ArborGen Holdings Announces Interim Result

INTERIM
REPORT

2022

1





INTERIM REPORT 2022

The Board of ArborGen Holdings Limited is pleased to present the Interim Report for the six months ended 30
September 2022. All dollar values are in US currency unless otherwise stated.


Highlights for the Six Months to 30 September 2022

 Harvested highest ever MCP cones in bushels in the US in November 2022, estimated to produce seed
equivalent to over 200 million MCP seedling equivalents
 Very strong FY23 sales and margin growth in Brazil where ArborGen is the only company providing superior,
proprietary genetics to pine and eucalyptus growers
 Execution of seedling supply agreements in the US with two well-funded, experienced companies with
programmes to afforest (plant new forests) on pasture land or farmland designed to sequester carbon to help
address global warming
 Expansion of ArborGen’s in-house container capacity across two existing owned sites underway, increasing
ArborGen’s US in-house container seedling production from 12 to 20 million containerised seedlings per
annum
 Acquisition of a 10 million capacity pine nursery located in Canoinhas, Santa Catarina, Brazil now complete
 New long term lease agreement commencing on 1 December 2022 for a nursery located in Martinho Campos,
Minas Gerais, increasing ArborGen’s internal eucalyptus production capacity in Brazil to nearly 50 million
seedlings per year
 Evaluation of additional opportunities for expansion in Brazil

2
Financial Performance

Continuing Operations for the Six Months ended 30 September*
US $m
30 Sep
2022
30 Sep
2021
Revenue 7.4 4.6
Gross Profit 1.8 0.5
Operating (Loss) / Earnings (before other significant items) (0.6) 0.6
Other Significant Items
1
(0.3) (0.6)
Net (Loss) / Earnings from Continuing Operations
2
(1.6) (0.5)
Net Debt 17.5 29.9
* The six month consolidated result has been restated to exclude ArborGen’s New Zealand and Australian
businesses, following the sale of these business in November 2021.

During the six-month period, the Group reported:
 Revenue of $7.4 million from continuing operations in the US and Brazil, up 61% on the prior comparative
period (pcp), driven by strong sales growth in Brazil.
 Gross Profit of $1.8 million, up 260% on pcp as a result of strong sales and margin growth in Brazil.
 Operating loss (before other significant items)
1
of $0.6 million, $1.2 million lower than the $0.6 million
operating gain reported in the pcp. Operating loss includes higher amortisation expense of $3.8 million ($3.1
million in the pcp) consistent with the change in FY22 reducing the useful life of intellectual property to 17
years. The operating loss also includes a lower biological assets gain in the US of $5.9 million ($7.2 million gain
in the pcp) due to lower seedling margin expected this fiscal year in the US
2
.
 Net loss of $1.6 million
2
including $0.3 million of strategic review costs incurred prior to the completion of the
review in June. This compares with a net loss from continuing operations of $0.5 million in the prior period
which included $0.6 million of other significant items
1
.
 Net debt (excluding capitalised leases) of $17.5 million, down from $29.9 million in the prior comparable
period including the proceeds from the sale of ArborGen’s New Zealand and Australian businesses in
November 2021. Treestock sales in the US occur in the second half of the fiscal year, which will result in lower
net debt at 31 March 2023.
 US GAAP EBITDA
3
for continuing operations is expected to be in the range of $10 million to $10.5 million for
the fiscal year ending 31 March 2023 (FY23), subject to unknown factors, including $2 million of expected
Employee Retention Credits payable to ArborGen under the Coronavirus Aid Relief and Economic Security
(CARES) Act.





1
Other significant items comprise strategic review costs of $0.3 million incurred in the first quarter of the current fiscal year ending 31
March 2023 ($0.6 of government grant income and $1.2m of strategic review costs).
2
Operating Loss and Net loss includes a biological asset gain of $5.9 million ($7.2 million gain in the prior period) which relates to a
share of earnings on seedling crop still in the ground to be lifted in the second half of the fiscal year, as required under IFRS.
3
US GAAP EBITDA excludes NZ public company costs and strategic review costs.

3

Dear Shareholder

Key Growth and Strategic Initiatives

We remain focused on executing the key strategic, operational, and financial goals we have set for the business:
 Expanding our supply of proprietary advanced genetics, and growing sales of advanced products;
 Expanding our footprint in our core growth regions;
 Improving cash flow generation; and
 Mitigating the risk of adverse climatic events.

Expanding supply of advanced genetics in the US
In November 2022, we harvested our highest ever number of Mass Control Pollinated (MCP) cones in bushels
from orchards we planted over a decade ago in 2011 and 2012 which are coming into full production. The seed
from these harvested cones will be extracted over the next two months, and is currently expected to generate
over 200 million MCP seedling equivalents. Importantly, approximately 60% of the forecast seed expected will
be for the Eastern provenances (30% for the Coastal region) which have been severely supply constrained over
recent years. Seed extracted from this year’s cone harvest will partly be used to produce MCP seedlings in 2023
(i.e. seedling sales in fiscal year ending March 2024), and partly to build critical seed inventory in all provenances
available for future periods, reducing our reliance on single year harvests.

As part of our risk mitigation, our goal is to have 2-3 years of MCP seed inventory on hand for each genetic class
/ provenance to mitigate against single-year harvest shortages. We have achieved this target in Piedmont and
Texas, and we are working to achieve the same in the other deployment zones we operate in. ArborGen already
has several years of Open Pollinated (OP) seed inventory for most provenances.

The map below shows the five loblolly deployment zones in the US South, spanning the Coastal, Piedmont, and
Northern region (or collectively the Eastern region), and Arkansas and Texas (i.e. the Western region).



Arkansas
Coastal
Piedmont
Northern
Texas
Western region
Eastern region

4
ArborGen is the only company with a portfolio of MCP products addressing the entire US South loblolly market.
As can be seen in the table below, our advanced products are in all regions, with additional products currently
in the pipeline.

