Seeka Reports a Six Month Net Profit Before Tax of $30.8m

INTERIM RESULTS ANNOUNCEMENT H1 FY21 | SEEKA LIMITED1
SEEKA SIX MONTHS UNAUDITED INTERIM RESULTS
30 June 2021
Listed New Zealand produce company Seeka Limited, with operations in New Zealand and Australia, is pleased to report its
unaudited interim results for the six months ended 30 June 2021.
$30.8m net profit before tax - up 77% on six months to 30 June 2020 (previous corresponding period (pcp))
$0.13 per share dividend payable 13 October 2021
"Seeka delivered outstanding customer service and excellent financial results to shareholders in the first six months of 2021,"
says Seeka chief executive Michael Franks.
"Strong demand for our services contributed to record Group revenues of $224m in the six-month period ; up 26% on June
2020. Importantly, we've delivered on our strategy to improve earnings, posting $30.8m net profit before tax for the period, up
77% on the pcp.
"Seeka continues to invest in our kiwifruit business, acquiring Ōpōtiki Packing and Cool Storage Limited (OPAC) in May. OPAC is
an eight-million-tray kiwifruit operation that expands our service delivery to the Ōpōtiki, East Cape and Gisborne regions. OPAC
is now integrated, synergy savings on target, and the business is set to make a full-year financial contribution in 2022.
"We have also made a significant investment into agritech, taking a cornerstone stake in the digital startup Fruitometry. Seeka's
investment will accelerate the development of smart orchard scanning technology that will help lift orchard production and
realise supply chain efficiencies.
"Our New Zealand kiwifruit business is in a strong growth phase, and Seeka is investing $20m in capacity builds for harvest
2022, including a new automated packline and high-efficiency coolstores near Te Puke. These new facilities will improve labour
use while providing us with post harvest capacity through to 2024.
"Sustainability is a major focus and we are implementing strategies to minimise our environmental footprint. Our 2019 carbon
footprint has been independently verified, and we're defining performance baselines so we can set reduction targets and
measure efficiency gains. Seeka is working to be an industry leader on reporting the impact of climate change and we are
making real progress to reduce our emissions," says Franks.
Dividend announcement
A dividend of $0.13 per share has been declared. The dividend is fully imputed and will be paid 13 October 2021 to all
shareholders on the register at 5pm on 20 September 2021. The dividend reinvestment plan will apply.
Full year operational guidance
Seeka has substantially improved operational earnings in the period. Full-year net profit before tax (NPBT) is forecast to be
between $13.5m and $16.0m. This includes $1.4m of restructuring and acquisition costs, and excludes any one-off gains or
extraordinary items (should they settle in the year) and $1.8m of OPAC profit to the acquisition date (NPBT). Note that $9m of
pcp NPBT was from a gain on orchard sales.
New Zealand dollars ($ millions)
FY21
Guidance
Lower range
FY21
Guidance
Upper range
FY20
Audited
Net profit before tax
13.516.016.3
Change on FY20
( 17%) ( 2%)
Full year guidance
Further to the full year operational guidance of net profit before tax, Seeka expects a one-off extraordinary gain from the
successful settlement of the kiwifruit claim against the Crown. The actual amount to be received by Seeka is unknown with the
distribution subject to High Court approval, with the timing of payment expected to be received before the end of 2021. Seeka is
estimating that its share of the distribution could lift the net profit before tax for the 2021 year to between $20.0m and $22.0m.
New Zealand dollars ($ millions)
FY21
Guidance
Lower range
FY21
Guidance
Upper range
FY20
Audited
Net profit before tax
20.022.016.3
Change on FY20
23%35%
Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six months as
fruit is harvested in New Zealand and Australia.
19 August 2021
Company announcement

INTERIM RESULTS ANNOUNCEMENT H1 FY21 | SEEKA LIMITED2
Operational performance
The following table outlines Seeka’s performance H1 FY21.
New Zealand dollars
H1 FY21
Unaudited
H1 FY20
UnauditedChange
FY20
Audited
Total revenue ($m)
$224.5m$178.7m26%$251.5m
EBITDA before impairments and revaluations ($m)
$46.9m$30.4m54%$42.9m
EBIT ($m)
$34.7m$21.4m62%$24.3m
NPBT ($m)
$30.8m$17.4m77%$16.3m
NPAT ($m)
$20.6m$18.4m12%$15.2m
Net bank debt ($m)
$127.8m$129.3m(1%)$77.9m
Basic earnings per share
1
$0.65$0.5714%$0.52
Diluted earnings per share
1
$0.65$0.5714%$0.52
Total assets ($m)
$518.9m$416.3m25%$375.4m
Net tangible assets per share
$5.44$5.136%$5.20
1. Basic and diluted earnings per share are based on the weighted average number of shares issued, after removing shares held in treasury stock.
This announcement should be read in conjunction with Seeka Limited's June 2021 interim report (unaudited), and
December 2020 annual report (audited). Seeka reports can be found on Seeka's website www.seeka.co.nz/reports.
EBITDA
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key measure of performance and
reflection of cash flow generation.
New Zealand dollars ($000s)
H1 FY21
Unaudited
H1 FY20
UnauditedChange
FY20
Audited
Net profit before tax
30,761 17,394 77%16,278
Interest expense
1,664 2,106 4,163
Lease interest expense
2,275 1,919 3,877
EBIT
34,700 21,419 62%24,318
Impairments and revaluations
(Gain) on revaluation of land and buildings
--(32)
Impairment of PPE
1,136 -30
Impairment of intangible assets
--102
Depreciation expense
7,056 5,773 11,653
Lease depreciation expense
3,911 3,125 6,671
Amortisation of intangible assets
91 118 204
EBITDA before impairments and revaluations
46,894 30,435 54%42,946
Reconciliation before and after applying NZ IFRS 16 Leases.
New Zealand dollars ($000s)
H1 FY21
Unaudited
H1 FY20
UnauditedChange
FY20
Audited
EBITDA pre NZ IFRS 16
40,928 25,118 63%39,538
Capitalised lease costs
5,966 5,317 12%10,482
Gain on sale and leaseback
--(7,074)
EBITDA after applying NZ IFRS 16
46,894 30,435 54%42,946
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

---

1SEEKA LIMITED | INTERIM REPORT JUNE 2021
JUNE 2021
INTERIM REPORT

CONTENTS
1
From the Chair and Chief Executive
11
Sustainability report
12
Carbon footprint reporting
15
Interim financial statements
36
Directory
Packing Hayward kiwifruit at Seeka Katikati.

1SEEKA LIMITED | INTERIM REPORT JUNE 2021
FROM THE CHAIR AND CHIEF EXECUTIVE
Seeka is pleased to present its financial results and commentary for the six months ended 30 June 2021. Despite
challenging operating conditions with labour shortages, market and shipping disruptions, Seeka delivered outstanding
customer service and excellent financial results to shareholders.
The company delivered on its strategy to improve earnings while delivering operational excellence, registering multiple
highlights across the business in the six months to June. This included the purchase of Ōpōtiki Packing and Cool Storage
Limited (OPAC) on 4 May, and in July announced a minority stake in the high-tech orchard-focussed start up Fruitometry.
As OPAC was purchased mid-season and had already earned 85% of its full-year EBITDA prior to takeover, Seeka will
incur the operating overheads for the remainder of 2021. From next year, these earnings will be recorded in Seeka’s Group
financial statements. The business is now integrated, operating and cost structures reset, and synergy savings are on
target. Acquisition and restructuring costs are included in this interim result.
Seeka announced capacity upgrades to handle the near-term increase in kiwifruit volumes. The proposed new packhouse
build at Pukenga has been delayed in favour of installing a new packing machine at KKP and high-efficiency coolstores at
Transcool. The impairment costs associated with removing the old packline and coolstores are included in this result.
Seeka progressed its sustainability programme with the assessment and independent verification of our 2019 carbon
footprint. Using this information, initiatives are underway to reduce Seeka’s environmental impact and assess the
risks and opportunities associated with climate change. Details on Seeka's carbon footprint plan are included in the
document's sustainability report along with an overview of Seeka’s 2019 carbon footprint. Sustainability updates will be a
focus of future stakeholder reporting.
Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six
months as fruit is harvested in New Zealand and Australia.
Results for the six months ended 30 June 2021
Key financial components of the six months include:
–$224.5m revenue (previous corresponding period to June 2020 (pcp): $178.7m); up 26%.
–$20.6m profit after tax (pcp: $18.4m); up 12%.
–$30.8m profit before tax (pcp: $17.4m); up 77%.
–$34.7m earnings before interest and tax (EBIT) (pcp: $21.4m); up 62%
–$46.9m earnings before interest, tax, depreciation, amortisation, impairments and revaluations (EBITDA)
(pcp: $30.4m); up 54%.
–$518.9m total assets; up 25% from the pcp.
–$0.12 dividend per share declared during the period.
–$127.8m net interest-bearing debt; a decrease of $1.5m from the pcp, after assuming $21.9m of OPAC debt.
At 30 June Seeka had temporarily advanced $23.0m to Seeka Growers Limited (pcp: $21.1m).
–$1.4m one-off costs from the OPAC acquisition and restructure.
–$1.0m impairment costs from decommissioning the old KKP grader and Transcool coolstores ahead of the new builds.
–$2.9m net profit before tax from Seeka OPAC recorded in Seeka’s result since acquisition, in addition to $1.8m pre-
acquisition profit before tax recorded in the opening balance sheet.

