Seeka announces its 30 June 2018 half year result

INTERIM REPORT
June 2018

CONTENTS
From the chairman and chief executive .............................................................2
Financial statements ...........................................................................................10
Statement of financial performance .............................................................11
Statement of comprehensive income ...........................................................12
Statement of financial position ......................................................................13
Statement of changes in equity ....................................................................14
Statement of cash flows ..................................................................................15
Notes to the financial statements ................................................................16
Directory ................................................................................................................28

Seeka interim report June 20182
FROM THE CHAIRMAN AND CHIEF EXECUTIVE
Seeka’s Board is pleased to provide you with this report on our financial and operational results for the six months ended 30 June 2018.
A number of strategic highlights were achieved during the last six months. This report profiles these highlights, comments on the
performance of the company and updates the full year financial guidance.
The seasonal nature of Seeka’s foundation business of growing, packing, storing, shipping and selling fresh produce means the
company is more profitable in the first six months of each financial year. The financial performance for the half year does not reflect the
company’s forecast full year performance. Full year EBITDA earnings are forecast to increase between 4% and 8% on 2017’s $23.13m,
and NPAT between 12% and 24% on the previous full year’s result of $5.83m. Any material deviation to this guidance will be advised to
shareholders and investors through the NZX.
Results for the six months ended 30 June 2018 include
• Profit after tax of $10.37m (2017: $11.09m); a decrease of 6.5%.
• EBITDA of $23.47m (2017: $21.93m); an increase of 7%.
• Further impairment and accelerated amortisation of the goodwill and supplier contract in the tropical business, Seeka Glassfields,
of $1.5m.
• Increased New Zealand kiwifruit crop volumes with 31.1m tray equivalents handled (2017: 25.6m); up 21%.
• Improvement in earnings for Seeka’s emerging business, the Delicious Nutritious Food Company. Earnings at an EBITDA level of
$0.40m compared to $0.16m for the first six months in 2017.
• Record returns in the 2017/18 avocado selling season. Seeka successfully distributed and marketed 209,850 trays of avocados
delivering an exceptional average return to growers of $40.81 (2016/17: $24.85).
• Successful and safe harvest seasons for all crops across New Zealand and Australia including kiwifruit, avocados, nashi and pears.
• Successful completion of the first year of maturity testing services for Zespri at Seeka’s laboratory testing business VLS.
• Successful acquisition and integration of the Northland post harvest business and related kiwifruit orchards from Turners and
Growers Horticulture Limited (T&G Horticulture). The post harvest business was integrated into Seeka mid harvest without issue.
• Continuing investment in Seeka Australia’s orchard development which will significantly increase production in coming years.
• The New Zealand High Court decided in favour of growers in their claim against the Crown for losses related to New Zealand's Psa
outbreak. This includes Seeka as a grower. Seeka was unsuccessful in its claims related to losses as a post harvest operator. The
decision was appealed by the Crown and subsequently cross-appealed by the plaintiffs including Seeka's claim as a post harvest
operator.

3
Operational performance
The following table outlines Seeka’s performance for the six months ended 30 June 2018. The 2018 result was adjusted for non-recurring
items including the impairment and accelerated amortisation of intangible assets.
New Zealand dollars
Reported
result
June 2017
Non-
recurring
items
(Note 1)
June 2017
underlying
trading result
Reported
result
June 2018
Non-
recurring
items
(Note 2)
June 2018
underlying
trading result
(Decrease)
/ increase to
reported
2017 result
Increase to
underlying
2018
Total revenue ($m)
$ 134.0-$ 134.0$ 145.4-$ 145.49%9%
EBITDA before impairments
and revaluations ($m)
$ 21.9$( 0.1)$21.8$ 23.5-$ 23.57%8%
EBIT ($m)
$ 17.7$( 0.1)$ 17.6$ 17.4 $ 1.5$ 18.9( 2)%7%
NPAT ($m)
$ 11.1$( 0.1)$ 11.0$ 10.4$ 1.5$ 11.9( 7)%8%
Basic earnings per share
$ 0.69-$ 0.69$ 0.61$ 0.09$ 0.70( 12)%1%
Net bank debt ($m)
$ 94.5-$ 94.5$ 116.0-$ 116.023%23%
1. 2017 reported EBITDA was increased by a non-recurring benefit of $0.1m ($0.07m after tax) relating to the early termination of a long-term orchard lease agreement.
2. 2018 reported EBIT was reduced by $1.5m ($1.5m after tax) as a consequence of the impairment and accelerated amortisation of intangible assets (see note 6).
Dividend announcement
A dividend of $0.12 per share has been declared by the Board. The dividend is fully imputed and will be paid on 21 September 2018 to
those shareholders on the register at 5pm on 14 September 2018. The dividend reinvestment plan will apply to the distribution.
Outlook
Seeka is anticipating improved operational earnings for the remainder of 2018 compared to 2017, reflecting the rebound in volumes of
New Zealand kiwifruit production and stronger avocado volumes and earnings. The following guidance is based on Seeka's best estimate
on the forward six months earnings. The market will be updated if there is material deviation.
New Zealand dollars
2017
Full year actuals
2018 guidance
Lower range
2018 guidance
Upper range
EBITDA ($m)
$ 23.1$ 24.0$ 25.0
Increase over 2017
+ 4%+ 8%
Net profit after tax ($m)
1
$ 5.8$ 6.5$ 7.2
Increase over 2017
2
+ 12%+ 24%
1. NPAT is based on normal tax rates applying in New Zealand and Australia.
2. The increase of 12%-24% in net profit after tax against 2017 is due to a number of non-recurring negative adjustments that occurred in 2017.
This included a $2m impairment of goodwill and a $1m deferred tax adjustment.

Seeka interim report June 20184
Review of operations
Revenue for the six months ended 30 June 2018 totalled $145.44m (2017: $134.01m).
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $23.47m (2017: $21.93m); up 7%. Included
in the consolidated result was $2.70m EBITDA from Seeka Australia (2017: $3.41m); down by 21% from a dry summer growing period.
Profits for the six months were impacted by a $1.53m write down of goodwill in the tropical business, Seeka Glassfields.
Consolidated profit after tax for the six months was $10.37m (2017: $11.09m); down 6.5%.
Cash flow from operations totalled $1.55m (2017: $4.73m); reflecting additional interest paid on debt and timing of tax paid.
Seeka invested a total of $26.10m, which was partly offset by $6.33m of asset disposals. The investment includes payments for
Northland assets some of which are now being marketed for sale via tender, including 15.5 hectares of Zespri SunGold in production and
18.6 hectares in development. As at 30 June, Seeka had paid $8.32m for the post harvest facility and $8.99m for the orchards with clear
title. The remaining $22.63m purchase price will be paid when titles to the remaining orchards become available.
At 30 June, Seeka has advanced its grower pools $12.9m (2017: $11.1m) to assist with cash flow. This advance was fully repaid by 20 July.
Seeka has continued to review and refine its coolstore and packing capacity plans. The signalled replacement of the Seeka KKP packing
machine was deferred in favour of an upgrade to machine number 2 at Seeka Oakside. Additional pre-cooling and coolstores will be
built to balance capacity. The newly acquired post harvest facility in Kerikeri is also scheduled for an upgrade with a new packhouse and
increased packing, precooling and coolstore capacity.
These two projects are planned to balance Seeka’s capacity with forecast demand for the next 36 months.
Net debt at 30 June (bank loans less bank deposits) totalled $115.98m (2017: $94.55m); an increase of $21.43m noting both the
investment in the Northland assets and the advance to Seeka Growers Limited.
$134.0
$145.4
Total revenue
NZ$million
$104.7
$134.2
$79.2
2014 2015 2016 2017 2018
$5.8
$11.4
$15.8
$21.9
$23.5
EBITDA
NZ$million
2014 2015 2016 2017 2018
$1.5
$3.7
$ 7.1
$11.1
$10.4
Net profit after tax
NZ$million
2014 2015 2016 2017 2018
Group financial indicators to 30 June

5
Orcharding
$4.3m
2016
2017
2018
Orcharding
$5.8m
Post harvest
$21.5m
Post harvest
$17.1m
Retail services
$0.9m
Retail services
$1.3m
$40.2m
$36.0m
$4.7m
$108.0m
$37.2m
$39.7m
$5.9m
$143.8m
$46.4m
$51.9m
$4.9m
$156.9m
Seeka Australia
$2.7m
Seeka Australia
$3.4m
Operating segment EBITDA
Operating segment assets to 30 JuneSegment operations
Orcharding, New Zealand
The servicing and growing of kiwifruit, kiwiberry and
avocados through managed, leased and long term leased
arrangements.
Post harvest, New Zealand
Coordinates the harvest, packing, storage and dispatch
of kiwifruit and avocados to the market, or for kiwifruit
supplied to Zespri to the port of their direction.
Retail services, New Zealand
The supply and sale of avocados, class 2 New Zealand
kiwifruit and imported tropical fruits, and the Delicious
Nutritious Food Company business.
Seeka Australia
Owns and operates predominately kiwifruit, nashi
and pear orchards, along with packing and logistics
infrastructure. The company directly markets its Australian
grown fruit to retailers and wholesale, along with imported
New Zealand fruit.
Operating segment overview
Seeka supplies high-value produce to world markets. Founded on New Zealand's kiwifruit industry, our New Zealand operating segments
service the value chain from orchard to market, with the Seeka group also owning and operating a fully-integrated orchard-to-market
business in Australia.
EBITDA to June 2017 - $27.6mEBITDA to June 2018 - $29.4m
OrchardingPost harvestRetail servicesAustralia
Excludes ($5.7m) EBITDA for the Group’s administration and
grower services overheads.
Excludes the Group's administration, grower services and unallocated assets.
Excludes ($5.9m) EBITDA for the Group’s administration and
grower services overheads.

