Seeka announces its 30 June 2020 result

1SEEKA LIMITED | INTERIM REPORT JUNE 2020
JUNE 2020
INTERIM REPORT

CONTENTS
1
From the Chairman and Chief Executive
13
Interim financial statements
36
Directory
Oakside packing SunGold kiwifruit during level 4 lockdown.

1SEEKA LIMITED | INTERIM REPORT JUNE 2020
FROM THE CHAIRMAN AND CHIEF EXECUTIVE
Seeka is proud to provide you with this report on our unaudited financial and operational results for the six months
ended 30 June 2020. Having successfully completed harvest in a very challenging operating environment, in this report
we comment on our results for the six months ended 30 June 2020, the impact of Covid-19 and our actions, dividend,
outlook, a review of our business operations, strategic highlights and health and safety.
The impacts of Covid-19, drought, a change to the fruit maturity clearance protocols and severe labour shortages all
created unprecedented operational and financial challenges. Seeka and its people responded to these challenges with
commitment and innovation by drawing together as a team to deliver a timely harvest to our growers and business
continuity to our stakeholders. We appreciate and thank our management teams, staff and contractors for their stamina
and outstanding efforts to date. Our people demonstrated tremendous leadership in successfully delivering the harvests
of kiwifruit, avocado, kiwiberry in New Zealand, and kiwifruit, nashi, and European pears in Australia. All undertaken
under demanding harvest circumstances and a never experienced before Covid-19 environment. We know that as a team,
we can draw on our experience, culture and reserves to create a sustainable and profitable future for Seeka.
The following factors impacted on Seeka’s operational and financial performance for the six months ended 30 June 2020:
–Covid-19 lockdown protocols increased costs and reduced early-harvest productivity and fruit flows.
– More than 450 experienced RSE workers were still in their home countries when the borders closed and their
absence exacerbated a severe labour shortage within New Zealand. This shortfall led to Seeka estimating it was more
than 800 people short in its pack house operations at peak harvest. Labour productivity was impacted and labour
administration costs also increased.
–A prolonged summer drought which for the second year in a row affected the size and yield of New Zealand Hayward
kiwifruit.
–Kiwifruit volumes were below expectations which reduced operational margins.
Being a seasonal business, Seeka earns more of its income in the first six months and is carrying lower volumes of fruit
in store into the second six months. Despite the negative financial impacts of the above factors, Seeka’s financial results
are ahead of the same period in 2019 and our full year forecast is similar to 2019, although its composition is significantly
different. Additionally, a change in the tax deductibility of depreciation on buildings and its effect on deferred tax has
an unaudited one-off tax benefit of $5.6m. Seeka expects to produce higher after tax earnings for the full year. This
demonstrates Seeka's financial and operational resilience.
As a result of Covid-19, Seeka focussed solely on operational matters and performance. The company was allowed to
continue to operate through lockdown and enacted processes to ensure the safety of all people, including investing in
screens, social barriers, temperature checking, and changed its processes to ensure social distancing. The company did
not receive any wage subsidy from the Government, outside of $27,800 to pay vulnerable people who were unable to
work on site due to age or pre-existing medical conditions, and where working from home was not an option. Seeka paid
$12.2m in salaries and wages and $3.0m to contractors during the lockdown period.
The company has continued to focus on the asset sale process, with the orderly sell down of orchards held for sale.
Northland orchard sales yielded a $2.5m gain on sale. A conditional sale and lease back of three Australian kiwifruit
orchards for AU$26.5m, is subject to the approval of the Australian Foreign Investment Review Board, expected on or
before 29 August 2020. Proceeds from this sale when completed will both reduce debt and release capital gains.
The company suspended its dividend payments on March 19. At that point, the Covid-19 outbreak was creating
fundamental uncertainty across all business sectors, both in New Zealand and internationally. Seeka was conscious of its
debt position and determined that shareholder capital distributions should be suspended.
Seeka has moved to embrace sustainability through the formation of a Board sub-committee and is acting to understand
and reduce our business’s impact on the environment, including establishing a state-of-the art worm farm.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED2
Results for the six months ended 30 June 2020
Key financial components of the six months include:
–$178.7m revenue (previous corresponding period to June 2019 (pcp):$169.9m); up 5%.
–$18.4m profit after tax (pcp: $11.9m); up 55%.
–$30.4m EBITDA (pcp: $27.9m); up 9%.
–$416.3m of assets; up 2.6% from the pcp.
–$129.3m net debt; a decrease of $18.8m from the pcp.
–$10.4m sales of Northland orchards for a realised gain on sale of $2.5m.
–AU$26.5m sale and lease back of three Australian kiwifruit orchards, conditional on Australian Foreign Investment
Review Board approval. This sale will release funds to repay debt and release a gain on sale.
Key operational components include:
–Successful harvest and processing operations across New Zealand and Australia including kiwifruit, avocado,
kiwiberry, nashi and pears.
–33.4m tray equivalents of kiwifruit packed by New Zealand post harvest (pcp: 33.5m).
–Direct Covid-19 costs of $3.1m and productivity losses estimated at $2.2m.
–Successful and timely completion of the harvest, despite extreme labour shortages.
–Two serious harm injuries involving forklifts and one involving a tractor. Corrective actions and traffic management
plans in place at all sites.
Operational performance
The following table outlines Seeka’s performance for the six months ended 30 June.
New Zealand dollarsJune 2020June 2019Change
Total revenue ($m)
$ 178.7$ 169.95.2%
EBITDA

before impairments and revaluations ($m)
$ 30.4$ 27.99.1%
EBIT ($m)
$ 21.4$ 20.35.4%
NPAT ($m)
$ 18.4$ 11.954.9%
Basic earnings per share
$ 0.57$ 0.3946.2%
Net bank debt ($m)
$ 129.3$ 148.1( 12.7%)

3SEEKA LIMITED | INTERIM REPORT JUNE 2020
Impact of Covid-19
Summary of Covid-19's impact and Seeka’s response
Covid-19 response committee formed prior to harvest. Including senior operational and support managers, this
committee worked to put in place mechanisms to ensure the safety of our people. Actions included moving workers
sourced from overseas through the RSE programme to less populated accommodation. Houses were set up in case our
people were infected and we had to quarantine them in our own facility. Later, when a manager of a third-party local
accommodation facility was confirmed as Covid-19 positive, Seeka used its facilities to house people until they were
confirmed as negative. Seeka worked closely with the health professionals managing the response. The committee also
sourced items including masks, gloves, sanitiser and thermometers well ahead of lockdown. They then set up a process of
checking and logging people’s temperature as they came on site. Throughout harvest, Seeka’s pack houses and sites were
established as “bubbles” with a total ban on personnel moving between facilities. The company transitioned to working
from home and remote management.
Covid-19 meant that many experienced overseas workers were unable to come to New Zealand to work at Seeka.
Seeka were 450 RSE workers short, many of whom were experienced in intermediate and senior seasonal roles.
Backpackers were also in short supply, and at its height Seeka was more than 800 seasonal workers short. Many workers
with displaced employment were supported by the Government’s wage subsidy scheme and understandably did not
want to risk working in a pack house. Staff turnover was very high. Nightshift, traditionally resourced by RSE workers, was
particularly difficult to resource and one night shift machine was unable to be operated for a large part of the season.
Recognising the commitment made by our key staff, Seeka put in place a loyalty payment to reward key roles for their
dedication in the season. Seeka took direct action to lift its profile, employment and recruitment including campaigns on
social media, radio and television. More recently Seeka has recruited RSE workers from the Hawke’s Bay, where their work
had completed but they were unable to travel home, with more than 275 workers brought in to assist with our orchard
winter work programme.
Proactive steps to ensure safety. Seeka took numerous steps to ensure all its people were safe in addition to our ongoing
traffic management plans and guarding upgrades. In the pack house, access and egress processes were changed so social
distancing could be maintained at all times, additional temporary tearooms were created, gloves, masks and sanitiser
were made available and extra 24 hour cleaning regimes adopted at all sites. No personnel were allowed to travel
between pack houses and Seeka limited all contractors and Zespri personnel from coming on any site unless absolutely
necessary. Seeka developed and deployed screens, as required, to ensure two metres of separation on all machines.
Our wholesale markets continued to operate as essential services, with strict operating protocols ensuring physical
distancing.
Safety over production. Seeka switched pack plans to a greater bulk percentage (large boxes of fruit) and closed
machines while it initiated screens and distancing. Production fell to 65% of normal throughputs in the first ten days
before gradually increasing to 85% handling the normal pack mix of layered pack types.
Eurofins withdrawal had a double-down effect. Critically, Eurofins withdrew its industry maturity testing services citing
Covid-19 as the primary cause, its service having significantly faltered prior. This was a huge loss to the industry at the
early stage of the harvest. Seeka, along with the other major post harvest operators, worked to deliver a solution to
growers to enable the harvest. It should be noted that at that point there was no certainty that the crop could be entirely
harvested or completely sold. Eurofins withdrawal led to the necessary withdrawal of dry-matter incentives which in prior
years meant that growers self regulated their harvest based on optimal fruit maturity. Seeka lost some volume as the rush
of growers wanting their fruit harvested exceeded the available post harvest capacity for a short period.
So what did it cost? Seeka estimates it cost $5.3m, comprising $3.1m of direct Covid-19 costs associated with harvests
2020 and $2.2m from volume loss from extraordinary productivity constraints.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED4
Dividend
At the date of signing the directors declared a fully-imputed dividend of $0.10 per share, to be paid on 30 September
2020 to those shareholders on the register at 5pm on 4 September 2020. The dividend reinvestment plan will apply with
a 2% discount to 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 has conditionally sold and leased back three Australian
kiwifruit orchards for AU$26.5m. When completed these sales are expected to reduce debt and realise a gain on sale.
The following guidance is based on Seeka’s best estimate on the forward six months’ earnings including the anticipated
gain from the sale of the Australian orchards. The market will be updated if there is material deviation.
The following table outlines Seeka’s guidance for the 12 months ended December 2020.
New Zealand dollars
2020 guidance
Lower range
2020 guidance
Upper range
2019
Full year actual
Net profit before tax ($m)
$ 9.0m$ 12.0m $ 9.9m
Change on 2019
( 9 %)+ 22 %
New Kerikeri pack house operating prior to lockdown.