INTERIM REPORT JUNE 2021 | SEEKA LIMITED2
Key operational components include:
–No serious harm incidents and a 78% reduction in serious harm injuries in a high-pressure harvest; new HIT-NOT
technology being deployed on forklifts across all sites along with other initiatives to deliver a safe environment to
Seeka employees and visitors.
–Successful harvest, operational processing, and capacity management across New Zealand and Australia including
kiwifruit, avocado, kiwiberry, nashi and pears.
–First year of new independent kiwifruit maturity clearance operation at VLS; 1.4m tests completed on 6.4m kiwifruit to
deliver timely results to growers.
–Excellent kiwiberry harvest and integrated packing and selling programme in conjunction with Freshmax; fourth year
of excellent returns to growers with orchard gate returns (OGRs) averaging more than $200,000 per hectare.
–Successful completion of the 2020/21 avocado harvest and marketing programme that delivered an industry-leading
average export OGR of $27.67 per tray as SeekaFresh sold 613,000 trays into Australia, Thailand, Korea and the
Pacific, plus 289,000 trays to New Zealand retail and wholesale.
–Operational and financial improvements at Seeka Australia, delivering $1.4m EBIT; similar to pcp after allowing for
$0.5m of lease depreciation and interest.
–Continuing growth and improving financial returns in the SeekaFresh retail services business with $1.3m EBIT; up 89%
on pcp.
Financial performance
The following table outlines Seeka’s performance for the period.
New Zealand dollarsJune 2021June 2020Change
Total revenue ($m)
$ 224.5 $ 178.7 25.6%
EBITDA

before impairments and revaluations ($m)
$ 46.9 $ 30.4 54.1%
EBIT ($m)
$ 34.7 $ 21.4 62.0%
NPAT ($m)
$ 20.6 $ 18.4 11.9%
Basic earnings per share
$ 0.65 $ 0.57 14.0%
Net bank debt ($m)
$ 127.8 $ 129.3 ( 1.1%)

3SEEKA LIMITED | INTERIM REPORT JUNE 2021
Review of operations
Financial
Revenue for the six months ended 30 June 2021 increased 26% to $224.5m (pcp: $178.7m). EBITDA was $46.9m (pcp:
$30.4m); up 54%. Profit before tax improved by $13.4m to $30.8m (up 77%) and profit after tax improved by $2.2m to
$20.6m (up 12%), noting a $5.6m deferred tax credit in the pcp.
The half year results include several notable items:
–$2.9m net profit before tax from the OPAC business since acquisition. Prior to acquisition from 1 January to 4 May
2021, $1.8m of OPAC net profit before tax was recorded in the opening balance sheet.
–$1.0m impairment costs from the write-down of the KKP packing machine and Transcool coolstore which are being
removed in preparation for harvest 2022 capacity upgrades.
–$1.4m for OPAC acquisition and restructuring; the $2.6m annualised acquisition synergy savings target was
exceeded.
–$1.9m MIQ costs incurred to onboard 300 additional RSE workers.
Total revenue
NZ$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. 2017 EBITDA and NPAT are reported pre implementation of NZ IFRS 16.
$134.0
$145.4
$169.9
$178.7
$224.5
$21.9
$25.7
$ 2 7. 9
$30.4
$46.9
$11.1
$9.3
$11.9
$18.4
$20.6
201720182019202020212017201820192020202120172018201920202021

INTERIM REPORT JUNE 2021 | SEEKA LIMITED4
Operating segment performance
As a fully-integrated produce handler, Seeka works across the full supply chain from point of production to point of sale.
To provide stakeholders with clear insights, we report on the performance of each key stage of our New Zealand supply
chain, and a single Australian segment that covers all operations and produce from our Australian orchards. We also
report on a fourth New Zealand segment comprising the Group's enabling corporate services.
Segment EBITDA
NZ$million
Segment assets
NZ$million
Excludes EBITDA overheads from the Group’s enabling corporate services; $12.5m June 2021, $7.2m June 2020.
Excludes assets from the Group’s enabling corporate services; $18.9m June 2021, $19.0m June 2020.
Orchard operations
Seeka’s New Zealand fruit production services. Growing
export kiwifruit, avocado and kiwiberry from 370 orchards
via management, lease and long-term lease contracts.
Seeka, with OPAC, grew 10% of the national kiwifruit crop
from harvest 2021.
Post harvest operations
Seeka’s New Zealand supply chain services. Contract
harvesting, packing, coolstoring and supplying kiwifruit,
avocado and kiwiberry from 950 orchards, including all
produce from our orchard operations and for independent
growers. Seeka, with OPAC, handled 24% of the national
kiwifruit crop from harvest 2021.
Retail services
Seeka's marketing services. Commission selling local
and imported produce to retailers and the hospitality
industry from our Auckland and Christchurch supply
centres, exporting local produce to Asia and Australia, and
manufacturing and selling the high-value nutritional foods
Kiwi Crush and avocado oil.
Australian operations
Seeka's Australian fruit production, handling and retailing
services. Growing, handling and retailing a large portion of
Australia's locally-grown kiwifruit, nashi and pears from
162 hectares of owned and 114 hectares of long-term
leased orchards.
$78.9
$92.8
$244.7
$18.2
$19.2
$55.5
$50.0
$337.9
$4.2
$5.7
$30.3
$1.3
$1.9
$1.9
$2.7
$49.1
June 2021
June 2020
June 2021
June 2020
Orchard operationsPost harvest operationsRetail servicesAustralian operations
Orchard operationsPost harvest operationsRetail servicesAustralian operations

5SEEKA LIMITED | INTERIM REPORT JUNE 2021
New Zealand orchard operations
Orchard operations span south from Northland through the Coromandel, Bay of Plenty and to the East Coast, and
includes growing kiwifruit, avocado and kiwiberry on leased, long term leased, and Seeka-owned orchards. The OPAC
acquisition expands Seeka’s orcharding capability in Ōpōtiki and the East Coast and extends Seeka into the Gisborne
region. The orcharding business also provides comprehensive orchard and vine management services to owners and
develops orchards for landowners under long-term leases and in partnership with iwi.
The Seeka business (excluding OPAC) grew 14.4m trays of kiwifruit compared to 13.0m trays in the pcp. In addition,
OPAC’s orchard management team produced 3.7m trays for a combined production of 18.1m trays. Seeka is the largest
kiwifruit grower in New Zealand.
The growing season was good, and the previous drought-affected regions benefited from rain through key growing
periods. Hayward yields recovered to average 12,302 trays per hectare, compared against 2020’s drought-impacted
10,200 trays, and a five-year average of 10,800 trays per hectare. This recovery in Hayward yield is pleasing.
Seeka also grew 1,394,000 kilograms of avocado for the 2020/21 season, (pcp: 1,614,000 kgs) and 140,000 kilograms of
kiwiberry for harvest 2021 (pcp: 171,750 kgs).
Orchard operations revenue for the six months of $53.7m is up $6.3m from the pcp, reflecting higher yields and excellent
avocado and kiwiberry returns. $5.7m EBITDA for the period is up 36% on the pcp's $4.2m.
Our strategy is to continue to invest in long term leases to secure supply. Fruit volumes from orchard operations are
expected to increase as these orchards reach maturity.
Picking SunGold kiwifruit.

INTERIM REPORT JUNE 2021 | SEEKA LIMITED6
New Zealand post harvest operations
Post harvest operates nine major facilities spread throughout the North Island’s major kiwifruit regions, following
the addition of the OPAC facility. These dedicated and modern packhouses handle all produce from our orcharding
operations and from independent growers.
In 2021, Seeka packed 36.8m trays of kiwifruit (pcp: 33.4m) with OPAC packing another 8m trays (pcp 7.4m). Kiwifruit
volumes recovered from droughts in 2019 and 2020. Seeka also packed 88,000 trays of kiwiberry, contract packed citrus
in Kerikeri, and packed 262,000 trays of avocado from the 2020/21 avocado season.
Post harvest revenue of $145.2m is up 34% from the pcp’s $108.1m due to volume and price increases. The cost of labour
once again increased as post-harvest companies sought to attract scarce labour and RSE worker costs increased with
MIQ costs. $49.1m EBITDA for the period is up $18.8m from the pcp’s $30.3m.
New Zealand SeekaFresh retail services operations
SeekaFresh includes the supply, export and sale of avocado, kiwiberry and class 2 New Zealand kiwifruit, export sales of
New Zealand kiwifruit through a collaborative programme, operation of our New Zealand wholesale marketing business
including imported tropical fruits, and the manufacture and sale of Kiwi Crush and avocado oil.
Revenue increased 18% to $11.5m. EBITDA of $1.9m is up on the pcp’s $1.3m. The business benefited from a strong close
to the 2020/21 avocado selling season.
Momentum continues to build with vibrant leadership, dedicated staff, great customer relationships and high-quality
produce.
Australia operations
Seeka Australia Pty Limited, a 100% Seeka-owned company, leases, operates and continues to develop kiwifruit
orchards, and owns and operates nashi and pear orchards along with associated post harvest facilities in Victoria, directly
marketing Seeka’s Australian produce domestically and to export customers.
Seeka’s Australian business was impacted by Covid-19. Operations adapted with local management delivering excellent
results in the circumstances. Labour is very short, and there are ongoing market disruptions and lockdowns.
The tremendous job done by the Australian team delivered profit growth that exceeded the new orchard lease costs.
Innovative management of orchard labour and post-harvest automation delivered our customers excellent service and
quality produce, despite the disruptions.
Total revenue for the six months of $13.9m compares against pcp of $13.3m. EBITDA of $2.7m compares to pcp of $1.9m,
with EBIT of $1.4m in line with pcp’s $1.4m.

7SEEKA LIMITED | INTERIM REPORT JUNE 2021
Avocados and kiwiberry positive highlights
Seeka continues to build its emerging avocado and kiwiberry categories; they positively contribute to Seeka’s earnings
while delivering competitive returns to growers.
The 2020/21 avocado season had an excellent finish with 262,000 trays handled and sold since 1 January to the export
and local markets, delivering strong returns to Seeka’s supplying growers. The 2021/22 avocado season, however,
appears soft with a glut of avocados and low export market values dampening the industry’s 2021/22 outlook.
88,000 trays (1.6 kgs per tray) of kiwiberry were successfully harvested and marketed in collaboration with Freshmax or
directly by SeekaFresh. Grower OGRs averaged $200,000 per hectare with the highest more than $270,000 per hectare.
Automation, technology and capacity
Seeka undertook multiple automation trials throughout the season to test labour-saving technologies and better
understand design performance, particularly as we consider a new packhouse build. Options include packaging
enhancements and automated box filling, with the business testing new scanning technology at Katikati which reduced
manual grading. This was particularly successful.
On-orchard innovation continues to ramp up. In July, Seeka took a stake in digital start-up Fruitometry. Using smart
orchard scanning technology, Fruitometry provides valuable information to improve orchard management and post harvest
planning. This investment is a part of Seeka’s commitment to develop and deploy technology that improves operational
efficiency and decision making.
Construction of a new packhouse on the Pukenga orchard adjacent to Seeka 360 continues to be evaluated. Before
committing to this large investment, Seeka must be confident that automation will deliver operational efficiencies and
cost savings, and have certainty about pack plans, the packhouse’s financial viability, and the availability to ship on time,
including the option to deliver kiwifruit free on truck in the market. Currently we lack sufficient confidence to proceed with
this investment.
Kiwifruit volumes are increasing faster than previously anticipated. Our disciplined capacity planning indicates that Seeka's
facilities will be capacity constrained next season. We responded with a $20m investment to replace KKP's old grader with
an automated high-efficiency machine and replace Transcool's old coolstores with high-efficiency stores. To be completed
prior to harvest 2022, these developments are expected to balance Seeka’s post harvest capacity through to 2024.
Kiwifruit skin scanning technology in operation at Seeka Katikati

