Record First Half Earnings at Comvita

24 February 2022

Record First Half Earnings at Comvita

Headlines
 Record H1 operating profit $7.2m, +39.4% versus PCP (+2.0m)
 Record H1 EBITDA $12.1m, +14.1% versus PCP (+$1.5m)
Double digit top and bottom-line growth in focus growth markets, China and North America
Double digit top and bottom-line growth in Mānuka honey product category
Double digit top and bottom-line growth Comvita.com (D2C)
 Revenue growth +6.1% despite significant Covid headwinds
 Gross profit (GP) +760 bps to 56.6%
 Marketing investment +$2.3m or +21% as long-term brand building activity continued
 Business transformation plan on track
 Net debt increased by $21.7m since 30 June 2021 to $26.3m, primarily inventory
 79% reduction in total recordable injury frequency rate (TRIFR)
 Fully imputed interim dividend of 2.5 cps declared

FINANCIAL RESULTS FOR THE SIX MONTHS ENDED
$M
31 DECEMBER
2021
UNAUDITED
31 DECEMBER
2020
UNAUDITED
VARIANCE
%
Revenue 104.9 98.9 +6.1%
Gross Profit 59.4 48.5 +22.5%
Marketing Investment 13.3 11.0 +20.9%
Operating Profit 7.2 5.2 +39.4%
EBITDA* 12.1 10.6 +14.1%
Net Profit/(Loss) after tax 3.5 3.5 +1.0%
Net Debt 26.3 13.9 +$12.4m
Fully Imputed Dividend 2.5 cps 0 +2.5 cps
*EBITDA: Earnings before interest, tax, depreciation, and amortisation

Comvita (NZX:CVT) today announced record earnings (operating profit and EBITDA) for the six-month
period ending 31 December 2021. Operating profit increased by 39.4% to $7.2m and EBITDA improved to
$12.1m vs $10.6m, +14.1% vs PCP as its 2025 FOCUS strategy continued to deliver earnings improvement.
Net profit after tax (NPAT) increased by 1% due to the high effective tax rate of 40.5% in this period, caused
by non-deductible expenses including M&A costs (full year effective tax rate is expected to normalise). Net
profit before tax increased by 32.8% vs PCP. Net debt increased by $12.4m on last year and $21.7m since
30 June 21, primarily due to increasing inventory to offset global supply chain disruption. The Directors
were pleased to declare a fully imputed interim dividend of 2.5% cps.

Good revenue growth despite material negative Covid impacts
Revenue increased by 6.1% to $104.9m, in reported currency and 6.5% in constant currency despite
material negative Covid impacts (offline direct sales were down 7%). Comvita was delighted to report
strong double-digit top and bottom-line growth and market share growth in its focus growth markets of
China and North America (the number one and two honey markets in the world) with its long term brand

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investment model delivering in these crucial markets. Performance in its core Mānuka honey category was
again strong with double digit revenue and profit growth vs PCP.

Long term investment in brand building continues
In line with its 60:15:20 2025 business plan Comvita increased marketing investment by an additional $2.3m
or 20.9% to be 12.7% of revenue. Comvita’s marketing investment is part of its transformation plan and
positioning Comvita as a premium lifestyle consumer brand. During this period Comvita launched a world
first collaboration with Microsoft utilising their HoloLens mixed reality to bring the magic of the hive to
consumers at the World Expo held in Dubai, as part of Comvita’s sponsorship of the Expo. In addition, they
launched multiple brand partnerships with other leading brands driving mutual association equity and
consumer affinity.

Comvita commits to far reaching ESG goals
Comvita has set out its long term aim to be recognised as a global leader in ESG related performance
including becoming carbon neutral by 2025 and net positive by 2030. Its published Harmony plan sets out
its commitment on climate action, social impact, bee welfare and supporting biodiversity. Comvita
continued to invest in ESG related activity in line with its purpose and confirmed its commitment to
produce Science Based Targets for long term greenhouse gas reduction.

Digitisation continues at pace
Direct to Consumer Sales through Comvita’s owned sites (D2C) increased by 12% vs PCP, at accretive gross
margins as this long-term strategy saw positive early signs. In addition, Comvita Invested heavily in
transforming its online platform to further enhance the consumer experience. Comvita’s new web platform
with enhanced functionality will launch in Q3 FY22. Comvita’s 2025 aspiration is for digital sales to be 50%
(currently 33%) of total revenue at accretive gross margins. During this period as a key part of its digital
transformation Comvita increased email registrations by 50% vs PCP and concentrated efforts on a
frictionless and enhanced consumer focus in its Direct to Consumer (D2C) channels.

Commenting on the performance, Comvita Chairman, Brett Hewlett, said “We are delighted to announce
record first half earnings at Comvita against a very strong PCP and despite continuing material Covid
related headwinds. Our FOCUS business model, control of costs, investment in brand and excellent
execution from a highly capable team, gives us confidence that we are on track to deliver guidance in FY22
and more importantly on track to deliver our 2025 plan. The Board and management have continued to
transform the business at pace, looking to ensure we deliver the performance that all Comvita stakeholders
should expect. The result shared today gives more evidence that we can deliver revenue, margin and
earnings growth while investing in long term brand and business building activity. Your Board are pleased
to declare a fully imputed dividend of 2.5 cps in this interim period, highlighting our confidence in the
momentum we see within the business.“

Group CEO, David Banfield, says “This is another important step in delivering on our transformative plan at
Comvita and setting us up for success for the long term. We see real momentum in our performance and
are delighted to be able to report good revenue growth and record first half earnings despite Covid
headwinds. Our performance has been underpinned by material improvement in gross margin, double
digit growth in our focus growth markets of China and North America, double digit growth in Mānuka honey
and in our D2C channels. I am extremely proud of the way the team have responded and want to recognise
the significant effort and commitment that has gone in to deliver the results that we share today. There are
many additional elements going on behind the scenes to set us up for the long term, however, for now we
return to focus on H2 delivery and FY23 planning.”

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

China is the world’s biggest honey market valued at $1.8b, Comvita’s long term goal is to target market
growth (growing the total addressable market) and market share growth. Revenue in China grew by 13%
and net contribution by 40% versus PCP as Comvita delivered market share growth and enhanced its
brand reputation with some high profile in-market partnerships. Comvita are pleased to have signed two
new partnership agreements in H1 that will start to deliver in H2. Investment into the brand continued
positioning Comvita as a premium lifestyle brand with investment increased by 8% vs PCP.

Comvita North America posted another strong result with revenue increased by 48% and net contribution
by 75% (although there was a delay in timing of some marketing activities to H2 with only 40% of brand
Investment in H1). Comvita is the fastest growing Mānuka honey brand in North America and is achieving
market share growth in a category where the fundamentals are strong and significant opportunity exists to
grow extensively in the world’s second biggest honey market.

Unique business model continues to differentiate Comvita
Comvita has a unique ‘End to End’ business model with around 350 people employed in markets outside
of New Zealand. This ensures that Comvita is better connected to customers and consumers in market and
can adapt at speed to meet local market changes and needs. This model also enables the business to
continue to perform strongly even with travel and tourism being so restricted. Comvita have started to
further transform their approach to digital sales within this model to ensure continued focus on the role
and performance of marketplace relative to a more intimate direct to consumer channel.

Australia and New Zealand sales flat as market shows underlying growth
Comvita are pleased to report that revenue in Australia and New Zealand was flat year on year, with
improved demand experience month on month since July giving confidence that Comvita can return to
top line growth in H2. While net contribution declined versus PCP this was entirely due to brand investment
in line with Comvita’s plan to win at home. New Asian Health model is showing encouraging signs despite
Covid disruption and is forecast to further amplify brand investment in mainland China.