Region MCP-A MCP-S MCP-E MCP 2.0 Var1 Var2 MCP RR
Coastal

   
2022
Piedmont
    
2024
Texas
 


2024
Arkansas
 

 

Northern
  


Importantly, we continue to invest in our pine tree improvement programme, allowing us to widen the gap
between ourselves and the rest of the market. In recent years we have launched the next generation of MCP
products (MCP 2.0) for some provenances, with MCP 3.0 now already in development.

Expanding our footprint in the US and Brazil
United States

Earlier this year, the Board approved the expansion of ArborGen’s internal container capacity across two
existing owned sites. We have since been able to increase our total target container capacity by increasing our
Bellville capacity from 13 to approximately 16 million seedlings, while remaining on track on the first phase of
container production in our Western regions with the construction of a new five million unit container facility
in Bullard, Texas.

We have been able to do this very cost effectively as we leverage existing physical infrastructure at our nurseries
in Belville, Georgia and Bullard, Texas. Utilising our existing operating infrastructure will also result in improved
contribution margins from this new container facility. We have already begun discussions with customers who
want to make sure they are “in line” to access this new capacity. The container expansion project is on track at
both facilities, and we expect to begin producing container seedlings for sale next fiscal year (FY24).

Brazil

The Brazilian forestry industry is one of the largest and fastest-growing in the world. Brazil is the world’s largest
producer and exporter of hardwood pulp, with domestic eucalyptus plantations utilising approximately 800
million seedlings per year. Brazil also produces softwood, requiring approximately 80 million seedlings per year.

To address these markets, ArborGen began its commercial pine and eucalyptus seedling operations in Brazil in
2014. Our strategy was predicated on our belief that by combining proprietary genetics and tree improvement
capabilities with our deep understanding of seedling production, we would be uniquely positioned to address
markets that were poised for strong growth due to expansion of the pulp and other wood consuming industries
in Brazil.

5
ArborGen uses a combination of in-house and outsourced production to allow us to meet demand in a capital
efficient and flexible way. ArborGen now has three eucalyptus nurseries and one pine nursery in Brazil, as well
as a network of seedling contract producers, allowing us to address all of the major pine and eucalyptus markets
in the country. ArborGen’s eucalyptus products are available in all of the primary eucalyptus growing regions
in Brazil including the states of Minas Gerais, Mato Grosso, Mato Grosso do Sul, São Paulo and Paraná.

Earlier this year, we completed the acquisition of a 10 million seedling pine nursery located in Canoinhas, Santa
Catarina, Brazil. Sales from this newly acquired pine nursery are occurring ahead of schedule supporting overall
pine seedling sales of approximately 20 million seedlings in the current fiscal year. Sales of proprietary pine
products represent over 95% of total pine volume forecast.

More recently, ArborGen Brazil executed a long term lease agreement commencing 1 December 2022 for a
eucalyptus nursery located in the community of Martinho Campos in Minas Gerais state, which has the largest
eucalyptus footprint in Brazil. This new 20 million seedlings per annum nursery, will increase ArborGen’s internal
eucalyptus production capacity in Brazil to nearly 50 million seedlings per year. ArborGen is leasing the nursery
from the S&D group, an integrated steel company with forest holdings, charcoal production, pig-iron production
(which uses wood based charcoal) and other activities. The agreement with S&D will allow ArborGen to increase
the proportion of our internally produced eucalyptus seedlings to over 50% of our total requirements currently,
up from approximately 30% today, providing us greater control over eucalyptus production in a very high
demand environment.

We are currently working on an opportunity to further expand our in-house eucalyptus capacity by an additional
ten million seedling per annum for next fiscal year (FY24).

Expanding in-house eucalyptus production will help accelerate customer conversion to advanced genetics
eucalyptus clones. Advanced genetics clonal sales currently represent over 40% of ArborGen Brazil’s eucalyptus
sales of over 70 million seedlings, with the balance comprising market clones that are broadly available to most
seedling producers. ArborGen’s portfolio of advanced eucalyptus products offer growers higher yields and
higher wood density than standard market clones, improved disease and insect resistance and good drought
tolerance which is an increasingly important trait as eucalyptus plantings in Brazil expand into dryer regions and
as rainfall patterns change as a result of global climate change.


New growth opportunities – reducing greenhouse gas emissions
There is now a clear and increasing focus on the importance of reducing greenhouse gases globally, and forests
have an important role to play as trees capture carbon dioxide, one of the main greenhouse gases from the
atmosphere and store it in trunks, branches, foliage and roots. Forest based carbon projects will be increasingly
important in creating demand for both pine and hardwood seedlings in the Southern US as carbon project
developers actively pursue large scale afforestation and reforestation projects.

ArborGen, with its high yielding MCP products, its hardwood production capabilities and its extensive channels
to forest landowners is very well positioned to address this new opportunity. In the current FY23 fiscal year, we
began supplying hardwoods and pine seedlings to two of the leading carbon companies operating in the South.
We have executed a long term exclusive supply agreement with one of these companies and are currently
negotiating a similar agreement with the second.

While it is difficult to predict how quickly the carbon opportunity will grow, we believe that over time it
potentially represents a new market with different dynamics, and could represent a significant new source of
revenue and earnings.

6

Outlook

Turning to our current fiscal year, in the US we expect sales to be affected by supply chain challenges, cost
inflation, temporary customer specific demand matters with some of our large National Accounts, and reduced
seedlings (including advanced genetics MCP seedlings) available for sale compared to prior fiscal year. As a result,
we are expecting current FY23 unit seedling sales in the US, including advanced genetics sold, to be
approximately 5% lower than FY22 unit sales.

In addition, higher historic MCP seed costs relating to pollination activity two years ago (when production from
our younger orchards was less than optimal), combined with general cost inflation pressure, are expected to
adversely impact gross margins in the US this fiscal year. As seedling prices are typically set at the beginning of
the seedling production year, we were unable to pass cost increases on in the current year. We are however
working on initiatives (including pricing) to improve margins next fiscal year.

In Brazil, the underlying market drivers continue to be very strong, with new pulp mills and strong charcoal
markets driving domestic demand for eucalyptus and softwood. As a result, demand for eucalyptus and pine
seedlings is very strong, which is also driving cost increases, seedling price increases and importantly, margin
expansion for ArborGen’s eucalyptus and pine seedlings. The profitability of our Brazilian operations in FY23 is
projected to be materially higher than the breakeven result recorded in FY22, with ArborGen Brazil already
recording $1 million of EBITDA in the first six months of this year.

