Seeka Announces Result for the Six Months to 30 June 2022

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 6 months to 30 June 2022
Previous Reporting Period 12 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$247,345 10.2%
Total Revenue $247,345 10.2%
Net profit/(loss) from
continuing operations
$21,454 4.3%
Total net profit/(loss) $21,454 4.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
Nil dividend declared
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$6.07 $5.44
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible asset per share is calculated by dividing the
Group’s net assets less goodwill by the total shares on issue at
the end of the period.
Authority for this announcement
Name of person

authorised
to make this announcement
Nicola Neilson
Contact person for this
announcement
Nicola Neilson
Contact phone number +64 21 841 606
Contact email address nicola.neilson@seeka.co.nz
Date of release through MAP

18 August 2022

Unaudited financial statements accompany this announcement.

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Analyst Briefing Pack
Unaudited Interim Results
Six months to 30 June 2022

To be read in conjunction with Seeka Interim Report, June 2022, and Seeka Annual Report, December 2021, see Seeka.co.nz/investors
Agenda
2
5
Contact
4
Focus
3
Operating segments performance
2
Balance sheet
1
Six month highlights

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Six month highlights

Summary
Challenging six months for the Group with:
Covid-19, labour shortages, inflationary pressure, adverse weather, shipping disruption, late machine commissioning, lower yields and quality
$247.3m Revenue | $49.4m EBITDA | $30.1m NPBT | $0.52 EPS
$161.2m in interest bearing debt
Five bank syndicate in place | Available debt lines $211.0m
Total assets $594.4m, net tangible asset backing per share $6.07
Continuing investment in core business, capacity and automation –KKP, Transcool, Oakside and NZ Fruits
New Zealand kiwifruit yields well down on pcp
Hayward yields down 21.5% and SunGold 10.5%, Ōpōtiki storm a contributing factor.
No dividend payable at this time
No dividend is payable at this time with the dividend to be reconsidered later in the year
Capacity planning being refreshed
Existing program of capital sufficient for 2023
Sustainability report released
2019/2020/2021 carbon footprint independently verified | Targets set for CO
2
e reduction to zero
1
2
3
4
5
4
6
7

These financials should be read in conjunction with Seeka’s Annual Report 2021 and the attached appendix. Values may not sum due to rounding.
Group financial performance
$247.3m revenue
Up 10% on pcp
$49.4m EBITDA
Up 5% on pcp
$30.1m Net profit before tax
Down 2% on pcp
$21.5m Net profit after tax
Up 4% on pcp
Seeka operates a seasonal business
−H1 is main operating period for core kiwifruit business
5
Interim results –six months to June 2022, unaudited
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Revenue247.3 224.5
10%
309.6
Cost of sales169.1 146.1
16%
236.3
Change in fair value of biological
assets -crop
(16.2)(18.2)-
Gross profit62.0 60.1
3%
73.2
EBITDA49.446.9
5%
56.8
EBIT35.434.7
2%
32.2
Net profit before tax30.130.8
( 2%)
23.5
Net profit after tax21.520.6
4%
14.9

$9.3m
$11.9m
$18.4m
$20.6m
$21.5m
$12.8m
H1FY18H1FY19H1FY20H1FY21H1FY22
NPAT
$5.6m
deferred
taxgain
base
NPBT
$25.7m
$27.9m
$30.4m
$46.9m
$49.4m
H1FY18H1FY19H1FY20H1FY21H1FY22
EBITDA
$311m
$406m
$416m
$519m
$594m
H1FY18H1FY19H1FY20H1FY21H1FY22
Total assets
Trends in financial performance
EBITDA, NPAT and Total assets
H1FY20 NPAT included a one-off $5.6m tax benefit from a change in tax deductibility of depreciation on buildings. All results and comparatives consistent with NZ IFRS 16 Leases.
18% CAGR
6
23% CAGR
18% CAGR

$4.5m
$4.2m
$4.2m
$5.7m
$5.1m
H1FY18H1FY19H1FY20H1FY21H1FY22
Orcharding
Trends in operating segment performance
EBITDA
7
$1.1m
$0.8m
$1.3m
$1.9m
$0.5m
H1FY18H1FY19H1FY20H1FY21H1FY22
SeekaFresh retail services
$2.7m
($0.2)m
$1.9m
$2.7m
$2.6m
H1FY18H1FY19H1FY20H1FY21H1FY22
Australia
$23.2m
$29.8m
$30.3m
$49.1m
$52.9m
H1FY18H1FY19H1FY20H1FY21H1FY22
Post harvest

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Balance sheet

Values may not sum due to rounding.
Balance sheet
$76.3m increase in capital employed on H1FY21
$54.5m increase in PP&E
−Orangewood and NZ Fruits acquisitions
−Automation and capacity investments –KKP
−Coolstoreinnovation and capacity -Transcool
$4.7m increase in investments
−Continuing long term lease orchard developments
Capital employed at 30 June
9
H1 FY22H1 FY21FY21
$ millionsUnauditedUnauditedGrowthAudited
Current assets -excludes cash
Trade and other receivables106.8 101.1
6%
30.7
Biological assets -crop2.2 1.7
32%
18.4
Assets held for sale4.8 3.8
24%
1.9
Inventories and water rights18.0 21.4
( 16%)
7.3
131.7 128.1
3%
58.3
Current liabilities -excludes debt
Trade and other payables(52.2)(61.7)
( 15%)
(33.0)
Tax(8.2)(5.6)
(46%)
(7.5)
(60.4)(67.3)
( 10%)
(40.5)
Net working capital71.360.7
17%
17.8
Non current assets
Property, plant and equipment358.6 304.2
18%
327.8
Lease assets54.5 52.8
3%
49.9
Intangibles31.0 28.0
11%
27.1
Investments and receivables10.7 4.2
156%
6.8
454.9 389.1
17%
411.6
Capital employed526.2 449.9
17%
429.4

Balance sheet
$161.3m net bank debt at June 2022
−$33.4m increase on June 2021
−$16.5m of debt and cash for Orangewood and NZ
Fruits investments
−$20.0m upgrade at KKP and Transcool
Syndicated five-bank funding
−$211m debt line
$4.8m of orchard assets held for sale
Net bank debt at 30 June
10
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Non current liabilities -excludes debt
Lease liabilities
(current and non current )
(68.1)(66.7)
2%
(63.4)
Deferred tax(21.2)(21.6)
(2%)
(18.4)
Derivatives-(0.4)(0.5)
(89.3)(88.7)
1%
(82.3)
Cash(7.8)(1.7)(12.4)
Borrowings169.0 129.5
30%
113.0
Net bank debt161.3 127.8
26%
100.6
Total equity275.6233.3
18%
246.5
Total borrowings161.3 127.8
26%
100.6
Net bank debt excluding assets
held for sale
156.5124.0
26%
98.7
EBITDA multiple3.17x 2.64x 1.74x
EBITDA multiple pre NZ IFRS 16
Leases
3.71x 3.03x 2.24x

1. As required by NZ IAS 33, 421,835 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the weighted average EPS would be $0.52 (FY21: $0.42).
Earnings per share and dividends
52 cents earnings per share
1
No dividend is payable at this time
The Board has determined that no dividend is payable
at this time with the dividend to be reconsidered later in
the year.
$6.07 net tangible assets per share –up 12%
11
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Net profit ($m)$ 21.5 m $ 20.6 m
4%
$ 14.9 m
Weighted shares on issue (m)41.0 m 31.8 m 34.8 m
Earnings per share$ 0.52 $ 0.65 (20%)$ 0.43
Net tangible assets254.8 m 214.7 m
19%
229.3 m
Shares at period end42.0 m 39.4 m 40.2 m
Net tangible assets per share$ 6.07 $ 5.44 12%$ 5.71

FY22 full year operational guidance
Forecasting full-year net profit before tax between
$9.0m and $11.0m
No change to forecast
12
Seeka provide 2022 guidance
FY22FY22FY21
GuidanceGuidanceFull year
$ millions
Lower rangeUpper rangeActuals
Net profit before tax
9.0m11.0m23.5m

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Operating segment performance

Values may not sum due to rounding.
Orchard operations
$45.7m –down 15% on pcp
$5.1m EBITDA –down 10% on pcp
Increase in crop volumes
-Reflect acquisition volumes from Orangewood and OPAC
-Yields down on PCP
-Excellent kiwiberry performance
-142 hectares of orchards in development
-46 SunGold
-91 Hayward
-5 Red
Growing kiwifruit, avocado and kiwiberry for New Zealand orchard owners
14
1. Avocado volumes are for crop harvested in the 2021/22 season (pcp: 2020/21 season).
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Revenue45.7 53.7 ( 15%)77.1
EBITDA5.1 5.7 ( 10%)5.2
EBIT3.7 4.7 ( 20%)3.0
Segment assets98.1 92.8 6%73.7
EBITDA pre NZ IFRS 163.8 4.5 ( 16%)2.4
Crop grown-class 1 trays (millions)
Total kiwifruit trays grown17.1 14.4 18%
SunGold class 1 trays (millions)8.9 5.5 61%
Hayward & other class 1 trays (millions)8.2 8.9 (8%)
Avocado grown (tonnes)
1
1,6101,39415%
Kiwiberry grown (tonnes)116140( 17%)

Values may not sum due to rounding.
Post harvest operations
Record post harvest revenue of $178.5m –up 23% on pcp
$52.9m EBITDA –up 8% on pcp
Late Gisborne maturity, then rain
−Compressed capacity
Delay in KKP machine arrival and commissioning
-6 April became 6 June
Inflationary pressure and extreme shortage of labour
-At one stage over 1,100 people short through Covid-19 and
labour shortages
Packing, coolstoring and shipping kiwifruit, avocado and kiwiberry for New Zealand orchard owners
15
1.Avocado volumes packed since 1 January from the 2021/22 season (pcp: 2020/21 season).
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Revenue178.5 145.2 23%195.9
EBITDA52.9 49.1 8%61.6
EBIT43.7 40.8 7%44.6
Segment assets388.6 337.9 15%316.1
EBITDA pre NZ IFRS 1648.9 46.2 6%55.3
Trays packed(millions)
Total trays packed43.3 40.7 6%
SunGold (class 1)26.3 19.4 35%
Hayward (class 1)14.3 18.8 (24%)
Other fruit -includes class 22.8 2.5 10%
Avocado (thousands of trays)
1
2672622%
Kiwiberry (thousands of trays)7888(11%)

Values may not sum due to rounding.
SeekaFresh retail services operations
$8.5m Revenue
−Soft 2021/22 avocado market and returns
$0.5m EBITDA
Business continues to innovate
−New customers
−Increasing local market volumes
−Building strong customer relationships
Supply, export and sales of avocado, kiwiberry and class 2 kiwifruit, import fruit, and Kiwi Crush production
16
H1 FY22H1 FY21FY21
$ millions
UnauditedUnauditedGrowthAudited
Revenue8.5 11.5
(26%)
21.6
EBITDA0.5 1.9
(74%)
2.3
EBIT0.0 1.4
(99%)
1.4
Segment assets23.6 19.2
23%
11.7