5SEEKA LIMITED | INTERIM REPORT JUNE 2020
Total revenue
NZ$million
Key financial indicators to 30 June
EBITDA
NZ$million
Net profit after tax
NZ$million
1. Excludes effect of 2017 insurance settlement on EBITDA and NPAT. 2. 2016 and 2017 EBITDA and NPAT are reported pre implementation of NZ IFRS 16.
$134.0
$145.4
$169.9
$178.7
$134.2
$15.8
$21.9
$25.7
$ 2 7. 9
$30.4
$ 7.1
$11.1
$9.3
$11.9
$18.4
201620172018201920202016201720182019202020162017201820192020
Review of operations
Financial performance
Revenue for the six months ended 30 June 2020 increased 5.2% to $178.68m (pcp: $169.87m). Consolidated earnings
before interest, tax, depreciation and amortisation (EBITDA) was $30.43m (pcp: $27.91m); up 9.1%.
The result includes a turn-around in Seeka Australia with earnings at an EBITDA level for the six months of $1.89m
compared to an EBITDA loss of $0.15m in the pcp. Changes made in the Australian business combined with continuing
focus from the Australian management team have improved results.
The six month results include a gain on sale from the disposal of held for sale orchards of $2.5m, compared against $1.2m
in the pcp.
Consolidated profit before tax of $17.39m compares against $16.54m in the pcp. However, a change in the deductibility
of depreciation on buildings and its effect on deferred tax has resulted in a much higher profit after tax. Profit after tax as
a result of the taxation benefit totals $18.38m, up 55% on the pcp, resulting in $0.57 earnings per share compared with
$0.39 in the pcp.
Net cash flow from operations totalled $9.41m, compared against $5.14m in the pcp.
Seeka invested $10.51m (pcp: $25.82m) in property, plant and equipment, primarily in maintenance capital and
continuing the Kerikeri packhouse build. The company invested $2.05m in long term leased orchards compared to
$3.73m in the pcp.
Sales of orchards and property held for sale totalled $10.4m (pcp: $5.4m). Sold orchards include a continuing Northland
sale programme and the completion of an orchard unconditionally sold at 31 December 2019. Seeka still holds $19.53m in
assets held for sale compared with $37.49m in the pcp.
Advances to growers totalled $21.14m at 30 June, this was substantially repaid in July 2020.
Net debt at 30 June (bank loans less bank deposits) was $129.30m (pcp: $148.08m); a decrease of $18.78m, driven by
the planned disposals of orchards held for sale. Net debt is forecast to continue reducing as advances are repaid along
with the continuing sale proceeds, including the conditional sale and lease back of the three Australian kiwifruit orchards.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED6
Revenue by 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.
Orcharding, New Zealand
Growing export crops of kiwifruit, avocado and
kiwiberry from more than 330 orchards via
management, lease and long-term lease contracts.
$47.4m revenue June 2020
$78.9m assets June 2020
Post harvest, New Zealand
A contract processing service to harvest, pack,
coolstore and supply kiwifruit, avocado and kiwiberry
from more than 800 orchards, including all produce
from our orchard operations and for independent
growers.
$108.1m revenue June 2020
$244.7m assets June 2020
Retail services, New Zealand
Seeka markets local and imported produce in New
Zealand, exports to Australia and niche international
markets, plus manufactures and sells the high-value
nutritional foods Kiwi Crush and avocado oil.
$9.7m revenue June 2020
$18.2m assets June 2020
Seeka Australia
Owns nine large orchards plus post harvest facilities
that supply Australian retailers with a large portion of
Australia's locally-grown kiwifruit, nashi and pears.
$13.3m revenue June 2020
$55.5m assets June 2020
Orcharding
$4.2m
Orcharding
$4.2m
Post harvest
$29.8m
Post harvest
$30.3m
Retail services
$0.8m
Retail services
$1.3m
Seeka Australia
$1.9m
Operating segment EBITDA
EBITDA to June 2020 - $30.4m
EBITDA to June 2019 - $27.9m
Excludes ($7.2m) EBITDA for the Group’s
administration and grower services overheads
Excludes ($6.7m) EBITDA for the Group’s administration
and grower services overheads and a ($0.2m) loss from
Seeka Australia.

7SEEKA LIMITED | INTERIM REPORT JUNE 2020
New Zealand orchard operations
Seeka’s orchard operation spans from Northland through to the Coromandel, Bay of Plenty and East Coast, with
orcharding production covering the growing of kiwifruit, avocado and kiwiberry on leased, long term leased, and Seeka-
owned orchards. Orchard operations provides comprehensive orchard management and vine management services
to orchard owners and Seeka develops orchards under contract for landowners or via long term leases, including in
partnership with Iwi.
Seeka’s orcharding operations grew 12.98m trays of kiwifruit in 2020, compared to 11.42m trays in the pcp. For the second
year, Hayward volumes were affected by drought, being down an estimated 0.5m trays. At an average 10,200 trays per
hectare in 2020, Hayward yields were below the five-year average of 10,800 trays per hectare. Drought affected the
quality of the canopy tied down to grow next year’s crop and we anticipate it will take a few years for production to return
to higher levels, even if we have good growing seasons.
Seeka also grew 1,614,000 kilograms of avocado (pcp: 732,000 kgs) and 171,750 kilograms of kiwiberry (pcp: 64,400 kgs).
Orchard operations revenue of $47.38m is down by $0.95m from the pcp reflecting our expectation of weaker returns
from Zespri in 2020. EBITDA of $4.16m is in line with the prior period.
Seeka continues to invest in long term lease arrangements with fruit volumes set to increase as these orchards reach
maturity and outside the reported period has committed to two large scale Iwi developments supported by the Provincial
Growth Fund.
New Zealand post harvest operations
Post harvest operates eight major facilities spread throughout the major growing regions in the North Island, and handles
all produce from our orcharding operations and from our independent growers.
In the period, 33.4m trays of kiwifruit were packed (pcp: 33.5m), down on expectation with drought affecting volumes by
an estimated 2.4m trays combined with volumes lost in the grower harvest rush and a shortfall in capacity.
Seeka is satisfied with the quality of its fruit in store which is performing very well compared to industry.
During the year the company continued to redevelop the Kerikeri site, with the previous pack house demolished, new
offices and amenities completed, and construction started on new cool stores.
Cool store fruit loss has remained low, and this is a key measure of performance for our growers.
The following table shows fruit loss to 12 August.
Week 33 class 1 fruit loss over total volumes submitted to 12 August 2020.SeekaIndustry
Hayward
0.09%0.07%
Hayward organic
0.03%0.06%
SunGold
0.39%0.49%
Post harvest revenue of $108.13m is an increase of 2.7% on the pcp’s $105.29m. Post harvest costs are up across our
industry, driven by higher wage rates and Covid-19 costs. EBITDA of $30.29m, while up on the pcp’s $29.82m, is well
down on expectation.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED8
Seeka branded avocados destined for Australian retail.