Taking into account all of the above factors, we are currently projecting US GAAP EBITDA
3
for FY23 to be in the
range of $10 to $10.5 million for continuing operations. This includes $2 million of Employee Retention Credits
under the Coronavirus Aid Relief and Economic Security (CARES) Act
4
.

While we have incurred greater growth spend with the larger container facility at Bullard, Texas and addition of
the S&D eucalyptus nursery in Brazil, we are targeting net debt to be below $10 million by fiscal year-end (31
March 2023), further strengthening ArborGen’s balance sheet in a tightening monetary policy environment.
We would like to thank all of our stakeholders for their continued support – it is very much appreciated.



Dave Knott Jr
Chairman

28 November 2022
Andrew Baum
CEO





4
Under the CARES Act, businesses can apply for a credit of the payroll taxes paid on wages between March 2020 and September 2021 for
wages not forgiven under the CARES Act Paycheck Protection Program (PPP). While as a next step, ArborGen Inc. will need to file
amended quarterly payroll tax forms with the Internal Revenue Service (IRS) to notify the IRS of the credit due to the Company, there is a
high probability that the Company will receive the reimbursements approximating US$2 million.

7
ArborGen Holdings Limited and Subsidiaries

Consolidated Income Statement
For the six months ended 30 September 2022


Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
Notes
US$mUS$mUS$m
Re ve nue7.4 47.6 4.6
Cos t of s a l e s5
(5.6) (29.8) (4.1)
Gross profit1.8 17.8 0.5
Cha nge i n fa i r va l ue of bi ol ogi ca l a s s e ts4
5.9 - 7.2
I nte l l e ctua l prope rty a morti s a ti on
5
(3.8) (7.3) (3.1)
Admi ni s tra ti on e xpe ns e5
(4.5) (7.8) (4.0)
Operating earnings excluding items below(0.6) 2.7 0.6
Stra te gi c re vi e w cos ts , gove rnme nt gra nts a nd othe r5
(0.3) (4.0) (0.6)
Operating profit (loss) before financing expense(0.9) (1.3) -
Fi na nci ng e xpe ns e(0.7) (1.7) (0.9)
Profit (loss) before taxation(1.6) (3.0) (0.9)
Ta x e xpe ns e- 4.7 0.4
Net earnings (loss) after taxation from continuing operations(1.6) 1.7 (0.5)
Ne t e a rni ngs a fte r ta xa ti on from di s conti nue d ope ra ti ons10
- - 0.6
Net earnings (loss)(1.6) 1.7 0.1
Ea rni ngs (l os s ) pe r s ha re i nforma ti on (ce nts pe r s ha re )
From conti nui ng ope ra ti ons
Ba s i c
(0.3) 0.3 (0.1)
Di l ute d
(0.3) 0.3 (0.1)
From conti nui ng a nd di s conti nue d ope ra ti ons
Ba s i c
(0.3) 0.3 -
Di l ute d
(0.3) 0.3 -
We i ghte d a ve ra ge numbe r of s ha re s outs ta ndi ng (mi l l i ons of s ha re s )
Ba s i c502.1 500.8 500.3
Di l ute d503.7 503.5 504.2

8

ArborGe n Hol di ngs Li mi te d a nd Subs i di a ri e s
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
Notes
US$mUS$mUS$m
Net earnings (loss)(1.6) 1.7 0.1
I te ms tha t ma y be re cl a s s i fi e d to the Cons ol i da te d I ncome Sta te me nt:
Move me nt i n curre ncy tra ns l a ti on re s e rve9(0.5) 0.9 (0.2)
Move me nt i n he dge re s e rve90.5 0.6 -
Other comprehensive earnings (loss) (net of tax)- 1.5 (0.2)
Total comprehensive earnings (loss)(1.6) 3.2 (0.1)



ArborGe n Hol di ngs Li mi te d a nd Subs i di a ri e s
Statement of Changes in Equity
For the six months ended 30 September 2022
Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
Notes
US$mUS$mUS$m
Total comprehensive earnings (loss)(1.6) 3.2 (0.1)
Move me nt i n ArborGe n Hol di ngs s ha re hol de rs ' e qui ty:
Move me nt i n i s s ue d ca pi ta l80.1 0.3 0.3
Move me nt i n s ha re ba s e d pa yme nt re s e rve9
(0.1) (0.3) (0.1)
Total movement in shareholder equity(1.6) 3.2 0.1
Ope ni ng group e qui ty151.4 148.2 148.2
Closing group equity149.8 151.4 148.3

