Seeka announces its 30 June 2019 half year result

INTERIM REPORT
JUNE 2019
SEEKA LIMITED

2
CONTENTS
1
From the Chairman and Chief Executive
10
Interim financial statements to 30 June 2019
11
Statement of financial performance
12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
31
Directory

1SEEKA LIMITED | INTERIM REPORT JUNE 2019
FROM THE CHAIRMAN AND CHIEF EXECUTIVE
Seeka is pleased to provide you with this report on our unaudited financial and operational results for the six months ended
30 June 2019. In the period, Seeka focussed on achieving excellence through its growth strategy, including consolidating the
Northland orcharding and post harvest operations and purchasing Aongatete Coolstores Limited (Aongatete) to add additional
kiwifruit volume and processing capacity to our central Bay of Plenty catchment area as well as delivering excellent service to our
growers and marketers, principally Zespri.
Since the acquisition of the Northland kiwifruit orchards and related post harvest business from T&G Global Limited in 2018,
Seeka has invested $ 15.2m in a new packhouse and new packing technology to better service our expanding Northland grower
base, and is progressively selling the kiwifruit orchards to motivated investors who are committed to supplying their fruit to our
operations. Our new and improved Northland post harvest facilities and subsequent orchard resales are delivering a new level of
service to this growing region and securing ongoing supply to our post harvest operations. The cash flow from the orchard sales
has allowed the repayment of debt.
In March 2019, Seeka expanded kiwifruit operations with the acquisition of Aongatete. An innovative company with excellent
people and loyal growers, Aongatete was a strategic acquisition in our Bay of Plenty heartland to build kiwifruit volume and
deliver packing and storage capacity to our core kiwifruit business.
This summer’s dry growing conditions reduced volumes across the Australasian produce sector, including kiwifruit. While our
orcharding yields and post harvest volumes were impacted by this seasonal drop, Seeka has delivered a 28% lift in net profit after
tax to $11.86m; up from $9.32m in the previous corresponding period (pcp). Seeka maintains its full year EBITDA guidance of
$32.5m to $33.5m.
The new NZ IFRS16 lease accounting standard was fully implemented in the period with pcp comparatives restated to ensure
comparability of our financial results for the half year. This accounting standard changes the reporting of lease expense along
with interest and depreciation.
Seeka is a seasonal business, earning significantly more income in the first six-months and the financial performance of the
Company in the first six-months may not reflect the full year earnings.
Seeka remains focussed on consolidating operations from the Northland and Aongatete acquisitions, including completing the
sale of Northland orchards to repay debt, while securing supply to our core kiwifruit business. This process is currently being
extended to Australia where Seeka is investigating the potential to sell and leaseback the Australian kiwifruit orchards and since
balance date has advertised for sale the Australian kiwifruit orchard portfolio. This would secure supply to our Australian post
harvest and retail operations, realise a cash gain for the business, provide funds to accelerate growth and reduce Seeka’s debt.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED2
Results for the six months ended 30 June 2019 include
–$11.86m profit after tax (pcp: $9.32m); up 28%.
–$27.91m EBITDA (pcp: $25.71m); up 8.5%.
–$407.43m of assets; up 31% from the pcp
–$148.08m net debt; an increase of $32.1m.
–$5.4m sale of Northland orchards for a realised gain of $1.2m, with a conditional $18.7m sale forecast to settle by year end,
for a further $3.1m gain.
–All of the shares in Aongatete Coolstores limited were acquired for $14m.
–$15.2m
1
investment in new packhouse and pack machine at Kerikeri; commissioned for harvest 2019, this large infrastructure
build delivers capacity ahead of Northland’s growing kiwifruit and avocado production.
–$20.6m
1
refurbishment of Oakside machine 2, with additional pre-cooling and coolstores result in lifting site capacity by
approximately 2.25m trays

, delivering greater efficiency and providing our growers the ability to harvest at the optimal time
for fruit quality lowering the risk of late harvest to our growers.
–Successful harvest and processing operations across New Zealand and Australia including kiwifruit, avocados, kiwiberry,
nashi and pears.
–33.5m tray equivalents of kiwifruit packed by New Zealand post harvest (pcp: 31.1m); 29.6m from Seeka’s traditional post
harvest operation (5% down on a seasonal drop in Hayward yields), plus 3.9m trays from the 2019 Aongatete acquisition.
–Grower loyalty share scheme secures New Zealand kiwifruit, avocado and kiwiberry supply for three seasons; 2,061,803
shares allotted with an estimated 91% of growers are now Seeka shareholders.
–Rewarding employee engagement with a new employee share scheme; 568,000 shares allotted with an estimated 70% of
permanent employees are now Seeka shareholders.
–One serious harm injury to a packer’s finger at Aongatete post harvest.
–New Seeka App gives growers online updates on their crop’s performance in Seeka’s supply chain.
$134.0
$145.4
$169.9
Total revenue
NZ$million
$104.7
$134.2
$11.4
$15.8
$21.9
$25.7
$ 2 7. 9
EBITDA
NZ$million
$3.7
$ 7.1
$11.1
$9.3
$11.9
Net profit after tax
NZ$million
Group financial indicators to 30 June
201520162017201820192015201620172018201920152016201720182019
1. Costs to date since project inception in June 2018.

3SEEKA LIMITED | INTERIM REPORT JUNE 2019
Operational performance
New Zealand dollars
Reported result
June 2019
Restated result
June 2018
(Decrease) /
increase to
reported
2018 result
Total revenue ($m)
$ 169.9$ 145.417%
EBITDA before impairments and revaluations ($m)
$ 27.9$ 25.79%
EBIT
1
($m)
$ 20.3$ 17.615%
NPAT ($m)
$ 11.9$ 9.328%
Basic earnings per share
$ 0.35$ 0.52(33%)
Net bank debt ($m)
$ 148.1$ 116.028%
1. 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 $0.12 per share has been declared by the Board. The dividend is fully imputed and will be paid on 9 October 2019 to
those shareholders on the register at 5pm on 13 September 2019. The dividend reinvestment plan will apply with a 2% discount
applied to determine the strike price.
Outlook
Seeka is anticipating lower operational earnings for the second half of the financial year reflecting lower volumes of fruit in store
at 30 June and an early selling season. The company continues to market, negotiate and sell Northland orchards and has started
enacting a similar strategy in Australia. When completed these sales are expected to reduce debt and realise a gain on sale. The
following guidance is based on Seeka’s best estimate on the forward six months’ earnings. The market will be updated if there is
material deviation.
New Zealand dollars
2019 guidance
Lower range
2019 guidance
Upper range
2018 full year
Restated
EBITDA ($m)
$ 32.5$ 33.5$ 31.0
Increase over 2018
+ 5%+ 8%

INTERIM REPORT JUNE 2019 | SEEKA LIMITED4
Orcharding
$4.5m
Orcharding
$4.2m
Post harvest
$23.2m
Post harvest
$29.8m
Retail services
$1.1m
Retail services
$0.8m
Seeka Australia
$2.7m
Operating segment EBITDA
Segment operations
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 2019 - $27.9mEBITDA to June 2018 - $25.7m
Excludes ($6.7m) EBITDA for the Group’s administration and grower
services overheads and a ($0.2m) loss from Seeka Australia.
Excludes ($5.8m) EBITDA for the Group’s administration and
grower services overheads.
Orcharding, New Zealand
Orcharding production covers the growing of kiwifruit, avocado and
kiwiberry on leased, long term leased, and Seeka-owned orchards.
Post harvest, New Zealand
Post harvest handles all produce from our orcharding operations and
from independent growers.
Retail services, New Zealand
Includes marketing avocados, class 2 New Zealand kiwifruit, imported
tropical fruits, and manufacturing Kiwi Crush and avocado oil.
Seeka Australia
Owns and operates kiwifruit, nashi and pear orchards and post harvest
facilities, and directly markets Seeka produce to retailers.

