Turnaround on track at Comvita

25 February 2021

Turnaround on track at Comvita

Headlines
▪ Reported NPAT $3.5M vs. ($13M) in PCP
▪ Reported EBITDA* $10.6M vs. ($8.8M) in PCP, an improvement of $19.4M
▪ Reported revenue $98.9M, +5.5% vs. PCP
▪ Double-digit top and bottom-line growth in focus growth markets
▪ Net debt reduction** $1.6M, Inventory reduction** $14M, Operating cash inflow $9.4M
▪ Gross Profit +1080 bps, +28.3% vs. PCP
▪ Marketing Investment +$2.1M or +25%
▪ $15M business transformation plan on track:
• Additional $10M transformation phase two launched
▪ 37% reduction in total recordable injury frequency rate (TRIFR)
▪ Full year guidance maintained; dividends expected to resume at full year

Financial results for the six months ended
$M
31 December
2020
Unaudited
31 December
2019
Unaudited
Revenue 98.9 93.9
Gross Profit 48.5 35.8
EBITDA* 10.6 (8.8)
Net Profit/(Loss) after tax 3.5 (13.0)
Net debt 13.9 93.2
Inventory 98.5 116.1
*EBITDA: Earnings before interest, tax, depreciation, and amortisation
** Performance vs. 30 June 2020

Comvita (NZX:CVT) today announced that for the six-month period ending 31 December 2020, it returned
to profitability with net profit after tax (NPAT) reported as $3.5M versus a $12.97M loss in the prior
corresponding period (PCP).

Reported EBITDA was $10.6M versus a loss of $8.8M in the PCP. Revenue increased to $98.9M, +$5.5%
versus PCP, or 6.7% in constant currency, with strong growth seen in focus growth markets and its core
Mānuka category. Marketing investment designed to support Comvita’s long-term growth ambition
increased by 25% on the PCP as Comvita activated plans to drive brand affinity and tell its founding story
to discerning consumers around the world.

Commenting on the performance, Comvita Chairman, Brett Hewlett, said “We’re pleased with the progress
the team has delivered over the last year. The Board and management have continued to transform the
business at pace looking to ensure we deliver the performance that all Comvita stakeholders should
expect. The result shared today shows that the ongoing transformation is multi-dimensional with revenue,
margin, and earnings improvements, along with good financial and capital disciplines evidenced in net
debt reduction, inventory reduction and cash generation. In line with our previous disclosure, and subject

Page 2 of 4
to delivering full year guidance, the Board reconfirms its commitment to resume dividend payments at the
end of this financial year.”

Group CEO, David Banfield, says “The team and I are encouraged by the results that we share today. We
remain totally focused on delivering our new long-term sustainable business model that will enable us to
simplify and streamline the business further, invest in telling our unique brand story to discerning
consumers around the world, and connect with our fantastic in-market teams to deliver the most
compelling consumer proposition in market. We look forward to sharing further progress over the course
of the second half of the year.”

Focus growth markets performing strongly
Comvita’s focus growth markets, China and North America, showed strong performance in this period with
both markets delivering double-digit top and bottom-line growth.

China is the world’s biggest honey market valued at $1.8Bn, Comvita’s long-term goal is to target market
growth (growing the total addressable market) and market share growth. Revenue in China grew by 20%
and net contribution by 28% versus the PCP, as Comvita invested in long-term brand building activity.
Comvita also significantly strengthened leadership capability at its in-China subsidiary funded by
efficiencies across the Group with a focus on delivering strong foundations for long-term profitable growth.

Comvita North America posted another strong result with revenue increased by 38% and net contribution
by 222% (though there was a delay in timing of some marketing activities to H2). Retail distribution
increased by 170% over the PCP, which is hugely encouraging, and digital sales increased by 87%, now
representing 41% of H1 sales. Comvita is the fastest growing Mānuka honey brand in North America.

Unique business model shows encouraging signs
Comvita has a unique ‘End to End’ business model with around 350 people employed in markets outside
of New Zealand to ensure that Comvita is better connected to customers and consumers in market, and is
able to adapt at speed to meet local market changes and needs. A particular strength of this model has
been evidenced in Mainland China and Asia where Comvita has been able to offset the impact of the
challenges in the Daigou market in Australia and New Zealand. This model also enables the business to
continue to perform strongly even with travel and tourism being so restricted.

Headwinds in Australia and New Zealand
The business in Australia and New Zealand has traditionally been focused on tourism, travel, Daigou,
cross-border, and retail serving Asian consumers. This has meant a narrow distribution focus and lack of
digital activity and has limited reach outside this core consumer group. This has resulted in a lack of
distribution and brand awareness of our compelling story across the broader target demographic in
Australia and New Zealand and has meant that COVID disruptions have had a material impact on revenue
and earnings (particularly in Australia).

Revenue in Australia fell by $5.5M versus the PCP due to the challenges in these channels. As previously
advised Comvita sees success in its home markets as a prerequisite for long-term success. Comvita has
launched a review of the optimum structure for its Asian health Daigou business to ensure consumer
communication, experience and brand proposition is enhanced.

The new Immersive Comvita Wellness Lab experience in Auckland will open in March 2021 as Comvita
shares its amazing founding story and the story of the hive with New Zealand consumers.

Page 3 of 4
$15M Transformation on track
Comvita has made good progress on its $15M business transformation programme announced last year,
with the benefits being reflected in these Interim results. Overall Comvita has delivered a strong
improvement in gross profit of 1080 bps or +28.3% vs. PCP, radically flattened the organisation structure
and simplified the business significantly (legal entities and JV’s). Its previously reported goal to reduce the
total SKU count by 30% is on track to be delivered, freeing up cash and bringing more focus in the process.
It is also on track to deliver underlying cost reductions of $5M.

New additional $10M transformation phase two announced
Comvita aims to be the highest quality, lowest cost producer of Mānuka honey while also having a
relentless focus on flattening the organisational structure and putting the consumer, and consumer
experience, at the heart of their thinking. In order to ensure that the business model enables it to invest in
telling its long-term story, to connect with consumers and deliver returns to shareholders in-line with
expectation, Comvita has today launched an additional three-year $10M transformation phase two. This
programme is designed to deliver an additional 400-450 bps improvement in margin by June 2024 and
enable it to accelerate brand investment and deliver on its mid-single digit revenue growth expectations.
Comvita will invest an additional $1.5M p.a. to deliver this phase two transformation.

Good progress on digital transformation
Comvita has set out its aim to grow digital sales to 50% of total group sales by 2025. Good progress has
been made with total digital sales accounting for 32% of Group sales in this period. Comvita under index
digital sales in all markets that have been slow to embrace the digital channel opportunity (NZ, AU, UK and
HK). It is notable that all these markets share the same narrow distribution model and have
underperformed during this period. Action is already underway to address this with the recent
announcement of the partnership with The Hut Group.

Net debt, inventory, and cash improvements
Comvita continued its strategy to streamline the business and deliver on its low debt, lower Inventory, and
cash generative plan. During this period net debt decreased by $1.6M, inventory by $14M, and $9.4M in
operating cash was generated.

Full year guidance maintained
Comvita maintained full year guidance of an EBITDA range of NZD $20-$23M in the period ending
30 June 2021. Comvita also reaffirmed its intention to resume dividend payments following delivery of its
full year guidance.

Looking forward - Building a better business
Good progress has been made on stabilising and transforming the business in line with Comvita’s three-
part plan to:
1: Stabilise performance
2: Transform the organisation
3: Build long term resilience and growth

Comvita is focused on putting in place long-term scalable foundations and processes that enable the
business to excel in coming years. “We’re pleased with progress so far but equally recognise the additional
work ahead as we ‘Stride” into this next phase.“ added Banfield.

Comvita remains committed to delivering mid-single-digit revenue growth in constant currency, a 20%
EBITDA margin by 2025, and a double-digit five-year EPS CAGR. In addition, Comvita reiterated its aim to be
carbon neutral by 2025 and carbon positive by 2030.

