Strong earnings improvement at Comvita

26 August 2021


Strong earnings improvement at Comvita

Headlines

• Reported NPAT $9.5M vs. ($9.7M) in PCP
• Reported EBITDA* $25.5M, + $21.3M vs. June 2020 or +511%
− Double-digit top and bottom-line growth in focus growth markets, China, and USA
− Double digit top and bottom-line growth in Mānuka product category
− Double digit top and bottom-line growth in digital channels
• Gross profit +730 bps to 53.9%
• Marketing Investment +$8.7M or +56%
• Business transformation plan on track
• Net debt reduced by $10.9M to $4.6M, inventory reduction $11.7M, operating cash inflow $24.8M
• 9% reduction in total recordable injury frequency rate (TRIFR)
• Fully imputed dividend of 4 cps declared

Comvita (NZX:CVT) today released its full year audited results for the year ending 30
th
June 2021, reporting
a full year EBITDA at the top end of its market guidance at $25.5M. This represents an increase of +511%
versus the prior corresponding period (PCP) driven by strong performance in its focus growth markets,
focus channels and categories, underpinned by $12.1M of benefits from its transformation programme over
the last 18 months.

Reported net profit after tax was $9.5M versus a loss of $9.7M in the PCP as work to both focus and simplify
the organisation delivered results.

Reported net debt was $4.6M vs $15.5M in PCP as Comvita continued to focus on good internal
management of cashflows and working capital. Inventory reduced by $11.7M and SKU count by 30%.

Comvita is pleased to announce resumption of dividend payments and have declared a fully imputed
dividend of 4 cps representing a payout of 30% of NPAT.

Revenue in constant currency increased by 1.5% as strong performance in its focus growth markets of
China +31% and USA +23% offset material headwinds in its Australia, New Zealand (ANZ) and Hong Kong
segments. Underlying revenue grew 5.4%*. It was encouraging to report that Q4 ANZ revenue increased by
17% versus PCP and 33% versus Q3. While the UK market was negatively impacted at revenue level
(primarily due to Brexit and Covid impacts), it was encouraging to see the market breakeven at net
contribution, proving the longer-term opportunity in Europe, Middle East and Africa (EMEA).

Comvita Chair Brett Hewlett commented “As I shared at the Annual Shareholder Meeting in October 2020,
FY21 was a crucial year for Comvita as we looked to prove the significant potential that exists to all
stakeholders. We are pleased to report strong earnings growth at the top end of guidance, good
management of cash and working capital and to be able to reward our shareholders with the resumption of
dividends. In addition, we are particularly encouraged to publish our first Green House gas emissions report
in this year’s annual report as we embark on our journey to be carbon neutral by 2025 and carbon positive
by 2030. We believe our unique business model, with significantly increased investment in our brand and
supported by our environmental and social causes, will see Comvita recognised by the investment
community as a sustainable premium FMCG brand with associated multiples”.

CEO David Banfield added “I would like to thank the whole team at Comvita for their absolute focus on
delivering the results we share today. The business has gone through significant change in order to arrive at
this point, it hasn’t always been easy, but we know that this is crucial to enable us to deliver the true
potential of Comvita, captured in our 2025 plan. Our 60:15:20 plan sets out our aim to deliver a GP in excess
of 60%, marketing to sales ratio of 15% and an EBITDA ratio of 20% by 2025. Today is an important step on
that journey. We are genuinely excited by the growth opportunities that lay ahead of us”.

Strong performance in focus growth markets

Comvita was particularly encouraged by its performance in its focus growth markets of China and North
America. In local currency, China market sales (the world’s biggest honey market), increased by 31% with
strong performance delivered across all channels. Despite increasing marketing investment by 139% versus
PCP, net contribution increased by 25% as top line growth translated to strong earnings improvement.
Comvita remains the clear brand and market leader in China. In North America, total revenue in local
currency increased by 23% and net contribution by 18%, despite increasing marketing investment by over
80%. Comvita is the fastest growing Mānuka honey brand in North America***

Comvita has a unique business model in the category. Its subsidiary model is designed to ensure that it is
better connected to both customer and consumer needs in market and by being closer to customer, it can
be more agile and responsive to changing customer needs around the world.

Double digit top and bottom-line growth in both digital sales and Mānuka honey

Comvita continued its strong performance in both its focus Mānuka honey category and in the digital
channel with both recording double digit top and bottom-line growth. Constant currency digital sales grew
17% versus PCP to 35% of total group sales. Mānuka honey sales increased 10% versus PCP as the
continued focus delivered results.

Comvita strategy on track - Building a Better Business
– Stabilise results, transform the organisation and deliver long-term resilience and growth

Stabilise results

The results shared today show that we have come a long way to stabilise performance at Comvita. Not only
have we returned to profitability with a reported NPAT of $9.5M versus a loss of $9.7M in the PCP, we have
also significantly simplified the business to set up Comvita for long-term profitable growth. Despite
significant headwinds in ANZ, we have been able to prove the underlying resilience of our model. In doing
this, we have reduced our monthly revenue required to break even to $13.5M, despite a material increase in
investment in our brand. It is encouraging that ANZ performance in Q4 was +17% versus PCP and +33%
versus the previous quarter highlighting that we can now start to build revenue again in FY22.

Comvita improved its GP by 730 BPS versus PCP in this period, in line with its aim to deliver a 60% GP by
2025. This was delivered through focus growth markets (China and North America), focus channels (digital)
and focus categories (Mānuka honey), along with productivity improvements.

Inventory was reduced by $11.7M and SKU count by 30% as our focus on ensuring good management of
working capital and SKU profitability continued. Operating cash inflow was $24.8M and net debt finished the
period at $4.6M.

Transformed organisation

We have now completed our restructuring process. Our attention now fully focuses on optimisation and
creating an aligned performance driven culture at Comvita. We have a clear view of the steps required to
drive profitable growth across all segments and returns for all stakeholders. We have also proven that our
new harvest model works, further increasing organisational resilience and reducing risk associated with
variability of the weather.

Our $25M ($15M +$10M) transformational plan remains on track to deliver by 2025. In the first 18 months,
we have delivered over $12M of improvements, investing $1.2M to deliver this in FY21. In FY22 we will invest a
further $2.5M in transformation projects.

Long-term resilience and growth

Our focus remains on setting Comvita up for long-term resilience and growth. We have a clear view and
understanding of what it will take to win in our focus growth markets, our focus channels and our focus
categories. Our new business model ensures that we have funds available to tell discerning consumers
around the world ‘why Comvita’ and also share the founding story of Alan and Claude from 1974/5 that we
know resonates with consumers today. We now focus on delivering our FY22 guidance, and further building
trust with all our stakeholders on our journey to deliver our 2025 plan.

David Banfield added “A year ago, I shared that we were looking to deliver a rebound in performance in
FY21. I am delighted that we have achieved that, but much remains to be done to deliver world class
performance and experience for our consumers around the world. We know that we have an incredible
opportunity to put in place the foundations that will enable Comvita and our bees to thrive for years to
come and we remain absolutely committed to this cause. This starts by delivering our FY22 guidance and
ensuring that we become recognised as a sustainable, premium FMCG brand. I look forward to sharing
further progress at our Annual Shareholder Meeting in October.”



Brett Hewlett Chair David Banfield CEO

On behalf of the Board of Directors

Ends.


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

Note:
*EBITDA earnings before interest, tax, depreciation and amortisation, constant currency revenue and underlying revenue are non-GAAP measures.
We monitor these as key performance indicators and believe they assist investors in assessing the performance of the core operations of our
business. Constant currency revenue and underlying revenue are both defined in our Investor Presentation.
**Previous corresponding period.
***SPINS data

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the natural power
of the hive. With a team of 500+ people globally, united with more than 1.6 billion bees, we are the global market
leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter, we test and verify
all our bee-product ingredients are of the highest quality in our own government-recognised and accredited
laboratory. We are growing industry scientific knowledge on bee welfare, Mānuka trees and the many benefits
of Mānuka honey and propolis. We have pledged to be carbon neutral by 2025 and carbon positive by 2030,
and we are planting more than two million native trees every year. Comvita has operations in Australia, China,
North America, South East Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are thriving.

---

FOR THE YEAR ENDED 30 JUNE 2021
COMVITA LIMITED
Image TBC
FINANCIAL STATEMENTS 2021
FOR THE YEAR ENDED 30 JUNE 2021
—
COMVITA LIMITED

Comvita Financial Statements 2021Comvita Financial Statements 2021 - P1
2
3
4
5
6
7
8
41
45
51
CONTENTS
DIRECTORS’ DECLARATION
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
AUDIT REPORT
STATUTORY INFORMATION
COMPANY DIRECTORY

Comvita Financial Statements 2021 - P2Comvita Financial Statements 2021- P3
DIRECTORS’ DECL A R ATIONCONSOLIDATED
INCOME STATEMENT
For the year ended
In thousands of New Zealand dollars
30 June 202130 June 2020
Note
Revenue5191,734
195,912
Cost of sales(88,310)
(104,601)
Gross profit103,424
91,311
Other income63,220
2,209
Marketing expenses(24,216)
(15,506)
Selling and distribution expenses(44,597)
(50,562)
Administrative and other operating expenses9(25,648)
(25,698)
Operating profit before financing costs12,183
1,754
Finance income72,473
307
Finance expenses7(2,247)
(6,217)
Net finance income/(costs)226
(5,910)
Share of profit of equity accounted investees17b992
(174)
Impairment of equity accounted investees-
(5,928)
Profit/(loss) before income tax13,401
(10,258)
Income tax (expense)/benefit10(3,922)
557
Profit/(loss) for the year9,479
(9,701)
Earnings per share
Basic earnings per share (NZ cents)2413.61(19.10)
Diluted earnings per share (NZ cents)2413.59(19.10)
EBITDA3125,5234,179

*EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in
assessing the performance of the core operations of our business. A reconciliation of EBITDA to net profit/(loss) before
tax is provided in note 31.
The notes on pages 8 to 40 are an integral part of these financial statements
In the opinion of the directors of Comvita Limited, the financial statements and the notes, on pages 3 to
40:
• comply with New Zealand generally accepted accounting practice and fairly reflect the financial
position of the Group as at 30 June 2021 and the results of their operations and cash flows for the year
ended on that date
• have been prepared using appropriate accounting policies, which unless otherwise stated have been
consistently applied, and supported by reasonable judgements and estimates
The Directors believe that proper accounting records have been kept which enable, with reasonable
accuracy, the determination of the financial position of the Group and facilitate compliance of the
financial statements with the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and
to prevent and detect fraud and other irregularities. Internal control procedures are also considered
to be sufficient to provide reasonable assurance as to the integrity and reliability of the financial
statements.
The Directors are pleased to present the financial report, incorporating the financial statements of
Comvita Limited for the year ended 30 June 2021.
For and on behalf of the Board of Directors:
Brett Hewlett Luke Bunt
25 August 2021 25 August 2021

Comvita Financial Statements 2021 - P4Comvita Financial Statements 2021- P5
For the year ended 30 June 2021
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Fair
value
reserve
Retained
earningsTotal
Balance at 30 June 2019151,245(4,467)(1,723)- 28,300173,355
Total comprehensive income for the year
Loss for the year----(9,701)(9,701)
Other comprehensive income (net of tax)
Foreign currency translation differences for equity accounted
investees (note 17b)
-(467)---(467)
Foreign currency translation differences for foreign operations-1,125---1,125
Financial asset – fair value movement --- (2,640)- (2,640)
Effective portion of changes in fair value of cash flow hedges--1,196--1,196
Total other comprehensive income-6581,196(2,640)-(786)
Total comprehensive income for the year-6581,196(2,640)(9,701)(10,487)
Transactions with owners, recorded directly in equity
Capital raising – rights offer 50,000---- 50,000
Issue expenses related to capital raising (1,950)----(1,950)
Share based payment ----329329
Acquisition of treasury stock(572)----(572)
Issue of treasury stock
- Supplier share scheme
502---(43)459
- Issued to CEO 915---(265)650
Redemption of ordinary shares related to share schemes(36)----(36)
Total transactions with owners48,859---2148,880
Balance at 30 June 2020200,104(3,809)(527)(2,640)18,620211,748
Total comprehensive income for the year
Profit for the year----9,4799,479
Other comprehensive income (net of tax):
Foreign currency translation differences for equity accounted
investees (note 17b)
-(49)---(49)
Foreign currency translation differences for foreign operations- (1,004)--- (1,004)
Financial asset – fair value movement ---396-396
Disposal of equity instruments---2,244(2,244)-
Effective portion of changes in fair value of cash flow hedges--(684)--(684)
Total other comprehensive income-(1,053)(684)2,640(2,244)(1,341)
Total comprehensive income for the year-(1,053)(684)2,6407,2358,138
Transactions with owners, recorded directly in equity
Share based payment ----221221
Acquisition of treasury stock (1,239)----(1,239)
Issue of ordinary shares - Supplier share scheme 486----486
Issue of ordinary shares - Share purchase and loan scheme
(note 27)
1,269----1,269
Issue of treasury stock - Share purchase and loan scheme
(note 27)
1,239---381,277
Redemption of ordinary shares related to share schemes(20)----(20)
Total transactions with owners1,735---2591,994
Balance at 30 June 2021201,839(4,862)(1,211)-26,114221,880
The notes on pages 8 to 40 are an integral part of these financial statements
CONSOLIDATED STATEMENT
OF COMPREHENSI V E INCOME
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
The notes on pages 8 to 40 are an integral part of these financial statements
For the year ended
In thousands of New Zealand dollars
30 June 202130 June 2020
Note
Profit/(loss) for the year9,479 (9,701)
Items that are or may be reclassified subsequently to the income
statement
Foreign currency translation differences for foreign operations (1,067)1,431
Foreign currency translation differences for equity accounted investees(49)(467)
Effective portion of changes in fair value of cash flow hedges(950) 1,658
Fair value movement – financial asset396 (2,640)
Income tax on these items 10328(768)
Income and expense recognised directly in other comprehensive income(1,342)(786)
Total comprehensive income/(loss) for the year8,137 (10,487)