9
ArborGe n Hol di ngs Li mi te d a nd Subs i di a ri e s
Consolidated Statement of Cash Flows
For the six months ended 30 September 2022
Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
US$mUS$mUS$m
Ca s h wa s provi de d from ope ra ti ng a cti vi ti e s
Re ce i pts from cus tome rs18.4 56.5 24.1
Gove rnme nt gra nts re ce i ve d- - 0.2
Ca s h provi de d from ope ra ti ng a cti vi ti e s
18.4 56.5 24.3
Pa yme nts to s uppl i e rs , e mpl oye e s a nd othe r(20.6) (49.0) (24.2)
Ta x pa i d(0.2) - -
Ca s h (us e d i n) ope ra ti ng a cti vi ti e s
(20.8) (49.0) (24.2)
Net cash from (used in) operating activities
(2.4) 7.5 0.1
Proce e ds on s a l e of di s conti nue d ope ra ti ons- 15.2 -
I nve s tme nt i n fi xe d a s s e ts(1.1) (1.5) (0.5)
I nve s tme nt i n i nte l l e ctua l prope rty
(1.3) (3.1) (1.4)
Net cash from (used in) investing activities
(2.4) 10.6 (1.9)
De bt dra wdowns- 3.2 1.7
Re pa yme nt of l e a s e l i a bi l i ti e s(0.2) (0.9) (0.1)
De bt re pa yme nt
(0.8) (10.1) (1.1)
I nte re s t pa i d(0.8) (1.7) (0.9)
Net cash from (used in) financing activities
(1.8) (9.5) (0.4)
Net movement in cash
(6.6) 8.6 (2.2)
Ope ni ng ca s h, l i qui d de pos i ts a nd re s tri cte d ca s h
15.2 6.2 6.2
Effe ct of e xcha nge ra te cha nge s on ne t ca s h
(0.2) 0.4 (0.1)
Closing cash, liquid deposits and restricted cash8.4 15.2 3.9
Ne t e a rni ngs a fte r ta xa ti on
(1.6) 1.7 0.1
Adjus tme nt for:
Fi na nci ng e xpe ns e
0.7 1.7 0.9
De pre ci a ti on a nd a morti s a ti ons
5.0 10.1 4.4
Ta xa ti on
(0.1) (4.7) (0.3)
Fore i gn e xcha nge
(0.4) (0.3) (0.2)
Ga i n on s a l e of di s conti nue d ope ra ti ons
- (2.2) -
Non ca s h i nve ntory move me nt - (3.1) -
Cha nge i n fa i r va l ue of bi ol ogi ca l a s s e ts
(5.9) - (6.3)
Othe r non ca s h i te ms
- 0.1 0.1
Ca s h fl ow from ope ra ti ons be fore ne t worki ng ca pi ta l move me nt
(2.3) 3.3 (1.3)
Tra de a nd othe r re ce i va bl e s
6.7 1.4 6.9
I nve ntory
(8.8) 7.2 (5.1)
Tra de a nd othe r pa ya bl e s
2.0 (4.4) (0.4)
Ne t worki ng ca pi ta l move me nt
(0.1) 4.2 1.4
Net cash from operating activities(2.4) 7.5 0.1

10
ArborGe n Hol di ngs Li mi te d a nd Subs i di a ri e s
Consolidated Balance Sheet
As at 30 September 2022
Una udi te dAudi te dUna udi te d
Sep 2022Mar 2022Sep 2021
NotesUS$mUS$mUS$m
Current assets
Ca s h a nd l i qui d de pos i ts
8.4 15.2 3.9
Tra de a nd othe r re ce i va bl e s
4.1 10.8 2.7
I nve ntory
42.0 27.3 41.4
As s e ts he l d for s a l e
10- - 17.6
Total current assets
54.5 53.3 65.6
Non current assets
Fi xe d a s s e ts
33.0 32.9 32.8
De ri va ti ve fi na nci a l i ns trume nts
0.8 0.3 -
Ri ght-of-us e a s s e ts
4.6 4.7 4.8
I nte l l e ctua l prope rty
94.6 97.1 99.6
De fe rre d ta xa ti on a s s e t
3.8 3.8 -
Total non current assets
136.8 138.8 137.2
Total assets
191.3 192.1 202.8
Current liabilities
Tra de , othe r pa ya bl e s a nd provi s i ons
(10.7) (8.7) (10.7)
Curre nt l e a s e obl i ga ti on(0.7) (0.8) (0.6)
Curre nt de bt6(8.1) (1.0) (4.9)
Curre nt ta xa ti on l i a bi l i ty
- - (0.1)
Li a bi l i ti e s a s s oci a te d wi th di s conti nue d ope ra ti ons
10- - (3.8)
Total current liabilities
(19.5) (10.5) (20.1)
Term liabilities
Te rm de bt
6(17.8) (25.7) (28.9)
De ri va ti ve fi na nci a l i ns trume nts
- - (0.3)
Le a s e obl i ga ti on(4.2) (4.2) (4.4)
De fe rre d ta xa ti on l i a bi l i ty
- (0.3) (0.8)
Total term liabilities
(22.0) (30.2) (34.4)
Total liabilities(41.5) (40.7) (54.5)
Net assets149.8 151.4 148.3
Equity
Sha re ca pi ta l
8202.9 202.8 202.8
Re s e rve s
9(53.1) (51.4) (54.5)
Total group equity149.8 151.4 148.3
Net Asset Backing US 30 cps US 30 cps US 30 cps
Da ve Knott JrPa ul Sma rt
Cha i rma n of the Boa rdAudi t Commi tte e Cha i rma n
28 Nove mbe r 2022
Both of the a bove s i gna tori e s ce rti fi e s tha t the s e fi na nci a l s ta te me nts compl y wi th Ne w Ze a l a nd ge ne ra l l y a cce pte d
a ccounti ng s ta nda rds a nd pre s e nt a true a nd fa i r vi e w of the fi na nci a l a ffa i rs of the ArborGe n Hol di ngs Group.

11
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022


1 BASIS OF PRESENTATION
The unaudited financial statements presented are those of ArborGen Holdings Limited and Subsidiaries (the Group) for the six months
from 1 April 2022 to 30 September 2022. The financial statements have been prepared in accordance with New Zealand International
Accounting Standard 34. Because they are interim statements they do not include all of the information required to be disclosed for full
annual financial statements.
These financial statements should be read in conjunction with the audited financial statements for the periods ended 31 March 2022
and 31 March 2021, which have been prepared in accordance with New Zealand International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards (IFRS).
ArborGen Holdings Limited is registered in New Zealand under the Companies Act 1993, is listed on the New Zealand Stock Exchange,
and is a FMC Reporting Entity under the Financial Markets Conduct Act 2013.
The presentation currency used in the preparation of these financial statements is United States dollars (US$), rounded to the nearest
hundred thousand dollars. Consequently all financial numbers are in US$ unless otherwise stated. Changes in prior year disclosure
comparatives have been made to align with the current year presentation.
Accounting Policies
The accounting policies applied are consistent with those applied in the annual financial statements for the period ended 31 March
2022, noting the recognition of Australia and New Zealand as discontinued operations in the comparative periods, refer to note 10.
2 APPROVAL OF ACCOUNTS
These financial statements have been prepared on a consolidated Group basis and were approved for issue by the Board of Directors on
28 November 2022.

