PGW Half-Year Results Announcement

PGG Wrightson Ltd | NZX Announcement 1





21 FEBRUARY 2023

PGG Wrightson announces FY22 half year
result and provides guidance update
GROUP PERFORMANCE
PGG Wrightson Limited
1
(PGW) today announced its results for the first half of FY23.
Key highlights of the first six months to 31 December 2022 included:
❖ Operating EBITDA
2
of $47.8 million (up $0.4 million or 0.9%)
❖ Revenue of $585.8 million (up $33.4 million or 6.0%)
❖ Net profit after tax of $21.2 million (down $1.3 million or 6.0%)
❖ Interim dividend of 12 cents per share
❖ Total Shareholder Return
3
(TSR) of +3.4%
❖ Updated Operating EBITDA guidance of around $57 million for financial year to 30 June 2023
PGW Chair, Joo Hai Lee said “
Our thoughts and wishes go out to all our people, clients and
communities who have suffered loss during the devastating cyclonic conditions that have battered much
of the North Island.
The safety and wellbeing of all who have been affected by these extraordinary conditions have been
the priority in recent days. Beyond that, we will be looking at ways in which PGW can support our
people, clients and rural communities as they assess the impacts and move into the recovery phase.
Despite the initial shock at the scale of the devastation, we know that the fabric of our rural communities
is strong and resilient and we will stand with you as these challenges are faced as they have been in
the past.”
PGW delivered operating earnings before interest, tax, depreciation, and amortisation (“Operating
EBITDA”) of $47.8 million (up $0.4 million or 0.9 per cent). Revenue was $585.8 million (up $33.4
$47.8m • $21.2m • 12 cents •
Operating EBITA
•
Net Profit After Tax
•
Per Share, Fully Imputed
Interim Dividend
•

PGG Wrightson Ltd | NZX Announcement 2
million or 6.0% per cent) and net profit after tax (NPAT) from continuing operations was $21.2 million
(down $1.3 million or 6.0 per cent) on the record result in the corresponding period.
“This half-year result included new revenue and earnings highs for our Retail and Water Group which
generates the majority of its earnings in the first half of the financial year. This was partially offset by
challenges in our Agency business, in particular our Real Estate business. The overall trading
performance reflects the healthy state of the Group and demonstrates the value that our customers see
in the technical expertise of our people and PGW’s full service offering. It is pleasing to see results that
reinforce we are strategically on the right track as a business and are perceived as the ‘Leaders in the
field’ in the sector.” Mr Lee said.
TSR for the six months to 31 December 2022 was +3.4 per cent. Our full year strategic TSR target is
+10 per cent per annum.
In response to the positive earnings performance delivered during the first six months of the financial
year, the Board declared a fully imputed interim dividend of 12 cents per share which will be paid on 4
April 2023 to shareholders on PGW’s share register as at 5pm on 27 March 2023.”
Retail & Water
PGW’s Chief Executive Officer, Stephen Guerin commented that “Our Retail & Water business has
seen continued growth building upon the momentum that has been gathering for some time. Operating
EBITDA for Retail & Water was $48.9 million (up $5.2 million), and revenue was $500.0 million (up
$31.0 million).
We continue to see an increase in market share with new clients moving their business to us. We
regularly hear that this is attributable to the superior technical ability of our people and the high level of
customer service we offer. We maintain a stable sales force which is well supported by our specialist
technical and R&D teams.
The logistical issues of getting product in the right time for the season persists and we continue to work
with our suppliers to bring in product earlier where we can to avoid delivery delays.
After a record year last year Rural Supplies has continued to trade well. Revenue is up on the prior
comparative period. While some of this is related to price increases in fertiliser and agricultural
chemicals, we have continued to grow our market share. It has been a frustrating season for many with
wet conditions and little respite over the three-month critical spring window. Given the tough season
through to December for most of the country with continued rain, cooler temperatures and localised
flooding, the team has done exceptionally well, despite COVID-19 absentees, staffing shortages, and
supply chain issues.
Fruitfed Supplies has also had a strong first six months of the financial year and continues to grow and
set new benchmarks. This has not been without its challenges as the season was influenced by climatic
conditions. It was extremely wet in the North Island which hampered spring cropping and the ability of
clients to work their properties. An unseasonably heavy frost in October caused significant damage in
the wider Bay of Plenty and Waikato regions and impacted kiwifruit and blueberry crops. Wet weather
in December also impacted vegetable crops making harvesting difficult.
Growth in the horticulture sector continues and we are seeing new investments over the last few years
now coming into production. Our large corporate client base continues to grow, and these clients often
seek a full year’s programme of crop protection and nutritional requirements with the establishment of
long-term supplier agreements. Returns in some sectors have been challenging in the second half of
the 2022 calendar year. Both the apple and kiwifruit industries have experienced reduced returns
through price drops and fruit quality issues.
Our Water and irrigation business continues to consolidate market share through new clients and repeat
custom. The team has focused on enhancing the customer experience through all front end parts of
our business. This has helped in capturing infield sales opportunities through identifying system
upgrades and offering these advanced benefits to our clients, such as pivot panel upgrades enabling
client mobility and overview of remote farm irrigation systems.
Agritrade, our wholesale business division, celebrated its 10-year anniversary in September 2022. The
business increased its revenue compared to the prior period as sales for some lines of product occurred
later in the season due to the delayed and cooler start to the growing season.

PGG Wrightson Ltd | NZX Announcement 3
Agency
Our Agency group includes Livestock, Wool, and Real Estate. Agency delivered an Operating EBITDA
of $3.6 million for the first six months of the 2023 financial year, a reduction of $3.8 million compared
with the same period last year. Revenue was $84.7 million, up $2.4 million compared to the prior period
influenced by the mix of sales versus commission revenue.
The first six months of trading have been impacted adversely by weather, coupled with overseas market
uncertainty resulting in reduced meat schedules. The meat schedule softened with a drop in sheep and
lamb felt the most keenly. There was a reduction in processing capacity causing processing delays.
Overall, there was a drop in the volumes of stock traded.
Both islands enjoyed a good spring growing season with animals held on farm longer, creating strong
demand and prices for cattle. Beef prices held up well and volumes were on plan. Exceptional grass
growth throughout most regions in the country saw large amounts of supplementary feed being made.
Our livestock supply chain strategy progressed over the first six months of the financial year with some
new initiatives added to our existing strong and valued partnerships.
During the period GO-STOCK celebrated two significant milestones with two million lambs purchased
on GO-LAMB contracts, and three hundred thousand cattle procured through GO-BEEF since launch.
bidr® launched its saleyard product in July 2021 and now live streams auctions from eight saleyards
throughout the North Island. We have seen further uptake in our hybrid, genetics, saleyard, and on-
farm machinery sales. Continued growth in the dairy market saw bidr® utilised for a number of ‘In Milk’
sales in September and October, with strong sales bookings in the second half of FY23.
PGW deer velvet sales made earlier in the season had strong pricing on the back of contracted demand
with overseas buyers, particularly contracts for Super A velvet destined for South Korea’s growing
health food sector. Growers benefitting from these contracts countered the weakness of the Chinese
deer velvet market, beset by pandemic disruption. Demand for these elevated prices has driven up
supply volumes to PGW Velvet.
Fallout from the COVID-19 pandemic continues to challenge the strong wool industry, especially values
and associated worldwide demand. Growers encountered increasing costs on the back of falling
crossbred wool prices.
The merino wool season has been supported by good value contracts with brand partners and robust
fine wool auction prices. Growth in our wool contract business supports our grower client base with
contracts delivering premiums over market prices. PGW has achieved share growth in the New Zealand
merino wool market.
PGW’s wool export business, Bloch & Behrens, has done a good job in negotiating with overseas
customers and local growers to ensure contracted obligations have been fulfilled. The volume of bales
procured and sold are on par with the same period last year.
Farm property sales continued within the sheep and beef sector with a larger number of high value
sales in excess of $20 million. Dairy sales improved during the first six months of the financial year,
however there were not as many higher value sales traditionally supported through corporate activity.
Residential and lifestyle sales experienced a significant slowdown throughout all markets.
The real estate market was impacted by a general negative sentiment owing to rising interest rates, the
decline in property demand and sales, mismatch of vendor-purchaser expectations, shrinking buyer
pool, and the raft of regulatory challenges coming to the rural sector. As a result, earnings from our
Real Estate business were significantly back from the buoyant market seen over recent years and this
explains the majority of the reduction in earnings for the Agency Operating Segment.”
Cashflow and Debt
“Cashflow from operating activities saw a $35.0 million outflow. This compared to a $17.0 million
operating cash outflow for the prior comparative period.
Working capital balances built during spring were consistent with the seasonal build in prior years.
However, compared to the prior comparative period, these were higher as a result of supply chain
challenges and price increases. We grew our GO-STOCK grazing receivables by $7.2 million versus
the prior comparative period.