Comvita Financial Statements 2021 - P6Comvita Financial Statements 2021- P7
As at 30 June
20212020
In thousands of New Zealand dollars
Note
Assets
Property, plant and equipment
12
63,34556,829
Intangible assets and goodwill
13
38,04639,467
Right of use assets
14
13,03511,447
Biological assets
16
3,8143,795
Investment
17
6,8496,269
Deferred tax asset
11
7,2098,043
Total non-current assets132,298125,850
Inventory
18
101,008112,679
Trade receivables
19
23,52317,726
Sundry receivables
20
13,46312,349
Cash and cash equivalents
25
16,26716,680
Tax receivable50366
Assets held for sale-773
Total current assets154,311160,573
Total assets286,609286,423
Equity
Issued capital201,839200,104
Retained earnings26,11418,620
Reserves
(6,073)
(6,976)
Total equity221,880211,748
Liabilities
Loans and borrowings
25
20,85032,200
Employee benefits
21
539414
Lease liability9,9507,891
Deferred tax liability
11
1,9622,194
Total non-current liabilities33,30142,699
Trade and other payables
22
18,86922,707
Lease liability3,6313,744
Employee benefits
21
5,5143,653
Tax payable1,7661,158
Derivatives
28
1,648714
Total current liabilities31,42831,976
Total liabilities64,72974,675
Total equity and liabilities286,609286,423
For the year ended 30 June
In thousands of New Zealand dollars
20212020
Note
Receipts from customers190,739207,143
Payments to suppliers and employees(161,711)(161,394)
Interest received4234
Interest paid(2,247)(4,421)
Taxation paid(1,998)(2,065)
Net cash flows from operating activities2624,82539,297
Consideration paid for business combination-(4,505)
Receipt from disposal of investment396-
Loans to equity accounted investees(150)(1,621)
Interest from equity accounted investees19-
Receipt of dividend from equity accounted investee363-
Loans to related parties567-
Interest from related parties2336
Payment for the purchase of property, plant and equipment(10,601)(5,206)
Receipt for the disposal of property, plant and equipment4682,336
Receipt from sale of intangibles226
Payment for the purchase of intangibles(366)(496)
Payment for derivative settlement-(263)
Net cash flows from investing activities(9,279)(9,693)
Proceeds from the issue of share capital (20)48,213
Purchase of treasury stock(1,239)(572)
Repayment of lease liabilities(3,560)(3,862)
Repayment of loans and borrowings(11,350)(67,050)
Net cash flows from financing activities(16,169)(23,271)
Net increase in cash and cash equivalents(623)6,333
Cash and cash equivalents at the beginning of the year16,68010,314
Effect of exchange rate fluctuations on cash held21033
Cash and cash equivalents at the end of the year16,26716,680
Represented as:
Cash and cash equivalents2516,26716,680
Total16,26716,680
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
CONSOLIDATED STATEMENT
OF CASH FLOWS
The notes on pages 8 to 40 are an integral part of these financial statementsThe notes on pages 8 to 40 are an integral part of these financial statements

Comvita Financial Statements 2021 - P8Comvita Financial Statements 2021- P9
1. REPORTING ENTITY
Comvita Limited (the “Company”) is a Company domiciled
in New Zealand, and registered under the Companies
Act 1993 and listed on the New Zealand Stock Exchange
(“NZX”). The Company is an issuer in terms of the
Financial Reporting Act 2013 and Financial Markets
Conduct Act 2013. The financial statements of the Group
for the year ended 30 June 2021 comprise the Company
and its subsidiaries (together referred to as the “Group”)
and the Group’s interest in equity accounted investees.
The principal activity of the Group is that of
manufacturing and marketing quality natural health
products, apiary ownership and management.
2. BASIS OF PREPARATION
(a) Statement of compliance
The Company is a FMC reporting entity for the purposes
of the Financial Reporting Act 2013 and under part 7 of
the Financial Markets Conduct Act 2013. These financial
statements comply with these Acts and have been
prepared in accordance with the New Zealand Equivalents
to International Financial Reporting Standards and
International Financial Reporting Standards as
appropriate for profit-oriented entities.
The financial statements were approved by the Board of
Directors on 25 August 2021.
(b) Basis of measurement
The financial statements have been prepared on the
historical cost basis except for derivative financial
instruments, financial instruments designated as fair
value through other comprehensive income, biological
assets which are measured at fair value.
The methods used to measure fair values are discussed
further in the respective notes.
(c) Functional and presentation currency
These financial statements are presented in New Zealand
dollars ($), which is the Company’s functional currency.
Amounts have been rounded to the nearest thousand.
(d) Accounting estimates and judgements
The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the reporting period in which the estimate
is revised and in any future reporting periods affected.
In particular, information about significant areas of
estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect
on the amount recognised in the financial statements are
set out below:
(i) Measurement of recoverability of cash generating units
("CGUs")
Impairment reviews are performed by management
annually to assess the carrying value of CGUs containing
goodwill. The recoverable amounts of CGUs have been
determined based on value-in-use calculations. These
calculations require the use of estimates. Refer to note 13.
(ii) Intangible assets
The estimation of useful lives of intangible assets such
as distribution networks have been based on historical
experience. The useful lives are reviewed at least once
per year and adjustments to useful lives are made when
considered necessary.
(iii) Valuation of equity accounted investees
An assessment of the carrying value of investments in
equity accounted investees is performed at least annually
and considers objective evidence for impairment on each
investment, taking into account observable data on the
investment, the status or context of markets, its own view
of fair value, and its long-term investment intentions. The
assessment also requires judgements about the expected
future performance and cash flows of the investment.
(iv) Deferred consideration
The valuation of the deferred consideration on the Group’s
business combinations and joint ventures are based on
the post-acquisition performance of the business and the
amounts payable shall be remeasured at their fair value
resulting from events or factors that emerge after the
acquisition date, with any resulting gain or loss recognized
in the income statement.
(v) Leases
Comvita assesses at lease commencement whether it is
reasonably certain to exercise extension options where
included in the contract, and where it is reasonably
certain, the extension period has been included in the
lease liability calculation.
(vi) Recoverability of deferred tax assets
The utilisation of tax loss carry-forwards is dependent
on expected future taxable profits in excess of the
profits from the reversal of existing taxable temporary
differences. This recognition is based on current budgets
and financial forecasts completed by management.
(vii) Valuation of biological assets
The fair value of biological assets is assessed on an annual
basis which involves reviewing the number of operational
hives in use as well as ensuring the value per hive is in
line with guidance provided by the Ministry of Primary
Industries, refer note 16.
3. SIGNIFICANT ACCOUNTING
POLICIES
(a) Basis of consolidation
(i) Business combinations
Business combinations are accounted for using the
acquisition method as at the acquisition date, which is the
date on which control is transferred to the Group, except
for entities under common control, which are accounted
for using the pooling of interest method.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power to govern the
financial and operating policies of an entity so as to obtain
benefits from its activities. In assessing control, potential
voting rights that presently are exercisable are taken into
account. The financial statements of subsidiaries are
included in the consolidated financial statements from the
date that control commences until the date that control
ceases.
(iii) Investments in equity accounted investees
Associates and joint ventures are those entities in which
the Group has significant influence, but not control,
over the financial and operating policies. Associates
and joint ventures are accounted for using the equity
method (equity accounted investees). The consolidated
financial statements include the Group’s share of the
income and expenses of equity accounted investees, after
adjustments to align the accounting policies with those
of the Group, from the date that significant influence or
joint control commences until the date that significant
influence or joint control ceases.
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to
the respective functional currencies of Group entities
at exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies at the reporting date are translated to the
functional currency at the exchange rate at that date.
(ii) Foreign operations
The assets and liabilities of foreign operations with
currencies different to the Company including goodwill
and fair value adjustments arising on acquisition, are
translated to New Zealand dollars at exchange rates at
the reporting date. The income and expenses of such
foreign operations are translated to New Zealand dollars
at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in the foreign
currency translation reserve ("FCTR").
(c) Financial assets and financial liabilities
(i) Classification
The Group classifies its financial assets in the following
measurement categories:
• those to be measured subsequently at fair value
either through other comprehensive income
("FVOCI"), or through profit or loss ("FVPL"), and
• those to be measured at amortised cost.
(ii) Measurement
At initial recognition, the Company measures a financial
asset at its fair value plus, in the case of a financial
asset not at FVPL, transaction costs that are directly
attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss.
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash
flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends
on the Group business model for managing the asset and
the cash flow characteristics of the asset. There are three
measurement categories into which the Group classifies its
debt instruments:
• Amortised cost: Assets that are held for collection
of contractual cash flows where those cash flows
represent solely payments of principal and interest
are measured at amortised cost. Interest income from
these financial assets is included in finance income
using the effective interest rate method. Any gain or
loss arising on derecognition is recognised directly in
profit or loss and presented in other gains/(losses)
together with foreign exchange gains and losses.
Impairment losses are presented as a separate line
item in the income statement.
• FVOCI: Assets that are held for collection of
contractual cash flows and for selling the financial
assets, where the assets’ cash flows represent solely
payments of principal and interest, are measured at
FVOCI. Movements in the carrying amount are taken
through other comprehensive income ("OCI"), except
for the recognition of impairment gains or losses,
interest income and foreign exchange gains and
losses which are recognised in profit or loss. When the
financial asset is derecognised, the cumulative gain or
loss previously recognised in OCI is reclassified from
equity to profit or loss and recognised in other gains/
(losses). Interest income from these financial assets is
included in finance income using the effective interest
rate method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment
expenses are presented as a separate line item in the
income statement.
• FVPL: Assets that do not meet the criteria for
amortised cost or FVOCI are measured at FVPL. A
gain or loss on a debt investment that is subsequently
measured at FVPL is recognised in profit or loss and
presented net within other gains/(losses) in the period
in which it arises.
Equity instruments
The Group subsequently measures all equity investments
at fair value. Where the Group’s management has
elected to present fair value gains and losses on equity
investments in OCI, there is no subsequent reclassification
of fair value gains and losses to profit or loss following
the derecognition of the investment. Dividends from such
investments continue to be recognised in profit or loss as
other income when the group’s right to receive payments
is established. Changes in the fair value of financial assets
at FVPL are recognised in other gains/(losses) in the
income statement loss as applicable. Impairment losses
(and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from
other changes in fair value.
Accounting for finance income and expense is discussed in
Note 3(m).
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P10Comvita Financial Statements 2021- P11
3. SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
(d) Financial instruments
(i) Non-derivative financial instruments
Non-derivative financial instruments comprise
investments in equity securities, trade and other
receivables, cash and cash equivalents, loans and
borrowings, and trade and other payables.
Non-derivative financial instruments are recognised
initially at fair value plus, for instruments not at FVPL, any
directly attributable transaction costs.
A financial instrument is recognised if the Group
becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the
Group’s contractual rights to the cash flows from the
financial assets expire or if the Group transfers the
financial asset to another party without retaining control
or substantially all risks and rewards of the asset. Regular
way purchases and sales of financial assets are accounted
for at trade date, i.e., the date that the Group commits
itself to purchase or sell the asset. Financial liabilities are
derecognised if the Group’s obligations specified in the
contract expire or are discharged or cancelled.
Cash and cash equivalents comprise cash balances and
demand deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Group’s cash
management are included as a component of cash and
cash equivalents for the purpose of the statement of cash
flows.
Accounting for finance income and expense is discussed in
Note 3(m).
Instruments at fair value through the income statement
An instrument is classified as at FVPL if it is held for
trading or is designated as such upon initial recognition.
Financial instruments are designated at FVPL if the
Group manages such investments and makes purchase
and sale decisions based on their fair value. Upon initial
recognition, attributable transaction costs are recognised
in the income statement when incurred. Subsequent to
initial recognition, financial instruments are measured
at fair value, and changes therein are recognised in the
income statement.
(ii) Derivative financial instruments
The Group uses derivative financial instruments to hedge
its exposure to foreign exchange and interest rate risks
arising from operational, financing and investment
activities. In accordance with its treasury policy, the Group
does not hold or issue derivative financial instruments for
trading purposes. However, derivatives that do not qualify
for hedge accounting are accounted for as financial
instruments designated at FVPL.
Derivative financial instruments are recognised initially
at fair value and transaction costs are expensed
immediately. Subsequent to initial recognition, derivative
financial instruments are stated at fair value. The gain
or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where
derivatives qualify for hedge accounting, recognition of
any resultant gain or loss depends on the nature of the
hedging relationship .
Cash flow hedges
Changes in the fair value of the derivative hedging
instrument designated as a cash flow hedge are
recognised in other comprehensive income and presented
in equity in the hedging reserve to the extent that
the hedge is effective. To the extent that the hedge is
ineffective, changes in fair value are recognised in the
income statement.
If the hedging instrument no longer meets the criteria
for hedge accounting, expires or is sold, terminated
or exercised, then hedge accounting is discontinued
prospectively. The cumulative gain or loss previously
recognised in equity remains there until the forecast
transaction occurs. The amount recognised in equity is
transferred to the income statement in the same period
that the hedged item affects the income statement.
(e) Share capital
(i) Ordinary shares
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of ordinary shares and
share entitlements are recognised as a deduction from
equity.
(ii) Repurchase of share capital
When share capital recognised as equity is repurchased,
the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from
equity. Repurchased shares are classified as treasury
shares and are presented as a deduction from total equity.
(f) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured
at cost less accumulated depreciation and impairment
losses.
Cost includes expenditures that are directly attributable
to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and
direct labour, any other costs directly attributable to
bringing the asset to a working condition for its intended
use, and the costs of dismantling and removing the
items and restoring the site on which they are located.
Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that
equipment.
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant and
equipment
(ii) Subsequent costs
The cost of replacing part of an item of property, plant
and equipment is recognised in the carrying amount of the
item if it is probable that the future economic benefits
embodied within the part will flow to the Group and its
cost can be measured reliably. The costs of the day-to-day
servicing of property, plant and equipment are recognised
in the income statement as incurred.
.
3. SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
(iii) Depreciation
Depreciation is recognised in the income statement on a
straight-line basis over the estimated useful lives of each
part of an item of property, plant and equipment. Land is
not depreciated.
The estimated useful lives for the current and comparative
periods are as follows:
• Buildings up to 50 years
• Plant and machinery 2 - 20 years
• Vehicles 4 -17 years
• Office equipment, furniture and fittings 2 - 50 years
• Bearer plants 100 years
Depreciation methods, useful lives and residual values are
reassessed at the reporting date.
(g) Biological assets
Biological assets are measured at fair value less point-
of-sale costs, with any change therein recognised in the
income statement. Point-of-sale costs include all costs
that would be necessary to sell the assets. Agricultural
produce from biological assets is transferred to inventory
at fair value, by reference to market prices for honey, less
estimated point-of-sale costs at the date of harvest.
(h) Intangible assets and goodwill
(i) Goodwill
Goodwill that arises on the acquisition of subsidiaries and
other business combinations is presented within intangible
assets. Goodwill is measured at cost less accumulated
impairment losses.
(ii) Research and development
Expenditure on research activities, undertaken with the
prospect of gaining new scientific or technical knowledge
and understanding, is recognised in the income statement
when incurred.
Development activities involve a plan or design for the
production of new or substantially improved products and
processes. Development expenditure is capitalised only if
development costs can be measured reliably, the product
or process is technically and commercially feasible, future
economic benefits are probable, and the Group intends
to and has sufficient resources to complete development
and to use or sell the asset. The expenditure capitalised
includes the cost of materials, direct labour and overhead
costs that are directly attributable to preparing the asset
for its intended use. Other development expenditure
is recognised in the income statement when incurred.
Capitalised development expenditure is measured at
cost less accumulated amortisation and accumulated
impairment losses.
(iii) Subsequent expenditure
Subsequent expenditure is capitalised only when it
increases the future economic benefits embodied in the
specific asset to which it relates. All other expenditure,
including expenditure on internally generated goodwill
and brands, is recognised in the income statement when
incurred.
(iv) Amortisation
Amortisation is recognised in the income statement on
a straight-line basis over the estimated useful lives of
intangible assets, other than goodwill, from the date that
they are available for use. The estimated useful lives for
the current and comparative periods are as follows:
• Intellectual property and
other intangible assets 3 – 20 years
• Capitalised development costs 2 – 5 years
• Software 2 – 25 years
(i) Inventories
Inventories are measured at the lower of cost and net
realisable value. The cost of inventories is based on the
weighted average principle, and includes expenditure
incurred in acquiring the inventories and bringing them
to their existing location and condition. In the case of
manufactured inventories and work in progress, cost
includes an appropriate share of production overheads
based on normal operating capacity. Net realisable value
is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and
selling expenses.
The cost of items transferred from biological assets is
their fair value less point-of-sale costs at the date of
transfer.
(j) Impairment
The carrying amounts of the Group’s assets are reviewed
at each reporting date to determine whether there is any
objective evidence of impairment.
An impairment loss is recognised whenever the carrying
amount of an asset exceeds its recoverable amount.
Impairment losses directly reduce the carrying amounts of
assets and are recognised in the income statement.
(i) Impairment of receivables
The group assesses on a forward-looking basis the
expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The
impairment methodology applied depends on whether
there has been a significant increase in credit risk.
For trade receivables, the company applies the simplified
approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of
the receivables.
The recoverable amount of the Group’s investments
in receivables carried at amortised cost is calculated
as the present value of estimated future cash flows.
Impairment losses on an individual basis are determined
by an evaluation of the exposures on an instrument by
instrument basis. All individual instruments that are
considered significant are subject to this approach.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P12Comvita Financial Statements 2021- P13
3. SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
(ii) Non-financial assets
An impairment loss is recognised if the carrying amount
of an asset or its CGUs exceeds its recoverable amount.
A cash-generating unit is the smallest identifiable
asset group that generates cash flows that are largely
independent from other assets and groups. Impairment
losses are recognised in the income statement.
Impairment losses recognised in respect of cash-
generating units are allocated first to reduce the carrying
amount of any goodwill allocated to the units and then
to reduce the carrying amount of the other assets in the
unit (group of units) on a pro rata basis. When an event
occurring after the impairment was recognised causes the
amount of the impairment to decrease, the decrease in
impairment loss is reversed through profit or loss.
The recoverable amount of an asset or CGUs is the
greater of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset.
(k) Employee benefits
Share-based payment transactions
The grant date fair value of entitlements granted to
employees is recognised as an employee expense, with
a corresponding increase in equity, over the period in
which the employees become unconditionally entitled
to the entitlements. The amount recognised as an
expense is adjusted to reflect the actual number of share
entitlements that vest.
(l) Revenue
Revenue from the sale of goods is measured at the fair
value of the consideration received or receivable, net
of returns and allowances, trade discounts and volume
rebates. Revenue is recognised at the point of time
performance obligations are satisfied by transferring
control of goods to the customer. For wholesale sales,
control passes to the customer in accordance with the
individual terms of the contract of sale – for domestic
sales this is ordinarily on delivery to the customer’s
premises and acceptance by the customer. For in-store
sales, control passes to the customer at point of sale. For
online sales, the order along with delivery to the customer
are considered to comprise a single performance
obligation, therefore control is considered to pass to the
customer on delivery of the goods.
(m) Finance income and expenses
Finance income comprises interest income on funds
invested, foreign exchange gains, dividend income and
gains on the disposal of FVOCI financial assets that are
recognised in the income statement. Interest income
is recognised as it accrues, using the effective interest
method. Dividend income is recognised on the date that
the Group’s right to receive payment is established, which
in the case of quoted securities is the ex-dividend date.
Finance expenses comprise interest expense on
borrowings, foreign exchange losses, unwinding of the
discount on provisions, impairment losses recognised
on financial assets (except for trade receivables) and
losses on the disposal of FVOCI financial assets that
are recognised in the income statement. All borrowing
costs are recognised in the income statement using the
effective interest method.
(n) Income tax expense
Income tax expense comprises current and deferred tax.
Income tax expense is recognised in the income statement
except to the extent that it relates to items recognised in
other comprehensive income, in which case it is recognised
in equity.
Current tax is the expected tax payable on the taxable
income for the period, using tax rates enacted or
substantively enacted at the reporting date, and any
adjustment to tax payable in respect of previous periods.
Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
amounts used for taxation purposes. Deferred tax is not
recognised for the following temporary differences: the
initial recognition of goodwill, the initial recognition of
assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor
taxable profit, and differences relating to investments
in subsidiaries to the extent that they probably will
not reverse in the foreseeable future. Deferred tax is
measured at the tax rates that are expected to be applied
to the temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted
by the reporting date.
A deferred tax asset is recognised to the extent that it
is probable that future taxable profits will be available
against which temporary differences can be utilised.
Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable
that the related tax benefit will be realised. Additional
income taxes that arise from the distribution of dividends
are recognised at the same time as the liability to pay the
related dividend is recognised.
(o) Earnings per share
The Group presents basic and diluted earnings per
share ("EPS") data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to
ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the
period. Diluted EPS is determined by adjusting the profit
or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding
for the effects of all dilutive potential ordinary shares,
which comprise share entitlements granted to employees.
(p) Segments
Segment results that are reported to the CEO include
costs directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Unallocated
items comprise mainly head office expenses.
3. SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
(q) Reclassification of freight expenses
From 1 July 2020, the business has changed the
classification of freight expenses from distribution
expenses to cost of goods sold. For consistency,
$4,632,000 of freight expenses have been reclassified
from operating expenses to cost of goods sold for the year
ended 30 June 2020.
(r) New and amended standards adopted by the
group
The accounting policies applied in these consolidated
financial statements are the same as those applied in the
Group’s consolidated financial statements as at and for
the year ended 30 June 2020. There are no new standards
that are not yet effective that would be expected to have
a material impact on the Group, in the current or future
reporting periods, and foreseeable future transactions.
(s) Covid-19 considerations
Comvita is classified as an ‘Essential’ business by the
New Zealand Government, therefore having no impact
on the manufacturing process of the Group. For the year
ended 30 June 2021 the Group has not been significantly
impacted by COVID-19. There has been a strong demand
in sales, in particular in online channels across all
markets. An assessment over the carrying value of assets
and liabilities has been performed and the Group has
recognised provisions where necessary relating to the
impact of COVID-19. The Group continues to operate as a
going concern and Senior Management continue to closely
monitor the situation.
4. SEGMENT REPORTING
A review of operating segments has been completed in the
current year and this has resulted in a change to reported
segments. Previously reported segment information
has been restated in line with the operating segments
described below.
Segment information is presented in the financial
statements in respect of the Group’s contribution
segments which are the primary basis of decision making.
The contribution segment reporting format reflects the
Group’s management and internal reporting structure.
Performance is measured based on contribution which is a
measure of profitability that the segment contributes to
the Group. Contribution is used to measure performance
as management believes that such information is most
relevant in evaluating the results of certain segments.
Inter-segment pricing is determined on an arms-length
basis.
Each segment sells Comvita’s range of products.
Comvita’s range of products primarily include products
with apiary and other natural ingredients.
The Company is organised primarily by geographic
location of its subsidiaries.
The Group has five reportable segments as described
below:
Greater China This segment reports both revenue and
related costs of the China and Hong
Kong markets.
ANZ Australia and New Zealand (ANZ)
segment captures both revenue and
related costs for the ANZ market.
Rest of Asia This segment captures both revenue
and related costs of all of our Asian
operations and customers excluding
Greater China.
North America This segment captures both revenue
and related costs for sales to
customers in North America.
EMEA The Europe, Middle East and Africa
(EMEA) segment captures both
revenue and related costs for the EMEA
markets.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P14Comvita Financial Statements 2021- P15
5. REVENUE
In thousands of New Zealand dollars
20212020
30 June30 June
Sales191,734195,280
Other -632
Total revenue 191,734195,912