Values may not always sum due to rounding.
Australian operations
$14.40m Revenue –up 4% on pcp
Ongoing labour and market disruption from Covid-19
$2.58m EBITDA
Excellent result in difficult circumstances
$1.17m EBIT after lease costs
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
17
H1 FY22H1 FY21FY21
NZD millions
UnauditedUnauditedGrowthAudited
Revenue14.40 13.86
4%
13.87
EBITDA2.58 2.73
(6%)
1.64
EBIT1.64 1.89
(13%)
(0.00)
EBIT after lease costs1.17 1.39
16%
(1.06)
EBITDA pre NZ IFRS 161.531.73
-
(0.19)
Kiwifruit (tonnes)1,765 2,115 ( 17%)
Nashi (tonnes)1,036 873 19%
Pears (tonnes)1,997 1,861 7%
Other fruit (tonnes)131 121 8%
Total tonnes grown, packed and
sold
4,929 4,970 (1%)

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Focus
18

Forward focus
The company has operated profitably through a challenging six months, and continued to deliver service
-Covid-19
-Weather
-Shipping
-Labour
-Harvest Dynamics
-Quality
Focussed on operations and setting for a better 2023
-Secured increase in RSEs
-Investing in RSE accommodation
-Revising the forward capacity plan
-2023 capacity is balanced with existing configuration and capital projects
19

Contact
Michael Franks
Chief executive
+64 21 356 516
20
For more information see www.seeka.co.nzor please call
Nicola Neilson
Chief financial officer
+64 21 841 606

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Appendix
21

EBITDA
22
H1 FY22H1 FY21FY21
NZD ($000s)UnauditedUnauditedGrowthAudited
EBITDA pre NZ IFRS 1642,211 40,928 3%44,087
Capitalised lease costs (cash cost)7,149 5,966 20%12,703
EBITDA after applying NZ IFRS 1649,360 46,894 5%56,790
H1 FY22H1 FY21FY21
NZD ($000s)
UnauditedUnauditedGrowthAudited
Net profit before tax30,065 30,761
(2%)
23,488
Interest expense3,124 1,664 4,082
Lease interest expense2,207 2,275 4,610
EBIT35,396 34,700
2%
32,180
Impairments and revaluations
Impairment of PPE111 1,136 1,188
Depreciation expense8,794 7,056 15,185
Lease depreciation expense4,824 3,911 7,943
Amortisation of intangible assets235 91 294
EBITDA before impairments and revaluations49,360 46,894
5%
56,790
Reconciliation before and after applying NZ IFRS 16EBITDA before revaluations and impairments is considered by
Seeka's Board to be a key measure of performance

seeka.co.nz

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1SEEKA LIMITED | ANNUAL REPORT 2021
JUNE 2022
INTERIM REPORT

1SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Contents
Welcome to our Interim Report where we detail our financial and operational
performance for the six months to 30 June 2022.
2 Chair and Chief Executive's report
4 Review of operations
9 Interim financial statements
10 Statement of financial performance
11 Statement of comprehensive income
12 Statement of financial position
13 Statement of changes in equity
14 Statement of cash flows
15 Notes to the interim financial statements
31 Directory
Main contents
The best way to view this integrated report is with Adobe Acrobat Reader.
To navigate, click the section headers listed above. You can also click
any light blue text for direct links to additional information. To return to a
contents page, click the navigation header at the top of each page.

INTERIM REPORT | JUNE 2022 | SEEKA LIMITED2
Chair and Chief Executive's report
Welcome to Seeka’s interim financial report and commentary for the six months ended 30
June 2022. It’s been a tough six months for the Group with a backdrop of Covid-19, adverse
weather events, extreme labour shortages, machine commissioning delays, shipping
disruption, lower fruit yields and poor fruit quality all impacting performance. The Group
has hunkered down, toughed it out and focussed on the immediate job of optimising its
operations and results in a volatile environment with significant inflationary pressure and
geopolitical events affecting key markets.
The Seeka team have focussed on core business and operations having completed and integrated the
OPAC, Orangewood and NZ Fruits businesses in the last twelve months. New Zealand kiwifruit crop
volumes were well down on expectation across the industry. The Group has innovated in a tight labour
market exacerbated by illness. Loyal personnel, including support staff, were redeployed to “play-out-of-
position” at peak stress load to ensure the continuity of operations. The Group, at one stage, was short of
more than 1,100 people from its New Zealand seasonal workforce but managed to get through the harvest
with an influx of RSE workers from the Pacific Islands. The cost of labour has increased significantly as the
Group competed to recruit staff to fully resource its operations. Seeka people have worked hard through the
season. The new, highly automated MAF Roda kiwifruit packing machine was commissioned late at KKP as
a result of shipping disruptions and the Group had to switch production to other sites to alleviate the delay.
Weather also played its part in a challenging harvest as in late 2021 a storm in Ōpōtiki destroyed an
estimated 2 million trays of kiwifruit crops, while an unseasonably late maturing Gisborne kiwifruit region
was then hit with heavy and continuous rain.
Shipping delays have disrupted the supply chain to market. Fruit quality in 2022 has been poor, creating
pressure on fruit quality checking processes as the Group strives to deliver excellent fruit to the market.
Ultimately the low-quality fruit later in the season has significantly impacted the costs of rechecking and
fruit loss.
Seeka Australia has performed well in the six months. The business has recovered from a challenging 2021
and there are signs of improved earnings outlook for this business as the orcharding investments made in
this business move into production.
The Group has prepared and published its first Sustainability Report including three years of independently
verified carbon footprint analysis. Seeka has adopted carbon reduction targets including a 30% reduction on
baseline by 2025, 50% by 2030 and net zero by 2050.
Seeka reminds readers that it operates in a seasonal business and industry where earnings can occur
unevenly in the year with substantial earnings in the first six months associated with harvest in New
Zealand and Australia. The Group has provided earnings guidance that it expects net profit before tax to be
between $9m and $11m for the full year.
145.4
25.7
9.3
169.9
2 7.9
11.9
178.7
30.4
18.4
224.5
46.9
20.6
24 7. 3
49.421.5
Group revenue
NZD Millions
Group EBITDA
1
NZD Millions
Group net profit after tax
1
NZD Millions
FY18FY19FY20FY21FY22FY18FY19FY20FY21FY22FY18FY19FY20FY21FY22
1. FY18 EBITDA and NPAT were restated for NZ IFRS 16.
Main contents

3SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Key financial components of the 2022 six months include:
–$247.3m revenue (previous corresponding period to June 2021 (pcp): $224.5m); up 10.2%.
–$49.4m EBITDA (pcp: $46.9m); up 5.3%.
–$35.4m Earnings before interest and tax (pcp: $34.7m); up 2.0%
–$30.1m profit before tax (pcp: $30.8m); down 2.3%.
–$21.5m profit after tax (pcp: $20.6m); up 4.3%.
–$594.4m of total assets; up 14.5% from the pcp.
–$161.3m net interest-bearing debt; an increase of $33.4m from the pcp after purchases of Orangewood
and NZ Fruits. At balance date Seeka had advanced $34.7m to growers which was substantially repaid in
July (compared to $23.0m in the pcp).
–No dividend payable at this time.
Key operational components include:
–Successful harvests, despite operational processing and capacity management issues across New
Zealand and Australia including kiwifruit, avocado, kiwiberry, nashi and other pears in a very challenging
environment
–Integration of the new businesses into Seeka; while crop volumes were below expectation, these
businesses are integrated and ready to deliver accretive earnings
–Publication of Seeka’s first Sustainability Report
–Excellent kiwiberry harvest and integrated packing and selling programme in conjunction with Freshmax.
Fifth year of excellent returns to growers with average orchard gate returns over $200k per hectare.
–Operational improvements at Seeka Australia, delivering earnings before interest and tax of $1.2m.
The following table outlines Seeka’s financial performance for the half year
New Zealand dollars
6 months to
June 2022
Unaudited
6 months to
June 2021
UnauditedChange
Total revenue ( millions )
$ 247.3$ 224.5
10.2%
EBITDA before impairments and revaluations ( millions )
$ 49.4$ 46.9
5.3%
EBIT ( millions )
$ 35.4$ 34.7
2.0%
NPAT ( millions )
$ 21.5$ 20.6
4.3%
Basic earnings per share ( cents )
$0.52$0.65
( 20.0%)
Net bank debt ( millions )
$ 161.3$ 127.8
26.1%
Main contents

INTERIM REPORT | JUNE 2022 | SEEKA LIMITED4
Review of operations
Financial
Revenue for the six months ended 30 June 2022 of $247.3m was up 10.2% on the pcp (pcp:
$224.5m). Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) was
$49.4m (pcp: $46.9m); up 5.3%. Profit before tax of $30.1m compared with $30.8m in the pcp
(down 2.3%).
New Zealand orchard operations
Orchard operations span from Northland through the Coromandel, Bay of Plenty,
Ōpōtiki and Te Kaha. Orchard operations includes all aspects of growing and
harvesting kiwifruit, avocado and kiwiberry on leased, long term leased, and Seeka-
owned orchards. The orcharding business provides comprehensive orchard and vine
management services to owners alongside contract work for orchard owners on an
as-required basis. The business develops orchards for landowners on contract or
under long term leases and in partnership with iwi.
The Seeka business grew 17.1m trays of kiwifruit compared to 14.4m trays in the pcp. The Ōpōtiki
growing region was hit hard by high winds and wild weather late in 2021 lowering crop volumes in
this region by around 2m trays.
Hayward yields were much lower than expected. The average 2022 Hayward production per hectare
from Seeka’s orcharding operations of 8,497 trays is down on 2021 by 31% (pcp 12,302 trays per
hectare).
SunGold yields of 13,172 trays per hectare were also down 7.3% on 14,206 trays per hectare in 2021.
Seeka also grew 1.610m kilograms of avocado (pcp: 1.394m kgs) and 116,400 kilograms of kiwiberry
(pcp: 140,000 kgs), on orchards which it either owned or managed.
Orchard operations revenue for the six months of $45.674m was down by $7.997m reflecting lower
crop returns across kiwifruit and avocado. EBITDA for the period totalled $5.087m compared to pcp
of $5.658m reflecting lower revenues from the markets and higher costs. The Group redeployed
picking crews including RSE workers from the orchards to the packhouses to keep harvest operations
fully functioning. The Group relied heavily on its contracting community where generally labour
supply was sufficient compared to post-harvest which struggled for labour. This resulted in lower
earnings to the orchard operations.
Seeka continues to actively invest in long term orchard development with partners – currently with
142 hectares of kiwifruit, 2 hectares of kiwiberry and 16 hectares of avocado in development. Fruit
volumes from the orchard division are expected to increase as these orchards reach maturity.
Our strategy is to continue to invest in long term leases to secure fruit supply.
New Zealand post-harvest operations
Post-harvest operates eleven packhouse facilities along with a network of coolstores.
These packhouse facilities pack, cool and dispatch all produce from our orcharding
operations and from our independent growers along with packing citrus and
persimmons on contract for external marketers.
Main contents