PGG Wrightson Ltd | NZX Announcement 4
We increased our banking facility limits by $30 million to provide prudent headroom and to also fund
potential growth opportunities.
Capital expenditure was $6.2 million, an increase of $4.6 million versus 31 December 2021 which
included investment in our Business Improvement Programme. In addition, the Group made higher
income tax payments as a result of the strong FY22 financial performance. As a result, net interest-
bearing debt was up $48.6 million compared to 31 December 2021 at $95.5 million.”
Outlook and Guidance Update
Mr Lee noted, “As we think about the outlook for the financial year to 30 June 2023 we do so with the
benefit of a strong trading performance over the first half with PGW well positioned to capitalise upon
the opportunities ahead.
While noting the extraordinarily good 2022 financial year, we hold a degree of caution looking forward
for the remainder of the financial year given the volatility in the macro operating environment.
New Zealand’s farmers and growers are currently facing a range of uncertainties and headwinds. Two
recent rural confidence surveys conducted prior to Cyclone Garbrielle have reported farmer confidence
levels at some of their lowest sentiment levels since surveys began.
Our clients are experiencing an environment with rising interest rates, tightening credit, increased input
costs, labour shortages, supply chain disruption, an uncertain geopolitical and domestic regulatory
landscape, and adverse weather events including the extraordinary impacts of Cyclone Gabrielle that
have hit the agricultural and horticultural sectors hard over large parts of the country. The full effects
of these dynamics are yet to be assessed.
Despite these uncertainties and reasons for caution we also see positive fundamentals in the medium
to longer-term outlook for agriculture and horticulture. PGW is also well placed to support the sector
through its challenges and the opportunities that will come.
COVID-19 restrictions have been lifted and borders have opened, supply chain disruption should ease,
and it is anticipated that inflation will come off its peaks during the course of this year. Demand for New
Zealand’s primary exports will remain through all these challenges.
The primary sector has performed well and the PGW Board is pleased with how PGW has traded.
There is strength in the diversity of the PGW’s portfolio of businesses and the way the business is
executing on its strategy.
On balance, the PGW Board’s outlook remains cautious. We see some softening based upon the
macro factors outlined and accordingly have recalibrated our forecast Operating EBITDA guidance for
the financial year to 30 June 2023 at around $57 million.”

For media enquiries contact:
Julian Daly
General Manager Corporate Affairs / Company Secretary
PGG Wrightson Limited
Mobile: +64 27 553 3373
Email: companysecretary@pggwrightson.co.nz
Registered Office:
PGG Wrightson Limited
1 Robin Mann Place, Christchurch Airport
Christchurch 8053, New Zealand
Phone: 0800 10 22 76 / +64 3 477 4520
Website: pggwrightson.co.nz

1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in associates and
jointly controlled entities.
2
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation, amortisation, the
results from discontinued operations, impairment and fair value adjustments and non-operating items.
3
Total Shareholder Return (TSR) is calculated based on the movement in share price during the six months to 31
December 2022, plus the dividend (cents per share) paid, divided by the opening share price.

PGG Wrightson Ltd | NZX Announcement 5
PGW has used non-GAAP profit measures when discussing financial performance in this document. For a
comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP
Accounting Information” available on our website
(www.pggwrightson.co.nz)

---

Helping grow the country
Half Year Report
For the six months ended 31 December 2022 | Mō ngā marama e ono ki te 31 o Tīhema 2022
Te Pūrongo mō te Tau Haurua

Cover image
PGG Wrightson Real Estate Branch Manager, Mike Direen, with
Joy and John Laughton discussing marketing their lifestyle block
in Alexandra, Central Otago.
Before discussing our operating results for the half-year we want
to comment briefly on Cyclone Gabrielle and the scale of the
impact of these weather events that is emerging. Our thoughts
and wishes go out to all our people, clients and communities
who have suffered loss during the devastating cyclonic
conditions that have battered much of the North Island.
The safety and wellbeing of all who have been affected by these extraordinary conditions
have been our priority. Beyond that, we will be looking at ways in which PGW can support
our people, clients and rural communities as they assess the impacts and move into the
recovery phase that follows. We will have more to say about these initiatives in the days
to come but in the meantime we note that we have implemented the following initial
response measures:
PGW has made an initial financial donation of $30,000 to the Rural Support Trust to
support the Trust in its important work.
We are working with industry groups in the response efforts that the Ministry
for Primary Industries is coordinating with relevant authorities and other sector
participants.
We are working with Ag Proud NZ Charitable Trust to facilitate farmers making
donations via their PGW account and on some longer term initiatives.
We have PGW team members who volunteer for Land Search and Rescue and the
Red Cross and we are supporting them by freeing them up for this important work.
Despite the initial shock at the scale of the devastation, we know that the fabric of our
rural communities is strong and resilient and we will stand with you as these challenges
are faced as they have been in the past.
Kia kaha.

$21.2m
Net profit after tax
$585.8m
12¢/share
+3.4%
RevenueRevenueInterim dividend
Total Shareholder Return* of
3 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
$1.3m or 6.0%
* Total Shareholder Return (TSR) is calculated based
on the movement in share price during the 6 months
to 31 December 2022, plus the dividend (cents per
share) paid, divided by the opening share price.
$47.8m
Operating EBITDA
$0.4m or 0.9%
$33.4m or 6.0%Fully imputed
Performance
Highlights
Ngā Whakatutukitanga Hira
PGG Wrightson Technical Field Representative, Neil Martin, discusses the
options of what could be done in the paddock next season with Johnny
Bell, owner of Shag Valley Station, near Waihemo, Central Otago.

Chair and
Chief Executive Officer’s report
Pūrongo a te Heamana me te Tumuaki
Stephen Guerin Chief Executive Officer
Joo Hai Lee Chair
PGG Wrightson Limited (“PGW”, “the Group” or “the
Company”) delivered operating earnings before interest,
tax, depreciation, and amortisation (“Operating EBITDA”)
of $47.8 million (up $0.4 million or 0.9 per cent). Revenue
was $585.8 million (up $33.4 million or 6.0% per cent) and
net profit after tax (NPAT ) from continuing operations was
$21.2 million (down $1.3 million or 6.0 per cent) on the
record result in the corresponding period.
This half-year result included new revenue and earnings
highs for our Retail and Water Group which generates
the majority of its earnings in the first half of the financial
year. This was partially offset by challenges in our Agency
business, in particular our Real Estate business. The overall
trading performance reflects the healthy state of the
Group and demonstrates the value that our customers
see in the technical expertise of our people and PGW’s full
service offering. It is pleasing to see results that reinforce
we are strategically on the right track as a business and are
perceived as the ‘Leaders in the field’ in the sector.
4 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022

5 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Financial Performance Whakaaturanga Pūtea
Share Price
Post Share Consolidation
PGW share price from 13 August 2019 to 13 December 2022.
6.00
5.00
4.00
3.00
2.00
1.00
0
Operating EBITDA
60
50
40
30
20
10
0
-10
Retail & Water
Agency
Other
Total Operating EBITDA
31
34
4449
7974
-3-3
-4
-5
35
40
48
47
Revenue
700
600
500
400
300
200
100
0
H
Y20
H
Y21 HY22 HY23
H
Y20
H
Y21 HY22 HY23

H
Y20
H
Y21 HY22 HY23
Net Profit After Tax
25
20
15
10
5
0
469
13
499
17
552
23
586
21
Net Profit After Tax Total Net Profit After Tax
$ million
$ million
$ million
NZ$
Revenue Total Revenue
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation, amortisation, the results
from discontinued operations, impairment and fair value adjustments, and non-operating items. PGW has used non-
GAAP profit measures when discussing financial performance in this presentation. For a comprehensive discussion
on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available on
our website www.pggwrightson.co.nz.
Other: Other (non-operating segment) relates to certain Group Corporate activities including Governance, Finance,
Treasury, Risk and Assurance, and other support services (including corporate property services and marketing).
13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22
First Half Financial Year Four Year Summary
PGG Wrightson, Tatuanui Rural Supplies Store
Manager, Rex Madden, discusses the benefits
of good nutrition when rearing calves with Nic
Verhoek, 50/50 Sharemilker at Maimai Property
Limited near Waitoa, Waikato.