3 USE OF ESTIMATES AND JUDGEMENT
The preparation of financial statements in conformity with NZ IFRS requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period (refer March 2022 statutory report, note
4, for greater detail). Actual results could differ from those estimates.

4 INVENTORY AND FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSET


At 30 September only the US crop (which will be lifted prior to year end) is fair valued. This fair value uplift will reverse at year end upon
lifting of the crop. At 31 March 2022, following the sale of the Australasian operations there were no crops established to be fair
valued.
At 30 September 2021 the Australasian business was classified as "held for sale", including the fair value adjustment recognised for the
Australasian crop.



Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
Ope ni ng ba l a nce conti nui ng ope ra ti ons- - -
Cha nge i n fa i r va l ue of bi ol ogi ca l a s s e ts re cogni s e d i n i ncome s ta te me nt
Fa i r va l ue cha nge for crop to be l i fte d i n the comi ng pe ri od - conti nui ng5.9 - 7.2
Total change in fair value of biological assets recognised in the income statement5.9 - 7.2
Closing fair value uplift biological asset5.9 - 7.2

12
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022

5EXPENSES INCLUDE



(1) In March 2021 ArborGen Inc. received a second SBA loan under the CARES Act Paycheck Protection Program (PPP) of $2.0 million. This funding was
to ensure ArborGen retained all employees and avoided any layoffs, and all employees were kept on the payroll for eight weeks and at least 60% of
the loan is used for payroll related costs plus rent, mortgage interest, or utilities payments over the eight week period the loan would be forgiven.
All of these funds have since been used to fund payroll costs including benefits and other business related costs, both loans have been forgiven.
(2) The Group incurred significant costs directly related to the Covid pandemic, primarily due to cancellation of ordered seedlings in the US, where
sawmill closures in both 2020 and 2021 delayed harvesting and in turn flowed on to a delay in site preparation activities. Compounding these issues
was the temporary suspension of non-immigrant worker H2-B visas into the US, which combined with planting crews contracting Covid, led to
planting labour shortages during the critical planting season. Sales orders cancelled due to the Covid pandemic left ArborGen with 32 million
seedlings that had to be destroyed, resulting in a seedling write off of $1.6 million.
(3) In mid-March 2022, a cold front moved across the south-eastern United States, with temperatures dropping to the mid 20 degrees Fahrenheit
(negative 4 to 6 degrees Celsius) at our Georgia, South Carolina and Florida orchards. The combination of these extremely low temperatures and
very high winds resulted in significant damage to bagged MCP flowers. As a result, the volume of MCP seed ArborGen expects to be harvested in
November 2023 has reduced by 35%. The $1.5 million inventory adjustment returns the carrying value of expected inventory, to normal production
levels.
(4) The strategic review was concluded in June 2022. The review considered all options to unlock value for the benefit of all shareholders, resulting in
sale of the Australian and New Zealand (ANZ) operations to ArborGen ANZ Limited Partnership. The sale was completed on 30 November 2021 and
the ANZ operations are shown as discontinued. The Group has incurred costs in relation to the strategic review including costs related to the sale of
the ANZ operations and completion of the Strategic Review process.
6CURRENT DEBT AND TERM DEBT

At 30 September 2022 the Group had debt facilities with the following banks: Synovus Financial Corporation (Synovus) and AgSouth
Farm Credit (AgSouth) in the United States.
ArborGen has a non-revolving promissory note issued to AgSouth for $8.7 million bearing interest at 4.95%, with a maturity date of
1 May 2036, which is secured against ArborGen's US real estate properties. Annual principal repayments of $0.6 million are due 1 May
each year.
ArborGen's revolving facility agreement with Synovus is a $17 million letter of credit (LOC) facility (currently $7 million) with an expiry of
31 August 2023. The facility requires an annual 60-day (continuous) pay down maximum borrowing limit (between 1 March and 31
August) to $10 million. The LOC bears interest at the 30 day LIBOR base rate plus 2.75%, subject to a minimum annual rate of 3.5%, and
is collateralised by all the ArborGen Inc's United States assets not otherwise pledged under the AgSouth agreement.
The credit agreements with both Synovus and AgSouth include covenants which require ArborGen to maintain a minimum net worth of
$29 million and $25 million respectively.


Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
US$mUS$mUS$m
De pre ci a ti on a nd a morti s a ti ons i ncl ude d i n:
Cos t of s a l e s e xpe ns e
(0.3) (1.8) (0.3)
I nte l l e ctua l prope rty a morti s a ti on
(3.8) (7.3) (3.1)
Admi ni s tra ti on e xpe ns e : ge ne ra l & a dmi ni s tra ti on
(0.3) (0.5) (0.4)
Tota l de pre ci a ti on a nd a morti s a ti ons
(4.4) (9.6) (3.8)
Stra te gi c re vi e w cos ts , gove rnme nt gra nts a nd othe r
Gove rnme nt gra nt i ncome
(1)
- 0.9 0.6
Se e dl i ng wri te off
(2)
- (1.6) -
I nve ntory cos t a djus tme nt
(3)
- (1.5) -
Stra te gi c re vi e w a nd othe r
(4)
(0.3) (1.8) (1.2)
Strategic review, government grants, inventory adjustment and other(0.3) (4.0) (0.6)

13
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022

6CURRENT DEBT AND TERM DEBT continued

Rubicon Industries USA LLC (RIUSA) has a $10.2 million mortgage from Synovus, which is secured by headquarters land and buildings.
The mortgage is a seven-year term facility expiring in August 2026 and is based on a 20-year amortising loan, incurring interest at the
30-day LIBOR base rate plus 2% (currently 3.17%). The Group has entered into a seven-year interest rate swap, with terms that match
that of the mortgage, at a fixed rate of 3.52%. The mortgage requires RIUSA to maintain a debt service coverage ratio of not less than
1.25:1 for the trailing 12 months.
At 30 September 2022 the Group held cash and liquid deposits of $8.4 million (2022: $15.2 million) and had debt of $25.9 million and
lease liabilities of $4.9 million (2022: $26.7 million of debt and $5.0 million of lease obligations).

7SEGMENTAL INFORMATION SUMMARY

The Group has only one reportable segment, being 'forestry genetics' and each of the primary statements reflects the full segmental
operations.



Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
Forestry genetics (continuing operations)Note
US$mUS$mUS$m
Ope ra ti ng re ve nue7.4 47.6 4.6
Ne t e a rni ngs (l os s ) a fte r ta xa ti on(1.2) 2.7 1.0
Tota l a s s e ts191.2 191.8 185.2
Li a bi l i ti e s(41.6) (40.4) (50.4)
Re conci l i a ti on
Discontinued operations
10
Ope ra ti ng re ve nue- 9.7 9.4
Ne t e a rni ngs a fte r ta xa ti on- - 0.6
Tota l a s s e ts - di s conti nue d- - 17.6
Li a bi l i ti e s - di s conti nue d- - (3.8)
Corporate
Ne t e a rni ngs (l os s ) a fte r ta xa ti on(0.4) (1.0) (1.5)
Tota l a s s e ts0.1 0.3 -
Li a bi l i ti e s0.1 (0.3) (0.3)
Total Group
Ope ra ti ng re ve nue - Tota l7.4 57.3 14.0
Ope ra ti ng re ve nue - conti nui ng7.4 47.6 4.6
Ope ra ti ng re ve nue - di s conti nue d- 9.7 9.4
Ne t e a rni ngs (l os s ) a fte r ta xa ti on - Tota l(1.6) 1.7 0.1
Ne t e a rni ngs (l os s ) a fte r ta xa ti on - Conti nui ng(1.6) 1.7 (0.5)
Ne t e a rni ngs (l os s ) a fte r ta xa ti on - Di s conti nue d- - 0.6
Tota l a s s e ts191.3 192.1 202.8
Li a bi l i ti e s(41.5) (40.7) (54.5)

14
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022


8CAPITAL



(1) In accordance with the shareholders' resolution passed at the ArborGen Holdings Annual Shareholders’ meeting held on 17 September 2018, on
18 September 2018 ArborGen Holdings issued 1,666,050 new shares to the Rubicon Non-Executive Directors Share Plan (the Trust). The Trust held
the shares on behalf of the three Directors (Tom Avery, Ozey Horton, and Paul Smart, equally) until the vesting terms were met. The shares vested,
to each Director, in three equal tranches on the first, second and third anniversaries following the date of issue (18 September 2018), provided
that the Director remains a Director of the Company on the relevant anniversary date. The new shares were issued at the NZX 20-day market
VWAP for ArborGen Holdings shares of NZ27.01 cents per share, for a total value of NZ$450,000. These shares were accounted for as treasury
stock until vesting, and the share based transactions are recorded in the share based payment reserve. In September 2021 the third (and final)
tranche of 555,351 shares were vested to the three Directors (185,117 each) (refer to note 11 for related party transactions), this plan has now
been completed.
(2) In accordance with the shareholders' resolution passed at ArborGen Holdings Annual Shareholders’ meeting held on 17 September 2019, on
18 September 2019 ArborGen Holdings issued 820,998 new shares to the 2019 Rubicon Non-Executive Director Share Plan (the 2019 Trust). The
2019 Trust will hold the shares on behalf of George Adams until the vesting terms are met. The shares will vest in three equal tranches on the first,
second and third anniversaries following the date of issue (18 September 2019), provided that the Director remains a Director of the Company on
the relevant anniversary date. The new shares were issued at the NZX 20-day market VWAP for ArborGen Holdings shares of NZ18.27 cents per
share, for a total value of NZ$150,000. The share based transactions are recorded in the share based payment reserve and the shares are
accounted for as treasury stock until vesting. In September 2021 the second tranche of 273,666 shares vested to George (refer to note 11 for
related party transactions). The final tranche of 273,666 shares were vested to George after 30 September (on 6 October 2022).
(3) In July 2021 ArborGen awarded 3,933,535 RSU (restricted share units) to ArborGen Inc. executives, in relation to its FY2021 Long Term Incentive
(2021 LTI) Plan. Pursuant to this award, in July 2022 ArborGen Holdings issued 1,241,232 new shares, 817,282 of those shares are the second of the
three equal tranches under the 2021 LTI Plan and 423,950 shares were issued to one retiring employee (with the final tranche vesting on
retirement). The remaining RSU of 817,282 will vest at the next anniversary of the award, provided that the holder of the RSU remains employed
by the ArborGen Group on the vesting date.
In July 2022,in relation to the FY2022 LTI plan, ArborGen awarded 132,276 RSU to one ArborGen Inc. executive. Pursuant to this award (July 2022)
ArborGen Holdings issued 44,092 new shares, being the first of three equal tranches. The remaining 88,184 will vest over the next two
anniversaries, provided that the holder of the RSUs remains employed by the ArborGen Group on the vesting dates.


Unaudi tedAudi tedUnaudi ted
Sep 2022Mar 2022Sep 2021
Share capitalNoteUS$mUS$mUS$m
Share capi tal at the begi nni ng of the peri od202.8 202.5 202.5
Ves ti ng of s hares - Executi ve & Non-Executi ve Di rectors Share Pl an
(1) (2) (3)
90.1 0.3 0.3
Share capital202.9 202.8 202.8
Number of sharesSep 2022Mar 2022Sep 2021
Openi ng s hares on i s s ue501,486,758 499,611,738 499,611,738
Is s ue of s hares
(3)
91,285,324 1,875,020 1,620,391
Closing shares on issue502,772,082 501,486,758 501,232,129
Treasury stockSep 2022Mar 2022Sep 2021
Openi ng s hares on i s s ue273,666 1,102,683 1,102,683
Ves ti ng of s hares
(1) (2)
- (829,017) (829,017)
Closing treasury stock shares on issue273,666 273,666 273,666

15
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022


9RESERVES



(1) The cash flow hedging reserve records the net movement of cash flow hedging instruments, being interest rate swaps, refer to note 6.
(2) In July 2021 ArborGen awarded 3,933,535 RSUs to ArborGen Inc. executives, in relation to its FY2021 (2021 LTI Plan). Pursuant to this award,
ArborGen Holdings issued 1,285,324 new shares, refer to note 8 for more details.
(3) In July 2021, the Board entered into new RSU agreements for 2,808,845 RSU to ArborGen Inc. executives under the 2022 LTI Plan. One executive
achieved the financial performance hurdles, and 132,276 RSU were awarded. The first of three equal tranches vested on the award (44,092) and the
remainder will vest over the next two anniversary dates, provided that the holder remains employed by the ArborGen Group on the applicable
vesting date.