Seeka interim report June 20186
New Zealand operations
Orcharding
Orchard operations span from Northland through to the Coromandel, Bay of Plenty and East Coast.
Kiwifruit volumes grown by Seeka increased in 2018 following 2017's industry-wide drop in Hayward yields. In 2018, Seeka orchard
operations grew 37.44m kilograms of fruit (10.4m trays) compared to the prior year's 30.70m kilograms (8.45m trays).
Seeka also grew 200,000 kilograms of avocados and 15,000 kilograms of kiwiberry compared to 540,000 kilograms of avocados and
40,000 kilograms of kiwiberry in the prior year.
Total revenue for orchard operations for the six months of $38.98m compares against $36.83m in the prior year. EBITDA of $4.29m
compares with $5.82m reflecting a reduced proportion of long term leases in Seeka’s orcharding operations. Seeka is now investing in
long term lease arrangements with volumes set to increase over the next three years.
Post harvest
In 2018, 31.1m trays of kiwifruit were packed (2017: 25.6m); an increase of 5.5m trays reflecting a rebound in Hayward yields and an
increasing number of SunGold orchards coming into production.
The company delivered growers a safe and timely harvest and importantly had sufficient packing and coolstore capacity to handle all fruit
at its optimum. Additional technology was deployed with near-infrared (NIR) installed at Huka Pak, primarily to assist SunGold growers
to achieve yield from lines of fruit that struggle to achieve Zespri’s stringent dry matter thresholds.
On 30 April, Seeka purchased and took over the Kerikeri post harvest business of T&G Horticulture. The business was integrated mid
harvest bringing a new facility to Seeka's network and new crops. Seeka is contracted to pack citrus and blueberries for T&G Horticulture.
Post harvest revenue of $88.58m is an increase of $14.21m on the prior period of $74.37m; up 19.1%. At 30 June, Seeka’s coolstores were
close to full. The higher stock level from 2017 added to the improved earnings outlook. EBITDA of $21.48m compares with $17.07m in the
prior year.
Retail services
EBITDA of $0.91m compares against $1.32m in the prior period reflecting a continuing slowdown in the tropical business, Seeka
Glassfields, and lower avocado volumes in the 2017/18 selling season. Avocado volumes for 2018/19 are forecast to be strong due to
higher yields and additional supply.
Harvest 2018 highlights
1
• $5.49 forecast Hayward OGR, with yields up 30%.
• $9.96 forecast SunGold OGR, with yields up 14%.
• $8.46 forecast Hayward Organic OGR, with yields up 50%.
• $40.81 average avocado return per export tray for 2017/18 season, up 64%.
• $12.08 forecast kiwiberry OGR, with yields up 6%.
• 6.1m kilograms of fruit harvested from Seeka orchards in Australia
1. Tray returns are the pool averages for all growers supplying Seeka; kiwifruit and kiwiberry are early-season forecasts,
avocado is the audited total payment to growers.

7
Seeka impaired the goodwill associated with the tropical business with a write down of $0.95m and accelerated the amortisation on the
related supplier contract by $0.55m. The business has suffered with the decision of Seeka’s major customer to supply their own bananas
and centralise ripening alongside their new supply chain and distribution centre strategy. Goodwill of $0.44m remains on the balance
sheet for Glassfields.
The Delicious Nutritious Food Company is delivering strong growth. Earnings for the six months delivered EBITDA of $0.40m compared
to $0.16m in the previous corresponding period.
The Delicious Nutritious Food Company produces three innovative products with a new manufacturing and processing facility
commissioned at Seeka’s KiwiCoast facility in Te Puke:
• Kiwi Crush - the Kiwi Crush range turns non-export-grade kiwifruit into a high quality and high value functional food sold to
hospitals and the retail market.
• Avocado oil – the manufacture, processing, bottling and distribution of avocado oil products destined for premium export markets.
• Kiwiberry – the specialist packing, storage and distribution of kiwiberry, with a new punnet line to increase packing capacity for this
high-value product.
The kiwiberry component was added to the business during the past six months with an investment made in a high capacity kiwiberry
packing line. This machine delivered a step change in sophistication and volume, giving kiwiberry growers a more timely harvest and
better delivery of high quality produce to the market.
The Delicious Nutritious Food Company is poised for further growth.
Australia operations
Seeka Australia PTY Limited
Kiwifruit harvest yields were lower in 2018 due to a very hot and dry summer, which impacted on fruit size and growth. Seeka has 67
hectares in development for production in 2020 which will significantly lift volumes.
Across all varieties Seeka is concentrating on quality as well as increasing yields. The following table shows historical volumes by variety.
Class 1 and 2
30 June 2018
Kilograms

Tray equivalents
30 June 2017
Kilograms

Tray equivalents
Kiwifruit
2,593,550720,4312,990,826826,195
Nashi
1,623,1991,172,163
Packham
1,153,994854,000
Corella
453,443423,788
Other pears
258,38283,421
Plums
-25,605
With high sunlight hours, Australian kiwifruit have excellent quality and taste. Seeka has concentrated on upgrading the post harvest
infrastructure and developing new orchards. A new plant nursery was built which produced plants for both existing and new orchards.
Seeka is planning to develop one of its new kiwifruit orchards as organic to fulfil market demand for organic produce.
In the pear orchards Seeka is concentrating on introducing new hybrid varieties. These exciting, sweeter pears deliver a better taste
experience to consumers, along with higher yields and lower per unit production costs. Increasingly Australian consumers are moving
away from commodity pears to high quality hybrid pears.
EBITDA of $2.70m (2017: $3.41m) was a positive result considering the difficult growing season.
Seeka's Australian operations are an important investment in diversity and we will continue to further develop the business, including
new orchards and improvements to existing orchards. Yields will improve over the next three years as new plantings mature.
Seeka continues to closely monitor and invest in water to ensure it has sufficient to grow existing and future crops.