6. OTHER INCOME
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Change in fair value of contingent consideration-1,039
Government subsidies734-
Government grants2,052535
Gain on disposal of property, plant and equipment222243
Insurance claims received19565
Change in fair value of biological assets17-
Other -327
Total other income3,2202,209
7. FINANCIAL INCOME AND EXPENSES
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Interest income252298
Dividend income99
Net foreign exchange gain2,212-
Finance income2,473307
Interest expense on financial liabilities measured at amortised cost(2,247)(4,421)
Net foreign exchange loss-(1,340)
Net loss in fair value of derivatives designated at fair value through the income
statement:
- Interest rate swaps-(264)
- SeaDragon options and convertible loan notes-(192)
Finance expense(2,247)(6,217)
Net finance income/(costs)226(5,910)
4. SEGMENT REPORTING (CONTINUED)
For the year ended 30 June
In thousands of New Zealand dollars
Greater ChinaANZRest of AsiaNorth AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
2021202020212020202120202021202020212020202120202021202020212020
Contribution segments
Revenue
93,07686,94532,44444,06925,34620,53324,73522,1375,0606,917180,661180,60111,07315,311191,734195,912
Contribution
19,90818,20310,21813,9436,3674,1964,7334,38035(541)41,26140,181(791)1,82440,47042,005
Non attributable
(other corporate expenses)

(31,506)(34,222)
Comvita China acquisition - release of inventory
-
(8,238)
Other income (note 6)

3,2202,209
Financial income and expenses
(note 7)
226(5,910)
Share of profit of equity accounted investees (note 17b)
992(174)
Impairment of equity accounted investees
- (5,928)
Net profit/(loss) before tax
13,402(10,258)
Geographical segments
30 June 202130 June 2020
In thousands of New Zealand dollars
Revenue
Non-current
assets
Revenue
Non-current
assets
Greater China
94,29937,76684,33641,066
ANZ
25,52588,36044,27483,483
Rest of Asia
31,25250625,510643
North America
32,13515830,840544
EMEA
4,978396,78186
Other Countries
3,5455,4694,17128
Total191,734132,298195,912125,850
Total reportable segment assets
As at 30 June
In thousands of New Zealand dollars
2021
2020
Total assets for reportable segments150,970128,266
Other investments88
Investment in equity accounted investees6,8416,261
Other unallocated assets128,790151,888
Consolidated total assets286,609286,423
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P16Comvita Financial Statements 2021- P17
8. PERSONNEL EXPENSES
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Wages and salaries39,54843,135
KiwiSaver – employer contribution556558
Movement in long-service leave provision 125(33)
Equity settled share based payment transactions694329
Total personnel expenses40,92343,989
9. EXPENSES
Administrative expenses
The following items of expenditure are included in administrative expenses:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Auditors’ remuneration:
To KPMG for audit services (ii)323360
To KPMG for audit related services77
To KPMG for tax services (iii)266112
To Mercer & Hole (UK auditors)3033
Insurance (i)113284
Doubtful debts (recovered)/expense(147)984
Bad debts written off 791,852
Restructure costs7831,768
Change in fair value of biological assets-389
Directors’ fees (iv)573550
Directors – other costs 2017
Other legal & professional expenses540309
Loss on disposal of intangible assets-9
Donations56
(i) Only the portion of this expense which is included in administrative expenses
(ii) Audit services include fees for the annual audit of the financial statements of the group and its foreign
subsidiaries based in China and Hong Kong and the review of the interim financial statements
(iii) Tax services is for tax compliance and advisory work
(iv) Refer to Statutory Information
10. INCOME TAX EXPENSE IN THE INCOME STATEMENT
In thousands of New Zealand dollars
Note2021
30 June
2020
30 June
Current tax expense
Current period3,0092,382
Adjustment for prior periods(16)(60)
Total current income tax expense2,9932,322
Deferred tax expense
Origination and reversal of temporary differences11929(2,879)
Total deferred income tax expense/(benefit)929(2,879)
Total income tax expense/(benefit)3,922(557)
Reconciliation of effective tax expense
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Profit for the period9,479(9,701)
Total income tax expense/(benefit)3,922(557)
Profit/(loss) excluding income tax13,401(10,258)
Income tax using the Company’s domestic tax rate of 28% (2020: 28%)3,752(2,872)
Effect of different tax rates in foreign jurisdictions (614)(354)
Non-deductible expenses1,4973,118
Non-assessable income(817)(714)
Under provided in prior periods104265
Total income expense/(benefit)3,922(557)
Income tax recognised directly in other comprehensive income
In thousands of New Zealand dollars
Note2021
30 June
2020
30 June
Derivatives11(328)465
Other items-303
Total income tax recognised directly in other comprehensive income(328)768
Imputation credit account
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Imputation credits available for use in subsequent reporting periods8,3248,767

NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P18Comvita Financial Statements 2021- P19
11. DEFERRED TAX ASSETS AND LIABILITIES
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
In thousands of New
Zealand dollars
AssetsLiabilitiesNet
202120202021202020212020
Property, plant &
equipment
--(1,020)(831)(1,020)(831)
Intangible assets--(1,962)(2,194)(1,962)(2,194)
Biological assets--(56)(50)(56)(50)
Inventories3,2632,973--3,2632,973
Derivatives464199--464199
Investments78105--78105
Other items1,5431,283--1,5431,283
Tax loss carry-forwards2,9374,364--2,9374,364
Tax assets/(liabilities)8,2858,924(3,038)(3,075)5,2475,849
Set-off of tax(1,076)(881)1,076881--
Net tax assets/(liabilities)7,2098,043(1,962)(2,194)5,2475,849

Movement in temporary differences during the year
In thousands of New Zealand
dollars
Balance
1 July 2020
Recognised in the 
income statement
Recognised in other
comprehensive
income
Balance
30 June 2021
Property, plant & equipment(831)(189)-(1,020)
Intangible assets(2,194)232-(1,962)
Biological assets(50)(6)-(56)
Inventories2,973290-3,263
Derivatives198(62)328464
Investments105(27)-78
Other items1,284259-1,543
Tax loss carry-forwards4,364(1,427)-2,937
Total5,849(930)3285,247
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
In thousands of New Zealand dollars
2021202120202020
Gross AmountTax EffectGross AmountTax Effect
Tax loss carry-forwards5,3591,3735,2491,350
Intangible assets574172572171
Total5,9331,5455,8211,521
The tax loss carry-forwards do not expire under current tax legislation. They relate to capital losses in Australia, and
losses on acquisition in the United Kingdom.
12. PROPERTY, PLANT & EQUIPMENT
In thousands of New Zealand
dollars
LandBuildingsOwned
plant &
machinery
VehiclesBearer
plants
Office