Transformation on track
Comvita has made good progress on its 2025 focus strategic plan (60.15.20) evidenced by the 760bps
improvement in its GP to 56.6% (+$10.9m vs PCP) enabling the $2.3m increase in marketing (now
representing 12.7% of revenue vs 11.1% PCP). This transformation and simplification activity has resulted
in a further 35% reduction in SKU count on top of the 30% that was delivered in 2021.

Net debt, inventory, and cash
Given ongoing disruption to global supply chains Comvita decided to increase inventory during this period
which has had a corresponding negative impact on net debt. This is only a temporary change and Comvita
stands by its view that optimum inventory levels would be circa $85m by 2025. In addition Comvita Invested
$5m in its new JV with Caravan in the US which is designed to support its long term ambition in topical use
of Mānuka honey and propolis and to add to its long term incremental growth agenda.

Page 4 of 5
Opex includes investment in due diligence activity
During this period Comvita carried out DD on a potential scale transaction that was not completed at this
time. Comvita believes that with the ongoing strength in its core business model and the cash generative
nature of its 2025 business plan, it’s in an ideal position to lead consolidation of the demand side of the
Mānuka honey industry and in return increase quality of products for all consumers, improving satisfaction
and de-risking the category.

Internal digital transformation
Up until now digital transformation has been focused on consumer facing technology. Phase two (internal
digital transformation) will kick off in H2 to ensure scalable and automated internal processes. Comvita
believe that this will further improve profitability, reduce risk and future proof the business. The final
leadership team appointment of a new Chief Technology Officer has now been made and is designed to
significantly enhance capability in this area.

Full year guidance maintained, interim dividend declared
Comvita maintained full year guidance of an EBITDA range of NZD $27-$30m for the period ending 30 June
2022. Comvita announced a fully imputed interim dividend of 2.5 cps reflecting confidence in its ability to
deliver to its guidance despite ongoing Covid disruptions.

Looking forward – premium FMCG ESG brand
Comvita’s 2025 plan is designed to deliver a business model that achieves a GP of at least 60%, delivers
long term investment in its brand by investing 15% in Brand building activity and deliver a 20% EBITDA
margin. This model, underpinned by its aim to be carbon neutral by 2025 and a global leader in ESG is
designed to set Comvita up for long term profitable growth. It’s underpinned by its focus on continued
delivery of its three-part plan to;
1: Stabilise performance
2: Transform the organisation
3: Build long term resilience and growth

“This record operating profit growth of 39.4% marks the fourth consecutive reporting period since I joined
where we have reported earnings growth in line with Guidance and as importantly reaffirmed our strong
belief that we are well positioned to deliver our 2025 plan. By sharing our 2025 goals we hope that all
stakeholders are able to see that we are on track and that our investment is very much focused on long-
term thinking and acting. We remain committed to pay back the support shown by the Board, the extended
Comvita whānau and all our stakeholders.” concludes Banfield.

David Banfield Brett Hewlett
CEO Chair

ENDS.

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

Background information
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

Page 5 of 5
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
FOR THE SIX MONTH ENDED 31 DECEMBER 2021
—
COMVITA LIMITED
CONDENSED INTERIM
FINANCIAL STATEMENTS 2022

Comvita Condensed Interim Financial Statements 2022 - P1

Comvita Condensed Interim Financial Statements 2022 - P1
Directors’ declaration
Interim income statement
Interim statement of comprehensive income
Interim statement of changes in equity
Interim statement of financial position
Interim statement of cash flows
Notes to the condensed interim financial statements
Company Directory
2
3
4
5
6
7
8 - 17
18 - 19
CONTENTS

Comvita Condensed Interim Financial Statements 2022 - P2Comvita Condensed Interim Financial Statements 2022 - P3
In the opinion of the directors of Comvita Limited, the condensed interim financial statements and the
notes, on pages 3 to 17:
• comply with New Zealand generally accepted accounting practice and fairly state the financial
position of the Group as at 31 December 2021 and the results of their operations and cash flows for
the period ended on that date
• have been prepared using appropriate accounting policies, which unless otherwise stated have been
consistently applied and supported by reasonable judgements and estimates
The Directors believe that proper accounting records have been kept which enable, with reasonable
accuracy, the determination of the financial position of the Group and facilitate compliance of the
financial statements with the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and
to prevent and detect fraud and other irregularities. Internal control procedures are also considered
to be sufficient to provide reasonable assurance as to the integrity and reliability of the financial
statements.
The Directors are pleased to present the financial statements of Comvita Limited for the period ended
31 December 2021.
For and on behalf of the Board of Directors:
Directors’ Declaration

Brett Hewlett Luke Bunt
23 February 2022 23 February 2022

Comvita Condensed Interim Financial Statements 2022 - P2Comvita Condensed Interim Financial Statements 2022 - P3
Interim Income Statement
For the six months ended
In thousands of New Zealand dollars
Note
31 December 2021
Unaudited
31 December 2020
Unaudited
Revenue104,94298,885
Cost of sales(45,542)(50,385)
Gross profit59,40048,500
Other income8012,001
Marketing expenses(13,277)(10,979)
Selling and distribution expenses(23,259)(22,252)
Administrative and other operating expenses(16,476)(12,113)
Operating profit before financing costs7,1895,157
Finance income5140516
Finance expenses5(1,269)(1,250)
Net finance costs(1,129)(734)
Share of loss of equity accounted investees8(196)(8)
Profit before income tax5,8644,415
Income tax(2,375)(960)
Profit for the period3,4893,455
Earnings per share:
Basic earnings per share (NZ cents)64.974.95
Diluted earnings per share (NZ cents)64.954.95
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.
*EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the
performance of the core operations of our business. A reconciliation of EBITDA to profit before tax is provided in note 18.
Supplementary non-GAAP information – EBITDA*1812,08410,595