Seeka interim report June 20188
Strategic highlights
Seeka continues to enact its defined strategy. Kiwifruit is our core product, with the company diversifying geographically and targeting
other produce varieties. The key focus is on growth that delivers accretive value to our stakeholders, including shareholders, growers,
employees, contractors and community.
Seeka has excelled where it operates the entire value chain from the orchard to the customer and delivered incremental returns to
growers as demonstrated by avocados and kiwiberries. Kiwifruit, avocados, nashi and European pears are the major varieties in which
Seeka delivers orchard to market excellence.
During the six months Seeka purchased the post harvest assets and related kiwifruit orchards from T&G Horticulture. Subsequent to
the purchase Seeka secured SunGold licences for a portion of these orchards and placed the orchards for sale with a conditional long-
term supply commitment to Seeka. The acquisition provides Seeka with kiwifruit and avocado packing capacity and volumes, as well as
providing services for citrus and berries.
Alongside the T&G Horticulture transaction, Seeka’s largest offshore shareholder sold a parcel of shares to New Zealanders. This off-
market transaction lowered Seeka’s foreign ownership below 25% and outside the regime of the Overseas Investment Office.
The company has focussed on asset utilisation while deliberately balancing on shore coolstore and packing capacity to ensure great
service and results to supplying growers. Plant utilisation was improved by handling new varieties including Northland avocados and
citrus.
Market conditions for Australian grown produce are good and the fruit produced is of excellent quality, noting it is a completely different
growing environment. Production in Australia is set to double in the next five years.
Seeka has actively increased its market share in avocados primarily through direct purchase and syndication of orchards in the Far North
of New Zealand. This strategy delivered a benefit to investors as well as bringing new volume and market share to Seeka.
Seeka continues to focus on talent development with 12 cadets in the business, with some now emerging as qualified orchard managers.
Seeka has continued to actively source New Zealand workers to fulfil peak seasonal labour demand. The company has an RSE programme
to complement the local workforce and supports those workers with focussed pastoral care.
Health and safety
Seeka’s focus is on continuous improvement and ensuring the health and safety of all personnel at all locations. Our total recordable injury
frequency (TRIFR) remains below Seeka's target threshold. Seeka has recorded no notifiable injuries or incidents in the six months; a good
result at the end of the main packing season.
All incidents and near miss incidents are reported and followed up within the company.
A number of initiatives were launched by the health and safety team, including a focus on the six major safety issues in the business.
Moreover, the Board has commissioned a strategic review of safety risks and remedial strategies.
The company continues to refine its health and safety strategy and systems to ensure it complies with legislation and keeps its people,
contractors and stakeholders safe.
The following table shows key safety measures to 30 June against annual thresholds.
2018 actuals and targetsTo 30 June
Annual
threshold
Total recordable injury frequency rate
1
4.37
Less than 4.6
Notifiable injuries
00
Notifiable incidents
00
Severity rate
2
2.83
Less than 3.0
1. Total recordable injury frequency rate (TRIFR) is a key measure that compares total lost time injuries and medical treatments against the total number of
hours worked. TRIFR = (number of recordable lost time and medical treatment injuries) x 200,000 / (number of employee hours worked).
2. The severity rate measures the average number of days it takes a person to get back to work after a lost time injury.
Severity rate = (number of days lost) / (number of lost time injuries).

9
VLS
The Seeka-owned laboratory business VLS successfully won a contract to supply the kiwifruit industry with maturity analytical services.
The laboratory was upgraded along with its systems, staffing and resources. VLS is an ISO17025 accredited laboratory and tested 6,067
samples to produce a modest profit to the company in the first year of a three-year contract. This new service to the kiwifruit industry
was a significant event for Seeka, one requiring extraordinary effort and dedication from the team involved.
The Seeka team
Seeka's people have excelled during the six months to 30 June 2018.
Seeka has continued to invest in its people to make it the employer of choice in a tight labour market. Active development programmes
are underway across the company including a cadet programme that has been operating for four years. Trained cadets exit the
programme with external qualifications to pursue a pathway in the company on the orchards or in post harvest. Wellness programmes
are being implemented across the company with 100 employees currently signed into the quarterly programme.
Sourcing seasonal labour continues to challenge the industry. Increasingly the industry is reliant on overseas seasonal labour to
complement the local available workforce, with the supply of local workers fully utilised at key times of the season. Seeka recruits some
460 overseas workers through the RSE scheme from a total seasonal workforce of more than 3,000. Backpackers that are traditionally
employed were in short supply in 2018, adding to employment pressure. This pushed harvest and post harvest operations to the limit. In
these circumstances, the safety profile changes. Seeka continues to work on initiatives to make Seeka the employer of choice.
The company has gone to significant lengths to ensure contractors and subcontractors comply with labour, health and safety legislation,
and strive to achieve best practice. Seeka has a dedicated team to work with our contractor and subcontractor community to coach,
audit, and undertake gap analysis to ensure we achieve better than compliant.
Summary
A rebound in New Zealand kiwifruit harvest volumes and strong continuing earnings in avocados have led to an improved half year result.
Earnings in Australia are lower, reflecting a drier summer and the orchard investments yet to start producing. Earnings in Seeka’s tropical
business remain lacklustre.
Great progress was made with strategic initiatives with the acquisition and integration of the Northland assets of T&G Horticulture, and
Seeka is midway through repositioning some of these assets.
We thank all stakeholders for the loyalty and support you willingly give to Seeka.
Fred Hutchings Michael Franks
Chairman Chief executive

Seeka interim report June 201810
INTERIM FINANCIAL STATEMENTS
30 JUNE 2018
Statement of financial performance ..................................................................11
Statement of comprehensive income ...............................................................12
Statement of financial position ..........................................................................13
Statement of changes in equity ........................................................................14
Statement of cash flows ......................................................................................15
Notes to the financial statements ....................................................................16

11
STATEMENT OF FINANCIAL PERFORMANCE
For the six months ended 30 June 2018
The accompanying notes form an integral part of these financial statements
New Zealand dollarsNotes
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Turnover
1
2
154,876 148,900 217,902
Revenue
3
145,436 134,012 186,814
Cost of sales
100,300 91,104 151,537
Reduction in fair value of biological assets - crop
7
15,388 14,872 -
Gross profit
29,748 28,036 35,277
Other income
3
21 - 404
Income from insurance proceeds
3
- - 125
Other costs
6,299 6,109 12,678
Earnings (EBITDA) before revaluations and impairments

²
23,470 21,927 23,128
Depreciation expense
5
4,360 3,940 8,218
(Gain) on revaluation of land and buildings and interest in leased land
- - ( 1,396)
Impairment of property, plant and equipment
- 29 102
Impairment of intangible assets
6
946 - 2,301
Amortisation of intangible assets
6
814 222 484
Earnings (EBIT) ³
17,350 17,736 13,689
Finance expense
2,211 1,904 3,781
Net profit before tax
15,139 15,832 9,908
Income tax charge
4,766 4,739 4,075
Total tax charge
4,766 4,739 4,075
Net profit attributable to equity holders
10,373 11,093 5,833
Earnings per share for profit attributable to the ordinary
equity holders of the company during the year
Basic earnings per share
$0.61 $0.69$0.35
Diluted earnings per share
$0.59 $0.64$0.34
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.

Seeka interim report June 201812
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2018
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Net profit for the period
10,373 11,093 5,833
Items that will not be reclassified to profit or loss - net of tax
Gain on sale of shares
270 - -
Movement in revaluation of land and buildings
- - 4,455
Total items that will not be reclassified to profit or loss
270 - 4,455
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
39 ( 37) 147
Movement in foreign currency translation reserve
( 4) ( 91) ( 840)
Movement in foreign currency revaluation reserve
- 13 743
Gain on revaluation of water shares
354 - 976
Gain on revaluation of investment in shares
51 1,180 4,141
Total items that may be reclassified subsequently to profit or loss
440 1,065 5,167
Total comprehensive income for the period attributable to equity holders
11,083 12,158 15,455
The accompanying notes form an integral part of these financial statements

13
STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
New Zealand dollarsNotes
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Equity
Share capital
46,504 45,241 46,195
Reserves
16,103 13,643 21,456
Retained earnings
45,324 37,200 30,974
Total equity
107,931 96,084 98,625
Current assets
Cash and cash equivalents
1,897 887 2,389
Current tax receivable
1,942--
Trade and other receivables
8
70,360 60,406 17,401
Biological assets - crop
7
1,294 1,174 16,682
Inventories
9
8,496 9,359 4,808
Irrigation water rights
57 83 151
Property held for sale
11
10,738 700 -
Total current assets
94,784 72,609 41,431
Non current assets
Trade and other receivables
8
1,494 2,579 1,066
Property, plant and equipment
5
163,137 143,940 155,371
Intangible assets
6
20,529 15,534 16,727
Investment in shares
3,736 3,467 7,428
Total non current assets
188,896 165,520 180,592
Total assets
283,680 238,129 222,023
Current liabilities
Current tax liabilities
- 2,806 1,404
Trade and other payables
10
36,463 26,057 20,281
Interest bearing liabilities
23,926 14,535 10,827
Financial derivatives
74 384 128
Total current liabilities
60,463 43,782 32,640
Non current liabilities
Interest bearing liabilities
93,950 80,897 74,683
Deferred tax
21,336 17,366 16,075
Total non current liabilities
115,286 98,263 90,758
Total liabilities
175,749 142,045 123,398
Net assets
107,931 96,084 98,625
The accompanying notes form an integral part of these financial statements
On behalf of the Board.
F Hutchings A Waugh
Chairman Director
Dated: 23 August 2018