5SEEKA LIMITED | INTERIM REPORT JUNE 2019
Review of operations
Financial performance
Revenue for the six months ended 30 June 2019 increased 16.8% to $169.87m (pcp: $145.44m). Consolidated earnings before
interest, tax, depreciation and amortisation (EBITDA) was $27.91m (pcp: $25.71m); up 8.6%. This includes an $0.15m EBITDA
loss from Seeka Australia (pcp: $2.71m gain), from a very dry summer resulting in lower Hayward kiwifruit volumes and an
underperforming nashi programme.
Consolidated profit after tax was up 27.3% to $11.86m (pcp: $9.32m), with cash flow from operations up 107% to $5.15m (pcp:
$2.49m).
In the period, Seeka invested $25.82m in property plant and equipment, primarily building the Kerikeri pack house and
commissioning a new packing machine and upgrading Oakside packing machine 2, pre-coolers and coolstores. Once additional
pre-cooler and coolstore builds at Kerikeri are completed, Seeka’s post harvest capacity is forecast to be able to handle fruit
supply for the next two seasons.
In the six months, $7.13m was realised from completed Northland property sales (of which $1.73m relates to a sale recorded
in 2018), with $5.4m of orchard sales made in the period for a gain of $1.2m. Since 30 June 2019, Seeka completed a further
$11.71m of orchard sales to realise a $1.5m gain and has $7.0m of conditional sales expected to settle before year end which will
realise a further $1.6m gain.
Seeka holds a further $21.65m in orchards at fair value. These are expected to be substantially sold this financial year with the
sale proceeds returning debt to more conservative levels.
Net debt at 30 June (bank loans less bank deposits) was $148.08m (pcp: $115.98m); an increase of $32.1m, driven by the
investment in post harvest capacity and the Aongatete acquisition.
New Zealand operations
Orcharding
Spanning from Northland through to the Coromandel, Bay of Plenty and East Coast, orcharding production covers the
growing of kiwifruit, avocado and kiwiberry on leased, long term leased, and Seeka-owned orchards. Orcharding also provides
comprehensive orchard management and vine management services to orchard owners.
Orcharding kiwifruit volumes increased in 2019 from new production associated with the Northland and Aongatete acquisitions,
with the company growing 41.11m kilograms of kiwifruit (11.42m trays) compared to the prior year’s 37.44m kilograms (10.4m
trays). The acquired orchards helped offset the drop in Hayward yields to 9,800 trays per hectare (pcp: 11,800 trays per hectare),
which was primarily due to a hot summer restricting fruit size and increasing reject rates, mainly from sooty mould contamination.
Hayward yields have now fluctuated over the last three seasons, with this variety showing signs of biennial bearing.
Seeka also grew 732,000 kilograms of avocados (pcp: 200,000 kgs) and 64,400 kilograms of kiwiberry (pcp: 15,000 kgs).
Orchard operations revenue of $48.33m is up $9.34m from the pcp, while EBITDA of $4.16m is in line with the prior period,
reflecting a reduction in the productive orchard area under long term lease. Seeka continues to invest in long term lease
arrangements with fruit volumes set to increase as these orchards reach maturity.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED6
Post harvest
Post harvest operates eight major facilities spread throughout the major growing regions in the North Island handling all produce
from our orcharding operations and from our independent growers.
In the period, 33.5m trays of kiwifruit were packed (pcp: 31.1m), with 3.9m trays supplied by growers associated with our new
Aongatete acqusition completed 18 March.
Total post harvest volumes were impacted by the dry summer, with Hayward yields from Seeka’s traditional supplying growers
down 17% on the prior period. Felt across the industry, this significant drop in Hayward production reduced product flow to
Seeka’s post harvest operations, and tempered the positive impact Aongatete has delivered to our core post harvest business.
The company had the capacity, systems and personnel to deliver a timely harvest to our grower clients. Coolstorage fruit loss, a
key measure of performance for our growers, has remained low. The following table shows week 30 fruit loss (to 28 July).
Week 30 class 1 fruit loss over total volumes submitted (to 28 July)SeekaIndustry
Hayward HW
0.05%0.06%
Hayward organic HWOB
0.03%0.04%
SunGold G3
0.26%0.46%
Aongatete is being progressively integrated into Seeka with significant synergies to be realised from 2020 onwards.
Post harvest revenue of $105.29m increased 19% on the pcp ($88.58m). Post harvest costs are up across our industry, driven by
higher wage rates and the ongoing focus on health and safety. EBITDA of $29.82m compares with $23.24m in the pcp.
Retail services
Includes the supply and sale of avocados and class 2 New Zealand kiwifruit, sale of New Zealand kiwifruit through collaborative
programmes, handling of imported tropical fruits, and the manufacture and sale of Kiwi Crush and avocado oil.
EBITDA of $0.76m is down from $1.06m in the prior period due to a reduced kiwiberry harvest (in line with lower Hayward
yields), lower avocado volumes with more fruit having been picked prior to 1 January, and challenging avocado supply lines due to
changes to the phytosanitary certification processes, particularly to Australia. The retail services business has stabilised.

7SEEKA LIMITED | INTERIM REPORT JUNE 2019
Australia operations
Seeka Australia PTY Limited, a 100% Seeka-owned entity, owns and operates kiwifruit, nashi and pear orchards along with
associated post harvest facilities in Victoria, and directly markets Seeka produce to retailers.
Kiwifruit yields were again down following a very hot and dry summer which impacted fruit size; kiwifruit remain profitable, albeit
at lower levels. The green nashi sales programme delivered a loss. Volumes and planted areas have been reset to match the crop
to profitable market opportunities.
Seeka is positive about its Australian investment and its Australian orchard portfolio, and is confident that its proposed strategy
to sell and leaseback its kiwifruit orchards will realise a gain that will be used to repay debt.
Seeka continues to test the production and marketing of new kiwifruit and licenced pear varieties on its Australian orchards, and
has 70 hectares of kiwifruit and 26 hectares of pears in development which will add to production from 2020 onwards.
The detection of Psa in Australia has not created issues in our mature Hayward kiwifruit orchards and the company continues to
monitor its development orchards.
Across all varieties Seeka is concentrating on quality and increasing yields.
EBITDA loss of $0.15m (pcp : $2.70m gain) was a result of lower yields and an under-performing green nashi programme.
Seeka’s Australian operations are an important investment in extending our geographical reach and product range and we will
continue to further develop the business, including upgrading existing and developing new orchards, and investing in water to
grow production. Yields per hectare and total volumes are expected to improve over the next three years as new plantings mature.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED8
Strategic highlights
Seeka continues to enact our strategy. Kiwifruit is our core product, with the company diversifying geographically and targeting
complementary produce categories. The focus is on growth that delivers accretive value to our stakeholders, including
shareholders, growers, employees, contractors and community. Our focus is on delivering our marketers, principally Zespri, the
highest quality fruit and delivering our growers great returns through our supply chain.
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 kiwiberry. Seeka delivers orchard-to-market excellence in New Zealand kiwifruit,
avocados, class 2 kiwifruit, and kiwiberry, along with Australian kiwifruit, nashi and European pears.
Seeka has focussed on consolidating its position, setting its management structures, and selling orchards with secure supply
contracts to reset debt while pursuing operational excellence.
During the six months, Seeka has expanded our core business through the Aongatete acquisition, and secured Northland
post harvest volumes while negotiating $24.11m of orchard sales. We are also progressing the sale of the remaining Northland
orchards currently held at the fair value of $21.65m.
Seeka is also now marketing its Australian kiwifruit orchard portfolio to test if the same outcomes can be obtained in Australia.
Market conditions for Australian-grown produce are good and the fruit is of excellent quality, noting it is a completely different
growing environment. Kiwifruit production in Australia is set to double in the next five years. The planned sale and leaseback of
three kiwifruit orchards will help accelerate growth in this key market while repaying company debt.
The company has focussed on asset utilisation and capacity planning and has substantially built the infrastructure to handle
volume growth over the next two seasons. It has deliberately positioned itself in Northland to provide excellent service to the
region’s growth in avocados and kiwifruit, and has actively increased its avocado market share, including directly purchasing and
syndicating Far North orchards. This has delivered a benefit to investors and new volumes and market share to Seeka.
Health and safety
Seeka’s focus is on continuous improvement to ensure the health and safety of all personnel at all locations. All reported
incidents and near-misses are followed up within the company. A serious harm injury occurred during harvest 2019 when a
packer injured a finger at the Aongatete facility. Reviews and machine changes have been made across the company to ensure
this injury will not reoccur.
The total recordable injury frequency rate is above the annual 4.5 threshold and ahead of the pcp rate of 4.37. The company
continues to monitor, manage and take all reasonable steps to prevent workplace injuries.
The following table shows key safety measures to 30 June against annual thresholds.
2019 actuals and targetsTo 30 June 2019Annual threshold
Total recordable injury frequency rate
1
4.93
Less than 4.5
Notifiable injuries
10
Notifiable incidents
01
Severity rate
2
5.89
Less than 4.5
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 number of days lost per lost-time injury. Severity rate = (number of days lost) / (number of lost time injuries).