Comvita Condensed Interim Financial Statements 2022 - P4Comvita Condensed Interim Financial Statements 2022 - P5
For the six months ended
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Profit for the period3,4893,455
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for foreign operations471(2,058)
Fair value movement – available for sale reserve-396
Effective portion of changes in fair value of cash flow hedges(884)1,208
Foreign investor tax credits received68-
Income tax on these items413(262)
Income and expense recognised directly in other comprehensive income68(716)
Total comprehensive income for the period 3,5572,739
Interim Statement of
COMPREHENSI V E INCOME
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Comvita Condensed Interim Financial Statements 2022 - P4Comvita Condensed Interim Financial Statements 2022 - P5
For the six months ended 31 December 2021
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Fair value
reserve
Retained
earnings Total
Balance at 1 July 2020200,104(3,809)(527)(2,640)18,620211,748
Total comprehensive income for the period
Profit after tax for the period----3,4553,455
Other comprehensive income (net of tax):
Fair value movement in equity instruments---396-396
Disposal of equity instruments---2,244(2,244)-
Foreign currency translation differences for foreign
operations
-(1,982)---(1,982)
Effective portion of changes in fair value of cash flow
hedges
--870--870
Total other comprehensive income for the period-(1,982)8702,640(2,244)(716)
Total comprehensive income for the period-(1,982)8702,6401,2112,739
Transactions with owners, recorded directly in equity
Share based payment----117117
Redemption of ordinary shares - executive share
scheme
(6)----(6)
Redemption of ordinary shares - staff share scheme(14)----(14)
Supplier share scheme407----407
Total transactions with owners387---117504
Balance at 31 December 2020200,491(5,791)343-19,948214,991
Balance at 1 July 2021201,839(4,862)(1,211)-26,114221,880
Total comprehensive income for the period
Profit after tax for the period----3,4893,489
Other comprehensive income (net of tax)
Foreign investor tax credits received----6868
Foreign currency translation differences for
foreign operations
-636---636
Effective portion of changes in fair value
of cash flow hedges
--(636)--(636)
Total other comprehensive income for the period-636(636)-6868
Total comprehensive income for the period-636(636)-3,5573,557
Transactions with owners, recorded directly in equity
Share based payments----264264
Purchase of treasury stock(1,549)----(1,549)
Issue of ordinary schemes - PSR scheme 299----299
Redemption of ordinary shares - staff share scheme(10)----(10)
Issue of treasury stock - Supplier share scheme541---(37)504
Dividend paid (note 15)----(2,893)(2,893)
Total transactions with owners(719)---(2,666)(3,385)
Balance at 31 December 2021201,120(4,226)(1,847)-27,005222,052
Interim Statement of
CHANGES IN EQUITY
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Comvita Condensed Interim Financial Statements 2022 - P6Comvita Condensed Interim Financial Statements 2022 - P7
As at
In thousands of New Zealand dollars
December 2021December 2020June 2021
NoteUnauditedUnauditedAudited
Assets
Property, plant and equipment64,46260,26263,345
Intangible assets and goodwill39,64638,79138,046
Right of use assets12,45112,99213,035
Biological assets3,8083,7943,814
Investments
8
11,7456,2616,849
Deferred tax asset6,2008,4407,209
Total non-current assets138,312130,540132,298
Inventory
10
111,77698,549101,008
Trade receivables32,30826,22323,523
Sundry receivables
7
15,39212,12213,463
Cash and cash equivalents
11
19,35314,39716,267
Derivatives
9
-389-
Tax receivable46752850
Total current assets179,296152,208154,311
Total assets317,608282,748286,609
Equity
Issued capital201,120200,491201,839
Retained earnings27,00519,94826,114
Reserves(6,073)(5,448)(6,073)
Total equity222,052214,991221,880
Liabilities
Loans and borrowings
11
-28,30020,850
Lease liabilities9,6879,9899,950
Deferred tax liability1,9082,0031,962
Employee benefits533329539
Total non-current liabilities12,12840,62133,301
Trade and other payables25,37117,51018,869
Lease liability3,3883,4513,631
Employee benefits4,0153,5745,514
Tax payable2,4642,6011,766
Derivatives
9
2,541-1,648
Loans and borrowings
11
45,649--
Total current liabilities83,42827,13631,428
Total liabilities95,55667,75764,729
Total equity and liabilities317,608282,748286,609
Interim Statement of
FINANCIAL POSITION
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Comvita Condensed Interim Financial Statements 2022 - P6Comvita Condensed Interim Financial Statements 2022 - P7
For the six months ended
In thousands of New Zealand dollars
31 December 202131 December 2020
NoteUnauditedUnaudited
Receipts from customers97,61689,910
Payments to suppliers and employees(100,566)(78,707)
Interest received211
Interest paid(1,144)(1,250)
Taxation paid(764)(535)
Net cash flows from operating activities12(4,856)9,429
Investment in equity accounted investees(5,092)-
Interest from related parties2818
Proceeds from disposal of investment-396
Loans to equity accounted investees250(1,493)
Payment for the acquisition of property, plant and equipment(3,463)(5,394)
Receipt from disposal of property, plant and equipment75997
Payment for the acquisition of intangibles(2,450)(184)
Net cash flows from investing activities(10,652)(5,660)
Purchase of treasury stock(1,549)-
Payment for redemption of employee shares(10)(20)
Repayment of lease liabilities(1,934)(1,623)
Drawdown/(repayment) of loans and borrowings24,799(3,900)
Payment of dividends(2,893)-
Net cash flows from financing activities18,413(5,543)
Net increase in cash and cash equivalents2,905(1,774)
Cash and cash equivalents at the beginning of the period16,26716,680
Effect of exchange rate fluctuations on cash held181(509)
Cash and cash equivalents at the end of the period19,35314,397
Represented as:
Cash and cash equivalents1119,35314,397
Total19,35314,397

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

Comvita Condensed Interim Financial Statements 2022 - P8Comvita Condensed Interim Financial Statements 2022 - P9
1. REPORTING ENTITY
Comvita Limited (the “Company”) is a company domiciled in New
Zealand and registered under the Companies Act 1993 and listed
on the New Zealand Stock Exchange (“NZX”). The Company is an
issuer in terms of the Financial Reporting Act 2013 and Financial
Markets Conduct Act 2013.
The condensed interim financial statements of the Group for the
six months ended 31 December 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 as appropriate for profit-oriented entities.
The condensed interim financial statements do not include all of
the information required for full annual financial statements and
should be read in conjunction with the group financial statements
as at and for the year ended 30 June 2021.
The condensed interim financial statements were approved by the
Board of Directors on 23 February 2022.
(b) Basis of measurement
The financial statements have been prepared on the historical
cost basis except for derivative financial instruments, financial
instruments designated as fair value through other comprehensive
income, biological assets and leases which are measured at fair
value. Fair values have been determined for measurement and/
or disclosure purposes on the same basis as those applied by the
Group in the financial statements as at and for the year ended 30
June 2021.
(c) Functional and presentation currency
These financial statements are presented in New Zealand dollars
($), which is the Company’s functional currency. Amounts have
been rounded to the nearest thousand.
(d) Use of estimates and judgements
The preparation of condensed interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting requires
management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the
Groups accounting policies and the key sources of estimation
uncertainty were the same as those applied to the financial
statements as at and for the year ended 30 June 2021.