equipment,
furniture &
fittings
Capital
WIP
Total
Cost
Balance at 30 June 201911,72726,60128,5532,3645,8195,9622,60683,632
Additions/transfers2208041,034159-1,2762,1325,625
Disposals(120)(447)(778)(173)-(843)-(2,361)
Reclassification to assets held
for sale
(420)(328)(388)----(1,136)
Effect of movements in exchange
rates
48286031311361407
Balance at 30 June 202011,45526,65828,4812,3535,9506,5314,73986,167
Additions/transfers-1,5102,050432-2,9184,26911,179
Disposals(8)(663)(954)(176)-(606)- (2,407)
Effect of movements in exchange
rates
10612127(219)(2)(165)
Balance at 30 June 202111,45727,51129,5892,6105,9778,6249,00694,774
Depreciation
Balance at 30 June 2019- (6,586)(13,858)(1,642)(371)(4,254)- (26,711)
Depreciation - (1,098)(2,123)(203)(67)(1,025)-(4,516)
Disposals-254682162-584-1,682
Reclassification to assets held
for sale
-57306----363
Effect of movements in exchange
rates
-(11)(34)(3)(9)(99)-(156)
Balance at 30 June 2020-(7,384)(15,027)(1,686)(447)(4,794)- (29,338)
Depreciation - (1,098)(2,170)(209)(68)(885)- (4,430)
Disposals-630891161-479-2,161
Effect of movements in exchange
rates
-(2)(7)(1)(2)190-178
Balance at 30 June 2021-(7,854)(16,313)(1,735)(517)(5,010)- (31,429)
Carrying amount
At 30 June 201911,72720,01514,6957225,4481,7082,60656,921
At 30 June 202011,45519,27413,4546675,5031,7374,73956,829
At 30 June 202111,45719,65713,2768755,4603,6149,00663,345
Depreciation charge in the income statement
Depreciation is allocated to cost of sales, selling and marketing expenses, distribution expenses, research and
development expenses and administrative expenses.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P20Comvita Financial Statements 2021- P21
13. INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
Impairment testing for cash-generating units containing goodwill ("CGU")
For the purpose of impairment testing, goodwill is allocated to the Group’s CGUs which represent the lowest level within
the Group at which the goodwill is monitored for internal management purposes.
The aggregate carrying amounts of goodwill allocated to each CGU are as follows:
In thousands of New Zealand dollars
Segment
(Note 4)
2021
30 June
2020
30 June
Greater ChinaGreater China25,76525,902
Apiaries 1,7661,766
Other6868
Total goodwill27,59927,736
Greater China CGU:
Value in use was determined by discounting the future cash flows generated from the continuing use of the unit and were
based on the following key assumptions:
2021
30 June
2020
30 June
Anticipated annual revenue growth included in the cash flow projections for the
combined CGU’s (normalised) for the years 2022 to 2026
6.3% to 19.4%1.5% to 8%
Post tax discount rate 12.5%12.5%
Discount rate based on the average weighted cost of capital which was based on debt
leveraging of:
20%20%
-at a cost of debt rate of:12.3%12.3%
Terminal growth rate applied beyond June 20262.0%2.0%
Cash flows were projected on actual operating results, the 30 June 2022 budget and business plan.
Sensitivity to changes in assumptions
In thousands of New Zealand dollars
2021
30 June
2020
30 June
The recoverable amount of the CGU exceeds its carrying amount by 129,70053,100
If projected earnings before interest and tax ("EBIT") is reduced by 10% year on year,
it changes the amount the recoverable amount exceeds its carrying amount to
103,50041,900
The post tax discount rate for the recoverable amount to equal carrying amount is
calculated at
33.6%22.1%
13. INTANGIBLE ASSETS AND GOODWILL
In thousands of New Zealand dollars
NoteGoodwillIntellectual
property and
other intangible
assets
SoftwareTotal
Cost
Balance at 30 June 201927,84015,90610,02753,773
Additions
-205285490
Disposals
--(538)(538)
Effect of movements in exchange
rates
(104)1451960
Balance at 30 June 2020
27,73616,2569,79353,785
Additions
-204162366
Disposals
--(3)(3)
Effect of movements in exchange
rates
(137)60(16)(93)
Balance at 30 June 2021
27,59916,5209,93654,055
Amortisation
Balance at 30 June 2019-
(4,170)(8,521)(12,691)
Amortisation -
(1,286)(836)(2,122)
Disposals-
-502502
Effect of movements in exchange
rates
-
4(11)(7)
Balance at 30 June 2020-
(5,452)(8,866)(14,318)
Amortisation -(1,226)(453)(1,679)
Disposals-
-11
Effect of movements in exchange
rates
-
(29)16(13)
Balance at 30 June 2021-
(6,707)(9,302)(16,009)
Carrying Amount
At 30 June 201927,84011,7361,50641,082
At 30 June 202027,73610,80492739,467
At 30 June 202127,5999,81363438,046
Amortisation charge in the income statement
Amortisation is allocated to cost of sales, selling and marketing expenses, distribution expenses, research and
development expenses and administrative expenses.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P22Comvita Financial Statements 2021- P23
13. INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
Apiaries:
Value in use was determined by discounting the future cash flows generated from the continuing use of the unit and
were based on the following key assumptions:
2021
30 June
2020
30 June
Anticipated annual revenue growth included in the cash flow projections for the
combined CGU’s (normalised) for the years 2022 to 2031
0% to 23.2%(16.6)% to
24.7%
Post tax discount rate
10.0%10.0%
Discount rate based on the average weighted cost of capital which was based on
debt leveraging of:
20%20%
-at a cost of debt rate of:4.4%4.4%
Terminal growth rate applied beyond June 2031
2.0%1.5%
Cash flows were projected on actual operating results, the 30 June 2022 budget and business plan.
Sensitivity to changes in assumptions:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
The recoverable amount of the CGU exceeds its carrying amount by
3,18613,300
If projected EBIT is reduced by 10% year on year, it changes the amount the
recoverable amount exceeds its carrying amount to
5759,000
The post tax discount rate for the recoverable amount to equal carrying amount is
calculated at
11%13%
The percentage movement in yields for each mānuka honey grade range (with the
resulting difference being added to non-mānuka) for the recoverable amount to
equal the carrying amount
8.5%9.0%
The increase in forecast hive costs required for the recoverable amount to equal the
carrying amount
13.0%1.6%
14. LEASES
The Group leases warehouses, retail stores, administration premises, vehicles and land used for hive placements referred
to as
mānuka forests in the table below.
Right of use assets
BuildingsVehiclesMānuka
forests
Total
In thousands of New Zealand dollars
Adoption of NZ IFRS 167,1361,6813,48312,300
Additions3,30182-3,383
Disposals(149)--(149)
Depreciation(2,971)(670)(178)(3,819)
Modifications(413)--(413)
Effect of movement in exchange rates1405-145
Balance at 30 June 20207,0441,0983,30511,447
Additions-5872,7663,353
Modifications2,949131-3,080
Depreciation(3,493)(714)(301)(4,508)
Effect of movement in exchange rates(336)(1)-(337)
Balance at 30 June 20216,1641,1015,77013,035
Amounts recognised in the statement of comprehensive income
2021
30 June
2020
30 June
Interest on lease liabilities375421
Variable lease payments not included in the measurement of lease liabilities3,3734,101
Expenses relating to short-term leases887838
Expenses relating to leases of low-value assets, excluding short-term leases of
low-value assets
1538
Lease liabilities
As at 30 June 2021, the weighted average rate applied was 5.1% Total cash outflow for right of use leases for the year
ended 30 June 2021 was $4.4 million (2020: $4.1m).
Maturity analysis - contractual undiscounted cash flow
Non-cancellable lease rentals ae payable as follows:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Less than 1 year
4,4364,820
Between one and five years4,4334,605
Greater than five years
3,6331,817
Total12,50211,242
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P24Comvita Financial Statements 2021- P25
15. CAPITAL COMMITMENTS
The total capital commitment is $2.0 million (2020: $3.1 million over 2 years) and will be paid over the
next year. The capital commitment relates to mānuka forest costs and other capital projects.
16. BIOLOGICAL ASSETS
Total
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Bees3,3053,370
Olive leaf509425
Total biological assets3,8143,795
Bees
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Balance at beginning of the year3,3703,542
Acquisition-665
Fair value increase-161
Net movement in operational hives(65)(998)
Balance at the end of the year3,3053,370
Number of operational hives
Balance at beginning of the year20,12522,628
Acquisition-5,000
Net movement in operational hives(458)(7,503)
Balance at the end of the year19,66720,125
The Group is exposed to some risks related to owning bees, primarily the risk of damage from climatic
changes and diseases. The Group has processes in place aimed at monitoring and mitigating those
risks, through hiring of experienced beekeepers, the intensive maintenance of beehives and disease
prevention programmes.
Fair value hierarchy
The Group’s bees are level 3 on the fair value hierarchy, being calculations for which inputs are not based
on observable market data (unobservable inputs).
As the beehives are continually regenerating the fair value assigned to a hive is on a $ per kg basis,
plus queen and brood. The value attributed to these quantities has been sourced from the Ministry of
Primary Industries. The value per hive is $141 (2020: $141).
17. INVESTMENTS (CONTINUED)
In thousands of New Zealand dollars
Note2021
30 June
2020
30 June
Equity accounted investees17a6,8416,261
Investment in unlisted shares88
Total investments6,8496,269
(a) Investments in Equity Accounted Investees comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal
Activity
Makino Station Limited “Makino”
New Zealand50%30 June
Apiary and land
ownership
Gan Supply JV Limited “Gan Supply”
New Zealand33%30 June
Restructure and Winding
up Agreement signed
4 June 2021
Putake Group Holdings Limited
“Putake”
New Zealand-30 June
Shareholding ceased
10 June 2021
Manuka Research Partnership Limited
New Zealand-30 June
Shareholding ceased
11 August 2020
Medibee Pty Limited “Medibee”
Australia50%30 June Apiary
Apiter S.A “Apiter”
Uruguay20%31 July
Manufacturing, selling
and distribution