5SEEKA LIMITED | INTERIM REPORT | JUNE 2022
In 2022, Seeka packed 43.3m trays of kiwifruit, above last year's combined 40.7m trays
(including 3.5m trays OPAC). Hayward volumes were down 23.9% and SunGold volumes
were up 35.2%, both significantly impacted by yield per hectare reductions despite the
additional fruit provided by the recent acquisitions. In addition to packing avocados for
its own marketing programmes, Seeka also packs citrus and persimmons on contract for
third party marketers. Post-harvest revenue of $178.508m has increased from last season
(pcp: $145.241m) reflecting the recent acquisitions and price increases. The cost of labour
increased as the Group competed in a tight labour market and Covid-19 disruption. The
compliance costs of meeting demanding market requirements also added cost pressure.
EBITDA for the six months totalled, $52.867m compared to $49.128m in the pcp.
New Zealand retail services operations
Seekafresh retail services includes the supply, export and sale of avocados,
kiwiberry and class 2 New Zealand kiwifruit, sale of New Zealand kiwifruit
through collaborative programmes, operation of the New Zealand wholesale
marketing business including imported tropical fruits, and the manufacture and
sale of Kiwi Crush and avocado oil.
Turnover decreased by 28.3% to $24.053m. EBITDA of $0.489m compares to a pcp of
$1.907m reflecting a soft avocado market and the effect of Covid-19 disruptions on the
market. Accounts with new customers have been established for the business which we are
expecting to increase trading activity in the second half of 2022. Momentum continues to
build with vibrant leadership, dedicated staff, great customer relationships and high-quality
produce.
Australia operations
Seeka Australia Pty Limited, a 100% Seeka-owned company, leases and
operates kiwifruit orchards, and owns and operates nashi and pear orchards
along with associated post-harvest facilities in Victoria, directly marketing
Seeka’s Australian produce domestically and to export customers.
Seeka’s Australian business was affected by Covid-19 in the same way as New Zealand. The
business adapted well under local management and delivered excellent results given the
circumstances. Labour was very short, and there is continuing market disruption through
lockdown events in Australia.
The Australia team have innovated well with the management of on-orchard labour and post-
harvest automation to deliver our customers excellent service and produce despite severe
labour shortages and supply chain disruption. Kiwifruit volumes in Australia were lower
following labour shortages leading to late work being undertaken on the orchards reducing
yields. This has been rectified in the 2022 year for 2023. Markets were strong with good
pricing and demand across all categories.
Total revenue for the six months of $14.402m compared to pcp of $13.855m. EBITDA of
$2.576m compared to pcp of $2.728m.
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED6
Automation, technology and capacity
Seeka has undertaken numerous automation trials and have brought the best equipment together
in its latest packhouse investment at KKP. The eight-lane MAF Roda includes fully automated
packaging presentation to the machine along with automated packing stations. The machine has a
very low labour requirement through automation.
The machine, fabricated in France, missed its April 6 commissioning date with supply chain
disruptions leaving containers of key components in Singapore. It was ultimately successfully
commissioned in June during the last week of the Hayward harvest. The machine has commissioned
well and shown that it will deliver the automation benefits expected.
Seeka has invested in further automation enhancements at the Oakside and Gisborne facilities.
The Oakside investment includes Spectrim grading and pre-sizing on machine 3, which substantially
reduces the manual grader requirements. Machine throughputs will be enhanced alongside a labour
cost saving, since the investment reduces the number of operators.
The Gisborne investment was already committed when Seeka purchased NZ Fruits. This investment
includes automation of the placement and stacking of fruit post-packing. It removes labour and
the bottleneck after packing. The operating machine hours at Gisborne will be increased and the
automation will reduce the number of people required to run the machine.
Seeka continues to consider its forward capacity equation balancing the likely future crop volumes
with the required capacity to handle that volume at as close to its optimal time as possible. There
is an anticipated increase in SunGold volumes coming combined with a growing sentiment that the
final date of harvest needs to be earlier.
Seeka, with the investments outlined, has sufficient capacity to handle the forecast crop volumes
for 2023 and is considering the volumes and options beyond that. The substantial new Pukenga
packhouse is unlikely to proceed in its previously anticipated form, with the Group considering all
available options including a scaled down Pukenga build. Coolstorage capacity is also being assessed.
These options will be considered by the Group through the second half of 2022.
Sustainability
Seeka has released its first Sustainability report for the Group. The publishing of the report is an
important milestone in Seeka’s sustainability journey detailing the initiation of the sustainability
team through to the verification of three years of carbon footprint calculations for Seeka and the
establishment of our commitments to reduce our impact on the environment.
As a result of these initiatives, Seeka has held its carbon footprint reasonably constant even though
the Group has grown. It is our commitment to reduce our carbon footprint from the base year (2019)
by 30% by 2025, 50% by 2030 and to be net carbon zero by 2050.
This will be achieved by removing harmful refrigerants and limiting their leaks, switching to low
emission vehicles and increasingly investing in solar. The Group has made good progress in
understanding sustainability and our impact on the environments we operate in.
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7SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Health and safety to 30 JuneActualsTarget
Total Recordable Injury Frequency (TRIFR)
(per 200,000 hours)
3.05
Below
4.5
Serious injuries
1
1Zero
Inspirational People
(H&S Meetings held)
94%90%
1. Serious injuries are defined as any condition that results in a person being permanently disabled or requiring immediate
in-patient hospitalisation.
Health and safety
The continuing shortage of labour heightens the safety risk profile as the Group strives
to deliver service to its grower customers. Seeka people have worked hard, in stressful
circumstances, with the added anxiety of Covid-19. Seeka took all efforts to ensure that we
kept our people safe and have continued to invest in their safety. Sites were effectively locked
down to minimise the chance of spreading illness between operations. Support staff were
required to work from home and the business pivoted to remove face-to-face meetings.
The focus continues on physical safety with ongoing emphasis on barriers and guarding.
Disappointingly Seeka had one serious harm injury at one of its new sites, Orangewood. In
that incident a person fractured their arm having had clothing caught in a drive shaft while
repacking fruit after the completion of harvest. It is disappointing given the significant effort
and focus on safety throughout the Group and particularly through the heavy pressure of
harvest.
Strategic highlights
The Group has continued to enact its strategy.
The Group has concentrated on operational excellence undertaking disciplined
planning to ensure that for each of the harvests and operations undertaken by Seeka
that they are well planned and executed, that we have the capacity and pay attention
to keeping people safe, while considering the financial attributes and contingency
plans. The Group continues to implement and trial automation technologies to
improve efficiency, remove labour and improve fruit quality throughout its operations.
Seeka has also concentrated on supply chain efficiency in those parts of its business
where it operates an integrated supply chain through to the market or customer. In the
first six months, Seeka’s resilience has been tested and it has deployed its contingency
plans in order to maintain service to our customers.
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED8
Seeka has focussed on integrating and optimising the newly-acquired operations from its growth
strategy. Seeka predominantly operates in the horticultural industry and therefore operates in a
seasonal environment. Yields in 2022 were below normal and fruit quality has been challenging,
however our planning expects these fluctuations to normalise. For now the Group is focused on
delivering the best outcomes for this current season, however growth remains an important platform
in Seeka’s strategy.
Seeka has progressed its people and capability initiatives, made pleasing progress with its drive to
understand and be more sustainable as a business, increased the headroom in its bank debt facilities,
and maintained financial capability to invest and to deliver future earnings growth. The Group
continues to concentrate on its foundation through disciplined planning.
The Seeka team
Seeka’s people have again excelled with the pressure of the harvest across Australia and New
Zealand. They have adapted, innovated and strived through a challenging first six months.
Dedicated key staff across the Group have worked hard to ensure the continuing operation of the
business. Our people continue to make Seeka an inspiring produce company to work for and are
celebrated for their efforts.
Dividend
The Board has determined that no dividend is payable at this time, with the dividend to be
reconsidered later in the year.
Outlook
Seeka’s full year outlook is dynamic, with a challenging second six months forecast. Full year net
profit before tax is forecast to be between $9.0m and $11.0m.
Summary
Seeka and its people have proven their resilience through a challenging first six months of 2022.
Seeka operates predominantly in a seasonal horticultural industry reliant on the availability of
labour. The Group remains focussed on core operations along with growing the crops for next year
and ensuring appropriate post-harvest capacity is in place for future years. Seeka thanks its people,
growers, contractor community, suppliers of goods and services and investors for their on-going
support.
Fred Hutchings Michael Franks
Chair Chief executive
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9SEEKA LIMITED | INTERIM REPORT | JUNE 2022
10 Statement of financial performance
11 Statement of comprehensive income
12 Statement of financial position
13 Statement of changes in equity
14 Statement of cash flows
15 Notes to the interim financial statements
Interim financial statements
Six months to June 2022
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED10
Statement of financial performance
For the six months ended 30 June 2022
The accompanying notes form an integral part of these interim financial statements
New Zealand dollarsNotes
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Revenue
3
247,345 224,479 309,569
Cost of sales
169,139 146,120 236,337
Reduction in fair value of biological assets - crop
8
( 16,240) ( 18,220) -
Gross profit
61,966 60,139 73,232
Other income / (expenses)
3
( 192) ( 300) 8,446
Share of profit of associates