9SEEKA LIMITED | INTERIM REPORT JUNE 2019
The Seeka team
Seeka’s people have excelled during the six months to 30 June 2019.
Seeka has continued to invest in its people to become the employer of choice in a tight labour market. The company has reset
minimum wages to new thresholds, and comprehensively reviewed all remuneration levels to ensure Seeka people are well
remunerated. Importantly, we have reviewed work hours, particularly in the early part of the season as the industry chases
premium early incentives on behalf of its growers.
Seeka continues to focus on talent development and has 12 cadets, with some now emerging as qualified orchard managers.
Wellness programmes continue to be implemented across the company.
Seeka continues to actively source New Zealand workers to fulfil peak seasonal labour demand and operates a parallel
recognised seasonal employer programme (RSE) that delivers focussed pastoral care for our overseas’ workers. Of our 3,500
strong seasonal workforce, Seeka recruited 970 overseas workers through the RSE scheme.
Seasonal labour continues to be a challenge, with the industry increasingly relying on overseas labour to complement the
available local workforce. Backpacker labour was in short supply, adding to employment pressure. This employment environment
pushed the industry to the limit. These circumstances increase the risk profile. Seeka continues to work on initiatives to keep our
people safe.
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 that coaches, audits and undertakes gap analysis with
our contractor and subcontractor community to ensure we achieve better than just compliant.
Summary
Seeka continues to consolidate its operations following the Northland acquisition, whilst also seizing the opportunity to purchase
Aongatete; a reputable competitor in our region, operating in our core business with excellent people and loyal growers. The
company has made excellent progress selling the Northland orchards, secured supply from the region, and developed a world-
class post harvest facility in Kerikeri. Seeka is now pursuing a similar sale and potential leaseback strategy for orchards in
Australia.
Hayward kiwifruit yields were down on last season, and this impacted our profit in the period. However, the company is
benefiting from substantial cash gains realised by the ongoing sales of our Northland orchard portfolio.
Seeka expects 2019 full year EBITDA to be in the range of $32.5m to $33.5m, with debt lowered by year end.
We thank all growers, shareholders and stakeholders for the loyalty and support you willingly give to Seeka.
Fred Hutchings Michael Franks
Chairman Chief executive

INTERIM REPORT JUNE 2019 | SEEKA LIMITED10
INTERIM FINANCIAL STATEMENTS TO 30 JUNE 2019
11
Statement of financial performance
12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements

11SEEKA LIMITED | INTERIM REPORT JUNE 2019
STATEMENT OF FINANCIAL PERFORMANCE
For the six months ended 30 June 2019
New Zealand dollarsNotes
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited
Restated
$000s
Revenue
3
169,872 145,436 203,713
Cost of sales
118,879 98,061 161,490
Reduction / (increase) in fair value of biological assets - crop
8
16,460 15,388 ( 1,242)
Gross profit
34,533 31,987 43,465
Other income
3
1,228 21 1,907
Other costs
7,855 6,299 14,363
Earnings (EBITDA)
1
27,906 25,709 31,009
Depreciation expense
6
5,249 4,360 8,816
Lease depreciation expense
2,210 1,996 4,093
Loss on revaluation of land and buildings
- - 4
Impairment of property, plant and equipment
- - 300
Impairment of intangible assets

- 946 946
Amortisation of intangible assets
7
133 814 964
Earnings (EBIT)
2
20,314 17,593 15,886
Interest expense
2,412 2,211 4,549
Lease interest expense
1,363 1,296 2,671
Net profit before tax
16,539 14,086 8,666
Income tax charge
4,675 4,766 3,220
Total tax charge
4,675 4,766 3,220
Net profit attributable to equity holders
11,864 9,320 5,446
Earnings per share for profit attributable to the ordinary
equity holders of the company during the year
Basic earnings per share
$0.35 $0.52$0.34
Diluted earnings per share
$0.35 $0.51$0.33
The accompanying notes form an integral part of these financial statements
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations.
2 EBIT, a non-GAAP measure, is earnings before interest and tax.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED12
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2019
New Zealand dollarsNotes
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited
Restated
$000s
Net profit for the period
11,864 9,320 5,446
Items that will not be reclassified to profit or loss - net of tax
Gain on revaluation of land and buildings
- - 2,092
Gain on revaluation of water shares
18 354 1,398
Realised gain on revaluation of investment in shares
- 270 270
Total items that will not be reclassified to profit or loss
18 624 3,760
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
( 502) 39 ( 100)
Movement in foreign currency translation reserve
( 32) ( 4) 48
Movement in foreign currency revaluation reserve
- - ( 373)
Gain on revaluation of investment in shares
- 51 -
Total items that may be reclassified subsequently to profit or loss
( 534) 86 ( 425)
Total comprehensive income for the period attributable to equity holders
11,348 10,030 8,781
The accompanying notes form an integral part of these financial statements

13SEEKA LIMITED | INTERIM REPORT JUNE 2019
STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
New Zealand dollarsNotes
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited
Restated
$000s
Equity
Share capital
95,890 46,504 94,406
Reserves
18,261 16,103 18,747
Retained earnings
45,771 42,524 37,306
Total equity
159,922 105,131 150,459
Current assets
Cash and cash equivalents
2,353 1,897 1,340
Tax receivables
1,605 1,942 -
Trade and other receivables
9
70,825 56,537 18,365
Biological assets - crop
8
1,464 1,294 17,924
Inventories
10
18,416 22,319 4,564
Irrigation water rights
114 57 587
Assets classified as held for sale
5
37,490 10,738 24,197
Total current assets
132,267 94,784 66,977
Non current assets
Trade and other receivables
9
2,617 1,494 2,459
Property, plant and equipment
6
220,019 163,137 180,075
Intangible assets
7
24,504 20,529 19,709
Right of use assets
27,434 27,760 26,876
Investment in shares
586 3,736 586
Total non current assets
275,160 216,656 229,705
Total assets
407,427 311,440 296,682
Current liabilities
Tax liabilities
- - 36
Trade and other payables
11
42,004 36,463 19,152
Lease liabilities
3,970 2,236 2,403
Interest bearing liabilities
65,404 23,926 21,039
Total current liabilities
111,378 62,625 42,630
Non current liabilities
Interest bearing liabilities
85,032 93,950 59,361
Lease liabilities
27,814 29,412 28,525
Derivative financial instruments
963 74 267
Deferred tax liabilities
22,318 20,248 15,440
Total non current liabilities
136,127 143,684 103,593
Total liabilities
247,505 206,309 146,223
Net assets
159,922 105,131 150,459
The accompanying notes form an integral part of these financial statements
On behalf of the board