Seeka interim report June 201814
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2018
New Zealand dollarsNotes
Share
capital
$000s
Investment
in shares
revaluation
reserve
$000s
Cash
flow hedge
reserve
$000s
Foreign
currency
revaluation
reserve
$000s
Foreign
currency
translation
reserve
$000s
Share
based
payments
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
Equity at 1 January 2017 (audited)
44,950 1,939 ( 241) ( 476) 620 284 10,370 27,865 85,311
Net profit
- - - - - - - 11,093 11,093
Foreign exchange movement
- - - 13 ( 91) - - - ( 78)
Other comprehensive income / (loss)
- 1,180 ( 37) - - - - - 1,143
Total comprehensive income / (loss)
- 1,180 ( 37) 13 ( 91) - - 11,093 12,158
Transactions with owners
Shares issued
157 - - - - - - - 157
Employee share scheme receipts
134 - - - - - - - 134
Movement in employee share
entitlement reserve
- - - - - 82 - - 82
Dividends paid
12
- - - - - - - ( 1,758) ( 1,758)
Total transactions with owners
291 - - - - 82 - ( 1,758) ( 1,385)
Equity at 30 June 2017
45,241 3,119 ( 278) ( 463) 529 366 10,370 37,200 96,084
Equity at 1 January 2018 (audited)
46,195 7,056 ( 94) 265 ( 220) 99 14,350 30,974 98,625
Net profit
- - - - - - - 10,373 10,373
Foreign exchange movement
- - - - 1 - - ( 5) ( 4)
Other comprehensive income / (loss)
- ( 5,426) 40 - - - - 6,100 714
Total comprehensive income / (loss)
- ( 5,426) 40 - 1 - - 16,468 11,083
Transactions with owners
Shares issued
211 - - - - - - - 211
Employee share scheme receipts
98 - - - - 32 - - 130
Dividends paid
12
- - - - - - - ( 2,118) ( 2,118)
Total transactions with owners
309 - - - - 32 - ( 2,118) ( 1,777)
Equity at 30 June 2018
46,504 1,630 ( 54) 265 ( 219) 131 14,350 45,324 107,931
The accompanying notes form an integral part of these financial statements

15
STATEMENT OF CASH FLOWS
For the six months ended 30 June 2018
New Zealand dollarsNotes
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
106,064 109,449 190,132
Interest and dividends received
50 - 519
Insurance proceeds
- - 125
Cash was disbursed to:
Payments to suppliers and employees
( 99,065) ( 102,773) ( 168,795)
Interest paid
( 2,155) ( 1,886) ( 3,756)
Income taxes paid
( 3,345) ( 63) ( 4,167)
Net cash flows from operating activities
4
1,549 4,727 14,058
Investing activities
Cash was provided from:
Sale of property, plant and equipment
124 42 1,267
Sale of investments in shares
6,112 - -
Repayment of advances
98 839 4,133
Cash was applied to:
Purchase of property, plant and equipment
( 4,541) ( 13,217) ( 20,870)
Development of bearer plants
- ( 815) ( 3,488)
Acquisition of business
11
( 19,456) - ( 1,000)
Purchase of intangible assets
( 1,420) - -
Purchase of water shares
( 685) ( 254) ( 689)
Advances
( 12,916) ( 11,147) ( 1,536)
Net cash flows (used in) investing activities
( 32,684) ( 24,552) ( 22,183)
Financing activities
Cash was provided from:
Proceeds of term bank borrowings
19,806 11,841 11,880
Proceeds of short term bank borrowings
25,207 22,890 29,880
Issue of shares
- 134 916
Cash was applied to:
Repayment of term bank borrowings
- - ( 7,500)
Repayment of short term bank borrowings
( 12,107) ( 14,140) ( 25,100)
Payment of dividend to shareholders
12
( 1,807) ( 1,601) ( 3,190)
Net cash flows from financing activities
31,099 19,124 6,886
Net (decrease) in cash and cash equivalents
( 36) ( 701) ( 1,239)
Effect of foreign exchange rates
( 456) ( 100) 1,940
Opening cash and cash equivalents
2,389 1,688 1,688
Closing cash and cash equivalents
1,897 887 2,389
The accompanying notes form an integral part of these financial statements

Seeka interim report June 201816
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 June 2018
This section contains the notes to the consolidated financial statements for Seeka Limited, its subsidiaries and associates. To give
stakeholders a clear insight into how Seeka organises its business, the note disclosures are grouped into the following sections.
NoteDetailsPage
Basis of preparation 17
Accounting policies that apply to the full set of financial statements
Performance18
Where revenues are generated against their associated operating costs
1.
Segment information
18
2
Turnover
20
3.
Revenue and other income
20
4.
Reconciliation of net operating surplus after taxation with cash flows from operating activities
21
Assets22
How Seeka allocates resources across its operations
5.
Property, plant and equipment22
6.
Intangible assets22
7.
Biological assets - crop23
Working capital24
How Seeka manages its operating cash flow
8.
Trade and other receivables24
9.
Inventories24
10.
Trade and other payables25
11.
Business combination and property held for sale25
Dividends, funding and fair value26
How Seeka organises its capital structure
12.
Dividends26
13.
Share capital26
14.
Determination of fair values26
15.
Related party transactions27
16.
Capital commitments27
17.
Events occurring after balance date27

17
Reporting entity and statutory base
The Group interim financial statements presented are those of
the consolidated Seeka Group. Seeka Limited is referred to as the
Company. The group is referred to as the Group, Seeka, or Seeka
Group.
Seeka Limited is a profit-orientated company registered in New
Zealand under the Companies Act 1993 and a Financial Markets
Conduct (FMC) Reporting Entity for the purposes of the FMC Act
2013. Seeka Limited is listed and its ordinary shares are quoted on the
NZX main board equity security market (NZX Main Board).
Nature of operations
Seeka is a produce business operating in New Zealand and Australia.
In New Zealand the Group provides orcharding, post harvest and retail
services to New Zealand’s kiwifruit, avocado and kiwiberry industries.
Seeka manufactures and sells the Kiwi Crush and Kiwi Crushies ranges
along with avocado oil. The Group also provides retail and ripening
services for imported tropical produce, and operates a wholesale
market.
In Australia, Seeka owns and operates orchards and associated post
harvest assets, making the Group the largest producer and supplier
of Australian kiwifruit and nashi pears, a major supplier of European
pears, plus lesser production of other temperate-climate fruits.
Statement of compliance and basis of preparation
Group consolidated interim financial statements for the half
year reporting period ended 30 June 2018 have been prepared in
accordance with New Zealand Generally Accepted Accounting
Principles (NZ GAAP) and complies with the New Zealand
International Financial Reporting Standards (NZ IFRS) and other
reporting standards as applicable to profit-oriented entities.
Specifically, Group interim financial statements have been prepared
in accordance with NZ IAS 34 Interim Financial Reporting. This
consolidated interim financial information does not include all of the
information required for the full annual audited financial statements
and should be read in conjunction with the annual audited financial
statements for the year ended 31 December 2017, which have been
prepared in accordance with NZ IFRS.
The significant accounting policies applied in the preparation of the
financial statements are set out below.
The financial statements were approved by the Board of Directors (the
Board) on 23 August 2018. The Directors do not have the authority to
amend the financial statements after issue.
Summary of significant accounting policies
The accounting policies applied are consistent with those of the annual
audited financial statements for the year ended 31 December 2017, as
described in those annual financial statements. A number of new and
amedended standards became applicable for the current reporting
period and the Group had to change its accounting policies as a result
of adopting the following standards:
• NZ IFRS 9 'Financial Instruments', and
• NZ IFRS 15 'Revenue from Contracts with Customers'.
The impact of the adoption of these standrads and the new accounting
policies are disclosed in note 8 for NZ IFRS 9 and note 3 for NZ IFRS
15. The other standards did not have any impact on the Group’s
accounting policies.
Where a change in the presentational format of the financial
statements has been made during the period, comparative figures
have been restated accordingly.
Impact of standards issued but not yet applied by the
entity
NZ IFRS 16 'Leases' was issued in January 2016. It will result in almost
all leases being recognised in the statement of financial position, as
the distinction between operating and finance lease is removed. Under
the new standard, an asset (the right to use the lease item) and a
financial liability to pay rentals are recognised. The only exceptions are
short term and low-value leases.
The accounting for lessors will not significantly change.
The standard will affect primarily the accounting for the Group’s
operating leases. As at reporting date, the Group expects to
recognise $30m-$35m of leased assets with an offsetting liability
in the statement of financial position. Further, approximately $4.5m
of operating expenses is expected to be reclassified to interest
expense and depreciation expense. The Group’s key ratios presented
in the statement of financial performance will be impacted by this
reclassification.
The standard is mandatory for first interim periods within annual
reporting periods beginning on or after 1 January 2019. The Group
does not intend to adopt the standard before its effective date.
There are no other new standards, amendments or interpretations
that have been issued and are effective that are expected to have a
significant impact on the Group.
Basis of preparation
This section sets out the Group’s accounting policies that apply to the consolidated interim financial statements for the half year
reporting period ended 30 June 2018. Accounting policies which are limited to a specific note are described in that note.