- - 236
Other costs
12,414 12,945 25,124
Earnings (EBITDA)
1
49,360 46,894 56,790
Depreciation expense
6
8,794 7,056 15,185
Lease depreciation expense
9
4,824 3,911 7,943
Impairment of property, plant and equipment
6
111 1,136 1,188
Amortisation of intangible assets
7
235 91 294
Earnings (EBIT)
2
35,396 34,700 32,180
Interest expense
3,124 1,664 4,082
Lease interest expense
2,207 2,275 4,610
Net profit before tax
30,065 30,761 23,488
Income tax charge
7,110 3,359 7,865
Deferred tax charge
1,501 6,834 763
Total tax charge
8,611 10,193 8,628
Net profit attributable to equity holders
21,454 20,568 14,860
Earnings per share for profit attributable to the ordinary
equity holders of the Group during the year
Basic earnings per share
$0.52$0.65$0.43
Diluted earnings per share
$0.52$0.65$0.42
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations, see note 1.
2. EBIT, a non-GAAP measure, is earnings before interest and tax.
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11SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Statement of comprehensive income
For the six months ended 30 June 2022
New Zealand dollars
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Net profit for the period
21,454 20,568 14,860
Items that will not be reclassified to profit or loss - net of tax
Gain on revaluation of land and buildings
- - 11,535
Gain on revaluation of water shares
307 - -
Net realised loss on revaluation of investment in shares
- - ( 3)
Total items that will not be reclassified to profit or loss
307 - 11,532
Items that may be reclassified subsequently to profit or loss - net of tax
Movement in cash flow hedge reserve
1,709 202 96
Movement in foreign currency translation reserve
( 50) ( 1) ( 38)
Movement in foreign currency revaluation reserve
446 33 ( 18)
Total items that may be reclassified subsequently to profit or loss
2,105 234 40
Total comprehensive income for the period attributable to equity holders
23,866 20,802 26,432
The accompanying notes form an integral part of these interim financial statements
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED12
Statement of financial position
As at 30 June 2022
New Zealand dollarsNotes
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Equity
Share capital
162,767 138,175 151,681
Reserves
45,134 33,021 43,246
Retained earnings
67,710 62,134 51,564
Total equity
275,611 233,330 246,491
Current assets
Cash and cash equivalents
7,783 1,704 12,361
Trade and other receivables
10
106,770 101,099 30,685
Biological assets - crop
8
2,203 1,670 18,443
Inventories
11
17,953 21,270 6,968
Irrigation water rights
43 167 294
Assets classified as held for sale
5
4,754 3,844 1,898
Total current assets
139,506 129,754 70,649
Non current assets
Trade and other receivables
10
2,652 1,450 814
Property, plant and equipment
6
358,641 304,161 327,830
Intangible assets
7
30,983 27,978 27,079
Right-of-use lease assets
9
54,493 52,789 49,885
Investment in subsidiaries, associates and joint arrangements
3,768 1,834 3,958
Investment in shares
2,485 919 2,054
Derivative financial instruments
1,836 - -
Total non current assets
454,858 389,131 411,620
Total assets
594,364 518,885 482,269
Current liabilities
Tax liabilities
8,204 5,589 7,463
Trade and other payables
12
52,210 61,734 33,034
Lease liabilities
9
8,783 7,206 6,782
Interest bearing liabilities
30,548 55,801 5,246
Total current liabilities
99,745 130,330 52,525
Non current liabilities
Interest bearing liabilities
138,492 73,748 107,757
Lease liabilities
9
59,313 59,531 56,585
Derivative financial instruments
- 391 538
Deferred tax liabilities
21,203 21,555 18,373
Total non current liabilities
219,008 155,225 183,253
Total liabilities
318,753 285,555 235,778
Net assets
275,611 233,330 246,491
The accompanying notes form an integral part of these interim financial statements
On behalf of the Board.
F Hutchings R Farron
Chair Director Dated: 18 August 2022
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13SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Statement of changes in equity
For the six months ended 30 June 2022
New Zealand dollarsNotes
Share
capital
$000s
Cash
flow hedge
reserve
$000s
Foreign
currency
revaluation
reserve
$000s
Foreign
currency
translation
reserve
$000s
Share
reserve
$000s
Water
share
revaluation
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
2021
Equity at 1 January 2021 (audited)
97,917 ( 484) 108 ( 170) 1,290 2,597 29,097 45,938 176,293
Net profit
- - - - - - - 20,568 20,568
Foreign exchange movement
- - 33 ( 1) - - - - 32
Other comprehensive income
- 202 - - - - - - 202
Total comprehensive income
- 202 33 ( 1) - - - 20,568 20,802
Transactions with owners
Shares issued
39,601 - - - - - - - 39,601
Employee share scheme receipts
657 - - - - - - - 657
Movement in employee share
entitlement reserve
- - - - 76 - - - 76
Movement in grower share
entitlement reserve
- - - - 273 - - - 273
Dividends paid
14
- - - - - - - ( 4,372) ( 4,372)
Total transactions with owners
40,258 - - - 349 - - ( 4,372) 36,235
Equity at 30 June 2021
138,175 ( 282) 141 ( 171) 1,639 2,597 29,097 62,134 233,330
2022
Equity at 1 January 2022 (audited)
151,681 ( 388) 90 ( 208) 526 2,594 40,632 51,564 246,491
Net profit
- - - - - - - 21,454 21,454
Foreign exchange movement
- - 446 ( 50) ( 2) 2 - - 396
Other comprehensive income
- 1,709 - - - 307 - - 2,016
Total comprehensive income
- 1,709 446 ( 50) ( 2) 309 - 21,454 23,866
Transactions with owners
Shares issued
9,297 - - - - - - - 9,297
Employee share scheme receipts
815 - - - - - - - 815
Grower share scheme receipts
403 - - - - - - - 403
Movement in employee share
entitlement reserve
459 - - - ( 450) - - - 9
Movement in grower share
entitlement reserve
112 - - - ( 74) - - - 38
Dividends paid
14
- - - - - - - ( 5,308) ( 5,308)
Total transactions with owners
11,086 - - - ( 524) - - ( 5,308) 5,254
Equity at 30 June 2022
162,767 1,321 536 ( 258) - 2,903 40,632 67,710 275,611
The accompanying notes form an integral part of these interim financial statements
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED14
Statement of cash flows
For the six months ended 30 June 2022
New Zealand dollarsNotes
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
208,474 185,929 322,400
Interest and dividends received
9 388 405
Cash was disbursed to:
Payments to suppliers and employees
( 177,217) ( 155,431) ( 264,868)
Interest paid
( 3,124) ( 1,664) ( 4,082)
Lease interest paid
( 2,207) ( 2,275) ( 4,610)
Income taxes paid
( 6,793) ( 6,757) ( 7,661)
Net cash flows from operating activities
4
19,142 20,190 41,584
Investing activities
Cash was provided from:
Sale of property, plant and equipment
597 63 70
Cash acquired in acquisition of business
13
33 - 1,501
Distributions from investment in associates
190 - 762
Proceeds from sale of assets classified as held for sale
- - 2,310
Repayment of grower or grower entity advances
1,635 981 25,667
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 22,921) ( 12,494) ( 21,921)
Development of bearer plants
( 2,094) ( 3,266) ( 7,569)
Acquisition of business
13
( 8,853) - ( 1,302)
Acquisition of associate
( 420) - ( 2,600)
Investment in shares
- - ( 1,000)
Advances to growers or grower entities
( 34,801) ( 23,987) ( 25,673)
Net cash flows (used in) investing activities
( 66,634) ( 38,703) ( 29,755)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
30,000 33,000 123,000
Proceeds of current bank borrowings
37,610 38,156 39,236
Proceeds from employee and grower loyalty share scheme
1,218 657 9,332
Cash was applied to:
Principal lease payments
9
( 4,942) ( 3,691) ( 8,093)
Repayment of non-current bank borrowings
( 4,175) ( 22,288) ( 112,759)
Repayment of current bank borrowings
( 12,671) ( 24,329) ( 42,882)
Payment of dividend to and behalf of shareholders
14
( 4,374) ( 6,477) ( 11,717)
Net cash flows from financing activities
42,666 15,028 ( 3,883)
Net (decrease) / increase in cash and cash equivalents
( 4,826) ( 3,485) 7,946
Effect of foreign exchange rates
248 25 ( 749)
Opening cash and cash equivalents
12,361 5,164 5,164
Closing cash and cash equivalents
7,783 1,704 12,361
The accompanying notes form an integral part of these interim financial statements
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15SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Notes to the interim financial statements
For the six months ended 30 June 2022
This section contains the notes to the interim financial statements for Seeka Limited and its subsidiaries. To give stakeholders
a clear insight into how Seeka organises its business, the note disclosures are grouped into five sections.
NoteDetailsPage
Basis of preparation 16
Accounting policies that apply to Seeka's full set of interim financial statements
Performance 17
Where Seeka generates its revenues and their associated operating costs
1. Segment information 17
2. Turnover 19
3. Revenue and other income / (expenses) 19
4. Reconciliation of net operating surplus after taxation with cash flows from operating activities 20
Assets 21
How Seeka allocates resources across its operations
5. Assets classified as held for sale 21
6. Property, plant and equipment 22
7. Intangible assets 23
8. Biological assets - crop 24
9. Right-of-use lease assets and lease liabilities 25
Working capital 26
How Seeka manages its operating cash flow
10. Trade and other receivables 26
11. Inventories 26
12. Trade and other payables 27
13. Business combinations 27
Dividends, share capital and fair value 29
How Seeka distributes dividends to shareholders, manages share capital
and determines the fair value of financial instruments
14. Dividends 29
15. Share capital 29
16. Determination of fair values of financial assets and liabilities 29
17. Related party transactions 30
18. Capital commitments 30
19. Events occurring after balance date 30
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED16
Reporting entity and statutory base
The interim financial statements presented are those of the
consolidated Seeka group. Seeka Limited is referred to as Seeka
Limited or the Company. The group is referred to as the Group, Seeka,
or Seeka Group.
Seeka Limited is a profit-oriented company registered in New Zealand
under the Companies Act 1993 and a Financial Markets Conduct
(FMC) Reporting Entity for the purposes of the FMC Act 2013. Seeka
Limited is listed and its ordinary shares are quoted on the NZX main
board equity security market (NZX Main Board).
Nature of operations
Seeka is a produce business operating in New Zealand and Australia.
In New Zealand the Group provides orchard management, orchard
leasing, post harvest and retail services to New Zealand’s kiwifruit,
avocado, citrus, berry and kiwiberry industries. Seeka manufactures
and sells the Kiwi Crush and Kiwi Crushies product range along with
avocado oil. The Group also provides retail and ripening services for
imported tropical produce, and operates a wholesale market.
In Australia, Seeka owns, leases and operates orchards and associated
post harvest assets, making the Group the largest producer and
supplier of Australian kiwifruit and nashi pears, a major supplier of
European pears, plus lesser production of other temperate-climate
fruits, including plums.
Statement of compliance and basis of preparation
Group consolidated interim financial statements for the half year
reporting period ended 30 June 2022 have been prepared in
accordance with New Zealand Generally Accepted Accounting
Principles (NZ GAAP) and comply with the New Zealand International
Financial Reporting Standards (NZ IFRS) and other reporting standards
as applicable to profit-oriented entities. Specifically, Group interim
financial statements have been prepared in accordance with NZ IAS
34, Interim Financial Reporting. This consolidated interim financial
information does not include all of the information required for the full
annual audited financial statements and should be read in conjunction
with the annual audited financial statements for the year ended 31
December 2021, which have been prepared in accordance with NZ
IFRS.
The significant accounting policies applied in the preparation of the
interim financial statements are set out below.
The interim financial statements were approved by the Board of
Directors (the Board) on 18 August 2022. The Directors do not have
the authority to amend the interim financial statements after issue.
Summary of significant accounting policies
Other than detailed above, the accounting policies applied are
consistent with those of the annual audited financial statements
for the year ended 31 December 2021, as described in those annual
financial statements.
Where a change in the presentational format of the interim financial
statements has been made during the period, comparative figures
have been restated accordingly.
Going concern assumption
The interim financial statements have been prepared on a going
concern basis. As at 30 June 2022, the Group has net assets of
$275.61m, including total assets of $594.36m and total liabilities of
$318.75m.
Seasonal nature of Group operations
Seeka's core business is providing supply chain services to New
Zealand and Australia's horticulture industries. A high proportion of
Group revenue is generated and cost of sales incurred in the autumn
when produce is harvested and prepared for market. Correspondingly,
approximately 80% of Group gross profit is recorded in the interim
report. Seasonal fluctuations impact the timing of gross profit,
particularly the amount and quality of kiwifruit inventory remaining in
store at 30 June.
Market capitalisation
The Group compares the carrying amount of net assets with the
market capitalisation value at each balance date. The share price
at 30 June 2022 was $4.45, equating to a market capitalisation of
$186.85m. This market value excludes any control premium and may
not reflect the value of Group net assets. The carrying amount of
Group net assets at 30 June 2022 was $275.61m ($6.56 net assets per
share).
Management and directors considered all reasons for this difference
and concluded all relevant factors were considered for their value in
use tests. The future expected cash flows of the business support the
asset values on the balance sheet. The impairment test performed
over the Group’s net asset value did not identify any impairments.
Goods and services tax (GST)
The statement of financial performance and statement of
comprehensive income have been prepared so that all components are
stated exclusive of GST. All items in the statement of financial position
are stated net of GST, with the exception of receivables and payables,
which include GST invoiced.
Impact of standards issued but not yet applied by the
entity
There are no new standards, amendments or interpretations that have
been issued and are effective that are expected to have a significant
impact on the Group.
This section sets out the Group’s accounting policies that apply to the full set of interim financial statements. Accounting
policies which are limited to a specific note are described in that note.
Basis of preparation
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17SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Performance
1. Segment information
The Group’s operating segments are entities that engage in business
activities that earn revenues, incur expenses and are reported in a
manner consistent with the internal reports provided to the chief
decision makers, being the Directors, who regularly evaluate the
allocation of resources alongside operational outcomes, such as
EBITDA and EBIT, and are responsible for setting strategic direction.
The Group has five operating segments:
–Four New Zealand segments express the range of complementary
services delivered to New Zealand’s produce industries and the
retail sector.
–A single Australian segment encompasses the integrated business
associated with the Group’s Australian-grown produce.
Direct segment revenues and operating costs are allocated to each
segment. Administration costs, overheads, grower service costs and
other income from the sale of assets recorded in the statement of
financial performance are allocated to all other segments. Transactions
between segments are conducted at arm’s length and are eliminated
on consolidation.
Segment information is prepared on the same basis as the annual
audited financial statements for the year ended 31 December 2021.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard
owners who produce kiwifruit, avocado and kiwiberry crops.
The Group produces kiwifruit, avocado, citrus and kiwiberry crops
from:
–Short term leased orchards (typically three-year rolling contracts)
whereby the Group recovers costs and shares any profits with the
orchard owners.
–Long term leased land which the Group has developed into
productive orchards, pays all development and production costs,
owns all crops for the term of the lease, and shares profit with
the landowner after all development and operational costs are
recovered from crop proceeds.
–Owned orchards whereby the Group incurs growing and harvest
costs and receives all orchard income from crop sales.
Post harvest operations
The Group provides post harvest services to the kiwifruit, avocado,
citrus, berry, and kiwiberry industries. This includes all crops from the
Group’s orchard management and lease operations, plus crops from
independent orchard owners.
Retail service operations
The Group provides fruit marketing services in New Zealand and
internationally, particularly in the Australian and Asian markets. This
includes fruit from the Group’s New Zealand based orchard and post
harvest operations. In New Zealand the Group also provides retail and
ripening services for imported fruit, and operates a wholesale market.
Retail service operations include the production and selling of Kiwi
Crush, Kiwi Crushies and avocado oil to the retail sector and hospitals,
along with post harvest services for kiwiberry.
All other segments - New Zealand
This represents the Group’s aggregated administration, grower
services and overhead sections recorded in the statement of financial
performance and impairment and revaluations of other assets not
attributed directly to any other segment. It also includes other non-
operating income, including the gain on sale from assets that had been
classified as held for sale, and the settlement of the Psa claim with the
Crown.
Australian operations
The Group grows, provides post harvest services, and retails all
produce from orchards the Group owns or leases in Australia. The
main products are kiwifruit, nashi pears and European pears, which are
primarily sold in Australia.
This section focuses on the Group’s financial performance and details the contributions made from the individual operating segments.
EBITDA and EBIT
EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator of profitability and
reflects operating cash flow generation.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.
Non-GAAP financial information does not have a standard meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Board considers EBITDA and EBIT as useful measures of financial performance for both investors and
management as they are indicators of the Group's operating profitability that remove the impact of tax and the interest expense associated with
debt (EBIT), along with depreciation, amortisation and revaluation expenses associated with the Group's large investments in fixed and leased
assets (EBITDA).
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED18
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2022
Income statement
Turnover
1
45,674 178,508 24,053 287 14,402 262,924
Gross segment revenue
45,674 181,534 8,474 287 14,402 250,371
Eliminations
- ( 3,026) - - - ( 3,026)
Total segment revenue
45,674 178,508 8,474 287 14,402 247,345
EBITDA
2
5,087 52,867 489 ( 11,659) 2,576 49,360
Depreciation expense
4
( 434) ( 6,340) ( 180) ( 1,317) ( 523) ( 8,794)
Lease depreciation expense
5
( 822) ( 2,870) ( 297) ( 421) ( 414) ( 4,824)
Impairment of property, plant and equipment
( 111) - - - - ( 111)
Amortisation of intangible assets
- - - ( 235) - ( 235)
EBIT
3
3,720 43,657 12 ( 13,632) 1,639 35,396
Lease interest expense
5
( 374) ( 1,001) ( 156) ( 204) ( 472) ( 2,207)
EBIT
3
(after lease interest expense)
3,346 42,656 ( 144) ( 13,836) 1,167 33,189
Interest expense
6
( 3,124)
Tax charge on profit
( 8,611)
Profit after tax
21,454
Balance sheet
Segment assets
98,055 388,619 23,560 31,015 53,115 594,364
Total assets
98,055 388,619 23,560 31,015 53,115 594,364
Segment liabilities
52,849 170,082 12,723 36,300 46,799 318,753
Total liabilities
52,849 170,082 12,723 36,300 46,799 318,753
June 2021
Income statement
Turnover
1
53,671 145,241 33,528 252 13,855 246,547
Gross segment revenue
53,671 148,519 11,460 252 13,855 227,757
Eliminations
- ( 3,278) - - - ( 3,278)
Total segment revenue
53,671 145,241 11,460 252 13,855 224,479
EBITDA
2
5,658 49,128 1,907 ( 12,527) 2,728 46,894
Depreciation expense
4
( 373) ( 4,988) ( 178) ( 1,081) ( 436) ( 7,056)
Lease depreciation expense
5
( 611) ( 2,239) ( 293) ( 373) ( 395) ( 3,911)
Impairment of land and buildings
- ( 1,136) - - - ( 1,136)
Amortisation of intangible assets
- ( 11) - ( 75) ( 5) ( 91)
EBIT
3
4,674 40,754 1,436 ( 14,056) 1,892 34,700
Lease interest expense
5
( 304) ( 1,109) ( 164) ( 194) ( 504) ( 2,275)
EBIT
3
(after lease interest expense)
4,370 39,645 1,272 ( 14,250) 1,388 32,425
Interest expense
6
( 1,664)
Tax charge on profit
( 10,193)
Profit after tax
20,568
Balance sheet
Segment assets
92,831 337,942 19,225 18,911 49,976 518,885
Total assets
92,831 337,942 19,225 18,911 49,976 518,885
Segment liabilities
57,399 134,418 11,954 36,486 45,298 285,555
Total liabilities
57,399 134,418 11,954 36,486 45,298 285,555
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax,
depreciation, amortisation, impairments and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.
4. Depreciation includes the depreciation of fixed assets.
5. Lease interest and lease depreciation are as a result of NZ IFRS 16
Leases, see note 9.
6. Interest includes finance costs for borrowings.
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19SEEKA LIMITED | INTERIM REPORT | JUNE 2022
The following table reconciles segment EBITDA before and after applying NZ IFRS 16.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2022 - EBITDA
EBITDA pre NZ IFRS 16
3,760 48,926 63 ( 12,063) 1,525 42,211
Capitalised lease costs
1,327 3,941 426 404 1,051 7,149
EBITDA after applying NZ IFRS 16
5,087 52,867 489 ( 11,659) 2,576 49,360
June 2021 - EBITDA
EBITDA pre NZ IFRS 16
4,475 46,191 1,497 ( 12,962) 1,727 40,928
Capitalised lease costs
1,183 2,937 410 435 1,001 5,966
EBITDA after applying NZ IFRS 16
5,658 49,128 1,907 ( 12,527) 2,728 46,894
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Turnover
262,924 246,547 355,967
Value of sales made as agent
( 15,579) ( 22,068) ( 46,398)
Revenue
247,345 224,479 309,569
Turnover
The Board considers turnover a useful measure of the Group's operating activity as it represents the total transactional value of goods and
services provided to external customers during the year. As such turnover includes the value of fruit sales made on behalf of growers and suppliers
where the Group acts as the agent, and is considered the supplier by the purchasing party. This includes all produce sales both local and export.
3. Revenue and other income / (expenses)
New Zealand dollarsNotes
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Unaudited
$000s
Total revenue
247,345 224,479 309,569
Other income / (expenses)
Interest
8 2 67
Gain on sale of assets classified as held for sale
5
- - 331
Movement in grower share scheme reserve