Gan Supply
On 4 June 2021 Comvita signed a Restructure and Winding up Implementation Deed agreeing to sell Gan Supply’s
Property, Plant and Equipment to Nga Pi Honey at market value, cease trading from the date the assets are sold, and
enter into a new Supply Agreement.
Putake
On 10 June 2021 all shares in Putake were sold to Casa Base Trustees and $200,000 of loan to Putake already
provided for was forgiven.
Medibee
Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share of
the loan facility, which is AUD $4,500,000 at balance date.
(b) Carrying value of Investments in Equity Accounted Investees
In thousands of New Zealand dollars
20212020
Balance at 1 July 6,2619,755
Share of profit/(loss)
992(174)
Dividends received
(363)-
Impairment
-(2,543)
Transfer share of loss to receivable
-(310)
Foreign exchange movements
(49)(467)
Balance at 30 June
6,8416,261
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P26Comvita Financial Statements 2021- P27
17. INVESTMENTS (CONTINUED)
(c) Loans to Equity Accounted Investees
In thousands of New Zealand dollars
20212020
Loan and interest receivable
Makino
4,1684,199
Apiter
863623
Gan Supply
-212
Balance at 30 June
5,0315,034
Medibee
As at 30 June 2021 there is a loan to Medibee of $2,469,000 which was fully impaired in the previous financial year.
Makino
Interest is accrued on the balance of loan at a rate of 5.34% p.a. (2020: 6.36%). Interest income for the year ended
30 June 2021 was $161,000 (2020: 192,000).
Apiter
The loan is denominated in USD. Interest is accrued on the balance of the loan at a rate of 3.5% p.a. (2020: 3.5%).
Interest income for the year ended 30 June 2021 was $19,000 (2020: $21,000).
All loans to equity accounted investees are repayable on demand.
(d) Transactions with Equity Accounted Investees
In thousands of New Zealand dollars
Sale of goods and servicesPurchases of goods and services
(including prepayments)
Transaction valueBalance due fromTransaction valueBalance owing to
2021
Makino 67
968239
Gan Supply 50
13,171-
Apiter 32
332,944-
2020
Kaimanawa616
-19-
Makino 92
-174-
Gan Supply 80
31,870-
Putake60
-18-
Apiter 19
232,598418
18. INVENTORY
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Raw materials60,76277,334
Work in progress1,049842
Finished goods39,19734,503
Total inventory101,008112,679
Inventory disposed of during the year ended 30 June 2021 has been recognised within cost of goods sold - $900,000
(2020: $827,000).
19. TRADE RECEIVABLES
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Gross receivable23,97118,331
Impairment(448)(605)
Total trade receivables23,52317,726
The status of trade receivables at the reporting date is as follows:
In thousands of New Zealand
dollars
Gross receivable
2021
Impairment
2021
Gross receivable
2020
Impairment
2020
Not past due18,499-11,388(162)
Past due 0-30 days2,929-2,296(69)
Past due 31-60 days569(68)3,269(254)
Past due 61-365 days1,974(380)1,319(87)
Past due > 365 days--59(33)
Total23,971(448)18,331(605)
The Company has not renegotiated the terms of any financial assets which would result in the carrying amount no longer
being past due or avoid a possible past due status.
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk
for trade receivables at the reporting date by geographic region was:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Australia4,3392,085
China11,5847,288
New Zealand4,7215,322
United States996392
United Kingdom461529
Hong Kong456733
Other regions9661,377
Total23,52317,726
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P28Comvita Financial Statements 2021- P29
20. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
Note2021
30 June
2020
30 June
Loans to equity accounted investees 17c5,0315,034
Loan receivable – related parties -567
Loan receivable – key management personnel 292,746450
Prepayments 4,3605,307
Other receivables1,326991
Total sundry receivables13,46312,349
21. EMPLOYEE BENEFITS
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Annual leave1,5671,598
Performance accrual 3,3481,796
Accrued wages and salaries599259
Total current employee benefits5,5143,653
Long service leave (non-current)539414
Total employee benefits6,0534,067
22. TRADE AND OTHER PAYABLES
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Trade creditors8,84310,449
Accruals9,79912,020
Contingent consideration – equity accounted investees164179
Due to Directors6359
Total trade and other payables18,86922,707
23. CAPITAL AND RESERVES
Ordinary and partly paid redeemable share capital
In thousands of shares
2021
30 June
2020
30 June
Note
On issue at beginning of the year69,78049,555
Share issue - Leader Share Purchase & Loan scheme27738-
Share issue - CEO-308
Acquisition of treasury stock(370)(217)
Supplier Partnership Group Share Scheme152134
Capital raise – Placement and Rights offer-20,000
Ordinary shares on issue at end of the year70,30069,780
Closing partly paid shares 276181,228
Total shares including part paid at end of the year70,91871,008
23. CAPITAL AND RESERVES (CONTINUED)
Treasury Stock
In thousands of shares
2021
30 June
2020
30 June
Treasury stock at beginning of the year2227
Acquired on market370217
Issued - Leader Share Purchase & Loan scheme(370)-
Issued – CEO-(308)
Supplier Partnership Group Share Scheme-(134)
Total treasury stock at end of the year22
Ordinary shares
All ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares
rank equally with regard to the Company’s residual assets.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements
of foreign operations.
Hedging reserve
The hedging reserve comprises the cumulative change in the fair value of cash flow hedging instruments related to
hedged transactions that have not yet occurred.
Fair value reserve
The fair value reserve comprises the cumulative change in the fair value of Financial Assets designated as Fair Value
through Other Comprehensive Income.
Capital management
The Group’s capital includes share capital, reserves and retained earnings. The Board’s policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of the
business. The Board of Directors monitors the geographic spread of shareholders, as well as the return on capital.
Public share offerings and private offerings are made, where applicable. This and acquisitions are key to ensuring the
future development of the business.
The Board has an Employee Share Purchase Scheme, an Executive Employee Share Scheme, a Leader Share Purchase
and Loan scheme and a Performance Share Rights Scheme to ensure the employees hold an investment in the Group. The
Board also implemented a Supplier Group Share Scheme to assist in security of raw material honey supply.
Other than the banking requirements, neither the Company nor any of its subsidiaries are subject to externally imposed
capital requirements.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P30Comvita Financial Statements 2021- P31
24. EARNINGS PER SHARE
Basic earnings per share - weighted average number of ordinary shares
In thousands of shares
2021
30 June
2020
30 June
Issued ordinary shares at beginning of year69,78049,555
Effect of shares issued during the year(140)1,231
Weighted average number of ordinary shares at the end of the year69,64050,786
Basic earnings per share (NZ cents)13.61(19.10)
Diluted earnings per share - weighted average number of ordinary shares
(diluted)
In thousands of shares
Weighted average number of ordinary shares (basic)69,64050,786
Effect of share entitlements issued 107-
Weighted average number of diluted shares at end of the year69,74750,786
Diluted earnings per share (NZ cents)13.59(19.10)
25. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings.
Terms and debt repayment schedule
In thousands of New Zealand
dollars
Facility
Local
Currency
CurrencyNominal
Interest rate
MaturityCarrying
Amount
Carrying
Amount
20212020
Secured bank loan
– Westpac NZ
20,000NZD2.45%July 202220,00020,000
Multi option credit line
– Westpac NZ
60,000NZD1.75%July 202285012,200
Total borrowings80,00020,85032,200
Less current portion of
borrowings
--
Borrowings – non current20,85032,200
Covenants and security
The Group was in compliance with all banking covenants during the year and as at 30 June 2021. All debt with Westpac
New Zealand Limited is secured by way of registered first and exclusive Composite Debentures and a General Security
Agreement, cross collateralised, over all the assets, undertakings and uncalled capital of all Charging Group companies
and an interlocking supported guarantee between all Charging Group companies.
“Charging Group” - Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty Limited, Comvita Australia
Pty Limited, Comvita Holdings UK Limited and Comvita UK Limited.
Net debt
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Cash16,26716,680
Less debt - non current(20,850)(32,200)
Net debt(4,583)(15,520)
25. LOANS AND BORROWINGS (CONTINUED)
Interest rate risk
At reporting date the interest rate profile of the Group’s interest-bearing financial instruments is the balances of the
loans above. The Group has a policy of ensuring that its exposure to interest rates for borrowings is managed. Interest
rate swaps have been entered into to achieve an appropriate mix of fixed and floating rate exposure with the Group’s
policy.
Sensitivity analysis
In managing interest rate risks the Group aims to reduce the impact of short-term fluctuations on the Group’s earnings.
Over the longer-term, however, permanent changes in interest rates will have an impact on profit. At 30 June 2021 it
is estimated that a general increase of one percentage point in interest rates would decrease the Group’s profit before
income tax by approximately $129,000 (30 June 2020: $598,000).
Other Facilities
Overdraft schedule
In thousands of New Zealand dollars
Facility Local
Currency
CurrencyInterest rate
2021
Interest rate
2020
Overdraft facility NZD – Westpac NZ750NZD7.25%7.25%
Overdraft facility GBP – Westpac NZ1,650GBP7.25%7.25%
Overdraft facility YEN – Westpac NZ500JPY7.25%7.25%
The balance drawn on each of these at 30 June 2021 is nil (2020: nil).
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P32Comvita Financial Statements 2021- P33
26. RECONCILIATION OF THE PROFIT FOR THE PERIOD WITH THE NET CASH FROM
OPERATING ACTIVITIES
In thousands of New Zealand dollars
Note
2021
30 June
2020
30 June
Profit/(loss) for the period9,479(9,701)
Adjustments for:
Depreciation8,6708,748
Amortisation 131,6792,122
Share based payments471329
Supplier share scheme – inventory purchase487459
Fair value loss in biological assets 6(17)389
Net loss on fair value of derivatives -456
Wind-up of equity accounted investee-1,070
Share of (profit)/loss equity accounted investees 17b(992)174
Impairment – equity accounted associates-5,928
Profit adjusted for non-cash items19,7779,974
Items relating to investing activities:
Change in trade payables relating to investing activities(128)(209)
Gain on disposal of property, plant & equipment(222)(233)
Interest income(202)(264)
Bad debts50-
Movement in working capital items:
Change in inventories11,67119,513
Change in trade receivables(5,797)13,152
Change in sundry debtors and prepayments824128
Change in trade and other payables(3,837)(2,258)
Change in employee benefits1,986(420)
Change in tax payable924606
Change in deferred tax 602(2,413)
Change in working capital items from foreign currency translation
reserve
(831)1,084
Other movements:
Movement of deferred tax in equity328(768)
Prepayment to equity accounted investee-1,435
Foreign currency reserve(320)(30)
Net cash from operating activities24,82539,297
27. EMPLOYEE SHARE SCHEMES
(a) Leader Share Purchase & Loan scheme
On 25 March 2021 Comvita Limited established a Leader Share Purchase & Loan scheme (“LSPLS”) to retain key
employees and materially align the interests of participants with those of shareholders, by making loans available to
eligible employees for the acquisition of fully paid ordinary shares in Comvita. A summary of the key points of the LSPLS
are as follows:
• The term of the loans will be four years, i.e., delivery of the Comvita Five Year Plan.
• The loan is offered under full recourse conditions and is interest-bearing.
• Any dividends payable will be applied and offset against the loan balance.
• The loan balance must be repaid in full before the shares can be traded by the participant.
• In the event the employee leaves Comvita, the loan is immediately due and payable.
20212020
Employees in the LSPLS8-
Number of shares held738,012-
% of share capital1.04%-
A one-off share based payment expense of $259,000 was recognised in relation to this transaction, refer to note 29.
(b) Performance Share Rights scheme
On 31 July 2020, Comvita Limited implemented a Performance Share Rights (PSR’s) Scheme to incentivise Executives.
The PSR’s are subject to a vesting period of 3 years. Vesting is subject to continued employment and occurs in 3 tranches
(annually). Upon vesting of the PSR’s, shares will be transferred from treasury stock or new shares will be issued in
the capital of the Company on the terms and conditions described in the Comvita Limited Performance Share Rights
Scheme. The shares will be transferred or issued (as applicable) for no consideration and will be credited as fully paid up.
One PSR will convert into one ordinary share upon vesting and will rank equally with all other ordinary shares on issue.
PSRs do not entitle the holder to receive dividends or other distributions, or vote in respect of CVT ordinary shares.
Holders of PSRs cannot transfer or grant security interests over them.
Entitlements on issue at
In thousands
20212020
Number of
entitlements
Number of
entitlements
Entitlements outstanding at beginning of period – July--
Entitlements granted – 25 September 2020122-
Entitlements granted - 4 December 202025-
Entitlements outstanding at end of year147-
A share based payment expense is recognised over the vesting period of these PSRs. It is calculated based on the share
price at grant date, less the present value of estimated dividend payments during the vesting period.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P34Comvita Financial Statements 2021- P35
28. FINANCIAL INSTRUMENTS
Overview
Exposure to credit, liquidity and market risks arises in the normal course of the Company’s business.
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes
for measuring and managing risk and the Group’s management of capital. Further quantitative disclosures are included throughout
these financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.
The Audit and Risk Committee is designated to develop and monitor the Group’s risk management policies. The committee reports
regularly to the Board of Directors on its activities.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Group’s activities. The Group through its training and management standards and
processes aims to develop a disciplined and constructive control environment in which all employees understand their roles and
obligations.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the Group’s receivables from customers. As the counterparty of financial instruments is
Westpac New Zealand Limited, it is considered there is minimal credit risk.
The majority of revenue is generated from retailers and consumers and there is some geographical concentration of credit risk in
China. In order to determine which customers are classified as having payment difficulties, the Group applies a mix of duration and
frequency of default. Trade receivables aging are monitored on a monthly basis and the Company does not require collateral in
respect of trade and other receivables, however Personal Guarantees are obtained where the Company considers it is appropriate.
The Board has approved a credit policy under which new customers are analysed individually for credit worthiness before the Group’s
standard payment terms and conditions are offered. The Group’s review includes reviewing references. Customers that fail to meet
the Group’s benchmark creditworthiness may transact with the Group only on a prepayment basis.
Where possible, our interest in goods sold are subject to retention of title clauses and a security interest is registered on the Personal
Property Securities Register (PPSR), so that in the event of non-payment the Group may have a secured claim.
The Group’s policy is to provide financial guarantees only to subsidiaries and equity accounted investees.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its financial obligations as they fall due. The Group’s approach to managing
liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group’s reputation.
Due to the seasonal nature of raw materials supply the Group has credit lines in place to cover timing differences to offset the
mismatch of receipts and payments. The borrowings are by way of overdraft and committed credit facilities.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the
Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters while optimising return on risk. The Group buys and sells derivatives, and
also incurs financial liabilities in order to manage market risks. All transactions are carried out within the Treasury Policy guidelines set
by the Board of Directors. Generally the Group seeks to apply hedge accounting in order to manage volatility in the income statement.
Currency risk
The Group is exposed to currency risk on sales that are denominated in a currency other than its functional currency, the New Zealand
Dollar. The currencies in which transactions are primarily denominated are United States Dollars, Japanese Yen, Australian Dollars,
Hong Kong Dollars, British Pounds, Euro and Chinese Yuan.
The Group hedges are based on net foreign currency receipts. At any point in time the Group hedges between 40% to 100% of its
estimated foreign currency exposure in respect of net cash receipts expected to be received over the following 12 months. The Group
uses a mixture of forward exchange contracts, collars and options to hedge its currency risk, most with a maturity of less than one
year from the reporting date. When necessary, forward exchange contracts are rolled over at maturity.
Derivatives – assets and liabilities (hedged) and designated at fair value through the income statement
The Group’s Level 2 fair values for simple over-the-counter derivative financial instruments are based on broker quotes. Those quotes
are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument at the
measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of
the Group entity and counterparty when appropriate.
Financial instruments are all level 2 on the fair value hierarchy, as they include inputs other than quoted prices included within level 1
that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). There have been no
transfers between levels in either direction during the period.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
27. EMPLOYEE SHARE SCHEMES (CONTINUED)
(c) Executive share scheme
Comvita Limited has an Executive Employee Share Scheme called the Comvita Limited Partly Paid Share Scheme (“The
ESS”). The ESS was designed to provide key employees with an opportunity to benefit from share price growth. There
will be no new entitlements issued and this scheme is in the process of winding down with the last hurdle date being
8 October 2022.
There are 30 (2020: 40) employees in the ESS. The number of entitlements at 30 June 2021 is 0.87% (30 June 2020: 1.7%)
of total shares.
Entitlements on issue at
In thousands
30 June 202130 June 2020
Number of
entitlements
Weighted
average
exercise price
Number of
entitlements
Weighted
average
exercise price
Entitlements outstanding at beginning of
year
1,2287.052,0287.59
Entitlements forfeited during the year(610)8.00(800)8.52
Entitlements outstanding at end of year6186.111,2287.05
Issue Date 30-Jun-178-Oct-18
Entitlements issued (number)582,500577,500
Entitlements on hand (at 30 June 2021)185,000432,500
Exercise price$5.60$6.33
Forecast share hurdles at 30 June 2021*$7.34 – $7.98$7.56 - $8.06

* The forecast share price hurdle calculation can change based on the WACC percentage used and future dividends paid.
The $5.60 share entitlements did not meet their final share price hurdle at 30 June 2021 and therefore these
entitlements are forfeited and will be cancelled. There are no entitlements exercisable at the end of the year.
(d) Staff share scheme
Employees who have served continuously with the Company for a period of at least 12 months, are given the opportunity
to subscribe for ordinary shares in the Company from time to time. An interest free loan is advanced by the Company
not exceeding $2,340, repayable over three years.
20212020
Employees in the scheme3344
Number of shares held16,40525,184
Unallocated shares6,7165,513
% of share capital0.03%0.03%

Comvita Financial Statements 2021 - P36Comvita Financial Statements 2021- P37
28. FINANCIAL INSTRUMENTS (CONTINUED)
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Derivatives – liabilities (hedging instrument)(1,648)(714)
Total liabilities(1,648)(714)
Liquidity risk
The following table sets out the contractual maturities of financial liabilities including interest payments and derivatives:
In thousands of New Zealand
dollars
Stmt of
financial
position
Contractual
cash flows
6 months or
less
6-12 months1-2 years2-5 years
2021
Non-derivative financial liabilities
Secured bank loans (20,850)(21,355)(252)(252)(20,851)-
Trade and other payables(18,869)(18,869)(18,869)---
Total non-derivative liabilities(39,719)(40,224)(19,121)(252)(20,851)-
Derivatives
Inflow-43,73820,70118,5604,46413
Outflow(1,648)(45,537)(21,197)(19,350)(4,753)(237)
Total derivatives(1,648)(1,799)(496)(790)(289)(224)
2020
Non-derivative financial liabilities
Secured bank loans (32,200)(34,027)(456)(456)(912)(32,203)
Trade and other payables(22,707)(22,707)(22,707)---
Total non-derivative liabilities(54,907)(56,734)(23,163)(456)(912)(32,203)
Derivatives
Inflow-32,75719,19413,4864334
Outflow(714)(33,465)(18,949)(13,375)(616)(525)
Total derivatives(714)(708)245111(573)(491)
28. FINANCIAL INSTRUMENTS (CONTINUED)
Currency risk
In thousands of New Zealand dollars
Group
2021
RMBAUDGBPHKDUSDOther
Trade receivables11,5843,606473 4561,2841,074
Trade and other payables(3,415)(1,512)(675)(721)(1,402)(923)
Gross statement of financial position exposure8,1692,094(202)(265)(118)151
Forward exchange contracts (local currency)66,3002,1501,10022,30012,450269,000
2020
RMBAUDGBPHKDUSDOther
Trade receivables7,2881,8603837331,5861,589
Trade and other payables(1,293)(2,602)(438)(1,024)(1,993)(1,006)
Gross statement of financial position exposure5,995(742)(55)(291)(407)583
Forward exchange contracts (local currency)40,0006,75075012,0006,500126,000
Sensitivity analysis
A 10% strengthening and 10% weakening of the NZD against the following currencies at 30 June would
have changed the asset or liability values in the statement of financial position at 30 June through a
change in equity and the income statement by the amounts shown on the next page. This analysis
assumes that all other variables, in particular interest rates, remain constant. The analysis for 2021
assumes a 10 percent (30 June 2020: 10 percent) strengthening and weakening of the NZD.
2021202120202020
EquityIncome statementEquityIncome statement
+10%-10%+10%-10%+10%-10%+10%-10%
AUD210(257)--656(803)--
GBP198(242)--131(161)--
USD1,623(1,984)--916(1,119)--
HKD375(458)--218(266)--
RMB1,285(1,565)--783(355)--
JPY317(387)--166(202)--
Classification and Fair Values
The carrying amount of all assets and liabilities reflects the fair value. They are classified as follows:
ClassificationAsset or liability
Amortised costTrade and other receivables, cash and cash equivalents, trade and
other payables, loans and borrowings
FVOCIDerivatives
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P38Comvita Financial Statements 2021- P39
29. RELATED PARTIES
Transactions with key management personnel
The key management personnel consists of the Leadership team of Comvita.
Key management and director compensation comprised:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Director fees (note 9)573550
Short term employee benefits4,7782,227
KiwiSaver employer contribution10069
Share based payments 69284
Total6,1432,930
Key management and director loans:
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Loan to CEO 450450
Loan to key management personnel – Leader Share Purchase & Loan
Scheme (note 27a)
2,296-
Total2,746450
At 30 June 2021 Directors and other key management personnel of the Company control 2.37% (2020: 3.72%) of the
voting shares of the Company.
29. RELATED PARTIES (CONTINUED)