The Retail & Water business incorporates Rural Supplies, Fruitfed Supplies, Water, and Agritrade.
The first six months of the year have seen continued growth building upon the momentum that
has been gathering for some time. Operating EBITDA for Retail & Water was $48.9 million (up $5.2
million), and revenue was $500.0 million (up $31.0 million).
We continue to see an increase in
market share with new clients moving
their business to us. We regularly hear
that this is attributable to the superior
technical ability of our people and
the high level of customer service
we offer. We maintain a stable sales
force which is well supported by our
specialist technical and R&D teams. Our
professional development programme
is designed to raise the sales and
service performance of our frontline
staff including all our Store Managers,
Customer Service Representatives, and
field representatives.
The logistical issues of getting product in
the right time for the season persists and
we continue to work with our suppliers
to bring in product earlier where we can
to avoid delivery delays.
Rural Supplies
Ngā Whakaratonga Taiwhenua
After a record year last year Rural Supplies
has continued to trade well. Revenue
is up on the prior comparative period.
While some of this is related to price
increases in fertiliser and agricultural
chemicals, we have continued to
grow our market share. It has been a
frustrating season for many with wet
conditions and little respite over the
three-month critical spring window.
Given the tough season through to
December for most of the country with
continued rain, cooler temperatures and
localised flooding, the team has done
exceptionally well, despite COVID-19
absentees, staffing shortages, and supply
chain issues.
Our new Rural Supplies brand campaign
aims to communicate our store teams
and Technical Field Representatives’
passion for helping our clients and
local communities. Under the tagline
‘Working alongside you, every season of
the year’, the campaign portrays the way
stores and those in the field work closely
with our clients. We are an integral part
of the local communities we live and
operate in, our people go the extra mile
to help farmers meet their aspirations,
and combined with their technical
knowledge deliver value on-farm.
Fruitfed Supplies
Ngā Whakaratonga ā-Huawhenua
Fruitfed Supplies has also had a strong
first six months of the financial year
and continues to grow and set new
benchmarks. This has not been without
its challenges as the season was
influenced by climatic conditions. It was
extremely wet in the North Island which
hampered spring cropping and the
ability of clients to work their properties.
An unseasonably heavy frost in October
caused significant damage in the wider
Bay of Plenty and Waikato regions and
impacted kiwifruit and blueberry crops.
Wet weather in December also impacted
vegetable crops making harvesting
difficult.
Growth in the horticulture sector
continues and we are seeing new
investments over the last few years
now coming into production. Our
large corporate client base continues to
grow, and these clients often seek a full
year’s programme of crop protection
and nutritional requirements with the
establishment of long-term supplier
agreements.
Returns in some sectors have been
challenging in the second half of the
2022 calendar year. Both the apple and
kiwifruit industries have experienced
reduced returns through price drops and
fruit quality issues.
Fruitfed Supplies won the Indevin/Villa
Maria Legends Supplier Award at their
annual prizegiving. It is encouraging
to receive this recognition from a
prominent industry participant who
values our people and their excellent
service through a difficult season.
6 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Retail & Water group Rōpū Hokohoko me te Wai
Retail SuppliesFruitfed SuppliesWater & Irrigation

PGG Wrightson Technical Field Representative,
Mark Bradley, discusses products from the
animal health range with Customer Service
Representative, Jo Cain, in the Dargaville Rural
Supplies store, Northland.
PGG Wrightson Area Sales Manager for Fruitfed
Supplies, Patsy Matthews, inspects a broccoli crop
for any insects and disease with Gavin Zander, Fresh
Vegetable Manager for Waitatapia Station, near Bulls,
Manawatū-Whanganui.
7 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022

Water & Irrigation
Te Wai me te Whakamākūkū
Our Water and irrigation business
continues to consolidate market share
through new clients and repeat custom.
The team has focused on enhancing
the customer experience through all
front end parts of our business. This
has helped in capturing infield sales
opportunities through identifying system
upgrades and offering these advanced
benefits to our clients, such as pivot
panel upgrades enabling client mobility
and overview of remote farm irrigation
systems.
Supply chain issues continued
throughout the period with most
irrigation equipment sourced from
offshore. Wet weather during the period
hindered some scheduled maintenance
work.
Agritrade
Tauhokohoko Ahuwhenua
Agritrade, our wholesale business
division, celebrated its 10-year
anniversary in September 2022. Given
Agritrade’s size and strong growth, this
milestone presented the opportunity
to review the structure of the business,
with a reset and refocus to enable future
profitable growth.
Agritrade increased its revenue
compared to the prior period as sales for
some lines of product occurred later in
the season due to the delayed and cooler
start to the growing season.
OUR WHOLESALE BUSINESS DIVISION,
CELEBRATED ITS
10th anniversary
IN SEPTEMBER 2022.
PGG Wrightson Area Sales Manager for
Fruitfed Supplies, Craig Lamb, checks
strawberry plants in a tabletop growing
system with Mark Zaknich, owner
and manager of Zaknich Farms, near
Waitākere, Auckland.
8 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
PGG Wrightson Technical Field Representative, Sophie Holst,
discusses the animal health programme she prepared in
conjunction with PGG Wrightson’s Technical Team with Justin
Thompson, Farm Manager for Ōtakanini Tōpū Incorporation,
on the South Kaipara Peninsula, Northland.
PGG Wrightson Technical
Horticultural Representative for
Fruitfed Supplies, Hannah Greaves,
inspects apple blossom for pests
and diseases at an orchard near
Hastings, Hawke’s Bay.

Our Agency group includes Livestock, Wool, and Real Estate. Agency delivered an Operating
EBITDA of $3.6 million for the first six months of the 2023 financial year, a reduction of $3.8
million compared with the same period last year. Revenue was $84.7 million, up $2.4 million
compared to the prior period influenced by the mix of sales versus commission revenue.
Livestock
Ngā Kararehe
The first six months of trading have been
impacted adversely by weather, coupled
with overseas market uncertainty
resulting in reduced meat schedules.
The meat schedule softened with a drop
in sheep and lamb felt the most keenly.
There was a reduction in processing
capacity causing processing delays.
Overall, there was a drop in the volumes
of stock traded.
Both islands enjoyed a good spring
growing season with animals held on
farm longer, creating strong demand and
prices for cattle. Beef prices held up well
and volumes were on plan. Exceptional
grass growth throughout most regions
in the country saw large amounts of
supplementary feed being made.
Our livestock supply chain strategy
progressed over the first six months
of the financial year with some new
initiatives added to our existing strong
and valued partnerships.
During the period GO-STOCK celebrated
two significant milestones with two
million lambs purchased on GO-LAMB
contracts, and three hundred thousand
cattle procured through GO-BEEF since
launch. Farmer awareness and use of
GO-STOCK is continuing to grow and
is assisting sheep, beef, dairy, and deer
farmers with their cashflow management
needs. GO-STOCK enables them to free
up capital to invest in other areas of their
businesses.
bidr® launched its saleyard product in
July 2021 and now live streams auctions
from eight saleyards throughout the
North Island. We have seen further
uptake in our hybrid, genetics, saleyard,
and on-farm machinery sales. Continued
growth in the dairy market saw bidr®
utilised for a number of ’In Milk’ sales in
September and October, with strong
sales bookings in the second half of FY23.
These have contributed to an increase in
account sign-ups and website traffic.
PGW deer velvet sales made earlier in the
season had strong pricing on the back
of contracted demand with overseas
buyers, particularly contracts for Super A
velvet destined for South Korea’s growing
health food sector. Growers benefitting
from these contracts countered the
weakness of the Chinese deer velvet
market, beset by pandemic disruption.
Demand for these elevated prices has
driven up supply volumes to PGW Velvet.
Consequently, confidence among
farmers helped raise the stakes at stag
sales held in January 2023.
PGW’s young talented livestock
auctioneers achieved a trifecta by
winning first, second, and third in the
11th annual Heartland Bank Young
Auctioneers Competition at Canterbury
Park in November 2022.
9 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Agency group Tōpūtanga Kaiwhakarite
THROUGH GO-LAMB
SINCE LAUNCH
MILESTONE OF
2,000,000 lambs
purchased
THROUGH GO-BEEF
SINCE LAUNCH
MILESTONE OF
300,000 cattle
beasts procured
LIVE STREAMED FROM EIGHT
NORTH ISLAND SALE YARDS
bidr®
saleyard
product
BUY & SELL
LivestockWoolReal Estate