Seeka interim report June 201818
Performance
This section focuses on the Group’s financial performance and details the contributions made from the individual operating
segments.
Note 1. Segment information
The Group’s operating segments are entities that engage in business
activities that earn revenues, incur expenses and are reported in a
manner consistent with the internal reports provided to the chief
decision makers, being the Directors, who regularly evaluate the
allocation of resources alongside operational outcomes and are
responsible for implementing strategic decisions.
The Group has five operating segments:
• Four New Zealand segments express the range of complementary
services delivered to New Zealand’s produce industries and the
retail sector
• A single Australian segment encompasses the integrated business
associated with the Group’s Australian-grown produce.
Direct segment revenues and operating costs are allocated to each
segment. Administration costs, overheads and grower service costs
are allocated to all other segments. Transactions between segments
are conducted at arm’s length and are eliminated on consolidation.
Segment information is prepared on the same basis as the annual
audited financial statements for the year ended 31 December 2017.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard
owners who produce kiwifruit, avocado and kiwiberry crops.
The Group produces kiwifruit, avocado and kiwiberry crops from:
• Leased orchards (typically three-year rolling contracts) whereby
the Group recovers costs and shares any profits with the orchard
owners.
• Leased land (long term contracts) which the Group has developed
into productive orchards, pays all development and production
costs, and owns all crops for the term of the lease, and shares
profit with the landowner after all costs are recovered.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado
and kiwiberry industries. This includes all produce from the Group’s
orchard management and lease operations, plus produce from
independent orchard owners.
Retail service operations
The Group provides fruit marketing services in New Zealand and
internationally, particularly in the Australian and Asian markets. This
includes fruit from the Group’s orchard and post harvest operations.
The retail service operations include the Delicious Nutritious Food
Company which produces and sells Kiwi Crush, Kiwi Crushies, and
avocado oil to hospitals and the retail sector. In New Zealand the
Group also provides ripening services for imported produce, and
operates a wholesale market.
All other segments - New Zealand
This represents the Group’s aggregated administration, grower
services and overhead sections along with impairments and
revaluations of other assets not attributed directly to any other
segment.
Australian operations
The Group owns and operates Australian orchards, provides post
harvest operations and markets the produce from those orchards,
primarily in Australia. The main fruit grown by the group are kiwifruit,
nashi pears and European pears.
Turnover
Turnover (a non-GAAP measure) includes the value of fruit sales made on behalf of growers and suppliers where the Group acts as the agent, and
is considered the vendor by the purchasing party. (See note 2).
EBITDA and EBIT
EBITDA (a non-GAAP measure) is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator
of profitability and reflects operating cash flow generation.
EBIT (a non-GAAP measure) is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.

19
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations
$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2018
Income statement
Turnover
1
38,984 88,582 15,801 ( 330) 11,839 154,876
Gross segment revenue
38,984 90,790 6,360 ( 329) 11,839 147,644
Eliminations
- ( 2,208) - - - ( 2,208)
Total segment revenue
38,984 88,582 6,360 ( 329) 11,839 145,436
EBITDA
2
4,287 21,483 907 ( 5,910) 2,703 23,470
Depreciation expense
( 141) ( 3,249) ( 104) ( 358) ( 508) ( 4,360)
Amortisation of intangibles
- - ( 814) - - ( 814)
Impairment of intangibles
- - ( 946) - - ( 946)
EBIT
3
4,146 18,234 ( 957) ( 6,268) 2,195 17,350
Net finance costs
- - - ( 1,538) ( 673) ( 2,211)
Tax charge on profit
- - - ( 4,302) ( 464) ( 4,766)
Profit after tax
4,146 18,234 ( 957) ( 12,108) 1,058 10,373
Balance sheet
Segment assets
46,359 156,851 4,895 16,123 51,877 276,105
Unallocated assets
- - - 5,632 - 5,632
Total assets
46,359 156,851 4,895 21,755 51,877 281,737
Segment liabilities
38,452 91,477 5,108 15,634 23,778 174,449
Unallocated liabilities
- - - ( 643) - ( 643)
Total liabilities
38,452 91,477 5,108 14,991 23,778 173,806
June 2017
Income statement
Turnover
1
36,830 74,373 25,830 29 11,838 148,900
Gross segment revenue
36,830 76,413 10,942 29 11,838 136,052
Eliminations
- ( 2,040) - - - ( 2,040)
Total segment revenue
36,830 74,373 10,942 29 11,838 134,012
EBITDA
2
5,816 17,068 1,317 ( 5,687) 3,413 21,927
Depreciation expense
( 364) ( 2,901) ( 59) ( 240) ( 376) ( 3,940)
Amortisation of intangibles
- - - ( 218) ( 4) ( 222)
Impairments of asset
- - - - ( 29) ( 29)
EBIT
3
5,452 14,167 1,258 ( 6,145) 3,004 17,736
Net finance costs
- - - ( 1,596) ( 308) ( 1,904)
Tax charge on profit
- - - ( 3,704) ( 1,035) ( 4,739)
Profit after tax
5,452 14,167 1,258 ( 11,445) 1,661 11,093
Balance sheet
Segment assets
37,151 143,825 5,863 1,728 39,683 228,250
Unallocated assets
- - - 9,879 - 9,879
Total assets
37,151 143,825 5,863 11,607 39,683 238,129
Segment liabilities
23,183 37,338 5,058 11,253 33,502 110,334
Unallocated liabilities
- - - 31,711 - 31,711
Total liabilities
23,183 37,338 5,058 42,964 33,502 142,045
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.

Seeka interim report June 201820
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 2. Turnover
The following table reconciles turnover to revenue.
Turnover
154,876 148,900 217,902
Value of sales made as agent
( 9,440) ( 14,888) ( 31,088)
Revenue
145,436 134,012 186,814
Turnover
The Board considers turnover a useful measure of the Group’s operating activity as it represents the total transactional value of goods and services
provided to external customers during the period. As such turnover includes the value of fruit sales made on behalf of growers and suppliers where
the Group acts as the agent, and is considered the vendor by the purchasing party. This includes all produce sales both local and export.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 3. Revenue and other income
Total revenue
145,436 134,012 186,814
Other income
Interest and dividends
21 - 558
Net movement in fair value of irrigation water rights
- - ( 154)
Income from insurance proceeds
- - 125
Total other income
21 - 529
Total revenue and other income
145,457 134,012 187,343
Effective 1 January 2018, the Group adopted NZ IFRS 15 'Revenue from
Contracts with Customers'. Based on the assessment performed by the
Group, the impact of the revised standard on the Group’s revenue
recognition is minimal and no restatement to the prior years was
made. Changes to accounting policy are discussed below.
The Group’s major revenue streams are post-harvest operations,
orchard management, retail services and Australian operations.
Post harvest
All post harvest contracts are standardised with specific performance
obligations. Each performance obligation has a separate transaction
price detailed in the contract. Each of the performance obligations are
recognised at a point in time relevant to the service being performed.
Orchard management
The orchard management contracts are largely standardised. For
management contracts, revenue is recognised over time, as the
services are performed. For contracts to collect the supply of kiwifruit,
revenue is recognised at a point in time (when the crops are picked).
Retail services
Retail contracts are customised to the service being offered. There
are three significant revenue stream under retail with the following
performance obligations;
1. To sell fruit on the owner’s behalf (agent) where revenue is
recognised at a point in time,
2. Storage and ripening of fruits is recognised where revenue is
recognised overtime, and
3. Sell of specific Kiwicrush products where revenue is recognised
at a point in time.
Australia
Contracts are largely standardized and are with the distributors. There
is one performance obligation, to provide the fruit to the distributor
and revenue is recognised at a point in time.
Impact of seasonality
Group revenues are generated from seasonal horticultural operations,
with post harvest revenues recognised as services are provided and
orcharding revenues recognised once the fruit is harvested. Retail
revenues are generated at the point of sale. In New Zealand kiwifruit
are harvested from March to June, avocados from August to January,
and kiwiberries from February to March. In Australia nashi and
European pears are harvested January to March, and kiwifruit from
March to May. As a result of these harvest timings around 80% of
orchard revenues are recognised in the first six month of the financial
year. The timing of the provision of post harvest services can vary from
year to year. Normally 70% is recognised in the first six months of the
financial year, but seasonal fluctuations can alter this.