Page 4 of 4
Banfield, concludes “This is a special chapter in Comvita’s rich history as we turn 50 years of age in 2024/5.
The team and I are totally committed to delivering long-term profitable growth and ensuring that we put in
place the foundations at Comvita to thrive for another 50 years. We continue our transformation of Comvita
and remain committed to pay back the support shown by the Board, the extended Comvita whānau and all
our stakeholders.”

David Banfield Brett Hewlett
CEO Chair

ENDS.


For further information contact:
Kelly Bennett, One Plus One Communications
Mobile: +64 21 380 035
Email: kelly.bennett@oneplusonegroup.co.nz



Background information
About Comvita (www.comvita.co.nz) Comvita (NZX:CVT) was founded in 1974 and is the pioneer and global
market leader of the Mānuka honey category. Comvita is committed to the long-term development of
Mānuka and Bee products backed by unrivalled scientific knowhow. Comvita recently announced its
sponsorship of the NZ pavilion at the World Expo in Dubai focusing on Kaitiakitanga (guardianship and
protection of the planet).

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period 6 months to 31 December 2020
Previous Reporting Period 6 months to 31 December 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$98,885 5.4%
Total Revenue $98,885 5.4%
Net profit/(loss) from
continuing operations
$3,455
Total net profit/(loss) $3,455
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board of Directors do not propose to pay an interim
dividend
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.43 $2.36
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
David Banfield, CEO
Contact person for this
announcement
Kelly Bennett
Contact phone number +64 21 380 035
Contact email address kelly.bennett@oneplusonegroup.co.nz
Date of release through MAP

25 February 2021

Unaudited interim financial statements and the investor presentation accompany this
announcement.

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Comvita Condensed Interim Financial Statements 2020 - PI
FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
COMVITA LIMITED
FINANCIAL
STATEMENTS
CONDENSED INTERIM

Comvita Condensed Interim Financial Statements 2021 - P1
Directors’ declaration
Condensed interim income statement
Condensed interim statement of comprehensive income
Condensed interim statement of changes in equity
Condensed interim statement of financial position
Condensed interim statement of cash flows
Notes to the interim financial statements
Company Directory
2
3
4
5
6
7
8 - 17
18 - 19
CONTENTS

Comvita Condensed Interim Financial Statements 2021 - P2Comvita Condensed Interim Financial Statements 2021 - P3
Condensed Interim Income Statement
In the opinion of the directors of Comvita Limited, the interim financial statements and the notes, on
pages 3 to 17:
• comply with New Zealand generally accepted accounting practice and fairly state the financial
position of the Group as at 31 December 2020 and the results of their operations and cash flows for
the period ended on that date
• have been prepared using appropriate accounting policies, which unless otherwise stated have been
consistently applied and supported by reasonable judgements and estimates
The Directors believe that proper accounting records have been kept which enable, with reasonable
accuracy, the determination of the financial position of the Group and facilitate compliance of the
financial statements with the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and
to prevent and detect fraud and other irregularities. Internal control procedures are also considered
to be sufficient to provide reasonable assurance as to the integrity and reliability of the financial
statements.
The Directors are pleased to present the financial statements of Comvita Limited for the period ended
31 December 2020.
For and on behalf of the Board of Directors:
Directors’ Declaration

Brett Hewlett Luke Bunt
24 February 2021 24 February 2021
For the 6 months ended
In thousands of New Zealand dollars
Note
31 December 2020
Unaudited
31 December 2019
Unaudited
Revenue98,88593,854
Cost of sales(50,385)(58,041)
Gross profit48,50035,813
Other income2,001584
Marketing expenses(10,979)(8,808)
Selling and distribution expenses(22,252)(25,307)
Research and development expenses(1,210)(746)
Administrative expenses(10,903)(12,041)
Operating profit/(loss) before financing costs5,157(10,505)
Finance income5516164
Finance expenses5(1,250)(3,497)
Net finance costs(734)(3,333)
Share of profit of equity accounted investees8(8)11
Impairment of equity accounted investees-(2,310)
Profit/(loss) before income tax4,415(16,137)
Income tax(960)3,167
Profit/(loss) for the period3,455(12,970)
Earnings per share:
Basic earnings per share (NZ cents)64.95(26.17)
Diluted earnings per share (NZ cents)64.95(26.17)
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.
*EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the
performance of the core operations of our business. A reconciliation of EBITDA to Profit before tax is provided in Note 16.
Supplementary non-GAAP information – EBITDA*1610,595 (8,829)

Comvita Condensed Interim Financial Statements 2021 - P4Comvita Condensed Interim Financial Statements 2021 - P5
For the 6 months ended
In thousands of New Zealand dollars
31 December 2020

Unaudited
31 December 2019
Unaudited
Profit/(loss) for the period3,455(12,970)
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for foreign operations(2,058)(505)
Foreign currency translation differences for equity accounted investees-(540)
Fair value movement – available for sale reserve396-
Effective portion of changes in fair value of cash flow hedges1,2081,137
Income tax on these items(262)(221)
Income and expense recognised directly in other comprehensive income(716)(129)
Total comprehensive income for the period 2,739(13,099)
Condensed Interim Statement of
COMPREHENSI V E INCOME
For the 6 months ended 31 December 2019
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Fair value
reserve
Retained
earnings Total
Balance at 1 July 2019151,245(4,467)(1,723)-28,300173,355
Total comprehensive income for the period
(Loss) after tax for the period----(12,970)(12,970)
Other comprehensive income (net of tax):
Foreign currency translation differences for equity
accounted investees
-(540)---(540)
Foreign currency translation differences for foreign
operations
-(408)---(408)
Effective portion of changes in fair value of cash flow
hedges
--819--819
Total other comprehensive income for the period-(948)819-(12,970)(13,099)
Total comprehensive income for the period-(948)819-(12,970)(13,099)
Transactions with owners, recorded directly in equity
Share based payment----239239
Issue of ordinary shares
- executive share scheme(7)----(7)
- staff share scheme(5)----(5)
Purchase of treasury stock(318)----(318)
Supplier share scheme502---(43)459
Total transactions with owners172---196368
Balance at 31 December 2019151,417(5,415)(904)-15,526160,624
Balance at 1 July 2020200,104(3,809)(527)(2,640)18,620211,748
Total comprehensive income for the period
Loss after tax for the period----3,4553,455
Other comprehensive income (net of tax)
Fair value movement in equity instruments---396-396
Disposal of equity instruments---2,244(2,244)-
Foreign currency translation differences for foreign
operations
-(1,982)---(1,982)
Effective portion of changes in fair value of cash flow
hedges
--870--870
Total other comprehensive income for the period-(1,982)8702,640(2,244)(716)
Total comprehensive income for the period-(1,982)8702,6401,2112,739
Transactions with owners, recorded directly in equity
Share based payments----117117
Issue of ordinary shares:
- executive share scheme(6)----(6)
- staff share scheme(14)----(14)
Supplier share scheme407----407
Total transactions with owners387---117504
Balance at 31 December 2020200,491(5,791)343-19,948214,991
Condensed Interim Statement of
CHANGES IN EQUITY
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Comvita Condensed Interim Financial Statements 2021 - P6Comvita Condensed Interim Financial Statements 2021 - P7
As at
In thousands of New Zealand dollars
December 2020December 2019June 2020
NoteUnauditedUnauditedAudited
Assets
Property, plant and equipment60,26258,34556,829
Biological assets3,7944,0983,795
Intangible assets and goodwill38,79140,28039,467
Investments in equity accounted investees
8
6,2538,9166,261
Right of use assets12,99211,49811,447
Other investments82,6488
Deferred tax asset8,4409,6428,043
Total non-current assets130,540135,427125,850
Inventory
10
98,549116,139112,679
Trade receivables26,22328,91317,726
Sundry receivables
7
12,12212,74612,349
Cash and cash equivalents
11
14,39710,19916,680
Derivatives
9
38938-
Tax receivable528508366
Assets held for sale--773
Total current assets152,208168,543160,573
Total assets282,748303,970286,423
Liabilities
Loans and borrowings
11
28,300103,35032,200
Lease liabilities9,9898,8817,891
Deferred tax liability2,0032,3462,194
Employee benefits329405414
Total non-current liabilities40,621114,98242,699
Trade and other payables17,51020,43122,707
Lease liability3,4512,7653,744
Employee benefits3,5742,9413,653
Tax payable2,6011,0551,158
Derivatives
9
-1,172714
Total current liabilities27,13628,36431,976
Total liabilities67,757143,34674,675
Equity
Issued capital200,491151,417200,104
Retained earnings19,94815,52618,620
Reserves
(5,448)
(6,319)(6,976)
Total equity214,991160,624211,748
Total equity and liabilities282,748303,970286,423
For the 6 months ended
In thousands of New Zealand dollars
31 December 202031 December 2019
NoteUnauditedUnaudited
Receipts from customers89,91093,631
Payments to suppliers and employees(78,707)(89,810)
Interest received1113
Interest paid(1,250)(2,374)
Taxation paid(535)(573)
Net cash flows from operating activities129,429887
Interest from related parties1828
Proceeds from disposal of investment396-
Payment for loans & prepayment to equity accounted investee(1,493)(1,304)
Payment for the acquisition of property, plant and equipment(5,394)(1,731)
Receipt from disposal of property, plant and equipment997255
Payment for the acquisition of intangibles(184)(278)
Net cash flows from investing activities(5,660)(3,030)
Payment for redemption of employee shares(20)(12)
Payment for purchase of treasury stock-(318)
Repayment of lease liabilities(1,623)(1,527)
(Repayment) / drawdown of loans and borrowings(3,900)4,100
Net cash flows from financing activities(5,543)2,243
Net increase in cash and cash equivalents(1,774)100
Cash and cash equivalents at the beginning of the period16,68010,314
Effect of exchange rate fluctuations on cash held(509)(215)
Cash and cash equivalents at the end of the period14,39710,199
Represented as:
Cash and cash equivalents1114,39710,199
Total14,39710,199