PGG Wrightson, Dairy Livestock Representative,
Angus Handisides, congratulates his client on a
job well done, north of Christchurch, Canterbury.
PGG Wrightson Wool Representative,
Danielle Boyd, checks fleeces for
quality before they go into the wool
press in Northland.
Courtesy of Country-Wide magazine.
Story by Glenys Christian,
photos by Malcolm Pullman.
10 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022

Wool
Wūru
Fallout from the COVID-19 pandemic
continues to challenge the strong
wool industry, especially values and
associated worldwide demand. Growers
encountered increasing costs on the
back of falling crossbred wool prices.
The merino wool season has been
supported by good value contracts with
brand partners and robust fine wool
auction prices. Growth in our wool
contract business supports our grower
client base with contracts delivering
premiums over market prices. PGW
has achieved share growth in the New
Zealand merino wool market.
International travel has returned with
several of our large overseas customers
visiting New Zealand. It has been
beneficial to renew contact and highlight
the quality wool our growers produce
through visits to our clients.
PGW’s wool export business, Bloch
& Behrens, has done a good job in
negotiating with overseas customers
and local growers to ensure contracted
obligations have been fulfilled. The Bloch
& Behrens team has again been able
to visit customers overseas, with more
trips planned for this financial year. By
working directly with retail brands both
nationally and internationally, the team
continues to build key relationships to
support our grower clients.
The volume of bales procured and sold
are on par with the same period last year.
Real Estate
Hokohoko Whenua
Farm sales continued within the sheep
and beef sector with a larger number of
high value sales in excess of $20 million.
Dairy sales improved during the first six
months of the financial year, however
there were not as many higher value
sales traditionally supported through
corporate activity. Residential and
lifestyle sales experienced a significant
slowdown throughout all markets.
The real estate market was impacted
by a general negative sentiment owing
to rising interest rates, the decline in
property demand and sales, mismatch of
vendor-purchaser expectations, shrinking
buyer pool, and the raft of regulatory
challenges coming to the rural sector.
As a result, earnings from our Real Estate
business were significantly back from
the buoyant market seen over recent
years and this explains the majority of
the reduction in earnings for the Agency
Operating Segment.
We launched the refreshed PGW Real
Estate website which has a modern
design that allows for easy accessibility
and navigation around listings, articles
and more on the site. In addition, it gives
us more flexibility to grow and develop
features and functionality in future,
ensuring that we remain competitive
and meet the changing needs of our
target market.
PGW Real Estate increased its footprint
in Wairarapa and Central Hawke’s Bay
through several real estate business
acquisitions.
Cashflow and Debt
Te Kapewhiti me te Nama
Cashflow from operating activities saw a
$35.0 million outflow. This compared to
a $17.0 million operating cash outflow for
the prior comparative period.
Working capital balances built during
spring were consistent with the seasonal
build in prior years. However, compared
to the prior comparative period, these
were higher as a result of supply chain
challenges and price increases.
We grew our GO-STOCK grazing
receivables by $7.2 million versus the
prior comparative period.
We increased our banking facility limits
by $30 million to provide prudent
headroom and to also fund potential
growth opportunities.
Capital expenditure was $6.2 million,
an increase of $4.6 million versus
31 December 2021 which included
investment in our Business Improvement
Programme discussed below.
In addition, the Group made higher
income tax payments as a result of the
strong FY22 financial performance.
As a result, net interest-bearing debt
was up $48.6 million compared to 31
December 2021 at $95.5 million.
Distributions
Hua pakihi ki te hunga whai pānga
In response to the positive earnings
performance delivered during the first six
months of the financial year, the Board
declared a fully imputed interim dividend
of 12 cents per share which will be paid
on 4 April 2023 to shareholders on PGW’s
share register as at 5pm on 27 March
2023.
Total Shareholder Return
Tapeke Utu Kiripānga
Total Shareholder Return (TSR*) for the
six months to 31 December 2022 was
+3.4 per cent. Our full year strategic TSR
target is +10 per cent per annum.
* TSR is calculated based on the movement
in share price during the 6 months to 31
December 2022, plus the dividend (cents per
share) paid, divided by the opening share price.
FARM SALES CONTINUED WITHIN THE SHEEP
AND BEEF SECTOR WITH A LARGER NUMBER
OF HIGH VALUE SALES IN EXCESS OF
$20 Million
11 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022

People and Safety
Ngā Tāngata me te Haumarutanga
As a business we seek to continuously improve
the safety and wellbeing of our people and are
currently embedding a revitalised strategy to
support safety improvements. With the guidance
of our people we have started redeveloping
our critical risk programme, establishing regular
Toolbox Talks to share key topics and/or learnings,
re-energising our contractor management and
introducing an Executive Leadership Safety Award
to acknowledge those going above and beyond
to improve health, safety, and wellbeing at PGW.
Our Wellbeing Action Group undertook a survey of
our people to better understand what wellbeing
means to them and what they want from a
wellbeing programme.
With a revised Learning & Development strategy
and resourcing, we continue to invest in our
people through multiple skills and leadership-
based programmes to foster the strength of our
internal pipeline of talent.
Max Rewards Loyalty Programme
Whiwhinga Mōrahi pono hōtaka
During the period, we launched our refreshed Max
Rewards loyalty programme. As well as a brand-
new look, our clients have an enhanced shopping
experience, membership tiers, and access to wider
member benefits as part of the programme.
Max Rewards members have shared their
appreciation for having the ability to earn points
and receive benefits as they spend with PGW,
and they have been pleasantly surprised by the
extensive catalogue range. As a result of the Max
Rewards programme, customers are expected to
increase their spend, transact across a wider range
of business units, and improve customer lifetime
value.
With the first half of the financial year being the
busiest time of the year for our Retail teams, the
programme was launched with the ‘slow and
steady’ approach with further membership drives
planned for later in the year. See page 14 for
further information on Max Rewards.
PGG Wrightson Livestock scored a trifecta at the 2022 Heartland Bank Young Auctioneers Competition:
Brad Osborne (2nd), Brook Cushion (1st), and Matthew Holmes (3rd).
PGG Wrightson Real Estate Sales
Manager, Camron Meade, prepping
for an open day at a beautiful
3-hectare lifestyle block near
Cambridge, Waikato.
PGW’s presence at Mystery
Creek Fieldays 2022.
12 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Loyalty
Programme
REFRESH LAUNCH
Loyalty benefits
PGG Wrightson account holders can
access Max Rewards membership benefits
including earning Max Rewards points and
exclusive extras.
Reward yourself
Points can be redeemed from the Max
Rewards catalogue including electronics,
homewares, clothing, appliances, sports
gear, vouchers and more.
Your loyalty
rewarded
with the Max Rewards loyalty programme
Earn points
Points can be earned on selected
transactions with Rural Supplies, Fruitfed
Supplies, Livestock, Velvet, Wool, Water,
Ballance Fertiliser and Meridian Energy.
Tiers
Bronze, Silver, Gold and Platinum members
receive a range of tier benefits – just for
earning Max Rewards points.
maxrewards.pggwrightson.co.nz

Environment and Sustainability
Te Taiao me te Toitūtanga
Following the Materiality Assessment
undertaken last year we have been
engaging across the business to
redefine our Sustainability Strategy.
These workshops have contributed to
the creation our Sustainability Strategy
reporting framework across the three
pillars of Environmental, Social, and
Governance (ESG).
Our ESG Working Group reviewed the
United Nations Sustainable Development
Goals (SDGs) to determine which
SGDs have the most relevance to our
Corporate Strategy, Sustainability
Strategy, and Materiality Assessment.
This work is continuing as we determine
the actions, targets, and metrics to
measure our progress on achieving the
SDG’s most relevant to our operations.
Business Improvement Programme
Hōtaka Whakapiki Pakihi
We are continuing with the
implementation of significant investment
(with both operating expenditure and
capital expenditure components) in our
company-wide Business Improvement
Programme to simplify PGW’s IT systems.
This programme will simplify our
technical IT environment and standardise
business processes. We expect the
programme to go-live in FY24.
Outlook and Guidance Update
Whakahoutanga Matapae me te
Tohutohu