(e) Covid-19 considerations
Covid-19 considerations Comvita is classified as an ‘Essential’
business by the New Zealand Government, therefore having no
impact on the manufacturing process of the Group. For the period
ended 31 December 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.
3. SIGNIFICANT ACCOUNTING
POLICIES
The accounting policies applied in these condensed interim financial
statements are the same as those applied in the Group’s financial
statements as at and for the year ended 30 June 2021.
4. SEGMENT REPORTING
A review of operating segments has been completed in the current
year and this has resulted in a change to reported segments.
Previously reported segment information has been restated in line
with the operating segments described below.
Segment information is presented in the condensed interim
financial statements in respect of the Group’s contribution
segments which are the primary basis of decision making. The
contribution segment reporting format reflects the Group’s
management and internal reporting structure.
Performance is measured based on contribution which is a
measure of profitability that the segment contributes to
the Group. Contribution is used to measure performance as
management believes that such information is most relevant in
evaluating the results of certain segments. Inter-segment pricing is
determined on an arms-length basis.
Each segment sells Comvita’s range of products. Comvita’s range
of products primarily include products with apiary and other
natural ingredients.
The Company is organised primarily by geographic location of its
subsidiaries.
The Group has five reportable segments as described below:
Greater ChinaThis segment reports both revenue and
related costs for the China and Hong Kong
markets.
ANZAustralia and New Zealand (ANZ) segment
captures both revenue and related costs for
the ANZ market.
Rest of AsiaThis segment captures both revenue and
related costs of all of our Asian operations
and customers excluding Greater China.
North AmericaThis segment reports both revenue and
related costs for sales to customers in North
America.
EMEAThe Europe, Middle East and Africa (EMEA)
segment captures both revenue and related
costs for the EMEA markets.
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P8Comvita Condensed Interim Financial Statements 2022 - P9
4. SEGMENT REPORTING (CONTINUED)
For the six months to 31 December 2021 and 31 December 2020 unaudited
In thousands of New Zealand dollars
Contribution
segments
Greater
ChinaANZRest of AsiaNorth AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
For the six months
to 31 December2021202020212020202120202021202020212020202120202021202020212020
Contribution
Segments
Revenue47,74047,61518,06118,09212,69812,57217,17811,6172,9003,39498,57793,2906,3655,595104,94298,885
Contribution11,98611,2326,0516,2793,2523,7475,2963,03123813926,82324,42853141727,35424,845
Non attributable (other corporate expenses)(20,966)(21,689)
Financial income and expenses (note 5)(1,129)(734)
Other income8012,001
Share of profit of equity accounted investees (note 8)(196)(8)
Net profit before tax5,8644,415
Total assets
In thousands of New Zealand dollars
December 2021
Unaudited
December 2020
Unaudited
June 2021
Audited
Total assets for reportable segments173,692143,054150,970
Other investments888
Investment in equity accounted investees11,7376,2536,841
Other unallocated assets132,171 133,433128,790
Consolidated total assets317,608282,748286,609
5. FINANCIAL INCOME AND EXPENSES
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Interest income134110
Dividend income69
Net foreign exchange gain-397
Finance income140516
Interest expense on financial liabilities measured at amortised cost(1,144)(1,250)
Net foreign exchange loss(125)-
Finance expense(1,269)(1,250)
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P10Comvita Condensed Interim Financial Statements 2022 - P11
6. EARNINGS PER SHARE
Basic earnings per share - weighted average number of ordinary shares
In thousands of shares
31 December 2021
Unaudited
31 December 2020
Unaudited
Issued ordinary shares at beginning of period 70,30069,780
Effect of shares issued during the period(151)11
Weighted average number of ordinary shares at the end of the period70,14969,791
Earnings3,4893,455
Basic earnings per share (NZ cents)4.974.95
Diluted earnings per share – weighted average number of ordinary shares
In thousands of shares
31 December 202131 December 2020
Weighted average number of ordinary shares (basic)70,14969,791
Effect of stock entitlements issued351-
Weighted average number of diluted shares at the end of the period70,50069,791
Diluted earnings per share (NZ cents)4.95 4.95
The effect of stock entitlements is Nil where the exercise price is higher than the average share price for the period, in accordance with NZ
IAS 33 Earnings per share.
7. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Prepayments6,8745,9464,360
Loans to equity accounted investees (note 8c)4,8834,8355,031
Loan receivable – related parties-567-
Loan receivable - management personnel (note 13)2,7574502,746
Other receivables 8783241,326
Total sundry receivables15,39212,12213,463
8. INVESTMENTS
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Investment in equity accounted investees11,7376,2536,841
Other investments888
Total investments11,7456,2616,849
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P10Comvita Condensed Interim Financial Statements 2022 - P11
8. INVESTMENTS (CONTINUED)
(a) Investments in equity accounted investees comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal Activity
Makino Station LimitedNew Zealand50%30 JuneApiary and land ownership
Gan Supply JV Limited New Zealand33%30 June
Restructure and Winding up
Agreement signed 4 June 2021
Medibee Pty Limited “Medibee” Australia50%30 June Apiary
Apiter S.A. “Apiter”Uruguay20%31 July
Manufacturing, selling and
distribution
Caravan Honey CompanyUSA50%31 Dec
Development and
commercialisation of products
made with Comvita Mānuka honey
and propolis for topical use
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.
Caravan Honey Company
On 22 December 2021 Comvita Limited entered a stock purchase agreement to purchase 4,500,000 shares for USD$3,379,500 in a newly
established US domiciled entity, Caravan Honey Company. Comvita currently has 50% ownership and joint control of this entity.
(b) Carrying value of equity accounted investees
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Opening balance – 1 July6,8416,2616,261
Acquisition
5,092--
Dividends received
--(363)
Share of (loss)/profit
(196)(8)992
Foreign exchange movements recognised in other
comprehensive income
--(49)
Closing balance
11,7376,2536,841
(c) Loans to equity accounted investees
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Loan and interest receivable
Makino
3,9994,0894,168
Apiter
884534863
Gan Supply JV
-212-
Total
4,8834,8355,031
Makino:
Interest is accrued on the balance of loan at a rate of 5.34% p.a. (2020: 5.34%). Interest income for the six months ended 31 December 2021
was $81,000 (2020: $81,000).
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
six month ended 31 December 2021 was $9,000 (2020: $8,000).
All loans to equity accounted investees are repayable on demand.
Notes to the Condensed Interim Financial Statements

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8. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES (CONTINUED)
(d) Transactions with equity accounted investees
In thousands of New Zealand dollars
Sale of goods and services
Purchases of goods and services
Transaction value
Balance due fromTransaction valueBalance owing to
31 December 2021
Makino 80
-1,021113
Gan Supply JV1
-40-
Apiter -
-323-
31 December 2020
Makino 58
-402-
Gan Supply JV8
-478-
Apiter -
-1,509-
9. DERIVATIVES
The table below analyses financial instruments carried at fair value, by valuation method. These are all level 2 on the fair value hierarchy,
as they include inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices). There have been no transfers between levels in either direction during the period.
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2020
Audited
Derivatives – assets (hedging instrument)
-389-
Total assets
-389-
Derivatives – liabilities (hedging instrument)
(2,541)-(1,648)
Total liabilities
(2,541)-(1,648)
Derivative – assets and liabilities (hedged) and designated at fair value through the income statement.
The Group’s Level 2 fair values for simple over-the-counter derivative financial instruments are based on broker quotes. Those quotes
are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument at the
measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the
Group entity and counterparty when appropriate.
Fair values
The fair value of all financial assets and liabilities is the same as the carrying amount.
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P12Comvita Condensed Interim Financial Statements 2022 - P13
10. INVENTORY
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Raw materials72,06265,73360,762
Work in progress1,6173141,049
Finished goods38,09732,50239,197
Total inventory111,77698,549101,008
Inventory disposed of during the period ended 31 December 2021 has been recognised within cost of goods sold - $324,000
(2020: $288,000).
11. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings issued and repaid during
the periods presented.
Terms and debt repayment schedule
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
30 June 2021
Audited
Balance at beginning of period20,85032,20099,250
Drawdown/(repayment) of borrowings - net24,799(3,900)(78,400)
Balance at end of period45,64928,30020,850
Represented as:
Current loans and borrowings45,649--
Non-current loans and borrowings-28,30020,850
Total loans and borrowings45,64928,30020,850
Less: cash and cash equivalents(19,353)(14,397)(16,267)
Total net debt26,29613,9034,583
The Group was in compliance with banking covenants during the period and as at 31 December 2021.
At 31 December 2021, the Group’s loans and borrowings had an expiry date of 1st July 2022. An extension letter was executed
14 February 2022 which extended the Group’s loans and borrowings expiry date to 1 January 2023.
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P14Comvita Condensed Interim Financial Statements 2022 - P15
12. RECONCILIATION OF THE PROFIT FOR THE PERIOD WITH THE NET
CASH FROM OPERATING ACTIVITIES
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Profit for the period3,4893,455
Items not involving cash flows:
Depreciation4,3384,045
Amortisation873841
Gain on disposal of non-current assets (51)(237)
Share based payments563117
Supplier share scheme – inventory purchase504407
Share of profit in equity accounted investees1968
Profit adjusted for non-cash items9,9128,636
Movement in working capital items:
Change in inventories(10,768)14,130
Change in trade receivables(8,785)(8,497)
Change in sundry debtors and prepayments(2,054)290
Change in trade and other payables4,812(5,622)
Change in tax payable2811,281
Change in deferred tax955(588)
Movement in working capital items from foreign currency translation reserve719(1,353)
Other movements:
Movement of deferred tax in equity418(414)
Prepayment to equity accounted investee-1,509
Interest income from investing activities(132)(99)
Foreign investor tax credits68-
Foreign currency reserve(282)156
Net cash from operating activities(4,856)9,429
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P14Comvita Condensed Interim Financial Statements 2022 - P15
13. RELATED PARTIES
(a) Transactions with key management personnel
Key management compensation comprised:
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Short term employee benefits2,1951,910
Share based payments 34946
Total2,5441,956
(b) Key management and director loans
Key management compensation comprised:
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Loan to CEO450450
Loan to key management personnel – Leader Share Purchase and Loan Scheme
(note 14)
2,307-
Total2,757450
Directors and other key management personnel of the Company control 3.38% (30 June 2021: 2.37%, 31 December 2020: 1.31%) of the
voting shares of the Company.
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P16Comvita Condensed Interim Financial Statements 2022 - P17
14. EXECUTIVE EMPLOYEE SHARE SCHEMES
(a) Leader and Share Purchase and 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.
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Employees in the LSPLS8-
Number of shares held 738,012-
% of share capital1.05%-
(b) Performance Share Rights Scheme:
Comvita Limited has a Performance Share Rights (PSR’s) Scheme to incentivise Executives. 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. Share based payment expenses are recognised over the vesting period of these PSRs.
In thousands of shares
31 December 2021
Unaudited
31 December 2020
Unaudited
Entitlements outstanding at beginning of period – July147-
Entitlements granted387122
Entitlements cancelled(23)25
Shares vested(44)-
Total467147
During the period there was 37,516 additional shares issued to employees under the same incentive structure as the PSR scheme. These
shares were issued for no consideration from treasury stock.
(c) Executive Share Scheme :
Comvita Limited has an Executive Share Scheme called the Comvita Limited Partly Paid Share Scheme, which is winding down.
As at 31 December there is outstanding entitlements of 362,000 shares (2020: 617,000 shares).
15. DIVIDENDS PAID
On 7 October 2021 a final dividend was paid. It was a fully imputed final dividend of $2,893,000 (4.0 cents per share).
16. CAPITAL COMMITMENTS
At 31 December 2021 the Group has committed to spending $2,300,000 over the next year. The capital commitment relates to
mānuka forest investment and other capital projects.
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P16Comvita Condensed Interim Financial Statements 2022 - P17
17. SUBSEQUENT EVENTS
Dividends
On 23 February 2022, the Directors approved the payment of a fully imputed final dividend of $1,760,000 (2.5 cents per share) to be paid
on 31 March 2022. As the dividend was declared after balance date it has not been recognised as a liability in these financial statements.
18. SUPPLEMENTARY NON-GAAP INFORMATION - EBITDA
Earnings before interest, tax, depreciation, and amortisation (EBITDA) is a non-GAAP measure. We monitor this as a key performance
indicator and believe it assists investors in assessing the performance of the core operations of our business.
In thousands of New Zealand dollars
31 December 2021
Unaudited
31 December 2020
Unaudited
Profit before tax5,8644,415
Add back: net finance cost1,0101,140
EBIT6,8745,555
Add back: depreciation and amortisation5,2105,040
EBITDA12,08410,595
Notes to the Condensed Interim Financial Statements