INTERIM REPORT JUNE 2021 | SEEKA LIMITED8
Labour
Labour is an ongoing challenge for primary producers and exporters throughout New Zealand and Australia. Severe
labour shortages during peak demand are common. During peak picking and packing, skilled orchard and packhouse
workers were extremely short.
Seeka acted by collaborating with iwi and government agencies to get more locals into jobs. One example is a Northland
joint initiative with Ngāti Hine and the Ministry of Social Development (MSD) to induct and train locals to become
employment ready for the horticulture industry with career prospects. This initiative was successful.
Seeka worked positively with MSD to facilitate regional workers by providing transport to Seeka facilities. Workers at
Seeka are paid competitive remuneration and are provided with great working conditions. We have on-site gyms for staff
at Kerikeri and Seeka 360 with a wellness programme about to be added.
Seeka worked and paid public holidays.
Local workers were complemented with access to overseas workers through the Recognised Seasonal Employer (RSE)
scheme. Costing $1.9m, Seeka added 300 RSE workers from the government’s 2000 RSE access quota. These people
provided pivotal labour, particularly early harvest and at its peak. Despite these initiatives, Seeka was short of workers
at critical times. There were simply no more people to employ. As a result, many of our people worked longer and much
harder to get the job done; performance we are grateful for.
Health and safety
Labour shortages exacerbated the safety risk profile. People worked harder to cover the labour shortfall. Seeka took all
efforts to keep our people safe and continues to invest in safety. More barriers, more guarding, more focus on removing
the chance of collision between humans and mobile plant, and more focus on our safety management and planning.
There were no serious harm incidents at Seeka and less lost time injuries than the pcp.
Safety initiatives include trialling new technology that alerts forklift drivers when people are near. This follows two serious
harm incidents last year that drove us to search for a solution to forklift incidents.
Seeka introduced lead indicators to our safety performance measures. Recording safety meetings and attendees across
the Group, this new Inspirational People measure is helping instil a company-wide safety culture.
Actuals and targetsTo 30 June 2021Target threshold
Total recordable injury frequency rate
1
3.87 Less than 4.5
Serious injuries
2
00
Inspirational People - H&S meetings held
95%90%
1. The total recordable injury frequent rate (TRIFR) measures the number of injuries per 200,000 hours worked.
2. Serious injuries are any condition that results in a person being permanently disabled or requiring immediate in-patient hospitalisation.

9SEEKA LIMITED | INTERIM REPORT JUNE 2021
Strategic highlights
The company concentrated on operational excellence undertaking disciplined planning to prepare for the harvest, and to
ensure that each operation was well executed with full consideration for capacity, people, safety and financial outcomes,
including contingency planning. Seeka continues to trial and implement automation technologies that improve efficiency
and fruit quality while redeploying labour. We also focus on supply chain efficiencies where we deliver an integrated
service right through to the market or customer.
Seeka continued to focus on strategic opportunities for profitable growth, acquiring OPAC in the period which secured
new volumes from the Ōpōtiki, East Coast and Gisborne regions. The acquisition is complete, integrated and synergy
targets achieved. Growth remains an important platform in Seeka’s strategy.
Seeka continued to enhance our core kiwifruit capabilities as we strengthened the balance sheet, maintained financial
capability to invest and delivered earnings growth and share value appreciation to shareholders. The company continues
to concentrate on its foundation through disciplined planning.
Seeka progressed our sustainability initiatives, completing a full audit of our greenhouse gas emissions that details our
2019 CO
2
e footprint as we grow, handle and supply New Zealand and Australian fruit to domestic and international
consumers. We identified key contributors, categorised our emissions to industry standards, and defined performance
baselines from which we can set reduction targets and measure efficiency gains. Independently verified by Toitū
Envirocare, an overview of Seeka’s GHG Emissions Inventory Report 2019 can be seen on page 12.
The Seeka team
Seeka’s people have again excelled under the pressures of harvest across New Zealand and Australia. They adapted,
innovated and strived to deliver an excellent first half result. During the harvest period, the team integrated OPAC and
inducted all continuing staff.
Seeka continued to develop its people and foster talent with 18 new cadets hired in 2021.
Faced with severe labour shortages, Seeka worked with iwi and government agencies, including MSD, to maximise the
employment of local workers.
Our people continue to make Seeka an inspiring produce company to work for and are celebrated for their efforts.

INTERIM REPORT JUNE 2021 | SEEKA LIMITED10
Dividend
A dividend of $0.13 per share will be paid 13 October 2021 to all shareholders on the register at 5pm on 20 September
2021. The dividend reinvestment plan will apply.
Full year operational guidance
Seeka has substantially improved operational earnings in the period. Full-year net profit before tax (NPBT) is forecast to
be between $13.5m and $16.0m. This includes $1.4m of restructuring and acquisition costs, and excludes any one-off
gains or extraordinary items (should they settle in the year) and $1.8m of OPAC profit to the acquisition date (NPBT).
Note that $9m of pcp NPBT was from a gain on orchard sales.
New Zealand dollars
2021 guidance
Lower range
2021 guidance
Upper range
2020
Full year actual
Net profit before tax
$ 13.5m$ 16.0m$ 16.3m
Change on 2020
( 17%)( 2%)
Full year guidance
Further to the full year operational guidance of net profit before tax, Seeka expects a one-off extraordinary gain from the
successful settlement of the kiwifruit claim against the Crown. The actual amount to be received by Seeka is unknown
with the distribution subject to High Court approval, with the timing of payment expected to be received before the end of
2021. Seeka is estimating that its share of the distribution could lift the net profit before tax for the 2021 year to between
$20.0m and $22.0m.
New Zealand dollars
2021 guidance
Lower range
2021 guidance
Upper range
2020
Full year actual
Net profit before tax
$ 20.0m$ 22.0m$ 16.3m
Change on 2020
23%35%
Summary
We are proud of how the company performed in challenging circumstances with labour shortages, shipping disruptions
and ongoing market uncertainty from Covid-19.
Seeka continues to make excellent progress with its sustainability initiatives, including the calculation and independent
verification of Seeka’s 2019 base year carbon footprint. Work in this important area continues.
Seeka has improved first half profitability, increased dividends and completed a significant acquisition. We are ready and
prepared to continue our growth journey knowing that we must continue to lift base profitability.
We thank all growers, shareholders, employees and stakeholders for the loyalty and support you willingly give to Seeka.
Fred Hutchings Michael Franks
Chair Chief executive

11SEEKA LIMITED | INTERIM REPORT JUNE 2021
Sustainability report
Environmental work programme - June 2021 update
Seeka is working to be an industry leader on minimising our environmental footprint, reducing our greenhouse gas emissions
and assessing the impact of climate change.
Carbon footprint plan
Seeka's carbon footprint plan is our blueprint for moving towards a sustainable future. It's our five-step process to measure, set
targets and develop initiatives to reduce our CO
2
e emissions.
We're calculating our emissions using ISO 14064-1: 2018 Greenhouse Gases and the Greenhouse Gas Protocol (ghgprotocol.org),
with our calculations independently verified by Toitū Envirocare. We're reporting the warming potential of all contributing
greenhouse gasses in CO
2
equivalents, known as CO
2
e.
Seeka's Carbon Footprint Reporting provides an overview of Seeka’s 2019 base year greenhouse gas results, identifies key
contributors, categorises our emissions, and provides a baseline from which we can start to set reduction targets and measure
efficiency gains.
Independently verify
2019 footprint
COMPLETED
Calculate 2019
Group footprint
COMPLETED
Calculate 2020 and
2021 footprints
IN PROGRESS
Set reduction
targets from 2022
Develop initiatives
to meet targets
1
2543

INTERIM REPORT JUNE 2021 | SEEKA LIMITED12
OrchardsPost harvestAir freight
2700 tonnes6500 tonnes6000 tonnes
2500t
Refrigerants
4300t
Fertiliser
4000t
Electricity
Kiwiberry
Avocado
1700t
Compost
22,000tonnes
CO
2
e EMISSIONS
from
our NZ operations
from our
Australian
operations
86
%
14
%
69% OF OUR CO
2
e EMISSIONS
ARE GENERATED BY JUST 3 KEY ACTIVITIES
30% Preparing, cooling
and storing fruit ready
for shipping and sale
12% Air freighting
time-sensitive fruit
to market
27% Fertilising and
composting orchards
to grow fruit
123
SEEKA’S 2019 GREENHOUSE GAS REPORTING
MEASURES WHERE WE PRODUCE CO
2
e AS WE
GROW, HANDLE AND SUPPLY NEW ZEALAND
AND AUSTRALIAN FRUIT TO DOMESTIC
AND INTERNATIONAL CONSUMERS.
WE IDENTIFIED KEY CONTRIBUTORS,
CATEGORISED OUR EMISSIONS TO INDUSTRY
STANDARDS, AND DEFINED PERFORMANCE
BASELINES FROM WHICH WE CAN SET REDUCTION
TARGETS AND MEASURE EFFICIENCY GAINS.
OVERVIEW OF SEEKA’S 2019 BASE YEAR GREENHOUSE GAS RESULTS
Carbon Footprint
Reporting
CARBON FOOTPRINT REPORTING

13SEEKA LIMITED | INTERIM REPORT JUNE 2021
Human resourcesProductivityFinancial
52 tonnes
Seeka’s GHG Emissions Inventory Report 2019 was verified by Toitū Envirocare. For more information, see seeka.co.nz/sustainability
PER FULL TIME EQUIVALENT
CATEGORY100%CO
2
eSECTORSOURCEUSE
CAT 1.
DIRECT ENERGY USE
25%
5485 t
Post harvestRefrigerantsCool fruit
CAT 2.
INDIRECT ENERGY USE
18%
3973 t
Post harvestElectricityHandle and cool fruit
CAT 3.
TRANSPORT
23%
4995 t
Retail servicesPetroleum fuelsTransport fruit to market
CAT 4.
INDIRECT PRODUCT USE
34%
7579 t
OrchardingFertiliser
Compost
Grow fruit on Seeka
managed & leased orchards
64
%
CO
2
Carbon dioxide
26
%
N
2
O
Nitrous oxide
10
%
CH
4
Methane
3 GREENHOUSE GASES
CONTRIBUTE TO OUR CO
2
e EMISSIONS
TO IMPROVE PERFORMANCE
WE BENCHMARKED OUR CO
2
e TO 3 KEY INDICATORS
TO UNDERSTAND OUR EMISSIONS
WE CATEGORISED OUR CO
2
e TO INDUSTRY-STANDARDS
Product volumes
handled along our
supply chain
Revenues received from
clients for our orchard-to-
consumer services
Time we invest
growing, handling
and selling fruit
123
66 tonnes
PER 100,000 TRAYS HANDLED
93 tonnes
PER $1,000,000 OF REVENUE
$
1m

INTERIM REPORT JUNE 2021 | SEEKA LIMITED14
Overhead view of a SunGold kiwifruit orchard

15SEEKA LIMITED | INTERIM REPORT JUNE 2021
16
Statement of financial performance
17
Statement of comprehensive income
18
Statement of financial position
19
Statement of changes in equity
20
Statement of cash flows
21
Notes to the financial statements
INTERIM FINANCIAL STATEMENTS
SIX MONTHS TO JUNE 2021