Unaudi tedAudi tedUnaudi ted
Sep 2022Mar 2022Sep 2021
Retained earningsNoteUS$mUS$mUS$m
Openi ng bal ance(51.6) (53.3) (53.3)
Net earni ngs(1.6) 1.7 0.1
Closing balance(53.2) (51.6) (53.2)
Cash flow hedge reserve
(1)
Openi ng bal ance0.3 (0.3) (0.3)
Fai r val ue gai ns (l os s es ) for the year0.5 0.6 -
Closing balance0.8 0.3 (0.3)
Share based payments reserve
Openi ng bal ance0.2 0.5 0.5
Non-Executi ve Di rectors Share Pl an s hares ves ted8- (0.1) (0.1)
Executi ve s ettl ement s hare pl an
(3)
8(0.1) (0.2) 0.2
Executi ve s ettl ement s hare pl an s hares ves ted
(2)
8- - (0.2)
Closing balance0.1 0.2 0.4
Currency translation reserve
Openi ng bal ance(0.3) (1.2) (1.2)
Trans l ati on of i ndependent forei gn operati ons(0.5) (1.6) (0.2)
Trans fer to retai ned earni ngs
(2)
- 2.5 -
Closing balance(0.8) (0.3) (1.4)
Total reserves(53.1) (51.4) (54.5)

16
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022


10DISCONTINUED OPERATIONS

Sale of ArborGen's Australia and New Zealand assets
On 30 November 2021 ArborGen completed the sale of its Australian and New Zealand (ANZ) operations to ArborGen ANZ Limited
Partnership (ANZLP). ANZLP is a consortium of New Zealand investors predominantly comprising charitable trusts and private families.
ANZLP acquired the business assets (including goodwill) of ArborGen New Zealand Unlimited and ArborGen Australia Pty Limited for a
total purchase price of NZ$22.25 million on a debt free and cash free basis and with a locked box mechanism applying from 1 October
2021. The purchase price of NZ$22.25 million was reduced by a working capital adjustment of NZ$450,000 reflecting the seasonality of
the business.
Included within the liabilities associated with discontinued operations is the ArborGen New Zealand Unlimited NZ$2 million line of credit
facility, which was subject to renewal on an annual basis.




Una udi te dAudi te dUna udi te d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
US$mUS$mUS$m
Gros s re ve nue- 9.7 9.4
Expe ns e s- (8.2) (8.7)
Profi t be fore ta xa ti on
(1)
- 1.5 0.7
Ta x e xpe ns e on profi t be fore ta xa ti on- (0.3) (0.1)
Cha nge i n fa i r va l ue of bi ol ogi ca l a s s e ts- (0.9) (0.9)
Ga i n on di s pos a l
(2)
- 2.2 -
Curre ncy tra ns l a ti on re s e rve re cl a s s i fi e d- (2.5) -
Net profit after taxation from discontinued operations- - 0.6
(1)Profi t be fore ta xa ti on from di s conti nue d ope ra ti ons i ncl ude s :
De pre ci a ti on- - 0.5
(2)
Gain on disposal
Year ended
Mar 2022
US$m
Ca s h i nfl ow on s a l e of s ubs i di a ri e s15.2
Ca s h ba l a nce s re ta i ne d1.4
Cos ts of s a l e(0.3)
16.3
Re cogni s e d va l ue s on s a l e
I nve ntory4.4
Tra de a nd othe r re ce i va bl e s1.8
Fi xe d a s s e ts10.2
Ri ght-of-us e a s s e ts0.8
Tra de a nd othe r pa ya bl e s(2.4)
Le a s e obl i ga ti ons(0.7)
14.1
Net loss on sale2.2

17
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022






11RELATED PARTY TRANSACTIONS

Under the terms of the two Non-Executive Directors Share Plan's approved by shareholders (17 September 2018 and 17 September
2019), in September 2021 the final tranche of shares vested to the three Directors (Tom Avery, Ozey Horton and Paul Smart, 555,351)
and second tranche of 273,666 shares vested to George Adams. In September 2022 the final tranche of George Adams shares vested,
with the transfer occuring in October 2022.
As part of the acquisition of the US Ridgeville headquarters premises subordinated Notes were issued by ArborGen Inc. to related
parties (being Directors, shareholders and senior management) for $2.88 million. The Notes were fully repaid in December 2021.



Statement of Cash Flows
Una udi te dAudi te dUna udi te d
for the pe ri od e nde d
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
US$mUS$mUS$m
Net cash from:
Ope ra ti ng a cti vi ti e s- 0.8 1.2
I nve s ti ng a cti vi ti e s- (0.4) (0.3)
Fi na nci ng a cti vi ti e s- - 0.7
Net cash from discontinued operations- 0.4 1.6
Balance Sheet ItemsUna udi te dAudi te dUna udi te d
As atSep 2022Mar 2022Sep 21
US$mUS$mUS$m
Tra de a nd othe r re ce i va bl e s- - 1.8
I nve ntory- - 5.2
Fi xe d a s s e ts- - 10.0
Ri ght-of-us e a s s e ts- - 0.6
Assets held for sale- - 17.6
Tra de , othe r pa ya bl e s a nd provi s i ons- - (2.4)
Curre nt l e a s e obl i ga ti on- - (0.1)
Curre nt de bt- - (0.7)
Le a s e obl i ga ti on- - (0.6)
Liabilities associated with assets held for sale- - (3.8)

18
ArborGen Holdings Limited and Subsidiaries
Notes to the Consolidated Financial Statements
For the s i x months e nde d 30 Se pte mbe r 2022