Comvita Condensed Interim Financial Statements 2022 - P18Comvita Condensed Interim Financial Statements 2022 - P19
DIRECTORS
COMVITA Board Of Directors
Brett Donald Hewlett
Lucas (Luke) Nicholas Elias Bunt
Sarah Jane Kennedy
Bridget Coates
Robert Malcolm Major
Yawen Wu
Guangping Zhu
David Banfield

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.co
BANKERS
Westpac Banking Corporation
Level 8
16 Takutai Square
PO Box 934
Auckland, 1142
SOLICITORS
Sharp Tudhope
Level 4
152 Devonport Road
Private Bag TG12020
Tauranga 3110
Directory
AUDITORS
KPMG Tauranga
Level 2,
247 Cameron Road
Tauranga 3140
SHARE REGISTRY
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010

Comvita Condensed Interim Financial Statements 2022 - P18Comvita Condensed Interim Financial Statements 2022 - P19
Directory
NORTH AMERICA
Comvita USA Inc.
506 Chapala Street
Santa Barbara,
CA 93101 | USA
Phone +1 855 449 2201
usacustomerservice@comvita.com
CHINA
Comvita Food (China) Limited
2501 - 2502 No. 7018 Sunhope E-Metro,
Caitan Road, Futian District
Shenzhen | China
Phone +86 755 8366 1958
comvita@comvita.com.cn
UNITED KINGDOM
Comvita UK Limited
2nd Floor, 47a High Street
Maidenhead, SL61JT
United Kingdom
Ph one +44 1628 779 460
info@comvita.co.uk
EUROPE
Comvita Europe B.V. Professor J.H.
Bavincklaan 7 1183 AT
Amstelveen | Netherlands
Phone +31682065359
info.europe@comvita.com
NEW ZEALAND
Comvita New Zealand Limited
23 Wilson Road South | Paengaroa
Private Bag 1 | Te Puke 3153
Bay of Plenty | New Zealand
Phone +64 7 533 1426
Freephone 0800 504 959
info@comvita.com
HONG KONG SAR
Comvita HK Limited
Room 1320 – 1322 Leighton Centre
77 Leighton Road
Causeway Bay | Hong Kong
Phone +852 2562 2335
cs@comvita.com.hk
KOREA
Comvita Korea Co Limited
18F Gwanghwamun Building,
149 Sejong-daero, Jongno-gu,
Seoul(03186) | Korea
Phone +82 2 2631 0041
service.korea@comvita.com
AUSTRALIA
Comvita Australia Pty Limited
10 Edmondstone Street
South Brisbane
Queensland 4101 | Australia
Phone +61 7 3845 1400
Freephone 1800 466 392
Customer Service 1300 653 436
info@comvita.com.au
JAPAN
Comvita Japan K.K.
Sangenjaya Horisho Bld 4F
1-12-39 Taishido, Setagaya-Ku
Tokyo 154-0004 | Japan
Phone +81 3 6805 4780
info@comvita-jpn.com

---

I N V E S T ORPR E S E N TAT ION
H AL FYEARRESULTFY2 2
PRESENTEDBY:
DavidBanfield,CEO
NigelGreenwood,CFO
24 FEBURARY 2022

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
Notice
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 unaudited interim results for the six
months ended 31 December 2021;
•Includes non-GAAP financial measures such as
EBITDA and constant currency comparisons.
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.
2

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
Agenda
TODAY’ S
3
01.
Our Focus / Arotahi
Comvita premium FMCG brand
our unique business model
2025 FOCUS Plan
02.
ESG
Aiming to be carbon neutral
2025
03.
Half Year
Results FY22
04.
Cashflow,
Inventory, and
Net Debt
05.
Market
Segment
Performance
06.
Reinvestment for
Long Term
Growth
07.
Guidance
& Summary
08.
Q&A

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
4
01.
Number One
02.
4
03.
6.1%
04.
33%
05.
Marketing $13.3m
+20.9% (+$2.3m)
06.
Operating Profit
$7.2m +39.4%
07.
2.5 CPS Interim Dividend
08.
$26.3M Net Debt
Digital share of
total revenue
D2C +12%
Investment in
Comvita brand
Reported EBITDA
$12.1m +14%
Net debt + $21.7m
primarily inventory
and new JV
investment
Fully imputed
interim dividend
declared
6.1% revenue growth
despite significant
Covid headwinds
4
th
Consecutive
reporting period of
earnings growth
Global brand leader in
MānukaHoney and
Propolis
Record Half Year Earnings

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
5
Covid 19
The Global Comvita Whānau
•The health and safety of our global team of 500+ is our priority, and we are pleased to report our people are
safe and well
•We have taken a risk-based approach to managing our response, built around facts and science
•The team response has been amazing in all markets, with 90% of our team vaccinated globally
•We have continued to demonstrate our ability to lead and adapt quickly, including the early adoption of at
home Rapid Antigen Testing (RAT) for staff in Australia and New Zealand -an additional measure for safety
and protection
•Rapid Antigen Testing and vaccination are required for on-site working at our Paengaroa operation
•Many markets still being impacted by ongoing disruptions, due to the pandemic
•Recent MOH advice to use honey / lozenges to help manage symptoms of Covid
•The longer-term trend of consumers turning to nature and natural products for solutions to their health and
wellness needs has continued
•We are proud to be part of the solution for consumers around the world

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
6
Purpose
O U R
“Working in harmony with bees
and nature in New Zealand to heal
and protect the world.”

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
7
Vision
O U R
“To deliver world-leading standards for our team, our
consumers, our shareholders and our planet,
contributing to a world where bees and people can
thrive in harmony.
Reinvest cash to lead Industry growth and consolidation
to drive higher standards for our consumers.”