( 9) ( 273) ( 446)
Dividends received
1 9 190
Net movement in fair value of irrigation water rights
( 184) ( 44) 173
Proceeds from settlement of Psa claim
- - 7,644
Other (expenses) / income
( 8) 6 487
Total other (expenses) / income
( 192) ( 300) 8,446
Total revenue and other income / (expenses)
247,153 224,179 318,015
Accounting policies
All revenue contracts acquired as part of the Ōpōtiki Packing and Cool Storage Limited (OPAC), Orangewood Limited (Orangewood), and New
Zealand Fruits Limited (NZ Fruits) acquisitions, (see note 13) are substantially similar in nature to Seeka’s current revenue contracts, with the
exception of the timing of the cool storage revenue recognition related to OPAC, which is accounted for as fruit is packed rather than loaded out.
The Group's standard service contracts have applied to all the acquired entities since the end of 2021.
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4. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
6 months to
June 2022
Unaudited
$000s
6 months to
June 2021
Unaudited
$000s
12 months to
December 2021
Audited
$000s
Net operating surplus after taxation
21,454 20,568 14,860
Add non-cash items:
Depreciation
8,794 7,056 15,185
Lease depreciation
4,824 3,911 7,943
Impairment of property, plant and equipment
111 1,136 1,188
Revaluation of employee share scheme
38 76 153
Revaluation of grower share scheme
9 273 446
Movement in deferred tax
2,830 6,834 5,236
Movement in fair value of biological assets - crop
16,240 18,221 1,447
Amortisation of intangible assets
235 91 294
33,081 37,598 31,892
Add / (less) items not classified as an operating activity:
(Gain) / loss on sale of property, plant and equipment
( 131) 6 12
(Gain) on sale of assets classified as held for sale
- - ( 332)
Decrease / (increase) in current water allocation account
130 44 ( 319)
( 1) 50 ( 639)
(Increase) / decrease in working capital:
Increase / (decrease) in accounts payable
19,889 18,752 ( 7,042)
(Increase) / decrease in accounts receivable/prepayments
( 43,619) ( 38,278) 6,167
(Increase) / decrease in inventory
( 10,361) ( 14,735) 940
(Decrease) / increase in taxes due
( 1,301) ( 3,765) ( 4,594)
( 35,392) ( 38,026) ( 4,529)
Net cash flow from operating activities
19,142 20,190 41,584
Accounting policies
Cash flows statements are prepared using the direct approach. Cash and cash equivalents are shown exclusive of GST.
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21SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Assets
How Seeka allocates resources across its operations
This section focuses on how the Group manages its assets to generate revenues and deliver benefits to stakeholders.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
5. Assets classified as held for sale
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Opening balance at 1 January
1,898 3,844 3,844
SunGold licence transferred from intangible assets
481 - -
Transfers from property, plant and equipment
2,375 - -
Development costs incurred
- - 33
Sales settled by third parties at carrying value
- - ( 1,979)
Total assets classified as held for sale
4,754 3,844 1,898
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Asset class
Land and buildings
2,482 1,379 734
Property, plant and equipment
475 599 319
Intangible assets
481 849 304
Bearer plants
1,316 1,017 541
Total assets classified as held for sale
4,754 3,844 1,898
At 30 June 2022, 29.4 hectares of Northland orchards (Jun 2021 - 23 hectares) and 3.5 hectares of Ōpōtiki orchards (Jun 2021 - Nil) owned by Seeka
were classified as held for sale. No growing costs have been attributed to the remaining orchards at 30 June 2022 as they are valued on a crop-off
basis.
Assets are classified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than through
continuing use. This condition is met when the sale is highly probable and the assets are available for immediate sale in their present condition, and
the Group is committed to the sale and expects it to be completed within one year from the date of classification. The accounting standard allows
for the period to extend past 12 months if the circumstances causing the delay are out of Seeka's control. In limited cases it has taken more than
12 months to find a willing buyer. However, Seeka remains committed to selling the properties and with the current interest in the properties sales
contracts are anticipated within the next 12 months. Assets classified as held for sale are recorded at the lower of the carrying value or fair value less
costs to sell.
Critical accounting estimates and judgements
The Group used estimates to judgementally classify a select group of Seeka's orchards as classified as held for sale, despite some of the orchards being
classified as held for sale for greater than 12 months.
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED22
6. Property, plant and equipment
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
At 1 January 2022
Cost or valuation
251,297 131,630 2,247 33,278 10,537 428,989
Accumulated depreciation and impairment
( 22,780) ( 73,740) ( 955) ( 3,289) ( 395) ( 101,159)
Net book amount
228,517 57,890 1,292 29,989 10,142 327,830
Period ended 30 June 2022
Opening net book amount
228,517 57,890 1,292 29,989 10,142 327,830
Additions and transfers
1,993 12,937 959 1,732 5,655 23,276
Acquisition from business combination
12,900 5,955 64 - - 18,919
Depreciation
( 4,572) ( 3,873) ( 148) ( 201) - ( 8,794)
Disposals
- ( 108) ( 198) ( 892) - ( 1,198)
Impairment of property, plant and equipment
- - - ( 111) - ( 111)
Reclassification to assets classified as held
for sale
( 1,600) - - ( 775) - ( 2,375)
Foreign exchange
413 187 9 483 2 1,094
Closing net book amount
237,651 72,988 1,978 30,225 15,799 358,641
At 30 June 2022
Cost or valuation
265,002 150,601 3,081 33,826 16,194 468,704
Accumulated depreciation and impairment
( 27,351) ( 77,613) ( 1,103) ( 3,601) ( 395) ( 110,063)
Net book amount
237,651 72,988 1,978 30,225 15,799 358,641
Assets under construction are assets that are yet to be capitalised and are not depreciated. When the asset is ready for use it is transferred to
the appropriate asset class. At 30 June 2022 the assets under construction relate to the Transcool coolstore construction, and further investment
relating to packhouse automation.
Land and buildings
Land and buildings are revalued to their estimated market value on at least a three-year rolling cycle (excluding assets under construction), plus
any subsequent additions at cost, less subsequent depreciation for buildings. In New Zealand valuations were undertaken by TelferYoung Valuers,
ANZIV, independent registered valuer.
In Australia valuations were undertaken by Preston Rowe Paterson Shepparton (previously known as Goulburn Valley Property Services),
independent valuers, Shepparton, Victoria, Australia. All Australian land and buildings were revalued at 31 December 2019.
As at 30 June 2022 the Directors believe there are no indicators that would suggest that the carrying value of land and buildings differs materially
from their fair value and as a consequence there is no need to revalue those assets at 30 June 2022. As part of the acquisitions, all acquired land
and buildings were independently valued by Telfer Young Valuers, see note 13.
Impairment
In the six months to June 2022, $0.11m of assets were impaired. This related to the impairment of capitalised structures on a long-term-leased
orchard.
Critical accounting estimates and judgements
At 31 December 2021, 44% of Seeka's New Zealand land and building portfolio was revalued in line with policy. The change in property values in the
current year is consistent with the valuations completed in the year ended 31 December 2021. Valuations for land and buildings have remained stable in
the six months to June 2022, and have remained consistent with the fair values recognised at 31 December 2021.
Seeka’s Australian properties are in the food production region of Victoria. The sale and leaseback transaction completed on 15 December 2020
supports the carrying values of the remaining properties.
Sensitivity analysis suggests the remaining properties that were not revalued at December 2021 could cause an increase in land and buildings of a
further 3-5%. This is not considered a material movement in land and building values.
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23SEEKA LIMITED | INTERIM REPORT | JUNE 2022
7. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Other
intangibles
$000s
Total
$000s
At 1 January 2022
Cost
3,983 19,212 8,421 555 32,171
Accumulated amortisation and impairment
( 3,028) ( 2,031) - ( 33) ( 5,092)
Net book amount
955 17,181 8,421 522 27,079
Period ended 30 June 2022
Opening net book amount
955 17,181 8,421 522 27,079
Additions
244 - - - 244
Additions from business combination
- 3,595 - - 3,595
Revaluation
- - 438 - 438
Amortisation
( 194) - - ( 41) ( 235)
Reclassification to assets classified as held for sale
- - - ( 481) ( 481)
Foreign exchange
- - 343 - 343
Closing net book amount
1,005 20,776 9,202 - 30,983
At 30 June 2022
Cost
4,227 22,807 9,202 74 36,310
Accumulated amortisation and impairment
( 3,222) ( 2,031) - ( 74) ( 5,327)
Net book amount
1,005 20,776 9,202 - 30,983
The following table details the goodwill carrying amounts.
Group cash generating unitsOperating segment
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Bay of Plenty and East Coast post harvest Post harvest operations
18,199 16,768 14,663
Northland post harvest Post harvest operations
1,900 1,220 1,841
SeekaFresh Retail services operations
433 433 433
Kiwi Crush Retail services operations
244 244 244
Additions to goodwill
$3.54m of goodwill was recognised during the six months to 30 June 2022 from the NZ Fruits acquisition, and a further $0.06m from updates
to the goodwill acquired in the Orangewood acquisition. $7.63m of goodwill was recognised during the 12 months to 31 December 2021 from
the OPAC acquisition, and with the addition of $0.62m from the Orangewood acquisition, goodwill of $8.25m was recognised for the full year
goodwill to 31 December 2021, see note 13.
Impairment tests for goodwill
At 30 June 2022, all goodwill balances were reviewed for indicators of impairment.
The kiwifruit harvest season for 2022 is complete and whilst the Seeka Group volumes have increased on the prior year, the volumes are down
on expectations. The variance to expectations has been driven by lower yields in both Hayward and SunGold. The lower yielding crop has been
offset by Seeka’s recent acquisitions and an increase in overall hectares due to new developments coming into production. The volume shortfall
has had a significant impact on expected earnings for the Group. However, the expectation is that future yields will return closer to the rolling
five-year average and total producing hectares for the Group continue to rise with new developments. This year’s yield reduction is not considered
an indicator of impairment as whilst it has had a significant effect on earnings in the current year, it is considered a one-off seasonal event and
the Group is anticipating a return to projected earnings from 2023 onwards. There are no indicators of impairment identified in the post harvest
business.
SeekaFresh has also been impacted by the lower volume kiwifruit crop in the 2022 season. The lower yields have led to lower volumes available
for retail sale in the New Zealand and Australian markets than was expected. Further, a challenging end to the 2021/22 avocado season reduced
the earnings in the first half of the 2022 year and the banana import markets have been challenged by supply chain issues. The fresh market
business has also experienced falling demand as a result of inflationary pressures. The SeekaFresh business has established new customers,
which are expected to lift earnings in the second half of the year. However, the 2022 financial year is expected to be a decrease on the prior year.
These factors combined reflect an indicator of impairment and an impairment test was completed on the SeekaFresh goodwill. Having completed
the impairment test using a value-in-use calculation and projected future earnings, no impairment was recognised at 30 June 2022.
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED24
8. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, nashi pears, Packham pears, Corella pears, other pears, cherry, avocado, apricot, and plum crops growing on leased and
owned orchards and yet to be harvested at balance date.
The following table reconciles beginning balances to end balances for biological assets crop measured at fair value defined as level 3 in note 16.
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Carrying amount at beginning of period
18,443 19,890 19,890
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
11,892 16,332 18,504
Fair value when harvested
( 30,335) ( 36,222) ( 38,394)
Crop growing on bearer plants at end of period
Crop where cost is deemed fair value
2,203 1,670 18,324
Crop at fair value
- - 119
Carrying value at end of period
2,203 1,670 18,443
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Movement in carrying amount
( 16,417) ( 18,250) ( 1,431)
Exchange differences
177 30 ( 16)
Net fair value movement in crop
( 16,240) ( 18,220) ( 1,447)
The following table details the classification of biological assets - crop.
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Australia - all varieties
755 616 4,127
New Zealand - kiwifruit crop
1,160 892 13,673
New Zealand - other crop (avocado, citrus, kiwiberry)
288 162 643
Carrying value at end of period
2,203 1,670 18,443
Critical accounting estimates and judgements
The valuation of biological assets uses estimates of market returns to determine value.
Kiwi Crush has had a solid six months to 30 June 2022 with kiwiberry volumes in line with forecast and returning a strong EBITDA. The full year
performance is expected to end ahead of the prior year and the forecast for 2022. Demand continues to increase for the Kiwi Crush products in
retail outlets, hospitals, and aged care facilities. There are no indicators of impairment identified in the Kiwi Crush business.
No other reasonable changes to key assumptions would require an impairment of goodwill.
Critical accounting estimates and judgements
The review of intangible assets for impairment uses judgement to identify indicators of impairment and where an impairment test is performed,
estimates of revenue growth rates, discount rates and terminal growth rates are used.
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25SEEKA LIMITED | INTERIM REPORT | JUNE 2022
9. Right-of-use lease assets and lease liabilities
The Group reports all leases on the balance sheet where it has the right to obtain substantially all of the economic benefits from the use of the asset
throughout the period of the lease, with the exception of low value leases or leases less than 12 months.
The following table details leases where the Group is a lessee.
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Right-of-use lease assets
Land and buildings
29,185 28,672 27,171
Orchard leases
18,387 19,204 18,250
Equipment
3,834 1,972 1,516
Motor vehicles
3,087 2,941 2,948
Total right-of-use lease assets
54,493 52,789 49,885
The movements for the period are:
Right-of-use lease asset movements
Opening balance
49,885 50,831 50,831
Additions and renewals
9,475 5,876 7,412
Disposals and early terminations
( 336) ( 42)( 460)
Exchange rate differences
293 35 45
Depreciation
( 4,824) ( 3,911) ( 7,943)
Closing balance
54,493 52,789 49,885
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Lease liabilities
Current
8,783 7,206 6,782
Non-current
59,313 59,531 56,585
Total lease liabilities
68,096 66,737 63,367
The liabilities are classified as:
Lease liabilities
Land and buildings
34,117 33,365 29,319
Orchard leases
27,003 28,350 26,718
Equipment
3,763 2,045 1,766
Motor vehicles
3,213 2,977 5,564
Total lease liabilities
68,096 66,737 63,367
The movements for the year are:
Lease liability movements
Opening balance
63,367 64,382 64,382
Additions and renewals
9,475 5,876 7,412
Finance lease additions
- - 80
Disposals and early terminations
( 365) ( 18) ( 432)
Exchange rate differences
561 188 18
Principal lease payments
( 4,942) ( 3,691) ( 8,093)
Closing balance
68,096 66,737 63,367
Additions
On 2 February 2022, the Group acquired NZ Fruits, which included $1.92m of right-of-use lease assets and lease liabilities, see note 13.
On 22 November 2021, the Group acquired Orangewood, which included $0.08m of lease liabilities, see note 13.
On 4 May 2021, the Group acquired OPAC, which included $0.55m of right-of-use lease assets and lease liabilities, see note 13.
Critical accounting estimates and judgements
The valuation of right-of-use lease assets and lease liabilities uses judgement to determine the incremental borrowing rate and the
likelihood of exercising any rights of renewal to extend the lease term.
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INTERIM REPORT | JUNE 2022 | SEEKA LIMITED26
Working capital
11. Inventories
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Crop inventories
11,034 15,797 -
Total packaging at cost
4,387 4,125 5,032
Other inventories at cost
2,532 1,348 1,936
Total inventories
17,953 21,270 6,968
Fruit inventories relate to kiwifruit harvested from New Zealand and Australian orchards and held in coolstores at balance date. As at 30 June
2022, 63.0% (Jun 2021 - 57.1%) of New Zealand class 1 trays have been loaded out. New Zealand kiwifruit inventory is valued at a Green HW
OGR of $6.62 per tray and a SunGold OGR of $11.03 per tray. Fruit inventory from fruit harvested from the Group’s Australian orchards is based on
actual and forecast market returns for each variety.
At balance date, $37.07m (June 2021 - $29.79m ) of packaging inventory costs were expensed to cost of sales in the statement of financial
performance. There were no material inventory write downs (Jun 2021 - Nil).
This section focuses on how the Group manages inventories, accounts receivable and accounts payable to ensure an
appropriate level of working capital is available to operate the business, deliver benefits to stakeholders and generate revenues.
10. Trade and other receivables
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Current trade receivables (net of provision for doubtful debts)
57,336 39,050 17,148
Prepayments
6,491 4,699 2,188
Prepaid deposits
819 2,162 1,146
Accrued income and other sundry receivables
42,124 55,188 10,203
Current trade and other receivables
106,770 101,099 30,685
Non current trade receivables
2,652 1,450 814
Non current trade and other receivables
2,652 1,450 814
Total trade and other receivables
109,422 102,549 31,499
Current trade receivables include temporary advances to Seeka kiwifruit grower pools of $33.70m (Jun 2021 - $23.00m). These advances will be
fully repaid by December 2022.
Accrued income and other sundry receivables includes $18.93m (Jun 2021 - $22.34m) of income for kiwifruit harvested and delivered to Zespri
from Seeka's New Zealand orchards, $19.78m (Jun 2021 - $27.96m) for New Zealand post harvest operations, and $3.15m (Jun 2021 - $4.68m) of
income for kiwifruit and pears harvested in Australia.
Income from the New Zealand kiwifruit is accrued based on forecast information prepared by the Group, being an average Hayward HW orchard
gate return (OGR) of $6.62 per tray (Jun 2021 - $6.52: Dec 2021 - $6.10) and an average SunGold OGR of $11.03 per tray (Jun 2021 - $12.05: Dec
2021 - $11.04).
Critical accounting estimates and judgements
The Group has reviewed trade and other receivables for any debtor impairment, credit risk, or any other such risks that may result in non-
payment. The Group has not identified any circumstances where further provisioning or impairment of financial instruments is required.
Critical accounting estimates and judgements
The Group has reviewed inventory for any impairment risks and whether additional provisioning or write-offs are required. The Group considers
all inventory will be able to be used in the normal course of business.
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27SEEKA LIMITED | INTERIM REPORT | JUNE 2022
12. Trade and other payables
New Zealand dollars
June 2022
Unaudited
$000s
June 2021
Unaudited
$000s
December 2021
Audited
$000s
Trade payables
18,674 19,654 6,166
Accrued expenses
17,705 28,274 17,372
Employee expenses
12,510 9,899 8,300
GST payable
1,728 2,191 1,069
Other payables
1,593 1,716 127
Total trade and other payables
52,210 61,734 33,034
Trade payables includes $5.01m (Jun 2021 - $7.43m, Dec 2021 – Nil) of packaging costs relating to post harvest operations, and $1.45m (Jun 2021
- $0.08m) of packhouse automation costs, see note 6.
Accrued expenses includes $9.43m (Jun 2021 - $17.06m) of kiwifruit costs relating to kiwifruit harvested and to be delivered to Zespri from the
Group’s New Zealand orchards.
13. Business combinations
Acquisition through amalgamation of NZ Fruits Limited (NZ Fruits)
In February 2022, the Group amalgamated New Zealand Fruits Limited, a kiwifruit, citrus and persimmon post harvest business based in
Gisborne, East Coast, New Zealand, into a newly-formed 100%-owned subsidiary of Seeka Limited, being Seeka East Limited. NZ Fruits shares
were cancelled with each share being exchanged for 7.5016 shares in Seeka and $39.3495 cash. Seeka shares were issued based on a price of
$5.2455 per Seeka share (equal to the VWAP of shares traded over 10 business days, finishing on 9 December 2021, with all fractions of Seeka
shares rounded up to the next whole number).
The purchase was settled on 2 February 2022 for a consideration of $17.53m by the issue of 1,687,860 ordinary shares in Seeka at a market price
of $5.14 on the settlement date of 2 February 2022, being the market price on the acquisition date as per NZ IFRS 3 (Business Combinations), and
a cash consideration of $8.85m. The change in the share price on acquisition date had the impact of decreasing goodwill by $0.18m.
NZ Fruits has contributed $12.14m of revenue and $1.34m of net profit before tax to the Group for the period 2 February to 30 June 2022. If the
acquisition had occurred on 1 January 2022, NZ Fruits would have contributed $12.45m of revenue and $0.84m of net profit before tax for the
six months ended 30 June 2022. These calculations are not significantly impacted by differences in accounting policies between the Group and
the acquired subsidiary, and no significant additional depreciation would have been charged for fair value adjustments to property, plant and
equipment had it applied from 1 January 2022, including consequential tax effects.
The following table details the fair values of assets and liabilities recognised at acquisition.
New Zealand dollars
June 2022
Unaudited
$000s
Cash consideration paid to shareholders
8,853
Shares issued in consideration
8,676
Total purchase consideration
17,529
Land and buildings
12,900
Property, plant and equipment
6,019
Inventories
441
Right-of-use lease asset
1,920
Cash and cash equivalents
33
Trade and other receivables
617
Trade and other payables
( 963)
Current tax liability
( 653)
Interest-bearing liabilities
( 4,175)
Deferred tax liability
( 226)
Lease liabilities
( 1,920)
Fair value of new assets and liabilities
13,993
Goodwill
3,536
Total purchase consideration for shares
17,529
Main contents
Financial contents