Subsidiaries
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal Activity
Comvita New Zealand LimitedNew Zealand100%30 JuneManufacturing and
marketing
Medibee LimitedNew Zealand100%30 JuneNot trading
Comvita Taiwan LimitedNew Zealand100%30 JuneNot trading
Bee & Herbal New Zealand LimitedNew Zealand100%30 JuneIP ownership
Apimed Medical Honey LimitedNew Zealand100%30 JuneIP ownership
Comvita Landowner Share Scheme
Trustee Limited
New Zealand100%30 JuneApicultural land owner
share scheme
Kyoto Forests of New Zealand LimitedNew Zealand100%30 JuneNot trading
Comvita Share Scheme Trustee
Limited
New Zealand100%30 JuneExecutive employee
share scheme
Comvita USA, Inc USA100% 30 JuneSelling and distribution
Comvita Japan Company LimitedJapanManagement
control
30 JuneSelling and distribution
Comvita Korea Co Limited Korea100%30 JuneSelling and distribution
Comvita Food (China) LimitedChina100%31 DecemberSelling and distribution
Comvita China LimitedHong Kong100%30 JuneSelling and distribution
Comvita Holdings HK LimitedHong Kong100%30 JuneHolding Company
Greenlife (New Zealand) Product
Limited
Hong Kong100%30 JuneNot trading
Comvita HK LimitedHong Kong100%30 JuneSelling and distribution
Comvita Holdings Pty LimitedAustralia100%30 JuneHolding Company
Comvita Australia Pty Limited Australia100%30 JuneManufacturing, selling &
distribution
Olive Leaf Australia Pty LimitedAustralia100%30 JuneNot trading
Olive Products Australia Pty Limited Australia100%30 JuneProperty ownership
Comvita IP Pty LimitedAustralia100% 30 JuneIP ownership
Comvita Health Pty LimitedAustralia100%30 JuneNot trading
Medihoney Pty LimitedAustralia100%30 JuneNot trading
Medihoney (Europe) LimitedUnited Kingdom100%30 JuneNot trading
Comvita Holdings UK LimitedUnited Kingdom100%30 JuneHolding Company
Comvita UK LimitedUnited Kingdom100%30 JuneSelling and distribution
New Zealand Natural Foods LimitedUnited Kingdom100%30 JuneNot trading
Comvita Europe BVNetherlands100%30 June Selling and distribution
30. SUBSEQUENT EVENTS
Dividends
On 25 August 2021, the Directors approved the payment of a fully imputed final dividend of $2,812,000
(4 cents per share) to be paid on 7 October 2021. As the dividend was declared after balance date it has
not been recognised as a liability in these financial statements.
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS

Comvita Financial Statements 2021 - P40Comvita Financial Statements 2021- P41
31. SUPPLEMENTARY NON-GAAP INFORMATION - EBITDA
Earnings before interest, tax, depreciation, and amortisation ("EBITDA") is a non-GAAP measure. We monitor this as
a key performance indicator and believe it assists investors in assessing the performance of the core operations of our
business.
In thousands of New Zealand dollars
2021
30 June
2020
30 June
Profit/(loss) before tax13,401(10,257)
Add back: net finance cost1,9954,123
EBIT15,396(6,134)
Add back: depreciation and amortisation10,12710,313
EBITDA25,5234,179
NOTES TO THE FINANCIAL STATEMENTS



Independent Auditor’s
Report
To the shareholders of Comvita Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated financial
statements of Comvita Limited (the ’C ompany’) and its
subsidiaries (the 'Group') on pages 3 to 40:
— Present fairly in all material respects the Group’s
financial position as at 30 June 2021 and its financial
performance and cash flows for the year ended on
that date; and
— Comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
— The consolidated statement of financial position as
at 30 June 2021;
— The consolidated income statement, statements of
comprehensive income, changes in equity and cash
flows for the year then ended; and
— Notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’) . We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for
Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code
of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the consolidated
financial statements section of our report.
Our firm has also provided other services to the Group in relation to tax services. Subject to certain restrictions, partners
and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of
the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has no
other relationship with, or interest in, the Group.

Comvita Financial Statements 2021 - P42Comvita Financial Statements 2021- P43





Other information
The Directors, on behalf of the Group, are responsible for the other information included in the entity’s financial
statements and Annual Report. Other information includes the Director’s Declaration, Statutory Information and Company
Directory and the other information included in the Annual Report. Our opinion on the consolidated financial statements
does not cover any other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. The Annual Report is expected to be made available to us after the date of this Independent Auditor's Report and
we will report the matters identified, if any, to those charged with governance.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been undertaken so
that we might state to the shareholders those matters we are required to state to them in the independent auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the shareholders as a body for our audit work, this independent auditor’s report, or any of the opinions
we have formed.
Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the Company, are responsible for:
— The preparation and fair presentation of the consolidated financial statements in accordance with generally accepted
accounting practice in New Zealand (being New Zealand Equivalents to International Financial Reporting Standards)
and International Financial Reporting Standards;
— Implementing necessary internal control to enable the preparation of a consolidated set of financial statements that is
fairly presented and free from material misstatement, whether due to fraud or error; and
— Assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations,
or have no realistic alternative but to do so.


















Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements in the current period. We summarise below those matters and our key audit procedures
to address those matters in order that the shareholders as a body may better understand the process by which we arrived
at our audit opinion. Our procedures were undertaken in the context of and solely for the purpose of our statutory audit
opinion on the consolidated financial statements as a whole and we do not express discrete opinions on separate elements
of the consolidated financial statements.
The key audit matter How the matter was addressed in our audit
Impairment of Goodwill
Refer to the Notes 3(j)(ii) and 13.
The Group has $27.6m of goodwill
relating to three cash generating units
(CGU’s):
— Greater China;
— Apiaries; and
— Other.
The process of performing an
impairment assessment is inherently
judgemental as it involves the use of
unobservable, forward looking
assumptions and data.
The Group utilises value in use models
to determine the recoverable amount of
each CGU, which are then compared to
the CGU’s net assets. In relation to these
models, particular attention was
required of:
— Projected earnings before interest
and tax (EBIT);
— Post tax discount rates;
— Manuka honey yields and grade;
and
— Forecasted hive costs.
As disclosed in Note 13 of the financial
statements, the recoverable amounts of
each CGU have varying level of
sensitivity to the respective assumptions
applied by the Group.


Our audit procedures included the following, amongst others:
— We assessed Group’s determination of CGU’s based on our
understanding of the nature of the Group, their operations and the
internal reporting of the business;
— We assessed the value in use models (VIU) for each CGU considering the
methodology adopted in the discounted cash flow valuation models
against the requirements of the applicable financial reporting standards;
— We considered the consistency of assumptions in individual VIU models
with the overall Group 5 year strategic plan to ensure appropriate and
consistent cash flows reported. Analysed the future cash flow forecasts
used and determined whether they are reasonable based on the
implementation of the strategic plan and historical achievements;
— We utilised valuation specialists to challenge key judgements, which
included the post tax discount rates applied and terminal growth rates,
through comparison to market data and industry research;
— We performed sensitivity analysis on key cash flow forecast assumptions,
Manuka honey yields and grade, post tax discount rates and terminal
growth, to understand the impact of reasonable possible changes in key
assumptions in various scenarios;
— We performed testing to compare the calculated recoverable values to
the associated carrying amounts, and assessed whether any impairment
expense is to be recognised; and
— We considered and reviewed appropriateness, sufficiency and clarity of
required disclosures included in the Group financial statements.
The procedures performed did not identify any material adjustments to the
impairment expense recognised or the related disclosure.

Comvita Financial Statements 2021 - P44Comvita Financial Statements 2021- P45
Principal activity
The principal activity of the Company is that of manufacturing and marketing quality natural health products.
Dividend
On 25 August 2021, the Directors approved the payment of a fully imputed final dividend of $2,812,000 (4 cents per
share) to be paid on 7 October 2021.
Directors’ remuneration for the year ended 30 June 2021
In thousands of New Zealand dollars
Fee
B Hewlett
129
L.N.E Bunt
88
S.J Kennedy
88
P Reid
67
B Major
67
C. Dayong
67
Z. Guangping
67
Total
573
The maximum total pool of annual Directors’ remuneration is $610,000, as approved by Shareholders in 2016.
INTERESTS REGISTER
Directors have disclosed the following directorships held by them excluding family companies and companies with no
association to their appointment as director of the Company or any companies in the Group:
B. Major
Chairman – Gibb Holdings (Nelson) Ltd
Chairman - High Value Nutrition National Science Challenge
Chairman - Go Global Avocado Primary Growth Partnership
Chairman – Armer Group Advisory Board
Deputy Chairman – Hautupua General Partner Ltd
Deputy Chairman – Miro Trading General Partner Ltd
Managing Director – Sinotearoa Ltd
Director – Comvita Limited
Director – BioVittoria Ltd
Director – BioVittoria Investments Ltd
Director – Dairy Holdings Limited
Member – Oriens Capital Investment Committee
P.R.T Reid
Chairman - Figured Limited
Chairman – Volpara Health Technologies Limited
Chairman – Virsae Group Limited
Director – Comvita Limited
Director – The Equant Company Limited
Director – Christchurch International Airport Limited
L.N.E Bunt
Chairman - Heat Treatments Limited
Director – Comvita Limited
S.J Kennedy
Director - Comvita Limited
Director – SJK Consulting Limited
Director – Lifestream International Limited
Director – Lanaco Limited
Director – Calocurb Ltd
Director – New Zealand Rural Land Co
Director – Final Mile Holdings Limited
B.D Hewlett
Chairman – Comvita Limited
Director – Quayside Holdings Limited
Director – Bluelab Corporation Limited
Director – Quayside Properties Limited
Director - Quayside Securities Limited
Director – Bluelab Holdings Limited
Z. Guangping
*

Director – Comvita Limited
C. Dayong
*

Director – Comvita Limited
Director – China Resources Ng Fung Limited
Director – China Resources Retail (Group) Company Limited
Director –Pacific Coffee (Holdings) Limited
Director –China Resources Snow Breweries Limited
Director – CRE Alliance Fund Management Company Limited
STATUTORY INFORM ATION





Auditor’s responsibilities for the audit of the consolidated financial statements
Our objective is:
— To obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error; and
— To issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at the
External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Trevor Newland.
For and on behalf of

KPMG
Tauranga
25 August 2021


* Mr Zhu Guangping and Mr Cheng Dayong are not considered independent as they are associated with substantial
product holders. Zhu Guangping is associated with Li Wang, the largest shareholder in the Company with a shareholding
greater than 5%. Cheng Dayong is associated with China Resources which also has a shareholding greater than 5%.

Comvita Financial Statements 2021 - P46Comvita Financial Statements 2021- P47
DIRECTORS OF GROUP COMPANIES OTHER THAN SHOWN ABOVE
CompaniesDirectors
Apimed Medical Honey LimitedD Banfield*
Bee & Herbal New Zealand LimitedD Banfield *
Comvita Australia Pty LimitedD Banfield*M Tobin
Comvita China LimitedD Banfield*G ZhuA Chen*
Comvita Food (China) LimitedD Banfield*A Chen*G Zhu
Comvita Health Pty LimitedD Banfield*M Tobin
Comvita HK LimitedD Banfield*A Chen*
Comvita Holdings HK LimitedD Banfield*A Chen*
Comvita Holdings Pty LimitedD Banfield*M Tobin
Comvita Holdings UK LimitedD Banfield*
Comvita IP Pty LimitedD Banfield*M Tobin
Comvita Japan K. K.D Banfield*R Shida*
Comvita Korea Co LimitedD Banfield*J Park*
Comvita Landowner Share Scheme Trustee
LimitedD Banfield*
Comvita New Zealand LimitedD Banfield*A Barr*
Comvita Share Scheme Trustee LimitedS KennedyL Bunt
Comvita Taiwan LimitedD Banfield*
Comvita UK LimitedD Banfield*
Comvita USA, IncD Banfield*A Barr*
Green Life (New Zealand) Product LimitedD Banfield*A Chen*
Kyoto Forests of New Zealand LimitedD Banfield*
Medibee LimitedD Banfield*
Medihoney Europe LtdD Banfield*
Medihoney Pty LtdD Banfield*M Tobin
New Zealand Natural Foods LimitedD Banfield*
Olive Leaf Australia Pty LimitedD Banfield*M Tobin
Olive Products Australia Pty LimitedD Banfield*M Tobin
Comvita Europe B.VD Banfield*N Browne*
* denotes an executive of a Group Company
DIRECTORS OF GROUP COMPANIES (CONTINUED)
Share Dealings of Directors - beneficial
Director
Number of
Shares Sold
Value of
Shares Sold
Number of Shares
Purchased
Value of Shares
Purchased
S.J Kennedy(90)(281)--
B.D Hewlett (41)(134)--
Directors Shareholding
Directors, or entities associated with directors, held the following shareholding in Comvita Limited at 30 June 2021:
DirectorOpening BalanceShares Sold/
Transferred
Shares Purchased/
Transferred
Closing Balance
S.J Kennedy
Beneficial
S.J Kennedy12,865--12,865
Custodial start scheme10,117(90)-10,027
Total22,982(90)-22,892
L.N.E Bunt
L.N.E Bunt and G.E Bunt26,510-43,49070,000
The Bunt Family Trust43,490(43,490)--
Total70,000(43,490)43,49070,000
P.R.T Reid
Beneficial
Craigs KiwiSaver Scheme Account59,314--59,314
Total59,314--59,314
B. Major
Beneficial
Ms S A Parkinson & Mr R M Major27,952--27,952
Total27,952--27,952
B.D Hewlett
Beneficial
Brett Donald Hewlett65,290--65,290
YRW Trustees 2005 Limited319,389-13,247332,636
Brett Donald Hewlett – Start Scheme13,287(13,287)--
Total397,966(13,287)13,247397,926
Beneficial 578,214(56,867)56,737 578,084
Non-beneficial----
Total578,214(56,867)56,737 578,084