F Hutchings A Waugh
Chairman Director Dated: 26 August 2019

INTERIM REPORT JUNE 2019 | SEEKA LIMITED14
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2019
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
Water
share
revaluation
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
Equity at 1 January 2018
(Audited) (Restated)
46,195 6,082 ( 94) 265 ( 220) 99 974 14,350 29,227 96,878
Net profit
- - - - - - - - 9,320 9,320
Foreign exchange movement
- - - - 1 - - - ( 5) ( 4)
Other comprehensive income/(loss)
- ( 5,779) 39 - - - 354 - 6,100 714
Total comprehensive income/(loss)
- ( 5,779) 39 - 1 - 354 - 15,415 10,030
Transactions with owners
Shares issued
211 - ----- - - 211
Employee share scheme receipts
98 - --- 32 - - - 130
Dividends paid
13
- - ----- - ( 2,118) ( 2,118)
Total transactions with owners
309 - --- 32 -- ( 2,118) ( 1,777)
Equity at 30 June 2018
46,504 303 ( 55) 265 ( 219) 131 1,328 14,350 42,524 105,131
Equity at 1 January 2019
(Audited) (Restated)
94,406 246 ( 194) ( 108) ( 172) 159 2,374 16,442 37,306 150,459
Net profit
-------- 11,864 11,864
Foreign exchange movement
---( 22) 5 ---( 15) ( 32)
Other comprehensive income/loss)
--( 502) --- 18 --( 484)
Total comprehensive income/(loss)
--( 502) ( 22) 5 - 18 - 11,849 11,348
Transactions with owners
Shares issued
358 -------- 358
Employee share scheme receipts
14
1,126 -------- 1,126
Movement in employee share
entitlement reserve
----- 15 -- 187 202
Dividends paid
13
--------( 3,571) ( 3,571)
Total transactions with owners
1,484 ---- 15 --( 3,384) ( 1,885)
Equity at 30 June 2019
95,890 246 ( 696) ( 130) ( 167) 174 2,392 16,442 45,771 159,922
The accompanying notes form an integral part of these financial statements

15SEEKA LIMITED | INTERIM REPORT JUNE 2019
STATEMENT OF CASH FLOWS
For the six months ended 30 June 2019
New Zealand dollarsNotes
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited
Restated
$000s
Operating activities
Cash was provided from:
Receipts from customers
130,460 106,064 205,254
Interest and dividends received
9 50 373
Cash was disbursed to:
Payments to suppliers and employees
( 121,549) ( 96,826) ( 179,112)
Interest paid
( 2,412) ( 2,155) ( 4,634)
Lease interest paid
( 1,363) ( 1,296) ( 2,671)
Income taxes paid
- ( 3,345) ( 4,915)
Net cash flows from operating activities
4
5,145 2,492 14,295
Investing activities
Cash was provided from:
Sale of property, plant and equipment
119 124 218
Sale of investments in shares
- 6,112 9,375
Proceeds from sale of property held for sale
7,129 - 5,236
Repayment of advances
- 98 1,500
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 25,820) ( 5,961) ( 31,232)
Development of bearer plants
( 3,737) - ( 6,056)
Acquisition of business
12
( 14,000) ( 19,456)
Purchase of assets held for sale and G3 licence

( 10,940) - ( 30,209)
Purchase of water shares
( 154) ( 685) -
Advances
( 12,635) ( 12,916) ( 1,691)
Net cash flows (used in) investing activities
( 60,038) ( 32,684) ( 52,859)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
51,039 19,806 19,500
Proceeds of current bank borrowings
31,577 25,207 42,749
Net proceeds from rights issue
- - 47,916
Proceeds from employee share scheme
1,127 - 219
Cash was applied to:
Lease payments
( 1,912) ( 943) ( 2,121)
Repayment of non-current bank borrowings
( 10,729) - ( 33,989)
Repayment of current bank borrowings
( 12,383) ( 12,107) ( 32,537)
Payment of dividend to shareholders
13
( 3,047) ( 1,807) ( 3,635)
Net cash flows from financing activities
55,672 30,156 38,102
Net increase / (decrease) in cash and cash equivalents
779 ( 36) ( 462)
Effect of foreign exchange rates
234 ( 456) ( 587)
Opening cash and cash equivalents
1,340 2,389 2,389
Closing cash and cash equivalents
2,353 1,897 1,340
The accompanying notes form an integral part of these financial statements

INTERIM REPORT JUNE 2019 | SEEKA LIMITED16
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 June 2019
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
Performance19
Where revenues are generated against their associated operating costs
1.
Segment information
19
2.
Turnover
21
3.
Revenue and other income
21
4.
Reconciliation of net operating surplus after taxation with cash flows from operating activities
22
Assets23
How Seeka allocates resources across its operations
5.
Assets classified as held for sale23
6.
Property, plant and equipment23
7.
Intangible assets24
8.
Biological assets - crop25
Working capital26
How Seeka manages its operating cash flow
9.
Trade and other receivables26
10.
Inventories26
11.
Trade and other payables27
12.
Business combination27
Dividends, funding and fair value29
How Seeka distributes dividends to shareholders, manages share capital and determines the fair value of financial instruments
13.
Dividends29
14.
Share capital29
15.
Determination of fair values of financial assets and liabilities29
16.
Related party transactions30
17.
Capital commitments30
18.
Events occurring after balance date30

17SEEKA LIMITED | INTERIM REPORT JUNE 2019
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, citrus, berry, 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 2019 have been prepared in accordance
with New Zealand Generally Accepted Accounting Principles (NZ
GAAP) and comply with the New Zealand International Financial
Reporting Standards (NZIFRS) 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
2018, 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 26 August 2019. The Directors do not have the authority to
amend the financial statements after issue.
Summary of significant accounting policies
Other than detailed below, the accounting policies applied are
consistent with those of the annual audited financial statements for the
year ended 31 December 2018, as described in those annual financial
statements.
From 1 January 2019 the Group has retrospectively adopted NZ IFRS 16
Leases. All leases have been retrospectively applied from their original
start date as if the standard had always been applied. The comparative
information for these leases has been restated and is reflected in the
opening balance sheet. The reduction in retained earnings on 1 January
2019 was $2.917m.
All leases have been classified into one of the following asset classes:
–Post harvest leases - leases for packhouse and coolstore buildings
–Property leases - leases for rental of offices and retail service
operations
–Land leases - this is primarily for the Group’s interest in leased land
occupied or held for development at Huka Pak
–Long-term orchard leases - leases held for the development of
productive orchards
–Motor vehicles - three year leases for motor vehicles
Under the new lease standard the Group has recognised lease liabilities
which were previously classified as “operating lease payments” under
the old standard NZ IAS 17 Leases. The lease liabilities are measured
at the present value of the remaining lease payments, including any
renewal periods that are likely to be exercised, discounted using the
Group’s incremental borrowing rate which ranges between 5% and 10%.
The Group’s right-of-use assets are equal to the leased liability on the
day of lease inception. The right-of-use asset cannot be greater than the
fair value of the underlying asset being leased. The right-of-use asset
is then depreciated on a straight line basis over the period of the lease.
Costs incurred with a lease that are not part of the cost of the right-of-
use asset are expensed.
The right-of-use assets have been classified at 30 June 2019 as:
Post harvest leases
$ 13.92 m
Property leases
$ 2.28 m
Land leases
$ 6.60 m
Long term orchard leases
$ 2.62 m
Motor vehicles
$ 2.01 m
Total right-of-use assets
$ 27.43 m
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 2019. Accounting policies which are limited to a specific note are described in that note.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED18
The comparative figures have been restated to reflect the changes from NZ IFRS 16 Leases.
The following table explains the movements made from the previously published accounts.
New Zealand dollars
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
EBITDA as per published accounts
23,470 26,217
Capitalised payments under NZ IFRS 16
2,239 4,792
Restated EBITDA as per statement of financial performance
25,709 31,009
Net profit as per published accounts
10,373 7,418
Capitalised payments under NZ IFRS 16

2,239 4,792
Increase in expenses due to lease depreciation expense
(1,996) (4,093)
Increase in expenses due to lease interest expense
(1,296) (2,671)
Restated net profit as per statement of financial performance
9,320 5,446
Total assets as per published accounts
283,680 269,806
Increase due to right of use asset recognised

27,760 26,876
Restated total assets as per statement of financial position
311,440 296,682
Total liabilities as per published accounts
175,749 116,430
Increase due to current lease liability recognised
2,236 2,403
Increase due to non-current lease liability recognised
29,412 28,525
Deferred tax on right of use assets and lease liability
(1,088) (1,135)
Restated total liabilities as per statement of financial position
206,309 146,223
Closing Retained Earnings as per published accounts
45,324 40,223
Adjustments to the statement of financial performance
(1,053) (1,972)
Adjustments to the statement of financial position
(1,747) (945)
Restated closing retained earnings as per statement of financial position
42,524 37,306
Net cash flows from operating activities as per published accounts
1,549 12,174
Lease payments reclassified to financing activities

943 2,121
Restated net cash flows from operating activities
2,492 14,295
Basic earnings per share per published accounts
$0.61 $0.37
Restated basic earnings per share
$0.52 $0.34
Diluted earnings per share per published accounts
$0.59 $0.36
Restated diluted earnings per share
$0.51 $0.33
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
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.