INTERIM REPORT | JUNE 2022 | SEEKA LIMITED28
NZ Fruits fair value of assets and liabilities, goodwill and acquisition-related costs
The fair value of acquired trade receivables is $0.34m. There is no loss allowance recognised on acquisition. The goodwill of $3.54m is allocated
to the renamed Bay of Plenty and East Coast post harvest cash generating unit as the primary purpose of the amalgamation was to obtain
the packhouse facility and increase the Group's presence in the East Coast, which is adjacent and complementary to the main Bay of Plenty
operations. The goodwill is attributable to the operation’s market position in the region and synergies expected to arise after adding the business
into the corporate structure provided by the larger Seeka Group. The goodwill is not expected to be impaired in the foreseeable future and is not
expected to be deductible for tax purposes.
Acquisition-related costs of $0.36m are included in overhead expenses in 2022. Deferred tax of $0.23m has been provided in relation to
differences between tax written down values and the fair value of certain assets.
Seeka has 12 months from the acquisition date to reassess the fair values of the assets and liabilities disclosed above if more information comes
to light that suggests the values differ. In particular, any liabilities are expected to be crystallised and quantified within the 12 months from the
acquisition date.
Acquisition through amalgamation of Orangewood Limited (Orangewood)
In November 2021, the Group amalgamated Orangewood, an integrated kiwifruit and avocado post harvest and orchard management business
based in Kerikeri, Far North District, New Zealand, into a newly formed 100% owned subsidiary of Seeka Limited, being Northland Horticulture
Limited. Orangewood shares were cancelled with each share being exchanged for 0.663 shares in Seeka and $1.35 cash. Seeka shares were issued
based on a price of $5.33 per Seeka share (equal to the VWAP of shares traded over 10 business days, finishing on 13 September 2021, with all
fractions of Seeka shares rounded up to the next whole number).
The purchase was settled on 22 November 2021 for a purchase consideration of $4.66m by the issue of 639,302 ordinary shares in Seeka Limited
at a market price of $5.25 on the settlement date of 22 November 2021, being the market price on the acquisition date as per NZ IFRS 3, and a
cash consideration of $1.30m. The change in the share price on acquisition date had the impact of decreasing goodwill by $0.05m.
The following table details the fair values of assets and liabilities recognised at acquisition.
New Zealand dollars
June 2022
Unaudited
$000s
Cash consideration paid to shareholders
1,302
Shares issued in consideration
3,356
Total purchase consideration
4,658
Land and buildings
4,500
Property, plant and equipment
1,477
Inventories
272
Investment in shares
27
Cash and cash equivalents
1,041
Trade and other receivables
1,924
Trade and other payables
( 2,652)
Current tax liability
( 129)
Interest-bearing liabilities
( 2,150)
Deferred tax liability
( 253)
Lease liabilities
( 80)
Fair value of new assets and liabilities
3,977
Goodwill
681
Total purchase consideration for shares
4,658
Orangewood fair value of assets and liabilities, goodwill and acquisition-related costs
The fair value of acquired current trade receivables, within trade and other receivables, is $1.55m. There was no loss allowance recognised on
acquisition. The initially acquired goodwill of $0.62m was allocated to the Northland post harvest cash generating unit as the primary purpose of
the amalgamation was to obtain the packhouse facility and increase the Group's presence in the desirable Far North District. The goodwill was
attributable to the operation’s market position in the region and synergies expected to arise after adding the business into the corporate structure of
the larger Seeka Group. The goodwill is not expected to be impaired in the foreseeable future and is not expected to be deductible for tax purposes.
Acquisition-related costs of $0.37m were included in overhead expenses in 2021. Deferred tax of $0.25m was provided in relation to differences
between tax written down values and the fair value of certain assets.
Seeka has 12 months from the acquisition date to reassess the fair values of the assets and liabilities disclosed above if more information comes
to light that suggests the values differ. In particular, any liabilities are expected to be crystallised and quantified within the 12 months from the
acquisition date.
Seeka has identified and updated the fair values of assets and liabilities to ensure the accuracy and completeness of payroll-related accruals made in
the initial fair values as disclosed in December 2021 and the tax implications arising as a result. The net impact is an increase in goodwill by $0.06m.
Critical accounting estimates and judgements
The fair values of the assets are subject to estimates and judgement. Seeka engaged Telfer Young to complete an independent valuation of the land
and buildings at the acquisition dates. The remaining plant and equipment were assessed on a depreciated historical cost basis, as well as a physical
stocktake and a comparison to similar Seeka-owned assets. The Group assessed that an intangible asset exists for grower relationships and contracts
at NZ Fruits, which is immaterial for financial reporting using the multi-period excess earnings method of calculating intangible assets on contracts.
Financial contents
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29SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Dividends, share capital and fair value
This section focuses on how the Group pays dividends to grow shareholder returns, manages its share capital, and determines
the fair value of its financial assets, securities and liabilities so it can deliver benefits to stakeholders.
Disclosures are made on the Group’s bank facilities, retained earnings, dividends paid to shareholders, and earnings per share. Details on the
Group's share capital include shares issued under the dividend reinvestment plan, grower incentive and employee share schemes.
14. Dividends
Dividends paid Per share$000s
2021
March 2021
$0.12 3,944
October 2021
$0.13 5,209
Amendment to September 2020 and December 2020 dividends
81
Total dividend 2021
9,234
2022
February 2022
$0.13 5,308
Total dividend 2022
5,308
On 20 January 2022, the directors declared a fully-imputed dividend of $0.13 per share. The dividend was paid on 23 February 2022 to those
shareholders on the register at 5pm on 28 January 2022. The dividend reinvestment plan applied with no discount to the strike price.
This full year dividend is normally paid in April each year, but was varied due to new shares being issued ex-div in February.
In the last 12 months, $0.26 has been paid in dividends per share (prior 12 months $0.34).
The cash dividend paid was $4.37m at June 2022.
15. Share capital
On 2 February 2022, the Group acquired NZ Fruits for a recorded consideration of $17.53m, by issuing 1,687,860 ordinary Seeka shares at $5.2455
per share totalling $8.68m, and a cash consideration of $8.85m, see note 13.
During the period to 30 June 2022, $1.22m (Jun 2021 - $0.66m) was received in relation to shares issued under the employee share scheme
established in 2016 and the Grower and Employee share scheme(s) established in 2019 (including funds from the vesting of the schemes).
During the period to 30 June 2022, 124,262 shares were issued under the dividend reinvestment plan related to the dividend paid in February
2022 (Dec 2021 - 290,245), see note 14.
16. Determination of fair values of financial assets and liabilities
The following table analyses financial assets and liabilities carried at fair value as at 30 June 2022.
The different levels are defined as:
–Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Instruments in level 1 are comprised of water shares and irrigation water rights.
–Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.
–Level 3: unobservable inputs for the asset or liability that have to be developed to reflect the assumptions that a market participant would use
when determining an appropriate price.
New Zealand dollars
Level 1
$000s
Level 2
$000s
Level 3
$000s
Total
$000s
Biological assets - crop at fair value
- - 2,203 2,203
Water shares
9,202 -- 9,202
Irrigation water rights
43 - - 43
Land
- - 43,430 43,430
Buildings
- - 194,221 194,221
Unlisted equity securities
- - 2,485 2,485
Derivatives used for hedging
- 1,836- 1,836
Main contents
Financial contents