Condensed Interim Statement of
FINANCIAL POSITION
Condensed Interim Statement of
CASH FLOWS
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Comvita Condensed Interim Financial Statements 2021 - P8Comvita Condensed Interim Financial Statements 2021 - P9
1. REPORTING ENTITY
Comvita Limited (the “Company”) is a company domiciled in New
Zealand and registered under the Companies Act 1993 and listed
on the New Zealand Stock Exchange (“NZX”). The Company is an
issuer in terms of the Financial Reporting Act 2013 and Financial
Markets Conduct Act 2013.
The condensed interim financial statements of the Group for
the six months ended 31 December 2020 comprise the Company
and its subsidiaries (together referred to as the “Group”) and the
Group’s interest in equity accounted investees.
The principal activity of the Group is that of manufacturing and
marketing quality natural health products, apiary ownership and
management.
2. BASIS OF PREPARATION
(a) Statement of compliance
The Company is a FMC reporting entity for the purposes of the
Financial Reporting Act 2013 and under Part 7 of the Financial
Markets Conduct Act 2013. These Financial Statements comply
with these Acts and have been prepared in accordance with the
New Zealand Equivalents to International Financial Reporting
Standards as appropriate for profit-oriented entities.
The condensed interim financial statements do not include all of
the information required for full annual financial statements and
should be read in conjunction with the group financial statements
as at and for the year ended 30 June 2020.
The condensed interim financial statements were approved by the
Board of Directors on 24 February 2021.
(b) Basis of measurement
The financial statements have been prepared on the historical
cost basis except for derivative financial instruments, financial
instruments designated as fair value through other comprehensive
income, biological assets and leases which are measured at fair
value. Fair values have been determined for measurement and/
or disclosure purposes on the same basis as those applied by the
Group in the financial statements as at and for the year ended 30
June 2020.
(c) Functional and presentation currency
These financial statements are presented in New Zealand dollars
($), which is the Company’s functional currency. Amounts have
been rounded to the nearest thousand.
(d) Use of estimates and judgements
The preparation of condensed interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting requires
management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the
Groups accounting policies and the key sources of estimation
uncertainty were the same as those applied to the financial
statements as at and for the year ended 30 June 2020.
2. BASIS OF PREPARATION
(CONTINUED)
(e) Covid-19 considerations
Covid-19 considerations Comvita is classified as an ‘Essential’
business by the New Zealand Government, therefore having no
impact on the manufacturing process of the Group. For the period
ended 31 December 2020 the Group has not been significantly
impacted by COVID-19. There has been a strong demand in sales,
in particular in online channels across all markets. An assessment
over the carrying value of assets and liabilities has been performed
and the Group has recognised provisions where necessary relating
to the impact of COVID-19. The Group continues to operate as a
going concern and Senior Management continue to closely monitor
the situation.
(f) Reclassification of freight expenses
From 1 July 2020, the business has changed the classification
of freight expenses from distribution expenses to cost of goods
sold. For consistency, $3,014,000 of freight expenses have been
reclassified from operating expenses to cost of goods sold for the
six months ended 31 December 2019.
3. SIGNIFICANT ACCOUNTING
POLICIES
The accounting policies applied in these condensed interim financial
statements are the same as those applied in the Group’s financial
statements as at and for the year ended 30 June 2020.
4. SEGMENT REPORTING
A review of operating segments has been completed in the current
year and this has resulted in a change to reported segments.
Previously reported segment information has been restated in line
with the operating segments described below.
Segment information is presented in the condensed interim
financial statements in respect of the Group’s contribution
segments which are the primary basis of decision making. The
contribution segment reporting format reflects the Group’s
management and internal reporting structure.
Performance is measured based on contribution which is a
measure of profitability that the segment contributes to
the Group. Contribution is used to measure performance as
management believes that such information is most relevant in
evaluating the results of certain segments. Inter-segment pricing is
determined on an arms-length basis.
Each segment sells Comvita’s range of products. Comvita’s range
of products primarily include products with apiary and other
natural ingredients.
The Company is organised primarily by geographic location of its
subsidiaries.
4. SEGMENT REPORTING (CONTINUED)
The Group has five reportable segments as described below:
Greater ChinaThis segment reports both revenue and related costs for the China and Hong Kong markets.
ANZAustralia and New Zealand (ANZ) segment captures both revenue and related costs for the ANZ market.
Rest of AsiaThis segment captures both revenue and related costs of all of our Asian operations and customers excluding Greater
China.
North AmericaThis segment reports both revenue and related costs for sales to customers in North America.
EMEAThe Europe, Middle East and Africa (EMEA) segment captures both revenue and related costs for the EMEA markets.
For the 6 months to 31 December 2020 and 31 December 2019 unaudited
In thousands of New Zealand dollars
Contribution
segments
Greater
ChinaANZRest of AsiaNorth AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
For the six months
to 31 December2020201920202019202020192020201920202019202020192020201920202019
Contribution
Segments
Revenue47,61543,84218,09222,72612,5728,49611,6178,4143,3943,44493,29086,9225,5957,00698,88593,928
Contribution11,2327,8845,7696,0713,7471,4943,031941139(926)23,91815,4644181,11224,33616,576
Non attributable (other corporate expenses)(21,180)(27,845)
Financial income and expenses (Note 5)(734)(3,333)
Other income2,001584
Share of profit of equity accounted investees (Note 8)(8)11
Impairment of equity accounted investees- (2,130)
Net profit/(loss) before tax4,415(16,137)
Total assets
In thousands of New Zealand dollars
December 2020
Unaudited
December 2019
Unaudited
June 2020
Audited
Total assets for reportable segments143,054124,834128,266
Other investments82,6488
Investment in equity accounted investees6,2538,9166,261
Other unallocated assets 133,433167,572151,888
Consolidated total assets282,748303,970286,423
Notes to the Condensed Interim Financial StatementsNotes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2021 - P10Comvita Condensed Interim Financial Statements 2021 - P11
5. FINANCIAL INCOME AND EXPENSES
In thousands of New Zealand dollars
Note
31 December 2020
Unaudited
31 December 2019
Unaudited
Interest income110156
Dividend income98
Net foreign exchange gain397-
Finance income516164
Interest expense on financial liabilities measured at amortised cost(1,048)(2,174)
Interest expense on lease liabilities(202)(200)
Net foreign exchange loss-(969)
Net loss in fair value of derivatives designated at fair value through the income
statement:
- SeaDragon options9-(154)
Finance expense(1,250)(3,497)
6. EARNINGS PER SHARE
Basic earnings per share - weighted average number of ordinary shares
In thousands of shares
31 December 2020
Unaudited
31 December 2019
Unaudited
Issued ordinary shares at beginning of year 69,78049,555
Effect of shares issued during the period11(3)
Weighted average number of ordinary shares at the end of the period69,79149,552
Earnings3,45512,970
Basic earnings per share (NZ cents)4.95(26.17)
Diluted earnings per share – weighted average number of ordinary shares
In thousands of shares
31 December 202031 December 2019
Weighted average number of ordinary shares (basic)69,79149,552
Effect of stock entitlements issued-582
Weighted average number of diluted shares at the end of the period69,791 50,134
Diluted earnings per share (NZ cents)4.95(26.17)
The effect of stock entitlements is nil where the exercise price is higher than the average share price for the year, in accordance with
NZ IAS 33 Earnings per share. When there is a net loss the diluted earnings per share cannot be less than the basic earnings per share.
7. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Prepayments5,9464,3855,307
Loans to equity accounted investees (note 8c)4,8355,6614,819
Loan receivable – related parties (note 8d)5671,224567
Management personnel (note 13)450-450
Other receivables 3241,4761,206
Total sundry receivables12,12212,74612,349
8. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
(a) Investments in Equity Accounted Investees Comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal Activity
Makino Station LimitedNew Zealand50%30 JuneApiary and land ownership
Gan Supply JV Limited New Zealand33%30 JuneApiary
Putake Group Holdings Limited
*
New Zealand50%30 June Apiary
Manuka Research Partnership LimitedNew Zealand31.77%30 June Shareholding ceased on 24 August 2020
Medibee Pty Limited
**
Australia50%30 June Apiary
Apiter S.A. Uruguay20%31 JulyManufacturing, selling and distribution
Kaimanawa Honey Limited PartnershipNew Zealand50%30 JuneCeased operating 10 November 2019
*On 30 November 2020, Comvita signed a Deed of Postponement in favour of ANZ in relation to Comvita’s lending to Putake Group Holdings Limited and
Putake Group Limited.
** Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share of the facility, which is AUD $5,500,000.