19SEEKA LIMITED | INTERIM REPORT JUNE 2019
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 who regularly evaluate the allocation of resources
alongside operational outcomes, such as EBITDA and EBIT, 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, grower service costs and
insurance proceeds recorded in the statement of financial performance
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 2018.
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:
–Short term leased orchards (typically three-year rolling contracts)
whereby the Group recovers costs and shares any profits with the
orchard owners.
–Long term leased land which the Group has developed into produc-
tive orchards, pays all development and production costs, owns all
crops for the term of the lease, and shares profit with the landowner
after all costs are recovered.
–Owned orchards whereby the Group incurs growing and harvest
costs and receives all income in relation to the sale of the crops.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado,
citrus and berry industries. This includes all crops from the Group’s
orchard management and lease operations, plus crops 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 New Zealand based orchard and post
harvest operations. In New Zealand the Group also provides retail and
ripening services for imported fruit produce, and operates a wholesale
market.
Retail service operations include the production and selling of Kiwi
Crush, Kiwi Crushies and avocado oil to the retail sector and hospitals,
along with post harvest services for kiwiberry.
All other segments - New Zealand
This represents the Group’s aggregated administration, grower services
and overhead sections along with other income recorded in the
statement of financial performance and impairment 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 fruit produced from those orchards,
primarily in Australia. The main products are kiwifruit, nashi pears and
European pears.
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 (before lease costs).
EBIT (a non-GAAP measure) is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED20
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 2019
Income statement
Turnover
1
48,328 105,293 15,736 20 11,399 180,776
Gross segment revenue
48,395 107,606 4,832 20 11,399 172,252
Eliminations
( 67) ( 2,313) - - - ( 2,380)
Total segment revenue
48,328 105,293 4,832 20 11,399 169,872
EBITDA
2
4,158 29,821 760 ( 6,682) ( 151) 27,906
Depreciation expense
4
( 566) ( 4,937) ( 248) ( 1,176) ( 532) ( 7,459)
Impairment of intangibles
- - ( 125) - ( 8) ( 133)
EBIT
3
3,592 24,884 387 ( 7,858) ( 691) 20,314
Net finance costs
5
( 132) ( 707) ( 140) ( 2,116) ( 680) ( 3,775)
Tax charge on profit
- - - ( 5,175) 500 ( 4,675)
Profit after tax
3,460 24,177 247 ( 15,149) ( 871) 11,864
Balance sheet
Segment assets
61,496 230,439 15,798 50,856 48,838 407,427
Total assets
61,496 230,439 15,798 50,856 48,838 407,427
Segment liabilities
43,217 135,605 5,532 24,646 38,505 247,505
Total liabilities
43,217 135,605 5,532 24,646 38,505 247,505
June 2018 (Restated)
Income statement
Turnover
1
38,984 88,582 15,801 ( 330) 11,839 154,876
Gross segment revenue
38,984 90,790 6,361 ( 330) 11,839 147,644
Eliminations
- ( 2,208) - - - ( 2,208)
Total segment revenue
38,984 88,582 6,361 ( 330) 11,839 145,436
EBITDA
2
4,523 23,244 1,064 ( 5,831) 2,709 25,709
Depreciation expense
4
( 334) ( 4,285) ( 309) ( 918) ( 510) ( 6,356)
Amortisation of intangibles
- - ( 814) - - ( 814)
Impairment of intangibles
- - ( 946) - - ( 946)
EBIT
3
4,189 18,959 ( 1,005) ( 6,749) 2,199 17,593
Net finance costs
5
( 201) ( 897) ( 55) ( 1,674) ( 680) ( 3,507)
Tax charge on profit
- - - ( 4,302) ( 464) ( 4,766)
Profit after tax
3,988 18,062 ( 1,060) ( 12,725) 1,055 9,320
Balance sheet
Segment assets
49,505 178,445 6,621 24,909 51,960 311,440
Total assets
49,505 178,445 6,621 24,909 51,960 311,440
Segment liabilities
42,474 115,401 6,082 18,501 23,851 206,309
Total liabilities
42,474 115,401 6,082 18,501 23,851 206,309
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.
4. Depreciation includes the depreciation of fixed assets and
depreciation on the right-of-use lease asset.
5. Finance costs include finance costs for bank debt and interest on the
lease liability.

21SEEKA LIMITED | INTERIM REPORT JUNE 2019
Note 2. Turnover
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
The following table reconciles turnover to revenue.
Turnover
180,776 154,876 232,039
Value of sales made as agent
( 10,904) ( 9,440) ( 28,326)
Revenue
169,872 145,436 203,713
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.
Note 3. Revenue and other income
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Total revenue
169,872 145,436 203,713
Other income
Interest
9 21 23
Gain on sale of investment in shares
- - 300
Gain on sale of assets held for sale
1,168 - 616
Dividend
- - 350
Net movement in fair value of irrigation water rights
51 - 618
Total other income
1,228 21 1,907
Total revenue and other income
171,100 145,457 205,620
The gain on sale of assets held for sale is in relation to the Northland orchards, refer to notes 5 and 18.
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. The Group enters into two types of post harvest contracts. The first type of post harvest contract has
two performance obligations. One is to collect the supply of kiwifruit via picking and transportation. The second performance obligation is maturity
testing, which is only provided as needed. The charges are separated in the contract. All the revenue is recognised at a point in time as the service is
performed.
The second type of contract has three performance obligations. These are to pack kiwifruit, to cool kiwifruit and to sell class 2 fruit to the local market.
These are stand-alone services that Seeka provides. Each performance obligation has a separate transaction price detailed in the contract. Each of the
performance obligations are recognised overtime as the service is performed. Packing revenue is recognised as the fruit is packed. Cooling revenue is
recognised as the fruit is loaded out from cool storage. Class 2 fruit is recognised as the fruit is sold.
Orchard management
The orchard management contracts are largely standardised, with the occasional customisation being made as a contract is negotiated. There are
two contracts that make up the orchard management services. The first is the Management Contract. This has one performance obligation, which is
to manage the production of the fruit. Revenue is recognised over time as the service is performed, calculated as cost plus an agreed margin per the
contract. The management fee that is included in the contract is recognised evenly over the 12 month period of the contract. An incentive fee is only
recognised once the OGR is reached and when an incentive would be receivable.
The second orchard management contract has one performance obligation, to collect the supply of kiwifruit. The transaction price is determined
using a forecasted OGR. Revenue is recognised at a point in time, when the crops are picked (in the June half year accounts).

INTERIM REPORT JUNE 2019 | SEEKA LIMITED22
Retail services
The retail service contracts are customised to the service being offered (such as ripening or fruit sales). There are three types of contracts entered
into. The first contract has one performance obligation, to sell fruit on the owner’s behalf. For this contract, Seeka is an agent and only collects the
marketer’s commission and is recognised at a point in time when the fruit is sold.
The second type of contract comprises storage and ripening revenue. Both contain one performance obligation, to either store or ripen the fruit.
Revenue is recognised over the time as the fruit is being stored or ripened. The third contract is customised with each supplier. The essence of the
contracts remain the same. There is one performance obligation, to provide the product ordered. The transaction price is based on the agreed price
(either in writing or verbally) and recognised at a point in time when the invoice is raised.
Australia
Australian contracts are maintained by the Australian business. They are on a one-to-one basis with the fruit purchaser and are largely standardised.
There is one performance obligation, to provide the fruit to the customer. The transaction price is based on the agreed price (either in writing or
verbally) and 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 months
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.
Note 4. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited
Restated
$000s
Net operating surplus after taxation
11,864 9,320 5,446
Add non cash items:
Depreciation
7,459 6,356 12,909
Loss on revaluation of land and buildings
- - 4
Impairment of intangible assets
- 946 946
Impairment of property, plant and equipment
- - 300
Revaluation of employee share scheme
15 31 62
Movement in deferred tax
- -( 301)
Movement in fair value of biological assets- crop
8,038 15,388 ( 1,242)
Amortisation of intangible assets
133 814 964
15,645 23,535 13,642
Add / (less) items not classified as an operating activity:
Gain on sale of property held for sale
( 1,168) - ( 616)
Decrease / (increase) in current water allocation account
18 94 ( 443)
Gain on sale of investment in shares
- - ( 300)
( 1,150) 94 ( 1,359)
(Increase) / decrease in working capital:
Increase / (decrease) in accounts payable
14,134 11,676 ( 2,723)
(Increase) / decrease in accounts receivable / prepayments
( 26,913) ( 40,419) 621
(Increase) / decrease in inventory
( 13,740) ( 3,135) 244
Increase / (decrease) in taxes due
5,305 1,421 ( 1,576)
( 21,214) ( 30,457) ( 3,434)
Net cash flow from operating activities
5,145 2,492 14,295