21
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 4. Reconciliation of net operating surplus after
taxation with cash flows from operating activities
Net operating surplus after taxation
10,373 11,093 5,833
Add non cash items:
Depreciation
4,360 3,940 8,218
(Gain) on revaluation of land and buildings
- - ( 1,396)
Impairment of property, plant and equipment
- 29 102
Revaluation of employee share scheme
31 - 133
Movement in deferred tax
- 4,234 832
Movement in fair value of biological assets - crop
15,388 14,929 ( 636)
Movement in onerous leases
- ( 8) ( 8)
Impairment of intangible assets
946 - 2,031
Amortisation of intangibles
814 222 484
21,539 23,346 9,760
Add / (less) items not classified as an operating activity:
(Gain) on sale of property, plant and equipment
- ( 1) ( 301)
Decrease in current water allocation account
94 115 44
94 114 ( 257)
(Increase) / decrease in working capital:
(Increase) / decrease in accounts payable
11,676 4,437 ( 1,640)
(Increase) / decrease in accounts receivable / prepayments
( 40,419) ( 32,061) 2,742
(Increase) in inventory
( 3,135) ( 6,238) ( 1,419)
Increase / (decrease) in taxes due
1,421 441 ( 961)
( 30,457) ( 33,421) ( 1,278)
Net cash flow from operating activities
1,549 1,132 14,058

Seeka interim report June 201822
Assets
This section focuses on the physical and intangible assets used by the Group to operate the business, deliver benefits to
stakeholders, add new income streams and generate revenues. Assets include post harvest facilities, retail service facilities,
and software. Assets also include land, bearer plants and crops on Group-owned and leased orchards, along with goodwill and
supplier contracts arising from Group acquisitions.
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
Note 5. Property, plant and
equipment
At 1 January 2018
Cost or valuation
106,321 88,909 800 9,188 3,351 208,569
Accumulated depreciation and impairment
( 2,856) ( 48,550) ( 379) ( 1,413) - ( 53,198)
Net book amount
103,465 40,359 421 7,775 3,351 155,371
Period ended 30 June 2018
Opening net book amount
103,465 40,359 421 7,775 3,351 155,371
Additions
7,116 2,928 74 1,087 1,261 12,466
Exchange differences
( 116) ( 36) ( 1) ( 41) ( 22) ( 216)
Depreciation
( 1,730) ( 2,434) ( 48) ( 148) - ( 4,360)
Disposals
- ( 96) ( 28) - - ( 124)
Closing net book amount
108,735 40,721 418 8,673 4,590 163,137
Period ended 30 June 2018
Cost or valuation
113,321 91,706 845 10,233 4,590 220,695
Accumulated depreciation and impairment
( 4,586) ( 50,985) ( 427) ( 1,560) - ( 57,558)
Net book amount
108,735 40,721 418 8,673 4,590 163,137
Land and buildings
Land and buildings are revalued to their estimated market value on a three-year rolling cycle (excluding assets under construction), plus any
subsequent additions at cost, less subsequent depreciation for buildings. In New Zealand valuations are undertaken by TelferYoung Valuers,
ANZIV, independent registered valuer. In Australia valuations are undertaken by Goulburn Valley Property Services, independent valuers,
Shepparton, Victoria, Australia.
As at 30 June 2018 the directors believe there are no indicators of impairment that would suggest that the carrying value of land and buildings
materially differs from their fair value and as a consequence there is no need to revalue those assets at balance date.
New Zealand dollars
Software
$000s
Goodwill
$000s
Water
shares
$000s
Supplier
contract
$000s
Interest in
leased land
$000s
Kiwifruit
licences
$000s
Total
$000s
Note 6. Intangible assets
At 1 January 2018
Cost or valuation
2,517 7,851 6,150 1,877 2,030 - 20,425
Accumulated depreciation and impairment
( 2,097) - - ( 1,146) ( 455) - ( 3,698)
Net book amount
420 7,851 6,150 731 1,575 - 16,727
Period ended 30 June 2018
Opening net book amount
420 7,851 6,150 731 1,575 - 16,727
Additions
193 1,046 - - - 3,910 5,149
Exchange differences
- ( 49) ( 48) - - - ( 97)
Revaluation before tax
- - 510 - - - 510
Amortisation
( 83) - - ( 731) - - ( 814)
Impairment
- ( 946) - - - - ( 946)
Closing net book amount
530 7,902 6,612 - 1,575 3,910 20,529
Period ended 30 June 2018
Cost or valuation
2,710 7,902 6,612 1,877 2,030 3,910 25,041
Accumulated depreciation and impairment
( 2,180) - - ( 1,877) ( 455) - ( 4,512)
Net book amount
530 7,902 6,612 - 1,575 3,910 20,529

23
Following a major customer moving to their own direct supply of bananas in 2018, the Board reassessed the useful life remaining on the intangible
asset associated with the contract. The useful life was changed from 6 years to 4 years and the supplier contract intangible asset is now fully
amortised. Further, the Board reviewed the latest forecasts and further impaired the carrying value of the goodwill associated with the Glassfields'
banana business by $0.95m. The remaining goodwill recognised as an intangible asset on the balance sheet is $0.44m. In December 2017 the
Board impaired $2.03m of goodwill in relation to these operations.
The kiwifruit licences are SunGold licences purchased from Zespri Limited on 1st May 2018. The licences give us the right to plant the gold
variety of kiwifruit. The licences were purchased with the intention of using them on orchards that are still to be settled with Turners and Growers
Horticulture Limited (T&G Horticulture). The orchards are currently sitting in note 16, capital commitments.
Note 7. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, nashi pears, packham pears, corella pears, other pears, cherries, avocado, apricot, and plum crops growing on leased and
owned orchards and yet to be harvested at balance date.
The following table reconciles beginning balances to end balances for biological assets crop measured at fair value defined as level 3 in note 14.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Carrying amount at beginning of period
16,682 16,046 16,046
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
14,578 13,188 20,903
Fair value when harvested
( 31,260) ( 29,234) ( 36,949)
Crop growing on bearer plants at end of period
Crop where cost is deemed fair value
1,294 1,174 16,470
Crop at fair value
- - 212
Carrying value at end of period
1,294 1,174 16,682
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Movement in carrying amount
( 15,681) ( 14,928) 346
Exchange differences
293 56 290
Net fair value movement in crop
( 15,388) ( 14,872) 636
The following table details the classification of biological assets - crop.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Australia - all varieties
722 672 5,918
New Zealand - kiwifruit crop
504 431 10,656
New Zealand - avocado crop
68 71 108
Carrying value at end of period
1,294 1,174 16,682

Seeka interim report June 201824
Working capital
This section focuses on how the Group manages inventories, accounts receivable and accounts payable to ensure an appropriate
level of working capital is available to operate the business, deliver benefits to stakeholders and generate revenues.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 8. Trade and other receivables
Current trade receivables
20,309 10,708 10,217
Prepayments
2,397 1,654 932
GST refund due
- 73 379
Accrued fruit income and other sundry receivables
47,654 47,971 5,873
Current trade and other receivables
70,360 60,406 17,401
Non current trade receivables
1,494 2,579 1,066
Total trade and other receivables
71,854 62,985 18,467
Effective 1 January 2018, the new accounting standard NZ IFRS 9 'Financial Instruments', has been adopted in the Group's financial statements. The
standard requires a default rate analysis in calculating the provision for doubtful debts. Based on the assessment performed by the Group, the
revised standard does not have a material effect on the recognition of financial instruments.
Accrued fruit and other sundry receivables includes $29.35m (Jun 2017 - $24.60m) of kiwifruit income for kiwifruit harvested and delivered to
Zespri from the Group’s New Zealand orchards and $13.22m (Jun 2017 - $12.38m) for post harvest operations in New Zealand.
Income from the New Zealand kiwifruit crop is accrued based on forecast information prepared by the Group, being an average Green Hayward
orchard gate return (OGR) of $5.49 per tray (Jun 2017 - $6.06) and an average SunGold G3 OGR of $10.06 per tray (Jun 2017 - $9.21).
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 9. Inventories
Crop inventories
3,711 5,573 -
Total packaging at cost
2,556 1,784 2,549
Other inventories at cost
2,229 2,002 2,259
Total inventories
8,496 9,359 4,808
Crop inventories relate to kiwifruit harvested from New Zealand orchards and held in coolstores at balance date as well as Australian crops
harvested at balance date. As at 30 June 2018 52.9% (June 2017 – 63.7%) of New Zealand Class 1 trays have been loaded out. New Zealand
kiwifruit inventory is valued at a Green Hayward OGR of $5.49 per tray and a SunGold G3 OGR of $10.06 per tray.
Crop inventory from fruit harvested from the Group’s Australian orchards is based on actual and forecast market returns for each variety.
At balance date, $26.41m (Dec 2017 - $21.98m ) of packaging inventory costs were expensed to cost of sales in the statement of financial
performance.