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
16
STATEMENT OF FINANCIAL PERFORMANCE
For the six months ended 30 June 2021
The accompanying notes form an integral part of these financial statements
New Zealand dollarsNotes
6 months to
June 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Revenue
3
224,479 178,681 251,457
Cost of sales
146,120 124,497 200,042
Increase / (reduction) in fair value of biological assets - crop
8
( 18,220) ( 16,467) 1,261
Gross profit
60,139 37,717 52,676
Other revenue
3
( 300) 2,289 9,440
Other costs
12,945 9,571 19,170
Earnings (EBITDA)
1
46,894 30,435 42,946
Depreciation expense
6
7,056 5,773 11,653
Lease depreciation expense
9
3,911 3,125 6,671
(Gain) on revaluation of land and buildings

- - ( 32)
Impairment of property, plant and equipment
6
1,136 - 30
Impairment of intangible assets
7
- - 102
Amortisation of intangible assets
7
91 118 204
Earnings (EBIT)
2
34,700 21,419 24,318
Interest expense
1,664 2,106 4,163
Lease interest expense
2,275 1,919 3,877
Net profit before tax
30,761 17,394 16,278
Income tax charge / (benefit)
3,359 ( 1,045) 8,239
Deferred tax charge / (benefit)
6,834 5,622 ( 1,551)
Tax effect of reintroduction of tax on depreciation of buildings
3
- ( 5,561) ( 5,561)
Total tax charge
10,193 ( 984) 1,127
Net profit attributable to equity holders
20,568 18,378 15,151
Earnings per share for profit attributable to the ordinary
equity holders of the company during the period
4
Basic earnings per share
$0.65 $0.57$0.52
Diluted earnings per share
$0.65$0.57$0.52
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations, see note 1.
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. Basic and diluted earnings per share are based on the weighted average number of shares issued, after removing shares held in treasury stock.

17SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2021
New Zealand dollars
6 months to
June 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Net profit for the period
20,568 18,378 15,151
Items that will not be reclassified to profit or loss, net of tax
Gain on revaluation of land and buildings
- - 11,700
Reclassification of leases under NZ IFRS 16
- ( 215) -
(Loss) on revaluation of water shares
- ( 146) ( 725)
Total items that will not be reclassified to profit or loss
- ( 361) 10,975
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
202 ( 215) 85
Movement in foreign currency translation reserve
( 1) ( 35) ( 17)
Movement in foreign currency revaluation reserve
33 510 399
Total items that may be reclassified subsequently to profit or loss
234 260 467
Total comprehensive income for the period attributable to equity holders
20,802 18,277 26,593
The accompanying notes form an integral part of these financial statements

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
18
STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
New Zealand dollarsNotes
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Equity
Share capital
138,175 96,827 97,917
Reserves
33,021 21,977 32,438
Retained earnings
62,134 54,824 45,938
Total equity
233,330 173,628 176,293
Current assets
Cash and cash equivalents
1,704 1,945 5,164
Tax receivables
- 1,667 -
Trade and other receivables
10
101,099 82,645 24,515
Biological assets - crop
8
1,670 2,162 19,890
Inventories
11
21,270 18,858 5,936
Irrigation water rights
167 120 343
Assets classified as held for sale
5
3,844 19,527 3,844
Total current assets
129,754 126,924 59,692
Non current assets
Trade and other receivables
10
1,450 991 672
Property, plant and equipment
6
304,161 226,069 245,032
Intangible assets
7
27,978 18,581 17,622
Right-of-use lease assets
9
52,789 43,166 50,831
Investment in associates
1,834 - 1,000
Investment in shares
919 586 577
Total non current assets
389,131 289,393 315,734
Total assets
518,885 416,317 375,426
Current liabilities
Current tax liabilities
5,589 - 6,952
Trade and other payables
12
61,734 43,254 30,972
Current lease liabilities
9
7,206 5,622 6,342
Interest bearing liabilities
55,801 34,842 9,157
Total current liabilities
130,330 83,718 53,423
Non current liabilities
Interest bearing liabilities
73,748 96,402 73,862
Lease liabilities
9
59,531 43,723 58,040
Derivative financial instruments
391 1,088 671
Deferred tax liabilities
21,555 17,758 13,137
Total non current liabilities
155,225 158,971 145,710
Total liabilities
285,555 242,689 199,133
Net assets
233,330 173,628 176,293
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 2021

19SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2021
New Zealand dollarsNotes
Share
capital
$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 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
Equity at 1 January 2021 (audited)
1
97,917 ( 484) 108 ( 170) 1,290 2,597 29,097 45,938 176,293
Net profit
- - - - - - - 20,568 20,568
Foreign exchange movement
- - 33 ( 1) - - - - 32
Other comprehensive income / (loss)
- 202 - - - - - - 202
Total comprehensive income / (loss)
- 202 33 ( 1) - - - 20,568 20,802
Transactions with owners
Shares issued
39,601 - - - - - - - 39,601
Employee share scheme receipts
657 - - - - - - - 657
Movement in employee share
entitlement reserve
- - - - 76 - - - 76
Movement in grower share
entitlement reserve
- - - - 273 - - - 273
Dividends paid
14
- - - - - - - ( 4,372) ( 4,372)
Total transactions with owners
40,258 - - - 349 - - ( 4,372) 36,235
Equity at 30 June 2021
138,175 ( 282) 141 ( 171) 1,639 2,597 29,097 62,134 233,330
1. The 1 January 2021 opening balance was restated to include the dividend reinvestment plan. This increased share capital by $428k and
decreased retained earnings by the same amount, see note 14.
The accompanying notes form an integral part of these financial statements

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
20
STATEMENT OF CASH FLOWS
For the six months ended 30 June 2021
New Zealand dollarsNotes
6 months to
June 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
185,929 143,914 249,899
Interest and dividends received
388 113 35
Cash was disbursed to:
Payments to suppliers and employees
( 155,431) ( 128,632) ( 213,168)
Interest paid
( 1,664) ( 2,106) ( 4,163)
Lease interest paid
( 2,275) ( 1,919) ( 3,877)
Income taxes paid
( 6,757) ( 1,959) ( 2,373)
Net cash flows from operating activities
4
20,190 9,411 26,353
Investing activities
Cash was provided from:
Sale of property, plant and equipment
63 - 45
Proceeds from sale of property held for sale
- 15,294 43,041
Repayment of grower or grower entity advances
981 1,238 22,550
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 12,494) ( 10,507) ( 13,496)
Development of bearer plants
( 3,266) ( 2,052) ( 6,776)
Acquisition of associate
- - ( 1,000)
Purchase of, and development costs incurred on, property held for sale
and SunGold licence
5
-( 418) ( 1,069)
Advances to grower or grower entity advances
( 23,987) ( 22,137) ( 22,303)
Net cash flows (used in) investing activities
( 38,703) ( 18,582) 20,992
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
33,000 5,000 16,500
Proceeds of current bank borrowings
38,156 31,453 42,829
Proceeds from employee share scheme
657 54 368
Cash was applied to:
Principal lease payments
9
( 3,691) ( 3,396) ( 6,604)
Repayment of non-current bank borrowings
( 22,288) ( 326) ( 40,882)
Repayment of current bank borrowings
( 24,329) ( 25,204) ( 55,279)
Payment of dividend to shareholders
14
( 6,477) - ( 2,733)
Net cash flows from financing activities
15,028 7,581 ( 45,801)
Net increase / (decrease) in cash and cash equivalents
( 3,485) ( 1,590) 1,544
Effect of foreign exchange rates
25 686 771
Opening cash and cash equivalents
5,164 2,849 2,849
Closing cash and cash equivalents
1,704 1,945 5,164
The accompanying notes form an integral part of these financial statements

21SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 June 2021
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 22
Accounting policies that apply to Seeka's full set of financial statements
Performance 23
Where Seeka generates its revenues and their associated operating costs
1. Segment information 23
2. Turnover 25
3. Revenue and other income 25
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. Right of use lease assets and lease liabilities 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. Contingent assets 35
20. Events occurring after balance date 35

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
22
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 for locally-produced and
imported produce.
In Australia, Seeka owns, leases 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 2021 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 2020, 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 2021. 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 2020, 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 2021, the Company has net assets of $233.33m, with
total assets of $518.89m and total liabilities of $285.56m.
Seasonal nature of Group operations
Seeka's core business is providing supply chain services to New
Zealand and Australia's horticulture industries. A high proportion of
Group revenue is generated and cost of sales incurred in the autumn
when produce is harvested and prepared for market. Correspondingly,
approximately 70% to 80% of Group gross profit is recorded in the
interim report. Seasonal fluctuations impact the timing of gross profit,
particularly the amount and quality of kiwifruit inventory remaining in
store at 30 June.
Current economic environment
The 2021 financial year continued to present a number of economic
challenges related to Covid-19. Labour shortages were evident
throughout the kiwifruit harvest season. Seeka benefitted from
just under 500 Recognised Seasonal Employer (RSE) employees,
100 of which had remained in the country from the previous year's
lockdown. Seeka also invested in a number of successful employment
programmes to encourage New Zealanders to work in the kiwifruit
industry. Despite these efforts, seasonal employees were significantly
lower than required to complete the harvest in an efficient and timely
manner.
Kiwifruit and pear returns started strong in both New Zealand and
Australia, with forecast OGRs consistent with last year, allowing for
increased volumes and costs. The Australian avocado market appears
over supplied and full-season avocado returns are forecast to be
substantially lower than the prior season.
The Group's financial position remains healthy and was strengthened
through the acquisition and amalgamation of Ōpōtiki Packing and Cool
Storage Limited (OPAC), which added $77.33m of assets to the Group,
see note 13. The acquisition is not expected to significantly increase
profit in 2021 as it occurred more than half way through the packing
season when revenues are generated, and the Group is assuming
overheads until year end plus paid acquisition costs. The integration of
OPAC is forecast to be accretive to the Group from 2022 onwards.
Market capitalisation
The Group compares the carrying amount of net assets with the
market capitalisation value at each balance date. The share price at 30
June 2021 was $5.10, equating to a market capitalisation of $201.09m.
This market value excludes any control premium and may not reflect
the value of Group net assets. The carrying amount of Group net
assets at 30 June 2021 was $233.33m ($5.92 net assets per share).
Management and directors considered all reasons for this difference
and concluded all relevant factors were considered for their value in
use tests. The impairment test performed over the Group’s net asset
value did not identify any impairments.
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.
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.

23SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
Performance
1. Segment information
The Group’s operating segments are entities that engage in business
activities that earn revenues, incur expenses and are reported in a
manner consistent with the internal reports provided to the chief
decision makers, being the Directors, who regularly evaluate the
allocation of resources alongside operational outcomes, 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
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 2020.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard
owners who produce kiwifruit, avocado and kiwiberry.
The Group produces kiwifruit, avocado and kiwiberry 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 fruit for the term of the lease, and shares profit with the
landowner after all costs are recovered from fruit proceeds.
–Owned orchards whereby the Group incurs growing and harvest
costs and receives all orchard income from fruit sales.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado,
citrus, berry, and kiwiberry industries. This includes all fruit from the
Group’s orchard management and lease operations, plus fruit 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
for local and imported produce.
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 classified as held for sale.
Australian operations
The Group grows, provides post harvest services, and retails all
produce from orchards the Group owns or leases in Australia. The
main products are kiwifruit, nashi pears and European pears, which are
primarily sold in Australia. Included in the December 2020 result is a
one-off gain from the settlement of the sale and leaseback transaction.
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.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.
Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar
financial information presented by other entities. The Board considers EBITDA and EBIT as useful measures of financial performance for both
investors and management as they are indicators of the Group's operating profitability that remove the impact of tax and the interest expense
associated with debt (EBIT), along with depreciation, amortisation and revaluation expenses associated with the Group's large investments in
fixed and leased assets (EBITDA).

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
24
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations
$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2021
Income statement
Turnover
1
53,671 145,241 33,528 252 13,855 246,547
Gross segment revenue
53,671 148,519 11,460 252 13,855 227,757
Eliminations
- ( 3,278) - - - ( 3,278)
Total segment revenue
53,671 145,241 11,460 252 13,855 224,479
EBITDA
2
5,658 49,128 1,907 ( 12,527) 2,728 46,894
Depreciation expense
4
( 373) ( 4,988) ( 178) ( 1,081) ( 436) ( 7,056)
Lease depreciation expense
5
( 611) ( 2,239) ( 293) ( 373) ( 395) ( 3,911)
Impairment of land and buildings
- ( 1,136) - - - ( 1,136)
Amortisation of intangible assets
- ( 11) - ( 75) ( 5) ( 91)
EBIT
3
4,674 40,754 1,436 ( 14,056) 1,892 34,700
Lease interest expense
5
( 304) ( 1,109) ( 164) ( 194) ( 504) ( 2,275)
EBIT
3
(after lease interest expense)
4,370 39,645 1,272 ( 14,250) 1,388 32,425
Interest expense
6
( 1,664)
Tax charge on profit
( 10,193)
Profit after tax
20,568
Balance sheet
Segment assets
92,831 337,942 19,225 18,911 49,976 518,885
Total assets
92,831 337,942 19,225 18,911 49,976 518,885
Segment liabilities
57,399 134,418 11,954 36,486 45,298 285,555
Total liabilities
57,399 134,418 11,954 36,486 45,298 285,555
June 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
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 expenses relate to lease costs under NZ IFRS 16 Leases, see note 9.
6. Interest includes finance costs for bank debt.

25SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
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
June 2021 - EBITDA
EBITDA pre NZ IFRS 16
4,475 46,191 1,497 ( 12,962) 1,727 40,928
Capitalised lease costs
1,183 2,937 410 435 1,001 5,966
EBITDA after applying NZ IFRS 16
5,658 49,128 1,907 ( 12,527) 2,728 46,894
June 2020 - EBITDA
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
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
6 months to
June 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Turnover
246,547 190,591 293,544
Value of sales made as agent
( 22,068) ( 11,910) ( 42,087)
Revenue
224,479 178,681 251,457
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 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Total revenue
224,479 178,681 251,457
Other income
Interest
2 113 242
Gain on sale of assets held for sale
5
- 2,475 8,937
Movement in grower share scheme reserve
( 273) ( 275) ( 608)
Dividends received
9 - 4
Net movement in fair value of irrigation water rights
( 44) ( 112) 293
Other income
6 88 572
Total other income
( 300) 2,289 9,440
Total revenue and other income
224,179 180,970 260,897
Accounting policies
As part of the OPAC acquisition four types of revenue contracts were acquired. Two post harvest contracts are similar in nature to Seeka’s packing
and cool storage contracts, with the exception of the timing of the cool storage revenue recognition which is accounted for as fruit is packed rather
than loaded out. There were also two orchard management contracts for managing fruit growing and to collect the supply of fruit, which is similar
in nature to Seeka’s existing contracts, see note 13.

INTERIM REPORT JUNE 2021 | 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 2021
Unaudited
$000s
6 months to
June 2020
Unaudited
$000s
12 months to
December 2020
Audited
$000s
Net operating surplus after taxation
20,568 18,378 15,151
Add / (less) non cash items:
Depreciation
7,056 5,773 11,653
Lease depreciation
3,911 3,125 6,671
Other non cash lease adjustments
- 365 425
Loss on revaluation of land and buildings
- - ( 32)
Impairment of property, plant and equipment
1,136 - 30
Revaluation of employee share scheme
76 78 153
Revaluation of grower share scheme
273 275 608
Movement in deferred tax
6,834 64 ( 4,623)
Movement in fair value of biological assets - crop
18,221 16,467 ( 1,261)
Amortisation of intangible assets
91 118 204
37,598 26,265 13,828
Add / (less) items not classified as an operating activity:
Loss on sale of property, plant and equipment
6 - 164
Gain on sale of assets held for sale via proceeds of sale of assets
- ( 2,511) ( 9,662)
Decrease / (increase) in current water allocation account
44 106 ( 45)
50 ( 2,405) ( 9,543)
(Increase) / decrease in working capital:
Increase in accounts payable
18,752 22,250 5,420
(Increase) in accounts receivable / prepayments
( 38,278) ( 38,509) ( 3,878)
(Increase) / decrease in inventory
( 14,735) ( 13,193) 2,300
Increase / (decrease) in taxes due
( 3,765) ( 3,375) 3,075
( 38,026) ( 32,827) 6,917
Net cash flow from operating activities
20,190 9,411 26,353

27SEEKA LIMITED | INTERIM REPORT JUNE 2021
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 fruit 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
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Opening balance at 1 January
3,844 27,083 27,083
Development costs incurred
- 418 ( 231)
Growing costs incurred
- - 1,069
Growing costs (recovered)
- ( 170) ( 489)
Sales settled by third parties
- ( 7,804) ( 23,588)
Total assets held for sale
3,844 19,527 3,844
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Asset class
Land and buildings
1,379 5,526 1,379
Property, plant and equipment
599 1,821 599
Intangible assets
849 6,903 849
Bearer plants
1,017 4,260 1,017
Biological assets - crop
- 1,017 -
Total assets held for sale
3,844 19,527 3,844
Northland orchards
At 30 June 2021, 23 hectares of Northland orchards (June 2020 - 34 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. Growing costs were not attributed to these orchards as they are
valued on a crop-off basis.
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.
The accounting standards allow for the period to extend past 12 months if the circumstances causing the delay are out of Seeka's control.
Management considers the remaining Northland orchards meet the requirements to extend past 12 months as there is current interest in the
properties with sales contracts expected in the next 12 months.
Critical accounting estimates and judgements
The Group used judgement to recognise the remaining Northland orchards as held for sale, despite being classified as held for sale for more than
12 months. The Group used judgement to classify the Australian sale and leaseback as an asset held for sale and estimates to calculate lease
balances, the gain on sale and the discount rate to apply to the lease.

INTERIM REPORT JUNE 2021 | 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 2021
Cost or valuation
186,565 112,652 1,281 25,453 3,864 329,815
Accumulated depreciation and impairment
( 15,989) ( 65,108) ( 708) ( 2,760) ( 218) ( 84,783)
Net book amount
170,576 47,544 573 22,693 3,646 245,032
Period ended 30 June 2020
Opening net book amount
170,576 47,544 573 22,693 3,646 245,032
Additions and transfers
6,787 5,888 ( 111) 5,063 ( 1,566) 16,061
Acquisition from business combination
39,460 10,765 160 632 262 51,279
Depreciation recovery
1 496 40 - - 537
Depreciation
( 3,068) ( 3,533) ( 113) ( 342) - ( 7,056)
Disposals
-( 622) ( 54) ( 66) - ( 742)
Impairment of property, plant and equipment
- ( 974) - 13 ( 175) ( 1,136)
Foreign exchange
68 31 2 74 11 186
Closing net book amount
213,824 59,595 497 28,067 2,178 304,161
At 30 June 2021
Cost or valuation
232,880 128,714 1,278 31,156 2,571 396,599
Accumulated depreciation and impairment
( 19,056) ( 69,119) ( 781) ( 3,089) ( 393) ( 92,438)
Net book amount
213,824 59,595 497 28,067 2,178 304,161
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 2021, 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 Telfer Young 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 last revalued at 31 December 2019.
As at 30 June 2021 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 2021. As part of the OPAC acquisition, OPAC land
and buildings were independently valued by Telfer Young Valuers, see note 13.
Impairment
In the six months to June 2021, $1.13m of assets were impaired. This included $0.75m for old Transcool coolstores that were removed to make
room for new coolstore builds prior to harvest 2022, $0.22m for an old grader at KKP that is being replaced by a new MAF Roda grader for harvest
2022, and $0.16m related to VLS laboratory costs.
Critical accounting estimates and judgements
At 30 June 2021 an assessment of the carrying values of land and buildings was performed. Based on discussions with experts in property
valuation, the value of Seeka’s property has not materially changed in the last six months. Property valuations remain high for properties in the
food production industry. On the OPAC acquisition land and buildings were valued by an independent valuer, Telfer Young, which confirmed that
the capitalisation rates and market rents for industrial properties remain strong.
Seeka’s Australian properties are also located in the food production region of Victoria which supports the carrying values of the remaining land
and buildings.
Sensitivity analysis suggests property values have overall increased between $0m and $1m. This is not considered a material movement in land
and building values.

29SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
7. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
G3 licences
$000s
Water shares
$000s
Total
$000s
At 1 January 2021
Cost
3,147 10,963 - 8,310 22,420
Accumulated amortisation and impairment
( 2,767) ( 2,031) - - ( 4,798)
Net book amount
380 8,932 - 8,310 17,622
Period ended 30 June 2021
Opening net book amount
380 8,932 - 8,310 17,622
Additions
16 - - - 16
Additions from business combinations
44 9,733 593 - 10,370
Exchange differences
- - - 61 61
Amortisation
( 88) - ( 3) - ( 91)
Closing net book amount
352 18,665 590 8,371 27,978
At 30 June 2021
Cost
3,207 20,696 593 8,371 32,867
Accumulated amortisation and impairment
( 2,855) ( 2,031) ( 3) - ( 4,889)
Net book amount
352 18,665 590 8,371 27,978
Goodwill
The Board reviews business performance based on operating segments and monitors goodwill at the operating segment level. Goodwill represents
the 2021 acquisition of OPAC, see note 13, the 2019 acquisition of the Aongatete business, the 2018 acquisition of the Northland business, the
previously-acquired Glassfields business (now named SeekaFresh) and the Kiwi Crush and Kiwi Crushies product ranges.
The following table details the carrying amount of goodwill from acquired operations.
New Zealand dollars
Carrying
amount
$000s
Group cash generating unit
2021

Bay of Plenty post harvest
16,768
Northland post harvest
1,220
SeekaFresh
433
Kiwi Crush
244
18,665
Addition - OPAC
On 4 May 2021, the Group acquired OPAC and the associated
goodwill was added to the Bay of Plenty post harvest CGU, see note 13.
Cash generating units (CGU)
Packing facilities within the wider Bay of Plenty region are operated
as a single operational unit with fruit allocated to sites within the
region. This delivers efficiencies, with Seeka able to pack fruit at
optimum maturity by allocating it to the next available facility. This
means operational performance is considered on a regional basis
rather than a single facility.
For these reasons, testing whether the goodwill arising on the
acquisition of packing facilities in the Bay of Plenty may be impaired
is in accordance with NZ IAS 36. The cash generating unit is the Bay
of Plenty post harvest CGU, which includes Coromandel facilities.
Fruit in Northland is not generally directed to the Bay of Plenty
region, so this segment remains on its own for consideration of
goodwill. To be consistent this has been renamed Northland post
harvest CGU.
Critical accounting estimates and judgements
The review of intangible assets for impairment uses judgement to identify indicators of impairment and where an impairment test is performed,
estimates of revenue growth rates, discount rates and terminal growth rates are used.
Impairment tests for goodwill
At 30 June 2021, all goodwill balances were reviewed for indicators of
impairment. The 2021 kiwifruit harvest season is complete and volumes
increased on the prior season and are projected to significantly increase in
coming years as new SunGold developments come into production. There
is no indication that the goodwill relating to the Bay of Plenty and Northland
post harvest CGUs should be impaired.
SeekaFresh had a strong close to the 2020/21 avocado season and
operating unit EBITDA is $0.87m ahead of the previous year. Following
a restructure, fresh market sales remain strong and the customer base
is growing. For these reasons, there is no indication the goodwill for
the SeekaFresh CGU should be impaired. An increase in New Zealand-
and Australian-grown avocados may temporarily reduce SeekaFresh's
commission on avocado sales this season. This is considered a temporary
impact and not an indication of impairment.
Kiwi Crush operations had a positive start with a strong kiwiberry packing
season. EBITDA for the first six months is consistent with the prior period
and ahead of budget. Therefore, there are no indicators of impairment of the
goodwill relating to the Kiwi Crush CGU.

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
30
8. Biological assets - crop
Fruit 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 plums 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
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Carrying amount at beginning of period
19,890 18,629 18,629
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
16,332 15,420 23,599
Fair value when harvested
( 36,222) ( 34,049) ( 42,228)
Crop growing on bearer plants at end of period
Crop where cost is deemed fair value
1,670 2,162 19,597
Crop at fair value
- - 293
Carrying value at end of period
1,670 2,162 19,890
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Movement in carrying amount
( 18,250) ( 16,329) 1,159
Exchange differences
30 ( 138) 102
Net fair value movement in crop
( 18,220) ( 16,467) 1,261
The following table details the classification of biological assets - crop.
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Australia - all varieties
616 571 4,201
New Zealand - kiwifruit crop
892 1,514 14,863
New Zealand - other varieties (avocado, lemon, kiwiberry)
162 77 826
Carrying value at end of period
1,670 2,162 19,890
Critical accounting estimates and judgements
The valuation of biological assets uses estimates of market returns to determine value where cost is not deemed fair value.

31SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
9. Right of use lease assets and lease liabilities
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
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Right-of-use lease assets
Land and buildings
28,672 26,407 26,663
Orchard leases
19,204 11,405 19,644
Equipment
1,972 3,017 2,403
Motor vehicles
2,941 2,337 2,121
Total right-of-use lease assets
52,789 43,166 50,831
The movement in right-of-use lease assets in the period are:
Opening balance
50,831 44,724 44,724
Additions
5,869 1,567 12,778
Depreciation
( 3,911) ( 3,125) ( 6,671)
Closing balance
52,789 43,166 50,831
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Lease liabilities
Current
7,206 5,622 6,342
Non-current
59,531 43,723 58,040
Total lease liabilities
66,737 49,345 64,382
The liabilities are classified as follows:
Lease liabilities
Land and buildings
33,365 30,879 31,119
Orchard leases
28,350 13,160 28,707
Equipment
2,045 2,931 2,390
Motor vehicles
2,977 2,375 2,166
Total lease liabilities
66,737 49,345 64,382
The movement in lease liabilities in the period are:
Opening balance
64,382 50,478 50,478
Additions
6,046 2,263 20,508
Reduction in liability
( 3,691) ( 3,396) ( 6,604)
Closing balance
66,737 49,345 64,382
Additions
On 15 December 2020, the Group completed a sale and leaseback transaction for three kiwifruit orchards totalling 199 hectares in Australia. The
completion of this sale created a right-of-use lease asset and a lease liability, with the difference between the two recognised as a gain on sale
through the statement of financial performance
On 4 May 2021, the Group acquired OPAC, which included $0.55m of right-of-use lease assets and lease liabilities, see note 13.
Critical accounting estimates and judgements
The valuation of right-of-use lease assets and lease liabilities uses judgement to determine the incremental borrowing rate and the
likelihood of exercising any rights of renewal to extend the lease term.

INTERIM REPORT JUNE 2021 | SEEKA LIMITED
FINANCIAL STATEMENTS
32
Working capital
11. Inventories
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Fruit inventories
15,797 14,555 -
Total packaging at cost
4,125 1,729 3,884
Other inventories at cost
1,348 2,574 2,052
Total inventories
21,270 18,858 5,936
Fruit inventories relate to kiwifruit harvested from New Zealand and Australian orchards and held in coolstores at balance date. As at 30 June
2021, 57.1% (Jun 2020 - 58.6%) of New Zealand class 1 trays have been loaded out. New Zealand kiwifruit inventory is valued at a Green HW
OGR of $6.52 per tray and a SunGold G3 OGR of $12.05 per tray. Fruit inventory from fruit harvested from the Group’s Australian orchards is
based on actual and forecast market returns for each variety.
At balance date, $29.79m (June 2020 - $27.30m ) of packaging inventory costs were expensed to cost of sales in the statement of financial
performance. There were no material inventory write downs (Jun 2020 - Nil).
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
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Current trade receivables (net of provision for doubtful debts)
39,050 33,954 13,796
Prepayments
4,699 4,214 1,758
Prepaid deposits
2,162 1,735 1,470
GST refund due
- - 620
Accrued income and other sundry receivables
55,188 42,742 6,871
Current trade and other receivables
101,099 82,645 24,515
Non current trade receivables
1,450 647 672
Non current prepayments
- 344 -
Non current trade and other receivables
1,450 991 672
Total trade and other receivables
102,549 83,636 25,187
Current trade receivables include temporary advances to Seeka kiwifruit grower pools of $23.00m (Jun 2020 - $21.14m). This increase represents
a higher pack deferral value in 2021, which attracts a higher advance amount, plus $1.06m from similar temporary advances to OPAC grower
pools, see note 13. The temporary advances will be fully repaid by December 2021.
Accrued income and other sundry receivables includes $21.27m (Jun 2020 - $19.64m) of income for kiwifruit harvested and delivered to Zespri
from Seeka's New Zealand orchards, $14.07m (Jun 2020 - $18.62m) for New Zealand post harvest operations, $14.96m from similar OPAC
operations, see note 13, and $4.68m (Jun 2020 - $4.29m) of income for kiwifruit and pears harvested in Australia.
Non current prepayments in June 2020 relate to avocado plants ordered and prepaid, but not expected to be delivered for more than 12 months.
Income from the New Zealand kiwifruit is accrued based on forecast information prepared by the Group, being an average Hayward HW orchard
gate return (OGR) of $6.52 per tray (Jun 2020 -$6.00: Dec 2020 - $7.56) and an average SunGold G3 OGR of $12.05 per tray (Jun 2020 - $11.37:
Dec 2020 - $12.63).
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. 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 2021
FINANCIAL STATEMENTS
12. Trade and other payables
New Zealand dollars
June 2021
Unaudited
$000s
June 2020
Unaudited
$000s
December 2020
Audited
$000s
Trade payables
19,654 14,503 5,909
Accrued expenses
28,274 20,567 16,034
Employee expenses
9,899 5,900 5,354
Accrued dividend payable
- - 3,231
GST payable
2,191 302 -
Other payables
1,716 1,982 444
Total trade and other payables
61,734 43,254 30,972
Trade payables includes $7.43m (Jun 2020 - $6.03m, Dec 2020 – Nil) of packaging costs relating to post harvest operations, plus $2.33m
from similar OPAC trade payables, see note 13. Accrued expenses includes $17.06m (Jun 2020 - $13.79m) of kiwifruit costs relating to kiwifruit
harvested and to be delivered to Zespri from the Group’s New Zealand orchards, plus $4.13m from similar OPAC expense, see note 13.
13. Business combination
Amalgamation of Ōpōtiki Packing and Cool Storage Limited (OPAC)
During the year the Group acquired Ōpōtiki Packing and Cool Storage Limited (OPAC), a kiwifruit post harvest and orcharding business based in
Ōpōtiki, the Bay of Plenty, New Zealand, into a newly-formed 100% owned subsidiary of Seeka Limited, being Seeka OPAC Limited. OPAC shares
were cancelled and re-issued for shares in Seeka Limited at a ratio of 1.4833 shares in Seeka for each share in OPAC, based on a price of $4.82 per
Seeka share (equal to the VWAP of shares traded over 10 business days, finishing on 24 March 2021, with all fractions of Seeka shares rounded
up to the next whole number). The purchase was settled 4 May 2021 for a recorded consideration of $38.73m when Seeka issued 7,042,574
ordinary shares at $5.50, being the share market price on the acquisition date as per NZ IFRS 3. The change in share price between the VWAP and
the share price on acquisition date had the impact of increasing goodwill by $4.80m.
On acquisition, the Group drew down a $27m loan to repay the acquired interest bearing liabilities of $21.86m, with the remainder used to service
OPAC's working capital requirements for the remainder of the season.
OPAC contributed $12.47m of revenue and $2.86m of net profit before tax to the Group for the period from 4 May to 30 June 2021. If the
acquisition had occurred on 1 January 2021, OPAC would have contributed $19.13m of revenue and $4.66m of net profit before tax for the six
months ended 30 June 2021. These calculations are not significantly impacted by differences in accounting policies between the Group and the
acquired subsidiary, and no significant additional depreciation would have been charged if fair value adjustments to property, plant and equipment
had applied from 1 January 2021, including consequential tax effects.
The following table details the fair values of OPAC assets and liabilities recognised at acquisition.
New Zealand dollars
June 2021
Unaudited
$000s
Purchase consideration for shares
38,734
Land and buildings
39,460
Property, plant and equipment (excluding land and buildings)
11,819
Intangible assets (excluding goodwill)
637
Inventories
1,421
Right of use lease assets
554
Investment in shares
342
Investment in associates
883
Cash and cash equivalents
460
Trade and other receivables
12,018
Trade and other payables
( 12,271)
Interest-bearing liabilities
( 21,863)
Current tax liability
( 2,043)
Deferred tax liability
( 1,862)
Lease liabilities
( 554)
Fair value of new assets and liabilities
29,001
Goodwill
9,733
Net purchase consideration
38,734