9SEEKA LIMITED | INTERIM REPORT JUNE 2020
New Zealand retail services operations
Includes the supply, export and sale of avocados, class 2 New Zealand kiwifruit and kiwiberry, sale of New Zealand
kiwifruit through collaborative programmes, operation of the New Zealand wholesale marketing business including
imported tropical fruits, and the manufacture and sale of Kiwi Crush and avocado oil.
EBITDA of $1.31m is 73% up on the pcp’s $0.76m. This result is from a sound strategy and good enactment of the
plan, particularly since the business was largely closed through lockdown. Momentum continues to build with sound
leadership and dedicated staff.
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’s Australian produce domestically and to
export customers.
Kiwifruit yields were again lower than expected following a very hot and dry summer which impacted fruit size; the
kiwifruit business, however, remains profitable. Green nashi sales returned to profitability as Seeka balanced supply to
demand. Seeka has 17 hectares of the exciting new Ricó pear coming to the market in 2021.
Seeka has announced the conditional sale and lease back of three of its mature kiwifruit orchards for AU$26.5m. The
sale is subject to the approval of the Australian Foreign Investment Review Board, expected in August 2020. In addition,
and alongside the sale, Seeka has sourced and leased sufficient water to operate those orchards. The lease term is for
an initial 10 years, with a right of renewal of 10 years followed by two additional rights of renewal of five years each.
The monies released from the sale will be used to repay debt and finance the completion of 70 hectares of kiwifruit
development.
Seeka remains positive about its Australian investment strategy.
Across all varieties Seeka is concentrating on quality and increasing yields.
EBITDA of $1.89m compares to a loss in the pcp of $0.15m.
Avocados and kiwiberry positive highlights
Seeka continues to build its emerging categories of kiwiberry and avocado. Both positively contribute to Seeka’s earnings
while delivering competitive returns to growers.
In 2020, Seeka successfully harvested 82,000 trays of kiwiberry and marketed these both directly and in collaboration
with Freshmax. Grower returns averaged an estimated $220,000 per hectare with the highest return over $320,000.
This performance has seen more growers graft a portion of their orchard to kiwiberry.
Likewise, Seeka’s avocado business continues to grow. From the 2019/2020 harvest (spanning financial year end), Seeka
processed 765,000 trays of avocados to deliver leading grower returns that averaged $18.79 per export tray and $10.66
per local market tray.
These categories that are processed by Seeka are also sold by Seeka, with our brand reputation for quality creating retail
consumer demand that generates superior returns to our growers.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED10
Strategic highlights
Seeka continues to enact our strategy. Necessarily, the company focused on operations through the Covid-19 lockdown.
At the same time, Seeka was able to make significant strategic progress. 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. We work to deliver our
marketers, principally Zespri, the highest quality fruit and deliver 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, refining its management structures, and selling orchards with secure
supply contracts to reset debt while pursuing operational excellence.
The company has focussed on asset utilisation and capacity planning and has substantially built the infrastructure to
handle the anticipated immediate volumes. Seeka 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. This has
delivered a benefit to growers, investors and increased market share to Seeka.
Health and safety
The Covid-19 environment made our operations very challenging, but at no time did we compromise the health and
safety of our people. Seeka’s focus is on continuous improvement to ensure the health and safety of all personnel at all
our locations. All reported incidents and near-misses are followed up within the company. The company reviewed and
enacted improved traffic management systems, new barriers at post harvest sites, new fatigue-management systems,
and lifted its investment in machine guarding. Forklifts are now largely removed from post harvest areas where foot traffic
is present.
This season's lockdown placed significant load on our safety drive, which was exacerbated by the severe shortage of
people. Seeka took all efforts to ensure that it made its people safe, in all operations, and invested in their safety.
Disappointingly, after lockdown ended there were two post harvest serious harm incidents involving forklifts, and one
in orchard operations involving the loading of a tractor for transportation. This impacted the severity rate in the period.
All incidents were reviewed, including independent review of the post harvest incidents, as the company relentlessly
drives for a safer environment. Seeka continues to refine its safety focus, and in 2020 will conduct a complete audit of its
orchard equipment.
The following table shows key safety measures to 30 June against annual thresholds.
Actuals and targets
To 30 June
2020
Annual
threshold
Total recordable injury frequency rate

3.85 Less than 4.5
Notifiable injuries
30
Notifiable injuries including incidents
313
Severity rate 7.1 8Less than 4.5
The total recordable injury frequent rate (TRIFR) measures the number of injuries per 200,000 hours worked. Seasonal pressures can be challenging along
with harvest deadlines. Seeka TRIFR was 5.0 for 2019.
Severity rate measures the average number of days that an injured person is away from work. Seeka had 3 notifiable injuries including incidents in 2019.

11SEEKA LIMITED | INTERIM REPORT JUNE 2020
Sustainability
Seeka continued to develop its "Growing Futures" brand attribute with a focus on sustainability. A Board sub-committee
was formed to work with and provide oversight to management as the company works to understand how it will become
more sustainable.
Some early and notable wins have been achieved. Seeka has purchased, installed and commissioned a new worm farm
that will lower the volume of bio waste to landfill and will create a circular pathway for our orchards; orchard waste being
recovered and returned to the orchard. This will reduce transport and waste costs, and improve our carbon footprint.
Seeka has started to switch its vehicle fleet to hybrids, saving fossil fuels and reducing emissions. Solar LED lights and
electricity load shedding are being evaluated.
The company is moving paperless with the implementation of electronic documentation systems that will remove paper
from the purchasing, payments and employment processes.
Work is underway to calculate our carbon footprint. Personnel in the team are progressing the calculations and
developing ideas to reduce the carbon footprint across our business.
Hayward spring growth in the Te Puke region, early October.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED12
The Seeka team
Seeka’s people have excelled during the extremely challenging six months to 30 June 2020.
Seeka has continued to invest in its people to become the employer of choice in a tight labour market. The company has
increased wages and continued to implement competitive remuneration levels.
Seeka continues to focus on talent development and has 14 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, 1,073 were scheduled to come from overseas via this scheme. Seeka remains engaged
with Government, noting that even with higher domestic unemployment, there remains insufficient local seasonal labour
to safely undertake the harvests.
Summary
We are proud of how the company has performed in an unprecedented, challenging environment. Covid-19 has tested
the resilience of our people but with their dedication and leadership across the company, the Seeka team alongside our
community got the job done.
The company responded to a changing climate and environment through the creation of a sustainability sub-committee
of the Board and targeted initiatives intended to "Grow a Better Future".
Covid-19 and drought have placed financial pressures on the company, however pleasingly our operational financial
performance is similar to 2019, with taxation benefits lifting our after tax returns. The company awaits the FIRB decision
on the sale and lease back of three of its orchards in Australia.
We thank all growers, shareholders and stakeholders for the loyalty and support you willingly give to Seeka.
Fred Hutchings Michael Franks
Chairman Chief executive

13SEEKA LIMITED | INTERIM REPORT JUNE 2020
14
Statement of financial performance
15
Statement of comprehensive income
16
Statement of financial position
17
Statement of changes in equity
18
Statement of cash flows
19
Notes to the financial statements
INTERIM FINANCIAL STATEMENTS
SIX MONTHS TO JUNE 2020

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
14
STATEMENT OF FINANCIAL PERFORMANCE
For the six months ended 30 June 2020
The accompanying notes form an integral part of these financial statements
New Zealand dollarsNotes
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Revenue
3
178,681 169,872 236,868
Cost of sales
124,497 118,879 190,109
Reduction / (increase) in fair value of biological assets - crop
8
16,467 16,460 ( 705)
Gross profit

37,717 34,533 47,464
Other income
3
2,289 1,228 4,139
Other costs
9,571 7,855 17,084
Earnings (EBITDA)
1
30,435 27,906 34,519
Depreciation expense
6
5,773 5,249 10,870
Lease depreciation expense
3,125 2,210 5,372
Loss on revaluation of land and buildings
- - 60
Impairment of property, plant and equipment
- - 395
Amortisation of intangible assets
7
118 133 265
Earnings (EBIT)
2
21,419 20,314 17,557
Interest expense
2,106 2,412 4,930
Lease interest expense
1,919 1,363 2,764
Net profit before tax
17,394 16,539 9,863
Income tax charge
( 1,045) ( 1,091) 4,084
Deferred tax charge
5,622 5,766 ( 1,105)
Tax effect of reintroduction of tax on depreciation of buildings
3
( 5,561) - -
Total tax charge
( 984) 4,675 2,979
Net profit attributable to equity holders
18,378 11,864 6,884
Earnings per share for profit attributable to the ordinary
equity holders of the company during the year
Basic earnings per share
4
$0.57 $0.39$0.22
Diluted earnings per share
4
$0.57 $0.39$0.22
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.
3. Legislation enacted on 25 March 2020 reinstated tax depreciation deductions on non-residential buildings.
4. June 2019 basic and diluted earnings per share shown after removing adjustment for rights issue (previously $0.35 and $0.35).

15SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2020
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Net profit for the period
18,378 11,864 6,884
Items that will not be reclassified to profit or loss, net of tax
Gain on revaluation of land and buildings
- - 3,203
Reclassification of leases under NZ IFRS 16
( 215) 235
1
-
Gain / (loss) on revaluation of water shares
( 146) 18 944
Total items that will not be reclassified to profit or loss
( 361) 253
1
4,147
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
( 215) ( 502) ( 375)
Movement in foreign currency translation reserve
( 35) ( 32) 19
Movement in foreign currency revaluation reserve
510 - ( 183)
Total items that may be reclassified subsequently to profit or loss
260 ( 534) ( 539)
Total comprehensive income for the period attributable to equity holders
18,277 11,582
1
10,492
1. June 2019 has been restated based on audited results from 31 December 2019.
The accompanying notes form an integral part of these financial statements

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
16
STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
New Zealand dollarsNotes
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Equity
Share capital
96,827 95,890 96,773
Reserves
21,977 17,287
1
21,512
Retained earnings
54,824 45,771 36,659
Total equity
173,628 158,948
1
154,944
Current assets
Cash and cash equivalents
1,945 2,353 2,849
Tax receivables
1,667 1,605 -
Trade and other receivables
10
82,645 70,825 28,283
Biological assets - crop
8
2,162 1,464 18,629
Inventories
11
18,858 18,416 5,455
Irrigation water rights
120 114 846
Assets classified as held for sale
5
19,527 37,490 27,083
Total current assets
126,924 132,267 83,145
Non current assets
Trade and other receivables
10
991 2,617 683
Property, plant and equipment
6
226,069 220,019 220,422
Intangible assets
7
18,581 22,961
1
18,686
Right-of-use lease assets
9
43,166 27,434 44,724
Investment in shares
586 586 586
Total non current assets
289,393 273,617
1
285,101
Total assets
416,317 405,884
1
368,246
Current liabilities
Current tax liabilities
- - 1,709
Trade and other payables
12
43,254 42,004 22,933
Current lease liabilities
9
5,622 3,970 5,211
Interest bearing liabilities
34,842 65,404 21,854
Total current liabilities
83,718 111,378 51,707
Non current liabilities
Interest bearing liabilities
96,402 85,032 97,778
Lease liabilities
9
43,723 27,814 45,267
Derivative financial instruments
1,088 963 790
Deferred tax liabilities
17,758 21,749
1
17,760
Total non current liabilities
158,971 135,558
1
161,595
Total liabilities
242,689 246,936
1
213,302
Net assets
173,628 158,948
1
154,944
The accompanying notes form an integral part of these financial statements
On behalf of the Board.
F Hutchings A Waugh
Chairman Director
Dated: 19 August 2020
1. June 2019 has been restated based on audited results from 31 December 2019.

17SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2020
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
reserve
$000s
Water
share
revaluation
reserve
$000s
Land and
buildings
revaluation
reserve

$000s
Retained
earnings
$000s
Total
$000s
Equity at 1 January 2019 (audited)
As per December 2019
94,406 248
1
( 194) ( 108) ( 172) 159 2,372
1
15,468
1
37,071
1
149,250
1

Net profit
- - - - - - - - 11,864 11,864
Foreign exchange movement
- - - ( 22) 5 - - - ( 15) ( 32)
Other comprehensive income / (loss)
- - ( 502) - - - 18 - 235
1
( 249)
1

Total comprehensive income / (loss)
- - ( 502) ( 22) 5 - 18 - 12,084
1
11,583
1

Transactions with owners
Shares issued
358 - - - - - - - - 358
Employee share scheme receipts
1,126 - - - - - - - - 1,126
Movement in employee share
entitlement reserve
- - - - - 15 - - 187 202
Dividends paid
14
- - - - - - - - ( 3,571) ( 3,571)
Total transactions with owners
1,484 - - - - 15 - - ( 3,384) ( 1,885)
Equity at 30 June 2019
95,890 248
1
( 696) ( 130) ( 167) 174 2,390
1
15,468
1
45,771
1
158,948
1

Equity at 1 January 2020 (audited)
96,773 - ( 569) ( 291) ( 153) 529 3,325 18,671 36,659 154,944
Net profit
- - - - - - - - 18,378 18,378
Foreign exchange movement
- - - 510 ( 37) - - - 2 475
Other comprehensive income / (loss)
- - ( 215) - - - ( 146) - ( 215) ( 576)
Total comprehensive income / (loss)
- - ( 215) 510 ( 37) - ( 146) - 18,165 18,277
Transactions with owners
Employee share scheme receipts
54 - - - - - - - - 54
Movement in employee share
entitlement reserve
- - - - - 78 - - - 78
Movement in grower share
entitlement reserve
- - - - - 275 - - - 275
Total transactions with owners
54 - - - - 353 - - - 407
Equity at 30 June 2020
96,827 - ( 784) 219 ( 190) 882 3,179 18,671 54,824 173,628
1. June 2019 has been restated based on audited results from 31 December 2019.
The accompanying notes form an integral part of these financial statements

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
18
STATEMENT OF CASH FLOWS
For the six months ended 30 June 2020
New Zealand dollarsNotes
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
143,914 130,460 233,671
Interest and dividends received
113 9 217
Cash was disbursed to:
Payments to suppliers and employees
( 128,632) ( 121,549) ( 204,946)
Interest paid
( 2,106) ( 2,412) ( 4,930)
Lease interest paid
( 1,919) ( 1,363) ( 3,136)
Income taxes paid
( 1,959) - ( 2,288)
Net cash flows from operating activities
4
9,411 5,145 18,588
Investing activities
Cash was provided from:
Sale of property, plant and equipment
- - 905
Sale of investments in shares
- 119 -
Proceeds from sale of property held for sale
15,294 7,129 44,529
Repayment of advances
1,238 - 1,575
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 10,507) ( 25,820) ( 34,668)
Development of bearer plants
( 2,052) ( 3,737) ( 3,906)
Acquisition of business
13
- ( 14,000) ( 14,000)
Purchase of property held for sale and SunGold licence
5
( 418) ( 10,940) ( 27,453)
Purchase of water shares
- ( 154) -
Advances
( 22,137) ( 12,635) ( 2,920)
Net cash flows (used in) investing activities
( 18,582) ( 60,038) ( 35,938)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
5,000 51,039 59,026
Proceeds of current bank borrowings
31,453 31,577 51,703
Proceeds from employee share scheme
54 1,127 1,563
Cash was applied to:
Lease payments
( 3,396) ( 1,912) ( 5,070)
Repayment of non-current bank borrowings
( 326) ( 10,729) ( 42,024)
Repayment of current bank borrowings
( 25,204) ( 12,383) ( 39,750)
Payment of dividend to shareholders
14
- ( 3,047) ( 6,310)
Net cash flows from financing activities
7,581 55,672 19,138
Net increase / (decrease) in cash and cash equivalents
( 1,590) 779 1,788
Effect of foreign exchange rates
686 234 ( 279)
Opening cash and cash equivalents
2,849 1,340 1,340
Closing cash and cash equivalents
1,945 2,353 2,849
The accompanying notes form an integral part of these financial statements

19SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 June 2020
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 five sections.
NoteDetailsPage
Basis of preparation 20
Accounting policies that apply to Seeka's full set of financial statements
Performance 22
Where Seeka generates its revenues and their associated operating costs
1. Segment information 22
2. Turnover 24
3. Revenue and other income 24
4. Reconciliation of net operating surplus after taxation with cash flows from operating activities 26
Assets 27
How Seeka allocates resources across its operations
5. Assets classified as held for sale 27
6. Property, plant and equipment 28
7. Intangible assets 29
8. Biological assets - crop 30
9. Leases 31
Working capital 32
How Seeka manages its operating cash flow
10. Trade and other receivables 32
11. Inventories 32
12. Trade and other payables 33
13. Business combination 33
Dividends, share capital and fair value 34
How Seeka distributes dividends to shareholders, manages share capital and
determines the fair value of financial instruments
14. Dividends 34
15. Share capital 34
16. Determination of fair values of financial assets and liabilities 34
17. Related party transactions 35
18. Capital commitments 35
19. Events occurring after balance date 35

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
20
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 orchard management, 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 product range 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,
including plums and apricots.
Statement of compliance and basis of preparation
Group consolidated interim financial statements for the half year
reporting period ended 30 June 2020 have been prepared in
accordance with New Zealand Generally Accepted Accounting
Principles (NZ GAAP) and comply 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 2019, 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 19 August 2020. 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 2019, as described in those annual
financial statements.
Where a change in the presentational format of the financial
statements has been made during the period, comparative figures
have been restated accordingly.
Going concern assumption
The financial statements have been prepared on a going concern
basis. As at 30 June 2020, the Company has net assets of $173.63m,
including total assets of $416.32m and total liabilities of $242.69m
Covid-19 has had an impact on the business. However, the impact has
been minimised as the Group operates in the food sector, continues
to trade, and was able to harvest its crops and those of its supplying
growers, generate revenue from its post harvest processing operations,
and sell its produce. All kiwifruit crops were harvested for 2020. Seeka
has announced guidance for the 2020 year and continues to trade
profitably, despite the challenging economic environment.
Goods and services tax (GST)
The statement of financial performance and statement of
comprehensive income have been prepared so that all components are
stated exclusive of GST. All items in the statement of financial position
are stated net of GST, with the exception of receivables and payables,
which include GST invoiced.
Impact of standards issued but not yet applied by the
entity
There are no new standards, amendments or interpretations that have
been issued and are effective that are expected to have a material
impact on the Group.
Current economic environment
Covid-19 has had a material impact on the financial statements,
primarily as a result of an increase in expenses. Seeka continued to
operate as an essential business for fruit production, processing and
wholesale market operations throughout all levels of Government
lockdowns in New Zealand and Australia. The kiwifruit harvest started
as New Zealand went into level four lockdown and finished early June
when the country was at level two.
Statement of financial performance
The Group was able to operate throughout the lockdown period, with
additional costs being incurred to maintain stringent distancing and
hygiene protocols.
Revenue was impacted by Covid-19, however fruit returns have
remained strong and volumes consistent with the prior year, although
down on expectation due to a dry summer.
The financial impact of Covid-19 for the first six months of the year has
been assessed at $5.3m (unaudited).
Statement of financial position
A review of the impact of Covid-19 on Seeka’s assets is outlined in
the following table. Assets were also assessed for any indicators
for impairment. Where indicators exist, impairment testing was
performed and detailed in these financial statements.
Seeka has maintained a strategy of reducing debt through asset sales
over the past two years. This has created sufficient head room to
respond to any future demand for cash.
Future impact
Due to Seeka’s seasonal nature, the majority of Seeka’s revenue was
earned in the first six months of the year and is consistent with the
prior year (see note 3). For the remaining six months of the year,
further fixed costs are incurred. Seeka has provided guidance to the
market in the range of $9.0m and $12.0m net profit before tax.
The future financial impact of Covid-19 is unknown and, while the
business operates in the fresh food sector, there remain potential
market and labour risks.
The following table details an analysis of how Covid-19 may impact
asset carrying value.
Basis of preparation
This section sets out the Group’s accounting policies that apply to the full set of financial statements. Accounting policies which are
limited to a specific note are described in that note.

21SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
Asset
Impact on
carrying value?Explanation
Cash and cash
equivalents
NoCash is held with Westpac.
Tax receivablesNoTax receivables are from the IRD and are receivable upon the filing of returns.
Trade and other
receivables
NoTrade receivables largely consist of receivables for kiwifruit income from Zespri Group.
Fruit returns remain high in the global market and initial forecasts from Zespri Group are
consistent with the prior year.
Seeka’s debtors are expected to remain recoverable, as they relate to the revenues earnt in a
market that has continued to perform well for kiwifruit growers. There is observable, strong
demand for our customers' products and there have been no noted or recent instances of
non-payment or reduced payment related to Covid-19.
Payments are occurring per our normal course of business and we remain confident in the
ability of our customers to continue paying Seeka.
Biological assets - cropNoCrops are valued at cost in the half year statements and fruit returns remain high in the
current environment and there is no indication of impairment.
InventoriesNoInventory is primarily harvested kiwifruit crops held in coolstores. Fruit has been loaded out
similar to the prior year and plans have all fruit loaded out by November 2020.
Packaging and other inventories relate to kiwifruit and avocado stock and remain usable
through the course of business.
Irrigation water rightsNoIrrigation water rights are currently held by Seeka in Australia and are usable as crops are
grown for the next harvest season.
Assets classified as
held for sale
NoAssets held for sale relate to orchards being sold in Northland and Australia.
The Australian orchards have a conditional contract for sale and leaseback which supports
the carrying value. The contract is only conditional upon obtaining Australian Foreign
Investment Review Board approval.
The Northland orchards remain for sale and are held at values that are considered
recoverable based on recent sales in the area.
Property, plant and
equipment
NoLand and buildings make up the significant portion of the carrying value and a third of the
portfolio is revalued each year.
Property values were reviewed and considered supportable based on recent sales in the
area and values holding firm for properties in the food production industrial portfolio.
Further information is detailed in note 6.
The remaining assets are held at depreciated cost and are considered recoverable through
use in the business.
Intangible assetsNoGoodwill represents around half of the total intangible assets. Goodwill was assessed for
indicators of impairment and has been detailed in note 7.
Water shares make up a majority of the remainder of the intangible assets. Their value is
related to the observable price obtained on an active market for permanent water shares in
Victoria, Australia.
Right-of-use lease
assets
NoThe right-of-use lease assets represent Seeka’s interest in leased land, buildings, orchards,
equipment and vehicles. The kiwifruit industry remains strong and demand for fruit produce
remains high, suggesting the carrying value of these assets represents the future benefit of
growing kiwifruit.
No underlying lease arrangements have been affected by Covid-19.
Investment in sharesNoSeeka’s investment in shares are valued at cost and are of minimal value. The value of
shares is expected to be recoverable.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
22
Performance
1. Segment information
The Group’s operating segments 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, such as EBITDA and EBIT, and are
responsible for setting strategic direction.
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
operating segment. Administration costs, overheads, and grower
service costs 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 2019.
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
productive 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 from crop proceeds.
–Owned orchards whereby the Group incurs growing and harvest
costs and receives all orchard income from crop sales.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado,
citrus, berry, and kiwiberry 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, 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 recorded in the statement of financial
performance and impairment and revaluations of other assets not
attributed directly to any other segment. It also includes the gain on
sale from assets that had been classified as held for sale.
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.
This section focuses on the Group’s financial performance and details the contributions made from the individual operating segments.
EBITDA and EBIT
EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator of profitability and
reflects operating cash flow generation.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.

23SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
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
2020
Income statement
Turnover
1
47,382 108,126 21,594 189 13,300 190,591
Gross segment revenue
47,391 110,834 9,684 189 13,300 181,398
Eliminations
( 9) ( 2,708) - - - ( 2,717)
Total segment revenue
47,382 108,126 9,684 189 13,300 178,681
EBITDA
2
4,161 30,285 1,312 ( 7,213) 1,890 30,435
Depreciation expense
4
( 323) ( 4,062) ( 170) ( 724) ( 494) ( 5,773)
Lease depreciation expense
5
( 515) ( 2,068) ( 209) ( 309) ( 24) ( 3,125)
Amortisation of intangible assets
- - - ( 113) ( 5) ( 118)
EBIT
3
3,323 24,155 933 ( 8,359) 1,367 21,419
Lease interest expense
5
( 318) ( 1,143) ( 261) ( 196) ( 1) ( 1,919)
EBIT
3
(after lease interest expense)
3,005 23,012 672 ( 8,555) 1,366 19,500
Interest expense
6
( 2,106)
Tax charge on profit
984
Profit
18,378
Balance sheet
Segment assets
78,930 244,689 18,245 19,003 55,450 416,317
Total assets
78,930 244,689 18,245 19,003 55,450 416,317
Segment liabilities
48,166 121,080 9,680 25,102 38,661 242,689
Total liabilities
48,166 121,080 9,680 25,102 38,661 242,689
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
( 223) ( 3,407) ( 145) ( 954) ( 520) ( 5,249)
Lease depreciation expense
5
( 343) ( 1,530) ( 103) ( 222) ( 12) ( 2,210)
Amortisation of intangibles
- - ( 125)
7
-( 8) ( 133)
EBIT
3
3,592 24,884 387 ( 7,858) ( 691) 20,314
Lease interest expense
5
( 132) ( 708) ( 141) ( 381) ( 1) ( 1,363)
EBIT
3
(after lease interest expense)
3,460 24,176 246 ( 8,239) ( 692) 18,951
Interest expense
6
( 2,412)
Tax charge on profit
( 4,675)
Profit
11,864
Balance sheet
Segment assets
61,496 228,896 15,798 50,856 48,838 405,884
Total assets
61,496 228,896 15,798 50,856 48,838 405,884
Segment liabilities
43,217 135,036 5,532 24,646 38,505 246,936
Total liabilities
43,217 135,036 5,532 24,646 38,505 246,936
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.
4. Depreciation includes the depreciation of fixed assets.
5. Lease interest and lease depreciation are as a result of NZ IFRS 16 Leases, see note 9.
6. Interest includes finance costs for bank debt.
7. June 2019 has been restated based on audited results from 31 December 2019.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
24
The following table reconciles segment EBITDA before and after applying NZ IFRS 16.
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
2020 - EBITDA pre NZ IFRS 16
3,088 26,950 912 ( 7,698) 1,866 25,118
Capitalised lease costs
1,073 3,335 400 485 24 5,317
EBITDA after applying NZ IFRS 16
4,161 30,285 1,312 ( 7,213) 1,890 30,435
2019 - EBITDA pre NZ IFRS 16
3,745 27,444 533 ( 6,939) ( 151) 24,632
Capitalised lease costs
413 2,377 227 257 - 3,274
EBITDA after applying NZ IFRS 16
4,158 29,821 760 ( 6,682) ( 151) 27,906
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Turnover
190,591 180,776 273,766
Value of sales made as agent
( 11,910) ( 10,904) ( 36,898)
Revenue
178,681 169,872 236,868
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 year. 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 supplier by the purchasing party. This includes all produce sales both local and export.
3. Revenue and other income
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Total revenue
178,681 169,872 236,868
Other income
Interest
113 9 214
Gain on sale of investment in shares
- - 243
Gain on sale of assets held for sale

2,475 1,168 3,187
Grower share loyalty scheme
( 275) - ( 412)
Dividends received
- - 3
Net movement in fair value of irrigation water rights
( 112) 51 904
Other Income
88 - -
Total other income
2,289 1,228 4,139
Total revenue and other income
180,970 171,100 241,007

25SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
Accounting policies
The Group’s major revenue streams are post harvest operations,
orchard management, retail services and Australian operations in
accordance with NZ IFRS 15.
Post harvest
The Group enters into two standardised post harvest contracts:
–The first has two performance obligations; to collect the supply
of fruit via picking and transportation, and maturity testing. The
charges are separated in the contract. All revenue is recognised
when the service is performed.
–The second has three performance obligations; to pack fruit,
to cool and dispatch fruit, and to sell class 2 fruit to authorised
markets. These are stand-alone services provided by Seeka. Each
performance obligation has a separate transaction price detailed in
the contract and the obligations are recognised when services are
performed; packing revenue as fruit is packed, cooling revenue as
fruit is loaded out from cool storage, and class 2 as fruit is sold.
Orchard management
The Group enters into two orchard management contracts that are
largely standardised:
–The first has one performance obligation; to manage fruit growing.
Revenue is recognised as the service is performed and calculated at
cost plus a margin per the contract. The management fee included
in the contract is recognised evenly over the contract's 12 month
period. An incentive fee is only recognised when agreed orchard
gate return (OGR) targets are achieved and an incentive would be
receivable.
–The second has one performance obligation; to collect the supply of
fruit. The transaction price is determined using a forecasted OGR.
Revenue is recognised when crops are picked (in the June half year
accounts for kiwifruit).
Retail services
The Group enters into three retail service contracts which are
customised to the service being offered (such as ripening or fruit sales):
–The first has one performance obligation; to sell fruit on the
owner’s behalf. As the sales agent, Seeka only collects a marketer’s
commission which is recognised when the fruit is sold.
–The second has one performance obligation; to either store or ripen
fruit. Revenue is recognised as the fruit is stored or ripened.
–The third has one performance obligation; to provide ordered
product. The transaction price is based on the agreed price (either in
writing or verbally) with revenue recognised when the fruit is sold.
Australia
Australian contracts are entered into by the Australian business. The
contracts 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 when the fruit is sold.
Principal versus agent relationship
A principal relationship is one where Seeka has the performance
obligation to provide the good or service directly and has control of the
asset or has a right to direct the asset. An agency relationship is one
where the performance obligation is to arrange for the good or service
on behalf of the supplier. The Group currently has agent relationships
for the sale of some fruit and vegetables in the retail services segment.
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 July to February, and
kiwiberry 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 60~70% of orchard
revenues are recognised in the first six months of the financial year.
Due to seasonal fluctuations, the timing of the provision of post
harvest services can vary from year to year, however normally 70~80%
is recognised in the first six months of the financial year, but can be
impacted by seasonal fluctuations.
Irrigation water rights
Water allocation rights are carried at fair value supported by the
value of the traded rights on a recognised exchange or market at
measurement date. Annual water allocation rights are recognised as
a current asset when they are allocated to the Group's permanent
water shares from the first of July each year by the Victorian Water
Register, and are subsequently expensed when the entitlement is
used to irrigate orchards. Any gain on revaluation is recognised in the
statement of financial performance.
Interest income
Interest income is recognised on a time-proportion basis using the
effective interest method.
Dividend income
Dividend income is recognised when the right to receive payment is
established.
Gain on sale of assets held for sale
The gain on sale of assets held for sale is recognised when a sale and
purchase agreement is unconditional and the consideration is paid or
payable at that date.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
26
4. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Net operating surplus after taxation
18,378 11,864 6,884
Add / (less) non cash items:
Depreciation
5,773 7,459 10,870
Lease depreciation
3,125 - 5,372
Other non-cash lease adjustments
365--
Loss on revaluation of land and buildings
- - 60
Impairment of property, plant and equipment
120 - 395
Valuation of employee share scheme
78 15 ( 44)
Valuation of grower share scheme
275 - 412
Movement in deferred tax
344 - ( 2,790)
Movement in fair value of biological assets - crop
16,467 16,460
1
( 705)
Amortisation of intangible assets
118 133 265
26,665 24,067
1
13,835
Add / (less) items not classified as an operating activity:
Loss on sale of property, plant and equipment
- - 265
Gain on sale of assets held for sale via proceeds of sale of assets
( 2,511) ( 1,168) ( 3,187)
Decrease / (increase) in current water allocation account
106 18 ( 247)
Gain on sale of investment in shares
- - ( 243)
( 2,405) ( 1,150) ( 3,412)
(Increase) / decrease in working capital:
Increase in accounts payable
21,850 14,134 2,707
(Increase) in accounts receivable / prepayments
( 38,509) ( 35,335)
1
( 343)
(Increase) in inventory
( 13,193) ( 13,740) ( 3,378)
Increase / (decrease) in taxes due
( 3,375) 5,305 2,295
( 33,227) ( 29,636)
1
1,281
Net cash flow from operating activities
9,411 5,145 18,588
1. June 2019 has been restated based on audited results from 31 December 2019.

27SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
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 Group-owned land, vines, trees and crop on Group-owned and leased orchards. The Group also has interests in water
shares, leases and goodwill arising from Group acquisitions.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
5. Assets classified as held for sale
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Opening balance at 1 January
27,083 24,197 24,197
Properties settled to Seeka
- 9,778 35,111
SunGold licence purchased
- 5,975 5,728
SunGold licence transferred from intangible assets
- 1,662 1,662
Development costs incurred
418 768 564
Growing costs incurred / (recovered)
( 170) ( 686) ( 346)
Sales settled by third parties
( 7,804) ( 4,204) ( 39,833)
Total assets held for sale
19,527 37,490 27,083
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Asset class
Land and buildings
5,526 16,042 8,382
Property, plant and equipment
1,821 6,967 2,935
Intangible assets
6,903 2,366 8,254
Bearer plants
4,260 11,829 6,398
Biological assets - crop
1,017 286 1,114
Total assets held for sale
19,527 37,490 27,083
At 30 June 2020, 34 hectares of Northland orchards (June 2019 - 135 hectares) owned by Seeka were classified as held for sale. These properties
were part of the 2018 purchase of Kerikeri assets from T&G Global Limited.
The assets are classified as held for sale as their carrying amount will be recovered principally through a sale transaction rather than through
continuing use. This condition was met when the sale became highly probable and the assets were available for immediate sale in their present
condition. The Group is committed to the sale and expects the sale to be completed within one year from the date of classification. These assets
are recorded at the lower of the carrying value or fair value less costs to sell as required by NZ IFRS 5.
Assets related to the sale of three orchards in Australia (Hayward, Austral and Lakes) are also recognised as assets held for sale from 1 September
2019. All of the goodwill from the Australia CGU was allocated in 2019 to the disposal group, based on the Group's assessment of relative fair
values of the assets held for sale and Australia assets being retained.
On 20 May 2020 Seeka signed a conditional sale and lease back agreement for these orchards for AUD$26.5m. The contract is subject to the
approval of Australian Foreign Investment Review Board (FIRB). The sale is expected to be completed within 12 months. The orchards will initially
be leased back for 10 years, followed by a right to renew for a second 10-year term, then two 5-year terms.
Critical accounting estimates and judgements
The Group has used estimates to allocate goodwill to the Australian assets held for sale, as described above.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
28
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 2020
Cost or valuation
165,374 106,949 1,062 11,012 9,214 293,611
Accumulated depreciation and impairment
( 10,861) ( 59,019) ( 602) ( 2,488) ( 219) ( 73,189)
Net book amount
154,513 47,930 460 8,524 8,995 220,422
Period ended 30 June 2020
Opening net book amount
154,513 47,930 460 8,524 8,995 220,422
Additions and transfers
1,121 4,889 - 2,822 2,228 11,060
Depreciation recovery
- 16 10 - - 26
Depreciation
( 2,479) ( 3,111) ( 61) ( 122) - ( 5,773)
Disposals
- ( 54) ( 10) ( 8) - ( 72)
Assets transferred as held for resale
( 10) ( 267) - 32 - ( 245)
Foreign exchange
312 121 4 69 145 651
Closing net book amount
153,457 49,524 403 11,317 11,368 226,069
At 30 June 2020
Cost or valuation
166,797 111,638 1,056 13,927 11,368 304,786
Accumulated depreciation and impairment
( 13,340) ( 62,114) ( 653) ( 2,610) - ( 78,717)
Net book amount
153,457 49,524 403 11,317 11,368 226,069
Assets under construction are assets that are yet to be capitalised and are not depreciated. When the asset is ready for use it is transferred to the
appropriate asset class. At 30 June 2020, assets under construction are largely related to the Kerikeri coolstore build.
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 Preston Rowe Paterson Shepparton (previously known as Goulburn Valley Property Services),
independent valuers, Shepparton, Victoria, Australia. All Australian land and buildings were revalued at 31 December 2019.
As at 30 June 2020 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 2020.
Critical accounting estimates and judgements
At 30 June 2020 an assessment of the carrying values of land and buildings was performed. Based on sales data and discussions with
experts in the property valuation field, the value of Seeka’s property has not materially changed in the last six months. Seeka operates
in the food production industry, which has remained stable due to the high demand for healthy fruit despite the Covid-19 environment.
Furthermore, properties situated in the Bay of Plenty are expected to be less affected than other regions in New Zealand given the
strength of the horticulture and agriculture businesses over the past six months.
Seeka’s Australian properties are also located in the food production region of Victoria. Seeka signed a conditional sale and leaseback
for approximately 199 hectares of orchards in Australia within a Covid-19 environment, which supports the carrying values of the
remaining land and buildings.
Sensitivity analysis suggests property values have moved between ($0.5m) and $1m. This is not considered a material movement in
land and building values.

29SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
7. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Total
$000s
At 1 January 2020
Cost
3,195 10,963 9,122 23,280
Accumulated amortisation and impairment
( 2,563) ( 2,031) - ( 4,594)
Net book amount
632 8,932 9,122 18,686
Period ended 30 June 2020
Opening net book amount
632 8,932 9,122 18,686
Additions
67 - - 67
Disposals
( 155) - - ( 155)
Depreciation recovery
41 - - 41
Revaluation
- - ( 209) ( 209)
Exchange differences
- - 269 269
Amortisation
( 118) - - ( 118)
Closing net book amount
467 8,932 9,182 18,581
At 30 June 2020
Cost
3,148 10,963 9,182 23,293
Accumulated amortisation and impairment
( 2,681) ( 2,031) - ( 4,712)
Net book amount
467 8,932 9,182 18,581
Impairment tests for goodwill
The Board reviews business performance based on operating segments and monitors goodwill at the operating segment level. Goodwill
represents the 2019 acquisition of Aongatete Coolstores Limited, the 2018 acquisition of the Northland business, the SeekaFresh business and the
Kiwi Crush and Kiwi Crushies product ranges.
The following table details the carrying amount of goodwill from acquired operations.
New Zealand dollarsGroup cash generating unit
Carrying
amount
$000s
2020