INTERIM REPORT | JUNE 2022 | SEEKA LIMITED30
The following table shows the valuation techniques used in the determination of fair values within level 3 of the hierarchy, as well as the key
unobservable inputs used in the valuation models.
TypeFair valueMethodKey unobservable inputs
How unobservables
impact estimated fair
value
Biological assets -
crop at cost
Includes New Zealand
avocados and Australian
plums and speciality pears.
$ 2.20 mCost is used as a proxy for fair
value, as the crop has yet to achieve
sufficient biological transformation.
Cost is tested for impairment at
balance date using the Group's
budgets on an orchard-by-orchard
basis.
Cost.Reduces if cost is
impaired at balance date.
Land and buildings$ 237.65 mAn annual revaluation is used
to estimate fair value, which
is performed on at least one
third of land and buildings on
a rolling 3-year cycle by an
independent valuer using four
different approaches; replacement
cost approach, sales approach,
investment approach and
discounted cash flow approach. See
accounting policies and note 6 for
further details.
Comparative market
rents and applicable
discount rate.
Comparative market
sales.
Current level of building
costs.
Increases with market
rental, and lower
discount rates.
Increases with market
sales.
Increases with building
costs.
Unlisted equity securities$ 2.49mCost is used as a proxy for fair
value. Cost is tested for impairment
with carrying amount assessed at
balance date.
Cost.Reduces if cost is
impaired at balance date.
17. Related party transactions
The Group undertakes transactions with Seeka Growers Limited (SGL), a related party which administers all kiwifruit revenues received for the
New Zealand business on behalf of supplying growers. In the current period the Group received $139.03m (Jun 2021 - $110.11m) for the provision
of services to SGL.
18. Capital commitments
As at 30 June 2022, the Group was committed to incur $4.35m of capital costs relating to post harvest upgrades at the Group's KKP and Transcool
facilities, and automation projects at the Group's NZ Fruits facility (Dec 2021 - $12.73m).
19. Events occurring after balance date
On 29 July 2022, the Group entered into an additional NZ$20m term loan facility, with an expiry date of 31 January 2025, through the Group's
existing banking syndicate. The purpose of the new facility was to refinance the Orangewood and NZ Fruits acquisition debt from the flexi facility
to a term debt facility. This brings the Group's total available funds to NZD$211m.
There are no other events occurring subsequent to balance date requiring adjustment to or disclosure in the interim financial statements.
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31SEEKA LIMITED | INTERIM REPORT | JUNE 2022
Directory
Board of directors
Fred Hutchings - Chair
Martyn Brick
Peter Ratahi Cross
Robert Farron
Stewart Moss
Cecilia Tarrant
Ashley Waugh
Audit and risk committee
Robert Farron – Chair
Martyn Brick
Ashley Waugh
Sustainability committee
Cecilia Tarrant – Chair
Peter Ratahi Cross
Fred Hutchings
Remuneration committee
Fred Hutchings – Chair
Cecilia Tarrant
Stewart Moss
Company officers
Michael Franks
Chief Executive Officer
Nicola Neilson
Chief Financial Officer and Company Secretary
Senior management team
Michael Franks
Nicola Neilson
Chief ExecutiveChief Financial Officer
Kate BryantPaul CroneKevin Halliday
GM Supply and SeekaFreshGM Post HarvestChief Operating Officer
Barry PenellumJonathan van PoperingJim Smith
GM OrchardsGM Australian OperationsGM Growers and Marketing
Main contents
Governance