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
8
2025
FOCUS
Strategic
Plan

S E C T I O N
9
1
Our
Focus

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
10
Arotahi
O U R F O C U S -P R E M I U M F M C G
B R A N D
L O N G T E R M
P R O F I T A B L E G R O W T H
RIG HT
P RO DUCT S
CO NSUM ER
VERT ICAL
INT EG RAT IO N
IM PRO VED
Q UAL IT Y &
REDUCED
RISK
RIG HT
M ARKE T
SUBSIDIAR IES
INVEST M ENT
IN BRAND,
IP & SCIENCE
DIG IT IS AT IO N

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
11
Unique
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

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
12
World
Leading
Science &
Quality
•Comvita strategic goal of higher standards for all NZ honey to protect consumers and the industry
−Achieved dual IANZ and MPI accreditation for our in-house honey testing laboratory, the only such certification
held by a honey company
−More patents and publications than any other honey company
•$1.3m MānukaHoney for digestive health clinical trial programmeannounced in collaboration with the University of
Otago, supported by $875K grant from the High-Value Nutrition National Science Challenge
−Programme supported by Scientific Advisory Board of international expert gastroenterologists and digestive
health researchers
•Professor Richard Gearry, Academic Head, Department of Medicine, University of Otago, NZ
•Professor Nicole Roy, Professor Department of Human Nutrition, University of Otago, NZ
•Laureate Professor Nick J Talley, Pro Vice-Chancellor, Global Research University of Newcastle, Australia
•Professor Peter Gibson, Head of Gastroenterology Research, Monash University, Australia
•Professor William D. Chey MD, Professor of Medicine, Director of GI Physiology Lab, University of Michigan, USA
•Professor Francis Chan, Dean & Choh-Ming Li Professor of Medicine and Therapeutics, Chinese University of Hong
Kong
•Professor Robin Spiller, Professor of Gastroenterology, University of Nottingham, UK
•MrNick Maynard, Consultant Surgeon, Oxford University Hospitals NHS Foundation Trust, UK

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
13
Headlines
•Record H1 operating profit $7.2m ,+39.4% vs PCP (+$2.0m)
•EBITDA * $12.1m, + 14% +$1.5m vs PCP
−Double digit top and bottom-line growth in focus growth markets,Chinaand North America
−Double digit top and bottom-line growth in Mānuka honey productcategory
−Double digit top and bottom-line growth Comvita.com (D2C)
•Revenue growth +6.1% despite significant Covid headwinds
•Gross profit (GP) +760 bps to 56.6%
•Long term brand investment $13.3M +$2.3mor +21% vs PCP and 12.7 % of sales vs 11.1 in PCP
•Business transformation plan on track
−Strong GP growth
−Expected to deliver $14m in GP improvement since inception by end of FY22
−35% SKU reduction on top of 30% in FY21
•Net debt increased by $21.7m since 30 June 2021to$26.3m,inventory increase $13.2m, JV investment
$5m
•79% reduction in total recordable injury frequency rate (TRIFR)
•Fully imputed dividend of 2.5 cps declared
* EBITDA is earnings before interest, tax, depreciation and amortization. It is a non-GAAP measure. We believe it assist investors in assessing the
performance of the core operations of our business.
** Previous Corresponding Period

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
14
Development Plan
C O N T I N U E D P O S I T I V E P R O G R E S S
JAN 2021
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 email
database (TY +50% vs PCP)
●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 SBT’s in place
●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

S E C T I O N
15
15
ESG
2

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
ESG at Comvita
Key Focus Areas:
●GHG emissions
●Air and water pollution
●Biodiversity
●Deforestation
●Resource depletion (pollen and
nectar resources)
●Use of chemicals and pesticides
●Water efficiency
●Energy efficiency
●Sustainable packaging and
circularity
●Waste management
●Climate change preparedness
Key Focus Areas:
●Product quality and food safety
●Customer satisfaction
●Ethical procurement
●Data protection and privacy
●Human rights
●Child labour and modern slavery
●Health and safety
●Labour standards (including in our
Supply Chain)
●Pay equity (gender and ethnicity)
●Employee diversity and equitable
opportunity
●Employee engagement
●Community investment (1% of
EBITDA)
●Community relations, including
Māori Engagement
Key Focus Areas:
●Board composition (diversity and
independence)
●Compliance with regulations
●Anti-bribery and corruption
●Accounting and audit quality
●Global tax strategy
●Business ethics
●Lobbying
●Political contributions
●Speak-up policies and frameworks
●Integrated reporting
OUR
HARMONY PLAN
STRENGTHENING
OUR GLOBAL HIVE
ENVIRONMENTAL
GOVERNANCE
SOCIAL
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
* ESG definition aligned with global reporting
frameworks and Comvita Materiality Review
16

17
Our Global Whānau
A V E R A G E E M P L O Y E E
Y E A R S O F S E R V I C E
G L O B A L L Y
O F O U R G L O B A L
T E A M I S FE M A L E
F U L L T I M E E Q U I V A L E N T
R O L E S I N O U R G L O B A L
WHĀNAU
O F V O C A T I O N A L
D E V E L O P M E N T S U P P O R T E D
WOMEN, MĀORI AND
P A S I F I K A
F Y 2 2 T A R G E T 7 5 %
63%
O F TH E C O M V I T A
B O A R D A R E W O M E N
40%
100%
553
EQ U A L P A Y F O R E Q U A L
W O R K G L O B A L L Y
F Y 2 2 T A R G E T 1 0 0 %
50%
O F G L O B A L E X E C U T I V E
R E P O R T I N G T O C E O A R E
W O M E N
F Y 2 2 T A R G E T 4 0 %
100%
L I V I N G W A G E M E T
F O R N Z-B A S E D
E M P L O Y E E S
F Y 2 2 T A R G E T 1 0 0 %
67%
5+
O F G L O B A L R O L E S
A R E C U S T O M E R
F A C I N G
60%
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2

18
Safety & Wellbeing
R E L E N T L E S S F O C U S O N S A F E T Y P R I O R I T I E S
T R IF R 3.0
F Y 22 TA R G E T –10%
-79%
R E P O R TA B L E
INJUR IE S
F Y 22 TA R G E T –10%
-33%
MOTO R V E H IC L E
INC ID E NT S
F Y 22 TA R G E T –10%
-77%
ME NTA L WE L L B E ING
C H E C KS
+ 100%: NE W IN F Y 22
111
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
19
2021: $52K
+178.8%
I NVEST M ENT I N
HARM ONY PART NERSHI PS
2021: $50K
NAT I VE T REES
PL ANT ED T HI S SEASON
1.5M
2021: 1.9M
I NVEST M ENT I N
CARBON REDUCT I ON I NI T I AT I VES
-21.0%
SHRI NK W RAP REM OVED
F ROM SUPPLY CHAI N
$151K
+198.0%
$145K
Our purpose is
working in harmony with bees
and nature in New Zealand, to
heal and protect the world.
Sustainability
P E R F O R M A N C E v s . P C P
( 3 1 D e c e m b e r 2 0 2 2 v s 3 1
D e c e m b e r 2 0 2 1 )
2021: 3.7T Purchased
-54.0%
#1
T REES T HAT COUNT
L EADERBOARD NZ
2021: #2
+1 place
2.0T

Climate Action
•
•
•
1
Climate Action
•
•
1
Community Impact
•
•
•
•
3
Bee Welfare
•
•
•
•
•
•
2
Native Forests &
Biodiversity
•
•
•
•
•
4
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
20