25
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
6 months
to June
2017
Unaudited
$000s
12 months
to December
2017
Audited
$000s
Note 10. Trade and other payables
Trade payables
14,997 7,677 3,472
Accrued expenses
15,498 13,719 12,363
Employee expenses
4,623 4,148 4,212
GST payable
1,280 - -
Other payables
65 513 234
Total trade and other payables
36,463 26,057 20,281
Trade payables includes $6.33m (Dec 2017 – Nil, Jun 2017: $3.42m) of packaging costs relating to post harvest operations. There was also $4.9m
in trade creditors owing at balance date for Zespri SunGold G3 licenses.
Note 11. Business combination and property held for sale
During the period to 30 June 2018 the Group purchased Kerikeri-based kiwifruit orchards, packhouse facilities and related assets and liabilities
representing the kiwifruit business previously owned by T&G Horticulture. The transaction was completed in two stages. The first stage was the
purchase of the packhouse facilities and related assets on 30 April 2018. The second stage was the purchase of the orchards on 30 June 2018.
Three orchards are subject to subdivision and were not settled at 30 June. These orchards shall remain at the risk of T&G Horticulture until the
relevant individual titles are issued and they provide the relevant settlement notice. These are detailed in note 16.
The following table details the fair values of assets and liabilities recognised at stage 1 and at stage 2 of the acquisition.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
Stage 1 - 30 April 2018
Land and buildings
6,603
Property, plant and equipment
775
Inventory
553
Zespri shares
2,149
Prepayments
1
Employee benefits balance
( 264)
Deferred tax
( 393)
Goodwill
1,046
Total purchase consideration
10,470
Stage 2 - 30 June 2018
Land and buildings
2,725
Bearer plants
5,629
Property, plant and equipment
632
Total purchase consideration (classified as held for sale)
8,986
Total business combination (cash consideration paid)
19,456
The goodwill is allocated to the post harvest segment and the goodwill is attributable to the post harvest operation's strong position and
profitability in trading in the Northland market and synergies expected to arise after adding an additional packhouse to the Group's operations.
The goodwill is not expected to be impaired in the foreseable future. None of the goodwill is expected to be deductible for tax purposes.
Acquisition-related costs of $0.29m are included in administrative expenses.
The fair value of the acquired land and buildings and orchards are provisional pending final valuations of those assets. Deffered tax of $0.39m has
been provided in relation to the adjustments.
The Group purchased the orchards with the intention to market the Northland land holding as it focussed on refurbishing the post harvest facility.
The Group is currently in the process of selling the orchards, which is set to run for five weeks with the current timetable calling for bids on 15
August 2018. The Group also purchased a SunGold kiwifruit licence from Zespri for $1.752m for one of the orchards classified as property held
for sale. The property held for sale recognised on the statement of financial position of $10.738m is comprised of the $8.986m detailed above in
orchards and the $1.752m of SunGold licence. This represents the fair value of the total property held for sale.

Seeka interim report June 201826
Dividends, funding and fair value
This section focuses on how the Group uses dividends to deliver benefits to stakeholders and grow shareholder returns, how the
Group manages share capital and how the Group determines the fair value of its financial assets, securities and liabilities.
6 months to June 2018
Unaudited
12 months to December 2017
Audited
Dividends paid$000sPer share$000sPer share
Note 12. Dividends
24 March 2017
1,758 $0.10
22 September 2017
1,761 $0.10
23 March 2018
2,118 $0.12
Total dividend paid or credited as shares under the
dividend reinvestment plan (DRP)
2,118 3,519
The dividends are imputed to the fullest extent allowable in the tax year. The total dividend paid includes the non-cash amounts for the dividend re-
investment plan. Cash dividend payment was $1.81m (Dec 2017 - $3.19m).
At the date of signing the directors have declared a fully-imputed dividend of $0.12 per share. The dividend will be paid on 21 September 2018 to those
shareholders on the register at 5pm on 14 September 2018. The dividend reinvestment plan will apply to the distribution.
Note 13. Share capital
During the period to 30 June 2018, $0.10m (Jun 2017 – $0.13m) was received in relation to shares issued under the employee share scheme
established in 2014.
Under the dividend reinvestment plan 32,618 shares were issued on 12 April 2018 (Dec 2017 – 62,627).
Note 14. Determination of fair values
Fair value of financial assets
The following table analyses assets and liabilities carried at fair value as at 30 June 2018.
The different levels are defined as:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Instruments in level 1 are comprised of equity holdings in Zespri Group Limited and water shares.
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3: unobservable inputs for the asset or liability that have to be developed to reflect the assumptions that a market participant would use
when determining an appropriate price.
New Zealand dollars
Level 1
$000s
Level 2
$000s
Level 3
$000s
Total
$000s
Biological assets - crop at fair value
- - 1,294 1,294
Water allocation account
57 - - 57
Intangible assets - interest in leased land
- - 1,575 1,575
Water shares
6,613 6,613
Property held for sale
- - 10,738 10,738
Land
- - 19,109 19,109
Buildings
- - 89,626 89,626
Listed equity securities
2,199 2,199
Unlisted equity securities
- - 1,536 1,536
Derivatives used for hedging (liability)
- 74 - 74

27
The following table shows the valuation techniques used in the determination of fair values within level 3 of the hierarchy, as well as the key
unobservable inputs used in the valuation models.
TypeFair valueMethod
Key unobservable
inputs
How unobservables
impact estimated fair
value
Biological assets -
crop at fair value
Includes New Zealand
avocados and Australian
plums and speciality pears.
$ 1.29 mEstimated market value less selling
costs and costs to market (have
achieved sufficient biological
transformation).
Forecast yields.
Market sales price.
Costs to harvest.
Increases with yields.
Increases with price.
Decreases with higher
costs.
Land and buildings, and
interest in leased land
$ 108.74 mAn annual revaluation is used
to estimate fair value, which is
performed on approximately one
third of land and buildings on a
3-year cycle by an independent
valuer using four different
approaches: replacement cost
approach, sales approach,
investment approach and
discounted cash flow approach. See
accounting policies and note 5 for
further details.
Comparative market
rents and applicable
discount rate.
Comparative market
sales.
Current level of building
costs.
Increases with market
rental, and lower
discount rates.
Increases with market
sales.
Increases with building
costs.
Unlisted equity securities$ 1.54 mBased on latest information from
securities management. Tested for
impairment with carrying amount
assesed at balance date.
Securities management
information on share
price.
Increases with share
price information.
Reduces if cost is
impaired at balance date.
Note 15. Related party transactions
The Group undertakes transactions with Seeka Growers Limited (SGL), a related party which administers all kiwifruit revenues received for the
New Zealand business on behalf of supplying growers. In the current period the Group received $61.77m (Jun 2017 - $53.73m) for the provision of
services to SGL.
Note 16. Capital commitments
As at 30 June 2018, as part of the acquisition of the Kerikeri-based assets previously owned by T&G Horticulture (see note 11), settlement on
three orchards at a cost of $22.6m remains subject to subdivision, and these three orchards are yet to be acquired by the Group. Upon receiving
title, the Group will have 10 days to settle the sale.
Note 17. Events occurring after balance date
Other than the dividend being declared (see note 12), there are no events occurring subsequent to balance date requiring adjustment to or
disclosure in the financial statements.