(b) Carrying value of Investments in Equity Accounted Investees
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Opening balance – 1 July6,2619,7559,755
Impairment
--(2,543)
Share of profit
(8)11(174)
Transfer share of loss to receivable
-(310)(310)
Foreign exchange movements recognised in other
comprehensive income
-(540)(467)
Closing Balance
6,2538,9166,261
(c) Loans to equity accounted investees
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Loan receivable
Makino
4,0893,9114,007
Putake
-925-
Apiter
534573600
Gan Supply JV
212252212
Total
4,8355,6614,819
Interest receivable
Makino
754577673
Apiter
311423
Total
785591696
Interest income from Makino was $81,000 for the six months ended 31 December 2020 (31 December 2019: $96,000).
Interest income from Apiter was $8,000 for the six months ended 31 December 2020 (31 December 2019: $9,000).
Notes to the Condensed Interim Financial StatementsNotes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2021 - P12Comvita Condensed Interim Financial Statements 2021 - P13
8. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES (CONTINUED)
(d) Loans to related parties
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Nga Pi Honey Ltd (Gan Supply JV)
567567567
Casa Base Trustees (Putake)
-657-
Total
5671,224567
Loans to Nga Pi Honey Limited and Casa Base Trustees are secured over their investment in the equity accounted investee.
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Interest receivable
Nga Pi Honey Ltd (Gan Supply JV)
---
Casa Base Trustees (Putake)
-92-
Total
-92-
The Group’s interest income on the loan to Nga Pi Honey Ltd was $18,000 for the six months ended 31 December 2020 (31 December
2019: $18,000). Interest income on the loan to Casa Base Trustees was nil for the six months ended 31 December 2020 (31 December 2019:
$18,000).
(e) Transactions with equity accounted investees
In thousands of New Zealand dollars
Sale of goods and services
Purchases of goods and services
Transaction value
Balance due fromTransaction valueBalance owing to
31 December 2020
Kaimanawa-
---
Makino 58
-402-
Gan Supply JV8
-478-
Putake-
-9-
Apiter -
-1,509-
31 December 2019
Kaimanawa609
-537*-
Makino 210
---
Gan Supply JV6
3348-
Putake46
17336
Apiter -
-2,174-
* This number includes hives and equipment totalling $518,000 purchased by Kiwibee Medical Limited related to the wind-up of the
Joint Venture.
9. DERIVATIVES
The table below analyses financial instruments carried at fair value, by valuation method. These are all level 2 on the fair value hierarchy,
as they include inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices). There have been no transfers between levels in either direction during the period.
In thousands of New Zealand dollars
31 December
2020
Unaudited
31 December
2019
Unaudited
30 June
2020
Audited
Derivatives – assets (hedging instrument)
389
Derivatives – SeaDragon options
-38-
Total assets
38938-
Derivatives – liabilities (hedging instrument)
-(1,172)(714)
Total liabilities
-(1,172)(714)
Derivative – assets and liabilities (hedged) and designated at fair value through the income statement.
The Group’s Level 2 fair values for simple over-the-counter derivative financial instruments are based on broker quotes. Those quotes
are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument at the
measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the
Group entity and counterparty when appropriate.
The Group determines Level 2 fair value through the application of the Binomial Model (2019: Binomial Model). Inputs include, the share
price (a Level 1 input), risk free rate of the remaining life of the warrant, and the volatility of the share price.
Fair values
The fair value of all financial assets and liabilities is the same as the carrying amount.
10. INVENTORY
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Raw materials65,73381,70477,334
Work in progress314706842
Finished goods32,50233,72934,503
Total inventory98,549116,139112,679
Inventory written off during the period ended 31 December 2020 has been recognised within cost of goods sold - $288,000 (2019:
$494,000).
Notes to the Condensed Interim Financial StatementsNotes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2021 - P14Comvita Condensed Interim Financial Statements 2021 - P15
11. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings issued and repaid during
the periods presented.
Terms and debt repayment schedule
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
30 June 2020
Audited
Balance at beginning of period32,20099,25099,250
(Repayment)/drawdown of long term borrowings - net(3,900)4,100(67,050)
Balance at end of period28,300103,35032,200
Represented as:
Current loans and borrowings---
Non-current loans and borrowings28,300103,35033,200
Total loans and borrowings28,300103,35033,200
Less: cash and cash equivalents(14,397)(10,199)(16,680)
Total net debt13,90393,15115,520
The Group was in compliance with banking covenants during the period and as at 31 December 2020.
The Group’s loans and borrowings has an expiry date of 1 July 2022.
12. RECONCILIATION OF THE PROFIT/(LOSS) FOR THE PERIOD WITH THE NET
CASH FROM OPERATING ACTIVITIES
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
Profit/(loss) for the period3,455(12,970)
Items not involving cash flows:
Depreciation4,0453,941
Amortisation8411,149
Gain on disposal of non-current assets (237)(95)
Share based payments117240
Wind-up of equity accounted investees -1,070
Impairment of equity accounted investees-2,310
Supplier share scheme – inventory purchase407459
Loss on fair value of biological assets-72
Loss on fair value of SeaDragon derivatives -154
Share of profit in equity accounted investees8(11)
Profit/(loss) adjusted for non-cash items8,636(3,681)
Movement in working capital items:
Change in inventories14,13016,053
Change in trade receivables(8,497)1,965
Change in sundry debtors and prepayments290103
Change in trade and other payables(5,622)(10,536)
Change in tax payable1,281361
Change in deferred tax(588)(3,860)
Movement in working capital items from foreign currency translation reserve(1,353)(363)
Other movements:
Movement of deferred tax in equity(414)(222)