S E C T I O N
21
Half Year
Results FY22
3

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
22
Financial
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
* EBITDA, sales variable and transformation 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.
•Reported revenue +6.1% or $6m
•Strong performance in focus growth markets and
Mānukacategory
•Global relaunch of D2C tech in H2
•760 bps improvement in GP%
•Marketing Investment $13.3m +$2.3m +20.9%
Now 12.7% of revenue
•Transformation costs $700K +286%
•Other expenses include due diligence costs
•Operating Profit +39.4% and up $2.0m
•Reported EBITDA +14%
•High effective tax rate 40.5% due to high
nondeductible expenditure
For the six months ended
NZD 000’s
31 Dec
2021
Unaudited
31 Dec
2020
Unaudited
Variance $Variance %
Revenue (Reported Currency)104,94298,8856,0576.1%
Gross Profit59,40048,50010,90022.5%
Gross Profit %56.6%49.0%7.6%
Marketing13,27710,979(2,298)20.9%
Sales Variable*11,3559,492(1,863)19.6%
Transformation*691179(512)286.0%
Other Expenses 27,68924,694(2,995)12.1%
Operating Profit7,1895,1572,03239.4%
EBITDA*12,08410,5951,48914.1%
Net Profit after Tax3,4893,455341.0%

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
23
Gross Profit
+ $ 1 0 . 9 m v s P C P
+ 7 6 0 B P S
Gross profit improved $10.9m from focus growth markets, focus channels
D2C digital channel and productivity gains
•Focus growth markets –strong performance in China and North America
•Strong performance in UMF Mānukahoney
•D2C+12% at accretive margins
•Recovery of GP in ANZ market
•Productivity gains in our manufacturing process leading to lower cost of sales

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
24
Transformation
O N T R A C K
Very good progress so far with $14m of gross profit improvement since the
transformation programmestarted through to end FY22:
•Strong improvement in $ and % GP
−GP improved by a further 760 bps –not all transformation related
•Underlying cost reduction of $3m
•Half year investment of $0.7m to deliver transformation
•SKU reduction delivered –35% on top of 30% in FY21
•Legal entity reduction initiated and on track
•Exit of underperforming or nonstrategic joint ventures primarily complete

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
25
Interim
Dividend
•Fully imputed dividend of 2.5cps declared
•Record date: 24 March 2022
•Payment date: 31 March 2022

S E C T I O N
26
4
Cashflow, Inventory
& Net Debt

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
27
Financial
K E Y R E S U L T S
B A L A N C E S H E E T
•Net debt increased by $21.7m since 30 June 2021
to be $26.3m at half year
•Operating cash outflow at $4.9m reflects EBITDA
performance adjusted for increase in working
capital balances, largely inventory
•Inventory increased by $10.8m since 30 June 2021
due to increased raw materials to mitigate supply
chain disruption and aligned to H2 market demand
•Inventory target remains at $85.0m over next 2 to 3
years once supply chain disruption normalises
As at
NZD 000’s
31 Dec
2021
Unaudited
31 Dec
2020
Unaudited
30 June
2021
Audited
Net Debt26,296 13,9034,583
Operating Cashflow(4,856)9,42924,825
Inventory111,77698,549101,008
EPS5 cps5 cps14 cps
Weighted average shares on issue70,14969,79169,640

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
28
Cashflow
•Operating cash outflow at $4.9m reflects EBITDA
performance adjusted for working capital
movements, largely in inventory
•$5m investment into joint venture with Caravan
•Continued investment in Mānukaforests and digital
improvements
For the six months ended
NZD 000’s
31 Dec
2021
Unaudited
31 Dec
2020
Unaudited
Variance $
Operating cash outflow / inflow(4,856)9,429(14,285)
Investing activities(10,652)(5,660)(4,992)
Financing activities18,413(5,543)23,956
Cash and cash equivalents19,35314,3974,956

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
29
Inventory
P R O F I L E
•Inventory increased by $10.8m vs 30 June 21
•Raw materials increased by $11.3m vs 30 June 21 to
mitigate supply chain disruption
•FG Inventory in market forecast to increase in H2 to
offset port / shipping delays outside our control
•As at 31 Dec 2021 DIFOT 83.9% versus target of 90%
•Mid term Inventory target c $85m
As at
NZD 000’s
31 Dec
2021
Unaudited
31 Dec
2020
Unaudited
30 June 2021
Audited
Raw materials72,06265,73360,762
Work in progress1,6173141,049
Finished goods38,09732,50239,197
Total Inventory111,77698,549101,008

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
30
Capital Expenditure
•Continued investment into our forest strategy with a
further $1.9m invested in H1
•Further investment into manufacturing process
improvements to improve productivity and increase
capacity
•Investment in digital channel (D2C) to drive revenue
growth
As at
NZD 000’s
31 Dec 2021
Unaudited
31 Dec 2020
Unaudited
Mānukaforest development1,8822,410
Manufacturing process improvements8941,939
Wellness Lab and virtual store-249
Digital transformation1,555-
Other1,582980
Total additions5,9135,578

S E C T I O N
31
5
Market Segments
Performance

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
32
Headlines
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
−Mainland China: Revenue +13% net contribution(NC)+40% ratio 26% to sales (LCY)
−North America: Revenue +48%, NC growth +75% ratio 31% to sales
−Growing market share in both markets
•Digital revenue 33% of total
−D2C revenue +12% vs PCP
−New tech stack (D2C platform) to be launched in Feb to improve customer retention and
data availability
•Marketing Investment +21% (12.7%)
•All markets now profitable

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
33
G RE AT E R CHINA
$47.7M
2021 : $47.6m
0%
NO RT H AM ERICA
$17.2M
2021 : $11.6m
+48%
REST O F ASIA
$12.7M
2021 : $12.6m
+1%
AUS T RAL IA + NZ
$18.1M
2021 : $18.1m
0%
EM EA
$2.9M
2021 : $3.4m
-15%
$40.0M
M AINL AND CHINA
2021 : $35.5m
+13%
P E R F O R M A N C E v s . P C P
R E P O R T E D C U R R E N C Y
Revenue

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
34
P E R F O R M A N C E v s . P C P
NO RT H AM ERICA
$5.3M
2021 : $3.0m
+75%
REST O F ASIA
$3.3M
2021 : $3.7m
-13%
AUS T RAL IA + NZ
$6.1M
2021 : $6.3m
-4%
EM EA
$0.2M
2021 : $0.1m
+71%
R E P O R T E D C U R R E N C Y
$12.0M
G REAT ER CHINA
2021 : $11.2m
+7%
M AINL AND CHINA
$10.5M
2021 : $7.5m
+40%
Net Contribution
Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator
and believe it assists investors in assessing the performance of the core operations of our
business. Reported figures using actual translation FX rates in each period

35
Growth Markets
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
Double digit top and bottom line growth
Growing market share in both Markets
FOCUS

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
36
GREATER CHINA
ON A REPORTED CURRENCY BASIS
•Revenue flat vs PCP
•Strong performance in mainland China offset by challenging topline conditions in HK and CBEC
•Strong net contribution growth delivered in mainland China (+40%) offsetting material Covid related impacts
in Hong Kong, SAR
•Net contribution +7% and improved by 100bps to 25% of sales
NZD 000’SThis Year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales47,74047,6151250%
Net Contribution*11,98611,2327547%
Net Contribution %25%24%1%
*Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual
translation FX rates in each period

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
37
ON A REPORTED CURRENCY BASIS
•Continuing to grow share in the worlds biggest honey market –YTD honey market -12%
•Revenue growth of 13% in reported currency
•Marketing investment increased by 8% to 15.5% to build long term brand loyalty and advocacy
•Net contribution +40% and at +500 bps to 26% of revenue
NZD 000’SThis Year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales39,98435,4814,50313%
Net Contribution*10,5457,5253,02040%
Net Contribution %26%21%5%
MAINLAND CHINA
*Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual
translation FX rates in each period

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
38
China
M a i n l a n d
M A R K E T H I G H L I G H T S
•Strong revenue growth despite massive Covid related disruption to retail
•Record results in key festivals mid autumn festival,11:11 and 12:12
•New distribution and partnerships agreed in H1 being implemented in H2
•Continued focus –positioning Comvita as a premium lifestyle brand
•Brand investment increased by 8%
•Multiple brand partnerships driving premiumisation and affinity
•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, SAR profit focus