Seeka interim report June 201828
DIRECTORY
Board of directors
Fred Hutchings
Chairman
Martyn Brick John BurkePeter Ratahi CrossAmiel Diaz
Cecilia TarrantAshley Waugh
Audit and risk committee
Ashley WaughMartyn Brick John BurkeFred Hutchings
ChairEx-officio
Remuneration committee
Fred HutchingsRatahi CrossCecilia Tarrant
Chair
Company officers
Michael FranksStuart McKinstry
Chief Executive OfficerChief Financial Officer and Company
Secretary
Senior management team
Michael Franks
Chief Executive
Kate BryantKevin HallidayRay HookAnnmarie Lee
GM SupplyGM Post Harvest ServicesGM Retail ServicesGM Growers
Stuart McKinstryJason SwainRob TowgoodSimon Wells
Chief Financial OfficerGM Information ServicesCommercial ManagerGM Orchards
Registered office
Seeka Limited
34 Young Road, Paengaroa 3186
PO Box 47, Te Puke 3153
Seeka.co.nz
AuditorBankersShare registerNZX
PricewaterhouseCoopersWestpac Banking CorporationLink Market Services Limitedwww.nzx.com
AucklandAucklandAuckland
Legal advisors
Harmos Horton Lusk LimitedMacKenzie Elvin
AucklandTauranga

34 Young Road, RD 9
Te Puke 3189
P.O. Box 47
Te Puke 3153
New Zealand
+64 7 573 0303
info@seeka.co.nz
seeka.co.nz

---

Seeka interim report June 20181
Review of operations for the six months ended 30 June 2018
Revenue for the six months ended 30 June 2018 totalled $145.44m (2017: $134.01m).
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $23.47m (2017: $21.93m); up
7%. Included in the consolidated result was $2.70m EBITDA from Seeka Australia (2017: $3.41m); down by 21% from a
dry summer growing period.
Profits for the six months were impacted by a $1.53m write down of goodwill in the tropical business, Seeka Glassfields.
Consolidated profit after tax for the six months was $10.37m (2017: $11.09m); down 6.5%.
Cash flow from operations totalled $1.55m (2017: $4.73m); reflecting additional interest paid on debt and timing of tax
paid.
Seeka invested a total of $26.10m, which was partly offset by $6.33m of asset disposals. The investment includes
payments for Northland assets some of which are now being marketed for sale via tender, including 15.5 hectares of
Zespri SunGold in production and 18.6 hectares in development. As at 30 June, Seeka had paid $8.32m for the post
harvest facility and $8.99m for the orchards with clear title. The remaining $22.63m purchase price will be paid when
titles to the remaining orchards become available.
At 30 June, Seeka has advanced its grower pools $12.9m (2017: $11.1m) to assist with cash flow. This advance was fully
repaid by 20 July.
Seeka has continued to review and refine its coolstore and packing capacity plans. The signalled replacement of the Seeka
KKP packing machine was deferred in favour of an upgrade to machine number 2 at Seeka Oakside. Additional pre-cooling
and coolstores will be built to balance capacity. The newly acquired post harvest facility in Kerikeri is also scheduled for an
upgrade with a new packhouse and increased packing, precooling and coolstore capacity.
These two projects are planned to balance Seeka’s capacity with forecast demand for the next 36 months.
Net debt at 30 June (bank loans less bank deposits) totalled $115.98m (2017: $94.55m); an increase of $21.43m noting
both the investment in the Northland assets and the advance to Seeka Growers Limited.
Highlights
• Profit after tax of $10.37m (2017: $11.09m); a decrease of 6.5%.
• EBITDA of $23.47m (2017: $21.93m); an increase of 7%.
• Further impairment and accelerated amortisation of the goodwill and supplier contract in the tropical business,
Seeka Glassfields, of $1.5m.
• Increased New Zealand kiwifruit crop volumes with 31.1m tray equivalents handled (2017: 25.6m); up 21%.
• Improvement in earnings for Seeka’s emerging business, the Delicious Nutritious Food Company. Earnings at an
EBITDA level of $0.40m compared to $0.16m for the first six months in 2017.
• Record returns in the 2017/18 avocado selling season. Seeka successfully distributed and marketed 209,850 trays of
avocados delivering an exceptional average return to growers of $40.81 (2016/17: $24.85).
• Successful and safe harvest seasons for all crops across New Zealand and Australia including kiwifruit, avocados,
nashi and pears.
• Successful completion of the first year of maturity testing services for Zespri at Seeka’s laboratory testing business
VLS.
• Successful acquisition and integration of the Northland post harvest business and related kiwifruit orchards from
Turners and Growers Horticulture Limited (T&G Horticulture). The post harvest business was integrated into Seeka
mid harvest without issue.
• Continuing investment in Seeka Australia’s orchard development which will significantly increase production in
coming years.
• The New Zealand High Court decided in favour of growers in their claim against the Crown for losses related to New
Zealand's Psa outbreak. This includes Seeka as a grower. Seeka was unsuccessful in its claims related to losses as a
post harvest operator. The decision was appealed by the Crown and subsequently cross-appealed by the plaintiffs
including Seeka's claim as a post harvest operator.
23 August 2018
Seeka Limited
Six Months to 30 June 2018 [Unaudited]

Seeka interim report June 20182
Operational performance
The following table outlines Seeka’s performance for the six months ended 30 June 2018. The 2018 result was adjusted
for non-recurring items including the impairment and accelerated amortisation of intangible assets.
New Zealand dollars
Reported
result
June 2017
Non-
recurring
items
(Note 1)
June 2017
underlying
trading result
Reported
result
June 2018
Non-
recurring
items
(Note 2)
June 2018
underlying
trading result
(Decrease)
/ increase to
reported
2017 result
Increase to
underlying
2018
Total revenue ($m)$ 134.0-$ 134.0$ 145.4-$ 145.49%9%
EBITDA before impairments
and revaluations ($m)
$ 21.9$( 0.1)$21.8$ 23.5-$ 23.57%8%
EBIT ($m)$ 17.7$( 0.1)$ 17.6$ 17.4 $ 1.5$ 18.9( 2)%7%
NPAT ($m)$ 11.1$( 0.1)$ 11.0$ 10.4$ 1.5$ 11.9( 7)%8%
Basic earnings per share$ 0.69-$ 0.69$ 0.61$ 0.09$ 0.70( 12)%1%
Net bank debt ($m)$ 94.5-$ 94.5$ 116.0-$ 116.023%23%
1. 2017 reported EBITDA was increased by a non-recurring benefit of $0.1m ($0.07m after tax) relating to the early termination of a long-term orchard lease agreement.
2. 2018 reported EBIT was reduced by $1.5m ($1.5m after tax) as a consequence of the impairment and accelerated amortisation of intangible assets.
Dividend announcement
A dividend of $0.12 per share has been declared by the Board. The dividend is fully imputed and will be paid on 21
September 2018 to those shareholders on the register at 5pm on 14 September 2018. The dividend reinvestment plan will
apply to the distribution.
Outlook
Seeka is anticipating improved operational earnings for the remainder of 2018 compared to 2017, reflecting the rebound
in volumes of New Zealand kiwifruit production and stronger avocado volumes and earnings. The following guidance
is based on Seeka's best estimate on the forward six months earnings. The market will be updated if there is material
deviation.
New Zealand dollars
2017
Full year actuals
2018 guidance
Lower range
2018 guidance
Upper range
EBITDA ($m)$ 23.1$ 24.0$ 25.0
Increase over 2017+ 4%+ 8%
Net profit after tax ($m)
1
$ 5.8$ 6.5$ 7. 2
Increase over 2017
2
+ 12%+ 24%
1. NPAT is based on normal tax rates applying in New Zealand and Australia.
2. The increase of 12%-24% in net profit after tax against 2017 is due to a number of non-recurring negative adjustments that occurred in 2017.
This included a $2m impairment of goodwill and a $1m deferred tax adjustment.
For more information contact
Michael Franks Stuart McKinstry
Chief Executive Chief Financial Officer
021 356 516 021 221 5583
Seeka Limited
Six Months to 30 June 2018 [Unaudited]

Seeka interim report June 20183
Seeka Limited
Six Months to 30 June 2018 [Unaudited]
Reporting period for six months to 30 June 2018. The previous reporting period is for the six months to 30 June 2017.
Financial summaryNZD $000s
Revenue from ordinary activities
145,436 up 9%
Profit from ordinary activities before tax attributable to security holders
15,139 down4%
Net profit attributable to equity holders
10,373 down6%
Earnings (EBITDA) before revaluations and impairments
23,470 up 7%
Earnings per share30 June 201830 June 2017
Basic earnings per share
$ 0.61 $ 0.69
Diluted earnings per share
$ 0.59 $ 0.64
Asset backing per share
$ 6.16 $ 5.49
Notes and tables
1. This announcement should be read in conjunction with the attached half year report (unaudited). A copy of the half
year report can also be found on Seeka's website Seeka.co.nz.
2. EBITDA is considered by the board to be a key measure of performance and a reflection of cash flow generation.
3. The Board considers turnover a useful measure of the Group’s operating activity as it represents the total
transactional value of goods and services provided to external customers during the period. As such turnover
includes the value of fruit sales made on behalf of growers and suppliers where the Group acts as the agent, and is
considered the vendor by the purchasing party. This includes all produce sales both local and export.
Revenue 30 June 2018NZD $000s
Turnover
154,876
Value of sales made as agent
( 9,440)
Revenue
145,876
EBITDA 30 June 2018NZD $000s
Net profit before tax
15,139
Depreciation expense
4,360
Amortisation of intangible assets
814
Impairment of intangible assets
946
Finance expense
2,211
EBITDA
23,470