23SEEKA LIMITED | INTERIM REPORT JUNE 2019
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.
Note 5. Assets classified as held for sale
New Zealand dollarsNote
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Opening balance at 1 January
24,197 - -
Properties settled to Seeka
9,778 8,986 25,424
G3 licence purchased
5,975 1,752 3,994
G3 licence transferred from intangible assets
7
1,662 - -
Development costs spent
768 - 478
Growing costs incurred / (recovered)
( 686) - 686
Sales settled to third parties
( 4,204) - ( 6,385)
Total orchards including kiwifruit licences held for sale
37,490 10,738 24,197
At 30 June 2019, 135 hectares of orchards located in Northland were classified as held for sale with a fair value (based on purchase cost plus
development costs and kiwifruit licences) of $37.49m. This includes $10.6m (Dec 2018 - $3.99m) of SunGold kiwifruit licences. All the orchards were
marketed for sale with 57.5 hectares having conditional sale agreements that are expected to become unconditional before the end of the calendar
year. Subsequent to balance date two orchard sales settled for a combined sales total of $11.7m, see note 18.
Note 6. Property, plant and equipment
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
At 1 January 2019
Cost or valuation
116,364 95,146 736 11,223 18,868 242,337
Accumulated depreciation and impairment
( 6,291) ( 53,420) ( 475) ( 1,857) ( 219) ( 62,262)
Net book amount
110,073 41,726 261 9,366 18,649 180,075
Period ended 30 June 2019
Opening net book amount
110,073 41,726 261 9,366 18,649 180,075
Additions
32,344 10,317 712 1,801 327 45,501
Exchange differences
( 59) ( 24) ( 1) ( 22) ( 18) ( 124)
Depreciation
( 2,164) ( 2,869) ( 90) ( 126) - ( 5,249)
Disposals
- ( 204) - - 20 ( 184)
Closing net book amount
140,19448,94688211,01918,978220,019
Period ended 30 June 2019
Cost or valuation
148,649 105,235 1,447 13,001 19,197 287,529
Accumulated depreciation and impairment
( 8,455) ( 56,289) ( 565) ( 1,982) ( 219) ( 67,510)
Net book amount
140,194 48,946 882 11,019 18,978 220,019

INTERIM REPORT JUNE 2019 | SEEKA LIMITED24
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 2019 the directors believe there are no indicators that would suggest that the carrying value of land and buildings differs materially
from their fair value and as a consequence there is no need to revalue those assets at 30 June 2019.
Note 7. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Interest in
leased land
$000s
Other
intangibles
$000s
Total
$000s
At 1 January 2019
Cost
3,097 10,824 7,858 2,030 1,662 25,471
Accumulated depreciation and impairment
( 2,298) ( 2,977) - ( 487) - ( 5,762)
Net book amount
799 7,847 7,858 1,543 1,662 19,709
Period ended 30 June 2019
Opening net book amount
799 7,847 7,858 1,543 1,662 19,709
Additions
29 6,594 - - - 6,623
Exchange differences
- ( 26) ( 32) - - ( 58)
Revaluation before tax
- - 25 - - 25
Amortisation
( 133) - - - - ( 133)
Reclassification to held for sale
- - - - ( 1,662) ( 1,662)
Closing net book amount
695 14,415 7,851 1,543 - 24,504
Period ended 30 June 2019
Cost
3,126 17,392 7,851 2,030 - 30,399
Accumulated depreciation and impairment
( 2,431) ( 2,977) - ( 487) - ( 5,895)
Net book amount
695 14,415 7,851 1,543 - 24,504
The goodwill addition of $6.6m was for the purchase of Aongatete Coolstores Limited on 18 March 2019, refer note 12. The remaining goodwill is
comprised of $5.9m for Seeka Australia, $1.2m for the purchase of assets in Kerikeri from T&G Global Limited, $0.5m for Glassfields, and $0.2m for
Kiwi Crush.
Other intangible assets are kiwifruit licences purchased from Zespri Limited on 1 May 2018. The licences were purchased with the intention of using
them on orchards that were still to be settled with T&G Global Limited at 31 December 2018. In June 2019 the orchards have settled to Seeka and
subsequently the licences have been reclassified to assets held for sale, see note 5, as at 30 June 2019.
At 30 June 2019, per NZ IAS 36, a review for impairment indicators was performed on goodwill. No impairment indicators were identified.

25SEEKA LIMITED | INTERIM REPORT JUNE 2019
Note 8. 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 15.
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Carrying amount at beginning of period
17,924 16,682 16,682
Crop harvested during the period
Fair value increase from previous balance date to point of harvest
15,044 14,578 20,000
Fair value when harvested and transferred to cost of sales
( 32,968) ( 31,260) ( 36,682)
Crop growing on bearer plants at end of period
Crop where cost is deemed fair value
1,464 1,294 17,745
Crop at fair value
- - 179
Carrying value at end of period
1,464 1,294 17,924
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Movement in carrying amount
( 16,666) ( 15,681) 1,491
Exchange differences
206 293 ( 249)
Net fair value movement in crop
( 16,460) ( 15,388) 1,242
The following table details the classification of biological assets - crop.
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Australia - all varieties
642 722 5,020
New Zealand - kiwifruit crop
818 504 12,775
New Zealand - avocado crop
4 68 129
Carrying value at end of period
1,464 1,294 17,924

INTERIM REPORT JUNE 2019 | SEEKA LIMITED26
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.
Note 9. Trade and other receivables
New Zealand dollars
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited

$000s
Current trade receivables
21,840 20,309 9,149
Prepayments
3,370 2,397 1,115
GST refund due
- - 495
Accrued fruit income and other sundry receivables
45,615 33,831 7,606
Current trade and other receivables
70,825 56,537 18,365
Non current trade receivables
729 1,494 1,059
Non current prepayments
1,888 - 1,400
Non current trade and other receivables
2,617 1,494 2,459
Total trade and other receivables
73,442 58,031 20,824
Accrued fruit and other sundry receivables includes $18.48m (Jun 2018 - $15.53m) of kiwifruit income for kiwifruit harvested and delivered to Zespri
from the Group’s New Zealand orchards and $16.95m (Jun 2018 - $13.22m) 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 Hayward HW orchard
gate return (OGR) of $6.00 per tray (Jun 2018: $5.49) and an average SunGold G3 OGR of $10.50 per tray (Jun 2018 - $10.06).
The Group applies the NZ IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables.
To measure the expected credit losses, trade receivables have been grouped based on days past due. The expected loss rates are based on the
payment profiles of sales over a 12 month period before 30 June 2019 and the corresponding historical credit losses during this period, adjusted for
any significant known amounts that are not receivable. The provision for bad debts at 30 June 2019 is $0.50m (Dec 2018 - $0.50m).
Accrued fruit income of $13.82m in June 2018 has been reclassified to crop inventory, see note 10. This reflects the value of the crop that has not
been loaded out at balance date.
Note 10. Inventories
New Zealand dollars
6 months
to June
2019
Unaudited

$000s
6 months
to June
2018
Unaudited
Restated
$000s
12 months
to December
2018
Audited

$000s
Crop inventories
14,653 17,534 -
Total packaging at cost
1,259 2,556 2,989
Other inventories at cost
2,504 2,229 1,575
Total inventories
18,416 22,319 4,564
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 2019, 58.4% (Jun 2018 - 52.9%) of New Zealand class 1 trays have been loaded out. New Zealand kiwifruit inventory is
valued at a Hayward HW OGR of $6.00 per tray and a SunGold G3 OGR of $10.50 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, $28.43m (Dec 2018 - $27.56m ) of packaging inventory costs were expensed to cost of sales in the statement of financial
performance.