STATUTORY INFORM ATIONSTATUTORY INFORM ATION

Comvita Financial Statements 2021 - P48Comvita Financial Statements 2021- P49
Directors Indemnity and Insurance
The Company has insured all its Directors and the Directors of its wholly owned subsidiaries against liabilities to other
parties (except the Company or a related party of the Company) that may arise from their positions as Directors. The
insurance does not cover liabilities arising from criminal actions. The Company has not been required to indemnify its
Directors for any liabilities during the year.
Employees’ remuneration
During the 12-month period to 30 June 2021 the following numbers of employees received remuneration of at least
$100,000.
Number of employees
$100,000 to $110,00011
$110,000 to $120,00012
$120,000 to $130,0009
$130,000 to $140,0006
$140,000 to $150,0008
$150,000 to $160,0004
$160,000 to $170,0005
$170,000 to $180,0005
$180,000 to $190,0002
$190,000 to $200,0002
$200,000 to $210,0001
$210,000 to $220,0005
$230,000 to $240,0001
$240,000 to $250,0003
$280,000 to $290,0001
$380,000 to $390,0001
$400,000 to $410,0001
$430,000 to $440,0001
$480,000 to $490,0001
$510,000 to $520,0002
$680,000 to $690,0001
$840,000 to $850,0001
Note: these bands are New Zealand dollar equivalents and reflect the impact of fluctuations in the foreign exchange
rates for remuneration of overseas based employees. The figures include bonus provisions made during the year which
may have not been paid at period end. It does not include any remuneration or benefit relating to share schemes.
Donations
During the period the Group made cash donations of $5,000 (2020: $6,000). The Company also made donations of
products to charitable organisations.
SHAREHOLDER ANALYSIS
Analysis of shareholder by size as at 1 August 2021
Category
No of shareholdersShares heldPercentage of
shareholders
Percentage of
shares
Up to 1,000 shares1,211605,73136.46%0.86%
1,001 – 5,000 shares1,3293,364,08940.02%4.79%
5,001 – 10,000 shares3632,673,93210.93%3.80%
10,001 – 100,000 shares3699,476,55311.11%13.48%
100,001 shares or more4954,179,5601.48%77.07%
Total3,321*70,299,865100%100%
*This number does not include a number of shareholders within Custodial and Nominee companies
Top 20 shareholders as at 1 August 2021
ShareholderShares heldPercentage of
shares
Li Wang 8,552,736 12.17%
Custodial Services Limited 5,152,828 7.33%
China Resources Ng Fung Limited 4,582,000 6.52%
National Nominees New Zealand Limited 4,491,963 6.39%
Kauri NZ Investments Limited 3,558,077 5.06%
Alan John Bougen & Lynda Ann Bougen & Graeme William Elvin 2,322,550 3.30%
Accident Compensation Corporation 1,976,500 2.81%
Junxian Li 1,856,304 2.64%
Forsyth Barr Custodians Limited 1,804,692 2.57%
Bnp Paribas Nominees NZ Limited Bpss40 1,487,634 2.12%
Pt Booster Investments Nominees Limited 1,475,049 2.10%
Li Sun 1,410,000 2.01%
Robert Bertram Tait & Jane Gibbons Tait & Ian James Craig 1,259,553 1.79%
Maori Investments Limited 1,000,000 1.42%
JBWERE (Nz) Nominees Limited 995,699 1.42%
New Zealand Depository Nominee 801,283 1.14%
Kevin Glen Douglas & Michelle Mckenney Douglas 753,655 1.07%
Citibank Nominees (Nz) Ltd 749,709 1.07%
Masfen Securities Limited 734,010 1.04%
HSBC Nominees (New Zealand) Limited 641,648 0.91%
Other 24,693,975
35.13%
Total Ordinary Shares*69,299,865100.00%
* does not include 617,500 partly paid redeemable share entitlements as detailed in Note 27 to the annual accounts
STATUTORY INFORM ATIONSTATUTORY INFORM ATION

Comvita Financial Statements 2021 - P50
DIRECTORS
Comvita Board Of Directors
Lucas (Luke) Nicholas Elias Bunt
Sarah Jane Kennedy
Paul Robert Thomas Reid
Brett Donald Hewlett
Robert Malcolm Major
Guangping Zhu

Dayong Cheng
REGISTERED OFFICE
Comvita Limited
23 Wilson Road South, Paengaroa
Private Bag 1, Te Puke 3153
Bay of Plenty, New Zealand
Phone +64 7 533 1426
Fax +64 7 533 1118
Freephone 0800 504 959
Email investor-relations@comvita.com
www.comvita.com

BANKERS
Westpac Banking Corporation
Level 8
16 Takutai Square
PO Box 934
Auckland 1140
AUDITORS
KPMG Tauranga
Level 2
247 Cameron Road
PO Box 110
Tauranga 3140
SOLICITORS
Sharp Tudhope
Level 4
152 Devonport Road
Private Bag TG12020
Tauranga 3110
SHARE REGISTRY
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
Substantial security holders as at 1 August 2021
ShareholderShares heldPercentage of shares
Li Wang
8,552,73612.17%
China Resources Ng Fung Limited
4,582,0006.52%
Milford Asset Management Limited
4,491,9636.39%
Kauri NZ Investments Limited
3,558,0775.06%
DIRECTORYSTATUTORY INFORM ATION
NORTH AMERICA
Comvita USA Inc.
Comvita USA Inc.,
506 Chapala Street
Santa Barbara, CA 93101 | USA
Phone +1 855 449 2201
usacustomerservice@comvita.com
UNITED KINGDOM
Comvita UK Limited
2nd Floor, 47a High Street
Maidenhead, SL61JT
United Kingdom
Phone +44 1628 779 460
info@comvita.co.uk
HONG KONG
Comvita Hong Kong Limited
Room 1320 – 1322 Leighton Centre
77 Leighton Road
Causeway Bay | Hong Kong
Phone +852 2562 2335
cs@comvita.com.hk
JAPAN
Comvita Japan Company Limited
Sangenjaya Horisho Bld 4F
1-12-39 Taishido, Setagaya-Ku
Tokyo 154-0004 | Japan
Phone +81 3 6805 4780
info@comvita-jpn.com
KOREA
Comvita Korea Co Limited
18F Gwanghwamun Building,
149 Sejong-daero, Jongno-gu,
Seoul(03186) | Korea
Phone +82 2 2631 0041
service.korea@comvita.com
AUSTRALIA
Comvita Australia Pty Limited
10 Edmondstone Street
South Brisbane
Queensland 4101 | Australia
Phone +61 7 3845 1400
Freephone 1800 466 392
Customer Service 1300 653 436
info@comvita.com.au
CHINA
Comvita Food (China) Limited
2501 - 2502, Block A
Xinhao E Du, No 7018
Caitian Road, Furtian District
Shenzhen | China
Phone +86 755 8366 1958
comvita@comvita.com.cn
EUROPE
Comvita Europe B.V.
Professor J.H. Bavincklaan 7
1183 AT Amstelveen
Netherlands
Phone +31682065359
info.europe@comvita.com

Comvita Financial Statements 2020- P52
FOR THE YEAR ENDED 30 JUNE 2021
COMVITA LIMITED
Image TBC

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I N V E S T O RP R E S E N TAT I O N
F U L LY EARR E S U LTF Y 21
PRESENTEDBY:
DavidBanfield,CEO
NigelGreenwood,CFO
26AUGUST2021

I M P O R T A N T
This presentation is given on behalf of
Comvita Limited. Information in this
presentation:
•Should be read in conjunction with, and is
subject to, Comvita’s Annual Reports,
Interim Reports and market releases on
NZX;
•Is from the audited Annual results for the
year ended 30 June 2021;
•Includes non-GAAP financial measures
such as
. These measures do
not have a standardised meaning
prescribed by GAAP and therefore may not
be comparable to similar financial
information presented by other entities.
They should not be used in substitution for,
or isolation of, Comvita’s audited financial
statements. We monitor these non-GAAP
measures as key performance indicators,
and we believe it assists investors in
assessing the performance of the core
operations of our business.
•May contain projections or forward-looking
statements about Comvita. Such forward-
looking statements are based on current
expectations and involve risks and
uncertainties.Comvita’s actual results or
performance may differ materially from
these statements;
•Includes statements relating to past
performance, which should not be
regarded as a reliable indicator of future
performance;
•Is for general information purposes only,
and does not constitute investment advice;
and
•Is current at the date of this presentation,
unless otherwise stated.
While all reasonable care has been taken in
compiling this presentation, Comvita accepts
no responsibility for any errors or omissions.
All currency amounts are in NZ dollars unless
otherwise stated.

TODAY’S
01.
Our Focus
Arotahi
Our Unique Business Model
Why Comvita
02.
Full year
Results
03.
Cashflow, Inventory,
and Net Debt
04.
Honey Harvest
and Supply
05.
Market
Segment
Performance
06.
Our
3 Point Plan
07.
GHG Inventory and
net position
Aiming to be
carbon neutral
2025
08.
Q&A

01.
Number one
02.
552
03.
Seven
04.
34%
05.
$24.2M
+56%
06.
$25.5M
07.
$4.6M
08.
35.3%
Digital share of
total revenue
FY21
Investment in
Comvita brand
EBITDA result
FY21 +511%
Comvita TSR
FY21*
Net debt FY21
Seven subsidiaries
in countries around
the world
Team members in
the Comvita
Whanau
Global brand leader
in MānukaHoney
and Propolis

O U R
Working in harmony with bees
and nature in New Zealand to heal
and protect the world.

S E C T I O N
1

O U R F O C U S
L O N G T E R M
P R O F I T A B L E G R O W T H
R I G H T
P R O D U C T S
C O N S U M E R
V E R T I C A L
I N T E G R A T I O N
I M P R O V E D
Q U A L I T Y
R I G H T
M A R K E T
S U B S I D I A R I E S
I N V E S T M E N T I N
B R A N D ,
I P & S C I E N C E
R O U T E T O
M A R K E T

L E V E R A G I N G O U R
B U S I N E S S M O D E L

The global Comvita whānau
•Our primary focus remains on the health and wellness of our team
around the globe
•The team are all safe and well, though some family members have been
affected (especially India and S. America)
•The team response has been amazing in all markets
•Many markets still being impacted by ongoing disruption due to Covid
•We are proud to be part of the solution for consumers around the world
•The longer-term trend of consumers turning to nature and natural
products for solutions to their health and wellness needs has continued
•New company policy that only vaccinated people will be able to travel
Internationally for work related activity

G L O B A L R E G U L A T O R Y
A N D S T A N D A R D S
•Comvita support goal of higher standards for all NZ honey
−We have one of the most advanced in-house honey
laboratories in the world est. 2012
−We are independently audited by a number of independent
external authorities such as Medsafeand the Ministry for
Primary Industries
−Achieved AA rating with BRC, highest standard available
−All products tested for and meet Glyphosate “not detectable’
standard
•Achieved NZ’s only dual IANZ and MPI accreditation for
Comvita’s in-house honey testing laboratory
•Research and Development spend FY21 +11% ($6.27m*)
representing 3.3% of sales
•New patents filed and grantedfor proprietary MānukaHoney
products to prevent and test conditions associated with
inflammation of the gastrointestinal track and skin
•Comvita is a core partner supporting the pursuit of Certification
Trademarks in key markets

•Reported NPAT $9.5M vs. ($9.7m) in PCP
•Reported EBITDA* $25.5m, + $21.3m vs. June 2020 or +511%
−Double-digit top and bottom-line growth in focus growth markets,China,and USA
−Double digit top and bottom-line growth in Mānukaproductcategory
−Double digit top and bottom-line growth in digital channels
•Gross profit (GP) +730 bps to 53.9%
•Marketing Investment +$8.7mor +56%
•Business transformation plan on track
−New Leadership team in place
−Strong GP growth
−In 18 months since initiating this programme$12.1m of value added
−30% SKU reduction simplifies business
•Net debt reduced by $10.9mto$4.6m, inventory reduction $11.7m, operating cash
inflow$24.8m
•9% reduction in total recordable injury frequency rate (TRIFR)
•Fully imputed dividend of 4cps declared

S E C T I O N
2

K E Y R E S U L T S
I N C O M E S T A T E M E N T
•Constantcurrency revenue shows a $2.9m or
1.5% improvement YOY
•Underlying revenue** growth 5.4%
•Significant improvement in GP%, up 730bps.
•GP improvement has enabled a 56% increase
in our marketing investment. Now 12.6% of
revenue
•EBITDA* +511% to 13.3% of sales
For the year ended
NZD 000’s
30 June
2021
30 June
2020
Variance $Variance $
Revenue (Reported Currency)191,734195,912(4,178)(2.1%)
Revenue (Constant Currency)*198,832195,9122,9201.5%
Gross Profit103,42491,31012,11513.3%
Gross Profit %53.9%46.6%7.3%7.3%
Marketing24,21615,5068,71056.2%
Sales Variable*18,58919,287(698)(3.6%)
Transformation*1,17201,172100.0%
Other Expenses50,48456,973(6,489)(11.4%)
Operating Expenses94,46291,7662,6962.9%
EBITDA*25,5234,17921,344510.8%
Net Profit after Tax9,479(9,701)19,180197.7%

K E Y R E S U L T S
B A L A N C E S H E E T
•Net debt reduced by $10.9m to be $4.6m at
year end
•Operating cash flow at $24.8m reflects
EBITDA performance with net working capital
movements being flat YOY
•Further reductions in inventory by $11.7m as
we continue to optimise inventory holdings.
Target remains at $85.0m over next 2 to 3
years
•Strong EPS performance at 14 cps
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Net Debt4,58315,520(10,937)
Operating Cashflow24,82539,297(14,472)
Inventory101,008112,679(11,671)
EPS14 cps(19) cps33 cps
Weighted average shares on issue69,64050,78618,854

G R O S S
Y O Y U P $ 1 2 . 1 M
Gross Profit improved $12.1m from Focus Growth markets, Rest of Asia, digital channel
and productivity gains
•Focus Growth markets –Strong performance in China and North
America
•Strong performance in Rest of Asia segment
•Digital +17% vs PCP to 34% of total sales at accretive margins
−Every 10% increase in digital share improves group GP by 100 bps
•More than off setting gross profit head winds in ANZ market
•Productivity gains in our manufacturing process leading to lower cost of
sales
•While our Apiary operation broke even for the year, this was a downside
compared to lasts years profit on the back of a good harvest

$ 1 5 M + $ 1 0 M
O N T R A C K
Very good progress so far with $12m in value gain through improved GP and reduced
fixed costs over last 18 months:
•Strong improvement in $ and % GP
−GP improved by a further 730 bps –not all transformation related
•Underlying cost reduction $5.7m to date (in both COS and other opex)
•Full year investment of $1.2M to deliver transformation
•SKU reduction delivered –30%
•Legal Entity reduction initiated and on track
•Exit of underperforming or nonstrategic Joint Ventures primarily
complete
On track for completion by FY 2023 latest
Focus now to deliver further incremental $10.0m of value with second
transformation programme
FY22 earnings forecast includes $2.5m of transformation spend

S E C T I O N
3

•Operating cash inflow $24.8m
•Operating cashflow in line with full year
EBITDA with net working capital movements
being relatively neutral
•Significant reduction in inventory during the
year largely offset by an increase in
receivables and reduction in payables
•Continued investment in Mānukaforests,
manufacturing process improvements and
new wellness lab.
For the year ended
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Operating cash inflow24,82539,297(14,472)
Investing activities(9,279)(9,693)414
Financing activities(16,169)(23,271)7,012
Cash and cash equivalents16,26716,680(413)

•Inventory reduced by $11.7m vs. 30 June 2020
•Reduction in non-Mānukahoney inventory
holding through bulk sales
•Trade receivables up primarily in our China
market where we have seen strong growth in
revenue, particularly in June due to 6:18.
•Net debt decrease of $10.9mvs. 30 June 2020
reflecting ongoing focus on working capital
management
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Total assets286,609286,423186
Total inventory101,008112,679(11,671)
Trade receivables23,52317,7265,797
Working Capital122,883128,597(5,714)
Net Debt4,58315,520(10,937)
Total equity221,880211,74810,132
Net Debt to equity ratio2%7%-5%

P R O F I L E
•Inventory reduced by $11.7m vs. 30 June 2020
•Raw materials reduced by $16.6m vs PCP
•Increase in FG Inventory in market to offset Port
/ shipping delays outside our control
•FY21 DIFOT 89.5%
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Raw materials60,76277,334(16,572)
Work in progress1,049842207
Finished goods39,19734,5034,694
Total Inventory101,008112,679(11,671)

& L E A S E D A S S E T S
•Increased investment in Mānukaforests, will be
ready for harvesting honey in threeyears with
full potential in five years
•Manufacturing process improvements having
significant positive impact on productivity gains
•Wellness lab development to create new retail
and brand experience
•Leased assets –two new long term agreements
with land-owners. Future fixed payment
component captured by NZIFRS16. The cost of
planting these farms is included in Mānuka
Forest development in PPE above
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Mānukaforest development3,8492,402
Manufacturing process improvements2,306-
Wellness Lab and virtual store2,238-
Completion of Warehouse build-1,109
Other2,7882,114
Total PPE additions11,1815,625
Leased Asset additions
Mānukaforests2,766-
Buildings-3,301
Other58882
Total additions3,3543,383

•Apiterinvestment is facing short-term Covid
impacts, but long-term strategy remains sound
•Gan Supply relationship changing from Joint
Venture to long term Supply Agreement
•Makino investment performing well and on track
to receive first MānukaForest harvest in FY22
•Putakeinvestment divested in June 2021 with no
impact on FY21 financial result
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Apiter5,4795,348131
Gan Supply676412264
Makino686501185
Other880
Total Investments6,8496,269580

S E C T I O N
4

H A R V E S T 2 0 2 1
•Comvita’s new harvest model has proven successful in FY21
•Despite this year’s harvest being below average, caused by unsettled
weather, the quality of the harvest and good control of costs has meant
that the harvest has delivered a small contribution to Group profits in
this financial year
•Total harvest 370 Tonnesvs > 700 Tonnesin PCP
•Good availability to meet FY22 Mānukademands
•Three key criteria:
−Yield (Tonnes)
−Quality of yield
−Cost to extract
•Longer term Mānukaforest hypothesis supported –aiming for:
−40% improvement in yields;
−60% improvement in quality of yields; and
−20% reduction in costs

S E C T I O N
5

M A R K E T
•Our business model is uniquewith our global in market subsidiary team
−Closer to customer
−Closer to consumer
−Faster to act
−Primacy of market
−Team capability enhanced
•Strong growth in focused growth markets
−China: Revenue in LC +31% Net Contribution(NC)+25% Ratio 20.9% (LCY)
−North America: Revenue +23% , NC growth +18% (LCY) Ratio 18.8%
•Balanced distribution model markets evidence operating leverage potential:
Revenue +11% , NC % 26.5%
•Marketing Investment +56% ( 12.6%)
•Refining and telling our unique story -Why Comvita.

