE RESERVES RESERVE RESERVE PLAN RESERVE RESERVE EARNINGS INTEREST EQUITY
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 July 2015 606,324 (269) 23,443 556 (1,332) (14,609) (3,021) (346,534) 2,810 267,368
Total comprehensive income for the period
Profit or loss – – – – – – – 15,947 119 16,066
Other comprehensive income
Foreign currency translation differences – (3,891) – – – – – – (33) (3,924)
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 4,856 – – 4,856
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – 2,024 – – – – 2,024
Defined benefit plan actuarial gains and losses, net of tax – – – – – 1,119 – – – 1,119
Total other comprehensive income – (3,891) – – 2,024 1,119 4,856 – (33) 4,075
Total comprehensive income for the period – (3,891) – – 2,024 1,119 4,856 15,947 86 20,141
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – – – – (15,260) (287) (15,547)
Total contributions by and distributions to shareholders – – – – – – – (15,260) (287) (15,547)
Balance at 31 December 2015 606,324 (4,160) 23,443 556 692 (13,490) 1,835 (345,847) 2,609 271,962
Balance at 1 January 2016 606,324 (4,160) 23,443 556 692 (13,490) 1,835 (345,847) 2,609 271,962
Total comprehensive income for the period
Profit or loss – – – – – – – 22,876 636 23,512
Other comprehensive income
Foreign currency translation differences – (4,589) – – – – – – – (4,589)
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 577 – – 577
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – 776 – – – – 776
Defined benefit plan actuarial gains and losses, net of tax – – – – – (4,597) – – – (4,597)
Total other comprehensive income – (4,589) – – 776 (4,597) 577 – – (7,833)
Total comprehensive income for the period – (4,589) – – 776 (4,597) 577 22,876 636 15,679
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – – – – (13,424) 82 (13,342)
Total contributions by and distributions to shareholders – – – – – – – (13,424) 82 (13,342)
Transfer to retained earnings – – – – – 990 – 294 (1,284) –
Balance at 30 June 2016 606,324 (8,749) 23,443 556 1,468 (17,097) 2,412 (336,101) 2,043 274,299

28 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 29
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2016
FOREIGN CURRENCY REALISED CAPITAL
SHARE TRANSLATION AND OTHER REVALUATION HEDGING DEFINED BENEFIT FAIR VALUE RETAINED NON–CONTROLLING TOTAL
CAPITAL RESERVE RESERVES RESERVE RESERVE PLAN RESERVE RESERVE EARNINGS INTEREST EQUITY
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 July 2015 606,324 (269) 23,443 556 (1,332) (14,609) (3,021) (346,534) 2,810 267,368
Total comprehensive income for the period
Profit or loss – – – – – – – 15,947 119 16,066
Other comprehensive income
Foreign currency translation differences – (3,891) – – – – – – (33) (3,924)
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 4,856 – – 4,856
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – 2,024 – – – – 2,024
Defined benefit plan actuarial gains and losses, net of tax – – – – – 1,119 – – – 1,119
Total other comprehensive income – (3,891) – – 2,024 1,119 4,856 – (33) 4,075
Total comprehensive income for the period – (3,891) – – 2,024 1,119 4,856 15,947 86 20,141
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – – – – (15,260) (287) (15,547)
Total contributions by and distributions to shareholders – – – – – – – (15,260) (287) (15,547)
Balance at 31 December 2015 606,324 (4,160) 23,443 556 692 (13,490) 1,835 (345,847) 2,609 271,962
Balance at 1 January 2016 606,324 (4,160) 23,443 556 692 (13,490) 1,835 (345,847) 2,609 271,962
Total comprehensive income for the period
Profit or loss – – – – – – – 22,876 636 23,512
Other comprehensive income
Foreign currency translation differences – (4,589) – – – – – – – (4,589)
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 577 – – 577
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – 776 – – – – 776
Defined benefit plan actuarial gains and losses, net of tax – – – – – (4,597) – – – (4,597)
Total other comprehensive income – (4,589) – – 776 (4,597) 577 – – (7,833)
Total comprehensive income for the period – (4,589) – – 776 (4,597) 577 22,876 636 15,679
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – – – – (13,424) 82 (13,342)
Total contributions by and distributions to shareholders – – – – – – – (13,424) 82 (13,342)
Transfer to retained earnings – – – – – 990 – 294 (1,284) –
Balance at 30 June 2016 606,324 (8,749) 23,443 556 1,468 (17,097) 2,412 (336,101) 2,043 274,299