27SEEKA LIMITED | INTERIM REPORT JUNE 2019
Note 11. Trade and other payables
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
6 months
to June
2018
Unaudited
$000s
12 months
to December
2018
Audited
$000s
Trade payables
17,954 14,997 4,931
Accrued expenses
16,888 15,498 9,239
Employee expenses
5,102 4,623 4,869
GST payable
643 1,280 -
Other payables
1,417 65 113
Total trade and other payables
42,004 36,463 19,152
Trade payables includes $4.02m (Dec 2018 – Nil, Jun 2018 - $6.33m) of packaging costs relating to post harvest operations. December 2018 trade
payables also include $1.60m for capital work in progress.
There was $4.6m (Jun 2018 - $4.9m) in trade creditors owing at balance date for Zespri SunGold G3 licences. The licences are recognised as assets
held for sale.
Note 12. Business combination
A. Purchase of shares in Aongatete Coolstores Limited
During the six months to 30 June 2019 the Group purchased 100% of the shares in Aongatete Coolstores Limited, a kiwifruit post harvest business
based north of Tauranga in the Bay of Plenty, New Zealand. The business owns packhouse and coolstore facilities and operates an orchard
management business. The purchase was completed on 18 March 2019 for a purchase price of $14m.
The following table details the fair values of assets and liabilities recognised at acquisition:
New Zealand dollars
6 months
to June
2019
Unaudited
$000s
Aongatete Coolstores Limited
Land and buildings
17,450
Property, plant and equipment
1,852
Inventory
438
Leased assets
928
Biological assets
2,080
Cash and debtors
768
Creditors
( 428)
Other current liabilities
( 2,341)
Deferred tax liability
( 1,938)
Leased liabilities
( 948)
Term loans
( 10,455)
Goodwill
6,594
Total purchase consideration for shares
14,000
The goodwill is allocated to the post harvest and orchard segments and the goodwill is attributable to the operation’s strong market position in the
Bay of Plenty region and synergies expected to arise after adding additional post harvest and orchard facilities to Seeka’s operations. The goodwill is
not expected to be impaired in the foreseeable future. None of the goodwill is expected to be deductible for tax purposes. Acquisition-related costs of
$0.19m are included in administrative expenses. Deferred tax of $1.9m has been provided in relation to differences between tax written down values
and the fair value of certain assets.
The fair value of the acquired land, buildings and other assets and liabilities are provisional pending final valuations.

INTERIM REPORT JUNE 2019 | SEEKA LIMITED28
B. Purchase of Kerikeri assets from T&G Global Limited
During the year ended 31 December 2018, the Group purchased Kerikeri-based kiwifruit orchards, packhouse facilities and related assets and
liabilities representing the kiwifruit business previously owned by T&G Global Limited. 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 from 30 June
2018. One orchard remained subject to subdivision at 31 December 2018 and was settled in June 2019. This orchard remained at the risk of T&G
Global Limited until the relevant individual titles are issued and they provide the relevant settlement notice.
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
2018
$000s
Stage 1 - 30 April 2018
Land and buildings
6,603
Property, plant and equipment
775
Inventory
553
Zespri shares
1,975
Prepayments
1
Employee benefits balance
( 264)
Deferred tax
( 393)
Goodwill
1,220
Total purchase consideration
10,470
Stage 2 - 30 June 2018
Orchards purchased
21,840
Total purchase consideration for assets
21,840
Total business combination
32,310
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 Seeka’s operations. The goodwill is not
expected to be impaired in the foreseeable future. None of the goodwill is expected to be deductible for tax purposes. Acquisition-related costs of
$0.41m are included in administrative expenses.
Seeka purchased the orchards with the intention to market the Northland land holding for sale with supply commitments for fruit packing to Seeka as
it focuses on refurbishing the post harvest facility. Refer to note 5 for details on orchards held for sale.

29SEEKA LIMITED | INTERIM REPORT JUNE 2019
Dividends, funding and fair value
This section focuses on how the Group pays dividends to grow shareholder returns, manages its share capital, and determines the
fair value of its financial assets, securities and liabilities so it can deliver benefits to stakeholders.
Note 13. Dividends
6 months to June 2019
Unaudited
12 months to December 2018
Audited
Dividends paid$000sPer share$000sPer share
23 March 2018
2,118 $0.12
21 September 2018
2,155 $0.12
22 March 2019
3,571 $0.12
Total dividend paid or credited as shares under the
dividend reinvestment plan (DRP)
3,571 4,273
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 $3.05m (Jun 2018 - $1.81m).
At the date of signing the directors have declared a fully-imputed dividend of $0.12 per share. The dividend will be paid on 9 October 2019 to those
shareholders on the register at 5pm on 13 September 2019. The dividend reinvestment plan will apply with a 2% discount applied to determine the
strike price.
Note 14. Share capital
During the period to 30 June 2019, $1.13m (Jun 2018 - $0.10m) was received in relation to shares issued under the employee share scheme
established in 2016.
Under the dividend reinvestment plan, 75,095 shares were issued on 9 April 2019 (Dec 2018 - 69,203).
Under the grower loyalty share scheme established March 2019, 2,061,803 shares were issued on 10 April 2019 at $4.76 per share.
Under the employee share scheme established March 2019, 568,000 shares were issued on 10 April 2019 at $4.76 per share.
Note 15. Determination of fair values of financial assets and liabilities
The following table analyses financial assets and liabilities carried at fair value as at 30 June 2019.
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. Instru-
ments in level 1 are comprised of water shares and irrigation water rights.
–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
- - 1,464 1,464
Water shares
7,851 - - 7,851
Irrigation water rights
114 -- 114
Land
- - 22,900 22,900
Buildings
- - 117,294 117,294
Unlisted equity securities
- 586 586
Derivatives used for hedging (liability)
- 963 - 963

INTERIM REPORT JUNE 2019 | SEEKA LIMITED30
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.
$ 1.46 mEstimated market value less selling
costs and costs to market (where
the fruit has 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$ 140.19 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 6 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$ 0.59 mBased on latest information from
securities management. Tested for
impairment with carrying amount
assessed at balance date.
Securities management
information on share
price.
Increases with share price
information.
Reduces if cost is
impaired at balance date.
Note 16. 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. These are all transacted on normal commercial terms and conditions. In the current period the
Group received $71.08m (Jun 2018 - $61.77m) for the provision of services to SGL.
Note 17. Capital commitments
As at 30 June 2019 the Group was committed to the development of packhouse and coolstore facilities at Kerikeri and Oakside in Te Puke. These two
developments are expected to be completed in the next six months with the remaining capital spend being $0.86m (Dec 2018 - $2.6m) in Kerikeri and
$2.79m (Dec 2018 - $13.6m) in Te Puke. A further $6.14m has been planned for stage two coolstore development at Kerikeri, to be completed in 2020.
Note 18. Events occurring after balance date
A dividend was declared for $0.12 per share to be paid on 9 October 2019, see note 13.
Since 30 June 2019, 15.68 hectares of Northland orchards held as assets for sale (see note 5), have been sold under three contracts for a combined
sales value of $11.71m. A further $7.0m of orchards are under conditional sales contracts that are expected to settle before the end of the 2019
financial year.
There are no further events occurring subsequent to balance date requiring adjustment to or disclosure in the financial statements.