P E R F O R M A N C E v s . P C P
(30 June 2021 vs 30 June 2020)
G R E AT E R C H I N A
$93.1M
2020 : $86.9m
+7%
N O RT H A M E R I C A
$24.7M
2020 : $22.1m
+12%
R E ST O F A S I A
$25.3M
2020 : $20.5m
+23%
AU ST R A L I A + N Z
$32.4M
2020 : $44.1m
-27%
E M E A
$5.1M
2020 : $6.9m
-26%
R E P O R T E D C U R R E N C Y

P E R F O R M A N C E v s . P C P
(30 June 2021 vs 30 June 2020)
G R E AT E R C H I N A
$96.5M
2020 : $86.9m
+11%
N O RT H A M E R I C A
$27.2M
2020 : $22.1m
+23%
R E ST O F A S I A
$26.7M
2020 : $20.5m
+30%
AU ST R A L I A + N Z
$32.1M
2020 : $44.1m
-27%
E M E A
$5.2M
2020 : $6.9m
-25%
C O N S T A N T C U R R E N C Y

N E T C O N T R I B U T I O N
P E R F O R M A N C E v s . P C P *
(30 June 2021 vs 30 June 2020)
G R E AT E R C H I N A
$19.9M
2020 : $18.2m
+9%
N O RT H A M E R I C A
$4.7M
2020 : $4.4m
+7%
R E ST O F A S I A
$6.4M
2020 : $4.2m
+52%
AU ST R A L I A + N Z
$10.2M
2020 : $13.9m
-27%
E M E A
$0.0M
2020 : LOSS $0.5m
+100%
.

F O C U S
C H I N A &
N O R T H A M E R I C A
STRUCTURED LONG-TERM INVESTMENT TO GROW T.A.M AND MARKET SHARE
FOCUS

GREATER CHINA
ON A REPORTED CURRENCY BASIS
•Revenue growth 7%
•Strong performance in mainland China offset by challenging topline conditions in HK and CBEC
•Strong net contribution growth delivered in mainland China (+25%) and Hong Kong(+23%)
supporting Greater China Performance.
•Net contribution +9% at 21% of sales
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales93,07686,9456,1317%
Net Contribution19,90818,2031,7059%
Net Contribution %21%21%0%

ON A LOCAL CURRENCY BASIS
•China is the world’s biggest honey market at 8.3bn RMB
•Revenue growth of 31% in LC
•Marketing investment increased by 139% to build long term brand loyalty and advocacy
•Net contribution +25% vs PCP, 1 bps decline due to marketing investment
CNY 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales337,150258,33078,82031%
Net Contribution70,37756,51413,86325%
Net Contribution %21%22%-1%
MAINLAND CHINA

ON A REPORTED CURRENCY BASIS
•China is the world’s biggest honey market at 8.3bn RMB
•Revenue growth of 27% in reported currency
•Marketing investment increased by 134% to build long term brand loyalty and advocacy
•Net contribution +21% and at 21% of sales
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales73,15157,61015,54127%
Net Contribution*15,28212,6262,65621%
Net Contribution %21%22%-1%
MAINLAND CHINA

G R E A T E R
M A R K E T H I G H L I G H T S
•New leadership team in place and performing strongly
•Record results in key festivals 11:11 and 6:18
•Number 6 and only International brand in healthy food category in
Alibaba
•Digital channel +41% to 57% of total
•Retail sector has now recovered +28% vs PCP
•UMF Mānuka+38%
•New CBEC / Daigoumodel implemented to ensure amplification of in
market brand strength and supply efficiency
•Asian health model supports local ANZ Daigouwith targeted brand
collateral and value chain
•Enhanced management and visibility of Inventories
•Mainland China efficiencies support Hong Kong profit focus
•Multiple brand partnership events driving affinity

G R E A T E R
B R A N D P A R T N E R S H I P SD R I V I N G
A F F I N I T Y A N D E N G A G E M E N T

NORTH AMERICA
ON A LOCAL CURRENCY BASIS
•Revenue +23% versus PCP with strong growth across all channels.
•Revenue includes cross border sales to Middle East of $2.1M USD, $0.8m USD PCP.
•Net contribution +18% to 19% reflecting increased investment in brand.
•Marketing investment +80.8% versus PCP.
•Digital Sales have grown by 37% versus PCP to 36% of total.
USD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales17,24714,0193,22823%
Net Contribution3,2372,74449318%
Net Contribution %19%20%(1%)

NORTH AMERICA
ON A REPORTED CURRENCY BASIS
•Revenue +12% versus PCP with strong growth across all channels.
•Revenue reported in NZD is negatively impacted by reported FX movements.
•Revenue includes cross border sales to Middle East of $3.0M NZD ($1.2m PCP).
•Marketing investment +62% versus PCP.
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales24,73522,1372,59812%
Net Contribution4,7334,3803538%
Net Contribution %19%20%(1%)

N O R T H
M A R K E T H I G H L I G H T S
•Comvita is the fastest growing Mānukahoney brand in the U.S.
•Increasing rates of sale per point of distribution with key retail customers for Mānuka*
•Strong growth in key product categories versus PCP, including UMF Honey +24% and
Propolis +31%.
•Retail Distribution increased by an estimated +2000 stores, doubling our retail presence
•Comvita.com metrics demonstrates successes in growing our brand within the online
channel.
−Number of users +31%
−Number of transactions +33%
−Email Marketing +29%
−Social +117%
•Earned media impressions of 1,265 Million, up from 722 Million in PCP.
•Committed to save 5 million bees working with beekeepers across the U.S., which led to a
feature in Forbes during World Bee Month.
•Partnered with major health media publications to expand thought leadership within the
Mānukacategory.
*Excluding brands with annual sales under $50k NZD Data source: SPINS

F O C U S
K O R E A , J A P A N A N D S O U T H
E A S T A S I A
SELF FUNDING PROFITABLE GROWTH
FOCUS

REST OF ASIA
ON A REPORTED CURRENCY BASIS
•Total revenue growth +23%
•Net contribution +52% to 25% evidencing operating leverage
•Key strategic focus Mānukaand propolis
•Balanced distribution model (offline/online) key to sustainable success
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales25,34620,5334,81323%
Net Contribution6,3674,1962,17152%
Net Contribution %25%20%5%

F O C U S
A U S T R A L I A A N D N E W Z E A L A N D
BUILDING DOMESTIC STRENGTH AND DISTRIBUTION
FOCUS

AUSTRALIA & NEW ZEALAND
ON A REPORTED CURRENCY BASIS
•ANZ revenue declined -26% vs PCP
•84% of decline in Australian market due to Daigouchannel not functioning effectively
•Aus. marketing investment increased by $200K to 6.5% of sales
•NZ market net contribution flat versus PCP despite increasing marketing to 6.5%
•Digital channel (Comvita owned) -13% versus PCP and at immaterial level
•Trade stocks reduced by c$2M versus PCP in line with lower sales
•Q4 ANZ + 17% versus PCP and +33% vs Q3
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales32,44444,069(11,625)-26%
Net Contribution10,21813,943(3,725)-27%
Net Contribution %31%32%0%

F O C U S
U K , E U R O P E , M I D D L E E A S T A N D
A F R I C A
SELF FUNDING PROFITABLE GROWTH
FOCUS

EUROPE, MIDDLE EAST & AFRICA (EMEA)
ON A LOCAL CURRENCY BASIS
•Break even result reflects strong cost control and good GP improvement during FY21.
•Revenue reduced by £0.9M versus PCP (-25%).
•£0 sales to Europe in H2 due to Brexit challenges. New European legal entity launched to support
long term European route to market.
•Online sales +85% (from a low base), as the market moves towards a more balanced distribution
model.
•Online has a 47% share of the total sales versus 14% in PCP.
GBP 000’SThis year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales2,6133,464(851)(25%)
Net Contribution15(305)320105%
Net Contribution %1%(9%)9%

S E C T I O N
6

O U R T H R E E P O I N T
P R O G R E S S A N D U P D A T E
Winning in Australia and New Zealand
Focus on fundamentals
Relentless simplification
Positive cashflow paying down debt
Inventory management
Underperforming assets
Customer focus
World class digital experience and tech
New proven harvest model
Agile focussed team
$15M transformation plan
Reconnection with our cause
Delivery of Aligned 5-year plan 60.15.20
US and China the engine for sustainable top and bottom-line growth
Simplified and Focussed organisation
Reducing breakeven point per month from $16.2m to $13.5m
Reduced debt <1 EBITDA relative to inventory value
STA B I L I S E T H E
O RG A N I SAT I O N
T R A N S F O R M E D
O RG A N I SAT I O N
B U I L D LO N G
T E R M R E S I L I E N C E
A N D G RO W T H

S T A G E S O F C O M V I T A
JAN 2020
Key Achievements:
●Return to profitability
●Reset capital structure
●Low debt model
●Organisation restructure
●Refined purpose
●Cascaded 5-year plan
●Focus on consumers
●Focus on growth markets
●Focus on key products
JAN 2021 –JUN 24
Key Goals:
●Sustainable profitable growth
(all market segments
profitable and growing)
●World class digital channel
capability
●Transformation complete
●Material increase in registered
consumers
●New revenue streams and RTM
launched
●Brand of choice to discerning
consumers
●Market leader at home
JUN 24 ONWARDS
Key Goals:
●Clear route to carbon neutral
and positive
●Clear route to 60:15:20 business
model
●Double digit EPS CAGR
●Digital sales 50% of revenue
●Strong growth in new
categories
●Mid-single-digit Mānukagrowth
●Experiential stores around the
world
●Multiple global partnerships
with world class organisations
●Recognised for H&S standards
●Best employer –team as
shareholders
PROUD
HISTORY
EXCITING
FUTURE

O U R 2 0 2 5
L O N G T E R M B U S I N E S S M O D E L
60 : 15: 20
•Delivery of at least 60% GP
•15% marketing Investment for sustainable
growth
•20% EBITDA ratio to sales
Underpinned by
•Recognition as premium FMCG / CPG brand
•Carbon neutral 2025
•B Corp certification
•Strong working capital control and cash
management

P R O U D L Y H E A D I N G T O W A R D S
N E U T R A L 2 0 2 5
S1 = Scope 1 —S2 = Scope 2 —S3 = Scope 3
2 FY21 GHG Inventory and Net Position (S1, S2, S3 (limited))
•Scope 3 categories included within the GHG Inventory for categories that are material and where good quality data is available:
−C3 –Fuel and energy related emissions (upstream of Scope 1 and 2); C4 -Upstream transport and distribution (freight); C5 –Waste; C6 -Business Travel

F Y 2 2 M A R K E T
P E R F O R M A N C E
•FY22 EBITDA guidance range of $27.0m to $30.0m
•Continued double digit top & bottom-line growth in Focus Growth Markets
•Digital to at least 38% of revenue
•Mid single digit revenue growth in ANZ market
•Focus on further increase in GP% (H2)
•Transformation program continues with $2.5m investment within guidance
•Targeting further reduction in inventory from $100.0m to $90.0m
•Capital expenditure investment of circa $18.0m

•Focus strategy starting to deliver results –Strong FY21 result
•Double-digit top and bottom-line growth:
‒Focus growth markets
‒Digital channels
‒Mānuka
•Simplified business
—Product range
—Operating businesses
—Roles and responsibilities
•Reducing inventory, generating cash, paying down debt
•Transformation of Comvita on track
•Putting in place foundations for long term profitable growth at
Comvita
•Good progress to deliver 60:15:20 business model

S E C T I O N
S E C T I O N
8

T H A N KYOUC O M V I TA . C O M

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


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period 12 months to 30 June 2021
Previous Reporting Period 12 months to 30 June 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$191,734 (2%)
Total Revenue $191,734 (2%)
Net profit/(loss) from
continuing operations
$9,479 202%
Total net profit/(loss) $9,479 202%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board of Directors propose to pay a final dividend of 4 cents
per share.
Imputed amount per Quoted
Equity Security
4 cents per share
Record Date 30 September 2021
Dividend Payment Date 7 October 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.54 $2.39
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
David Banfield, CEO
Contact person for this
announcement
David Banfield, CEO
Contact phone number +64 21 041 5630
Contact email address david.banfield@comvita.com
Date of release through MAP

26 August 2021

Audited financial statements and the investor presentation accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Comvita Limited
Financial product name/description ORDINARY SHARES
NZX ticker code CVT
ISIN (If unknown, check on NZX
website)

NZCVTE0001S7

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 30/09/2021
Ex-Date (one business day before the
Record Date)
29/09/2021
Payment date (and allotment date for
DRP)
07/10/2021
Total monies associated with the
distribution
1

$ 2,812,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.05555556
Gross taxable amount
3
$0.05555556
Total cash distribution
4
$0.04000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00705882

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed - YES

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01555556

Resident Withholding Tax per
financial product
$0.00277778

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Nigel Greenwood
Contact person for this
announcement
Nigel Greenwood
Contact phone number 027 238 9522
Contact email address Nigel.greenwood@comvita.com
Date of release through MAP

26/08/2021





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.