As we think about the outlook for the
financial year to 30 June 2023, we do
so with the benefit of a strong trading
performance over the first half with PGW
well positioned to capitalise upon the
opportunities ahead.
While noting the extraordinary good
2022 financial year, we hold a degree
of caution looking forward for the
remainder of the financial year given
the volatility in the macro operating
environment.
New Zealand’s farmers and growers are
currently facing a range of uncertainties
and headwinds. Two recent rural
confidence surveys conducted prior to
Cyclone Garbrielle have reported farmer
confidence levels at some of their lowest
sentiment levels since surveys began.
Our clients are experiencing an
environment with rising interest rates,
tightening credit, increased input
costs, labour shortages, supply chain
disruption, an uncertain geopolitical
and domestic regulatory landscape,
and adverse weather events including
the extraordinary impacts of Cyclone
Gabrielle that have hit the agricultural
and horticultural sectors hard over large
parts of the country. The full effects of
these dynamics are yet to be assessed.
Despite these uncertainties and reasons
for caution we also see plenty of
positive fundamentals in the medium
to longer-term outlook for agriculture
and horticulture. PGW is also very well
placed to support the sector through its
challenges and the opportunities that
will come.
COVID-19 restrictions have been lifted
and borders have opened, supply
chain disruption should ease, and it is
anticipated that inflation will come off
its peaks during the course of this year.
Demand for New Zealand’s primary
exports will remain through all these
challenges.
The primary sector has performed well
and the PGW Board is pleased with how
PGW has traded. There is strength in
the diversity of the PGW’s portfolio of
businesses and the way the business is
executing on its strategy.
On balance, the PGW Board’s outlook
remains cautious. We see some
softening based upon the macro factors
outlined and accordingly recalibrate our
forecast Operating EBITDA guidance
for the financial year to 30 June 2023 at
around $57 million.
Acknowledgements
Ngā whakamihi
These results would not have been
achieved without our dedicated team of
passionate people who have supported
each other throughout yet another
challenging period. On behalf of the
Board and Executive team, we thank
you for living our values and providing
exceptional service to our clients and for
making a positive contribution to the
rural communities in which we live and
operate.
Thank you to our existing loyal and new
clients who put their trust in us. We
strive to go the extra mile to ensure the
success of your business.
We appreciate our suppliers who have
worked with us to ensure that our clients
received their orders in a timely manner.
We acknowledge our shareholders and
we are committed to achieving our
strategic priorities to deliver value for
your investment.
Joo Hai Lee
Chair
Stephen Guerin
Chief Executive Officer
FOR THE FINANCIAL YEAR TO 30 JUNE 2023
OPERATING EBITDA
GUIDANCE OF AROUND
$57 Million
13 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022

Loyalty benefits
PGG Wrightson account holders can
access Max Rewards membership benefits
including earning Max Rewards points and
exclusive extras.
Reward yourself
Points can be redeemed from the Max
Rewards catalogue including electronics,
homewares, clothing, appliances, sports
gear, vouchers and more.
Your loyalty
rewarded
with the Max Rewards loyalty programme
Earn points
Points can be earned on selected
transactions with Rural Supplies, Fruitfed
Supplies, Livestock, Velvet, Wool, Water,
Ballance Fertiliser and Meridian Energy.
Tiers
Bronze, Silver, Gold and Platinum members
receive a range of tier benefits – just for
earning Max Rewards points.
maxrewards.pggwrightson.co.nz

15 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
The Interim Consolidated Financial
Statements contained on pages 16–28
have been approved by the Board of
Directors on 20 February 2023.
Joo Hai Lee
Chair
Sarah Brown
Director and Audit Committee Chair
PGG Wrightson Limited
Key Financial Disclosures
For the six months ended 31 December 2022 | Mō ngā marama e ono ki te 31 o Tīhema 2022
Ngā Whakapuakanga Pūtea Hira

16 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
NOTE $000 $000 $000
Continuing operations
Operating revenue 585,756 952,700 552,373
C
ost of sales (441,463) (704,181) (416,601)
Gross profit 144,293 248,519 135,772
Other income 39 334 21
Emplo
yee expenses (69,677) (132,874) (65,208)
Other operating expenses (26,811) (48,826) (23,157)
O
perating EBITDA 47,844 67,153 47,428
Non-operating gains/(losses) 333 699 (63)
I
mpairment and fair value gains/(losses)
51

(2,182)

75
Depreciation and amortisation expense
(13,729)

(28,024)

(13,529)
EBIT 34,499 37,646 33,911
Net interest and finance costs
1

(4,957)

(5,089)

(2,860)
Profit from continuing operations before income tax
29,542

32,557

31,051
Income tax expense (8,384) (8,271) (8,546)
Profit from continuing operations, net of income tax 21,158 24,286 22,505
Net profit after tax attributable to Shareholders of the Company 21,158 24,286 22,505
B
asic & diluted earnings per share (EPS)
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
NOTE $ $ $
Basic & diluted EPS 2 0.280 0.322 0.298
Basic & diluted EPS - continuing operations 2 0.280 0.322 0.298
The accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Profit or Loss
For the six months ended 31 December 2022

17 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Other Comprehensive Income
For the six months ended 31 December 2022
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
$000 $000 $000
Net profit after tax attributable to Shareholders of the Company 21,158 24,286 22,505
Other comprehensive income/(loss):
Continuing operations
Items that will never be reclassified to profit or loss
Changes in fair value of equity instruments
- 7 7
Remeasurements of defined benefit liability 110 (2,522) (1,850)
Tax on remeasurements of defined benefit liability
(31)

706

518
Other comprehensive income/(loss) for the period 79 (1,809) (1,325)
Total comprehensive income for the period attributable
to Shareholders of the Company 21,237 22,477 21,180
T
he accompanying notes form an integral part of these consolidated financial statements.

18 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Segment Report
For the six months ended / as at 31 December 2022
A. Operating segments
The Group has two primary operating segments, Agency and Retail & Water, which are the Group's strategic divisions. These operating segments
operate within New Zealand.
The two operating segments offer different products and services, and are managed separately because they require different skills, technology
and marketing strategies. Within each segment, further business unit analysis may be provided to management where there are significant
differences in the nature of activities. The Chief Executive Officer or Chair of the Board reviews internal management reports on each strategic
business unit on at least a monthly basis.
The Group's segments are described below:
– Agency: This segment derives its revenue primarily from commissions in respect of rural Livestock, Wool and Real Estate transactions. This
segment also derives revenue from wool and velvet product sales, and interest revenue from its Go livestock receivables.
–

Retail
& Water: This segment includes the Rural Supplies and Fruitfed Supplies retail operations, Agritrade, PGG Wrightson Water, PGW
Consulting, ancillary sales support and supply chain functions. This segment derives its revenue primarily from the sale of goods as well as the
design, installation and servicing of irrigation solutions.
–

O
ther (non-operating segment): Other relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk and
Assurance, and other support services (such as Corporate Property services and Marketing). The Marketing function derives sales revenue from
the Group's rewards and on-charging programmes.
Assets and liabilities allocated to each business unit combine to form total assets and liabilities for the Agency and Retail & Water business
segments. Certain other assets and liabilities are held at a Corporate level including those for the Corporate functions noted above. Similarly, the
profit/loss for each business unit combines to form total profit/loss of the Agency and Retail & Water business segments. Certain other revenues
and expenses are recorded at the Corporate level for the Corporate functions noted above.
Corporate costs allocation
The Group allocates certain corporate costs to an operating segment where they can be directly attributed to that segment or using the following
methods:
– IT hardware, support, licence and other costs are allocated on a per user basis.
– Property costs which are not directly attributable are allocated on a property space utilisation basis.
– Business operations costs (Accounts Payable, Accounts Receivable, Call Centre) are allocated based on FTE usage by each operating segment
or transactional volumes. Credit Services costs are allocated to the operating segment to which the overdue accounts relate.
From 1 July 2022, the Group amended its Corporate cost allocation methodology to include adjustments for NZ IFRS 16 Leases. Although this has
no impact on total Group Operating EBITDA performance or earnings per share, it does result in the Corporate/Other segment recording a lower
Operating EBITDA than the prior comparative period with a corresponding improvement in the Operating EBITDA for the operating segments.
Comparatives have not been restated for this methodology change.
Other costs such as non-operating gains/losses, impairment and fair value gains/losses, net interest and finance costs, income tax expense and the
results of discontinued operations are not fully allocated by the Group across the operating segments. The Group Governance, Finance, Treasury,
and Risk and Assurance functions continue to be reported within the Other (non-operating segment).
B.