30 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 31
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF CHANGES IN EQUITY
(CONTINUED)
For the six months ended 31 December 2016
ADDITIONAL FINANCIAL DISCLOSURES
FOREIGN CURRENCY REALISED CAPITAL
SHARE TRANSLATION AND OTHER REVALUATION HEDGING DEFINED BENEFIT FAIR VALUE RETAINED NON–CONTROLLING TOTAL
CAPITAL RESERVE RESERVES RESERVE RESERVE PLAN RESERVE RESERVE EARNINGS INTEREST EQUITY
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 July 2016 606,324 (8,749) 23,443 556 1,468 (17,097) 2,412 (336,101) 2,043 274,299
Total comprehensive income for the period
Profit or loss – – – – – – – 15,998 (9) 16,341
Other comprehensive income
Foreign currency translation differences – 960 – – – – – – (18) 1,087
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 504 – – 504
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – (1,468) – – – – (1,468)
Defined benefit plan actuarial gains and losses, net of tax – – – – – 779 – – – 427
Total other comprehensive income – 960 – – (1,468) 779 504 – (18) 550
Total comprehensive income for the period – 960 – – (1,468) 779 504 15,998 (27) 16,891
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Investment in minority interest – – – – – – – – 381 381
Dividends to shareholders – – – – – – – (15,252) (289) (15,686)
Total contributions by and distributions to shareholders – – – – – – – (15,252) 92 (15,305)
Transfer to retained earnings – 1,491 (875) – – 1,807 – (2,423) – –
Balance at 31 December 2016 606,324 (6,298) 22,568 556 – (14,511) 2,916 (337,778) 2,108 275,885

30 | PGG WRIGHTSON LIMITEDHALF YEAR REPORT 2016 | 31
PGG WRIGHTSON LIMITED
INTERIM STATEMENT OF CHANGES IN EQUITY
(CONTINUED)
For the six months ended 31 December 2016
FOREIGN CURRENCY REALISED CAPITAL
SHARE TRANSLATION AND OTHER REVALUATION HEDGING DEFINED BENEFIT FAIR VALUE RETAINED NON–CONTROLLING TOTAL
CAPITAL RESERVE RESERVES RESERVE RESERVE PLAN RESERVE RESERVE EARNINGS INTEREST EQUITY
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 July 2016 606,324 (8,749) 23,443 556 1,468 (17,097) 2,412 (336,101) 2,043 274,299
Total comprehensive income for the period
Profit or loss – – – – – – – 15,998 (9) 16,341
Other comprehensive income
Foreign currency translation differences – 960 – – – – – – (18) 1,087
Effective portion of changes in fair value of equity instruments, net of tax – – – – – – 504 – – 504
Effective portion of changes in fair value of cash flow hedges, net of tax – – – – (1,468) – – – – (1,468)
Defined benefit plan actuarial gains and losses, net of tax – – – – – 779 – – – 427
Total other comprehensive income – 960 – – (1,468) 779 504 – (18) 550
Total comprehensive income for the period – 960 – – (1,468) 779 504 15,998 (27) 16,891
Transactions with shareholders, recorded directly in equity
Contributions by and distributions to shareholders
Investment in minority interest – – – – – – – – 381 381
Dividends to shareholders – – – – – – – (15,252) (289) (15,686)
Total contributions by and distributions to shareholders – – – – – – – (15,252) 92 (15,305)
Transfer to retained earnings – 1,491 (875) – – 1,807 – (2,423) – –
Balance at 31 December 2016 606,324 (6,298) 22,568 556 – (14,511) 2,916 (337,778) 2,108 275,885

Managing your shareholding online:
To change your address, update your payment
instructions and to view your investment portfolio,
including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
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enquiry@computershare.co.nz
* Private Bag 92119, Auckland 1142,
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Telephone +64 9 488 8777
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Facsimile +64 9 488 8787
Please assist our registrar by quoting your CSN
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32 | PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
CORPORATE DIRECTORY
Board of Directors
for the six months ended
31 December 2016
Guanglin (Alan) Lai
Chairman
Trevor Burt
Deputy Chairman
Bruce Irvine
John Nichol
Lim Siang (Ronald) Seah
Wah Kwong (WK) Tsang
John Fulton is an Alternate Director
for Wah Kwong Tsang
Kean Seng U
Executive Team
for the six months ended
31 December 2016
Mark Dewdney
Chief Executive Officer
Cedric Bayly
General Manager Wool
Julian Daly
General Manager Strategy and
Corporate Affairs/ Company Secretary
Grant Edwards
General Manager Insurance
and Financial Services
David Green
General Manager New Zealand Seeds
Stephen Guerin
Group General Manager Retail and Water
John McKenzie
Group General Manager Seed and Grain
Peter Moore
General Manager Livestock
Peter Newbold
General Manager Real Estate
Peter Scott
Chief Financial Officer
Rachel Shearer
General Manager Human Resources
Brent Sycamore
General Manager Grain
Registered Office
PGG Wrightson Limited
57 Waterloo Road
Hornby
Christchurch 8140
PO Box 292
Christchurch 8042
Telephone:
0800 10 22 76 (NZ only)
+64 3 372 0800 (International)
Email: enquires@pggwrightson.co.nz
Auditors
KPMG
62 Worcester Boulevard
PO Box 1739
Christchurch 8140
Telephone +64 3 363 5600
Company number 142962
NZBN 9429040323497

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