INTERIM REPORT JUNE 2021 | 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
2020
September
3,260$0.10
December - declared, paid 27 January 2021
3,889 $0.12
Total dividend paid 2020
7,149
2021
March
3,944$0.12
Total dividend paid 2021
3,944
On 25 February 2021, the directors declared a fully-imputed dividend of $0.12 per share. The dividend was paid on 30 March 2021 to those
shareholders on the register at 5pm on 5 March 2021. The dividend reinvestment plan applied with a 2% discount to the strike price.
In the last 12 months, $0.34 has been paid in dividends per share (prior 12 months $0.12).
The cash dividend payment was $6.48m at June 2021, being $3.23m relating to the special dividend declared in December 2020 and $3.25m relating
to the dividend declared in March 2021.
On 18 August 2021, the directors declared a fully-imputed divided of $0.13 per share. The dividend will be paid 13 October 2021 to those shareholders
on the register at 5pm on 20 September 2021. The dividend reinvestment plan will apply.
15. Share capital
On 4 May 2021, the Group acquired OPAC for a recorded consideration of $38.73m, by issuing 7,042,574 ordinary Seeka shares at $5.50 per
share, see note 13.
During the period to 30 June 2021, $0.66m (Jun 2020 - $0.05m) was received in relation to shares issued under the employee share scheme
established in 2016.
During the period to 30 June 2021, 183,561 shares were issued under the dividend reinvestment plan (Dec 2020 - 88,240 shares at $3.95 in
September); 90,318 shares in January at $4.71 from the special divided declared December 2020, and 93,243 shares in March at $4.73 from the
dividend declared March 2021, see note 14.
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 2021.
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.
The fair value of acquired trade receivables is $0.40m. There was no loss allowance recognised on acquisition. The goodwill of $9.73m is allocated
to the Bay of Plenty post harvest cash generating unit as the primary purpose of the amalgamation was to obtain the post harvest facility and
associated grower relationships. The goodwill is attributable to the operation’s strong market position in the Ōpōtiki, East Cape and Gisborne
regions, and synergies expected to arise from adding an extra post harvest facility to the Seeka Group. The goodwill is not expected to be deductible
for tax purposes.
Acquisition-related costs of $0.47m are included in administrative expenses. Deferred tax of $1.86m was provided in relation to differences
between tax written down values and the fair value of certain assets. Seeka has 12 months from the acquisition to reassess the disclosed fair values
of assets and liabilities. In particular, any liabilities are expected to be crystallised and quantified within the 12 months from the acquisition date.
Critical accounting estimates and judgements
The fair values of assets are subject to estimates and judgement. Seeka engaged Telfer Young to complete an independent valuation of the land
and buildings at the acquisition date. The remaining property, plant and equipment was assessed on a depreciated historical cost basis, as well as a
physical stocktake and a comparison to similar Seeka-owned assets. The Group assessed that an intangible asset exists for grower relationships and
contracts, which is immaterial for financial reporting using the multi-period excess earnings method of calculating intangible assets on contracts.

35SEEKA LIMITED | INTERIM REPORT JUNE 2021
FINANCIAL STATEMENTS
New Zealand dollars
Level 1
$000s
Level 2
$000s
Level 3
$000s
Total
$000s
Biological assets - crop at fair value
- - 1,670 1,670
Water shares
8,371 -- 8,371
Irrigation water rights
167 - - 167
Land
- - 30,033 30,033
Buildings
- - 183,791 183,791
Unlisted equity securities
- - 919 919
Derivatives used for hedging (liability)
- 391 - 391
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.
TypeNotes
Fair
valueMethod
Key unobservable
inputs
How unobservables
impact estimated fair
value
Biological assets -
crop at fair value
Includes New Zealand
avocado and Australian
plums and speciality pears.
8
$ 1.67 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
6
$ 213.82 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$ 0.92 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 $110.11m (Jun 2020 - $84.26m) for the provision of services to SGL.
18. Capital commitments
As at 30 June 2021 the Group was committed to incur $6.90m of capital costs relating to a post harvest upgrade at KKP and the purchase of 18
Carraro tractors ordered and due for payment in 2022. (Dec 2020 - $1.70m).
19. Contingent assets
Seeka announced on 15 February 2021 that a settlement has been reached in the matter of the kiwifruit class action against the Crown related to
the Psa outbreak in 2010. The settlement sum for the legal, funding and claimants is $40m inclusive of GST if any. Seeka is a plaintiff in the class
action. Seeka expects a one-off extraordinary gain from the successful settlement of the kiwifruit claim against the Crown. The actual amount to
be received by Seeka is unknown with the distribution subject to High Court approval, with the timing of payment expected to be received before
the end of 2021. Seeka estimates that its share of the distribution could be between $4.0m and $8.5m.
20. Events occurring after balance date
On 9 July 2021, Seeka announced an equity investment in Fruitometry, an innovative horticultural startup. Fruitometry provides knowledge to
efficiently manage orchards, maximise yields and provide accurate pre-harvest fruit estimates for the supply chain. Seeka's minority investment of
$2.60m values Fruitometry at $10 million. Fruitometry will continue to operate independently while expanding their service.
A dividend was declared for $0.13 per share to be paid on 13 October 2021, 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 2021 | 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
Sustainability committee
Cecilia Tarrant – Chair
John Burke
Fred Hutchings
Remuneration committee
Fred Hutchings – Chair
Ratahi Cross
Cecilia Tarrant
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 MarketingGM Commercial

37SEEKA LIMITED | INTERIM REPORT JUNE 2021
Registered office
Seeka Limited
34 Young Road, RD9, Paengaroa 3189
PO Box 47, Te Puke 3153
Seeka.co.nz
Auditor
PricewaterhouseCoopers
Auckland
www.pwc.co.nz
Bankers
Westpac Banking Corporation
Auckland
www.westpac.co.nz
Coöperatieve Rabobank U.A. (Rabobank)
Wellington
www.rabobank.co.nz
Share register
Link Market Services Limited
Auckland
www.linkmarketservices.co.nz
NZX
www.nzx.com
Legal advisors
Harmos Horton Lusk Limited
Auckland
www.hhl.co.nz
MacKenzie Elvin
Tauranga
mackenzie-elvin.com

INTERIM REPORT JUNE 2021 | 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 2021
Previous Reporting Period 12 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$224,479 25.6%
Total Revenue $224,479 25.6%
Net profit/(loss) from
continuing operations
$20,568 11.9%
Total net profit/(loss) $20,568 11.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.13 cash dividend
Imputed amount per Quoted
Equity Security
$0.05055556
Record Date 20 September 2021
Dividend Payment Date 13 October 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$5.44 $5.13
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.Mckinsty@seeka.co.nz
Date of release through MAP

19 August 2021

Unaudited financial statements accompany this announcement.

---

Analyst Briefing Pack
Unaudited Interim Results
Six months to 30 June 2021

To be read in conjunction with Seeka Inte
rim Report, June 2021, and Seeka Annual Report,
December 2020, see Seeka.co.nz/investo
rs
Agenda
2
6
Contact
5
Investments
4
Operating segments performance
3
Balance sheet
2
Financials
1
Six month highlights

Six month highlights

Focus on achieving excellence
Record six-month profit wi
th significant improvement in underlying operating profit
$224m Revenue | $47m EBITDA
| $30.8m NPBT
| $0.65 EPS
OPAC investment completed8m tray kiwifruit business |
Orchard and post harvest operations
| Expands service delivery to
Ō
p
ō
tiki, East Cape and Gisborne
Fruitometry investment in agritech$2.6m stake in digital start-up
| On-orchard fruit scanning
| Smart technology for or
chard management and capacity plan
ning
$128m interest bearing debt, down
$1.5m on pcp after $21.9m OPAC debt
$519m total assets, up 25% on pcp$304m PPE, up 35% on pcp | $53m
lease assets, up 22% on pcp
Increase in half year dividend to $0.13$20m capacity build underway for harvests 2022 and 2023Automated packline for KKP and high-efficiency cool
stores at Transcool | Balances capa
city to 2024 | Pukenga build still
under consideration
Sustainability programme sets carbon footprint baseline2019 carbon footprint independently
verified | Defines performance baselines
| Initiatives underway to reduce CO
2
e2
1
234
5
4
678

Financials

All results and comparatives consistent wi
th NZ IFRS 16 Leases. These financials
should be read in conj
unction with Seeka’s
Annual Report 2020 and the attached appendix. Values may not always sum due to rounding.
Group financial performance$224.5m revenueUp 26% on pcp$46.9m EBITDAUp 54% on pcp$30.8m Net profit before taxUp 77% on pcp$20.6m Net profit after taxUp 12% on pcp (pcp included $5.6m deferred tax credit)Seeka operates a seasonal business−
H1 is main operating period for core kiwifruit business
6
Interim results – six months to June 2021, unaudited
H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Revenue
224.5 178.7
26%
251.5
Cost of sales
146.1
124.5
17%
200.0
Increase / (reduction) in fair value ofbiological assets – crop
(18.2)
(16.4)
1.2
Gross profit
60.1
37.7
59%
52.7
EBITDA
46.9
30.4
54%
42.9
EBIT
34.7
21.4
62%
24.3
Net profit before tax
30.8
17.4
77%
16.3
Net profit after tax
20.6
18.4
12%
15.2

$9.3m
$11.9m
$18.4m
$20.6m
$12.8m
H1FY18
H1FY19
H1FY20
H1FY21
NPAT
$5.6m
deferred
tax gain
base
NPBT
$25.7m
$27.9m
$30.4m
$46.9m
H1FY18
H1FY19
H1FY20
H1FY21
EBITDA
$311m
$406m
$416m
$519m
H1FY18
H1FY19
H1FY20
H1FY21
Total assets
Trends in financial performance
EBITDA, NPAT and Total assets
H1FY20 NPAT included a one-off $5.6m tax benefit from a change in
tax deductibility of depreciation on buildings. All results a
nd comparatives consistent
with NZ IFRS 16 Leases.
22% CAGR
7
30% CAGR
19% CAGR