Aongatete Coolstores LimitedPost harvest
7,035
Northland packhousePost harvest
1,220
SeekaFreshRetail services
433
Kiwi CrushRetail services
244
At 30 June 2020 all goodwill balances were reviewed for indicators of impairment. Based on a review of the assumptions used in the value-in-
use calculations performed at 31 December 2019, the goodwill relating to the post harvest segment is supported and the key assumptions are on
target to meet the forecasts expected for the 2020 financial year. Kiwifruit harvest volumes are in line with the previous year and packing volumes
are expected to increase in future years. Whilst Covid-19 has impacted costs and packing margins in the current financial year, the post harvest
segment operated profitably throughout the lockdown period. For these reasons, there are no indications of impairment of the goodwill relating to
Aongatete Coolstores Limited and the Northland packhouse.
The goodwill relating to the Kiwi Crush business is supported by the value-in-use calculations performed at 31 December 2019, with key
assumptions supported by current trading. The business had a strong start in the first half of the year, and is expected to achieve its targets
through to the end of the year. Therefore, there are no indications of impairment of the goodwill relating to the Kiwi Crush business.
SeekaFresh 2020 year started well, until sales were impacted by Covid-19. The business continued to operate as an essential service, but was
affected by the temporary closure of hospitality and independent retail based customers during the lockdown. For this reason, indicators of
impairment were present and a value in use calculation was prepared at 30 June 2020 to test for any impact on the goodwill or asset carrying
values. Using a discount rate of 8%, revenue growth rates of 2%-5% and a terminal growth rate of 2%, there is no impairment of the goodwill
balance or associated assets. The current year's trading result and discount rate are consistent with the value-in-use calculation prepared at 31
December 2019. However, the revenue growth rates have been reduced from 3%-13% to 2%-5% to reflect the potential impact of Covid-19 and
the economic environment in the next 1-5 years. The terminal growth rate has remained consistent, but sensitivity was performed to ensure a 1%
terminal growth rate would not result in an impairment.
No other reasonable changes to key assumptions would require an impairment of goodwill.
Critical accounting estimates and judgements
The review of impairment of intangible assets uses judgement to identify indicators of impairment. Where an impairment test is
performed, estimates of financial performance, revenue growth rates, discount rates and terminal growth rates are made.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
30
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, cherry, 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 16.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Carrying amount at beginning of period
18,629 17,924 17,924
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
15,420 15,044 19,563
Fair value when harvested
( 34,049) ( 32,968) ( 37,487)
Crop growing on bearer plants at end of period
Crop where cost is deemed fair value
2,162 1,464 18,148
Crop at fair value
- - 481
Carrying value at end of period
2,162 1,464 18,629
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Movement in carrying amount
( 16,329) ( 16,666) 756
Exchange differences
( 138) 206 ( 51)
Net fair value movement in crop
( 16,467) ( 16,460) 705
The following table details the classification of biological assets - crop.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Australia - all varieties
571 642 4,703
New Zealand - kiwifruit crop
1,514 818 13,563
New Zealand - avocado crop
77 4 363
Carrying value at end of period
2,162 1,464 18,629
Critical accounting estimates and judgements
The valuation of biological assets uses estimates of market returns to determine value.

31SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
9. Leases
Leases recorded on the balance sheet represent Seeka's interest in leased assets and the associated lease liability reflecting the present value of
payments left on the lease. The Group reports all leases on the balance sheet, with the exception of low value leases or leases less than 12 months.
The following table details leases where the Group is a lessee.
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Right-of-use lease assets
Land and buildings
26,407 21,919 27,168
Orchard leases
11,405 2,619 12,274
Equipment
3,017 881 3,182
Motor vehicles
2,337 2,015 2,100
Total right-of-use lease assets
43,166 27,434 44,724
The movement in right-of-use lease assets in the period are:
Opening balance
44,724 32,652 32,652
Additions
1,567 1,172 17,444
Reclassification under NZ IFRS 16
- ( 4,180) -
Depreciation
( 3,125) ( 2,210) ( 5,372)
Closing balance
43,166 27,434 44,724
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Lease liabilities
Current
5,622 3,970 5,211
Non-current
43,723 27,814 45,267
Total lease liabilities
49,345 31,784 50,478
The liabilities are classified as follows:
Lease liabilities
Land and buildings
30,879 25,940 31,462
Orchard leases
13,160 2,821 13,847
Equipment
2,931 986 2,990
Motor vehicles
2,375 2,037 2,179
Total lease liabilities
49,345 31,784 50,478
The movement in lease liabilities in the period are:
Opening balance
50,478 36,840 36,840
Additions
2,263 1,298 18,708
Reclassification under NZ IFRS 16
- ( 4,442) -
Reduction in liability
( 3,396) ( 1,912) ( 5,070)
Closing balance
49,345 31,784 50,478
Additions
On 30 September 2019, the Group entered into the sale and leaseback transaction for an orchard in Northland recognised as an asset held for sale
as at June 2019. As part of the sale the Group has a 15 year lease for the orchard.
Key terms explained
Right-of-use lease asset
The asset that the Group obtains control of when signing a lease.
Lease liability
The present value of all future known payments on the lease.
Lease depreciation
The right-of-use lease asset value divided by the term of the lease.
Lease interest
The discounted portion of the lease liability (similar to interest on a
table mortgage).
Lease principal
The difference between the cash lease payment and the lease interest.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
32
Working capital
11. Inventories
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Crop inventories
14,548 14,653 -
Total packaging at cost
1,729 1,259 3,212
Other inventories at cost
2,581 2,504 2,243
Total inventories
18,858 18,416 5,455
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 2020, 58.6% (Jun 2019 - 58.4%) of New Zealand class 1 trays have been loaded out. New Zealand
kiwifruit inventory is valued at a Hayward OGR of $6.00 per tray and a SunGold OGR of $11.37 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, $27.30m (June 2019 - $28.43m ) of packaging inventory costs were expensed to cost of sales in the statement of financial performance.
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.
10. Trade and other receivables
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Current trade receivables (net of provision for doubtful debts)
33,954 21,840 12,035
Prepayments
4,214 3,370 1,347
Prepaid deposits
1,735 - 1,827
GST refund due
- - 502
Accrued income and other sundry receivables
42,742 45,615 7,622
Accrued unconditional sales of assets classified as held for sale
- - 4,950
Current trade and other receivables
82,645 70,825 28,283
Non current trade receivables
647 729 683
Non current prepayments
344 1,888 -
Non current trade and other receivables
991 2,617 683
Total trade and other receivables
83,636 73,442 28,966
Accrued income and other sundry receivables includes $19.64m (Jun 2019 - $18.48m) of kiwifruit income for kiwifruit harvested and delivered
to Zespri from the Group’s New Zealand orchards, $18.62m (Jun 2019 - $16.95m) for post harvest operations in New Zealand and nil (Jun 2019 -
$5.65m) relating to kiwifruit harvested, packed and delivered through the acquired Aongatete Coolstores Limited.
Accrued income and other sundry receivables also includes $4.29m (Jun 2019 - $2.40m) of income for kiwifruit and pears harvested in Australia.
Current trade receivables include $21.14m (Jun 2019 - $12.63m) related to temporary advances to kiwifruit growers during harvest. The increase
on 2019 is due to a larger proportion of SunGold versus Hayward kiwifruit packed and loaded out in 2020, with SunGold attracting a higher
advance and earlier loadout schedule. Of these temporary advances, $18.24m was repaid in July 2020 (Jul 2019 - $8.83m)
Income from the New Zealand kiwifruit crop is accrued based on forecast information prepared by the Group, being an average Hayward orchard
gate return (OGR) of $6.00 per tray (Jun 2019 - $6.00; Dec 2019 - $6.81) and an average SunGold OGR of $11.37 per tray (Jun 2019 - $10.50; Dec
2019 - $11.65).
Critical accounting estimates and judgements
The Group has reviewed trade and other receivables for any debtor impairment, credit risk, or any other such risks that may result in non-
payment as a result of Covid-19. The Group has not identified any circumstances where further provisioning or impairment of financial
instruments is required.
Critical accounting estimates and judgements
The Group has reviewed inventory for any risks occurring as a result of Covid-19, and whether additional provisioning or write-offs are
required. The Group considers all inventory will be able to be used in the normal course of business.

33SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
12. Trade and other payables
New Zealand dollars
6 months to
June 2020
Unaudited
$000s
6 months to
June 2019
Unaudited
$000s
12 months to
December 2019
Audited
$000s
Trade payables
14,503 17,954 6,935
Accrued expenses
20,567 16,888 11,062
Employee expenses
5,900 5,102 4,437
GST payable
302 643 -
Other payables
1,982 1,417 499
Total trade and other payables
43,254 42,004 22,933
Trade payables includes $6.03m (Jun 2019 - $4.02m, Dec 2019 – Nil) of packaging costs relating to post harvest operations.
In June 2019, $4.60m of trade creditors related to Zespri SunGold G3 licences. The licences were recognised as assets held for sale.
Accrued expenses includes $13.79m (Jun 2019 - $12.14m) of kiwifruit costs relating to kiwifruit harvested and to be delivered to Zespri from the
Group’s New Zealand orchards.
13. Business combination
Purchase of shares in Aongatete Coolstores Limited
During the year ended December 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 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
12 months to
December 2019
Audited
$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
( 1,829)
Deferred tax liability
( 2,891)
Leased liabilities
( 948)
Term loans
( 10,455)
Goodwill
7,035
Total purchase consideration for shares
14,000
The goodwill was allocated to the post harvest and orchard segments and is attributable to the operation’s strong position in the Bay of Plenty 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 $0.20m were included in
administrative expenses. Deferred tax of $2.9m was provided in relation to differences between tax values and the fair value of certain assets.
Land and buildings were valued using an independent valuation completed by Telfer Young Valuers using the same approach as other land and
buildings detailed in note 6.
No changes have been made since 31 December 2019.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED
FINANCIAL STATEMENTS
34
Dividends, share capital 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.
Disclosures are made on the Group’s bank facilities, retained earnings, dividends paid to shareholders, and earnings per share. Details on the
Company’s share capital include shares issued under the dividend reinvestment plan, grower incentive and employee share schemes.
14. Dividends
Dividends paid$000sPer share
2019
April
3,572$0.12
October
3,897 $0.12
Total dividend paid 2019
7,469
2020
Total dividend paid 2020
-
On 25 February 2020, the directors declared a fully-imputed dividend of $0.12 per share, comprising an $0.08 normal dividend (following Board policy
on a pre NZ IFRS 16 basis) and a $0.04 special dividend from the completion of property sales negotiated in 2019. Dividend payment was schedule for
17 April 2020.
On 19 March 2020 the directors reviewed the environment and, with the uncertainty of Covid-19, the Group decided to cancel the payment of the
declared dividend of $0.12 per share. The decision reflected the uncertainty in the business environment, the reported shortage of labour, and the
lower forecast kiwifruit returns from Zespri. The Board, considered those factors, and considered it was prudent that the dividend be cancelled to
maintain balance sheet strength and stability, and was reconsidered in June 2020.
On 17 June 2020, the directors confirmed their earlier decision not to pay a dividend of $0.12 per share.
In the last 12 months, $0.12 has been paid in dividends per share (prior 12 months $0.24).
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. The cash dividend payment was $3.05m at June 2019, and $6.31m for the full year ended December 2019.
At the date of signing the directors declared a fully-imputed dividend of $0.10 per share, to be paid on 30 September 2020 to those shareholders on
the register at 5pm on 4 September 2020. The dividend reinvestment plan will apply with a 2% discount to the strike price.
15. Share capital
During the period to 30 June 2020, $0.05m (Jun 2019 - $1.13m) was received in relation to shares issued under the employee share scheme
established in 2016.
Due to the dividend cancellation as described in note 14, no shares were issued in 2020 under the dividend reinvestment plan (Dec 2019 - 168,526).
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.
16. 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 2020.
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 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
- - 2,162 2,162
Water shares
9,182 -- 9,182
Irrigation water rights
120 - - 120
Land
- - 26,157 26,157
Buildings
- - 127,300 127,300
Unlisted equity securities
- - 586 586
Derivatives used for hedging (liability)
- 1,088 - 1,088