G
eographical segment
The Group operates within New Zealand only and its revenue is derived primarily from New Zealand.

19 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Segment Report (continued)
For the six months ended / as at 31 December 2022
(c) Operating Segment Information
AGENCY RETAIL & WATER OTHER TOTA L
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2022
J
UN 2022
D
EC 2021
D
EC 2022
J
UN 2022
D
EC 2021
D
EC 2022
J
UN 2022
D
EC 2021
D
EC 2022
J
UN 2022
D
EC 2021
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 38,078 75,061 30,758 487,909 746,093 460,057 891 1,327 759 526,878 822,481 491,574
Commission revenue 43,360 109,208 49,250 60 76 50 46 89 53 43,466 109,373 49,353
C
onstruction contract revenue
–

–

–

11,483

14,235

8,471

–

–

–


11,483
14,235

8,471
I
nterest revenue on Go livestock receivables 2,736 4,254 1,794 – – – – – – 2,736 4,254 1,794
D
ebtor interest charges
279

438

239

378

556

242

10

(26)

(9)

667

968

472
Sublease income
217 410 201 178 348 169 131 631 339 526 1,389 709
Total external operating revenues 84,670 189,371 82,242 500,008 761,308 468,989 1,078 2,021 1,142 585,756 952,700 552,373
O
perating EBITDA
3,643

21,844

7,409

48,918

52,495

43,728

(4,717)

(7,186)

(3,709)

47,844

67,153

47,428
Non-
operating gains/(losses)
328

695

(36)

37

133

5

(32)

(129)

(32)

333

699

(63)
Impairment and fair value gains/(losses) – (2,970) – – 691 – 51 97 75 51 (2,182) 75
D
epreciation and amortisation expense
(4,301)

(8,521)

(4,122)

(8,017)

(16,067)

(7,646)

(1,411)

(3,436)

(1,761)

(13,729)

(28,024)

(13,529)
EBIT (330) 11,048 3,251 40,938 37,252 36,087 (6,109) (10,654) (5,427) 34,499 37,646 33,911
Net interest and finance costs

(904)

(2,843)

(1,012)

(2,969)

(1,665)

(1,425)

(1,084)

(581)

(423)

(4,957)

(5,089)

(2,860)
Profit/(loss) from continuing operations before income tax (1,234) 8,205 2,239 37,969 35,587 34,662 (7,193) (11,235) (5,850) 29,542 32,557 31,051
Income tax benefit/(expense)
374

(2,197)

(618)

(10,781)

(10,194)

(9,731)

2,023

4,120

1,803

(8,384)

(8,271)

(8,546)
P
rofit/(loss) from continuing operations, net of income tax
(860)

6,008

1,621

27,188

25,393

24,931

(5,170)

(7,115)

(4,047)

21,158

24,286

22,505
Net profit/(loss) after tax (860) 6,008 1,621 27,188 25,393 24,931 (5,170) (7,115) (4,047) 21,158 24,286 22,505
T
otal segment assets
163,080

206,204

155,261

470,419

280,458

433,478

25,360

23,290

19,858

658,859

509,952

608,597
Total segment liabilities (58,374) (101,724) (63,751) (295,031) (180,332) (293,475) (123,936) (55,212) (69,086) (477,341) (337,268) (426,312)
The accompanying notes form an integral part of these consolidated financial statements.

20 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Cash Flows
For the six months ended 31 December 2022
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
NOTE $000 $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers
452,487 913,260 415,764
Dividends received 2 5 1
Interest received
3,595

5,321

2,296
456,084

918,586

418,061
C
ash was applied to:
Payments to suppliers and employees
(477,892)

(884,560)

(427,767)
I
nterest paid
1

(1,994)

(957)

(358)
I
nterest paid on lease liabilities
1

(1,908)

(3,786)

(1,896)
I
ncome tax paid
(9,260)

(5,623)

(5,043)
(491,054)

(894,926)

(435,064)
Net cash inflow/(outflow) from operating activities (34,970) 23,660 (17,003)
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment, and assets held for sale 535 1,053 46
Proceeds from sale of investments – 7 7
R
epayment of loan from equity accounted investee
32

–

–
567

1,060

53
C
ash was applied to:
Purchase of property, plant and equipment
(799)

(5,926)

(1,189)
P
urchase of intangibles
(5,421)

(2,881)

(473)
L
oan provided to equity accounted investee (100) – –
(6,320) (8,807) (1,662)
Net cash outflow from investing activities (5,753) (7,747) (1,609)
C
ash flows from financing activities
Cash was provided from:
Increase in external borrowings and bank overdraft

60,500

30,000

38,100
60,500 30,000 38,100
C
ash was applied to:
Dividends paid to shareholders
(12,403)

(23,331)

(12,451)
Repayment of external borrowings and bank overdraft
–

(2,400)

–
Repayment of principal portion of lease liabilities
(9,566)

(18,873)

(9,291)
(21,969)

(44,604)

(21,742)
N
et cash inflow (outflow) from financing activities
38,531

(14,604)

16,358
Net incr
ease/(decrease) in cash held
(2,192)

1,309

(2,254)
Opening cash

4,676

3,367

3,367
C
ash and cash equivalents
3

2,484

4,676

1,113
T
he accompanying notes form an integral part of these consolidated financial statements.

21 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Reconciliation of Profit After Tax
With Net Cash Flow from Operating Activities
For the six months ended 31 December 2022
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
$000 $000 $000
Net profit after tax 21,158 24,286 22,505
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation
13,729 28,027 13,529
Impairment and fair value losses / (gains) (51) 2,182 (75)
Bad debts wr
itten off (net) 178 (633) (178)
Loss/(profit) on sale of assets/investments and lease terminations (338) (763) 41
Loss/(profit) from equity accounted investees
–

–

13
Foreign exchange loss/(gain) (167) (9) (116)
Deferred tax expense/(benefit) (197) (1,797) 1,883
D
efined benefit expense/(gain) (44) (85) (91)
O
ther non-cash/non-operating items 272 108 59
Add/(deduct) movement in working capital items:
Change in inventories (27,150) (20,766) (30,137)
Change in accounts receivable, Go livestock receivables and prepayments (128,582) (41,909) (138,497)
Change in trade creditors, provisions and accruals 85,170 26,799 106,801
Change in income tax pa
yable/receivable (688) 4,444 1,621
Change in other current assets/liabilities
1,740

3,776

5,639
N
et cash inflow/(outflow) from operating activities
(34,970)

23,660

(17,003)
T
he accompanying notes form an integral part of these consolidated financial statements.

22 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Financial Position
As at 31 December 2022
UNAUDITED AUDITED UNAUDITED
DEC 2022 JUN 2022 DEC 2021
NOTE $000 $000 $000
ASSETS
Current
Cash and cash equivalents 3 2,484 4,676 1,113
Short-term derivative assets 384 1,547 605
Trade and other receivables 321,851 170,336 296,772
Go livestock receivables 3 42,470 65,405 35,805
Inventories
129,717

102,048

111,939
Other current assets 1,188 3,130 1,154
Total current assets 498,094 347,142 447,388
Non-current
Long-term derivative assets
85

17

25
D
eferred tax asset
10,842

10,676

6,808
I
nvestments in equity accounted investees
102

102

79
G
o livestock receivables
3

531

704

-
O
ther investments
411

479

475
I
ntangible assets
16,193

12,101

14,905
R
ight-of-use assets
5

88,785

93,074

95,618
P
roperty, plant and equipment
4

43,816

45,657

43,299
T
otal non-current assets
160,765

162,810

161,209

Total assets

658,859

509,952

608,597
LIABILITIES
C
urrent
Debt due within one year

3

48,000

7,500

18,000
Short-term derivative liabilities 665 1,009 494
Accounts payable and accruals 273,959 189,290 269,311
Short-term lease liabilities 18,863 18,229 17,690
Income tax payable 7,222 7,910 5,087
Total current liabilities 348,709 223,938 310,582
Non-current
Long-term debt
3

50,000

30,000

30,000
L
ong-term derivative liabilities
53

152

52
L
ong-term lease liabilities
73,798

78,290

81,431
O
ther long-term liabilities
2,809

2,762

2,799
D
efined benefit liability
1,972

2,126

1,448
T
otal non-current liabilities
128,632

113,330

115,730
T
otal liabilities
477,341

337,268

426,312
EQUIT
Y
Share capital
372,318

372,318

372,318
R
eserves
13,052

12,973

13,457
R
etained earnings / (defecit)
(203,852)

(212,607)

(203,490)
T
otal equity attributable to Shareholders of the Company
181,518

172,684

182,285
T
otal liabilities and equity
658,859

509,952

608,597
T
he accompanying notes form an integral part of these consolidated financial statements.