Trends in operating segment performance
EBITDA
8
$4.5m
$4.2m
$4.2m
$5.7m
H1FY18
H1FY19
H1FY20
H1FY21
Orcharding
$2.7m
($0.2)m
$1.9m
$2.7m
H1FY18
H1FY19
H1FY20
H1FY21
Australia
$23.2m
$29.8m
$30.3m
$49.1m
H1FY18
H1FY19
H1FY20
H1FY21
Post harvest
$1.1m
$0.8m
$1.3m
$1.9m
H1FY18
H1FY19
H1FY20
H1FY21
SeekaFresh retail services

Balance sheet

All results and comparatives comply with NZ IFRS
16 Leases. Values may not always sum due to rounding.
Balance sheet$127.8m net interest bearing debt – down $1.5m on pcp−
Includes $21.9m of OPAC debt taken on acquisition
−
$23.0m of advances to Seeka Growers; largely repaid in July
$3.8m of Northland orchard assets held for sale $518.9m total assets – up 25% on pcp
Capital employed 30 June
10
H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Cash and tax receivable
1.7
3.6
5.2
Trade, other receivables & inventory
122.5
101.6
21%
30.8
Biological assets - crop
1.7
2.2
19.9
Assets classified as held for sale
3.8
19.5
(80%)
3.8
Total current assets
129.8
126.9
2%
59.7
PP&E
304.2 226.1
35%
245.0
Intangibles
28.0 18.6
51%
17.6
Right-of-use lease assets
52.8
43.2
22%
50.8
Other
4.2 1.6
2.2
Total non-current assets
389.1
289.4
34%
315.7
Total assets
518.9
416.3
25%
375.4
Current tax liability
5.6
-
7.0
Trade and other payables
61.7
43.3
43%
31.0
Current lease liabilities
7.2
5.6
28%
6.3
Interest bearing liabiities
55.8
34.8
60%
9.2
Total current liabilities
130.3
83.7
56%
53.4
Interest bearing liabilities
73.7
96.4
(23%)
73.9
Right-of-use lease liabilities
59.5
43.7
36%
58.0
Derivative financial instruments
0.4
1.1
0.7
Deferred tax liabilities
21.6
17.8
21%
13.1
Total non-current liabilities
155.2
159.0
(2%)
145.7
Total liabilities
285.6
242.7
18%
199.1
Net assets
233.3
173.6
34%
176.3

H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Net profit ($m)
$ 20.6 m
$ 18.4 m
12%
$ 15.2 m
Weighted shares on issue (m)
31.8 m
32.1 m
29.4 m
Earnings per share
$ 0.65
$ 0.57
14%
$ 0.52
Shares at period end
39.4 m
32.1 m
32.2 m
Net tangible assets
$ 214.7 m
$ 164.7 m
30%
$ 167.4 m
Net tangible assets per share
$ 5.44
$ 5.13
6%
$ 5.20
Net assets per share
$ 5.92
$ 5.41
9%
$ 5.47
Total assets per share
$ 13.16
$ 12.96
2%
$ 11.66
1. As required by NZ IAS 33, 2,748,877 shar
es held by Seeka Trustee Limited for the
Grower Loyalty and Employee Share Schemes a
re excluded from EPS calculations.
Earnings per share and dividends65 cents earnings per share
1
−
57 cents in pcp – up 14%
$5.92 net assets per share – up 9% on pcp−
$5.44 net tangible assets per share – up 6%
13 cents per share dividend declared−
To be paid 13 October 2021
−
Record date 20 September 2021
−
Dividend reinvestment plan applies
−
Fully imputed
11

FY21 full year operational guidanceForecasting full-year net profit before tax between$13.5m and $16.0mIncludes−
$1.4m of restructuring and acquisition costs
Excludes−
Any one-off gains or extraordinary items (should they settle in the year)
−
OPAC profit to the purchas
e date totalling $1.8m (NPBT)
Noting that−
$9m of pcp NPBT was from gain on orchard asset sales
Substantial improvement in operational earnings
12
Seeka provide 2021 guidance
FY21
FY21
FY20
Guidance
Guidance
Full year
$ millions
Lower range
Upper range
Actuals
Net profit before tax
13.5 16.0
16.3
Change on FY20
( 17%)
( 2%)

FY21 full year guidance Seeka expects a one-off extraordinary gain from the successful settlement of the kiwifruit claim against the Crown.The actual amount to be received by Seeka is unknown with the distribution subject to High Court approval, with the timing of payment expected to be received before the end of 2021.Seeka is estimating that its share of the distribution could lift the net profit before tax for the 2021 year to between $20.0m and $22.0m
13
Seeka provides additional 2021 guidance
FY21
FY21
FY20
Guidance
Guidance
Full year
$ millions
Lower range
Upper range
Actuals
Net profit before tax
20.0 22.0
16.3
Change on FY20
23%
35%

Operating segment performance

H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Revenue
53.7 47.4
13%
75.7
EBITDA
5.7 4.2
36%
5.4
EBIT
4.7 3.3
41%
3.5
Segment assets
92.8
78.9
18%
63.4
EBITDA pre NZ IFRS 16
4.5
3.1
45%
3.2
Crop grownTotal kiwifruit trays grown - Seeka
14.4
13.0
11%
SunGold class 1 trays (millions)
5.5
5.1
8%
Hayward & other class 1 trays
(millions)
8.9 7.9
13%
Avocado grown (million kgs)
1
1.4
1.6
( 14%)
Kiwiberry grown (million kgs)
0.14
0.17
( 19%)
Orchard operationsRecord orchard revenue of $53.7m – up 13% on pcp$5.7m EBITDA – up 36% on pcpVolume will increase in 2022 with OPAC investmentVolume including OPAC is 18.1m trays
Growing kiwifruit, avocado and kiwiberry for New Zealand orchard owners
15
1. Avocado volumes are for crop harvested
in the 2020/21 season (pcp: 2019/20 season).

H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Revenue
145.2 108.1
34%
140.1
EBITDA
49.1 30.3
62%
41.9
EBIT
40.8 24.2
69%
29.8
Segment assets
337.9
244.7
38%
232.7
EBITDA pre NZ IFRS 16
46.2
27.0
71%
35.9
Trays packedTotal kiwifruit trays packed – Seeka
1
36.8 33.4
10%
SunGold (class 1)
17.9
16.1
11%
Hayward (class 1)
17.2
15.7
10%
Other fruit - includes class 2
1.7
1.6
2%
Avocado packed (thousands of trays)
2
262
165
59%
Kiwiberry packed (thousands of trays)
88
82
7%
Post harvest operationsRecord post harvest revenue of $145.2m – up 34% on pcp$49.1m EBITDA – up 62% on pcpVolume will increase in 2022 with OPAC investment, new plantings and cutovers to SunGold
Packing, coolstoring and shipping kiwifruit, avocado and kiwiberry for New Zealand orchard owners
16
1. Excludes 8m class 1 trays packed by OPAC, of which 4m were packed prior to acquisition.2. Avocado volumes packed since 1 January fr
om the 2020/21 season
(pcp: 2019/20 season).

SeekaFresh retail services operations$11.5m Revenue – up 18% on pcp−
Strong close to 2020/21 avocado season
$1.9m EBITDA – up 45% on pcpBusiness continues to grow−
High-quality produce
−
Increasing local market volumes
−
Building strong customer relationships
Supply, export and sales of avocado, kiwiberry and cl
ass 2 kiwifruit, import fruit, and Kiwi Crush production
17
H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Revenue
11.5 9.7
18%
21.8
EBITDA
1.9 1.3
45%
3.0
EBIT
1.4 0.9
54%
2.2
Segment assets
19.2
18.2
5%
12.4

H1 FY21
H1 FY20
FY20
$ millions
Unaudited
Unaudited
Growth
Audited
Revenue
13.86 13.30
4%
13.07
EBITDA
2.73 1.89
44%
7.44
EBIT
1.89 1.37
38%
6.27
EBIT after lease costs
1.39 1.37
2%
6.19
Segment assets
50.0
55.5
( 10%)
47.2
EBITDA pre NZ IFRS 16
1.7
1.9
( 7%)
14.0
Kiwifruit (tonnes)
2,115 2,153
( 2%)
Nashi (tonnes)
873 791
10%
Pears (tonnes)
1,861 1,340
39%
Other fruit (tonnes)
121 96
26%
Total tonnes grown, packed and sold
4,970 4,380
13%
Australian operations$13.86m Revenue – up 4% on pcpOngoing labour and market disruption from Covid-19$2.73m EBITDA – up 44% on pcp−
Excellent result in difficult circumstances
$1.39m EBIT after lease costs – up 2% on pcp
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
18

Investments
19

OPAC acquisitionPurchased 4 May7.04m shares issued at $5.50 market priceAssumed $21.9m of OPAC debtBusiness integrated, synergy savings on target−
$1.4m acquisition and restructuring costs
$2.9m NPBT in six-months results−
Plus $1.8m pre-acquisition
NPBT in opening balance sheet
Business set for full-year financial contribution in 2022
20
8m tray kiwifruit business servicing
Ō
p
ō
tiki, East Cape and Gisborne regions

Fruitometry investmentAdvancing into Agritech−
Driver to improve
orchard productivity
and post harvest efficiency
−
Input into technology development
Cornerstone shareholding in Fruitometry−
$2.6m for 26%
On-orchard digital crop estimation service
21
July, after reporting period

ContactMichael FranksChief executive+64 21 356 516
22
For more information see www.seeka.co.nz or please call
Stuart McKinstryChief financial officer+64 21 221 5583

Appendix
23

EBITDA
24
H1 FY21
H1 FY20
FY20
NZD ($000s)
Unaudited
Unaudited
Growth
Audited
EBITDA pre NZ IFRS 16
40,928
25,118
63%
39,538
Capitalised lease costs
5,966
5,317
12%
10,482
Gain on sale and leaseback
-
-
(7,074)
EBITDA after applying NZ IFRS 16
46,894
30,435
54%
42,946
H1 FY21
H1 FY20
FY21
NZD ($000s)
Unaudited
Unaudited
Growth
Audited
Net profit before tax
30,761
17,394
77%
16,278
Interest expense
1,664
2,106
4,163
Lease interest expense
2,275
1,919
3,877
EBIT
34,700 21,419
62%
24,318
Impairments and revaluationsLoss on revaluation of land and buildings
-
-
(32)
Impairment of PPE
1,136
-
30
Impairment of intangible assets
-
-
102
Depreciation expense
7,056
5,773
11,653
Lease depreciation expense
3,911
3,125
6,671
Amortisation of intangible assets
91
118
204
EBITDA before impairments and revaluations
46,894
30,435
54%
42,946
Reconciliation before and after applying NZ IFRS 16
EBITDA
before revaluations and impai
rments is considered by
Seeka's Board to be a key measu
re of performance and reflection of
cash flow generation.

seeka.co.nz