Prepayment to equity accounted investee1,5091,257
Interest income from investing activities(99)(143)
Foreign currency reserve156(47)
Net cash from operating activities9,429887
13. RELATED PARTIES
Transactions with key management personnel
Key management compensation comprised:
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
Short term employee benefits1,910940
Share based payments 4690
Total1,9561,030
Notes to the Condensed Interim Financial StatementsNotes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2021 - P16Comvita Condensed Interim Financial Statements 2021 - P17
13. RELATED PARTIES( CONTINUED)
Other transactions with key management personnel
On the 13 March 2020, the Company issued 307,488 ordinary shares from treasury stock to CEO David Banfield. The subscription price
for the shares was satisfied partly through the provision of a $450,000 interest free loan, with the remainder settled by David Banfield in
cash. The acquisition of shares by David Banfield was at market value, calculated as the volume weighted average of prices at which CVT
shares traded over the prior 10 trading days.
Directors and other key management personnel of the Company control 1.31% (30 June 2020: 3.72%, 31 December 2019: 4.17%) of the
voting shares of the Company.
14. EXECUTIVE EMPLOYEE SHARE SCHEMES
Comvita Limited has an Executive Share Scheme called the Comvita Limited Partly Paid Share Scheme (“The Scheme”). The Scheme is
designed to provide key employees with an opportunity to benefit from share price growth. A summary of the key points is disclosed in the
most recent annual financial statements.
Movements in the number of share entitlements outstanding under the scheme are shown below:
in thousands
December 2020
31 December 2019
Number of
Entitlements
Weighted average
exercise price
Number of
Entitlements
Weighted average
exercise price
Entitlements on issue
Entitlements outstanding at beginning of period – July1,228
7.052,0287.59
Entitlements granted-
--
Entitlements converted to ordinary shares -
--
Entitlements forfeited (611)
8.00(700)8.68
Entitlements outstanding at end of period617
6.111,3287.07
On 31 July 2020, Comvita Limited implemented a Performance Share Rights (PSR’s) Scheme to incentivise Executives. The PSR’s are
subject to a vesting period of 3 years. Vesting is subject to continued employment and occurs in 3 tranches (annually). Upon vesting of
the PSR’s, shares will be transferred from treasury stock or new shares will be issued in the capital of the Company on the terms and
conditions described in the Comvita Limited Performance Share Rights Scheme. The shares will be transferred or issued (as applicable) for
no consideration and will be credited as fully paid up. One PSR will convert into one ordinary share upon vesting and will rank equally with all
other ordinary shares on issue. PSRs do not entitle the holder to receive dividends or other distributions, or vote in respect of CVT ordinary
shares. Holders of PSRs cannot transfer or grant security interests over them.
In thousands
December 2020
Number of Entitlements
Entitlements on issue
Entitlements outstanding at beginning of period – July-
Entitlements granted – 25 September 2020122
Entitlements granted - 4 December 202025
Entitlements outstanding at end of period147
15. CAPITAL COMMITMENTS
At 31 December the Group has committed to spending $4,000,000 over the next 3 years.. The capital commitment relates to plantation
costs and other capital projects.
Notes to the Condensed Interim Financial Statements
16. SUPPLEMENTARY NON-GAAP INFORMATION - EBITDA
Earnings before interest, tax, depreciation, and amortisation (EBITDA) is a non-GAAP measure. We monitor this as a key performance
indicator and believe it assists investors in assessing the performance of the core operations of our business.
In thousands of New Zealand dollars
31 December 2020
Unaudited
31 December 2019
Unaudited
Profit before tax4,416(16,137)
Add back: net finance cost1,1402,219
EBIT5,556(13,918)
Add back: depreciation and amortisation5,0395,089
EBITDA10,595(8,829)
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2021 - P18Comvita Condensed Interim Financial Statements 2021 - P19
DIRECTORS
COMVITA Board Of Directors
Brett Donald Hewlett
Lucas (Luke) Nicholas Elias Bunt
Sarah Jane Kennedy
Paul Robert Thomas Reid
Robert Malcolm Major
Dayong Cheng
Guangping Zhu
REGISTERED OFFICE
Comvita Limited
23 Wilson Road South, Paengaroa
Private Bag 1, Te Puke 3153
Bay of Plenty, New Zealand
Phone +64 7 533 1426
Fax +64 7 533 1118
Freephone 0800 504 959
Email investor-relations@comvita.com
www.comvita.com
BANKERS
Westpac Banking
Corporation
Level 8
16 Takutai Square
PO Box 934
Auckland 1142
SOLICITORS
Sharp Tudhope
Level 4
152 Devonport Road
Private Bag TG12020
Tauranga 3110
Directory
AUDITORS
KPMG
Level 2,
247 Cameron Road
Tauranga 3140
SHARE REGISTRY
Link Market Services Limited
PO Box 91976
Auckland 1142
Directory
NORTH AMERICA
Comvita USA Inc.
506 Chapala Street
Santa Barbara,
CA 93101 | USA
Phone +1 855 449 2201
usacustomerservice@comvita.com
CHINA
Comvita Food (China) Limited
2501 - 2502 No. 7018 Sunhope E-Metro
Caitan Road
Futian District
Shenzhen | China
Phone +86 755 8366 1958
comvita@comvita.com.cn
UNITED KINGDOM
Comvita UK Limited
2nd Floor, 47a High Street
Maidenhead, SL61JT
United Kingdom
Phone +44 1628 779 460
info@comvita.co.uk
NEW ZEALAND
Comvita New Zealand Limited
23 Wilson Road South | Paengaroa
Private Bag 1 | Te Puke 3153
Bay of Plenty | New Zealand
Phone +64 7 533 1426
Freephone 0800 504 959
info@comvita.com
HONG KONG
Comvita HK Limited
Room 1320 – 1322 Leighton Centre
77 Leighton Road
Causeway Bay
Hong Kong
Phone +852 2562 2335
cs@comvita.com.hk
SOUTH KOREA
Comvita Korea Co Limited
18F Gwanghwamun Building,
149 Sejong-daero, Jongno-gu, Seoul(03186),
Korea
Phone +82 2 2631 0041
service.korea@comvita.com
AUSTRALIA
Comvita Australia Pty Limited
10 Edmondstone Street
South Brisbane
Queensland 4101 | Australia
Phone +61 7 3845 1400
Freephone 1800 466 392
Customer Service 1300 653 436
info@comvita.com.au
JAPAN
Comvita Japan K.K.
Sangenjaya Horisho Bld 4F
1-12-39 Taishido, Setagaya-Ku
Tokyo 154-0004 | Japan
Phone +81 3 6805 4780
info@comvita-jpn.com