35SEEKA LIMITED | INTERIM REPORT JUNE 2020
FINANCIAL STATEMENTS
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.
$ 2.16 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$ 153.46 mAn annual revaluation is used
to estimate fair value, which is
performed on approximately
one third of land and buildings
on a rolling 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.
17. 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 $84.26m (Jun 2019 - $71.08m) for the provision of services to SGL.
At 30 June 2020, $21.1m was temporally advanced to SGL (June 2019 - $12.6m), of which $18.24m was repaid in July 2020.
18. Capital commitments
As at 30 June 2020 the Group does not have any capital commitments (Dec 2019 - $1.1m).
19. Events occurring after balance date
A dividend was declared for $0.10 per share to be paid on 30 September 2020, see note 14.
There are no other events occurring subsequent to balance date requiring adjustment to or disclosure in the financial statements.

INTERIM REPORT JUNE 2020 | SEEKA LIMITED36
DIRECTORY
Board of directors
Fred Hutchings - Chairman
Martyn Brick
John Burke
Peter Ratahi Cross
Amiel Diaz
Cecilia Tarrant
Ashley Waugh
Audit and risk committee
Ashley Waugh – Chair
John Burke
Fred Hutchings
Remuneration committee
Fred Hutchings – Chair
Ratahi Cross
Cecilia Tarrant
Sustainability committee
Cecilia Tarrant – Chair
John Burke
Fred Hutchings
Company officers
Michael Franks
Chief Executive Officer
Stuart McKinstry
Chief Financial Officer and Company Secretary
Senior management team
Michael Franks
Chief Executive
Kate BryantVerena CunninghamKevin Halliday
GM Corporate ServicesGM SeekaFresh and StrategyGM Operations
Stuart McKinstryJim SmithRob Towgood
Chief Financial OfficerGM Growers and MarketingCommercial Manager

37SEEKA LIMITED | INTERIM REPORT JUNE 2020
Registered office
Seeka Limited
34 Young Road, RD9, Paengaroa 3189
PO Box 47, Te Puke 3153
Seeka.co.nz
Auditor
PricewaterhouseCoopers
Auckland
Bankers
Westpac Banking Corporation
Auckland
Coöperatieve Rabobank U.A. (Rabobank)
Wellington
Share register
Link Market Services Limited
Auckland
NZX
www.nzx.com
Legal advisors
Harmos Horton Lusk Limited
Auckland
MacKenzie Elvin
Tauranga

INTERIM REPORT JUNE 2020 | SEEKA LIMITED38
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)


Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 6 months to 30 June 2020
Previous Reporting Period 6 months to 30 June 2019
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$178,681 5.2%
Total Revenue $178,681 5.2%
Net profit/(loss) from
continuing operations
$18,378 54.9%
Total net profit/(loss) $18,378 54.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.10 cash dividend
Imputed amount per Quoted
Equity Security
$0.03888889
Record Date 4 September 2020
Dividend Payment Date 30 September 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$5.13 $4.50
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible asset per share is calculated by dividing the
Group’s net assets less goodwill by the total shares on issue at
the end of the period.
Authority for this announcement
Name of person

authorised
to make this announcement
Stuart McKinstry
Contact person for this
announcement
Stuart McKinstry
Contact phone number +64 21 221 5583
Contact email address Stuart.Mckinstry@seeka.co.nz
Date of release through MAP

19/08/20

Un-audited half year financial statements accompany this announcement.

---

INTERIM RESULTS ANNOUNCEMENT H1 FY20 | SEEKA LIMITED1
Seeka Limited lifts six months earnings in spite of a very
challenging operating environment
Seeka Limited [NZX: SEK] unaudited interim results for six months ended 30 June 2020 ( H1 FY20 )
NZX-listed New Zealand and Australia produce company Seeka reports a 55% lift in the company's unaudited
profit after tax for the six months ended 30 June 2020. Alongside the results announcement, Seeka announces a
fully imputed dividend of 10 cents per share.
While the result includes the benefit from the taxation change arising from reinstatement of the tax deductibility of
depreciation on buildings and its effect on deferred tax, underlying earnings for Seeka were up. This was in spite of
the significant costs and losses arising from Covid-19, the impact of drought and the pressure created by a severe
labour shortage through the periods that New Zealand has been subject to Alert Level restrictions, particularly with
the shortfall of overseas workers.
The results for the six months ended 30 June 2020 includes:
–Total revenue of $178.7m - up 5.2% on pcp.
–EBITDA of $30.4m - up 9.1% on pcp. Seeka estimates that the costs and losses associated with Covid-19
totalled $5.3m. Seeka received zero wages subsidy support and only $27,800 received to support vulnerable
workers who were unable to work in lockdown.
–Profit before tax of $17.4m - up 5.2% on pcp .
–Net profit after tax of $18.4m - up 54.9% on pcp reflecting the effect of the $5.6m tax benefit.
–Total net debt of $129.3m compared to $148.1m at June 30, 2019.
–Dividend of $0.10 per share, to be paid on 30 September 2020, to all shareholders on the register at 5pm on
4 September 2020. The dividend reinvestment plan will apply with a 2% discount to the strike price.
Covid-19 and the severe labour shortage placed significant pressure on the business along with operational
challenges in New Zealand arising from changes in the fruit maturity confirmation processes. Our people,
contractors and community demonstrated incredible commitment and leadership in successfully completing
harvests in Australia and New Zealand across avocados, kiwiberry, kiwifruit, European pears and nashi pears.
Throughout this process, Seeka ensured that it took all steps to ensure the safety of its people and their protection
in a pandemic environment.
The summer drought experienced in New Zealand has impacted on kiwifruit volumes processed particularly in
those locations or orchards where irrigation is not available.
In the six months ended 30 June 2020, Seeka announced the conditional sale and lease back of three of its mature
Australian orchards for AUD$26.5m along with access to additional water alongside that deal. This transaction
is subject to the approval of the Foreign Investment Review Board in Australia with the outcome expected in the
second six months of 2020 ending 31 December 2020.
19 August 2020
Company announcement

INTERIM RESULTS ANNOUNCEMENT H1 FY20 | SEEKA LIMITED2
Operational performance
The following table outlines Seeka’s performance H1 FY20.
New Zealand dollarsJune 2020June 2019Change
Total revenue ($m)
$ 178.7$ 169.95.2%
EBITDA

before impairments and revaluations ($m)
$ 30.4$ 27.99.1%
EBIT ($m)
$ 21.4$ 20.35.4%
NPAT ($m)
$ 18.4$ 11.954.9%
Basic earnings per share
$ 0.57$ 0.3946.2%
Net bank debt ($m)
$ 129.3$ 148.1( 12.7%)
Dividend announcement
At the date of this announcement, Seeka directors declared a fully-imputed dividend of $0.10 per share, to be
paid on 30 September 2020 to those shareholders on the register at 5pm on 4 September 2020. The dividend
reinvestment plan will apply with a 2% discount to 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 2020 and an early selling season. Seeka has conditionally sold and leased back three
Australian kiwifruit orchards for AU$26.5m. 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
including the anticipated gain from the sale of the Australian orchards with the upper range for net profit before tax
increased to $12m. The market will be updated if there is material deviation.
The following table outlines Seeka’s guidance for the 12 months ended December 2020.
New Zealand dollars
2020 guidance
Lower range
2020 guidance
Upper range
2019
Full year actual
Net profit before tax ($m)
$ 9.0m$ 12.0m $ 9.9m
Change on 2019
( 9 %)+ 22 %
This announcement should be read in conjunction with Seeka Limited's 2020 interim report (unaudited). A copy of
the 2020 interim report can be found on Seeka's website www.seeka.co.nz/reports.
ENDS
For more information, visit www.seeka.co.nz or please call:
Michael FranksStuart McKinstry
Chief executive
+ 64 21 356 516
Chief financial officer
+ 64 21 221 5583