23 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Additional
Financial Disclosures
Including Notes to the Consolidated Financial Statements for the six months ended 31 December 2022
Tae atu ki ngā tuhipoka ki Ngā Tōpūtanga Tauākī Ahumoni Taupua mō te ono marama ki te 31 o Tīhema 2022
Ngā Whakapuakanga Pūtea Tāpiri

24 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2022
ADDITIONAL FINANCIAL DISCLOSURES
1 NET INTEREST AND FINANCE COSTS
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
$000 $000 $000
Interest income 201 99 29
Interest funding expense
Bank interest on loans and overdraft
(1,974) (957) (358)
Other interest expense (20) - -
Bank facility fees
(470)

(875)

(420)
(2,464)

(1,832)

(778)
N
et interest expense excluding interest on lease liabilities
(2,263)

(1,733)

(749)
I
nterest on lease liabilities
(1,908)

(3,786)

(1,896)
F
oreign exchange gain/(loss)
Net gain/(loss) on foreign denominated items
(134)

485

160
F
air value gain/(loss) on foreign exchange derivatives (652) (55) (375)
(786) 430 (215)
N
et interest and finance income/(expense)
(4,957)

(5,089)

(2,860)
2 EARNINGS PER SHARE (EPS) AND NET TANGIBLE ASSETS (NTA)
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021

000 000
000
Issued ordinary shares at the end of reporting period 75,484 75,484 75,484
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021

$000 $000
$000
Profit (net of tax) attributable to Shareholders of the Company 21,158 24,286 22,505
Profit from continuing operations (net of tax) attributable to Shareholders of the Company 21,158 24,286 22,505
Net tangible assets
Total assets
658,859

509,952

608,597
T
otal liabilities
(477,341)

(337,268)

(426,312)
less
intangible assets
(16,193)

(12,101)

(14,905)
less
deferred tax asset
(10,842)

(10,676)

(6,808)
N
et tangible assets
154,483

149,907

160,572
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2022 JUN 2022 DEC 2021
$ $ $
Basic & diluted EPS 0.280 0.322 0.298
Basic & diluted EPS - continuing operations
0.280

0.322

0.298
NT
A per issued ordinary shares at the end of period
2.047

1.986

2.127

25 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2022
ADDITIONAL FINANCIAL DISCLOSURES
3 CASH AND FINANCING FACILITIES
UNAUDITED AUDITED UNAUDITED
DEC 2022 JUN 2022 DEC 2021
$000 $000 $000
Cash and cash equivalents 2,484 4,676 1,113
Current financing facilities (48,000) (7,500) (18,000)
T
erm financing facilities (50,000) (30,000) (30,000)
Net interest-bearing (debt)/cash and cash equivalents (95,516) (32,824) (46,887)
G
o livestock receivables
43,001

65,405

35,805
N
et interest-bearing (debt)/cash and cash equivalents
after adjusting for Go livestock receivables (52,515) 33,285 (11,082)
Financing facilities
The Company has a syndicated facility agreement. During the period the total facility limit was increased by $30.00 million to $160.00 million
through an increase in the available term facility limit to $90.00 million. The syndicated facility provides the following:
– Term debt facilities of up to $90.00 million maturing on 6 December 2024.
– Working capital facilities of up to $70.00 million maturing on 6 December 2024 (subject to an annual Clean Down).
The syndicated facilities fund the general corporate activities of the Group, the seasonal fluctuations in working capital, and the Go livestock
receivables.
The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New
Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Cooperatieve Rabobank U.A.
(New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions that are standard
for facilities of this nature, including maximum permissible ratios for debt leverage and operating leverage, together with limits for Go receivables,
capital expenditure and asset disposals.
The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $6.58 million as at 31 December 2022.
–

O
verdraft facilities of $3.00 million.
–
Guarant
ee, letters of credit and trade finance facilities of $3.58 million.
4 PROPERTY, PLANT AND EQUIPMENT
Acquisitions
During the period to 31 December 2022, the Group acquired assets with a cost of $0.86 million (30 June 2022: $5.97 million, 31 December 2021:
$1.19 million).
Disposals
The Group disposed of assets with a net book value of $0.10 million during the period to 31 December 2022 (30 June 2022: $0.17 million, 31
December 2021: $0.03 million), resulting in a gain on disposal of $0.34 million (30 June 2022 Gain: $0.76 million, 31 December 2021 Gain: $0.02
million).

26 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2022
ADDITIONAL FINANCIAL DISCLOSURES
5 RIGHT-OF-USE ASSETS
Additions, modifications and reassessments
During the period to 31 December 2022, the Group had lease additions of $3.24 million (30 June 2022: $7.38 million, 31 December 2021: $2.44
million). Lease modifications and reassessments including impairment reversals resulted in an increase in right-of-use assets of $1.40 million (30
June 2022 Increase: $5.07 million, 31 December 2021 Increase: $2.33 million).
Terminations
During the period to 31 December 2022, the Group had lease terminations which resulted in a reduction in right-of-use assets of $0.01 million (30
June 2022: $0.43 million, 31 December 2021: $0.33 million).
6 CONTINGENT LIABILITIES
A. PGG Wrightson Loyalty Reward Programme
The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Loyalty Reward Programme. As at 31
December 2022, the balance of live points which does not form part of the recognised provision total $0.08 million (30 June 2022: $0.10 million; 31
December 2021: $0.10 million). Losses are not expected to arise from this contingent liability.
B. Client claims
The Group may receive client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery
of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any obligation in respect of these claims or potential
claims cannot be estimated with sufficient reliability.
7 SEASONALITY OF OPERATIONS
The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are
primarily related to the Retail Business, as demand for New Zealand farming inputs are generally weighted towards the spring season. The second
half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and
lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature
of the industry and plans and manages its business accordingly.
8 SUBSEQUENT EVENTS
Dividend
On 20 February 2022, the Directors of PGG Wrightson Limited resolved to pay an interim dividend of 12 cents per share on 4 April 2023 to the
Shareholders on the Company's share register as at 5.00pm on 27 March 2023. This dividend will be fully imputed.
9 REPORTING ENTITY
PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.
The Company's registered office is at 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC
Entity for the purposes of the Financial Markets Conduct Act 2013.
The interim consolidated financial statements of PGG Wrightson Limited for the six months ended 31 December 2022 comprise the Company and
its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the provision of goods and services within the agricultural and horticultural sectors.

27 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2022
ADDITIONAL FINANCIAL DISCLOSURES
10 BASIS OF PREPARATION
Statement of compliance
These interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
("NZ GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board,
the New Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards, as
appropriate for a Tier 1 for-profit entity, and in particular NZ IAS 34 Interim Financial Reporting.
These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements.
Unless otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial
statements as applied in the Group's latest annual audited consolidated financial statements.
Management has determined the COVID-19 pandemic has not significantly impacted the estimates and judgements used on the consolidated
statement of financial position as at 31 December 2022. Management will continue to monitor and assess the impacts of future developments of
COVID-19, which are highly uncertain and cannot be predicted, on its judgements and estimates.
These interim consolidated financial statements were approved by the Board of Directors on 20 February 2023.
Standards issued but not yet effective
A number of new standards and interpretations are not yet effective for the period ended 31 December 2022 and have not been applied in
preparing these interim consolidated financial statements. These standards are not expected to have a material impact on the Group's financial
results.