---

INVESTOR PRESENTATION
HALF YEAR RESULT FY21
Focus
Presented by:
David Banfield, CEO
Nigel Greenwood, CFO
25 February 2021

This presentation is given on behalf of Comvita Limited.
Information in this presentation:
•Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim Reports and market releases on NZX;
•Is from unaudited condensed interim financial statementsfor the six months ended 31 December 2020;
•Includes non-GAAP financial measures such as Operating Profit/(Loss) and Operating EBITDA. These measures do not have a standardised meaning prescribed
by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or
isolation of, Comvita’s audited financial statements. We monitor these non-GAAP measures as key performance indicators, and we believe it assists investors
in assessing the performance of the core operations of our business.
•May contain projections or forward-looking statements about Comvita. Such forward-looking statements are based on current expectations and involve risks
and uncertainties.Comvita’s actual results or performance may differ materially from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance;
•Is for general information purposes only, and does not constitute investment advice; and
•Is current at the date of this presentation, unless otherwise stated.
While all reasonable care has been taken in compiling this presentation, Comvita accepts no responsibility for any errors or omissions.
All currency amounts are in NZ dollars unless otherwise stated.
IMPORTANT NOTICE

•Our Focus
•Arotahi
•Our Unique Business Model
•Why Comvita
•Interim Results FY21
•Cashflow, Inventory, and NetDebt
•Market Segment Performance
•Our Three-point Plan
•Q &A
AGENDA

Working in harmony with bees and nature
in New Zealand to heal and protect the
world.
Our Cause

= LONG-TERM
PROFITABLE GROWTH
AROTAHI
OUR FOCUS

LEVERAGING OUR UNIQUEBUSINESS MODEL
C
OM VIT
A
UNIQUE

‘END T
O END
’

M ODEL
L
and o
w
ne
r
ship
& r
e
f
or
est
at ion
Har
v
est +
Ext r
ac
t ion +
Supply
+
Supply
+
Ext r
ac
t ion +
L
abor
at
or
y
+
Expor
t t
o
dist ribut
or
s
Supply
+
Ext r
ac
t ion +
L
abor
at
or
y
+
Supply
+
Ext r
ac
t ion +
L
abor
at
or
y
+
Expor
t
t
o
dist rib
ut
or
s +
S
elec
t
ed p
eople
on
t he gr
ound in
m ark
e
t
End to end
management
of br
and
+
Consumer
Intimacy
M ODEL
1
M ODEL
2
M ODEL
4
M ODEL
3
M ODEL
5
Comvita M
o
del
S U P P L
Y
S I D E
D E M A N D & C
O N S
U M E R S I D E
Expor
t
t
o o
v
er
seas dist ribut
or
s / r
eseller
s
Sm all
t
eam in selec
t iv
e m ark
e
t s selling
t
o r
esell
er
s

COVID-19
The global Comvita whānau
•The world has fundamentally changed as a result of COVID and so have we
•Our primary focus has been on the health and wellness of our team around the globe
•The team are all safe and well, though some family members have been affected
•The team response has been amazing in all markets, particularly when we were starting our journey of
transformation at the same time as COVID was hitting markets
•We are proud to be part of the solution for consumers around the world
•The longer-term trend of consumers turning to nature and natural products for solutions to their health and
wellness needs has continued
Market performance –two groups:
1: Balanced distribution model
2: Narrow distribution model

Balanced distribution markets: offline / online 67% of segment revenue
•Markets have all performed well
•Balanced distribution has enabled us to fulfill consumer needs
•Good brand affinity and recognition of Comvita quality
•Growing market share
•Differentiated model enables us to pivot at speed to meet consumer needs and expectations
Narrow distribution markets: 33% of segment revenue
•Primarily AU/NZ, HK, UK have all struggled with top line performance
•All four markets have similar characteristics though route to market varies
•A number of own goals with previous distribution focus and lack of digital capability
Supply
•Good inventory levels in-market to meet demand
•Increased lead times and costs to fulfill highlight benefit of demand/brand focused business
COVID-19

•Comvita support goal of highest standards for all NZ honey
•We have one of the most advanced in-house honey laboratories in the world est. 2012
•We are independently audited by a number of independent external authorities such as Medsafeand the
Ministry for Primary Industries
•Achieved AA rating with BRC, highest standard available
•All products tested for and meet Glyphosate “not detectable’ standard
•Chief Science Officer, Dr Jackie Evans, is part of the Leadership Team
•Committed to invest 1% of earnings in science until 2025.
GLOBAL REGULATORY FRAMEWORK AND
STANDARDS

•Reported NPAT $3.5M vs. ($13M) in PCP
•Reported EBITDA $10.6M vs. ($8.8M) in PCP, an improvement of $19.4M
•Reported revenue $98.9M+5.4%
•Double-digit top and bottom-line growth in focus growth markets
•Gross profit +1080 bps +10.8%
•Marketing Investment +$2.2Mor +25%
•$15M business transformation plan on track
•Strong GP% growth
•$5M Underlying cost reductions
•Significant simplification initiatives on track
•Additional $10M transformation phase two launched
•Net debt reduction* $1.6M , inventory reduction* $14M, operating cash inflow$9.4M
•37% reduction in total recordable Injury frequency rate (TRIFR)
•Full year guidance maintained; dividends expected to resume at full year
*vs. June 2020
HEADLINES

For the six months ended
$’00031 December 2020
31 December
2019Variance $Variance %
UnauditedUnaudited
Revenue98,88593,8545,0315.4%
Gross Profit48,50035,81312,68735.4%
Gross Margin49.0%38.2%1080bps28.3%
Operating Expenses45,34446,902(1,558)(3.3%)
EBITDA10,595(8,829)19,424
Underlying EBITDA*12,09063911,4511792%
Net Profit/(Loss) after tax3,455(12,970)16,425
Net Debt13,90393,151(79,248)(85%)
Operating Cashflow9,4298878,542963%
Inventory98,549116,139(17,590)(15%)
*EBITDA and Underlying EBITDA are non-GAAP measures. We monitor these as a key performance indicators and believe they assist investors in
assessing the performance of the core operations of our business.
KEY FINANCIAL RESULTS

$15M TRANSFORMATION UPDATE
Very good progress so far:
•Strong improvement in $ and % GP in H1
•Forecasting full year GP improvement 6-700 bps versus FY20 full year
(excluding impact of harvest)
•Underlying cost reduction of $5.0Mforecast for full year
•Full year investment of $1.5M to deliver transformation
•SKU reduction on track –30%
•Legal Entity reduction initiated and on track
•Exit from SeaDragoncomplete
On track for completion by Jan 2023 latest.

$10M TRANSFORMATION PROGRAMME
PHASETWO
•Additional$10M transformation plan launched
•Commencing in January 2021
•Targeting further 400-450 bps improvement
•Targeting further $1.5-$2M underlying cost reduction
•Invest an additional $1.5M p.a. to deliver the plan over three years
•Targeting completion in June 2024

Cashflow, Inventory, & Net Debt

•Operating cash inflow $9.4m
•Operating cashflow consistent with operating
profit for six months to
31 December 2020 plus working capital
improvements including inventory reduction of
$14m from 30 June 2020
•Investing activities -continued investment in
Mānukaforests
Cash flow movements
31 Dec 2020
Unaudited
31 Dec 2019
unauditedMovement
Operating cash inflow9,4298878,542
Investing activities(5,660)(3,030)(2,630)
Financing activities(5,543)2,243(7,786)
Cash and cash equivalents14,39710,1994,198
CASHFLOW

•Inventory reduced by $18mvs. 31 December 2019
and $14m vs. 30 June 2020
•Reduction in non-Mānuka honey inventory holding
through bulk sales
•Lower apiary inventory due to change in
recognition of costs
•Net debt decrease of $1.6mvs. 30 June 2020
reflecting ongoing focus on working capital
management
Key Balance Sheet Ratiosas at
31 Dec
2020
unaudited
$’000
31 Dec
2019
unaudited
$’000
30 June 2020
audited
$'000
Total assets282,748303,970286,423
Total inventory98,549116,139112,679
Trade receivables26,22328,91317,726
Working capital125,072140,179128,597
Net debt13,90393,15115,520
Total equity214,991160,624211,748
Net debt to equity ratio7%58%14%
Weighted average shares on issue69,79149,55250,786
INVENTORY & NET DEBT

EBITDA: earnings before interest, tax, depreciation and amortisation and EBITDA operating is adjusted for non-operating items. EBITDA, operating and underlying are non-GAAP measures. We monitor these as a key
performance indicators and believe it assists investors in assessing the performance of the core operations of our business.
31 Dec 2020
EBITDA
$’000​
31 Dec 2019
EBITDA
$’000​
Variance
$’000
Per financial statements10,595(8,829)19,424
Add back non-operating items:​
Comvita China-release ofinventory fair value3,567
Impairment of equity accounted investment2,310
Equity accounted investees on wind up and loan write off669
Fair valuemovements-Sea Dragon​154
Fair value movements –biological assets​72
Other(20)
Total adjustments6,752
Operating result10,595(2,077)12,672
One off costs incurred vs. PCP:
Apiary cost recognition1,097
R&D grant income(717)
Inventory write downs1,1651,806
Divestment of Nelson site500
Restructuring& transformation related costs450970
Other increases(560)
Total adjustments1,9952,716
Underlying result12,59063911,951
•Reported improvement of $19.4M versus PCP
•Underlying improvement of $12M versus PCP
•Key elements ;
•Apiary cost recognition
•R&D grants relating to PCP
•Provisions for non Mānuka Inventory
•Restructure and transformation
Investment
UNDERLYING EARNINGS RECONCILIATION