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
39
NORTH AMERICA
ON A REPORTED CURRENCY BASIS
•The US is the second largest honey market in the world –Comvita growing share though remains sub scale
•Revenue +48% versus PCP with strong growth across all channels
•Revenue inflated by $1.3m NZD due to early delivery of H2 orders
•Revenue includes cross border sales to rest of world of $1.2m NZD
•Marketing investment flat versus PCP due to phasing (60% H2) and earn before we spend philosophy
•Net contribution increased by 75% and by 500 bps
NZD 000’SThis Year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales17,17811,6175,56148%
Net Contribution*5,2963,0312,26575%
Net Contribution %31%26%5%
*Net Contribution is a non-GAAP measure. We monitor this as a key
performance indicator and believe it assists investors in assessing the
performance of the core operations of our business. Reported figures
using actual translation FX rates in each period

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
40
America
N O R T H
M A R K E T H I G H L I G H T S
•Comvita remains the fastest growing Mānukahoney brand in MULO (conventional grocery) channel in
the US, growing over 250% YoY, per SPINS data
•Sell-through in key national grocery retailer we launched in 2020 is up 48% last 26 weeks YoY
•Gained new placement on key digital partner in late H1 with momentum in to H2
•Black Friday performance featured sales uplift of 17% over prior year with new email subscribers
growing 92% YoY, growing our database of loyal brand followers
Looking forward:
•New account wins (3) in several 100+ store chains secured for launch in H2
•Partnered with key health and wellness media outlets featuring Comvita Mānukahoney
•Continuing to work through increased lead-times and shipping delays to mitigate supply chain
disruption
•Transitioning to new digital platform and tech stack in H2 for frictionless consumer experience with
refreshed look and feel, launched in December

41
Rest of Asia
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

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
42
REST OF ASIA
ON A REPORTED CURRENCY BASIS
•Total revenue growth +1% with strong growth in most markets offset by challenging Covid related situation in
Japan
•Marketing Investment +6% vs PCP
•Net contribution -13% and to 26 % of sales reflecting Covid challenges in Japan
NZD 000’SThis Year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales12,69812,5721261%
Net Contribution*3,2523,747(495)(13%)
Net Contribution %26%30%(4%)
*Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual
translation FX rates in each period

43
ANZ Performance
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
Enhance Digital Investment and capability
Brand Investment for long term profitable growth
FOCUS

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
44
AUSTRALIA & NEW ZEALAND
ON A REPORTED CURRENCY BASIS
•Market revenue flat year on year
•Sell out improving month on month since July
•Marketing Investment increased by 72% to 9.2% of sales in line with win at home plan
•Net contribution reduced by $0.2m due to long term marketing investment in brand
NZD 000’SThis Year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales18,06118,092(31)0%
Net Contribution*6,0516,279(228)-4%
Net Contribution %34%35%-1%
*Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual
translation FX rates in each period. December 2020 net contribution has increased by $510k vs previous reporting period due to a change in the allocation of shared service costs

45
EMEA
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

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
46
EUROPE, MIDDLE EAST & AFRICA (EMEA)
ON A REPORTED CURRENCY BASIS
•Revenue negatively impacted by Covid closures and digital implementation in Q1, good recovery in Q2,
forecasting growth in H2 and for full year
•H1 FY21 67% of full year
•Revenue reduced by $0.5m versus PCP (-15%)
•Online has a 23% share of the total sales versus 47% in PCP due to one off challenges in marketplace
(Amazon)
•Profitable again with Net contribution +73% to $0.2m
NZD 000’SThis year
Dec 2021
Last Year
Dec 2020
Vs.
Last Year
Vs.
Last Year %
Sales2,9003,394(494)(15%)
Net Contribution*2381399971%
Net Contribution %8%4%4%
*Net Contribution is a non-GAAP measure. We monitor this as a key
performance indicator and believe it assists investors in assessing the
performance of the core operations of our business. Reported figures
using actual translation FX rates in each period

S E C T I O N
47
6
Reinvestingfor Long
term growth

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
48
M&A
Activity
•Base Comvita strategic plan (60:15:20) will deliver surplus cash through to FY25
and beyond
•With transformation showing positive signs and confidence of ability to deliver
2025 base plan we are looking at opportunities to drive our growth credentials
through a combination of M&A, organic growth and high value partnerships
targeting incremental categories (focus bee products)
•Comvita well positioned:
−Simplified and focused organisation
−Good management disciplines
−Physical and digital presence enables demand side consolidation
−Team capability
−Strong balance sheet
•In this period Comvita entered into an extended period of due diligenceon a
potential scale acquisition
•Value could not be agreed at this time however demand side M&A offers
incremental value and would enable Comvita to generate operating leverage
and drive higher category standards for consumers worldwide

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
49
Caravan
•In September we announced our joint venture with Caravan, an entertainment
and sports agency, Creative Artists Agency (CAA)
•Caravan create consumer brands and companies, co-founded with people of
influence
•To develop transformative Direct-To-Consumer products, technology and
companies for highly engaged pop culture audiences in partnership with CAA
•CAA is an American talent and sports agency based in Los Angeles
•They represent thousands of the world’s leading actors, musical artists,
comedians, athletes, chefs and more
•Through this unique business model Caravan have launched a number of
successful businesses
•Such as Fit52 with Carrie Underwood –a community powered fitness platform,
helping people on their personal wellness journey
J O I N T V E N T U R E

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
50
Caravan
•Central to our partnership with Caravan is the formation of a celebrity-backed
lifestyle brand
•Using the healing properties of MānukaHoney and Propolis for topical use
•In December we invested $5M of initial capital into this venture
•Details at this stage remain commercially sensitive
•We expect to announce further details in the coming months
J O I N T V E N T U R E

S E C T I O N
51
Guidance & Summary
7

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
52
Guidance
F Y 2 2 M A R K E T
P E R F O R M A N C E
•FY22 EBITDA guidance-maintained range of $27.0m to $30.0m given current balance of
risk
•Full year positive operating cash flow
•Continued double digit top & bottom-line growth in;
−Focus growth markets of China and North America
−Mānukahoney and
−D2C sales
•Mid single digit revenue growth in ANZ market
•Revenue growth in EMEA
•Targeting 100 bps improvement in GP % to full year
•Transformation program continues with $2.5m investment within guidance

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 2
53
Summary
•Building momentum–recordH1 operating profit +39.4%
•Double-digit top and bottom-line growth in:
‒Focus growth markets, China and North America
‒Digital channel (D2C)
‒Mānuka honey
•Simplified business
•Inventory increased to manage supply disruption
•Fully imputedinterimdividend of 2.5 cps
•Positioning Comvita as premium FMCG brand
•Good progress to deliver 2025 60:15:20 business model

S E C T I O N
54
S E C T I O N
8
Q & A

T H AN KYOUC OM V ITA. C OM

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


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$104,942 6.1%
Total Revenue $104,942 6.1%
Net profit/(loss) from
continuing operations
$3,489
Total net profit/(loss) $3,489
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board of Directors propose to pay a final dividend of 2.5
cents per share
Imputed amount per Quoted
Equity Security
2.5 cents per share
Record Date 24 March 2021
Dividend Payment Date 31 March 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.54 $2.43
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

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

24 February 2022

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

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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 Quarterly
Half Year X Special
DRP applies
Record date 24/03/2022
Ex-Date (one business day before the
Record Date)
23/03/2022
Payment date (and allotment date for
DRP)
31/03/2022
Total monies associated with the
distribution
1

$ 1,760,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03472222
Gross taxable amount
3
$0.03472222
Total cash distribution
4
$0.02500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00441176

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
$0.00972222

Resident Withholding Tax per
financial product
$0.00173611

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

24/02/2022





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