12NON-GAAP PERFORMANCE MEASURE

ArborGen Holdings shareholders and users of the financial statements are very interested in ArborGen Inc's underlying performance
under US-GAAP (as well as under IFRS ), as that is the result that ArborGen Inc. would report in a US ‘listing’ situation. ArborGen
Holdings believes 'Adjusted US-GAAP EBITDA' provides useful information, as it is used internally to evaluate performance. It is also a
measure that equity analysts focus on for comparative company performance purposes, as the measure removes distortions caused
by different depreciation policies and debt:equity structures.
In contrast with US-GAAP, IFRS requires the capitalisation of ArborGen’s development spend, the amortisation of intellectual property,
the accrual of the change in fair value of biological assets on the seedling crop each year prior to its sale, and the capitalisation of
operating leases. Because of these differences, US-GAAP results, and in particular 'Adjusted US-GAAP EBITDA' cannot be easily
derived from reported IFRS numbers. For these reasons and in order to provide users with relevant and understandable information,
we provide the reconciliation below.
EBITDA, US-GAAP EBITDA and Adjusted US-GAAP EBITDA are all non-GAAP financial measures and are not recognised under NZ IFRS.
As they are not necessarily uniformly defined or utilised, these measures may not be comparable with similarly titled measures used
by other companies. Non-GAAP financial measures should not be viewed in isolation or considered as a substitute for measures
reported in accordance with GAAP. The following table provides users useful ArborGen Inc. information for year-on-year comparison
and reconciles net earnings to 'Adjusted US-GAAP EBITDA'.




Unaudi tedAudi tedUnaudi ted
6 monthsYear ended6 months
Sep 2022Mar 2022Sep 2021
ArborGen Inc. (conti nui ng operati ons )NoteUS$mUS$mUS$m
Revenue77.4 47.6 4.6
Cos t of s al es(5.6) (29.8) (4.1)
Gross profit1.8 17.8 0.5
Net profi t (l os s ) after taxati on conti nui ng operati ons7(1.2) 2.7 1.0
l es s tax benefi t- (4.7) (0.4)
pl us Fi nanci ng expens e0.7 1.7 0.9
Operati ng profi t (l os s ) before fi nanci ng expens e(0.5) (0.3) 1.5
pl us Depreci ati on and amorti s ati ons4.4 9.6 3.8
EBITDA (NZ IFRS)3.9 9.3 5.3
Add back NZ IFRS adjus tments
Inves tment i n i ntel l ectual property(1.3) (3.1) (1.4)
Change i n fai r val ue of bi ol ogi cal as s ets - conti nui ng4(5.9) - (7.2)
Other IFRS adjus tments (i ncl udi ng IFRS 16 adjus tment)0.1 (0.1) (0.2)
US-GAAP EBITDA profit (loss)(3.2) 6.1 (3.5)
Add back s i gni fi cant non-recurri ng i tems
Government Grants , Inventory adjus tment and other50.3 4.0 0.1
Adjusted US-GAAP EBITDA(2.9) 10.1 (3.4)

19
Investor Information


INVESTOR ENQUIRIES/REGISTERED OFFICE
Suite 7, 100 Parnell Road, Auckland
PO Box 68 249, Wellesley St,
Auckland 1141, New Zealand

Telephone: 64 9 356 9800
Email: info@arborgenholdings.com
Website: www.arborgenholdings.com
STOCK EXCHANGE LISTING
The Company’s shares (ARB) are listed on the NZSX.
SHAREHOLDER ENQUIRIES
Shareholders with enquiries about share transactions or
changes of address should contact the Share Registrar:

Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland
Private Bag 92 119,
Auckland 1142, New Zealand

Telephone: 64 9 488 8777
Facsimile: 64 9 488 8787
Email: enquiry@computershare.co.nz

ELECTRONIC COMMUNICATIONS
You can elect to receive your shareholder communications
electronically.

To register, visit www.investorcentre.com/nz. To initially access this website, you will need your CSN or Holder Number
and FIN. You will be guided through a series of steps to register your account, including setting up a new user ID and
password for on-going use of the website. Once logged in, click on “My Profile”. In the Communication preferences panel,
click “update”.

Alternatively send your name, address and CSN or holder number to ecomms@computershare.co.nz advising you wish
to receive your ArborGen Holdings shareholder communications by email.





There are statements in this Report that are ‘forward looking
statements.’ As these forward-looking statements are
predictive in nature, they are subject to a number of risks and
uncertainties relating to the Group, many of which are beyond
our control.
In particular, ArborGen’s operations and results are
significantly influenced by the general level of economic
activity in the various sectors of the economies in which it
competes, particularly in the United States, Brazil, New
Zealand and Australia prior to the sale of the ANZ business in
November 2021.
Fluctuations in industrial output and the impact that has on
global demand for wood fibre and hence harvest and
reforestation levels, government environmental and regional
development policies, capital availability, relative exchange
rates, interest rates, the profitability of our customers, can
each have a substantial impact on our operations and financial
condition.
ArborGen-specific risks and uncertainties include (in addition
to those broad economic factors noted above) the global
markets and geographies in which it operates, intellectual
property protection, regulatory approvals, the rate of
customer adoption of advanced seedling products, the success
of its research and development activities, weather conditions,
cone and seed inventory, biological matters, and the fact that
ArborGen’s annual crops and seed orchards are not the subject
of insurance cover.
As a result of the foregoing; actual results, conditions and
conclusions may differ materially from those expressed or
implied by such statements.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (millions)Percentage change
Revenue from continuing operationsUS$7.460.9%
Total RevenueUS$7.4-47.1%
Net profit/(loss) from continuing operations -US$1.6220.0%
Total net profit/(loss) -US$1.6n/a
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Current period
Prior comparable
period
Net tangible assets per Quoted Equity SecurityUS 11 cps US 10 cps
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Interim/Final Dividend
No dividend is proposed for the period
Results for announcement to the market
ArborGen Holdings Limited
6 months to 30 September 2022
6 months to 30 September 2021
US Dollars
28 November 2022
Not applicable
Not applicable
Not applicable
Please refer to accompanying releases
Authority for this announcement
Sharon Ludher-Chandra
Sharon Ludher-Chandra
09 356 9800
info@arborgenholdings.com