Impact Of Honey Harvest
On Earnings

New business model implemented
Key aims;
•Highest quality lowest cost
•Reduce downside risk to group performance should there be a poor harvest and build long term
shareholder confidence
•In good years Apiary will continue to contribute to group profits (c$2-$3M)
•In poor harvest years (taking average of the last two poor harvests) will provide zero contribution to
group profits
•To reflect a more balanced risk, new accounting treatment applied in 2021 in these interim results
•Removes some seasonality from earnings
•Good progress, plans on track
HONEY SUPPLY RECAP

Early national crop indicators are mixed
•Record warm temperatures through winter followed by intense an La Nina systempresented some challenges
for the honey season.
•Spring and early summer saw variable weather patterns across the country resulting in a slow start
•Settled, warm conditions since Christmas have been more favourable but still variable.
•Three key criteria:
•Yield (Tonnes)
•Quality of yield
•Cost to extract
Comvita crop
We will update the market on the seasons yields and contribution to Group profits in late April/early May
HONEY SUPPLY 2021

Market Segments

•Our business model is uniquewith our global in market subsidiary team
•Closer to customer
•Closer to consumer
•Faster to act
•Primacy of market
•Team capability enhanced
•Strong growth in focused growth markets
•China: Revenue +20% Net Contribution (NC) + 28%
•North America: Revenue +38% , NC growth +222%
•Market performance segmented;
•Balanced distribution model: All markets performing well
•Narrow distribution model: Markets facing challenges. Plan in place to change model
•Balanced distribution model markets evidence operating leverage potential
•Marketing Investment +25%
•Refining and telling our unique story -Why Comvita.
HEADLINES

•Focus to build momentum in focus growth markets
•Profitable growth in other markets
•Biggest $ issue to resolve Australian market -$5.5M vs. PCP
•Reliance on Daigou
•Reliance on tourism
•Poor digital performance
•Limited brand awareness in ‘home markets’
HEADLINES
PerformanceBalanced
distribution markets
Limited distribution marketsOther
Revenue (NZD)
$62.7m$30.6m$5.6m
Net Contribution
$15.9m$8.0m$0.4m
Net Contribution %
25.3%26.3%7.4%
Performance vs. PCPRevenue +26.1%
Net Contribution +64.1%
Revenue -17.8%
Net Contribution +38.9%
Revenue -19.8%
Net Contribution -62.4%
Digital share
48.0%5.7%0%
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business.

Market Segment Performance

NORTH AMERICA
$11.6m
(2019 : $8.4m)
Figures are on a reported NZD currency basis and based on unaudited results to 31 December2020. Other sales of $5.6m (2020: $7.0m) not shown.
REVENUE PERFORMANCE vs. PCP
( 3 1 D e c e m b e r 2 0 2 0 v s . 3 1 D e c e m b e r 2 0 1 9 )
EMEA
$3.4m
(2019 : $3.4m)
REST OF ASIA
$12.6m
(2019 : $8.5m)
GREATER CHINA
AUSTRALIA
& NZ (ANZ)
$18.1m
(2019 :$22.7m)
25
$47.6m
(2019 : $43.8m)
+38%
+9%
-20%
+48%
Flat

Constant Currency conversion using Last Year’s Actual average FX rates
SALES PERFORMANCE -CONSTANT CURRENCY
6 Months Performance
Sales (000’s)
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
GroupNZD100,19693,9286,2686.7%
Greater ChinaCNY219,818199,27020,54810.3%
Rest of AsiaNZD12,7668,4974,26950.2%
ANZNZD17,99222,727(4,735)(20.8%)
North AmericaUSD7,8515,4972,35342.8%
EMEAGBP1,7521,754(2)(0.1%)

NORTH AMERICA
$3.0m
(2019 : $0.9m)
Figures are on a reported NZD currency basis and based on unaudited results to 31 December2020. Other segment net contribution of $0.4m (2020: $1.1m) not shown.
EMEA
$0.1m
(2019 : Loss $0.9m)
REST OF ASIA
$3.7m
(2019 : $1.5m)
GREATER CHINA
AUSTRALIA
& NZ (ANZ)
$5.8m
(2019 :$6.1m)
$11.2m
(2019 : $7.9m)
+222%
+42%
+151%
-5%
NET CONTRIBUTION SEGMENTPERFORMANCE vs. PCP
( 3 1 D e c e m b e r 2 0 2 0 v s . 3 1 D e c e m b e r 2 0 1 9 )
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business.

Focus Growth Markets
China & North America
Focus
Structured long-term Investment to grow both market and market share
Current business model:Balanced distribution model

Photo source: The Red
GREATER CHINA
On a reported currency basis
•Revenue growth 8.6%
•Strong performance in China offset by challenging topline conditions in HK
•Good Net contribution growth as emphasis on profitable growth delivers
in Hong Kong and China
•Net contribution improved by 42.5% to 23.6% of sales
6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales47,61543,8423,7738.6%
Net Contribution11,2327,8843,34842.5%
Net Contribution %23.6%18.0%561 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations
of our business. Reported figures using actual translation FX rates in each period.

Photo source: The Red
•China is the world’s biggest honey market at 8.3bn RMB
•Revenue growth of 21% in LC
•Marketing investment increased by 33% to build long term brand loyalty and
advocacy
•Net contribution +28% to 21.2% of sales
MAINLAND CHINA
On a reported currency basis
China
6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales35,48129,6525,82919.7%
Net Contribution7,5255,8991,62627.6%
Net Contribution %21.2%19.9%132 bps
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Dec 2019
net contribution has increased by $2,155k versus previous reporting due to a change in the allocation of cost of sales acrosssegments. Reported figures using actual translation FX rates in each period.

Financial Commentary (USD)
•Revenue +42.8 % with strong growth across all channels
•Net contribution +216% to 25.7%
•Marketing investment +30%.
•Digital sales, which comprised 41% of total sales in H1, were up 87% YoY, including Comvita.com
•Significant contribution percentage due to operating leverage and timing of Sales and OPEX, with
majority of marketing investment planned for H2
•Approx. $850K (NZD) of sales relate to new business
N O R T H A M E R I C A
On a constant currency basis
North America
6 Months Performance
USD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales7,8515,4972,35342.8%
Net Contribution2,0146381,376215.7%
Net Contribution %25.7%11.6%1,405 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of
our business. Constant Currency conversion using Last Year’s actual translation FX rates

N O R T H A M E R I C A
On a reported currency basis
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales11,6178,4143,20338.1%
Net Contribution3,0319412,090222.2%
Net Contribution %26.1%11.2%1,491 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of
our business. Reported figures using actual translation FX rates in each period

Market Highlights
•Comvita is the fastest growing Mānuka honey brand in the U.S., in both conventional and natural channels, based on sell
out data
•Increasing rates of sale per point of distribution with key retail customers for Mānuka,
with solid orders committed through balance of FY21
•170% increase in retail distribution for Mānuka in FY21
•Continued distribution growth and marketing focus in “building Toronto region”
•Initiated several new targeted marketing initiatives to drive online and retail
sales with a view towards growing share and size of the Mānuka market
•Earned media impressions of 560 Million in 1H, up 24% vs. PCP
•A majority of marketing investment for the FY21 is planned and being deployed
for H2 to continue supporting the brand’s long-term growth
N O R T H A M E R I C A

REST OF ASIA
JAPAN, KOREA, SEA
Focus
Self funding profitable growth
Current business model:Balanced distribution model