28 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Changes in Equity
For the six months ended 31 December 2022
REALISED CAPITAL RETAINED
SHARE AND REVALUATION DEFINED BENEFIT FAIR VALUE EARNINGS TOTAL
C
APITAL
RESER
VE
PLAN
RESERVE
RESER
VE
/
DEFICIT
EQUIT
Y
$000 $000 $000 $000 $000 $000
Balance at 1 July 2021 372,318 24,662 (7,450) (2,430) (213,562) 173,538
Total comprehensive income for the period
Profit or loss
– – – – 22,505 22,505
Other comprehensive income
Changes in fair value of equity instruments
– – – 7 – 7
D
efined benefit plan actuarial gain/(loss), net of tax
–

–

(1,332)

–

–

(1,332)
T
otal other comprehensive income – – (1,332) 7 – (1,325)
Total comprehensive income for the period
–

–

(1,332)

7

22,505

21,180
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
– – – – (12,433) (12,433)
Total contributions by and distributions to shareholders
–

–

–

–

(12,433)

(12,433)
B
alance at 31 December 2021 372,318 24,662 (8,782) (2,423) (203,490) 182,285
Balance at 1 J
anuary 2022
372,318

24,662

(8,782)

(2,423)

(203,490)

182,285
T
otal comprehensive income for the period
Profit or loss
–

–

–

–

1,781

1,781
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax – – (484) – – (484)
Total other comprehensive income
–

–

(484)

–

–

(484)
T
otal comprehensive income for the period – – (484) – 1,781 1,297
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders

–

–

–

–

(10,898)

(10,898)
T
otal contributions by and distributions to shareholders
–

–

–

–

(10,898)

(10,898)
Balance at 30 June 2022
372,318

24,662

(9,266)

(2,423)

(212,607)

172,684
Balance at 1 July 2022

372,318

24,662

(9,266)

(2,423)

(212,607)

172,684
T
otal comprehensive income for the period
Profit or loss – – – – 21,158 21,158
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax

–

–

79

–

–

79
T
otal other comprehensive income
–

–

79

–

–

79
Total comprehensive income for the period
–

–

79

–

21,158

21,237
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders

–

–

–

–

(12,403)

(12,403)
T
otal contributions by and distributions to shareholders
–

–

–

–

(12,403)

(12,403)
B
alance at 31 December 2022
372,318

24,662

(9,187)

(2,423)

(203,852)

181,518

29 | PGG WRIGHTSON LIMITED HALF YEAR REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Corporate Directory

Whaiaronga Rangatōpū
Company number 142962
NZBN 9429040323497
Board of Directors
as at 31 December 2022
Joo Hai Lee
Chair
Sarah Brown
Meng Foon
Garry Moore
U Kean Seng
Dr Charlotte Severne
Executive Team
as at 31 December 2022
Stephen Guerin
Chief Executive Officer
Nick Berry
General Manager Retail & Water
Julian Daly
General Manager Corporate Affairs
/Company Secretary
Grant Edwards
General Manager Wool
Peter Moore
General Manager Livestock Ventures
& Partnerships
Peter Newbold
General Manager Livestock & Real Estate
Peter Scott
Chief Financial Officer
Rachel Shearer
General Manager People & Safety
Registered Office
PGG Wrightson Limited
1 Robin Mann Place
Christchurch Airport
Christchurch 8053
PO Box 292
Christchurch 8140
Telephone:
0800 10 22 76 (NZ only)
+64 3 372 0800 (International)
Email: enquiries@pggwrightson.co.nz
Auditors
Ernst & Young
Level 4
93 Cambridge Terrace
PO Box 2091
Christchurch 8140
Telephone: +64 3 379 1870
Managing your shareholding online
Te whakahaere tuihono i tō pānga hea
To change your address, update your payment instructions and to view your investment
portfolio, including transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
enquiry@computershare.co.nz
Private Bag 92119, Auckland 1142,
New Z
ealand
Telephone +64 9 488 8777
Facsimile +64 9 488 8787
Please assist our registrar by quoting your
CSN or shareholder number.

---

2023 HALF YEAR RESULTS
PRESENTATION
—
For the six months ended 31 December 2022
21 February 2023

TRADING PERFORMANCE
& DIVIDEND
—
Half year operating earnings
before interest, tax,
depreciation, and amortisation
(“Operating EBITDA”) of $47.8
million; up $0.4 million or
0.9% from the comparative
period.
Net profit after tax of $21.2
million; down $1.3 million or
6.0% from the comparative
period.
A fully imputed interim dividend
of 12 cents per share will be
paid on 4 April 2023 to
shareholders on PGW’s share
register as at 5pm on 27 March
2023.
INTERIM DIVIDEND OF
12 centsper share, fully imputed
NET PROFIT AFTER TAX
$21.2 million
OPERATING EBITDA
$47.8 million

OPERATING EBITDA
First Half Financial Year Four Year Summary
—
OperatingEBITDA:Earningsbeforenetinterestandfinancecosts,incometax,depreciation,amortisation,theresultsfromdiscontinuedoperations,impairmentand
fairvalueadjustments,andnon-operatingitems.PGWhasusednon-GAAPprofitmeasureswhendiscussingfinancialperformanceinthispresentation.Fora
comprehensivediscussionontheuseofnon-GAAPprofitmeasures,pleaserefertothepolicy“Non-GAAPAccountingInformation”availableonourwebsite
www.pggwrightson.co.nz.
Other:Other(non-operatingsegment)relatestocertainGroupCorporateactivitiesincludingGovernance,Finance,Treasury,RiskandAssurance,andothersupport
services(includingcorporatepropertyservicesandmarketing).
-10
0
10
20
30
40
50
60
HY20HY21HY22HY23
AgencyRetail & WaterOtherTotal Operating EBITDA
47
40
35
34
7
44
-4
9
-3
7
-3
31
-5
4
49
48
$ million

REVENUE
First Half Financial Year Four Year Summary
—
0
100
200
300
400
500
600
700
HY20HY21HY22HY23
RevenueTotal Revenue
552
499
469
586
$ million

NET PROFIT AFTER TAX
First Half Financial Year Four Year Summary
—
0
5
10
15
20
25
HY20HY21HY22HY23
Net Profit After TaxTotal Net Profit After Tax
23
17
13
21
$ million

SHARE PRICE
Post Share Consolidation
—
0.00
1.00
2.00
3.00
4.00
5.00
6.00
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-22
PGW Share Price
55
50
4
47
6
43
0
$
PGW share price from 13 August 2019 to 31 December 2022

INTERIM DIVIDEND
—
An interim
dividend of 12
cents per share
has been
declared.
Dividend to be
fully imputed.
To be paid on 4
April 2023 to
shareholders on
the share register
at 5pm on 27
March 2023.

OUTLOOK FOR FY2023 &
GUIDANCE UPDATE
—
•TheprimarysectorhasperformedwellandthePGWBoardispleasedwithhow
PGWhastraded.ThereisstrengthinthediversityofthePGW’sportfolioof
businessesandthewaythebusinessisexecutingonitsstrategy.
•WeremaincautiousbythedamagecausedbyCycloneGabrielleandwidermacro
environmentconditions,thereforetheBoardhasdeterminedtolowerourfullyear
guidanceto30June2023toaround$57millionatanOperatingEBITDAlevel.
•Despitetheuncertaintiesandreasonsforcautionwealsoseeplentyofpositive
fundamentalsinthemediumtolonger-termoutlookforagricultureandhorticulture.

DISCLAIMER
—
This presentation has been prepared by PGG Wrightson (“PGW”) with due care and attention.
The 2023 Half Year Results are for the six months to 31 December 2022.
Forward looking statements regarding the potential future performance of PGW have been expressed by
management using information currently available. These are based on current expectations, estimates
and assumptions and do not guarantee or predict future performance.
Actual results may differ from those predicted as there are a number of uncertainties and risks beyond
PGW’s control that may affect the results.
Values on the graphs are rounded to the nearest million.
Please read this presentation in conjunction with 2023 Half Year Results Announcement and Report.

---

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



Results for announcement to the market
Name of issuer PGG Wrightson Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$585,756 +6.0%
Total Revenue $585,795 +6.0%
Net profit/(loss) from
continuing operations
$21,158 -6.0%
Total net profit/(loss) $21,158 -6.0%
Interim Dividend
Amount per Quoted Equity
Security
$0.12

Imputed amount per Quoted
Equity Security
$0.0467

Record Date 27/03/2023
Dividend Payment Date 4/04/2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.05

$2.13

A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the accompanying market commentary and
consolidated financial statements.


Authority for this announcement
Name of person

authorised
to make this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 5533373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP

21/02/2023

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at June 2022



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer PGG Wrightson Limited
Financial product name/description Ordinary shares
NZX ticker code PGW
ISIN (If unknown, check on NZX
website)
NZREIE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 27/03/2023
Ex-Date (one business day before the
Record Date)
24/03/2023
Payment date (and allotment date for
DRP)
4/04/2023
Total monies associated with the
distribution
1

$9,058,089.96000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.16666667
Gross taxable amount
3
$0.16666667
Total cash distribution
4
$0.12000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.02117647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

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

Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.04666667
Resident Withholding Tax per
financial product
$0.00833333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 5533373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP

21/02/2023






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