31SEEKA LIMITED | INTERIM REPORT JUNE 2019
DIRECTORY
BOARD OF DIRECTORS
Fred Hutchings
Chairman
Martyn Brick John BurkePeter Ratahi CrossAmiel Diaz
Cecilia TarrantAshley Waugh
AUDIT AND RISK COMMITTEE
Ashley WaughJohn BurkeFred Hutchings
Chair
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 HallidayStuart McKinstryJim Smith
GM Corporate ServicesGM OperationsChief Financial OfficerGM Growers & Marketing
Rob Towgood
GM Commercial
REGISTERED OFFICE
Seeka Limited
34 Young Road, RD 9, Paengaroa 3189
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

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

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
[NZX version Updated as at 8 May 2019]

Results for announcement to the market
Name of issuer
Seeka Limited NZX:SEK
Reporting Period
6 months to 30 June 2019
Previous full year Reporting Period
Previous half year Reporting Period
12 months to 31 December 2018
6 months to 30 June 2018
Currency NZD

Amount (000s)
Unaudited
Percentage change
To previous reporting period for six
months
Revenue from continuing
operations
$169,872 16.8%
Total Revenue $169,872 16.8%
Net profit/(loss) from
continuing operations
$11,864 27.3%
Total net profit/(loss) $11,864 27.3%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.12 as previously announced on 21 August 2019
Imputed amount per Quoted
Equity Security
$0.04666667 As previously announced
Record Date 13/09/2019
Dividend Payment Date 09/10/2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
(Unaudited)
$4.23 $4.82
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached document
Authority for this announcement
Name of person

authorised
to make this announcement
Stuart McKinstry
Contact person for this
announcement
Michael Franks - CEO Stuart McKinstry - CFO
Contact phone number 021356516 0212215583
Contact email address Stuart.mckinstry@seeka.co.nz
Date of release through MAP

26/08/2019
Unaudited financial statements accompany this announcement.

---

ANNOUNCEMENT - INTERIM REPORT JUNE 2019 | SEEKA LIMITED1
SEEKA LIMITED
SIX MONTHS TO 30 JUNE 2019 [UNAUDITED]
REVIEW OF OPERATIONS FOR THE SIX MONTHS ENDED 30 JUNE 2019
Revenue for the six months ended 30 June 2019 increased 16.8% to $169.87m (pcp: $145.44m). Consolidated earnings before
interest, tax, depreciation and amortisation (EBITDA) was $27.91m (pcp: $25.71m); up 8.6%. This includes an $0.15m EBITDA
loss from Seeka Australia (pcp: $2.71m gain), from a very dry summer resulting in lower Hayward kiwifruit volumes and an
underperforming nashi programme.
Consolidated profit after tax was up 27.3% to $11.86m (pcp: $9.32m), with cash flow from operations up 107% to $5.15m (pcp:
$2.49m).
In the period, Seeka invested $25.82m in property plant and equipment, primarily building the Kerikeri pack house and
commissioning a new packing machine and upgrading Oakside packing machine 2, pre-coolers and coolstores. Once additional
pre-cooler and coolstore builds at Kerikeri are completed, Seeka’s post harvest capacity is forecast to be able to handle fruit
supply for the next two seasons.
In the six months, $7.13m was realised from completed Northland property sales (of which $1.73m relates to a sale recorded
in 2018), with $5.4m of orchard sales made in the period for a gain of $1.2m. Since 30 June 2019, Seeka completed a further
$11.71m of orchard sales to realise a $1.5m gain and has $7.0m of conditional sales expected to settle before year end which will
realise a further $1.6m gain.
Seeka holds a further $21.65m in orchards at fair value. These are expected to be substantially sold this financial year with the
sale proceeds returning debt to more conservative levels.
Net debt at 30 June (bank loans less bank deposits) was $148.08m (pcp: $115.98m); an increase of $32.1m, driven by the
investment in post harvest capacity and the Aongatete acquisition.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 INCLUDE:
–$11.86m profit after tax (pcp: $9.32m); up 28%.
–$27.91m EBITDA (pcp: $25.71m); up 8.5%.
–$407.43m of assets; up 31% from the pcp
–$148.08m net debt; an increase of $32.1m.
–$5.4m sale of Northland orchards for a realised gain of $1.2m, with a conditional $18.7m sale forecast to settle by year end,
for a further $3.1m gain.
–All of the shares in Aongatete Coolstores limited were acquired for $14m.
–$15.2m investment in new packhouse and pack machine at Kerikeri
1
; commissioned for harvest 2019, this large infrastructure
build delivers capacity ahead of Northland’s growing kiwifruit and avocado production.
–$20.6m refurbishment of Oakside machine 2, with additional pre-cooling and coolstores result in lifting site capacity by
approximately 2.25m trays
1
, delivering greater efficiency and providing our growers the ability to harvest at the optimal time
for fruit quality lowering the risk of late harvest to our growers.
–Successful harvest and processing operations across New Zealand and Australia including kiwifruit, avocados, kiwiberry,
nashi and pears.
–33.5m tray equivalents of kiwifruit packed by New Zealand post harvest (pcp: 31.1m); 29.6m from Seeka’s traditional post
harvest operation (5% down on a seasonal drop in Hayward yields), plus 3.9m trays from the 2019 Aongatete acquisition.
–Grower loyalty share scheme secures New Zealand kiwifruit, avocado and kiwiberry supply for three seasons; 2,061,803
shares allotted with an estimated 91% of growers are now Seeka shareholders.
–Rewarding employee engagement with a new employee share scheme; 568,000 shares allotted with an estimated 70% of
permanent employees are now Seeka shareholders.
–One serious harm injury to a packer’s finger at Aongatete post harvest.
–New Seeka App gives growers online updates on their crop’s performance in Seeka’s supply chain.
26 August 2019
1. Costs to date since project inception in June 2018.

ANNOUNCEMENT - INTERIM REPORT JUNE 2019 | SEEKA LIMITED2
SEEKA LIMITED
SIX MONTHS TO 30 JUNE 2019 [UNAUDITED]
OPERATIONAL PERFORMANCE
New Zealand dollars
Reported result
June 2019
Restated result
June 2018
(Decrease) /
increase to
reported
2018 result
Total revenue ($m)
$ 169.9$ 145.417%
EBITDA before impairments and revaluations ($m)
$ 27.9$ 25.79%
EBIT
1
($m)
$ 20.3$ 17.615%
NPAT ($m)
$ 11.9$ 9.328%
Basic earnings per share
$ 0.35$ 0.52(33%)
Net bank debt ($m)
$ 148.1$ 116.028%
1. 2018 reported EBIT was reduced by $1.5m ($1.5m after tax) as a consequence of the impairment and accelerated amortisation of intangible assets.
The new NZ IFRS16 lease accounting standard was fully implemented in the period with pcp comparatives restated to ensure
comparability of our financial results for the half year. This accounting standard changes the reporting of lease expense along
with interest and depreciation.
DIVIDEND ANNOUNCEMENT
A dividend of $0.12 per share has been declared by the Board. The dividend is fully imputed and will be paid on 9 October 2019 to
those shareholders on the register at 5pm on 13 September 2019. The dividend reinvestment plan will apply with a 2% discount
applied to determine the strike price.
OUTLOOK
Seeka is anticipating lower operational earnings for the second half of the financial year reflecting lower volumes of fruit in store
at 30 June and an early selling season. The company continues to market, negotiate and sell Northland orchards and has started
enacting a similar strategy in Australia. When completed these sales are expected to reduce debt and realise a gain on sale. The
following guidance is based on Seeka’s best estimate on the forward six months’ earnings. The market will be updated if there is
material deviation.
New Zealand dollars
2019 guidance
Lower range
2019 guidance
Upper range
2018 full year
Restated
EBITDA ($m)
$ 32.5$ 33.5$ 31.0
Increase over 2018
+ 5%+ 8%
FOR MORE INFORMATION CONTACT
Michael Franks Stuart McKinstry
Chief Executive Chief Financial Officer
021 356 516 021 221 5583

ANNOUNCEMENT - INTERIM REPORT JUNE 2019 | SEEKA LIMITED3
SEEKA LIMITED
SIX MONTHS TO 30 JUNE 2019 [UNAUDITED]
Reporting period for six months to 30 June 2019. The previous reporting period is for the six months to 30 June 2018.
Earnings per share
30 June 2019 30 June 2018
Restated
Basic earnings per share
$ 0.35 $ 0.52
Diluted earnings per share
$ 0.35$ 0.51
Net tangible asset backing per share
$ 4.23$ 4.82
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 2019NZD $000s
Turnover
180,776
Value of sales made as agent
( 10,904)
Revenue
169,872
EBITDA 30 June 2019NZD $000s
Net profit before tax
11,864
Depreciation expense
5,249
Lease depreciation expense
2,210
Amortisation of intangible assets
133
Interest expense
2,412
Lease interest expense
1,363
Income tax charge
4,675
EBITDA
27,906