INTERIM REPORT | JUNE 2022 | SEEKA LIMITED32
Registered office
Seeka Limited
34 Young Road, RD9, Paengaroa 3189
PO Box 47, Te Puke 3153
Seeka.co.nz
Auditor
PricewaterhouseCoopers
Auckland
www.pwc.co.nz
Bankers
1
Westpac New Zealand Limited
Auckland
www.westpac.co.nz
Westpac Banking Corporation
Melbourne
www.westpac.com.au
ASB Bank Limited
Auckland
www.asb.co.nz
Bank of New Zealand
Auckland
www.bnz.co.nz
Coöperatieve Rabobank U.A. (Rabobank)
Wellington
www.rabobank.co.nz
Share register
Link Market Services Limited
Auckland
www.linkmarketservices.co.nz
NZX
www.nzx.com
Legal advisors
Harmos Horton Lusk Limited
Auckland
www.hhl.co.nz
MacKenzie Elvin
Tauranga
mackenzie-elvin.com
1. All banks are lenders under a syndicated facilities
agreement with Westpac New Zealand as the agent.
Financial contents
Main contents

seeka.co.nz
34 Young Road, RD 9, Te Puke 3189
PO Box 47, Te Puke 3153, New Zealand
+64 7 573 0303, info@seeka.co.nz

---

INTERIM RESULTS ANNOUNCEMENT JUNE 2022 | SEEKA LIMITED1
SEEKA SIX MONTHS UNAUDITED INTERIM RESULTS
30 June 2022
Listed New Zealand produce company Seeka, reports its unaudited interim results for the six months ended 30 June
2022.
$49.4m EBITDA – up 5.3% on six months to June 2021, (previous corresponding period (pcp))
$21.5m NPAT – up 4.3% on pcp
Seeka has announced its results with a backdrop of Covid-19, adverse weather events, extreme labour shortages,
machine commissioning delays, shipping disruption, lower fruit yields and poor quality. It has been a tough six months
and the company has hunkered down, toughed it out and focussed on the immediate job of optimising its operations
and results in a volatile environment with significant inflationary pressure and geopolitical events affecting key markets.
The company has focussed on core business having completed the acquisition and integration of OPAC, Orangewood
and NZ Fruits in the last twelve months.
While revenue was up by 10% to $247.3m, earnings were impacted by increased costs and lower than expected fruit
volumes. Labour was extremely tight through key main harvest periods with Seeka having to innovate to maintain
operations. Loyal personnel were redeployed to "play out of position" at peak stress load to ensure the continuity of
operations.
Fruit volumes were lower than expected reflecting a late 2021 storm in the Ōpōtiki region along with a seasonal
reduction in yields across all catchments. In addition, the Gisborne region was later than normal in maturing and then
was hit with persistent rain events.
Fruit quality in 2022 is unseasonably poor and this has created industry-wide issues.
The new highly-automated MAF Roda packing machine was commissioned later than expected adding to capacity
challenges. The new machine brings together the latest automation as previously trialled by the company. The KKP
machine alongside other automation investments and Seeka’s operations in Gisborne and Oakside provide the capacity
to handle the expected 2023 crop volumes.
In June Seeka delivered its first sustainability report including three years of verified carbon footprint calculations. Seeka
is committed to reducing its carbon footprint by 30% by 2030, 50% by 2030 and to be net carbon neutral by 2050.
Dividend
The Board has determined that no dividend is payable at this time, with the dividend to be reconsidered later in the year.
Full year operational guidance
Seeka’s full year outlook is dynamic, with a challenging second six months forecast. Full year net profit before tax is forecast
to be between $9.0m and $11.0m.
New Zealand dollars ($ millions)
FY22
Guidance
Lower range
FY22
Guidance
Upper range
FY21
Audited
Net profit before tax
9.011.023.5
Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six months
as fruit is harvested in New Zealand and Australia.
18 August 2022
Company announcement

INTERIM RESULTS ANNOUNCEMENT JUNE 2022 | SEEKA LIMITED2
Operational performance
The following table outlines Seeka’s performance to 30 June.
New Zealand dollars
6 months to
June 2022
Unaudited
6 months to
June 2021
UnauditedChange
Total revenue ( millions )
$ 247.3$ 224.5
10.2%
EBITDA before impairments and revaluations ( millions )
$ 49.4$ 46.9
5.3%
EBIT ( millions )
$ 35.4$ 34.7
2.0%
NPAT ( millions )
$ 21.5$ 20.6
4.3%
Basic earnings per share ( cents )
$0.52$0.65
( 20.0%)
Net bank debt ( millions )
$ 161.3$ 127.8
26.1%
This announcement should be read in conjunction with Seeka Limited's June 2022 interim report (unaudited), and
December 2021 annual report (audited). Seeka reports can be found on Seeka's website www.seeka.co.nz/reports.
EBITDA
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key measure of performance.
New Zealand dollars ($000s)
6 months to
June 2022
Unaudited
6 months to
June 2021
UnauditedChange
12 months to
December 2021
Audited
Net profit before tax
30,06530,761( 2%)23,488
Interest expense
3,1241,6644,082
Lease interest expense
2,2072,2754,610
EBIT
35,39634,7002%32,180
Impairments and revaluations
Impairment of PPE
1111,1361,188
Depreciation expense
8,7947,05615,185
Lease depreciation expense
4,8243,9117,943
Amortisation of intangible assets
23591294
EBITDA before impairments and revaluations
49,36046,8945%56,790
Reconciliation before and after applying NZ IFRS 16 Leases.
New Zealand dollars ($000s)
6 months to
June 2022
Unaudited
6 months to
June 2021
UnauditedChange
12 months to
December 2021
Audited
EBITDA pre NZ IFRS 16
42,21140,9283%44,087
Capitalised lease costs (cash cost)
7,1495,96620%12,703
EBITDA after applying NZ IFRS 16
49,36046,8945%56,790
ENDS
For more information, visit www.seeka.co.nz or please call:
Michael FranksNicola Neilson
Chief executive
+ 64 21 356 516
Chief financial officer
+ 64 21 841 606