•Total revenue growth +48%
•Net contribution +151% to 29.8% (+1222 bps)
•Key strategic focus Mānuka and propolis
•Balanced distribution model (offline/online) key to sustainable success
R E S T O F A S I A
S E C O N D B I G G E S T R E G I O N
On a reported currency basis
Rest of Asia6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales12,5728,4964,07648.0%
Net Contribution3,7471,4942,253150.8%
Net Contribution %29.8%17.6%1,222 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations
of our business.Reported figures using actual translation FX rates in each period

ANZ Performance
Australia & New Zealand
Focus
Building domestic strength
Current Business model; Narrow distribution model

New Zealand
•NZ revenue improved versus PCP +10.5%
•COVID-19 continued to impact the
New Zealand business but less than Australia
•Continued Investment in brand
•Forecasting decline in H2 due to travel and Daigou
•Strong digital performance from a low base
Australia
•Revenue reduced by $5.5M versus PCP
•Severely impacted by narrow distribution and
Daigou underperformance
•Continued investment in brand
•Major customer destocking
•Revenue impacts fall through
to NC reduction
A U S T R A L I A & N E W Z E A L A N D
On a constant currency basis
ANZ
6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales17,99222,726(4,734)(20.8%)
Net Contribution5,7596,071(312)(5.1%)
Net Contribution %32.0%26.7%530 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core
operations of our business.Constant Currency conversion using Last Year’s actual translation FX rates

A U S T R A L I A & N E W Z E A L A N D
On a reported currency basis
ANZ
6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales18,09222,726(4,634)(20.4%)
Net Contribution5,7696,071(302)(5.0%)
Net Contribution %31.9%26.7%519 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core
operations of our business. Reported figures using actual translation FX rates in each period

EMEA Performance
UK, Europe, Middle East and Africa
Focus
Self funding profitable growth
Current Business model; Narrow distribution model

E U R O P E , M I D D L E E A S T & A F R I C A
( E M E A )
On a constant currency basis
•Revenue flat vs. PCP due to COVID and Brexit challenges
•Broadly breakeven business from loss making in PCP
•Retail distribution impacted by COVID (lockdown)
•New distribution delayed due to COVID
•C£100k pull forward of orders from H2 due to stock filling for Brexit
•Proven that market can be breakeven/profitable
EMEA
6 Months Performance
GBP 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales1,7521,754(2)(0.1%)
Net Contribution67(480)547
Net Contribution %3.9%(27.3%)3,120 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations
of our business. Constant Currency conversion using Last Year’s actual translation FX rates

•Revenue flat vs. PCP due to COVID and Brexit challenges
•Broadly breakeven business from loss making in PCP
•Retail distribution impacted by COVID (lockdown)
•New distribution delayed due to COVID
•C£100k pull forward of orders from H2 due to stock filling for Brexit
•Proven that market can be breakeven/ profitable
E U R O P E , M I D D L E E A S T & A F R I C A
( E M E A )
On a reported currency basis
EMEA
6 Months Performance
NZD 000's
This Year
Dec 2020
Last Year
Dec 2019
vs.
Last Year
vs.
Last Year %
Sales3,3943,444(50)(1.5%)
Net Contribution139(926)1,065
Net Contribution %4.1%(26.9%)3,099 bps
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations
of our business. Constant Currency conversion using Last Year’s actual translation FX rates

Three-part plan
Stabilise, Transform, Build Long Term Resilience
Progress Update And Future Focus

P
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H
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T
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STAGES OF COMVITA DEVELOPMENT
E
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CRAWL ONE-YEARSTRIDE 2-3 YEARSRUNONGOING
JAN 2020
Key Achievements:
•Return to profitability
•Reset capital structure
•Low debt model
•Organisation restructure
•Refined purpose
•Cascaded 5-year plan
•Focus on consumers
•Focus on growth markets
•Focus on key products
JAN 2021 -JUNE 24
Key Goals:
•Sustainable profitable growth
(all market segments profitable
and growing)
•World class omni channel capability
•$15M +$10M Transformation
complete
•New revenue streams and RTM
launched
•Brand of choice to discerning
consumers
•Market leader at home
JUNE 24
Key Goals:
•Clear route to carbon neutral and
positive
•Clear route to 20% EBITDA margin
•Strong growth in new categories
•Mid-single-digit Mānuka growth
•Experiential stores around the world
•Multiple global partnerships with
world class organisations
•Recognised for H&S standards
•Best employer
P
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T
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OUR THREE POINT PLAN Progress and Update
Stabilise the organisation
▪Winning inAustralia and New Zealand
▪Focus on fundamentals
▪Relentless simplification
▪Positive cashflow paying down debt
▪Inventory management
▪Underperforming assets
Transformed organisation
▪Consumer focus
▪Flat organisation structure
▪New proven harvest model
▪Agile focused team
▪$15M transformation plan
▪Reconnection with our cause
Build long term resilience and growth
▪Aligned 5-year plan
▪US and China the engine for sustainable top and bottom-line growth
▪Simplified organisation –lowest headcount since 2011
▪Reducing breakeven point per month from $16.2m to $13.5m
▪Reduced debt <1 EBITDA relative to inventory value

•Grow domestic consumption and relevance in ANZ
•Build brand awareness and loyalty
•Share our unique story
•Launch unique experiential store
•Build authority and leadership with industry, educational establishments, and like-
minded organisations
•All existing markets on track to ‘balanced distribution model‘
•Focus on fundamentals
•Business planning
•End to end integrated processes
•Data as an enabler
•Cash / WC
•Invest / divest / maintain philosophy on all assets
•Primacy of market
•Connection to our purpose and values
S T A B I L I S E P E R F O R M A N C E

•Intimate relationship with consumers
•Household penetration
•Frequency of use
•Brand fanatics
•Share our unique Comvita story
•Experiential brand
•Build authority and leadership with industry, educational establishments and like-
minded organisations
•Additional $10M of efficiencies (on top of $15M)
•Highest quality, lowest cost producer of Mānuka
•All existing markets on track to ‘balanced distribution model‘
•Integrated, automated and scalable internal processes
•Data insights at hand driving decisions
•Radical simplification
•Legal entities
•SKU count
•Organisationalstructure
T R A N S F O R M E D P E R F O R M A N C E

•Mid-single-digit 5-year revenue CAGR
•TAM growth and market share growth in key markets
•Zero long-term debt and 20% EBITDA busines model
•Double-digit EPS growth (5-year CAGR)
•Comvita recognisedas a Superbrand
•New categories launched to drive long term earnings growth
•Partnerships with other global leaders to leverage mutual expertise
•Best employer in New Zealand
•Attraction, development and retention of high capability team
•All global employees as shareholders
•Carbon positive FY30
•TSR vs. NZX 50
B U I L D L O N G T E R M R E S I L I E N C E A N D G R O W T H

Total Market $1.8Bn
12% TAM
= NZD$216M
Imported Honey
Market Share
12%
15% TAM
= NZD$270M
Imported Honey
Market Share
15%
20% TAM
= NZD$360M
Imported Honey
Market Share
20%
CHINA –GROWING THE MARKET AND OUR SHARE
TODAY

B U I L D L O N G T E R M R E S I L I E N C E A N D G R O W T H
W h y
C o m v i t a ?

F U L L Y E A R G U I D A N C E M A I N TA I N E D
•Full year EBITDA guidance at a range of $20.0M to $23.0M
•In line with our previous disclosure, and subject to delivering full year guidance, the Board
reconfirms its commitment to resume dividend payments at the end of this financial year.

•Focus strategy starting to deliver results –Strong H1 result
•Double-digit growth in focus markets
•Good performance in focus categories
•Simplified business
•Product range
•Operating businesses
•Roles and responsibilities
•Additional $10M dollar transformation programme launched
•Transformation of Comvita on track
•Reducing Inventory, generating cash, paying down debt
•Putting in place foundations for long term profitable growth at Comvita
S U M M A R Y

QUESTIONS AND ANSWERS

THANK YOU